Rider -- Estate Growth Agreement -- Automatic
Increases In Specified Amount
The Penn Mutual Life Insurance Company agrees, subject to the provisions of this
agreement, to provide the Estate Growth Benefit.
This supplemental agreement is a part of the policy to which it is attached. It
is subject to all of the provisions of the policy unless stated otherwise in
this agreement.
Estate Growth Benefit -- While this supplemental agreement is in force the
Specified Amount of this policy will automatically be increased on each policy
anniversary beginning with the first policy anniversary and ending with the
earlier of:
(a) the policy anniversary which is nearest to the younger insured's 80th
birthday; and
(b) (i) if the Estate Growth Benefit percentage shown on
Page 3 is 3%, the 33rd anniversary of this policy;
or
(ii) if the Estate Growth Benefit percentage shown on
Page 3 is 6%, the 16th anniversary of this policy.
Each increase in the Specified Amount will be equal to the initial Specified
Amount of this policy multiplied by the Estate Growth Beneift percentage shown
on Page 3.
The Specified Amount shown on Page 3 of the policy to which this agreement is
attached may be increased only by the automatic increases provided by this
supplemental agreement.
Each increase in the Specified Amount will be subject to the following
conditions:
(1) The increase will be in the same premium class for each insured as
applicable to the initial Specified Amount in the policy to which this
agreement is attached.
(2) The increase will be subject to the limitations of risk applicable to the
initial Specified Amount in the policy to which this agreement is attached.
(3) The increase will be at the Cost of Insurance Rate then applicable in the
policy to which this agreement is attached.
Incontestability -- This agreement will be incontestable after it has been in
force during the life of each insured for two yers from its effective date.
Termination -- This agreement will terminate upon the earliest to occur of:
(a) lapse of this policy;
(b) surrender of this policy;
(c) the policy anniversary nearest to the 80th birthday of the younger insured;
(d) (i) if the Estate Growth Benefit percentage shown on Page 3 is 3%, the 33rd
anniversary of this policy; (ii) if the Estate Growth percentage shown on
Page 3 is 6%, the 16th anniversary of this policy;
(e) receipt by Penn Mutual of written request by the Pwner to change the policy
to paid-up life insurance;
(f) receipt by Penn Mutual of written request by the Owner to terminate this
agreement;
(g) receipt by Penn Mutual of written request by the Owner to reduce the
Specified Amount of this policy; and
(h) the date of the second death of an Insured.
Effective Date--The Effective Date of this agreement is the same as the Date of
Issue of this policy unless another Effective Date is shown below.
/s/ Xxxxxx X. Xxxxxxxx
--------------------------------
Chairman and
Chief Executive Officer
