EXHIBIT 4(a)
JOHN HANCOCK VARIABLE LIFE INSURANCE COMPANY
(the "Company")
John Hancock Place
PO Box 717
Boston, Massachusetts 02117
CONTRACT HOLDER: Group Annuities Insurance Trust, Boatmen's National Bank
of Belleville, Illinois as Trustee
ANNUITY CONTRACT NUMBER: xxxxx
SINGLE PREMIUM MODIFIED GUARANTEE GROUP ANNUITY xxxxx
John Hancock Variable Life Insurance Company ("the Company") will provide the
benefits stated in this contract. This contract is issued in consideration of
the master application for this contract and payment of the premium. A
certificate evidencing participation under this contract will be issued to each
member of the eligible group from whom we receive a fully completed enrollment
application and the required premium contribution.
If a certificate is in force under this contract on such certificate's Date of
Maturity, we will begin to pay an annuity to the Annuitant under such
certificate unless otherwise directed by the Participant. Each annuity payment
will be determined in accordance with the provisions of Section 14. Unless
another option offered in Section 15 is elected, annuity payments will be
payable for a guaranteed period of 10 years as long thereafter as the Annuitant
lives.
A Death Benefit, as stated in Section 13, will be payable if the Annuitant's
death occurs before the Date of Maturity and before the Surrender Date.
The Date of Issue of this group annuity contract is xxxxxxxxx.
Signed for the Company at Boston, Massachusetts.
President Secretary
Single Premium Modified Guarantee Annuity - Annuity payable to the Annuitant
beginning on the Date of Maturity for a guaranteed period of 10 years and as
long thereafter as the Annuitant lives.
Nonparticipating - not eligible for dividends
Form xxxxx
Contract Provisions Alphabetical Guide
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Section Section
1. Definitions 7. Annual Option to Change Guarantee Period
2. Interpretation of Contract 15. Annuity Payments
Provisions
3. The Participant and The 20. Assignment
Beneficiary
4. The Contract 19. Claims of Creditors
5. Interest on Premium 8. Continuation of Contract
6. Premium Taxes 14. Converting the Accumulated Value to
Annuity Payments
7. Annual Option to Change 13. Death Benefit
Guarantee Period
8. Continuation of Contract 1. Definitions
9. Withdrawals 10. Early Withdrawal Charge
10. Early Withdrawal Charge 5. Interest on Premium
11. Market Value Adjustment 2. Interpretation of Contract Provisions
12. Request and Payment of 11. Market Value Adjustment
Surrender Value
13. Death Benefit 18. Minimum Monthly Annuity Payment Rates
14. Converting the Accumulated 21. Miscellaneous
Value to Annuity Payments
15. Annuity Payments 17. Misstatement of Age or Sex
16. Proof of Age 6. Premium Taxes
17. Misstatement of Age or Sex 16. Proof of Age
18. Minimum Monthly Annuity 12. Request and Payment of Surrender Value
Payment Rates
19. Claims of Creditors 4. The Contract
20. Assignment 3. The Participant and The Beneficiary
21. Miscellaneous 9. Withdrawals
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1. DEFINITIONS
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The following terms are commonly used throughout this group annuity contract and
the annuity certificates issued thereunder.
The term "Accumulated Value" during the Initial Guarantee Period means the
premium plus earned interest, less any withdrawals and applicable deduction for
contract fees and any applicable deduction for premium taxes or similar taxes.
The term "Accumulated Value" during any Subsequent Guarantee Period is equal to
the Accumulated Value as of the end of the preceding Guarantee Period, including
any Market Value Adjustments made, in accordance with section 11, plus earned
interest, less any withdrawals and applicable deduction for contract fees and
any applicable deduction for premium or similar taxes during such Guarantee
Period.
The term "Annuitant" means, for any given annuity certificate, the individual
designated as such in the application for the certificate.
The term "Beneficiary" is defined in Section 3.
The term "Certificate Year" means, for any given certificate, the 12 month
period following the Date of Issue and each 12 month period thereafter.
The term "Date of Issue" means, the date shown in Section 1 of the certificate.
The term "Date of Maturity" is the date annuity payments under the certificate
begin, in accordance with Section 14.
The term "Free Withdrawal Value" means, for any Certificate Year, an amount
totaling 10% of the Accumulated Value calculated as of the first day of the
Certificate Year, reduced by any prior withdrawals made during the Certificate
Year.
The term "In Force" means that the Annuitant is living and the Surrender Value
of the certificate has not become payable.
The term "Initial Guarantee Period" means the period of time beginning on the
Date of Issue. It continues for the period as elected in the application,
unless a new Guarantee Period has been elected in accordance with Section 7.
The term "Guarantee Period" refers to either the Initial Guarantee Period or any
Subsequent Guarantee Period.
The term "Last Valuation Date" means the earliest of the Date of Maturity, the
Surrender Date, and the date of the Annuitant's death.
The term "Market Value Adjustment" is defined in Section 11.
The term "Market Value Adjustment Factor" is defined in Section 11.
The term "Measuring Person" means the person on whose life annuity payments will
be based.
The term "Participant" is defined in Section 3.
The term "Subsequent Guarantee Period" shall mean the period of time beginning
on the first day following the expiry of the immediately preceding Guarantee
Period. A Subsequent Guarantee Period shall continue for the same duration as
the prior Guarantee Period, unless we are otherwise notified by the Participant
in accordance with Sections 7 and 8.
The term "Surrender Date" means the date we receive written notice from the
Participant requesting payment of the Surrender Value.
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The term "Surrender Value" means the Accumulated Value of the Participant's
certificate, less, if applicable, any certificate fees, any income taxes
withheld, any deduction for premium taxes or similar taxes, any early withdrawal
charge, and adjusted by any Market Value Adjustment.
The term "we", "us", and "our" refer to the Company.
The term "withdrawal" means, unless otherwise specified, the amount withdrawn
prior to any deductions or adjustments.
The term "written notice" means, unless otherwise stated, a notice in writing
satisfactory to us which is received at our Home Office in Boston,
Massachusetts.
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2. INTERPRETATION OF CONTRACT PROVISIONS
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All section references appearing in this contract refer to sections of this
group annuity contract only.
Each of the provisions shall apply to each certificate issued by us under this
group annuity contract as if it were the only certificate issued.
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3. THE PARTICIPANT AND THE BENEFICIARY
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The participant and the beneficiary will be as shown in the application unless
the Participant changes them or they are changed by the terms of this provision.
With regard to joint Participants, at the first death of a joint Participant
prior to the Date of Maturity and prior to the Surrender Date, the Beneficiary
will be the surviving Participant notwithstanding that the designated
Beneficiary may be different.
If the Annuitant dies and there is no surviving Beneficiary, the Participant
will be the Beneficiary, but if the Participant was the Annuitant, then the
Participant's estate will be the Beneficiary.
The Participant has the sole and absolute power to exercise all rights and
privileges without the consent of any other person except as provided by this
group annuity contract or the certificate unless the Participant provides
otherwise by written notice.
While the Annuitant is alive, the Participant may change the Participant by
written notice. The Participant may change the Beneficiary by written notice no
later than our receipt of the required proof of the Annuitant's death. A change
will take effect when the notice is signed if we acknowledge receipt of the
notice at our Home Office. The change will take effect whether or not the
Participant or the Annuitant is then alive. A change shall be subject to the
rights of any assignee of record with us and subject to any payment made or
other action taken by us before we acknowledge receipt. Regarding joint
Participants, signatures of both joint Participants is required for any
transactions requiring written notification from a Participant.
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4. THE CONTRACT
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The entire contract between the contract holder and us consists of this group
annuity contract, the master application, the certificates issued under it and
all of the enrollment applications for such certificates. Either party, the
contract holder or us, may terminate the contract at any time without cause upon
30 days prior written notice.
Certificate years, certificate months, and certificate anniversaries are
measured from the Date of Issue.
Only the President, Vice President, the Secretary, or an Assistant Secretary of
the Company has authority to waive or modify any of the conditions or provisions
of this group annuity contract or certificates issued under it.
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5. INTEREST ON PREMIUM
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Premium must be at least $5,000. Premium earns interest for as long as it
remains in the certificate beginning on the date it is credited. Interest will
be credited daily and will then earn interest from such date. During the
Initial Guarantee Period, the interest rate credited will be based upon our
declared initial interest rate then in effect and will apply throughout the
Initial Guarantee Period. During any Subsequent Guarantee Period, the interest
rate credited on any given day will be at least equal to our declared interest
rate then in effect for new certificates commencing at the expiry of the
immediately preceding Guarantee Period. All such declared interest rates will
be expressed on an annual effective basis. The interest credited on any given
day will be at a rate which, if compounded daily for one year, would equal the
applicable declared interest rate.
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6. PREMIUM TAXES
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A deduction for a premium tax or a similar tax will be made from the Accumulated
Value at the time of annuitization. If we pay a tax on the premium at the time
such premium is paid, then we will deduct a charge for these taxes from the
Accumulated Value for the amount withdrawn or surrendered, at the time of
annuitization, death, surrender, or withdrawal.
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7. ANNUAL OPTION TO CHANGE GUARANTEE PERIOD
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Once each Certificate Year, the Participant may elect, by written notice, from
among those Guarantee Periods currently offered, a new Guarantee Period of a
different duration, provided that the Accumulated Value after such election is
at least $4,000. The Accumulated Value at the beginning of the new Guarantee
Period will be equal to (a) multiplied by (b), where:
(a) is equal to the Accumulated Value at the time of transfer; and
(b) is equal to the Market Value Adjustment Factor (as determined in
accordance with section 11), applicable at the time of transfer.
We reserve the right to charge a contract fee for any such change of Guarantee
Period by reducing the Accumulated Value at the beginning of the new Guarantee
Period by an amount not to exceed $50.
Early withdrawal charges, if any, (as determined in accordance with section 10)
under the new Guarantee Period, will continue to be measured from the Date of
Issue of the certificate.
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8. CONTINUATION OF CONTRACT
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Within 30 days prior to the end of any Guarantee Period, we will provide the
Participant with written notice of the expiry of any such Guarantee Period. At
the end of any Guarantee Period, a Subsequent Guarantee Period of the same
duration as the immediately preceding Guarantee Period, if available, will
commence. We reserve the right to change the duration of guarantee periods
offered. The effective date of the Subsequent Guarantee Period will be the
first day following the expiry of the immediately preceding Guarantee Period.
If the duration of the immediately preceding Guarantee Period is no longer
available, then the next closest Guarantee Period of greater duration will
become effective. The Participant may also elect, by written notice within 30
days prior to the expiry of such Guarantee Period, a Subsequent Guarantee Period
of a different duration from among those that are then available. Except as
otherwise provided, a Guarantee Period is not available if it extends beyond the
Annuitant's 85th birthday. Also, except as otherwise provided, if a new
Guarantee Period becomes effective that causes the contract to continue beyond
the Provisional Date of Maturity, then the Provisional Date of Maturity will
become the Annuitant's 85th birthday.
Early withdrawal charges, if any, (as determined in accordance with section 10)
under any Subsequent Guarantee Period, will continue to be measured from the
Date of Issue of the certificate.
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9. WITHDRAWALS
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The Participant may make a withdrawal of less than the Surrender Value provided
that any such withdrawal is $500 or more and the Accumulated Value after the
withdrawal is $4000 or more. Upon written request, at any time during each
Certificate Year, the Participant may make a withdrawal of the Free Withdrawal
Value. If the Free Withdrawal Value is less than $500, then any written request
for the Free Withdrawal Value must be for the entire Free Withdrawal Value.
Prior to payment, the amount of any withdrawal will first be reduced by any
applicable income taxes, premium taxes, and similar taxes, and any applicable
early withdrawal charge, and then adjusted by any applicable Market Value
Adjustment (in accordance with section 11). The Free Withdrawal Value will not
be subject to an early withdrawal charge or a Market Value Adjustment.
A withdrawal will be effective on the date we receive written notice from the
Participant. The amount of any withdrawal will be deducted from the Accumulated
Value. To make a withdrawal that is to be effective on the last day of any
Guarantee Period, we must receive written notice from the Participant within 30
days prior to the expiry of such Guarantee Period.
We may defer payment of a withdrawal in the same manner as we may defer payment
of the Surrender Value, described in Section 12.
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10. EARLY WITHDRAWAL CHARGE
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During each Certificate Year the Participant may make withdrawals in an amount
not to exceed the Free Withdrawal Value without incurring an early withdrawal
charge. Prior to the last day of any Guarantee Period, withdrawals in excess of
the Free Withdrawal Value will be subject to an early withdrawal charge in
accordance with the table shown below. Withdrawals that occur on the last day
of any Guarantee Period will not be subject to an early withdrawal charge.
The charge (expressed as a percentage of the amount subject to the charge) is
shown below.
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Years From Date of Issue Early Withdrawal
Charge
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8 or more No Charge
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7, but less than 6 1%
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6, but less than 5 2%
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5, but less than 4 3%
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4, but less than 3 4%
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3, but less than 2 5%
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2, but less than 1 6%
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Less than 1 Year 7%
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A withdrawal, other than withdrawals made on the last day of any Guarantee
Period, will be deemed to have been "made" on the date we receive written
notice. For purposes of such determination, payment of the Surrender Value will
be deemed a withdrawal.
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11. MARKET VALUE ADJUSTMENT
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During each Certificate Year, the Participant may make withdrawals in an amount
not to exceed the Free Withdrawal Value without incurring a Market Value
Adjustment. Prior to the last day of any Guarantee Period, withdrawals in
excess of the Free Withdrawal Value, reduced by any early withdrawal charge, if
applicable, will be adjusted up or down by the application of a Market Value
Adjustment.
The Market Value Adjustment is equal to A times (B - 1) where:
A is (i) any withdrawal in excess of the Free Withdrawal Value, less (ii) any
early withdrawal charge, if applicable, and
B is the Market Value Adjustment Factor below:
( 1+g )n/12
( -------- )
( 1+c+.005 )
Where:
g = The guaranteed rate in effect for the current guarantee period
(expressed as a decimal).
c = The current rate (expressed as a decimal) in effect for durations
equal to the number of years remaining in the current Guarantee
Period (years rounded up to the nearest whole number). If not
available, the Company will declare a rate solely for this purpose
that is consistent with durations that are currently available.
n = The number of complete months from the date of withdrawal to the end
of the current Guarantee Period. (Where less than one complete month
remains, n will equal 1 unless the withdrawal is made on the last
day of the guarantee period, at which time no adjustment will
apply.)
The Market Value Adjustment may be positive or negative.
Withdrawals that occur on the last day of any Guarantee Period will not be
subject to a Market Value Adjustment.
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12. REQUEST AND PAYMENT OF SURRENDER VALUE
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Upon receipt of written notice from the Participant before the Annuitant's death
and the Date of Maturity, we will pay the Surrender Value.
The Surrender Value will be determined by us as of the date of receipt of
written notice. We may defer payment of a Surrender Value for the period
provided by law. We will not defer payment more than six months beyond the date
we receive written notice. If we defer payment for more than 30 days, we will
pay interest on the Surrender Value at a rate equal to the greater of (i) the
rate required by law; and (ii) the rate declared by us. Any Surrender Value
available under the certificate will not be less than the minimum value required
by statute of the state in which the certificate is delivered.
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13. DEATH BENEFIT
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We will pay a Death Benefit to the Beneficiary if and when the Annuitant dies
before the Date of Maturity and before the Surrender Date, and we receive at our
Home Office proof satisfactory to us that such death has occurred. The Death
Benefit is the Accumulated Value as of the date of the Annuitant's death.
We will pay interest on proceeds in one sum in the event of the Annuitant's
death from the date of death to the date of payment. We will pay interest on
the proceeds at a rate equal to the greater of: (i) the rate required by law;
and (ii) the rate declared by us.
The Death Benefit available under the certificate will never be less than the
minimum benefit required by statute of the state in which the certificate is
delivered.
As an alternative to a single payment of the Death Benefit, an Accumulated Value
of $5,000 or more may be converted to annuity payments subject to Sections 14
and 15. If the Participant has not elected an annuity payment option before the
Annuitant's death, the Beneficiary may elect an option before the Death Benefit
is paid.
Notwithstanding any of the above, the following will apply upon the death of the
Participant, if the Accumulated Value has not already been converted into an
annuity:
(i) If the Beneficiary is the spouse of the Participant, the Beneficiary may
continue the certificate in force as Participant.
(ii) If the Beneficiary is not the spouse of the Participant, we will pay the
Death Benefit in full to the Beneficiary within 5 years of the
Participant's death or apply the Accumulated Value in full towards the
purchase of a life annuity on the Beneficiary with payments beginning
within 1 year of the Participant's death.
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14. CONVERTING THE ACCUMULATED VALUE TO ANNUITY PAYMENTS
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By written notice, the Participant may elect the Date of Maturity at any time
before the Provisional Date of Maturity, provided that the Date elected is (i)
no later than the Annuitant's 85th birthday, without our prior approval; (ii) at
least 31 days after our receipt of the written notice; and (iii) at least six
months after the date the premium was applied to the certificate. If no other
election is made, the Date of Maturity will be the Provisional Date of Maturity
shown in Section 1 of the certificate.
On the Date of Maturity or other date elected to begin annuity payments, we will
convert the Accumulated Value of the certificate adjusted by any Market Value
Adjustment, into annuity payments.
We will determine the annuity payments by: (i) dividing the adjusted Accumulated
Value by $1,000; and (ii) multiplying the result by the annuity payment rate
then in effect for the option elected in Section 15.
The annuity payment will never be less than that available by applying the
adjusted Accumulated Value to buy an immediate annuity offered by us. If the
annuity payments are made monthly, the annuity payment rate is guaranteed to be
at least that provided in the Monthly Annuity Payment Rate Table in Section 18.
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15. ANNUITY PAYMENTS
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The following annuity payment options are available for each certificate under
this contract:
a. Life Annuity with a guaranteed period of 5, 10, or 20 years. Under this
option we will make payments for the guaranteed period elected, and as long
thereafter as the Measuring Person lives.
b. Life Annuity. Under this option, we will make payments throughout the
lifetime of the Measuring person. No further payments will be made after the
death of the Measuring Person.
c. Any other options which may be made available by us.
The Participant may choose an option by written notice before the Last
Valuation Date.
The "Life Annuity" and the "Life Annuity with a guaranteed period of 5 Years"
payment options are not available without our prior approval for a Measuring
Person older than age 85.
Only an Accumulated Value, as adjusted, of $5,000 or more may be applied to one
of the annuity payment options offered.
If the amount of the first annuity payment would be less than $50, we may make
a single payment on the date the first payment would have been payable in place
of all other benefits provided by the certificate. The single payment will be
equal to the Surrender Value, or in the case of the Participant's or
Annuitant's death, the Death Benefit.
While the Annuitant is living: (i) the Measuring Person will be the Annuitant;
and (ii) the payee will be the Annuitant unless otherwise directed by the
Participant.
If the Annuitant dies and the Death Benefit is used to provide annuity
payments, then: (i) the Measuring Person will be the Beneficiary; and (ii) the
Payee will be the Beneficiary unless we are otherwise instructed by the
Beneficiary after the Annuitant's death.
If the Participant of the certificate dies on or after annuity payments have
begun, any remaining benefit under such annuity on the date of the
Participant's death must be paid out at least as rapidly as under the method of
making annuity payments then in effect.
When annuity payments begin, we will issue a supplementary agreement for the
annuity option elected.
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16. PROOF OF AGE
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Before making the first annuity payment, we may require proof of the correct
age of the Measuring Person. We also have the right to require proof that the
Measuring Person is living on the date each annuity payment is made.
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17. MISSTATEMENT OF AGE OR SEX
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If the age or sex of the Measuring Person has been misstated, we will adjust
the amount of each annuity payment to reflect the correct age and sex. Any
overpayment will be repaid to us. If it is not repaid, we will deduct the
overpayment from future payments we make under the certificate. Any
underpayment will be added to future payments we make under the certificate.
Interest on any overpayment will be accrued at an annual rate of 6% to the date
or dates of settlement.
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18. MINIMUM MONTHLY ANNUITY PAYMENT RATES
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The rates shown below are guaranteed minimum rates. The actual rates that we
will apply will be the greater of these guaranteed minimum rates and the
current rates in effect at the time annuity payments begin. Information
regarding our current rates is available upon request.
MONTHLY ANNUITY PAYMENT RATE TABLE
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Life Annuity with Guaranteed Period
-----------------------------------
Age of Measuring
Person on Birthday
Nearest Date of
First Payment 5 Years 10 Years 20 Years Life Annuity
------------- ------- -------- -------- ------------
55 4.25 4.22 4.11 4.25
56 4.33 4.30 4.17 4.34
57 4.41 4.38 4.23 4.42
58 4.50 4.47 4.30 4.52
59 4.60 4.56 4.37 4.61
60 4.70 4.66 4.44 4.72
61 4.81 4.76 4.51 4.83
62 4.93 4.86 4.58 4.95
63 5.05 4.98 4.65 5.07
64 5.18 5.10 4.72 5.21
65 5.32 5.22 4.79 5.35
66 5.47 5.36 4.86 5.51
67 5.63 5.50 4.93 5.67
68 5.80 5.65 5.00 5.85
69 5.98 5.80 5.06 6.04
70 6.18 5.96 5.12 6.25
71 6.39 6.14 5.18 6.47
72 6.62 6.31 5.23 6.71
73 6.86 6.50 5.28 6.97
74 7.12 6.69 5.32 7.26
75 7.39 6.89 5.35 7.56
76 7.69 7.09 5.39 7.90
77 8.01 7.29 5.41 8.26
78 8.34 7.49 5.43 8.65
79 8.69 7.69 5.45 9.07
80 9.07 7.89 5.47 9.53
81 9.46 8.08 5.48 10.03
82 9.87 8.26 5.49 10.57
83 10.30 8.43 5.49 11.16
84 10.74 8.59 5.50 11.79
85 and over 11.19 8.74 5.50 12.48
Interest is at an annual rate of 3%.
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19. CLAIMS OF CREDITORS
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The Accumulated Value and all payments under the certificate will be exempt
from the claims of creditors to the extent permitted by law.
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20. ASSIGNMENT
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The Participant may assign any or all of the Participant's interests in the
certificate, except as otherwise provided, without the consent of any person
other than an irrevocable Beneficiary.
We will be on notice of an assignment only when a duplicate of the original
assignment is received at our Home Office. We assume no responsibility for the
validity or sufficiency of an assignment.
If a certificate is issued as a tax-sheltered annuity, an individual retirement
annuity, or under a plan qualified under section 401(a) of the Internal Revenue
Code, it is subject to assignment restrictions for federal income tax purposes.
In this event, the certificate can not be sold, assigned, discounted, or
pledged as collateral for a loan or as security for the performance of an
obligation or for any other purpose to any person other than us.
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21. MISCELLANEOUS
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We will furnish the Participant with any reports required by law.
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Communications about this group annuity contract may be sent to:
John Hancock Variable Life Insurance Company
Annuity Service Center
PO Box 853
200 Clarendon Street
Boston, MA 02117
or to any Agency of the Company.
Single Premium Modified Guarantee Annuity -- Annuity payable to the Annuitant
beginning on the Date of Maturity for a guaranteed period of 10 years and as
long thereafter as the Annuitant lives.
Nonparticipating - not eligible for dividends
Form xxxxx Printed in U.S.A.