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Transamerica Bounty Variable Annuity
Issued by
Transamerica Life Insurance and Annuity Company
Separate Account VA-7
Supplement Dated May 26, 1999
To
Prospectus Dated May 1, 1999
The following information supplements the Prospectus. You should read it
together with the Prospectus.
Account Fee Changes
1. The first item under the Expenses section on Page 2 of the Profile is
changed to read:
We deduct an annual account fee of $30 (the fee is waived for account
values over $50,000).
2. The Account Fee on Page 5 of the Prospectus is amended to read $30.
3. Item 3 in the Notes to Fee Table on Page 7 is changed to read:
3. We impose an account fee of $30 per contract year. We will waive this
fee for account values over $50,000 or with certain programs.
4. The third paragraph in the Other Charges and Deductions section on Page 10
of the Prospectus is changed to read:
We deduct an account fee of currently $30 at the end of each contract
year and upon surrender. We waive the account fee for a contract year if
the account value is more than $50,000 on the last business day of that
year or as of the date of surrender.
5. The Account Fee section on Page 28 of the Prospectus is changed, in its
entirety, to read as follows:
Account Fee. At the end of each contract year and before the annuity
date, we deduct an annual account fee as partial compensation for
expenses relating to the issue and maintenance of the contract and the
variable account. The annual account fee is $30. If the contract is
surrendered, the account fee, unless waived, will be deducted from a full
surrender. The account fee will be deducted on a pro rata basis, based on
values, from the account value. The fee deductions will be based on both
the variable sub-accounts and the general account options. No interest
adjustment will be assessed on any deduction for the account fee taken
from the multi-year guarantee period option. The account fee for a
contract year will be waived if the account value exceeds $50,000 on the
last business day of that contract year or as of the date you, as owner,
surrender the contract.
Additional Changes
6. The first paragraph of the Allocation of Purchase Payments section on Page
20 of the Prospectus is changed to read:
You specify how purchase payments will be allocated under the contract.
You may allocate purchase payments among one or more of the variable
sub-accounts and the general account options as long as the portions are
whole number percentages. In addition, there is a minimum allocation of
$1,000 to each multi-year guarantee period. We may waive this minimum
allocation amount under certain options and circumstances.
7. Item 3 in the Eligibility Requirements for Dollar Cost Averaging section on
Page 23 of the Prospectus is changed to read:
3. The minimum amount you can transfer into any other variable
sub-account is $250.
