A universal life product is getting an overhaul.

Transamerica Occidental Life Insurance Company, Los Angeles, is updating its TransACE individual, flexible-premium universal life policy by adding the Plus-Premium return-of-premium option.

When customers choose the option, beneficiaries can receive the death benefit plus the premiums paid net of any refunds, partial surrenders, loans and premiums due and unpaid, Transamerica says.

TransACE also offers a no-lapse guarantee endorsement and a choice between level and “plus premium” death-benefit options.

The minimum death benefit is $100,000 for “select nonsmokers” and $25,000 for other buyers.

Transamerica is using 7 risk classes for the product.

Issue ages are 16 to 89 for the preferred and standard classes and 16 to 80 for the select nonsmoker class.

Premiums are based on age-nearest-birthday pricing, Transamerica says.

Transamerica notes that it will be phasing out its old TransACE SP and TransACE LP policies.