imaxx™ Guaranteed Investment Funds - Transamerica Life Canada

How the Contract WorksGeneralThe Transamerica Investment Portfolio II annuity contract is an insurancecontract–known as an individual variable annuity contract–based on thelife of a person, designated by you, to be the annuitant. The contractis an annuity contract because at the contract maturity date and incertain other circumstances, an annuity may be issued on the life of theannuitant. If you choose to register your plan, the endorsements whichwill be attached to your contract override the provisions of your contractthat are inconsistent with the endorsements.Your ContractYour contract with us consists of the attached Transamerica InvestmentPortfolio II Annuity Policy, any endorsements or riders incorporatedby reference into the Annuity Policy at the time of its issue, theconfirmation notice issued by us with respect to the first depositreceived under the policy, any subsequent confirmation notices issuedby us, the application and any amendments to the foregoing documentsagreed to by us in writing after the date that your contract is issued.The following information presented in the Fund Fact documents alsoforms part of the contract:Name of the contract and the segregated fundsManagement Expense Ratio, fees and expensesRisk disclosureRight to cancelThe Fund Fact documents are in the Information Folder and are alsoavailable on our website at www.transamerica.ca. The informationprovided in the Fund Facts is accurate and complies with therequirements of the Individual Variable Insurance Contract Guideline asof the date the information was prepared. Any error in the Fund Factsinformation described above will be remedied by correction of the error,where reasonable, but will not entitle you to benefit from the error.You may also cancel the contract, any deposit(s) or fund allocation(transfer) in accordance with the rules described below in‘Rescission Rights’.Rescission RightsYou may cancel the contract, any deposit(s) or any fund allocation(transfer) provided you send us written notice requesting thecancellation within two business days of the earlier of (i) the date youreceive the transaction confirmation and (ii) five business days after itis mailed by us.On the valuation date we receive your request for cancellation of:(a) the contract or a deposit, the value of cancelled units will berefunded to you.(b) an allocation between funds (transfer), the value of the cancelledunits will be returned to the immediately preceding fund allocation.The value of the cancelled units will be the lesser of:(i) the market value of the units on the valuation date of the deposit ortransfer and(ii) the market value of the units on the valuation date your cancellationrequest was received by us.Any sales charges or other fees charged to you for the deposit ortransfer will be reversed.A cancellation of a fund transfer will include a reversal of any feesresulting from the transfer but will not be refunded in cash.A request for cancellation must clearly identify the specific transactionyou wish to cancel.Contract OwnerYou are the owner of the contract. You make all decisions relating toyour investment unless you have named an irrevocable beneficiary(see below). The owner must be a Canadian resident at the time thecontract is issued.AnnuitantThe contract maturity benefit and the death benefit under your contractare based on the life of the annuitant, designated by you on yourinitial application. The annuitant must be a Canadian resident at thetime you open your contract. If you choose to set up your contract as aregistered plan, you must be the annuitant.You may not elect a successor annuitant for registered plans unlessthe contract is issued as a RIF. If your contract is registered as aRIF, you may only elect your spouse or common-law partner as asuccessor annuitant, and, if you do so, your spouse or common-lawpartner will have, upon your death, all of your rights and interestsunder the contract.BeneficiaryYou may also designate one or more beneficiaries under your contract.The beneficiary is the person who will receive the death benefit on thedeath of the annuitant.You can designate the beneficiary as revocable or irrevocable. If youdesignate the beneficiary as irrevocable, you cannot change thedesignation without the consent of the irrevocable beneficiary. If theirrevocable beneficiary cannot give consent if, for example, he or she isa minor or an incapacitated individual then a court order may berequired to obtain consent. Subject to some exceptions you should alsonote that the consent of an irrevocable beneficiary will be required todo almost anything under your contract, such as making withdrawals orchanging the owner or annuitant. Please note that in the Province ofQuebec, the designation of your “married or civil union” spouse asbeneficiary is considered irrevocable unless a statement is expresslymade to the contrary.6