------------------------------------------------
Aetna Life Insurance and Annuity Company
Home Office: 000 Xxxxxxxxxx Xxxxxx
Xxxxxxxx, Xxxxxxxxxxx 00000
(000) 000-0000
Aetna Life Insurance and Annuity Company, herein
called Aetna, agrees to pay the benefits stated
in the Contract.
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Certificate of Group Annuity To the Certificate Holder:
Coverage
Aetna certifies that coverage is in force for
you under the stated Group Annuity Contract and
Certificate numbers. All data shown here is
taken from Aetna records and is based upon
information furnished by you.
This Certificate is a summary of the Group
Annuity Contract provisions. It replaces any and
all prior certificates, riders, or amendments
issued to you under the stated Contract and
Certificate numbers. This Certificate is for
information only and is not a part of the
Contract.
THE VARIABLE FEATURES OF THE GROUP CONTRACT ARE
DESCRIBED IN PARTS III AND IV.
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Right to Cancel You may cancel this Certificate within
10 days of receiving it by returning this
Certificate along with a written notice to Aetna
at the above address or to the agent from whom
it was purchased. Within 7 days after it
receives the notice of cancellation and this
Certificate at its Home Office, Aetna will
return the entire consideration paid.
/s/ Xxx Xxxxxxx /s/ Xxxx Xxxxxxx
President Secretary
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Contract Holder Group Annuity Contract No.
SPECIMEN SPECIMEN
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Certificate Holder Certificate No.
SPECIMEN
SPECIMEN SPECIMEN
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Annuitant Name Type of Plan
SPECIMEN SPECIMEN
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ALL PAYMENTS AND VALUES PROVIDED BY THE GROUP CONTRACT, WHEN BASED ON INVESTMENT
EXPERIENCE OF A SEPARATE ACCOUNT, ARE VARIABLE AND ARE NOT GUARANTEED AS TO
FIXED DOLLAR AMOUNT. THIS CERTIFICATE CONTAINS A MARKET VALUE ADJUSTMENT
FORMULA. APPLICATION OF A MARKET VALUE ADJUSTMENT MAY RESULT IN EITHER AN
INCREASE OR DECREASE IN THE CURRENT VALUE. THE MARKET VALUE ADJUSTMENT FORMULA
DOES NOT APPLY TO A GUARANTEED TERM AT THE TIME OF ITS MATURITY.
GMCC-97(NY)
Specifications
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Guaranteed There are guaranteed interest rates
Interest Rate for amounts held in the AG Account (See Contract
Schedule I).
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Deductions from the There will be deductions for mortality and
Separate Account expense risks and administrative fees. (See
Contract Schedule I and II).
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Deduction from Purchase The Purchase Payment is subject to a deduction
Payment for premium taxes, if any. (See 3.01.)
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Surrender Fee There will be a charge deducted upon surrender.
(See Contract Schedule I).
2
Contract Schedule I
Accumulation Period
Separate Account
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Separate Account: Variable Annuity Account B
Charges to Separate A daily charge is deducted from any portion of
Account: the Current Value allocated to the Separate
Account. The deduction is the daily equivalent of
the annual effective percentage shown in the
following chart:
Administrative Charge 0.15%
Mortality Risk Charge 0.35%
Expense Risk Charge 0.90%
Total Separate Account -----
Charges 1.40%
ALIAC Guaranteed Account (AG Account)
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Minimum Guaranteed
Interest Rate (effective
annual rate of return): 3.0%
Separate Account and AG Account
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Minimum Initial Purchase
Payment: $5,000 ($1,500 for a qualified plan)
Maximum Initial Purchase $1,000,000
Payment Without Home
Office Approval:
Transfers: An unlimited number of Transfers may be made
during the Accumulation Period. Aetna allows 12
free Transfers in any calendar year. Thereafter,
Aetna reserves the right to charge $10 for each
subsequent Transfer.
Minimum Transfer Amount: $500
Maintenance Fee: The annual Maintenance Fee is $30. If the Current
Value is $50,000 or more on the date the
Maintenance Fee is to be deducted, the
Maintenance Fee is $0.
3
Separate Account and AG Account (Cont'd)
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Surrender Fee: For each surrender, the Surrender Fee will be
determined as follows:
Surrender Fee
Length of Time from Deposit of Net (as percentage of
Purchase Payment (Years) Net Purchase Payment)
Less than 1 year 7%
1 or more but less than 2 years 6%
2 or more but less than 3 years 5%
3 or more but less than 4 years 4%
4 or more but less than 5 years 3%
5 or more but less than 6 years 2%
6 or more but less than 7 years 1%
7 years or more 0%
Systematic Withdrawal The specified payment or specified percentage
Option (SWO) Percentage: may not be greater than 10% of the Current Value
at time of election.
SWO Minimum Initial $20,000
Current Value:
SWO Minimum Payment Amount: $100
See 1. GENERAL DEFINITIONS for explanations.
4
Contract Schedule II
Annuity Period
Separate Account
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Charges to Separate Account: A daily charge at an annual effective rate of
1.25% for Annuity mortality and expense risks.
The administrative charge is established upon
election of an Annuity option. This charge will
not exceed 0.25%.
Variable Annuity Assumed If a Variable Annuity is chosen, an assumed
Annual Net Return Rate: annual net return rate of 5.0% may be elected.
If 5.0% is not elected, Aetna will use an assumed
annual net return rate of 3.5%.
The assumed annual net return rate factor for
3.5% per year is 0.9999058.
The assumed annual net return rate factor for
5.0% per year is 0.9998663.
If the portion of a Variable Annuity payment for
any Fund is not to decrease, the Annuity return
factor under the Separate Account for that Fund
must be:
(a) 4.75% on an annual basis plus an annual
return of up to 0.25% to offset the
administrative charge set at the time Annuity
payments commence if an assumed annual net
return rate of 3.5% is chosen; or
(b) 6.25% on an annual basis plus an annual
return of up to 0.25% to offset the
administrative charge set at the time Annuity
payments commence, if an assumed annual net
return rate of 5% is chosen.
Fixed Annuity
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Minimum Guaranteed 3.0%
Interest Rate (effective
annual rate of return):
See 1. GENERAL DEFINITIONS for explanations.
5
TABLE OF CONTENTS
Page
I. GENERAL DEFINITIONS
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1.01 Account...............................................................8
1.02 Accumulation Period...................................................8
1.03 Adjusted Current Value................................................8
1.04 ALIAC Guaranteed Account (AG Account).................................8
1.05 Annuitant.............................................................8
1.06 Annuity...............................................................8
1.07 Beneficiary...........................................................8
1.08 Certificate Holder....................................................8
1.09 Code..................................................................8
1.10 Contract..............................................................8
1.11 Contract Holder.......................................................9
1.12 Current Value.........................................................9
1.13 Deposit Period........................................................9
1.14 Fixed Annuity.........................................................9
1.15 Fund(s)...............................................................9
1.16 General Account.......................................................9
1.17 Guaranteed Rate -- AG Account.........................................9
1.18 Guaranteed Term.......................................................9
1.19 Guaranteed Term(s) Groups.............................................9
1.20 Maintenance Fee......................................................10
1.21 Market Value Adjustment (MVA)........................................10
1.22 Matured Term Value...................................................10
1.23 Matured Term Value Transfer..........................................10
1.24 Maturity Date........................................................10
1.25 Net Purchase Payment(s)..............................................10
1.26 Nonunitized Separate Account.........................................10
1.27 Purchase Payment(s)..................................................10
1.28 Rebalancing Program..................................................10
1.29 Reinvestment.........................................................11
1.30 Separate Account.....................................................11
1.31 Surrender Value......................................................11
1.32 Transfers............................................................11
1.33 Valuation Period (Period)............................................11
1.34 Variable Annuity.....................................................11
II. GENERAL PROVISIONS
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2.01 Change of Contract...................................................11
2.02 Change of Fund(s)....................................................12
2.03 Nonparticipating Contract............................................12
2.04 Payments and Elections...............................................13
2.05 State Laws...........................................................13
2.06 Control of Contract..................................................13
2.07 Designation of Beneficiary...........................................13
2.08 Misstatements and Adjustments........................................14
6
Page
2.09 Incontestability.....................................................14
2.10 Grace Period.........................................................14
III. PURCHASE PAYMENT, CURRENT VALUE, AND SURRENDER PROVISIONS
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3.01 Net Purchase Payment.................................................14
3.02 Certificate Holder's Account.........................................15
3.03 Fund(s) Record Units Separate Account................................15
3.04 Net Return Factor(s) - Separate Account..............................15
3.05 Fund Record Unit Value - Separate Account............................16
3.06 Market Value Adjustment..............................................16
3.07 Transfer of Current Value from the Funds or ALIAC Guaranteed Account
3.08 Notice to the Contract Holder........................................18
3.09 Loans................................................................18
3.10 Systematic Withdrawal Option (SWO)...................................18
3.11 Death Benefit Amount.................................................20
3.12 Death Benefit Options available to Beneficiary.......................21
3.13 Liquidation of Surrender Value.......................................23
3.14 Surrender Fee........................................................23
3.15 Payment of Surrender Value...........................................24
IV. ANNUITY PROVISIONS
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4.01 Choices to be Made...................................................24
4.02 Terms of Annuity Options.............................................24
4.03 Death of Annuitant/Beneficiary.......................................26
4.04 Fund(s) Annuity Units - Separate Account.............................27
4.05 Fund(s) Annuity Unit Value - Separate Account........................27
4.06 Annuity Net Return Factor(s) - Separate Account......................27
4.07 Annuity Options......................................................28
7
I. GENERAL DEFINITIONS
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1.01 Account A record established for each Certificate Holder
to maintain the value of the Net Purchase
Payment held on his/her behalf during the
Accumulation Period.
1.02 Accumulation Period: The period during which the Net Purchase
Payment(s) are applied to an Account to provide
future Annuity payment(s).
1.03 Adjusted Current Value: The Current Value of an Account plus or minus
any aggregate ALIAC Guaranteed Account MVA, if
applicable. (See 1.21)
1.04 ALIAC Guaranteed An accumulation option where Aetna guarantees
Account (AG Account): stipulated rate(s) of interest for specified
periods of time. All assets of Aetna, including
amounts in the Nonunitized Separate Account, are
available to meet the guarantees under the AG
Account.
1.05 Annuitant: The person whose life is measured for purposes
of the Guaranteed Death Benefit and the duration
of Annuity payments under the Contract.
1.06 Annuity Payment of an income:
(a) For the life of one or two persons;
(b) For a stated period; or
(c) For some combination of (a) and (b).
1.07 Beneficiary: The individual or estate entitled to receive any
payment from the Contract upon the death of the
Annuitant, or if the Certificate Holder is
different from the Annuitant, upon the death of
the Certificate Holder. If the Account is held
by joint Certificate Holders, the survivor will
be deemed the designated Beneficiary and any
other Beneficiary on record will be treated as
the contingent Beneficiary.
1.08 Certificate Holder: A person who purchases an interest in the
Contract as evidenced by a certificate. Aetna
reserves the right to limit ownership to natural
persons. If more than one Certificate Holder
owns an account, each Certificate Holder will be
a joint Certificate Holder. Unless we allow
otherwise in response to a written request prior
to Contract issue, any joint Certificate Holder
must be the spouse of the other joint
Certificate Holder. Joint Certificate Holders
have joint ownership rights and both must
authorize exercising any ownership rights unless
Aetna allows otherwise. If the account is owned
by a nonnatural person, the death benefit will
be paid at the death of the Annuitant.
1.09 Code: The Internal Revenue Code of 1986, as it may be
amended from time to time.
1.10 Contract: This agreement between Aetna and the Contract
Holder.
8
1.11 Contract Holder: The entity to which a group Contract is issued.
1.12 Current Value: As of the most recent Valuation Period, the Net
Purchase Payment and any additional amount
deposited pursuant to 3.11 plus any interest
added to the portion allocated to the ALIAC
Guaranteed Account; and plus or minus the
investment experience of the portion allocated
to the Funds since deposit; less all Maintenance
Fees deducted, any amounts surrendered and any
amounts applied to an Annuity.
1.13 Deposit Period: A calendar week, a calendar month, a calendar
quarter, or any other period of time specified
by Aetna during which Net Purchase Payment(s),
Transfers and Reinvestments are accepted into
the ALIAC Guaranteed Account for one or more
Guaranteed Terms. Aetna reserves the right to
extend the Deposit Period.
1.14 Fixed Annuity: An Annuity with payments that do not vary in
amount.
1.15 Fund(s): The open-end management investment companies
(mutual funds) in which the Separate Account
invests.
1.16 General Account: The Account holding the assets of Aetna, other
than those assets held in Aetna's separate
accounts.
1.17 Guaranteed Rate -- Aetna will declare the interest rate applicable
AG Account: to a specific Guaranteed Term at the start of
the Deposit Period for that Guaranteed Term. The
rate is guaranteed by Aetna for that Deposit
Period and the ensuing Guaranteed Term. The
Guaranteed Rate is an annual effective yield.
That is, interest is credited daily at a rate
that will produce the Guaranteed Rate over the
period of a year. No Guaranteed Rate will ever
be less than the Minimum Guaranteed Rate shown
on Contract Schedule I.
1.18 Guaranteed Term: The period of time for which AG Account
Guaranteed Rate is guaranteed on Net Purchase
Payments, Transfers and Reinvestments made into
a current Deposit Period for the AG Account.
Such period begins on the day following the
close of the Deposit Period and ends on the
designated Maturity Date. Guaranteed Terms are
offered at Aetna's discretion for various
lengths of time ranging up to and including ten
years.
During a Deposit Period, Aetna may make
available any number of Guaranteed Terms. The
Contract Holder may allocate Net Purchase
Payments and Transfers into any or all of the
available Guaranteed Terms.
1.19 Guaranteed Term(s) Groups: All AG Account Guaranteed Term(s) with the same
length of time from the close of the Deposit
Period until the designated Maturity Date.
9
1.20 Maintenance Fee: The Maintenance Fee (see Contract Schedule I)
will be deducted during the Accumulation Period
from the Current Value on each anniversary of
the date the Account is established and upon
surrender of the entire Account.
1.21 Market Value An adjustment that may apply to an amount
Adjustment (MVA): withdrawn or transferred from an AG Account
Guaranteed Term prior to the end of that
Guaranteed Term. The adjustment reflects the
change in the value of the investment due to
changes in interest rates since the date of
deposit and is computed using the formula given
in 3.06. The adjustment is expressed as a
percentage of each dollar being withdrawn or
transferred.
1.22 Matured Term Value: The amount payable on an AG Account Guaranteed
Term's Maturity Date.
1.23 Matured Term Value During the calendar month following an AG
Transfer: Account Maturity Date, the Certificate Holder
may notify Aetna's Home Office in writing to
Transfer or surrender all or part of the Matured
Term Value, plus interest at the new Guaranteed
Rate accrued thereon, from the AG Account
without an MVA. This provision only applies to
the first such written request received from the
Certificate Holder during this period for any
Matured Term Value.
1.24 Maturity Date: The last day of an AG Account Guaranteed Term.
1.25 Net Purchase Payment(s): The Purchase Payment less premium taxes, if
applicable.
1.26 Nonunitized Separate A separate account subject to the laws of New
Account: York set up by Aetna under Title 38, Section
38a-433, of the Connecticut General Statutes,
that holds assets for AG Account Terms. There
are no discrete units for this Account. The
Certificate Holder does not participate in the
investment gain or loss from the assets held in
the Nonunitized Separate Account. Such gain or
loss is borne entirely by Aetna. These assets
may be chargeable with liabilities arising out
of any other business of Aetna.
1.27 Purchase Payment(s): Payment(s) accepted by Aetna at its Home Office.
Aetna reserves the right to refuse to accept any
Purchase Payment at any time for any reason. No
advance notice will be given to the Certificate
Holder.
1.28 Rebalancing Program: A program that allows Contract Holders to have
portions of their Current Value automatically
reallocated annually to a specified percentage.
Only the portion of the Current Value held in
the separate account can be rebalanced. Contract
Holders may participate in this program by
completing the Rebalancing Section of the
enrollment form, or by requesting the service in
writing from the Company's Home Office.
Reallocations under the Reblancing Program will
not be counted for purposes of any transfer
limitations imposed under the contract.
10
1.29 Reinvestment: Aetna will mail a notice to the Certificate
Holder at least 18 calendar days and not more
than 45 days before a Guaranteed Term's Maturity
Date.
This notice will contain the Terms available
during current Deposit Periods with their
Guaranteed Rate, and projected Matured Term
Value. If no specific direction is given by the
Certificate Holder prior to the Maturity Date,
each Matured Term Value will be reinvested in
the current Deposit Period for a Guaranteed Term
of the same duration. If a Guaranteed Term of
the same duration is unavailable, each Matured
Term Value will automatically be reinvested in
the current Deposit Period for the next shortest
Guaranteed Term available. If no shorter
Guaranteed Term is available, the next longer
Guaranteed Term will be used. Aetna will mail a
confirmation statement to the Certificate Holder
the next business day after the Maturity Date.
This notice will state the Guaranteed Term and
Guaranteed Rate which will apply to the
reinvested Matured Term Value.
1.30 Separate Account: A separate account that buys and holds shares of
the Fund(s). Income, gains or losses, realized
or unrealized, are credited or charged to the
Separate Account without regard to other income,
gains or losses of Aetna. Aetna owns the assets
held in the Separate Account and is not a
trustee as to such amounts. This Separate
Account generally is not guaranteed and is held
at market value. The assets of the Separate
Account, to the extent of reserves and other
contract liabilities of the Account, shall not
be charged with other Aetna liabilities.
1.31 Surrender Value: The amount payable by Aetna upon the surrender
of any portion of an account.
1.32 Transfers: The movement of invested amounts among the
available Fund(s) and the AG Account under the
Contract during the Accumulation Period.
1.33 Valuation Period The period of time for which a Fund determines
(Period): its net asset value, usually from 4:15 p.m.
Eastern time each day the New York Stock
Exchange is open until 4:15 p.m. the next such
day, or such other day that one or more of the
Funds determines its net asset value.
1.34 Variable Annuity: An Annuity with payments that vary with the net
investment results of one or more Funds held
under the Separate Account.
II. GENERAL PROVISIONS
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2.01 Change of Contract: Only an authorized officer of Aetna may change
the terms of the contract. Aetna will notify the
Contract Holder in writing at least 30 days
before the effective date of any change. Any
change will not affect the amount or terms of
any Annuity which begins before the change.
11
Aetna may make any change that affects the AG
Account Market Value Adjustment (3.06) with at
least 30 days' advance written notice to the
Contract Holder and the Certificate Holder. Any
such change shall become effective for any new
Term and will be applicable only if it is more
favorable to the Contract Holder and/or the
Certificate Holder.
Any change that affects any of the following
under the Contract will not apply to Accounts in
existence before the effective date of the
change:
(a) Net Purchase Payment (3.01)
(b) AG Account Guaranteed Rate (1.04)
(c) Net Return Factor(s) -- Separate Account
(3.04)
(d) Current Value (1.12)
(e) Surrender Value (1.31)
(f) Fund(s) Annuity Unit Value -- Separate
Account (4.05)
(g) Annuity Options (4.07)
(h) Fixed Annuity Guaranteed Interest Rates
(4.01)
(i) Transfers (1.32).
This Contract may be changed as deemed necessary
by Aetna to comply with federal or state law.
Any such change is subject to the prior approval
of the New York Insurance Department.
2.02 Change of Fund(s): The assets of the Separate Account are
segregated by Fund. If the shares of any Fund
are no longer available for investment by the
Separate Account or if in our judgment, further
investment in such shares should become
inappropriate in view of the purpose of the
Contract, Aetna may cease to make such Fund
shares available for investment under the
Contract prospectively, or Aetna may substitute
shares of another Fund for shares already
acquired. Aetna may also, from time to time, add
additional Funds. Aetna reserves the right to
substitute shares of another Fund for shares
already acquired without a proxy vote.
2.02 Change of Fund(s) Any elimination, substitution or addition of
(Cont'd): Funds will be done in accordance with federal
securities laws and are subject to the approval
of the Superintendent of the New York Insurance
Department and Aetna will notify the Contract
Holder of such change.
2.03 Nonparticipating The Contract Holder, Certificate Holder's or
Contract: Beneficiaries will not have a right to share in
the earnings of Aetna.
12
2.04 Payments and Elections: While the Certificate Holder is living, Aetna
will pay the Certificate Holder any Annuity
payments as and when due. After the Certificate
Holder's death, or at the death of the first
Certificate Holder if the Account is owned
jointly, any Annuity payments required to be
made will be paid in accordance with 4.03. Aetna
will determine other payments and/or elections
as of the end of the Valuation Period in which
the request is received at its Home Office. Such
payments will be made within 7 calendar days of
receipt at its Home Office of a written claim
for payment which is in good order, except as
provided in 3.15.
2.05 State Laws: The Contract and the Certificate's comply with
the laws of the state in which they are
delivered. Any surrender, death, or Annuity
payments are equal to or greater than the
minimum required by such laws. Annuity tables
for legal reserve valuation shall be as required
by state law. Such tables may be different from
Annuity tables used to determine Annuity
payments.
2.06 Control of Contract: The Contract is between the Contract Holder and
Aetna. The Contract Holder has title to the
Contract. Nothing in the group annuity contract
invalidates or impairs any right granted to the
Certificate Holder. The Certificate Holder has
all other rights to amounts held in his or her
Account.
Each Certificate Holder shall own all amounts
held in his or her Account. Each Certificate
Holder may make any choices allowed by this
Contract for his or her Account. Certificate
Holder choices made under the contract must be
in writing. If the Account is owned jointly,
both joint Certificate Holders must authorize
any Certificate Holder change in writing. Until
receipt of such choices at Aetna's Home Office,
Aetna may rely on any previous choices made.
The Account may not be attached, alienated, or
subject to the claims of creditors of the
Contract Holder or the Certificate Holder except
to the extent permitted by law.
2.06 Control of Contract The Certificate Holder may assign or transfer
(Cont'd): his or her rights under the Contract. Aetna
reserves the right not to accept assignment or
transfer to a nonnatural person. Any assignment
or transfer made must be submitted to Aetna's
Home Office in writing and will not be effective
until accepted by Aetna.
2.07 Designation of Each Certificate Holder shall name his or her
Beneficiary: Beneficiary. If the Account is owned jointly,
both joint Certificate Holders must agree in
writing to the Beneficiary designated. The
Beneficiary may be changed at any time. Changes
to a Beneficiary must be submitted to Aetna's
Home Office in writing and will not be effective
until accepted by Aetna.
13
2.08 Misstatements and If Aetna finds the age or sex of any Annuitant
Adjustments: to be misstated, the amount payable under the
Contract shall be adjusted for the correct age
or sex; the amount of any underpayment or
overpayment, with interest at six per cent per
year, shall be credited to, or charged against,
the current or next succeeding payment or
payments to be made by Aetna under the Contract.
2.09 Incontestability: Aetna cannot cancel the Contract because of any
error of fact on the application. Aetna cannot
cancel an Account because of any error of fact
on the enrollment form.
2.10 Grace Period: This Contract will remain in effect even if
Purchase Payments are not continued.
III. PURCHASE PAYMENT, CURRENT VALUE, AND SURRENDER PROVISIONS
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3.01 Net Purchase Payment: This amount is the actual Purchase Payment less
any premium tax. Aetna will generally deduct the
premium tax when Annuity benefits are elected
(see Part IV). If Aetna determines that under
applicable state law, it must pay a premium tax
when the Purchase Payment is received or at any
other time, it will deduct the tax at that time.
The Net Purchase Payment will be credited among:
(a) The current Deposit Period(s) for Guaranteed
Terms under the AG Account; and
(b) The Fund(s) in which the Separate Account
invests.
3.01 Net Purchase Payment For each Net Purchase Payment, the Certificate
(Cont'd): Holder shall tell Aetna the allocation
percentage to be applied to the current Deposit
Period for each of the available Guaranteed
Terms in the AG Account and/or each Fund. If
allocation instructions are not received along
with any subsequent Net Purchase Payment, the
allocation will be the same as that indicated on
the original application. If the same Guaranteed
Term is no longer available, the Net Purchase
Payment will be allocated to the next shortest
Guaranteed Term available in the current Deposit
Period. If no shorter Guaranteed Term is
available, the next longer Guaranteed Term will
be used.
The minimum acceptable additional Purchase
Payment is shown on Contract Schedule I. The
maximum acceptable Purchase Payment without Home
Office approval is also provided on Contract
Schedule I.
3.02 Certificate Holder's Aetna will maintain an Account for each
Account: Certificate Holder.
14
3.03 Fund(s) Record Units -- The portion of the Net Purchase Payment(s)
Separate Account: applied to each Fund under the Separate Account
will determine the number of Fund record units
for that Fund. This number is equal to the
portion of the Net Purchase Payment(s) applied
to each Fund divided by the Fund record unit
value (see 3.05) for the Valuation Period in
which the Purchase Payment is received in good
order at Aetna's Home Office.
3.04 Net Return Factor(s) -- The net return factor are used to compute all
Separate Account: Separate Account record units for any Fund.
The net return factor(s) for each Fund is equal
to 1.0000000 plus the net return rate.
The net return rate is equal to:
(a) The value of the shares of the Fund held by
the Separate Account at the end of the
Valuation Period; minus
(b) The value of the shares of the Fund held by
the Separate Account at the start of the
Valuation Period; plus or minus
(c) Taxes (or reserves for taxes) on the
Separate Account (if any); divided by
(d) The total value of the Fund record units and
Fund Annuity units of the Separate Account
at the start of the Valuation Period; minus
(e) A daily Separate Account charge at an annual
rate as shown on Contract Schedule I for
mortality and expense risks, which may
include profit; and a daily administrative
charge.
3.04 Net Return Factor(s) -- A net return rate may be more or less than 0%.
Separate Account The value of a share of the Fund is equal to
(Cont'd): the net assets of the Fund divided by the number
of shares outstanding.
3.05 Fund Record Unit Value -- A Fund record unit value is computed by
Separate Account: multiplying the net return factors for the
current Valuation Period by the Fund record unit
value for the previous Period. The dollar value
of a Fund record units, Separate Account assets,
and Variable Annuity payments may go up or down
due to investment gain or loss.
3.06 Market Value Adjustment: Excepted as noted below, there will be an MVA
for a withdrawal from the AG Account before the
end of a Guaranteed Term when the withdrawal is
due to:
(a) a Transfer; except as specified in 1.24, AG
Account Matured Term Value Transfer;
(b) A full or partial surrender (including a 15%
free withdrawal under 3.14), except for a
partial withdrawal under the Systematic
Withdrawal Option (see 3.10); or
(c) An election of Annuity option 1 (see 4.07).
15
Full and partial surrenders and Transfers made
within six months after the date of the
Annuitant's death will be the greater of:
(a) The aggregate MVA amount which is the sum of
all market value adjusted amounts calculated
due to a withdrawal of amounts. This total
may be greater or less than the Current
Value of those amounts; or
(b) The applicable portion of the Current Value
in the AG Account. After the six-month
period, the surrender or Transfer will be
the aggregate MVA amount, which may be
greater or less than the Current Value of
those amounts.
The greater of the aggregate MVA amount or the
applicable portion of the Current Value applies
to amounts withdrawn from the AG Account on
account of an election of Annuity options 2 or 3
(see 4.07).
Market value adjusted amounts will be equal to
the amount withdrawn multiplied by the following
ratio:
x
---
365
(1 + i)
-------
x
---
365
(1 + j)
3.06 Market Value Where:
Adjustment (Cont'd):
i is the Deposit Period Yield
j is the Current Yield
x is the number of days remaining, (computed
from Wednesday of the week of withdrawal) in
the Guaranteed Term.
The Deposit Period Yield will be determined as
follows:
(a) At the close of the last business day of
each week of the Deposit Period, a yield
will be computed as the average of the
yields on that day of U.S. Treasury Notes
which mature in the last three months of the
Guaranteed Term.
(b) The Deposit Period Yield is the average of
those yields for the Deposit Period. If
withdrawal is made before the close of the
Deposit Period, it is the average of those
yields on each week preceding withdrawal.
The Current Yield is the average of the yields
on the last business day of the week preceding
withdrawals on the same U.S. Treasury Notes
included in the Deposit Period Yield.
16
In the event that no U.S. Treasury Notes which
mature in the last three months of the
Guaranteed Term exist, Aetna reserves the right
to use the U.S. Treasury Notes that mature in
the following quarter. If U.S. Treasury Notes
are no longer available, a suitable replacement
index, subject to approval of the Superintendent
of the New York Insurance Department, would then
be utilized.
A detailed description of the MVA has been filed
with the Superintendent of the New York
Insurance Department.
3.07 Transfer of Current Before an Annuity option is elected, all or any
Value from the Funds portion of the Adjusted Current Value may be
or AG Guaranteed transferred from any Fund or Guaranteed Term of
Account (Cont'd): the AG Account:
(a) To any other Fund; or
(b) To any Guaranteed Term of the AG Account
available in the current Deposit Period.
Transfer requests can be submitted as a
percentage or as a dollar amount. The minimum
transfer amount is shown on Contract Schedule I.
Within a Guaranteed Term Group, the amount to be
surrendered or transferred will be withdrawn
first from the oldest Deposit Period, then from
the next oldest, and so on until the amount
requested is satisfied.
3.07 Transfer of Current The Certificate Holder may make an unlimited
Value from the Funds number of Transfers during the Accumulation
or AG Guaranteed Period. The number of free Transfers allowed by
Account Aetna is shown on Contract Schedule I.
Additional Transfers may be subject to a
Transfer fee as shown on Contract Schedule I.
Amounts transferred as a Matured Term Value on
or within one calendar month of the Term's
Maturity Date do not count against the annual
Transfer limit.
Amounts applied to Guaranteed Terms of the AG
Account may not be transferred to the Funds or
to another Guaranteed Term during the Deposit
Period or for 90 days after the close of the
Deposit Period except for a Matured Term
Value(s) during the calendar month following the
Term's Maturity Date.
Transfers from Guaranteed Terms of the AG
Account are subject to the MVA provisions of
3.06.
17
3.08 Notice to the The Certificate Holder will receive quarterly
Contract Holder: statements from Aetna of:
(a) The value of any amounts held in:
(1)The AG Account; and
(2)The Fund(s) under the Separate Account
(b) The number of any Fund(s) record units; and
(c) The Fund(s) record unit value.
Such number or values will be as of a specific
date no more than 60 days before the date of the
notice.
3.09 Loans: Loans are not available under this Contract.
3.10 Systematic Withdrawal The following distribution options may be
Option (SWO): elected by the Certificate Holder or a
Beneficiary during the Accumulation Period. A
distribution option under which a portion of the
Accounts' Current Value will automatically be
surrendered and distributed each year. SWO
payments will be calculated on the Accounts'
full Current Value. The distributed amount is
withdrawn pro-rata from each investment option
used under the Account. A Surrender Fee will not
be deducted from any portion of the Current
Value which is paid as a distribution under SWO.
Certificate Holders should consult their tax
advisers prior to requesting this distribution
option. Aetna will not be responsible for any
adverse tax consequences due to receiving SWO
payments.
(a) Amount of Distribution: The Certificate
Holder or a Beneficiary may elect one of the
three payment methods described below.
3.10 Systematic Withdrawal (1) Specified Payment: Payments of a designated
Option (SWO) (Cont'd): dollar amount. The annual amount may not be
greater than the percentage of the Account's
Current Value on the date of the SWO
election as shown on Contract Schedule I.
This annual dollar amount will remain
constant. The minimum SWO payment amount is
shown on Contract Schedule I. If SWO
payments are made more frequently than
annually, the designated annual amount is
divided by the number of payments due each
year; or
(2) Specified Period: Payments made over a
designated period of time of at least 10
years. The annual amount is calculated by
dividing the Current Value as of December 31
of the year prior to the payment year by the
number of payment years remaining; or
18
(3) Specified Percentage: Payments of a
designated percentage which cannot be
greater than the percentage of the Current
Value at the time of election as shown on
Contract Schedule I. The percentage may be
changed by written request. Aetna reserves
the right to limit the number of times the
percentage may be changed. The annual amount
is calculated by multiplying the Current
Value as of December 31 of the year prior to
the payment year by the designated
percentage.
Payments upon the Contract Holder's death
will continue to the Beneficiary in the
manner described in 3.11.
(b) Minimum Initial Current Value: The Minimum
Initial Current Value required to begin SWO
is shown on Contract Schedule I. If after
election of this option, the Current Value
is insufficient to make a scheduled SWO
payment, Aetna will distribute the entire
balance.
(c) Date of Distribution: The Contract Holder or
a Beneficiary shall specify the first
payment date. The earliest allowable first
payment date is the date on which the
Contract Holder attains age 59 1/2. The
latest allowable SWO payment date is the
month of the Annuitant's 90th birthday. As
elected by the Contract Holder, SWO payments
will be made on a monthly, quarterly,
semi-annual or annual basis. If SWO payments
are made more frequently than annually, the
designated annual amount is divided by the
number of payments due each year. Subsequent
payments will be made on the 15th of the
appropriate months or on such other date as
Aetna may designate or allow.
3.10 Systematic Withdrawal (d) Election and Revocation: SWO may be elected
Option (SWO) (Cont'd): by the Certificate Holder or Beneficiary if
elected after the Certificate Holders death
by submitting a completed and signed
election form to Aetna's Home Office. Once
elected, this option may be revoked by the
Certificate Holder or Beneficiary, if
elected after the Certificate Holder's
death, by submitting a written request to
Aetna at its Home Office. Any revocation
will apply only to amounts not yet paid. SWO
may be elected only once by the Certificate
Holder or by the Beneficiary.
3.11 Death Benefit Amount: If the Certificate Holder or Annuitant dies
before Annuity payments start, the Beneficiary
is entitled to a death benefit under the
Account. If the Account is owned jointly, the
death benefit is paid at the death of the first
joint Certificate Holder to die. The claim date
is the date when proof of death and the
Beneficiary's claim are received in good order
at Aetna's Home Office. The amount of the death
benefit is determined as follows:
(a) Death of Annuitant less than 85 years of
age: The guaranteed death benefit is the
greatest of:
19
(1) The sum of all Net Purchase Payment(s)
made to the Account (as of the date of
death) minus the sum of all amounts
surrendered, applied to an Annuity, or
deducted from the Account;
(2) The highest step-up value as of the date
of death. A step-up value is determined
on each anniversary of the Effective
Date. Each step up value is calculated
as the Account's Current Value on the
Effective Date anniversary, increased by
the amount of any Purchase Payment(s)
made, and decreased by the sum of all
amounts surrendered, deducted, and/or
applied to an Annuity option since the
Effective Date anniversary.
(3) The Account's Current Value as of the
date of death.
The excess, if any, of the guaranteed death
benefit value over the Account's Current
Value is determined as of the date of death.
Any excess amount will be deposited to the
Account and allocated to Aetna Variable
Encore Fund as of the claim date. The
Current Value on the claim date plus any
excess amount deposited becomes the
Account's Current Value.
(b) Death of Annuitant age 85 or greater: The
death benefit amount is the greatest of:
3.11 Death Benefit Amount (1) The sum of all Net Purchase Payment(s)
(Cont'd): made to the Account (as of the date of
death) minus the sum of all amounts
surrendered, applied to an Annuity, or
deducted from the Account;
(2) The highest step-up value prior to the
Certificate Holder's 85th birthday. A
step-up value is determined on each
anniversary of the Effective Date. Each
step-up value is calculated as the
Account's Current Value on the Effective
Date anniversary, increased by the
amount of any Purchase Payment(s) made,
and decreased by the sum of all amounts
surrendered, deducted, and/or applied to
an Annuity option since the Effective
Date anniversary.
(3) The Account's Current Value as of the
date of death.
The excess, if any of the guaranteed death
benefit value over the Account's Current
Value is determined as of the date of death.
Any excess amount will be deposited to the
Account and allocated to Aetna Variable
Encore Fund as of the claim date. The
Current Value on the claim date plus any
excess amount deposited becomes the
Account's Current Value.
20
(c) Death of the Certificate Holder if the
Certificate Holder is not the Annuitant: The
death benefit amount is the Account's
Adjusted Current Value on the Claim Date. A
Surrender Fee may apply to any full or
partial surrender (see 3.14 and Contract
Schedule I).
(d) At the death of a surviving spouse
Beneficiary who continued the Account in his
or her own name, the death benefit amount is
equal to the Account's Current Value less
any applicable Surrender Fee on the amount
of any Purchase Payment(s) made since the
death of the Certificate Holder.
3.12 Death Benefit Options Prior to any election, or until amounts must be
available to Beneficiary: otherwise distributed under this section, the
Current Value of the Account will be retained in
the Account. The Beneficiary has the right under
the Contract to allocate or reallocate any
amount to any of the available investment
options (subject to an MVA, as applicable). The
following options are available to the
Beneficiary:
(a) When the Certificate Holder is the
Annuitant: If the Certificate
Holder/Annuitant dies, and:
3.12 Death Benefit Options (1) If the Beneficiary is the Certificate
available to Beneficiary Holder's surviving spouse, the
(Cont'd): Beneficiary may exercise all rights
under the Contract and continue in the
Accumulation Period, or may elect (i),
or (ii) below. Under the Code,
distributions from the Account are not
required until the Spousal Beneficiary's
death. The Spousal Beneficiary may elect
to:
(i) Apply some or all of the Adjusted
Current Value of the Account to
Annuity option (see 4.07);
(ii) Receive, at any time, a lump sum
payment equal to the Adjusted
Current Value of the Account.
(2) If the Beneficiary is other than the
Certificate's Holder's surviving spouse,
then options (i) or (ii), under (1)
above only apply. Any portion of the
Adjusted Current Value of the Account
not applied to an Annuity option within
one year of the Certificate Holder's
death, must be distributed within five
years of the date of death.
(3) If no Beneficiary exists, a lump sum
payment equal to the Adjusted Current
Value will be made to the Certificate
Holder's estate.
(b) When the Certificate Holder is not the
Annuitant and the Certificate Holder dies,
and:
21
(1) If the Beneficiary is the Certificate
Holder's surviving spouse, the
Beneficiary may exercise all rights
under the Contract and continue in the
Accumulation Period, or may elect (i),
or (ii) below. Under the Code,
distributions from the Account are not
required until the spousal Beneficiary's
death. The spousal Beneficiary may elect
to:
(i) Apply some or all of the Adjusted
Current Value of the Account to an
Annuity option (see 4.07);
(ii) Receive, at any time, a lump sum
payment equal to the Surrender
Value.
(2) If the Beneficiary is other than the
Certificate Holder's surviving spouse,
then options (i) or (ii) under (1) above
apply. Any portion of the Adjusted
Current Value not applied to Annuity
option within one year of the
Certificate Holder's death, must be
distributed within five years of the
date of death.
3.12 Death Benefit Options (3) If no Beneficiary exists, a lump sum
available to Beneficiary payment equal to the Surrender Value
(Cont'd): will be made to the Certificate Holder's
estate.
(c) When the Certificate Holder is not the
Annuitant and the Annuitant dies: The
Beneficiary must elect an Annuity option
within 60 days of the date of death or the
gain, if any, will be includible in the
Beneficiary's income in the tax year in
which the Annuitant dies.
3.13 Liquidation of Surrender All or any portion of the Account's Current
Value: Value may be surrendered at any time as
requested by the Certificate Holder. Surrender
requests can be submitted as a percentage of the
Account's Adjusted Current Value or as a
specific dollar amount. Net Purchase Payment
amounts are withdrawn first, and then the excess
value, if any. For any partial surrender,
amounts are withdrawn on a pro rata basis from
the Fund(s) and/or the Guaranteed Term(s) Groups
of the AG Account in which the Current Value is
invested. Within a Guaranteed Term Group, the
amount to be surrendered or transferred will be
withdrawn first from the oldest Deposit Period,
then from the next oldest, and so on until the
amount requested is satisfied.
After deduction of the Maintenance Fee, if
applicable, the surrendered amount shall be
reduced by a Surrender Fee, if applicable.
An MVA may apply to amounts surrendered from the
AG Account.
3.14 Surrender Fee: The Surrender Fee only applies to the Net
Purchase Payment(s) portion surrendered and
varies according to the elapsed time since
deposit (see Contract Schedule I). Net Purchase
Payment amounts are withdrawn in the same order
they were applied.
22
No Surrender Fee is deducted from any portion of
the Net Purchase Payment which is paid:
(a) To a Beneficiary due to the Annuitant's
death before Annuity payments start, up to a
maximum of the aggregate Net Purchase
Payment(s) minus the total of all partial
surrenders, amounts applied to an Annuity
and deductions made prior to the Annuitant's
date of death;
(b) As a premium for an Annuity option under
this Contract (see 4.07);
(c) As a distribution under the SWO provision
(see 3.10);
3.14 Surrender Fee (Cont'd): (d) At least 12 months after the date of the
first Purchase Payment to the Account, in an
amount equal to or less than 15% of the
Current Value. This applies to the first
surrender request, partial or full, in a
calendar year. The Current Value is
calculated as of the date the surrender
request is received in good order at Aetna's
Home Office. This waiver is not available to
the Contract Holder while SWO is in effect;
or
(e) For a full surrender where the Account's
Current Value is $2,500 or less and no
surrenders have been taken from the Contract
within the prior 12 months.
3.15 Payment of Surrender Under certain emergency conditions, Aetna may
Value: defer payment:
(a) For a period of up to 6 months (unless not
allowed by state law); or
(b) As provided by federal law under the
Investment Company Act of 1940.
IV. ANNUITY PROVISIONS
--------------------------------------------------------------------------------
4.01 Choices to be Made: The Certificate Holder may tell Aetna to apply
any portion of the Adjusted Current Value (minus
any premium tax) for an Annuity option (see
4.07). The first Annuity payment may not be
earlier than one calendar year after the initial
Purchase Payment nor later than the first day of
the month following the Annuitant's 90th
birthday.
When an Annuity option is chosen, Aetna must
also be told if payments are to be made other
than monthly and whether to pay:
(a) A Fixed Annuity using the General Account;
(b) A Variable Annuity using any of the Fund(s)
available under this Contract for Annuity
purposes; or
(c) A combination of (a) and (b).
23
If a Fixed Annuity is chosen, the Annuity
purchase rate for the option chosen reflects at
least the Minimum Guaranteed Interest Rate (see
Contract Schedule II), but may reflect a higher
interest rate. If a Variable Annuity is chosen,
the initial Annuity payment for the option
chosen reflects the assumed annual return rate
elected. (see Contract Schedule II).
4.02 Terms of Annuity (a) When payments start, the age of the
Options: Annuitant plus the number of years for which
payments are guaranteed must not exceed 95.
4.02 Terms of Annuity (b) An Annuity option may not be elected if the
Options (Cont'd): first payment would be less than $50 or if
the total payments in a year would be less
than $250 (less if required by state law).
Aetna reserves the right to increase the
minimum first Annuity payment amount and the
minimum annual Annuity payment amount based
upon increases reflected in the Consumer
Price Index-Urban, (CPI-U) since July 1,
1993.
(c) If a Fixed Annuity is chosen and a larger
payment would result from applying the
Surrender Value or, if greater, 95% of what
the surrender would be if there were no
surrender fee, to a current Aetna single
premium immediate Annuity, Aetna will make
the larger payment.
(d) For purposes of calculating the guaranteed
first payment of a Variable Annuity or the
payments for a Fixed Annuity, the
Annuitant's and second Annuitant's adjusted
age will be used. The Annuitant's and second
Annuitant's adjusted age is his or her age
as of the birthday closest to the Annuity
commencement date reduced by one year for
Annuity commencement dates occurring during
the period of time from July 1, 1993 through
December 31, 1999. The Annuitant's and
second Annuitant's age will be reduced by
two years for Annuity commencement dates
occurring during the period of time from
January 1, 2000 through December 31, 2009.
The Annuitant's and second Annuitant's age
will be reduced by one additional year for
Annuity commencement dates occurring in each
succeeding decade.
The Annuity purchase rates for options 2 and
3 are based on mortality from 1983 Table a.
(e) Assumed Annual Net Return Rate is the
interest rate used to determine the amount
of the first Annuity payment under a
Variable Annuity as shown on Contract
Schedule II. The Separate Account must earn
this rate plus enough to cover the mortality
and expense risks charges (which may include
profit) and administrative charges if future
Variable Annuity Payments are to remain
level, (see Annuity return factor under
Variable Annuity Assumed Annual Net Return
Rate on Contract Schedule II).
24
(f) Once elected, Annuity payments cannot be
commuted to a lump sum except for Variable
Annuity payments under option 1 (see 4.07).
The life expectancy of the Annuitant and the
Annuitant and second Annuitant shall be
irrevocable upon the election of an Annuity
option.
4.03 Death of Annuitant/ (a) Certificate Holder is Annuitant: When the
Beneficiary: Certificate Holder is the Annuitant's and
the Annuitant dies under option 1 or 2, or
both the Annuitant and the second Annuitant
die under option 3(d), the present value of
any remaining guaranteed payments will be
paid in one sum to the Beneficiary, or upon
election by the Beneficiary, any remaining
payments will continue to the Beneficiary.
If option 3 has been elected and the
Certificate Holder dies, the remaining
payments will continue to the successor
payee. If no successor payee has been
designated, the Beneficiary will be treated
as the successor payee. If the Account has
joint Certificate Holders, the surviving
joint Certificate Holder will be deemed the
successor payee.
(b) Certificate Holder is Not Annuitant: When
the Certificate Holder is not the Annuitant
and the Certificate Holder dies, the
remaining payments will continue to the
successor payee. If no successor payee has
been designed, the Beneficiary will be
treated as the successor payee. If the
Account has joint Certificate Holders, the
surviving joint Certificate Holder will be
deemed the successor payee.
If the Annuitant dies under the option 1 or
2, or if both the Annuitant and the second
Annuitant die under option 3(d), the present
value of any remaining guaranteed payments
will be paid in one sum to the Beneficiary,
or upon the election by the Beneficiary, any
remaining payments will continue to the
Beneficiary. If option 3 has been elected,
and the Annuitant dies, the remaining
payments will continue to the Certificate
Holder.
(c) No Beneficiary Named/Surviving: If there is
no Beneficiary, the present value of any
remaining payments will be paid in one sum
to the Certificate Holder, or if the
Certificate Holder is not living, then to
the Certificate Holder's estate.
(d) If the Beneficiary or the successor payee
dies while receiving Annuity payments, the
present value of any remaining guaranteed
payments will be paid in one sum to the
successor Beneficiary/payee, or upon
election by the successor Beneficiary/payee,
any remaining payments will continue to the
successor Beneficiary/payee. If no successor
Beneficiary/payee has been designated, the
present value of any remaining guaranteed
payments will be paid in one sum to the
Beneficiary's/payee's estate.
25
(e) The present value will be determined as of
the Valuation Period in which proof of death
acceptable to Aetna and a request for
payment is received at Aetna's Home Office.
The interest rate used to determine the
first payment will be used to calculate the
present value.
4.04 Fund(s) Annuity Units - The number of each Fund's Annuity units is based
Separate Account: on the amount of the first Variable Annuity
payment which is equal to:
(a) The portion of the Current Value applied to
pay a Variable Annuity (minus any premium
tax); divided by
(b) 1,000; multiplied by
(c) The payment rate for the option chosen.
Such amount, or portion of the Variable payment
will be divided by the appropriate Fund Annuity
unit value (see 4.05) of the tenth Valuation
Period before the due date of the first payment
to determine the number of each Fund Annuity
units. The number of each Fund Annuity units
remains fixed. Each future payment is equal to
the sum of the products of each Fund Annuity
unit value multiplied by the appropriate number
of units. The Fund Annuity unit value on the
tenth Valuation Period prior to the due date of
the payment is used.
4.05 Fund(s) Annuity Unit For any Valuation Period, a Fund Annuity unit
Value - Separate Account: value is equal to:
(a) The Value for the previous Period;
multiplied by
(b) The Annuity net return factor(s) (see 4.06
below) for the Period; multiplied by
(c) A factor to reflect the assumed annual net
return rate (see Contract Schedule II).
The dollar value of a Fund Annuity unit value
and Annuity payments may go up or down due to
investment gain or loss.
4.06 Annuity Net Return The Annuity net return factor(s) are used to
Factor(s) - Separate compute Annuity payments for any Fund.
Account:
The Annuity net return factor(s) for each Fund
is equal to 1.0000000 plus the net return rate.
The net return rate is equal to:
26
(a) The value of the shares of the Fund held by
the Separate Account at the end of a
Valuation Period; minus
(b) The value of the shares of the Fund held by
the Separate Account at the start of the
Valuation Period; plus or minus
(c) Taxes (or reserves for taxes) on the
Separate Account (if any); divided by
(d) The total value of the Fund record units and
Fund Annuity units of the Separate Account
at the start of the Valuation Period; minus
(e) A daily charge for Annuity mortality and
expense risks, which may include profit, and
a daily administrative charge (at the annual
rate as shown on Contract Schedule II).
4.06 Annuity Net Return A net return rate may be more of less than 0%.
Factor(s) - Separate
Account (Cont'd): The value of a share of the Fund is equal to the
net assets of the Fund divided by the number of
shares outstanding.
Payments shall not be changed due to changes in
the mortality or expense results or
administrative charges.
4.07 Annuity Options: Option 1 -- Payments for a Stated Period of
Time -- An Annuity will be paid for the number
of years chosen. The number of years must be at
least 5 and not more than 30.
If payments for this option are made under a
Variable Annuity, the present value of any
remaining payments may be withdrawn at any time.
If a withdrawal is requested within 3 years
after the start of payments, it will be treated
as a surrender and any applicable Surrender Fee
will be applied (see 3.14).
If a nonspouse Beneficiary elects this option at
the death of the Contract Holder, the period
selected may not extend beyond the Beneficiary's
life expectancy.
Option 2 -- Life Income -- An Annuity will be
paid for the life of the Annuitant. If also
chosen, Aetna will guarantee payments for 60,
120, 180, or 240 months.
Option 3 -- Life Income Based upon the Lives of
Two Annuitants -- An Annuity will be paid during
the lives of the Annuitant and a second
Annuitant. Payments will continue until both
Annuitants have died. When this option is
chosen, a choice must be made of:
27
(a) 100% of the payment to continue after the
first death;
(b) 66-2/3% of the payment to continue after the
first death;
(c) 50% of the payment to continue after the
first death;
(d) Payments for a minimum of 120 months with
100% of the payment to continue after the
first death; or
(e) 100% of the payment to continue at the death
of the second Annuitant and 50% of the
payment to continue at the death of the
Annuitant.
Other Options -- Aetna may make other options
available as allowed by the laws of the state in
which the Contract and this Certificate is
delivered.
28
OPTION 1
Payments for a Stated Period of Time
Amount of First Monthly Payment for Each $1,000
After Deduction of any Charge for Premium Taxes
Rates for a Fixed Annuity with Guaranteed Interest Rate of 3.0%
------------------------------------------------------------------------------
Guaranteed Monthly Quarterly Semi-Annual Annual
Years Rate Payment Payment Payment Payment
------------------------------------------------------------------------------
5 3.00% 17.91 53.59 106.78 211.99
6 3.00% 15.14 45.30 90.27 179.22
7 3.00% 13.16 39.39 78.49 155.83
8 3.00% 11.68 34.96 69.66 138.31
9 3.00% 10.53 31.52 62.81 124.69
10 3.00% 9.61 28.77 57.33 113.82
11 3.00% 8.86 26.52 52.85 104.93
12 3.00% 8.24 24.65 49.13 97.54
13 3.00% 7.71 23.08 45.98 91.29
14 3.00% 7.26 21.73 43.29 85.95
15 3.00% 6.87 20.56 40.96 81.33
16 3.00% 6.53 19.54 38.93 77.29
17 3.00% 6.23 18.64 37.14 73.74
18 3.00% 5.96 17.84 35.56 70.59
19 3.00% 5.73 17.13 34.14 67.78
20 3.00% 5.51 16.50 32.87 65.26
21 3.00% 5.32 15.92 31.72 62.98
22 3.00% 5.15 15.40 30.68 60.92
23 3.00% 4.99 14.92 29.74 59.04
24 3.00% 4.84 14.49 28.88 57.33
25 3.00% 4.71 14.09 28.08 55.76
26 3.00% 4.59 13.73 27.36 54.31
27 3.00% 4.47 13.39 26.68 52.97
28 3.00% 4.37 13.08 26.06 51.74
29 3.00% 4.27 12.79 25.49 50.60
30 3.00% 4.18 12.52 24.95 49.53
------------------------------------------------------------------------------
29
OPTION 2
Life Income
Amount of First Monthly Payment for Each $1,000
After Deduction of any Charge for Premium Taxes
Rates for a Fixed Annuity with Guaranteed Interest Rate of 3.0%
Payments Guaranteed for a Stated Period of Months
-------------------------------------------------------------------------------------------------------------------
Adjusted None 60 120 180 240
Age of ----------------------------------------------------------------------------------------------------
Annuitant Male Female Male Female Male Female Male Female Male Female
-------------------------------------------------------------------------------------------------------------------
50 $ 4.27 $ 3.90 $ 4.26 $ 3.90 $ 4.22 $ 3.89 $ 4.17 $ 3.86 $ 4.08 $ 3.82
51 4.34 3.97 4.33 3.96 4.30 3.95 4.23 3.92 4.14 3.88
52 4.43 4.03 4.41 4.03 4.37 4.01 4.30 3.98 4.20 3.93
53 4.51 4.10 4.50 4.10 4.45 4.08 4.37 4.04 4.26 3.99
54 4.60 4.18 4.59 4.17 4.54 4.15 4.45 4.11 4.32 4.04
55 4.70 4.25 4.68 4.25 4.62 4.22 4.53 4.18 4.39 4.11
56 4.80 4.34 4.78 4.33 4.72 4.30 4.61 4.25 4.45 4.17
57 4.91 4.42 4.89 4.41 4.82 4.38 4.69 4.32 4.51 4.23
58 5.03 4.52 5.00 4.51 4.92 4.47 4.78 4.40 4.58 4.30
59 5.15 4.61 5.12 4.60 5.03 4.56 4.87 4.48 4.65 4.37
60 5.28 4.72 5.25 4.70 5.14 4.66 4.96 4.57 4.71 4.44
61 5.43 4.83 5.39 4.81 5.27 4.76 5.06 4.66 4.78 4.51
62 5.58 4.95 5.53 4.93 5.39 4.87 5.16 4.75 4.84 4.58
63 5.74 5.08 5.69 5.05 5.53 4.99 5.26 4.85 4.90 4.65
64 5.91 5.21 5.85 5.18 5.66 5.10 5.36 4.95 4.96 4.72
65 6.10 5.36 6.03 5.32 5.81 5.22 5.46 5.05 5.02 4.79
66 6.30 5.51 6.21 5.47 5.96 5.36 5.56 5.16 5.08 4.86
67 6.51 5.67 6.41 5.63 6.12 5.50 5.66 5.26 5.13 4.93
68 6.73 5.85 6.62 5.80 6.28 5.65 5.77 5.37 5.18 5.00
69 6.97 6.04 6.84 5.98 6.44 5.80 5.86 5.49 5.23 5.06
70 7.23 6.25 7.07 6.18 6.61 5.97 5.96 5.60 5.27 5.12
71 7.51 6.47 7.32 6.39 6.79 6.14 6.05 5.71 5.31 5.18
72 7.80 6.71 7.58 6.62 6.96 6.32 6.14 5.83 5.34 5.23
73 8.12 6.98 7.85 6.86 7.14 6.50 6.23 5.94 5.37 5.28
74 8.46 7.26 8.14 7.12 7.32 6.69 6.31 6.04 5.40 5.32
75 8.82 7.57 8.45 7.40 7.50 6.89 6.38 6.14 5.42 5.35
-------------------------------------------------------------------------------------------------------------------
Rates are based on mortality from 1983 Table a.
Rates for ages not shown will be provided on request and will be computed
on a basis consistent with the rates in the above tables.
30
OPTION 3
Life Income for Two Payees
Amount of First Monthly Payment for Each $1,000
After Deduction of any Charge for Premium Taxes
(Annuitant is Male and Second Annuitant is Female)
Rates for a Fixed Annuity with Guaranteed Interest Rate of 3.0%
--------------------------------------------------------------------------------------------
Adjusted Ages
--------------------------
Second
Annuitant Annuitant Option 3a Option 3b Option 3c Option 3d Option 3e
--------------------------------------------------------------------------------------------
55 50 $ 3.69 $ 4.05 $ 4.27 $ 3.69 $ 4.13
55 55 3.88 4.25 4.47 3.87 4.25
55 60 3.06 4.47 4.71 4.06 4.36
60 55 3.99 4.44 4.71 3.98 4.55
60 60 4.24 4.71 4.99 4.23 4.70
60 65 4.49 5.01 5.32 4.48 4.85
65 60 4.38 4.97 5.32 4.38 5.10
65 65 4.72 5.33 5.70 4.71 5.32
65 70 5.07 5.75 6.17 5.05 5.54
70 65 4.93 5.68 6.15 4.91 5.86
70 70 5.40 6.21 6.70 5.36 6.18
70 75 5.89 6.82 7.40 5.81 6.49
75 70 5.69 6.68 7.32 5.62 6.92
75 75 6.37 7.45 8.15 6.23 7.40
75 80 7.07 8.34 9.16 6.78 7.85
--------------------------------------------------------------------------------------------
Rates are based on mortality from 1983
Table a. The rates assume the Annuitant is Male and the
Second Annuitant is Female.
Rates for ages not shown will be provided on
request and will be computed on a basis
consistent with the rates in the above
tables.
31
OPTION 3
Life Income for Two Payees
Amount of First Monthly Payment for Each $1,000
After Deduction of any Charge for Premium Taxes
(Annuitant is Female and Second Annuitant is Male)
Rates for a Fixed Annuity with Guaranteed Interest Rate of 3.0%
------------------------------------------------------------------------------------------
Adjusted Ages
-------------------------
Second
Annuitant Annuitant Option 3a Option 3b Option 3c Option 3d Option 3e
------------------------------------------------------------------------------------------
55 50 $ 3.75 $ 4.07 $ 4.26 $ 3.75 $ 3.98
55 55 3.88 4.25 4.47 3.87 4.06
55 60 3.99 4.44 4.71 3.98 4.12
60 55 4.06 4.47 4.71 4.06 4.37
60 60 4.24 4.71 4.99 4.23 4.47
60 65 4.38 4.97 5.32 4.38 4.54
65 60 4.49 5.01 5.32 4.48 4.89
65 65 4.72 5.33 5.70 4.71 5.02
65 70 4.93 5.68 6.15 4.91 5.14
70 65 5.07 5.75 6.17 5.05 5.60
70 70 5.40 6.21 6.70 5.36 5.79
70 75 5.69 6.68 7.32 5.62 5.96
75 70 5.89 6.83 7.40 5.81 6.63
75 75 6.37 7.45 8.15 6.23 6.92
75 80 6.78 8.11 8.99 6.54 7.15
------------------------------------------------------------------------------------------
Rates are based on mortality from 1983
Table a. The rates assume the Annuitant is Female and
the Second Annuitant is Male.
Rates for ages not shown will be provided on
request and will be computed on a basis
consistent with the rates in the above tables.
32
OPTION 1
Payments for a Stated Period of Time
Amount of First Monthly Payment for Each $1,000
After Deduction of any Charge for Premium Taxes
Rates for a Variable Annuity with Assumed Net Return Rate of 3.5%
-------------------------------------------------------------------------------
Guaranteed Monthly Quarterly Semi-Annual Annual
Years Rate Payment Payment Payment Payment
-------------------------------------------------------------------------------
5 3.50% 18.12 54.19 107.92 213.99
6 3.50% 15.35 45.92 91.44 181.32
7 3.50% 13.38 40.01 79.69 158.01
8 3.50% 11.90 35.59 70.88 140.56
9 3.50% 10.75 32.16 64.05 127.00
10 3.50% 9.83 29.42 58.59 116.18
11 3.50% 9.09 27.18 54.13 107.34
12 3.50% 8.46 25.32 50.42 99.98
13 3.50% 7.94 23.75 47.29 93.78
14 3.50% 7.49 22.40 44.62 88.47
15 3.50% 7.10 21.24 42.31 83.89
16 3.50% 6.76 20.23 40.29 79.89
17 3.50% 6.47 19.34 38.51 76.37
18 3.50% 6.20 18.55 36.94 73.25
19 3.50% 5.97 17.85 35.54 70.47
20 3.50% 5.75 17.22 34.28 67.98
21 3.50% 5.56 16.65 33.15 65.74
22 3.50% 5.39 16.13 32.13 63.70
23 3.50% 5.24 15.66 31.19 61.85
24 3.50% 5.09 15.24 30.34 60.17
25 3.50% 4.96 14.85 29.56 58.62
26 3.50% 4.84 14.49 28.85 57.20
27 3.50% 4.73 14.15 28.19 55.90
28 3.50% 4.63 13.85 27.58 54.69
29 3.50% 4.53 13.57 27.02 53.57
30 3.50% 4.45 13.30 26.49 52.53
-------------------------------------------------------------------------------
33
OPTION 1
Payments for a Stated Period of Time
Amount of First Monthly Payment for Each $1,000
After Deduction of any Charge for Premium Taxes
Rates for a Variable Annuity with Assumed Net Return Rate of 5.0%
-------------------------------------------------------------------------------
Guaranteed Monthly Quarterly Semi-Annual Annual
Years Rate Payment Payment Payment Payment
-------------------------------------------------------------------------------
5 5.00% 18.74 56.00 111.33 219.98
6 5.00% 15.99 47.77 94.96 187.64
7 5.00% 14.02 41.90 83.30 164.59
8 5.00% 12.56 37.52 74.58 147.35
9 5.00% 11.42 34.11 67.81 133.99
10 5.00% 10.51 31.40 62.42 123.34
11 5.00% 9.77 29.19 58.03 114.66
12 5.00% 9.16 27.36 54.38 107.45
13 5.00% 8.64 25.81 51.31 101.39
14 5.00% 8.20 24.50 48.69 96.21
15 5.00% 7.82 23.36 46.44 91.75
16 5.00% 7.49 22.37 44.47 87.88
17 5.00% 7.20 21.51 42.75 84.48
18 5.00% 6.94 20.74 41.23 81.47
19 5.00% 6.71 20.06 39.88 78.80
20 5.00% 6.51 19.46 38.68 76.42
21 5.00% 6.33 18.91 37.59 74.28
22 5.00% 6.17 18.42 36.62 72.35
23 5.00% 6.02 17.98 35.73 70.61
24 5.00% 5.88 17.57 34.93 69.02
25 5.00% 5.76 17.20 34.20 67.57
26 5.00% 5.65 16.87 33.53 66.25
27 5.00% 5.54 16.56 32.92 65.04
28 5.00% 5.45 16.28 32.35 63.93
29 5.00% 5.36 16.01 31.83 62.90
30 5.00% 5.28 15.77 31.35 61.95
-------------------------------------------------------------------------------
34
Option 2
Life Income
Amount of First Monthly Payment for Each $1,000
After Deduction of any Charge for Premium Taxes
Rates for a Variable Annuity with Assumed Net Return Rate of 3.5%
Payments Guaranteed for a Stated Period of Months
------------------------------------------------------------------------------------------------------------------
Adjusted None 60 120 180 240
Age of -------------------------------------------------------------------------------------------------
Annuitant Male Female Male Female Male Female Male Female Male Female
------------------------------------------------------------------------------------------------------------------
50 $ 4.56 $ 4.20 $ 4.55 $ 4.19 $ 4.51 $ 4.18 $ 4.45 $ 4.15 $4.36 $ 4.11
51 4.64 4.26 4.62 4.25 4.58 4.24 4.51 4.21 4.42 4.16
52 4.72 4.32 4.70 4.32 4.66 4.30 4.58 4.26 4.48 4.21
53 4.80 4.39 4.79 4.38 4.74 4.36 4.65 4.32 4.53 4.27
54 4.89 4.46 4.87 4.46 4.82 4.43 4.73 4.39 4.59 4.32
55 4.99 4.54 4.97 4.53 4.91 4.50 4.80 4.46 4.65 4.38
56 5.09 4.62 5.07 4.61 5.00 4.58 4.88 4.53 4.72 4.44
57 5.20 4.71 5.17 4.70 5.10 4.66 4.96 4.60 4.78 4.50
58 5.32 4.80 5.29 4.79 5.20 4.75 5.05 4.68 4.84 4.57
59 5.44 4.90 5.41 4.88 5.31 4.84 5.14 4.76 4.91 4.63
60 5.57 5.00 5.53 4.99 5.42 4.93 5.23 4.84 4.97 4.70
61 5.71 5.11 5.67 5.09 5.54 5.03 5.32 4.93 5.03 4.77
62 5.86 5.23 5.81 5.21 5.66 5.14 5.42 5.02 5.09 4.84
63 6.02 5.36 5.97 5.33 5.79 5.25 5.51 5.11 5.16 4.91
64 6.20 5.49 6.13 5.46 5.93 5.37 5.61 5.21 5.21 4.98
65 6.38 5.64 6.31 5.60 6.07 5.49 5.71 5.31 5.27 5.05
66 6.58 5.79 6.49 5.75 6.22 5.63 5.81 5.41 5.32 5.12
67 6.79 5.95 6.69 5.91 6.38 5.76 5.91 5.52 5.38 5.18
68 7.02 6.13 6.89 6.08 6.53 5.91 6.01 5.63 5.42 5.25
69 7.26 6.32 7.11 6.26 6.70 6.06 6.11 5.74 5.47 5.31
70 7.52 6.53 7.35 6.45 6.86 6.23 6.20 5.58 5.51 5.37
71 7.80 6.75 7.59 6.66 7.03 6.39 6.29 5.96 5.54 5.42
72 8.09 6.99 7.85 6.89 7.21 6.57 6.38 6.07 5.57 5.47
73 8.41 7.26 8.12 7.13 7.38 6.75 6.46 6.17 5.60 5.51
74 8.75 7.54 8.41 7.39 7.55 6.94 6.53 6.28 5.63 5.55
75 9.12 7.85 8.71 7.66 7.73 7.13 6.61 6.38 5.65 5.59
------------------------------------------------------------------------------------------------------------------
Rates are based on mortality from 1983 Table a.
Rates for ages not shown will be provided on request and will be computed
on a basis consistent with the rates in the above tables.
35
Option 2
Life Income
Amount of First Monthly Payment for Each $1,000
After Deduction of any Charge for Premium Taxes
Rates for a Variable Annuity with Assumed Net Return Rate of 5.0%
Payments Guaranteed for a Stated Period of Months
------------------------------------------------------------------------------------------------------------------
Adjusted None 60 120 180 240
Age of -------------------------------------------------------------------------------------------------
Annuitant Male Female Male Female Male Female Male Female Male Female
------------------------------------------------------------------------------------------------------------------
50 $ 5.48 $ 5.12 $ 5.46 $ 5.11 $ 5.41 $ 5.09 $ 5.34 $ 5.06 $ 5.24 $ 5.01
51 5.55 5.17 5.53 5.17 5.48 5.14 5.40 5.11 5.29 5.05
52 5.63 5.23 5.61 5.23 5.55 5.20 5.46 5.16 5.34 5.10
53 5.71 5.30 5.69 5.29 5.62 5.26 5.53 5.22 5.40 5.15
54 5.80 5.37 5.77 5.36 5.70 5.33 5.60 5.27 5.45 5.20
55 5.89 5.44 5.86 5.43 5.79 5.39 5.67 5.34 5.51 5.25
56 5.99 5.52 5.96 5.51 5.87 5.47 5.74 5.40 5.56 5.31
57 6.10 5.60 6.06 5.59 5.97 5.54 5.82 5.47 5.62 5.37
58 6.21 5.69 6.17 5.67 6.06 5.62 5.90 5.54 5.68 5.42
59 6.33 5.79 6.29 5.77 6.17 5.71 5.98 5.61 5.74 5.48
60 6.46 5.89 6.41 5.87 6.28 5.80 6.06 5.69 5.79 5.55
61 6.60 6.00 6.55 6.97 6.39 5.90 6.15 5.77 5.85 5.61
62 6.75 6.11 6.69 6.08 6.51 6.00 6.24 5.86 5.91 5.67
63 6.91 6.23 6.84 6.20 6.64 6.10 6.33 5.95 5.96 5.73
64 7.09 6.37 7.00 6.33 6.77 6.22 6.42 6.04 6.02 5.80
65 7.27 6.51 7.18 6.46 6.91 6.34 6.52 6.13 6.07 5.86
66 7.47 6.66 7.36 6.61 7.05 6.46 6.61 6.23 6.12 5.92
67 7.68 6.82 7.55 6.76 7.20 6.60 6.70 6.33 6.16 5.99
68 7.91 7.00 7.76 6.93 7.35 6.74 6.80 6.43 6.21 6.04
69 8.15 7.19 7.98 7.11 7.51 6.89 6.89 6.54 6.25 6.10
70 8.41 7.39 8.21 7.30 7.67 7.04 6.97 6.64 6.28 6.15
71 8.69 7.62 8.45 7.51 7.83 7.21 7.06 6.74 6.32 6.20
72 8.99 7.86 8.70 7.73 8.00 7.38 7.14 6.85 6.35 6.25
73 9.31 8.12 8.97 7.97 8.16 7.55 7.21 6.95 6.37 6.29
74 9.65 8.41 9.26 8.23 8.33 7.73 7.29 7.04 6.39 6.33
75 10.02 8.72 9.55 8.50 8.50 7.92 7.35 7.14 6.41 6.36
------------------------------------------------------------------------------------------------------------------
Rates are based on mortality from 1983 Table a.
Rates for ages not shown will be provided on request and will be computed
on a basis consistent with the rates in the above tables.
36
OPTION 3
Life Income for Two Payees
Amount of First Monthly Payment for Each $1,000
After Deduction of any Charge for Premium Taxes
(Annuitant is Male and Second Annuitant is Female)
Rates for a Variable Annuity with Assumed Net Return Rate of 3.5%
-------------------------------------------------------------------------------------
Adjusted Ages
-----------------------------------
Second
Annuitant Annuitant Option 3a Option 3b Option 3c Option 3d Option 3e
-------------------------------------------------------------------------------------
55 50 $ 3.97 $ 4.35 $ 4.56 3.97 $ 4.42
55 55 4.16 4.54 4.76 4.15 4.54
55 60 4.34 4.76 5.00 4.34 4.64
60 55 4.27 4.73 5.00 4.26 4.83
60 60 4.51 4.99 5.27 4.50 4.98
60 65 4.76 5.29 5.60 4.75 5.13
65 60 4.66 5.25 5.61 4.65 5.39
65 65 4.99 5.61 5.99 4.98 5.60
65 70 5.34 6.03 6.46 5.31 5.81
70 65 5.19 5.97 6.44 5.17 6.14
70 70 5.67 6.49 6.99 5.62 6.47
70 75 6.16 7.10 7.68 6.07 6.77
75 70 5.95 6.96 7.61 5.87 7.20
75 75 6.64 7.73 8.43 6.48 7.68
75 80 7.33 8.62 9.45 7.02 8.13
-------------------------------------------------------------------------------------
Rates are based on mortality from 1983 Table a.
The rates assume the Annuitant is Male and the Second Annuitant is Female.
Rates for ages not shown will be provided on request and will be computed
on a basis consistent with the rates in the above tables.
37
OPTION 3
Life Income for Two Payees
Amount of First Monthly Payment for Each $1,000
After Deduction of any Charge for Premium Taxes
(Annuitant is Female and Second Annuitant is Male)
Rates for a Variable Annuity with Assumed Net Return Rate of 3.5%
-------------------------------------------------------------------------------------
Adjusted Ages
-----------------------------------
Second
Annuitant Annuitant Option 3a Option 3b Option 3c Option 3d Option 3e
-------------------------------------------------------------------------------------
55 50 $ 4.03 $ 4.36 $ 4.55 $ 4.03 $ 4.41
55 55 4.16 4.54 4.76 4.15 4.54
55 60 4.27 4.73 5.00 4.26 4.83
60 55 4.34 4.76 5.00 4.34 4.64
60 60 4.51 4.99 5.27 4.50 4.98
60 65 4.66 5.25 5.61 4.65 5.39
65 60 4.76 5.29 5.60 4.75 5.13
65 65 4.99 5.61 5.99 4.98 5.60
65 70 5.19 5.97 6.44 5.17 6.14
70 65 5.34 6.03 6.46 5.31 5.81
70 70 5.67 6.49 6.99 5.62 6.47
70 75 5.95 6.96 7.61 5.87 7.20
75 70 6.16 7.10 7.68 6.07 6.77
75 75 6.64 7.73 8.43 6.48 7.68
75 80 7.04 8.39 9.29 6.79 8.70
-------------------------------------------------------------------------------------
Rates are based on mortality from 1983 Table a.
The rates assume the Annuitant is Female and the Second Annuitant is Male.
Rates for ages not shown will be provided on request and will be computed
on a basis consistent with the rates in the above tables.
38
OPTION 3
Life Income for Two Payees
Amount of First Monthly Payment for Each $1,000
After Deduction of any Charge for Premium Taxes
(Annuitant is Male and Second Annuitant is Female)
Rates for a Variable Annuity with Assumed Net Return Rate of 5.0%
-------------------------------------------------------------------------------------
Adjusted Ages
-----------------------------------
Second
Annuitant Annuitant Option 3a Option 3b Option 3c Option 3d Option 3e
-------------------------------------------------------------------------------------
55 50 $ 4.88 $5.26 $ 5.48 $ 4.88 $ 5.34
55 55 5.04 5.44 5.66 5.04 5.43
55 60 5.21 5.65 5.89 5.21 5.53
60 55 5.15 5.63 5.91 5.14 5.73
60 60 5.37 5.87 6.16 5.37 5.86
60 65 5.61 6.16 6.49 5.60 6.01
65 60 5.52 6.14 6.51 5.51 6.28
65 65 5.83 6.49 6.87 5.82 6.47
65 70 6.17 6.90 7.33 6.13 6.67
70 65 6.04 6.84 7.34 6.00 7.03
70 70 6.49 7.35 7.87 6.44 7.33
70 75 6.97 7.96 8.56 6.87 7.62
75 70 6.77 7.84 8.51 6.68 8.08
75 75 7.45 8.60 9.33 7.27 8.55
75 80 8.14 9.49 10.35 7.80 8.98
--------------------------------------------------------------------------------------
Rates are based on mortality from 1983 Table a.
The rates assume the Annuitant is Male and the Second Annuitant is Female.
Rates for ages not shown will be provided on request and will be computed
on a basis consistent with the rates in the above tables.
39
OPTION 3
Life Income for Two Payees
Amount of First Monthly Payment for Each $1,000
After Deduction of any Charge for Premium Taxes
(Annuitant is Female and Second Annuitant is Male)
Rates for a Variable Annuity with Assumed Net Return Rate of 5.0%
-------------------------------------------------------------------------------------
Adjusted Ages
-----------------------------------
Second
Annuitant Annuitant Option 3a Option 3b Option 3c Option 3d Option 3e
-------------------------------------------------------------------------------------
55 50 $4.93 $5.27 $ 5.46 $ 4.93 $5.19
55 55 5.04 5.44 5.66 5.04 5.43
55 60 5.15 5.63 5.91 5.14 5.73
60 55 5.21 5.65 5.89 5.21 5.53
60 60 5.37 5.87 6.16 5.37 5.86
60 65 5.52 6.14 6.51 5.51 6.28
65 60 5.61 6.16 6.49 5.60 6.01
65 65 5.83 6.49 6.87 5.82 6.47
65 70 6.04 6.84 7.34 6.00 7.03
70 65 6.17 6.90 7.33 6.13 6.67
70 70 6.49 7.35 7.87 6.44 7.33
70 75 6.77 7.84 8.51 6.68 8.08
75 70 6.97 7.96 8.56 6.87 7.62
75 75 7.45 8.60 9.33 7.27 8.55
75 80 7.86 9.28 10.20 7.57 9.59
-------------------------------------------------------------------------------------
Rates are based on mortality from 1983 Table a.
The rates assume the Annuitant is Female and the Second Annuitant is Male.
Rates for ages not shown will be provided on request and will be computed
on a basis consistent with the rates in the above tables.
40
--------------------------------------------------------------------------------
Aetna Life Insurance and Annuity Company
Home Office: 000 Xxxxxxxxxx Xxxxxx
Xxxxxxxx, Xxxxxxxxxxx 00000
(000) 000-0000
Certificate of Group Annuity Coverage
--------------------------------------------------------------------------------
ALL PAYMENTS AND VALUES PROVIDED BY THE GROUP CONTRACT, WHEN BASED ON INVESTMENT
EXPERIENCE OF A SEPARATE ACCOUNT, ARE VARIABLE AND ARE NOT GUARANTEED AS TO
FIXED DOLLAR AMOUNT. THIS CERTIFICATE CONTAINS A MARKET VALUE ADJUSTMENT
FORMULA. APPLICATION OF A MARKET VALUE ADJUSTMENT MAY RESULT IN EITHER AN
INCREASE OR DECREASE IN THE CURRENT VALUE. THE MARKET VALUE ADJUSTMENT FORMULA
DOES NOT APPLY TO A GUARANTEED TERM AT THE TIME OF ITS MATURITY.
GMCC-97(NY)
