As filed pursuant to Rule 424(b)(3)
under the Securities Act of 1933
Registration No. 33-87864
AIG SUNAMERICA LIFE ASSURANCE COMPANY
VARIABLE SEPARATE ACCOUNT
SUPPLEMENT TO THE POLARIS PLATINUM II PROSPECTUS (R-3035-PRO (R 4/03))
DATED MAY 1, 2003
- --------------------------------------------------------------------------------
THE FOLLOWING SUPPLEMENTS THE FEE TABLE AND EXPENSE EXAMPLES ON PAGE 5 - 6 OF
THE PROSPECTUS:
IF YOU PURCHASE YOUR CONTRACT THROUGH CERTAIN BROKER/DEALERS, THE FEE FOR THE
CAPITAL PROTECTOR FEATURE IS AS FOLLOWS:
OPTIONAL CAPITAL PROTECTOR FEE
Contract Year Annualized Charge
------------- -----------------
0-7 0.60%
8-10 0.20%
11+ none
The Capital Protector feature is optional and if elected, the fee is
calculated as a percentage of your contract value minus Purchase Payments
received after the 90th day since you purchased your contract. The fee is
deducted from your contract value at the end of the first contract quarter
and quarterly thereafter.
MAXIMUM AND MINIMUM EXPENSE EXAMPLES
IF YOU DO NOT ELECT PRINCIPAL REWARDS
These Examples are intended to help you compare the cost of investing in the
contract with the cost of investing in other variable annuity contracts. These
costs include owner transaction expenses, contract maintenance fees, separate
account annual expense, fees for optional features and expenses for the
underlying portfolios of the Trusts.
The Examples assume that you invest $10,000 in the contract for the time periods
indicated; that your investment has a 5% return each year; no withdrawals and
that the maximum and minimum fees and expenses of the underlying portfolios of
the Trusts are reflected. Although your actual costs may be higher or lower,
based on these assumptions, your costs at the end of the stated period would be:
MAXIMUM EXPENSE EXAMPLES
(ASSUMING MAXIMUM SEPARATE ACCOUNT ANNUAL EXPENSES OF 1.77%, INCLUDING
ESTATEPLUS AND INVESTMENT IN AN UNDERLYING PORTFOLIO WITH TOTAL EXPENSES OF
2.38%)
(1) IF YOU SURRENDER YOUR CONTRACT AT THE END OF THE APPLICABLE TIME PERIOD AND
YOU ELECT THE OPTIONAL ESTATEPLUS AND CAPITAL PROTECTOR FEATURES WITH THE
FOLLOWING CHARGES (0.25% AND 0.60% RESPECTIVELY):
1 YEAR 3 YEARS 5 YEARS 10 YEARS
- ------ ------- ------- --------
$1,180 $1,944 $2,712 $4,734
(2) IF YOU DO NOT SURRENDER YOUR CONTRACT AND YOU ELECT THE OPTIONAL ESTATEPLUS
AND CAPITAL PROTECTOR FEATURES WITH THE FOLLOWING CHARGES (0.25% AND 0.60%
RESPECTIVELY):
1 YEAR 3 YEARS 5 YEARS 10 YEARS
- ------ ------- ------- --------
$480 $1,444 $2,412 $4,734
(3) IF YOU ANNUITIZE YOUR CONTRACT:
1 YEAR 3 YEARS 5 YEARS 10 YEARS
- ------ ------- ------- --------
$392 $1,189 $2,004 $4,121
MINIMUM EXPENSE EXAMPLES
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(ASSUMING MINIMUM SEPARATE ACCOUNT ANNUAL EXPENSES OF 1.52% AND INVESTMENT IN AN
UNDERLYING PORTFOLIO WITH TOTAL EXPENSES OF 0.60%)
(1) IF YOU SURRENDER YOUR CONTRACT AT THE END OF THE APPLICABLE TIME PERIOD AND
YOU DO NOT ELECT ANY OPTIONAL FEATURES:
1 YEAR 3 YEARS 5 YEARS 10 YEARS
- ------ ------- ------- --------
$920 $1,179 $1,464 $2,503
(2) IF YOU DO NOT SURRENDER YOUR CONTRACT AND YOU DO NOT ELECT ANY OPTIONAL
FEATURES:
1 YEAR 3 YEARS 5 YEARS 10 YEARS
- ------ ------- ------- --------
$220 $679 $1,164 $2,503
(3) IF YOU ANNUITIZE YOUR CONTRACT:
1 YEAR 3 YEARS 5 YEARS 10 YEARS
- ------ ------- ------- --------
$215 $664 $1,139 $2,452
THE CAPITAL PROTECTOR FEE ON PAGE 9 OF THE PROSPECTUS IS SUPPLEMENTED WITH THE
FOLLOWING:
If you purchase your contract through certain broker/dealers, the fee for the
Capital Protector features is as follows:
CONTRACT YEAR ANNUALIZED CHARGE *
- ------------- -------------------
0-7 0.60%
8-10 0.20%
11+ none
* As a percentage of your contract value minus purchase payments received after
the 90th day since the purchase of your contract. The amount of this charge is
subject to change at any time for prospectively issued contracts.
THE FOLLOWING IS ADDED AS THE SECOND TO LAST PARAGRAPH IN THE FIXED ACCOUNT
OPTIONS OF THE PROSPECTUS:
If available, you may systematically transfer interest earned in available fixed
account guarantee periods ("FAGPs") into any of the Variable Portfolios on
certain periodic schedules offered by Us. You may change or terminate these
systematic transfers by contacting Our Annuity Service Center. Check with your
financial representative about the current availability of this service.
THE FOLLOWING REPLACES THE PARAGRAPH TITLED "ANNUAL RE-EVALUATION" UNDER THE
ASSET ALLOCATION PROGRAM ON PAGE 13 OF THE PROSPECTUS:
ANNUAL RE-EVALUATION
Each year, on or about March 31, the allocations in every model are re-evaluated
and updated to assure that the investment objectives remain consistent. The
percentage allocations within each model may change and investment options may
be added to or deleted from a model as a result of the annual re-evaluation. We
will automatically rebalance your investment according to the reevaluation
allocations each year at or around March 31. If you choose not to participate in
the re-evaluation part of this program, you must contact the Annuity Service
Center. Some broker-dealers require that you consent to the re-evaluation each
year and will not allow Us to automatically rebalance your contract in
accordance with the re-evaluated models. Please check with your financial
representative to determine the protocol for his/her firm.
Date: August 11, 2003
Please keep this Supplement with your Prospectus.
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