EXHIBIT 4(g)(i)(A)
Filed with Post-Effective Amendment No. 17 to this Registration Statement on
Form N-4 on March 1, 1995.
(LOGO OF METLIFE APPEARS HERE)
Metropolitan Life Insurance Company
Xxx Xxxxxxx Xxxxxx, Xxx Xxxx, XX 00000-0000
Multifunded Deferred Annuity Contract
This contract is a legal contract between you and Metropolitan that contains
your benefits and rights and your beneficiary's in an easy to read Question and
Answer format. Please read this contract carefully.
SPECIFICATIONS
Contract Date April 20, 1994
Owner's Name Xxxx Xxx
Contract Number 123456789AB
Annuitant Xxxx Xxx
ALL VALUES PROVIDED BY THIS CONTRACT WHICH ARE BASED ON THE INVESTMENT
EXPERIENCE OF THE SEPARATE ACCOUNT ARE VARIABLE AND ARE NOT GUARANTEED AS TO
AMOUNT. AVAILABLE SEPARATE ACCOUNT INVESTMENT DIVISIONS AS OF THE CONTRACT DATE
ARE: GROWTH, INCOME, DIVERSIFIED, AGGRESSIVE GROWTH, INTERNATIONAL STOCK and
STOCK INDEX. A DESCRIPTION OF EACH OF THESE DIVISIONS IS INCLUDED IN THE
PROSPECTUS.
10-DAY RIGHT TO EXAMINE--You may return your contract to us at our designated
office or to the person through whom you purchased it within 10 days of the date
you receive it. If you return it within the 10 day period, the contract will be
canceled from the contract date. We will return the account balance determined
as of the date we receive your contract at our designated office.
/s/Xxxxxx X. Xxxxx /s/ Xxx Xxxxxxxxxxxxx
Xxxxxx X Xxxxx Xxx Xxxxxxxxxxxxx
Vice-President & Secretary President and Chief Operating Officer
Cover Page
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1. WHAT DO THE BASIC TERMS IN MY CONTRACT MEAN?
"Account Balance" is the entire amount we hold under this contract for you.
"Annuitant" is the measuring life of the annuity contract, the person
during whose lifetime an income will be payable if you choose an income
plan based on the annuitant's life.
"Code" means the Internal Revenue Code of 1986 or as subsequently amended.
"Contract Year" for the first year is measured from the contract date and
continues to the last day of the month in which the contract anniversary
occurs. Each new contract year begins on the first day of the next month.
For example, if the contract date is May 15, 1995, the first contract year
ends May 31, 1996 and the second contract year begins June 1, 1996. The
contract anniversary will be May 15th.
"Contribution" refers to money received by us in this annuity contract.
"Contribution Year" for any contribution, for the first year, is measured
from the date we receive it in our designated office and continues until
the last day of the month in which the anniversary of such receipt occurs.
Each new contribution year begins on the first day of the next month (this
works like contract years, except that contribution years are determined
separately for each contribution).
"Designated Office" is the administrative office servicing your contract.
It is currently the Retirement and Savings Center, Metropolitan Life
Insurance Company, Xxx Xxxxxxx Xxxxxx, Xxx Xxxx, X.X. 10010. If we change
it, we will tell you.
"Fund" refers to the Metropolitan Series Fund, Inc., which is a mutual fund
for which we are the investment manager. It is used only for insurance and
annuity contracts such as this one. It is divided into portfolios, each of
which has its own investment objectives.
"Investment Divisions" are parts of the Separate Account. Each division
invests in a corresponding portfolio of the Fund, rather than investing
directly in stocks, bonds or other investments. Thus, the investment
experience of each division will generally be the same as that of the
corresponding portfolio, reduced by charges under this contract for
services and benefits we provide. The cover page shows the available
divisions. We will tell you about any changes.
"We", "Us", "Our" and MetLife refer to Metropolitan Life Insurance Company.
"You", "Your", "Me", "My" or "I" refer to the owner of this contract. You
may exercise all rights under this contract. Your rights are
nonforfeitable, i.e., your rights cannot be taken away.
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2. HOW ARE CONTRIBUTIONS ALLOCATED AND HOW MUCH MONEY CAN BE CONTRIBUTED UNDER
MY CONTRACT?
Annuity contributions may be made at any time while you are alive and
before the date income payments start. All contributions should be sent to
our designated office. No contribution will be credited before the Contract
Date.
You choose how contributions are allocated among the Fixed Interest Account
and the investment divisions of the Separate Account. You may change your
allocation for new contributions by telling us. The change will be made
upon receipt, unless you specify a later date, which may be up to 30 days
after we receive the request. Allocations must be in whole number
percentages (e.g., 33 1/3% cannot be chosen).
The lifetime maximum for all contributions is $500,000. We may either
return amounts which are above this limit or agree to take them. We may
change the maximum by telling you in writing at least 90 days in advance.
3. CAN MY CONTRACT BE CANCELED?
If we do not receive an initial contribution within 120 days of the
Contract Date, this contract may be canceled. Also, we may, if permitted by
law, cancel your contract by paying you its full withdrawal value as if you
had asked for a full cash withdrawal if: (a) we do not receive any
contributions under your contract for over 36 consecutive months; (b) the
account balance is less than $2,000.
4. CAN I MAKE WITHDRAWALS?
Yes. To request a withdrawal you may contact our designated office. Any
withdrawal request must be in a form acceptable to us, signed by you and
must clearly state the account (and investment division, if any) from which
the withdrawal is to be made. We may require a minimum withdrawal of at
least $500 (or the entire account balance, if less). If you make a partial
withdrawal, we will first withdraw any amounts from contributions that can
be withdrawn with no withdrawal charge, then withdraw amounts from
contributions subject to withdrawal charge (ignoring the 10% exemption
provided below), and will then withdraw other amounts from any earnings on
contributions, in each case on a "first-in, first-out" (FIFO) basis. To
determine from what amounts a withdrawal is taken for tax purposes, we will
apply tax rules which may be different.
Contract withdrawal charges are imposed separately on each contribution
(i.e., not on the account balance as a whole) for the first seven
contribution years as shown in the following table.
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----------------------------------------
During Contribution Year
1 2 3 4 5 6 7 8 &
Beyond
7% 6% 5% 4% 3% 2% 1% 0%
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To determine the withdrawal charge, we treat the contract as if it were a
single account, and ignore both your actual allocations and what account or
division the withdrawal is actually coming from. To do this, we first treat
your withdrawal as coming from contributions that can be withdrawn without
a withdrawal charge, then from other contributions, and then from earnings-
-in each case on a first-in, first-out basis. Once we have determined the
amount of the withdrawal charge (as explained below), we will actually
withdraw it from each account and investment division proportional to the
withdrawal that is being made. In calculating the withdrawal charge, we do
not include earnings, although the actual withdrawal to pay it may come
from earnings.
No contract withdrawal charge will apply:
(a) To any withdrawal made under item 12 to provide income payments for
life, or for a period of five years or more if the payments cannot be
accelerated.
(b) To any withdrawal made under item 13 after your death.
Also, if your contributions have been 100% allocated to the Fixed Interest
Account and if you have never made any transfers to the Separate Account
(other than automatic transfers of amounts equal to your interest),
cumulative withdrawal charges will never be more than your earnings.
In addition, the first withdrawal in a contract year will be exempt from
the withdrawal charge to the extent of the greater of:
(i) those contributions, if any, made eight or more contribution years
ago, and
(ii) 10% of your account balance.
For partial withdrawals, we reduce the account balance as follows; the
amount to which no withdrawal charge applies, plus the amount to which a
withdrawal charge applies divided by 100% minus the percentage shown above
(so that if the percentage shown is 7% we divide by 93%). For full
withdrawals, including full withdrawals from an investment division and
from the Fixed and Separate Accounts, we multiply each amount to which the
withdrawal charge applies by the percentage shown above, keep the resulting
amount as a withdrawal charge and pay you the rest.
Example of Withdrawals
----------------------
Assume four contributions of $2,000 each allocated 50% to the Fixed
Interest Account and 50% to the Growth Division of the Separate Account.
Further, assume withdrawal charge percentages of 0%, 3%, 5% and 7%
respectively; and balances of $5,380 in the Fixed Interest Account and
$5,550 in the Growth
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Division. You now ask for $3,500 from the Growth Division.
If this is your first request for a withdrawal in a contract year, we would
allow the greater of: (a) the first 10% of your total account balance
($1,093); or, (b) all contributions no longer subject to withdrawal charges
($2,000) to be withdrawn without a withdrawal charge. To determine the
charge we first take the $2,000 that can be withdrawn with no charge (the
fact that only half of it went to the Growth Division does not matter--we
are treating the contract as if it were a single account). We then take
$1,500 from the second contribution (with a 3% withdrawal charge) and
divide this $1,500 by 97%. The result is $1,546.39. Since the total of
these two numbers is $3,546.39, AND YOU ASKED FOR $3,500, THE EXTRA $46.39
IS THE WITHDRAWAL CHARGE. WE TAKE IT ALL FROM THE GROWTH DIVISION, AS WELL
AS TAKING THE $3,500 FROM THERE. YOUR GROWTH DIVISION BALANCE IS NOW
$2,003.61, AND THE TOTAL ACCOUNT BALANCE IS $7,383,61.
If in the same contract year you then take a full withdrawal, we multiply
the remaining $500 from your second contribution by 3% ($15), the third
$2,000 contribution by 5% ($100), and the fourth $2,000 contribution by 7%
($140). No charge applies to the earnings. Thus, we withdraw $255 as the
withdrawal charge, and pay you the remaining $7,128.61.
As required by law we have the right to delay paying any cash withdrawals
from the Fixed Interest Account for up to six months. We do not intend to
do this except in an extreme emergency. We would, of course, credit
interest during any delay.
5. HOW IS INTEREST CREDITED TO THE FIXED INTEREST ACCOUNT?
Interest on each contribution allocated to the Fixed Interest Account will
be credited from the date the contribution is received at our designated
office or transferred to the Fixed Interest Account. Interest will be
credited on amounts in the Fixed Interest Account until the earliest of:
(a) the date we pay them under item 13, (b) the dates the amounts are
withdrawn or transferred to the Separate Account, or (c) the date you start
to receive income payments under item 12.
Interest rates will be set by us from time to time, but will never be less
than 3%. A different interest rates may apply to each contribution
depending on the date the contribution is received at our designated office
or on other factors such as total account balance. The declared interest
rate in effect when a new contribution is received will be credited on that
contribution until the last day of the first contribution year. A new
interest rate will be declared for each new contribution year and will
apply both to the original contribution and all earnings on that
contribution. We may declare interest rates for one year periods starting
on the date the contribution is received, instead of based on contribution
years. If we do so we will tell you in advance. We will only do this for
new contributions.
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The interest rates we declare are "annual effective yields". The actual
rates we use on a day-to-day basis are slightly lower, but, if the
contribution is left in your contract for a full year, it will grow by the
full amount of the interest rate we declared, because we compound interest
daily.
The Fixed Interest account balance is subject to any withdrawal charges and
administrative fees that may apply.
6. WHAT IS THE SEPARATE ACCOUNT AND HOW DOES IT OPERATE?
It is Metropolitan Life Separate Account E, an investment account we
maintain separate from our other assets.
We own the assets in the Separate Account. The Separate Account will not be
charged with liabilities that arise from any other business that we
conduct. We will add amounts to the Separate Account from other contracts
of ours.
The Separate Account is divided into investment divisions, each of which
buys shares in a corresponding portfolio of the Fund. The Fund combines
assets from the Separate Account as well as other separate accounts of ours
and our affiliates.
We keep track of each investment division of the Separate Account
separately using accumulation units. When you put money into an investment
division, we give you accumulation units. When you take money out of the
investment division, we reduce the number of your accumulation units. In
either case, the number of accumulation units you gain or lose is
determined by taking the dollar amount of the contribution, transfer or
withdrawal and dividing it by the value of an accumulation unit at the time
of the transaction. Thus, if you transfer in $5,000, and the value of an
accumulation unit is $100, you will get 50 accumulation units.
Initially, we set the value of each accumulation unit. At the end of each
valuation period, we then revise it by taking the net asset value of a
share in the applicable Fund portfolio at the end of the valuation period,
add any Fund dividend or capital gain distribution during the valuation
period, subtract any per share charge for taxes and reserves for taxes, and
divide this total by the net asset value of a share of the same portfolio
at the start of the valuation period. Then we subtract a charge not to
exceed .000034035 per day (an effective annual rate of 1.25%) for
administrative expenses and mortality and expense risks we assume under the
contract. This calculation results in a factor that we multiply the
previous accumulation unit value by in order to determine the new
accumulation unit value.
A valuation period is the period between one calculation of an accumulation
unit value and the next calculation. Normally, we calculate accumulation
units once each day the New York Stock Exchange is open for trading, but we
can delay this determination if an emergency exists, making valuation of
assets in the
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Separate Account not reasonably practicable, or if the Securities and
Exchange Commission permits such deferral. We may change when we calculate
the accumulation unit value by giving you 30 days notice, to the extent
permitted by law.
Contributions to the Separate Account will be credited as of the end of the
valuation period during which we receive them at our designated office.
Additions to or withdrawals from an investment division may only be made as
of the end of a valuation period.
We may make certain changes to the Separate Account if we think they would
best serve the interests of participants in or owners of similar contracts
or would be appropriate in carrying out the purposes of such contracts. Any
changes will be made only to the extent and in the manner permitted by
applicable laws. Also, when required by law, we will obtain your approval
of the changes and approval from any appropriate regulatory authority.
Examples of the changes to the Separate Account that we may make include:
o To transfer any assets in an investment division to another investment
division, or to one or more other separate accounts, or to our general
account- or to add, combine, or remove investment divisions in the
Separate Account.
o To substitute, for the Fund shares held in any portfolio, the shares
of another class of the Fund or the shares of another fund or any
other investment permitted by law.
If any changes result in material change in the underlying investments of
an investment division to which an amount is allocated under the contract,
we will notify you of the change. You may then make a new choice of
investment divisions.
7. CAN MONEY BE TRANSFERRED WITHIN THIS CONTRACT?
Yes. Transfers can be made between investment divisions of the Separate
Account, from an investment division to the Fixed Interest Account, or from
the
Fixed Interest Account to an investment division. You can make an unlimited
number of transfers without charge by telling us.
If you make a transfer from the Fixed Interest Account, we will take the
transfer from the same contributions and earnings as if it had been a
withdrawal from the contract. If you transfer money from the Fixed Interest
Account to the Separate Account and then you transfer money from the
Separate Account to the Fixed Interest Account (or from the Separate
Account to the Fixed Interest Account and then from the Fixed Interest
Account to the Separate Account) within 12 months, this will be treated as
a return of the same money (whether or not it really is). Thus, after the
transfer, the Fixed Interest Account Balance will
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earn the same interest rate that it would have been earning had neither
transfer ever taken place. Any amounts in excess of the original transfer
from the Separate Account and any amounts transferred back to the Fixed
Interest Account more than 12 months after the first transfer from the
Separate Account will be treated as a new contribution to the Fixed
Interest Account and will earn the current interest rate for new
contributions.
8. MAY I ASSIGN THIS CONTRACT, OR USE IT AS COLLATERAL FOR A LOAN?
Yes. Your contract may be absolutely or collaterally assigned prior to the
start of income payments. If your contract is assigned absolutely, we will
treat it as a change of ownership and all rights will be transferred, We
are bound by any assignment unless it is in writing and until it is
recorded at our designated office. We are not responsible for the validity
of any assignment. After income payments start, your contract may not be
assigned, and, to the extent permitted by law, the are not subject to the
claims of creditors.
9. ARE DIVIDENDS PAYABLE UNDER MY CONTRACT?
No, your contract is nonparticipating and does not share in any
distribution of our surplus.
10. ARE ADMINISTRATIVE FEES DEDUCTED FROM MY CONTRACT?
At the end of each contract year, we will deduct a $20 administrative fee
from your Fixed Interest Account on a 'first-in, first-out" basis from
contributions and then from earnings. If your Fixed Interest Account
balance is less than $20 at the end of a contract year, we will waive the
fee. We will also waive any fee due when your contract ends. We may also
waive the fee for other reasons. If we waive the fee for any reason not
specified above, we will tell you. No administrative fee applies to the
Separate Account.
We may change the date on which the administrative fee is deducted to the
contract anniversary. If we do so, we will tell you in advance.
11. HOW CAN I GET INFORMATION ABOUT MY CONTRACT AND ITS VALUE?
At least twice each contract year, before income payments start, we will
send you a statement with details on contributions, values, withdrawals,
and other information about your contract. If you need information at other
times, please tell us.
Any time you have to tell us something (e.g., to ask for additional
information, to make transfers, to change your allocation for new
contributions, to make withdrawals), you must send written notice to our
designated office unless we have set up some other procedure, such as
notice by telephone.
12. CAN METLIFE GUARANTEE ME AN INCOME FOR AS LONG AS I LIVE?
Yes. You can receive periodic income payments guaranteed for life These
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payments may also be guaranteed for a specified number of years. Other
payment plans may be arranged with us. The minimum payment we will make is
$50.
You may start to receive income payments at any date you choose if it is
more than 12 months after the contract date and you tell us at least 30
days in advance. We will send you information and the necessary forms to
sign, upon receipt of your request at our designated office. Once income
payments start, you will not be able to make cash withdrawals or change the
choice of income plan.
We will automatically send you information about income plans when you
attain age 84. If you do not choose an income plan, make a full cash
withdrawal, or ask to continue the contract by age 85 or 10 years after the
contract date if later, we will automatically start income payments on that
date, for your lifetime with a guarantee that payment will be made for at
least 10 years,
If your date of birth or sex is not correct on the application for your
contract, we will adjust the income payments to agree with your correct age
or sex. If we have already made any payments that were wrong, we will
increase or decrease future payments to pay or recover the difference plus
interest at six percent. We may require that you provide proof of age when
income payments are to start. We may also require proof that you are still
alive on the due date of each income payment.
13. WHAT HAPPENS IF I OR THE ANNUITANT DIES BEFORE INCOME PAYMENTS START?
After we receive proof of death and a properly completed claim form we will
pay the death benefit (as of the date of settlement) to the payee or permit
him or her to select one of our available income plans. We may pay the
account balance by placing it in an account that earns interest and to
which the payee will have immediate access.
If you die, we will pay the beneficiary. If you name no beneficiary or if
none is alive when you die, we will pay your contingent beneficiary. If you
do not name a contingent beneficiary or none is alive when you die, we will
pay your estate. If your estate or other non-natural person becomes
entitled to payment, such payment will be made in a lump sum. Payment to
more than one beneficiary or more than one contingent beneficiary will be
divided equally among them, unless you specify otherwise.
If your beneficiary is your spouse and you were also the annuitant, then
your spouse may continue your contract as owner and annuitant If you were
not the annuitant, however, then your spouse will automatically become
owner and no payment will be made because of your death. If you are the
annuitant's spouse, you may continue the contract as annuitant and owner at
his or her death.
If there is more than one owner, at the death of the first owner, payment
will be made to the surviving owner. If the deceased owner's spouse is the
surviving
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owner, then no payment will be made and the surviving spouse will become
the owner.
If you are not the annuitant and he or she dies, we will pay you. If there
is more than one owner, payment will be made in equal shares.
The entire death benefit under this contract must be distributed in a
single sum within five years of your death. If, however, the payee is a
natural person, the payee may choose an income plan for life or for a
period of years not more than his or her life expectancy. The income
payments must begin within one year if your death. If Treasury regulations
allow, we may permit our payments to start later.
After payments start, we may require proof that the payee is alive on the
due date of each income payment.
The death benefit is the greatest of:
a. The entire account balance as of the date we receive proof of death
and a properly completed claim form (no withdrawal charge will apply
and no administrative fee will be deducted), or
b. the total deposits made less any partial withdrawals, or
c. the highest account balance as of the end of the calendar year in
which any prior quinquennial (5th, 10th, 15th, etc.) contract
anniversary occurs, less any later partial withdrawals and any
applicable administrative fees.
14. WHAT HAPPENS IF I OR THE PAYEE DIES AFTER INCOME PAYMENTS START?
After we receive proof of death and a properly completed claim form, income
payments will continue to the payee's beneficiary (even if the beneficiary
is your spouse) for the rest of any guaranteed period for the income plan
chosen. If the guaranteed period has ended or if there is none, no further
payments will be made. If the payee's estate (or other non-natural person)
becomes entitled to payment, we will pay the value of any remaining
payments, computed as of the date of death using the interest rate we used
to set those payments, in a lump-sum to such person reduced by any payments
made after the date of death.
15. WHO IS MY BENEFICIARY AND MAY I CHANGE MY BENEFICIARY?
Your beneficiary is the person or persons you name to receive benefits in
the event of your death. You may name a contingent beneficiary who would
become the beneficiary if all the beneficiaries die before you do.
You may change your beneficiary or contingent beneficiary at any time
before income payments start under item 12. Ask us for our "Change of
Beneficiary" form. The change will take effect as of the date you signed
the form, but no change will bind us until it is recorded at our designated
office.
After income payments start under item 12, the payee may change the
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beneficiary for any future guaranteed income payments. If the payment is
being made over two lifetimes and the other person survives the payee, the
survivor can change the beneficiary. The person over whose life payment is
being made cannot be changed.
16. HOW ARE INCOME PAYMENTS THAT ARE GUARANTEED FOR LIFE CALCULATED?
Life income payments are calculated as shown on page 11. AS REQUIRED BY LAW
THIS SHOWS THE LOWEST PAYMENTS THAT WE COULD EVER MAKE--WE EXPECT OUR
ACTUAL PAYMENTS TO BE HIGHER.
Actual payments will not be less than those we would provide to a person in
the same class under a single payment immediate annuity bought with an
equal amount at the time annuity payments start.
17. CAN I ARRANGE FOR A SPECIFIC INCOME PLAN FOR MY BENEFICIARY TO TAKE EFFECT
AFTER I DIE?
Yes. You can choose an income plan (as described in items 12 and 13) for
your beneficiary which we will honor at your death, unless income payments
are already being made under item 12 or 13 at that time.
18. DOES MY CONTRACT CONTAIN ALL THE PROVISIONS THAT AFFECT ME?
Yes, your contract and any riders and endorsements included in it make up
your entire contract with us. We will never contest the validity of this
contract. Changes in its provisions may only be made in writing by our
President, Secretary, or a Vice-President. No provision may be waived or
changed by any of our other employees, representatives or agents.
To preserve its status as an annuity and comply with Section 72 of the
Code, we may interpret and administer this contract as required by the Code
and applicable Treasury Regulations. We may, if necessary, amend this
contract and take other actions without your consent. We will notify you of
any amendments and, when required by law, we will obtain your approval and
the approval of the appropriate regulatory authority.
19. CAN YOUR CONTRACT BE CONVERTED INTO A FLEXIBLE PAY MULTIFUNDED ANNUITY?
Yes, if both you and we agree. This would let you make more deposits and
add new investment options. If we offer these features, we will tell you
more about them so that you can decide if you want them. If you do, we will
amend your contract to add them. If not, no changes will be made and you
will keep what you have.
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TABLE OF VALUES
Minimum Fixed Interest Account Balance
Age 45 -- Life Annuity - 10 Years Certain
(For a Contract without any partial withdrawals or transfers to the Separate
Account)
Basis: $1,000 annual deposit allocated to the Fixed Interest Account deposit at
the beginning of each year
Values are not proportional for other deposits
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TABLE A TABLE B
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End MINIMUM GUARANTEED AGE GUARANTEED MINIMUM MONTHLY INCOME
Contract FIXED INTESEST MINIMUM WHEN PER $1,000 OF ACCOUNT BALANCE APPLIED
Year ACCOUNT FIXED INTEREST APPLIED
BALANCE ACCOUNT
BALANCE MALE FEMALE UNISEX
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1 $1,010.75 $1,000.00 59 $4.16 $3.84 $3.96
2 $2,051.07 $2,000.00 60 $4.24 $3.90 $4.02
3 $3,122.61 $3,000.00 61 $4.31 $3.96 $4.09
4 $4,226.28 $4,023.19 62 $4.40 $4.02 $4.16
5 $5,363.07 $5,129.16 63 $4.48 $4.09 $4.24
6 $6,533.97 $6,277.04 64 $4.57 $4.16 $4.32
7 $7,739.98 $7,467.72 65 $4.67 $4.24 $4.40
8 $8,982.18 $8,702.18 66 $4.77 $4.31 $4.49
9 $10,261.65 $9,981.65 67 $4.88 $4.40 $4.59
10 $11,579.50 $11,299.50 68 $4.99 $4.48 $4.69
11 $12,936.88 $12,656.88 69 $5.11 $4.57 $4.79
12 $14,334.99 $14,054.99 70 $5.23 $4.77 $4.90
13 $15,775.04 $15,495.04 71 $5.36 $4.88 $5.02
14 $17,258.29 $16,978.29 72 $5.49 $4.99 $5.14
15 $18,786.04 $18,506.04 73 $5.63 $5.11 $5.27
16 $20,359.62 $20,079.62 74 $5.78 $5.23 $5.40
17 $21,980.41 $21,700.41 75 $5.93 $5.36 $5.55
18 $23,649.82 $23,369.82
19 $25,369.32 $25,089.32
20 $27,140.40 $26,860.40
AGE 60 $18,786.04 $18,506.04
AGE 65 $27,140.40 $26,860.40
AGE 70 $36,825.38 $36,545.38
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The interest rate used to determine the values shown above is the 3% guaranteed
minimum rate applicable to the Fixed Interest Account. Values during the year
will include interest for the completed part of the year.
The guaranteed Fixed Interest Account withdrawal values shown above equal the
comparable minimum account balances minus a withdrawal charge. The withdrawal
charge does not exceed 7% and does not apply to any deposit after seven years
from our receipt of the deposit. A $20 administrative fee is charged and
deducted from the account balance at the end of each Contract Year.
Contract values will never be less than the minimum benefits required by the
laws of the state where this contract is delivered. We have told the chief
insurance regulator of the state where we delivered this contract how we
computed these values. On request we will provide the method of computation and
values for years not shown.
The guaranteed minimum monthly income at the ages shown in Table B are the
minimum amount per $1,000 of account balance we would pay over the annuitant's
lifetime with a guaranteed payment period of 10 years. This and other income
plans that you may choose are described in item 13. To compute minimum payments
we use an interest rate of 3% and the 1983 Individual Mortality Table a
(Metropolitan Adjusted) and expenses appropriate for maintaining the contract.
Unisex rates apply where required by state law.
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INDEX
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Subject Q & A # ('s) Page(s)
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Administrative Fees 10 7
Assignment 8 7
Beneficiary 15 9
Cancellation 3 2
Computation of Values 16 10
Contract and Authority 18 10
Contributions 2 2
Death Benefit 13,14 8,9
Definitions 1 1
Dividends 9 7
Fixed lnterest Account 5 4
Income Payments 12, 17 7, 10
Information We Give You 11 7
Separate Account and Investment Divisions 6 5
Transfers 7 6
Withdrawals 4 2
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NOTICE
When you write to us, please give us your name, address and contract number.
Please notify us promptly of any address changes. We will write to you at your
last known address.
Our Board of Directors is elected by our contract holders. For details on how
to vote, write to our Secretary at the designated office.
Checks, drafts or money orders must be drawn to the order of METLIFE. All
payments must be made in U.S. currency.
MULTIFUNDED DEFERRED ANNUITY CONTRACT
ALL VALUES PROVIDED BY THIS CONTRACT WHICH ARE BASED ON THE INVESTMENT
EXPERIENCE OF THE SEPARATE ACCOUNT ARE VARIABLE AND ARE NOT GUARANTEED AS TO
AMOUNT.
PLEASE READ THIS CONTRACT CAREFULLY
___________________________________________ ____________________
Countersigned and delivered by Date
RSC 31110 12
EXHIBIT(4)(g)(i)(A)
Filed with Post-Effective Amendment No. 11 to this
Registration Statement on Form N-4 on March 1, 1991.
[LOGO] METROPOLITAN LIFE
AND AFFILIATED COMPANIES
______________________________________________________
METROPOLITAN LIFE
INSURANCE COMPANY
A Mutual Company Incorporated in New York State
Xxx Xxxxxxx Xxxxxx - Xxx Xxxx, Xxx Xxxx 00000-0000
______________________________________________________
MULTIFUNDED ANNUITY CONTRACT
This contract is a legal contract between you and Metropolitan that
contains your benefits and rights and your beneficiary's rights in an
easy to read Question and Answer format. Please read this contract
carefully.
SPECIFICATIONS
CONTRACT DATE
OWNER'S NAME
CONTRACT NUMBER
ANNUITANT
ALL VALUES PROVIDED BY THIS CONTRACT WHICH ARE BASED ON THE
INVESTMENT EXPERIENCE OF THE SEPARATE ACCOUNT ARE VARIABLE
AND ARE NOT GUARANTEED AS TO AMOUNT. AVAILABLE SEPARATE
ACCOUNT INVESTMENT DIVISIONS AS OF THE CONTRACT DATE ARE:
GROWTH, INCOME, DIVERSIFIED, AGGRESSIVE GROWTH, and STOCK
INDEX. A DESCRIPTION OF EACH OF THESE DIVISIONS IS INCLUDED IN
THE PROSPECTUS.
10-DAY RIGHT TO EXAMINE
You may return your contract to us at our designated office or to the person
through whom you purchased it within 10 days of the date you receive it. If you
return it within the 10 day period, the contract will be cancelled from the
contract date. We will return any deposits received on your behalf.
/s/Xxxxxxx X. Xxxxxxxxx /s/Xxxxxx X. Xxxxxxxx
Xxxxxxx X. Xxxxxxxxx Xxxxxx X. Xxxxxxxx
Vice-President and Secretary Chairman of the Board, President and
Chief Executive Officer
Cover Page
37PP-90 (NQ-1) P07A01
SPECIMEN
[LOGO] METROPOLITAN LIFE
AND AFFILIATED COMPANIES
______________________________________________________
METROPOLITAN LIFE
INSURANCE COMPANY
A Mutual Company Incorporated in New YorkState
Xxx Xxxxxxx Xxxxxx - Xxx Xxxx, Xxx Xxxx 00000-3690
______________________________________________________
MULTIFUNDED ANNUITY CONTRACT
This contract is a legal contract between you and Metropolitan that
contains your benefits and rights and your beneficiary's rights in an easy
to read Question and Answer format. Please read this contract carefully.
SPECIFICATIONS
CONTRACT DATE
OWNER'S NAME
CONTRACT NUMBER
ANNUITANT
ALL VALUES PROVIDED BY THIS CONTRACT WHICH ARE BASED ON THE
INVESTMENT EXPERIENCE OF THE SEPARATE ACCOUNT ARE VARIABLE
AND ARE NOT GUARANTEED AS TO AMOUNT. AVAILABLE SEPARATE
ACCOUNT INVESTMENT DIVISIONS AS OF THE CONTRACT DATE ARE:
GROWTH, INCOME, DIVERSIFIED, AGGRESSIVE GROWTH, and STOCK
INDEX. A DESCRIPTION OF EACH OF THESE DIVISIONS IS INCLUDED IN
THE PROSPECTUS.
20-DAY RIGHT TO EXAMINE
You may return your contract to us at our designated office or to the person
through whom you purchased it within 20 days of the date you receive it. If you
return it within the 20 day period, the contract will be cancelled from the
contract date. We will return any deposits received on your behalf.
/s/Xxxxxxx X. Xxxxxxxxx /s/Xxxxxx X. Xxxxxxxx
Xxxxxxx X. Xxxxxxxxx Xxxxxx X. Xxxxxxxx
Vice-President and Secretary Chairman of the Board, President and Chief
Executive Officer
Cover Page
P07B01
[LOGO] METROPOLITAN LIFE
AND AFFILIATED COMPANIES
______________________________________________________
METROPOLITAN LIFE
INSURANCE COMPANY
A Mutual Company Incorporated in New York State
Xxx Xxxxxxx Xxxxxx - Xxx Xxxx, Xxx Xxxx 00000-0000
______________________________________________________
MULTIFUNDED ANNUITY CONTRACT
This contract is a legal contract between you and Metropolitan that
contains your benefits and rights and your beneficiary's rights in an easy
to read Question and Answer format. Please read this contract carefully.
SPECIFICATIONS
CONTRACT DATE
OWNER'S NAME
CONTRACT NUMBER
ANNUITANT
ALL VALUES PROVIDED BY THIS CONTRACT WHICH ARE BASED ON THE
INVESTMENT EXPERIENCE OF THE SEPARATE ACCOUNT ARE VARIABLE
AND ARE NOT GUARANTEED AS TO AMOUNT. AVAILABLE SEPARATE
ACCOUNT INVESTMENT DIVISIONS AS OF THE CONTRACT DATE ARE:
GROWTH, INCOME, DIVERSIFIED, AGGRESSIVE GROWTH, and STOCK
INDEX. A DESCRIPTION OF EACH OF THESE DIVISIONS IS INCLUDED IN
THE PROSPECTUS.
30-DAY RIGHT TO EXAMINE
You may return your contract to us at our designated office or to the person
through whom you purchased it within 30 days of the date you receive it. If you
return it within the 30 day period, the contract will be cancelled from the
contract date. We will return any deposits received on your behalf.
/s/Xxxxxxx X. Xxxxxxxxx /s/Xxxxxx X. Xxxxxxxx
Xxxxxxx X. Xxxxxxxxx Xxxxxx X. Xxxxxxxx
Vice-President and Secretary Chairman of the Board, President and Chief
Executive Officer
Cover Page
P07C01
[LOGO] METROPOLITAN LIFE
AND AFFILIATED COMPANIES
______________________________________________________
METROPOLITAN LIFE
INSURANCE COMPANY
A Mutual Company Incorporated in New York State
Xxx Xxxxxxx Xxxxxx -- Xxx Xxxx, Xxx Xxxx 00000-3690
______________________________________________________
MULTIFUNDED ANNUITY CONTRACT
This contract is a legal contract between you and Metropolitan that
contains your benefits and rights and your beneficiary's rights in an
easy to read Question and Answer format. Please read this contract
carefully.
SPECIFICATIONS
CONTRACT DATE
OWNER'S NAME
CONTRACT NUMBER
ANNUITANT
ALL VALUES PROVIDED BY THIS CONTRACT WHICH ARE BASED ON THE
INVESTMENT EXPERIENCE OF THE SEPARATE ACCOUNT ARE VARIABLE AND
ARE NOT GUARANTEED AS TO AMOUNT. AVAILABLE SEPARATE ACCOUNT
INVESTMENT DIVISIONS AS OF THE CONTRACT DATE ARE: GROWTH, INCOME,
DIVERSIFIED, AGGRESSIVE GROWTH, and STOCK INDEX. A DESCRIPTION OF
EACH OF THESE DIVISIONS IS INCLUDED IN THE PROSPECTUS.
RIGHT TO CANCEL You may cancel this contract by delivering or mailing a written
notice or sending a telegram to Metropolitan Life Insurance Company at 00 Xxxxx
Xxxx Xxxxxx, Xxxx Xxxxxxx, Xxx Xxxxxx 00000 or to your Sales Representative and
by returning the contract before midnight of the tenth day after the date you
receive the contract. Notice given by mail and return of the contract by mail
are effective on being postmarked, properly addressed and postage prepaid. We
will return all payments made for this contract within ten days after we receive
notice of cancellation and the returned contract.
/s/ Xxxxxxx X. Xxxxxxxxx /s/ Xxxxxx X. Xxxxxxxx
Xxxxxxx X. Xxxxxxxxx Xxxxxx X. Xxxxxxxx
Vice-President and Secretary Chairman of the Board, President and Chief
Executive Officer
Cover Page
P07M01
1. WHAT DO THE BASIC TERMS IN MY CONTRACT MEAN?
"Account Balance" is the entire amount we hold under this contract for you.
"Annuitant" is the measuring life of the annuity contract, the person
during whose lifetime an income will be payable if you choose an income
plan based on the annuitant's life.
"Code" means the Internal Revenue Code.
"Contract Year" for the first year is measured from the contract date and
continues to the last day of the month in which the contract anniversary
occurs. Each new contract year begins on the first day of the next month.
For example, if the contract date is May 15, 1995, the first contract year
ends May 31, 1996 and the second contract year begins June 1, 1996. The
contract anniversary will be May 15th.
"Deposit" refers to money received by us in this annuity contract.
"Deposit Year" for any deposit, for the first year, is measured from the
date we receive it in our designated office and continues until the last
day of the month in which the anniversary of such receipt occurs. Each new
deposit year begins on the first day of the next month (this works like
contract years, except that deposit years are determined separately for
each deposit).
"Designated Office" is the administrative office servicing your contract.
It is currently the Pension and Savings Center, Metropolitan Life Insurance
Company, Xxx Xxxxxxx Xxxxxx, Xxx Xxxx, X.X. 10010. If we change it, we will
tell you.
"Fund" refers to the Metropolitan Series Fund, Inc., which is a mutual fund
for which we are the investment manager. It is used only for insurance and
annuity contracts such as this one. It is divided into portfolios each of
which has its own investment objectives.
"Investment Divisions" are part of the Separate Account. Each division
invests in a corresponding portfolio of the Fund, rather than investing
directly in stocks, bonds or other investments. Thus, the investment
experience of each division will generally be the same as - that of the
corresponding portfolio, reduced by charges under this contract for
services and benefits we provide. The cover page shows the available
divisions. We will tell you about any changes.
"We", "Us", and "Our" refer to Metropolitan Life Insurance Company.
"You", "Your", "Me", "My" or "I" refer to the owner of this contract. If
there are two owners, the terms "You", "Your", etc. mean both of them or
the survivor as the case may be. Either owner can exercise all rights under
the contract unless the owner designation states otherwise.
1
2. HOW ARE DEPOSITS ALLOCATED AND HOW MUCH MONEY CAN BE DEPOSITED UNDER MY
CONTRACT?
Annuity deposits may be made at any time while the annuitant is alive and
before the date income payments begin. All deposits should be sent to our
designated office. No deposit will be credited before the contract date.
You choose how deposits are allocated among the Fixed Interest Account and
the investment divisions of the Separate Account. You may change your
allocation for new deposits by telling us. The change will be made upon
receipt, unless you specify a later date, which may be up to 30 days after
we receive the request. Allocations must be in whole number percentages
(e.g., 33 1/3% cannot be chosen).
The lifetime maximum for all deposits is $500,000. We may either return
amounts which are above this limit or agree to take them. We may change the
maximum by telling you in writing at least 90 days in advance.
3. CAN MY CONTRACT BE CANCELLED?
If we do not receive deposits under your contract for over 36 consecutive
months and the account balance is less than $2,000, we may, if permitted by
law, cancel your contract by paying you its full withdrawal value as if you
had asked for a full cash withdrawal.
4. CAN I MAKE WITHDRAWALS?
Yes. To request a withdrawal you may contact our designated office. Any
withdrawal request must be signed by you and must clearly state the account
(and investment division if any) from which the withdrawal is to be made.
The minimum withdrawal is $500. If you make a partial withdrawal from an
investment division or the Fixed Interest Account, we will first withdraw
any amounts from deposits that can be withdrawn with no withdrawal charge,
then withdraw amounts from deposits subject to withdrawal charge (ignoring
the 10% exemption provided below), and will then withdraw other amounts
from any earnings on deposits, in each case on a "first-in, first-out"
(FIFO) basis. To determine from what amounts a withdrawal is taken for tax
purposes, we will apply tax rules which may be different.
Contract withdrawal charges are imposed on each deposit for the first
seven deposit years as shown in the following table.
---------------------------------------------
During Deposit Year
1 2 3 4 5 6 7 8 & Beyond
7% 6% 5% 4% 3% 2% 1% 0%
---------------------------------------------
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P07A03
To determine the withdrawal charge we treat the contract as if it were a
single account, and ignore both your actual allocations and what account or
division the withdrawal is actually Coming from. To do this, we first treat
your withdrawal as coming from deposits that can be withdrawn without a
withdrawal charge, then from other deposits, and then from earnings--in
each case on a first-in, first-out basis. Once we have determined the
amount of the withdrawal charge (as explained below), we will actually
withdraw it from each account and investment division in the same
proportion as the withdrawal that is being made. In determining what the
withdrawal charge is, we do not include earnings, although the actual
withdrawal to pay it may come from earnings.
No contract withdrawal charge will apply:
(a) To any withdrawal made to provide income payments for life, or for a
period of five years or more if the payments cannot be accelerated.
(b) To any withdrawal made under item 13 after your death.
In addition, the first withdrawal in a contract year will be exempt from
the withdrawal charge to the extent of: (i) those amounts, if any, that can
be withdrawn without a withdrawal charge, and (ii) and extra amounts needed
to make the exemption equal 10% of your account balance (including
earnings).
For partial withdrawals, we pay you what you ask for and reduce the account
balance by a larger amount, as follows: the amount to which no withdrawal
charge applies, plus the amount to which a withdrawal charge applies
divided by 100% minus the percentage shown above (so that if the percentage
shown is 7% we divide by 93%). For full withdrawals, we multiply each
amount to which the withdrawal charge applies by the percentage shown
above, keep the resulting amount as a withdrawal charge and pay you the
rest.
Example of Withdrawals
----------------------
Assume four deposits of $2,000 each allocated 50% to the Fixed Interest
Account and 50% to the Growth Division of the Separate Account. Further,
assume withdrawal charge percentages of 0%, 3%, 5% and 7% respectively;
and balances of $5,380 in the Fixed Interest Account and $5,550 in the
Growth Division. You now ask for $3,500 from the Growth Division.
If this is your first request for a withdrawal in a contract year, we would
allow the greater of: (a) the first 10% of your total Account Balance
($1,093); or, (b) all deposits no longer subject to surrender charges
($2,000) to be withdrawn without a withdrawal charge. To determine the
charge we first take the $2,000 that can be withdrawn with no charge (the
fact that only half of it went to the Growth Division does not matter--we
are treating the contract as if it were a single account). We then take
$1,500 from the second deposit (with a 3% withdrawal charge) and divide
this $1,500 by 97%. The result is $1,546.39. Since the total of two numbers
is $3,546.39, and you asked for $3,500, the extra $46.39 is the withdrawal
charge.
P07A04
3
We take it all from the Growth Division, as well as taking the $3,500 from
there. Your Growth Division balance is now $2,003.61, and the total Account
Balance is $7,383.61.
If in the same contract year you then take a full withdrawal, we multiply
the remaining $500 from your second deposit by 3% ($15), the third $2,000
deposit by 5% ($100), and the fourth $2,000 deposit by 7% ($140). No charge
applies to the earnings. Thus, we withdraw $255 as the withdrawal charge,
and pay you the remaining $7,128.61.
As required by law we have the right to delay paying any cash withdrawals
from the Fixed Interest Account for up to six months. We do not intend to
do this except in an extreme emergency. We would, of course, credit
interest during any delay.
5. WHAT IS THE FIXED INTEREST ACCOUNT AND HOW IS INTEREST CREDITED TO IT?
The Fixed Interest Account guarantees both your principal and your interest
(subject to any charges that may apply) without regard to any investment
results. The interest rates are set in advance and are "locked-in" without
regard to changing economic conditions.
Interest on each deposit allocated to the Fixed Interest Account will be
credited from the date the deposit is received at our designated office or
transferred to the Fixed Interest Account. Interest will be credited on
amounts in the Fixed Interest Account until the earliest of: (a) the date
we pay them under item 13, (b) the dates the amounts are withdrawn or
transferred to the Separate Account, or (c) the date you start to receive
income payments.
Interest rates will be set by us from time to time, but will never be less
than 3%. Different interest rates may apply to each deposit depending on
the date the deposit is received at our designated office. The declared
interest rate in effect when a new deposit is received will be credited on
that deposit until the last day of the first deposit year. A new interest
rate will be declared for each new deposit year and will apply both to the
original deposit and all earnings on that deposit. We may declare interest
rates for one year periods starting on the date the deposit is received,
instead of based on deposit years. If we do so we will tell you in advance.
We will only do this for new deposits.
The interest rates we declare are "annual effective yields". The actual
rates we use on a day-to-day basis are slightly lower, but, if the deposit
is left in your contract for a full year, it will grow by the full amount
of the interest rate we declared, because we compound interest daily.
P07A05
4
6. WHAT IS THE SEPARATE ACCOUNT AND HOW DOES IT OPERATE?
It is Metropolitan Life Separate Account E, an investment account we
maintain separate from our other assets.
We own the assets in the Separate Account. The Separate Account will not be
Charged with liabilities that arise from any other business that we
conduct. We will add amounts to the Separate Account from other contracts
of ours.
The Separate Account is divided into investment divisions, each of which
buys shares in a corresponding portfolio of the Fund. Thus, the Separate
Account does not invest directly in stocks, bonds, etc., but leaves such
investments to the Fund to make. The Fund combines assets from the Separate
Account as well as other separate accounts of ours and our affiliates.
We keep track of each investment division of the Separate Account
separately using accumulation units. When you put money into an investment
division, we give you accumulation units. When you take money out of the
investment division, we reduce the number of your accumulation units. In
either case, the number of accumulation units you gain or lose is
determined by taking the dollar amount of the deposit, transfer or
withdrawal and dividing it by the value of an accumulation unit at the time
of the transaction. Thus, if you transfer in $5,000, and the value of an
accumulation unit is $100, you will get 50 accumulation units.
Initially, we set the value of each accumulation unit. At the end of each
valuation period, we then revise it by taking the net asset value of a
share in the applicable Fund portfolio at the end of the valuation period,
add any Fund dividend or capital gain distribution during the valuation
period, subtract any per share charge for taxes and reserves for taxes, and
divide this total by the net asset value of a share of the same portfolio
at the start of the valuation period. Then we subtract a charge not to
exceed .000034035 per day (an effective annual rate of 1.25%) for
administrative expenses and mortality and expense risks we assume under the
contract. This calculation results in a factor that we multiply the
previous accumulation unit value by in order to determine the new
accumulation unit value. A valuation period is the period between one
calculation of an accumulation unit value and the next calculation.
Normally, we calculate accumulation units once each day the New York Stock
Exchange is open for trading, but we can delay this determination if an
emergency exists, making valuation of assets in the Separate Account not
reasonably practicable, or the Securities and Exchange Commission permits
such deferral. We may change when we calculate the accumulation unit value
by giving you 30 days notice, to the extent permitted by law.
Deposits to the Separate Account will be credited as of the end of the
valuation period during which we receive them at our designated office.
Additions to or withdrawals from an investment division may only be made as
of the end of a valuation period.
5
P07A06
We may make certain changes to the Separate Account if we think they would
best serve the interests of participants in or owners of similar Contracts
or would be appropriate in carrying out the purposes of such contracts. Any
changes will be made only to the extent and in the manner permitted by
applicable laws. Also, when required by law, we will obtain your approval
of the changes and approval from any appropriate regulatory authority.
Examples of the changes to the Separate Account that we may make include:
. To transfer any assets in an investment division to another investment
division, or to one or more other separate accounts, or to our general
account; or to add, combine, or remove investment divisions in the
Separate Account.
. To substitute, for the Fund shares held in any portfolio, the shares
of another class of the Fund or the shares of another fund or any
other investment permitted by law.
If any changes result in material change in the underlying investments of
an investment division to which an amount is allocated under the contract,
we will notify you of the change. You may then make a new choice of
investment divisions.
7. CAN MONEY BE TRANSFERRED WITHIN THIS CONTRACT?
Yes. Transfers can be made between investment divisions of the Separate
Account, from an investment division to the Fixed Interest Account, or from
the Fixed Interest Account to an investment division. You can make an
unlimited number of transfers by telling us.
If you make a transfer from the Fixed Interest Account, we will determine
which deposits and earnings to take it from as if it was a withdrawal from
the contract. If you transfer money from the Fixed Interest Account to the
Separate Account and then you transfer money from the Separate Account to
the Fixed Interest Account within 12 months, this will be treated as a
return of the same money (whether or not it really is). Thus, after the
transfer into the Fixed Interest Account, it will earn the same interest
rate that it would have been earning had neither transfer ever taken place.
Any amounts in excess of the original transfer and any amounts transferred
back to the Fixed Interest Account more than 12 months after the first
transfer will be treated as a new deposit to the Fixed Interest Account and
will earn the current interest rate for new deposits.
8. MAY I ASSIGN THIS CONTRACT, OR USE IT AS COLLATERAL FOR A LOAN?
Yes. Your contract may be absolutely or collaterally assigned prior to the
start of income payments. If your contract is assigned absolutely, we will
treat it as a change of ownership and all rights will be transferred. We
are not bound by any assignment unless it is in writing and until it is
recorded at our designated office. We are not responsible for the validity
of any assignment. After income payments start, your contract may not be
assigned, and, to the extent permitted by law, they are not subject to the
claims of creditors.
6
P07A07
9. ARE DIVIDENDS PAYABLE UNDER MY CONTRACT?
No, your contract is nonparticipating and does not share in any
distribution of our surplus.
10. ARE ADMINISTRATIVE FEES DEDUCTED FROM MY CONTRACT?
At the end of each contract year, we will deduct a $20 administrative fee
from your Fixed Interest Account on a "first-in, first-out" basis from
deposits and then from earnings. If your Fixed Interest Account balance is
less than $20 at the end of a contract year, we will waive the fee. We will
also waive any fee due when your contract ends. No administration fee
applies to the Separate Account.
We may change the date on which the administrative fee is deducted to the
contract anniversary. If we do so, we will tell you in advance.
11. HOW CAN I GET INFORMATION ABOUT MY CONTRACT AND ITS VALUE?
At least twice each contract year, before income payments start, we will
send you a statement with details on deposits, values, withdrawals, and
other information about your contract. If you need information at other
times, please tell us.
Any time you have to tell us something (e.g., to request additional
information, to make transfers, to change your allocation for new deposits,
to make withdrawals), you must send written notice to our designated office
unless we have set up some other procedure, such as notice by telephone.
12. CAN METROPOLITAN GUARANTEE ME AN INCOME FOR AS LONG AS I LIVE OR FOR A WIDE
CHOICE OF OTHER PERIODS?
Yes. You can receive income payments guaranteed for life on a monthly,
quarterly, semiannual or annual basis. These payments may also be
guaranteed for at least five years, but not beyond your life expectancy or
the joint life expectancy if there is more than one payee.
Other income plans which provide payments for a stated amount or a stated
number of years are also available. The amount of each payment under an
income plan must be at least $50.
You may begin receiving income payments at any date you choose after the
contract date if you tell us at least 30 days in advance. We will send you
information and the necessary forms to sign, upon receipt of your request
at our designated office. Once income payments start, you will not be able
to make cash withdrawals or change the choice of income plan.
We will automatically send you information about income plans when you
attain age 84. If you do not choose an income plan, make a full cash
withdrawal, or ask to continue the contract by age 85 or 10 years after the
contract date if later, we will automatically start income payments on that
date, for your lifetime with a guarantee that payments will be made for at
least 10 years.
P07A08
7
If your date of birth or sex is not correct on the application for your
contract, we will adjust the income payments to agree with your correct age
and sex. We may require that you provide proof of age when income payments
are to start. We may also require proof that you are still alive on the due
date of each income payment.
13. WHAT HAPPENS IF THE ANNUITANT DIES OR I DIE BEFORE INCOME PAYMENTS START?
After we receive proof of death and a properly completed claim form we will
pay the death benefit (as of the date of settlement) to the payee or permit
him or her to select one of our available income plans. We may pay the
account balance by placing it in an account that earns interest and to
which the payee will have immediate access.
If you die, we will pay the beneficiary. If you name no beneficiary or if
none is alive when you die, we will pay your contingent beneficiary. If you
do not name a contingent beneficiary or none is alive when you die, we will
pay your estate. If your estate or other non-natural person becomes
entitled to payment, such payment will be made in a lump sum. Payment to
more than one beneficiary or more than one contingent beneficiary will be
divided equally among them, unless you specify otherwise.
If your beneficiary is your spouse and you were also the annuitant, then
your spouse may continue your contract as owner and annuitant. If you were
not the annuitant, however, then your spouse will automatically become
owner and no payment will be made because of your death. If you are the
annuitant's spouse, you may continue the contract as annuitant and owner at
his or her death.
If there is more than one owner, at the death of the first owner, payment
will be made to the surviving owner. If the deceased owner's spouse is the
surviving owner, then no payment will be made and the surviving spouse will
become the owner.
If you are not the annuitant and he or she dies, we will pay you. If there
is more than one owner, payment will be made in equal shares.
The entire death benefit under this contract must be distributed in a
single sum within five years of your death. If, however, the payee is a
natural person, the payee may choose an income plan for life or for a
period of years not more than his or her life expectancy. The income
payments must begin within one year of your death. If Treasury regulations
allow, we may permit our payments to start later.
After payments start, we may require proof that the payee is alive on the
due date of each income payment.
8
The death benefit is the greatest of:
a. The entire account balance as of the date we receive proof of death and
a properly completed claim form (no withdrawal charge will apply and no
administrative fee will be deducted), or
b. The total deposits made less any partial withdrawals, or
c. The highest account balance as of the end of the calendar year in which
any prior quinquennial (5th, 10th, 15th, etc.) contract anniversary
occurs, less any later partial withdrawals and any applicable
administrative fees.
14. WHAT HAPPENS IF THE PAYEE DIES AFTER INCOME PAYMENTS START?
After we receive proof of death and a properly completed claim form, income
payments will continue to the payee's beneficiary (even if the beneficiary
is your spouse) for the balance of the guaranteed period, if any, for the
income plan selected. If the guaranteed period has already ended, no
further payments will be made. If the payee's estate (or other non-natural
person) becomes entitled to payment, we will pay the value of any remaining
payments, computed as of the date of death using the interest rate we use
to set those payments, in a lump-sum to such person.
15. WHO IS MY BENEFICIARY AND MAY I CHANGE MY BENEFICIARY?
Your beneficiary is the person or persons you name to receive benefits in
the event of your death. You may name a contingent beneficiary who would
become the beneficiary if all the beneficiaries die before you do.
You may change your beneficiary or contingent beneficiary at any time
before income payments start. Ask us for our "Change of Beneficiary" form.
The change will take effect as of the date you signed the form, but no
change will bind us until it is recorded at our designated office.
After income payments start, the payee may change the beneficiary for any
future guaranteed income payments. If the payment is being made over two
lifetimes and the other person survives the payee, he or she can change the
beneficiary. The name of any person over whose life payment is being made
cannot be changed.
16. HOW ARE INCOME PAYMENTS THAT ARE GUARANTEED FOR LIFE CALCULATED?
Life income payments are calculated as shown on page 11. As required by law
this shows the lowest payments that we could ever make--we expect our
actual payments to be higher.
Actual payments will not be less than those we would provide to a person in
the same class under a single payment immediate annuity bought with an
equal amount at the time annuity payments start.
P07A10
9
17. CAN I ARRANGE FOR A SPECIFIC INCOME PLAN FOR MY BENEFICIARY TO TAKE
EFFECT AFTER I DIE?
Yes. You can choose an income plan for your beneficiary which we will honor
at your death, unless you are already receiving income payments at that
time.
18. DOES MY CONTRACT CONTAIN ALL THE PROVISIONS THAT AFFECT ME?
Yes, your contract and any riders and endorsements included in it make up
your entire contract with us. We will never contest the validity of this
contract. Changes in its provisions may only be made in writing by our
President, Secretary, or a Vice-President. No provision may be waived or
changed by any of our other employees, representatives or agents.
To preserve its status as an annuity and comply with Section 72 of the
Code, we may interpret and administer this contract as required by the Code
and applicable Treasury Regulations. We may, if necessary, amend this
contract and take other actions without your consent. We will notify you of
any amendments and, when required by law, we will obtain your approval and
the approval of the appropriate regulatory authority.
P07A11
10
TABLE OF VALUES
Minimum Fixed Interest Account Balance
(For a Contract without any partial withdrawals)
Basis: $1,000 annual deposit allocated to the Fixed Interest Account at the
beginning of each year
Values are not proportional for other deposits.
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TABLE A TABLE B
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End of Minimum Guaranteed Guaranteed Minimum Monthly
Contract Account Minimum Account
Year Balance Withdrawal Value Male Female Unisex
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The guaranteed minimum interest rate used to determine the values shown above is
3%. Values during the year will include interest for the completed part of the
year.
The guaranteed account withdrawal values shown above equal the comparable
minimum account balances minus a withdrawal charge (but are never less than the
total deposits made). The withdrawal charge does not exceed 7% and does not
apply to any deposit after seven years from our receipt of the deposit. A $20
administrative fee has been deducted from the values in Table A as of the end of
each contract year.
Contract values will never be less than the minimum benefits required by the law
of the state where this contract is delivered. We have told the chief insurance
regulator of the state where we delivered this contract how we computed these
values. On request we will provide the method of computation and values for
years not shown.
The guaranteed monthly income at age 70 is the minimum amount we would pay over
your lifetime with a guaranteed payment period of 10 years, if you make no
deposits after the year shown and you begin payments at age 70. This and other
income plans that you may choose are described in item 12. To compute minimum
payments we use an interest rate of 3% and the 1983 Individual Mortality Table a
(Metropolitan Adjusted). Unisex rates apply only where required by state law.
P07A12
11
INDEX
Subject Q&A #(s) Page(s)
Administrative Fees 10 7
Age 12 7
Allocation of Deposits 2 2
Assignment 8 6
Beneficiary 15 9
Cancellation 3 2
Computation of Values 16 9
Contract and Authority 18 10
Death Benefit 13, 14 8, 9
Definitions 1 1
Deposits 2 2
Dividends 9 7
Fixed Interest Account 5 4
Income Payments 12, 17 7, 10
Information We Give You 11 7
Separate Account and Investment Divisions 6 5
Transfers 7 6
Withdrawals 4 2
NOTICE
When you write to us, please give us your name, address and contract number.
Please notify us promptly of any address changes. We will write to you at your
last known address.
Our Board of Directors is elected by our contractholders. For details on how to
vote, write to our Secretary at the designated office.
Checks, drafts or money orders must be drawn to the order of METLIFE. All
payments must be made in U.S. currency.
MULTIFUNDED ANNUITY CONTRACT
ALL VALUES PROVIDED BY THIS CONTRACT WHICH ARE BASED ON THE INVESTMENT
EXPERIENCE OF THE SEPARATE ACCOUNT ARE VARIABLE AND ARE NOT GUARANTEED AS TO
AMOUNT.
PLEASE READ THIS CONTRACT CAREFULLY
_____________________________________________ _______________
Countersigned and delivered by Date
12
