EXHIBIT 1.(5)
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MONY Life Insurance Company will pay the benefits provided in this Policy,
subject to all the policy provisions.
Insured:
John Doe
Policy Number: B 0000-00-00
Policy Date: 01-01-1995
Initial Specified Amount: $100,000
Issue Age: 35
Date of Issue: 01-01-1995
Class:
Standard Class
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Brief Description
THIS IS A FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95 POLICY. Specified Amount may
be increased or decreased. Net premiums may be allocated to one or more
sub-accounts of the Variable Account or to the Guaranteed Interest Account
(GIA). If the values have been sufficient to continue the Policy in force: death
proceeds are payable in event of death before Age 95; surrender value is payable
if Insured is living at Age 95. Some death benefits and policy values reflect
investment results. Flexible premiums until Age 95. Nonparticipating (no
dividends payable).
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Important Notice(s)
This Policy is a legal contract between the rightsholder and MONY Life Insurance
Company READ YOUR POLICY CAREFULLY.
THE AMOUNT OR THE DURATION OF THE DEATH BENEFIT (OR BOTH) MAY INCREASE OR
DECREASE DEPENDING ON INVESTMENT RESULTS. BUT THE DEATH BENEFIT WILL NEVER BE
LESS THAN THE SPECIFIED AMOUNT IN FORCE LESS ANY DEBT. SEE DEATH PROCEEDS -
DEATH BENEFIT OPTIONS SECTION TO DETERMINE DEATH PROCEEDS.
THE ACCOUNT VALUE IN THE VARIABLE ACCOUNT INCREASES OR DECREASES DEPENDING ON
INVESTMENT RESULTS. THERE IS NO GUARANTEED MINIMUM ACCOUNT VALUE, CASH VALUE OR
SURRENDER VALUE. SEE ACCOUNT VALUE, CASH VALUE, SURRENDER AND SUB-ACCOUNT UNIT
VALUE SECTIONS.
Right to Return Policy - This Policy may be returned to us during a period that
starts with its delivery and ends on the latest of: (a) 10 days after its
delivery to the rightsholder; (b) 45 days after Part 1 of the application is
signed; and (c) 10 days after we mail or deliver a Notice of Withdrawal Right.
The Policy may be returned by delivery or mail, along with a written notice to
cancel it, to our Home Office, a local office of ours, or to the Registered
Representative who sold it. We will then promptly refund any premiums paid.
Notice given by mail and return of the Policy by mail are effective on being
postmarked, properly addressed and postage prepaid. The Policy will be
considered never to have been issued.
Cl-96 Page 1
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Table of Contents
Section
1 Schedule of Benefits, Premiums and Charges
2 Guaranteed Monthly Insurance Rates
3 Variable Account, the Funds and Sub-Accounts
4 Will Pay
5 Definitions
6 Dates and Policy Periods
7 Definition of Life Insurance Test
8 Death Proceeds - Death Benefit Options
9 Premiums
10 Grace Period
11 Reinstatement
12 Beneficiary
13 Rights
14 Optional Policy Changes
15 Transfers
16 The Variable Account
17 The GIA
18 Cash Value
19 Account Value
20 Sub-Account Unit Value
21 Monthly Deduction
22 Cost of Insurance
23 Insurance Rate
24 Continuation of Insurance
25 Basis of Calculation
26 Surrender
27 Partial Surrender
28 Loans
29 Loan Account
30 General Provisions
31 Settlement Options Endorsements,
if any Riders, if any Application
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MONY Life Insurance Company
Operations Center:
One MONY Plaza
P.O. Box 4830
Syracuse, NY 13221
l-800-487-6669
Page 2
1. SCHEDULE OF BENEFIT, PREMIUMS AND CHARGES
FLEXIBLE PREMIUM VARIABLE LIFE POLICY
DEATH BENEFIT OPTION 1 IN EFFECT
SPECIFIED AMOUNT IN FORCE $100,000 - INITIAL SPECIFIED AMOUNT
MINIMUM SPECIFIED AMOUNT IN FORCE - $100,000
MONTHLY INSURANCE RATES FOR INITIAL SPECIFIED AMOUNT - SEE SECTION 2
TARGET DEATH BENEFIT IN FORCE $100,000 - INITIAL TARGET DEATH BENEFIT
MINIMUM TARGET DEATH BENEFIT IN FORCE - $100,000
SCHEDULE OF TARGET DEATH BENEFIT - SEE SECTION 1
DEFINITION OF LIFE INSURANCE - GUIDELINE PREMIUM TEST
DEATH BENEFIT PERCENTAGE - SEE TABLE OF DEATH BENEFIT PERCENTAGES
ADJUSTABLE TERM RIDER - SEE PAGE 4A
ENHANCED MATURITY EXTENSION RIDER SEE PAGE 4
ENHANCED CASH VALUE RIDER
FIRST PREMIUM - $1,347
SCHEDULE PREMIUMS - $1,347 AT 12 POLICY MONTH INTERVALS MEASURED FROM 06-04-02
GUIDELINE PREMIUM LIMITATION AS OF POLICY DATE $15,009.62
MINIMUM GUARANTEED INTEREST RATE FOR GIA - 4% (INTEREST HIGHER THAN 4% IS NOT
GUARANTEED AND IS SUBJECT TO CHANGE*)
GUARANTEED INTEREST ACCOUNT LIMITATION (SEE PREMIUM SECTION) $250,000.
MAXIMUM ISSUE AGE 80
NUMBER OF GUARANTEED FREE TRANSFERS DURING A POLICY YEAR - 12
CHARGE ON ACCESS TRANSFERS; CURRENT - $0 (SUBJECT TO CHANGE, SEE TRANSFER
SECTION)
GUARANTEED MAXIMUM $25
MONTHLY MORTALITY AND EXPENSES RISK CHARGE - POLICY YRS 1-10 0.05%(0.60% ANNUALLY)
POLICY YRS 11+ 0.375%(4.50% ANNUALLY)
SALES CHARGE - 9% OF PREMIUMS RECEIVED EACH YEAR UP TO THE TARGET PREMIUM DURING
YEARS 1 THROUGH 10
0% OF PREMIUMS RECEIVED DURING YEARS 11 THROUGH 20
TARGET PREMIUM - $1,347
SALES CHARGE REFUND - SALES CHARGE COLLECTED DURING THE FIRST POLICY YEAR OR
FIRST YEAR OF AN INCREASE IN SPECIFIED AMOUNT WILL BE REFUNDED UPON FULL
SURRENDER IN POLICY YEARS 1 THROUGH 3 OR THE 3 YEARS FOLLOWING AN INCREASE
ACCORDING TO THE FOLLOWING SCHEDULE:
YEAR 1 - 100%
YEAR 2 - 66.67%
YEAR 3 - 33.33%
PREMIUM TAX CHARGE - 0% OF EACH PREMIUM RECEIVED SUBJECT TO CHANGE BASED UPON
CHARGES IN APPLICABLE STATE AND LOCAL TAX LAWS OR COST TO THE COMPANY
FEDERAL TAX CHARGE - 1.25% OF EACH PREMIUM RECEIVED SUBJECT TO CHANGE BASED UPON
CHARGES IN APPLICABLE FEDERAL TAX LAWS OR COST TO THE COMPANY
ADMINISTRATIVE CHARGE - $7.50 PER MONTH DURING THE FIRST THREE POLICY YEARS -
$7.50 PER MONTH ON AND AFTER THE THIRD POLICY ANNIVERSARY - BOTH AMOUNTS ARE
INCLUDED AS APPLICABLE IN THE MONTHLY DEDUCTION ON A MONTHLY ANNIVERSARY DAY.
UNDER THE TERMS OF THE POLICY, THE SCHEDULE PREMIUM SHOWN ABOVE MAY NOT CONTINUE
THE POLICY INFORCE TO AGE 95 EVEN IF THIS AMOUNT IS PAID AS SCHEDULED. THE
PERIOD FOR WHICH THE POLICY WILL CONTINUE WILL DEPEND ON: THE AMOUNT OF PREMIUMS
PAID, CHANGES IN SPECIFIED AMOUNT AND DEATH BENEFIT OPTIONS; CHANGES IN INTEREST
CREDITED, COST OF INSURANCE RATES, EXPENSES, FUND PERFORMANCE AND MORTALITY
DEDUCTIONS; DEDUCTIONS FOR RIDERS AND ANY BENEFITS AND PARTIAL SURRENDERS AND
POLICY LOANS.
ADDITIONAL AMOUNTS OF INTEREST ABOVE THE GUARANTEED RATE OF 4% ARE NOT
GUARANTEED AND THE INSURER HAS THE RIGHT TO CHANGE THE AMOUNT OF INTEREST
CREDITED TO THE POLICY AND THE AMOUNT OF COST OF INSURANCE OR OTHER EXPENSE
CHARGES DEDUCTED UNDER THE POLICY, WHICH MAY REQUIRE MORE PREMIUM TO BE PAID
THAN WAS ILLUSTRATED OR THE CASH VALUES MAY BE LESS THAN THOSE ILLUSTRATED.
PAGE 3
SECTION 1. CONTINUED
TABLE OF DEATH BENEFIT PERCENTAGES:
GUIDELINE PREMIUM/CASH VALUE CORRIDOR TEST
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ATTAINED AGE APPLICABLE PERCENTAGES
- ------------ ----------------------
40 and under 250%
41 243%
42 236%
43 229%
44 222%
45 215%
46 209%
47 203%
48 197%
49 191%
50 185%
51 178%
52 171%
53 164%
54 157%
55 150%
56 146%
57 142%
58 138%
59 134%
60 130%
61 128%
62 126%
63 124%
64 122%
65 120%
66 119%
67 118%
68 117%
69 116%
70 115%
71 113%
72 111%
73 109%
74 107%
75-90 105%
91 104%
92 103%
93 102%
94 101%
95 100%
PAGE 3A
SECTION 1. CONTINUED
TABLE OF (ALTERNATE) DEATH BENEFIT PERCENTAGES:
GUIDELINE PREMIUM/CASH VALUE CORRIDOR TEST
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ATTAINED AGE APPLICABLE PERCENTAGES ATTAINED APPLICABLE
- ------------ ---------------------- -------- ----------
AGE PERCENTAGES
--- -----------
40 and under 250% 68 212%
41 243% 69 213%
42 236% 70 214%
43 229% 71 215%
44 222% 72 216%
45 215% 73 217%
46 209% 74 218%
47 203% 75 214%
48 197% 76 207%
49 191% 77 199%
50 185% 78 192%
51 178% 79 186%
52 211% 80 180%
53 210% 81 174%
54 208% 82 169%
55 206% 83 164%
56 204% 84 159%
57 203% 85 145%
58 202% 86 133%
59 203% 87 120%
60 204% 88 105%
61 205% 89 105%
62 206% 90 105%
63 207% 91 104%
64 208% 92 103%
65 209% 93 102%
66 210% 94 101%
67 211% 95 100%
Note: The Death Benefit Percentages apply to the later of (1) ten years from
issue and (2) attained age 55.
Page 3
SECTION 1 CONTINUED
TARGET DEATH BENEFIT SCHEDULE - TABLE OF DEATH BENEFITS
POLICY TARGET DEATH POLICY TARGET DEATH
YEAR BENEFIT YEAR BENEFIT
1 $100,000 31 $100,000
2 $100,000 32 $100,000
3 $100,000 33 $100,000
4 $100,000 34 $100,000
5 $100,000 35 $100,000
6 $100,000 36 $100,000
7 $100,000 37 $100,000
8 $100,000 38 $100,000
9 $100,000 39 $100,000
10 $100,000 40 $100,000
11 $100,000 41 $100,000
12 $100,000 42 $100,000
13 $100,000 43 $100,000
14 $100,000 44 $100,000
15 $100,000 45 $100,000
16 $100,000 46 $100,000
17 $100,000 47 $100,000
18 $100,000 48 $100,000
19 $100,000 49 $100,000
20 $100,000 50 $100,000
21 $100,000 51 $100,000
22 $100,000 52 $100,000
23 $100,000 53 $100,000
24 $100,000 54 $100,000
25 $100,000 55 $100,000
26 $100,000 56 $100,000
27 $100,000 57 $100,000
28 $100,000 58 $100,000
29 $100,000 59 $100,000
30 $100,000 60 $100,000
Page 3B
SECTION 1 CONTINUED
TARGET DEATH BENEFIT SCHEDULE - TABLE OF DEATH BENEFITS (WITH INCREASE)
POLICY TARGET DEATH POLICY TARGET DEATH
YEAR BENEFIT YEAR BENEFIT
1 $250,000 26 $350,000
2 $250,000 27 $350,000
3 $250,000 28 $350,000
4 $250,000 29 $350,000
5 $300,000 30 $350,000
6 $300,000 31 $350,000
7 $300,000 32 $350,000
8 $300,000 33 $350,000
9 $300,000 34 $350,000
10 $300,000 35 $350,000
11 $300,000 36 $350,000
12 $300,000 37 $350,000
13 $300,000 38 $350,000
14 $300,000 39 $350,000
15 $300,000 40 $350,000
16 $300,000 41 $350,000
17 $300,000 42 $350,000
18 $300,000 43 $350,000
19 $300,000 44 $350,000
20 $300,000 45 $350,000
21 $300,000 46 $350,000
22 $300,000 47 $350,000
23 $300,000 48 $350,000
24 $300,000 49 $350,000
25 $350,000 50 $350,000
Page 3B
2. GUARANTEED MONTHLY INSURANCE RATES FOR INITIAL SPECIFIED AMOUNT. RATES ARE
PER $1,000 OF AMOUNT OF RISK - SEE COST OF INSURANCE SECTION.
INSURED INSURED
ATTAINED ATTAINED
AGE RATE AGE RATE
- -------- ------ -------- ------
35 0.14 65 1.77
36 0.15 66 1.96
37 0.16 67 2.17
38 0.17 68 2.40
39 0.18 69 2.64
40 0.19 70 2.92
41 0.21 71 3.29
42 0.22 72 3.61
43 0.24 73 4.03
44 0.26 74 4.51
45 0.28 75 5.02
46 0.30 76 5.57
47 0.32 77 6.16
48 0.35 78 6.77
49 0.38 79 7.42
50 0.41 80 8.13
51 0.45 81 8.94
52 0.49 82 9.87
53 0.54 83 10.91
54 0.59 84 12.08
55 0.65 85 13.33
56 0.72 86 14.65
57 0.79 87 16.03
58 0.87 88 17.44
59 0.96 89 18.91
60 1.06 90 20.44
61 1.17 91 22.10
62 1.29 92 23.91
63 1.44 93 25.98
64 1.59 94 28.69
GUARANTEED MONTHLY INSURANCE RATES FOR ENHANCED MATURITY EXTENSION RIDER ($0.01
PER MONTH PER $1,000 PER SPECIFIED AMOUNT) $1.00 PER MONTH
PAGE 4
2. GUARANTEED MONTHLY INSURANCE RATES FOR AMOUNT OF INITIAL ADJUSTABLE TERM
RIDER. RATES ARE PER $1,000 OF TERM INSURANCE RIDER - SEE RIDER COST SECTION.
INSURED INSURED
ATTAINED ATTAINED
AGE RATE AGE RATE
- -------- ------ -------- ------
35 0.14 65 1.77
36 0.15 66 1.96
37 0.16 67 2.17
38 0.17 68 2.40
39 0.18 69 2.64
40 0.19 70 2.92
41 0.21 71 3.29
42 0.22 72 3.61
43 0.24 73 4.03
44 0.26 74 4.51
45 0.28 75 5.02
46 0.30 76 5.57
47 0.32 77 6.16
48 0.35 78 6.77
49 0.38 79 7.42
50 0.41 80 8.13
51 0.45 81 8.94
52 0.49 82 9.87
53 0.54 83 10.91
54 0.59 84 12.08
55 0.65 85 13.33
56 0.72 86 14.65
57 0.79 87 16.03
58 0.87 88 17.44
59 0.96 89 18.91
60 1.06 90 20.44
61 1.17 91 22.10
62 1.29 92 23.91
63 1.44 93 25.98
64 1.59 94 28.69
PAGE 4A
3. Variable Account, Funds and Sub-Accounts (see Variable Account section for
further information)
The Variable Account is MONY Variable Account L and includes the sub-accounts
listed below. The sub-accounts available for investment purposes, and the
corresponding portfolios of the applicable funds are:
SUB-ACCOUNT APPLICABLE FUND
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Alger American Balanced The Alger American Fund - Alger American Balanced Portfolio
Alger American MidCap Growth The Alger American Fund - Alger American MidCap Growth Portfolio
Dreyfus Appreciation Dreyfus Variable Investment Fund - Appreciation Portfolio
Dreyfus International Value Dreyfus Variable Investment Fund - International Value Portfolio
Enterprise Growth Enterprise Accumulation Trust - Growth Portfolio
Enterprise Small Company Growth Enterprise Accumulation Trust - Small Company Growth Portfolio
Enterprise Small Company Value Enterprise Accumulation Trust - Small Company Value Portfolio
Enterprise Total Return Enterprise Accumulation Trust - Total Return Portfolio
Fidelity VIP Asset Manager(SM) Fidelity Variable Insurance Products - Asset Manager(SM) Portfolio
Fidelity VIP Contrafund(R) Fidelity Variable Insurance Products - Contrafund(R) Portfolio
Fidelity VIP Growth Fidelity Variable Insurance Products - Growth Portfolio
Fidelity VIP Growth and Income Fidelity Variable Insurance Products - Growth and Income Portfolio
INVESCO VIF - Financial Services INVESCO Variable Investment Funds, Inc. - INVESCO VIF - Financial Services Fund
INVESCO VIF - Health Sciences INVESCO Variable Investment Funds, Inc. - INVESCO VIF - Health Sciences Fund
INVESCO VIF - Telecommunications INVESCO Variable Investment Funds, Inc. - INVESCO VIF - Telecommunications Fund
Janus Aspen Series Capital Appreciation Janus Aspen Series - Capital Appreciation Portfolio
Janus Aspen Series Flexible Income Janus Aspen Series - Flexible Income Portfolio
Janus Aspen Series International Growth Janus Aspen Series - International Growth Portfolio
Janus Aspen Series Strategic Value Janus Aspen Series - Strategic Value Portfolio
Janus Aspen Series Worldwide Growth Janus Aspen Series - Worldwide Growth Portfolio
Lord Abbett Bond-Debenture Lord Abbett Series Fund - Bond-Debenture Portfolio
Lord Abbett Mid-Cap Value Lord Abbett Series Fund - Mid-Cap Value Portfolio
MFS New Discovery MFS(R) Variable Insurance Trust(SM) - MFS(R) New Discovery Series
MFS Total Return MFS(R) Variable Insurance Trust(SM) - MFS(R) Total Return Series
MFS Utilities MFS(R) Variable Insurance Trust(SM) - MFS(R) Utilities Series
MONY Government Securities MONY Series Fund, Inc. - Government Securities Portfolio
MONY Intermediate Term Bond MONY Series Fund, Inc. - Intermediate Term Bond Portfolio
MONY Long Term Bond MONY Series Fund, Inc. - Long Term Bond Portfolio
PIMCO Global Bond PIMCO Variable Insurance Trust - Global Bond Portfolio
PIMCO Real Return PIMCO Variable Insurance Trust - Real Return Portfolio
T. Rowe Price Equity Income T. Rowe Price Equity Series, Inc. - Equity Income Portfolio
T. Rowe Price Mid-Cap Growth T. Rowe Price Equity Series, Inc. - Mid-Cap Growth Portfolio
T. Rowe Price Personal Strategy Balanced T. Rowe Price Equity Series, Inc. - Personal Strategy Balanced Portfolio
Morgan Stanley UIF Core Plus Fixed Income The Universal Institutional Funds, Inc. - Core Plus Fixed Income Portfolio
Morgan Stanley UIF Emerging Markets Debt The Universal Institutional Funds, Inc. - Emerging Markets Debt Portfolio
Morgan Stanley UIF Emerging Markets Equity The Universal Institutional Funds, Inc. - Emerging Markets Equity Portfolio
Morgan Stanley UIF Equity Growth The Universal Institutional Funds, Inc. - Equity Growth Portfolio
Morgan Stanley UIF Global Value Equity The Universal Institutional Funds, Inc. - Global Value Equity Portfolio
Morgan Stanley UIF Value The Universal Institutional Funds, Inc. - Value Portfolio
Vanguard VIF Balanced Vanguard(R) Variable Insurance Fund - Balanced Portfolio
Vanguard VIF Capital Growth Vanguard(R) Variable Insurance Fund - Capital Growth Portfolio
Vanguard VIF Diversified Value Vanguard(R) Variable Insurance Fund - Diversified Value Portfolio
Vanguard VIF Equity Income Vanguard(R) Variable Insurance Fund - Equity Income Portfolio
Vanguard VIF Equity Index Vanguard(R) Variable Insurance Fund - Equity Index Portfolio
Vanguard VIF Growth Vanguard(R) Variable Insurance Fund - Growth Portfolio
Vanguard VIF High Yield Vanguard(R) Variable Insurance Fund - High Yield Portfolio
Vanguard VIF International Vanguard(R) Variable Insurance Fund - International Portfolio
Vanguard VIF Mid-Cap Index Vanguard(R) Variable Insurance Fund - Mid-Cap Index Portfolio
Vanguard VIF Money Market Vanguard(R) Variable Insurance Fund - Money Market Portfolio
Vanguard VIF REIT Index Vanguard(R) Variable Insurance Fund - REIT Index Portfolio
Vanguard VIF Short-Term Corporate Vanguard(R) Variable Insurance Fund - Short-Term Corporate Portfolio
Vanguard VIF Small Company Growth Vanguard(R) Variable Insurance Fund - Small Company Growth Portfolio
Vanguard VIF Total Bond Market Index Vanguard(R) Variable Insurance Fund - Total Bond Market Index Portfolio
Janus Aspen Series and PIMCO Variable Insurance Trust are organized under the
laws of Delaware. Dreyfus Variable Investment Fund, INVESCO Variable Investment
Funds, Inc., Lord Abbett Series Fund, MONY Series Fund, Inc., T. Rowe Price
Equity Series, Inc., and The Universal Institutional Funds, Inc. are organized
under the laws of Maryland. The Alger American Fund, Enterprise Accumulation
Trust, Fidelity Variable Insurance Products, and MFS(R) Variable Insurance
Trust(SM) are organized under the laws of Massachusetts. The Funds (except for
the Janus Aspen Series Capital Appreciation and Strategic Value Portfolios, and
The Universal Institutional Funds, Inc.) are registered with the Securities and
Exchange Commission under the 1940 Investment Company Act as diversified,
open-end management investment companies. Janus Aspen Series Capital
Appreciation and Strategic Value Portfolios and The Universal Institutional
Funds, Inc. are registered with the Securities and Exchange Commission under the
1940 Investment Company Act as open-end management investment companies.
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Page 5
4. Will Pay
We will pay the death proceeds to the Beneficiary upon receipt of due proof of
the Insured's death before Age 95 and while this Policy is in force. We will pay
any surrender value to the Insured if living at Age 95. Payment in any case will
be subject to all the provisions of this Policy.
However, coverage may be extended beyond the original Maturity Date of the
Policy until the date death proceeds become payable. The base death benefit upon
death on or after the original Maturity Date will be equal to the Policy's cash
value as of the original Maturity Date multiplied by a death benefit percentage
of 101%.
Election to extend the Maturity Date may be made by sending written request to
our Administrative Office. The election must be received by us at least 30 days
but no more than 90 days before the original Maturity Date. After the original
Maturity Date, monthly deductions will no longer be deducted from the Fund Value
and additional premiums will no longer be accepted, except as needed to keep the
policy from lapsing. Policy Loans and partial Withdrawals and transfers among
funds can continue to be made after Age 95. This benefit will end on the
earliest of: (a) the Monthly Anniversary Day that falls on, or next follows the
date we receive written request to end it; (b) the date the Policy goes out of
force; or (c) the date death proceeds become payable.
THE POLICY MAY NOT QUALIFY AS LIFE INSURANCE AFTER THE INSURED'S ATTAINED AGE 95
UNDER FEDERAL TAX LAW, MAY BE SUBJECT TO ADVERSE TAX CONSEQUENCES AND A TAX
ADVISOR SHOULD BE CONSULTED BEFORE YOU CHOOSE TO CONTINUE THE POLICY AFTER AGE
95.
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5. Definitions
"We", "us" and "our" refer to MONY Life Insurance Company
"Home Office" means our administrative office at 1740 Broadway, New York, N.Y.
10019. "Home Office" also includes our Operations Center at One MONY Plaza,
Syracuse, New York 13221.
"Insured" means the person on whose life the policy is based.
"Maturity Date" means the policy anniversary nearest the Insured's 95th
birthday.
"Specified Amount in force" is the Initial Specified Amount, adjusted for any
increases or decreases in Specified Amount.
"Target Death Benefit In Force" is the Initial Target Death Benefit shown in
Section 1 adjusted for any increases or decreases.
"GIA" is the Guaranteed Interest Account (see the GIA section for additional
information).
"Monthly Anniversary Day" means the first day of each policy month. But, if that
day is not a Valuation Date for all sub-accounts, the Monthly Anniversary Day
will be deemed to be the next following Valuation Date.
"Unit" is the measure by which the value of this Policy's interest in a
sub-account is determined.
"Valuation Date" is each day that the New York Stock Exchange is open for
trading or any other day on which there is sufficient trading in the securities
of a portfolio of a account (see Section 3) to affect materially the Unit value
of that sub-account of the Variable Account.
"Attained age" during the first policy year means age at nearest birthday on the
Policy Date. During each succeeding policy year, "attained age" means age at
nearest birthday on the policy anniversary on which that policy year commenced.
"Age 95" means the policy anniversary nearest the Insured's 95th birthday.
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6. Dates and Policy Periods
Where dates are shown, the numbers stand for month, day and year, in that order.
Months, years and anniversaries are measured from the Policy Date, if no other
method is stated. The Policy Date is shown on Page 1. Each policy month starts
on the same date in each calendar month as that specified in the Policy Date. If
the Policy Date is the 29th, 30th or 31st of a month, there will be some
calendar months when there is no same date. For those months the policy month
will start on the last day of the calendar month.
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7. Definition of Life Insurance Test
In order for the policy to be deemed "life insurance" according to the Internal
Revenue Code of 1986 as now or later amended, one of the following tests must be
met. The rightsholder elects which test will apply to the policy in the
application. Section 1 of the Policy shows which test was elected. Once elected
it may not be changed for the duration of the contract. The rightsholder must
choose one of the following:
1. Cash Value Accumulation Test - The Death Benefit must be greater than or
equal to the cash value multiplied by the Cash Value Accumulation Test
Death Benefit Percentage.
2. Guideline Premium/Cash Value Corridor Test -The Death Benefit must be
greater than or equal to the cash value multiplied by the Guideline
Premium/Cash Value Corridor Test Death Benefit Percentage. In addition,
premium payments may not exceed the Guideline Premium Limitation. (See
Section 9. Premiums)
Page 6
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8. Death Proceeds-Death Benefit Options
Death Proceeds - The proceeds payable to the beneficiary upon our receipt of due
proof of the death of the Insured while this Policy is in force will be the
greater of the Target Death Benefit and Base Death Benefit;
LESS:
any debt due us on this Policy; and if death occurs during any period for
which a monthly deduction has not been made, any monthly deduction that may
apply to that period, including the deduction for the month of death.
Interest will be paid on death proceeds. We will determine the interest rate for
each year, and this rate will not be less than the rate paid under Settlement
Option 1 Interest Income. Interest will be paid from the date of the Insured's
death to the date of payment.
Death Benefit - The Death Benefit will be determined as described under one of
the options below. The death benefit option is elected by the rightsholder in
the application.
If Death Benefit Option 1 is in effect on the date of death, the Base Death
Benefit is the greater of:
(a) the Specified Amount in force on the date of death, plus the increase, if
any, in the account value since the last Monthly Anniversary Day; and
(b) the cash value on the date of death, multiplied by the applicable Death
Benefit percentage shown in Section 1.
If Death Benefit Option 2 is in effect on the date of death, the Base Death
Benefit is the greater of:
(a) the Specified Amount in force on the date of death, plus the account value
on the date of death; and
(b) the cash value on the date of death, multiplied by the applicable Death
Benefit percentage shown in Section 1.
A rightsholder who elected an Alternate Death Benefit Percentage at issue may
irrevocably revoke that election at any time while the Insured is living.
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9. Premiums
Payment of Premiums - Premiums after the first are payable to us at our Home
Office or at any local office to a person authorized by us to accept them, but
only in exchange for a receipt signed by our Treasurer and by the person
receiving the payment. We shall accept premiums after the first (shown in
Section 1) subject to limitations as described below. But we shall not accept
any part of a payment as a premium if that part would result in the sum of
cumulative premiums paid, less any partial surrenders and their fees, if
applicable, being in excess of the guideline premium limitation that then
applies to the Policy.
We reserve the right to reject all or a portion of any scheduled or unscheduled
premium payment if part (b) of either Death Benefit Option 1 or Death Benefit
Option 2 is in effect or would be in effect if such a payment had been accepted
by us.
Guideline Premium Limitation - This section applies only to policies where the
Guideline Premium/Cash Value Corrider Test has been selected as the Definition
of Life Insurance Section 1 shows which test has been elected. The guideline
premium limitation that applies to the Policy at any time will never be more
than as determined in accordance with Section 7702 of the Internal Revenue Code
of 1986 as now or later amended or any further amendment of such Code
superseding or modifying that section. The guideline premium limitation that
applies to the Policy on the Policy Date is shown in Section 1. Changes in the
Specified Amount in force, the Target Death Benefit, the Death Benefit Option in
effect or an additional benefit provided by rider will change the guideline
premium limitation. In the event of any such change we reserve the right to
reduce the Policy's cash value so that the guideline premium limitation that
applies to the Policy is not violated. The amount by which the cash value is so
reduced will be refunded in cash. The endorsement issued to reflect any such
change will include the revised guideline premium limitation that then applies
to the Policy.
Limit on Premium Payments Allocated to the GIA - We shall return to the
rightsholder any part of a premium payment requested for allocation to the GIA
if: (a) the account value in the GIA equals or exceeds the GIA Limitation shown
in Section 1; or (b) acceptance of that part payment would cause the account
value in the GIA to exceed such Limitation.
Net Premium - A net premium is the premium paid, less the sales charge, premium
tax charge and federal tax charge shown in Section 1.
Premiums Received Before or at Delivery of the Policy - The first full net
premium must be paid before or at delivery of the Policy and will earn interest
at a rate not less than 4%. Interest will be credited annually from the later of
the Policy Date and the Valuation Date that coincides with or next follows the
Date the premium is received at our Operations Center. If the Policy is not
accepted at delivery, any premium paid will be returned without interest.
Page 7
Net Premiums Received After Delivery of the Policy - Any net premium received
after delivery of the Policy and before the end of the "Right to Return Policy"
period (see page 1) will also earn interest at a rate not less than a 4% annual
interest rate.
If the Policy has not been returned at the end of the Right to Return period the
net premium with interest less any monthly deduction that may apply to the
sub-account and/or the GIA as chosen will then be transferred to the sub-account
or sub-accounts of the Variable Account and/or the GIA in accordance with the
most recent scheduled premium allocation election on record. If there is no
allocation on record the net premium with interest less deduction will then be
transferred to the Money Market sub-account.
After the "Right to Return Policy" period ends, any net premiums received will
be allocated either: (a) to one or more sub-accounts of the Variable Account
and/or the GIA in accordance with the scheduled premium allocation then in
effect for the Policy; or (b) if there is no such allocation in effect, to the
Money Market sub-account.
An unscheduled premium may be otherwise allocated, if a specific request is so
made for that premium (see Unscheduled Premiums below).
Net premiums are allocated on the Valuation Date that coincides with, or next
follows, the date the premium is received at our Operations Center. Allocations
must be made in whole percentages. If the GIA or a sub-account is to receive any
allocation, the allocation must be at least 1% of the net premium. The
allocation election on record may be changed by written notice to us at our
Operations Center. A change will take effect within 7 days after we receive that
notice.
Scheduled Premiums - We shall send reminder notices for the payment of the
scheduled premiums shown in Section 1. The amount and interval of payment of
scheduled premiums may be changed upon written request. The new payment interval
must satisfy our rules in use at the time of the change. Scheduled premiums are
planned periodic premiums and are not required premiums.
Unscheduled Premiums - Additional premium payments of at least $250 may be made
at any time. We reserve the right to limit the total amount of unscheduled
premiums paid during any 12 consecutive calendar months to an amount that
assures that the sum of cumulative premiums paid, less any partial surrenders
and their fees, is not in excess of the guideline premium limitation, if
applicable, that applies to the Policy. The rightsholder may choose to increase
Specified Amount and/or Target Death Benefit in force as described in Section
14. An unscheduled premium may be allocated by amount as well as by percentage.
If a specific allocation is not requested or is requested incorrectly, the net
premium will be allocated to the Money Market sub-account. A specific allocation
for an unscheduled premium will not change the allocation on record for
scheduled premiums.
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10. Grace Period
If the account value, less any debt, on the Monthly Anniversary Day is not
enough to cover the monthly deduction (see Monthly Deduction section) for the
following month, we shall send notice of insufficient value. A grace period of
61 days from the date of that notice will be allowed for payment of: (a) any
balance needed for the monthly deduction; plus (b) any accrued loan interest due
during the grace period; plus (c) an amount equal to 2 monthly deductions or, if
greater, the number of monthly deductions until the next scheduled premium due
date. The policy is inforce during the grace period.
If payment is not received within the grace period, the Policy will end at the
end of the grace period and any remaining surrender value will be refunded. We
will send a notice as least 15 days and not more than 45 days prior to the end
of the grace period if the account value less any debt is not enough to prevent
lapse.
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11. Reinstatement
If the Policy ends at the end of the grace period, the Policy may be reinstated.
But this may only be done within 5 years after the Monthly Anniversary Day
immediately before the start of the grace period. We shall need:
(a) evidence satisfactory to us that the Insured is insurable.
(b) payment of a premium large enough to cover:
(i) the balance needed as described in the Grace Period (see Section 10
above); and
(ii) an amount sufficient to keep the Policy in force for at least 3 months
from the reinstatement date.
(c) payment or reinstatement of any debt due us on the Policy, plus payment of
interest on any reinstated debt from the date of reinstatement to the next
policy anniversary at the rate which applies to policy loans on the date of
reinstatement.
On the reinstatement date, we will reinstate the account value as of the
beginning of the grace period, add any net premiums paid for reinstatement and
deduct any monthly deduction due.
Page 8
The reinstatement date will be the Monthly Anniversary Day that coincides with,
or immediately precedes, the date the application for reinstatement is approved
by us.
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12. Beneficiary
Determination of Beneficiary - The beneficiary is as set forth in the
application for this Policy unless otherwise provided by endorsement. Any
reference in any beneficiary designation to a beneficiary living or surviving
will, unless otherwise provided, mean living on the earlier of: (a) the day due
proof of the Insured's death is received by us at our Operations Center; and (b)
the 14th day after the Insured's death. The share of the death proceeds of any
beneficiary who is not living on that earlier day will be payable to the
remaining beneficiaries. Payment will be made in the manner provided for in that
designation. If no beneficiary is then living and unless otherwise provided, the
death proceeds will be payable to the Insured's executors or administrators.
Change of Beneficiary - Beneficiary changes may be made during the Insured's
lifetime by written notice to us at our Operations Center. A change will take
effect as of the date the notice was signed. But we must first receive this
change at our Operations Center. This change will be subject to any payment made
by us or action taken by us before receipt of the notice at our Operations
Center. The Policy need not be returned for us to endorse the change unless we
ask for it.
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13. Rights
During the Insured's lifetime, all rights under this Policy belong exclusively
to the rightsholder as set forth in the application for this Policy unless
otherwise provided by endorsement. These rights include the right to change the
beneficiary and to assign. Also included are all other rights, benefits,
options, and privileges which are given by this Policy or allowed by us.
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14. Optional Policy Changes
Increase or Decrease in Specified Amount and Target Death Benefit
Unscheduled Increases - Increases may be made at any time prior to the policy
anniversary nearest the maximum issue age shown in Section 1.
If an Adjustable Term Insurance rider is attached to this Policy, any
unscheduled increase may be specified by the rightsholder as an increase in
Specified Amount, an increase in Term insurance provided by such rider or any
combination of Specified Amount and term insurance rider.
To increase the Target Death Benefit or Specified Amount in force, a
supplemental application must be submitted, subject to evidence satisfactory to
us that the Insured is insurable. Any increase must be at least $10,000. The
increase will take effect on the Monthly Anniversary Day that coincides with, or
next follows, the date on which we approve it.
Decreases - Decreases may be made at any time. Any decrease in the Target Death
Benefit or Specified Amount in force must be at least $10,000. The decrease will
take effect on the Monthly Anniversary Day that coincides with, or next follows,
the date on which we approve it. The decrease will be applied as follows:
(a) first, to reduce the amount provided by the most recent increase in
Specified Amount;
(b) next, to reduce the next most recent increases, successively;
(c) finally, to reduce the Initial Specified Amount.
We will reject any requested decrease if that decrease would result in a
Specified Amount or Target Death Benefit which is less than the minimum
Specified Amount or minimum Target Death Benefit shown in Section 1.
If an Adjustable Term Insurance rider is attached to this Policy, any decrease
will be applied first against any term insurance provided by such rider, as
specified in such rider, and then to the Specified Amount as shown above.
Changing the Death Benefit Option - Any change in Death Benefit Option will take
effect on the Monthly Anniversary Day that coincides with, or next follows, the
date on which we approve the request to change the Option. If the change is made
from Option 2 to Option 1, the Specified Amount in force will be increased by
the account value on the monthly anniversary day on which the change takes
effect. If the change is from Option 1 to Option 2, the Specified Amount in
force will be decreased by the amount of the account value on the Monthly
Anniversary Day on which the change takes effect. The Specified Amount in force
after the decrease cannot be less than the minimum Specified Amount shown in
Section 1. We reserve the right to request evidence of insurability for a change
from Option 1 to Option 2.
Guaranteed Paid-Up Insurance - On the policy anniversary the Specified Amount
may be reduced to an amount that the Surrender Value will maintain in force
until Age 95 when applied as a net single premium. However, the maximum amount
of Surrender Value that may be applied will not be greater than that needed to
provide an Amount at Risk equal to the Amount at Risk immediately before this
option becomes effective. Any Surrender Value in excess of the amount applied
will be refunded to the Rightsholder.
Page 9
The net single premium rates will be based on (a) the 1980 CSO mortality tables
at the Insured's sex, attained age and class of risk on the later of the Policy
Date and the most recent increase in coverage under the Policy; and (b) 4%
interest. On or after the effective date, the surrender value of the paid-up
coverage will equal the present value of future guaranteed benefits based on the
net single premium rates described above without regard to loans. We must
receive written request for this option at least 30 days prior to the policy
anniversary date on which it will become effective.
Surrenders for surrender value may be made at any time (see 6 below). On or
after the effective date of this option:
(1) it may not be revoked;
(2) we will not accept any further premiums;
(3) no further optional policy changes may be made;
(4) the Policy is no longer subject to the Administrative Charge;
(5) any loan balance and loan interest which existed immediately before the
effective date will be set to 0;
(6) any partial surrender will result in a recalculation of the Specified Amount
and surrender value;
(7) any additional benefit provided by rider will terminate;
(8) the death benefit will equal the reduced Specified Amount.
The endorsement issued to reflect this change will show the reduced Specified
Amount and the guaranteed surrender value on the effective date and each policy
anniversary thereafter.
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15. Transfers
Transfers Among the Sub-Accounts and the GIA -
After the "Right to Return Policy" period has expired, account value may be
transferred among the sub-accounts and/or to or from the GIA upon request.
Transfers to the GIA - We will reject any part of a transfer to the GIA if the
account value in the GIA equals or exceeds the GIA Limitation shown in Section 1
or, if that part of the requested transfer would cause the account value in the
GIA to exceed such Limitation. Any portion of a requested transfer which is
rejected will be retained in the sub-accounts in the same proportion as the
transfer amount allocated against each sub-account bears to the total transfer
amount.
Transfers from the GIA - A transfer of account value from the GIA to any of the
sub-accounts may be made once each policy year. A request for such transfer must
be received by us at our Operations Center on or within 30 days after a policy
anniversary. We will reject any part of a requested transfer from the GIA if
that part would exceed the greater of: (a) 25% of the account value held in the
GIA on the Date the transfer would take effect; or (b) $5,000.
A transfer transaction which does not move account value from the GIA will take
effect on the Valuation Date that coincides with, or next follows the date the
request is received at our Operations Center. A transfer transaction which moves
account value from the GIA will take effect on: (a) the policy anniversary; or
(b) if later (subject to above provisions), the Valuation Date that coincides
with or next follows the date the request is received at our Operations Center.
Transfer Charge - All transfers included in a request are considered one
transaction. The number of guaranteed free transfers which may be made during a
policy year and the charge for transfers in excess of that number during that
year are shown in Section 1. We reserve the right to increase or decrease the
charge but it will never be more than the guaranteed maximum shown in Section 1.
Any applicable transfer charges are allocated against the GIA and/or the
sub-accounts from which the account values are being transferred. The charge
allocated against the GIA or any sub-account will be in the same proportion that
the amount being transferred from the GIA or any sub-account, bears to the total
amount being transferred. But, if there is insufficient account value in the GIA
or any sub-account to provide for its proportionate share of the charge, then
the entire charge will be allocated against the GIA and each sub-account in the
same proportion that the account value held in the GIA and each sub-account
bears to the account value in the GIA and all sub-accounts.
Exchange Transfer to the GIA - At any time during the first 24 months after the
date of issue of the Policy, the entire amount of account value in the
sub-accounts may be transferred to the GIA. Election of this exchange transfer
will change this Policy to a policy which is not dependent upon the investment
results of a separate account. There will be no transfer charge for an exchange
transfer and the GIA limitation will be waived. On the date an exchange transfer
takes effect, the premium allocation will be changed to the GIA only.
Page 10
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16. The Variable Account
The variable benefits under this Policy are provided through investments we make
in the Variable Account. This is an investment account established and
maintained by us, separate from our general account or other separate accounts.
It is used for our flexible premium variable life policies and, if permitted by
law, may be used for other policies or contracts.
We own the assets in the Variable Account. Assets equal to the reserves and
other liabilities of the Variable Account will not be charged with liabilities
that arise from any other business we conduct. We may from time to time transfer
to our general account assets which exceed the reserves and other liabilities of
the Variable Account.
The Variable Account is registered with the Securities and Exchange Commission
(SEC) as a unit investment trust under the Investment Company Act of 1940. It is
also governed by the laws of the state of New York. We may, to the extent
permitted by applicable laws and regulations, make these changes: (a) the
Variable Account may be operated as a management company under the Investment
Company Act of 1940; or (b) the Variable Account may be deregistered under that
Act if registration is no longer required; or (c) the Variable Account may be
combined with any of our other separate accounts.
Material Changes in Investment Policy - No material change in the investment
policy of the Investment Variable Account will be made without prior concurrence
of the New York Insurance Department. We will notify the rightsholder as to any
proposed material change in the investment policy of the Variable Account. If
the rightsholder objects to the change he or she may exchange transfer to the
GIA the entire amount of fund value in the sub-accounts. Election of this
exchange transfer will change this policy to a policy which is not dependent
upon the investment results of a separate account. The rightsholder will have
60 days after (a) the effective date of the material change in investment policy
or (b) the rightsholder's receipt of the notice of that change and the
rightsholder exchange transfer this Policy, whichever is later. The exchange
transfer will take effect on the Monthly Anniversary Day that coincides with, or
next follows, the date we receive at our Operations Center the request for the
exchange transfer. The exchange transfer will be subject to the terms and
conditions set forth in the Exchange Transfer provision of the Policy in Section
15. Transfers.
Sub-Accounts - We use the assets of each separate sub-account to buy shares in a
corresponding portfolio of the applicable account. (See Section 3).
We reserve the right to establish new sub-accounts or eliminate one or more
sub-accounts if tax considerations or investment conditions warrant. Any new
sub-accounts may be made available to existing contracts on a basis to be
determined by us. If any of these changes are made, we may by appropriate
endorsement change the Contract to reflect the change.
Income and realized and unrealized gains or losses from assets of each
sub-account are credited to or charged against that sub-account without regard
to income, gains or losses in the other sub-accounts, our general account or any
other separate accounts. We reserve the right to credit or charge a sub-account
in a different manner if required, or appropriate, by reason of a change in the
law.
We will value the assets of each sub-account on each Valuation Date after the
assets in its corresponding account portfolio have been valued on that Date.
Portfolio Changes - If, in our judgment, a portfolio no longer suits the
purposes of the Policy due to a change in its investment objectives or
restrictions, we may substitute shares of another portfolio of that account or
shares of another investment account. But, we will notify the rightsholder
before doing so and, to the extent required by law, we will get prior approval
from the SEC and the New York Insurance Department. Such approval process is on
file with the New York Insurance Department. We also will get any other required
approvals.
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17. The GIA
The GIA is part of our general account. The general account consists of all of
our assets except those held by the Variable Account and other separate accounts
maintained by us. The guaranteed annual interest rate that applies in the
calculation of the account value in the GIA is 4% (0.010746%, compounded daily).
Interest in excess of the guaranteed rate may be applied in the calculation of
that account value in a manner determined by us. Once applied, interest becomes
non-forfeitable. We may use different rates of interest for different portions
of the account value in the GIA. Any change in interest rate will be on a
uniform basis for insureds of the same class and will be determined in
accordance with procedures and standards on file with the Superintendent of
Insurance of the State of New York.
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18. Cash Value
The cash value of this Policy at any time is the account value, plus any
applicable refund of sales charge.
Page 11
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19. Account Value
1. The account value of this Policy on the Policy Date is:
(a) the net premiums received by us on or before the Policy Date; less
(b) the monthly deduction due on the Policy Date.
Thereafter, account value calculations are made on Valuation Dates. If an
account value calculation has to be made for a day that is not a Valuation Date,
then we shall use the Valuation Date that next follows that day.
2. The account value of this Policy on a Valuation Date is determined as
follows:
(a) Determine the Policy's account value in each sub-account on that
Valuation Date by multiplying the number of Units credited to the
sub-account for the Policy before the purchase or redemption of any
Units on that Date by its Unit value on that Date.
(b) Total the account value in each sub-account on that Valuation Date.
(c) Add the account value in the GIA on that Valuation Date; this is the
accumulated value with interest of net premiums allocated, and amounts
transferred, to the GIA before that Date, decreased by any allocations
against the GIA before that Date for: (i) any amounts transferred to
Loan Account; (ii) any amounts transferred to the sub-accounts and
applicable transfer charge; (iii) any partial surrender and its fee;
and (iv) any monthly deductions.
(d) Add any amounts in Loan Account on that Date.
(e) Add interest credited on that Date on the amounts in (d) above.
(f) Add any net premiums received on that Valuation Date.
(g) Deduct any partial surrender, and its fee, made on that Valuation Date.
(h) Deduct any monthly deduction to be made on that Valuation Date.
3. The account value of this Policy on a Monthly Anniversary Day for the
purpose of determining the cost of insurance on that Day is determined as
follows:
(a) Determine the Policy's account value on that Day as described in items
(a) through (g) in subsection 2 of this section.
(b) Deduct the monthly deduction (excluding the cost of insurance).
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20. Sub-Account Unit Value
The unit value of each sub-account on its first Valuation Date was set at $10.
The unit value of each sub-account on any subsequent Valuation Date is obtained
by dividing (a) by (b) where:
(a) is the per share net asset value at the close of business on the Valuation
Date of the applicable account portfolio in which the sub-account invests
times the number of such shares held in the sub-account before the purchase
or redemption of any shares on that Date.
(b) is the total number of Units held in the sub-account on the Valuation Date
before the purchase or redemption of any Units on that Date.
The net asset value is computed by totaling the value of all applicable account
portfolio holdings plus other assets and deducting liabilities at the end of
that Valuation Date. The per share net asset value in (a) above is computed by
dividing this result by the number of shares outstanding.
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21. Monthly Deduction
The monthly deduction on a Monthly Anniversary Day for the following policy
month is (a), plus (b), plus (c), plus (d) where:
(a) is the cost of insurance (see Cost of Insurance section below).
(b) is the cost of any additional benefits provided by rider.
(c) is the administrative charge (as shown in Section 1).
(d) is the mortality and expense risk charge (as shown in Section 1).
Any monthly deduction to be made before the end of the "Right to Return Policy"
period (see page 1) will be charged against the net premium. After the end of
the "Right to Return Policy" period, monthly deductions:
- - with respect to Items (a), (b) and (c) above, will be allocated against the
GIA and/or each sub-account in the same proportion that the Policy's account
value held in the GIA and/or each sub-account bears to the Policy's account
value in the GIA and all sub-accounts on that Day.
- - with respect to Item (d) above, will be allocated against each sub-account
in the same proportion that the Policy's account value held in each
sub-account bears to the Policy's account value in all sub-accounts on that
Day.
Page 12
Monthly Mortality and Expense Risk charge - The Monthly Mortality and Expense
Risk Charge is determined on a monthly basis on a Monthly Anniversary Day. The
amount of the charge deducted from the account value is equal to the monthly
mortality and expense risk factor multiplied by the sum of the account value of
all sub-accounts of the Separate account. The Monthly Mortality and Expense Risk
factors are shown in Section 1.
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22. Cost of Insurance
The cost of insurance is determined on a monthly basis on a Monthly Anniversary
Day. It is determined separately for each of the following, in the order shown:
(a) the Initial Specified Amount; and
(b) each increase in Specified Amount, successively, in the order in which it
took effect; and
(c) either (i) or (ii) below, depending upon the Death Benefit Option in effect
on the Monthly Anniversary Day:
(i) if Death Benefit Option 1 is in effect and if the Base Death Benefit
that would have been payable in the event of the Insured's death on
that Day is greater than the Specified Amount then in force, the
difference between that Base Death Benefit and that Specified Amount;
(ii) if Death Benefit Option 2 is in effect and if the Base Death Benefit
that would have been payable in the event of the Insured's death on
that Day is the cash value multiplied by the applicable death benefit
percentage, the difference between that Base Death Benefit less the
cash value on that Day and the Specified Amount then in force. (The
applicable death benefit percentage is shown in Section 1.)
The cost of insurance on a Monthly Anniversary Day for each of (a), (b),(c)(i)
and (c)(ii) above is calculated by multiplying its insurance rate (see Insurance
Rate section below) by its Amount At Risk (defined below). The insurance rate
that applies to (c)(i) and (c)(ii) is the same as the rate that applies to the
most recent increase in Specified Amount, including the same gender, age, class
of risk, number of years and total Specified Amount for that increase. (If there
has been no increase, the rate for the Initial Specified Amount applies.) Part
of the cost is to recover acquisition expenses arising from issue of the policy.
Such expenses are higher in early policy years.
If Death Benefit Option 1 is in effect, the Base Death Benefit "Amount At Risk"
on the Monthly Anniversary Day is the difference between (1) and (2), where: (1)
is the Base Death Benefit that would have been payable in the event of the
Insured's death on that Day; and (2) is the account value on that Day determined
as described in subsection 3 of the Account Value section. The Policy's account
value on the Monthly Anniversary Day is applied in the order shown to (a), (b)
and, if applicable, (c)(i) above, to determine the Amount At Risk for each. If
the account value when so applied equals or exceeds the Initial Specified
Amount, there is no Amount At Risk for that Initial Specified Amount and no cost
of insurance for it. If the account value when so applied equals or exceeds the
Initial Specified Amount plus any increase in Specified Amount, there is no
Amount at Risk for that increase and no cost of insurance for it.
If Death Benefit Option 2 is in effect, the Base Death Benefit "Amount at Risk"
on the Monthly Anniversary is the total Specified Amount plus any amount from
(c) (ii) above.
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23. Insurance Rate
The insurance rate is based on the Insured's sex, age on the Policy Date, number
of years since the Policy Date, and class of risk. "Class of risk" for the
Initial Specified Amount is the class of risk to which the Insured belonged on
the Policy Date and is shown on Page 1.
The insurance rate for any unscheduled increase in Specified Amount will be
based on the Insured's sex, age on the effective date of the increase, number of
years since that date and "Class of Risk" on that date.
Each year we shall review the monthly insurance rates to determine if any change
should be made. Monthly insurance rates will be based on our expectations as to
future: (a) mortality; (b) investment earnings; (c) expenses, and (d)
persistency. But, we guarantee that the insurance rates for the Initial
Specified Amount will never be more than the rates shown in the Guaranteed
Monthly Insurance Rates for Initial Specified Amount table in Section 2. And,
insurance rates for any unscheduled increase in Specified Amount and for any
coverage under item (c) in Section 22 will never be more than the guaranteed
rates provided by us at issue for the Insured's class of risk at the time the
increase takes effect.
All guaranteed rates are based on the 1980 Commissioners Standard Ordinary
Smoker or Nonsmoker Mortality Tables as applicable, with interest at the rate of
4% a year (0.010746%, compounded daily) with appropriate increase for rated
risk. Any change in insurance rates will be on a uniform basis for
Page 13
insureds of the same class. Changes in rates and the way in which they are
determined will be filed with the insurance supervisory official of the state in
which the Policy is delivered.
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24. Continuation of Insurance
The policy will be continued only as long as the account value less any debt is
sufficient to cover any monthly deductions. (See Section 10. Grace Period.)
This Continuation of Insurance provision will not continue the Policy beyond Age
95. Nor will it continue any additional benefit rider beyond its date for
termination.
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25. Basis of Calculation
Minimum cash values are based on the 1980 Commissioners' Standard Ordinary
Mortality Table.
The method of determining cash values and sales charge has been filed with the
insurance supervisory official of the state in which this Policy is delivered.
Cash values are not less than the minimum values required by the law of the
state in which the Policy is delivered.
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26. Surrender
The Policy may be surrendered at any time during the Insured's lifetime for its
surrender value, which is its cash value less any debt.
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27. Partial Surrender
A partial surrender of this Policy may be made for any amount of at least $500
which, with its fee (see below), is less than the Policy's account value on the
date of the partial surrender. A partial surrender may not result in a Specified
Amount or Target Death Benefit in force less than the minimum we then allow. Nor
may it result in a remaining account value, reduced by debt, of less than $500.
We reserve the right to limit the number of partial surrenders to 12 during a
policy year.
A partial surrender fee equal to the lesser of: (a) $25; and (b) 2% of the
amount of the partial surrender will apply to each partial surrender. The amount
of a partial surrender, plus its fee, will be deducted from the account value of
the Policy on the date of the partial surrender. The fee will be retained by us.
Allocation of Partial Surrenders - Any partial surrenders (and their fees) will
be allocated against the GIA and each sub-account in the same proportion that
the account value held in the GIA and each sub-account bears to the account
value in the GIA and all sub-accounts.
Allocations will take effect on the Valuation Date that coincides with, or next
follows, the date the request is received at our Operations Center.
If Death Benefit Option 1 is in effect on the day on which a partial surrender
is made, the amount of the Base Death Benefit payable on that day will be
reduced by the amount of the partial surrender plus its applicable fee. If the
amount of that reduced Base Death Benefit is less than the Specified Amount in
force on that day, the Specified Amount will be decreased to equal the amount of
that reduced Base Death Benefit. The Target Death Benefit in force must also be
adjusted as follows:
(a) If the Base Death Benefit prior to the partial surrender is less than the
Target Death Benefit, the Target Death Benefit will be reduced by the
amount of the partial surrender plus its applicable fee.
(b) If the Base Death Benefit prior to the partial surrender is greater than or
equal to the Target Death Benefit, the Target Death Benefit will be reduced
by the lesser of:
(i) the amount of the partial surrender, plus its applicable fee; or
(ii) the amount, if any, by which the Target Death Benefit exceeds the
difference between the Base Death Benefit and the amount of the
partial surrender including any applicable fee.
If Death Benefit Option 2 is in effect on the day on which a partial surrender
is made, the amount of the Base Death Benefit payable on that day is reduced by
the amount of the partial surrender plus its applicable fee. The Specified
Amount is not changed but the Target Death Benefit must be adjusted as follows:
(a) If the Base Death Benefit prior to the partial surrender is less than the
Target Death Benefit, the Target Death Benefit will be reduced by the
amount of the partial surrender plus its applicable fee.
(b) If the Base Death Benefit prior to the partial surrender is greater than or
equal to the Target Death Benefit, the Target Death Benefit will be reduced
by the lesser of:
(i) the amount of the partial surrender, plus its applicable fee; or
(ii) the amount, if any, by which the Target Death Benefit exceeds the
difference between the Base Death Benefit and the amount of the
partial surrender including any applicable fee.
But the amount of partial surrender cannot result in a Specified Amount or
Target Death Benefit in force less than the minimum shown in Section 1.
Page 14
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28. Loans
Loans for not less than the minimum amount of $250 may be obtained at any time
while this Policy has a loan value. A proper assignment of this Policy to us
will be needed. The loan value is up to 90% of the account value less any debt
on the date of the loan.
Loan Interest - Loan interest at an annual rate of 4.6% will be charged in
arrears on new or outstanding loans, including a loan continued after any
reinstatement of the Policy. Loan interest will accrue daily between policy
anniversaries and will be payable in arrears on each policy anniversary. Any
interest not paid when due will be added to the loan and bear interest at the
4.6% annual rate.
Miscellaneous Provisions - The Policy will be the sole security for any policy
loan. But it need not be given to us for endorsement unless we ask for it.
Because a policy loan reduces the assets held in sub-accounts and the GIA and
because debt repayments increase the assets held in sub-accounts and the GIA,
a loan or a repayment will affect the Policy's cash value and hence the duration
the Policy is in force. Also, a loan or a repayment may affect the amount of
Death Benefit.
Any reference to debt means total loan principal under this Policy plus any
accrued and unpaid loan interest.
If ever the debt exceeds the account value, this Policy will end. But we must
first give at least 61 days notice of insufficient value.
Any debt may be repaid in whole or part before the Insured's death.
Any notice referred to in this "Loans" section will be mailed to the last known
address of the rightsholder and any assignee of record.
Allocations will take effect on the Valuation Date that coincides with, or next
follows, the date the request for the loan is received at our Operations Center.
The entire amount of the loan will be allocated against the GIA and each
sub-account in the same proportion that the account value held in the GIA and
each sub-account bears to the account value in the GIA and all sub-accounts.
Any debt repayment will be allocated to the GIA and/or the sub-accounts in
accordance with the scheduled premium allocation then in effect (see Premiums
section).
If a payment is not identified as a loan repayment it will be treated as a
premium payment.
- -------------------------------------------------------------------------------
29. Loan Account
The loan account is a portion of the Policy's account value which was
transferred from the GIA, or the sub-accounts to secure any outstanding debt.
On each Monthly Anniversary Day we credit interest on the loan account. The
loan account will earn interest at a rate not less than 4% per year. The loan
account is part of our general account.
If the entire debt is repaid on a date which is not a Monthly Anniversary Day,
we determine the interest earned on the loan account from the preceding Monthly
Anniversary Day to the date that payment was received by us at our Operations
Center. This interest will be allocated on the date of repayment among the GIA
and/or the sub-accounts in accordance with the most recent scheduled premium
allocation on record (see Premiums section).
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30. General Provisions
The Contract - This Policy has been issued in consideration of the application
and of the payment of the first premium shown in Section 1. The application
(copy attached) is a part of the Policy. The Policy and the application
(and any supplemental applications for optional increases in Specified Amount)
are the entire contract.
Statements in Application - All statements made in the application will be
considered to be representations. They are not warranties. No statement may be
used to make this Polcy invalid or to deny a claim under it, unless the
statement is contained in the written application, a copy of which is attached
at issue or delivery.
Incontestability - This Policy will be incontestable after it has been in force
during the lifetime of the Insured for 2 years from its date of issue. Any
unscheduled increase in Specified Amount or Target Death Benefit or any
reinstatement will be incontestable only after the increase or reinstatement
has been in force during the lifetime of the Insured for 2 years from the date
it took effect.
Misstatement of Age or Sex - If the Insured's age or sex has been misstated, the
Amount of any Death Benefit will be the sum of (a) and (b), where:
(a) is the account value on the date of death;
(b) is the Amount At Risk (as determined in accordance with Section 22) on the
last Monthly Anniversay Day, multiplied by ratio of the insurance rate on
the last Monthly Anniversary Day based on the incorrect age or sex to the
insurance rate that would have applied on that Day based on the correct age
or sex.
Page 15
Suicide Exclusion - In case of the suicide of the Insured within 2 years of the
date of issue of the Policy the amount payable by us will be limited to the
amount of the premiums paid less: (a) any debt; and (b) any partial surrenders
and their fees.
But, in case of the suicide of the Insured within 2 years of the date any
unscheduled increase in Specified Amount or Target Death Benefit took effect the
amount payable by us with respect to that increase will be limited to its cost.
Assignment - We shall not be charged with notice of assignment of any interest
in this Policy until the assignment (or a copy) is received at our Home Office.
We are not responsible as to the validity or effect of any assignment. We may
rely solely on the statement of the assignment as to the amount of his or her
interest. All assignments will be subject to any debt on this Policy. The
interest of any beneficiary or other person will be subordinate to any
assignment, whenever made. The assignee will receive any sum payable to the
extent of his or her interest.
Policy Payment - In any settlement of this Policy, by reason of death,
surrender, or otherwise, we may require the return of the Policy. Also, any debt
on this Policy will be deducted when we determine the proceeds.
Due proof of death must be submitted to us at our Operations Center on forms
furnished by us. These forms can be obtained from any local office of ours, or
from our Operations Center.
Relationships - Relationships used in any beneficiary or other designation will
refer to the Insured unless otherwise specified.
Authority - No change in this Policy will be valid until it is approved by one
of our executive officers. This approval must be endorsed on or attached to this
Policy. No agent or other person has authority to accept representations or
information not in the written application. Nor may that person change this
Policy or waive any of its provisions.
Postponement of Certain Payments or Transfers - We will usually pay any amount
payable on surrender, partial surrender or loans within 7 days after we receive
written request for the payment at our Operations Center. We will usually pay
any death proceeds within 7 days after we receive due proof of death. However,
payment of any death benefits in excess of the Specified Amount or any partial
surrender or loan payment involving a determination of account value in the GIA
(except when used to pay premiums) may be postponed for up to 6 months from the
date we receive due proof of death or the request for a surrender or loan. Any
payment involving a determination of account value in the Sub-accounts (except
when used to pay premiums) may be postponed in any case whenever:
(a) the New York Stock Exchange is closed (except for customary weekend and
holiday closings), or trading on the New York Stock Exchange is restricted
as determined by the Securities and Exchange Commission (SEC); or
(b) the SEC determines that a state of emergency exists, so that valuation of
the assets of the Variable Account or disposal of securities is not
reasonably practicable.
Transfers among sub-accounts, and allocations to and against sub-accounts also
may be postponed under the circumstances described in (a) or (b) above.
Reports - We will send a report at least annually to the rightsholder showing
the then current status of the Policy. It will show since the last report:
premiums received; expense charges (including any transfer charges); cost of
insurance and any riders; interest on account value in Loan Account; interest on
account value in GIA; and any partial surrenders (and fees).
It will also show as of the current and prior report dates: Death Benefit;
Specified Amount; surrender value; account value; sub-account Unit values;
account value in the GIA, any debt; interest accrued on Loan Account; and any
other information as may be required by the Superintendent of Insurance of the
State of New York.
We will also send to the rightsholder any reports required by the Investment
Company Act of 1940.
Projection of Benefits and Values - We shall provide a projection of
illustrative future benefits and values at any time after the first policy
anniversary upon;
(a) written request; and (b) payment of a reasonable service fee. The fee will
be the one then in effect for this service. The illustration will be based on:
(a) requested assumptions as to Specified Amount, Death Benefit Option and
scheduled premiums; and (b) any other assumptions that are needed and that we
agree to.
Nonparticipation - We pay no dividends on this Policy.
- --------------------------------------------------------------------------------
31. Settlement Options
Instead of being paid in one sum, any death or surrender proceeds payable under
this Policy to a natural person in his or her own right may be settled under one
of the options below. The payments under the option chosen must be made to that
person (the payee). The amount of death or surrender proceeds must be at least
$1,000.
Page 16
Options Available -
1 Interest Income - Interest on the proceeds held by us at the rate set by us
for each year. This rate will not be less than 2 3/4% a year.
2 Income for Specified Period - Income for the number of years chosen, based
on the table below. This table shows the monthly income for each $1,000 of
proceeds. Payments may be increased by additional interest as we may
determine for each year.
Option 2 Table
- --------------------------------------------------------------------------------
Years 1 2 3 4 5 6 7 8 9 10
- --------------------------------------------------------------------------------
Amount $84.37 42.76 28.89 21.96 17.80 15.03 13.06 11.58 10.42 9.50
- --------------------------------------------------------------------------------
Years 11 12 13 14 15 16 17 18 19 20
- --------------------------------------------------------------------------------
Amount $8.75 8.13 7.60 7.15 6.76 6.41 6.11 5.85 5.61 5.39
- --------------------------------------------------------------------------------
3. Single Life Income - Income for a period certain and during the balance of
the payee's lifetime. The period certain chosen may be: (a) 0, 10 or 20 years;
or (b) the period required for the total income payments to equal the proceeds
(reaccount period certain). The amount of income will be figured by us on the
date the proceeds become payable. This amount will be at least as much as the
applicable amount based on the Option 3 table at the end of the Settlement
Options section. The minimum income amounts shown in that table are based on the
1983 Table a (discrete functions, without projections for future mortality) with
3 1/2% interest.
If the income based on the period certain elected is the same as the income
provided by another available longer period or periods certain, we will deem an
election to have been made of the longest period certain.
3A. Joint Life Income - Income during the joint lifetime of the payee and
another person. Income will continue during the balance of the survivor's
lifetime. The type of income chosen may give a survivor's income equal to: (a)
the income amount payable during the joint lifetime; or (b) two-thirds of that
income amount.
The amount of income payable during the joint lifetime will be figured by us on
the date the proceeds become payable. This amount will be at least as much as
the applicable amount based on the Option 3A table at the end of the Settlement
Options section. The minimum income amounts shown in that table are based on the
1983 Table a (discrete functions, without projections for future mortality) with
3 l/2% interest. If a person for whom option 3A is chosen dies before the first
income amount is payable, the survivor will receive settlement instead under
Option 3 with 10 years certain.
4. Income of Specified Amount - Income, of the amount chosen, for as long as the
proceeds and interest last. But, the amount chosen may not be less each year
than 10% of the proceeds. Interest will be credited annually on the balance of
the proceeds at the rate for each year set by us. This rate will not be less
than 2 3/4% a year.
Other Settlement Options - The proceeds may be settled under any other option
agreed to by us.
Choice of Settlement - During the Insured's lifetime, one of the above options
may be chosen for proceeds payable by reason of his or her death. Or, a prior
choice may be changed. The choice or change will be subject to the same
conditions and will take effect in the same way as a change of beneficiary.
The payee of any proceeds payable in one sum but not yet paid may instead choose
one of the options. This must be done by written notice to us at our Operations
Center not more than 1 month after the proceeds become payable.
Payment Provisions - A supplementary contract will be issued when the proceeds
are settled under one of these options. The contract will set forth the terms of
the settlement. The contract date will be the date of the Insured's death if:
(a) the proceeds settled are death proceeds; and (b) the settlement was chosen
during the Insured's lifetime. In all other cases the contract will bear the
date the proceeds become payable.
Payment will be made monthly unless quarterly, semi-annual or annual payments
are asked for when the option is chosen. But, if payments of the chosen
frequency would be less than $25 each, we may use a less frequent payment basis.
- --------------------------------------------------------------------------------
To obtain the amount of other than monthly payments, Semi- Quar-
multiply the monthly payment by the appropriate factor. Ann. Ann. terly
- --------------------------------------------------------------------------------
OPTION 2 11.85 5.97 2.99
- --------------------------------------------------------------------------------
OPTION 3 - 0 Years Certain 11.68 5.90 2.97
- --------------------------------------------------------------------------------
OPTION 3 - 20 Years Certain,
or Reaccount Period Certain 11.80 5.95 2.99
- --------------------------------------------------------------------------------
OPTION 3 - 10 Years Certain, or OPTION 3A 11.74 5.92 2.97
- --------------------------------------------------------------------------------
The first payment under Option 2, 3, 3A, or 4 will be due as of the contract
date. The first payment under Option 1 will be due 1, 3, 6, or 12 months after
that date, depending on the frequency of payment.
Before we pay under Option 3 or 3A, we shall need proof of age which satisfies
us. After the contract date, unless otherwise provided in the settlement
approved by us at the time it was chosen, any settlement under Option 1, 2, 3,
or 4 will end at the payee's death. The amount stated below for that option will
then be paid in one sum to the payee's executors or administrators.
Page 17
Option 1 or 4 - Any unpaid proceeds and interest to the date of death.
Option 2 or 3 - The amount which, with compound annual interest, would have
provided any future income payments for: (a) the specified period (Option 2); or
(b) the specified period certain (Option 3). This interest will be at the rate
or rates we assumed in computing the amount of income.
Page 18
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Settlement Options (continued)
Option 3 - Minimum Monthly Income Per $1,000 of Proceeds
The life income shown is based on the payee's age at nearest birthday on the due
date of the first income payment.
- ------------------------------------------------------------------------------------------------------------------------------------
10 Years Certain 20 Years Certain 10 Years Certain 20 Years Certain 10 Years Certain 20 Years Certain 0 Years Certain
Male Female AGE Male Female Male Female AGE Male Female Male Female AGE Male Female Male AGE Female
- ------------------------------------------------------------------------------------------------------------------------------------
$3.21 $3.14 10* $3.20 $3.13 $3.74 $3.56 35 $3.71 $3.55 $5.42 $4.93 60 $4.97 $4.71 $3.46 25 $3.34
3.22 3.15 11 3.21 3.14 3.78 3.59 36 3.75 3.58 5.54 5.04 61 5.04 4.77 3.59 30 3.44
3.23 3.16 12 3.23 3.15 3.82 3.62 37 3.78 3.61 5.67 5.14 62 5.10 4.84 3.75 35 3.57
3.24 3.17 13 3.24 3.17 3.86 3.65 38 3.82 3.64 5.80 5.25 63 5.16 4.91 3.96 40 3.73
3.26 3.18 14 3.25 3.18 3.90 3.69 39 3.85 3.67 5.94 5.37 64 5.22 4.98 4.22 45 3.93
3.27 3.19 15 3.27 3.19 3.94 3.72 40 3.89 3.70 6.08 5.50 65 5.28 5.05 4.56 50 4.20
3.29 3.20 16 3.28 3.20 3.99 3.76 41 3.93 3.73 6.23 5.63 66 5.33 5.12 4.99 55 4.54
3.30 3.22 17 3.30 3.21 4.04 3.80 42 3.98 3.77 6.38 5.77 67 5.38 5.19 5.57 60 5.00
3.32 3.23 18 3.31 3.23 4.09 3.84 43 4.02 3.81 6.54 5.92 68 5.43 5.25 6.39 65 5.64
3.34 3.24 19 3.33 3.24 4.14 3.88 44 4.06 3.84 6.71 6.07 69 5.48 5.32 7.53 70 6.53
3.36 3.26 20 3.35 3.25 4.20 3.92 45 4.11 3.88 6.88 6.23 70 5.52 5.38
3.37 3.27 21 3.37 3.27 4.25 3.97 46 4.16 3.93 7.05 6.40 71 5.55 5.43
3.39 3.29 22 3.38 3.28 4.31 4.02 47 4.21 3.97 7.22 6.58 72 5.59 5.48 Refund Period
3.41 3.30 23 3.40 3.30 4.38 4.07 48 4.26 4.01 7.40 6.76 73 5.62 5.53 Certain
3.43 3.32 24 3.42 3.32 4.44 4.12 49 4.31 4.06 7.57 6.95 74 5.64 5.57 Male AGE Female
---------------------
3.46 3.34 25 3.45 3.33 4.51 4.18 50 4.37 4.11 7.75 7.15 75 5.66 5.60 $3.44 25 $3.33
3.48 3.36 26 3.47 3.35 4.58 4.24 51 4.42 4.16 7.92 7.34 76 5.68 5.63 3.56 30 3.42
3.50 3.38 27 3.49 3.37 4.66 4.30 52 4.48 4.21 8.09 7.54 77 5.70 5.66 3.70 35 3.54
3.53 3.40 28 3.52 3.39 4.74 4.36 53 4.54 4.27 8.26 7.74 78 5.71 5.68 3.88 40 3.69
3.56 3.42 29 3.54 3.41 4.82 4.43 54 4.60 4.32 8.42 7.94 79 5.72 5.70 4.11 45 3.87
3.58 3.44 30 3.57 3.43 4.91 4.51 55 4.66 4.38 8.57 8.14 80+ 5.73 5.71 4.38 50 4.11
3.61 3.46 31 3.59 3.45 5.00 4.58 56 4.72 4.44 4.73 55 4.40
3.64 3.49 32 3.62 3.48 5.10 4.66 57 4.78 4.51 5.18 60 4.78
3.67 3.51 33 3.65 3.50 5.20 4.75 58 4.85 4.57 5.76 65 5.28
3.71 3.54 34 3.68 3.52 5.31 4.84 59 4.91 4.64 6.52 70 5.94
* and under
+ and over
The minimum income for any age not shown in the 0 Years Certain and Reaccount
Period Certain columns is calculated on the same mortality and interest
assumptions as the minimum income for the ages shown and will be quoted on
request.
- --------------------------------------------------------------------------------
Option 3A - Minimum Monthly Income Per $1,000 of Proceeds
The income shown is based on the ages (at nearest birthday on the due date of
the first income payment) of the 2 persons during whose joint lifetime payments
are to be made.
- -------------------------------------------------------------------------------------------------------------------
Same Income Continued to Survivor Two-Thirds of Income Continued to Survivor
-------------------------------------------------- --------------------------------------------------
AGE AGE
OF AGE OF MALE OF AGE OF MALE
FEMALE FEMALE
50 55 60 65 70 50 55 60 65 70
-------------------------------------------------- --------------------------------------------------
50 $3.89 $3.98 $4.04 $4.09 $4.13 50 $4.20 $4.35 $4.51 $4.69 $4.89
55 4.03 4.16 4.27 4.36 4.42 55 4.36 4.54 4.73 4.95 5.18
60 4.16 4.34 4.51 4.66 4.78 60 4.55 4.76 4.99 5.25 5.53
65 4.27 4.51 4.76 4.99 5.20 65 4.76 5.01 5.29 5.62 5.97
70 4.37 4.66 4.99 5.34 5.67 70 4.99 5.28 5.63 6.04 6.49
The minimum income for any other combination of ages or for 2 persons of the
same sex are calculated on the same mortality and interest assumptions as the
minimum income for the combinations of ages shown and will be quoted on request.
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Page 19