Ex.99.24(b)4(y)
[MYPATH/TM/] HIGHEST ANNIVERSARY - JOINT
DEATH BENEFIT RIDER [MINNESOTA LIFE LOGO]
MINNESOTA LIFE INSURANCE COMPANY - A Securian Company Fax 000-000-0000
Annuity Services . A3-9999 0-000-000-0000
000 Xxxxxx Xxxxxx Xxxxx . St. Xxxx, Minnesota 55101-2098 xxx.xxxxxxxx.xxx
This rider is attached to and made part of this contract as of the Rider
Effective Date. This death benefit rider may only be issued in combination with
certain guaranteed lifetime withdrawal benefit riders. Terms not defined in
this rider have the meaning given to them in the contract to which this rider
is attached or in the guaranteed lifetime withdrawal benefit rider shown in
Rider Specifications. To the extent any of the provisions contained in this
rider are contrary to or inconsistent with those of the contract, the
provisions of this rider will control.
THIS RIDER GUARANTEES A MINIMUM VALUE AVAILABLE AT THE DEATH OF THE LAST
REMAINING DESIGNATED LIFE. IT DOES NOT GUARANTEE INVESTMENT GAINS OR PROVIDE A
MINIMUM CONTRACT VALUE THAT CAN BE ACCESSED THROUGH WITHDRAWAL OR SURRENDER
PRIOR TO DEATH.
THIS BENEFIT WILL TERMINATE UPON ASSIGNMENT OF THE CONTRACT OR A CHANGE IN
OWNER UNLESS THE NEW ASSIGNEE OR OWNER MEETS THE QUALIFICATIONS SPECIFIED IN
THE TERMINATION PROVISION.
RIDER SPECIFICATIONS
RIDER EFFECTIVE DATE: [October 1, 2013]
DESIGNATED LIFE: [Xxxx Xxx]
JOINT DESIGNATED LIFE: [Xxxx Xxx]
GUARANTEED LIFETIME WITHDRAWAL BENEFIT
RIDER: [MyPath Core Flex - Joint Rider]
ANNUAL RIDER CHARGE: [0.40%]
MAXIMUM ADDITIONAL PURCHASE PAYMENTS: [$25,000]
LAST HIGHEST ANNIVERSARY DATE: Contract Anniversary on or following
the [80/th/] birthday of the youngest
Designated Life.
REPORTS TO OWNERS
In addition to the information stated in the Reports to Owners provision in the
contract, the annual report will also provide the death benefit value as of the
date of the report.
ADDITIONAL PURCHASE PAYMENT LIMITATIONS
Cumulative Purchase Payments after the first Contract Year are limited to the
Maximum Additional Purchase Payments shown in Rider Specifications.
REQUIRED MINIMUM DISTRIBUTION (RMD)
RMD amounts, as referenced in this rider, are more fully described in the
Guaranteed Lifetime Withdrawal Benefit Rider noted in Rider Specifications.
IMPACT OF DIVORCE
If a Designated Life is removed from the contract due to a divorce the benefits
provided by this rider will be adjusted, as necessary, based on the age of the
remaining Designated Life.
SPOUSAL CONTINUATION
If a Designated Life dies and the surviving spouse continues the contract, this
rider may be continued provided the spouse is also a Designated Life.
ICC13-70261 Minnesota Life 1
HIGHEST ANNIVERSARY DEATH BENEFIT
This rider provides an additional death benefit value prior to the Annuity
Commencement Date which may be greater than the death benefit provided under
the contract. The Highest Anniversary Death Benefit is payable upon the death
of the last remaining Designated Life.
The initial Highest Anniversary Death Benefit is equal to the initial Purchase
Payment. On each Valuation Date thereafter, the Highest Anniversary Death
Benefit is increased by any Purchase Payments and reduced for amounts
withdrawn, as described below, that have occurred since the previous Valuation
Date.
Prior to the Benefit Date, any amount you withdraw will cause the Highest
Anniversary Death Benefit to be reduced by an amount equal to (a) multiplied by
(b) divided by (c) where:
(a) is the Highest Anniversary Death Benefit immediately prior to the
withdrawal,
(b) is the amount of the withdrawal, and
(c) is the Contract Value immediately prior to the withdrawal.
After the Benefit Date, any amount you withdraw in a single Contract Year that
is less than or equal to the GAI, or RMD, if greater, will reduce the Highest
Anniversary Death Benefit by the amount of the withdrawal.
After the Benefit Date, if the total amount you withdraw in a single Contract
Year is in excess of the GAI, or RMD, if greater, the Highest Anniversary Death
Benefit will be reduced by an amount equal to (a) multiplied by (b) divided by
(c) where:
(a) is the Highest Anniversary Death Benefit immediately prior to the
excess portion of the withdrawal,
(b) is the excess portion of the withdrawal, and
(c) is the Contract Value immediately prior to the excess portion of the
withdrawal.
On every Contract Anniversary prior to and including the Last Highest
Anniversary Date as described in the Rider Specifications, the Highest
Anniversary Death Benefit is set equal to the greater of:
(a) the Contract Value; or
(b) the Highest Anniversary Death Benefit increased by any Purchase
Payments and reduced for amounts withdrawn, as described above, that
have occurred since the previous Valuation Date.
The value of the death benefit will be determined as of the Valuation Date
coincident with or next following the day we receive due proof of death of the
last remaining Designated Life at our home office. If the Highest Anniversary
Death Benefit results in an amount greater than the death benefit provided
under the contract, any amount due in excess of the Contract Value will be paid
as a death benefit adjustment and directed into the Guaranteed Interest Options
and Sub-Accounts of the Variable Account based on the same proportion that each
bears to the Contract Value on the date the benefit is calculated in
fulfillment of the death benefit provisions of the contract.
From the date the death benefit adjustment is determined until complete
distribution is made, any amount in the Variable Account will remain allocated
to the Sub-Accounts and the value will fluctuate with the performance of the
Sub-Accounts. This risk is borne by the Beneficiary.
We reserve the right to limit the death benefit to the Contract Value in lieu
of any other death benefit value payable under the contract or this rider if we
receive proof of death more than one year after the date of death.
TIMING OF CALCULATIONS
If the Contract Anniversary falls on a day that is not a Valuation Date, rider
benefit values will be calculated based on the next available Valuation Date.
RIDER CHARGE
The Annual Rider Charge is applied to the Highest Anniversary Death Benefit as
calculated on the date of the charge. Beginning three months after the Rider
Effective Date, and every three months thereafter, an amount equal to one
quarter of the Annual Rider Charge will be multiplied by the Highest
Anniversary Death Benefit as calculated on that date. It will be deducted on a
proportional basis from Contract Values allocated to the Variable Account.
A proportionate amount of the Annual Rider Charge will be deducted upon
termination of this rider or surrender of the contract. The Annual Rider Charge
will be discontinued upon termination of the rider as described in the Rider
Termination section.
ICC13-70261 Minnesota Life 2
RIDER TERMINATION
The rider will automatically terminate at the earliest of:
(a) termination or surrender of the contract, including the date any death
benefits are paid as a lump sum under the terms of the contract; or
(b) the date we receive due proof of death of the last remaining
Designated Life; or
(c) the Annuity Commencement Date where all the remaining amount available
has been applied to provide Annuity Payments; or
(d) the Contract Value is reduced to zero; or
(e) the date of an ownership change or assignment under the contract
unless:
. the new Owner assumes full ownership of the contract and is
essentially the same person (this includes but is not limited to
the change from joint ownership to sole ownership by the surviving
spouse when one of them dies, or the removal of an Owner due to a
divorce or qualified dissolution order); or
. the assignment is for the purposes of effectuating a 1035 exchange
of the contract.
The rider cannot be terminated prior to the earliest of the above dates. Upon
termination of this rider, the benefits and charges within this rider will
terminate. Once terminated, this rider may not be reinstated.
[
[SIGNATURE GRAPHIC] [SIGNATURE GRAPHIC]
Secretary President]
ICC13-70261 Minnesota Life 3
