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Transamerica Secure Retirement Index® II Annuity, a fixed index annuity, offers a number of surrender charge schedules and gives you the ability to customize the annuity with an optional living benefit. Several account options are available, which can help grow retirement assets.
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Surrender charges are a percentage of the premium amounts withdrawn from the policy value.Premium enhancements are subject to recapture for withdrawals that exceed the surrender charge free amount and for full surrenders. A premium enhancement will be added to the policy value when we receive the first payment, and any additional payments made during the first year. It's a percentage of the premium and can vary based on the surrender charge schedule chosen, but it will never be less than 0.25%. The premium enhancement is not intended to reimburse surrender charges on an annuity replacement nor applied if a policy is canceled in the free look period. May vary in Connecticut.
This summary is intended to provide you an overview of the Transamerica Secure Retirement Index® II Annuity features and guarantees. Further important details can be found in the Transamerica Secure Retirement Index Annuity Statement of Understanding and Current Rate Sheet found under the Documents tab.
A FIXED INDEX ANNUITY IS NOT A SECURITY and fixed index annuity policies are not an investment in the stock market or in the indexes. Index account interest is based, in part, on index performance. Past performance of an index is not an indication of future index performance. There is no guarantee that the index interest rate will be greater than zero percent. There is no guarantee that the Company will declare an interest rate greater than the guaranteed minimum effective interest rate.
In any given year, penalty-free withdrawals are allowed - up to an amount equal to 10% of the total premium payments. Withdrawals in excess of the 10% annually will be subject to a surrender charge and premium enhancement recapture.
1Subsequent premiums are allowed during the first policy year.
2Premiums are credited on the 1st, 8th, 15th and 22nd of each month.
All guarantees are backed up by the claims-paying ability of Transamerica Life Insurance Company. If a withdrawal in excess of the benefit withdrawal amount causes the policy value to reach zero, the Transamerica Income Plus rider and policy will terminate and no more benefits are payable.
The potential for interest credited to the policy is affected by changes in the index over the crediting period and isn’t affected by the index directly. Even though changes in the index affect the index interest credited to the annuity policy, this annuity is not an investment in the stock market and does not participate in equities, commodities, fixed income or currencies.
The index is one factor that, together with the cap, participation rate and spread, determines if any index interest will be credited to the annuity, subject to the index interest vesting percentage.
The overall expenses for this policy may be higher, or interest credited may be lower, than a policy that does not pay a premium enhancement. Over time, the value of the premium enhancement could be more than offset by the higher charges or lower interest. The premium enhancement is not intended to reimburse surrender charges on an annuity replacement nor applied if a policy is canceled in the free look period.
Withdrawals of taxable amounts are subject to ordinary income tax and may be subject to a 10% additional federal tax if withdrawn before 59 1/2.
This product may be appropriate for those individuals who do not need the premiums paid for the annuity to meet short-term financial needs or goals. Purchasers must understand that the interest credited based on the changes in index values will not be known until the end of the crediting period and the interest may be zero. In the event zero interest or low interest is credited, due to the charges and fees deducted from the policy value, you may receive less than the premiums paid.
On the maximum annuity commencement date, the benefit terminates. By annuitizing the policy, you will have the option to receive lifetime payments that are no less than the withdrawals allowed by the benefit. Annuitization must generally occur by the annuitant’s age 99.
The S&P 500 Index is a product of S&P Dow Jones Indices LLC ("SPDJI"), and has been licensed for use by the Company. Standard & Poor's®, S&P® and S&P 500® are registered trademarks of Standard & Poor's Financial Services LLC ("S&P"); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by the Company. This Policy is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of purchasing this product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 Index.
The products referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The statement of understanding contains a more detailed description of the limited relationship MSCI has with Transamerica Life Insurance Company and any related products.
All policies, riders, and forms may vary by state, and may not be available in all states: ICC14 FIA0214, NIC14 FIA0214(FL), ICC14 RGMB470214(IS), ICC14 RGMB470214(IJ), NIC14 RGMB470214 (IS)(FL), NIC14 RGMB470214 (IJ)(FL), ICC14 RDR50214 Transamerica® is a registered service mark of Transamerica Corporation and affiliated companies, including Transamerica Life Insurance Company (together, Transamerica).