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Exhibit (4.a)
ANCHOR NATIONAL LIFE INSURANCE COMPANY
A STOCK COMPANY LOS ANGELES, CALIFORNIA
CERTIFICATE NUMBER P9999999999
PARTICIPANT XXXX XXX
STATUTORY HOME OFFICE EXECUTIVE OFFICE ANNUITY SERVICE CENTER
0000 XXXXX 00XX XX., XXX 000 0 SUNAMERICA CENTER P. O. BOX 54299
PHOENIX, AZ 85018 LOS ANGELES, CA 90067-6022 LOS ANGELES, CA 90054-0299
ANCHOR NATIONAL LIFE INSURANCE COMPANY ("We", "Us", the "Company", or "Anchor
National") agrees to provide benefits to the Participant under the Group
Contract, in accordance with the provisions set forth in this Certificate and in
consideration of Purchase Payments We receive.
THIS CERTIFICATE IS EVIDENCE OF COVERAGE UNDER THE GROUP CONTRACT. THE COVERAGE
WILL BEGIN AS OF THE CERTIFICATE DATE, SHOWN ON THE CERTIFICATE DATA PAGE.
THE VALUE OF AMOUNTS ALLOCATED TO THE SEPARATE ACCOUNT DURING THE ACCUMULATION
AND ANNUITY PERIODS IS NOT GUARANTEED, AND WILL INCREASE OR DECREASE BASED UPON
THE INVESTMENT EXPERIENCE OF THE SUBACCOUNTS YOU CHOOSE.
THE CASH SURRENDER BENEFIT OF AMOUNTS ALLOCATED TO ANY FIXED-MVA ACCOUNT OPTION
INCREASES OR DECREASES BASED ON THE APPLICATION OF THE MARKET VALUE ADJUSTMENT
EXCEPT DURING THE 30 DAYS AFTER THE END OF THE GUARANTEE PERIOD. THERE IS NO
MARKET VALUE ADJUSTMENT TO AMOUNTS ALLOCATED TO NON-MVA FIXED ACCOUNT OPTIONS.
RIGHT TO EXAMINE - YOU MAY RETURN THIS CERTIFICATE TO OUR ANNUITY SERVICE CENTER
OR TO THE AGENT THROUGH WHOM THE CERTIFICATE WAS PURCHASED WITHIN 10 DAYS AFTER
YOU RECEIVE IT, IF YOU ARE NOT SATISFIED WITH IT. THE COMPANY WILL REFUND THE
CERTIFICATE VALUE AND THE SALES CHARGE ON THE BUSINESS DAY DURING WHICH THE
CERTIFICATE IS RECEIVED. UPON SUCH REFUND, THE CERTIFICATE SHALL BE VOID.
For Individual Retirement Annuities, a refund of the Gross Purchase Payment(s)
may be required. Therefore, We reserve the right to allocate your Purchase
Payment(s) to the Cash Management Subaccount until the end of the Right To
Examine period. Thereafter, allocations will be made as shown on the Certificate
Data Page.
THIS IS A LEGAL DOCUMENT. READ IT CAREFULLY.
/s/ XXXXX X. XXXXXX /s/ XXX XXXXX
------------------------------- -------------------------------
Xxxxx X. Xxxxxx Xxx Xxxxx
Secretary President
ALLOCATED FIXED AND
VARIABLE GROUP ANNUITY CERTIFICATE
Nonparticipating
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TABLE OF CONTENTS
CERTIFICATE DATA PAGE.................................................................. PAGE 3
PURCHASE PAYMENT ALLOCATION............................................................ PAGE 4
DEFINITIONS............................................................................ PAGE 5
PURCHASE PAYMENT PROVISIONS............................................................ PAGE 8
Purchase Payments; Deferment of Payments; Suspension of Payments; Substitution
of Portfolio
ACCUMULATION PROVISIONS................................................................ PAGE 9
Separate Account Accumulation Value; Number of Accumulation Units; Accumulation
Unit Value (AUV); Fixed Account Accumulation Value; Fixed Account Guarantee
Period Options And Interest Crediting ; Market Value Adjustment
CHARGES AND DEDUCTIONS................................................................. PAGE 11
Sales Charge; Rights of Accumulation; Letter of Intent; Withdrawal Charge;
Mortality Risk Charge; Expense Risk Charge; Distribution Expense Charge;
Guaranteed Death Benefit Risk Charge
TRANSFER PROVISIONS.................................................................... PAGE 12
Transfers of Accumulation and Annuity Units Between Subaccounts; Transfers of
Accumulation and Annuity Units To and From the Fixed Account
WITHDRAWAL PROVISIONS.................................................................. PAGE 13
Systematic Withdrawal Program
GENERAL PROVISIONS..................................................................... PAGE 13
Entire Contract; Change of Annuitant; Death of Annuitant; Misstatement of Age or
Sex; Proof of Age, Sex or Survival; Conformity With State Laws; Changes in Law;
Assignment; Claims of Creditors; Premium Taxes and Other Taxes; Written Notice;
Periodic Reports; Incontestability; Nonparticipating
DEATH PROVISIONS....................................................................... PAGE 15
Death of Participant Before the Annuity Date; Due Proof of Death; Amount of
Death Benefit; Death of Participant or Annuitant on or After the Annuity Date;
Beneficiary
ANNUITY PROVISIONS..................................................................... PAGE 18
Annuity Date; Payments to Participant; Fixed Annuity Payments; Amount of Fixed
Annuity Payments; Amount of Variable Annuity Payments
ANNUITY PAYMENT OPTIONS ............................................................... PAGE 20
FIXED ANNUITY PAYMENT OPTIONS TABLE.................................................... PAGE 21
VARIABLE ANNUITY PAYMENT OPTIONS TABLE................................................. PAGE 24
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CERTIFICATE DATA PAGE
CERTIFICATE NUMBER: ANNUITY SERVICE CENTER:
P9999999999 P. O. BOX 54299
LOS ANGELES, CA 90054-0299
PARTICIPANT: AGE AT ISSUE:
XXXX XXX 35
ANNUITANT: GROSS PURCHASE PAYMENT:
XXXX XXX $10,000.00
ANNUITY DATE: PURCHASE PAYMENT:
October 1, 2028 $9425.00
LATEST ANNUITY DATE: CERTIFICATE DATE:
October 1, 2053 October 1, 1998
MORTALITY RISK CHARGE: FIXED ACCOUNT OPTIONS -
[0.23%] Minimum Guarantee Rate: 3.0%
DISTRIBUTION EXPENSE RISK CHARGE: EXPENSE RISK CHARGE:
[0.15%] [0.35%]
GUARANTEED DEATH BENEFIT RISK CHARGE BENEFICIARY:
[0.12%] As named by You.
DEATH BENEFIT OPTION: SEPARATE ACCOUNT:
Option I: Purchase Payment Accumulation Variable Annuity Account Seven
SALES CHARGE AND WITHDRAWAL CHARGE SCHEDULE
AMOUNT OF PARTICIPANT'S MAXIMUM SALES CHARGE AS A WITHDRAWAL CHARGE AS A
INVESTMENT (AS DISCUSSED IN PERCENTAGE OF GROSS PERCENTAGE OF GROSS
THE SALES CHARGE PROVISION) PURCHASE PAYMENT PURCHASE PAYMENT
--------------------------- ------------------------- ----------------------
[Less than $50,000] [5.75%] [0.00%]
[$50,000-$99,999] [4.75%] [0.00%]
[$100,000-$249,999] [3.50%] [0.00%]
[$250,000-$499,999] [2.50%] [0.00%]
[$500,000-$999,999] [2.00%] [0.00%]
[$1,000,000+] [0.50%] [0.50%]
FOR INQUIRIES
CALL 1-800-445-SUN2
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PURCHASE PAYMENT ALLOCATION
Subaccounts
SUNAMERICA ANCHOR
SERIES TRUST SERIES TRUST
------------ ------------
0.00% Cash Management 0.00% Government & Quality Bond
0.00% Corporate Bond 25.00% Growth
0.00% Global Bond 0.00% Capital Appreciation
0.00% High-Yield Bond
0.00% Worldwide High Income
0.00% SunAmerica Balanced
25.00% MFS Total Return
0.00% Asset Allocation
0.00% Utility
0.00% Growth-Income
0.00% MFS Growth and Income
0.00% Federated Value
0.00% Venture Value
0.00% "Dogs" of Wall St.
0.00% Alliance Growth
25.00% Xxxxxx Growth
0.00% Real Estate
0.00% MFS Mid-Cap Growth
0.00% Aggressive Growth
0.00% International Growth
and Income
0.00% Global Equities
0.00% International Diversified
Equities
0.00% Emerging Markets
Fixed Account Options
Guarantee Initial
Period Interest Rate
------ -------------
25.00% 1-Year Fixed Non-MVA 3.00%
0.00% 3-Year Fixed MVA
0.00% 5-Year Fixed MVA
0.00% 7-Year Fixed MVA
0.00% 10-Year Fixed MVA
DCA Fixed Account Options
0.00% 6 Month DCA Fixed Non-MVA
0.00% 1 Year DCA Fixed Non-MVA
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DEFINITIONS
Defined in this section are some of the words and phrases used in this
Certificate. These terms are capitalized when used in the Certificate. Other
capitalized terms in the Certificate refer to the captioned paragraph explaining
that particular concept in the Certificate.
ACCUMULATION UNIT
A unit of measurement used to compute the Certificate Value in a Subaccount
prior to the Annuity Date.
AGE
Age as of last birthday.
ANNUITANT
The natural person or persons (collectively, Joint Annuitants) whose life or
lives is/are used to determine the annuity benefits under the Certificate. If
the Certificate is in force and the Annuitant(s) is/are alive on the Annuity
Date, We will begin payments to the Payee. This Certificate cannot have Joint
Annuitants if it is issued on a tax-qualified basis.
ANNUITY DATE
The date on which annuity payments to the Payee are to start. The Participant
must specify the Annuity Date, which must be at least two years after the
Certificate Date.
ANNUITY SERVICE CENTER As specified on the Certificate Data Page.
ANNUITY UNIT
A unit of measurement used to compute annuity payments from the Subaccounts.
BENEFICIARY
The Beneficiary is as named by You unless later changed by You in a written
request to Us at Our Annuity Service Center.
CERTIFICATE
This Certificate, which describes Your interest as a Participant under the group
annuity contract.
CERTIFICATE DATE
The date Your Certificate is issued, as shown on the Certificate Data Page. It
is the date from which Certificate Years and anniversaries are measured.
CERTIFICATE VALUE
The sum of: (1) Your share of the Subaccounts' Accumulation Unit values and (2)
the value of amounts allocated to the Fixed Account Options.
CERTIFICATE YEAR
A year starting from the Certificate Date in one calendar year and ending on the
day preceding the anniversary of such date in the succeeding calendar year.
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CONTRIBUTION YEAR
A year starting from the date a Purchase Payment is made in one calendar year
and ending on the day preceding the anniversary of such date in succeeding
calendar years.
CURRENT INTEREST RATE
The rate(s) of interest declared by Us applicable to allocations of subsequent
Purchase Payments to the Fixed Account Options. The Current Interest Rate will
not be less than the Minimum Guarantee Rate as shown on the Certificate Data
Page.
DOLLAR COST AVERAGING (DCA)
You may authorize the automatic transfer of specified amounts or percentages, at
the interval selected by You, from the DCA Fixed Account Option(s), the 1-Year
Fixed Account Option or any Subaccount(s) into any Subaccount, other than the
source account. All amounts allocated to a DCA Fixed Account Option will be
transferred out within the specified DCA Fixed Account Option period. The unit
values credited and applied to Your Certificate are determined on each date of
transfer. You may terminate the DCA program at any time. However, upon
termination or annuitization, any amounts remaining in the DCA Fixed Account
Options will be transferred to the 1-Year Fixed Account Option. We reserve the
right to change the terms and conditions of the DCA program at any time.
FIXED ACCOUNT OPTIONS
The investment options under this Certificate that are credited with a fixed
rate of interest declared by the Company. All Purchase Payments allocated to the
Fixed Account Options become part of the Company's general asset account. The
general asset account contains all the assets of the Company except for the
Separate Account and other segregated asset accounts. The Fixed Account Options
for this Certificate are shown on page 4.
FIXED ANNUITY
A series of periodic annuity payments in predetermined amounts that do not vary
with investment experience. Such payments are made from the Company's general
asset account.
GROSS PURCHASE PAYMENTS
Payments in U.S. currency made by or on behalf of the Participant to the Company
for the Certificate. Gross Purchase Payments do not reflect the reduction of the
Sales Charge. The amount of Your initial Gross Purchase Payment is shown on the
Certificate Data Page.
GUARANTEE PERIOD
The period for which either the Initial Interest Rate, the Current Interest Rate
or the Renewal Interest Rate is credited to amounts allocated to the Fixed
Account Options.
INITIAL INTEREST RATE
The rate(s) of interest credited to any portion of the initial Purchase Payment
allocated to the Fixed Account Option(s), as described in the Accumulation
Provisions section. The Initial Interest Rate(s) for this Certificate is/are
listed on page 4. The Initial Interest Rate may not be less than the Minimum
Guarantee Rate as shown on the Certificate Data Page.
IRC
The Internal Revenue Code of 1986, as amended, or as it may be amended or
superseded.
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JOINT PARTICIPANT
If Joint Participants are named, they must be spouses. Each Joint Participant
has an equal ownership interest in the Certificate unless we are advised
otherwise in writing.
NYSE
New York Stock Exchange. Generally, the close of any NYSE business day is
4:00PM, Eastern Time. Financial transactions and/or Purchase Payments received
after the close of any NYSE business day will be credited with the next NYSE
business day's Accumulation Unit Value for the selected Subaccount.
PARTICIPANT
The person or entity named in the Certificate who is entitled to exercise all
rights and privileges of ownership under the Certificate. Participant means both
Joint Participants, if applicable.
PAYEE
The person receiving payment of annuity benefits under this Certificate.
PORTFOLIO
The variable investment options in which the corresponding Subaccount(s) invest.
PURCHASE PAYMENTS
The amount of a Purchase Payment is equal to the Gross Purchase Payment amount
less any applicable Sales Charge and premium taxes. Purchase Payments are
credited to your Certificate Value. The amount of Your initial Purchase Payment
is shown on the Certificate Data Page.
RENEWAL INTEREST RATE
The rate(s) of interest declared by Us applicable to transfers from the
Subaccounts into the Fixed Account Options and to amounts previously allocated
to a Fixed Account Option wherein the Guarantee Period has expired. The Renewal
Interest Rate may not be less than the Minimum Guarantee Rate as shown on the
Certificate Data Page.
SEPARATE ACCOUNT
A segregated asset account named on the Certificate Data Page. The Separate
Account consists of the Subaccounts, each investing in the shares of the
corresponding variable Portfolio. The assets of the Separate Account are not
comingled with the general assets and liabilities of the Company. The value of
amounts allocated to the Subaccounts of the Separate Account is not guaranteed.
SUBACCOUNT
One or more divisions of the Separate Account which invests in shares of the
corresponding variable Portfolios. Each Subaccount is not chargeable with
liabilities arising out of any other Subaccount. The available Subaccounts are
shown on page 4.
VARIABLE ANNUITY
A series of periodic annuity payments which vary in amount according to the
investment experience of one or more Subaccounts, as selected by You.
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WE, OUR, US, THE COMPANY
Anchor National Life Insurance Company.
YOU, YOUR
The Participant.
PURCHASE PAYMENT PROVISIONS
PURCHASE PAYMENTS
Purchase Payments are flexible. This means that, subject to Company declared
minimums and maximums, You may change the amounts, frequency or timing of
Purchase Payments. Purchase Payments will be allocated to the Fixed Account
Option(s) and Subaccount(s) in accordance with instructions from You. We reserve
the right to specify the minimum Purchase Payment that may be allocated to a
Subaccount under the Certificate.
DEFERMENT OF PAYMENTS
We may defer making payments from the Fixed Account Options for up to six (6)
months. Interest, subject to state requirements, will be credited during the
deferral period.
SUSPENSION OF PAYMENTS
We may suspend or postpone any payments from the Subaccounts if any of the
following occur:
(a) the NYSE is closed;
(b) trading on the NYSE is restricted;
(c) an emergency exists such that it is not reasonably practical to dispose
of securities in the Portfolios or to determine the value of its assets;
or
(d) the Securities and Exchange Commission, by order, so permits for the
protection of Participants.
Conditions in (b) and (c) will be decided by or in accordance with rules of the
Securities and Exchange Commission.
SUBSTITUTION OF PORTFOLIO
If: (a) the shares of the variable Portfolios should no longer be available for
investment by the Separate Account; or (b) in the judgment of the Board of
Trustees for the SunAmerica Series Trust and the Anchor Series Trust, further
investment in the shares of a variable Portfolio is no longer appropriate in
view of the purpose of the Certificate, then We may substitute shares of another
underlying investment series or portfolio, for shares already purchased, or to
be purchased in the future by subsequent Purchase Payments under the
Certificate. No substitution of securities may take place without prior approval
of the Securities and Exchange Commission and under such requirements as it may
impose.
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ACCUMULATION PROVISIONS
SEPARATE ACCOUNT ACCUMULATION VALUE
The Separate Account Accumulation Value under the Certificate shall be the sum
of the values of the Accumulation Units held in the Subaccounts for the
Participant.
NUMBER OF ACCUMULATION UNITS
For each Subaccount, the number of Accumulation Units is the sum of each
Purchase Payment and/or transfer amount allocated to the Subaccount:
Divided by
The Accumulation Unit value for that Subaccount for the NYSE business day on
which the Purchase Payment or transfer amount is allocated.
The number of Accumulation Units will be similarly adjusted for withdrawals,
annuitizations, transfers and charges. Adjustments will be made as of the NYSE
business day on which We receive all requirements for the transaction, as
appropriate.
ACCUMULATION UNIT VALUE (AUV)
The AUV of a Subaccount for any NYSE business day is calculated by subtracting
(2) from (1) and dividing the result by (3) where:
(1) is the total value for the given NYSE business day of the assets
attributable to the Accumulation Units of the Subaccount, minus the
total liabilities;
(2) is the cumulative unpaid charge for assumption of Expense Risk,
Mortality Risk and Guaranteed Death Benefit Risk charges (See CHARGES
AND DEDUCTIONS); and
(3) is the number of Accumulation Units outstanding at the end of the given
NYSE business day.
FIXED ACCOUNT ACCUMULATION VALUE
Under the Certificate, the Fixed Account Accumulation Value shall be the sum of
all monies then invested in the Fixed Account Option(s) plus all interest
credited thereto. This amount shall be adjusted for withdrawals, annuitizations,
transfers and applicable charges. The Fixed Account Accumulation Value shall not
be less than the minimum values required by law in the state where this
Certificate is issued.
FIXED ACCOUNT GUARANTEE PERIOD OPTIONS AND INTEREST CREDITING
Any amounts allocated to the Fixed Account Options from the initial Purchase
Payment will earn interest at the Initial Interest Rate for the Fixed Account
Option(s) selected for the duration of the Guarantee Period.
Subsequent Purchase Payments allocated to the Fixed Account Options will earn
interest at the Current Interest Rate for the Fixed Account Option(s) selected
for the duration of the Guarantee Period.
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Transfers to the Fixed Account Options from the Subaccounts and amounts renewed
into the Fixed Account Options will earn interest at the Renewal Interest Rate
for the Fixed Account Option(s) selected for the duration of the Guarantee
Period.
For thirty (30) days following the date of expiration of a Guarantee Period, You
may renew for the same or any other Guarantee Period at the Renewal Interest
Rate or You may transfer all or a portion of the amount to the Subaccounts. If
during that 30-day period You do not specify a different Guarantee Period or
otherwise transfer to a Subaccount, We will select the same Guarantee Period as
has just expired, crediting Your Certificate with the Renewal Interest Rate in
effect on the date of expiration of the Guarantee Period, so long as such
Guarantee Period does not extend beyond the Annuity Date. If the guarantee
period extends beyond the Annuity Date, We will credit interest up to the
Annuity Date at the Renewal Interest Rate for the 1-Year Fixed Account Option.
If You are participating in the DCA program and allocated Purchase Payments to a
DCA Fixed Account Option, upon termination of the DCA program and unless you
otherwise specify, any amounts remaining in the DCA Fixed Account Options will
be automatically transferred to the 1-Year Fixed Account Option. Such amounts
will earn interest at the Renewal Interest Rate for the 1-Year Fixed Account
Option.
MARKET VALUE ADJUSTMENT (MVA)
Any payments and values based on the 3, 5, 7 or 10-year Fixed Account Options
may be subject to a MVA, the operation of which may result in upward or downward
adjustments in the Certificate Value, if withdrawn, transferred or annuitized
prior to the end of the respective Guarantee Period. The MVA will be calculated
by multiplying the amount withdrawn, transferred or annuitized by the following
formula:
{(1 + I)/(1+J+0.0050)(N/12)-1
I = The interest rate currently in effect for that Guarantee Period.
J = The Initial Interest Rate available for the Guarantee Period equal to the
number of years (rounded up to an integer) remaining in the current Guarantee
Period at the time of withdrawal, transfer or annuitization. In the
determination of J, if the Company currently does not offer the applicable
Guarantee Period, then the rate will be determined by linear interpolation of
the Initial Interest Rate for the nearest two Guarantee Periods that are
available.
N = The number of full months remaining in the current Guarantee Period at the
time the withdrawal or annuitization request is processed.
There will be no MVA on withdrawals from the Fixed Account Options in the
following situations: (1) to pay a Death Benefit paid upon death of the
Participant; (2) on amounts withdrawn to pay fees or charges; (3) on amounts
withdrawn or transferred from the Fixed Account Options within thirty (30) days
after the end of the Guarantee Period; and (4) on annuitizations on the Latest
Annuity Date.
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CHARGES AND DEDUCTIONS
We will deduct the following charges from the Certificate:
SALES CHARGE
A Sales Charge is deducted from each Gross Purchase Payment. The Sales Charge
equals a percentage of each Gross Purchase Payment and varies based upon the
Participant's investment, as described below, at the time each Gross Purchase
Payment is made. We will not retroactively reduce Sales Charges. The Sales
Charge Schedule is shown on the Certificate Data Page.
The Participant's investment at the time a Gross Purchase Payment is deposited
into the Certificate is determined as the sum of: (a) Your investment as defined
under the Rights of Accumulation provision; and (b) any additional investment
commitments secured by a Letter of Intent as defined in the Letter of Intent
provision.
RIGHTS OF ACCUMULATION
At the time a Gross Purchase Payment is made into this Certificate, the
Participant's investment under this Rights of Accumulation provision is the sum
of: (1) that Gross Purchase Payment; and (2) the Certificate Value of this
Certificate; and (3) the value of other qualifying certificates or contracts
issued by Us which You, Your spouse, or any of Your children under the age of 21
own. You must notify Us of any qualifying contracts, as discussed in (3) above,
by the time that Gross Purchase Payment is made in order to receive any
applicable reduction in Sales Charge. We reserve the right to modify, suspend or
terminate the Rights of Accumulation provision at any time.
LETTER OF INTENT
Your commitment to invest a certain amount over a 13-month period through a
Letter of Intent subject to Company restrictions. If you do not satisfy the
conditions of Your Letter of Intent by the end of the 13-month period, We will
deduct from your Certificate Value the difference between: (1) the Sales Charge
applicable to the actual amount of Gross Purchase Payments made during the
13-month period, and (2) the Sales Charge that was actually deducted. We will
not retroactively reduce Sales Charges if You exceed Your investment commitment.
We reserve the right to modify, suspend or terminate the Letter of Intent
provision at any time.
WITHDRAWAL CHARGE
If applicable, a Withdrawal Charge will be deducted from Your Certificate Value
upon the withdrawal of any portion of a Gross Purchase Payment that is subject
to a Withdrawal Charge. That Withdrawal Charge applies only during the 1-year
period following the receipt and application of that Gross Purchase Payment. The
Withdrawal Charge Schedule is shown on the Certificate Data Page. Also, see
WITHDRAWAL PROVISIONS.
MORTALITY RISK CHARGE
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On an annual basis this charge, as shown on the Certificate Data Page, equals a
percentage of the average daily total net asset value of the Subaccounts to
which Your Purchase Payments are allocated. This charge is to compensate Us for
assuming the mortality risks under the Certificate.
EXPENSE RISK CHARGE
On an annual basis this charge, as shown on the Certificate Data Page, equals a
percentage of the average daily total net asset value of the Subaccounts to
which Your Purchase Payments are allocated. This charge is to compensate Us for
assuming the expense risks under the Certificate.
DISTRIBUTION EXPENSE CHARGE
On an annual basis this charge, as shown on the Certificate Data Page, equals a
percentage of the average daily total net asset value of the Subaccounts to
which Your Purchase Payments are allocated. This charge is to compensate Us for
all distribution expenses associated with the Certificate.
GUARANTEED DEATH BENEFIT RISK CHARGE
On an annual basis this charge, as shown on the Certificate Data Page, equals a
percentage of the average daily total net asset value of the Subaccounts to
which Your Purchase Payments are allocated. This charge is to compensate Us for
the risk assumed as a result of contractual obligations to provide a minimum
guaranteed Death Benefit prior to the Annuity Date.
TRANSFER PROVISIONS
Prior to the Annuity Date, You may transfer all or part of Your Certificate
Value to any of the Subaccounts or Fixed Account Options, other than the DCA
Fixed Account Options, subject to certain restrictions. We reserve the right to
charge a fee for transfers if the number of transfers exceeds the limit
specified by Us. The minimum amount that can be transferred and the amount that
can remain in a Subaccount or Fixed Account Option are subject to Company
limits.
TRANSFERS OF ACCUMULATION AND ANNUITY UNITS BETWEEN SUBACCOUNTS
Prior to the Annuity Date, You may transfer all or a portion of Your Certificate
Value between Subaccounts. A transfer will result in the redemption of
Accumulation Units in a Subaccount and the purchase of Accumulation Units in the
other Subaccount. Transfers will be effected at the next computed Accumulation
Unit Value following Our receipt of Your request for transfer. Accumulation Unit
Values are calculated at the close of each NYSE business day.
After the Annuity Date, You may transfer all or a portion of Your Certificate
Value from one Subaccount to another Subaccount. A transfer will result in the
redemption of Annuity Units in a Subaccount and the purchase of Annuity Units in
the other Subaccount. Transfers will be effected for the last NYSE business day
of the month in which We receive Your request for the transfer.
TRANSFERS OF ACCUMULATION AND ANNUITY UNITS TO AND FROM THE FIXED ACCOUNT
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Prior to the Annuity Date, You may transfer all or any part of Your Certificate
Value from the Subaccount(s) to any Fixed Account Option(s) other than the DCA
Fixed Account Options or from the Fixed Account Option(s) to the Subaccount(s)
of the Contract.
After the Annuity Date, transfers into or out of the Fixed Account Option(s) are
not allowed.
WITHDRAWAL PROVISIONS
On or before the Annuity Date and while You are living, You may withdraw all or
part of Your Certificate Value under this Certificate by informing Us in writing
at Our Annuity Service Center. For a full withdrawal, this Certificate must be
returned to Our Annuity Service Center. The minimum amount that can be withdrawn
and the amount remaining after a withdrawal are subject to Company limits.
Without written notice to the contrary, withdrawals will be deducted from the
Certificate Value in proportion to their allocation among the Fixed Account
Options and the Subaccounts. Withdrawals will be based on values at the end of
the NYSE business day in which the request for withdrawal and the Certificate
(in the case of a full withdrawal), are received at Our Annuity Service Center.
Unless the SUSPENSION OF PAYMENTS or DEFERMENT OF PAYMENTS sections are in
effect, payment of withdrawals will be made within seven calendar days.
For the purposes of determining the amount of any applicable Withdrawal Charge,
withdrawals are assumed to be taken from earnings first then Purchase Payments.
Purchase Payments are assumed to be withdrawn on a first-in-first-out (FIFO)
basis. The Withdrawal Charge Schedule is shown on the Certificate Data Page.
Also, see the WITHDRAWAL CHARGE provision.
For the purposes of determining tax liability under the IRC, withdrawals of the
Certificate Value are treated on a last-in first-out (LIFO) basis.
SYSTEMATIC WITHDRAWAL PROGRAM
Prior to the Annuity Date, You may elect to participate in the Systematic
Withdrawal Program by informing Us at Our Annuity Service Center. The Systematic
Withdrawal Program allows You to make automatic withdrawals from your account
monthly, quarterly, semiannually or annually. The minimum systematic withdrawal
amount is $250 per withdrawal. Any amount withdrawn through the Systematic
Withdrawal Program may be subject to a Market Value Adjustment as discussed in
the MARKET VALUE ADJUSTMENT provisions. You may terminate Your participation in
the Systematic Withdrawal Program at any time by sending Us a written request.
GENERAL PROVISIONS
ENTIRE CONTRACT
The entire contract between You and Us consists of the group annuity contract,
the application, the Participant Enrollment Form as completed by You at the time
of purchase, this Certificate and any attached endorsement(s). No one can change
the terms or conditions of this contract other than Us. Any change must be in
writing and approved by Us. Only Our President, Secretary, or one of Our
Vice-Presidents can give Our approval.
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CHANGE OF ANNUITANT
If the Participant is an individual, the Participant may change the Annuitant(s)
at any time prior to the Annuity Date. To make a change, the Participant must
send a written notice to Us at least 30 days before the Annuity Date. If the
Participant is a non-natural person, the Participant may not change the
Annuitant.
DEATH OF ANNUITANT
If the Participant and Annuitant are different, and the Annuitant dies before
the Annuity Date, the Participant becomes the Annuitant until the Participant
elects a new Annuitant. If there are Joint Annuitants, upon the death of any
Annuitant prior to the Annuity Date, the Participant may elect a new Joint
Annuitant. However, if the Participant is a non-natural person, We will treat
the death of any Annuitant as the death of the "Primary Annuitant" and as the
death of the Participant, see DEATH PROVISIONS.
MISSTATEMENT OF AGE OR SEX
If the Age or sex of any Annuitant has been misstated, future annuity payments
will be adjusted using the correct Age and sex, according to Our rates in effect
on the date that annuity payments were determined. Any overpayment from the
Fixed Account Options, plus interest at the rate of 4% per year, will be
deducted from the next payment(s) due. Any underpayment from the Fixed Account
Options, plus interest at the rate of 4% per year, will be paid in full with the
next payment due. Any overpayment from the Subaccounts will be deducted from the
next payment(s) due. Any underpayment from the Subaccounts will be paid in full
with the next payment due.
PROOF OF AGE, SEX, OR SURVIVAL
The Company may require satisfactory proof of correct Age or sex at any time. If
any payment under this Certificate depends on the Annuitant being alive, the
Company may require satisfactory proof of survival.
CONFORMITY WITH STATE LAWS
The provisions of this Certificate will be interpreted by the laws of the state
in which the enrollment form was signed or such other state as is required by
law. Any provision which, on the Certificate Date, is in conflict with the law
of such state is amended to conform to the minimum requirements of such law.
CHANGES IN LAW
If the laws governing this Certificate or the taxation of benefits under the
Certificate change, We reserve the right to amend this Certificate to comply
with these changes.
ASSIGNMENT
You may assign this Certificate before the Annuity Date, but We will not be
bound by an assignment unless it is received by Us in writing. Your rights and
those of any other person referred to in this Certificate will be subject to the
assignment. Certain assignments may be taxable. We do not assume any
responsibility for the validity or tax consequences of any assignment.
CLAIMS OF CREDITORS
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To the extent permitted by law, no right or proceeds payable under this
Certificate will be subject to claims of creditors or legal process.
PREMIUM TAXES OR OTHER TAXES
The Company may deduct from Your Certificate Value any premium tax or other
taxes payable to a state or other government entity, if applicable. Should We
advance any amount so due, We are not waiving any right to collect such amount
at a later date. The Company will deduct any withholding taxes required by
applicable law.
WRITTEN NOTICE
Any notice We send to You will be sent to Your address shown in the Participant
Enrollment Form unless You request otherwise. Any written request or notice to
Us must be sent to Our Annuity Service Center, as specified on the Certificate
Data Page.
PERIODIC REPORTS
During each Certificate Year, We will send You quarterly statements of the
account activity of the Certificate as well as confirmation reports after each
financial transaction. The quarterly statements will include all transactions
which have occurred during the accounting period shown on the statement.
INCONTESTABILITY
This Certificate will be incontestable from the Certificate Date.
NONPARTICIPATING
This Certificate does not share in Our surplus.
DEATH PROVISIONS
Notwithstanding any provision of this Certificate to the contrary, all payments
of benefits under this Certificate will be made in a manner that satisfies the
requirements of IRC Section 72(s), as amended from time to time. If the
Certificate is owned by a trust or other non-natural person, We will treat the
death of any Annuitant as the death of the "Primary Annuitant" and as the death
of any Participant.
DEATH OF PARTICIPANT BEFORE THE ANNUITY DATE
We will pay a death benefit to the Beneficiary upon Our receiving all required
documentation including: (a) due proof that any Participant died before the
Annuity Date; and (b) an election form selecting the payment option from the
options listed below. If no election is received within 60 days of our receipt
of due proof of death, the death benefit will be paid in accordance with option
1 below. The Beneficiary must select one of the following options:
1. Immediately collect the death benefit in a lump sum
payment. If a lump sum payment is elected, payment will
be in accordance with any applicable laws and
regulations governing payments and death; or
2. Collect the death benefit in the form of one of the
Annuity Payment Options. The payments must be over the
life of the Beneficiary or over a period not extending
beyond the life expectancy of the Beneficiary. Payments
under this option must commence within one year after
the
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Participant's death, otherwise, the death benefit will
be paid in accordance with option 1 above; or
3. If the Beneficiary is the Participant's spouse, the
Beneficiary may elect to become the Participant and
continue the Certificate in force. If this option is
elected, no death benefit is paid. Upon the new
Participant's subsequent death, the entire interest must
be distributed immediately under option 1 or 2 above.
DUE PROOF OF DEATH
Due Proof of Death means:
1. a certified copy of a death certificate; or
2. a certified copy of a decree of a court of competent
jurisdiction as to the finding of death; or
3. a written statement by a medical doctor who attended the
deceased Participant at the time of death; or
4. any other proof satisfactory to Us.
AMOUNT OF DEATH BENEFIT
The amount of the death benefit will be determined based upon your death benefit
option selection. Once selected, the death benefit option cannot be changed. The
death benefit options are as described below.
OPTION I: PURCHASE PAYMENT ACCUMULATION DEATH BENEFIT OPTION
Prior to the Annuity Date and upon death of the Participant, the
Beneficiary will receive the greatest of:
1. the Certificate Value for the NYSE business day during which We
receive all required documentation including due proof of death
of the Participant and an election of the type of payment to be
made at Our Annuity Service Center; or
2. Purchase Payments less any withdrawals (and any fees or charges
applicable to such withdrawals), compounded until the date of
death at 4% interest, plus any Purchase Payments and less any
withdrawals (and any fees or charges applicable to such
withdrawals) recorded after the date of death; or
3. the Certificate Value at the seventh Certificate anniversary,
plus any subsequent Purchase Payments and less any subsequent
withdrawals (and any fees or charges applicable to such
withdrawals) compounded until the date of death at 4% interest,
plus any Purchase Payments and less any withdrawals (and any
fees or charges applicable to such withdrawals) recorded after
the date of death.
If the Participant was age 70 or older on the Certificate Date, both (2) and (3)
above will be compounded at 3%, rather than 4%. If the death benefit is paid on
the death of a Participant who was not originally named in the application and
was age 70 or older on the Certificate Date, both (2) and (3) above will be
compounded at 3%, rather than 4%.
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OPTION II: MAXIMUM ANNIVERSARY VALUE DEATH BENEFIT OPTION
If, upon the death of the Participant and prior to the Annuity Date, the
Participant has not attained his or her 90th birthday, the Beneficiary
will receive the greatest of:
1. the Certificate Value for the NYSE business day during which We
receive all required documentation including due proof of death
the Participant and an election of the type of payment to be
made at Our Annuity Service Center; or
2. Purchase Payments less any withdrawals (and any fees or charges
applicable to such withdrawals); or
3. the maximum anniversary value preceding the date of death. The
maximum anniversary value is equal to the greatest anniversary
value attained from the following:
As of the date of receipt of due proof of death and an election
of the type of payment to be made, at our Annuity Service
Center, We will calculate an anniversary value for each
Certificate anniversary prior to the Participant's 81st
birthday. The anniversary value is equal to the Certificate
Value on a Certificate anniversary, increased by the dollar
amount of any Purchase Payments made since that anniversary and
reduced by the dollar amount of any withdrawals (and any fees or
charges applicable to such withdrawals) since that anniversary.
If the deceased Participant has attained age 90, then the death benefit will be
the Certificate Value as defined in (1) above.
DEATH OF PARTICIPANT OR ANNUITANT ON OR AFTER THE ANNUITY DATE. If any
Participant or Annuitant dies on or after the Annuity Date and before the entire
interest in the Certificate has been distributed, We will pay the remaining
portion of the interest of the Certificate under the annuity payment option
being used on the date of death. For further information pertaining to death of
the Annuitant, see ANNUITY PAYMENT OPTIONS.
BENEFICIARY
The Beneficiary is selected by the Participant. While (a) the Participant is
living; and (b) before the Annuity Date, the Participant may change the
Beneficiary by written notice in a form satisfactory to Us. The change will take
effect on the date We record the proper notice subject to any payments We have
made. If two or more persons are named, (a) those surviving the Participant will
share equally unless otherwise stated; and (b) the Beneficiaries must elect to
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receive their respective portions of the death benefit according to the options
listed under DEATH OF PARTICIPANT BEFORE THE ANNUITY DATE. If the Annuitant
survives the Participant, and there are no surviving Beneficiaries, the
Annuitant will be deemed the Beneficiary.
Joint Participants, if applicable, shall be each other's primary Beneficiary.
Joint Annuitants, if any, when the Participant is a non-natural person, shall be
each other's primary Beneficiary. Any other Beneficiary designation will be
treated as a contingent Beneficiary.
If the Participant is also the Annuitant and there are no surviving
Beneficiaries at the death of the Participant, the death benefit will be paid to
the estate of the Participant in accordance with option 1, under DEATH OF
PARTICIPANT BEFORE THE ANNUITY DATE.
ANNUITY PROVISIONS
ANNUITY DATE
The Participant selects an Annuity Date (the date on which annuity payments are
to begin) at the time of application. The Participant may change the Annuity
Date at any time, at least seven days prior to the Annuity Date, by written
notice to the Company at its Annuity Service Center. The Annuity Date must
always be the first day of the calendar month and must be at least two years
after the Certificate Date, but not beyond the later of the Participant's 90th
birthday or ten years after the Certificate Date. If the Participant is a
non-natural person, the latest Annuity Date is the later of the Annuitant's 90th
birthday or ten years after the Certificate Date. If no Annuity Date is
selected, the Annuity Date will be the latest Annuity Date, as set by the
Company.
PAYMENTS TO PARTICIPANT
Unless You request otherwise, We will make annuity payments to You. If You want
the annuity payments to be made to some other Payee, We will make such payments
subject to receipt of a written request filed at the Annuity Service Center no
later than thirty (30) days before the due date of the first annuity payment.
Any such request is subject to the rights of any assignee. No payments available
to or being paid to the Payee while the Annuitant is alive can be transferred,
commuted, anticipated or encumbered.
FIXED ANNUITY PAYMENTS
If a Fixed Annuity payment option has been elected, the proceeds payable under
this Certificate less any applicable premium taxes, shall be applied to the
payment of the Fixed Annuity payment option elected at rates which are at least
equal to the annuity rates based upon the applicable tables. In no event will
the Fixed Annuity payments be changed once they begin.
AMOUNT OF FIXED ANNUITY PAYMENTS
The amount of each Fixed Annuity payment will be determined by applying the
portion of the Certificate Value allocated to Fixed Annuity payments less any
applicable premium taxes to the annuity table applicable to the Fixed Annuity
payment option chosen.
AMOUNT OF VARIABLE ANNUITY PAYMENTS
(a) FIRST VARIABLE ANNUITY PAYMENT: The dollar amount of the first Variable
Annuity payment will be determined by applying the portion of the
Certificate Value
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allocated to the Subaccount, less any applicable premium taxes, to rates
which are at least equal to the annuity rates based upon the annuity
table applicable to the Variable Annuity payment option chosen. If the
Certificate Value is allocated to more than one Subaccount, the value of
Your interest in each Subaccount is applied separately to the Variable
Annuity payment option table to determine the amount of the first
annuity payment attributable to each Subaccount.
(b) NUMBER OF VARIABLE ANNUITY UNITS: The number of Annuity Units for each
applicable Subaccount is the amount of the first annuity payment
attributable to that Subaccount divided by the value of the applicable
Annuity Unit for that Subaccount as of the Annuity Date. The number will
not change as a result of investment experience.
(c) VALUE OF EACH VARIABLE ANNUITY UNIT: The value of an Annuity Unit may
increase or decrease from one month to the next. For any month, the
value of an Annuity Unit of a particular Subaccount is the value of that
Annuity Unit as of the last NYSE business day of the preceding month,
multiplied by the Net Investment Factor for that Subaccount for the last
NYSE business day of the current month.
The Net Investment Factor for any Subaccount for a certain month is determined
by dividing (1) by (2) where:
(1) is the Accumulation Unit Value of the Subaccount
determined as of the last business day at the end of
that month, and
(2) is the Accumulation Unit Value of the Subaccount
determined as of the last business day at the end of the
preceding month.
The result is then multiplied by a factor that neutralizes the assumed
investment rate of 3.5%.
(d) SUBSEQUENT VARIABLE ANNUITY PAYMENTS: After the first Variable Annuity
payment, subsequent Variable Annuity payments will vary in amount
according to the investment performance of the applicable Subaccount(s)
to which a portion of Your Certificate Value is allocated. The amount
may change from month to month. The amount of each subsequent payment
for each Subaccount is:
The number of Annuity Units for each Subaccount as determined for the first
annuity payment
Multiplied by
The value of an Annuity Unit for that Subaccount at the end of the month
immediately preceding the month in which payment is due.
We guarantee that the amount of each Variable Annuity payment will not be
affected by variations in expenses or mortality experience.
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ANNUITY PAYMENT OPTIONS
During the Annuitant's life, upon written election and the return of this
Certificate to the Company at its Annuity Service Center, the Certificate Value
may be applied to provide one of the following options or any annuity payment
option that is mutually agreeable. After two years from the Certificate Date,
and prior to the Annuity Date, You can choose one of the options described
below. If no option has been selected by the Annuity Date, You will
automatically receive option 4, below, with 120 monthly payments guaranteed.
OPTIONS 1 & 1v - LIFE ANNUITY, LIFETIME PAYMENTS GUARANTEED
Payments payable to a Payee during the lifetime of the Annuitant. No further
payments are payable after the death of the Annuitant.
OPTIONS 2 & 2v - JOINT AND 100% SURVIVOR LIFE ANNUITY
Payments payable to the Payee during the lifetime of the Annuitant and during
the lifetime of a designated second person. No further payments are payable
after the deaths of both the Annuitant and the designated second person.
OPTIONS 3 & 3v - JOINT AND 100% SURVIVOR LIFE ANNUITY WITH PAYMENTS GUARANTEED
FOR 10 OR 20 YEARS Payments are payable to the Payee during the lifetime of the
Annuitant and during the lifetime of a designated second person. If, at the
death of the survivor, payments have been made for less than the 10 or 20 years,
as selected at the time of annuitization, the remaining guaranteed annuity
payments will be continued to the Beneficiary.
OPTIONS 4 & 4v - LIFE ANNUITY WITH PAYMENTS GUARANTEED FOR 10 OR 20 YEARS
Payments payable to the Payee during the lifetime of the Annuitant. If, at the
death of the Annuitant, payments have been made for less than the 10 or 20
years, as selected at the time of annuitization, the remaining guaranteed
annuity payments will be continued to the Beneficiary.
OPTIONS 5 & 5v - FIXED PAYMENTS FOR A SPECIFIED PERIOD CERTAIN
Payments payable to the Payee for any specified period of time for five (5)
years or more, but not exceeding thirty (30) years, as selected at the time of
annuitization. The selection must be made
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for full twelve month periods. In the event of death of the Annuitant, any
remaining annuity payments will be continued to the Beneficiary.
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FIXED ANNUITY PAYMENT OPTIONS TABLE
BASIS OF COMPUTATION
The actuarial basis for the Table of Annuity Rates is the 1983a Annuity
Mortality Table with projection and a guaranteed interest rate of 3%. The
mortality table is projected using Projection Scale G factors, assuming
annuitization in the year 2000. The Fixed Annuity Payment Options Table does not
included any applicable premium tax.
OPTIONS 1 & 4 - TABLE OF MONTHLY INSTALLMENTS PER $1,000.
(MONTHLY INSTALLMENTS FOR AGES NOT SHOWN WILL BE FURNISHED UPON REQUEST.)
OPTION 1 OPTION 4 OPTION 4
LIFE ANNUITY LIFE ANNUITY
AGE OF (W/120 PAYMENTS (W/240 PAYMENTS
ANNUITANT LIFE ANNUITY GUARANTEED) GUARANTEED)
--------- ------------- --------------------- --------------------
MALE FEMALE MALE FEMALE MALE FEMALE
---- ------ ---- ------ ---- ------
55 4.23 3.84 4.19 3.82 4.05 3.76
56 4.32 3.91 4.27 3.88 4.11 3.81
57 4.41 3.98 4.35 3.95 4.17 3.87
58 4.51 4.05 4.44 4.02 4.24 3.93
59 4.61 4.13 4.54 4.10 4.31 4.00
60 4.72 4.22 4.64 4.18 4.37 4.06
61 4.84 4.31 4.74 4.27 4.44 4.13
62 4.96 4.40 4.85 4.36 4.51 4.20
63 5.10 4.51 4.97 4.45 4.58 4.27
64 5.24 4.62 5.10 4.55 4.65 4.35
65 5.40 4.73 5.22 4.66 4.72 4.42
66 5.56 4.86 5.36 4.78 4.79 4.50
67 5.74 4.99 5.50 4.90 4.86 4.57
68 5.93 5.14 5.65 5.02 4.92 4.65
69 6.13 5.29 5.80 5.16 4.99 4.73
70 6.35 5.46 5.96 5.30 5.05 4.80
71 6.58 5.64 6.13 5.46 5.10 4.88
72 6.82 5.84 6.29 5.62 5.16 4.95
73 7.08 6.05 6.47 5.78 5.20 5.02
74 7.36 6.28 6.64 5.96 5.25 5.08
75 7.66 6.53 6.82 6.14 5.29 5.14
76 7.98 6.80 7.00 6.33 5.33 5.19
77 8.33 7.09 7.19 6.53 5.36 5.24
78 8.69 7.41 7.37 6.73 5.39 5.29
79 9.09 7.75 7.55 6.94 5.41 5.33
80 9.51 8.11 7.73 7.14 5.43 5.36
81 9.97 8.51 7.91 7.35 5.45 5.39
82 10.45 8.94 8.08 7.55 5.47 5.42
83 10.97 9.41 8.24 7.76 5.48 5.44
84 11.52 9.92 8.40 7.95 5.49 5.46
85 12.10 10.47 8.54 8.13 5.50 5.48
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OPTION 2 - TABLE OF MONTHLY INSTALLMENTS PER $1,000.
(MONTHLY INSTALLMENTS FOR AGES NOT SHOWN WILL BE FURNISHED UPON REQUEST.)
JOINT & 100% SURVIVOR LIFE ANNUITY
AGE OF
MALE
ANNUITANT AGE OF FEMALE ANNUITANT
--------- -----------------------
55 60 65 70 75 80 85
-- -- -- -- -- -- --
55 3.54 3.69 3.84 3.96 4.06 4.13 4.17
60 3.63 3.83 4.04 4.23 4.39 4.52 4.60
65 3.70 3.95 4.23 4.51 4.78 5.00 5.16
70 3.75 4.04 4.39 4.78 5.18 5.56 5.85
75 3.78 4.11 4.51 5.01 5.57 6.14 6.65
80 3.81 4.15 4.60 5.18 5.89 6.70 7.52
85 3.82 4.18 4.66 5.30 6.14 7.18 8.35
OPTION 3 - TABLE OF MONTHLY INSTALLMENTS PER $1,000.
(MONTHLY INSTALLMENTS FOR AGES NOT SHOWN WILL BE FURNISHED UPON REQUEST)
JOINT & 100% SURVIVOR LIFE ANNUITY (W/120 PAYMENTS GUARANTEED)
AGE OF
MALE
ANNUITANT AGE OF FEMALE ANNUITANT
--------- -----------------------
55 60 65 70 75 80 85
-- -- -- -- -- -- --
55 3.54 3.69 3.83 3.96 4.05 4.12 4.16
60 3.63 3.83 4.03 4.22 4.38 4.50 4.57
65 3.70 3.95 4.22 4.50 4.76 4.97 5.10
70 3.75 4.04 4.38 4.76 5.15 5.48 5.72
75 3.78 4.10 4.50 4.98 5.50 6.00 6.40
80 3.80 4.14 4.58 5.13 5.78 6.46 7.04
85 3.81 4.16 4.62 5.22 5.97 6.80 7.55
OPTION 3 - TABLE OF MONTHLY INSTALLMENTS PER $1,000.
(MONTHLY INSTALLMENTS FOR AGES NOT SHOWN WILL BE FURNISHED UPON REQUEST)
JOINT & 100% SURVIVOR LIFE ANNUITY (W/240 PAYMENTS GUARANTEED)
AGE OF
MALE
ANNUITANT AGE OF FEMALE ANNUITANT
--------- -----------------------
55 60 65 70 75 80 85
-- -- -- -- -- -- --
55 3.53 3.68 3.81 3.92 3.99 4.03 4.04
60 3.62 3.81 4.00 4.16 4.27 4.34 4.37
65 3.68 3.92 4.16 4.39 4.56 4.66 4.71
70 3.72 3.99 4.29 4.58 4.81 4.96 5.03
75 3.74 4.03 4.36 4.70 4.99 5.17 5.26
80 3.75 4.05 4.40 4.77 5.09 5.30 5.40
85 3.76 4.06 4.42 4.80 5.13 5.35 5.46
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OPTION 5 - TABLE OF MONTHLY INSTALLMENTS PER $1,000.
FIXED PAYMENT FOR SPECIFIED PERIOD
NUMBER MONTHLY NUMBER MONTHLY NUMBER MONTHLY NUMBER MONTHLY
OF YEARS PAYMENT OF YEARS PAYMENT OF YEARS PAYMENT OF YEARS PAYMENT
-------- ------- -------- ------- -------- ------- -------- -------
10 9.61 17 6.23 24 4.84
11 8.86 18 5.96 25 4.71
5 17.91 12 8.24 19 5.73 26 4.59
6 15.14 13 7.71 20 5.51 27 4.47
7 13.16 14 7.26 21 5.32 28 4.37
8 11.68 15 6.87 22 5.15 29 4.27
9 10.53 16 6.53 23 4.99 30 4.18
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VARIABLE ANNUITY PAYMENT OPTIONS TABLE
BASIS OF COMPUTATION
The actuarial basis for the Table of Annuity Rates is the 1983a Annuity
Mortality Table with projection and an effective annual Assumed Investment Rate
of 3.5%. The mortality table is projected using Projection Scale G factors,
assuming annuitization in the year 2000. The Variable Annuity Payment Options
Table does not include any applicable premium tax.
OPTIONS 1v & 4v - TABLE OF MONTHLY INSTALLMENTS PER $1,000
(MONTHLY INSTALLMENTS FOR AGES NOT SHOWN WILL BE FURNISHED UPON REQUEST.)
OPTION 1v OPTION 4v OPTION 4v
LIFE ANNUITY LIFE ANNUITY
AGE OF (W/120 PAYMENTS (W/240 PAYMENTS
ANNUITANT LIFE ANNUITY GUARANTEED) GUARANTEED)
--------- -------------- --------------------- --------------------
MALE FEMALE MALE FEMALE MALE FEMALE
---- ------ ---- ------ ---- ------
55 4.53 4.13 4.48 4.11 4.33 4.05
56 4.62 4.20 4.56 4.18 4.39 4.10
57 4.71 4.27 4.64 4.24 4.45 4.16
58 4.80 4.34 4.73 4.31 4.52 4.22
59 4.90 4.42 4.82 4.39 4.58 4.28
60 5.01 4.51 4.92 4.47 4.65 4.34
61 5.13 4.60 5.03 4.55 4.71 4.41
62 5.26 4.69 5.14 4.64 4.78 4.48
63 5.39 4.80 5.25 4.74 4.85 4.55
64 5.54 4.91 5.38 4.84 4.92 4.62
65 5.69 5.02 5.51 4.94 4.99 4.69
66 5.86 5.15 5.64 5.06 5.05 4.77
67 6.03 5.28 5.78 5.18 5.12 4.84
68 6.22 5.43 5.93 5.30 5.18 4.92
69 6.43 5.58 6.08 5.44 5.24 4.99
70 6.64 5.75 6.23 5.58 5.30 5.06
71 6.87 5.93 6.40 5.73 5.36 5.14
72 7.12 6.13 6.56 5.89 5.41 5.21
73 7.38 6.34 6.73 6.06 5.46 5.27
74 7.66 6.57 6.91 6.23 5.50 5.33
75 7.96 6.82 7.09 6.41 5.54 5.39
76 8.28 7.09 7.27 6.60 5.57 5.44
77 8.63 7.38 7.45 6.79 5.61 5.49
78 9.00 7.70 7.63 6.99 5.63 5.54
79 9.40 8.04 7.81 7.19 5.66 5.58
80 9.82 8.41 7.98 7.40 5.68 5.61
81 10.28 8.81 8.16 7.60 5.70 5.64
82 10.76 9.24 8.32 7.81 5.71 5.66
83 11.28 9.71 8.48 8.00 5.72 5.69
84 11.83 10.23 8.64 8.19 5.73 5.70
85 12.42 10.78 8.78 8.38 5.74 5.72
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OPTION 2v - TABLE OF MONTHLY INSTALLMENTS PER $1,000.
(MONTHLY INSTALLMENTS FOR AGES NOT SHOWN WILL BE FURNISHED UPON REQUEST.)
JOINT & 100% SURVIVOR LIFE ANNUITY
AGE OF
MALE
ANNUITANT AGE OF FEMALE ANNUITANT
--------- -----------------------
55 60 65 70 75 80 85
-- -- -- -- -- -- --
55 3.83 3.98 4.12 4.24 4.34 4.42 4.46
60 3.92 4.11 4.32 4.51 4.67 4.80 4.89
65 3.99 4.23 4.50 4.79 5.05 5.28 5.44
70 4.04 4.33 4.67 5.05 5.46 5.83 6.13
75 4.07 4.39 4.79 5.28 5.84 6.41 6.93
80 4.10 4.44 4.88 5.45 6.16 6.97 7.79
85 4.11 4.47 4.94 5.57 6.41 7.45 8.61
OPTION 3v - TABLE OF MONTHLY INSTALLMENTS PER $1,000.
(MONTHLY INSTALLMENTS FOR AGES NOT SHOWN WILL BE FURNISHED UPON REQUEST)
JOINT AND 100% SURVIVOR LIFE ANNUITY (W/120 PAYMENTS GUARANTEED)
AGE OF
MALE
ANNUITANT AGE OF FEMALE ANNUITANT
--------- -----------------------
55 60 65 70 75 80 85
-- -- -- -- -- -- --
55 3.83 3.98 4.12 4.24 4.34 4.40 4.45
60 3.92 4.11 4.31 4.50 4.66 4.78 4.86
65 3.99 4.23 4.50 4.78 5.03 5.24 5.38
70 4.04 4.32 4.66 5.03 5.41 5.75 5.99
75 4.07 4.38 4.78 5.25 5.77 6.26 6.66
80 4.09 4.43 4.86 5.40 6.05 6.72 7.29
85 4.10 4.45 4.90 5.50 6.24 7.05 7.80
OPTION 3v - TABLE OF MONTHLY INSTALLMENTS PER $1,000.
(MONTHLY INSTALLMENTS FOR AGES NOT SHOWN WILL BE FURNISHED UPON REQUEST)
JOINT & 100% SURVIVOR LIFE ANNUITY (W/240 PAYMENTS GUARANTEED)
AGE OF
MALE
ANNUITANT AGE OF FEMALE ANNUITANT
--------- -----------------------
55 60 65 70 75 80 85
-- -- -- -- -- -- --
55 3.82 3.97 4.10 4.20 4.27 4.31 4.33
60 3.91 4.09 4.28 4.44 4.55 4.61 4.64
65 3.97 4.20 4.44 4.66 4.83 4.93 4.97
70 4.01 4.27 4.56 4.84 5.07 5.21 5.28
75 4.03 4.31 4.64 4.97 5.25 5.42 5.51
80 4.04 4.33 4.67 5.03 5.34 5.55 5.65
85 4.05 4.34 4.69 5.06 5.38 5.60 5.70
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OPTION 5v - TABLE OF MONTHLY INSTALLMENTS PER $1,000.
PAYMENTS FOR A SPECIFIED PERIOD
NUMBER MONTHLY NUMBER MONTHLY NUMBER MONTHLY NUMBER MONTHLY
OF YEARS PAYMENT OF YEARS PAYMENT OF YEARS PAYMENT OF YEARS PAYMENT
-------- ------- -------- ------- -------- ------- -------- -------
10 9.83 17 6.47 24 5.09
11 9.09 18 6.20 25 4.96
5 18.12 12 8.46 19 5.97 26 4.84
6 15.35 13 7.94 20 5.75 27 4.73
7 13.38 14 7.49 21 5.56 28 4.63
8 11.90 15 7.10 22 5.39 29 4.53
9 10.75 16 6.76 23 5.24 30 4.45
27
