EXHIBIT 4h
METROPOLITAN LIFE INSURANCE COMPANY
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GUARANTEED MINIMUM INCOME BENEFIT RIDER - LIVING BENEFIT
This Rider forms a part of the Contract to which it is attached and is effective
upon issuance. In the case of a conflict with any provision of the Contract, the
provisions of this Rider will control. Your election of this Rider is
irrevocable and its provisions will remain part of the Contract until terminated
in accordance with the provisions below. This Rider amends the Contract as
follows:
The following is added to the "Annuity Provisions" section:
GUARANTEED MINIMUM INCOME BENEFIT
We guarantee that your minimum monthly Fixed Income Payment will not be less
than the Guaranteed Minimum Income Benefit (GMIB) Payment (less any applicable
charges and fees as described in the Contract Schedule or any Rider) provided
you meet the eligibility requirements below. If a higher Fixed Income Payment
results from applying your total Adjusted Account Balance to the then current
Fixed Annuity rates applicable to this class of contracts, we will pay you the
greater payment.
At the Annuity Calculation Date, the GMIB Payment will be determined by applying
the Income Base to the GMIB Annuity Table multiplied by the applicable GMIB
Payment Adjustment Factor shown on the Contract Schedule. In calculating the
GMIB Payment, any Withdrawal Charges that would have applied if you had made a
full withdrawal of your Account Balance will be deducted from the Income Base.
We reserve the right to reduce the Income Base for any Premium and Other Taxes
that may apply.
INCOME BASE
The Income Base is the greater of (a) or (b):
(a) Highest Anniversary Value: On the Issue Date we set this value equal to
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your initial Purchase Payment. During each Contract Year we increase this
value by any Purchase Payments made and reduce it proportionately by the
Percentage Reduction in Account Balance attributable to any partial
withdrawals taken. On every Contract Anniversary prior to the Last Step-Up
Date shown on the Contract Schedule, we compare this value to the current
Account Balance and we set the Highest Anniversary Value equal to the
higher amount.
(b) Annual Increase Amount: On the Issue Date we set this amount equal to your
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initial Purchase Payment. For purposes of this calculation all Purchase
Payments credited within 120 days of the Issue Date will be treated as if
received on the Issue Date. After the Issue Date, this amount will equal:
(i) The sum total of each Purchase Payment accumulated at the Annual
Increase Accumulation Rate for the duration shown on the Contract
Schedule from the date the Purchase Payment is made, less
(ii) The sum total of each Withdrawal Adjustment for any partial withdrawal
accumulated at the Annual Increase Accumulation Rate from the date of
withdrawal (except as indicated).
The Annual Increase Accumulation Rate will be applied as set forth in the
Contract Schedule or through the earlier of the Annuity Calculation Date or
the GMIB Rider Termination Date. For purposes of calculating the Annual
Increase Amount when the GMIB Rider Charge is assessed, the Annual Increase
Accumulation Rate will be applied through the end of the prior Contract
Year.
ML-560-2 (5/05)
We compute the Percentage Reduction in Account Balance attributable to a partial
withdrawal by dividing the dollar amount of the withdrawal plus any applicable
Withdrawal Charges by the Account Balance immediately preceding such withdrawal.
When we reduce a value proportionately by the Percentage Reduction in Account
Balance attributable to a partial withdrawal we multiply that value by 1 minus
the Percentage Reduction.
The Withdrawal Adjustment for any partial withdrawal in a Contract Year equals
the Annual Increase Amount immediately prior to the withdrawal multiplied by the
Percentage Reduction in Account Balance attributable to that partial withdrawal.
However, if all partial withdrawals in a Contract Year are payable to the Owner
(or Annuitant if the Owner is a non-natural person) or other payees that we
agree to in writing and total partial withdrawals in a Contract Year are not
greater than the Annual Increase Amount on the previous Contract Anniversary
multiplied by the Dollar-for-Dollar Withdrawal Percentage shown on the Contract
Schedule, the total Withdrawal Adjustments for that Contract Year will be set
equal to the dollar amount of total partial withdrawals in that Contract Year
and treated as a single withdrawal at the end of that Contract Year.
GMIB ANNUITY TABLE
The guaranteed monthly payout rates per $1000 of Income Base are shown in the
GMIB Annuity Tables using the GMIB Annuity Table Basis shown on the Contract
Schedule. The rate applied will depend upon the Annuity Option chosen and the
Attained Age and sex of the Annuitant and Joint Annuitant, if applicable.
ELIGIBILITY REQUIREMENTS FOR THE GMIB PAYMENT
You are only eligible to receive GMIB Payments if:
(1) The Owner is a natural person and the Owner is also the Annuitant. If the
Owner is a non-natural person then the Annuitant will be considered the
Owner for GMIB Payment purposes. If Joint Owners are named, the age of the
oldest will be used to determine the Income Base and GMIB Payment, and
(2) You choose an Annuity Date that is within 30 days following any Contract
Anniversary on or after the GMIB Income Date shown on the Contract
Schedule, but no more than 30 days after the GMIB Rider Termination Date
shown on the Contract Schedule. However, if your Account Balance is fully
withdrawn, we set an Annuity Date 30 days following the full withdrawal
date, and the GMIB Payment (if any) will be determined using the Income
Base after any applicable Withdrawal Adjustment associated with the
withdrawal that exhausted your Account Balance, and
(3) You choose to start receiving Fixed Income Payments under one of the
Annuity Options shown on the Contract Schedule. If a single life option is
chosen and Joint Owners are named, the age of the oldest will be used to
determine the Income Base and the GMIB Payment, and monthly Fixed Income
Payments will be made for the lifetime of the oldest Joint Owner. You may
name a Joint Annuitant on the Annuity Date for purposes of a Life Income
Annuity for Two option provided that the difference in the ages of the
Joint Annuitants is 10 years or less (or as permissible under our then
current underwriting requirements if more favorable), and
(4) Income Payments will be paid as monthly installments or at any frequency
acceptable to you and us. If the amount of the Income Base to be applied
under an Annuity Option is less than $5,000, we reserve the right to make
one lump sum payment in lieu of Income Payments. If the amount of the first
Income Payment would be less than $100, we may reduce the frequency of
payments to an interval which will result in the payment being at least
$100, but no less than annually.
GMIB RIDER CHARGE
The GMIB Rider Charge is equal to the specified percentage shown on the Contract
Schedule multiplied by the Income Base at the end of the prior Contract Year.
The charge is assessed for the prior Contract Year at each Contract Anniversary.
If you take a full withdrawal or apply any portion of your Adjusted Account
Balance to an Annuity Option, a pro rata portion of the GMIB Rider Charge will
be assessed based on the number of months from the last Contract Anniversary to
the date of withdrawal/application.
The GMIB Rider Charge will be deducted from your Account Balance. This deduction
will result in the cancellation of Accumulation Units from each applicable
Investment Division (and/or reduction of any portion of the Account Balance
allocated to any other accounts included by Rider) in the ratio the portion of
the Account Balance in such Investment Division (and/or other account) bears to
the total Account Balance.
ML-560-2 (5/05)
GUARANTEED PRINCIPAL OPTION
The Guaranteed Principal Option allows you to elect to receive an adjustment to
your Account Balance in lieu of receiving Guaranteed Minimum Income Benefit
Payments. The adjustment is called the Guaranteed Principal Adjustment, and is
equal to (a) - (b) defined below:
(a) is Purchase Payments credited within 120 days of the Issue Date reduced
proportionately by the Percentage Reduction in Account Balance attributable
to any partial withdrawals taken.
(b) is the Account Balance on the Contract Anniversary immediately preceding
exercise of the Guaranteed Principal Option.
The Guaranteed Principal Option may be exercised provided that (a) exceeds (b)
as defined above.
You may exercise the Guaranteed Principal Option in accordance with our
Administrative Procedures within 30 days following any Contract Anniversary on
or after the Guaranteed Principal Option First Exercise Date shown on the
Contract Schedule, but no more than 30 days following the GMIB Rider Termination
Date shown on the Contract Schedule. The Guaranteed Principal Adjustment will be
made at the end of the 30-day window period after the Contract Anniversary
immediately preceding receipt of such notice.
The Guaranteed Principal Adjustment will be added to each applicable Investment
Division in the ratio that the Account Balance in such Investment Division bears
to the total Account Balance in all Investment Divisions.
The Guaranteed Principal Adjustment will never be less than zero.
If the Guaranteed Principal Option is exercised, this GMIB Rider will terminate
on the date the Guaranteed Principal Adjustment is added to the Account Balance.
OPTIONAL RESET
On any Contract Anniversary on or after the GMIB First Optional Reset Date
specified on your Contract Schedule, you may elect an Optional Reset provided
the amount of time that has elapsed since the last Optional Reset is at least
equal to the GMIB Optional Reset Waiting Period specified on your Contract
Schedule. You may elect an Optional Reset provided that:
(1) The Account Balance exceeds the Annual Increase Amount immediately before
the reset, and
(2) Your attained age on the Optional Reset Date (or the age of the oldest
Joint Owner, or of the Annuitant if the Owner is a non-natural person) does
not exceed the Maximum Optional Reset Age.
We reserve the right to prohibit election of Optional Reset if the Company is no
longer offering this Rider for this class of contracts.
You may elect an Optional Reset in accordance with our Administrative Procedures
within 30 days preceding the eligible Contract Anniversary. The Optional Reset
will take effect on the Contract Anniversary following receipt of such notice.
The Optional Reset election will:
a) reset the Annual Increase Amount to the Account Balance on the
Contract Anniversary following receipt of an Optional Reset election.
All purchase payments and withdrawal adjustments previously used to
calculate the Annual Increase Amount will be set equal to zero on the
reset date, and the Account Balance on the reset date will be treated
as a single purchase payment received on that date for purposes of
determining the Annual Increase Amount.
b) reset the GMIB Income Date to the Optional Reset GMIB Income Date on
the Contract Schedule.
ML-560-2 (5/05)
c) reset the GMIB Rider Charge to the Charge applicable to contract
purchases at the time of reset, subject to the Maximum Optional Reset
Charge.
ALLOCATION AND TRANSFER PROVISIONS
While this rider is inforce, we may require all allocations or transfers to be
limited to the GMIB Investment Divisions shown on the Contract Schedule and any
other accounts included by rider.
GMIB TERMINATION PROVISIONS
The GMIB Rider Provisions will terminate upon the earliest of:
(a) The 30th day following the GMIB Rider Termination Date shown on the
Contract Schedule;
(b) The date you make a full withdrawal of your Account Balance;
(c) The date you apply all or any portion of your Adjusted Account Balance to
an Annuity Option;
(d) Death of the Owner or Joint Owner (or Annuitant if the Owner is a
non-natural person) unless the Beneficiary is the spouse of the Owner and
elects to continue the Contract and the surviving spouse's attainted age is
less than 85;
(e) Change of the Owner or Joint Owner (or Annuitant if the Owner is a
non-natural person), for any reason, subject to our Administrative
Procedures;
(f) Termination of the Contract to which this Rider is attached; or
(g) The date the Guaranteed Principal Option takes effect.
Metropolitan Life Insurance Company has caused this Rider to be signed by its
Vice-President & Secretary.
/s/ ▇▇▇▇▇ ▇. ▇▇▇▇
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[▇▇▇▇▇ ▇. ▇▇▇▇
Vice-President & Secretary]
ML-560-2 (5/05)
GMIB ANNUITY TABLES
AMOUNT OF FIRST MONTHLY INCOME PAYMENT
PER $1000 OF INCOME BASE
ANNUITANT ONLY
Life Annuity with 10 Years of Annuity Payments Guaranteed
ATTAINED AGE
OF ANNUITANT MALE FEMALE
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55 3.64 3.42
60 3.97 3.71
65 4.40 4.08
70 4.95 4.57
75 5.65 5.21
80 6.59 6.11
85 8.38 7.70
If you decide to receive Annuity Payments under the Single Life option after age
79, the 10-year guarantee period will be shortened. Please see your contract for
more details.
ANNUITANT AND JOINT ANNUITANT
Joint and Survivor Annuity with 10 Years of Annuity Payments Guaranteed
AGE OF FEMALE JOINT ANNUITANT
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ATTAINED AGE OF 10 Years 5 Years 0 Years 5 Years 10 Years
MALE ANNUITANT Younger Younger Younger Older Older
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55 2.92 3.04 3.16 3.27 3.38
60 3.09 3.24 3.39 3.54 3.67
65 3.30 3.49 3.69 3.88 4.05
70 3.57 3.82 4.08 4.34 4.57
75 3.92 4.25 4.61 4.96 5.25
80 4.38 4.84 5.32 5.78 6.12
85 5.01 5.62 6.25 6.77 7.11
Monthly payments for ages not shown will be furnished on request.
ML-560-2 (5/05)
