Exhibit 99.4(B)
TIAA-CREF LIFE INSURANCE COMPANY
000 XXXXX XXXXXX, XXX XXXX, X.X. 00000-0000
TELEPHONE: [000-000-0000]
LIFETIME VARIABLE SELECT CONTRACT
Contract Number [0-000000-0] Owner [Xxxx X. Xxxxx]
Date of Issue [10 01 2003] Annuitant [Xxxx X. Xxx]
mo day yr
This is a contract between you, the owner of this contract, and TIAA-CREF Life
Insurance Company ("TIAA-CREF Life," "we," "us"). This page refers briefly to
some of the features of this contract. The next pages set forth in detail the
rights and obligations of both TIAA-CREF Life and you under the contract.
PLEASE READ YOUR CONTRACT. IT IS IMPORTANT.
GENERAL DESCRIPTION
This is a flexible premium deferred annuity contract. The value of your contract
is your contract accumulation, which is the sum of your investment account
accumulations. ACCUMULATIONS ARE VARIABLE, ARE NOT GUARANTEED, AND MAY INCREASE
OR DECREASE DEPENDING ON THE INVESTMENT RESULTS OF THE FUNDS UNDERLYING THE
INVESTMENT ACCOUNTS.
You may withdraw all or part of your contract accumulation on or before the day
income benefits begin.
You may elect to receive an income benefit based on the life of the annuitant,
who may be you or another person. THE DOLLAR AMOUNT OF EACH ANNUITY BENEFIT
PAYMENT MAY INCREASE OR DECREASE DEPENDING ON THE INVESTMENT RESULTS OF THE
FUNDS UNDERLYING THE INVESTMENT ACCOUNTS. Initial payments are calculated using
an assumed net annual investment return of 4% and are then revalued
periodically. Upon revaluation, if the adjusted net annualized rate of
investment return exceeds 4% for the period of time since the last revaluation,
the amount payable per annuity unit will increase. If it is less than 4%, the
amount payable per annuity unit will decrease.
The separate account charge will reduce the net annual investment return. The
separate account charge will never exceed 1.2% per year of an investment
account's average net assets.
If you or the annuitant dies before the income benefit begins, we will pay a
death benefit.
This contract does not provide for loans.
30 DAY RIGHT TO EXAMINE YOUR CONTRACT. You have 30 days from the day you receive
this contract to examine and cancel it. If you decide to cancel this contract,
send it and your request to cancel to TIAA-CREF Life at the address above. Upon
receipt of such request, we will refund the contract accumulation as of the date
you mailed or delivered your request to us, plus premium taxes (if any) deducted
from premiums paid. As of that date, the contract will then be void and no
benefits will be provided under it.
If you have any questions about your contract or need help to resolve a problem,
you can contact us at the address or telephone number above.
/s/ Xxxxxxx X. Xxxxx
President
NONQUALIFIED FLEXIBLE PREMIUM DEFERRED ANNUITY
VARIABLE ACCUMULATIONS AND INCOME BENEFITS
NONPARTICIPATING
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INDEX OF IMPORTANT TERMS AND PROVISIONS
Section
-------
Accumulation ..................................... 27-34
Accumulation Unit ................................ 29
Number of .................................... 34
Annuitant ........................................ 1
Annuity Starting Date ............................ 2
Annuity Unit ..................................... 36-37
Definition ................................... 3
Assignment ....................................... 65
Beneficiary ...................................... 4
Benefits Based on Incorrect Age .................. 71
Business Day ..................................... 5
Claims of Creditors .............................. 66
Commuted Value ................................... 6
Contract ......................................... 22-23
Contract Year .................................... 7
Correspondence with Us ........................... 75
Death Benefit .................................... 42-46
Definition ................................... 8
Naming Your Beneficiary ...................... 4
Payee ........................................ 9
Distributions Required on Death of Owner ......... 41
Dollar Cost Averaging ............................ 51
Elections and Changes - Procedure ................ 67
Fund ............................................. 10
Change ....................................... 62
Gross Investment Factor .......................... 31
Income Benefit ................................... 35-41
Definition ................................... 11
Income Change Method ............................. 38
Definition ................................... 12
Switching .................................... 57-59
Addition or Deletion ......................... 61
Income Options ................................... 40
Investment Account ............................... 13
Addition or Deletion ......................... 61
Change or Substitution of Funds .............. 62
Investment Company Act of 1940 ................... 69
Laws and Regulations - Compliance with ........... 73
Loans - Not available ............................ 64
Maintenance Charge ............................... 33
Net Investment Factor ............................ 30
Owner ............................................ 14
Payment to an Estate, Trustee, etc ............... 68
Premiums ......................................... 24-26
Proof of Survival ................................ 72
Rate Schedule .................................... 76-79
Definition ................................... 15
Report of Accumulation ........................... 63
Right to Amend ................................... 74
Right to Examine Period .......................... 16
Second Annuitant ................................. 17
Separate Account ................................. 18
Charge ....................................... 32
Insulation of ................................ 60
Service of Process upon TIAA-CREF Life ........... 70
Transfer ......................................... 19
Accumulations ................................ 47-48
Annuity Income ............................... 52-56
Unit-Annuity ..................................... 20
Addition or Deletion ......................... 61
Valuation Day .................................... 21
Withdrawal ....................................... 47-48
Systematic ................................... 49-50
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PART A: OWNER / ANNUITANT DATA
Contract Number Date of Issue Annuity Starting Date
--------------- ------------- ---------------------
[ 0-000000-0 10 01 2003 12 01 2018 ]
mo day yr mo day yr
Name Date of Birth Social Security Number
---- ------------- ----------------------
Owner [Xxxx X. Xxxxx 12 20 1952 000-00-0000 ]
Annuitant [Xxxx X. Xxx 11 15 1950 ###-##-#### ]
mo day yr
This contract was made and delivered in the State of New York. The validity and
effect of the contract are governed by the laws there in force.
The separate account charge is at the effective annual rate of 1.2% per year of
an investment account's average net assets. We may choose to waive a portion of
the separate account charge.
The maintenance charge is shown in section 78. The per-transfer charge is shown
in section 79.
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The following investment accounts are available as of the date of issue:
[ STOCK INDEX ACCOUNT: This account holds shares in the Stock Index Fund of
the TIAA-CREF Life Funds, which seeks a favorable long-term rate of return
from a diversified portfolio selected to track the overall market for
common stocks publicly traded in the U.S., as represented by a broad stock
market index.
GROWTH EQUITY ACCOUNT: This account holds shares in the Growth Equity Fund
of the TIAA-CREF Life Funds, which seeks a favorable long-term return,
mainly through capital appreciation, primarily from equity securities that
present the opportunity for growth.
GROWTH & INCOME ACCOUNT: This account holds shares in the Growth & Income
Fund of the TIAA-CREF Life Funds, which seeks a favorable long-term return
through capital appreciation and investment income primarily from
income-producing equity securities.
INTERNATIONAL EQUITY ACCOUNT: This account holds shares in the
International Equity Fund of the TIAA-CREF Life Funds, which seeks
favorable long-term returns, mainly through capital appreciation primarily
from equity securities of foreign issuers.
SOCIAL CHOICE EQUITY ACCOUNT: This account holds shares in the Social
Choice Equity Fund of the TIAA-CREF Life Funds, which seeks a favorable
long-term rate of return that tracks the investment performance of the
U.S. stock market while giving special consideration to certain social
criteria.
LARGE-CAP VALUE ACCOUNT: This account holds shares in the Large-Cap Value
Fund of the TIAA-CREF Life Funds, which seeks a favorable long-term total
return, mainly through capital appreciation, primarily from equity
securities of large domestic companies that appear undervalued by the
market, based on our evaluation of their potential worth.
SMALL-CAP EQUITY ACCOUNT: This account holds shares in the Small-Cap
Equity Fund of the TIAA-CREF Life Funds, which seeks a favorable
long-term total return, mainly through capital appreciation, primarily
from equity securities of smaller domestic companies.
REAL ESTATE SECURITIES ACCOUNT: This account holds shares in the Real
Estate Securities Fund of the TIAA-CREF Life Funds, which seeks a
favorable long-term total return through both capital appreciation and
current income, by investing in equity and fixed-income securities of
companies principally engaged in or related to the real estate industry.
BOND ACCOUNT: This account holds shares in the Intermediate Bond Fund of
the TIAA-CREF Life Funds, which seeks a favorable long-term total return
through income as is consistent with preserving capital, primarily from
investment grade fixed-income securities.
MONEY MARKET ACCOUNT: This account holds shares in the Money Market Fund
of the TIAA-CREF Life Funds, which seeks high current income consistent
with maintaining liquidity and preserving capital by investing primarily
in high quality short-term money market investments. ]
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PART B: TERMS USED IN THIS CONTRACT
1. The ANNUITANT is the natural person whose life is used in determining the
income benefit to be paid. The annuitant is named on page 3 of this contract,
and may not be changed, except as provided in section 42.
2. The ANNUITY STARTING DATE is the date on which you begin to receive income
benefits. Your scheduled annuity starting date is shown on page 3. You may
change your annuity starting date as explained in section 39.
3. ANNUITY UNITS. The annuity unit is the basic unit of payment for a
unit-annuity from an investment account. There is a separate and distinct unit
value for each available combination of income change method and investment
account. The values of annuity units change from time to time to reflect the
investment experience of the investment accounts. The actual mortality and
expense experience of the investment accounts will not reduce the amount payable
per annuity unit.
4. BENEFICIARY. Beneficiaries are persons you name, in a form satisfactory to
us, to:
A) receive the death benefit as death benefit payees if you die before
the annuity starting date while the annuitant is alive; or
B) become the owner, and receive any benefits due as owner, if you die
on or after the annuity starting date.
At any time you may name, change, add or delete beneficiaries, by written
notice to us, as explained in section 67.
CLASSES OF BENEFICIARIES. You can name two "classes" of beneficiaries,
primary and contingent. These classes set the priority of payment or ownership.
If any primary beneficiary is alive at the time of your death, the primary
beneficiary(ies) will receive the death benefit or become the owner(s). If no
primary beneficiary survives you, your "beneficiaries" are the surviving
contingent beneficiary or beneficiaries you named. If a class contains more than
one person, the then-living persons in the class will receive the death benefit
or become owners in equal shares, unless you provide otherwise. For example, if
you die before the annuity starting date, and you named your spouse as primary
beneficiary and "children" as contingent beneficiaries, your spouse would
receive the death benefit or become owner if he or she survived you. But if your
spouse did not survive you, then your surviving children would receive the death
benefit or become owners in equal shares. The share of any named beneficiary in
a class who does not survive will be allocated in equal shares to the
beneficiaries in such class who do survive, even if you've provided for these
beneficiaries to receive unequal shares.
NO LIVING BENEFICIARIES. If you die before the annuity starting date and
if you named your estate as beneficiary, or none of the beneficiaries you named
is alive at the time of your death, or you never named a beneficiary, the death
benefit will be paid to your estate in one sum.
If you die on or after the annuity starting date and if none of the
beneficiaries you named is alive at the time of your death, or you never named a
beneficiary, the annuitant will become the owner. If the annuitant is not alive,
the second annuitant (if any) will become the owner. If no beneficiary or
annuitant is alive, the commuted value of any income benefit remaining due will
be paid to your estate in one sum.
PAYMENTS AFTER THE DEATH OF A BENEFICIARY. Any periodic payments or other
amounts remaining due after the death of your beneficiary during a guaranteed or
fixed period will be paid to the person named by you or your beneficiary to
receive them, by written notice to us, as explained in section 67. The commuted
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value of these payments may be paid in one sum unless we are directed otherwise.
If no one has been named to receive these payments, or if no one so named
is living at the death of your beneficiary, the commuted value will be paid in
one sum to your beneficiary"s estate.
If a person receiving these payments dies before the end of the guaranteed
or fixed period, the commuted value of any payments still due that person will
be paid to any other person named to receive it. If no one has been so named,
the commuted value will be paid to the estate of the last person who was
receiving these payments.
5. A BUSINESS DAY is any day that the New York Stock Exchange is open for
trading. A business day ends at 4:00 p.m. Eastern time, or when trading closes
on the New York Stock Exchange, if earlier.
6. The COMMUTED VALUE of an annuity is an amount paid in a lump sum instead of
in a series of payments. The commuted value is available as an option to you if
you have chosen the Fixed-Period Annuity, or as described in section 4. The
effective date of the calculation of the commuted value is the business day in
which we receive the request for a commuted value, in a form acceptable to us.
The commuted value of a unit-annuity is the present value of the
unit-annuity payments, based on interest at the effective annual rate of 4%. The
dollar values used for the unit-annuity payments in the calculation are those
that would be paid if periodic payments were to continue and the annuity unit
value, under each income change method, on each future payment valuation date
were to equal the annuity unit value as of the effective date of the
calculation.
7. A CONTRACT YEAR begins on the date of issue or an anniversary of the date of
issue, and ends on the day prior to the following anniversary of the date of
issue.
8. The DEATH BENEFIT is payable if you or the annuitant dies before the annuity
starting date, as described in Part F.
9. DEATH BENEFIT PAYEE. If you die, your beneficiary will be the death benefit
payee. If the annuitant dies and you are not the annuitant, you will be the
death benefit payee. Where the owner and the annuitant have died and there is
not sufficient evidence that they have died other than simultaneously, then the
beneficiary is the death benefit payee, unless you have provided otherwise.
10. A FUND is a mutual fund or a separate series of a mutual fund registered
under the Investment Company Act of 1940, as amended, as an open-end management
investment company. Each fund consists of a portfolio of assets managed with a
specific investment objective.
11. The INCOME BENEFIT is the periodic amount payable under one of the options
set forth in Part E. The first payment will be payable as of the annuity
starting date.
12. The INCOME CHANGE METHOD determines how frequently unit-annuity
payments are revalued. The income change methods are described in section 38.
13. An INVESTMENT ACCOUNT is a subaccount of the separate account that holds
shares of a fund or funds that are managed with a specified investment
objective. The investment accounts available as of the date of issue are listed
on page 4. We may add, combine, or delete investment accounts as described in
section 61.
14. You are the OWNER. During your lifetime, you may, subject to the rights of
any assignee and to the
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extent permitted by law, exercise every right given by this contract without the
consent of any other person. The owner may be changed as explained in section
67. The name of the owner as of the date of issue is shown on page 3.
15. The RATE SCHEDULE sets forth the basis for computing the benefits available
under your contract. The rate schedule is in Part J.
16. RIGHT TO EXAMINE PERIOD. You may cancel your contract during the period
described on page 1.
17. You name a SECOND ANNUITANT if you choose an income benefit under a two-life
annuity option, as explained in section 40. Under a two-life annuity option the
lives of the annuitant and the second annuitant are used in determining the
income benefit.
18. SEPARATE ACCOUNT. All premiums and transfers credited to an investment
account are part of the separate account. The separate account is designated as
"TIAA-CREF Life VA-1" and was established by us in accordance with New York law
to provide benefits from this contract and other similar contracts. The assets
and liabilities of separate account TIAA-CREF Life VA-1 are segregated from the
assets and liabilities of the general account and from the assets and
liabilities of any other TIAA-CREF Life separate account.
19. You may TRANSFER some or all of your contract accumulation among the
available accounts. The provisions concerning transfers of accumulations,
including restrictions, are set forth in Part G. You may also transfer future
annuity income among the available accounts after the annuity starting date. The
provisions concerning transfers of annuity income, including restrictions, are
set forth in Part H.
20. UNIT-ANNUITY. The investment accounts provide income through a unit-annuity,
which is a series of payments based on a specified number of annuity units
payable at a stated frequency. The amount of each payment is equal to the
then-current value of one annuity unit multiplied by the number of annuity units
payable. The value of each annuity unit will change either once each year or
once each month according to the income change method you select for that
annuity unit. We can delete or stop offering unit-annuities payable from any
investment account as described in section 61.
21. A VALUATION DAY is any business day, as well as the last calendar day
of each month.
PART C: CONTRACT AND PREMIUMS
22. THE CONTRACT. This document and the attached application are the entire
contract between you and TIAA-CREF Life. We have issued it in return for your
completed application and the first premium. Any endorsement to or amendment of
this contract or waiver of any of its provisions will be valid only if in
writing and signed by an executive officer or a registrar of TIAA-CREF Life. All
benefits are payable at our home office in New York, NY. This contract is
incontestable.
23. PROTECTION AGAINST CONTRACT TERMINATION OR FORFEITURE. While your contract
accumulation is at least $1,000, your rights under the contract will remain in
force after the first premium has been paid. No additional premiums are
required. If your accumulation is less than $1,000, we may pay you your contract
accumulation and terminate this contract.
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24. PREMIUMS. Premiums for this contract may be paid until the annuity starting
date and in any amount not less than $50. We may limit the amount of premiums to
your contract to $1,000,000 in any calendar year.
Your initial premium will be credited to your contract within two business
days of the business day on which it is received by us at the location that we
will designate. Each subsequent premium will be credited to your contract as of
the business day on which it is received by us at the location that we will
designate.
25. ALLOCATION OF PREMIUMS. You may change your allocation for future premiums
at any time. Your premiums are allocated among the available investment accounts
according to the most recent valid instructions we have received from you in a
form acceptable to us. The investment accounts available as of the date of issue
are shown on page 4. Premiums allocated to an investment account purchase
accumulation units in that account.
26. PREMIUM TAXES. State and local government premium tax, if applicable, will
be deducted from your contract accumulation when incurred by us. We may deduct
these taxes when the premium is received by us or when annuity income or death
benefit payments commence. If no amount for premium tax was deducted, but
premium tax is later determined to be due, we will reduce your contract
accumulation by the amount of tax that is determined by us to be due.
PART D: ACCUMULATIONS
27. An INVESTMENT ACCOUNT ACCUMULATION is the value of your share of an
investment account, and is equal to the number of your accumulation units
multiplied by the value of one accumulation unit in that investment account.
Investment account accumulations are variable and are not guaranteed, and you
bear the investment risk. Investment account accumulations may increase or
decrease depending on the investment results of the funds underlying the
investment accounts.
28. Your CONTRACT ACCUMULATION is equal to the sum of your investment account
accumulations. Once your contract accumulation has been applied to begin payment
of an income benefit, we will have fulfilled all obligations concerning your
contract accumulation.
29. ACCUMULATION UNIT. Each investment account maintains a separate accumulation
unit. The value of each investment account's accumulation unit is calculated at
the end of each valuation day. The value of an investment account's accumulation
unit is equal to the prior valuation day's value multiplied by the account's net
investment factor.
30. An investment account's NET INVESTMENT FACTOR equals its gross investment
factor minus the separate account charge incurred since the previous valuation
day.
31. An investment account's GROSS INVESTMENT FACTOR equals A divided by B,
as follows:
A equals i. the net asset value of the shares in the funds
held by the account as of the end of the valuation day,
excluding the net effect of contract owners' transactions
(i.e., premiums received, benefits paid, and transfers to
and from the account) made during that day; plus
ii. investment income and capital gains distributed to the
account; less
iii. any amount paid and/or reserved for tax liability
resulting from the operation of the account since the
previous valuation day.
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B equals the value of the shares in the funds held by the account as
of the end of the prior valuation day, including the net effect
of contract owners' transactions made during the prior
valuation day.
32. SEPARATE ACCOUNT CHARGE. A separate account charge is assessed for mortality
and expense risk and administration. The separate account charge is guaranteed
not to exceed an effective annual rate of 1.2% of an investment account's
average net assets.
33. MAINTENANCE CHARGE. A maintenance charge is assessed on each anniversary of
the date of issue, and upon withdrawal of the entire contract accumulation. The
charge will not be assessed if the contract accumulation is at least $25,000.
The amount of the maintenance charge is shown in section 78. If your Money
Market Account accumulation is greater than the amount of the maintenance
charge, the charge will be deducted from your Money Market Account accumulation.
Otherwise, the charge will be allocated among the investment accounts in
proportion to each investment account accumulation.
34. NUMBER OF ACCUMULATION UNITS. The number of your accumulation units in an
investment account under your contract will be increased by:
A) any premiums you allocate to that account; and
B) any transfers you make to that account;
and will be decreased by:
C) any deductions of premium taxes incurred by us for your investment
account accumulation; and
D) any withdrawals you make from your accumulation in that investment
account; and
E) any transfers you make from that account to another account; and
F) any maintenance charges that have been deducted from that account;
and
G) any per-transfer charges that have been deducted from that account.
The increase or decrease in the number of your accumulation units on any
valuation day is equal to the net dollar value of all transactions divided by
the value of the investment account's accumulation unit as of the end of the
valuation day.
PART E: INCOME BENEFIT
35. PAYMENT OF THE INCOME BENEFIT. Your contract accumulation can be used to
provide you with income benefits. Income benefits are variable and may increase
or decrease depending on the investment results of the underlying funds.
If you die while any income benefit payments remain due, the beneficiary
will become the owner. The beneficiary will then receive the income benefit and
may name or change beneficiaries as described in section 4.
36. ANNUITY UNIT VALUES. Separate annuity unit values are maintained for annuity
units payable from each investment account under each income change method. The
values are calculated as of each valuation day.
Annuity unit values for an income change method are determined by
multiplying each account's annuity unit value at the end of the previous
valuation day by that account's net investment factor for the valuation period,
and dividing the result by the value of $1.00 accumulated with interest over the
valuation period at an effective annual rate of 4%. The resulting value is then
adjusted to reflect that annuity income amounts are redetermined only on the
payment valuation date for that income change method. The purpose
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of the adjustment is to equitably apportion assets of each account among
annuitants who receive annuity income for the entire period between two payment
valuation dates for an income change method, and those who start or stop
receiving annuity income under that income change method between the two dates.
37. The NUMBER OF ANNUITY UNITS payable under each income change method from
each investment account will be determined as of your annuity starting date, by:
A) the value of your accumulation units in that investment account;
B) the rates specified in the rate schedule;
C) the income option you choose;
D) if you choose a one-life annuity, the annuitant's age;
E) if you choose a two-life annuity, the annuitant's age and the second
annuitant's age; and
F) for the income change method selected, that investment account's
annuity unit value.
The number of annuity units obtained as a result of converting
accumulation units to annuity units payable from an investment account under an
income change method, is A divided by B, as follows:
A. The value of the accumulation units being converted into annuity
units as of the annuity starting date.
B. The product of (i) multiplied by (ii) as follows:
(i) the present value of an annuity due of $1 per month payable
for as long as such annuity units are payable calculated based
on interest and mortality as stated in the rate schedule.
(ii) the investment account's annuity unit value for the income
change method as of the annuity starting date.
38. INCOME CHANGE METHODS. Unit-annuity payments are determined under one of two
income change methods. Under the annual income change method, the amount of each
unit-annuity payment is revalued each year. Currently, the payment changes on
May 1, using the annuity unit value as of the payment valuation date for the
annual income change method, which is the prior March 31. We reserve the right
to modify the date the payment changes and the associated payment valuation
date.
Under the monthly income change method, the amount of each unit-annuity
payment is revalued each month. The payment amount is determined using the
annuity unit value as of the payment valuation date for the monthly income
change method in the prior month. Currently, the payment valuation date for the
monthly income change method is the twentieth day of a month (or if the
twentieth is not a business day, the prior business day) for unit-annuity
payments due on the first day of the following month. We reserve the right to
modify the payment valuation date for the monthly income change method.
We can delete or stop offering either the annual or the monthly income
change method in any investment account, as described in section 61.
39. STARTING THE INCOME BENEFIT. Payment of your income benefit will begin as of
the annuity starting date you have chosen, if you and the annuitant are then
living and:
A) you have chosen one of the income options set forth in section 40;
and
B) you have chosen one of the income change methods set forth in
section 38; and
C) if you choose a one-life annuity, we have received due proof of the
annuitant's age; and
D) if you choose a two-life annuity, we have received due proof of the
annuitant's age and the second annuitant's age.
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If the requirements of this section have not been completed by the annuity
starting date you have chosen, the annuity starting date will be deferred to the
first of the month after these requirements have been completed. You may change
the annuity starting date at any time on or before the day the income benefit
begins, by written notice to us, as explained in section 67. You may change the
annuity starting date to the first of any month following the date of the
change, but not to a month:
A) earlier than fourteen months after the date of issue shown on page
3; or
B) later than the annuitant's ninetieth birthday.
If you have not chosen an annuity starting date prior to the first of the
month in which the annuitant turns age 90, you will be deemed to have chosen
that date.
40. INCOME OPTIONS are the ways in which you may have the income benefit paid.
Any time before the annuity starting date you may choose one of the options
listed below. Any choice or change of such choice must be made by written notice
to us as explained in section 67. You may change your choice at any time before
payments begin, but once they have begun no change can be made.
The following are the income options from which you may choose. Each is
payable from any of the investment accounts unless we delete or stop providing
unit-annuities from any accounts as described in section 61. In addition to
providing an income during the lifetime of the annuitant or for a fixed period,
some options provide that payments will continue for the lifetime of a second
annuitant, and some provide that payments will continue in any event during a
guaranteed period as explained below. The income options are described as
monthly payments, but you may choose quarterly, semiannual or annual payments.
Once payments have begun, the frequency cannot be changed. You may not elect an
option that would not be treated as an annuity under federal tax law. The
periodic amount paid depends on which of these options you choose:
ONE-LIFE ANNUITY. A payment will be made to you each month for as long as
the annuitant is alive. You may include a guaranteed period of 10, 15 or
20 years. If you do not include a guaranteed period, all payments will
cease at the annuitant's death. If you include a guaranteed period and the
annuitant dies before the end of that period, monthly payments will
continue until the end of that period and then cease.
TWO-LIFE ANNUITY. A payment will be made to you each month for as long as
either the annuitant or the second annuitant is alive. You cannot change
your choice of second annuitant after payments begin. You may include a
guaranteed period of 10, 15 or 20 years. If you do not include a
guaranteed period, all payments will cease after both annuitants have
died. You may choose from among the following forms of two-life annuity.
FULL BENEFIT WHILE EITHER THE ANNUITANT OR THE SECOND ANNUITANT IS
ALIVE. The full number of annuity units to be paid while both the
annuitant and the second annuitant are alive will continue to be
paid until both have died. If you include a guaranteed period and
the annuitant and the second annuitant both die before the end of
the period chosen, the full number of annuity units that would have
been paid if both had lived will continue to be paid until the end
of that period and then cease.
TWO-THIRDS BENEFIT AFTER THE DEATH OF EITHER THE ANNUITANT OR THE
SECOND ANNUITANT. At the death of either the annuitant or the second
annuitant, two-thirds of the number of annuity units that would have
been paid if both had lived will continue to be paid until both have
died. If you include a guaranteed period and the annuitant and the
second annuitant both die before the end of the period chosen,
two-thirds of the number of annuity units that would have been paid
if both had lived will continue to be paid until the end of that
period and then cease.
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HALF BENEFIT AFTER THE DEATH OF THE ANNUITANT. The full number of
annuity units will continue to be paid as long as the annuitant is
alive. If the second annuitant survives the annuitant, one-half of
the number of annuity units that would have been paid if the
annuitant had lived will continue to be paid until both have died.
If you include a guaranteed period and the annuitant and the second
annuitant both die before the end of the period chosen, one-half of
the number of annuity units that would have been paid if both had
lived will continue to be paid until the end of that period and then
cease.
FIXED-PERIOD ANNUITY. A payment will be made each month for a fixed period
you choose that is not less than 2 nor more than 30 years. At the end of
the period chosen no further payments will be made. If the annuitant dies
before the end of the period chosen, the monthly payments will continue to
the end of that period and then cease.
AUTOMATIC ELECTION PROVISION. If, on the annuity starting date determined
in accordance with section 39, you have not chosen one of the income options
described in the contract, you will be deemed to have chosen a one-life annuity.
If allowed under federal tax law, a 10-year guaranteed period will be included.
The initial allocation of payments among the investment accounts will be in the
same proportion as each investment account accumulation to the contract
accumulation. Income benefits from the investment accounts will be determined
under the annual income change method.
41. DISTRIBUTION REQUIREMENTS UPON THE DEATH OF THE OWNER. If you die on or
after the annuity starting date, any income benefit remaining due must be
distributed at least as rapidly as under the income option on which income
benefit payments were being made as of the date of death.
PART F: DEATH BENEFIT
42. AVAILABILITY OF THE DEATH BENEFIT. If you or the annuitant dies before the
annuity starting date, the death benefit will become available to the death
benefit payee. If you die and your spouse is the sole death benefit payee, he or
she may choose to become the owner and continue the contract, or instead choose
to be paid the death benefit. If your spouse does not make a choice within 60
days of the date we receive due proof of death, he or she will automatically
become the owner of the contract as of the date of your death. If you were also
the annuitant, your spouse, upon becoming the owner, will also become the
annuitant.
43. The DEATH BENEFIT PAYABLE DATE is the date we authorize payment of the death
benefit, which is the date we receive due proof of death of you or the annuitant
and all information required to be furnished for payment of the death benefit.
44. The AMOUNT OF THE DEATH BENEFIT is your accumulation as of the death benefit
payable date, including any amount added in accordance with section 45.
45. GUARANTEED MINIMUM DEATH BENEFIT. As of the date we receive due proof of
death of you or the annuitant, the excess of the guaranteed minimum death
benefit over your contract accumulation will be added to your Money Market
Account accumulation.
The guaranteed minimum death benefit as of any valuation day is equal to the sum
of all premiums credited less the adjusted sum of any withdrawals made.
The adjusted sum of withdrawals is the sum of the products of each withdrawal
multiplied by the greater of 1 and the ratio of A to B, where:
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A is the value of the guaranteed minimum death benefit on the
valuation day preceding the withdrawal, and
B is the contract accumulation on the valuation day of the withdrawal,
excluding the effect of any transactions on that day.
Multiple withdrawals made on any single day will be aggregated for the purpose
of this calculation.
46. METHOD OF PAYMENT. We will pay the death benefit in one sum.
PART G: WITHDRAWAL AND TRANSFER OF ACCUMULATIONS
47. AVAILABILITY. After the end of the right to examine period, and on or before
the day your income benefits begin, you may withdraw or transfer accumulations
from any account under your contract. Withdrawals from an account's accumulation
must be at least $1,000 or the entire account accumulation. If a withdrawal
would cause the contract accumulation to fall below $1,000, the amount of the
withdrawal will be changed to the entire contract accumulation. Transfers must
be at least $250 or the entire account accumulation.
Transfers from the International Equity Account to any other account are
limited to two transfers in any 90-day period. After we have given you three
months' written notice, we may further limit transfers from any account to no
more than one transfer in any 90-day period. But, if we notified you upon
delivery of the contract of a transfer limitation, then we are not required to
provide you with the three months' notice, and you purchase the contract subject
to the limitation. We reserve the right to assess a per-transfer charge after
the first 24 transfers you make in any contract year, as shown in section 79.
Any withdrawal request must be made by written notice to us as explained
in section 67. If your entire contract accumulation is withdrawn, all
obligations of TIAA-CREF Life to you under the contract are fulfilled. Any
request to transfer accumulations must be in a form acceptable to us.
48. EFFECTIVE DATE OF A WITHDRAWAL OR TRANSFER. A withdrawal payment or transfer
will be effective, and all values determined as of the end of the business day
in which we receive your request in a form acceptable to us, unless you choose
to defer the effective date to a future day acceptable to us. A request for a
withdrawal or transfer cannot be revoked after its effective date.
Payment of a withdrawal or transfer may be delayed to the extent permitted
or required under the federal Investment Company Act of 1940, or any other
applicable federal or state law.
49. SYSTEMATIC WITHDRAWALS. If your contract accumulation is at least $10,000,
you may have withdrawals made from one or more of the investment accounts under
your contract (the source accounts) on a systematic basis. Systematic
withdrawals may be scheduled to be made monthly, quarterly, semi-annually or
annually, from the first to the twenty-eighth day of the month. If the scheduled
date of a systematic withdrawal is not a business day, the withdrawal will be
paid on the next business day. However, if the next business day is in the
following calendar month, the withdrawal will be made on the prior business day.
The starting date of a series of systematic withdrawals must be at least
seven days after we receive all required forms. Systematic withdrawals will
continue until the earliest of the following: the specified number of
withdrawals have been made, or the date you tell us to stop, or your
accumulation in any source account is insufficient, or any withdrawal would
cause your contract accumulation to fall below $1,000, or your death, or the
annuitant's death. You may not have more than one series of systematic
withdrawals in effect at any one time.
A periodic withdrawal amount must be specified either in dollars, or
percentage of accumulation, or numbers of accumulation units. The initial
periodic withdrawal amount must be at least $100.
We reserve the right to suspend the availability of systematic withdrawals
to you while you own any
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other nonqualified deferred annuities that were issued by us during the calendar
year in which your contract was issued, and that have a contract accumulation
greater than zero.
Changes in a series of systematic withdrawals must be made as described in
section 67 and must comply with all restrictions described in this section.
Systematic withdrawals are subject to all provisions applicable to
withdrawals, except as otherwise provided in this section. We reserve the right
to restrict the availability of systematic withdrawals from any new accounts
that are added to your contract after the issue date of this contract. We
reserve the right to suspend future systematic withdrawals with ninety days'
written notice to you.
50. SYSTEMATIC WITHDRAWALS TO PAY FINANCIAL ADVISOR FEES. You may authorize a
series of systematic withdrawals to pay the fees of a financial advisor. Such
systematic withdrawals are subject to all provisions applicable to systematic
withdrawals, except as otherwise described in this section.
One series of systematic withdrawals to pay financial advisor fees may be
in effect at the same time that one other series of systematic withdrawals is
also in effect. Systematic withdrawals to pay financial advisor fees must be
scheduled to be made quarterly only, on the first business day of each calendar
quarter. The amount withdrawn from each account must be specified in dollars or
percentage of accumulation, and will be in proportion to the accumulations in
each account at the end of the business day prior to the withdrawal. The
financial advisor may request that we stop making withdrawals.
We reserve the right to determine the eligibility of financial advisors
for this type of fee reimbursement.
51. DOLLAR COST AVERAGING (DCA). In addition to the availability of transfers of
accumulations, if your contract accumulation is at least $10,000, you may enroll
in dollar cost averaging. Dollar cost averaging allows you to make a series of
transfers from one or more of the investment accounts under your contract (the
source accounts) to one or more other accounts (the target accounts). An account
may not be both a source account and a target account. Such transfers may be
scheduled to be made monthly, quarterly, semi-annually or annually, from the
first to the twenty-eighth day of the month. If the scheduled date of a DCA
transfer is not a business day, the transfer will be made on the next business
day. However, if the next business day is in the following calendar month, the
transfer will be made on the prior business day.
The starting date of a DCA series must be at least seven days after we
receive all required forms, and may not be during the right to examine period.
DCA transfers will continue until the earliest of the following: the specified
number of transfers have been made, or the date you tell us to stop, or your
accumulation in any source account is depleted, or your death, or the
annuitant's death. You may not have more than one DCA series in effect at any
one time.
A periodic transfer amount must be specified either in dollars, or
percentage of accumulation, or numbers of accumulation units. The initial
periodic transfer amount must be at least $100.
No per-transfer charge will apply to dollar cost averaging.
Changes in a DCA series must be made as described in section 67 and must
comply with all restrictions described in this section.
Dollar cost averaging is subject to all provisions applicable to
transfers, except as otherwise provided in this section. We reserve the right to
restrict the availability of DCA transfers to or from any new accounts that are
added to your contract after the issue date of this contract. We reserve the
right to suspend future DCA transfers with ninety days written notice to you.
PART H: TRANSFERS OF ANNUITY INCOME AND
SWITCHES BETWEEN INCOME CHANGE METHODS
52. TRANSFERS. You may exchange some or all of your annuity units payable from
one investment account
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for annuity units payable from another investment account then offering
unit-annuities under the same income change method. Transfers from each income
change method within each investment account cannot be made more frequently than
once per calendar quarter, and must consist of a periodic payment of at least
$100 or the entire payment.
53. NO CHANGE IN INCOME CHOICES. The annuitant, second annuitant, income option,
income change method, frequency of payments, and remaining guaranteed period of
payments can not change as a result of a transfer of annuity income.
54. EFFECTIVE DATE OF A TRANSFER OF ANNUITY INCOME. You begin to participate in
an account to which you transfer as of the end of the effective date of the
transfer. The effective date of a transfer will be the end of the business day
in which we receive your request in a form acceptable to us.
You may defer the effective date until any valuation day following the day
on which the above requirements are met. You cannot revoke any transfer after
its effective date.
55. DATE OF CHANGE IN PAYMENTS AFTER A TRANSFER. Your payments will change
when annuity units are revalued on the next appropriate payment valuation
date that is on or after the transfer's effective date.
Thus, if you transfer annuity units payable under the annual income change
method, your payments will change when your payment is revalued on the following
payment valuation date for the annual income change method (currently March 31
for unit-annuity payments due on and after the following May 1).
If you transfer annuity units payable under the monthly income change
method, your payments will change following the next payment valuation date for
the monthly income change method (currently the twentieth day of each month, or
the prior business day if the twentieth is not a business day).
56. CHANGE IN NUMBER OF ANNUITY UNITS PAYABLE AFTER A TRANSFER FROM AN
INVESTMENT ACCOUNT. The number of annuity units payable under an income change
method will be reduced by the number of annuity units you transfer out of that
income change method under that investment account. The number of annuity units
payable under an income change method from an investment account will be
increased by any transfers you make to that income change method under that
account.
57. SWITCHING BETWEEN INCOME CHANGE METHODS. A switch between income change
methods is the exchange of annuity units payable under one income change method
from an investment account, for annuity units payable under the other income
change method from the same investment account. You may switch annuity units
payable under this contract from one income change method to the other income
change method under the same investment account, if both income change methods
are then offered in that account.
58. EFFECTIVE DATE OF A SWITCH IN INCOME CHANGE METHODS. All switches between
income change methods will be effective on the payment valuation date for the
annual income change method, currently March 31. We must receive, in a form
acceptable to us, your request for a switch on or before the end of the payment
valuation date (or the last business day before the payment valuation date if it
isn't a business day) in order for the switch to be effective on that date. You
cannot revoke a switch after its effective date, but you can switch back to the
original method on a subsequent payment valuation date for the annual income
change method (currently March 31), unless prohibited as described in section
61.
You begin to participate in the experience of the investment account under
the income change method to which you switch annuity units as of the end of the
effective date of the switch. Your unit-annuity payments will change when they
are revalued on the next payment valuation date that is on or after the
effective date of the switch. Thus, if you switch on a March 31 (the current
effective date for all switches),
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your April 1 payment (if any) will not change due to the switch. Your May 1
payment (if any) will reflect the annuity units payable under each income change
method after the switch.
59. CHANGE IN NUMBER OF ANNUITY UNITS PAYABLE AFTER A SWITCH IN INCOME CHANGE
METHODS. The number of annuity units payable under an income change method from
an investment account under your contract will be reduced by the number of
annuity units you switch out of that income change method under that investment
account. The number of annuity units payable under an income change method from
an investment account under your contract will be increased by any switch you
make to that income change method under that investment account.
PART I: GENERAL PROVISIONS
60. INSULATION OF SEPARATE ACCOUNT. TIAA-CREF Life owns the assets in separate
account TIAA-CREF Life VA-1. To the extent permitted by law, the assets of the
separate account will not be charged with liabilities arising out of any other
business TIAA-CREF Life may conduct. All income, gains and losses, whether or
not realized, of an investment account of the separate account will be credited
to or charged against only that investment account without regard to TIAA-CREF
Life's other income, gains or losses.
61. ADDITION OR DELETION OF AN INVESTMENT ACCOUNT, UNIT ANNUITIES FROM AN
INVESTMENT ACCOUNT, OR INCOME CHANGE METHOD FOR UNIT ANNUITIES FROM AN
INVESTMENT ACCOUNT. We may, as permitted by applicable law, add, combine, or
delete investment accounts within the separate account. If you own accumulation
units in an investment account that is deleted, you must transfer them to any
other available investment account.
We can add, delete or stop providing unit-annuities in any investment
account. We can also start or stop providing unit-annuities payable under either
the annual or monthly income change method from any current or future investment
account. If you have annuity units payable from an investment account that is
deleted or in which we stop providing unit-annuities, you must transfer them to
another investment account that maintains annuity units.
If you have annuity units payable under an income change method from an
investment account and we stop providing that income change method, you must:
A) switch those annuity units to the other income change method in the
same investment account; or
B) transfer them to another investment account then offering the same
income change method.
If you do not tell us to transfer or switch your annuity units, we will switch
them to the other income change method in the same investment account.
In the event of deletion of the Money Market Account, a similar account
will be made available and designated as its successor account. A similar
designation will be made in the event of deletion of any successor account. The
successor account will take the place of the Money Market Account for the
purpose of all provisions in this contract that pertain to the Money Market
Account.
At any time, we can switch any annuity units payable under the annual
income change method in any investment account to the monthly income change
method.
All elections and choices made in connection with an income option and in
effect as of the date of any transfer or switch effected in accordance with this
provision will remain in effect.
Any changes as described in this section will be effected only after
obtaining any approvals required by the New York Insurance Department.
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62. CHANGE OR SUBSTITUTION OF FUNDS. We may, as permitted by applicable law,
change or substitute the funds whose shares are held by the investment accounts.
Any such changes will be effected only after obtaining the approval of the New
York Insurance Department.
63. REPORTS. At least once each year until the annuity starting date, we will
provide you with a report for the calendar year just ended. It will provide a
statement of the investments held in the separate account, and it will show the
value of your contract accumulation, the death benefit, and for each investment
account accumulation, the value of your accumulation, the number of your
accumulation units, and the value of one accumulation unit.
64. NO LOANS. This contract does not provide for loans.
65. ASSIGNMENT. You may assign this contract prior to the annuity starting date.
We assume no responsibility for the validity of any such assignment, nor will we
be charged with notice of any assignment unless it is in writing and has been
received by us. The rights of the owner, annuitant, any second annuitant, any
beneficiary and any other person to receive benefits under this contract will be
subject to the terms of any assignment. You should consult your tax advisor
before making any assignment of your contract.
This contract may not be assigned on or after the annuity starting date.
66. PROTECTION AGAINST CLAIMS OF CREDITORS. The benefits and rights accruing to
you or any other person under this contract are exempt from the claims of
creditors or legal process to the fullest extent permitted by law.
67. PROCEDURE FOR ELECTIONS AND CHANGES. You have to make any choice or change
available under your contract in a form acceptable to us at our home office in
New York, NY. If you send us a notice changing your beneficiaries or other
persons named to receive payments, it will take effect as of the date it was
signed even if you then die before the notice actually reaches us. Any other
notice will take effect as of the date we receive it. If we take any action in
good faith before receiving the notice, we will not be subject to liability even
if our acts were contrary to what you told us in the notice.
68. PAYMENT TO AN ESTATE, GUARDIAN, TRUSTEE, ETC. TIAA-CREF Life will not be
responsible for the acts or neglects of any executor, trustee, guardian, or
other third party receiving payments under your contract. If you designate a
trustee of a trust as beneficiary, we are not obliged to ask about the terms of
the underlying trust or any will. If death benefits become payable to the
designated trustee of a testamentary trust, but:
A) no qualified trustee makes claim for the benefits within nine months
after your death; or
B) evidence satisfactory to us is presented at any time within such
nine-month period that no trustee can qualify to receive the
benefits due,
payment will be made to the successor beneficiaries, if any are designated and
survive you; otherwise payment will be made to the executors or administrators
of the owner's estate.
If benefits become payable to an inter-vivos trustee, but the trust is not
in effect or there is no qualified trustee, payment will be made to the
successor beneficiaries, if any are designated and survive you; otherwise
payment will be made to the executors or administrators of the owner's estate.
Payment to any trustee or estate as provided for above shall fully satisfy
TIAA-CREF Life's payment obligations under this contract to the extent of such
payment.
69. INVESTMENT COMPANY ACT OF 1940. The separate account is a unit-investment
trust that is a registered investment company under the Investment Company Act
of 1940. However, we may operate the separate
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account using any other form permitted under the Act. Also, we may deregister
the separate account under the Act, subject to compliance with applicable law.
70. SERVICE OF PROCESS UPON TIAA-CREF LIFE. We will accept service of process in
any action or suit against us on this contract in any court of competent
jurisdiction in the United States or Puerto Rico provided such process is
properly made. We will also accept such process sent to us by registered mail if
the plaintiff is a resident of the state, district or territory in which the
action or suit is brought. This section does not waive any of our rights,
including the right to remove such action or suit to another court.
71. BENEFITS BASED ON INCORRECT AGE. If the amount of benefits is determined by
data as to a person's age that is incorrect, benefits will be recalculated based
on the correct age. Any amounts underpaid by us based on the incorrect data will
be paid at the time the correction is made. Any amounts overpaid by us based on
the incorrect data will be charged against the payments due after the correction
is made. Any amounts so paid or charged will include compound interest at the
effective rate of 6% per year.
72. PROOF OF SURVIVAL. For any benefit that requires that the owner, annuitant,
any second annuitant, any beneficiary and/or any other person named to receive
benefits be alive on the date any benefit payment is due under the terms of this
contract, we may require satisfactory proof that such person or persons are
alive. If this proof is not received after it has been requested in writing, we
will have the right to make reduced payments or to withhold payments entirely
until such proof is received. If under a two-life annuity we have overpaid
benefits because of a death of which we were not notified, subsequent payments
will be reduced or withheld until the amount of the overpayment, plus compound
interest at the rate of 6% per year, has been recovered.
73. COMPLIANCE WITH LAWS AND REGULATIONS. We will administer the contract to
comply with all applicable laws and regulations pertaining to annuities and the
terms and conditions of the contract. You cannot elect any benefit or exercise
any right under your contract if the election of that benefit or exercise of
that right is prohibited under an applicable state or federal law or regulation.
We will withhold and forward to tax authorities any amounts required by law.
74. RIGHT TO AMEND. We reserve the right to change this contract from time to
time in order to comply with applicable federal and state laws on annuities. If
we make such a change, we will do so for all contracts written on this form and
delivered in the same state this contract was delivered.
75. CORRESPONDENCE AND REQUESTS FOR BENEFITS. No notice, application, form, or
request for benefits will be deemed to be received by us unless it is received
at our home office in New York, NY. All benefits are payable at our home office
in New York, NY. Any questions about your contract or inquiries about our
services should be directed to us at our home office address: TIAA-CREF Life,
000 Xxxxx Xxxxxx, Xxx Xxxx, XX 00000-0000.
PART J: RATE SCHEDULE
76. ANNUITY PURCHASE RATES. The annuity purchase rates applicable to
accumulations under this contract will be computed on this basis:
(1) a deduction for any premium taxes incurred by us for your contract;
(2) an assumed net annual rate of investment return of 4%; and
(3) mortality according to the Annuity 2000 Mortality Table (TIAA Merged
Gender Mod E).
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The initial amount of income may be higher than the amounts guaranteed by
this rate schedule.
The assumed net annual rate of investment return of 4% applies to the
first payment made. Subsequent payment amounts may increase or decrease
depending on the net investment return of the investment accounts.
77. SURRENDER CHARGE RATE. No surrender charge will be assessed against
withdrawals.
78. MAINTENANCE CHARGE RATE. The maintenance charge assessed if your contract
accumulation is less than $25,000, as described in section 33, is $25.
79. PER-TRANSFER CHARGE RATE. The per-transfer charge for transfers after the
first 24 in any contract year, as described in section 47, is $25.
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INITIAL PAYMENT TABLE
INITIAL ANNUAL AMOUNT OF INCOME BENEFITS UNDER A
ONE-LIFE ANNUITY WITH TEN-YEAR GUARANTEED PERIOD
PROVIDED BY AN ACCUMULATION OF $10,000
(AFTER ANY APPLICABLE PREMIUM TAXES HAVE BEEN DEDUCTED)
One-twelfth of the amount shown is payable each month
Initial Initial Initial
Annual Annual Annual
Adjusted Amount of Adjusted Amount of Adjusted Amount of
Age When Monthly Age When Monthly Age When Monthly
Payments Benefit Payments Benefit Payments Benefit
Begin Payments Begin Payments Begin Payments
----- -------- ----- -------- ----- --------
40 $442.44 57 $496.64 74 $620.99
41 $444.54 58 $501.44 75 $632.34
42 $446.74 59 $506.47 76 $644.32
43 $449.04 60 $511.75 77 $656.95
44 $451.46 61 $517.27 78 $670.27
45 $454.00 62 $523.06 79 $684.29
46 $456.66 63 $529.14 80 $699.03
47 $459.46 64 $535.51 81 $714.51
48 $462.41 65 $542.21 82 $730.73
49 $465.50 66 $549.25 83 $747.70
50 $468.76 67 $556.65 84 $765.42
51 $472.18 68 $564.45 85 $783.88
52 $475.78 69 $572.66 86 $803.05
53 $479.56 70 $581.31 87 $822.89
54 $483.53 71 $590.44 88 $843.35
55 $487.70 72 $600.08 89 $864.36
56 $492.06 73 $610.25 90 $885.83
The initial yearly payments shown above are those that result from the
application of an accumulation of $10,000 to the specified income option when
the annuitant has attained an adjusted age as shown, but has not passed the date
on which that adjusted age was attained by as much as one month. The annuitant's
adjusted age equals the annuitant's actual age minus three months for each
completed year between January 1, 2000 and the annuity starting date. All ages
used in computing payments are calculated in completed years and months. Initial
payments at ages other than those shown, and under other income options, are
computed on the basis stated in the rate schedule. For accumulations other than
$10,000, initial payments will be proportionate.
Payments subsequent to the initial payment are subject to change depending on
the investment performance of the funds underlying the investment accounts and
the income change method chosen.
NONQUALIFIED FLEXIBLE PREMIUM DEFERRED ANNUITY
VARIABLE ACCUMULATIONS AND INCOME BENEFITS
NONPARTICIPATING
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