EXHIBIT 10(h)
 GOLDEN AMERICAN LIFE INSURANCE COMPANY
                            SURPLUS NOTE

Golden American Life Insurance Company agrees to pay Equitable Life
Insurance Company of Iowa corporation, the sum of $60 million
($60,000,000.00) plus interest at the rate of 7.25%  per annum from the
date hereof, December 30, 1998 until paid.  In any event, this note
will mature on December 29, 2028.

This Surplus Note and accrued interest thereon shall be subordinate to
payments due to policyholders, claimant and beneficiary claims, as well
as debts owed to all other classes of debtors, other than surplus note
holders, of Golden American Life Insurance Company in the event of (a)
the institution of bankruptcy, reorganization, insolvency or
liquidation proceedings by or against Golden American Life Insurance
Company, or (b) the appointment of a Trustee, receiver or other
Conservator for a substantial part of Golden American Life Insurance
Company properties.

Any payments made shall first apply to accrued interest, and the
balance of such payment shall apply to reduce the principal of this
Note.

Any payment of principal and/or interest made shall be subject to the
prior approval of the Delaware Insurance Commissioner.  If the
Commissioner has not approved payment of principal to retire the note
prior to its maturity date, the maturity date will be automatically
extended until such time as the Commissioner authorizes payment of the
final balance of principal.

Golden American Life Insurance Company hereby waives presentment and
notice of dishonor.

In witness whereof, Golden American Life Insurance Company has caused
this Note to be executed and delivered.


                                GOLDEN AMERICAN LIFE INSURANCE COMPANY

                                By: /s/ Stephen J. Preston
                                   --------------------------------
                                     Stephen J. Preston, Executive
                                         Vice President


Attest by:


/s/ David L. Jacobson
- -------------------------
David L. Jacobson
Senior Vice President and
    Assistant Secretary