Exhibit 1.A.5
SPECIMEN POLICY
[LOGO] PHOENIX
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Dear Policyowner:
We agree to pay the benefits of this policy in accordance with its provisions.
It is important to Us that You are satisfied with Your policy and that it meets
Your insurance goals. For service or information on this policy, contact the
agent who sold the policy, any of Our agency offices, or Our Variable and
Universal Life Administration at the following address:
PHL Variable Insurance Company
Variable and Universal Life Administration
101 Munson Street
P.O. Box 942
Greenfield, MA 01302-0942
RIGHT TO RETURN THIS POLICY. You have the right to cancel this policy within a
limited time after the policy is delivered to You. The policy may be cancelled
by returning the policy to Us at Our Variable and Universal Life Administration
before the later of:
1. 10 days after the policy is delivered to You; or
2. 10 days after a Notice of Right to Cancel is delivered to You; or
3. 45 days after Part 1 of the application is signed;
for a refund of:
1. the Policy Value less Debt, if any; plus
2. any monthly deductions, partial surrender fees and other charges made
under the policy.
The Policy Value and Debt will be determined as of the nearest Valuation Date
coincident with or following the date We receive the returned policy at Our
Variable and Universal Life Division.
Signed for PHL Variable Insurance Company at its Main Administrative Office in
Hartford, Connecticut.
PHL VARIABLE INSURANCE COMPANY
/s/ Robert W. Fiondella
Registrar Chairperson of the Board and
Chief Executive Officer
FLEXIBLE PREMIUM VARIABLE UNIVERSAL LIFE INSURANCE POLICY
THE DEATH BENEFIT AND OTHER VALUES PROVIDED UNDER THIS POLICY ARE BASED ON THE
RATES OF INTEREST CREDITED ON ANY AMOUNTS ALLOCATED TO THE GUARANTEED INTEREST
ACCOUNT AND THE INVESTMENT EXPERIENCE OF THE SUBACCOUNTS WITHIN OUR SEPARATE
ACCOUNT TO WHICH YOUR PREMIUMS ARE ALLOCATED. THUS, THE DEATH BENEFIT AND OTHER
VALUES MAY INCREASE OR DECREASE IN AMOUNT OR DURATION. SEE PART 7 FOR A
DESCRIPTION OF HOW THE DEATH BENEFIT IS DETERMINED.
NONPARTICIPATING
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TABLE OF CONTENTS
PART PAGE
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Schedule Page(s)
Table of Contents
1. Definitions...................................................... 1
2. About This Policy................................................ 2
3. Rights of the Owner.............................................. 5
4. Premiums......................................................... 6
5. The Accounts..................................................... 7
6. Policy Values.................................................... 9
7. Lifetime Benefits................................................ 11
8. Death Benefits................................................... 13
9. Payment Options.................................................. 16
10. Tables of Payment Option Amounts................................ 18
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PART 1: DEFINITIONS
ASSIGNS
Any persons to whom You assign an interest in this policy if We have notice of
the assignment in accordance with the provisions stated in the policy.
ATTAINED AGE
Age of the Insured on the birthday nearest the most recent Policy Anniversary.
BASIC POLICY
The policy as it exists, without any additional rider benefits.
CASH SURRENDER VALUE
The Cash Surrender Value of this policy is the Policy Value less any applicable
surrender charge on the date of surrender and less any Debt. The surrender
charge is as shown on the Schedule Page.
DEBT
Unpaid loans against this policy plus accrued interest.
FACE AMOUNT
The initial Face Amount that You chose as shown on the Schedule Page or as later
changed in accordance with the terms of this policy.
GENDER
The terms "he," "his" and "him" are applicable without regard to sex. Where
proper, "she," "hers" or "her" may be substituted.
IN FORCE
The policy has not terminated or otherwise lapsed in accordance with the Grace
Period and Lapse provision.
IN WRITING (WRITTEN REQUEST)
A request in a written form satisfactory to Us, signed by You and filed at Our
VULA.
ISSUE PREMIUM
The initial premium paid as shown on the Schedule Page.
MONTHLY CALCULATION DAY
The first Monthly Calculation Day of a policy is the same day as its Policy Date
as shown on the Schedule Page. Subsequent Monthly Calculation Days are the same
day for each month thereafter or, if such day does not fall within a given
month, the last day of that month will be the Monthly Calculation Day.
PAYMENT DATE
The Valuation Date on which a premium payment or loan repayment is received at
Our VULA unless it is received after the close of the New York Stock Exchange in
which case it will be the next Valuation Date.
POLICY ANNIVERSARY
The anniversary of the Policy Date.
POLICY DATE
The date from which Policy Years and Policy Anniversaries are measured and is
shown on the Schedule Page.
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POLICY MONTH
The period from one Monthly Calculation Day up to, but not including, the next
Monthly Calculation Day.
POLICY VALUE
The Policy Value is the sum of this policy's share in the value of each
Subaccount of the Separate Account and the value of this policy's Guaranteed
Interest Account.
POLICY YEAR
The first Policy Year is the one-year period from the Policy Date to, but not
including, the first Policy Anniversary. Each succeeding Policy Year is the
one-year period from the Policy Anniversary to, but not including, the next
Policy Anniversary.
SUBACCOUNTS
The accounts within Our Separate Account to which non-loaned assets under the
policy may be allocated.
UNIT
A standard of measurement used to determine the share of this policy in the
value of each Subaccount of the Separate Account.
VALUATION DATE
Every day the New York Stock Exchange is open for trading and PHL Variable
Insurance Company is open for business.
VALUATION PERIOD
The period in days from the end of one Valuation Date through the next Valuation
Date.
VULA
Our Variable and Universal Life Administration. The address is shown on the
cover page of this policy.
WE (OUR, US)
PHL Variable Insurance Company.
YOU (YOUR)
The owner of this policy.
PART 2: ABOUT THE POLICY
EFFECTIVE DATE OF INSURANCE
This policy will begin In Force on the Policy Date, provided the Issue Premium
is paid while the Insured is alive.
THE POLICY AND APPLICATION
This policy, including the Schedule Pages, any riders or endorsements to it, and
the application for it (and any supplemental applications) constitute the entire
contract between You and Us.
This contract is made in consideration of the application and the payment of
premiums as provided in this policy. We rely on all statements made by or for
the Insured in the written application. Each statement made in an application
will, in the absence of fraud, be deemed a representation and not a warranty. No
statement will be used to void this policy or in defense of a claim under this
policy unless:
1. it is contained in the application or in a supplemental application; and
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2. a copy of that application is attached to this policy when issued or made a
part of this policy when changes become effective.
Any change in the provisions of the policy, including modifying the policy,
waiving any of its conditions, or making an agreement for the Company, to be in
effect, must be In Writing and signed by one of Our executive officers and
countersigned by Our registrar or one of Our executive officers. This policy is
issued by Us at Our Main Administrative Office in Enfield, Connecticut. Any
benefits payable under this policy are payable at Our Main Administrative
Office.
NONPARTICIPATING
This policy is nonparticipating and therefore is not eligible for annual
dividends. This means that You are not entitled to participate in company
profits.
REVISED SCHEDULE PAGES
The Schedule Pages issued with the policy show the initial policy data in effect
for this policy on the Policy Date. Some of this policy data may change by an
action You request or take or by a change You make. Any of these changes will be
reflected in revised schedule pages which supplement or restate the Schedule
Pages and show the effective date of the change. We will send You such revised
schedule pages along with a copy of any supplemental application, and they will
become part of this policy as of their effective date.
CONTESTABILITY
We rely on all statements made by or for the Insured in the application. These
statements are considered to be representations and not warranties.
We can contest the validity of this policy and any coverage under it for any
material misrepresentation of fact. To do so, however, the misrepresentation
must be contained in an application and the application, must be attached to
this policy when issued or made a part of this policy when a change is made.
If We contest the validity of all or a portion of the coverage provided under
this policy, the amount We pay with respect to such portion of the coverage will
be limited to the higher of a return of any paid premium for the contested
coverage, or the sum of any monthly deductions made under this policy for the
contested coverage.
We cannot contest the validity of the policy after it has been In Force during
the Insured's lifetime for two years from its Policy Date except for any
increase in death benefit that is subject to evidence of insurability. Our right
to contest the validity of such increase will be limited to a period of two
years from the date of the increase and limited to the material
misrepresentations made in the application for such increase.
SUICIDE
If within two years from the Policy Date the Insured dies by suicide, while sane
or insane, and while this policy is In Force, this policy will cease and become
void.
We will pay to You the Policy Value adjusted by the following amounts:
1. We add any monthly deductions and any other fees and charges made under this
policy;
2. We subtract any Debt owed Us under this policy.
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If within two years from the issue date of an increase in Face Amount the
Insured dies by suicide, while sane or insane, and while the policy is In Force,
the death benefit for that increase will be limited to a pro-rata portion of the
Policy Value corresponding to such increase adjusted as follows:
1. We add the sum of the monthly deductions corresponding to such increase;
2. We subtract any Debt owed Us under this policy.
TERMINATION
If not previously terminated, this policy will terminate automatically on the
earliest of:
1. the date of death; or
2. the date of a full surrender; or
3. the date the grace period expires without the payment of sufficient premium
in accordance with the Grace Period and Lapse provision.
MISSTATEMENT OF AGE OR SEX
If the age or sex of the Insured is misstated, the Face Amount will be adjusted
to reflect the amount of coverage that would have been supported by the most
recent monthly deduction based on the then current cost of insurance rate for
the correct age and sex.
ASSIGNMENTS
Except as otherwise provided herein, any or all of the rights in this policy may
be assigned. We will not be considered to have notice of any assignment until We
receive the original or copy of the assignment at Our VULA. We are not
responsible for the validity of any assignment.
ANNUAL REPORTS
We will annually send You a report for this policy that shows the following:
1. the then current Policy Value, Cash Surrender Value, death benefit and Face
Amount;
2. the premiums paid, and deductions and partial surrenders made since the last
report;
3. any outstanding Debt;
4. an accounting of the change in Policy Value since the last report; and
5. such additional information as required by applicable law or regulation.
TRANSACTION RULES
Requests for transactions involving Subaccounts and the Guaranteed Interest
Account will usually be processed within 7 days after We receive the Written
Request at Our VULA. However, We may, at Our discretion, postpone the payment of
any death benefit in excess of the initial Face Amount, any policy loans,
partial surrenders, full surrenders or transfers:
1. For up to six months from the date of request, for any transactions
dependent upon the value of the Guaranteed Interest Account; or
2. Otherwise, for any period during which the New York Stock Exchange is closed
for trading (except for normal holiday closing) or when the Securities and
Exchange Commission has determined that a state of emergency exists which
may make processing such transactions impractical.
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PART 3: RIGHTS OF OWNER
WHO IS THE OWNER
The owner is the person named as owner in the application, unless later changed
as provided in this policy. The Insured will be the owner if no other person is
named the owner. If You, the owner, are not the Insured and You die before the
Insured, ownership rights in this policy will pass to the successive owner if
one has been named, except that if joint owners are designated, ownership will
remain with the surviving joint owners until death of the survivor unless
otherwise provided. If no successive owner has been named, then the estate of
the last owner to die will become the owner. If more than one person is named as
owner, they must act jointly unless You and We agree otherwise.
WHAT ARE THE RIGHTS OF THE OWNER
You control this policy during the Insured's lifetime but not until this policy
begins In Force. Unless You and We agree otherwise, You may exercise all rights
provided under this policy without the consent of anyone else. Your rights
include the right to:
1. Receive any amounts payable under this policy during the Insured's lifetime.
2. Change the owner or the interest of any owner.
3. Change the planned premium amount and frequency.
4. Change the Subaccount and the Guaranteed Interest Account allocations
schedule for premium payments and monthly deductions.
5. Transfer amounts between and among Subaccounts and the Guaranteed Interest
Account.
6. Obtain policy loans.
7. Obtain a partial surrender.
8. Surrender this policy for its Cash Surrender Value.
9. Select a payment option for any Cash Surrender Value that becomes payable.
10. Request changes in the insurance amount.
11. Change the beneficiary of the death benefit.
12. Assign, release or surrender any interest in the policy.
13. Change the Death Benefit Option.
You may exercise these rights only while the Insured is alive. Your exercise of
any of these rights will, to the extent thereof, assign, release or surrender
the interest of the Insured and all beneficiaries and successive owners under
this policy.
HOW TO CHANGE THE OWNER
You may change the owner by Written Request.
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PART 4: PREMIUMS
PREMIUM PAYMENTS
The Issue Premium as shown on the Schedule Page is due on the Policy Date. The
Insured must be alive when the Issue Premium is paid. Thereafter, the amount and
payment frequency of planned premiums are as shown on the Schedule Page unless
later changed as described below. All premiums are payable at Our VULA, except
that the Issue Premium may be paid to an authorized agent of Ours for forwarding
to Our VULA. No benefit associated with any premium shall be provided until it
is actually received by Us at Our VULA.
PREMIUM DEDUCTIONS
Premium expense charges as shown on the Schedule Page, will be deducted from any
premiums received by Us at Our VULA. If the Issue Premium is received by Us at
Our VULA after the Policy Date, then it will also be reduced by the amount
necessary to cover any past unpaid monthly deductions described below. In
addition, payments received by Us during a grace period will also be reduced by
the amount needed to cover any monthly deductions during the grace period.
NET PREMIUM ALLOCATION
The premiums, net of the premium expense charges, will be applied on the Payment
Date to the various Subaccounts and the Guaranteed Interest Account based on the
premium allocation schedule elected in the application for this policy or as
later changed by You. You may change the allocation schedule for premium
payments by Written Request.
PREMIUM FLEXIBILITY
Subject to the total premium limit described in the next section and except for
the Issue Premium, You may change the amount and frequency of premium payments
while this policy is In Force as follows:
1. You may increase or decrease the planned premium amount or payment frequency
at any time by Written Request. We reserve the right to limit increases to
such maximums as We may establish from time to time.
2. Additional premium payments may be made at any time.
3. Each premium payment made must at least equal $25 or, if during a grace
period, the amount needed to prevent lapse of this policy. We reserve the
right to reduce or increase the limit.
4. Any premium payment that would increase the death benefit by more than it
would increase the Policy Value, shall be subject to evidence of
insurability satisfactory to Us. As regards any such increase, the
Contestability and Suicide Exclusion provisions will apply from the date of
increase. The application for such increase will be attached to and made
part of the policy.
TOTAL PREMIUM LIMIT
The total premium limit is shown on the Schedule Page and is applied to the sum
of all premiums received by Us for this policy to date, reduced by the sum of
all partial surrender amounts paid by Us to date. If the total premium limit is
exceeded, We will pay You the excess, with interest at an annual rate of not
less than 4%, not later than 60 days after the end of the Policy Year in which
the limit was exceeded. The Policy Value will be adjusted to reflect such
refund. The amount to be taken from the Subaccounts and the Guaranteed Interest
Account will be allocated in the same manner as provided for monthly deductions
unless You request another allocation In Writing.
The total premium limit may be exceeded if additional premium is needed to
prevent lapse under the Grace Period and Lapse provision. The total premium
limit may change due to:
1. a partial surrender, an increase in Face Amount, or a decrease in Face
Amount;
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2. addition, cancellation or change of a rider;
3. a change in Death Benefit Option;
4. a change in risk classification; or
5. a change in federal tax laws or regulations.
GRACE PERIOD AND LAPSE
During the first seven Policy Years, if on any Monthly Calculation Day, the
required monthly deduction exceeds the Policy Value less any outstanding Debt, a
grace period of 61 days will be allowed for the payment of an amount, less the
premium expense charge, equal to three times the required monthly deduction.
After the seventh Policy Year, if on any Monthly Calculation Day, the required
monthly deduction exceeds the Cash Surrender Value or the Cash Surrender Value
equals zero, a grace period of 61 days will be allowed for the payment of an
amount, less the premium expense charge, equal to three times the required
monthly deduction or, if greater, that amount necessary to provide a Cash
Surrender Value greater than zero.
In addition, if the total Debt is greater than the maximum loan value, a grace
period of 61 days will be allowed for the payment of the amount necessary to
reduce the total Debt to an amount less than or equal to the maximum loan value.
This policy will continue In Force during any such grace period. We will mail to
You and any Assigns at the post office addresses last known to Us, a written
notice as to the amount of premium required. This written notice will be sent at
least 15 days and not more than 45 days prior to the date that the policy would
lapse. If such premium is not paid to Us by the end of the grace period, this
policy will lapse without value. The date of lapse will be the Monthly
Calculation Day on which the deduction was to be made, and any insurance and
rider benefits provided under this policy will terminate as of that date.
The death benefit payable during the grace period will equal the death benefit
in effect immediately prior to such period less overdue charges.
Any premiums paid will be used, after assessment of premium expense charges, to
pay for any unpaid monthly deductions.
PART 5: THE ACCOUNTS
Assets under this policy may be allocated either to the Subaccounts of the
Separate Account or the Guaranteed Interest Account.
SEPARATE ACCOUNT AND SUBACCOUNTS
The PHL Variable Insurance Company's Variable Universal Life Separate Account
(VUL Account) is a Separate Account established by Our company under Connecticut
Law and is registered as a unit investment trust under the Investment Company
Act of 1940. The VUL Account contains various Subaccounts that have different
investment objectives.
All income, gains and losses, realized and unrealized, of the VUL Account are
credited to or charged against the amounts placed in the VUL Account without
reference to other income, gains and losses of Our General Account. The assets
of the VUL Account are owned solely by Us and We are not a trustee with respect
to such assets. These assets are not chargeable with liabilities arising out of
any other business that We may conduct.
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We use the assets of the VUL Account to buy shares of the Fund(s) of this
contract according to Your most recent allocation instruction on file with Us.
The Fund(s) are registered under the Investment Company Act of 1940 as an
open-end, management investment company. The Fund(s) have separate Series that
correspond to the Subaccounts of the VUL Account. Assets of each Subaccount are
invested in shares of the corresponding Fund Series.
A Portfolio of the Fund might make a material change in its investment policy.
If that occurs, You will be notified of the change. In addition, no change will
be made in the investment policy of any of the Subaccounts of the Separate
Account without approval of the appropriate insurance supervisory official of
Our domiciliary state of Connecticut. The approval process is on file with the
insurance supervisory official of the state where the policy is delivered.
ADDITIONAL SUBACCOUNTS
We have the right to add Subaccounts of the Separate Account subject to approval
by the Securities and Exchange Commission and, where required, other regulatory
authority.
SUBSTITUTION OF SUBACCOUNTS
If the shares of the Funds of this contract should no longer be available for
investment by the Separate Account or if in Our judgment further investment in
such Funds becomes inappropriate for use with this contract, We reserve the
right to substitute Units of another Subaccount for Units already purchased or
to be purchased in the future by premium payments under this contract. Any such
change will be subject to approval by the Securities and Exchange Commission and
by the insurance supervisory official of the state where this contract is
delivered.
VOTING RIGHTS
Although We are the legal owner of the Fund shares, We will vote the shares at
regular and special meetings of the shareholders of the Fund in accordance with
instructions received from You and the other owners of the policies. Any shares
held by Us will be voted in the same proportion as voted by You and the other
owners of the policies. However, We reserve the right to vote the shares of the
Fund without direction from You if there is a change in the law which would
permit this to be done.
GUARANTEED INTEREST ACCOUNT (GIA)
This policy also contains a Guaranteed Interest Account (GIA) to which premium
payments may be allocated. The GIA is not part of the Separate Account. It is
accounted for as part of Our General Account. We reserve the right to limit
cumulative premium payments to the non-loaned portion of the GIA during any
one-week period to not more than $250,000.
For amounts held under the non-loaned portion of the GIA, We will credit
interest daily at such rates as We shall determine but in no event will the
effective annual rate of interest be less than 3%. At least monthly, We will set
the interest rate that will apply to any premium made to the GIA.
For amounts held under the loaned portion of the GIA, We will credit interest
daily at the effective annual rate of interest shown on the Schedule Page.
We reserve the right to add other Guaranteed Interest Accounts subject to the
approval by the insurance supervisory official of the state where this contract
is delivered.
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PART 6: POLICY VALUES
POLICY VALUE
The Policy Value is the sum of this policy's share in the value of each
Subaccount of the Separate Account and the value of this policy's GIA.
SHARE OF SEPARATE ACCOUNT SUBACCOUNT VALUES
The share of this policy in the value of each Subaccount of the Separate Account
on a Valuation Date is the Unit Value of that Subaccount on that date multiplied
by the number of this policy's Units in that Subaccount after all transactions
for the Valuation Period ending on that day have been processed. For any day
which does not fall on a Valuation Date, the share of this policy in the value
of each Subaccount of the Separate Account is determined using the number of
Units on that day after all transactions for that day have been processed and
the Unit Values on the next Valuation Date.
UNITS
The number of Units credited to each Subaccount of the Separate Account will be
determined by dividing the net premium payment applied to that Subaccount by the
Unit Value of that Subaccount on the Payment Date.
UNIT VALUE
The Unit Value of each Subaccount of the Separate Account was set by Us on the
first Valuation Date of each such Subaccount. The Unit Value of a Subaccount of
the Separate Account on any other Valuation Date is determined by multiplying
the Unit Value of that Subaccount on the just prior Valuation Date by the Net
Investment Factor for that Subaccount for the then current valuation period. The
Unit Value of each Subaccount of the Separate Account on a day other than a
Valuation Date is the Unit Value on the next Valuation Date. Unit Values are
carried to 6 decimal places. The Unit Value of each Subaccount of the Separate
Account on a Valuation Date is determined at the end of that day.
NET INVESTMENT FACTOR
The Net Investment Factor for each Subaccount of the Separate Account is
determined by the investment performance of the assets held by the Subaccount
during the Valuation Period. Each valuation will follow applicable law and
accepted procedures.
The Net Investment Factor is equal to the sum of items (A) and (B) divided by
item (C) as defined below.
(A) The value of the assets in the Subaccount on the current Valuation Date,
including accrued net investment income and realized and unrealized capital
gains and losses, but excluding the net value of any transactions during the
current Valuation Period.
(B) The amount of any dividend (or, if applicable, any capital gain
distribution) received by the Subaccount if the "ex-dividend" date for
shares of the Fund occurs during the current Valuation Period.
(C) The value of the assets in the Subaccount as of the just prior Valuation
Date, including accrued net investment income and realized and unrealized
capital gains and losses, and including the net value of all transactions
during the Valuation Period ending on that date.
MONTHLY DEDUCTION
A deduction is made each Policy Month from the Policy Value to pay:
1. the cost of insurance provided under this policy;
2. the cost of any rider benefits provided;
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3. the monthly mortality and expense risk charge; and
4. the Issue Expense Charge as shown on the Schedule Page.
Deductions are made on each Monthly Calculation Day. If the Monthly Calculation
Day is not a Valuation Date, the monthly deduction for that Policy Month will be
made on the next Valuation Date.
You may request in the application for this policy that monthly deductions not
be taken from certain specified Subaccounts or the GIA. Such a request may later
be changed by notifying Us In Writing, but only with respect to future monthly
deductions. Monthly deductions will be taken from this policy's share of the
remaining Subaccounts or the GIA exclusive of the loaned portion of the
Guaranteed Interest Account, on a proportionate basis. In the event this
policy's share in the value of such Subaccounts and the GIA is not sufficient to
permit the withdrawal of the full monthly deduction, the remainder will be taken
on a proportionate basis from this policy's share of each of the other
Subaccounts and the GIA exclusive of the loaned portion of the GIA. The number
of units deducted from each Subaccount of the Separate Account will be
determined by dividing the portion of the monthly deduction allocated to each
such Subaccount by the Unit Value of that Subaccount on the Monthly Calculation
Day.
Each monthly deduction will pay the cost of insurance from the Monthly
Calculation Day on which the deduction is made up to, but not including, the
next Monthly Calculation Day. The cost of insurance is equal to the cost of
insurance rate for the current policy month divided by 1,000 and then multiplied
by the result of:
1. the death benefit on the Monthly Calculation Day; minus
2. the Policy Value on the Monthly Calculation Day.
The cost of insurance rate for each Policy Month is based on the Insured's Issue
Age, risk class, sex and Policy Year. The rate used in computing the cost of
insurance is obtained from the Table of Guaranteed Maximum Cost of Insurance
Rates shown for the Insured's risk classifications, or such lower rate as We may
declare. Higher Guaranteed Maximum Cost of Insurance Rates than that shown will
apply to Substandard risks.
Not more frequently than once per year and no less frequently than once every
five years, We will review the monthly cost of insurance rates to determine if
these rates should be changed. However, the rates will never exceed the
Guaranteed Maximum Insurance Rates shown on the Schedule Pages. Our right to
change rates also is subject to the following terms:
1. Any change in rates will be made on a uniform basis for all insureds in the
same class and will comply with any procedures and standards that we have
filed with the Insurance Department of the state where this policy is
delivered. No change in rates will occur due to any change in the Insured's
health or occupation.
2. Any change in rates will be determined prospectively. We will not distribute
past gains or recoup prior losses, if any, by changing the rates.
3. Any change in rates will be based on a change in Our expectations for such
factors as investment earnings, mortality, persistency and expenses.
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PART 7: LIFETIME BENEFITS
TRANSFERS
You may transfer all or a portion of the Policy Value among one or more of the
Subaccounts and the non-loaned portion of the GIA. Transfers are made by Written
Request. You may make up to 12 transfers per Policy Year from the Subaccounts
and only one transfer per Policy Year from the non-loaned portion of the GIA
unless the Dollar Cost Averaging (DCA) Program or Asset Rebalancing Program is
elected. Except as otherwise provided under the DCA Program, the amount that may
be transferred from the non-loaned portion of the GIA at any one time cannot
exceed the higher of $1000 or 25% of the value of the non-loaned portion of the
GIA.
Under the DCA Program, funds may be transferred automatically among the
Subaccounts on a monthly, quarterly, semi-annual or annual basis. Unless We
agree otherwise, the minimum initial and subsequent transfer amounts are $25
monthly, $75 quarterly, $150 semi-annually or $300 annually. You must have an
initial value of $2,000 in the non-loaned portion of the GIA or the Subaccount
that funds will be transferred from. Funds may be transferred from only one
sending Subaccount or the non-loaned portion of the GIA but may be allocated to
multiple receiving Subaccounts or the non-loaned portion of the GIA. Under the
DCA Program, You may transfer approximately equal amounts from the non-loaned
portion of the GIA over a minimum 6-month period.
Under the Asset Rebalancing Program, funds are transferred automatically among
the Subaccounts on a monthly, quarterly, semi-annual or annual basis to maintain
the allocation percentage elected by Written Request. Transfers to or from the
GIA are not permitted under the Asset Rebalancing Program.
Transfers made under the DCA Program or Asset Rebalancing Program will be
processed on the next Valuation Date following Your request for the month that
applies. If the value in the sending Subaccount or non-loaned portion of the GIA
is below the amount to be transferred, then the entire remaining balance will be
transferred and the DCA or Asset Rebalancing Programs will be completed. You may
terminate your participation in the DCA or Asset Rebalancing Programs at any
time by sending a Written Request to Us. Upon completion of the DCA or Asset
Rebalancing Programs, you must send a Written Request to Us to start another DCA
or Asset Rebalancing Program.
The transfer charge is as shown on the Schedule Page. Any such charge will be
deducted from the Subaccounts or the GIA from which the amounts are to be
transferred with each such Subaccount or non-loaned portion of the GIA bearing a
pro rata share of the transfer charge. The value of each Subaccount will be
determined on the Valuation Date that coincides with the date of transfer.
LOANS
While this policy is In Force, a loan may be obtained against this policy in any
amount up to the available loan value. To obtain a loan, this policy must be
properly assigned to Us as security. We need no other collateral. We reserve the
right not to allow loans of less than $500 unless the loans are to pay premiums
on another policy issued by Us.
The maximum loan value is 90% of the result of subtracting the then applicable
surrender charge from the then Policy Value. The "available loan value" is the
maximum loan value on the current day less any outstanding Debt. The amount of
the loan will be added to the loaned portion of the GIA and subtracted from this
policy's share of the Subaccounts and the GIA based on the allocation You
request at the time of the loan. The total reduction will equal the amount added
to the loaned portion of the GIA. Unless We agree otherwise, allocations to each
Subaccount and the GIA must be expressed in whole percentages. If no allocation
request is made, the amount subtracted from the share of each Subaccount and the
GIA will be determined in the same manner as provided for monthly deductions.
V613 11
Debt may be repaid at any time while this policy is In Force. Such repayment, in
excess of any outstanding accrued loan interest, will be applied to reduce the
loaned portion of the GIA and will be transferred to the non-loaned portion of
the GIA to the extent that loaned amounts taken from such account have not
previously been repaid. Otherwise, such balance will be transferred among the
Subaccounts You request upon repayment and, if no allocation request is made, We
will use Your most recent premium allocation schedule on file with Us. Any Debt
repayment received by Us during a grace period as described in Part 4 will be
reduced to cover any overdue monthly deductions and only the balance applied to
reduce the Debt. Such balance will also be applied as described to reduce the
loaned portion of the GIA.
While there is any outstanding Debt against this policy, any payments received
by Us for this policy will be applied directly to reduce the Debt unless
specified as a premium payment. Until the Debt is fully repaid, additional Debt
repayments may be made at any time while this policy is In Force.
Failure to repay a policy loan or to pay loan interest will not terminate this
policy except as otherwise provided under Grace Period and Lapse in Part 4 when
the policy does not have sufficient remaining value to pay the monthly
deductions, in which event, that grace period provision will apply.
LOAN INTEREST
Loans will bear interest at an effective annual rate equal to the loan interest
rate shown on the Schedule Page and will be compounded daily. Interest will
accrue on a daily basis from the date of the loan and is included as part of the
Debt under this policy. Loan interest will be due on each Policy Anniversary. If
not paid when due, the outstanding accrued interest on that date will be charged
as a loan against this policy.
FULL SURRENDER
You may fully surrender this policy for its Cash Surrender Value by returning
this policy to Us at Our VULA along with a written release and surrender of all
claims under this policy signed by You and any Assigns. You may do this at any
time during the lifetime of the Insured while this policy is In Force. The
written surrender must be in a form satisfactory to Us and must include such tax
withholding information as We may reasonably require. The surrender will be
effective on the later of the dates on which We receive the returned policy and
the written surrender request. Upon full surrender, all insurance and any rider
benefits provided under this policy will terminate. You may direct that We apply
the surrender proceeds under any of the Payment Options available under this
policy.
PARTIAL SURRENDER
You may obtain a partial surrender of this policy by requesting that a part of
this policy's Cash Surrender Value be paid to You. You may do this at any time
during the lifetime of the Insured while this policy is In Force with a Written
Request signed by You and any Assigns. We reserve the right to require that this
policy first be returned to Us before payment is made. A partial surrender will
be effective on the date We receive the Written Request or, if required, the
date We receive this policy if later. You may direct that We apply the surrender
proceeds under any of the Payment Options available under this policy.
A partial surrender will be denied if the resultant Cash Surrender Value would
be less than or equal to zero. We reserve the right not to allow partial
surrenders if the resulting death benefit would be less than $25,000 or if the
amount of the partial surrender is less than $500. We further reserve the right
to require that the entire balance of a Subaccount or the GIA be surrendered and
withdrawn if the share of this policy in the value of that Subaccount or the GIA
would, immediately after a partial surrender, be less than $500.
Upon a partial surrender, the Policy Value will be reduced by the sum of the
following:
1. The partial surrender amount paid. This amount comes from a reduction in
this policy's share in the value of each Subaccount and the GIA based on the
allocation You request at the time of the partial surrender. If no
allocation request is made, the assessment to each Subaccount and the GIA
will be made in the same manner as provided for monthly deductions.
V613 12
2. The partial surrender fee as shown on the Schedule Page. The assessment to
each Subaccount and the GIA will be made in the same manner as provided for
the partial surrender amount paid.
3. A surrender charge. This charge is determined by multiplying the applicable
surrender charge shown on the Schedule Page by a fraction equal to the
partial surrender amount payable divided by the result of subtracting the
applicable surrender charge from the Policy Value. This amount is assessed
against the Subaccounts and the GIA in the same manner as provided for the
partial surrender amount paid.
When Death Benefit Option 1 is in effect and a partial surrender is taken, the
Face Amount does not change if the Minimum Death Benefit exceeds the Face
Amount. If the Face Amount exceeds the Minimum Death Benefit when a partial
surrender is taken, the Face Amount is decreased by the same amount as the
Policy Value.
When Death Benefit Option 2 is in effect and a partial surrender is taken, the
Face Amount does not change.
PART 8: DEATH BENEFITS
While this policy is in force, You have the right to elect one of the Death
Benefit Options described below. The Death Benefit Option shall be as elected in
the original application unless later changed as provided below. If no option is
elected, Death Benefit Option 1 shall apply.
DEATH BENEFIT OPTION 1
Under this option until the Insured reaches Attained Age 100, the death benefit
is equal to the greater of (1) or (2) as defined below:
1. the policy's Face Amount on the date of death;
2. the Minimum Death Benefit on the date of death as described below.
DEATH BENEFIT OPTION 2
Under this option until the Insured reaches Attained Age 100, the death benefit
is equal to the greater of (1) or (2) as defined below:
1. the policy's Face Amount on the date of death plus the Policy Value;
2. the Minimum Death Benefit on the date of death as described below.
V613 13
MINIMUM DEATH BENEFIT
The Minimum Death Benefit is the Policy Value on the date of death of the
Insured multiplied by the applicable percentage from the Minimum Death Benefit
Corridor Percentages table below, based on the Insured's Attained Age at the
beginning of the Policy Year in which the death occurs.
Minimum Death Benefit Corridor Percentages
Attained Attained Attained
Age Pct. Age Pct. Age Pct.
--- ---- --- ---- --- ----
0 - 40 250% 54 157% 68 117%
41 243 55 150 69 116
42 236 56 146 70 115
43 229 57 142 71 113
44 222 58 138 72 111
45 215 59 134 73 109
46 209 60 130 74 107
47 203 61 128 75 105
48 197 62 126 76-90 105
49 191 63 124 91 104
50 185 64 122 92 103
51 178 65 120 93 102
52 171 66 119 94 101
53 164 67 118 95 and over 100
DEATH BENEFIT AFTER AGE 100 ANNIVERSARY
On and after the Policy Anniversary in which the Insured reaches Attained Age
100, the death benefit will equal the Policy Value. There will be no Monthly
Deductions after Attained Age 100 of the Insured. The Loans provision and
Partial Withdrawals provision will remain in effect. No premiums may be paid
after Attained Age 100 of the Insured.
UNDER FEDERAL TAX LAW, THIS POLICY MAY NOT QUALIFY AS LIFE INSURANCE AFTER THE
INSURED'S ATTAINED AGE 100. IT MAY BE SUBJECT TO ADVERSE TAX CONSEQUENCES AND A
TAX ADVISOR SHOULD BE CONSULTED BEFORE THE POLICYHOLDER CHOOSES TO CONTINUE THE
POLICY AFTER THE INSURED'S ATTAINED AGE 100.
HOW TO CHANGE THE DEATH BENEFIT OPTION
While this policy is In Force prior to the Insured's Attained Age 100, You may
make a Written Request to change the Death Benefit Option from Death Benefit
Option 1 to Death Benefit Option 2, or from Death Benefit Option 2 to Death
Benefit Option 1. No evidence of insurability is required. If the request is to
change from Death Benefit Option 1 to Death Benefit Option 2, the Face Amount
will be decreased by the Policy Value; if the request is to change from Death
Benefit Option 2 to Death Benefit Option 1, the Face Amount will be increased by
the Policy Value. Any such change will be in effect on the Monthly Calculation
Day coincident with or next following the day We approve the request.
V613 14
REQUEST FOR AN INCREASE IN FACE AMOUNT
Anytime that this policy is In Force, You may request an increase in its Face
Amount. Unless We agree otherwise, the minimum of such Face Amount increase is
$25,000, and the increase will be effective on the first Policy Anniversary on
or following the date that We approve the request. Such date will be shown as
the issue date for such increase on the Revised Schedule Pages We send You
reflecting the change. We reserve the right to limit increases in Face Amount.
All requests to increase the Face Amount must be applied for on a supplemental
application and will be subject to evidence of the Insured's insurability
satisfactory to Us. The Insured must be alive on the issue date, and You must
also pay to Us in advance such issue premium for the increase as We may require
according to Our published rules then in effect. If no issue premium is
required, the increase will not take effect unless the Cash Surrender Value on
the issue date at least equals the monthly deduction for the total combined Face
Amount. The Issue Expense Charge for Face Amount increases is as stated on the
Schedule Page. We will send You Revised Schedule Pages reflecting the change. We
reserve the right to further require that the policy be returned to Us so that
We may incorporate the change.
REQUEST FOR A DECREASE IN FACE AMOUNT
You may request a decrease in Face Amount at any time after the first Policy
Year. Unless We agree otherwise, the decrease requested must at least equal
$25,000 and the Face Amount remaining after the decrease must at least equal
$25,000. All requests to decrease the Face Amount must be In Writing and will be
effective on the first Monthly Calculation Day following the date We approve the
request. We reserve the right to require that this policy first be returned to
Us before the decrease is made.
Upon a decrease in Face Amount, a surrender charge will be deducted from the
Policy Value based on the amount of the decrease. The charge will equal the
applicable surrender charge shown on the Schedule Page multiplied by the result
of dividing the decrease in Face Amount by the Face Amount of the policy before
the decrease. We will send You a revised schedule page reflecting the change.
DEATH PROCEEDS
Upon receipt of due proof at Our VULA that the Insured died while this policy is
In Force, We will pay the death proceeds of this policy. The death proceeds
equal the death benefit on the date of death, with the following adjustments:
1. We will deduct any Debt outstanding against this policy;
2. We will deduct any monthly deductions up to and including the Policy Month
of death not already made;
3. We will add any premiums received by Us after the last Monthly Calculation
Day just prior to the date of death which have not been applied to the
policy.
INTEREST ON DEATH PROCEEDS
We will pay interest on any death proceeds from the date of the Insured's death
to the date of payment. The amount of interest will be the same as would be paid
were the death proceeds left for that period of time to earn interest under
Payment Option 2.
THE BENEFICIARY
Unless You Provide otherwise, any death proceeds that become payable under this
policy will be paid in equal shares to the beneficiaries living at the death of
the Insured. Payments will be made successively in the following order:
1. Primary beneficiaries;
2. Contingent beneficiaries, if any, provided no primary beneficiary is living
at the death of the Insured;
V613 15
3. You or Your executor or administrator, provided no primary or contingent
beneficiary is living at the death of the Insured;
Unless otherwise stated, the relationship of a beneficiary is the relationship
to the Insured.
HOW TO CHANGE THE BENEFICIARY
You may change the beneficiary under this policy by Written Request.
PART 9: PAYMENT OPTIONS
WHO MAY ELECT PAYMENT OPTIONS
The proceeds of this policy will be paid in one sum unless otherwise provided.
As an alternative to payment in one sum as provided under Payment Option 1, any
surrender amounts or death proceeds that becomes payable under an account may be
applied under one or more of the payment options available under the policy.
Our consent is required for the election of an income payment option by a
fiduciary or any entity other than a natural person. Our consent is also
required for elections by any Assigns or an owner other than the Insured if the
owner has been changed. You may designate or change one or more beneficiaries
who will be the payee or payees under the option elected. You may only do this
during the lifetime of the Insured. For death proceeds, if no election is in
effect when the death benefit becomes payable, the beneficiary may elect a
payment option.
Unless We agree otherwise, all payments under any option chosen will be made to
the designated payee or to his executor or administrator. We may require proof
of age of any payee or payees on whose life payments depend as well as proof of
the continued survival of any such payee(s).
HOW TO ELECT A PAYMENT OPTION
You may elect a payment option by Written Request. Payments may be made on an
annual, semi-annual, quarterly or monthly basis provided that each installment
will at least equal $25. We also require that at least $1,000 be applied under
any income option chosen.
PAYMENT OPTIONS
This section provides a brief description of the various payment options that
are available. In Part 10 You will find tables illustrating the guaranteed
installment amount provided by several of the options described in this section.
The amount shown for Options 4, 5 and 7 are the minimum monthly payments for
each $1,000 applied. The actual payments will be based on the monthly payment
rates We are using when the first payment is due. They will not be less than
shown in the tables.
PAYMENT OPTION 1 - PAYMENT IN ONE SUM
PAYMENT OPTION 2 - LEFT TO EARN INTEREST
We pay interest during the payee's lifetime on the amount left with Us under
this option as a principal sum. We guarantee that at least one of the
versions of this option will provide interest at a rate of at least 3% per
year.
PAYMENT OPTION 3 - PAYMENTS FOR A SPECIFIED PERIOD
Equal income installments are paid for a specified period of years whether
the payee lives or dies. The first payment will be on the date of
settlement. The Option 3 Table shows the guaranteed amount of each
installment for monthly and annual payment frequencies. The table assumes an
interest rate of 3% per year on the unpaid balance. The actual interest rate
is guaranteed not to be less than this minimum rate.
V613 16
PAYMENT OPTION 4 - LIFE ANNUITY WITH SPECIFIED PERIOD CERTAIN
Equal installments are paid until the later of:
1. the death of the payee;
2. the end of the period certain.
The first payment will be on the date of settlement. The period certain must
be chosen at the time this option is elected. The periods certain that may
be chosen are as follows:
1. ten years;
2. twenty years; or
3. Until the installments paid refund the amount applied under this option.
If the payee is not living when the final payment falls due, that payment
will be limited to the amount which needs to be added to the payments
already made to equal the amount applied under this option.
If, for the age of the payee, a period certain is chosen that is shorter
than another period certain paying the same installment amount, We will deem
the longer period certain as having been elected. The life annuity provided
under this option is calculated using an interest rate of 3%.
PAYMENT OPTION 5 - LIFE ANNUITY
Equal installments are paid only during the lifetime of the payee. The first
payment will be on the date of settlement. Any life annuity as may be
provided under this option is calculated using an interest rate of 3%.
PAYMENT OPTION 6 - PAYMENTS OF SPECIFIED AMOUNT
Equal installments of a specified amount, out of the principal sum and
interest on that sum, are paid until the principal sum remaining is less
than the amount of the installment. When that happens, the principal sum
remaining with accrued interest will be paid as a final payment. The first
payment will be on the date of settlement. The payments will include
interest on the principal sum remaining at a rate guaranteed to at least
equal 3% per year. This interest will be credited at the end of each year.
If the amount of interest credited at the end of a year exceeds the income
payments made in the last 12 months, that excess will be paid in one sum on
the date credited.
PAYMENT OPTION 7 - JOINT SURVIVORSHIP ANNUITY WITH 10-YEAR PERIOD CERTAIN
The first payment will be on the date of settlement. Equal income
installments are paid until the latest of:
1. the end of the 10-year period certain;
2. the death of the Insured;
3. the death of the other named annuitant.
The other annuitant must be named at the time this option is elected and
cannot later be changed. That annuitant must have an adjusted age as defined
in Part 9 of at least 40. The joint survivorship annuity provided under this
option is calculated by using an interest rate of 3%.
We may offer other Payment Options or alternative versions of the options listed
in the above section.
V613 17
ADDITIONAL INTEREST
In addition to:
1. the interest of 3% per year guaranteed on the principal sum remaining
with Us under Options 2 or 6; and
2. the interest of 3% per year included in the installments payable under
Option 3.
We will pay or credit at the end of each year such additional interest as We may
declare.
PART 10: TABLES OF PAYMENT OPTION AMOUNTS
The installment amounts shown in the tables that follow are shown for each
$1,000 applied. Amounts for payment frequencies, periods or ages not shown will
be furnished upon request.
The term "age" as used in the tables refers to the adjusted age. Under Payment
Options 4 and 5, the adjusted age is defined as follows:
1. For surrender values, the age of the payee on the payee's birthday nearest
to the Policy Anniversary nearest the date of surrender.
2. For death proceeds, the age of the payee on the payee's birthday nearest the
effective date of the Payment Option elected.
Under Payment Option 7, the adjusted age is the age on the birthday nearest to
the Policy Anniversary nearest the date of surrender.
BASIS OF CALCULATION
The rates that follow are based on the 1983a Individual Annuity Table projected
to 2040 with Projection Scale G and with a 3% interest rate.
OPTION 3 - PAYMENTS FOR A SPECIFIED PERIOD
-------------------- ----------------- ------------------
ANNUAL MONTHLY
NUMBER OF YEARS INSTALLMENT INSTALLMENT
-------------------- ----------------- ------------------
5 $211.99 $17.91
-------------------- ----------------- ------------------
6 179.22 15.14
-------------------- ----------------- ------------------
7 155.83 13.16
-------------------- ----------------- ------------------
8 138.31 11.68
-------------------- ----------------- ------------------
9 124.69 10.53
-------------------- ----------------- ------------------
10 113.82 9.61
-------------------- ----------------- ------------------
11 104.93 8.86
-------------------- ----------------- ------------------
12 97.54 8.24
-------------------- ----------------- ------------------
13 91.29 7.71
-------------------- ----------------- ------------------
14 85.95 7.26
-------------------- ----------------- ------------------
15 81.33 6.87
-------------------- ----------------- ------------------
16 77.29 6.53
-------------------- ----------------- ------------------
17 73.74 6.23
-------------------- ----------------- ------------------
18 70.59 5.96
-------------------- ----------------- ------------------
19 67.78 5.73
-------------------- ----------------- ------------------
20 65.26 5.51
-------------------- ----------------- ------------------
25 55.76 4.71
-------------------- ----------------- ------------------
30 49.53 4.18
-------------------- ----------------- ------------------
V613 18
OPTION 4 - LIFE ANNUITY WITH SPECIFIED PERIOD CERTAIN
- ------------ --------------------------- -------------------------- -------------------------
AGE INSTALLMENT REFUND 10 YEARS CERTAIN 20 YEARS CERTAIN
- ------------ ------------- ------------- ------------ ------------- ------------ ------------
MALE FEMALE MALE FEMALE MALE FEMALE
- ------------ ------------- ------------- ------------ ------------- ------------ ------------
40 $3.28 $3.15 $3.32 $3.17 $3.31 $3.16
- ------------ ------------- ------------- ------------ ------------- ------------ ------------
45 3.44 3.28 3.51 3.31 3.48 3.30
- ------------ ------------- ------------- ------------ ------------- ------------ ------------
50 3.64 3.45 3.73 3.50 3.69 3.48
- ------------ ------------- ------------- ------------ ------------- ------------ ------------
55 3.88 3.66 4.02 3.73 3.94 3.70
- ------------ ------------- ------------- ------------ ------------- ------------ ------------
60 4.18 3.92 4.39 4.03 4.23 3.96
- ------------ ------------- ------------- ------------ ------------- ------------ ------------
65 4.56 4.25 4.88 4.43 4.56 4.29
- ------------ ------------- ------------- ------------ ------------- ------------ ------------
70 5.03 4.68 5.50 4.96 4.90 4.66
- ------------ ------------- ------------- ------------ ------------- ------------ ------------
75 5.63 5.24 6.24 5.66 5.19 5.03
- ------------ ------------- ------------- ------------ ------------- ------------ ------------
80 6.40 5.97 7.12 6.55 5.41 5.33
- ------------ ------------- ------------- ------------ ------------- ------------ ------------
85 7.43 6.96 8.06 7.60 5.50 5.48
- ------------ ------------- ------------- ------------ ------------- ------------ ------------
90 8.94 8.41 8.96 8.69 5.51 5.51
- ------------ ------------- ------------- ------------ ------------- ------------ ------------
OPTION 5 - LIFE ANNUITY
--------------- ------------ ------------
AGE MALE FEMALE
--------------- ------------ ------------
40 $3.33 $3.17
--------------- ------------ ------------
45 3.51 3.32
--------------- ------------ ------------
50 3.75 3.50
--------------- ------------ ------------
55 4.05 3.74
--------------- ------------ ------------
60 4.44 4.05
--------------- ------------ ------------
65 4.97 4.46
--------------- ------------ ------------
70 5.70 5.03
--------------- ------------ ------------
75 6.68 5.85
--------------- ------------ ------------
80 8.05 7.02
--------------- ------------ ------------
85 10.03 8.77
--------------- ------------ ------------
90 13.06 11.53
--------------- ------------ ------------
OPTION 7 - JOINT SURVIVORSHIP ANNUITY WITH 10-YEAR PERIOD CERTAIN
- ------------------------------------------------------------------------------------------------------------------------------
FEMALE MALE AGE
--------------------------------------------------------------------------------------------------------------------
AGE 40 45 50 55 60 65 70 75 80 85 90
- ------------------------------------------------------------------------------------------------------------------------------
40 $3.04 $3.08 $3.11 $3.13 $3.14 $3.15 $3.16 $3.16 $3.16 $3.17 $3.17
- ------------------------------------------------------------------------------------------------------------------------------
45 3.11 3.16 3.21 3.24 3.27 3.28 3.30 3.30 3.31 3.31 3.31
- ------------------------------------------------------------------------------------------------------------------------------
50 3.16 3.24 3.31 3.37 3.41 3.44 3.47 3.48 3.49 3.49 3.50
- ------------------------------------------------------------------------------------------------------------------------------
55 3.21 3.31 3.41 3.50 3.58 3.63 3.67 3.70 3.71 3.72 3.73
- ------------------------------------------------------------------------------------------------------------------------------
60 3.24 3.37 3.50 3.63 3.75 3.84 3.92 3.97 4.00 4.02 4.03
- ------------------------------------------------------------------------------------------------------------------------------
65 3.27 3.41 3.57 3.74 3.91 4.07 4.20 4.29 4.36 4.40 4.42
- ------------------------------------------------------------------------------------------------------------------------------
70 3.29 3.45 3.63 3.84 4.07 4.30 4.51 4.68 4.81 4.89 4.94
- ------------------------------------------------------------------------------------------------------------------------------
75 3.30 3.47 3.67 3.91 4.19 4.50 4.81 5.10 5.34 5.51 5.61
- ------------------------------------------------------------------------------------------------------------------------------
80 3.31 3.49 3.70 3.96 4.28 4.66 5.08 5.52 5.92 6.23 6.44
- ------------------------------------------------------------------------------------------------------------------------------
85 3.32 3.50 3.72 4.00 4.34 4.77 5.29 5.86 6.45 6.99 7.38
- ------------------------------------------------------------------------------------------------------------------------------
90 3.32 3.50 3.73 4.01 4.38 4.84 5.42 6.11 6.87 7.63 8.29
- ------------------------------------------------------------------------------------------------------------------------------
[STAR]Minimum monthly income for each $1,000 applied.
V613 19
FLEXIBLE PREMIUM VARIABLE UNIVERSAL LIFE INSURANCE POLICY
THE DEATH BENEFIT AND OTHER VALUES PROVIDED UNDER THIS POLICY ARE BASED ON THE
RATES OF INTEREST CREDITED ON ANY AMOUNTS ALLOCATED TO THE GUARANTEED INTEREST
ACCOUNT AND THE INVESTMENT EXPERIENCE OF THE SUBACCOUNTS WITHIN OUR SEPARATE
ACCOUNT TO WHICH YOUR PREMIUMS ARE ALLOCATED. THUS, THE DEATH BENEFIT AND OTHER
VALUES MAY INCREASE OR DECREASE IN AMOUNT OR DURATION. SEE PART 7 FOR A
DESCRIPTION OF HOW THE DEATH BENEFIT IS DETERMINED.
NONPARTICIPATING
V613