Exhibit 4a
[PRUDENTIAL FINANCIAL LOGO]
Pruco Life Insurance Company of New Jersey
000 Xxxxx Xxxxxx
Xxxxxx, Xxx Xxxxxx 00000
a Prudential Financial company
This is an annuity contract. Subject to the provisions of the Contract, and in
consideration of any Purchase Payments you make and we accept, we will make
Annuity Payments starting on the Annuity Date shown on the Contract Data pages.
Please read the Contract carefully; it is a legal contract between you and Pruco
Life Insurance Company of New Jersey. Expense charges applicable to the Contract
are shown on the Contract Data pages. If you have a question about the Contract,
or a claim, see one of our representatives or contact the Annuity Service
Center.
10 DAY RIGHT TO CANCEL CONTRACT
This Contract may be returned within 10 days after you receive it. It can be
mailed or delivered to either us, at the Annuity Service Center, or the
representative who sold it to you. Return of this Contract by mail is effective
on being postmarked, properly addressed and postage prepaid. The returned
Contract will be canceled upon our receipt, and we will return an amount equal
to (A) the portion of the Purchase Payment(s), including any fees or other
charges, allocated to any of the Fixed Rate Options, and (B) the sum of (i) the
difference between Purchase Payments received, including any fees or other
charges, and the amount(s) allocated to the Variable Investment Options under
the Contract, and (ii) the Contract Value as of the date the Contract is mailed
or delivered to us or to the representative who sold it to you.
READ YOUR CONTRACT CAREFULLY
Signed for Pruco Life Insurance Company of New Jersey,
A New Jersey Corporation.
Secretary President
INDIVIDUAL DEFERRED VARIABLE
ANNUITY CONTRACT
Non-participating
ANNUITY PAYMENTS AND VALUES PROVIDED BY THIS CONTRACT, WHEN BASED ON THE
INVESTMENT EXPERIENCE OF THE SEPARATE ACCOUNT, ARE VARIABLE AND ARE NOT
GUARANTEED AS TO DOLLAR AMOUNT.
VFLX-2002-NY [(A)]
TABLE OF CONTENTS
CONTRACT DATA PAGES ......................... 3A
DEFINITIONS ................................. 4
PURCHASE PAYMENTS ........................... 7
CONTRACT VALUE .............................. 7
VARIABLE SEPARATE ACCOUNT ................... 8
CONTRACT MAINTENANCE CHARGE ................. 8
TRANSFERS ................................... 9
WITHDRAWALS ................................. 10
DEATH BENEFIT ............................... 11
SPOUSAL CONTINUANCE BENEFIT ................. 14
ANNUITY AND SETTLEMENT OPTIONS .............. 16
BENEFICIARY ................................. 17
SUSPENSION OR DEFERRAL OF PAYMENTS OR
TRANSFERS FROM THE SEPARATE ACCOUNT ......... 18
GENERAL PROVISIONS .......................... 19
VALUES AND BENEFITS ......................... 21
ANNUITY OPTION PAYMENT TABLES ............... 21
VFLX-2002-NY Page 2 [(A)]
CONTRACT DATA
OWNER: [Xxxx Xxx] SEX: [M] AGE AT ISSUE: [35]
ANNUITANT: [Xxxx Xxx] SEX: [M] AGE AT ISSUE: [35]
CO-ANNUITANT: [Xxxx Xxx] SEX: [F] AGE AT ISSUE: [35]
CONTRACT NUMBER: [12345] CONTRACT DATE: [May 1, 2002]
PLAN TYPE: [Non-qualified] ANNUITY DATE: [May 1, 2062]
PURCHASE PAYMENTS:
INITIAL PURCHASE PAYMENT: [$10,000]
MINIMUM SUBSEQUENT PURCHASE PAYMENT: $500. For IRA contracts, the Minimum
Subsequent Purchase Payment is $500. We may allow a lower Minimum Subsequent
Purchase Payment for payroll deduction plans or other automatic purchase
plans. There is a $100 Minimum Subsequent Purchase Payment for Purchase
Payments being made through an electronic funds transfer program.
ANNUAL PURCHASE PAYMENT LIMITS: The total of all Purchase Payments (net of
Purchase Payments withdrawn) made into this Contract in the first Contract
Year may not exceed $7,000,000. The total of all Purchase Payments (net of
Purchase Payments withdrawn) made into this Contract in any Contract Year
after the first Contract Year may not exceed $2,000,000. Purchase Payments
of greater value may be allowed with our prior approval.
AGGREGATE PURCHASE PAYMENT LIMIT: The total of all Purchase Payments (net of
Purchase Payments withdrawn) made into this Contract may not exceed
$7,000,000. Purchase Payments of greater value may be allowed with our prior
approval.
BENEFICIARY:
[Xxxx Xxx, spouse]
CONTRACT MAINTENANCE CHARGE:
If your Contract Value is less than $100,000, we will charge a Contract
Maintenance Charge of the lesser of 2% of the Contract Value or $30. This
charge is deducted on the Contract Anniversary and when a surrender of the
Contract occurs, if the Contract Value at the time is then less than
$100,000. The Contract Maintenance Charge will be deducted on a pro-rata
basis from all Allocation Options to which your Contract Value is allocated.
We reserve the right to raise the Contract Value amount over which we will
waive the Contract Maintenance Charge.
VFLX-2002-NY Page 3A [(A)]
INSURANCE CHARGE:
This charge depends on whether you have elected the Guaranteed Minimum Death
Benefit ("GMDB") feature. This charge is deducted daily from the assets in
each of the Subaccounts. If you do not elect the GMDB feature, your death
benefit is equal to the base death benefit as described in the Death Benefit
section of the contract.
[ ] You have not elected the GMDB feature. Therefore, the daily rate is
0.00434896%, which is equivalent to an annual rate of 1.60%.
[ ] You have elected the GMDB feature with the Step-Up option. Therefore,
the daily rate is 0.00488777%, which is equivalent to an annual rate of
1.80%.
We reserve the right to increase the Insurance Charge for the GMDB feature
up to .10% for applicants age 76 or more on the date the application is
signed.
ALLOCATION OPTIONS:
VARIABLE INVESTMENT OPTIONS:
The following variable investment options are available through allocation
to subaccounts of the Pruco Life of New Jersey Flexible Premium Variable
Annuity Account. We reserve the right to limit the availability of the below
options, if necessary, in order to comply with federal, state or local law.
[THE PRUDENTIAL SERIES FUND, INC.
Prudential Equity Portfolio
Prudential Global Portfolio
Prudential Xxxxxxxx Portfolio
Prudential Money Market Portfolio
Prudential Stock Index Portfolio
Prudential Value Portfolio
SP Aggressive Growth Asset Allocation Portfolio
SP AIM Aggressive Growth Portfolio
SP AIM Core Equity Portfolio
SP Alliance Large Cap Growth Portfolio
SP Alliance Technology Portfolio
SP Balanced Asset Allocation Portfolio
SP Conservative Asset Allocation Portfolio
XX Xxxxx Value Portfolio
SP Deutsche International Equity Portfolio
SP Growth Asset Allocation Portfolio
SP INVESCO Small Company Growth Portfolio
XX Xxxxxxxx International Growth Portfolio
SP Large Cap Value Portfolio
SP MFS Capital Opportunities Portfolio
SP MFS Mid-Cap Growth Portfolio
SP PIMCO High Yield Portfolio
SP PIMCO Total Return Portfolio
SP Prudential U.S. Emerging Growth Portfolio
SP Small/Mid Cap Value Portfolio
SP Strategic Partners Focused Growth Portfolio
JANUS ASPEN SERIES
Janus Aspen Series Growth Portfolio -- Service Shares]
VFLX-2002-NY Page 3B [(A)]
INTEREST RATE OPTIONS:
The following interest rate options are currently available. We may add
other options in the future.
DCA FIXED RATE INVESTMENT OPTION
Minimum Guaranteed Interest Rate: 3%
Initial Interest Segment Interest Rate for 6 Month Option: [5%]
Initial Interest Segment Interest Rate for 12 Month Option: [6%]
FIXED RATE INVESTMENT OPTION
Minimum Guaranteed Interest Rate: 3%
Initial Interest Segment Interest Rate: [5%]
ALLOCATION GUIDELINES: Currently, you may select any Allocation Option which is
available at the time the Purchase Payment or transfer is made, with the
exception of the DCA Fixed Rate Account Option for which there may be certain
limitations. However, an amount of at least 1% of the Invested Purchase Payment
must be allocated to any Allocation Option. Allocations made pursuant to
automatic rebalancing or dollar cost-averaging are not subject to these
limitations.
TRANSFERS:
NUMBER OF TRANSFERS PERMITTED: Currently, there are no limits on the number
of transfers that can be made among Subaccounts. We reserve the right to
change this, but the Owner will always be allowed at least 12 transfers
among Subaccounts in a Contract Year.
TRANSFER CHARGE: The Transfer Charge for each transfer after the first 12 in
a Contract Year is $10. The charge is taken pro-rata from the Allocation
Options from which the transfer is made. Transfers made due to automatic
rebalancing or dollar cost-averaging (whether or not part of a DCA Program)
will not be counted for purposes of the Transfer Charge. We reserve the
right to increase this charge, but it will not exceed $30.
MINIMUM AMOUNT TO BE TRANSFERRED: Subject to the restrictions contained in
the Contract on transfers, the minimum transfer amount is $250 or your
entire interest in any Allocation Option, if less. This requirement is
waived if the transfer is pursuant to automatic rebalancing or dollar
cost-averaging.
VFLX-2002-NY Page 3C [(A)]
WITHDRAWALS:
WITHDRAWAL CHARGE: The Withdrawal Charge is a percentage of the amount
withdrawn that is subject to a charge, and depends on the Contract Year in
which the withdrawal is made.
CONTRACT YEAR OF WITHDRAWAL
WITHDRAWAL CHARGE
---------------- ----------
1 7%
2 7%
3 7%
4 and later 0%
CHARGE-FREE AMOUNT: A certain amount (the Charge-Free Amount) may be
withdrawn without incurring a Withdrawal Charge. The Charge-Free Amount
available in any Contract Year is calculated on the Contract Anniversary
date. The Charge-Free Amount is equal to 10% of the sum of all Purchase
Payments received as of the applicable Contract Anniversary.
MINIMUM AMOUNT WHICH MAY BE WITHDRAWN: The minimum amount which may be
withdrawn is $250. The minimum amount which may be withdrawn under a
systematic withdrawal plan is $100.
MINIMUM CONTRACT VALUE WHICH MUST REMAIN IN THE CONTRACT AFTER A WITHDRAWAL:
The minimum Contract Value which must remain in the Contract in order to
keep the Contract in force after a withdrawal is $2,000. We reserve the
right to terminate the Contract and pay you the Contract Surrender Value if
your Contract Value is less than $2,000.
ENDORSEMENTS:
Fixed Rate Account Endorsement
ANNUITY SERVICE CENTER:
ANNUITY SERVICE CENTER
P.O. Box 7960
Philadelphia, PA 19101
VFLX-2002-NY Page 3D [(A)]
DEFINITIONS
ACCUMULATION PERIOD: The period from, and including, the Contract Date to, but
excluding, the Annuity Date.
ADJUSTED CONTRACT VALUE: The Contract Value as of the Annuity Date less any
applicable charges for any type of tax (or component thereof) measured by or
based on the amount of Purchase Payment we receive. The applicable Annuity
Option Payment Table is applied to this amount to determine the initial Annuity
Payment.
ALLOCATION OPTIONS: Those allocation choices available under the Contract as of
any given time, including the Variable Investment Options and Interest Rate
Options to which Contract Value may be allocated. Allocation Options as of the
Contract Date are shown on the Contract Data pages.
ANNUITANT: The person named on the Contract Data pages upon whose continuation
of life any Annuity Payment involving life contingencies depends. You may only
change the Annuitant with our prior approval. If the Annuitant dies before the
Annuity Date, the Co-Annuitant, if applicable, becomes the Annuitant. If there
is no surviving Co-Annuitant, and the Annuitant was not the Owner, the Owner
becomes the Annuitant. You then have 60 days from the date we receive due proof
of death of the Annuitant or Co-Annuitant to name a new Annuitant. If no new
Annuitant is named during that 60 day period, the Owner will remain the
Annuitant.
ANNUITY DATE: The date the first Annuity or Settlement Payment to the Payee is
due. The Annuity Date is shown on the original Contract Data pages. The maximum
annuity age is the later of age 90 or the 10th Contract Anniversary. You may
change the Annuity Date with our permission. However, any such changed Annuity
Date must be earlier than the date shown on the Contract Data pages, cannot
precede the first Contract Anniversary, and must be consistent with applicable
law at the time. If there is a new Annuitant due to the death of the Annuitant
or the assignment of the Contract, and the new Annuitant is older than the prior
Annuitant, the Annuity Date will be based on the age of the new Annuitant;
however any such changed Annuity Date must be earlier than the date shown on the
Contract Data pages, cannot be later than the Contract Anniversary next
following the new Annuitant's 90th birthday, or, if later, the 10th Contract
Anniversary, and must be consistent with applicable law at the time.
ANNUITY OR SETTLEMENT PAYMENTS: The series of payments made to you or any named
payee after the Annuity Date as described under the annuity or settlement option
selected.
ANNUITY PERIOD: The period of time, beginning on the Annuity Date, during which
Annuity or Settlement Payments are made.
ANNUITY SERVICE CENTER: The office indicated on the Contract Data pages to which
notices, requests and Purchase Payments must be sent. All sums payable to us
under the Contract must be sent to the Annuity Service Center. The Annuity
Service Center address may be changed at any time. You will be notified in
advance and in writing of any change in address.
BENEFICIARY: The person(s) or entity(ies) who has the right to receive the death
benefit when the Owner dies.
BUSINESS DAY: Any day the New York Stock Exchange and the Company are open for
business.
CHARGE-FREE AMOUNT: The Charge-Free Amount is a portion of the Contract Value
that may be withdrawn without incurring a Withdrawal Charge.
CO-ANNUITANT: The person shown on the Contract Data pages who becomes the
Annuitant upon the death of the Annuitant before the Annuity Date. No
Co-Annuitant may be designated if the Owner is a non-natural person.
COMPANY: Pruco Life Insurance Company of New Jersey, a New Jersey corporation.
VFLX-2002-NY Page 4 [(A)]
CONTRACT ANNIVERSARY: The same day and month as the Contract Date in each later
year.
CONTRACT DATE: The date shown on the Contract Data pages on which the first
Contract Year begins.
CONTRACT SURRENDER VALUE: The Contract Value less any applicable Withdrawal
Charge, Contract Maintenance Charge, or charge for any type of tax (or component
thereof) measured by or based on the amount of Purchase Payment we receive.
CONTRACT VALUE: The dollar value as of any Business Day prior to the Annuity
Date of all amounts accumulated under this Contract.
CONTRACT YEAR: A year which starts on the Contract Date or in a Contract
Anniversary.
EARNINGS: The excess of the Contract Value over the sum of all Purchase Payments
made and not yet withdrawn.
GENERAL ACCOUNT: Our general investment account which contains all of our assets
with the exception of the Variable Separate Account and other segregated asset
accounts.
GOOD ORDER: An instruction received at the Annuity Service Center, utilizing
such forms, signatures and datings as we require, that is sufficiently complete
and clear that we do not need to exercise any discretion to follow such
instructions. We will notify you if an instruction is not in Good Order.
INTEREST RATE OPTIONS(S): Those interest rate option(s) available under the
Contract as of any given time. Interest Rate Option(s) as of the Contract Date
are shown on the Contract Data pages.
VFLX-2002-NY Page 5 [(A)]
INVESTED PURCHASE PAYMENTS: The balance of each Purchase Payment after we make
any applicable deduction for charges for any type of tax (or component thereof)
measured by or based upon the amount of the Purchase Payment we receive.
OWNER: The person or entity named on the Contract data pages who has ownership
rights as defined under the Contract. You may change the Owner subject to our
underwriting rules. Any change of an Owner will take effect on the date the
change request form is signed, provided we receive such request in Good Order.
PAYEE: The person who has a right to receive Annuity or Settlement Payments
under the Annuity and Settlement Options provision of this Contract. The Payee
can be designated as revocable or irrevocable at your discretion. If you do not
designate a Payee at least 5 Business Days before the Annuity Date, the Owner
will become the Payee.
PURCHASE PAYMENT: A payment you make to this Contract.
SPOUSAL CONTINUANCE BENEFIT: A benefit under the Contract that allows the
surviving spouse of a deceased Owner to continue the Contract, in lieu of
receiving a death benefit.
SUBACCOUNT: Variable Separate Account assets are divided into Subaccounts.
Assets of each Subaccount will be invested in shares of a Variable Investment
Option.
VARIABLE INVESTMENT OPTION: Those investment options available under the
Contract through the Subaccounts as of any given time. Variable Investment
Options as of the Contract Date are shown on the Contract Data pages.
VARIABLE SEPARATE ACCOUNT: A segregated asset account maintained by us to
support this and certain other contracts. The segregated asset account(s)
available as of the Contract Date is shown on the Contract Data pages.
WE, OUR AND US: Pruco Life Insurance Company of New Jersey.
WITHDRAWAL CHARGES: A charge assessed on partial or full withdrawals during the
Withdrawal Charge Period. The Withdrawal Charge equals a percentage, shown on
the Contract Data pages, of the amount subject to the charge.
WITHDRAWAL CHARGE PERIOD: The number of Contract Years during which Withdrawal
Charges are applied to withdrawals of amounts in the Contract. The Withdrawal
Charge Period is shown on the Contract Data pages.
YOU AND YOUR: The Owner of the Contract.
VFLX-2002-NY Page 6 [(A)]
PURCHASE PAYMENTS
PURCHASE PAYMENTS: The initial Purchase Payment must be paid on the Contract
Date. In general, subsequent Purchase Payments may be made at any time before
the Annuity Date. However, no Purchase Payments may be made on or after the
Owner's, or Annuitant's, 85th birthday. The Minimum Subsequent Purchase Payment,
Annual Purchase Payment Limits and Aggregate Purchase Payment Limit are shown on
the Contract Data pages.
ALLOCATION OF PURCHASE PAYMENTS: Invested Purchase Payments are allocated to one
or more of the Allocation Options in accordance with your selection. The
allocation of the initial Invested Purchase Payment is made in accordance with
your selection made on the Contract Date. Unless you inform us otherwise,
subsequent Invested Purchase Payments will be allocated in the same manner,
subject to availability, as the initial Invested Purchase Payment. Assuming that
all other requirements are received in Good Order, we reserve the right to
allocate your initial Invested Purchase Payment to the Money Market Subaccount
until we receive your allocation selection.
Currently, you may select as many of the available Allocation Options as you
wish. However, we reserve the right to limit this in the future, if necessary,
in order to comply with federal or state law, subject to regulatory approval. If
the Purchase Payment and forms required to issue a Contract are in Good Order,
the initial Invested Purchase Payment will be credited to your Contract within
two (2) Business Days after receipt at the Annuity Service Center. Additional
Invested Purchase Payments will be credited to your Contract as of the Business
Day they are received.
CONTRACT VALUE
Your Contract Value is the total of all amounts credited to your Contract as of
any Business Day as a result of your initial Invested Purchase Payment and the
increases and decreases described below.
On the Contract Date, the Contract Value is equal to the initial Invested
Purchase Payment. After that, the Contract Value as of any Business Day is
determined by starting with the Contract Value at the end of the previous day
and adjusting it for items that increase it or decrease it.
Items that increase the Contract Value are: Invested Purchase Payments; positive
investment performance in a Subaccount; interest credited to an Interest Rate
Option; and any adjustment under the Spousal Continuance Benefit.
Items that decrease the Contract Value are: withdrawals and the charges
associated with them; negative investment performance in a Subaccount; Insurance
Charge; Contract Maintenance Charge, if applicable; Transfer Charge; and charges
for any type of tax (or component thereof) measured by or based on the amount of
Purchase Payment we receive.
Investment results and interest are credited daily and the Insurance Charge is
deducted daily. The Contract Maintenance Charge is deducted annually as of the
Contract Anniversary and upon a total withdrawal. Other charges are assessed
only if the appropriate event occurs.
To determine the value of your Contract, we use a unit of measure called an
accumulation unit. Each day we determine the value of an accumulation unit for
each of the Variable Investment Options. We do this by: (1) adding up the total
amount of money allocated to a specific investment option; (2) subtracting from
that amount insurance charges and any other applicable charges, such as for
taxes; and (3) dividing this amount by the number of outstanding accumulation
units.
When you make a Purchase Payment, we credit your Contract with accumulation
units of the subaccount or subaccounts selected. The number of accumulation
units credited to your Contract is determined by dividing the amount of the
Purchase Payment allocated to an investment option by the unit price of the
accumulation unit for that investment option. The number of accumulation units
cancelled by withdrawals or charges (other than those expressed as a percent of
Contract Value) is equal to the amount of the withdrawal or charge divided by
the unit price of the accumulation unit for the investment option(s) from which
the withdrawal or charge is made. We calculate the unit price for each
investment option after the New York Stock Exchange closes each day and then
credit your Contract. The value of the accumulation units can increase,
decrease, or remain the same from day to day.
VFLX-2002-NY Page 7 [(A)]
VARIABLE SEPARATE ACCOUNT
THE VARIABLE SEPARATE ACCOUNT: The Variable Separate Account is designated on
the Contract Data pages. It consists of assets we have set aside and have kept
separate from the rest of our assets and those of our other separate accounts.
The assets of the Variable Separate Account, equal to reserves and other
liabilities of your Contract and those of other owners, will not be charged with
liabilities arising out of any other business we conduct. The operation of the
Variable Separate Account is subject to the laws of the state in which the
Contract is delivered.
The Variable Separate Account assets are divided into Subaccounts. The assets of
the Subaccount are allocated to the Variable Investment Option(s) shown on the
Contract Data pages. We may restructure, eliminate or combine Subaccounts or add
to or eliminate Variable Investment Option(s) from those shown. You may be
permitted to transfer your Contract Value or allocate Invested Purchase Payments
to the additional Subaccount(s). However, the right to make such transfers or
allocations will be limited by any terms and conditions imposed to comply with
federal or state law, subject to regulatory approval.
Should the shares of any Variable Investment Option(s) become unavailable for
investment by the Variable Separate Account, we deem further investment in the
shares inappropriate, or if required for tax reasons, we may limit further
purchase of such shares or substitute shares of another Variable Investment
Option for shares already purchased.
VALUATION OF ASSETS: The value of the shares held by the Subaccounts in the
Variable Investment Options will be based on the net asset value of the
Investment Option on each Business Day.
INSURANCE CHARGE: Each Business Day, we deduct an Insurance Charge from the
Subaccounts of the Variable Separate Account which is equivalent, on an annual
basis, to the amount shown on the Contract Data pages. The amount of the
Insurance Charge is based on whether you have elected the GMDB.
CONTRACT MAINTENANCE CHARGE
We deduct an annual Contract Maintenance Charge shown on the Contract Data
pages. We determine your Contract Value as of your Contract Anniversary and make
any deductions required on a pro-rata basis from all Allocation Options to which
your Contract Value is allocated. If a total withdrawal is made on other than a
Contract Anniversary, we will determine your Contract Value and make a deduction
for the Contract Maintenance Charge the same as we would if it were a Contract
Anniversary.
VFLX-2002-NY Page 8 [(A)]
TRANSFERS
TRANSFERS DURING THE ACCUMULATION PERIOD: A transfer is subject to the
following:
1. the maximum number of transfers which may be made, the maximum number of
transfers which are not subject to a Transfer Charge and the minimum
amount which may be transferred are shown on the Contract Data pages;
2. a Transfer Charge is deducted if a transfer exceeds the maximum number
of free transfers. The Transfer Charge is shown on the Contract Data
pages;
3. a transfer will be effected as of the end of the Business Day when we
receive a request in Good Order;
4. we are not responsible for the consequences resulting from a transfer
made in accordance with your instructions.
No transfers are permitted after the Annuity Date.
VFLX-2002-NY Page 9 [(A)]
WITHDRAWALS
WITHDRAWALS: During the Accumulation Period, you may, upon a request in Good
Order, make a total or partial withdrawal of the Contract Surrender Value. You
may specify the Allocation Option(s) from which a withdrawal will be taken. If
you do not so specify, we will take the withdrawal on a pro-rata basis from all
Allocation Option(s) to which your Contract Value is allocated.
We will pay the amount of any withdrawal within seven (7) days of receipt of a
request in Good Order unless the "Suspension or Deferral of Payments Provision"
is in effect. If we postpone payment of a withdrawal for more than 7 days after
we receive your withdrawal request, we will pay interest. The interest will be
calculated daily from the date we receive your request, at the effective annual
rate of 3%. No interest will be paid if the amount of interest calculated is
less than $25.
Each partial withdrawal must be for an amount which is not less than the amount
shown on the Contract Data pages. The minimum Contract Value which must remain
in the Contract after a partial withdrawal in order to keep the Contract in
force is shown on the Contract Data pages. If the amount of the withdrawal
requested would reduce the Contract Value below this minimum, we will give you
the maximum amount available that, with the Withdrawal Charge, would not reduce
the Contract Value below such minimum. Special rules may apply for IRA's.
WITHDRAWAL CHARGE: A Withdrawal Charge may apply if you make a withdrawal during
the Withdrawal Charge Period shown on the Contract Data pages. The amount of the
Withdrawal Charge is a percentage, shown on the Contract Data pages, of the
amount withdrawn that is subject to the charge. If the withdrawal is effective
on the day before a Contract Anniversary, the Withdrawal Charge percentage used
will be the one for the following Contract Year. If you request a partial
withdrawal, we will deduct an amount from the Contract Value that is sufficient
to pay the Withdrawal Charge and provide you the amount requested.
For purposes of determining the Withdrawal Charge, withdrawals will be taken
first from Purchase Payments before Earnings. The Charge Free Amount will be
taken first from Purchase Payments. Withdrawals in excess of the Charge Free
Amount will come first from Purchase Payments and will be subject to Withdrawal
Charges, if applicable. Once all Purchase Payments have been withdrawn, further
withdrawals will be taken from any Earnings. Earnings are not subject to
Withdrawal Charges.
Withdrawal Charges will never be greater than that permitted by any applicable
law or regulation.
VFLX-2002-NY Page 10 [(A)]
DEATH BENEFIT
DEATH OF OWNER DURING THE ACCUMULATION PERIOD:
BASE DEATH BENEFIT:
If you did not elect the Guaranteed Minimum Death Benefit ("GMDB") feature, and
if the Owner dies during the Accumulation Period, the death benefit will be as
described below.
Upon receipt of due proof of death and any other documentation we
request in Good Order, we will pay a death benefit equal to the greater
of:
1. the Contract Value as of the date we receive due proof of
death and any other documentation we need; or
2. the total Invested Purchase Payments made, proportionally
reduced by the effect of withdrawals.
GMDB FEATURE WITH STEP-UP OPTION:
If you elected the Guaranteed Minimum Death Benefit Feature with Step-Up Option,
and if the Owner dies during the Accumulation Period, the death benefit will be
as described below.
On or prior to the Contract Anniversary coinciding with or next
following the Owner's 80th birthday, upon receipt of due proof of death
and any other documentation we request in Good Order, we will pay a
death benefit equal to the greater of:
1. the Contract Value as of the date we receive due proof of
death and any other documentation we need; or
2. the Guaranteed Minimum Death Benefit as of the date we
receive due proof of death and any other documentation we
need. The GMDB is calculated daily and is equal to the
"Step-Up". Before the first Contract Anniversary, the
Step-Up is the initial Invested Purchase Payment increased
by subsequent Invested Purchase Payments and
proportionally reduced by the effect of withdrawals. The
Step-Up for each subsequent annual Contract Anniversary
will be reset to the greater of the previous Step-Up and
the Contract Value as of such Contract Anniversary.
Between such Contract Anniversaries, the Step-Up will be
increased by Invested Purchase Payments and proportionally
reduced by the effect of withdrawals.
After the Contract Anniversary coinciding with or next following the
Owner's 80th birthday, upon receipt of due proof of death and any other
documentation we request in Good Order, we will pay a death benefit
equal to the greater of:
1. the Contract Value as of the date we receive due proof of
death and any other documentation we need; or
2. the GMDB as of the Contract Anniversary coinciding with or
next following the Owner's 80th birthday increased by
subsequent Invested Purchase Payments since such Contract
Anniversary and proportionally reduced by the effect of
withdrawals since such Contract Anniversary.
VFLX-2002-NY Page 11 [(A)]
Where the words "proportionally reduced by the effect of withdrawals" are used
in this Contract, the withdrawal reduces those values in the same proportion as
it reduces the Contract Value. We calculate the proportion by dividing the
Contract Value after the withdrawal (and any charges associated with them) by
the Contract Value immediately prior to the withdrawal. The resulting percentage
is multiplied by the applicable values (before the withdrawal) in determining
the death benefit.
If the ownership of the Contract changes as a result of an assignment, the value
of the death benefit will be reset to the Contract Value as of the date of the
assignment. Such value will be treated as a Purchase Payment made on that date
for purposes of computing the death benefit.
The Beneficiary may, within 60 calendar days of providing due proof of death,
elect to take the death benefit under one of the death benefit payout options
listed below, provided that any payout option shall not include a period certain
that exceeds the life expectancy of the Beneficiary. The Beneficiary will be the
sole measuring life in determining the amount of any such payout option. If no
payout option is selected within the 60 days, the death benefit will be payable
as a lump sum.
If the only Beneficiary is the spouse of the original Owner at the time of that
Owner's death and the Owner was also the sole Annuitant, the surviving spouse
may elect to continue the Contract under the Spousal Continuance Benefit
provision subject to the conditions detailed below. If the surviving spouse does
not elect to continue the Contract under the Spousal Continuance Benefit
provision, the spouse may, within 60 calendar days of providing proof of death,
take the Adjusted Contract Value under any of the payout options available under
this Contract.
The death benefit payout options are:
Choice 1 -- lump sum payment of the death benefit; or
Choice 2 -- the payment of the entire death benefit within 5 years of the
Owner's date of death; or
Choice 3 -- payment of the death benefit under an Annuity or Settlement
Option over the lifetime of the Beneficiary or over a period not extending
beyond the life expectancy of the Beneficiary with distribution beginning
within one year of the Owner's date of death.
Any portion of the death benefit not applied under Choice 3 within one year of
the Owner's date of death must be distributed within five years of the date of
death.
Once a death benefit becomes payable, the Payee's interest in any Annuity
Benefit under the Contract will cease.
VFLX-2002-NY Page 12 [(A)]
If a lump sum payment is requested, the amount will be paid within seven (7)
days of receipt of proof of death and the election in Good Order, unless the
Suspension or Deferral of Payments Provision is in effect.
DEATH OF ANNUITANT DURING THE ACCUMULATION PERIOD: If the Annuitant dies before
the Annuity Date, the Co-Annuitant, if applicable, becomes the Annuitant. If
there is no surviving Co-Annuitant, and the Annuitant was not the Owner, the
Owner becomes the Annuitant. You have the right to name a new Annuitant within
60 days prior to the Annuity Date. If the Owner is a non-natural person, a new
Annuitant may not be designated, and the Annuitant will be deemed to be the
Owner for purposes of determining the death benefit.
DEATH OF ANNUITANT DURING THE ANNUITY PERIOD: If the Annuitant dies on or after
the Annuity Date, the Settlement Option then in effect will govern whether or
not we will continue to make any payments. The death of a non-Annuitant Owner
has no effect on the payout during the Annuity Period.
PAYMENT OF DEATH BENEFIT: We will require due proof of death and any other
documentation we request in Good Order before any death benefit is paid. All
death benefits will be paid in accordance with applicable law or regulations
governing death benefit payments.
SPECIAL TAX CONSIDERATIONS: There are special tax rules that apply to IRA and
other qualified contracts during both the Accumulation Period and Annuity Period
governing distributions upon the death of the Owner. These rules are contained
in provisions in the attached endorsements and supersede any other distribution
rules contained in the Contract.
The preceding provisions regarding the death of the Owner are intended to
satisfy the distribution at death requirements of section 72(s) of the Internal
Revenue Code of 1986, as amended. We reserve the right to amend this Contract by
subsequent endorsement as necessary to comply with applicable tax requirements,
if any, which are subject to change from time to time. Such additional
endorsements, if necessary to comply with amended tax requirements, will be
mailed to you and become effective within 30 days of mailing, unless you notify
us in writing, within that time frame, that you reject the endorsement.
If the Internal Revenue Service determines that the deductions for one or more
benefits under this Contract, including, without limitation, any supplemental
benefit added by endorsement, are taxable withdrawals, then the Owner may cancel
the affected benefit(s) within 90 days after written notice from us.
VFLX-2002-NY Page 13 [(A)]
SPOUSAL CONTINUANCE BENEFIT
The Spousal Continuance Benefit is available only if each of the following
conditions is present on the date we receive proof of the original Owner's death
as well as any other necessary documentation: 1) the Owner is the sole
Annuitant, 2) there is only one Beneficiary, and the Beneficiary is the Owner's
spouse, 3) the surviving spouse is not older than 95 on that date, and 4) the
surviving spouse becomes the new Owner and Annuitant. Assuming each of these
conditions is present, the surviving spouse must elect the Spousal Continuance
Benefit no later than 60 days after furnishing proof of the Owner's death and
any other documentation we need.
Upon activation of the Spousal Continuance Benefit, we waive any potential
Withdrawal Charges applicable to Purchase Payments made prior to activation of
the Benefit. Additionally, we will continue to waive Withdrawal Charges on
Purchase Payments made after activation of the Spousal Continuance Benefit.
BASE DEATH BENEFIT:
If you did not elect the GMDB feature, then, upon activation of the Spousal
Continuance Benefit, we will adjust the Contract Value to equal the death
benefit that would have been payable to the Beneficiary. If you elected the Base
Death Benefit, we would adjust the Contract Value to equal the following, which
amount we refer to below as the "Contract Value (as adjusted to reflect the
Spousal Continuance Benefit)":
The greater of:
1) the Contract Value, and
2) the sum of all Invested Purchase Payments (proportionately reduced
by the effect of withdrawals).
In adjusting the Contract Value in connection with the activation of the Spousal
Continuance Benefit, we will allocate any increase in the Contract Value among
the Allocation Options in the same proportions that existed immediately prior to
the spousal continuance adjustment.
As of the Spousal Continuance date, the value of the death benefit will be reset
to the Contract Value (as adjusted to reflect the Spousal Continuance Benefit).
We will treat the Contract Value (as adjusted to reflect the Spousal Continuance
Benefit) as a Purchase Payment made on that date for purposes of computing the
death benefit payable when the surviving spouse dies.
GMDB FEATURE WITH STEP-UP OPTION:
If you elected the GMDB Feature with Step-Up Option, then, upon activation of
the Spousal Continuance Benefit, we will adjust the Contract Value to equal the
death benefit that would have been payable to the Beneficiary. Under the GMDB
Feature with Step-Up Option, we will adjust the Contract Value to equal the
following, which amount we refer to below as the "Contract Value (as adjusted to
reflect the Step-Up Spousal Continuance Benefit)":
The greater of:
1) the Contract Value, and
2) the Step-Up.
VFLX-2002-NY Page 14 [(A)]
In adjusting the Contract Value in connection with the activation of the Spousal
Continuance Benefit, we will allocate any increase in the Contract Value among
the Allocation Options in the same proportions that existed immediately prior to
the spousal continuance adjustment.
As of the Spousal Continuance date, the value of the death benefit will be reset
to the Contract Value (as adjusted to reflect the Step-Up Spousal Continuance
Benefit). We will continue to compute the Step-Up with adjustments for
subsequent Purchase Payments and withdrawals as described in the DEATH OF OWNER
DURING THE ACCUMULATION PERIOD provisions above and the following:
Upon activation of the Spousal Continuance Benefit by a surviving spouse who is
younger than 80, the Step-Up under the surviving spouse's Contract will be
adjusted to equal the Contract Value (as adjusted to reflect the Step-Up Spousal
Continuance Benefit). Moreover, for a surviving spouse who is younger than 80
upon activation of the Spousal Continuance Benefit, we will continue to compute
the Step-Up annually on the Contract Anniversary. We will make no adjustment to
the Step-Up if the surviving spouse is 80 or older upon activation of the
Spousal Continuance Benefit.
For purposes of this Spousal Continuance Benefit, we intend reference to
attainment of age 80 to refer to the Contract Anniversary on or following the
actual 80th birthday of the surviving spouse.
VFLX-2002-NY Page 15 [(A)]
ANNUITY AND SETTLEMENT OPTIONS
GENERAL: On the Annuity Date, the Adjusted Contract Value will be transferred
into our General Account and applied under the Annuity or Settlement Option you
have selected. The amount of all subsequent annuity payments will equal that of
the initial annuity payment. If the Adjusted Contract Value is less than $2,000,
or if the payment under any option selected would be less than $20 per month, we
reserve the right to pay out the Adjusted Contract Value in a lump sum. We
guarantee that the dollar amount of each payment, once determined, will not be
affected by variations in mortality or expense experience.
SELECTION OF AN ANNUITY OR SETTLEMENT OPTION: You may select an Annuity or
Settlement Option by notifying us of the selected Option in Good Order. If no
Annuity or Settlement Option is selected, or if the chosen Option is not
received in Good Order, Option 2, Life Income Annuity Option, will automatically
be applied. You may, at any time prior to the Annuity Date, by a request in Good
Order 30 days in advance, select and/or change the Annuity or Settlement Option.
If an annuity option is selected, the payment amount will be calculated using
the Annuity Settlement Tables shown on Pages 21 and 22. This payment amount will
never be less than what the amount of your Contract Value would purchase under
any comparable single premium immediate annuity we are then offering for sale to
a similar class of annuitants.
ANNUITY AND SETTLEMENT OPTIONS: This Contract provides for payments under one of
the Annuity or Settlement Options described below. Any other Annuity or
Settlement Option acceptable to us may be selected.
OPTION 1 -- FIXED PERIOD ANNUITY OPTION. We will make equal payments for a
period you choose, from 5 years up to 25 years. At your choice, we will make
such payments annually, semi-annually, quarterly or monthly. The Option 1 Table
shows the minimum amounts we will pay.
OPTION 2 -- LIFE INCOME ANNUITY OPTION. We will make payments for as long as the
Annuitant lives, with payments certain for 120 months. At your choice, we will
make such payments annually, semi-annually, quarterly or monthly. The Option 2
Table shows the minimum amounts we will pay.
OTHER ANNUITY OR SETTLEMENT OPTIONS: We may offer or consent to other settlement
options, including life income annuity options with payments certain for a
period of other than 120 months. Contact the representative who sold you the
Contract or call the toll-free number listed on your quarterly statement for
information.
ANNUITY: Unless you designate another Payee, you will be the Payee of the
Annuity Payments. The Adjusted Contract Value will be applied to the applicable
Annuity Table contained in this Contract based upon the Annuity Option you have
selected. The amount of the first payment for each $1,000 of Adjusted Contract
Value is shown in the Annuity Tables. If when Annuity Payments begin we are
using tables of annuity rates for these Contracts which result in larger Annuity
Payments, we will use those tables instead. Annuity Payments will depend on the
age and sex of the Annuitant, where permitted.
ANNUITY BENEFITS NOT SUBJECT TO WITHDRAWAL CHARGES: The Annuity Benefit will not
be subject to a Withdrawal Charge. In addition to the methods of payment
described above, which do not have a Withdrawal Charge associated with them,
there are other methods of payment from which you may choose. There is no
Withdrawal Charge associated with these other methods of payment.
VFLX-2002-NY Page 16 [(A)]
BENEFICIARY
BENEFICIARY: The Beneficiary designation in effect on the Contract Date will
remain in effect until changed. The Beneficiary is entitled to receive the
benefits to be paid at the Owner's death during the Accumulation Period. When a
Beneficiary is designated, any relationship shown is to the Owner unless
otherwise specified.
To show priority among Beneficiaries, we will label the classes, so that the
class with first priority is called the primary class, the class with next
priority is called the secondary class, and so on. The following statements
apply to Beneficiaries unless the Contract Data pages, Contract endorsement or
any change request that we have processed specifies otherwise:
One who survives the Owner will have the right to be paid only if no one in
a higher class survives the Owner.
One who has the right to be paid will be the only one paid if no one else in
the same class survives the Owner.
Two or more in the same class who have the right to be paid will be paid in
equal shares.
If no one survives the Owner, we will pay in one sum to the Owner's estate.
Unless you notify us otherwise in writing received in Good Order, when there
is insufficient evidence to determine the order of death, we will deem the
Owner to be the last survivor and make payment to the Owner's Beneficiary.
Before we make a payment, we have the right to decide what reasonable proof
we need of the identity, age or any other facts about any persons designated
as Beneficiaries. If Beneficiaries are not designated by name and we make
payment(s) based on that proof, we will not have to make the payment(s)
again.
CHANGE OF BENEFICIARY: To initiate a change of Beneficiary, call the toll-free
number listed on your statement or contact the representative who sold you the
Contract. We will send you a change request form. We may also ask you to send us
the Contract. The change of beneficiary will take effect on the date you sign
the change request form, provided such request is received in Good Order. Then,
any previous Beneficiary's interest will end as of the date the change request
form is signed and we receive it in Good Order, even if the Owner is not living
when we process the request. We will not be liable for any payment made or
action taken before we record the change.
VFLX-2002-NY Page 17 [(A)]
SUSPENSION OR DEFERRAL OF PAYMENTS OR TRANSFERS
FROM THE SEPARATE ACCOUNT
We reserve the right to suspend or postpone payments from the Separate Account
for a withdrawal or transfer for any period when:
1. the New York Stock Exchange is closed (other than customary weekend and
holiday closings);
2. trading on the New York Stock Exchange is restricted;
3. an emergency exists as a result of which disposal of shares of the
Investment Options held in the Separate Account is not reasonably
practicable or it is not reasonably practicable to determine the value
of such shares; or
4. during any other period when the Securities and Exchange Commission, by
order, so permits for the protection of Owners;
provided that applicable rules and regulations of the Securities and Exchange
Commission will govern as to whether the conditions described in (2) and (3)
exist.
VFLX-2002-NY Page 18 [(A)]
GENERAL PROVISIONS
THE CONTRACT: The entire Contract consists of this Contract, and any attached
endorsements or riders. This Contract may be changed or altered only by our
President or Secretary. Any change, modification or waiver must be made in
writing. This Contract may not be modified by us without your consent except as
may be required by applicable law or as set forth in this Contract.
ASSIGNMENT OF A CONTRACT: A request in Good Order specifying the terms of an
assignment of a Contract must be provided to the Annuity Service Center. We are
under no obligation to verify the assignment's validity or sufficiency. We will
not be liable for any payment made or action taken before we record the
assignment. If any Owner is living on the Annuity Date and an assignment is in
effect on that date, we have the right to pay the Contract Surrender Value in
one lump sum to the assignee where notice in Good Order is received. Partial
assignments, collateral or otherwise, are not allowed without our approval. We
reserve the right to restrict or refuse any assignment.
An assignment which results in a change of ownership will affect the value of
the death benefit. Please see the section of the Contract entitled, "Death of
Owner During the Accumulation Period", for more information.
We will not be responsible for the validity or tax consequences of any
assignment. Any assignment made after the death benefit has become payable will
be valid only with our consent.
If the Contract is assigned, your rights may only be exercised with the consent
of the assignee of record.
NON-PARTICIPATING IN SURPLUS: This Contract does not share in any distribution
of our profits or surplus.
INACTIVE CONTRACT: If permitted by law, we may terminate this Contract by paying
you the Contract Value, in one sum if prior to the Maturity Date, (i) you make
no Purchase Payments for two consecutive Contract Years, (ii) the total amount
of Purchase Payments made, less any partial withdrawals, is less than $2,000,
and (iii) the Contract Value on or after the end of such two year period is less
than $2,000.
INCONTESTABILITY: We will not contest this Contract. We consider all statements
made in the application for this Contract to be representations, not warranties.
MISSTATEMENT OF AGE OR SEX: We may require proof of age of the Annuitant before
making any life contingent Annuity Payment provided for by this Contract. If the
age or sex of the Annuitant has been misstated, the amount payable will be the
amount that the Contract Value would have provided at the true age or sex.
Once Annuity Payments have begun, any underpayments, with interest at 5%, will
be made up in one sum with the next Annuity Payment, and overpayments, with
interest at 5%, will be deducted from the future Annuity Payments until the
total is repaid.
CONTRACT SETTLEMENT: This Contract must be returned to us upon any settlement.
REPORTS: We will send you a report four times each calendar year until the
Annuity Date showing your Contract Value and other relevant information about
your Contract. You may ask for a report like this at any time. But, except for
the four reports we send you during the year, we have the right to charge a fee
for each report. We will also furnish an annual report of the Separate Account.
These reports will be sent to your last known address.
VFLX-2002-NY Page 19 [(A)]
TAXES: Any taxes, including any type of tax (or component thereof) measured by
or based upon any portion of the Purchase Payment we receive, paid to any
governmental entity will be charged against the Contract Value. We will, in our
sole discretion, determine when taxes have resulted from: the investment
experience of the Separate Account; receipt by us of the Purchase Payment(s); or
commencement of Annuity Payments. We may, at our discretion, pay taxes when due
and deduct that amount from the Contract Value at a later date. Payment at an
earlier date does not waive any right we may have to deduct amounts at a later
date. We reserve the right to establish a provision for federal income taxes if
we determine, in our sole discretion, that we will incur a tax as a result of
the operation of the Separate Account. We will deduct for any income taxes
incurred by it as a result of the operation of the Separate Account whether or
not there was a provision for taxes and whether or not it was sufficient. We
will deduct any withholding taxes required by applicable law.
EVIDENCE OF SURVIVAL: Before we make a payment, we have the right to require
reasonable proof of continued life and any other documentation we need to make a
payment. We can require this proof for any person whose life or death determines
whether or to whom we must make the payment.
PROTECTION OF PROCEEDS: No Beneficiary may commute, encumber, alienate or assign
any payments under this Contract before they are due. To the extent permitted by
law, no payments will be subject to the debts, contracts or engagements of any
Beneficiary or to any judicial process to levy upon or attach the same for
payment thereof.
VFLX-2002-NY Page 20 [(A)]
VALUES AND BENEFITS
Any values and death benefits that may be available under this Contract are not
less than the minimum benefits required by the law of any state in which this
Contract is delivered.
ANNUITY OPTION PAYMENT TABLES
AMOUNTS PAYABLE: For Options 1 and 2, we will use the tables below to compute
the minimum amount of the Annuity Option Payment.
If the Annuity Date is not a Contract Anniversary, we will adjust the amounts
accordingly.
The annuity payments in the Option 2 Table are based on the Annuitant's Adjusted
Age and sex. The Adjusted Age is the Annuitant's age last birthday when the
first Annuity payment is due, adjusted as shown in the Option 2 Table.
When we computed the amounts we show in the Option 2 Table, we adjusted the
Annuity 2000 Mortality Table to an age last birthday basis, less two years, and
we used an interest rate of 3% per year.
OPTION 1 TABLE
--------------
MINIMUM AMOUNT OF
MONTHLY PAYMENT
FOR EACH $1,000,
THE FIRST PAYABLE
IMMEDIATELY
-----------
NUMBER MONTHLY
OF YEARS PAYMENT
-------- -------
5 17.91
6 15.14
7 13.16
8 11.68
9 10.53
10 9.61
11 8.86
12 8.24
13 7.71
14 7.26
15 6.87
16 6.53
17 6.23
18 5.96
19 5.73
20 5.51
21 5.32
22 5.15
23 4.99
24 4.84
25 4.71
Multiply the monthly amount by 2.993
for quarterly, 5.963 for semi-annual,
or 11.839 for annual
VFLX-2002-NY Page 21 [(A)]
OPTION 2 TABLE
AMOUNT OF ANNUITY PAYMENT FOR
EACH $1,000 APPLIED ON THE ANNUITY DATE
---------------------------------------
ADJUSTED ADJUSTED
AGE MALE FEMALE AGE MALE FEMALE
--- ---- ------ --- ---- ------
41 $ 3.51 $ 3.35 69 $ 5.84 $ 5.40
42 3.55 3.39 70 5.99 5.55
43 3.59 3.43 71 6.15 5.70
44 3.64 3.46 72 6.31 5.86
45 3.69 3.50 73 6.48 6.03
46 3.74 3.54 74 6.65 6.20
47 3.79 3.59 75 6.82 6.38
48 3.84 3.63 76 6.99 6.57
49 3.90 3.68 77 7.17 6.77
50 3.96 3.73 78 7.34 6.96
51 4.02 3.79 79 7.52 7.16
52 4.08 3.84 80 7.69 7.36
53 4.15 3.90 81 7.86 7.56
54 4.22 3.96 82 8.03 7.76
55 4.29 4.02 83 8.19 7.95
56 4.37 4.09 84 8.34 8.14
57 4.45 4.16 85 8.49 8.31
58 4.54 4.24 86 8.62 8.48
59 4.63 4.32 87 8.75 8.63
60 4.73 4.40 88 8.87 8.77
61 4.83 4.49 89 8.98 8.89
62 4.94 4.58 90 9.07 9.00
63 5.05 4.68 91 9.16 9.10
64 5.17 4.79 92 9.24 9.19
65 5.29 4.90 93 9.31 9.27
66 5.42 5.01 94 9.37 9.34
67 5.55 5.14 95 9.43 9.39
68 5.69 5.27
Calendar Year in Which
First Payment is Done Adjusted Age
--------------------- ------------
Prior to 2010 Actual Age
2010 Through 2019 Actual Age minus 1
2020 Through 2029 Actual Age minus 2
2030 Through 2039 Actual Age minus 3
After 2039 Actual Age minus 4
VFLX-2002-NY Page 22 [(A)]
INDIVIDUAL DEFERRED VARIABLE ANNUITY CONTRACT. ANNUITY PAYMENTS AND VALUES
PROVIDED BY THIS CONTRACT, WHEN BASED ON THE INVESTMENT EXPERIENCE OF THE
SEPARATE ACCOUNT, ARE VARIABLE AND ARE NOT GUARANTEED AS TO DOLLAR AMOUNT.
VFLX-2002-NY Page 23 [(A)]
