Exhibit 4(b)
Form of Contract
PHOENIX LIFE INSURANCE COMPANY
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Owner: ▇▇▇▇ ▇▇▇ Age and Sex: 35 Male
Contract Number: 13000000 Contract Date: February 1, 2003
Initial Premium: $30,000 Maturity Date: February 1, 2038
Dear Contract Owner:
Thank You for purchasing this annuity contract from Phoenix Life Insurance
Company. We agree to pay the benefits of this contract in accordance with its
provisions.
RIGHT TO RETURN THIS CONTRACT. IT IS IMPORTANT TO US THAT YOU ARE SATISFIED WITH
YOUR CONTRACT AND THAT IT MEETS YOUR FINANCIAL GOALS. IF FOR ANY REASON YOU ARE
NOT SATISFIED WITH THIS CONTRACT, YOU MAY RETURN IT WITHIN 10 DAYS (20 DAYS FOR
REPLACEMENTS) AFTER WE DELIVER IT TO YOU FOR A REFUND OF THE CONTRACT VALUE PLUS
ANY CHARGES MADE UNDER THIS CONTRACT AS OF THE DATE OF CANCELLATION. YOU MAY
RETURN IT TO EITHER THE AGENT THROUGH WHOM IT WAS PURCHASED OR TO US AT THE
FOLLOWING ADDRESS:
Phoenix Life Insurance Company
Annuity Operations Division
▇.▇. ▇▇▇ ▇▇▇▇
▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇-▇▇▇▇
Telephone (▇▇▇) ▇▇▇-▇▇▇▇
This contract provides for a series of annuity payments. The annuity payments
will be based on the Contract Value on the Maturity Date and the annuity payment
option rates stated herein. In addition, for variable payout options, the amount
of annuity payments will vary with the investment experience of the Subaccounts
within the Separate Account during the annuity payout period. The Contract Value
will depend on the investment experience of the Subaccounts.
Signed for Phoenix Life Insurance Company at its Statutory Home Office, ▇▇ ▇▇▇▇
▇▇▇▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇▇▇.
PHOENIX LIFE INSURANCE COMPANY
/s/▇▇▇▇ ▇. ▇▇▇▇▇ /s/ ▇▇▇▇ ▇. ▇▇▇▇▇
[Secretary] [President and Chief Executive Officer]
FLEXIBLE PREMIUM VARIABLE ACCUMULATION DEFERRED ANNUITY
ALL VALUES AND BENEFITS ARE BASED ON THE INVESTMENT EXPERIENCE OF THE
SUBACCOUNTS OF THE SEPARATE ACCOUNT AND MAY INCREASE OR DECREASE AND ARE
VARIABLE AND NOT GUARANTEED AS TO DOLLAR AMOUNT. SEE PART 7 FOR A DESCRIPTION OF
HOW THE CONTRACT VALUES ARE DETERMINED, PART 9 FOR A DESCRIPTION OF HOW THE
DEATH BENEFITS ARE DETERMINED, AND PART 10 FOR A DESCRIPTION OF HOW ANNUITY
PAYMENTS ARE DETERMINED.
NONPARTICIPATING
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SCHEDULE PAGE
Owner: [▇▇▇▇ ▇▇▇]
Contract Number: [13000000]
Initial Premium: [$30,000.00]
Contract Date: [February 1, 2003]
Maturity Date: [February 1, 2038]
Owner Age and Sex: [35 Male]
Annuitant: [▇▇▇▇ ▇▇▇]
Joint Annuitant: [None]
Subsequent Premiums: Flexible
Payment Intervals: Flexible
Death Benefit Option: [ 2]
SUBACCOUNT FEES
Daily Mortality and Expense Risk Fee: [.004041% (Based on an annual rate of 1.475%)]
Daily Administrative Fee: [.00034% (Based on an annual rate of 0.125%)]
CONTRACT FEES AND CHARGES
Premium Tax: [.000% of each premium paid]
Annual Administrative Charge: [$35]. Charge is waived if Contract Value exceeds
$30,000.
Transfer Charge: Currently, there is no charge for transfers. However, we
reserve the right to impose a Transfer Charge after the first twelve transfers
made in each Contract Year, upon prior Written Notice to the Owner. Any Transfer
Charge will be administered in a non-discriminatory manner. In no event, will
the Transfer Charge exceed $20 per transaction.
[Annual Step-Up Fee Percentage: [0.150%]]
BENEFICIARY
[▇▇▇▇ ▇▇▇]
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SCHEDULE PAGE (CONTINUED)
Owner: [▇▇▇▇ ▇▇▇]
Contract Number: [13000000]
PREMIUM PAYMENT ALLOCATION
[Phoenix-▇▇▇▇▇▇▇ Money Market #100 100%]
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TABLE OF CONTENTS
PART TITLE PAGE
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SCHEDULE PAGES
TABLE OF CONTENTS
CONTRACT SUMMARY
1. DEFINITIONS 1
2. ABOUT THIS CONTRACT 3
3. RIGHTS OF OWNER 4
4. PREMIUM PAYMENTS AND ALLOCATION 5
5. TRANSFERS, WITHDRAWALS AND TERMINATION 6
6. EXPENSE CHARGES 8
7. DETERMINING THE CONTRACT AND ACCUMULATION
UNIT VALUES 9
8. ANNUITY BENEFITS 9
9. DEATH BENEFITS 10
10. ANNUITY PAYMENT OPTIONS 12
11. TABLES OF ANNUITY PAYMENT OPTION RATES 15
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CONTRACT SUMMARY
ABOUT THIS SUMMARY
This summary briefly highlights some of the major contract provisions. Since
this is only a summary, the detailed provisions of the contract will control.
See those provisions for full information and any limits or restrictions that
apply. A Table of Contents is provided to help You find specific provisions.
Your contract is a legal contract between You and Us. You should, therefore,
READ YOUR CONTRACT CAREFULLY.
Check the Schedule Page of this contract to make sure it reflects the premium
payment allocation requested. Please call Your agent or Us any time You have
questions about Your contract.
THE TYPE OF CONTRACT
This contract provides for the accumulation of values prior to the Maturity Date
and the payment of an annuity after the Maturity Date. Subject to the terms of
this contract, You may allocate premium payments to the various Subaccounts. The
values that accumulate under this contract prior to the Maturity Date are based
on the premium payments made, any expense charges, and the investment experience
of the Subaccounts within the Separate Account. The amount of each annuity
payment will be based on the Contract Value on the Maturity Date, the annuity
purchase rates stated herein, and if a variable annuity payment option is
elected, the investment experience of the Subaccounts during the annuity payout
period. Various annuity payment options are available.
WITHDRAWAL PRIVILEGE
Prior to the Maturity Date, You may withdraw all or part of the Contract Value.
After the Maturity Date, You may only withdraw from the remaining value under
Variable Payment Options K or L.
BENEFITS
All paid-up annuity, cash surrender, and death benefits under this contract are
not less than the minimum benefits required by any statute of the state where
this contract is delivered.
This contract provides for the payment of a death benefit amount in the event of
the death of the Owner. If there is one Owner, the death benefit will be paid to
the designated Beneficiary. If there is more than one Owner, the death benefit
will be paid to the surviving Owner(s) upon the death of the Owner who dies
first. If the Owner is a non-natural person, the death of the Primary Annuitant
will be treated as the death of the Owner.
The amount of the death benefit is determined as described in Part 9 of this
contract. Any additional amounts We credit to the contract will be treated as
income on or any other gain in the contract and will increase the Contract
Value. The Contract Value will be reduced by any withdrawal.
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PART 1: DEFINITIONS
YOU (YOUR)
The Owner of this contract.
WE (OUR, US)
Phoenix Life Insurance Company.
ACCUMULATION UNIT
A standard of measurement as described in Part 4, used to determine the value of
this contract and its interest in the Subaccounts prior to the Maturity Date and
for amounts held under Annuity Payment Option L.
ACCUMULATION UNIT VALUE
On the first Valuation Date selected by Us, We set all Accumulation Unit Values
of each Subaccount of the Separate Account at 1.000000. The Accumulation Unit
Value on any subsequent Valuation Date is determined by multiplying the
Accumulation Unit Value of the Subaccount on the immediately preceding Valuation
Date by the Net Investment Factor for that Subaccount for the Valuation Period
just ended.
ANNUITANT
The Annuitant is the individual designated as such on the Schedule Page, or as
later changed if permitted. Prior to the Maturity Date, the Annuitant may be
changed, however, there may be tax consequences. The Annuitant is the person on
whose continuation of life this contract is issued when an annuity payment
option is elected. If the contract is owned by a non-natural person, the
Annuitant (not the Joint Annuitant) as shown on the Schedule Page, will be
considered the Primary Annuitant and cannot be changed after the contract has
been issued.
JOINT ANNUITANT
A Joint Annuitant, if any, is an individual designated as such on the Schedule
Page, or as later changed. The Joint Annuitant is one of the persons on whose
continuation of life this contract is issued if a survivorship annuity payment
option is elected. If the contract is owned by a non-natural person, the
Annuitant (not the Joint Annuitant) as shown on the Schedule Page, will be
considered the Primary Annuitant and cannot be changed after the contract has
been issued.
ANNUITY
A series of periodic payments.
ANNUITY UNIT
A standard of measurement used to determine the amount of each periodic payment
made under the Variable Annuity Payment Options I, J, K, M and N. The number of
Annuity Units in each Subaccount with assets under the chosen option is equal to
the portion of the first payment provided by that Subaccount divided by the
Annuity Unit Value for that Subaccount on the first Payment Calculation Date.
ANNUITY UNIT VALUE
On the first Valuation Date selected by Us, We set all Annuity Unit Values in
each Subaccount of the Separate Account at $1.000000. The Annuity Unit Value on
any subsequent Valuation Date is equal to the Annuity Unit Value of the
Subaccount on the immediately preceding Valuation Date multiplied by the Net
Investment Factor for that Subaccount for the Valuation Period divided by
1.000000 plus the rate of interest for the number of days in the Valuation
Period based on the Assumed Investment Rate.
ASSIGNS
Any person to whom You assign an interest in this contract if We have Written
Notice of the assignment in accordance with the provisions stated in Part 2.
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ASSUMED INVESTMENT RATE
The Assumed Investment Rate is 4.5% per year. We use this rate to determine the
first payment under Variable Payment Annuity Options I, J, K, M and N. Future
payment amounts under these options will depend on the relationship between the
Assumed Investment Rate and the actual investment performance of each Subaccount
as reflected in the Subaccount's Annuity Unit Value. The Assumed Investment Rate
is the net annual investment return that will need to be earned by each
Subaccount of the Separate Account for there to be no reduction in the amount of
the monthly payments under these options.
BENEFICIARY
The individual(s) or entity(s) designated by the Owner as shown on the Schedule
Page, or as later changed.
CONTRACT ANNIVERSARY
The same date each year as the Contract Date.
CONTRACT DATE
The Contract Date shown on the Schedule Page. It is the date from which Contract
Years and Contract Anniversaries are measured.
CONTRACT VALUE
The sum of the values under the contract of all Accumulation Units held in the
Subaccounts.
CONTRACT YEAR
The first Contract Year is the one-year period from the Contract Date. Following
Contract Years run from one Contract Anniversary to the next.
FIXED PAYMENT ANNUITY
An annuity providing payments which do not vary in amount after the first
payment is made.
MATURITY DATE
The date annuity payments commence in the form of an annuity payment option. The
Maturity Date may not be earlier than the first Contract Anniversary. Unless we
agree otherwise, the maximum Maturity Date is the later of the Contract
Anniversary nearest the younger Annuitant's 95th birthday or ten years from the
Contract Date.
NET INVESTMENT FACTOR
The Net Investment Factor for each Subaccount of the Separate Account is
determined by the investment performance of the assets underlying the Subaccount
for the Valuation Period just ended. The Net Investment Factor is equal to
1.000000 plus the applicable net investment rate for the Valuation Period. The
net investment rate is determined by:
1. taking the sum of the accrued net investment income and capital gains and
losses, realized or unrealized, of the Subaccount for the Valuation Period.
The net investment income is affected by an investment advisory expense fee
which is deducted from the funds in which the assets of the Subaccounts of
the Separate Account are invested; and
2. dividing the result of (1) by the value of the Subaccount at the beginning
of the Valuation Period; and
3. for each calendar day in the Valuation Period subtracting from the result
of [(1) divided by (2)], an amount equal to the Mortality and Expense Risk
Fee plus the Daily Administrative Fee and any daily tax fee.
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OWNER The Owner(s) as shown on the Schedule Page or as later changed.
PAYMENT CALCULATION DATE
The date We calculate annuity payments under a Variable Payment Annuity Option.
The first Payment Calculation Date is the Valuation Date on or next following
the Maturity Date unless We agree otherwise. After the first Payment Calculation
Date, We will calculate payments on the same date each month. We use the next
following Valuation Date if such date is not a Valuation Date.
PREMIUM PAYMENT DATE
The Valuation Date on which a premium payment is received at Our annuity
operations division unless it is received after the close of the New York Stock
Exchange, in which case it will be the next Valuation Date.
SEPARATE ACCOUNT
The Phoenix Life Variable Accumulation Account.
SUBACCOUNT(S)
The account(s) within Our Separate Account to which assets under the contract
are allocated.
SURRENDER VALUE
Contract Value less any applicable premium tax.
VALUATION DATE
Every day the New York Stock Exchange is open for trading and Phoenix Life
Insurance Company is open for business.
VALUATION PERIOD
The period in days beginning with the day following the last Valuation Date and
ending on the next succeeding Valuation Date.
VARIABLE PAYMENT ANNUITY
An annuity where each payment will vary with the investment experience of the
Subaccounts.
WRITTEN REQUEST (WRITTEN NOTICE)
A request We receive in writing at Our annuity operations division in a form
satisfactory to Us.
PART 2: ABOUT THIS CONTRACT
THE EFFECTIVE DATE
This contract will begin in effect on the Contract Date provided the initial
premium is paid and the Owner is alive.
THE ENTIRE CONTRACT
This contract, and the application attached to it if any, are the entire
contract between You and Us. Any change in terms of this contract, as required
to conform to law, must be signed by one of Our executive officers. Any benefits
payable under this contract are payable at Our annuity operations division.
REQUIRED PROOF OF AGE AND SURVIVAL
We may require proof of the age of the Annuitant, and Joint Annuitant, if any,
before any annuity payments begin. We also have the right to require proof of
the identity, age and survival of any person entitled to any payment under this
contract or upon whose life any payments depend.
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ADJUSTMENT FOR MISSTATEMENT OF AGE OR SEX
If the age or sex of the Annuitant or Joint Annuitant has been misstated, any
benefits payable will be adjusted to the amount that the Contract Value would
have purchased based on the Annuitant's or Joint Annuitant's correct age and
sex. Any overpayment(s) and underpayment(s) made by Us will be charged or
credited against future payments to be made under the contract. We will charge
interest on any overpayments and credit interest on any underpayments at a rate
not less than the effective annual rate required by the state where this
contract is delivered.
ASSIGNMENTS
We will not be considered to have notice of any assignment of an interest in
this contract until We receive the original or copy of the written assignment at
Our annuity operations division. In no event will We be responsible for its
validity. Any change will be subject to any payment made or actions taken by Us
before We received the written assignment at Our annuity operations division.
STATEMENT OF ACCOUNT
We will send You a statement of account at least annually. The statement of
account will include the Contract Value, Surrender Value, death benefit, and
paid-up annuity benefits. The statement will be mailed to Your most recent post
office address on file at Our annuity operations division.
PART 3: RIGHTS OF OWNER
WHO IS THE OWNER
An Owner may be an Annuitant, a trust or any other individual or entity. If no
Owner is named, the Annuitant (not the Joint Annuitant) will be the Owner. Under
contracts used with certain tax qualified plans, the Owner must be the
Annuitant. More than one Owner may be named as Joint Owners. If one of such
Joint Owners dies, all rights vest equally in the surviving Owners. If any Owner
dies prior to the Maturity Date, the death benefit amount will be paid as
provided in Part 9.
WHAT ARE THE RIGHTS OF THE OWNER
You control this contract on and after the Contract Date. Unless You and We
agree otherwise, You may exercise all rights provided under this contract
without the consent of anyone else. If there is more than one Owner, all Owners
must consent to the changes described below. Your rights include the right to:
1. Receive any amounts payable under this contract during the Annuitant's
lifetime.
2. Change the Owner(s) under certain conditions with Our consent.
3. Change the premium payment amounts and intervals. See Part 4.
4. Change the allocation for premium payments. See Part 4.
5. Transfer Contract Values among the various Subaccounts. See Part 5.
6. Make withdrawals from the various Subaccounts or fully surrender the
contract for its Surrender Value. See Part 5.
7. Change the Maturity Date prior to the commencement of an annuity payment
option, subject to the maximum Maturity Date defined in Part 1.
8. Select an annuity payment option to commence on the Maturity Date. See
Part 8.
9. Change the Beneficiary.
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10. Assign, subject to the restrictions stated in Part 2, release, or surrender
any interest in this contract. See Parts 2 and 5.
11. Change or replace any Annuitant or Joint Annuitant prior to the Maturity
Date. If the Annuitant dies prior to the Maturity Date, You may name a new
Annuitant. If you do not name a new Annuitant, You will become the
Annuitant. If the contract is owned by a non-natural person, the Primary
Annuitant cannot be changed after the contract has been issued.
Your exercise of any rights will, to the extent thereof, assign, release, or
surrender the interest of the Annuitant and all beneficiaries and Owners under
this contract.
HOW TO CHANGE THE OWNER
Unless We agree otherwise, You may change the Owner in the following manner by
Written Request:
1. transfer ownership of the entire contract to a single grantor trust; or
2. transfer ownership of the entire contract between spouses.
PART 4: PREMIUM PAYMENTS AND ALLOCATION
PREMIUM PAYMENTS
The initial premium payment is due on the Contract Date. Thereafter, subsequent
premium payments may be made as described below. All premium payments are
payable at Our annuity operations division, except that the initial premium
payment may be given to an authorized agent for forwarding to Our annuity
operations division. No benefit associated with any such premium payment will be
provided until the premium payment is actually received by Us at Our annuity
operations division.
You may vary the amount and interval for subsequent premium payments. Subsequent
premium payments may be made within the following limits:
1. Each subsequent premium payment must at least equal $500.
2. No more than $1,000,000 in total premium payments may be paid on this
contract, unless We agree otherwise.
3. The premium payment intervals may be unscheduled or changed to monthly,
quarterly, semi-annual, annual, or any other arrangement agreed to by Us.
4. Subsequent premium payments may only be made prior to the Maturity Date.
We reserve the right to waive the limits in 1 and 2 above.
PREMIUM PAYMENT ALLOCATION
The premium payment will be applied on its Premium Payment Date to the various
Subaccounts in accordance with Your instructions for the allocation of premium
payments.
You may change the allocation of premium payments with respect to subsequent
premium payments by Written Request. We reserve the right to waive the
requirement of Written Request.
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SEPARATE ACCOUNT AND SUBACCOUNTS
The Phoenix Life Variable Accumulation Account (Separate Account) is a separate
account established by Our company under New York Law and registered as a unit
investment trust under the Investment Company Act of 1940. The Separate Account
contains various Subaccounts that have different investment objectives.
All income, gains and losses, realized and unrealized, of the Separate Account
are credited to or charged against the amounts placed in the Separate Account
without reference to other income, gains and losses of Our General Account. The
assets of the Separate Account are owned solely by Us and We are not a trustee
with respect to such assets. These assets are not chargeable with liabilities
arising out of any other business that We may conduct.
We use the assets of the Separate Account to buy shares of the funds of this
contract according to Your most recent allocation instruction on file with Us at
Our annuity operations division. The fund(s) are registered under the Investment
Company Act of 1940 as an open-end, management investment company. The funds
have separate series that correspond to the Subaccounts of the Separate Account.
Assets of each Subaccount are invested in shares of the corresponding fund
series.
ACCUMULATION UNITS
The number of Accumulation Units credited to each Subaccount of the Separate
Account will be determined by dividing the premium payment applied to that
Subaccount by the Accumulation Unit Value of that Subaccount on the Premium
Payment Date.
ADDITIONAL SUBACCOUNTS
We have the right to add Subaccounts of the Separate Account subject to approval
by the Securities and Exchange Commission and, where required, other regulatory
authorities.
SUBSTITUTION OF SUBACCOUNTS
Should shares of the funds of this contract become unavailable for investment by
the Separate Account, or We deem further investment in these shares
inappropriate, We may limit further purchase of such shares or may substitute
shares of another fund for shares already purchased under this contract. As may
be required, we will seek approval by the Securities and Exchange Commission and
by the insurance supervisory official of the state where this contract is
delivered.
PART 5: TRANSFERS, WITHDRAWALS AND TERMINATION
TRANSFERS AMONG SUBACCOUNTS
You may transfer all or a portion of the Contract Value of this contract among
one or more of the Subaccounts. We reserve the right to limit the number of
transfers to 12 per contract year. We reserve the right to temporarily or
permanently terminate transfer or exchange privileges or reject any specific
order from anyone including market-timing organizations, individuals or any
party authorized to give transfer, exchange or order instructions on Your
behalf.
Under the DCA Program, amounts may be transferred automatically among the
Subaccounts on a monthly, quarterly, semi-annual or annual basis. Unless We
agree otherwise, the minimum initial and subsequent transfer amounts are $25
monthly, $75 quarterly, $150 semi-annually or $300 annually. A contract Owner
must have an initial value of $2,000 in the Subaccount that they elect to have
amounts transferred from. Amounts may be transferred from only one sending
Subaccount but may be allocated to multiple receiving Subaccounts.
Under the Asset Rebalancing Program, amounts are transferred automatically among
the Subaccounts on a monthly, quarterly, semi-annual or annual basis to maintain
the allocation percentage elected by Written Request.
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You may select either the DCA Program or the Asset Rebalancing Program. Only one
of the programs may be in effect at any given time.
Transfers made under the DCA Program or Asset Rebalancing Program will be
processed on the next Valuation Date following Your request for the month that
applies. If the value in the sending Subaccount is below the amount to be
transferred, then the entire remaining balance will be transferred and the DCA
or Asset Rebalancing Programs will be completed. You may terminate your
participation in the DCA or Asset Rebalancing Programs at any time by sending a
Written Notice to Us. Upon completion of DCA or Asset Rebalancing Programs, you
must send a Written Request to Us to start another DCA or Asset Rebalancing
Program.
The transfer charge is as shown on the Schedule Page. Any such charge will be
deducted from the Subaccounts from which the amounts are to be transferred with
each such Subaccount bearing a pro rata share of the transfer charge. The value
of each Subaccount will be determined on the Valuation Date that coincides with
the date of transfer.
WITHDRAWALS AND FULL SURRENDER
You may withdraw in cash the Contract Value of this contract, less any
applicable premium tax, in whole or in part any time prior to the Maturity Date
or at any time for amounts held under Variable Payment Annuity Options K or L.
Such withdrawals must be by Written Request and must include such tax
withholding information as We may reasonably require.
The portion withdrawn from any Subaccount will be taken by the surrender and
release of such number of Accumulation Units in such Subaccount required to make
the withdrawal, including any premium tax applicable to such withdrawal. The
Contract Value will be determined on the Valuation Date that coincides with the
date of the withdrawal.
SYSTEMATIC WITHDRAWAL PROGRAM
Prior to the Maturity Date, You may partially withdraw amounts automatically on
a monthly, quarterly, semi-annual or annual basis under the Systematic
Withdrawal Program. You may participate in the Systematic Withdrawal Program at
any time by sending a Written Notice to Us.
The minimum initial and subsequent partial withdrawal amounts must be at least
$100. Partial withdrawals made under the Systematic Withdrawal Program will be
processed on each Contract Monthly Anniversary and will be less any applicable
premium tax.
You may terminate Your participation in the Systematic Withdrawal Program at any
time by sending a Written Notice to Us. Upon completion of the Systematic
Withdrawal Program, You must send a Written Request to Us to start another
Systematic Withdrawal Program. The Systematic Withdrawal Program cannot continue
beyond the Maturity Date.
CONTRACT TERMINATION
If on any Valuation Date the Contract Value becomes zero, the contract will
immediately terminate. We will mail a written notice to You at Your most recent
post office address on file at Our annuity operations division.
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DEFERRAL OF PAYMENT
Transfers, withdrawals, or a request for a full surrender will usually be
processed within 7 days after We receive the Written Request at Our annuity
operations division. However, We may postpone the processing of any such
transactions for any of the following reasons (as provided under the Investment
Company Act of 1940):
1. when the New York Stock Exchange is closed, other than customary weekend
and holiday closings;
2. when trading on the exchange is restricted by the Securities and Exchange
Commission;
3. when the Securities and Exchange Commission declares that an emergency
exists as a result of which disposal of securities in the fund is not
reasonably practicable or it is not reasonably practicable to determine the
value of the Units in the Subaccounts of the Separate Account; or
4. when a governmental body having jurisdiction over the Separate Account by
order permits such suspension.
Rules and regulations of the Securities and Exchange Commission, if any, are
applicable and will govern as to whether conditions described above in (2) or
(3) or (4) exist.
PART 6: EXPENSE CHARGES
Charges to cover expenses incurred by Us in the distribution and administration
of this contract are made in the manner described below.
PREMIUM TAX
A premium tax may be required based on the laws of the state or municipality of
delivery, or the state or municipality where the Owner resides when a premium
payment is applied. The premium tax rate, if any, as of the Contract Date, is
shown on the Schedule Page. This rate may change for subsequent premium payments
in accordance with applicable state law. We will pay any premium tax due and
will only reimburse ourselves upon the remittance of the premium tax to the
applicable state or municipality.
TRANSFER CHARGE
A transfer charge is as shown on the Schedule Page.
ANNUAL ADMINISTRATIVE CHARGE
A portion of the administrative expense incurred by Us is assessed in the form
of an annual charge as shown on the Schedule Page. We reserve the right to lower
such charge. Such charge will be deducted at the end of each Contract Year and
upon termination. The charge will be deducted from the total Contract Value with
each Subaccount bearing a pro rata share of such expense based on the
proportionate Contract Value of each of the Subaccounts. By agreement with Us,
You may, instead, elect to pay this charge in cash.
MORTALITY AND EXPENSE RISK FEE
The mortality and expense risk fee is taken in the form of a daily fee against
each Subaccount as shown on the Schedule Page. We reserve the right to lower
such fee.
DAILY ADMINISTRATIVE FEE
A portion of the administrative expense incurred by Us is assessed in the form
of a daily fee against each Subaccount as shown on the Schedule Page.
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ANNUAL STEP-UP FEE
The Annual Step-Up Fee applies to Death Benefit Option 2 only. It is equal to
the Annual Step-Up Fee Percentage multiplied by the Annual Step-Up Amount on the
date the fee is deducted. We will deduct this fee annually on each Contract
Anniversary up to and including the Contract Anniversary following the oldest
Owner's attained age 80 and upon full surrender of the contract if surrender is
prior to the Contract Anniversary following the oldest Owner's attained age 80.
The fee will be deducted from the total Contract Value, with each Subaccount
bearing a pro rata share of such fee based on the proportionate Contract Value
of each Subaccount. If You have elected Death Benefit Option 2, the Annual
Step-Up Fee Percentage is shown on the Schedule Page.
PART 7: DETERMINING THE CONTRACT AND ACCUMULATION UNIT VALUES
CREDITING OF SUBACCOUNT UNITS AND PREMIUMS
We will apply any premium payments We receive on the Premium Payment Date to
credit Accumulation Units to one or more Subaccounts in accordance with the most
recent allocation schedule on file with Us. The number of Accumulation Units
credited to each Subaccount will be determined by dividing the premium payment,
applied to that Subaccount by the then current Accumulation Unit Value of that
Subaccount. The Accumulation Unit Value of each Subaccount on a Valuation Date
is determined at the end of that day.
DETERMINATION OF THE CONTRACT VALUE
Prior to the Maturity Date, the value of a Subaccount of the Separate Account
for this contract is determined by multiplying the total number of Accumulation
Units under this contract for that Subaccount by the current Accumulation Unit
Value of that Subaccount. The Contract Value for amounts held under Variable
Payment Annuity Option L is determined in the same manner. The total Contract
Value under this contract equals the sum of the values of each of the
Subaccounts.
THE VALUATION OF SUB-ACCOUNTS
The values of the assets in each Subaccount will be calculated in accordance
with applicable law and accepted procedures.
All paid-up annuity, cash surrender, and death benefits under this contract are
not less than the minimum benefits required by any statute of the state where
this contract is delivered. Any additional amounts We credit to the contract
will be treated as gain in the contract and will increase the paid-up annuity,
cash surrender and death benefits. Paid-up annuity and cash surrender benefits
will be reduced by any withdrawal. The death benefit following a withdrawal will
be reduced by the same proportion as the Account Value is reduced at the time of
the withdrawal.
We guarantee that expense and mortality results shall not adversely affect the
dollar amount of variable benefits and other contractual payments and values.
PART 8: ANNUITY BENEFITS
On or before the Maturity Date, You may elect any one of the annuity payment
options as described in Part 10. If you do not select an annuity payment option
on or before the Maturity Date, We will apply the Contract Value less any
premium tax due to provide You a variable life annuity with 10 years period
certain under Annuity Payment Option I as described in Part 10.
If the amount to be applied on the Maturity Date is less than $2,000 or would
result in monthly payments of less than $20, We shall have the right to pay such
amount to You in one lump sum in lieu of providing such annuity. We also have
the right to change the annuity payment frequency to annual if the monthly
annuity payment would otherwise be less than $20.
D615 9
PART 9: DEATH BENEFITS
The death benefit will be determined by the Death Benefit Option selected at the
time of the initial premium payment and is shown on the Schedule Page. The death
benefits provided under this contract are not less than the minimum benefits
required under the laws of the state where this contract is delivered.
DEATH BEFORE MATURITY DATE
If the contract is held by a single Owner who dies before the Maturity Date, We
will pay the death benefit amount to the designated Beneficiary upon receipt of
a certified death certificate, an order of competent jurisdiction or any other
proof acceptable to Us. If there is no designated Beneficiary, payment will be
made to the estate of the Owner.
If there is more than one Owner and one of the Owners dies before the Maturity
Date, We will pay the death benefit amount to the surviving Owner(s), if any,
who will be deemed to be the designated Beneficiary(s).
If the spouse of a deceased Owner is entitled to receive all or some portion of
the death benefit amount, the spouse may elect to continue the contract as the
new Owner. This election is only allowed prior to the Maturity Date and can be
elected only one time. When the spouse elects to continue the contract, the
death benefit amount that the spouse is entitled to receive will become the new
Contract Value for the continued contract, the current Death Benefit Option will
remain in effect, and the age of the spouse will be used to calculate the death
benefit. If the spouse does not make an election within one year of the Owner's
death, the contract will be continued with the spouse as the new Owner.
If the contract is owned by a non-natural person, the death of the Primary
Annuitant will be treated as the death of an Owner.
If the contract is owned by a non-natural person, such as a trust, and the
Annuitant (defined as the Primary Annuitant) dies before the Maturity Date, We
will pay the death benefit to the Owner upon receipt of a certified death
certificate, an order of competent jurisdiction or any other proof acceptable to
Us. If a Joint Annuitant dies prior to the Maturity Date, a death benefit is not
paid. The Owner may appoint a new Joint Annuitant.
ELECTION OF DEATH BENEFIT OPTIONS
The Owner shall elect any one of the Death Benefit Options that We make
available at the time of the Owner's initial premium payment. The Owner's chosen
option is as shown on the Schedule Page. If no option is elected, Death Benefit
Option 1 shall apply.
DEATH BENEFIT OPTION 1 - RETURN OF PREMIUM
This death benefit (less any premium tax) is equal to A or B, whichever is
greater, where:
A is 100% of premium payments less "Adjusted Partial Withdrawals" (as
defined below).
B is the Contract Value next determined following receipt of a certified
copy of the death certificate at Our annuity operations division.
DEATH BENEFIT OPTION 2 - ANNUAL STEP-UP
This death benefit is based on the age of the Owner. If there is more than one
Owner, it is based on the age of the eldest Owner.
D615 10
Prior to the Contract Anniversary following the oldest Owner's attained age 80,
the death benefit (less any premium tax) is equal to A or B or C, whichever is
greater, where:
A is 100% of premium payments less "Adjusted Partial Withdrawals" (as
defined below).
B is the Contract Value next determined following receipt of a certified
copy of the death certificate at Our annuity operations division.
C is the "Annual Step-Up Amount" (as defined below).
On or after the Contract Anniversary following the oldest Owner's attained age
80, the death benefit (less any premium tax) is equal to A or B, whichever is
greater, where:
A is 100% of premium payments less "Adjusted Partial Withdrawals" (as
defined below).
B is the Contract Value next determined following receipt of a certified
copy of the death certificate at Our annuity operations division.
If the contract is not owned by a natural person, the age of the Primary
Annuitant will be used to calculate the death benefit.
There is a separate fee associated with Death Benefit Option 2. It is called the
Annual Step-Up Fee and is described in Part 6.
ANNUAL STEP-UP AMOUNT
In the first Contract Year, the Annual Step-Up Amount is equal to 100% of
premium payments less "Adjusted Partial Withdrawals".
In the second Contract Year or any subsequent Contract Year prior to the
Contract Anniversary following the oldest Owner's attained age 80, the Annual
Step-Up Amount is equal to A or B, whichever is greater, where:
A is the Annual Step-Up Amount at the end of the previous Contract Year,
plus 100% of premium payments made since the end of the previous Contract
Year, less "Adjusted Partial Withdrawals" made since the end of the
previous Contract Year.
B is the Contract Value.
ADJUSTED PARTIAL WITHDRAWALS
The sum of all Adjusted Partial Withdrawals when each is calculated as the
product of (1) times (2) where:
1. is the ratio of the amount of the partial withdrawal to the Contract Value
on the date of (but prior to) the partial withdrawal; and
2. is the death benefit on the date of (but prior to) the partial withdrawal.
DISTRIBUTION AT DEATH REQUIREMENTS
Any Beneficiary who is a natural person entitled to a death benefit may, within
one year after the date of an Owner's death, elect to receive the death benefit
in the form of an annuity payment option. If an annuity payment option is
selected, it may not extend beyond such Beneficiary's life or life expectancy
and the payments must begin within one year after the date of death. If an
annuity payment option is not elected or the Beneficiary is a non-natural
person, the entire death benefit will be distributed in a lump sum no later than
five years after the date of death.
D615 11
DEATH ON OR AFTER THE MATURITY DATE
If an Owner dies on or after the Maturity Date and there is no surviving Owner,
any remaining certain period annuity payments will be paid to the Beneficiary
under the annuity payment option in effect on the date of death. If there is a
surviving Owner, the payments continue as if there had been no death. Payments
to the Beneficiary or surviving Owner may not be deferred or otherwise extended.
If the Annuitant, and Joint Annuitant, if any, die and are survived by any
Owner, any remaining certain period annuity payments will be paid to such Owner.
Payments will continue under the annuity payment option in effect at the date of
death and may not be deferred or otherwise extended.
HOW TO CHANGE THE BENEFICIARY
At any time prior to the death of the last of the Annuitants under this
contract, You may change the Beneficiary. The change must be made by Written
Notice signed by You. If there is more than one Owner, all Owners must sign the
Written Notice. When We receive it, the change will be effective as of the date
it was signed by the last Owner to sign. However, the change will be subject to
any payment made or actions taken by Us before We received the Written Notice at
Our annuity operations division.
PART 10: ANNUITY PAYMENT OPTIONS
You must elect an annuity payment option by Written Request. We reserve the
right to require that the election of a payment option be in the form of a
supplementary contract distributed by Us or one of Our affiliated companies
reflecting the terms of the payment option elected. We have the right to require
proof of age and sex of any person on whose life payments depend, as well as
proof of the continued survival of any such person. After the first Payment
Calculation Date, You may not change the annuity payment option You elected.
Where the election of an annuity payment option is made by the beneficiary of
any death benefit payable under this contract, limited as described in Part 9,
the term "Annuitant" as used below shall refer to such beneficiary.
CALCULATION OF FIXED ANNUITY PAYMENTS
Under Options A, B, D, E and F, rates are based on the 1983a Individual Annuity
Mortality Table projected with projection scale G to the year 2040 and an
interest rate of 1.5%. Under Options G and H, the guaranteed interest rate is
1.5%.
CALCULATION OF VARIABLE ANNUITY PAYMENTS
Under Options I, J, K, M and N, the amount of the first payment is equal to the
amount held under the selected option in each Subaccount, divided by $1,000 and
then multiplied by the applicable payment option rate. The first payment equals
the sum of the amounts provided by each Subaccount.
In each Subaccount, the number of fixed Annuity Units is determined by dividing
the amount of the initial payment provided by that Subaccount by the Annuity
Unit Value for that Subaccount on the first Payment Calculation Date.
Thereafter, the number of fixed Annuity Units in each Subaccount remains
unchanged unless You transfer amounts to or from the Subaccount. If You transfer
amounts to or from a Subaccount, the number of fixed Annuity Units will change
in proportion to the change in value of the Subaccount as a result of the
transfer. The number of fixed Annuity Units will change effective with the
transfer, but will remain fixed in number following the transfer.
Second and subsequent payments are determined by multiplying the number of fixed
Annuity Units for each Subaccount by the Annuity Unit Value for that Subaccount
on the Payment Calculation Date. The total payment will equal the sum of the
amounts provided by each Subaccount. The amount of second and subsequent
payments will vary with the investment experience of the Subaccounts and may be
either higher or lower than the first payment.
Under Option L, We determine the amount of the annual distribution by dividing
the Contract Value by the life expectancy of the Annuitant or the joint life
expectancy of the Annuitant and Joint Annuitant.
D615 12
Under Options I, J, M and N, the applicable payment option rate used to
determine the first payment amount will not be less than the rate based on the
1983a Individual Annuity Mortality Table projected with projection scale G to
the year 2040, with continued projection thereafter and the Assumed Investment
Rate.
Under Option K, the payment option rate will be based on the number of payments
to be made during the specified period and the Assumed Investment Rate.
We guarantee that neither expenses actually incurred, other than taxes on
investment return, nor mortality actually experienced, shall adversely affect
the dollar amount of variable annuity payments.
OPTION A - LIFE ANNUITY WITH SPECIFIED PERIOD CERTAIN
A fixed payout annuity payable monthly while the Annuitant is living or, if
later, the end of the specified period certain. The period certain may be
specified as 5, 10, or 20 years. The period certain must be specified at the
time this option is elected.
OPTION B - NON-REFUND LIFE ANNUITY
A fixed payout annuity payable monthly while the Annuitant is living. No monthly
payment, death benefit or refund is payable after the death of the Annuitant.
OPTION D - JOINT AND SURVIVORSHIP LIFE ANNUITY
A fixed payout annuity payable monthly while either the Annuitant or designated
Joint Annuitant is living. You must designate the Joint Annuitant at the time
You elect this option. The designated Joint Annuitant must be at least age 40 on
the first Payment Calculation Date.
OPTION E - INSTALLMENT REFUND LIFE ANNUITY
A fixed payout annuity payable monthly while the Annuitant is living. If the
Annuitant dies before the annuity payments made under this option total an
amount which refunds the entire amount applied under this option, We will make a
lump sum payment equal to the entire amount applied under this option less the
sum of payments already made.
OPTION F - JOINT AND SURVIVORSHIP LIFE ANNUITY WITH 10-YEAR PERIOD CERTAIN
A fixed payout annuity payable monthly while either the Annuitant or Joint
Annuitant is living, or if later, the end of 10 years. You must designate the
Joint Annuitant at the time You elect this option. The Joint Annuitant must be
at least age 40 on the first Payment Calculation Date.
OPTION G - PAYMENTS FOR A SPECIFIED PERIOD
A fixed payout annuity payable monthly over a specified period of time. Payments
continue whether the Annuitant lives or dies. The specified period must be in
whole numbers of years from 5 to 30, but cannot be greater than 100 minus the
age of the Annuitant. However, if the beneficiary of any death benefits payable
under this contract elects this Payment Option, the period selected by the
beneficiary may not extend beyond the life expectancy of such beneficiary.
OPTION H - PAYMENTS OF A SPECIFIED AMOUNT
Equal income installments of a specified amount are paid until the principal sum
remaining under this option from the amount applied is less than the amount of
the installment. When that happens, the principal sum remaining will be paid as
a final payment. The amount specified must provide for payments for a period of
at least 5 years.
OPTION I - VARIABLE LIFE ANNUITY WITH 10-YEAR PERIOD CERTAIN
A variable payout annuity payable monthly while the Annuitant is living or, if
later, for ten years. If the beneficiary of any death benefits payable under
this contract elects this payment option, the period certain will equal the
shorter of 10 years and the life expectancy of such beneficiary.
D615 13
OPTION J - JOINT SURVIVORSHIP VARIABLE LIFE ANNUITY WITH 10-YEAR PERIOD CERTAIN
A variable payout annuity payable monthly while either the Annuitant or Joint
Annuitant is living, or if later, the end of 10 years. You must designate the
Joint Annuitant at the time You elect this option. The Joint Annuitant must be
at least age 40 on the first Payment Calculation Date. This option is not
available for the payment of any death benefit under this contract.
OPTION K - VARIABLE ANNUITY FOR SPECIFIED PERIOD
A variable payout annuity payable monthly over a specified period of time.
Payments continue whether the Annuitant lives or dies. The specified period must
be in whole numbers of years from 5 to 30, but cannot be greater than 100 minus
the age of the Annuitant. However, if the beneficiary of any death benefits
payable under this contract elects this payment option, the period selected by
the beneficiary may not extend beyond the life expectancy of such beneficiary.
This option also provides for unscheduled withdrawals. An unscheduled withdrawal
will reduce the number of fixed Annuity Units in each Subaccount and affect the
amount of future payments.
OPTION L - VARIABLE LIFE EXPECTANCY ANNUITY
This option provides a variable income which is payable over the Annuitant's
annually recalculated life expectancy or the annually recalculated life
expectancy of the Annuitant and Joint Annuitant. This option also provides for
unscheduled withdrawals. An unscheduled withdrawal will reduce the Contract
Value and affect the amount of future payments. Upon the death of the Annuitant
(and Joint Annuitant, if applicable), any remaining Contract Value will be paid
in a lump sum to the beneficiary.
OPTION M - UNIT REFUND VARIABLE LIFE ANNUITY
This option provides variable monthly payments as long as the Annuitant lives.
In the event of the death of the Annuitant, the monthly payments will stop and
the beneficiary will receive a lump sum payment equal to the value of the
remaining Annuity Units. This value is equal to the sum of the number of
remaining Annuity Units for each Subaccount multiplied by the current Annuity
Unit Value for that Subaccount. The number of remaining Annuity Units for each
Subaccount will be calculated as follows:
(1) the net amount in the Subaccount applied under this option on the first
Payment Calculation Date divided by the corresponding Annuity Unit Value on
that date, minus
(2) the sum of the Annuity Units released from the Subaccount to make the
payments under this option.
You may not transfer any assets under Option M, unless We agree otherwise.
OPTION N - VARIABLE NON-REFUND LIFE ANNUITY
A variable payout annuity payable monthly while the Annuitant is living. No
monthly payment, death benefit or refund is payable after the death of the
Annuitant.
OTHER OPTIONS
We may offer other annuity payment options or alternative versions of the
options listed above.
D615 14
PART 11: TABLES OF ANNUITY PAYMENT OPTION RATES
The tables in this section show the guaranteed minimum monthly payments for
Options A - G, and the minimum initial payment for the Variable Payment Options
I, J, K, M and N for each $1,000 applied. These rates are based on the
Annuitant's age and sex. If Our rates in effect on the first Payment Calculation
Date are more favorable, We will use those rates. Subsequent monthly payments
for the Variable Payment Options will vary and may be higher or lower than the
first payment. Amounts for payment frequencies, periods, ages and any current
rate information not shown will be provided upon request.
The term "age" as used in the tables refers to the actual age of the Annuitant
on the first Payment Calculation Date.
OPTIONS A & E - LIFE ANNUITY WITH SPECIFIED PERIOD CERTAIN; INSTALLMENT REFUND LIFE ANNUITY
---------------------------------------------------------------------------------------------
AGE INSTALLMENT REFUND 10 YEARS CERTAIN 20 YEARS CERTAIN
---------------------------------------------------------------------------------------------
MALE FEMALE MALE FEMALE MALE FEMALE
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
40 $2.40 $2.27 $2.47 $2.31 $2.46 $2.30
---------------------------------------------------------------------------------------------
45 2.56 2.41 2.66 2.47 2.65 2.46
---------------------------------------------------------------------------------------------
50 2.75 2.59 2.90 2.67 2.87 2.65
---------------------------------------------------------------------------------------------
55 2.98 2.79 3.20 2.91 3.14 2.89
---------------------------------------------------------------------------------------------
60 3.26 3.05 3.59 3.23 3.45 3.17
---------------------------------------------------------------------------------------------
65 3.60 3.36 4.08 3.64 3.80 3.52
---------------------------------------------------------------------------------------------
70 4.02 3.75 4.71 4.17 4.16 3.91
---------------------------------------------------------------------------------------------
75 4.56 4.25 5.47 4.89 4.47 4.30
---------------------------------------------------------------------------------------------
80 5.25 4.91 6.38 5.80 4.70 4.62
---------------------------------------------------------------------------------------------
85 6.19 5.82 7.36 6.88 4.80 4.79
---------------------------------------------------------------------------------------------
OPTION B - NON-REFUND LIFE ANNUITY
-----------------------------------------
AGE MALE FEMALE
-----------------------------------------
-----------------------------------------
40 $2.47 $2.31
-----------------------------------------
45 2.67 2.47
-----------------------------------------
50 2.91 2.67
-----------------------------------------
55 3.22 2.92
-----------------------------------------
60 3.62 3.24
-----------------------------------------
65 4.15 3.66
-----------------------------------------
70 4.87 4.23
-----------------------------------------
75 5.84 5.04
-----------------------------------------
80 7.20 6.21
-----------------------------------------
85 9.16 7.94
-----------------------------------------
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OPTION D - JOINT AND SURVIVORSHIP LIFE ANNUITY
-------------------------------------------------------------------------------------------------
FEMALE MALE AGE
-------------------------------------------------------------------------------------
AGE 40 45 50 55 60 65 70 75
-------------------------------------------------------------------------------------------------
40 $2.19 $2.23 $2.26 $2.28 $2.29 $2.30 $2.30 $2.31
-------------------------------------------------------------------------------------------------
45 2.26 2.32 2.37 2.41 2.43 2.45 2.46 2.46
-------------------------------------------------------------------------------------------------
50 2.32 2.41 2.49 2.55 2.59 2.62 2.64 2.65
-------------------------------------------------------------------------------------------------
55 2.37 2.48 2.60 2.69 2.77 2.83 2.87 2.89
-------------------------------------------------------------------------------------------------
60 2.40 2.54 2.69 2.83 2.96 3.06 3.13 3.17
-------------------------------------------------------------------------------------------------
65 2.43 2.59 2.76 2.95 3.13 3.29 3.43 3.52
-------------------------------------------------------------------------------------------------
70 2.44 2.62 2.82 3.04 3.28 3.53 3.75 3.93
-------------------------------------------------------------------------------------------------
75 2.46 2.64 2.86 3.11 3.41 3.73 4.07 4.37
-------------------------------------------------------------------------------------------------
OPTION F - JOINT AND SURVIVORSHIP LIFE ANNUITY WITH 10-YEAR PERIOD CERTAIN
-------------------------------------------------------------------------------------------------
FEMALE MALE AGE
-------------------------------------------------------------------------------------
AGE 40 45 50 55 60 65 70 75
-------------------------------------------------------------------------------------------------
40 $2.19 $2.23 $2.26 $2.28 $2.29 $2.30 $2.30 $2.31
-------------------------------------------------------------------------------------------------
45 2.26 2.32 2.37 2.41 2.43 2.45 2.46 2.46
-------------------------------------------------------------------------------------------------
50 2.32 2.41 2.49 2.55 2.59 2.62 2.64 2.65
-------------------------------------------------------------------------------------------------
55 2.37 2.48 2.60 2.69 2.77 2.83 2.87 2.89
-------------------------------------------------------------------------------------------------
60 2.40 2.54 2.69 2.83 2.96 3.06 3.13 3.17
-------------------------------------------------------------------------------------------------
65 2.43 2.59 2.76 2.95 3.13 3.29 3.43 3.52
-------------------------------------------------------------------------------------------------
70 2.44 2.62 2.82 3.04 3.28 3.53 3.75 3.93
-------------------------------------------------------------------------------------------------
75 2.46 2.64 2.86 3.11 3.41 3.73 4.07 4.37
-------------------------------------------------------------------------------------------------
OPTION G - PAYMENTS FOR A SPECIFIED PERIOD
---------------------------------------------------------
ANNUAL MONTHLY
NUMBER OF YEARS INSTALLMENT INSTALLMENT
---------------------------------------------------------
5 $206.00 $17.28
---------------------------------------------------------
6 172.96 14.51
---------------------------------------------------------
7 149.32 12.53
---------------------------------------------------------
8 131.61 11.04
---------------------------------------------------------
9 117.84 9.89
---------------------------------------------------------
10 106.83 8.96
---------------------------------------------------------
11 97.83 8.21
---------------------------------------------------------
12 90.33 7.58
---------------------------------------------------------
13 83.98 7.05
---------------------------------------------------------
14 78.55 6.59
---------------------------------------------------------
15 73.84 6.20
---------------------------------------------------------
16 69.72 5.85
---------------------------------------------------------
17 66.09 5.55
---------------------------------------------------------
18 62.86 5.27
---------------------------------------------------------
19 59.98 5.03
---------------------------------------------------------
20 57.38 4.81
---------------------------------------------------------
25 47.55 3.99
---------------------------------------------------------
30 41.02 3.44
---------------------------------------------------------
D615 16
OPTION I - VARIABLE PAYMENT LIFE ANNUITY WITH 10-YEAR PERIOD CERTAIN
-----------------------------------------
AGE MALE FEMALE
-----------------------------------------
40 $4.15 $4.02
-----------------------------------------
45 4.29 4.12
-----------------------------------------
50 4.40 4.27
-----------------------------------------
55 4.73 4.46
-----------------------------------------
60 5.06 4.71
-----------------------------------------
65 5.51 5.05
-----------------------------------------
70 6.08 5.52
-----------------------------------------
75 6.79 6.17
-----------------------------------------
80 7.65 6.99
-----------------------------------------
85 8.57 7.98
-----------------------------------------
OPTION J - JOINT SURVIVOR VARIABLE PAYMENT LIFE ANNUITY WITH 10-YEAR PERIOD CERTAIN
-----------------------------------------------------------------------------------------------
FEMALE
AGE MALE AGE
-----------------------------------------------------------------------------------------------
40 45 50 55 60 65 70 75
-----------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------
40 $3.92 $3.94 $3.96 $3.98 $3.99 $4.00 $4.00 $4.01
-----------------------------------------------------------------------------------------------
45 3.96 4.00 4.03 4.06 4.08 4.09 4.10 4.11
-----------------------------------------------------------------------------------------------
50 4.00 4.05 4.10 4.15 4.18 4.21 4.23 4.24
-----------------------------------------------------------------------------------------------
55 4.03 4.10 4.18 4.24 4.30 4.35 4.39 4.41
-----------------------------------------------------------------------------------------------
60 4.06 4.15 4.25 4.34 4.43 4.52 4.58 4.63
-----------------------------------------------------------------------------------------------
65 4.09 4.19 4.31 4.44 4.57 4.70 4.81 4.90
-----------------------------------------------------------------------------------------------
70 4.11 4.22 4.36 4.53 4.70 4.89 5.07 5.22
-----------------------------------------------------------------------------------------------
75 4.12 4.75 4.41 4.60 4.82 5.07 5.34 5.59
-----------------------------------------------------------------------------------------------
OPTION K - VARIABLE PAYMENT ANNUITY FOR A SPECIFIED PERIOD
---------------------------------------------------------
NUMBER OF YEARS ANNUAL MONTHLY
INSTALLMENT INSTALLMENT
---------------------------------------------------------
5 $217.98 $18.53
---------------------------------------------------------
6 185.53 15.77
---------------------------------------------------------
7 162.39 13.81
---------------------------------------------------------
8 145.08 12.34
---------------------------------------------------------
9 131.65 11.19
---------------------------------------------------------
10 120.94 10.28
---------------------------------------------------------
11 112.20 9.54
---------------------------------------------------------
12 104.94 8.92
---------------------------------------------------------
13 98.83 8.40
---------------------------------------------------------
14 93.61 7.96
---------------------------------------------------------
15 89.10 7.58
---------------------------------------------------------
16 85.18 7.24
---------------------------------------------------------
17 81.74 6.95
---------------------------------------------------------
18 78.70 6.69
---------------------------------------------------------
19 75.99 6.46
---------------------------------------------------------
20 73.57 6.25
---------------------------------------------------------
25 64.53 5.49
---------------------------------------------------------
30 58.75 5.00
---------------------------------------------------------
D615 17
OPTION M - VARIABLE PAYMENT LIFE ANNUITY WITH UNIT REFUND
-----------------------------------------
AGE MALE FEMALE
-----------------------------------------
40 $4.12 $4.01
-----------------------------------------
45 4.25 4.11
-----------------------------------------
50 4.42 4.24
-----------------------------------------
55 4.64 4.41
-----------------------------------------
60 4.92 4.64
-----------------------------------------
65 5.28 4.94
-----------------------------------------
70 5.74 5.33
-----------------------------------------
75 6.32 5.86
-----------------------------------------
80 7.07 6.55
-----------------------------------------
85 8.01 7.43
-----------------------------------------
OPTION N - VARIABLE PAYMENT LIFE ANNUITY
-----------------------------------------
AGE MALE FEMALE
-----------------------------------------
40 $4.15 $4.02
-----------------------------------------
45 4.30 4.13
-----------------------------------------
50 4.50 4.27
-----------------------------------------
55 4.76 4.47
-----------------------------------------
60 5.11 4.73
-----------------------------------------
65 5.60 5.09
-----------------------------------------
70 6.29 5.60
-----------------------------------------
75 7.20 6.34
-----------------------------------------
80 8.49 7.41
-----------------------------------------
85 10.30 8.98
-----------------------------------------
D615 18
PHOENIX LIFE INSURANCE COMPANY
FLEXIBLE PREMIUM VARIABLE ACCUMULATION DEFERRED ANNUITY
ALL VALUES AND BENEFITS ARE BASED ON THE INVESTMENT EXPERIENCE OF THE
SUBACCOUNTS OF THE SEPARATE ACCOUNT AND MAY INCREASE OR DECREASE AND ARE
VARIABLE AND NOT GUARANTEED AS TO DOLLAR AMOUNT. SEE PART 7 FOR A DESCRIPTION OF
HOW THE CONTRACT VALUES ARE DETERMINED, PART 9 FOR A DESCRIPTION OF HOW THE
DEATH BENEFITS ARE DETERMINED, AND PART 10 FOR A DESCRIPTION OF HOW ANNUITY
PAYMENTS ARE DETERMINED.
NONPARTICIPATING
D615
