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Home : Fixed Annuities : Secure Value II
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Secure Value IISM
Transamerica Occidental Life Insurance Company's Single Premium Deferred Annuity
Locked-in interest rates to which you hold the key.
The Secure Value IISM single premium deferred annuity is a
great way to take charge of your retirement by creating a tax-deferred,1
interest-earning vehicle to provide you with not just guaranteed* income
for your future, but also flexibility and control.
A variety of guaranteed* rates
With Secure Value IISM, you can choose the guarantee* period
(from 2 to 8 years), and corresponding guaranteed interest rate, that's right
for your needs. All guarantee periods may not be available at all times. Please
ask your Transamerica representative for durations currently available. At
the end of the guaranteed* period, your credited rate will be declared annually
by the company on each policy anniversary.
Features:
- Minimum single premium of $2,000 for qualified and $10,000 for non-qualified
funds.2 The maximum premium payment accepted without prior approval
from Transamerica Occidental Life Insurance Company is $1,000,000.
- Return of premium guarantee* option – If elected, the surrender value will
be no less than 100% of your premium payment (minus any previous withdrawals and
any applicable premium taxes). Choosing this option will reduce the declared
interest rate by 0.15%.
- Guaranteed 1.5% minimum interest rate.
- An eight-year surrender charge schedule applies to partial or full
surrenders (8%, 7%, 6%, 5%, 4%, 3%, 2%, 1% of amount withdrawn in excess of the
surrender charge-free amount). The duration of the surrender charge will match
the initial guarantee* period. The entire eight-year surrender charge would apply
only if the eight-year guarantee* period was selected at issue.
Surrender charge-free withdrawals are available through the following options3:
- Beginning in the first policy year, you may withdraw up to the amount of cumulative interest credited (determined at the time of withdrawal).
- Minimum Required Distribution – For tax-qualified plans, partial withdrawals taken to satisfy minimum required distribution requirements with respect to this policy under the Internal Revenue Code.
- Nursing Care and Terminal Condition Withdrawal Options – After the first policy year, you may withdraw all or a portion of the policy value surrender charge-free if you or your spouse (annuitant or annuitant's spouse if the owner is not a natural person) have been confined in a hospital or nursing facility for at least 30 consecutive days, or are diagnosed as having a terminal condition with less than 12 months to live. Confinement must begin or diagnosis must be made on or after the policy date. Minimum withdrawal amount is $1,000 (Not available to owner's spouse (or annuitant's spouse if the owner is not a natural person) and the minimum withdrawal amount is $500 in NJ. Options not available in MA.
- Systematic Payout Option (SPO) — Beginning in the first policy year, you may make regular withdrawals ($40 minimum) from your cumulative interest on a monthly, quarterly, semi-annual, or annual basis.
- Easy annuitization — After the first policy year, you can start to receive monthly retirement income. Annuity payment option elected must provide for a lifetime income or income for a period of at least 60 months.4
A Transamerica representative can help explain all the details of the Secure Value IISM annuity and how it can meet your needs.
The guaranteed cash values will always be at least as great as the minimum cash values required by your state.
* Guarantees are based on the claims-paying ability of Transamerica Occidental Life Insurance Company.
1 Tax-deferral applies only to individuals
2 There is no additional tax deferral benefit derived from placing tax-qualified funds into an annuity. Features other than tax deferral should be considered in the purchase of a qualified annuity.
3 Under current federal tax laws, amounts withdrawn or distributed may be subject, in whole or in part, to federal income tax. State income tax may also be applicable. In addition, a 10% federal income tax penalty may apply if distributions are made prior to the owner reaching age 59 1/2.
4 Not all options are available for all ages
Secure Value IISM (Policy Form #AS885 107 108 0606, FL Policy Form #AS885 107 108 0606(FL), OR Policy
Form #AS 885 107 108 0606 (OR)) is a single premium deferred fixed annuity issued by Transamerica Occidental Life
Insurance Company, Cedar Rapids, IA. Policy form and number may vary, and this product and its features may not
be available in all jurisdictions. Not available in New York.
PSI 3269 1106
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