Exhibit 99(d)(25)
RIDER - OVERLOAN PROTECTION BENEFIT AGREEMENT
The Penn Mutual Life Insurance Company agrees, subject to the provisions of the
Policy and this agreement, to provide the Overloan Protection Benefit described
below.
This 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.
OVERLOAN PROTECTION BENEFIT. This rider will prevent your policy from lapsing
when, on any Monthly Anniversary, the outstanding indebtedness on the policy
equals or exceeds (a) multiplied by (b), where:
(a) is the Cash Surrender Value minus the Monthly Deduction from the previous
Monthly Anniversary; and
(b) is the Specified Loan Percentage shown on the Policy Specifications Page.
If the above occurs, the policy will automatically become paid-up life
insurance. The new Specified Amount of the Policy will be equal to the Policy
Value, adjusted for a one-time Charge, multiplied by an attained age factor
shown in the Table of Death Benefit Factors.
CONDITIONS. This benefit is subject to the following conditions:
(a) The Insured's attained age is 75 or older;
(b) The Policy has been in force for a minimum of 15 years; and
(c) The Amounts that may be withdrawn from the policy without the imposition of
federal income tax must be taken as partial surrenders.
CHARGES. The one time Charge for this agreement is applied against the Policy
Value when the benefit is exercised. This charge is shown on the Policy
Specifications Page.
IMPACT OF POLICY AGREEMENT. When the benefit described in this agreement is
exercised, the following changes will be made to the Policy:
(a) All variable accumulation values in the subaccounts will be transferred to
the Fixed Account and will be credited with interest;
(b) If the Specified Amount does not include the Policy Value, it will be
changed to include the Policy Value;
(c) Any outstanding indebtedness will remain and interest will continue to be
applied to the indebtedness and credited to the Policy Loan Account;
(d) No further Monthly Deductions will be taken;
(e) No additional premium payments, partial surrenders, or policy loans, or
policy loan repayments will be allowed;
(f) No further changes can be made to the policy;
(g) With the exception of the Option to Extend the Maturity Date agreement, all
Supplemental Agreements attached to this policy will be terminated;
(h) The new Death Benefit upon the date of death of the insured will be the
greater of (i) or (ii), where:
(i) The Specified Amount of the paid-up life insurance; or
(ii) The appropriate attained age factor shown on the Policy Specifications
Page multiplied by the greater of the Policy Value or the outstanding
indebtedness.
TERMINATION OF AGREEMENT. This agreement will terminate upon:
(a) Lapse, surrender, or maturity of this policy; or
(b) Date of death of the Insured; or
(c) Date of a policy loan that causes outstanding indebtedness which equals or
exceeds (i) multiplied by (ii) where:
(i) is the Cash Surrender Value minus the Monthly Deduction from the
previous Monthly Anniversary; and
(ii) is the Specified Loan Percentage shown on the Policy Specifications
Page; or
(d) the Monthly Anniversary which coincides with or next follows receipt by the
Company of a written request to terminate this agreement.
RIDER - OVERLOAN PROTECTION BENEFIT AGREEMENT (CONTINUED)
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.
The Penn Mutual Life Insurance Company
/s/ Xxxxxxx Plush
Vice President and Chief Actuary
