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Aetna Life Insurance and Annuity Company
Home Office: 000 Xxxxxxxxxx Xxxxxx
Xxxxxxxx, Xxxxxxxxxxx 00000
(000) 000-0000
Aetna Life Insurance and Annuity Company, herein
called Aetna, agrees to pay the benefits stated
in this Contract.
Specifications
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Plan
SPECIMEN
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Type of Plan
SPECIMEN
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Contract Holder
SPECIMEN
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Annuitant
SPECIMEN
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Contract No.
SPECIMEN
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Effective Date
SPECIMEN
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This Contract is Delivered in NEW YORK and is Subject to the Laws of that
Jurisdiction
THE VARIABLE FEATURES OF THE CONTRACT ARE DESCRIBED IN PARTS III AND IV.
Right to Cancel
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The Contract Holder may cancel this Contract within 10 days of receiving it by
returning this Contract along with a written notice to Aetna at the above
address or to the agent from whom it was purchased. Within 7 days after it
receives the notice of cancellation and this Contract at its Home Office, Aetna
will return the entire consideration paid.
This page, the following pages, and the application make up the entire Contract.
Signed at the Home Office on the Effective Date.
/s/ Xxx Xxxxxxx /s/ Xxxx Xxxxxxx
President Secretary
Group Variable, Fixed, or Combination Annuity Contract
Nonparticipating
ALL PAYMENTS AND VALUES PROVIDED BY THE GROUP CONTRACT, WHEN BASED ON INVESTMENT
EXPERIENCE OF A SEPARATE ACCOUNT, ARE VARIABLE AND ARE NOT GUARANTEED AS TO
FIXED DOLLAR AMOUNT. THIS CONTRACT CONTAINS A MARKET VALUE ADJUSTMENT FORMULA.
APPLICATION OF A MARKET VALUE ADJUSTMENT MAY RESULT IN EITHER AN INCREASE OR
DECREASE IN THE CURRENT VALUE. THE MARKET VALUE ADJUSTMENT FORMULA DOES NOT
APPLY TO A GUARANTEED TERM AT THE TIME OF ITS MATURITY.
G-CDA-97(NY)
Specifications
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Guaranteed There is a guaranteed interest rate
Interest Rate for Purchase Payment(s) held in the ALIAC
Guaranteed Account (see Contract Schedule I).
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Deductions from There will be deductions for mortality and
the Separate expense risks and administrative fees (see
Account Contract Schedule I and II).
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Deduction from Purchase Payment(s) are subject to a deduction
Purchase for premium taxes, if any (see 3.01.)
Payment(s)
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Surrender Fee There will be a charge deducted upon surrender
(see Contract Schedule I).
This Contract is a legal contract and constitutes the entire legal relationship
between Aetna and the Contract Holder.
READ THIS CONTRACT CAREFULLY. This Contract sets forth, in detail, all of the
rights and obligations of both you and Aetna. IT IS THEREFORE IMPORTANT THAT YOU
READ THIS CONTRACT CAREFULLY.
2
Contract Schedule I
Accumulation Period
Separate Account
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Separate Account: Variable Annuity Account B
Charges to Separate A daily charge isdeducted from any portion of the
Account: Current Value allocated to the Separate Account.
The deduction is the daily equivalent of the
annual effective percentage shown in the following
chart:
Administrative Charge 0.15%
Mortality Risk Charge 0.35%
Expense Risk Charge 0.90%
Total Separate Account -----
Charges 1.40%
ALIAC Guaranteed Account (AG Account)
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Minimum Guaranteed 3.0%.
Interest Rate
(effective
annual rate
of return):
Separate Account and AG Account
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Minimum Initial Purchase $5,000 ($1,500 for a qualified plan)
Payment:
Maximum Initial Purchase $1,000,000
Payment Without Home
Office Approval:
Transfers: An unlimited number of Transfers may be made
during the Accumulation Period. Aetna allows 12
free Transfers in any calendar year. Thereafter,
Aetna reserves the right to charge $10 for each
subsequent Transfer.
Minimum Transfer Amount: $500
Maintenance Fee: The annual Maintenance Fee is $30. If the Current
Value is $50,000 or more on the date the
Maintenance Fee is to be deducted, the Maintenance
Fee is $0.
3
Contract Schedule I (Cont'd)
Accumulation Period
Separate Account and AG Account (Cont'd)
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Surrender Fee: For each surrender, the Surrender Fee will
be determined as follows:
Surrender Fee
as percentage
Length of Time from Deposit (of Net
of Net Purchase Payment (Years) Purchase Payment)
Less than 1 year 7%
1 or more but less than 2 years 6%
2 or more but less than 3 years 5%
3 or more but less than 4 years 4%
4 or more but less than 5 years 3%
5 or more but less than 6 years 2%
6 or more but less than 7 years 1%
7 years or more 0%
Systematic Withdrawal The specified payment or specified percentage may
Option (SWO) Percentage: not be greater than 10% of the Current Value at
time of election.
SWO Minimum Initial $20,000
Current Value:
SWO Minimum Payment Amount: $100
See 1. GENERAL DEFINITIONS for explanations.
4
Contract Schedule II
Annuity Period
Separate Account
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Charges to Separate Account: A daily charge at an annual effective rate of
1.25% for Annuity mortality and expense risks. The
administrative charge is established upon election
of an Annuity option. This charge will not exceed
0.25%.
Variable Annuity Assumed If a Variable Annuity is chosen, an assumed annual
Annual Net Return Rate: net return rate of 5.0% may be elected. If 5.0% is
not elected, Aetna will use an assumed annual net
return rate of 3.5%.
The assumed annual net return rate factor for 3.5%
per year is 0.9999058.
The assumed annual net return rate factor for 5.0%
per year is 0.9998663.
If the portion of a Variable Annuity payment for
any Fund is not to decrease, the Annuity return
factor under the Separate Account for that Fund
must be:
(a) 4.75% on an annual basis plus an annual return
of up to 0.25% to offset the administrative
charge set at the time Annuity payments
commence if an assumed annual net return rate
of 3.5% is chosen; or
(b) 6.25% on an annual basis plus an annual return
of up to 0.25% to offset the administrative
charge set at the time Annuity payments
commence, if an assumed annual net return rate
of 5% is chosen.
Fixed Annuity
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Minimum Guaranteed 3.0%
Interest Rate (effective
annual rate of return):
See 1. GENERAL DEFINITIONS for explanations.
5
TABLE OF CONTENTS
Page
I. GENERAL DEFINITIONS
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1.01 Account..............................................................8
1.02 Accumulation Period..................................................8
1.03 Adjusted Current Value...............................................8
1.04 ALIAC Guaranteed Account (AG Account)................................8
1.05 Annuitant............................................................8
1.06 Annuity..............................................................8
1.07 Beneficiary..........................................................8
1.08 Certificate Holder...................................................8
1.09 Code.................................................................8
1.10 Contract.............................................................8
1.11 Contract Holder......................................................9
1.12 Current Value........................................................9
1.13 Deposit Period.......................................................9
1.14 Fixed Annuity........................................................9
1.15 Fund(s)..............................................................9
1.16 General Account......................................................9
1.17 Guaranteed Rate -- AG Account........................................9
1.18 Guaranteed Term......................................................9
1.19 Guaranteed Term(s) Groups............................................9
1.20 Maintenance Fee.....................................................10
1.21 Market Value Adjustment (MVA).......................................10
1.22 Matured Term Value..................................................10
1.23 Matured Term Value Transfer.........................................10
1.24 Maturity Date.......................................................10
1.25 Net Purchase Payment(s).............................................10
1.26 Nonunitized Separate Account........................................10
1.27 Purchase Payment(s).................................................10
1.28 Rebalancing Program.................................................10
1.29 Reinvestment........................................................11
1.30 Separate Account....................................................11
1.31 Surrender Value.....................................................11
1.32 Transfers...........................................................11
1.33 Valuation Period (Period)...........................................11
1.34 Variable Annuity....................................................11
II. GENERAL PROVISIONS
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2.01 Change of Contract..................................................11
2.02 Change of Fund(s)...................................................12
2.03 Nonparticipating Contract...........................................12
2.04 Payments and Elections..............................................13
2.05 State Laws..........................................................13
2.06 Control of Contract.................................................13
2.07 Designation of Beneficiary..........................................13
2.08 Misstatements and Adjustments.......................................14
2.09 Incontestability....................................................14
6
Page
2.10 Grace Period........................................................14
2.11 Individual Certificates.............................................14
III. PURCHASE PAYMENT, CURRENT VALUE, AND SURRENDER PROVISIONS
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3.01 Net Purchase Payment................................................14
3.02 Certificate Holder's Account........................................14
3.03 Fund(s) Record Units -- Separate Account............................15
3.04 Net Return Factor(s) -- Separate Account............................15
3.05 Fund Record Unit Value -- Separate Account..........................15
3.06 Market Value Adjustment.............................................15
3.07 Transfer of Current Value from the Funds or
ALIAC Guaranteed Account............................................17
3.08 Notice to the Certificate Holder....................................18
3.09 Loans...............................................................18
3.10 Systematic Withdrawal Option (SWO)..................................18
3.11 Death Benefit Amount................................................19
3.12 Death Benefit Options Available to Beneficiary......................21
3.13 Liquidation of Surrender Value......................................22
3.14 Surrender Fee.......................................................22
3.15 Payment of Surrender Value..........................................23
IV. ANNUITY PROVISIONS
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4.01 Choices to be Made..................................................23
4.02 Terms of Annuity Options............................................24
4.03 Death of Annuitant/Beneficiary......................................25
4.04 Fund(s) Annuity Units -- Separate Account...........................26
4.05 Fund(s) Annuity Unit Value -- Separate Account......................26
4.06 Annuity Net Return Factor(s) -- Separate Account....................26
4.07 Annuity Options.....................................................27
7
I. GENERAL DEFINITIONS
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1.01 Account: A record established for each Certificate Holder
to maintain the value of the Net Purchase Payment
held on his/her behalf during the Accumulation
Period.
1.02 Accumulation Period: The period during which the Net Purchase
Payment(s) are applied to an Account to provide
future Annuity payment(s).
1.03 Adjusted Current Value: The Current Value of an Account plus or minus any
aggregate ALIAC Guaranteed Account MVA, if
applicable. (See 1.21)
1.04 ALIAC Guaranteed An accumulation option where Aetna guarantees
Account (AG Account): stipulated rate(s) of interest for specified
periods of time. All assets of Aetna, including
amounts in the Nonunitized Separate Account, are
available to meet the guarantees under the AG
Account.
1.05 Annuitant: The person whose life is measured for purposes of
the Guaranteed Death Benefit and the duration of
Annuity payments under this Contract.
1.06 Annuity: Payment of an income:
(a) For the life of one or two persons;
(b) For a stated period; or
(c) For some combination of (a) and (b).
1.07 Beneficiary: The individual or estate entitled to receive any
payment from the Contract upon the death of the
Annuitant, or if the Certificate Holder is
different from the Annuitant, upon the death of
the Certificate Holder. If the Account is held by
joint Certificate Holders, the survivor will be
deemed the designated Beneficiary and any other
Beneficiary on record will be treated as the
contingent Beneficiary.
1.08 Certificate Holder: A person who purchases an interest in this
Contract as evidenced by a certificate. Aetna
reserves the right to limit ownership to natural
persons. If more than one Certificate Holder owns
an account, each Certificate Holder will be a
joint Certificate Holder. Unless we allow
otherwise in response to a written request prior
to Contract issue, any joint Certificate Holder
must be the spouse of the other joint Certificate
Holder. Joint Certificate Holders have joint
ownership rights and both must authorize
exercising any ownership rights unless Aetna
allows otherwise. If the account is owned by a
nonnatural person, the death benefit will be paid
at the death of the Annuitant.
1.09 Code: The Internal Revenue Code of 1986, as it may be
amended from time to time.
1.10 Contract: This agreement between Aetna and the Contract
Holder.
8
1.11 Contract Holder: The entity to which a group Contract is issued.
1.12 Current Value: As of the most recent Valuation Period, the Net
Purchase Payment and any additional amount
deposited pursuant to 3.11 plus any interest added
to the portion allocated to the ALIAC Guaranteed
Account; and plus or minus the investment
experience of the portion allocated to the Funds
since deposit; less all Maintenance Fees deducted,
any amounts surrendered and any amounts applied to
an Annuity.
1.13 Deposit Period: A calendar week, a calendar month, a calendar
quarter, or any other period of time specified by
Aetna during which Net Purchase Payment(s),
Transfers and Reinvestments are accepted into the
ALIAC Guaranteed Account for one or more
Guaranteed Terms. Aetna reserves the right to
extend the Deposit Period.
1.14 Fixed Annuity: An Annuity with payments that do not vary in
amount.
1.15 Fund(s): The open-end management investment companies
(mutual funds) in which the Separate Account
invests.
1.16 General Account: The Account holding the assets of Aetna, other
than those assets held in Aetna's separate
accounts.
1.17 Guaranteed Rate -- Aetna will declare the interest rate applicable to
AG Account: a specific Guaranteed Term at the start of the
Deposit Period for that Guaranteed Term. The rate
is guaranteed by Aetna for that Deposit Period and
the ensuing Guaranteed Term. The Guaranteed Rate
is an annual effective yield. That is, interest is
credited daily at a rate that will produce the
Guaranteed Rate over the period of a year. No
Guaranteed Rate will ever be less than the Minimum
Guaranteed Rate shown on Contract Schedule I.
1.18 Guaranteed Term: The period of time for which AG Account Guaranteed
Rate is guaranteed on Net Purchase Payments,
Transfers and Reinvestments made into a current
Deposit Period for the AG Account. Such period
begins on the day following the close of the
Deposit Period and ends on the designated Maturity
Date. Guaranteed Terms are offered at Aetna's
discretion for various lengths of time ranging up
to and including ten years.
During a Deposit Period, Aetna may make available
any number of Guaranteed Terms. The Contract
Holder may allocate Net Purchase Payments and
Transfers into any or all of the available
Guaranteed Terms.
1.19 Guaranteed Term(s) All AG Account Guaranteed Term(s) with the same
Groups: length of time from the close of the Deposit
Period until the designated Maturity Date.
9
1.20 Maintenance Fee: The Maintenance Fee (see Contract Schedule I) will
be deducted during the Accumulation Period from
the Current Value on each anniversary of the date
the Account is established and upon surrender of
the entire Account.
1.21 Market Value Adjustment An adjustment that may apply to an amount
(MVA): withdrawn or transferred from an AG Account
Guaranteed Term prior to the end of that
Guaranteed Term. The adjustment reflects the
change in the value of the investment due to
changes in interest rates since the date of
deposit and is computed using the formula given in
3.06. The adjustment is expressed as a percentage
of each dollar being withdrawn or transferred.
1.22 Matured Term Value: The amount payable on an AG Account Guaranteed
Term's Maturity Date.
1.23 Matured Term Value During the calendar month following an AG Account
Transfer: Maturity Date, the Certificate Holder may notify
Aetna's Home Office in writing to Transfer or
surrender all or part of the Matured Term Value,
plus interest at the new Guaranteed Rate accrued
thereon, from the AG Account without an MVA. This
provision only applies to the first such written
request received from the Certificate Holder
during this period for any Matured Term Value.
1.24 Maturity Date: The last day of an AG Account Guaranteed Term.
1.25 Net Purchase The Purchase Payment less premium taxes, if
Payment(s): applicable.
1.26 Nonunitized Separate A separate account subject to the laws of New York
Account: set up by Aetna under Title 38, Section 38a-433,
of the Connecticut General Statutes, that holds
assets for AG Account Terms. There are no discrete
units for this Account. The Certificate Holder
does not participate in the investment gain or
loss from the assets held in the Nonunitized
Separate Account. Such gain or loss is borne
entirely by Aetna. These assets may be chargeable
with liabilities arising out of any other business
of Aetna.
1.27 Purchase Payment(s): Payment(s) accepted by Aetna at its Home Office.
Aetna reserves the right to refuse to accept any
Purchase Payment at any time for any reason. No
advance notice will be given to the Certificate
Holder.
1.28 Rebalancing Program: A program that allows Contract Holders to have
portions of their Current Value automatically
reallocated annually to a specified percentage.
Only the portion of the Current Value held in the
separate account can be rebalanced. Contract
Holders may participate in this program by
completing the Rebalancing Section of the
enrollment form, or by requesting the service in
writing from the Company's Home Office.
Reallocations under the Rebalancing Program will
not be counted for purposes of any transfer
limitations imposed under the contract.
10
1.29 Reinvestment: Aetna will mail a notice to the Certificate Holder
at least 18 calendar days and not more than 45
days before a Guaranteed Term's Maturity Date.
This notice will contain the Terms available
during current Deposit Periods with their
Guaranteed Rate, and projected Matured Term Value.
If no specific direction is given by the
Certificate Holder prior to the Maturity Date,
each Matured Term Value will be reinvested in the
current Deposit Period for a Guaranteed Term of
the same duration. If a Guaranteed Term of the
same duration is unavailable, each Matured Term
Value will automatically be reinvested in the
current Deposit Period for the next shortest
Guaranteed Term available. If no shorter
Guaranteed Term is available, the next longer
Guaranteed Term will be used. Aetna will mail a
confirmation statement to the Certificate Holder
the next business day after the Maturity Date.
This notice will state the Guaranteed Term and
Guaranteed Rate which will apply to the reinvested
Matured Term Value.
1.30 Separate Account: A separate account that buys and holds shares of
the Fund(s). Income, gains or losses, realized or
unrealized, are credited or charged to the
Separate Account without regard to other income,
gains or losses of Aetna. Aetna owns the assets
held in the Separate Account and is not a trustee
as to such amounts. This Separate Account
generally is not guaranteed and is held at market
value. The assets of the Separate Account, to the
extent of reserves and other contract liabilities
of the Account, shall not be charged with other
Aetna liabilities.
1.31 Surrender Value: The amount payable by Aetna upon the surrender of
any portion of an account.
1.32 Transfers: The movement of invested amounts among the
available Fund(s) and the AG Account under this
Contract during the Accumulation Period.
1.33 Valuation Period The period of time for which a Fund determines its
(Period): net asset value, usually from 4:15 p.m. Eastern
time each day the New York Stock Exchange is open
until 4:15 p.m. the next such day, or such other
day that one or more of the Funds determines its
net asset value.
1.34 Variable Annuity: An Annuity with payments that vary with the net
investment results of one or more Funds held under
the Separate Account.
II. GENERAL PROVISIONS
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2.01 Change of Contract: Only an authorized officer of Aetna may change the
terms of this contract. Aetna will notify the
Contract Holder in writing at least 30 days before
the effective date of any change. Any change will
not affect the amount or terms of any Annuity
which begins before the change.
11
2.01 Change of Contract Aetna may make any change that affects the AG
(Cont'd): least 30 days' advance written notice to the
Contract Holder and the Certificate Holder. Any
such change shall become effective for any new
Term and will be applicable only if it is more
favorable to the Contract Holder and/or the
Certificate Holder.
Any change that affects any of the following under
this Contract will not apply to Accounts in
existence before the effective date of the change:
(a) Net Purchase Payment (3.01)
(b) AG Account Guaranteed Rate (1.04)
(c) Net Return Factor(s) -- Separate Account
(3.04)
(d) Current Value (1.12)
(e) Surrender Value (1.31)
(f) Fund(s) Annuity Unit Value -- Separate Account
(4.05)
(g) Annuity Options (4.07)
(h) Fixed Annuity Guaranteed Interest Rates (4.01)
(i) Transfers (1.32).
This Contract may be changed as deemed necessary
by Aetna to comply with federal or state law. Any
such change is subject to the prior approval of
the New York Insurance Department.
2.02 Change of Fund(s): The assets of the Separate Account are segregated
by Fund. If the shares of any Fund are no longer
available for investment by the Separate Account
or if in our judgment, further investment in such
shares should become inappropriate in view of the
purpose of the Contract, Aetna may cease to make
such Fund shares available for investment under
the Contract prospectively, or Aetna may
substitute shares of another Fund for shares
already acquired. Aetna may also, from time to
time, add additional Funds. Aetna reserves the
right to substitute shares of another Fund for
shares already acquired without a proxy vote.
Any elimination, substitution or addition of Funds
will be done in accordance with federal securities
laws and are subject to the approval of the
Superintendent of the New York Insurance
Department and Aetna will notify the Contract
Holder of such change.
2.03 Nonparticipating The Contract Holder, Certificate Holder's or
Contract: Beneficiaries will not have a right to share in
the earnings of Aetna.
12
2.04 Payments and While the Certificate Holder is living, Aetna will
Elections: pay the Certificate Holder any Annuity payments as
and when due. After the Certificate Holder's
death, or at the death of the first Certificate
Holder if the Account is owned jointly, any
Annuity payments required to be made will be paid
in accordance with 4.03. Aetna will determine
other payments and/or elections as of the end of
the Valuation Period in which the request is
received at its Home Office. Such payments will be
made within 7 calendar days of receipt at its Home
Office of a written claim for payment which is in
good order, except as provided in 3.15.
2.05 State Laws: The Contract and the Certificate's comply with the
laws of the state in which they are delivered. Any
surrender, death, or Annuity payments are equal to
or greater than the minimum required by such laws.
Annuity tables for legal reserve valuation shall
be as required by state law. Such tables may be
different from Annuity tables used to determine
Annuity payments.
2.06 Control of Contract: This is a Contract is between the Contract Holder
and Aetna. The Contract Holder has title to the
Contract. Nothing in the group annuity contract
invalidates or impairs any right granted to the
Certificate Holder. The Certificate Holder has all
other rights to amounts held in his or her
Account.
Each Certificate Holder shall own all amounts held
in his or her Account. Each Certificate Holder may
make any choices allowed by this Contract for his
or her Account. Certificate Holder choices made
under this contract must be in writing. If the
Account is owned jointly, both joint Certificate
Holders must authorize any Certificate Holder
change in writing. Until receipt of such choices
at Aetna's Home Office, Aetna may rely on any
previous choices made.
The Account may not be attached, alienated, or
subject to the claims of creditors of the Contract
Holder or the Certificate Holder except to the
extent permitted by law.
The Certificate Holder may assign or transfer his
or her rights under the Contract. Aetna reserves
the right not to accept assignment or transfer to
a nonnatural person. Any assignment or transfer
made must be submitted to Aetna's Home Office in
writing and will not be effective until accepted
by Aetna.
2.07 Designation of Each Certificate Holder shall name his or her
Beneficiary: Beneficiary. If the Account is owned jointly, both
joint Certificate Holders must agree in writing to
the Beneficiary designated. The Beneficiary may be
changed at any time. Changes to a Beneficiary must
be submitted to Aetna's Home Office in writing and
will not be effective until accepted by Aetna.
13
2.08 Misstatements and If Aetna finds the age or sex of any Annuitant to
Adjustments: be misstated, the amount payable under the
Contract shall be adjusted for the correct age or
sex; the amount of any underpayment or
overpayment, with interest at six per cent per
year, shall be credited to, or charged against,
the current or next succeeding payment or payments
to be made by Aetna under the Contract.
2.09 Incontestability: Aetna cannot cancel the Contract because of any
error of fact on the application. Aetna cannot
cancel an Account because of any error of fact on
the enrollment form.
2.10 Grace Period: This Contract will remain in effect even if
Purchase Payments are not continued.
2.11 Individual Aetna shall issue a certificate to each
Certificates Certificate Holder. The certificate will summarize
certain provisions of the contract. Certificates
are for information only and are not a part of the
Contract.
III. PURCHASE PAYMENT, CURRENT VALUE, AND SURRENDER PROVISIONS
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3.01 Net Purchase Payment: This amount is the actual Purchase Payment less
any premium tax. Aetna will generally deduct the
premium tax when Annuity benefits are elected (see
Part IV). If Aetna determines that under
applicable state law, it must pay a premium tax
when the Purchase Payment is received or at any
other time, it will deduct the tax at that time.
The Net Purchase Payment will be credited among:
(a) The current Deposit Period(s) for Guaranteed
Terms under the AG Account; and
(b) The Fund(s) in which the Separate Account
invests.
For each Net Purchase Payment, the Certificate
Holder shall tell Aetna the allocation percentage
to be applied to the current Deposit Period for
each of the available Guaranteed Terms in the AG
Account and/or each Fund. If allocation
instructions are not received along with any
subsequent Net Purchase Payment, the allocation
will be the same as that indicated on the original
application. If the same Guaranteed Term is no
longer available, the Net Purchase Payment will be
allocated to the next shortest Guaranteed Term
available in the current Deposit Period. If no
shorter Guaranteed Term is available, the next
longer Guaranteed Term will be used.
The minimum acceptable additional Purchase Payment
is shown on Contract Schedule I. The maximum
acceptable Purchase Payment without Home Office
approval is also provided on Contract Schedule I.
3.02 Certificate Holder's Aetna will maintain an Account for each
Account: Certificate Holder.
14
3.03 Fund(s) Record Units -- The portion of the Net Purchase Payment(s) applied
Separate Account: to each Fund under the Separate Account will
determine the number of Fund record units for that
Fund. This number is equal to the portion of the
Net Purchase Payment(s) applied to each Fund
divided by the Fund record unit value (see 3.05)
for the Valuation Period in which the Purchase
Payment is received in good order at Aetna's Home
Office.
3.04 Net Return Factor(s) -- The net return factor(s) are used to compute all
Separate Account: Separate Account record units for any Fund.
The net return factor(s) for each Fund is equal to
1.0000000 plus the net return rate.
The net return rate is equal to:
(a) The value of the shares of the Fund held by
the Separate Account at the end of the
Valuation Period; minus
(b) The value of the shares of the Fund held by
the Separate Account at the start of the
Valuation Period; plus or minus
(c) Taxes (or reserves for taxes) on the Separate
Account (if any); divided by
(d) The total value of the Fund record units and
Fund Annuity units of the Separate Account at
the start of the Valuation Period; minus
(e) A daily Separate Account charge at an annual
rate as shown on Contract Schedule I for
mortality and expense risks, which may include
profit; and a daily administrative charge.
A net return rate may be more or less
than 0%. The value of a share of the
Fund is equal to the net assets of the
Fund divided by the number of shares
outstanding.
3.05 Fund Record Unit A Fund record unit value is computed by
Value -- Separate multiplying the net return factors for the current
Account: Valuation Period by the Fund record unit value for
the previous Period. The dollar value of Fund
record units, Separate Account assets, and
Variable Annuity payments may go up or down due to
investment gain or loss.
3.06 Market Value Excepted as noted below, there will be an MVA for
Adjustment: a withdrawal from the AG Account before the end of
a Guaranteed Term when the withdrawal is due to:
3.06 Market Value (a) a Transfer; except for Transfers as specified
Adjustment (Cont'd): in 1.23, AG Account Matured Term Value
Transfer;
(b) A full or partial surrender (including a 15%
free withdrawal under 3.14), except for a
partial withdrawal under the Systematic
Withdrawal Option (see 3.10); or
(c) An election of Annuity option 1 (see 4.07).
15
Full and partial surrenders and Transfers made
within six months after the date of the
Annuitant's death will be the greater of:
(a) The aggregate MVA amount which is the sum of
all market value adjusted amounts calculated
due to a withdrawal of amounts. This total may
be greater or less than the Current Value of
those amounts; or
(b) The applicable portion of the Current Value in
the AG Account. After the six-month period,
the surrender or Transfer will be the
aggregate MVA amount, which may be greater or
less than the Current Value of those amounts.
The greater of the aggregate MVA amount or the
applicable portion of the Current Value applies to
amounts withdrawn from the AG Account on account
of an election of Annuity options 2 or 3 (see
4.07).
Market value adjusted amounts will be equal to the
amount withdrawn multiplied by the following
ratio:
x
---
365
(1 + i)
----------
x
---
365
(1 + j)
Where:
i is the Deposit Period Yield
j is the Current Yield
x is the number of days
remaining, (computed from
Wednesday of the week of
withdrawal) in the Guaranteed
Term.
The Deposit Period Yield will be determined as
follows:
(a) At the close of the last business day of each
week of the Deposit Period, a yield will be
computed as the average of the yields on that
day of U.S. Treasury Notes which mature in the
last three months of the Guaranteed Term.
3.06 Market Value (b) The Deposit Period Yield is the average of
Adjustment (Cont'd): those yields for the Deposit Period. If
withdrawal is made before the close of the
Deposit Period, it is the average of those
yields on each week preceding withdrawal.
The Current Yield is the average of the yields on
the last business day of the week preceding
withdrawal on the same U.S. Treasury Notes
included in the Deposit Period Yield.
16
In the event that no U.S. Treasury Notes which
mature in the last three months of the Guaranteed
Term exist, Aetna reserves the right to use the
U.S. Treasury Notes that mature in the following
quarter. If U.S. Treasury Notes are no longer
available, a suitable replacement index, subject
to approval of the Superintendent of the New York
Insurance Department, would then be utilized.
A detailed description of the MVA has been filed
with the Superintendent of the New York Insurance
Department.
3.07 Transfer of Current Before an Annuity option is elected, all or any
Value from the Funds portion of the Adjusted Current Value may be
or AG Account: transferred from any Fund or Guaranteed Term of
the AG Account:
(a) To any other Fund; or
(b) To any Guaranteed Term of the AG Account
available in the current Deposit Period.
Transfer requests can be submitted as a percentage
or as a dollar amount. The minimum transfer amount
is shown on Contract Schedule I. Within a
Guaranteed Term Group, the amount to be
surrendered or transferred will be withdrawn first
from the oldest Deposit Period, then from the next
oldest, and so on until the amount requested is
satisfied.
The Certificate Holder may make an unlimited
number of Transfers during the Accumulation
Period. The number of free Transfers allowed by
Aetna is shown on Contract Schedule I. Additional
Transfers may be subject to a Transfer fee as
shown on Contract Schedule I. Amounts transferred
as a Matured Term Value on or within one calendar
month of the Term's Maturity Date do not count
against the annual Transfer limit.
Amounts applied to Guaranteed Terms of the AG
Account may not be transferred to the Funds or to
another Guaranteed Term during the Deposit Period
or for 90 days after the close of the Deposit
Period except for a Matured Term Value(s) during
the calendar month following the Term's Maturity
Date.
Transfers from Guaranteed Terms of the AG Account
are subject to the MVA provisions of 3.06.
17
3.08 Notice to the The Certificate Holder will receive quarterly
Certificate Holder: statements from Aetna of:
(a) The value of any amounts held in: (1)The AG
Account; and (2)The Fund(s) under the Separate
Account.
(b) The number of any Fund(s) record units; and
(c) The Fund(s) record unit value.
Such number or values will be as of a specific
date no more than 60 days before the date of
the notice.
3.09 Loans: Loans are not available under this Contract.
3.10 Systematic Withdrawal The following distribution options may be elected
Option (SWO): by the Certificate Holder or a Beneficiary during
the Accumulation Period. A distribution option
under which a portion of the Accounts' Current
Value will automatically be surrendered and
distributed each year. SWO payments will be
calculated on the Accounts' full Current Value.
The distributed amount is withdrawn pro rata from
each investment option under the Account. A
Surrender Fee will not be deducted from any
portion of the Current Value which is paid as a
distribution under SWO. Certificate Holders should
consult their tax advisers prior to requesting
this distribution option. Aetna will not be
responsible for any adverse tax consequences due
to receiving SWO payments.
(a) Amount of Distribution: The Certificate Holder
or a Beneficiary may elect one of the three
payment methods described below.
(1) Specified Payment: Payments of a
designated dollar amount. The annual
amount may not be greater than the
percentage of the Account's Current Value
on the date of the SWO election as shown
on Contract Schedule I. This annual
dollar amount will remain constant. The
minimum SWO payment amount is shown on
Contract Schedule I. If SWO payments are
made more frequently than annually, the
designated annual amount is divided by
the number of payments due each year; or
(2) Specified Period: Payments made over a
designated period of time of at least 10
years. The annual amount is calculated by
dividing the Current Value as of December
31 of the year prior to the payment year
by the number of payment years remaining;
or
18
3.10 Systematic Withdrawal (3) Specified Percentage: Payments of a
Option (SWO) (Cont'd): designated percentage which cannot be
greater than the percentage of the
Current Value at the time of election as
shown on Contract Schedule I. The
percentage may be changed by written
request. Aetna reserves the right to
limit the number of times the percentage
may be changed. The annual amount is
calculated by multiplying the Current
Value as of December 31 of the year prior
to the payment year by the designated
percentage.
Payments upon the Contract Holder's death will
continue to the Beneficiary in the manner
described in 3.11.
(b) Minimum Initial Current Value: The Minimum
Initial Current Value required to begin SWO is
shown on Contract Schedule I. If after
election of this option, the Current Value is
insufficient to make a scheduled SWO payment,
Aetna will distribute the entire balance.
(c) Date of Distribution: The Contract Holder or a
Beneficiary shall specify the first payment
date. The earliest allowable first payment
date is the date on which the Contract Holder
attains age 59 1/2. The latest allowable SWO
payment date is the month of the Annuitant's
90th birthday. As elected by the Contract
Holder, SWO payments will be made on a
monthly, quarterly, semi-annual or annual
basis. If SWO payments are made more
frequently than annually, the designated
annual amount is divided by the number of
payments due each year. Subsequent payments
will be made on the 15th of the appropriate
months or on such other date as Aetna may
designate or allow.
(d) Election and Revocation: SWO may be elected by
the Certificate Holder or Beneficiary if
elected after the Certificate Holders death by
submitting a completed and signed election
form to Aetna's Home Office. Once elected,
this option may be revoked by the Certificate
Holder or Beneficiary, if elected after the
Certificate Holder's death, by submitting a
written request to Aetna at its Home Office.
Any revocation will apply only to amounts not
yet paid. SWO may be elected only once by the
Certificate Holder or by the Beneficiary.
3.11 Death Benefit Amount: If the Certificate Holder or Annuitant dies before
Annuity payments start, the Beneficiary is
entitled to a death benefit under the Account. If
the Account is owned jointly, the death benefit is
paid at the death of the first joint Certificate
Holder to die. The claim date is the date when
proof of death and the Beneficiary's claim are
received in good order at Aetna's Home Office. The
amount of the death benefit is determined as
follows:
(a) Death of Annuitant less than 85 years of age:
The guaranteed death benefit is the greatest
of:
19
3.11 Death Benefit Amount (1) The sum of all Net Purchase Payment(s)
(Cont'd): made to the Account (as of the date of
death) minus the sum of all amounts
surrendered, applied to an Annuity, or
deducted from the Account;
(2) The highest step-up value as of the date
of death. A step-up value is determined
on each anniversary of the Effective
Date. Each step-up value is calculated as
the Account's Current Value on the
Effective Date anniversary, increased by
the amount of any Purchase Payment(s)
made, and decreased by the sum of all
amounts surrendered, deducted, and/or
applied to an Annuity option since the
Effective Date anniversary.
(3) The Account's Current Value as of the
date of death.
The excess, if any, of the guaranteed death
benefit value over the Account's Current Value
is determined as of the date of death. Any
excess amount will be deposited to the Account
and allocated to Aetna Variable Encore Fund as
of the claim date. The Current Value on the
claim date plus any excess amount deposited
becomes the Account's Current Value.
(b) Death of Annuitant age 85 or greater: The
death benefit amount is the greatest of:
(1) The sum of all Net Purchase Payment(s)
made to the Account (as of the date of
death) minus the sum of all amounts
surrendered, applied to an Annuity, or
deducted from the Account;
(2) The highest step-up value prior to the
Certificate Holder's 85th birthday. A
step-up value is determined on each
anniversary of the Effective Date. Each
step-up value is calculated as the
Account's Current Value on the Effective
Date anniversary, increased by the amount
of any Purchase Payment(s) made, and
decreased by the sum of all amounts
surrendered, deducted, and/or applied to
an Annuity option since the Effective
Date anniversary.
(3) The Account's Current Value as of the
date of death.
The excess, if any of the guaranteed death benefit
value over the Account's Current Value is
determined as of the date of death. Any excess
amount will be deposited in the Account and
allocated to Aetna Variable Encore Fund as of the
claim date. The Current Value on the claim date
plus any excess amount deposited, becomes the
Account's Current Value.
20
3.11 Death Benefit Amount (c) Death of the Certificate Holder if the
(Cont'd): Certificate Holder is not the Annuitant: The
death benefit amount is the Account's Adjusted
Current Value on the Claim Date. A Surrender
Fee may apply to any full or partial surrender
(see 3.14 and Contract Schedule I).
(d) At the death of a surviving spouse Beneficiary
who continued the Account in his or her own
name, the death benefit amount is equal to the
Account's Current Value less any applicable
Surrender Fee on the amount of any Purchase
Payment(s) made since the death of the
Certificate Holder.
3.12 Death Benefit Options Prior to any election, or until amounts must be
Available to otherwise distributed under this section, the
Beneficiary: Current Value of the account will be retained in
the Account. The Beneficiary has the right under
the Contract to allocate or reallocate any amount
to any of the available investment options
(subject to an MVA, as applicable). The following
options are available to the Beneficiary:
(a) When the Certificate Holder is the Annuitant:
If the Certificate Holder/Annuitant dies, and:
(1) If the Beneficiary is the Certificate
Holder's surviving spouse, the
Beneficiary may exercise all rights under
the Contract and continue in the
Accumulation Period, or may elect (i), or
(ii) below. Under the Code, distributions
from the Account are not required until
the Spousal Beneficiary's death. The
Spousal Beneficiary may elect to:
(i) Apply some or all of the Adjusted
Current Value of the Account to
Annuity option (see 4.07);
(ii) Receive, at any time, a lump sum
payment equal to the Adjusted
Current Value of the Account.
(2) If the Beneficiary is other than the
Certificate's Holder's surviving spouse,
then options (i) or (ii) under (1) above
apply. Any portion of the Adjusted
Current Value of the Account not applied
to an Annuity option within one year of
the Certificate Holder's death, must be
distributed within five years of the date
of death.
(3) If no Beneficiary exists, a lump sum
payment equal to the Adjusted Current
Value will be made to the Certificate
Holder's estate.
(b) When the Certificate Holder is not the
Annuitant and the Certificate Holder dies,
and:
21
3.12 Death Benefit (1) If the Beneficiary is the Certificate
Options Available Holder's surviving spouse, the
to Beneficiary Beneficiary may exercise all rights under
(Cont'd): the Contract and continue in the
Accumulation Period, or may elect (i), or
(ii) below. Under the Code, distributions
from the Account are not required until
the spousal Beneficiary's death. The
spousal Beneficiary may elect to:
(i) Apply some or all of the Adjusted
Current Value of the Account to an
Annuity option (see 4.07);
(ii) Receive, at any time, a lump sum
payment equal to the Surrender
Value.
(2) If the Beneficiary is other than the
Certificate Holder's surviving spouse,
then options (i), or (ii) under (1) above
apply. Any portion of the Adjusted
Current Value not applied to an Annuity
option within one year of the Certificate
Holder's death, must be distributed
within five years of the date of death.
(3) If no Beneficiary exists, a lump sum
payment equal to the Surrender Value will
be made to the Certificate Holder's
estate.
(c) When the Certificate Holder is not the
Annuitant and the Annuitant dies: The
Beneficiary must elect an Annuity option
within 60 days of the date of death or the
gain, if any, will be includible in the
Beneficiary's income in the tax year in which
the Annuitant dies.
3.13 Liquidation of All or any portion of the Account's Current Value
Surrender Value: may be surrendered at any time as requested by the
Certificate Holder. Surrender requests can be
submitted as a percentage of the Account's
Adjusted Current Value or as a specific dollar
amount. Net Purchase Payment amounts are withdrawn
first, and then the excess value, if any. For any
partial surrender, amounts are withdrawn on a pro
rata basis from the Fund(s) and/or the Guaranteed
Term(s) Groups of the AG Account in which the
Current Value is invested. Within a Guaranteed
Term Group, the amount to be surrendered or
transferred will be withdrawn first from the
oldest Deposit Period, then from the next oldest,
and so on until the amount requested is satisfied.
After deduction of the Maintenance Fee, if
applicable, the surrendered amount shall be
reduced by a Surrender Fee, if applicable.
An MVA may apply to amounts surrendered from the
AG Account.
3.14 Surrender Fee: The Surrender Fee only applies to the Net Purchase
Payment(s) portion surrendered and varies
according to the elapsed time since deposit (see
Contract Schedule I). Net Purchase Payment amounts
are withdrawn in the same order they were applied.
22
3.14 Surrender Fee No Surrender Fee is deducted from any portion of
(Cont'd): the Net Purchase Payment which is paid:
(a) To a Beneficiary due to the Annuitant's death
before Annuity payments start, up to a maximum
of the aggregate Net Purchase Payment(s) minus
the total of all partial surrenders, amounts
applied to an Annuity and deductions made
prior to the Annuitant's date of death;
(b) As a premium for an Annuity option under this
Contract (see 4.07);
(c) As a distribution under the SWO provision (see
3.10);
(d) At least 12 months after the date of the first
Purchase Payment to the Account, in an amount
equal to or less than 15% of the Current
Value. This applies to the first surrender
request, partial or full, in a calendar year.
The Current Value is calculated as of the date
the surrender request is received in good
order at Aetna's Home Office. This waiver is
not available to the Contract Holder while SWO
is in effect; or
(e) For a full surrender where the Account's
Current Value is $2,500 or less and no
surrenders have been taken from the Contract
within the prior 12 months.
3.15 Payment of Under certain emergency conditions, Aetna may
Surrender Value: defer payment:
(a) For a period of up to 6 months (unless not
allowed by state law); or
(b) As provided by federal law under the
Investment Company Act of 1940.
IV. ANNUITY PROVISIONS
--------------------------------------------------------------------------------
4.01 Choices to be Made: The Certificate Holder may tell Aetna to apply any
portion of the Adjusted Current Value (minus any
premium tax) for an Annuity option (see 4.07). The
first Annuity payment may not be earlier than one
calendar year after the initial Purchase Payment
nor later than the first day of the month
following the Annuitant's 90th birthday.
When an Annuity option is chosen, Aetna must also
be told if payments are to be made other than
monthly and whether to pay:
4.01 Choices to be Made (a) A Fixed Annuity using the General Account;
(Cont'd):
(b) A Variable Annuity using any of the Fund(s)
available under this Contract for Annuity
purposes; or
(c) A combination of (a) and (b).
23
If a Fixed Annuity is chosen, the Annuity purchase
rate for the option chosen reflects at least the
Minimum Guaranteed Interest Rate (see Contract
Schedule II), but may reflect a higher interest
rate. If a Variable Annuity is chosen, the initial
Annuity payment for the option chosen reflects the
assumed annual return rate elected. (see Contract
Schedule II).
4.02 Terms of Annuity (a) When payments start, the age of the Annuitant
Options: plus the number of years for which payments
are guaranteed must not exceed 95.
(b) An Annuity option may not be elected if the
first payment would be less than $50 or if the
total payments in a year would be less than
$250 (less if required by state law). Aetna
reserves the right to increase the minimum
first Annuity payment amount and the minimum
annual Annuity payment amount based upon
increases reflected in the Consumer Price
Index-Urban, (CPI-U) since July 1, 1993.
(c) If a Fixed Annuity is chosen and a larger
payment would result from applying the
Surrender Value or, if greater, 95% of what
the surrender would be if there were no
surrender fee, to a current Aetna single
premium immediate Annuity, Aetna will make the
larger payment.
(d) For purposes of calculating the guaranteed
first payment of a Variable Annuity or the
payments for a Fixed Annuity, the Annuitant's
and second Annuitant's adjusted age will be
used. The Annuitant's and second Annuitant's
adjusted age is his or her age as of the
birthday closest to the Annuity commencement
date reduced by one year for Annuity
commencement dates occurring during the period
of time from July 1, 1993 through December 31,
1999. The Annuitant's and second Annuitant's
age will be reduced by two years for Annuity
commencement dates occurring during the period
of time from January 1, 2000 through December
31, 2009. The Annuitant's and second
Annuitant's age will be reduced by one
additional year for Annuity commencement dates
occurring in each succeeding decade.
The Annuity purchase rates for options 2 and 3
are based on mortality from 1983 Table a.
4.02 Terms of Annuity (e) Assumed Annual Net Return Rate is the interest
Options (Cont'd): rate used to determine the amount of the first
Annuity payment under a Variable Annuity as
shown on Contract Schedule II. The Separate
Account must earn this rate plus enough to
cover the mortality and expense risks charges
(which may include profit) and administrative
charges if future Variable Annuity Payments
are to remain level, (see Annuity return
factor under Variable Annuity Assumed Annual
Net Return Rate on Contract Schedule II).
24
(f) Once elected, Annuity payments cannot be
commuted to a lump sum except for Variable
Annuity payments under option 1 (see 4.07).
The life expectancy of the Annuitant and the
Annuitant and second Annuitant shall be
irrevocable upon the election of an Annuity
option.
4.03 Death of (a) Certificate Holder is Annuitant: When the
Annuitant/Beneficiary: Certificate Holder is the Annuitant and the
Annuitant dies under option 1 or 2, or both
the Annuitant and the second Annuitant die
under option 3(d), the present value of any
remaining guaranteed payments will be paid in
one sum to the Beneficiary, or upon election
by the Beneficiary, any remaining payments
will continue to the Beneficiary. If option 3
has been elected and the Certificate Holder
dies, the remaining payments will continue to
the successor payee. If no successor payee has
been designated, the Beneficiary will be
treated as the successor payee. If the Account
has joint Certificate Holders, the surviving
joint Certificate Holder will be deemed the
successor payee.
(b) Certificate Holder is Not Annuitant: When the
Certificate Holder is not the Annuitant and
the Certificate Holder dies, the remaining
payments will continue to the successor payee.
If no successor payee has been designed, the
Beneficiary will be treated as the successor
payee. If the Account has joint Certificate
Holders, the surviving joint Certificate
Holder will be deemed the successor payee.
If the Annuitant dies under the option 1 or 2,
or if both the Annuitant and the second
Annuitant die under option 3(d), the present
value of any remaining guaranteed payments
will be paid in one sum to the Beneficiary, or
upon the election by the Beneficiary, any
remaining payments will continue to the
Beneficiary. If option 3 has been elected, and
the Annuitant dies, the remaining payments
will continue to the Certificate Holder.
(c) No Beneficiary Named/Surviving: If there is no
Beneficiary, the present value of any
remaining payments will be paid in one sum to
the Certificate Holder, or if the Certificate
Holder is not living, then to the Certificate
Holder's estate.
4.03 Death of Annuitant/ (d) If the Beneficiary or the successor payee dies
Beneficiary (Cont'd): while receiving Annuity payments, the present
value of any remaining guaranteed payments
will be paid in one sum to the successor
Beneficiary/payee, or upon election by the
successor Beneficiary/payee, any remaining
payments will continue to the successor
Beneficiary/payee. If no successor
Beneficiary/payee has been designated, the
present value of any remaining guaranteed
payments will be paid in one sum to the
Beneficiary's/payee's estate.
25
(e) The present value will be determined as of the
Valuation Period in which proof of death
acceptable to Aetna and a request for payment
is received at Aetna's Home Office. The
interest rate used to determine the first
payment will be used to calculate the present
value.
4.04 Fund(s) Annuity The number of each Fund's Annuity units is based
Units -- Separate on the amount of the first Variable Annuity
Account: payment which is equal to:
(a) The portion of the Current Value applied to
pay a Variable Annuity (minus any premium
tax); divided by
(b) 1,000; multiplied by
(c) The payment rate for
the option chosen.
Such amount, or portion, of the variable payment
will be divided by the appropriate Fund Annuity
unit value (see 4.05) on the tenth Valuation
Period before the due date of the first payment to
determine the number of each Fund Annuity units.
The number of each Fund Annuity units remains
fixed. Each future payment is equal to the sum of
the products of each Fund Annuity unit value
multiplied by the appropriate number of Units. The
Fund Annuity unit value on the tenth Valuation
Period prior to the due date of the payment is
used.
4.05 Fund(s) Annuity For any Valuation Period, a Fund Annuity unit
Unit Value -- value is equal to:
Separate Account:
(a) The value for the previous Period; multiplied
by
(b) The Annuity net return factor(s) (see 4.06
below) for the Period; multiplied by
(c) A factor to reflect the assumed annual net
return rate (see Contract Schedule II).
The dollar value of a Fund Annuity unit value and
Annuity payments may go up or down due to
investment gain or loss.
4.06 Annuity Net Return The Annuity net return factor(s) are used to
Factor(s) -- Separate compute Annuity payments for any Fund.
Account:
The Annuity net return factor(s) for each Fund is
equal to 1.0000000 plus the net return rate.
26
4.06 Annuity Net Return The net return rate is equal to:
Factor(s) -- Separate (a) The value of the shares of the Fund held by
Account (Cont'd): the Separate Account at the end of a Valuation
Period; minus
(b) The value of the shares of the Fund held by
the Separate Account at the start of the
Valuation Period; plus or minus
(c) Taxes (or reserves for taxes) on the Separate
Account (if any); divided by
(d) The total value of the Fund record units and
Fund Annuity units of the Separate Account at
the start of the Valuation Period; minus
(e) A daily charge for Annuity mortality and
expense risks, which may include profit, and a
daily administrative charge (at the annual
rate as shown on Contract Schedule II).
A net return rate may be more of less than 0%.
The value of a share of the Fund is equal to the
net assets of the Fund divided by the number of
shares outstanding.
Payments shall not be changed due to changes in
the mortality or expense results or administrative
charges.
4.07 Annuity Options: Option 1 -- Payments for a Stated Period of Time
-- An Annuity will be paid for the number of years
chosen. The number of years must be at least 5 and
not more than 30.
If payments for this option are made under a
Variable Annuity, the present value of any
remaining payments may be withdrawn at any time.
If a withdrawal is requested within 3 years after
the start of payments, it will be treated as a
surrender and any applicable Surrender Fee will be
applied (see 3.14).
If a nonspouse Beneficiary elects this option at
the death of the Contract Holder, the period
selected may not extend beyond the Beneficiary's
life expectancy.
Option 2 -- Life Income -- An Annuity will be paid
for the life of the Annuitant. If also chosen,
Aetna will guarantee payments for 60, 120, 180, or
240 months.
Option 3 -- Life Income Based upon the Lives of
Two Annuitants -- An Annuity will be paid during
the lives of the Annuitant and a second Annuitant.
Payments will continue until both Annuitants have
died. When this option is chosen, a choice must be
made of:
27
4.07 Annuity Options (a) 100% of the payment to continue after the
(Cont'd): first death;
(b) 66-2/3% of the payment to continue after the
first death;
(c) 50% of the payment to continue after the first
death;
(d) Payments for a minimum of 120 months with 100%
of the payment to continue after the first
death; or
(e) 100% of the payment to continue at the death
of the second Annuitant and 50% of the payment
to continue at the death of the Annuitant.
Other Options -- Aetna may make other options
available as allowed by the laws of the state in
which this Contract and the Certificate is
delivered.
28
OPTION 1
Payments for a Stated Period of Time
Amount of First Monthly Payment for Each $1,000
After Deduction of any Charge for Premium Taxes
Rates for a Fixed Annuity with Guaranteed Interest Rate of 3.0%
--------------------------------------------------------------------------------
Guaranteed Monthly Quarterly Semi-Annual Annual
Years Rate Payment Payment Payment Payment
--------------------------------------------------------------------------------
5 3.00% 17.91 53.59 106.78 211.99
6 3.00% 15.14 45.30 90.27 179.22
7 3.00% 13.16 39.39 78.49 155.83
8 3.00% 11.68 34.96 69.66 138.31
9 3.00% 10.53 31.52 62.81 124.69
10 3.00% 9.61 28.77 57.33 113.82
11 3.00% 8.86 26.52 52.85 104.93
12 3.00% 8.24 24.65 49.13 97.54
13 3.00% 7.71 23.08 45.98 91.29
14 3.00% 7.26 21.73 43.29 85.95
15 3.00% 6.87 20.56 40.96 81.33
16 3.00% 6.53 19.54 38.93 77.29
17 3.00% 6.23 18.64 37.14 73.74
18 3.00% 5.96 17.84 35.56 70.59
19 3.00% 5.73 17.13 34.14 67.78
20 3.00% 5.51 16.50 32.87 65.26
21 3.00% 5.32 15.92 31.72 62.98
22 3.00% 5.15 15.40 30.68 60.92
23 3.00% 4.99 14.92 29.74 59.04
24 3.00% 4.84 14.49 28.88 57.33
25 3.00% 4.71 14.09 28.08 55.76
26 3.00% 4.59 13.73 27.36 54.31
27 3.00% 4.47 13.39 26.68 52.97
28 3.00% 4.37 13.08 26.06 51.74
29 3.00% 4.27 12.79 25.49 50.60
30 3.00% 4.18 12.52 24.95 49.53
--------------------------------------------------------------------------------
29
OPTION 2
Life Income
Amount of First Monthly Payment for Each $1,000
After Deduction of any Charge for Premium Taxes
Rates for a Fixed Annuity with Guaranteed Interest Rate of 3.0%
Payments Guaranteed for a Stated Period of Months
--------------------------------------------------------------------------------------------
Adjusted None 60 120 180 240
Age of ---------------------------------------------------------------------------------
Annuitant Male Female Male Female Male Female Male Female Male Female
--------------------------------------------------------------------------------------------
50 $4.27 $3.90 $4.26 $3.90 $4.22 $3.89 $4.17 $3.86 $4.08 $3.82
51 4.34 3.97 4.33 3.96 4.30 3.95 4.23 3.92 4.14 3.88
52 4.43 4.03 4.41 4.03 4.37 4.01 4.30 3.98 4.20 3.93
53 4.51 4.10 4.50 4.10 4.45 4.08 4.37 4.04 4.26 3.99
54 4.60 4.18 4.59 4.17 4.54 4.15 4.45 4.11 4.32 4.04
55 4.70 4.25 4.68 4.25 4.62 4.22 4.53 4.18 4.39 4.11
56 4.80 4.34 4.78 4.33 4.72 4.30 4.61 4.25 4.45 4.17
57 4.91 4.42 4.89 4.41 4.82 4.38 4.69 4.32 4.51 4.23
58 5.03 4.52 5.00 4.51 4.92 4.47 4.78 4.40 4.58 4.30
59 5.15 4.61 5.12 4.60 5.03 4.56 4.87 4.48 4.65 4.37
60 5.28 4.72 5.25 4.70 5.14 4.66 4.96 4.57 4.71 4.44
61 5.43 4.83 5.39 4.81 5.27 4.76 5.06 4.66 4.78 4.51
62 5.58 4.95 5.53 4.93 5.39 4.87 5.16 4.75 4.84 4.58
63 5.74 5.08 5.69 5.05 5.53 4.99 5.26 4.85 4.90 4.65
64 5.91 5.21 5.85 5.18 5.66 5.10 5.36 4.95 4.96 4.72
65 6.10 5.36 6.03 5.32 5.81 5.22 5.46 5.05 5.02 4.79
66 6.30 5.51 6.21 5.47 5.96 5.36 5.56 5.16 5.08 4.86
67 6.51 5.67 6.41 5.63 6.12 5.50 5.66 5.26 5.13 4.93
68 6.73 5.85 6.62 5.80 6.28 5.65 5.77 5.37 5.18 5.00
69 6.97 6.04 6.84 5.98 6.44 5.80 5.86 5.49 5.23 5.06
70 7.23 6.25 7.07 6.18 6.61 5.97 5.96 5.60 5.27 5.12
71 7.51 6.47 7.32 6.39 6.79 6.14 6.05 5.71 5.31 5.18
72 7.80 6.71 7.58 6.62 6.96 6.32 6.14 5.83 5.34 5.23
73 8.12 6.98 7.85 6.86 7.14 6.50 6.23 5.94 5.37 5.28
74 8.46 7.26 8.14 7.12 7.32 6.69 6.31 6.04 5.40 5.32
75 8.82 7.57 8.45 7.40 7.50 6.89 6.38 6.14 5.42 5.35
--------------------------------------------------------------------------------------------
Rates are based on mortality from 1983 Table a.
Rates for ages not shown will be provided on request and will be computed
on a basis consistent with the rates in the above tables.
30
OPTION 3
Life Income for Two Payees
Amount of First Monthly Payment for Each $1,000
After Deduction of any Charge for Premium Taxes
(Annuitant is Male and Second Annuitant is Female)
Rates for a Fixed Annuity with Guaranteed Interest Rate of 3.0%
--------------------------------------------------------------------------------
Adjusted Ages
---------------------
Second
Annuitant Annuitant Option 3a Option 3b Option 3c Option 3d Option 3e
--------------------------------------------------------------------------------
55 50 $ 3.69 $ 4.05 $ 4.27 $ 3.69 $ 4.13
55 55 3.88 4.25 4.47 3.87 4.25
55 60 3.06 4.47 4.71 4.06 4.36
60 55 3.99 4.44 4.71 3.98 4.55
60 60 4.24 4.71 4.99 4.23 4.70
60 65 4.49 5.01 5.32 4.48 4.85
65 60 4.38 4.97 5.32 4.38 5.10
65 65 4.72 5.33 5.70 4.71 5.32
65 70 5.07 5.75 6.17 5.05 5.54
70 65 4.93 5.68 6.15 4.91 5.86
70 70 5.40 6.21 6.70 5.36 6.18
70 75 5.89 6.82 7.40 5.81 6.49
75 70 5.69 6.68 7.32 5.62 6.92
75 75 6.37 7.45 8.15 6.23 7.40
75 80 7.07 8.34 9.16 6.78 7.85
--------------------------------------------------------------------------------
Rates are based on mortality from 1983 Table a.
The rates assume the Annuitant is Male and
the Second Annuitant is Female.
Rates for ages not shown will be provided on
request and will be computed on a basis
consistent with the rates in the above
tables.
31
OPTION 3
Life Income for Two Payees
Amount of First Monthly Payment for Each $1,000
After Deduction of any Charge for Premium Taxes
(Annuitant is Female and Second Annuitant is Male)
Rates for a Fixed Annuity with Guaranteed Interest Rate of 3.0%
--------------------------------------------------------------------------------
Adjusted Ages
---------------------
Second
Annuitant Annuitant Option 3a Option 3b Option 3c Option 3d Option 3e
--------------------------------------------------------------------------------
55 50 $ 3.75 $ 4.07 $ 4.26 $ 3.75 $ 3.98
55 55 3.88 4.25 4.47 3.87 4.06
55 60 3.99 4.44 4.71 3.98 4.12
60 55 4.06 4.47 4.71 4.06 4.37
60 60 4.24 4.71 4.99 4.23 4.47
60 65 4.38 4.97 5.32 4.38 4.54
65 60 4.49 5.01 5.32 4.48 4.89
65 65 4.72 5.33 5.70 4.71 5.02
65 70 4.93 5.68 6.15 4.91 5.14
70 65 5.07 5.75 6.17 5.05 5.60
70 70 5.40 6.21 6.70 5.36 5.79
70 75 5.69 6.68 7.32 5.62 5.96
75 70 5.89 6.83 7.40 5.81 6.63
75 75 6.37 7.45 8.15 6.23 6.92
75 80 6.78 8.11 8.99 6.54 7.15
--------------------------------------------------------------------------------
Rates are based on mortality from 1983 Table a.
The rates assume the Annuitant is Female and
the Second Annuitant is Male.
Rates for ages not shown will be provided on
request and will be computed on a basis
consistent with the rates in the above
tables.
32
OPTION 1
Payments for a Stated Period of Time
Amount of First Monthly Payment for Each $1,000
After Deduction of any Charge for Premium Taxes
Rates for a Variable Annuity with Assumed Net Return Rate of 3.5%
--------------------------------------------------------------------------------
Guaranteed Monthly Quarterly Semi-Annual Annual
Years Rate Payment Payment Payment Payment
--------------------------------------------------------------------------------
5 3.50% 18.12 54.19 107.92 213.99
6 3.50% 15.35 45.92 91.44 181.32
7 3.50% 13.38 40.01 79.69 158.01
8 3.50% 11.90 35.59 70.88 140.56
9 3.50% 10.75 32.16 64.05 127.00
10 3.50% 9.83 29.42 58.59 116.18
11 3.50% 9.09 27.18 54.13 107.34
12 3.50% 8.46 25.32 50.42 99.98
13 3.50% 7.94 23.75 47.29 93.78
14 3.50% 7.49 22.40 44.62 88.47
15 3.50% 7.10 21.24 42.31 83.89
16 3.50% 6.76 20.23 40.29 79.89
17 3.50% 6.47 19.34 38.51 76.37
18 3.50% 6.20 18.55 36.94 73.25
19 3.50% 5.97 17.85 35.54 70.47
20 3.50% 5.75 17.22 34.28 67.98
21 3.50% 5.56 16.65 33.15 65.74
22 3.50% 5.39 16.13 32.13 63.70
23 3.50% 5.24 15.66 31.19 61.85
24 3.50% 5.09 15.24 30.34 60.17
25 3.50% 4.96 14.85 29.56 58.62
26 3.50% 4.84 14.49 28.85 57.20
27 3.50% 4.73 14.15 28.19 55.90
28 3.50% 4.63 13.85 27.58 54.69
29 3.50% 4.53 13.57 27.02 53.57
30 3.50% 4.45 13.30 26.49 52.53
--------------------------------------------------------------------------------
33
OPTION 1
Payments for a Stated Period of Time
Amount of First Monthly Payment for Each $1,000
After Deduction of any Charge for Premium Taxes
Rates for a Variable Annuity with Assumed Net Return Rate of 5.0%
--------------------------------------------------------------------------------
Guaranteed Monthly Quarterly Semi-Annual Annual
Years Rate Payment Payment Payment Payment
--------------------------------------------------------------------------------
5 5.00% 18.74 56.00 111.33 219.98
6 5.00% 15.99 47.77 94.96 187.64
7 5.00% 14.02 41.90 83.30 164.59
8 5.00% 12.56 37.52 74.58 147.35
9 5.00% 11.42 34.11 67.81 133.99
10 5.00% 10.51 31.40 62.42 123.34
11 5.00% 9.77 29.19 58.03 114.66
12 5.00% 9.16 27.36 54.38 107.45
13 5.00% 8.64 25.81 51.31 101.39
14 5.00% 8.20 24.50 48.69 96.21
15 5.00% 7.82 23.36 46.44 91.75
16 5.00% 7.49 22.37 44.47 87.88
17 5.00% 7.20 21.51 42.75 84.48
18 5.00% 6.94 20.74 41.23 81.47
19 5.00% 6.71 20.06 39.88 78.80
20 5.00% 6.51 19.46 38.68 76.42
21 5.00% 6.33 18.91 37.59 74.28
22 5.00% 6.17 18.42 36.62 72.35
23 5.00% 6.02 17.98 35.73 70.61
24 5.00% 5.88 17.57 34.93 69.02
25 5.00% 5.76 17.20 34.20 67.57
26 5.00% 5.65 16.87 33.53 66.25
27 5.00% 5.54 16.56 32.92 65.04
28 5.00% 5.45 16.28 32.35 63.93
29 5.00% 5.36 16.01 31.83 62.90
30 5.00% 5.28 15.77 31.35 61.95
--------------------------------------------------------------------------------
34
Option 2
Life Income
Amount of First Monthly Payment for Each $1,000
After Deduction of any Charge for Premium Taxes
Rates for a Variable Annuity with Assumed Net Return Rate of 3.5%
Payments Guaranteed for a Stated Period of Months
------------------------------------------------------------------------------------
Adjusted None 60 120 180 240
Age of ------------------------------------------------------------------------
Annuitant Male Female Male Female Male Female Male Female Male Female
------------------------------------------------------------------------------------
50 $4.56 $4.20 $4.55 $4.19 $4.51 $4.18 $4.45 $4.15 $4.36 $4.11
51 4.64 4.26 4.62 4.25 4.58 4.24 4.51 4.21 4.42 4.16
52 4.72 4.32 4.70 4.32 4.66 4.30 4.58 4.26 4.48 4.21
53 4.80 4.39 4.79 4.38 4.74 4.36 4.65 4.32 4.53 4.27
54 4.89 4.46 4.87 4.46 4.82 4.43 4.73 4.39 4.59 4.32
55 4.99 4.54 4.97 4.53 4.91 4.50 4.80 4.46 4.65 4.38
56 5.09 4.62 5.07 4.61 5.00 4.58 4.88 4.53 4.72 4.44
57 5.20 4.71 5.17 4.70 5.10 4.66 4.96 4.60 4.78 4.50
58 5.32 4.80 5.29 4.79 5.20 4.75 5.05 4.68 4.84 4.57
59 5.44 4.90 5.41 4.88 5.31 4.84 5.14 4.76 4.91 4.63
60 5.57 5.00 5.53 4.99 5.42 4.93 5.23 4.84 4.97 4.70
61 5.71 5.11 5.67 5.09 5.54 5.03 5.32 4.93 5.03 4.77
62 5.86 5.23 5.81 5.21 5.66 5.14 5.42 5.02 5.09 4.84
63 6.02 5.36 5.97 5.33 5.79 5.25 5.51 5.11 5.16 4.91
64 6.20 5.49 6.13 5.46 5.93 5.37 5.61 5.21 5.21 4.98
65 6.38 5.64 6.31 5.60 6.07 5.49 5.71 5.31 5.27 5.05
66 6.58 5.79 6.49 5.75 6.22 5.63 5.81 5.41 5.32 5.12
67 6.79 5.95 6.69 5.91 6.38 5.76 5.91 5.52 5.38 5.18
68 7.02 6.13 6.89 6.08 6.53 5.91 6.01 5.63 5.42 5.25
69 7.26 6.32 7.11 6.26 6.70 6.06 6.11 5.74 5.47 5.31
70 7.52 6.53 7.35 6.45 6.86 6.23 6.20 5.58 5.51 5.37
71 7.80 6.75 7.59 6.66 7.03 6.39 6.29 5.96 5.54 5.42
72 8.09 6.99 7.85 6.89 7.21 6.57 6.38 6.07 5.57 5.47
73 8.41 7.26 8.12 7.13 7.38 6.75 6.46 6.17 5.60 5.51
74 8.75 7.54 8.41 7.39 7.55 6.94 6.53 6.28 5.63 5.55
75 9.12 7.85 8.71 7.66 7.73 7.13 6.61 6.38 5.65 5.59
------------------------------------------------------------------------------------
Rates are based on mortality from 1983 Table a.
Rates for ages not shown will be provided on request and will be computed
on a basis consistent with the rates in the above tables.
35
Option 2
Life Income
Amount of First Monthly Payment for Each $1,000
After Deduction of any Charge for Premium Taxes
Rates for a Variable Annuity with Assumed Net Return Rate of 5.0%
Payments Guaranteed for a Stated Period of Months
------------------------------------------------------------------------------------
Adjusted None 60 120 180 240
Age of ------------------------------------------------------------------------
Annuitant Male Female Male Female Male Female Male Female Male Female
------------------------------------------------------------------------------------
50 $5.48 $5.12 $5.46 $5.11 $5.41 $5.09 $5.34 $5.06 $5.24 $5.01
51 5.55 5.17 5.53 5.17 5.48 5.14 5.40 5.11 5.29 5.05
52 5.63 5.23 5.61 5.23 5.55 5.20 5.46 5.16 5.34 5.10
53 5.71 5.30 5.69 5.29 5.62 5.26 5.53 5.22 5.40 5.15
54 5.80 5.37 5.77 5.36 5.70 5.33 5.60 5.27 5.45 5.20
55 5.89 5.44 5.86 5.43 5.79 5.39 5.67 5.34 5.51 5.25
56 5.99 5.52 5.96 5.51 5.87 5.47 5.74 5.40 5.56 5.31
57 6.10 5.60 6.06 5.59 5.97 5.54 5.82 5.47 5.62 5.37
58 6.21 5.69 6.17 5.67 6.06 5.62 5.90 5.54 5.68 5.42
59 6.33 5.79 6.29 5.77 6.17 5.71 5.98 5.61 5.74 5.48
60 6.46 5.89 6.41 5.87 6.28 5.80 6.06 5.69 5.79 5.55
61 6.60 6.00 6.55 6.97 6.39 5.90 6.15 5.77 5.85 5.61
62 6.75 6.11 6.69 6.08 6.51 6.00 6.24 5.86 5.91 5.67
63 6.91 6.23 6.84 6.20 6.64 6.10 6.33 5.95 5.96 5.73
64 7.09 6.37 7.00 6.33 6.77 6.22 6.42 6.04 6.02 5.80
65 7.27 6.51 7.18 6.46 6.91 6.34 6.52 6.13 6.07 5.86
66 7.47 6.66 7.36 6.61 7.05 6.46 6.61 6.23 6.12 5.92
67 7.68 6.82 7.55 6.76 7.20 6.60 6.70 6.33 6.16 5.99
68 7.91 7.00 7.76 6.93 7.35 6.74 6.80 6.43 6.21 6.04
69 8.15 7.19 7.98 7.11 7.51 6.89 6.89 6.54 6.25 6.10
70 8.41 7.39 8.21 7.30 7.67 7.04 6.97 6.64 6.28 6.15
71 8.69 7.62 8.45 7.51 7.83 7.21 7.06 6.74 6.32 6.20
72 8.99 7.86 8.70 7.73 8.00 7.38 7.14 6.85 6.35 6.25
73 9.31 8.12 8.97 7.97 8.16 7.55 7.21 6.95 6.37 6.29
74 9.65 8.41 9.26 8.23 8.33 7.73 7.29 7.04 6.39 6.33
75 10.02 8.72 9.55 8.50 8.50 7.92 7.35 7.14 6.41 6.36
------------------------------------------------------------------------------------
Rates are based on mortality from 1983 Table a.
Rates for ages not shown will be provided on request and will be computed
on a basis consistent with the rates in the above tables.
36
OPTION 3
Life Income for Two Payees
Amount of First Monthly Payment for Each $1,000
After Deduction of any Charge for Premium Taxes
(Annuitant is Male and Second Annuitant is Female)
Rates for a Variable Annuity with Assumed Net Return Rate of 3.5%
--------------------------------------------------------------------------------
Adjusted Ages
---------------------
Second
Annuitant Annuitant Option 3a Option 3b Option 3c Option 3d Option 3e
--------------------------------------------------------------------------------
55 50 $3.97 $4.35 $4.56 $3.97 $4.42
55 55 4.16 4.54 4.76 4.15 4.54
55 60 4.34 4.76 5.00 4.34 4.64
60 55 4.27 4.73 5.00 4.26 4.83
60 60 4.51 4.99 5.27 4.50 4.98
60 65 4.76 5.29 5.60 4.75 5.13
65 60 4.66 5.25 5.61 4.65 5.39
65 65 4.99 5.61 5.99 4.98 5.60
65 70 5.34 6.03 6.46 5.31 5.81
70 65 5.19 5.97 6.44 5.17 6.14
70 70 5.67 6.49 6.99 5.62 6.47
70 75 6.16 7.10 7.68 6.07 6.77
75 70 5.95 6.96 7.61 5.87 7.20
75 75 6.64 7.73 8.43 6.48 7.68
75 80 7.33 8.62 9.45 7.02 8.13
--------------------------------------------------------------------------------
Rates are based on mortality from 1983 Table a.
The rates assume the Annuitant is Male and
the Second Annuitant is Female.
Rates for ages not shown will be provided on
request and will be computed on a basis
consistent with the rates in the above
tables.
37
OPTION 3
Life Income for Two Payees
Amount of First Monthly Payment for Each $1,000
After Deduction of any Charge for Premium Taxes
(Annuitant is Female and Second Annuitant is Male)
Rates for a Variable Annuity with Assumed Net Return Rate of 3.5%
--------------------------------------------------------------------------------
Adjusted Ages
---------------------
Second
Annuitant Annuitant Option 3a Option 3b Option 3c Option 3d Option 3e
--------------------------------------------------------------------------------
55 50 $4.03 $4.36 $4.55 $4.03 $4.41
55 55 4.16 4.54 4.76 4.15 4.54
55 60 4.27 4.73 5.00 4.26 4.83
60 55 4.34 4.76 5.00 4.34 4.64
60 60 4.51 4.99 5.27 4.50 4.98
60 65 4.66 5.25 5.61 4.65 5.39
65 60 4.76 5.29 5.60 4.75 5.13
65 65 4.99 5.61 5.99 4.98 5.60
65 70 5.19 5.97 6.44 5.17 6.14
70 65 5.34 6.03 6.46 5.31 5.81
70 70 5.67 6.49 6.99 5.62 6.47
70 75 5.95 6.96 7.61 5.87 7.20
75 70 6.16 7.10 7.68 6.07 6.77
75 75 6.64 7.73 8.43 6.48 7.68
75 80 7.04 8.39 9.29 6.79 8.70
--------------------------------------------------------------------------------
Rates are based on mortality from 1983 Table a.
The rates assume the Annuitant is Female and
the Second Annuitant is Male.
Rates for ages not shown will be provided on
request and will be computed on a basis
consistent with the rates in the above
tables.
38
OPTION 3
Life Income for Two Payees
Amount of First Monthly Payment for Each $1,000
After Deduction of any Charge for Premium Taxes
(Annuitant is Male and Second Annuitant is Female)
Rates for a Variable Annuity with Assumed Net Return Rate of 5.0%
--------------------------------------------------------------------------------
Adjusted Ages
---------------------
Second
Annuitant Annuitant Option 3a Option 3b Option 3c Option 3d Option 3e
--------------------------------------------------------------------------------
55 50 $4.88 $5.26 $5.48 $4.88 $5.34
55 55 5.04 5.44 5.66 5.04 5.43
55 60 5.21 5.65 5.89 5.21 5.53
60 55 5.15 5.63 5.91 5.14 5.73
60 60 5.37 5.87 6.16 5.37 5.86
60 65 5.61 6.16 6.49 5.60 6.01
65 60 5.52 6.14 6.51 5.51 6.28
65 65 5.83 6.49 6.87 5.82 6.47
65 70 6.17 6.90 7.33 6.13 6.67
70 65 6.04 6.84 7.34 6.00 7.03
70 70 6.49 7.35 7.87 6.44 7.33
70 75 6.97 7.96 8.56 6.87 7.62
75 70 6.77 7.84 8.51 6.68 8.08
75 75 7.45 8.60 9.33 7.27 8.55
75 80 8.14 9.49 10.35 7.80 8.98
--------------------------------------------------------------------------------
Rates are based on mortality from 1983 Table a.
The rates assume the Annuitant is Male and
the Second Annuitant is Female.
Rates for ages not shown will be provided on
request and will be computed on a basis
consistent with the rates in the above
tables.
39
OPTION 3
Life Income for Two Payees
Amount of First Monthly Payment for Each $1,000
After Deduction of any Charge for Premium Taxes
(Annuitant is Female and Second Annuitant is Male)
Rates for a Variable Annuity with Assumed Net Return Rate of 5.0%
--------------------------------------------------------------------------------
Adjusted Ages
---------------------
Second
Annuitant Annuitant Option 3a Option 3b Option 3c Option 3d Option 3e
--------------------------------------------------------------------------------
55 50 $4.93 $5.27 $5.46 $4.93 $5.19
55 55 5.04 5.44 5.66 5.04 5.43
55 60 5.15 5.63 5.91 5.14 5.73
60 55 5.21 5.65 5.89 5.21 5.53
60 60 5.37 5.87 6.16 5.37 5.86
60 65 5.52 6.14 6.51 5.51 6.28
65 60 5.61 6.16 6.49 5.60 6.01
65 65 5.83 6.49 6.87 5.82 6.47
65 70 6.04 6.84 7.34 6.00 7.03
70 65 6.17 6.90 7.33 6.13 6.67
70 70 6.49 7.35 7.87 6.44 7.33
70 75 6.77 7.84 8.51 6.68 8.08
75 70 6.97 7.96 8.56 6.87 7.62
75 75 7.45 8.60 9.33 7.27 8.55
75 80 7.86 9.28 10.20 7.57 9.59
--------------------------------------------------------------------------------
Rates are based on mortality from 1983 Table a.
The rates assume the Annuitant is Female and
the Second Annuitant is Male.
Rates for ages not shown will be provided on
request and will be computed on a basis
consistent with the rates in the above
tables.
40
--------------------------------------------------------------------------------
Aetna Life Insurance and Annuity Company
Home Office: 000 Xxxxxxxxxx Xxxxxx
Xxxxxxxx, Xxxxxxxxxxx 00000
(000) 000-0000
Certificate of Group Annuity Coverage
--------------------------------------------------------------------------------
ALL PAYMENTS AND VALUES PROVIDED BY THE GROUP CONTRACT, WHEN BASED ON INVESTMENT
EXPERIENCE OF A SEPARATE ACCOUNT, ARE VARIABLE AND ARE NOT GUARANTEED AS TO
FIXED DOLLAR AMOUNT. THIS CERTIFICATE CONTAINS A MARKET VALUE ADJUSTMENT
FORMULA. APPLICATION OF A MARKET VALUE ADJUSTMENT MAY RESULT IN EITHER AN
INCREASE OR DECREASE IN THE CURRENT VALUE. THE MARKET VALUE ADJUSTMENT FORMULA
DOES NOT APPLY TO A GUARANTEED TERM AT THE TIME OF ITS MATURITY.
G-CDA-97(NY)
