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Transamerica Life Insurance Company has introduced the Transamerica Principium II variable annuity contract.

The new VA contract holds costs down by offering most of the usual Transamerica Life VA options and benefits but a choice of just 2 sub-accounts, according to Transamerica Capital, Denver, a unit of AEGON N.V., The Hague, Netherlands.

Holders can choose between one exchange-traded Vanguard index fund and a more aggressive Vanguard index ETF, Transamerica says.

The investment option expense ratio is 0.73%.

The mortality and expense charges range from 0.85% to 1.65% of assets per year. The maximum surrender charge is 5%.

The ETF investment options are new and now are available with all Transamerica VA contracts, the company says.

The Transamerica Capital sister companies that issue the annuities are responsible for backing the contract guarantees.