XXXXXXX NATIONAL LIFE INSURANCE COMPANY
0000 Xxxxxxxxx Xxxxx
Xxxxxxx, Xxxxxxxx 00000
A Stock Company [COMPANY LOGO]
("the Company" or Xxxxxxx National)
Thank you for choosing Xxxxxxx National. If You have any questions,
please contact the Company at the Service Center address and telephone number
shown on the Contract Data Page.
THIS ANNUITY CONTRACT OFFERED BY XXXXXXX NATIONAL IS A CONTRACT
BETWEEN YOU, THE OWNER, AND XXXXXXX NATIONAL, AN INSURANCE COMPANY.
READ YOUR CONTRACT CAREFULLY.
AMOUNTS IN THE SEPARATE ACCOUNT(S) ARE NOT GUARANTEED AND MAY INCREASE OR
DECREASE BASED UPON THE INVESTMENT EXPERIENCE OF THE INVESTMENT PORTFOLIO(S).
THE GUARANTEED OPTIONS ARE SUBJECT TO AN EXCESS INTEREST ADJUSTMENT WHICH MAY
INCREASE OR DECREASE AMOUNTS WITHDRAWN, BUT THE GUARANTEED ACCOUNT CONTRACT
VALUE WILL NEVER DECREASE TO LESS THAN THE GUARANTEED ACCOUNT MINIMUM VALUE.
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NOTICE OF TWENTY-DAY RIGHT TO EXAMINE POLICY
YOU MAY RETURN THIS CONTRACT TO THE SELLING PRODUCER OR XXXXXXX NATIONAL WITHIN
20 DAYS AFTER YOU RECEIVE IT. THE COMPANY WILL REFUND THE CONTRACT VALUE LESS
ANY CONTRACT ENHANCEMENT FOR THE BUSINESS DAY ON WHICH THE CONTRACT IS RECEIVED
AT ITS SERVICE CENTER. UPON SUCH REFUND, THE CONTRACT SHALL BE VOID.
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INDIVIDUAL DEFERRED VARIABLE AND This Contract is signed by the Company
FIXED ANNUITY CONTRACT (FLEXIBLE /s/ Xxxxxx X. Xxxxx
PREMIUM). DEATH BENEFIT. Secretary
NON-PARTICIPATING. /s/ Xxxxxx X. Xxxxxxxx
President
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TABLE OF CONTENTS
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Provision Page Number
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CONTRACT DATA PAGE i
DEFINITIONS 1
GENERAL PROVISIONS 4
ACCUMULATION PROVISIONS 7
WITHDRAWAL PROVISIONS 10
DEATH BENEFIT PROVISIONS 11
INCOME PROVISIONS 13
TABLE OF INCOME OPTIONS 16
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CONTRACT DATA PAGE
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Contract Number:
Owner:
Joint Owner:
Annuitant:
Joint Annuitant:
Issue Date:
Issue State:
Initial Premium Amount: $
Annual Contract Maintenance Charge: An Annual Contract Maintenance Charge of
no more than $35.00 will be deducted
annually from Your Contract Value.
Death Benefit: You have elected the Death Benefit.
Optional Enhanced Death If You selected the Optional Enhanced
Benefit Charge: Death Benefit, this charge, on an annual
basis, equals .15% of the daily net
asset value of the Investment
Portfolios.
Insurance Charge: This charge, on an annual basis, equals
1.50% of the daily net asset value of
the Investment Portfolios.
Beneficiary(ies):
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CONTRACT DATA PAGE (CONT'D)
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Premium(s): Premiums are flexible. This means that
the Owner may change the amounts,
frequency or timing of Premiums. The
initial Premium must be at least $5,000
for Nonqualified Plan Contracts and
$2,000 for Qualified Plan Contracts.
Subsequent Premiums must be at least
$500 ($50 if made in connection with an
automatic payment plan). Total Premiums
under a contract may not exceed
$1,000,000. The Company may waive the
minimums or maximums at any time.
The Owner may allocate Premiums among
the Guaranteed Options and the
Investment Portfolios. Such election may
be made in any percent from 0% to 100%
in whole percentages, provided that the
minimum Premium amount that may be
allocated to a Guaranteed Option or an
Investment Portfolio is $100.
Contract Enhancement: The Company will add a credit to the
Contract Value at the time Premium is
applied to the Contract. This is 4% of
each Premium applied. Please note,
Premium payments made within 12 months
of a withdrawal or distribution from
this Contract will not receive a
Contract Enhancement. (See Contract
Enhancement provision in the
Accumulation Provisions.)
Transfer/Transfer Charge: A fee of $25.00 is charged for each
transfer in excess of 15 in a Contract
year.
FROM INVESTMENT PORTFOLIO TO INVESTMENT
PORTFOLIO. Both prior to and after the
Income Date, You may transfer all or a
portion of Your Contract Value in one
Investment Portfolio to another
Investment Portfolio, subject to
Contract provisions.
FROM INVESTMENT PORTFOLIO TO A
GUARANTEED OPTION. Both prior to and
after the Income Date, You may transfer
all or a portion of Your Investment
Portfolio(s) to a Guaranteed Option(s).
FROM A GUARANTEED OPTION TO A GUARANTEED
OPTION OR INVESTMENT PORTFOLIO. Prior to
the Income Date, other than transfers
made during the 30-day period after the
end of a maturing Guaranteed Option
period, (see Guaranteed Options under
Accumulation Provisions), transfers of
amounts between Guaranteed Options or
from a Guaranteed Option to an
Investment Portfolio may be subject to
an Excess Interest Adjustment. Please
note that transfers are not allowed from
the Guaranteed Option after the Income
Date.
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CONTRACT DATA PAGE (CONT'D)
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Withdrawal Charge: The Company may assess a Withdrawal
Charge upon withdrawal of the Contract
Value, in whole or in part, as follows:
Completed Years Since Percent of
Receipt of Premium Premium
------------------ -----------------
0 8.5%
1 8.0%
2 7.0%
3 6.0%
4 5.0%
5 4.0%
6 3.0%
7 2.0%
8 1.0%
9 0%
This charge will apply to annuitizations
which occur within one year of the Issue
Date.
A specified amount of the Withdrawal
Value may be withdrawn free of
Withdrawal Charges each Contract Year
(see Withdrawal Provisions).
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CONTRACT DATA PAGE (CONT'D)
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Contract Options: GUARANTEED OPTIONS
Guaranteed Options may be elected for
periods of 1 and 5 years.
INVESTMENT PORTFOLIOS
Investment Portfolios available on the
Issue Date of the Contract:
JNL Aggressive Growth
JNL Global Equities
JNL/Alliance Growth
JNL/First Trust The DowTM Target 10
JNL/JPM International & Emerging Markets
JNL/PIMCO Total Return Bond
Xxxxxxx Xxxxx/JNL Growth & Income
Lazard/JNL Small Cap Value
Lazard/JNL Mid Cap Value
PPM America/JNL Money Market
Salomon Brothers/JNL Balanced
Salomon Brothers/JNL Global Xxxx
Xxxxxxx Brothers/JNL High Yield Bond
X. Xxxx Price/JNL International Equity
Investment
X. Xxxx Price/JNL Mid-Cap Growth
JNL/S&P Conservative Growth II
JNL/S&P Moderate Growth II
JNL/S&P Aggressive Growth II
JNL/S&P Very Aggressive Growth II
JNL/S&P Equity Growth II
JNL/S&P Equity Aggressive Growth II
Periodically the Company will make
available additional Investment
Portfolios.
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CONTRACT DATA PAGE (CONT'D)
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"S&P 500(R)" is a trademark of the McGraw Hill Companies, Inc. and has been
licensed for use by the Company. This annuity is not sponsored, endorsed, sold
or promoted by Standard & Poor's and Standard & Poor's makes no representation
regarding the advisability of investing in the annuity.
This Contract is not sponsored, endorsed, sold or promoted by Xxx Xxxxx. Dow
Xxxxx makes no representation or warranty, express or implied, to the owners of
this Contract or any member of the public regarding the advisability of
purchasing this Contract. Xxx Xxxxx' only relationship to Xxxxxxx National Life
Insurance Company (JNL) is the licensing of certain copyrights, trademarks,
servicemarks and service names of Xxx Xxxxx. Dow Xxxxx has no obligation to take
the needs of JNL or the owners of this Contract into consideration in
determining, composing or calculating the Dow Xxxxx Industrial AverageSM. Dow
Xxxxx is not responsible for and has not participated in the determination of
the terms and conditions of this Contract to be issued, including the pricing or
the amount payable under the Contract. Dow Xxxxx has no obligation or liability
in connection with the administration or marketing of this Contract.
DOW XXXXX DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE DOW
XXXXX INDUSTRIAL AVERAGESM OR ANY DATA INCLUDED THEREIN AND DOW XXXXX SHALL HAVE
NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. DOW XXXXX
MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY JNL,
OWNERS OF THIS CONTRACT, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE DOW
XXXXX INDUSTRIAL AVERAGESM OR ANY DATA INCLUDED THEREIN. DOW XXXXX MAKES NO
EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF
MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE
DOW XXXXX INDUSTRIAL AVERAGESM OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING
ANY OF THE FOREGOING, IN NO EVENT SHALL DOW XXXXX HAVE ANY LIABILITY FOR ANY
LOST PROFITS OR INDIRECT, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES (INCLUDING
LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES. THERE ARE NO
THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN XXX XXXXX
AND JNL.
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Xxxxxxx National Life Service Center: Express Mail:
P.O. Box 378002 0000 X. Xxxxx Xxx., 0xx Xxxxx
Xxxxxx, XX 00000 Xxxxxx, XX 00000
800/766-4683
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DEFINITIONS
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ANNUITANT. The natural person on whose life the income benefit for this Contract
is based. The Owner may change the Annuitant at any time prior to the Income
Date, unless the Owner is not a natural person, which could include but not be
limited to a business or a trust.
BENEFICIARY(IES). The person(s) designated to receive any Contract benefits upon
the death of the Owner.
BUSINESS DAY. Each day when both the Company's Service Center and the New York
Stock Exchange are open for business. The Company Business Day closes when the
New York Stock Exchange closes, usually 4:00 p.m. Eastern time.
COMPANION CONTRACT. Any contract made available and issued to You by the Company
into which You may exchange this Contract.
CONTRACT ENHANCEMENT. An amount added to the Contract Value at the time Premium
is applied. Please note that Premium payments made within 12 months of a
withdrawal or distribution from this Contract will not receive a Contract
Enhancement.
CONTRACT OPTION. One of the options offered by the Company under this Contract.
(Each Contract Option is more fully explained in the Accumulation Provisions).
CONTRACT VALUE. The sum of the Separate Account Contract Value and the
Guaranteed Account Contract Value.
EARNINGS. An amount equal to the Contract Value, less any Contract Enhancements
applied during the previous 12 months, less total Remaining Premium.
EXCESS INTEREST ADJUSTMENT. An adjustment applied, with certain exceptions, to
amounts withdrawn or transferred from the Guaranteed Option(s) prior to the end
of the Guaranteed Option period.
GUARANTEED ACCOUNT. The Guaranteed Account consists of the Guaranteed Options
under this Contract. Allocations made to the Guaranteed Account are invested in
the general account of the Company. The general account is made up of all
general assets of the Company, other than those in the Separate Account, and
other segregated asset accounts.
GUARANTEED ACCOUNT CONTRACT VALUE. The sum of the Guaranteed Option Values under
this Contract.
GUARANTEED ACCOUNT MINIMUM VALUE. The sum of the Guaranteed Option Minimum
Value(s) under this Contract.
GUARANTEED OPTION(S). A Contract Option within the Guaranteed Account which
earns a declared rate of interest for a specified number of years and which may
be subject to an Excess Interest Adjustment.
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DEFINITIONS (CONT'D)
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GUARANTEED OPTION MINIMUM VALUE. The sum of Premiums, Contract Enhancements, and
any subsequent amounts allocated to a Guaranteed Option, less any amounts
withdrawn for transfers, charges, deductions or withdrawals, accumulated at 3%,
less any Withdrawal Charges, any Contract Enhancements applied that resulted
from Premium paid within the previous 12 month period, and any premium tax due.
GUARANTEED OPTION VALUE. The Guaranteed Option Value is: (1) the Premium,
Contract Enhancements, and any subsequent amounts allocated to the Guaranteed
Option period; plus (2) any interest credited; less (3) any amounts canceled or
withdrawn for transfers, charges, deductions, or withdrawals.
INCOME DATE. The date on which income payments are to begin.
INVESTMENT PORTFOLIO. A Contract Option within the Separate Account. Values in
the Investment Portfolios will go up or down depending on the performance of the
portfolios. (The Investment Portfolios available at issue are shown on the
Contract Data Page.)
ISSUE DATE. The date the Contract was issued by the Company, as shown on the
Contract Data Page.
JOINT OWNER. If there is more than one Owner, each Owner shall be a Joint Owner
of the Contract. Joint Owners have equal ownership rights and must both
authorize any exercising of those ownership rights under this Contract.
LATEST INCOME DATE. The date on which the Owner attains age 90 under a
Nonqualified Plan Contract, or such earlier date as required by the applicable
Qualified Plan, law, or regulation, unless otherwise approved by the Company.
NONQUALIFIED PLAN. A retirement plan which does not qualify for favorable tax
treatment under Section 401, 403, 408 or 457 of the Internal Revenue Code as
amended.
OWNER ("YOU," "YOUR"). The person or entity shown on the Contract Data Page who
is entitled to exercise all rights and privileges under this Contract. Usually,
but not always, the Owner is also the Annuitant. If Joint Owners are named all
references to Owner shall mean Joint Owner.
PREMIUM(S). Considerations paid into this Contract by or on behalf of the Owner.
QUALIFIED PLAN. A retirement plan which qualifies for favorable tax treatment
under Sections 401, 403, 408 or 457 of the Internal Revenue Code as amended.
REMAINING PREMIUM. The total Premium in the Contract reduced due to withdrawals.
The Remaining Premium will be reduced by withdrawals that incur Withdrawal
Charges, as well as the withdrawal of Premiums that are no longer subject to
Withdrawal Charges.
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DEFINITIONS (CONT'D)
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SEPARATE ACCOUNT(S). Segregated asset accounts established by the Company in
accordance with Michigan law. The assets of a Separate Account belong to the
Company. However, those Contract assets in a Separate Account are not chargeable
with liabilities arising out of any other business the Company may conduct. All
the income, gains and losses resulting from these assets are credited to or
charged against the Contracts and not against any other Contracts the Company
may issue. A Separate Account consists of several Investment Portfolios. This
Contract may allocate funds to more than one Separate Account.
SEPARATE ACCOUNT CONTRACT VALUE. The current value of the amounts allocated to
the Investment Portfolios within the Separate Account(s) of the Contract.
SERVICE CENTER. The Company's address and telephone number as specified on the
Contract Data Page or as may be designated by Us from time to time.
WE, OUR, US, THE COMPANY. Xxxxxxx National Life Insurance Company.
WITHDRAWAL CHARGE, CONTINGENT DEFERRED SALES CHARGE. The charge assessed against
certain withdrawals. (Please see Contract Data Page and Withdrawal Provisions).
WITHDRAWAL VALUE. The Contract Value reduced by any applicable Contract charges
or fees, any Contract Enhancements applied during the previous 12 month period,
and any premium taxes or other taxes payable; and, further adjusted by any
Excess Interest Adjustments.
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GENERAL PROVISIONS
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ASSIGNMENT. The Owner may not use this Contract as collateral or security for a
loan. However, the Owner may assign this Contract before the Income Date, but We
will not be bound by an assignment unless it is in writing and has been recorded
at the Company's Service Center. An assignment will take effect when recorded by
the Company. We are not responsible for any payment made before an assignment is
recorded. The Owner may exercise these rights subject to the interest of any
assignee or irrevocable beneficiary. We assume no responsibility for the
validity or tax consequences of any assignment. If You make an assignment, You
may have to pay income tax.
You are encouraged to seek competent legal and/or tax advice.
BENEFICIARY. The Owner may designate the Beneficiary(ies) to receive any amount
payable under this Contract on the Owner's death or, as applicable, on the
Annuitant's death. The original Beneficiary(ies) will be named in the
application, if any, and on the Contract Data Page. If two or more persons are
named, those surviving the Owner will share equally unless otherwise stated. If
there are no surviving Beneficiaries at the death of the Owner, the Death
Benefit will be paid to the Owner's estate. Upon the death of a Joint Owner, the
surviving Joint Owner, if any, will be treated as the primary Beneficiary and
all other Beneficiaries will be treated as Contingent Beneficiaries. The Owner
may change the Beneficiary(ies) by submitting a written request to the Service
Center, unless an irrevocable Beneficiary(ies) designation was previously filed.
Any change will take effect when recorded by the Company. The Company is not
liable for any payment made or action taken before the Company records the
change.
CHARGES AND FEES. The Company may assess fees or charges under the Contract.
Please see the Contract Data Page for more information as to fees or charges.
CONFORMITY WITH STATE LAWS. This Contract will be interpreted under the law of
the state in which it is issued. Any provision which is in conflict with the law
of such state, is amended to conform to the minimum requirements of such law.
CONTESTABILITY. The Company will not contest this Contract from its Issue Date,
as shown on the Contract Data Page.
DEFERMENT OF PAYMENTS. We may defer making payments from the Guaranteed Account
for up to 6 months. Interest, subject to state requirements, will be credited
during the deferral period.
DOLLAR COST AVERAGING. The Owner may arrange to have a regular amount of money
transferred automatically from the one year Guaranteed Option or one of the
Investment Portfolios of the Contract to (an) Investment Portfolio(s).
ENTIRE CONTRACT. The Contract, application, if any, and any applicable riders,
endorsements and amendments together make up the entire Contract.
MISSTATEMENT OF AGE OR SEX. If the age or sex of the Annuitant has been
misstated, the benefits will be those which the Premiums paid would have
purchased at the correct age and sex. Any underpayments will be adjusted
immediately by the Company. Overpayments will be deducted from future payments.
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GENERAL PROVISIONS (CONT'D)
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MODIFICATION OF CONTRACT. Any change or waiver of the provisions of this
Contract must be in writing and signed by the President, a Vice President, the
Secretary or Assistant Secretary of the Company. No broker or producer has
authority to change or waive any provision of this Contract. The Company may
amend or waive any portion of this Contract without notice or consent if state
or federal law so requires.
NONPARTICIPATING. This Contract does not share in Our surplus or earnings.
PROOF OF AGE, SEX OR SURVIVAL. The Company may require satisfactory proof of
correct age or sex, as applicable, at any time. If any payment under this
Contract is contingent upon the Annuitant, Owner or Beneficiary being alive, the
Company may require satisfactory proof of survival.
PROTECTION OF PROCEEDS. No Beneficiary may commute, encumber, alienate or assign
any payment under this Contract before it is due. To the extent permitted by
law, no payment will be subject to the debts, contracts or engagements of any
Beneficiary. In addition, to the extent permitted by law, no payment will be
subject to any judicial process to levy You or attach the same for payment
thereof.
REPORTS. The Company will send You a report at least once a year. We will also
send You reports as required by law. They shall be addressed to the last address
of the Owner known to the Company.
SUBSTITUTION OF INVESTMENT PORTFOLIOS. If any Investment Portfolio is no longer
available for investment by the Separate Account or if, in the judgment of the
Company's Board of Directors, further investment in the Investment Portfolio is
no longer appropriate in view of the purpose of the Contract, the Company may
substitute one Investment Portfolio for another. No substitution of securities
may take place without prior approval of the Securities and Exchange Commission.
SUSPENSION OF PAYMENTS. The Company may suspend or postpone any payments from
the Investment Portfolios if any of the following occur:
a) The New York Stock Exchange is closed;
b) Trading on the New York Stock Exchange is restricted;
c) An emergency exists such that it is not reasonably practical to dispose of
securities in the Separate Account or to determine the value of its assets;
or
d) The Securities and Exchange Commission, by order, so permits for the
protection of Contract Owners.
TAXES. The Company may deduct from the Contract Value any premium taxes or other
taxes payable to a state or other government entity. 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.
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GENERAL PROVISIONS (CONT'D)
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TELEPHONE REQUESTS. Subject to the Contract Data Page Transfers/Transfer Charge
provisions, the Owner may transfer amounts within the Contract by written notice
or telephone request. Telephone transactions are permitted if the Owner has
given the Company appropriate authorization. The Company has in place procedures
which are designed to provide reasonable assurance that telephone authorizations
are genuine, including tape recording of telephone communications and requesting
identifying information. Accordingly, the Company and its affiliates disclaim
all liability for any claim, loss or expense resulting from any alleged error or
mistake in connection with a telephone request which was not properly authorized
by the Owner. The Company reserves the right to modify or discontinue at any
time and without notice the use of telephone transfers and the acceptance of
transfer instructions from someone other than the Owner.
WRITTEN NOTICE. Any notice We send to the Owner will be sent to the Owner's last
known address unless the Owner requests otherwise in writing. Any written
request or notice must be sent to the Service Center, unless We advise You
otherwise. You are responsible for promptly notifying the Company of any address
change.
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ACCUMULATION PROVISIONS
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An Owner may not allocate Contract Values to more than eighteen Contract Options
at one time. The Company may waive this restriction at its discretion.
CONTRACT ENHANCEMENT. The Company will add a credit to your Contract Value for
each Premium applied to the Contract at a rate as specified on the Contract Data
Page at the time such Premium is applied. The Contract Enhancement will be
allocated among Contract Options in the same proportion that the applicable
Premium is allocated.
The Contract Enhancement is subject to the following conditions:
o The amount returned if the Owner exercises the right to return the Contract
under the Notice of Twenty-Day Right to Examine Policy provision will be
reduced by any Contract Enhancement applied.
o If a death benefit is payable, any Contract Enhancement based on any
Premium payment received within 12 months prior to the date of death of the
Owner or Annuitant (when the Owner is not a natural person) will be
deducted from the death benefit payable.
o For withdrawals or distributions, including partial withdrawals, any
Contract Enhancement resulting from Premium paid 12 months prior to the
receipt of the request for the withdrawal or distribution will be deducted
from the Contract Value prior to determining the amount available for
withdrawal or distribution.
o For benefits provided by riders or endorsements, any Contract Enhancement
resulting from Premium paid 12 months prior to the receipt of the request
for the payment of the benefit will be deducted from the Contract Value
prior to determining the amount available.
Any gains or losses attributable to the Contract Enhancement will not be
considered part of any amount deducted as described above.
Contract Enhancements, and any gains or losses attributable to a Contract
Enhancement, distributed under this Contract will be considered earnings under
the Contract for tax purposes.
INVESTMENT PORTFOLIOS. The Contract offers Investment Portfolios.
Accumulation Units. The Separate Account Contract Value will go up or down
depending on the performance of the Investment Portfolios. In order to monitor
the Separate Account Contract Value during the accumulation phase, the Company
uses a unit of measure called an accumulation unit. The value of an accumulation
unit may go up or down from day to day. The assessment of Withdrawal Charges,
transfer fees, Annual Contract Maintenance Charges, and any other fees or
charges are effected by redemption of accumulation units and do not affect the
accumulation unit value. During the income payout phase, the unit of measure is
called an annuity unit (please see Income Provisions for further information).
Every Business Day the Company determines the value of an accumulation unit for
each of the Investment Portfolios. This is done by:
1. determining the total amount of money invested in the particular
Investment Portfolio;
2. subtracting from the amount any Insurance Charges, Optional Enhanced
Death Benefit Charge, if applicable, and any other charges such as
taxes;
3. dividing this amount by the number of outstanding accumulation units.
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ACCUMULATION PROVISIONS (CONT'D)
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When you make an allocation to Investment Portfolios, the Company credits Your
Contract with accumulation units. The number of accumulation units credited is
determined by dividing the amount of the Premium and Contract Enhancement
allocated to any Investment Portfolio by the value of the accumulation unit for
that Investment Portfolio.
GUARANTEED OPTIONS. The Contract offers Guaranteed Options for a specified
number of years. Amounts allocated to a Guaranteed Option may be subject to an
Excess Interest Adjustment if amounts are transferred or withdrawn prior to the
end of such Guaranteed Option period.
You may allocate Premium or make transfers to one or more Guaranteed Options at
any time prior to the Latest Income Date, subject to the provisions of this
Contract. If You do not specify both a Contract Option and period by the end of
the maturing Guaranteed Option period, We will automatically allocate such
amounts to a Guaranteed Option with the same Guaranteed Option period. You will
then be permitted, within 30 calendar days of Our allocation, to transfer (upon
written notice or telephone request to the Service Center), or withdraw (upon
written notice to the Service Center) amounts from such Guaranteed Option as
permitted under this Contract. Withdrawals may be subject to Withdrawal Charges.
If You do not provide Us notice within the 30 calendar day period, such amounts
shall remain in the Guaranteed Option period until You otherwise notify the
Company.
If the Guaranteed Option elected extends beyond the Latest Income Date, We will
automatically allocate such amounts to a Guaranteed Option with the longest
period that will not extend beyond such date. If reallocation of an amount to a
Guaranteed Option period due to completion of the then current Guaranteed Option
period occurs within one year of the Latest Income Date, We will credit interest
up to the Latest Income Date at the then current One Year Guaranteed Option
interest rate.
Interest To Be Credited. The Company will credit interest to the Guaranteed
Option. Such interest will be credited at such rate or rates as the Company
prospectively declares from time to time, at the sole discretion of the Company.
Any such rate or rates so determined will remain in effect for a period of not
less than the selected Guaranteed Option period, so long as such deposited
amount remains in the Guaranteed Option. Interest will be credited to subsequent
Guaranteed Option periods at a rate of interest declared by the Company. The
Company guarantees that it will credit interest at not less than 3%.
Excess Interest Adjustment. Any amount withdrawn or transferred from a
Guaranteed Option will be subject to an Excess Interest Adjustment unless
otherwise provided in this Contract. The Excess Interest Adjustment will be
calculated by multiplying the amount withdrawn or transferred by the formula
described below:
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ACCUMULATION PROVISIONS (CONT'D)
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(m/12)
[1 + I]
------------- -1
(m/12)
[1 + J]
where:
I = the interest rate credited to the current Guaranteed Option period.
J = the interest rate that would be credited, at the time of withdrawal or
transfer, to a new Guaranteed Option period of the same duration, increased
by 0.50%. When no Guaranteed Option period of the required duration is
available, the rate will be established by linear interpolation.
m = number of complete months remaining to the end of the current Guaranteed
Option period.
There will be no Excess Interest Adjustment when J is greater than I, provided
that the difference between J and I is less than or equal to 0.50%.
In addition, the Excess Interest Adjustment will not apply to:
a) the payment of death benefit proceeds;
b) amounts withdrawn for Contract charges or fees;
c) an Income Option that results in payments spread over at least 5
years;
d) amounts either withdrawn or transferred during the 30-day period after
the end of a maturing Guaranteed Option period;
e) amounts transferred or withdrawn from any One-Year Guaranteed Option.
In no event will a total withdrawal from a Guaranteed Option be less than the
Guaranteed Option Minimum Value.
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WITHDRAWAL PROVISIONS
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At or before the Income Date, the Owner may withdraw all or part of the amounts
under this Contract by informing Us at Our Service Center. For full withdrawal,
this Contract, or a Lost Contract Affidavit, must be returned to Our Service
Center.
Each Premium payment withdrawn from the Contract will be subject to Withdrawal
Charges, in accordance with the table shown on the Contract Data Page. Earnings
withdrawn are not subject to Withdrawal Charges.
Upon full withdrawal, the Owner will receive the Withdrawal Value.
If the withdrawal request does not specify from which Investment Portfolio(s) or
Guaranteed Option(s) the withdrawal is to be made, the request will be processed
by making withdrawals from each Investment Portfolio and each Guaranteed Option
in proportion to their current value.
Each Contract Year an amount of up to 10% of the Contract Value as of the
Business Day that the request for withdrawal is received, less any previous
withdrawals taken during that Contract Year, may be withdrawn without incurring
a Withdrawal Charge (see table on Contract Data Page). However, any applicable
Excess Interest Adjustments will be assessed. Withdrawals during the Contract
Year in excess of this amount may be subject to a Withdrawal Charge, as well as
any applicable Excess Interest Adjustment.
For purposes of the Withdrawal Charge, withdrawals are treated as coming first
from Earnings, and then from the oldest Remaining Premium. Any part of a partial
withdrawal consisting of Earnings does not reduce Remaining Premium for the
purpose of calculating Withdrawal Charges. The Withdrawal Charge is based on the
portion of the Remaining Premiums withdrawn. If you withdraw only part of the
value of your Contract, we deduct the Withdrawal Charge from the remaining value
in your Contract.
The Owner may elect to take a systematic withdrawal by surrendering a specific
sum, subject to a $50 minimum withdrawal, or a certain percentage on a monthly,
quarterly, semiannual or annual basis. Such withdrawals may be subject to a
Withdrawal Charge, or an Excess Interest Adjustment. Such withdrawals will be
counted in determining the portion of the Contract Value that may be taken
without incurring a Withdrawal Charge, as described above. As such, these
withdrawals may be subject to a Withdrawal Charge or an Excess Interest
Adjustment.
Except in connection with a systematic withdrawal program, the minimum partial
withdrawal amount is $500, or if less, the Owner's entire interest in the
Investment Portfolio or Guaranteed Option from which a withdrawal is requested.
The Company will waive the Withdrawal Charge on any withdrawal necessary to
satisfy the minimum distribution requirements of the Internal Revenue Code.
However, any applicable Excess Interest Adjustment will be assessed.
The Company may allow the Owner to transfer funds from this Contract to a
Companion Contract issued by the
Company without incurring Withdrawal Charges. New Withdrawal Charges or other
fees and charges may apply to the Companion Contract under the provisions of
that Contract.
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DEATH BENEFIT PROVISIONS
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This Contract contains several death benefits, before and after the Income Date.
The Death Benefit available before the Income Date is the Standard Death Benefit
or the Optional Enhanced Death Benefit if elected. The Contract Data Page shows
which death benefit the Owner elected upon issue of the Contract. The death
benefit election cannot be changed once the Contract is issued.
DEATH OF OWNER BEFORE THE INCOME DATE: Upon the Owner's death, or the death of
any Joint Owner, before the Income Date, the elected death benefit will be paid
to the Beneficiary(ies) designated by the Owner. Upon the death of a Joint
Owner, the surviving Joint Owner, if any, will be treated as the primary
Beneficiary. Any other Beneficiary designation on record at the Service Center
at the time of death will be treated as a contingent Beneficiary.
DEATH BENEFIT AMOUNT BEFORE THE INCOME DATE:
Standard Death Benefit. This Standard Death Benefit is equal to the greater
of either:
1) the Contract Value at the end of the Business Day on which due proof
of death and an election of the type of payment to the
Beneficiary(ies) is received at the Service Center; or
2) the total Premiums paid prior to the death of the Owner, minus any
withdrawals and any charges, fees, Withdrawal Charges previously
assessed and premium taxes incurred.
Optional Enhanced Death Benefit. The Optional Enhanced Death Benefit is
equal to the greater of either:
1) the Standard Death Benefit; or
2) the total Premiums paid prior to the death of the Owner, minus any
withdrawals and any charges, fees, Withdrawal Charges previously
assessed and premium taxes incurred, compounded at 5% (4% if the Owner
is over age 70 at the date of issue); or
3) the Contract Value at the end of the 7th Contract Year PLUS all
Premiums paid since the 7th year (less withdrawals, Withdrawal Charges
previously assessed, and any applicable charges, fees and premium
taxes incurred since the 7th year) compounded at 5% (4% if the Owner
is over age 70 at the date of issue).
Under item (2) or item (3) immediately above, the Optional Enhanced Death
Benefit will never exceed 250% of Premiums paid, less withdrawals and any
charges, fees, Withdrawal Charges previously assessed and premium taxes
incurred.
Adjustment for Contract Enhancements. Any Contract Enhancement based on any
Premium payment received within 12 months prior to the date of death of the
Owner or Annuitant (when the Owner is not a natural person) will be
deducted from the death benefit payable.
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DEATH BENEFIT PROVISIONS (CONT'D)
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DEATH BENEFIT OPTIONS BEFORE INCOME DATE: In the event of the Owner's death or
the death of a Joint Owner before the Income Date, a Beneficiary must request
that the elected death benefit be paid under one of the death benefit Options
below. The following are the selected death benefit Options:
o Option 1 - single sum payment of the death benefit; or
o Option 2 - payment of the entire death benefit within five (5) years
of the date of the death of the Owner or any Joint Owner; or
o Option 3 - payment of the death benefit under an income option over
the lifetime of the Beneficiary or over a period not extending beyond
the life expectancy of the Beneficiary, with distribution beginning
within one year of the date of the death of the Owner or Joint Owner.
Any portion of the death benefit not applied under Option 3 within one year of
the date of the Owner's death must be distributed within five (5) years of the
date of the Owner's death.
If a single sum payment is requested, the amount will be paid within seven (7)
days of receipt of proof of death and the election, unless either the Suspension
of Payments or Deferment of Payments under General Provisions is in effect.
Payment to the Beneficiary, other than in a single sum, may only be elected
during the sixty-day (60) period beginning with the date of receipt of proof of
death by Our Service Center.
In addition, if the Beneficiary is the spouse of the Owner, he or she may elect
to continue the Contract, at the current Contract Value, in his or her own name
and exercise all the Owner's rights under the Contract.
DEATH OF OWNER AFTER THE INCOME DATE: If the Owner, or any Joint Owner, dies
after the Income Date, and the Owner is not an Annuitant, any remaining payments
under the income option elected will continue at least as rapidly as under the
method of distribution in effect at the Owner's death. Upon the Owner's death
after the Income Date, the Beneficiary becomes the Owner.
DEATH OF ANNUITANT BEFORE INCOME DATE: Upon the death of an Annuitant, who is
not an Owner, before the Income Date, the Contract remains in force and the
Owner will become the Annuitant. The Owner may designate a new Annuitant,
subject to the Company's administrative rules then in effect. However, if the
Owner is not a natural person, the death of the primary Annuitant will be
treated as the death of the Owner and a new Annuitant may not be designated.
DEATH OF ANNUITANT AFTER INCOME DATE: Upon the death of the Annuitant after
the Income Date, the death benefit, if any, will be as specified in the
income option elected. Death benefits will be paid at least as rapidly as
under the method of distribution in effect at the Annuitant's death.
--------------------------------------------------------------------------------
INCOME PROVISIONS
--------------------------------------------------------------------------------
INCOME DATE. If no Income Date is selected, the Income Date will be the Latest
Income Date. At any time at least seven (7) days prior to the Income Date then
indicated on the Company's records, the Owner may change the Income Date, to any
date not later than the Latest Income Date, by written notice to the Service
Center. In selecting an Income Date, the Owner may wish to consider the
applicability of a Withdrawal Charge which is imposed upon annuitizations which
occur within one year of the Issue Date of the Contract.
INCOME OPTIONS. The Owner, or any Beneficiary who is so entitled, may elect to
receive a single sum. However, a single-sum distribution may be deemed to be a
withdrawal. Alternatively, an income option may be elected. The Owner may, upon
prior written notice to the Company at its Service Center, elect an income
option at any time prior to the Income Date or change an income option up to 7
days before the Income Date. Unless otherwise designated, the Owner will be the
payee.
If no other income option is elected, monthly annuity payments will be made in
accordance with Option 3 below, a life annuity with 120-month period certain.
Payments will be made in monthly, quarterly, semiannual or annual installments
as selected by the Owner. However, if the amount available to apply under an
income option is less than $5,000, and state law permits, the Company has the
right to make payments in one lump sum. In addition, if the first payment
provided would be less than $50, and state law permits, the Company may require
the frequency of payments be at quarterly, semiannual or annual intervals so as
to result in an initial payment of at least $50.
NO WITHDRAWALS OF CONTRACT VALUE ARE PERMITTED DURING THE ANNUITY PERIOD FOR ANY
INCOME OPTION UNDER WHICH PAYMENTS ARE BEING MADE PURSUANT TO LIFE
CONTINGENCIES.
Upon written election filed with the Company at its Service Center, all of the
Contract Value will be applied to provide one of the following income options,
provided that a Withdrawal Charge will apply to all annuitizations within one
(1) year of the Issue Date. The portion of the Contract Value which is in the
Guaranteed Account immediately prior to the Income Date, applied to an income
option, may be subject to the applicable Excess Interest Adjustment.
OPTION 1 - LIFE INCOME An annuity payable monthly during the lifetime of the
Annuitant. Under this income option, no further annuity payments are payable
after the death of the Annuitant, and there is no provision for a death benefit
payable to the Owner. Therefore, it is possible under Option 1 for the Owner to
receive only one monthly annuity payment under this income option if the
Annuitant has an early death.
OPTION 2 - JOINT AND SURVIVOR An annuity payable monthly while both the
Annuitant and a designated second person are living. Upon the death of either
person, the monthly annuity payments will continue during the lifetime of the
survivor at either the full amount previously payable or as a percentage (either
one-half or two-thirds) of the full amount, as chosen at the time of election of
the income option. If a reduced annuity payment to the survivor is desired,
variable annuity payments will be determined using either one-half or two-thirds
of the number of each type of annuity unit credited. Fixed annuity payments will
be equal to either one-half or two-thirds of the fixed annuity payment payable
during the joint life of the Annuitant and the designated second person.
--------------------------------------------------------------------------------
INCOME PROVISIONS (CONT'D)
--------------------------------------------------------------------------------
Annuity payments terminate automatically and immediately upon the death of the
surviving person without regard to the number or total amount of payments
received. There is no minimum number of guaranteed annuity payments, and it is
possible to have only one annuity payment if both the Annuitant and the
designated second person die before the due date of the second payment.
OPTION 3 - LIFE ANNUITY WITH 120 OR 240 MONTHLY PERIODS GUARANTEED An annuity
payable monthly during the lifetime of the Annuitant with the guarantee that if,
at the death of the Annuitant, payments have been made for fewer than the
guaranteed 120 or 240 monthly periods, as elected, the balance of the guaranteed
number of payments will continue to be made to the Owner as scheduled.
OPTION 4 - INCOME FOR A SPECIFIED PERIOD Under this income option, an Owner can
elect an annuity payable monthly for any period of years from 5 to 30. This
election must be made for full 12-month periods. In the event the Owner dies
before the specified number of payments has been made, the Beneficiary(ies) may
elect to continue receiving the scheduled payments or may alternatively elect to
receive the present value of any remaining guaranteed payments in a single sum,
the amount of which is calculated by the Company.
ADDITIONAL OPTIONS. Other income options may be made available by the Company.
FIXED ANNUITY PAYMENTS. To the extent a fixed income option has been elected,
the proceeds payable under this Contract, less any applicable premium taxes,
shall be applied to the payment of the income option elected at whichever of the
following is more favorable to the Owner; (a) the annuity rates based upon the
applicable tables in the Contract; or (b) the then current rates provided by the
Company on contracts of this type on the Income Date. In no event will the fixed
payments be changed once they begin.
VARIABLE ANNUITY PAYMENTS. The initial annuity payment is determined by taking
the Contract Value allocated to that Investment Portfolio, less any premium tax
and any applicable Contract charges, and then applying it to the income option
table specified in the Contract. The appropriate rate must be determined by the
sex (except where, as in the case of certain Qualified Plans and other
employer-sponsored retirement plans, such classification is not permitted) and
age of the Annuitant and designated second person, if any.
The dollars applied are divided by 1,000 and the result multiplied by the
appropriate annuity factor appearing in the table to compute the amount of the
first monthly payment. That amount is divided by the value of an annuity unit as
of the Income Date to establish the number of annuity units representing each
variable payment. The number of annuity units determined for the first variable
payment remains constant for the second and subsequent monthly variable
payments, assuming that no reallocation of Contract Values is made.
--------------------------------------------------------------------------------
INCOME PROVISIONS (CONT'D)
--------------------------------------------------------------------------------
The amount of the second and each subsequent monthly variable payment is
determined by multiplying the number of annuity units by the annuity unit value
as of the Business Day next preceding the date on which each payment is due.
ANNUITY UNIT VALUE. The initial value of an annuity unit of each Investment
Portfolio was set when the Investment Portfolios were established. The value may
increase or decrease from one Business Day to the next. The income option tables
contained in the Contract are based on a per annum assumed interest rate stated
by the Company but never less than 3%. If the actual net investment rate
experienced by an Investment Portfolio exceeds the assumed interest rate,
variable payments will increase over time. Conversely, if the actual rate is
less than the assumed interest rate, variable payments will decrease over time.
If the net investment rate equals the assumed interest rate, the variable
payments will remain constant.
The value of a fixed number of annuity units will reflect the investment
performance of the Investment Portfolios elected, and the amount of each payment
will vary accordingly.
For each Investment Portfolio, the value of an annuity unit for any Business Day
is determined by multiplying the annuity unit value for the immediately
preceding Business Day by the net investment factor for the Business Day for
which the annuity unit value is being calculated. The result is then multiplied
by a second factor which offsets the effect of the assumed interest rate. The
net investment factor, which reflects changes in the net asset value of
Investment Portfolios is determined by dividing (a) by (b) and then subtracting
(c) from the result where:
a) is the net result of:
1) the net asset value of an Investment Portfolio determined as of
the end of the Business Day, plus
2) the per share amount of any dividend or other distribution
declared by the Investment Portfolio if the "ex-dividend" date
occurs on the Business Day, plus or minus
3) a per share credit or charge with respect to any taxes paid or
reserved for by the Company which are determined by the Company
to be attributable to the operation of the Investment Portfolio
(no federal income taxes are applicable under present law);
b) is the net asset value of the Investment Portfolio determined as of
the end of the preceding Business Day; and
c) is the Contract Insurance Charges, Optional Enhanced Death Benefit
Charges and any other charge or fees as applicable.
BASIS OF COMPUTATION. The actuarial basis for the Table of Income Options is the
Annuity 2000 Mortality Table and the assumed interest rate of not less than 3%.
The Table of Income Options does not include any applicable premium tax.
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TABLE OF INCOME OPTIONS
--------------------------------------------------------------------------------
The following table is for this Contract whose net proceeds are $1,000, and will
apply pro rata to the amount payable under this Contract.
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UNDER OPTION 4 MONTHLY INSTALLMENT UNDER OPTIONS 1 OR 3
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No. of Monthly Age No. of Mos. Age No. of Mos. Age No. of Mos. Age No. of Mos.
MonthlyInstall- of Certain of Certain of Certain of Certain
Install- ments Payee Payee Payee Payee
ments
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Male Life 120 240 Male Life 120 240 Female Life 120 240 Female Life 120 240
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60 17.95 40 3.55 3.54 3.51 70 6.71 6.26 5.18 40 3.39 3.38 3.37 70 6.04 5.81 5.07
72 15.18 41 3.59 3.58 3.55 71 6.95 6.42 5.23 41 3.42 3.42 3.40 71 6.25 5.97 5.13
84 13.20 42 3.64 3.63 3.59 72 7.21 6.59 5.27 42 3.46 3.46 3.43 72 6.48 6.14 5.19
96 11.71 43 3.69 3.67 3.63 73 7.48 6.76 5.31 43 3.50 3.49 3.47 73 6.72 6.32 5.24
108 10.56 44 3.74 3.72 3.67 74 7.77 6.94 5.34 44 3.54 3.54 3.51 74 6.99 6.51 5.28
120 9.64 45 3.79 3.77 3.72 75 8.09 7.11 5.38 45 3.59 3.58 3.55 75 7.27 6.70 5.33
132 8.88 46 3.85 3.83 3.76 76 8.42 7.29 5.40 46 3.63 3.62 3.59 76 7.58 6.90 5.36
144 8.26 47 3.90 3.88 3.81 77 8.78 7.47 5.43 47 3.68 3.67 3.63 77 7.92 7.10 5.39
156 7.73 48 3.96 3.94 3.86 78 9.16 7.64 5.45 48 3.73 3.72 3.68 78 8.28 7.30 5.42
168 7.28 49 4.03 4.00 3.91 79 9.57 7.82 5.46 49 3.78 3.77 3.72 79 8.67 7.50 5.44
180 6.89 50 4.09 4.06 3.96 80 10.01 7.99 5.48 50 3.84 3.83 3.77 80 9.10 7.70 5.46
192 6.54 51 4.16 4.13 4.02 81 10.48 8.15 5.49 51 3.90 3.88 3.82 81 9.56 7.90 5.48
204 6.24 52 4.24 4.20 4.07 82 10.98 8.30 5.50 52 3.96 3.94 3.88 82 10.06 8.09 5.49
216 5.98 53 4.32 4.27 4.13 83 11.52 8.45 5.51 53 4.03 4.01 3.93 83 10.61 8.27 5.50
228 5.74 54 4.40 4.35 4.19 84 12.09 8.59 5.51 54 4.10 4.07 3.99 84 11.20 8.43 5.51
240 5.53 55 4.48 4.43 4.25 85 12.70 8.72 5.52 55 4.17 4.14 4.05 85 11.83 8.59 5.51
252 5.33 56 4.57 4.51 4.31 86 13.35 8.85 5.52 56 4.25 4.22 4.11 86 12.52 8.74 5.52
264 5.16 57 4.67 4.60 4.38 87 14.04 8.96 5.52 57 4.33 4.30 4.17 87 13.25 8.87 5.52
276 5.00 58 4.77 4.70 4.44 88 14.78 9.06 5.52 58 4.42 4.38 4.23 88 14.04 8.98 5.52
288 4.85 59 4.88 4.80 4.51 89 15.56 9.15 5.52 59 4.51 4.46 4.30 89 14.87 9.09 5.52
300 4.72 60 5.00 4.90 4.57 90 16.39 9.23 5.53 60 4.61 4.56 4.37 90 15.74 9.18 5.53
61 5.13 5.01 4.64 91 17.27 9.31 5.53 61 4.71 4.65 4.44 91 16.66 9.26 5.53
62 5.26 5.13 4.71 92 18.20 9.37 5.53 62 4.82 4.75 4.51 92 17.61 9.33 5.53
63 5.40 5.25 4.77 93 19.19 9.43 5.53 63 4.94 4.86 4.58 93 18.60 9.40 5.53
64 5.55 5.38 4.84 94 20.25 9.48 5.53 64 5.07 4.98 4.66 94 19.64 9.45 5.53
65 5.72 5.51 4.90 95 21.38 9.52 5.53 65 5.20 5.10 4.73 95 20.72 9.50 5.53
66 5.89 5.65 4.96 96 22.60 9.56 5.53 66 5.35 5.22 4.80 96 21.86 9.54 5.53
67 6.08 5.79 5.02 97 23.94 9.58 5.53 67 5.50 5.36 4.87 97 23.09 9.57 5.53
68 6.28 5.94 5.08 98 25.43 9.60 5.53 68 5.67 5.50 4.94 98 24.44 9.59 5.53
69 6.49 6.10 5.13 99 27.12 9.62 5.53 69 5.85 5.65 5.01 99 25.97 9.61 5.53
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Note: Due to the length of the information, the Table for Option 2 is available
from the Service Center upon Your request.
