Flexible Premium Deferred Variable Annuity Policies

The flexible premium deferred variable annuity policy offered by Transamerica Life Insurance Company (Transamerica, we, us, or our) provides a way for you to invest on a tax-deferred basis in the following investment choices: various subaccounts of the separate account and the fixed account of Transamerica. The policy is intended to accumulate money for retirement or other long-term investment purposes.

This policy currently offers subaccounts that are listed in Section 3. Each subaccount invests exclusively in shares of one of the underlying funds. The policy value may depend on the investment experience of the selected subaccounts. Therefore, you bear the entire investment risk with respect to all policy value in any subaccount. You could lose the amount that you invest.

The fixed account offers an interest rate that Transamerica guarantees.

The policy, like all deferred annuity policies, has two phases: the accumulation phase and the income phase. During the accumulation phase, earnings accumulate on a tax-deferred basis and are taxed as ordinary income when you take them out of the policy. The income phase occurs when you annuitize and begin receiving regular annuity payments from your policy. The money you can accumulate during the accumulation phase will largely determine the payments you receive during the income phase.

You can buy a nonqualified policy with $5,000 or more, and a qualified policy with $1,000 or more, under most circumstances. You can add as little as $50 at any time during the accumulation phase.

You can allocate your premium payments to one or more of the following underlying fund portfolios described in the underlying fund prospectuses:

Asset Allocation Conservative Portfolio Service Class

Asset Allocation Growth Portfolio Service Class

Asset Allocation Moderate Portfolio Service Class

Asset Allocation Moderate Growth Portfolio Service Class

Alger Aggressive Growth Service Class

American Century Income & Growth Service Class

American Century International Service Class

BlackRock Global Science & Technology Opportunities Service Class

BlackRock Mid Cap Growth Service Class

Capital Guardian Global Service Class

Capital Guardian U.S. Equity Service Class

Capital Guardian Value Service Class

Clarion Real Estate Securities Service Class

Great Companies America^SM Service Class

Great Companies Technology^SM Service Class

Janus Balanced (A/T) Service Class

Janus Growth (A/T) Service Class

Jennison Growth Service Class

J.P. Morgan Enhanced Index Service Class

Marsico Growth Service Class

MFS High Yield Service Class

PBHG Mid Cap Growth Service Class

PBHG/NWQ Value Select Service Class

PIMCO Total Return Service Class

Salomon All Cap Service Class

Templeton Great Companies Global

Transamerica Convertible Securities Service Class

Transamerica Equity Service Class

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Transamerica Growth Opportunities Service Class

Transamerica Money Market Service Class

Transamerica U.S. Government Securities Service Class

T. Rowe Price Equity Income Service Class

T. Rowe Price Growth Stock Service Class

T. Rowe Price Small Cap Service Class

Van Kampen Active International Allocation Service Class

Van Kampen Asset Allocation Service Class

Van Kampen Emerging Growth Service Class

AIM V.I. Basic Value Fund Series II

AIM V.I. Capital Appreciation Fund Series II

AllianceBernstein Growth & Income Portfolio Class B

AllianceBernstein Premier Growth Portfolio Class B

Janus Aspen Mid Cap Growth Portfolio Service Shares

Janus Aspen Worldwide Growth Portfolio Service Shares

MFS New Discovery Series Service Class

MFS Total Return Series Service Class

Fidelity VIP Contrafund Portfolio Service Class 2

Fidelity VIP Equity-Income Portfolio Service Class 2

Fidelity VIP Growth Portfolio Service Class 2

Fidelity VIP Mid Cap Portfolio Service Class 2

Fidelity VIP Value Strategies Portfolio Service Class 2

As of May 1, 2003, new policy owners may only invest in the Service Class subaccounts of AEGON/Transamerica Series Fund, Inc. The Initial Class subaccounts of the AEGON/Transamerica Series Fund, Inc. are only available to owners that purchased the policy before May 1, 2003. The Service Class of the AEGON/Transamerica Series Fund, Inc. has a Rule 12b-1 Plan (and higher expenses) and the Initial Class does not.

Depending upon their investment performance, you can make or lose money in any of the subaccounts.

You can also allocate your premium payments to the fixed account.

We currently allow you to transfer money between any of the investment choices during the accumulation phase. We reserve the right to impose a $10 fee for each transfer in excess of 12 transfers per policy year and to impose restrictions and limitations on transfers.

The value of the policy will vary up or down depending upon the investment performance of the subaccounts you choose. We provide past performance information in Appendix A and in the SAI. This data does not indicate future performance.

No deductions are made from premium payments at the time you buy the policy so that the full amount of each premium payment is invested in one or more of your investment choices.

We may deduct a surrender charge of up to 5% of premium payments surrendered within five years after the premium is paid. We will calculate surrender charges by taking the earnings, if any, out before premium payments.

Full surrenders, partial surrenders, and transfers from a guaranteed period option of the fixed account may also be subject to an excess interest adjustment, which may increase or decrease the amount you receive. This adjustment may also apply to amounts applied to an annuity payment option from a guaranteed period option of the fixed account prior to the end of the guaranteed period option.

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We deduct daily mortality and expense risk fees and administrative charges at an annual rate of 0.85% from the assets in each subaccount during the income phase and 1.25% during the accumulation phase.

During the accumulation phase, we deduct an annual service charge of no more than $35 from the policy value on each policy anniversary and at the time of surrender. The charge is waived if either the policy value or the sum of all premium payments, minus all partial surrenders, is at least $50,000.

Upon total surrender, payment of a death benefit, or when annuity payments begin, we will deduct state premium taxes, if applicable, which currently range from 0% to 3.50%.

If you elect the Initial Payment Guarantee when you annuitize, there is a daily fee equal to an annual rate of 1.25% of the daily net asset value in the subaccounts.

If you elect the Additional Death Distribution, there is an annual fee during the accumulation phase of 0.25% of the policy value.

The value of the net assets of the subaccounts will reflect the management fee and other expenses incurred by the underlying fund portfolios.

You can generally take out $500 or more anytime during the accumulation phase (except under certain qualified policies). You may generally take free of surrender charges each year:

Amounts surrendered in excess of this free amount may be subject to a surrender charge and excess interest adjustment. You may also have to pay income tax and a tax penalty on any money you take out.

The gains in the policy are the amount equal to the policy value, minus the sum of all premium payments, reduced by all prior partial surrenders deemed to be from premium.

If you have policy value in the fixed account, you may take out any cumulative interest credited free of excess interest adjustments.

Access to amounts held in qualified policies may be restricted or prohibited.

Surrenders are not generally permitted during the income phase unless you elect the Life with Emergency Cash^SM annuity payment option.

The policy allows you to receive income under one of several annuity payment options. You may choose from fixed payment options, variable payment options, or a combination of both. If you select a variable payment option, the dollar amount of your payments may go up or down. However, the Initial Payment Guarantee is available as an optional rider and it guarantees a minimum amount for each payment.

If the annuitant dies before the income phase begins, then a death benefit will become payable.

Naming different persons as owner and annuitant can affect to whom amounts will be paid. Use care when naming owners, annuitants and beneficiaries, and consult your agent if you have questions.

The death benefit is the greater of the policy value or cash value.

If the owner is not the annuitant, no death benefit is paid if the owner dies.

           FORM OF FLEXIBLE PREMIUM VARIABLE ANNUITY CONTRACT FPIVA99
          AS AMENDED BY SUBSTITUTE PAGES FOR FLEXIBLE PREMIUM VARIABLE
                            ANNUITY CONTRACT IVA2002
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               AMERICAN UNITED LIFE INSURANCE COMPANY (R)
 One American Square, P.O. Box 368, Indianapolis, Indiana 46206-0368

NAME OF OWNER                                                 POLICY NUMBER
   JOHN DOE                                                   00000001
NAME OF ANNUITANT
   JOHN  . . .