EXHIBIT 99.4(a)(1)
THE MANUFACTURERS LIFE INSURANCE
COMPANY OF NEW YORK [MANULIFE NEW YORK LOGO]
HOME OFFICE ANNUITY SERVICE OFFICE
000 Xxxxxx Xxxx Xxxxx, 0xx Xxx 0000
Xxxxx Xxxxxx, XX 00000-0000
Xxxxxxxx, XX 00000
THIS IS A LEGAL CONTRACT - READ IT CAREFULLY.
WE AGREE to pay the benefits of this Contract in accordance with its terms.
THIS CONTRACT is issued in consideration of the Payments.
TEN DAY RIGHT TO REVIEW
The Owner may cancel the Contract by returning it to our Annuity Service Office
or agent at any time within 10 days after receipt of the Contract. Within 7 days
of receipt of the Contract by us, we will pay the Contract Value computed at the
end of the Valuation Period during which the Contract is received by us, to the
Owner.
When the Contract is issued as an individual retirement annuity, during the
first 7 days of this 10 day period, we will return the greater of (i) Contract
Value computed at the end of the Valuation Period during which the Contract is
received by us or (ii) sum of all Payments.
The smallest annual rate of investment return which is required to be earned on
the assets of the separate account so that the dollar amount of variable annuity
payments will not decrease is [4.72]%. Explicit annual charges against the
assets of the separate account are as follows:
Asset Fee Charge: Not greater than [1.65]%
SIGNED FOR THE COMPANY at its Home Office, Valhalla, New York,
on the Contract Date.
DETAILS OF VARIABLE ACCOUNT PROVISIONS ON PAGE 6.1
DETAILS OF FIXED ACCOUNT PROVISIONS ON PAGE 7.1
/s/ illegible
President Secretary
Flexible Payment Deferred Combination Fixed and Variable Annuity
Non-Participating
ANNUITY PAYMENTS, DEATH BENEFITS, SURRENDER VALUES, AND OTHER CONTRACT VALUES
PROVIDED BY THIS CONTRACT, WHEN BASED ON THE INVESTMENT EXPERIENCE OF A SEPARATE
ACCOUNT, ARE VARIABLE, MAY INCREASE OR DECREASE IN ACCORDANCE WITH THE
FLUCTUATIONS IN THE NET INVESTMENT FACTOR, AS APPLICABLE, AND ARE NOT GUARANTEED
AS TO FIXED DOLLAR AMOUNT, UNLESS OTHERWISE SPECIFIED.
INTRODUCTION
This is a flexible payment deferred combination fixed and variable annuity
contract. This Contract provides that prior to the Maturity Date, the Contract
Value will accumulate on either a fixed or variable basis or a combination of
both. After the Maturity Date, annuity payments may be either fixed or variable,
or a combination of fixed and variable.
The variable portion of the Contract will vary with the investment performance
of your Investment Account. The fixed portion of the Contract will accumulate
based on interest rates guaranteed by the Company for the period selected.
If you select annuity payments on a variable basis, the payment amount will vary
with the investment performance of the Variable Account.
You must allocate Payments among one or more Investment Options. The Investment
Options are identified on the Specifications Page.
TABLE OF CONTENTS PAGE
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SPECIFICATIONS PAGE S.1
PART 1 - DEFINITIONS 1.1
PART 2 - GENERAL PROVISIONS 2.1
PART 3 - OWNERSHIP 3.1
PART 4 - BENEFITS 4.1
PART 5 - PAYMENTS 5.1
PART 6 - VARIABLE ACCOUNT PROVISIONS 6.1
PART 7 - FIXED ACCOUNT PROVISIONS 7.1
PART 8 - ANNUITY PROVISIONS 8.1
PART 9 - TRANSFERS 9.1
PART 10 - WITHDRAWAL PROVISIONS 10.1
PART 11 - FEES AND DEDUCTIONS 11.1
PART 12 - LOAN PROVISIONS 12.1
PART 13 - PAYMENT OF CONTRACT BENEFITS 13.1
TABLE OF ANNUITY PAYMENT RATES T.1
SPECIFICATIONS PAGE
TYPE OF CONTRACT: [QUALIFIED] MATURITY DATE: [07/25/2027]
CONTRACT DATE: [07/25/1997] CONTRACT NUMBER: [000000005]
INITIAL PAYMENT: [$10,000.00] GOVERNING LAW: [NY]
OWNER: [XXXXXX XXXXX] OWNER'S AGE: [46]
CO-OWNER: [] CO-OWNER'S AGE: []
ANNUITANT: [COOKIE DOUGH] ANNUITANT'S AGE: [46]
CO-ANNUITANT: [] CO-ANNUITANT'S []
AGE:
ANNUITY OPTION: [Life 10-Year Certain]
MINIMUM GUARANTEED INTEREST RATE [3.0%] per year
ON FIXED ACCOUNTS
ASSET FEES:
CONTRACT ASSET FEE [1.65]%
[RIDER ASSET FEE(S)]
[RIDER] [RIDER FEE PERCENTAGE]
[ENHANCED DEATH BENEFIT RIDER MARKETING NAME] [0.05]%
[TOTAL ASSET FEE PERCENTAGE [1.70]%
(ASSET FEE PLUS RIDER FEE(S)):]
ANNUAL FEE [$0.00(1)]
[(1) Prior to the Maturity Date, when the Annual
Fee is to be assessed, if the sum of all
your Investment Accounts exceeds $100,000,
the Annual Fee will be waived.]
[OTHER FEES]
[RIDER] [RIDER FEE PERCENTAGE]
[GUARANTEED INCOME RIDER MARKETING NAME] [0.30]%
MINIMUM DEATH BENEFIT [The sum of all Payments made, less any amount
deducted in connection with partial withdrawals.
For purposes of calculating the Minimum Death
Benefit, the amount deducted in connection with
partial withdrawals will be equal to (i) times
(ii), where (i) is equal to the Minimum Death
Benefit prior to the withdrawal, and (ii) is equal
to the partial withdrawal amount divided by the
Contract Value prior to the partial withdrawal.]
S.1
SPECIFICATIONS PAGE (CONTINUED)
PAYMENT LIMITS [The initial Payment is shown above. Additional
Payments may be made at any time. However, each
additional Payment must be at least $30. If a
Payment would cause the Contract Value to exceed
$1,000,000, or the Contract Value already exceeds
$1,000,000, no additional Payments will be
accepted without our prior approval.]
RESTRICTED RENEWAL [If renewals to fixed Investment Options are
TRANSFER PORTFOLIO restricted, the renewal amount will be
automatically transferred into the Money Market
Portfolio, unless you specify otherwise.]
TRANSFER CHARGES AND [We reserve the right to impose a transaction
LIMITATIONS - BEFORE charge for transfers. We reserve the right to
MATURITY DATE limit the maximum number of transfers that can be
made per Contract Year. You must transfer at least
$300 or, if less, the entire amount in the
Investment Account each time you make a transfer.
If, after the transfer, the amount remaining in
the Investment Account from which the transfer is
made is less than $100, then we will transfer the
entire amount instead of the requested amount.]
TRANSFER CHARGES AND [We reserve the right to limit the maximum number
LIMITATIONS - ON OR of transfers you may make per Contract Year after
AFTER MATURITY DATE variable annuity payments have begun.]
LIMITATIONS ON AMOUNT OF [Any withdrawal from an Investment Account must be
PARTIAL WITHDRAWALS at least $300 or the entire balance of the
Investment Account, if less. If after the
withdrawal, the amount remaining in that
Investment Account is less than $100, then we will
consider the withdrawal request to be a request
for withdrawal of the entire amount held in the
Investment Account. If a partial withdrawal would
reduce the Contract Value to less than $300, then
we will treat the partial withdrawal request as a
total withdrawal of the Contract Value.]
TABLE OF WITHDRAWAL CHARGES [Number of Complete Years [Withdrawal Charge
Payment has been in Contract] Percentage]
[0] [6%]
[1] [5]
[2] [4]
[3+] [0]
FREE WITHDRAWAL AMOUNT [The Free Withdrawal Amount is defined as the
greater of:
(a) the excess of the Contract Value on the date
of withdrawal over the unliquidated Payments,
or
(b) the excess of (i) over (ii), where:
(i) equals 10% times the total Payments; and
(ii) equals 100% of all prior partial
withdrawals, in that Contract Year.]
S.3
SPECIFICATIONS PAGE (CONTINUED)
[ENHANCED DEATH BENEFIT RIDER MARKETING NAME]
[RIDER DATE:] [07/25/1997]
[RIDER FEE PERCENTAGE:] [0.05%]
[GUARANTEED INCOME RIDER MARKETING NAME]
[RIDER DATE:] [07/25/1997]
[INITIAL ELECTION DATE:] [07/25/2007]
[RIDER EXPIRATION DATE:] [07/25/2035]
[RIDER FEE PERCENTAGE:] [0.30%]
OWNER: [XXXXXX XXXXX] OWNER'S AGE: [46]
CO-OWNER: [] CO-OWNER'S AGE: []
ANNUITANT: [COOKIE DOUGH] ANNUITANT'S AGE: [46]
CO-ANNUITANT: [] CO-ANNUITANT'S AGE: []
BENEFICIARY: SEE ATTACHED LIST
S.4
SPECIFICATIONS PAGE (CONTINUED)
INITIAL ALLOCATION OF NET PAYMENT: (SEE NEXT PAGE FOR ALL AVAILABLE OPTIONS)
FIXED INVESTMENT OPTIONS: INITIAL INITIAL GUARANTEE
INTEREST RATE PERIOD EXPIRES
VARIABLE INVESTMENT OPTIONS:
[MID CAP BLEND] [100.00%]
TOTAL 100.00%
[THIS PLAN IS INTENDED TO QUALIFY UNDER THE INTERNAL REVENUE CODE FOR
TAX-FAVORED STATUS. LANGUAGE IN THIS CONTRACT REFERRING TO FEDERAL TAX STATUS OR
RULES IS INFORMATIONAL AND INSTRUCTIONAL AND THIS LANGUAGE IS NOT SUBJECT TO
APPROVAL OR DISAPPROVAL BY THE STATE IN WHICH THE CONTRACT IS ISSUED FOR
DELIVERY. PLEASE SEEK THE ADVICE OF YOUR OWN TAX ADVISOR REGARDING YOUR
INDIVIDUAL TAX TREATMENT.]
S.5
AVAILABLE INVESTMENT OPTIONS
[FIXED INVESTMENT OPTIONS]
[One Year]
[6 Month DCA]
[12 Month DCA]
[VARIABLE INVESTMENT OPTIONS]
[Income & Value]
[Internet Technologies] [Balanced]
[Pacific Rim Emerging Markets] [High Yield]
[Telecommunications] [Strategic Bond]
[Science & Technology] [Global Bond]
[International Small Cap] [Total Return]
[Health Sciences] [Investment Quality Bond]
[Aggressive Growth] [Diversified Bond]
[Emerging Small Company] [U.S. Government Securities]
[Small Company Blend] [Money Market]
[Dynamic Growth]
[Mid Cap Growth] LIFESTYLE PORTFOLIOS:
[Mid Cap Opportunities] [Aggressive 1000]
[Mid Cap Stock] [Growth 820]
[AIM All Cap Growth] [Balanced 640]
[Financial Services] [Moderate 460]
[Overseas] [Conservative 280]
[International Stock]
[International Value] INDEX PORTFOLIOS:
[Capital Appreciation] [Small Cap]
[Strategic Opportunities] [International]
[Quantitative Mid Cap] [Mid Cap]
[Global Equity] [Total Stock Market]
[Strategic Growth] [500]
[Growth]
[Large Cap Growth]
[All Cap Value]
[Capital Opportunities]
[Quantitative Equity]
[Blue Chip Growth]
[Utilities]
[Real Estate Securities]
[Small Company Value]
[Mid Cap Value]
[Value]
[Tactical Allocation]
[Fundamental Value]
[Growth & Income]
[U.S. Large Cap Value]
[Equity-Income]
S.6
BENEFICIARY INFORMATION
[Play Dough]
S.7
PART 1 DEFINITIONS
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WE AND YOU "We", "us" and "our" means The Manufacturers Life
Insurance Company of New York. "You" or "your"
means the Owner of this Contract.
ACCUMULATION UNIT A unit of measure that is used to calculate the
value of the variable portion of this Contract
before the Maturity Date.
ANNUITANT Any individual person or persons whose life is
used to determine the duration of annuity payments
involving life contingencies. The Annuitant is as
designated on the Specifications Page, unless
changed.
ANNUITY OPTION The method selected by you for annuity payments
made by us.
ANNUITY SERVICE OFFICE Any office designated by us for the receipt of
Payments and processing of Owner requests.
ANNUITY UNIT A unit of measure that is used after the Maturity
Date to calculate Variable Annuity payments.
BENEFICIARY The person, persons or entity to whom certain
benefits are payable following the death of an
Owner, or in certain circumstances, an Annuitant.
CONTRACT ANNIVERSARY The anniversary of the Contract Date.
CONTRACT DATE The date of issue of this Contract as designated
on the Specifications Page.
CONTRACT VALUE The total of your Investment Account Values and,
if applicable, any amount in the Loan Account
attributable to your Contract.
CONTRACT YEAR The period of twelve consecutive months beginning
on the Contract Date or any anniversary
thereafter.
CONTINGENT BENEFICIARY The person, persons or entity who becomes entitled
to receive the Contract proceeds if all
Beneficiaries die before the annuitant dies.
DEBT Any amounts in the Loan Account attributable to
your Contract plus any accrued loan interest on
that amount. The loan provision is only available
to certain Qualified Contracts.
DESIGNATED BENEFICIARY For purposes of section 72(s) if the Internal
Revenue Code, the "designated beneficiary" under
the contract shall be the individual who is
entitled to receive the amounts payable on death
of an Owner, or if any Owner is not an individual,
on any change in, or death of, an Annuitant.
ENDORSEMENT An Endorsement modifies the contract to which it
is attached. Endorsements must be signed by an
officer of the Company in order to be effective.
FIXED ANNUITY An Annuity Option with payments which are
predetermined and guaranteed as to dollar amount.
GENERAL ACCOUNT All the assets of The Manufacturers Life Insurance
Company of New York other than assets in separate
accounts.
INTERNAL REVENUE CODE The Internal Revenue Code of 1986, as amended from
(IRC) time to time, and any successor statute of similar
purposes.
INVESTMENT ACCOUNT An account established by us which represents your
interest in an Investment Option prior to the
Maturity Date.
1.1
INVESTMENT ACCOUNT VALUE The value of your investment in an Investment
Account.
INVESTMENT OPTIONS The Investment Options can be either fixed or
variable. The Investment Options available under
this Contract are shown on the Specifications
Page.
LOAN ACCOUNT The portion of the General Account that is used
for collateral when a loan is taken.
MATURITY DATE The date on which annuity benefits commence. It is
the date specified on the Specifications Page,
unless changed.
NET PAYMENT The Payment less the amount of premium tax, if
any, deducted from the Payment.
NON-QUALIFIED CONTRACTS Contracts which are not issued under Qualified
Plans.
OWNER The person, persons or entity entitled to the
ownership rights under this Contract. The Owner is
as designated on the Specifications Page, unless
changed.
PORTFOLIO OR TRUST A separate portfolio of Manufacturers Investment
PORTFOLIO Trust, a mutual fund in which the Variable Account
invests, or a portfolio of any other mutual fund
in which the Variable Account invests.
PAYMENT An amount paid to us by you as consideration for
the benefits provided by this Contract.
RIDER A rider provides an optional benefit, which may
result in an additional charge to the Contract. A
rider supplements the contract to which it is
attached. Riders must be signed by an officer of
the Company in order to be effective.
QUALIFIED CONTRACTS Contracts issued under Qualified Plans.
QUALIFIED PLANS Retirement plans which receive favorable tax
treatment under sections 401, 403, 408 or 457, of
the Internal Revenue Code of 1986, as amended.
SEPARATE ACCOUNT A segregated account of The Manufacturers Life
Insurance Company of New York that is not
commingled with our general assets and
obligations.
SUB-ACCOUNT(S) One or more of the Sub-Accounts of the Variable
Account. Each Sub-Account is invested in shares of
a different Trust Portfolio.
VALUATION DATE Any date on which the New York Stock Exchange is
open for business and the net asset value of a
Trust Portfolio is determined.
VALUATION PERIOD Any period from one Valuation Date to the next,
measured from the time on each such date that the
net asset value of each Portfolio is determined.
VARIABLE ACCOUNT The Manufacturers Life Insurance Company of New
York Separate Account A.
VARIABLE ANNUITY An Annuity Option with payments which: (1) are not
predetermined or guaranteed as to dollar amount;
and (2) vary in relation to the investment
experience of one or more specified variable
Sub-Accounts.
1.2
PART 2 GENERAL PROVISIONS
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ENTIRE CONTRACT The entire Contract consists of this Contract,
Endorsements and Riders, if any, and the
application, if one is attached to this Contract.
Only the President, a Vice President, or the
Secretary of the Company has authority to agree on
our behalf to any alteration of the Contract or to
any waiver of our rights or requirements. The
change or waiver must be in writing.
The benefits and values available under this
Contract are not less than the minimum required by
any statute of the state in which this Contract is
delivered. We have filed a detailed statement of
the method used to calculate the benefits and
values with the Department of Insurance in the
state in which this Contract is delivered, if
required by law.
MODIFICATION We will not change or modify this Contract without
your consent except as may be required to make it
conform to any applicable law or regulation or any
ruling issued by a government agency; or unless we
have reserved the right to change the terms
herein.
BENEFICIARY The Beneficiary is as designated on the
Specifications Page, unless changed. However, if
there is a surviving Owner, that person will be
treated as the Beneficiary. If no such Beneficiary
is living, the Beneficiary is the "Contingent
Beneficiary". If no Beneficiary or Contingent
Beneficiary is living, the Beneficiary is the
estate of the deceased Owner.
CHANGE IN MATURITY DATE Prior to the Maturity Date, you may change the
Maturity Date by written request at least one
month before both the previously specified
Maturity Date and the new Maturity Date. Once
elected, the new Maturity Date will become the
Maturity Date. The maximum Maturity Date will be
age 90. Any extension of the Maturity Date will be
subject to our prior approval.
ASSIGNMENT You may assign this Contract at any time prior to
the Maturity Date. No assignment will be binding
on us unless it is written in a form acceptable to
us and received at our Annuity Service Office. We
will not be liable for any payments made or
actions we take before the assignment is accepted
by us. An absolute assignment will revoke the
interest of any revocable Beneficiary. We will not
be responsible for the validity of any assignment.
CLAIMS OF CREDITORS To the extent permitted by law, no benefits
payable under this Contract will be subject to the
claims of your, the Beneficiary's, or the
Annuitant's creditors.
MISSTATEMENT AND PROOF OF We may require proof of age, sex or survival of
AGE, SEX OR SURVIVAL any person upon whose age, sex or survival any
payments depend. If the age or sex of the
Annuitant has been misstated, the benefits will be
those which the Payments would have provided for
the correct age and sex. If we have made incorrect
annuity payments, the amount of any underpayment,
adjusted with interest at 3% per annum, will be
paid immediately. The amount of any overpayment
will be deducted from future annuity payments.
2.1
ADDITION, DELETION OR We reserve the right, subject to compliance with
SUBSTITUTION OF INVESTMENT applicable law, to make additions to, deletions
OPTIONS from, or substitutions for the Portfolio shares
that are held by the Variable Account or that the
Variable Account may purchase. We reserve the
right to eliminate the shares of any of the
eligible Portfolios and to substitute shares of
another Portfolio of the Trust, or of another
open-end registered investment company, if the
shares of any eligible Portfolio are no longer
available for investment, or if in our judgment
further investment in any eligible Portfolio
should become inappropriate in view of the
purposes of the Variable Account. We will not
substitute any shares attributable to your
interest in a Sub-Account without notice to you
and prior approval of the Securities and Exchange
Commission to the extent required by the
Investment Company Act of 1940. Nothing contained
herein shall prevent the Variable Account from
purchasing other securities for other series or
classes of contracts, or from effecting a
conversion between shares of another open-end
investment company.
We reserve the right, subject to compliance with
applicable law, to establish additional
Sub-Accounts which would invest in shares of a new
Portfolio of the Trust or in shares of another
open-end investment company. We also reserve the
right to eliminate existing Sub-Accounts, to
combine Sub-Accounts or to transfer assets in a
Sub-Account to another Separate Account
established by us or an affiliated company. In the
event of any such substitution or change, we may,
by appropriate endorsement, make such changes in
this and other Contracts as may be necessary or
appropriate to reflect such substitutions or
change. If deemed by us to be in the best
interests of persons having voting rights under
the Contracts, the Variable Account may be
operated as a management company under the
Investment Company Act of 1940 or it may be
de-registered under such Act in the event such
registration is no longer required.
NON-PARTICIPATING Your Contract is non-participating and will not
share in our profits or surplus earnings. We will
pay no dividends on your Contract.
REPORTS We will send you reports containing information
required by the Investment Company Act of 1940 and
applicable state law in the time periods required
by such laws.
INSULATION The portion of the assets of the Variable Account
equal to the reserves and other contract
liabilities with respect to such account are not
chargeable with liabilities arising out of any
other business we may conduct. Moreover, the
income, gains and losses, realized or unrealized,
from assets allocated to the Variable Account
shall be credited to or charged against such
account without regard to our other income, gains
or losses.
CURRENCY AND PLACE OF All payments made to or by us shall be made in the
PAYMENTS lawful currency of the United States of America at
the Annuity Service Office or elsewhere if we
consent.
NOTICES AND ELECTIONS To be effective, all notices and elections you
make under this Contract must be in writing,
signed by you and received by us at the Annuity
Service Office. Unless otherwise provided in this
Contract, all notices, requests and elections will
be effective when received by us at our Annuity
Service Office, complete with all necessary
information and your signature.
GOVERNING LAW This Contract will be governed by the laws of the
jurisdiction indicated on the Specifications Page.
SECTION 72(s) The provisions of this Contract shall be
interpreted so as to comply with the requirements
of Section 72(s) of the Internal Revenue Code.
2.2
PART 3 OWNERSHIP
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GENERAL Before the Maturity Date, the Owner of this
Contract shall be the person, persons or entity
designated on the Specifications Page or the
latest change filed with us. On the Maturity Date
the Annuitant becomes the Owner of this Contract.
If amounts become payable to the Beneficiary under
this Contract, the Beneficiary becomes the Owner
of this Contract.
CHANGE OF OWNER, Subject to the rights of an irrevocable
ANNUITANT, BENEFICIARY Beneficiary, you may change the Owner, Annuitant,
or Beneficiary by written request in a form
acceptable to us and which is received at our
Annuity Service Office. The Annuitant may not be
changed after the Maturity Date. You need not send
us the Contract unless we request it. Any change
must be approved by us. If approved, any change of
Beneficiary will take effect on the date the
request is signed. If approved, any change of
Owner or Annuitant will take effect on the date we
received the request at the Annuity Service
Office. We will not be liable for any payments or
actions we take before the change is approved.
The substitution or addition of any Owner may
result in the resetting of the Death Benefit to an
amount equal to the Contract Value as of the date
of such change. For purposes of subsequent
calculations of the Death Benefit, described in
Part 4, Benefits, Death Benefit Before Maturity
Date, the Contract Value on the date of the change
will be treated as a Payment made on that date. In
addition, all anniversary values, all Payments
made and all amounts deducted in connection with
partial withdrawals prior to the date of the
change of Owner will not be considered in the
determination of the Death Benefit. This paragraph
will not apply if (a) the individual whose death
will cause the Death Benefit to be paid is the
same after the change of Owner, or (b) if
Ownership is transferred to the Owner's spouse.
If any Annuitant is changed and any Owner is not
an individual, the entire interest in the Contract
must be distributed to the Owner within five years
of the change.
3.1
PART 4 BENEFITS
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ANNUITY BENEFITS We will pay a monthly income to the Annuitant, if
living, on the Maturity Date. Payments can be
fixed or variable, or a combination of fixed and
variable. Annuity benefits will commence on the
Maturity Date and continue for the period of time
provided for under the Annuity Option indicated on
the Specifications Page. On or before to the
Maturity Date, you may change the Annuity Option.
You may select a Fixed or Variable Annuity. Unless
you indicate otherwise, we will provide either
variable or fixed, or a combination variable and
fixed annuity payments in proportion to the
Investment Account Value of each Investment Option
at the Maturity Date. Once annuity payments
commence, the Annuity Option may not be changed.
The method used to calculate the amount of the
initial and subsequent payments is described under
the Part 8, Annuity Provisions, of this Contract.
We may pay the Contract Value, less Debt, on the
Maturity Date in one lump sum if the monthly
income is less than $20.
DEATH BENEFIT BEFORE A Death Benefit will be determined as of the date
MATURITY DATE on which written notice and proof of death and all
required claim forms are received at the Company's
Annuity Service Office as follows:
The Death Benefit will be determined as the
greater of the Contract Value or the Minimum Death
Benefit described on the Specifications Page.
If there is any Debt, the Death Benefit equals the
amount described above less the Debt under the
Contract.
We will permit the Owner to limit the Death
Benefit option(s) to be offered any named
Beneficiary, if the Owner provides written notice
to the Company prior to death and the desired
option(s) is one provided for in this Contract.
DEATH OF ANNUITANT: On the death of the last
surviving Annuitant, the Owner becomes the new
Annuitant, if the Owner is an individual. If any
Owner is not an individual the death of any
Annuitant is treated as the death of an Owner and
the Death Benefit will be determined by
substituting the Annuitant for the Owner as
described below.
DEATH OF OWNER: We will pay the Death Benefit to
the Beneficiary if any Owner dies prior to the
Maturity Date. The Death Benefit may be taken in
one sum immediately, in which case the Contract
will terminate. If the Death Benefit is not taken
in one sum immediately, the Contract will continue
subject to the following provisions:
(a) The Beneficiary becomes the Owner.
(b) The excess, if any, of the Death Benefit over
the Contract Value will be allocated to and
among the Investment Accounts in proportion to
their values as of the date on which the Death
Benefit is determined.
(c) No additional Payments may be applied to the
Contract.
(d) If the Beneficiary is not the deceased Owner's
spouse, the entire interest in the Contract
must be distributed under one of the following
options:
4.1
(i) The entire interest in the Contract must
be distributed over the life of the
Beneficiary, or over a period not
extending beyond the life expectancy of
the Beneficiary, with distributions
beginning within one year of the Owner's
death; or
(ii) the entire interest in the Contract must
be distributed within 5 years of the
Owner's Death.
If the Beneficiary dies before the
distributions required by (i) or (ii) are
complete, the entire remaining Contract Value
must be distributed in a lump sum immediately.
(e) If the Beneficiary is the deceased Owner's
spouse, the Contract will continue with the
surviving spouse as the new Owner. The
surviving spouse may name a new Beneficiary
(and, if no Beneficiary is so named, the
surviving spouse's estate will be the
Beneficiary).
(f) Withdrawal Charges will be waived on any
withdrawals.
If there is more than one Beneficiary, the
foregoing provisions will independently apply to
each Beneficiary, to the extent of that
Beneficiary's share.
DEATH BENEFIT ON OR AFTER If annuity payments have been selected based on an
MATURITY DATE Annuity Option providing for payments for a
guaranteed period, and the Annuitant dies on or
after the Maturity Date, we will make the
remaining guaranteed payments to the Beneficiary.
Any remaining payments will be made as rapidly as
under the method of distribution being used as of
the date of the Annuitant's death. If no
Beneficiary is living, we will commute any unpaid
guaranteed payments to a single sum (on the basis
of the interest rate used in determining the
payments) and pay that single sum to the estate of
the last to die of the Annuitant and the
Beneficiary.
PROOF OF DEATH Proof of death is required upon the death of the
Annuitant or the Owner. Proof of death is one of
the following received at the Annuity Service
Office:
(a) A certified copy of a death certificate.
(b) A certified copy of a decree of a court of
competent jurisdiction as to the finding of
death.
(c) Any other proof satisfactory to us.
4.2
PART 5 PAYMENTS
--------------------------------------------------------------------------------
GENERAL All Payments under this Contract are payable at
our Annuity Service Office or such other place as
we may designate. Payment Limits are identified on
the Specifications Page.
NONPAYMENT OF PAYMENTS If, prior to the Maturity Date, no Payments have
FOR TWO YEARS been made for two consecutive Contract Years, and
if both:
(a) the total Payments made, less any partial
withdrawals, are less then $2,000; and
(b) the Contract Value at the end of such two year
period is less than $2,000;
We may cancel this Contract and pay you the
Contract Value (measured as of the Valuation
Period during which the cancellation occurs), less
the Debt and Annual Administration Fee. We will
provide you with 31 days prior written notice
before canceling the Contract.
ALLOCATION OF NET When we receive Payments, the Net Payments will be
PAYMENTS allocated among Investment Options in accordance
with the allocation percentages shown on the
Specifications Page. You may change the allocation
of subsequent Net Payments at any time, without
charge, by giving us written notice in a form
acceptable to us.
5.1
PART 6 VARIABLE ACCOUNT PROVISIONS
--------------------------------------------------------------------------------
INVESTMENT ACCOUNT
We will establish a separate Investment
Account for you for each variable Investment
Option to which you allocate amounts. The
Investment Account represents the number of your
Accumulation Units in an Investment Option.
INVESTMENT ACCOUNT VALUE The Investment Account Value of an Investment Account is
determined by (a) times (b) where:
(a) equals the number of Accumulation Units credited to the
Investment Account; and,
(b) equals the value of the appropriate Accumulation Unit.
ACCUMULATION UNITS We will credit Net Payments to your Investment Accounts in
the form of Accumulation Units. The number of Accumulation
Units to be credited to each Investment Account of the
Contract will be determined by dividing the Net Payment
allocated to that Investment Account by the Accumulation
Unit value for that Investment Account.
Accumulation Units will be adjusted for any transfers and
will be canceled on payment of a death benefit, withdrawal,
maturity or assessment of certain charges based on their
value for the Valuation Period in which such transaction
occurs.
VALUE OF ACCUMULATION UNIT The Accumulation Unit value for a particular
Investment Account for any Valuation Period is
determined by multiplying the Accumulation Unit
value for the immediately preceding Valuation
Period by the "net investment factor" for the
Valuation Period for which the value is being
determined. The value of an Accumulation Unit may
increase, decrease or remain the same from one
Valuation Period to the next.
NET INVESTMENT FACTOR The net investment factor is an index that
measures the investment performance of a
Sub-Account from one Valuation Period to the next.
The net investment factor for any Valuation Period
is determined by dividing (a) by (b) and
subtracting (c) from the result where:
(a) is the net result of:
1) the net asset value per share of a
Portfolio share held in the Sub-Account
determined as of the end of the current
Valuation Period, plus:
2) the per share amount of any dividend or
capital gain distributions made by the
Portfolio on shares held in the
Sub-Account if the "ex-dividend" date
occurs during the current Valuation
Period, and
(b) is the net asset value per share of a
Portfolio share held in the Sub-Account
determined as of the end of the immediately
preceding Valuation Period, and
(c) is the Asset Fee shown on the Specifications
Page.
The net investment factor may be greater or less
than, or equal to, one.
6.1
PART 7 FIXED ACCOUNT PROVISIONS
--------------------------------------------------------------------------------
INVESTMENT ACCOUNT We will establish a separate Investment Account
for you each time you allocate amounts to a fixed
Investment Option. Amounts invested in these
Investment Accounts will earn interest at the
guaranteed rate in effect on the date the amounts
are allocated for the duration of the guarantee
period.
We will determine the guaranteed rates from time
to time for Net Payments, renewal amounts and
amounts transferred to a fixed Investment Option.
In no event will the Minimum Guaranteed Interest
Rate on Fixed Accounts be less than 3%.
We reserve the right to restrict Payments,
renewals and transfers to the fixed Investment
Options if the effective annual rate of interest
that would apply to the Payment, renewal or
transfer is equal to the Minimum Guaranteed
Interest Rate on Fixed Accounts, as specified on
the Specifications Page.
GUARANTEE PERIODS For any amounts allocated to the fixed Investment
Options, you have the choice of the guarantee
periods available as shown on the Specifications
Page. The amount can be allocated into any
combination of the fixed Investment Options
offered under this Contract.
Separate Investment Accounts will be established
for each guarantee period. The guarantee period
will be the duration of the fixed Investment
Option selected measured from the date the amount
is allocated to the Investment Account. Amounts
cannot be allocated to a fixed Investment Option
that would extend the guarantee period beyond the
Maturity Date.
RENEWALS The renewal amount is the Investment Account Value
at the end of the particular guarantee period. The
renewal amount will be automatically renewed in
the same Investment Option at the end of the
guarantee period, unless you specify otherwise. If
renewals to fixed Investment Options are
restricted, the renewal amount will be
automatically transferred into the Restricted
Renewal Transfer Portfolio as described on the
Specifications Page, unless you specify otherwise.
If renewal in a particular Investment Option would
result in the guarantee period for that Investment
Account extending beyond the Maturity Date, the
renewal amount may not be renewed in that
Investment Option. The renewal amount will be
applied to the longest guarantee period of a fixed
Investment Option such that the guarantee period
does not extend beyond the Maturity Date.
DOLLAR COST AVERAGING The DCA Investment Option may be elected by the
(DCA) Owner to make automatic monthly transfers from a
fixed Investment Account to one or more variable
Investment Options. Only initial and subsequent
Net Payments may be allocated to the DCA
Investment Option. Amounts may not be transferred
from other Investment Options to the DCA
Investment Option.
INVESTMENT ACCOUNT VALUE The amount in the fixed Investment Accounts will
accumulate at a rate of interest determined by us
and in effect on the date the amount is allocated
to the Investment Account. The Investment Account
Value is the accumulated value of the amount
invested in the Investment Account reduced by any
withdrawals, loans, transfers or charges taken
from the Investment Account. In no event will the
sum of the Investment Account Values for all fixed
Investment Options be less than the Minimum
Investment Account Value.
7.1
MINIMUM INVESTMENT The Minimum Investment Account Value is the sum of
ACCOUNT VALUE the amounts allocated to all fixed Investment
Accounts reduced by any withdrawals, loans,
transfers or charges taken from all fixed
Investment Accounts, accumulated at the Minimum
Guaranteed Interest Rate on Fixed Accounts, as
specified on the Specifications Page.
7.2
PART 8 ANNUITY PROVISIONS
------ ------------------
VARIABLE ANNUITY PAYMENTS The amount of the first Variable Annuity payment
is determined by applying the portion of the
Contract Value used to effect a Variable Annuity
(minus any applicable premium taxes) to the
appropriate table(s) contained in this Contract.
If the table in use by us on the Maturity Date
is more favorable to you, we will use that
table. The portion of the Contract Value used to
effect a Variable Annuity will be measured as of
a date not more than 10 business days prior to
the Maturity Date.
Subsequent payments will be based on the
investment performance of one or more
Sub-Accounts as you select. The amount of such
payments is determined by the number of Annuity
Units credited for each Sub-Account. Such number
is determined by dividing the portion of the
first payment allocated to that Sub-Account by
the Annuity Unit value for that Sub-Account
determined as of the same date that the Contract
Value used to effect annuity payments was
determined. This number of Annuity Units for
each Sub-Account is then multiplied by the
appropriate Annuity Unit value for each
subsequent determination date, which is a
uniformly applied date not more than 10 business
days before the payment is due.
MORTALITY AND EXPENSE We guarantee that the dollar amount of each
GUARANTEE variable annuity payment will not be affected by
changes in mortality and expense experience.
ANNUITY UNIT VALUE The value of an Annuity Unit for each
Sub-Account for any Valuation Period is
determined as follows:
(a) The net investment factor for the
Sub-Account for the Valuation Period for
which the Annuity Unit value is being
calculated is multiplied by the value of
the Annuity Unit for the preceding
Valuation Period; and
(b) The result is adjusted to compensate for
the interest rate assumed in the tables
used to determine the first Variable
Annuity payment.
The dollar value of Annuity Units may increase,
decrease or remain the same from one Valuation
Period to the next.
FIXED ANNUITY PAYMENTS The amount of each Fixed Annuity payment is
determined by applying the portion of the
Contract Value used to effect a Fixed Annuity
measured as of a date not more than 10 business
days prior to the Maturity Date (minus any
applicable premium taxes) to the appropriate
table(s) contained in the Contract. If the table
in use by us on the Maturity Date is more
favorable to the Owner, we will use that table.
In any case, the amount of each Fixed Annuity
payment will not be less than those that would
be provided by the application of an amount to
purchase any single consideration immediate
annuity contract, offered at the time, to the
same class of annuitants. Such an amount would
be equal to the greater of:
(a) the Contract Value less applicable
Withdrawal Charges; or
(b) 95% of the Contract Value.
We guarantee the dollar amount of Fixed Annuity
payments.
8.1
PART 9 TRANSFERS
------ ---------
TRANSFERS BEFORE MATURITY Before the Maturity Date, you may transfer
DATE amounts among Investment Accounts of the
Contract. Amounts will be canceled from the
Investment Accounts from which amounts are
transferred and credited to the Investment
Account to which amounts are transferred. We
will effect such transfers so that the Contract
Value on the date of transfer will not be
affected by the transfer.
We reserve the right to defer, modify or
terminate the transfer privilege at any time.
Other transfer charges and limitations are
identified on the Specifications Page.
Amounts may not be transferred from a fixed
Investment Account unless those amounts have
been in the fixed Investment Account for at
least one year.
We reserve the right to restrict transfers to
the fixed Investment Options if the effective
annual rate of interest that would apply to the
transfer is equal to the Minimum Guaranteed
Interest Rate on Fixed Accounts shown on the
Specifications Page.
TRANSFERS ON OR AFTER Once variable annuity payments have begun, you
MATURITY DATE may transfer all or part of the investment upon
which your variable annuity payments are based
from one Sub-Account to another. To do this, we
will convert the number of variable Annuity
Units you hold in the Sub-Account from which you
are transferring to a number of variable Annuity
Units of the Sub-Account to which you are
transferring so that the next annuity payment,
if it were made at that time, would be the same
amount that it would have been without the
transfer. After the transfer, the variable
annuity payments will reflect changes in the
values of your new variable Annuity Units. You
must give us notice at least 30 days before the
due date of the first variable annuity payment
to which the transfer will apply.
We reserve the right to defer, modify or
terminate the transfer privilege at any time.
Other transfer charges and limitations are
identified on the Specifications Page.
After the Maturity Date, transfers will not be
allowed from a fixed to a variable Annuity
Option, or from a variable to a fixed Annuity
Option.
9.1
PART 10 WITHDRAWAL PROVISIONS
------- ---------------------
CONTRACT VALUE Your Contract Value is equal to the total of
your Investment Account Values and, if
applicable, any amount in the Loan Account
attributable to the Contract.
PAYMENTS OF WITHDRAWALS You may withdraw part or all of the Contract
Value, less any Debt, at any time before the
earlier of the death of an Owner or the Maturity
Date, by sending us a written request. We will
pay all withdrawals within seven days of receipt
at the Annuity Service Office subject to
postponement in certain circumstances, as
specified below.
SUSPENSION OF PAYMENTS We may defer the right of withdrawal from, or
postpone the date of payments from, the variable
Investment Accounts 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 securities held in the
Variable Account is not reasonably practicable
or it is not reasonably practicable to determine
the value of the Variable Account's net assets;
or (4) the Securities and Exchange Commission,
by order, so permits for the protection of
security holders; provided that applicable rules
and regulations of the Securities and Exchange
Commission shall govern as to whether the
conditions described in (2) and (3) exist.
We may defer the right of withdrawal from the
fixed Investment Accounts for not more than six
months from the day we receive written request
and the Contract, if required. If such payments
are deferred 10 days or more, the amount
deferred will earn interest at a rate not less
than 3% per year.
TOTAL WITHDRAWAL Upon receipt of your request to withdraw the
entire Contract Value, we will terminate the
Contract and pay you the Contract Value, less
any applicable Debt, Withdrawal Charges and the
Annual Fee.
PARTIAL WITHDRAWAL If you are withdrawing part of the Contract
Value, you should specify the amount that should
be withdrawn from each Investment Option of the
Contract. If there are multiple Investment
Accounts under a fixed Investment Option, the
requested amount from that Investment Option
must be withdrawn from those Investment Accounts
on first-in-first-out basis. If you do not
specify, the requested amount will be withdrawn
in the following order:
a) Variable Investment Accounts, on a pro rata
basis,
b) Fixed Investment Options beginning with the
shortest guarantee period first and the
longest guarantee period last.
We will deduct the Withdrawal Charge, if
applicable, from the Contract Value remaining
after payment of the requested amount.
Partial withdrawals will reduce the Minimum
Death Benefit, as described on the
Specifications Page.
10.1
WITHDRAWAL CHARGE If a withdrawal is made from the Contract before
the Maturity Date, a Withdrawal Charge
(contingent deferred sales charge) may be
assessed against Payments. The amount of the
Withdrawal Charge and when it is assessed is
discussed below:
1. The Free Withdrawal Amount is defined on
the Specifications Page.
The Free Withdrawal Amount may be withdrawn
free of a Withdrawal Charge.
The Free Withdrawal Amount will be applied
to your requested withdrawal in the
following order:
(a) withdrawals from the variable
Investment Accounts,
(b) withdrawals from the fixed Investment
Options beginning with the shortest
guarantee period first and the longest
guarantee period last.
2. If a withdrawal is made for an amount
greater than the Free Withdrawal Amount,
Payments will be liquidated on a
first-in-first-out basis. We will liquidate
Payments in the order such Payments were
made: the oldest unliquidated Payment
first, the next Payment second, etc. until
all Payments have been liquidated.
3. Any Payments liquidated may be subject to a
Withdrawal Charge based on the length of
time the Payment has been in the Contract.
The Withdrawal Charge is determined by
multiplying the amount of the Payment being
liquidated by the applicable Withdrawal
Charge Percentage obtained from the table
shown on the Specifications Page.
The total Withdrawal Charge will be the sum
of the Withdrawal Charges for the Payments
being liquidated.
4. The Withdrawal Charge is deducted from the
Contract Value remaining after you are paid
the amount requested, except in the case of
a complete withdrawal when it is deducted
from the amount otherwise payable. In the
case of a partial withdrawal, the amount
requested from an Investment Account may
not exceed the value of that Investment
Account less any applicable Withdrawal
Charge.
FREQUENCY AND AMOUNT OF You may make as many partial withdrawals as you
PARTIAL WITHDRAWALS wish. Limitations on the amount of partial
withdrawals are set forth on the Specifications
Page.
10.2
PART 11 FEES AND DEDUCTIONS
------- -------------------
ASSET FEE To compensate us for assuming mortality and
expense risks, and certain administration
expenses, we deduct from each variable
Investment Option a fee each Valuation Period at
an annual rate set forth on the Specifications
Page. A portion of this Asset Fee may also be
used to reimburse us for distribution expenses.
This fee is reflected in the Net Investment
Factor used to determine the value of
Accumulation Units and Annuity Units of the
Contract.
ANNUAL FEE To compensate us for assuming certain
administrative expenses, we charge an Annual Fee
as set forth on the Specifications Page. Prior
to the Maturity Date, the Annual Fee is deducted
on each Contract Anniversary. It is withdrawn
from each Investment Option in the same
proportion that the value of the Investment
Accounts of each Investment Option bears to the
Contract Value. If the Contract Value is totally
withdrawn on any date other than the Contract
Anniversary, we will deduct the total amount of
the Annual Fee from the amount paid. After the
Maturity Date, the Annual Fee is deducted on a
pro rata basis from each annuity payment.
However, the Annual Fee will not reduce the
annuity payments below the amount that would
result from the application of the annuity
payment rates stated in Part 13, Payment of
Contract Benefits.
TAXES We reserve the right to charge certain taxes
against your Payments (either at the time of
payment or liquidation), Contract Value, payment
of Death Benefit, or annuity payments, as
appropriate. Such taxes may include premium
taxes or other taxes levied by any government
entity which we, in our sole discretion,
determine have resulted from the establishment
or maintenance of the Variable Account, or from
the receipt by us of Payments, or from the
issuance of this Contract, or from the
commencement or continuance of annuity payments
under this Contract.
11.1
PART 12 LOAN PROVISIONS (CERTAIN QUALIFIED CONTRACTS ONLY)
------- --------------------------------------------------
GENERAL This loan provision applies only to certain
Qualified Contracts. All provisions and terms of
a loan are included in the Qualified Plan
Endorsement, if attached.
12.1
PART 13 PAYMENT OF CONTRACT BENEFITS
------- ----------------------------
GENERAL Benefits payable under this Contract may be
applied in accordance with one or more of the
Annuity Options described below, subject to any
restrictions of Internal Revenue Code section
72(s). Once annuity payments commence, the
Annuity Option may not be changed.
ALTERNATE ANNUITY OPTIONS Instead of settlement in accordance with the
Annuity Options described below, you may choose
an alternate form of settlement acceptable to
us. Once annuity payments commence, the form of
settlement may not be changed.
DESCRIPTION OF ANNUITY Option 1: Life Annuity
OPTIONS
a) Life Non-Refund. We will make payments
during the lifetime of the Annuitant. No
payments are due after the death of the
Annuitant.
b) Life 10-Year Certain. We will make payments
for 10 years and after that during the
lifetime of the Annuitant. No payments are
due after the death of the Annuitant or, if
later, the end of the 10-year period.
Option 2: Joint and Survivor Life Annuity
The second Annuitant named shall be referred to
as the Co-Annuitant.
a) Joint and Survivor Non-Refund. We will make
payments during the joint lifetime of the
Annuitant and Co-Annuitant. Payments will
then continue during the remaining lifetime
of the survivor. No payments are due after
the death of the last survivor of the
Annuitant and Co-Annuitant.
b) Joint and Survivor with 10-Year Certain. We
will make payments for 10 years and after
that during the joint lifetime of the
Annuitant and Co-Annuitant. Payments will
then continue during the remaining lifetime
of the survivor. No payments are due after
the death of the survivor of the Annuitant
and Co-Annuitant or, if later, the end of
the 10-year period.
13.1
TABLE OF ANNUITY PAYMENT RATES
------------------------------
ANNUITY PAYMENT RATES The annuity payment rates on the attached tables
show, for each $1,000 applied, the dollar amount
of both: (a) the first monthly variable annuity
payment based on the assumed interest rate of 3%
per year; and (b) the monthly fixed annuity
payment, when this payment is based on the
minimum guaranteed interest rate of 3% per year.
The annuity payment rates for payments made on a
less frequent basis (quarterly, semiannual or
annual) will be quoted by us upon request.
The annuity payment rates are based on the 1983
Table A projected at Scale G with interest at
the rate of 3% per year, and assume births in
the year 1942. The amount of each annuity
payment will depend upon the sex and adjusted
age of the Annuitant, the Co-Annuitant, if any,
or other payee. The actual age is determined
based on the actual age nearest birthday at the
time the first monthly annuity payment is due.
The adjusted age is determined by adjusting the
actual age in accordance with the following
table:
Calendar Year of Birth Adjustment to Actual Age
---------------------- ------------------------
1899 - 1905 +6
1906 - 1911 +5
1912 - 1918 +4
1919 - 1925 +3
1926 - 1932 +2
1933 - 1938 +1
1939 - 1945 0
1946 - 1951 -1
1952 - 1958 -2
1959 - 1965 -3
1966 - 1972 -4
1973 - 1979 -5
1980 - 1986 -6
1987 - 1993 -7
1994 + -8
The dollar amount of annuity payment for any age
or combination of ages not shown following or
for any other form of Annuity Option agreed to
by us will be quoted on request.
T.1
AMOUNT OF FIRST MONTHLY PAYMENT
PER $1000 OF CONTRACT VALUE
OPTION 1: LIFE ANNUITY
Option 1(A): Non-Refund
------------ ----------
Adjusted Age of
Annuitant Male Female
--------- ---- ------
55 4.27 3.86
60 4.69 4.19
65 5.25 4.61
70 6.02 5.19
75 7.01 5.99
80 8.34 7.10
85 10.13 8.64
Option 1(B): 10-Year Certain
----------------------------
Adjusted Age of
Annuitant Male Female
--------- ---- ------
55 4.22 3.84
60 4.61 4.15
65 5.10 4.55
70 5.71 5.07
75 6.42 5.73
80 7.20 6.52
85 7.97 7.37
OPTION 2: JOINT AND SURVIVOR LIFE ANNUITY
Option 2(A): Non-Refund
Age of Co-Annuitant
-------------------
Adjusted
Age of Male 10 Years 5 Years Same 5 Years 10 Years
Annuitant Younger Younger Age Older Older
----------- ------- ------- --- ----- -----
55 3.25 3.39 3.55 3.72 3.87
60 3.41 3.60 3.81 4.02 4.21
65 3.62 3.87 4.14 4.41 4.67
70 3.89 4.21 4.57 4.95 5.29
75 4.24 4.67 5.17 5.67 6.11
80 4.71 5.30 5.97 6.63 7.19
85 5.35 6.15 7.05 7.92 8.60
Option 2(B): 10 Year Certain
Age of Co-Annuitant
-------------------
Adjusted
Age of Male 10 Years 5 Years Same 5 Years 10 Years
Annuitant Younger Younger Age Older Older
--------- ------- ------- --- ----- -----
55 3.25 3.39 3.55 3.72 3.87
60 3.41 3.60 3.80 4.01 4.21
65 3.62 3.86 4.13 4.41 4.66
70 3.89 4.21 4.56 4.92 5.24
75 4.24 4.66 5.13 5.58 5.95
80 4.69 5.25 5.85 6.39 6.78
85 5.28 6.00 6.71 7.27 7.67
Monthly installments for ages not shown will be furnished on request.
THE MANUFACTURERS LIFE INSURANCE
COMPANY OF NEW YORK
[MANULIFE NEW YORK LOGO]
Manulife and the block design are registered service marks of The Manufacturers
Life Insurance Company and are used by it and its affiliates, including Manulife
Financial Corporation.
T.2
ENHANCED DEATH BENEFIT RIDER
THIS RIDER IS EFFECTIVE ON THE RIDER DATE. ELECTION OF THIS RIDER IS IRREVOCABLE
AND MAY ONLY BE TERMINATED AS PROVIDED IN THE TERMINATION PROVISIONS BELOW. IT
IS A PART OF, AND SUBJECT TO, THE OTHER TERMS AND CONDITIONS OF THE CONTRACT.
DEFINITIONS
ANNUAL STEP DEATH BENEFIT The Annual Step Death Benefit is the greatest
Anniversary Value after the Rider Date and prior
to the oldest Owner's attained age 81. The
Anniversary Value is equal to the Contract Value
on a Contract Anniversary, increased by all
Payments made, less any amount deducted in
connection with partial withdrawals, since that
Contract Anniversary. If the oldest Owner is age
80 or older on the Rider Date, the Annual Step
Death Benefit is zero.
For purposes of calculating the Annual Step
Death Benefit, the amount deducted in connection
with partial withdrawals will be equal to (i)
times (ii), where (i) is equal to the Annual
Step Death Benefit prior to the withdrawal, and
(ii) is equal to the partial withdrawal amount
divided by the Contract Value prior to the
partial withdrawal.
RIDER DATE The date of issue of this Rider, as specified on
the Specifications Page.
DEATH BENEFIT
On the death of any Owner prior to the Maturity Date, a Death Benefit will be
determined as of the date on which written notice and proof of death and all
required claim forms are received at the Company's Annuity Service Office. The
Death Benefit will be determined as the greatest of:
a) The Death Benefit described under "Death Benefit Before Maturity Date" in the
Contract;
b) The Contract Value;
c) The sum of all Payments made, less any amount deducted in connection with
partial withdrawals; or
d) The Annual Step Death Benefit. If there is any Debt, the Death Benefit equals
the amount described above less the Debt under the Contract.
If the Beneficiary is the deceased Owner's Spouse, the Contract and this Rider
will continue with the surviving spouse as the new Owner. Upon the death of the
surviving spouse prior to the Maturity Date, a second Death Benefit will be paid
and the entire interest in the Contract must be distributed to the new
Beneficiary in accordance with the provisions of the Contract. For purposes of
calculating the Death Benefit payable upon the death of the surviving spouse,
the Death Benefit paid upon the first Owner's death will be treated as a Payment
to the Contract. This Payment will not be included in cumulative Payments and is
not eligible for a Payment Enhancement. In addition, all Payments made and all
amounts deducted in connection with partial withdrawals prior to the date of the
first Owner's death will not be considered in determination of the Death
Benefit. In determination of the Annual Step Death Benefit, the Anniversary
Values for all prior Contract Anniversaries will be set to zero as of the date
of the first Owner's death.
DEATH BENEFIT RIDER FEE
To compensate us for assuming mortality risks associated with the Death Benefit
Rider, We deduct from each variable Investment Option a Death Benefit Rider Fee
each Valuation Period at an annual rate set forth on the Specifications Page.
The Death Benefit Rider Fee increases the Asset Fee described in Part 11, Fees
and Deductions, in the Contract.
TERMINATION
This Rider will only terminate upon the earliest of (a) the date the Contract
terminates, (b) the Maturity Date, or (c) the date on which the Death Benefit
described in this Rider is paid.
MISCELLANEOUS
Except as modified by this Rider, the Definitions, General Provisions and
Ownership sections of the Contract also apply to this Rider. If this Rider is
added after the Contract Date, its effective date will be the Rider Date stated
in the Specifications Page. If this Rider is added at the time the Contract is
issued, it will be effective on the Contract Date.
THE MANUFACTURERS LIFE INSURANCE COMPANY OF NEW YORK
PRESIDENT
GUARANTEED INCOME RIDER
THIS RIDER IS EFFECTIVE ON THE RIDER DATE. ELECTION OF THIS RIDER IS IRREVOCABLE
AND MAY ONLY BE TERMINATED AS PROVIDED IN THE TERMINATION PROVISIONS BELOW. IT
IS A PART OF, AND SUBJECT TO, THE OTHER TERMS AND CONDITIONS OF THE CONTRACT.
DEFINITIONS
ANNUITANT For the purposes of this Rider, the first
Annuitant named will be referred to as Annuitant
and the second Annuitant named, if any, will be
referred to as Co-Annuitant. The Annuitant and
Co-Annuitant are as designated on the
Specifications Page, unless changed.
ELECTION DATE A date that you may elect to begin guaranteed
income payments. An initial Election Date, no
earlier than the tenth Contract Anniversary, is
indicated on the Specifications Page. You may
elect to begin guaranteed income payments on
that date or any later Contract Anniversary
after the initial Election Date.
INCOME BASE The amount we will utilize to determine the
Guaranteed Income Benefit. The Income Base is
determined using the Step-Up Income Base
Calculation.
The Income Base is used for the purposes of
calculating the Guaranteed Income Benefit and
the Income Rider Fee.
MATURITY DATE The earliest of the date on which annuity
benefits commence, or the date that the
Guaranteed Income Benefit is exercised. It is
the date specified on the Contract
Specifications Page, unless changed.
RIDER DATE The date of issue of this Rider as specified on
the Specifications Page.
STEP-UP INCOME BASE The Step-Up Income Base is equal to the greatest
CALCULATION Anniversary Value after the Rider Date and prior
to the oldest Xxxxxxxxx's attained age 81. The
Anniversary Value is equal to the Contract Value
on a Contract Anniversary, increased by all
Payments made, less any Step-Up Income Base
reductions in connection with partial
withdrawals, since that Contract Anniversary.
A reduction in the Step-Up Income Base for
partial withdrawals is on a pro rata basis and
is equal to the Step-Up Income Base immediately
prior to a partial withdrawal, multiplied by the
percentage reduction in Contract Value resulting
from a partial withdrawal.
The Step-Up Income Base is also reduced for any
Withdrawal Charge remaining on the date that you
exercise the Guaranteed Income Benefit. We also
reserve the right to reduce the Step-Up Income
Base for any premium taxes that may apply.
CHANGE OF ANNUITANT
The Annuitant may only be changed to an individual that is the same age or
younger than the current oldest Annuitant.
GUARANTEED INCOME BENEFIT
This Rider provides for a guaranteed minimum lifetime fixed income benefit. On
the date that you exercise the Guaranteed Income Benefit, monthly income is
determined by applying the Income Base to the Monthly Income Factors listed in
this Rider. If more favorable to the Annuitant(s), monthly income will be
determined by applying your Contract Value (with no reduction for any remaining
Withdrawal Charges) to the guaranteed fixed annuity payment rates under the
Contract or, if higher, to the current fixed annuity payment rates in use by the
Company on the date the Guaranteed Income Benefit is exercised.
CONDITIONS OF GUARANTEED INCOME BENEFIT
You may exercise the Guaranteed Income Benefit subject to both of the following
conditions:
1. Must be exercised within 30 days immediately following the Initial
Election Date or subsequent Contract Anniversary.
2. Must be exercised no later than the Contract Anniversary immediately
prior to the oldest Annuitant's 85th birthday, or the tenth Contract
Anniversary if later.
MONTHLY INCOME FACTORS
The Income Base may be applied to Monthly Income Factors to purchase a
guaranteed lifetime income under the following Options:
Option 1: Life Annuity with a 10-Year Period Certain. We will
make payments for 10 years and after that during the lifetime
of the Annuitant. No payments are due after the death of the
Annuitant or, if later, the end of the 10-year period certain.
Option 2: Joint and Survivor with 20-Year Period Certain. We will make
payments for 20 years and after that during the joint lifetime
of the Annuitant and Co-Annuitant. Payments will then continue
during the remaining lifetime of the survivor. No payments are
due after the death of the survivor of the Annuitant and
Co-Annuitant or, if later, the end of the 20-year period
certain.
The Monthly Income Factors on the attached tables show, for each $1,000 of
Income Base applied, the dollar amount of the monthly income payment for select
ages. Monthly Income Factors for ages not shown will be furnished upon request.
The Monthly Income Factor used will depend upon the sex and age nearest birthday
of the Annuitant and Co-Annuitant, if any. The Monthly Income Factors are based
on the 1983 Individual Annuity Mortality Table "A" projected at Scale G with
interest at the rate of 2.5% per annum.
INCOME RIDER FEE
To compensate us for assuming risks associated with the Guaranteed Income
Benefit, we charge an annual Income Rider Fee. On or before the Maturity Date,
the Income Rider Fee is deducted on each Contract Anniversary. The amount of the
Income Rider Fee is equal to the Rider Fee Percentage shown on the
Specifications Page multiplied by the Income Base in effect on that Contract
Anniversary. It is withdrawn from each Investment Option in the same proportion
that the value of the Investment Accounts of each Investment Option bears to the
Contract Value.
If the Contract Value is totally withdrawn on any date other than the Contract
Anniversary, we will deduct the Income Rider Fee from the amount paid. In the
case of a total withdrawal, the Income Rider Fee is equal to the Rider Fee
Percentage shown on the Contract Specifications Page multiplied by the Income
Base immediately prior to total withdrawal. The Income Rider Fee will not be
deducted after annuity benefit payments under the Contract have commenced. For
purposes of determining the Income Rider Fee, the commencement of annuity
payments shall be treated as a total withdrawal.
TERMINATION
This Rider will only terminate upon the earliest of (a) the Contract Anniversary
immediately prior to the oldest Annuitant's 85th birthday, or the tenth Contract
Anniversary if later, (b) the total withdrawal of Contract Value for any reason,
or (c) the benefit under this Rider is exercised.
MISCELLANEOUS
Except as modified by this Rider, the Definitions, General Provisions and
Ownership sections of the Contract also apply to this Rider. If this Rider is
added after the Contract Date, its effective date will be the Rider Date stated
in the Specifications Page. If this Rider is added at the time the Contract is
issued, it will be effective on the Contract Date.
THE MANUFACTURERS LIFE INSURANCE COMPANY OF NEW YORK
/s/ Xxxxx X. Xxxxxxxxx
President
TABLE OF MONTHLY INCOME FACTORS
Amount of monthly payment per $1000 of Income Base
Option 1: Life Annuity with a 10-Year Period Certain
------------------------------- -------------------------------
Age of Age of
Annuitant Male Female Annuitant Male Female
------------------------------- -------------------------------
55 3.93 3.59 68 5.30 4.72
56 4.01 3.66 69 5.44 4.85
57 4.09 3.72 70 5.59 4.98
58 4.17 3.79 71 5.74 5.12
59 4.26 3.86 72 5.90 5.27
60 4.36 3.94 73 6.06 5.42
61 4.46 4.02 74 6.23 5.58
62 4.56 4.10 75 6.40 5.75
63 4.67 4.19 80 7.27 6.67
64 4.78 4.29 85 8.10 7.63
65 4.91 4.39 90 8.75 8.43
66 5.03 4.49 95 9.16 8.97
67 5.16 4.61
Option 2: Joint and Survivor Life Annuity with a 20-Year Period Certain
Age of Female Co-Annuitant
------------------------------------------------------------------------------
Age of
Male 10 Years 5 Years Same 5 Years 10 Years
Annuitant Younger Younger Age Older Older
------------------------------------------------------------------------------
55 3.03 3.17 3.32 3.46 3.59
56 3.06 3.21 3.37 3.52 3.65
57 3.10 3.26 3.42 3.58 3.72
58 3.14 3.30 3.48 3.64 3.78
59 3.18 3.35 3.53 3.70 3.85
60 3.22 3.40 3.59 3.77 3.92
61 3.27 3.46 3.65 3.84 4.00
62 3.31 3.51 3.72 3.91 4.07
63 3.36 3.57 3.79 3.99 4.15
64 3.41 3.63 3.86 4.06 4.23
65 3.46 3.69 3.93 4.14 4.31
66 3.52 3.76 4.00 4.22 4.39
67 3.58 3.83 4.08 4.30 4.46
68 3.64 3.90 4.16 4.39 4.54
69 3.70 3.97 4.24 4.47 4.62
70 3.77 4.05 4.32 4.55 4.69
71 3.83 4.13 4.41 4.62 4.76
72 3.90 4.21 4.49 4.70 4.82
73 3.97 4.29 4.57 4.77 4.88
74 4.05 4.37 4.65 4.84 4.94
75 4.12 4.45 4.72 4.90 4.99
80 4.51 4.82 5.03 5.13 5.17
85 4.86 5.08 5.20 5.24 5.25
90 5.10 5.22 5.26 5.27 5.27
95 5.22 5.27 5.27 5.27 5.27
Monthly Income Factors for ages not shown will be furnished upon request
