M&A - Principal Life Insurance Co Separate Account B
Form Type: 497VPU
Filing Date: 2025-04-30
Corporate Action: Merger
Type: Update
Accession Number: 000000971325000095
Filing Summary: The document is an Updating Summary Prospectus for Principal® Variable Annuity, specifically a Flexible Variable Annuity with Purchase Payment Credit, issued by Principal Life Insurance Company through Separate Account B. As of May 1, 2025, the company will no longer offer or issue this product. The prospectus highlights recent changes in the investment options and certain fees associated with the contract. Significant changes include the merger of the Principal VCF Blue Chip Account - Class 3 into the Principal VCF Blue Chip Account - Class 2, effective May 1, 2025. Additionally, the contract features, fees, and investment options available under the annuity product are detailed. The document emphasizes the risks of loss, potential surrender charges, and investment limitations. It also informs current owners that the Exchange Offer will not permit new exchanges after July 1, 2025. There is a focus on tax implications, where owners should consult tax professionals for withdrawal and surrender conditions.
Additional details:
Contract Features: Flexible premium, deferred variable annuity
Surrender Charge: Maximum Surrender Charge is 8% during the first four Contract Years, declining to 0% over 9 years.
Investment Options: Specific underlying mutual funds and their terms have changed, including mergers of investment accounts.
Exchange Offer: The Principal® Variable Annuity Exchange Offer will not allow new exchanges with applications signed July 1, 2025.
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