EXHIBIT (8)(g)(3)

Amendment No. 4 to Participation Agreement

(Franklin Templeton)

Amendment No. 4 to Participation Agreement

Franklin Templeton Variable Insurance Products Trust

Franklin/Templeton Distributors, Inc.

Transamerica Life Insurance Company

AFSG Securities Corporation

This Amendment No. 4 is incorporated in and made a part of the Participation Agreement (the “Agreement”) made as of the 1st day of May, 2000, by and among Franklin Templeton Variable Insurance Products Trust (the “Trust”), Franklin/Templeton Distributors, Inc. (the “Underwriter”), Transamerica Life Insurance Company (the “Company”) and AFSG Securities Corporation (the “Distributor”). All terms used that are not defined in this Amendment shall have the same meanings as the same terms used in the Agreement. The Agreement is amended as follows:

1. Schedules B, D, E and G of the Agreement are hereby deleted in their entirety and replaced with the Schedules B, D, E and G attached hereto, respectively.

All other terms and provisions of the Agreement not amended herein shall remain in full force and effect.

IN WITNESS WHEREOF, each of the parties have caused their duly authorized officers to execute this Amendment effective as of May 1, 2004.

FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST		TRANSAMERICA LIFE INSURANCE COMPANY
By:	/s/ Karen L. Skidmore	By:	/s/ John K. Carter
Name:	Karen L. Skidmore	Name:	John K. Carter
Title:	Assistant Vice President	Title:	Assistance Secretary
FRANKLIN/TEMPLETON DISTRIBUTORS, INC.		ASFG SECURITIES CORPORATION
By:	/s/ Philip J. Kearns	By:	/s/ John K. Carter
Name:	Philip J. Kearns	Name:	John K. Carter
Title:	Vice President	Title:	Vice President

2

Schedule B

Accounts of the Company

1.	Name:	Retirement Builder Variable Annuity Account
	Date Established:	March 29, 1996
	SEC Registration Number:	811-07689
2.	Name:	Separate Account VA I
	Date Established:	May 15, 2000
	SEC Registration Number:	811-10147
3.	Name:	Separate Account VA K
	Date Established:	July 10, 2001
	SEC Registration Number:	811-10617
4.	Name:	Separate Account VA L
	Date Established:	July 10, 2001
	SEC Registration Number:	811-21087
5.	Name:	Separate Account VA P
	Date Established:	November 26, 2001
	SEC Registration Number:	811-21192
6.	Name:	Separate Account VA Q
	Date Established:	November 26, 2001
	SEC Registration Number:	811-21461

B

Schedule D

Contracts of the Company

#	Product Name 1933 Act # State From ID	Separate Acct. Name Date Established 1940 Act #	Class of Shares and Portfolios
1	Flexible Premium Variable Annuity – A under the marketing name “Transamerica Opportunity Builder” and “Transamerica Traditions” 333-98891 VA721 101 149 1001 (may vary by state)	Separate Account VA P November 26, 2001 811-21192	Class 2 shares Franklin Small Cap Fund Franklin Small Cap Value Securities Fund Mutual Shares Securities Fund Templeton Foreign Securities Fund
2	Portfolio Select Variable Annuity 333-07509 AV288 101 95 796 (may vary by state)	Retirement Builder Variable Annuity Account March 29, 1996 811-07689	Class 2 shares Franklin Small Cap Fund Franklin Small Cap Value Securities Fund Mutual Shares Securities Fund Templeton Developing Markets Securities Fund Templeton Foreign Securities Fund Templeton Global Asset Allocation Fund
3	Principal-Plus Variable Annuity 333-46594 AV288 101 95 796 (may vary by state)	Separate Account VA I May 15, 2000 811-10147	Class 2 shares Franklin Growth and Income Securities Fund Franklin Income Securities Fund Franklin Small Cap Fund Templeton Foreign Securities Fund
4	Retirement Income Builder BAI Variable Annuity 333-76230 AV721 101 149 1001 (may vary by state)	Separate Account VA K July 10, 2001 811-10617	Class 2 shares Franklin Small Cap Fund Franklin Small Cap Value Securities Fund Mutual Shares Securities Fund Templeton Foreign Securities Fund
5	Transamerica Preferred Advantage Variable Annuity 333-87792 AV721 101 149 1001 (may vary by state	Separate Account VA L July 10, 2001 811-21087	Class 2 shares Franklin Rising Dividends Securities Fund Franklin Small Cap Fund Franklin Small Cap Value Securities Fund Mutual Shares Securities Fund Templeton Foreign Securities Fund
6	FlexiblePremium Variable Annuity –B 333-110049 AV1114 101 185 104	Separate Account VA Q November 26, 2001 811-21461	Class 2 shares Franklin Small Cap Fund Franklin Growth and Income Securities Fund Mutual Shares Securities Fund Templeton Developing Markets Securities Fund Templeton Foreign Securities Fund

D

Schedule E

Other Portfolios Available under the Contracts

Portfolio Select Variable Annuity^SM

AEGON/Transamerica Series Fund, Inc. - Service Class Asset Allocation - Growth Portfolio Asset Allocation - Conservative Portfolio Asset Allocation - Moderate Portfolio Asset Allocation - Moderate Growth Portfolio Capital Guardian Global Capital Guardian U.S. Equity Capital Guardian Value Federated Growth & Income PIMCO Total Return Transamerica Equity AIM Variable Insurance Funds - Series I and II shares AIM V.I. Capital Appreciation Fund AIM V.I. Core Equity Fund AIM V.I. International Growth Fund AIM V.I. Premier Equity Fund AIM V.I. Dent Demographic Trends Fund AllianceBernstein Variable Products Series Fund, Inc. – Class B AllianceBernstein Premier Growth Portfolio AllianceBernstein Technology Portfolio Davis Variable Account Fund, Inc. Davis Value Portfolio Evergreen Variable Trust - Class 1 and 2 Evergreen VA Fund Evergreen VA Foundation Fund Evergreen VA Global Leaders Fund Evergreen VA Growth and Income Fund Evergreen VA Blue Chip Fund Evergreen VA International Growth Fund Evergreen VA Omega Fund Evergreen VA Capital Growth Fund Evergreen VA Growth Fund Evergreen VA High Income Fund Federated Insurance Series Federated American Leaders Fund II Federated High Income Bond Fund II Federated Kaufmann Fund II MFS^® Variable Insurance Trust^SM MFS Emerging Growth Series MFS Research Series MFS Total Return Series MFS Utilities Series Oppenheimer Variable Account Funds - Initial and Service Shares Oppenheimer Capital Appreciation Fund/VA Oppenheimer Main Street Fund/VA Oppenheimer Multiple Strategies Fund/VA Oppenheimer Strategic Bond Fund/VA Putnam Variable Trust - Class IB Shares Putnam VT Global Growth Fund Putnam VT Growth and Income Fund Putnam VT Growth Opportunities Fund Putnam VT Money Market Fund Putnam VT New Value Fund Variable Insurance Products Fund - Service Class and Service Class 2 Fidelity - VIP High Income Portfolio Variable Insurance Products Fund - Service Class 2 Fidelity - VIP Equity-Income Portfolio Fidelity - VIP Growth Portfolio Variable Insurance Products Fund - Initial Class and Service Class 2 Fidelity - VIP Index 500 Portfolio Fidelity - VIP Investment Grade Bond Portfolio Variable Insurance Products Fund - Service Class and Service Class 2 Fidelity - VIP Growth Opportunities Portfolio

E-1

Schedule E

Other Portfolios Available under the Contracts (continued)

Principal-Plus Variable Annuity

Federated Insurance Series Federated Prime Money Fund II First American Insurance Portfolios, Inc. - Class IB Shares First American Large Cap Growth Portfolio First American Mid Cap Growth Portfolio First American Small Cap Growth Portfolio First American Technology Portfolio Putnam Variable Trust – Class IB Shares Putnam VT Diversified Income Fund Putnam VT Growth and Income Fund Putnam VT Income Fund Putnam VT Investors Fund Putnam VT New Value Fund Putnam VT The George Putnam Fund of Boston

Retirement Income Builder - BAI Variable Annuity

AEGON/Transamerica Series Fund, Inc. Asset Allocation - Growth Portfolio Asset Allocation - Conservative Portfolio Asset Allocation - Moderate Portfolio Asset Allocation - Moderate Growth Portfolio AEGON Bond Capital Guardian Global Capital Guardian U.S. Equity Capital Guardian Value Clarion Real Estate Securities Dreyfus Mid Cap Dreyfus Small Cap Value Federated Growth & Income Janus Growth Jennison Growth MFS High Yield PIMCO Total Return Salomon All Cap Third Avenue Value T. Rowe Price Equity Income T. Rowe Price Small Cap Transamerica Convertible Securities Transamerica Equity Transamerica Growth Opportunities Transamerica Money Market Van Kampen Emerging Growth AIM Variable Insurance Funds – Series II AIM V.I. Capital Appreciation Fund AIM V.I. Core Equity Fund AIM V.I. Premier Equity Fund AllianceBernstein Variable Products Series Fund, Inc. – Class B AllianceBernstein Premier Growth Portfolio AllianceBernstein Technology Portfolio Janus Aspen Series – Service Shares Janus Aspen – Worldwide Growth Portfolio MFS^® Variable Insurance Trust^SM – Service Class MFS Emerging Growth Series MFS Research Series MFS Total Return Series MFS Utilities Series Nations Separate Account Trust Nations Asset Allocation Portfolio Nations High Yield Bond Portfolio Nations International Value Portfolio Nations Marsico Growth Portfolio Nations Marsico Focused Equities Portfolio Nations Marsico International Opportunities Portfolio Nations Marsico 21^st Century Portfolio Nations MidCap Growth Portfolio Nations Small Company Portfolio Nations Value Portfolio Oppenheimer Variable Account Funds – Service Shares Oppenheimer Capital Appreciation Fund/VA Oppenheimer Main Street Fund/VA Oppenheimer Strategic Bond Fund/VA Putnam Variable Trust – Class IB Shares Putnam VT Growth and Income Fund Putnam VT Research Fund Variable Insurance Products Fund – Service Class 2 Fidelity – VIP Equity-Income Portfolio Fidelity – VIP Growth Portfolio Fidelity – VIP Growth Opportunities Portfolio Fidelity – VIP Index 500 Portfolio Fidelity – VIP Mid Cap Portfolio Fidelity – VIP Value Strategies Portfolio

E-2

Schedule E

Other Portfolios Available under the Contracts (continued)

Flexible Premium Variable Annuity - A

AEGON/Transamerica Series Fund, Inc. Capital Guardian Global Capital Guardian U.S. Equity Capital Guardian Value Dreyfus Mid Cap Federated Growth & Income MFS High Yield PIMCO Total Return Third Avenue Value T. Rowe Price Equity Income T. Rowe Price Growth Stock Transamerica Equity Transamerica Growth Opportunities Transamerica Money Market Transamerica U.S. Government Securities Van Kampen Emerging Growth AIM Variable Insurance Funds – Series II AIM V.I. Basic Value Fund AIM V.I. Growth Fund AIM V.I. Mid Cap Core Equity Fund Franklin Templeton Variable Insurance Products Trust - Class 2 Franklin Small Cap Fund Franklin Small Cap Value Securities Fund Mutual Shares Securities Fund Templeton Foreign Securities Fund Janus Aspen Series – Service Shares Janus Aspen – Worldwide Growth Portfolio Liberty Variable Investment Trust - Class A Shares Colonial Small Cap Value Fund, Variable Series Liberty Select Value Fund, Variable Series Variable Insurance Products Fund - Service Class 2 Fidelity – VIP Growth Portfolio Fidelity – VIP Investment Grade Bond Portfolio Fidelity – VIP Mid Cap Portfolio Wanger Advisors Trust Wanger U.S. Smaller Companies VIA SUPPLEMENT AEGON/Transamerica Series Fund, Inc. Select + Aggressive Select + Growth & Income Select + Conservative AEGON/Transamerica Series Fund, Inc. - Service Class Asset Allocation - Growth Portfolio Asset Allocation - Conservative Portfolio Asset Allocation - Moderate Portfolio Asset Allocation - Moderate Growth Portfolio AEGON/Transamerica Series Fund, Inc. - Initial Class Clarion Real Estate Securities Janus Balanced Marsico Growth Salomon All Cap Transamerica Convertible Securities

E-3

Schedule E

Other Portfolios Available under the Contracts (continued)

Transamerica Preferred Advantage Variable Annuity

AEGON/Transamerica Series Fund, Inc. Capital Guardian Global Capital Guardian U.S. Equity Capital Guardian Value Federated Growth & Income MFS High Yield Transamerica Equity Van Kampen Emerging Growth Van Kampen Money Market AIM Variable Insurance Funds – Series II AIM V.I. Capital Appreciation Fund AIM V.I. Government Securities Fund AIM V.I. Growth Fund AIM V.I. Mid Cap Core Equity Fund AIM V.I. Premier Equity Fund First American Insurance Portfolios, Inc. – Class IB Shares First American Corporate Bond Portfolio First American Equity Income Portfolio First American International Portfolio First American Large Cap Growth Portfolio First American Mid Cap Growth Portfolio First American Small Cap Growth Portfolio First American Technology Portfolio Liberty Variable Investment Trust Colonial Small Cap Value Fund, Variable Series Liberty Select Value Fund, Variable Series MFS^® Variable Insurance Trust^SM – Service Class MFS Emerging Growth Series MFS New Discovery Series MFS Research Series MFS Utilities Series Putnam Variable Trust – Class IB Shares Putnam VT Diversified Income Fund Putnam VT Growth and Income Fund Putnam VT Health Sciences Fund Putnam VT New Value Fund Putnam VT The George Putnam Fund of Boston

Flexible Premium Variable Annuity -B

AEGON/Transamerica Series Fund, Inc. – Service Class AEGON Bond Capital Guardian Global Capital Guardian Value Clarion Real Estate Securities Dreyfus Mid Cap Federated Growth & Income Janus Growth Jennison Growth MFS High Yield PIMCO Total Return T. Rowe Price Equity Income T. Rowe Price Small Cap Third Avenue Value Transamerica Equity Transamerica Growth Opportunities Transamerica U.S. Government Securities AIM /Variable Insurance Funds – Series II shares AIM V.I. Blue Chip Fund AIM V.I. Core Equity Fund AIM V.I. Government Securities Fund AIM V.I. International Growth Fund AllianceBernstein Variable Products Series Fund, Inc. – Class B AllianceBernstein Premier Growth Portfolio AllianceBernstein Technology Portfolio Davis Variable Account Fund, Inc. Davis Value Portfolio Dreyfus Variable Investment Fund – Service Class Dreyfus VIF – Small Company Stock Portfolio

E-4

Schedule E

Other Portfolios Available under the Contracts (continued)

Flexible Premium Variable Annuity -B

Federated Insurance Series Federated American Leaders Fund II Federated Capital Income Fund II Federated High Income Bond Fund II Federated Quality Bond Fund II J.P. Morgan Series Trust II JP Morgan Bond Portfolio JP Morgan International Opportunities Portfolio JP Morgan Mid Cap Value Portfolio JP Morgan Small Company Portfolio JP Morgan US. Large Cap Core Equity Portfolio Liberty Variable Investment Trust – Class A Shares Colonial Small Cap Value Fund, Variable Series Liberty Select Value Fund, Variable Series Nations Separate Account Trust Nations High Yield Bond Portfolio Nations Marsico Growth Portfolio Nations Marsico Focused Equities Portfolio Nations Marsico International Opportunities Portfolio Nations MidCap Growth Portfolio STI Classic Variable Trust STI Capital Appreciation Fund STI Growth & Income Fund STI International Equity Fund STI Investment Grade Bond Fund STI Mid-Cap Equity Fund STI Small Cap Value Equity Fund STI Value Income Stock Fund Wanger Advisors Trust Wanger U.S. Smaller Companies Huntington VA Funds Huntington VA Dividend Capture Fund Huntington VA Growth Fund Huntington VA Income Equity Fund Huntington VA Mid Corp America Fund Huntington VA New Economy Fund Huntington VA Rotating Markets Fund Janus Aspen Series – Service Shares Janus Aspen – Capital Appreciation Portfolio Janus Aspen – International Growth Portfolio Janus Aspen – Mid Cap Growth Portfolio MFS^® Variable Insurance Trust^SM – Service Class MFS Bond Series MFS Investors Growth Stock Series MFS New Discovery Series MFS Research Series MFS Utilities Series Oppenheimer Variable Account Funds – Service Shares Oppenheimer Capital Appreciation Fund/VA Oppenheimer Global Securities Fund/VA Oppenheimer High Income Fund/VA Oppenheimer Main Street Fund/VA Oppenheimer Main Street Small Cap Fund/VA Variable Insurance Products Fund – Service Class 2 Fidelity – VIP Contrafund^® Portfolio Fidelity – VIP Equity-Income Portfolio Fidelity – VIP Growth Portfolio Fidelity – VIP Growth & Income Portfolio Fidelity – VIP High Income Portfolio Fidelity – VIP Index 500 Portfolio Fidelity – VIP Investment Grade Bond Portfolio Fidelity – VIP Mid Cap Portfolio Fidelity – VIP Overseas Portfolio Fidelity – VIP Value Strategies Portfolio

E-5

Schedule G

Addresses for Notices

To the Company:	Transamerica Life Insurance Company 570 Carillon Parkway St. Petersburg, FL 33716 Attention: John K. Carter, Assistant Secretary
To the Distributor:	AFSG Securities Corporation 570 Carillon Parkway St. Petersburg, FL 33716 Attention: John K. Carter, Vice President
To the Trust:	Franklin Templeton Variable Insurance Products Trust One Franklin Parkway San Mateo, California 94403 Attention: Karen L. Skidmore, Assistance Vice President
To the Underwriter:	Franklin Templeton Distributors, Inc. One Franklin Parkway San Mateo, California 94403 Attention: Philip Kearns, Vice President

G