We promise to provide the death benefit described in this rider as long as the contract and this rider are in force and all the terms and conditions of this rider are met. 1.2 WHAT IS THE BENEFIT This rider provides a 3% annual guarantee PROVIDED BY...
EXHIBIT 4(e)
3% ANNUAL GUARANTEE DEATH BENEFIT RIDER
RIDER SECTION 1. GENERAL INFORMATION
1.1 WHAT IS OUR AGREEMENT Our agreement with you includes this rider
WITH YOU? as a part of the contract to which it is
attached. The provisions of the contract
apply to this rider unless they conflict
with the rider. If there is a conflict, the
rider provision will apply. The issue date
for this rider is the same issue date as
the contract to which it is attached.
We promise to provide the death benefit
described in this rider as long as the
contract and this rider are in force and
all the terms and conditions of this rider
are met.
1.2 WHAT IS THE BENEFIT This rider provides a 3% annual guarantee
PROVIDED BY THIS RIDER? death benefit during the accumulation
period.
1.3 WHEN WILL THIS RIDER This rider will terminate on the earliest
TERMINATE? of:
a.) the date death proceeds become
payable
b.) the payout date;
c.) the date you surrender your
contract; or
d.) the date you choose to end this
rider. You may end it by written
request.
Once this rider terminates, the charges for
it will cease and the benefit will no
longer be available.
RIDER SECTION 2. RIDER CHARGES
2.1 IS THERE A CHARGE FOR There is an annual charge for this rider.
THIS RIDER? The annual charge is determined by
multiplying the annual percentage charge
(shown on the contract data page) by the
average monthly contract value for the
prior year. The average monthly contract
value is equal to the sum of each monthly
contract value (the contract value as of
the same day of the month as the contract
issue date) divided by the number of
months.
During the accumulation period, this charge
will be deducted pro-rata from your
contract value on each contract
anniversary. This charge will also be
deducted upon full surrender of the
contract, payment of death proceeds or
selection of a payout option, if not on a
contract anniversary. The charge for a
partial year will be in proportion to the
number of days since the prior contract
anniversary.
RIDER SECTION 3. DEATH BENEFIT PROCEEDS
3.1 WHAT AMOUNT WILL BE The amount that will be paid under this
PAID AS DEATH BENEFIT contract as death benefit proceeds is equal
PROCEEDS DURING THE to the greater of:
ACCUMULATION PERIOD?
a.) the death benefit proceeds provided
by the contract to which this rider
is attached;
b.) the death benefit proceeds provided
by any other rider attached to the
contract; or
c.) the 3% annual guarantee death
benefit described in Rider Section
4 as of the date due proof of death
is received.
The death benefit proceeds described above
will be reduced by any applicable premium
expense charges not previously deducted.
RIDER SECTION 4. 3% ANNUAL GUARANTEE DEATH BENEFIT
4.1 HOW DO WE DETERMINE On the contract issue date, the 3% annual
THE 3% ANNUAL guarantee value is equal to your initial
GUARANTEE DEATH purchase payment.
BENEFIT?
After the contract issue date, the 3%
annual guarantee value on each contract
anniversary will be equal to the lesser of
a.) or b.) as follows:
a.) The sum of all net purchase
payments received, minus an
adjustment for each partial
withdrawal as described below, plus
interest compounded daily at a rate
equal to 3% per year; or
b.) 200% of all net purchase payments
received.
The adjustment for each partial withdrawal
is equal to (1) divided by (2), with the
result multiplied by (3), where:
(1)= the partial withdrawal
amount;
(2)= the contract value
immediately prior to the
partial withdrawal; and
(3)= the 3% annual guarantee
death benefit immediately
prior to the partial
withdrawal, less any
adjustments for prior
partial withdrawals.
CUNA Mutual Life Insurance Company
A Mutual Insurance Company
/s/ Xxxxxxx X. Kitchen
-----------------------
President
