EXHIBIT 1.A.(13)(c)
VL 450 B-97 NY
RIDER FOR TERM INSURANCE BENEFIT ON LIFE OF INSURED SPOUSE
This benefit is a part of this contract only if it is listed on a contract data
page.
Benefit
We will pay an amount under this benefit if we receive due proof that the
insured spouse died: (1)in the term period for the benefit; and (2)while this
contract is in force and not in default past the last day of the grace period.
But our payment is subject to all the provisions of this rider and of the rest
of this contract. The phrase insured spouse means the Insured's spouse named in
the application for this contract.
We show the amount of this benefit on a contract data page. We also show the
term period for the benefit there. The term period starts on the contract date.
The anniversary at the end of the period is part of that period.
Benefit Charges
The monthly charge for this benefit is deducted on each monthly date from the
contract fund. The amount of that charge is shown under Adjustments to the
Contract Fund.
Monthly charges for this benefit stop on the earliest of: (1)the death of the
Insured, (2)the death of the insured spouse, and (3)the anniversary at the end
of the term period.
This benefit has no cash value, but it can affect the cash value of the
contract.
PAID-UP INSURANCE
Paid-up Insurance on Life of Insured Spouse
If the Insured dies in the term period for this benefit while this contract is
in force and not in default past the last day of the grace period and while the
insured spouse is living, the insurance on the life of the insured spouse under
the benefit will become paid-up term insurance. While the paid-up insurance is
in effect, the contract will remain in force until the end of the term period
for this benefit. The paid-up insurance will have cash values but no loan value.
If the Insured dies by suicide within the period which we state in the Suicide
Exclusion under Death Benefits provision of the contract and our liability is
limited as we state for suicide in that provision, any provision for paid-up
insurance on the life of the insured spouse will not apply. Instead, we will
then offer to insure the insured spouse under a new contract of life or
endowment insurance. The new contract will be subject to conditions and charges
that are then determined, in accordance with regular rules in effect at the
time. Its amount will not be less than the greater of (1)the amount of insurance
on the insured spouse's life under this contract, and (2)the lowest amount
offered for the plan of insurance to be provided by the new contract. Proof that
the insured spouse is insurable will not be required, unless the new
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contract is to provide either an increased amount of insurance or a benefit that
did not apply to the insured spouse under this contract.
If this benefit becomes paid-up, it may be surrendered for its net cash value.
This will be the net value on the date of surrender of the paid-up insurance.
But, within 30 days after a contract anniversary, the net cash value will not be
less than it was on that anniversary. We base this net cash value on the insured
spouse's age and sex. The insured spouse's age at any time will be his or her
age last birthday on the contract date plus the length of time since that date.
We use the Commissioners 1980 Standard Ordinary Mortality Table. We use
continuous functions based on age last birthday. We use an effective interest
rate of 4% a year.
We will usually pay any cash value promptly. But we have the right to postpone
paying it for up to six months. If we do so for more than 30 days, we will pay
interest at the rate that then applies to Option 3 (Interest Payment) of the
Settlement Options provision in this contract.
CONVERSION TO ANOTHER PLAN OF INSURANCE
Right to Convert
While the Insured is living, you may convert this benefit to a new contract of
life insurance on the life of the insured spouse. You
will not have to prove that the insured spouse is insurable.
Conditions
You must ask for the conversion in a form that meets our needs, while this
contract is in force and not in default past the last day of
the grace period, and on or before the fifth contract anniversary. We may
require you to send us the contract.
The new contract will not take effect unless the modal premium for it is paid
while the insured spouse is living and within 31 days after its
contract date. If the premium is paid as we state, it will be deemed that the
new contract took effect on its contract date and that this benefit ended just
before that date.
Premium Credit
Upon conversion to a new contract with scheduled premiums, we will allow a
credit, as described below, on each premium that is due or scheduled for payment
during the first year of the new contract. Upon conversion to a new contract
without scheduled premiums, we will allow a credit
as of the contract date provided you pay any required minimum initial premium
for the new contract.
If this benefit has been in force for at least one year on the contract date of
the new contract, we will allow the full credit described below. If this benefit
has been in force for less than one year as of that date, the credit will be
reduced on a pro-rata basis taking into
consideration the portion of a year for which this benefit has then been in
force.
The full credit is equal to the monthly charges deducted from the contract fund
for the benefits being converted under this rider during
the twelve months preceding the date of the new contract, less 20% of any of
those premiums that were due prior to the first anniversary of this
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contract. Extra charges for extra risks or extra benefits other than a waiver
benefit are not considered in determining this credit.
If the new contract has scheduled premiums, we will reduce each premium due or
scheduled for payment in the first year of the new contract to
consider either the full or reduced credit, as appropriate. If more than one
premium is due or scheduled for payment, we will apportion any
credit between them. If the new contract does not have scheduled premiums, we
will pay either the full or reduced credit, as appropriate, into the new
contract as of the contract date provided you pay any required minimum initial
premium for the new contract.
Contract Date
If this contract is not in default, you may choose any contract date for the new
contract that is not more than 31 days after nor more than 31 days before the
date we receive your request, and not later than the fifth contract anniversary.
If this contract is in default but not past the last day of the grace period,
the contract date for the new contract will be the date on which this contract
went into default.
Contract Specifications
The new contract will be in the rating class we show for this benefit on a
contract data page. We will set the issue age, premiums and charges for the new
contract in accordance with our regular rules in use on its contract date.
Except as we state in the next sentence, the new contract may be any life or
endowment policy we regularly issue on its contract date for the same rating
class, amount, issue age and sex. It may not be: a single-premium contract; one
that insures anyone in addition to the
Insured; one that includes or provides for term insurance, other than
extended insurance; one with premiums that increase after a stated time,
if its first premium is less than 80% of any later premium; or one with
any benefit other than the basic insurance benefit and the waiver
benefit we refer to below. A waiver benefit may either waive or pay
premiums in the event of the Insured's total disability.
The basic amount of the new contract may be any amount you ask for
as long as it is at least $10,000 and not more than the amount of term
insurance for this benefit. If the amount you want is smaller than the
smallest amount we would regularly issue on the plan you want, we will
issue a new contract for as low as $10,000 on the Life Paid Up at Age 85
plan (or any other plan we are regularly issuing at that face amount) if
you ask us to.
Even though this contract does not have a waiver benefit on the
disability of an insured spouse, we will include a waiver benefit in the
new contract if its premium period runs to at least the Insured's
attained age 85 and if we would include a waiver benefit in other
contracts like the new one.
We will not waive or pay any premium under the new contract unless
it has a waiver benefit, even if we have paid premiums into this
contract due to the Insured's total disability. And we will not waive
or pay any premium under the new contract unless the total disability
started on or after its contract date.
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Any waiver benefit in the new contract will be the same one, with the same
provisions, that we put in other contracts like it on its contract date. In any
of these paragraphs, when we refer to other contracts, we mean contracts we
would regularly issue on the same plan as the new contract and for the same
rating class, amount, issue age and sex.
MISCELLANEOUS
Changes
You may be able to have this benefit changed to a new contract of life insurance
other than in accordance with the requirements for conversion
that we state above. But any change may be made only if we consent, and will be
subject to conditions and charges that are applicable to the new plan in
accordance with regular rules in effect at the time of the change.
Ownership
While any insurance under this benefit is in force after the Insured's death,
the insured spouse will be the owner of the contract and will be entitled to any
contract benefit and value and the exercise of any right and privilege granted
by the contract or by us. But any insurance payable upon the Insured's death
will be payable to the beneficiary for that insurance.
Beneficiary
The word beneficiary where we use it in this contract without
qualification means the beneficiary for insurance payable upon the death of the
Insured.
On the contract date, unless we issue the contract with an endorsement
that states otherwise, the beneficiary for insurance payable upon the death of
the insured spouse will be the Insured if living, otherwise the estate of the
insured spouse.
You may change a beneficiary for insurance payable upon the death of the insured
spouse by sending us a request in a form that meets our needs. We may ask you to
send us the contract to be endorsed. If we receive your request, and the
contract if we ask for it, at our Home Office, we will file and record the
change and it will take effect as of the date you signed the request. But if we
make any payment(s) before we receive the request, we will not have to make the
payment(s) again. Any beneficiary's interest is subject to the rights of any
assignee we know of.
When a beneficiary is designated, any relationship shown is to the
Insured, unless otherwise stated.
Misstatement of Age or Sex
If the insured spouse's stated age or sex or both are not
correct, we will change each benefit and any amount payable to what the
charges for this benefit would have provided at the insured spouse's
correct age and sex.
The charges for this benefit may change or stop on a certain date. We
may have used that date because the insured spouse would attain a certain age on
that date. If we find that the issue age for the insured spouse was wrong, we
will correct that date.
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Suicide Exclusion
If the insured spouse dies by suicide within the period which we state in the
Suicide Exclusion under Death Benefits provision of the contract, we will not
pay the amount we describe under Benefit above. Instead, we will pay no more
than the charges deducted from the contract fund for this benefit. We will make
that payment in one sum.
Reinstatement
If this contract is reinstated, it will not include the insurance that we
provide under this benefit on the life of the insured spouse unless
you prove to us that the insured spouse is insurable for the benefit.
Incontestability
Except for non-payment of premium, we will not contest this benefit after it has
been in force during the insured spouse's lifetime for two years from the issue
date.
TERMINATION OF BENEFIT
This benefit will end on the earliest of:
1 the end of the last day of the grace period if the contract is in default;
2 the end of the last day before the contract date of any other contract to
which the benefit is converted or changed;
3 the date the contract is surrendered for its net cash value, or the paid-up
insurance, if any, under the benefit is surrendered;
4 the end of its term period; and
5 the date the contract ends for any other reason.
Further, if you ask us in a form that meets our needs, we will cancel the
benefit as of the first monthly date on or after the date we receive your
request. Monthly charges due then and later will be reduced accordingly.
This Supplementary Benefit rider attached to this contract on the Contract Date
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