Transamerica Life Insurance Company Separate Account VA B (EST. 1/19/1990) Administrative Office 6400 C Street SW Cedar Rapids, Iowa 52499-0001 (800)525-6205 www.transamerica.com |
Transamerica Financial Life Insurance Company Separate Account VA BNY (EST. 9/27/1994) Administrative Office 6400 C Street SW Cedar Rapids, Iowa 52499-0001 (800)525-6205 www.transamerica.com |
glossary of terms___________________ |
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Overview of the policy______________ |
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EXAMPLES_________________________ |
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Policy____________________________ |
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Business Continuity____________________ |
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Information About Us___________________ |
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Financial Condition of the Company__________ |
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The Separate Account___________________ |
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The Underlying Fund Portfolios_____________ |
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Other Transamerica Policies_______________ |
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VOTING RIGHTS______________________ |
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THE ANNUITY________________________ |
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PURCHASE___________________________ |
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Policy Issue Requirements_________________ |
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Premium Payments_____________________ |
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Policy Value_________________________ |
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INVESTMENT OPTIONS_________________ |
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Options_________________________ |
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Transfers___________________________ |
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Market Timing and Disruptive Trading_________ |
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EXPENSES____________________________ |
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Transaction Expenses:___________________ |
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Premium Taxes_______________________ |
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Federal, State and Local Taxes______________ |
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Special Service Fees_____________________ |
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Mortality and Expense Risk Fees_____________ |
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Administrative Charges__________________ |
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Annual Service Charge___________________ |
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Optional Benefits______________________ |
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Reduced Fees and Charges________________ |
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Ownership__________________________ |
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Beneficiary__________________________ |
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Assignment_________________________ |
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Termination for Low Value________________ |
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Certain Offers________________________ |
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Exchanges and/or Reinstatements____________ |
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ACCESS TO YOUR MONEY_______________ |
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Surrenders and Withdrawals_______________ |
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Delay of Payment and Transfer______________ |
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Signature Guarantee____________________ |
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Annuity Payment Options________________ |
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DEATH BENEFIT_______________________ |
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When We Pay A Death Benefit_____________ |
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Owner Death________________________ |
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Spousal Continuation___________________ |
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Amount of Death Benefit_________________ |
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Guaranteed Minimum Death Benefit__________ |
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Adjusted Withdrawal___________________ |
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ADDITIONAL FEATURES________________ |
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Systematic Payout Option________________ |
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Dollar Cost Averaging Program_____________ |
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Asset Rebalancing_____________________ |
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Loans______________________________ |
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TAX INFORMATION____________________ |
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Same Sex Relationships__________________ |
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OTHER INFORMATION_________________ |
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State Variations_______________________ |
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Order___________________________ |
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Regulatory Modifications to Policy___________ |
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Mixed and Shared Funding________________ |
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Abandoned or Unclaimed Property___________ |
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Legal Proceedings______________________ |
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Distribution of the Policies________________ |
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UNDER THE POLICY______________ |
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Death Benefit____________________ |
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FEES AND EXPENSES |
Location in Prospectus |
Charges for Early Withdrawal |
There are no surrender charges. |
Annuity Policy Fee Tables and Expense Examples |
Transaction Charges |
You may be assessed a special service fee. Special Service Fee. We reserve the right to deduct a charge for special services, including overnight delivery, duplicate policies, handling insufficient checks on new business, duplicate Form 1099 and Form 5498 tax forms, check copies, printing and mailing previously submitted form, and asset verification requests from mortgage companies. |
Annuity Policy Fee Tables and Expense Examples Expenses – Transaction Expenses |
Ongoing Fees and Expenses (annual charges) |
The table below describes the fees and expenses that You may pay each year, depending on the options You choose. Please refer to Your Policy specifications page for information about the specific fees You will pay each year based on the options You have elected. |
Annuity Policy Fee Tables and Expense Examples Base Contract Expenses Appendix – Portfolio Companies Available Under the Policy | ||
Annual Fee |
Minimum |
Maximum | ||
Base Policy1 |
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Portfolio Company (fund fees and expenses)2 |
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Optional Benefit Expenses (if elected)1 |
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Because Your Policy is customizable, the choices You make affect how much You will pay. To help You understand the cost of owning Your Policy, the following table shows the lowest and highest cost You could pay each year based on current charges. This estimate assumes that You do not take withdrawals from the Policy. | ||||
Lowest Annual Cost $ |
Highest Annual Cost $ | |||
Assumes: |
Assumes: | |||
●Investment of $100,000 ●5% annual appreciation ●Least expensive Portfolio Company fees and expenses ●No optional benefits ●No sales charges ●No additional purchase payments, transfers, or withdrawals |
●Investment of $100,000 ●5% annual appreciation ●Most expensive combination of optional benefits and Portfolio Company fees and expenses ●No sales charges ●No additional purchase payments, transfers, or withdrawals |
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RISKS |
Location in Prospectus | ||
Risk of Loss |
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Principal Risks of Investing in the Policy |
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RISKS |
Location in Prospectus |
Not a Short-Term Investment |
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Principal Risks of Investing in the Policy Tax Information | ||
Risks Associated with Investment Options |
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Principal Risks of Investing in the Policy Appendix: Portfolio Companies Available Under the Policy | ||
Insurance Company Risks |
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Principal Risks of Investing in the Policy Information About Us Financial Condition |
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RESTRICTIONS |
Location in Prospectus | ||
Investments |
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Market Timing and Disruptive Trading | ||
Optional Benefits |
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Benefits Available Under the Policy | ||
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TAXES |
Location in Prospectus | ||
Tax Implications |
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Tax Information |
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CONFLICT OF INTEREST |
Location in Prospectus | ||
Investment Professional Compensation |
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Distribution of the Policies | ||
Exchanges |
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Exchanges and/or Reinstatements |
Sales Load Imposed On Purchase Payments |
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Contingent Deferred Surrender Charges (as a percentage of premium surrendered or withdrawn)(1) |
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Special Service Fee(2) |
$ |
Annual Service Charge(3) |
$ |
Base Contract Expenses(as a percentage, annually, of average Policy Value)(4): |
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Optional Benefit Expenses: |
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Return of Premium Death Benefit (as a percentage, annually, of average Policy Value)(4) |
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Annual Portfolio Company Expenses |
Minimum |
Maximum |
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Expenses that are deducted from Portfolio Company assets, including management fees, 12b-1 fees, and other expenses, after any waivers or expense reimbursements |
0.11% |
0.31% |
1 Year |
$ |
3 Years |
$ |
5 Years |
$ |
10 Years |
$ |
Death Benefit |
Issue Ages |
Maximum Premium |
Policy Value |
0-95 |
$5,000,000 |
Return of Premium |
0-75 |
$1,000,000 |
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Standard or Optional |
Maximum Annual Fee |
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average Policy Value |
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Underlying Fund Portfolio and Adviser/Sub-adviser (1) |
Current Expenses |
Average Annual Total Returns (as of 12/31/23) | ||
1 year |
5 years |
10 years | |||
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Advised by: |
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N/A |
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Advised by: |
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Investment Objective |
Underlying Fund Portfolio and Adviser/Sub-adviser (1) |
Current Expenses |
Average Annual Total Returns (as of 12/31/23) | ||
1 year |
5 years |
10 years | |||
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N/A |
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Advised by: |
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N/A |
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Advised by: |
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Return of Premium Death Benefit |
Subaccounts |
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DFA VA Equity Allocation Portfolio |
√ |
DFA VA Global Bond Portfolio - Institutional Class |
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DFA VA Global Moderate Allocation Portfolio |
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DFA VA International Small Portfolio |
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DFA VA International Value Portfolio |
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DFA VA Short-Term Fixed Portfolio |
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DFA VA U.S. Large Value Portfolio |
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DFA VA U.S. Large Value Portfolio |
√ |
Vanguard® VIF Balanced Portfolio |
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Vanguard® VIF Capital Growth Portfolio |
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Vanguard® VIF Conservative Allocation Portfolio |
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Vanguard® VIF Diversified Value Portfolio |
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Vanguard® VIF Equity Income Portfolio |
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Vanguard® VIF Equity Index Portfolio |
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Vanguard® VIF Global Bond Index Portfolio |
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Vanguard® VIF Growth Portfolio |
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Vanguard® VIF High Yield Bond Portfolio |
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Vanguard® VIF International Portfolio |
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Vanguard® VIF Mid-Cap Index Portfolio |
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Vanguard® VIF Moderate Allocation Portfolio |
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Vanguard® VIF Money Market Portfolio |
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Vanguard® VIF Real Estate Index Portfolio |
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Vanguard® VIF Short-Term Investment-Grade Portfolio |
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Vanguard® VIF Total Bond Market Index Portfolio |
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Vanguard® VIF Total International Stock Market Index Portfolio |
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Vanguard® VIF Total Stock Market Index Portfolio |
√ |
Reduction in guaranteed minimum death benefit |
=$23,241 |
Reduction in Policy Value |
=$15,494 |
New guaranteed minimum death benefit amount |
=$51,759 |
New Policy Value (after withdrawal) |
=$34,506 |
Reduction in guaranteed minimum death benefit |
=$15,494 |
Reduction in policy value |
=$15,494 |
New guaranteed minimum death benefit amount |
=$34,506 |
New policy value (after withdrawal) |
=$59,506 |
End of Year |
Net Rate of Return* |
Policy Value (No GMDB Elected) |
Policy Value (Return of Premium GMDB Elected) |
Return of Premium GMDB |
Issue |
N/A |
$100,000 |
$100,000 |
$100,000 |
1 |
-32.65% |
$67,050 |
$66,850 |
$100,000 |
2 |
25.66% |
$84,054 |
$83,669 |
$100,000 |
3 |
23.62% |
$103,655 |
$103,014 |
$100,000 |
4 |
3.53% |
$107,003 |
$106,135 |
$100,000 |
5 |
12.12% |
$119,651 |
$118,468 |
$100,000 |
6 |
17.51% |
$140,243 |
$138,619 |
$100,000 |
7 |
10.27% |
$154,225 |
$152,163 |
$100,000 |
8 |
-0.27% |
$153,346 |
$150,991 |
$100,000 |
9 |
7.39% |
$164,218 |
$161,394 |
$100,000 |
10 |
13.58% |
$186,027 |
$182,505 |
$100,000 |