Exhibit 26(d)(13)
PREMIUM DEPOSIT ACCOUNT AGREEMENT
This agreement is a part of the policy WHEN WILL WE WITHDRAW AMOUNTS
to which it is attached and is subject FROM YOUR PREMIUM DEPOSIT
to all its terms and conditions. This ACCOUNT TO PAY YOUR ANNUAL
agreement is effective as of the PREMIUMS?
original policy date of the policy
unless a different effective date is We will withdraw an amount from
shown on the policy data pages. your premium deposit account to pay
your premium on the first business
WHAT DOES THIS AGREEMENT day after each policy anniversary, or
PROVIDE? if this agreement is issued with a
variable policy, on the first valuation
This agreement allows for the date after your policy anniversary.
payment of the premiums for your
life insurance policy on an annual WHAT IS THE GUARANTEED INTEREST
basis, using amounts withdrawn RATE THAT APPLIES TO AMOUNTS
from your premium deposit account. WITHDRAWN FROM YOUR PREMIUM
The amount and number of annual DEPOSIT ACCOUNT?
premium payments to be paid will
be shown on your Premium Deposit We credit a specified rate of interest
Account Confirmation, which we will on each premium deposit you make
send you upon receipt of your to your premium deposit account.
deposit. The rate of interest that we credit a
premium deposit does not change
IS THERE A CHARGE FOR THIS and is guaranteed for the duration
AGREEMENT? that all or a portion of the premium
deposit remains in the premium
No. There is no charge for this deposit account.
agreement.
The rate of interest that we credit
CAN YOU HAVE MORE THAN different premium deposits may vary.
ONE PREMIUM DEPOSIT However, we will not credit a
ACCOUNT ON YOUR POLICY AND premium deposit with an annual rate
CAN ONE PREMIUM DEPOSIT of interest of less than the Minimum
ACCOUNT FUND MORE THAN ONE PDA Guaranteed Annual Interest
POLICY? Rate shown on the policy data
pages.
No. Only one premium deposit
account is allowed per policy and The rate of interest that we use to
only one policy is allowed per calculate the interest portion of your
premium deposit account. premium payment is shown on the
Premium Deposit Account
HOW MANY DEPOSITS CAN BE Confirmation for that premium
MADE TO YOUR PREMIUM DEPOSIT deposit. We will send you a
ACCOUNT? Premium Deposit Account
Confirmation for each premium
We will accept up to three deposits deposit you make.
into your premium deposit account.
However, you may only make one WHEN IS CREDITED INTEREST APPLIED?
deposit to your premium deposit
account in the first policy year. If We apply credited interest to the
you send us additional deposits, we amount withdrawn from your
will require the following: premium deposit account to pay the
premium at the time the withdrawal
(1) each of the new annual is made. The credited interest we
premium payments must be apply to the amount withdrawn is
equal; and determined based on the interest
rate in effect for the premium deposit
(2) the premium amount must from which the amount withdrawn is
be equal to or greater taken. We credit that interest rate
than your current annual on the amount withdrawn from the
premium; and date of the premium deposit, as
stated on your Premium Deposit
(3) the period over which Account Confirmation, to the date of
premiums are paid from the withdrawal.
premium deposit account must
be at least as long as that The credited interest we apply to the
shown on your most recent amount withdrawn is paid directly from
Premium Deposit Account the assets of our general account and
Confirmation. not from your premium deposit
account. Only premium deposits are
WHAT IS THE AMOUNT WE WILL held in the premium deposit account.
WITHDRAW FROM YOUR
PREMIUM DEPOSIT ACCOUNT?
At the time the annual premium is
paid, we will withdraw an amount from
your premium deposit account equal to
the annual premium less the amount
of interest we credited on the amount
withdrawn. Together, the amount
withdrawn from your premium deposit
account and the interest we credited
on that amount will equal the annual
premium.
14-20005 Premium Deposit Account Minnesota Life Insurance Company
IS INTEREST CREDITED UPON CAN YOU CHANGE THE ANNUAL
TERMINATION OF THIS AGREEMENT? PREMIUM WHILE YOUR PREMIUM
DEPOSIT ACCOUNT AGREEMENT IS IN
Yes. If this agreement is terminated EFFECT?
for any reason we will pay interest
on the balance of each deposit No, except when you increase
made to the premium deposit your annual premium as a
account. Interest on the balance of result of additional deposits
each deposit is calculated using the into your premium deposit
Minimum PDA Guaranteed Annual account.
Interest Rate shown on the policy
data pages, from the later of: CAN YOU MAKE PREMIUM PAYMENTS
TO YOUR POLICY IN ADDITION TO THOSE
(i) the date of your initial MADE BY YOUR PREMIUM DEPOSIT
deposit into your premium ACCOUNT?
deposit account; or
Yes. You may make additional
(ii) the date of the last premium payments of any amount on
premium payment made from your policy, subject to any
your premium deposit account; restrictions or conditions for
or premium payments as stated in
your policy.
(iii) the date of any deposits
made into your premium WHAT HAPPENS IF WE CANNOT APPLY
deposit account after the THE FULL PREMIUM AMOUNT FROM
last premium payment from YOUR PREMIUM DEPOSIT ACCOUNT
your premium deposit account. WHEN YOUR PREMIUM IS DUE?
IS CREDITED INTEREST APPLIED TO If the full amount of the premium
AMOUNTS WITHDRAWN FROM YOUR would disqualify your policy as life
PREMIUM DEPOSIT ACCOUNT OR insurance according to the terms of
INTEREST RECEIVED UPON the policy, we will apply as much
TERMINATION OF THIS AGREEMENT premium as we can so your policy
TAXABLE? will remain qualified. Any amount of
premium that remains will be
Yes. The credited interest that we returned to you. We will treat this as
apply to amounts withdrawn from a termination of this agreement and
your premium deposit account to send you the balance of your
pay premiums and interest received premium deposit account with
upon termination of this agreement interest calculated using the
are taxable. For each year interest Minimum PDA Guaranteed Annual
is credited, we will send you a Form Interest Rate.
1099-INT showing the annual
amount. If the full amount of the premium
would cause your policy to become a
CAN YOU WITHDRAW THE FULL modified endowment contract (MEC),
BALANCE OF YOUR PREMIUM DEPOSIT we will apply as much premium as
ACCOUNT? we can according to your existing
MEC instructions. Any amount of
Yes. You may make a request to premium that remains will be
withdraw the full balance of your returned to you. If we return any
premium deposit account. We will premium, we will treat this as a
treat this as a termination of this termination of this agreement and
agreement and send you the balance send you the balance of your
of your premium deposit account with premium deposit account with
interest calculated using the interest calculated using the
Minimum PDA Guaranteed Annual Minimum PDA Guaranteed Annual
Interest Rate. Interest Rate.
CAN YOU WITHDRAW A PARTIAL
BALANCE OF YOUR PREMIUM DEPOSIT TO WHOM WILL WE PAY ANY BALANCE
ACCOUNT? REMAINING IN YOUR PREMIUM
DEPOSIT ACCOUNT UPON THE DEATH OF
No. However, your request to THE INSURED?
withdraw a partial balance of your
premium deposit account will be We will pay to the beneficiary of the
treated as a termination of this policy any balance remaining in
agreement. We will send you the your premium deposit account, with
remaining balance of your premium accrued interest, upon the death of
deposit account with interest the insured.
calculated using the Minimum PDA
Guaranteed Annual Interest Rate. IS THIS AGREEMENT SUBJECT TO THE
INCONTESTABILITY AND SUICIDE
WHEN WILL THE BALANCE OF YOUR PROVISIONS OF THE POLICY?
PREMIUM DEPOSIT ACCOUNT BE
RETURNED TO YOU? No. Those provisions do not apply to
this agreement. If the insured dies
The balance of your premium within the contestable period from
deposit account will be returned to any cause, any remaining balance in
you under the following your premium deposit account will be
circumstances: paid to the beneficiary of the policy,
with accrued interest calculated using
(1) when your policy the Minimum PDA Guaranteed
terminates or is Annual Interest Rate.
surrendered; or
(2) when this agreement is
terminated.
WHEN DOES THIS AGREEMENT CAN THIS AGREEMENT BE REINSTATED?
TERMINATE?
No. If this agreement terminates for
This agreement will terminate: any reason, it will not be reinstated.
However, you may be allowed to add
(1) when your policy a new premium deposit account
terminates or is agreement.
surrendered; or
▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇
(2) when we receive a Secretary President]
written request to
terminate this
agreement; or
(3) after the balance in
your premium deposit
account goes to
zero; or
(4) when you decrease
your annual premium;
or
(5) when you request
to withdraw all or
part of the balance
of your premium
deposit account; or
(6) when we cannot
apply the full premium
amount from your
premium deposit
account at the
time your planned
premium becomes
due; or
(7) upon the death of
the insured.
