497 1 d497.htm FORM 497 Form 497

 

TRANSAMERICA LANDMARK VARIABLE ANNUITY

 

Issued by

 

TRANSAMERICA LIFE INSURANCE COMPANY

 

Supplement Dated May 1, 2003

To The

Prospectus Dated May 1, 2003

 

An optional “Liquidity Rider” is available for the Transamerica Landmark Variable Annuity. You can elect this rider which reduces the number of years each premium payment is subject to surrender charges. You can only elect this rider at the time you purchase your policy. There is an extra charge for this rider. The rights and benefits under the Liquidity Rider are summarized below. A copy of the rider is available upon request from Transamerica Life Insurance Company.

 

All terms used that are not defined in this supplement shall have the same meanings as the same terms used in the prospectus.

 

The Liquidity Rider may not be available in all states at the date of this supplement. Please contact Transamerica at (800) 525-6205 for additional information regarding the availability of the Liquidity Rider in your state.

 

The following hereby amends, and to the extent inconsistent replaces, the corresponding Fee Table and Examples in the prospectus.

 

Optional Separate Account Expenses:

       

Liquidity Rider(1)

   

0.50

%

    

 

Example

   

1 Year

   

3 Years

   

5 Years

   

10 Years

If the policy is surrendered at the end of the applicable time period.

   

$

1727

   

$

3289

   

$

4201

   

$

7451

If the policy is annuitized at the end of the applicable time period

or if you do not surrender your policy.

   

$

927

   

$

2659

   

$

4201

   

$

7451

(1)   The fee for the Liquidity Rider is in addition to the mortality and expense risk fee (1.15%). This fee is only charged for the first four policy years.

 

Liquidity Rider

 

The optional Liquidity Rider reduces the number of years each premium payment is subject to surrender charges. You can only elect this rider at the time you purchase the policy.

 

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Surrender Schedule.    The following schedule shows the surrender charges that apply if the Liquidity Rider is elected:

 

Number of Years

Since Premium

Payment Date

     

Surrender Charge

(as a percentage of

premium surrendered)

0 – 1

1 – 2

2 – 3

3 – 4

more than 5

     

8%

8%

7%

6%

0%

 

Rider Fee.    A rider fee equal to an effective annual rate of 0.50% of the daily net asset value in the separate account is deducted in calculating the accumulation unit values. The rider fee is only charged for the first four policy years. Please note we may credit interest in the fixed account at a lower rate if you select this rider.

 

Accumulation Unit Values.     After the end of the fourth policy year, the 0.50% rider fee will no longer be assessed. We intend to administer the removal of the 0.50% charge by changing to a different class of accumulation units. This will result in adjusting the number of accumulation units and adjusting the unit value of the subaccounts in which you were invested at the end of the fourth policy year. The elimination of the fee and the adjustment in the number of accumulation units and unit values will not affect policy values.

 

Termination.    The rider is irrevocable.

 

The Liquidity Rider may vary for certain policies and may not be available for all policies.

 

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The following information hereby amends, and to the extent inconsistent replaces, the Appendix B contained in the prospectus.

 

APPENDIX B

 

HISTORICAL PERFORMANCE DATA

 

TABLE 1 – A

Standard Average Annual Total Returns

(Assuming A Surrender Charge, Additional Death Distribution Rider and Liquidity Rider)

 

Double Enhanced Death Benefit

(Total Separate Account Annual Expenses: 2.55%)

 

Subaccount

   

1 Year

Ended

12/31/02

     

5 Year

Ended

12/31/02

     

10 Year

or Inception

     

Subaccount

Inception

Date

Asset Allocation – Conservative Portfolio – Service Class(1)

   

N/A

 

   

N/A

 

   

-19.12

%

   

May 1, 2002

Asset Allocation – Growth Portfolio – Service Class(1)

   

N/A

 

   

N/A

 

   

-28.19

%

   

May 1, 2002

Asset Allocation – Moderate Portfolio – Service Class(1)

   

N/A

 

   

N/A

 

   

-21.95

%

   

May 1, 2002

Asset Allocation – Moderate Growth Portfolio – Service Class(1)

   

N/A

 

   

N/A

 

   

-24.78

%

   

May 1, 2002

Alger Aggressive Growth – Service Class

   

-43.41

%

   

N/A

 

   

-36.68

%

   

May 1, 2000

American Century Income & Growth – Service Class

   

-28.82

%

   

N/A

 

   

-22.24

%

   

May 1, 2001

American Century International – Service Class(2)

   

-31.38

%

   

N/A

 

   

-29.82

%

   

May 1, 2001

BlackRock Global Science & Technology Opportunities – Service Class(1)

   

N/A

 

   

N/A

 

   

-37.03

%

   

May 1, 2002

BlackRock Mid Cap Growth – Service Class

   

N/A

 

   

N/A

 

   

-32.87

%

   

May 1, 2002

Capital Guardian Global – Service Class

   

-28.95

%

   

N/A

 

   

-4.64

%

   

February 2, 1998

Capital Guardian U.S. Equity – Service Class(3)

   

-33.11

%

   

N/A

 

   

-18.42

%

   

October 9, 2000

Capital Guardian Value – Service Class

   

-30.10

%

   

-5.04

%

   

4.86

%

   

May 27, 1993

Clarion Real Estate Securities – Service Class

   

N/A

 

   

N/A

 

   

-15.85

%

   

May 1, 2002

Great Companies – AmericaSM – Service Class

   

-30.09

%

   

N/A

 

   

-20.72

%

   

May 1, 2001

Great Companies – Global2 – Service Class

   

-30.89

%

   

N/A

 

   

-25.35

%

   

October 9, 2000

Great Companies – TechnologySM – Service Class

   

-47.03

%

   

N/A

 

   

-43.19

%

   

May 1, 2001

Janus Balanced (A/T) – Service Class

   

N/A

 

   

N/A

 

   

-14.85

%

   

May 1, 2002

Janus Growth (A/T) – Service Class(4)

   

-39.77

%

   

-5.42

%

   

2.95

%†

   

July 1, 1992

Jennison Growth – Service Class

   

-39.86

%

   

-15.08

%

   

-10.23

%

   

November 18, 1996

J.P. Morgan Enhanced Index – Service Class

   

-33.88

%

   

-5.32

%

   

-1.37

%

   

May 1, 1997

Marsico Growth(5)(6)

   

-35.23

%

   

N/A

 

   

-23.91

%

   

May 1, 2000

MFS High Yield – Service Class

   

-7.97

%

   

N/A

 

   

-3.24

%

   

June 1, 1998

PBHG Mid Cap Growth – Service Class

   

-37.58

%

   

N/A

 

   

-38.21

%

   

May 1, 2000

PBHG/NWQ Value Select – Service Class

   

-23.79

%

   

N/A

 

   

-8.45

%

   

May 1, 2000

PIMCO Total Return – Service Class

   

N/A

 

   

N/A

 

   

-3.77

%

   

May 1, 2002

Salomon All Cap – Service Class

   

-34.00

%

   

N/A

 

   

-13.46

%

   

May 1, 2000

Transamerica Convertible Securities – Service Class

   

N/A

 

   

N/A

 

   

-16.51

%

   

May 1, 2002

Transamerica Equity – Service Class

   

-31.60

%

   

N/A

 

   

-26.78

%

   

May 1, 2000

Transamerica Growth Opportunities – Service Class

   

-23.89

%

   

N/A

 

   

-9.80

%

   

May 1, 2001

Transamerica U.S. Government Securities – Service Class

   

-4.34

%

   

1.84

%

   

3.13

%

   

May 13, 1994

T. Rowe Price Equity Income – Service Class

   

-22.44

%

   

-1.19

%

   

7.64

%

   

January 3, 1995

T. Rowe Price Growth Stock – Service Class

   

-32.15

%

   

-1.94

%

   

7.96

%

   

January 3, 1995

† Ten Year Date

                          

 

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TABLE 1 – A (continued)

Standard Average Annual Total Returns

(Assuming A Surrender Charge, Additional Death Distribution Rider and Liquidity Rider)

 

Double Enhanced Death Benefit

(Total Separate Account Annual Expenses: 2.55%)

 

Subaccount

   

1 Year

Ended

12/31/02

     

5 Year

Ended

12/31/02

     

10 Year

or Inception

     

Subaccount

Inception

Date

T. Rowe Price Small Cap – Service Class

   

-36.56

%

   

N/A

 

   

-25.11

%

   

May 1, 2000

Van Kampen Active International Allocation – Service Class

   

-26.48

%

   

-8.04

%

   

-1.29

%†

   

April 8, 1991

Van Kampen Asset Allocation – Service Class

   

-25.90

%

   

-1.79

%

   

4.72

%†

   

April 8, 1991

Van Kampen Emerging Growth – Service Class

   

-42.11

%

   

N/A

 

   

-38.22

%

   

May 1, 2001

AIM V.I. Basic Value Fund – Series II

   

N/A

 

   

N/A

 

   

-32.75

%

   

May 1, 2002

AIM V.I. Capital Appreciation Fund – Series II

   

N/A

 

   

N/A

 

   

-29.25

%

   

May 1, 2002

Alliance Growth & Income Portfolio – Class B

   

-31.45

%

   

N/A

 

   

-24.63

%

   

May 1, 2001

Alliance Premier Growth Portfolio – Class B

   

-39.80

%

   

N/A

 

   

-34.00

%

   

May 1, 2001

Janus Aspen – Mid Cap Growth Portfolio – Service Shares(7)

   

-37.15

%

   

N/A

 

   

-47.23

%

   

October 9, 2000

Janus Aspen – Worldwide Growth Portfolio – Service Shares

   

-34.80

%

   

N/A

 

   

-32.22

%

   

October 9, 2000

MFS New Discovery Series – Service Class

   

N/A

 

   

N/A

 

   

-33.83

%

   

May 1, 2002

MFS Total Return Series – Service Class

   

N/A

 

   

N/A

 

   

-16.91

%

   

May 1, 2002

Fidelity – VIP Contrafund® Portfolio – Service Class 2

   

-19.12

%

   

N/A

 

   

-16.16

%

   

May 1, 2000

Fidelity – VIP Equity-Income Portfolio – Service Class 2

   

-26.47

%

   

N/A

 

   

-10.71

%

   

May 1, 2000

Fidelity – VIP Growth Portfolio – Service Class 2

   

-39.27

%

   

N/A

 

   

-32.98

%

   

May 1, 2001

Fidelity – VIP Mid Cap Portfolio – Service Class 2

   

-19.53

%

   

N/A

 

   

-5.97

%

   

May 1, 2000

Fidelity – VIP Value Strategies Portfolio – Service Class 2

   

N/A

 

   

N/A

 

   

-33.70

%

   

May 1, 2002

† Ten Year Date

                          
(1)   Effective May 1, 2003, Conservative Asset Allocation changed its name to Asset Allocation – Conservative Portfolio; Aggressive Asset Allocation changed its name to Asset Allocation – Growth Portfolio; Moderate Asset Allocation changed its name to Asset Allocation – Moderate Portfolio; Moderately Aggressive Asset Allocation changed its name to Asset Allocation – Moderate Growth Portfolio, and BlackRock Global Science & Technology changed its name to BlackRock Global Science & Technology Opportunities.
(2)   As of May 1, 2003, Gabelli Global Growth was merged into American Century International.
(3)   Effective October 9, 2000, shares of each series of the target account were liquidated and the proceeds were used to purchase shares of the Capital Guardian U.S. Equity Portfolio. This was a fundamental change in the structure of the target account from an actively managed account to a passive unit investment trust. In addition, Capital Guardian U.S. Equity has a different subadviser and fundamentally different investment policies. Therefore, no performance history is given for periods prior to October 9, 2000 because such history is not relevant or applicable to the Capital Guardian U.S. Equity Subaccount.
(4)   As of May 1, 2003, Janus Growth II was merged into Janus Growth.
(5)   Formerly known as Goldman Sachs Growth.
(6)   This subaccount has been re-opened for investments by any owner as of May 1, 2003. Any new investments in the re-opened subaccount will receive Service Class interests, however. Previously, this subaccount was only available to owners that held an investment in this subaccount on or before May 1, 2002. In addition, if any such owner surrendered all of his or her money in this subaccount on or before May 1, 2002, that owner could not reinvest in this subaccount.
(7)   Formerly known as Janus Aspen – Aggressive Growth Portfolio.

 

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