Common use of WITHDRAWAL UNDER PAYMENT PLANS Clause in Contracts

WITHDRAWAL UNDER PAYMENT PLANS. Withdrawal of the present value of any unpaid income payments may be elected at any time by the beneficiary, except that withdrawal may not be elected under a Life Income Plan (Option C or E) until the death of all individuals upon whose lives income payments depend. The withdrawal value under the Installment Income Plan (Option B) will be the present value of any unpaid payments. The withdrawal value under a Life Income Plan (Option C or E) will be the present value of any unpaid payments for the certain period. For a fixed payment plan, the present value of any unpaid income payments will be based on the rate of interest used to determine the amount of the payments. For a variable payment plan, the present value of any unpaid income payments will be based on interest at the Assumed Investment Rate used in calculating the amount of the variable payments. The amount of variable payments used in calculating the present value of unpaid payments will be determined by multiplying the number of Annuity Units by the value of an Annuity Unit on the effective date of withdrawal. A withdrawal will be effective on the Valuation Date on which the request is received in the Home Office. However, the withdrawal will be effective on the following Valuation Date if the request is received at the Home Office on a Valuation Date after the close of trading on the New York Stock Exchange.

WITHDRAWAL UNDER PAYMENT PLANS. Withdrawal of the present value of any unpaid income payments may be elected at any time by the beneficiary, except that withdrawal may not be elected under a Life Income Plan (Option C or E) until the death of all individuals upon whose lives income payments depend. The withdrawal value under the Installment Income Plan (Option B) will be the present value of any unpaid payments, less any applicable Withdrawal Charge under Section 7.3. The withdrawal value under a Life Income Plan (Option C or E) will be the present value of any unpaid payments for the certain periodperiod with no Withdrawal Charge. For a fixed payment plan, the present value of any unpaid income payments will be based on the rate of interest used to determine the amount of the payments. For a variable payment plan, the present value of any unpaid income payments will be based on interest at the Assumed Investment Rate used in calculating the amount of the variable payments. The amount of variable payments used in calculating the present value of unpaid payments will be determined by multiplying the number of Annuity Units by the value of an Annuity Unit on the effective date of the withdrawal. A withdrawal will be effective on the Valuation Date on which the request is received in the Home Office. However, the withdrawal will be effective on the following Valuation Date if the request is received at the Home Office either: - on a Valuation Date after the close of trading on the New York Stock Exchange; or, - on a day on which the New York Stock Exchange is closed.

WITHDRAWAL UNDER PAYMENT PLANS. Withdrawal of the present value of any unpaid income payments may be elected at any time by the beneficiary, except that withdrawal may not be elected under a Life Income Plan (Option C or E) until the death of all individuals upon whose lives income payments depend. The withdrawal value under the Installment Income Plan (Option B) will be the present value of any unpaid payments. The withdrawal value under a Life Income Plan (Option C or E) will be the present value of any unpaid payments for the certain period. For a fixed payment plan, the present value of any unpaid income payments will be based on the rate of interest used to determine the amount of the payments. For a variable payment plan, the present value of any unpaid income payments will be based on interest at the Assumed Investment Rate used in calculating the amount of the variable payments. The amount of variable payments used in calculating the present value of unpaid payments will be determined by multiplying the number of Annuity Units by the value of an Annuity Unit on the effective date of withdrawal. A withdrawal will be effective on the Valuation Date on which the request is received in the Home Office. However, the withdrawal will be effective on the following Valuation Date if the request is received at the Home Office on a Valuation Date after the close of trading on the New York Stock Exchange.either:

WITHDRAWAL UNDER PAYMENT PLANS. Withdrawal of the present value of any unpaid income payments may be elected at any time by the beneficiary, except that withdrawal may not be elected under a Life Income Plan (Option C or E) until the death of all individuals upon whose lives income payments depend. The withdrawal value under the Installment Income Plan (Option B) will be the present value of any unpaid payments. The withdrawal value under a Life Income Plan (Option C or E) will be the present value of any unpaid payments for the certain period. For a fixed payment plan, the present value of any unpaid income payments will be based on the rate of interest used to determine the amount of the payments. For a variable payment plan, the present value of any unpaid income payments will be based on interest at the Assumed Investment Rate used in calculating the amount of the variable payments. The amount of variable payments used in calculating the present value of unpaid payments will be determined by multiplying the number of Annuity Units by the value of an Annuity Unit on the effective date of withdrawal. A withdrawal will be effective on the Valuation Date on which the request is received in the Home Office. However, the withdrawal will be effective on the following Valuation Date if the request is received at the Home Office either: o on a Valuation Date after the close of trading on the New York Stock Exchange; or o on a day on which the New York Stock Exchange is closed.

WITHDRAWAL UNDER PAYMENT PLANS. Withdrawal of the present value of any unpaid income payments may be elected at any time by the beneficiary, except that at withdrawal may not be elected under a Life Income Plan (Option C or E) until the death of all individuals upon whose lives income payments depend. The withdrawal value under the Installment Income Plan (Option B) will be the present value of any unpaid payments, less any applicable Withdrawal Charge under Section 7.3. The withdrawal value under a Life Income Plan (Option C or E) will be the present value of any unpaid payments for the certain periodperiod with no Withdrawal Charge. For a fixed payment plan, the present value of any unpaid income payments will be based on the rate of interest used to determine the amount of the payments. For a variable payment plan, the present value of any unpaid income payments will be based on interest at the Assumed Investment Rate used in calculating the amount of the variable payments. The amount of variable payments used in calculating the present value of unpaid payments will be determined by multiplying the number of Annuity Units by the value of an Annuity Unit on the effective date of the withdrawal. A withdrawal will be effective on the Valuation Date on which the request is received in the Home Office. However, the withdrawal will be effective on the following Valuation Date if the request is received at the Home Office either: - on a Valuation Date after the close of trading on the New York Stock Exchange; or - on a day on which the New York Stock Exchange is closed.

WITHDRAWAL UNDER PAYMENT PLANS. Withdrawal of the present value of any unpaid income payments may be elected at any time by the beneficiary, except that withdrawal may not be elected under a Life Income Plan (Option C or E) until the death of all individuals upon whose lives income payments depend. The withdrawal value under the Installment Income Plan (Option B) will be the present value of any unpaid payments, less any applicable Withdrawal Charge under Section 7.4. The withdrawal value under a Life Income Plan (Option C or E) will be the present value of any unpaid payments for the certain periodperiod with no Withdrawal Charge. For a fixed payment plan, the present value of any unpaid income payments will be based on the rate of interest used to determine the amount of the payments. For a variable payment plan, the present value of any unpaid income payments will be based on interest at the Assumed Investment Rate used in calculating the amount of the variable payments. The amount of variable payments used in calculating the present value of unpaid payments will be determined by multiplying the number of Annuity Units by the value of an Annuity Unit on the effective date of withdrawal. A withdrawal will be effective on the Valuation Date on which the request is received in the Home Office. However, the withdrawal will be effective on the following Valuation Date if the request is received at the Home Office either: o on a Valuation Date after the close of trading on the New York Stock Exchange; or o on a day on which the New York Stock Exchange is closed.

WITHDRAWAL UNDER PAYMENT PLANS. Withdrawal of the present value of any unpaid income payments may be elected at any time by the beneficiary, except that withdrawal may not be elected under a Life Income Plan (Option C or E) until the death of all individuals upon whose lives income payments depend. The withdrawal value under the Installment Income Plan (Option B) will be the present value of any unpaid payments, less any applicable Withdrawal Charge under Section 7.4. The withdrawal value under a Life Income Plan (Option C or E) will be the present value of any unpaid payments for the certain periodperiod with no Withdrawal Charge. For a fixed payment plan, the present value of any unpaid income payments will be based on the rate of interest used to determine the amount of the payments. For a variable payment plan, the present value of any unpaid income payments will be based on interest at the Assumed Investment Rate used in calculating the amount of the variable payments. The amount of variable payments used in calculating the present value of unpaid payments will be determined by multiplying the number of Annuity Units by the value of an Annuity Unit on the effective date of withdrawal. A withdrawal will be effective on the Valuation Date on which the request is received in the Home Office. However, the withdrawal will be effective on the following Valuation Date if the request is received at the Home Office on a Valuation Date after the close of trading on the New York Stock Exchange.either:

WITHDRAWAL UNDER PAYMENT PLANS. Withdrawal of the present value of any unpaid income payments may be elected at any time by the beneficiary, except that withdrawal may not be elected under a Life Income Plan (Option C or E) until the death of all individuals upon whose lives income payments depend. The withdrawal value under the Installment Income Plan (Option B) will be the present value of any unpaid payments, less any applicable Withdrawal Charge under Section 7.4. The withdrawal value under a Life Income Plan (Option C or E) will be the present value of any unpaid payments for the certain periodperiod with no Withdrawal Charge. For a fixed payment plan, the present value of any unpaid income payments will be based on the rate of interest used to determine the amount of the payments. For a variable payment plan, the present value of any unpaid income payments will be based on interest at the Assumed Investment Rate used in calculating the amount of the variable payments. The amount of variable payments used in calculating the present value of unpaid payments will be determined by multiplying the number of Annuity Units by the value of an Annuity Unit on the effective date of withdrawal. A withdrawal will be effective on the Valuation Date on which the request is received in the Home Office. However, the withdrawal will be effective on the following Valuation Date if the request is received at the Home Office on a Valuation Date after the close of trading on the New York Stock Exchange.

WITHDRAWAL UNDER PAYMENT PLANS. Withdrawal of the present value of any unpaid income payments may be elected at any time by the beneficiary, except that withdrawal may not be elected under a Life Income Plan (Option C or E) until the death of all individuals upon whose lives income payments depend. The withdrawal value under the Installment Income Plan (Option B) will be the present value of any unpaid payments, less any applicable Withdrawal Charge under Section 7.4. The withdrawal value under a Life Income Plan (Option C or E) will be the present value of any unpaid payments for the certain periodperiod with no Withdrawal Charge. For a fixed payment plan, the present value of any unpaid income payments will be based on the rate of interest used to determine the amount of the payments. For a variable payment plan, the present value of any unpaid income payments will be based on interest at the Assumed Investment Rate used in calculating the amount of the variable payments. The amount of variable payments used in calculating the present value of unpaid payments will be determined by multiplying the number of Annuity Units by the value of an Annuity Unit on the effective date of withdrawal. A withdrawal will be effective on the Valuation Date on which the request is received in the Home Office. However, the withdrawal will be effective on the following Valuation Date if the request is received at the Home Office either: - on a Valuation Date after the close of trading on the New York Stock Exchange; or - on a day on which the New York Stock Exchange is closed.

WITHDRAWAL UNDER PAYMENT PLANS. Withdrawal of the present value of any unpaid income payments may be elected at any time by the beneficiary, except that withdrawal may not be elected under a Life Income Plan (Option C or E) until the death of all individuals upon whose lives income payments depend. The withdrawal value under the Installment Income Plan (Option B) will be the present value of any unpaid payments. The withdrawal value under a Life Income Plan (Option C or E) will be the present value of any unpaid payments for the certain period. For a fixed payment plan, the present value of any unpaid income payments will be based on the rate of interest used to determine the amount of the payments. For a variable payment plan, the present value of any unpaid income payments will be based on interest at the Assumed Investment Rate used in calculating the amount of the variable payments. The amount of variable payments used in calculating the present value of unpaid payments will be determined by multiplying the number of Annuity Units by the value of an Annuity Unit on the effective date of withdrawal. A withdrawal will be effective on the Valuation Date on which the request is received in the Home Office. However, the withdrawal will be effective on the following Valuation Date if the request is received at the Home Office either: - on a Valuation Date after the close of trading on the New York Stock Exchange; or - on a day on which the New York Stock Exchange is closed.

WITHDRAWAL UNDER PAYMENT PLANS. Withdrawal of the present value of any unpaid income payments may be elected at any time by the beneficiary, except that withdrawal may not be elected under a Life Income Plan (Option C or E) until the death of all individuals upon whose lives income payments depend. The withdrawal value under the Installment Income Plan (Option B) will be the present value of any unpaid payments. The withdrawal value under a Life Income Plan (Option C or E) will be the present value of any unpaid payments for the certain period. For a fixed payment plan, the present value of any unpaid income payments will be based on the rate of interest used to determine the amount of the payments. For a variable payment plan, the present value of any unpaid income payments will be based on interest at the Assumed Investment Rate used in calculating the amount of the variable payments. The amount of variable payments used in calculating the present value of unpaid payments will be determined by multiplying the number of Annuity Units by the value of an Annuity Unit on the effective date of withdrawal. A withdrawal will be effective on the Valuation Date on which the request is received in the Home Office. However, the withdrawal will be effective on the following Valuation Date if the request is received at the Home Office either: • on a Valuation Date after the close of trading on the New York Stock Exchange; or • on a day on which the New York Stock Exchange is closed.

WITHDRAWAL UNDER PAYMENT PLANS. Withdrawal of the present value of any unpaid income payments may be elected at any time by the beneficiary, except that withdrawal may not be elected under a Life Income Plan (Option C or E) until the death of all individuals upon whose lives income payments depend. The withdrawal value under the Installment Income Plan (Option B) will be the present value of any unpaid payments. The withdrawal value under a all Life Income Plan Plans (Option Options C or and E) ), where available, will be the present value of any unpaid payments for the certain period. For a fixed payment plan, the present value of any unpaid income payments will be based on the interest at an annual effective rate of interest used to determine the amount of the payments3 1/2%. For a variable payment plan, the present value of any unpaid income payments will be based on interest at the Assumed Investment Rate used in calculating the amount of the variable payments. The ; the amount of variable payments the income payment used in calculating the present value of unpaid payments will be determined by multiplying the number of Annuity Units by the value of an Annuity Unit on the effective date of withdrawal. A The effective date of withdrawal will be effective on the Valuation Date valuation date coincident with or next following the date on which the request is received in the Home Office. However, the a satisfactory withdrawal will be effective on the following Valuation Date if the request is received at the Home Office on Office, or a Valuation Date after the close of trading on the New York Stock Exchange.later date if requested. MP V 1C

WITHDRAWAL UNDER PAYMENT PLANS. Withdrawal of the present value of any unpaid income payments may be elected at any time by the beneficiary, except that withdrawal may not be elected under a Life Income Plan (Option C or E) until the death of all individuals upon whose lives income payments depend. The withdrawal value under the Installment Income Plan (Option B) will be the present value of any unpaid payments, less any applicable Withdrawal Charge under Section 7.4. The withdrawal value under a Life Income Plan (Option C or E) will be the present value of any unpaid payments for the certain periodperiod with no Withdrawal Charge. For a fixed payment plan, the present value of any unpaid income payments will be based on the rate of interest used to determine the amount of the payments. For a variable payment plan, the present value of any unpaid income payments will be based on interest at the Assumed Investment Rate used in calculating the amount of the variable payments. The amount of variable payments used in calculating the present value of unpaid payments will be determined by multiplying the number of Annuity Units by the value of an Annuity Unit on the effective date of withdrawal. A withdrawal will be effective on the Valuation Date on which the request is received in the Home Office. However, the withdrawal will be effective on the following Valuation Date if the request is received at the Home Office either: • on a Valuation Date after the close of trading on the New York Stock Exchange; or • on a day on which the New York Stock Exchange is closed.