ENDORSEMENT
APPLICABLE TO IRA CONTRACTS
In this Endorsement "we", "our" and "us" mean AXA Equitable Life Insurance
Company and "you" and "your" mean the Owner. For purposes of this Endorsement,
references to "Contract" also include "Certificate".
When issued with this Endorsement, and as specified in the Data Pages, this
Contract is issued as an individual retirement annuity contract, which meets the
requirements of Section 408(b) of the Code. This IRA Contract is established for
the exclusive benefit of you and your beneficiaries, and the terms below change,
or are added to, applicable Sections of this IRA Contract.
[APPLICABLE TO A TRUSTEE OR CUSTODIAL IRA OWNER] [If the Owner of this IRA
Contract is a trustee or custodian under Section 408(a) of the Code and
pertinent Regulations, this IRA Contract is an annuity contract that may be used
to fund an individual retirement account that meets the requirements of Section
408(a) of the Code.]
Your entire interest under this Contract is not forfeitable.
The provisions of this IRA Endorsement supersede any inconsistent provisions of
the Contract or any other Rider or Endorsement.
PART I - DEFINITIONS
1. ANNUITANT. The following is added at the end of the existing definition:
You must be both the Annuitant and the Owner, unless the Owner is a trustee or
custodian of an individual retirement account under Section 408(a) of the Code.
2. OWNER. The existing definition is replaced by the following:
"Owner" means the individual shown on the Data Pages, who must also be the
Annuitant. Joint Owners are not available under the Contract. The Owner of this
Contract cannot be changed.
[APPLICABLE TO A TRUSTEE OR CUSTODIAL IRA OWNER]
[Where the contract is purchased to fund an individual retirement account under
Section 408(a) of the Code, the Owner must be a trustee or custodian meeting the
requirements of that Section and pertinent Regulations. The Annuitant must be
the individual for whose benefit the individual retirement account is
maintained. In such a case "you" and "your" refer to the Annuitant where
required by
context.]
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3. REQUIRED MINIMUM DISTRIBUTION PAYMENTS. This definition is added:
"Required Minimum Distribution Payments", means the payments from or with
respect to this Contract that are required by Sections 408(b) and 401(a)(9) of
the Code and are discussed in Item 8 of this Endorsement, "Required Minimum
Distributions."
PART III - CONTRIBUTIONS AND ALLOCATIONS
4. LIMITS ON CONTRIBUTIONS. The following is added at the end of the existing
Section:
No Contributions will be accepted unless they are in United States currency. We
reserve the right not to accept funds by electronic means unless they meet our
specifications.
We indicate in the Data Pages and in this Item 4 any limits on the type, source
or amount of contributions we will accept.
(a) "Regular" traditional IRA Contributions; Maximum Permissible Amount
Except in the case of a "rollover contribution" or a direct transfer
contribution described in paragraph (b) below, or a contribution made in
accordance with the terms of a Simplified Employee Pension (SEP) as described in
Section 408(k) of the Code, the total of such Contributions will not exceed the
dollar limits in the next two paragraphs of this Item 4 for any taxable year. We
do not accept SEP contributions under this IRA Contract
The total of such Contributions, which are not rollover, direct transfer or SEP
contributions to this Contract shall not exceed:
$4,000 for any taxable year beginning in 2005 through 2007; and
$5,000 for any taxable year beginning in 2008 and years thereafter.
After 2008, the annual dollar limit will be adjusted by the Secretary of the
Treasury for cost-of-living increases under Code Section 219(b)(5)(D). Such
adjustments will be in multiples of $500.
If you are age 50 or older, the annual dollar limit on contributions is
increased by $1,000 for any taxable year beginning in 2006 and years thereafter.
(b) Rollover and Direct Transfer Contributions
A "rollover contribution" is one permitted by any of the following Sections of
the Code: 402(c), 402(e)(6), 403(a)(4), 403(b)(8), 403(b)(10), 408(d)(3) and
457(e)(16). A "direct transfer" contribution is the transfer of amounts to this
Contract directly from an individual retirement account or another individual
retirement annuity contract, which meets the requirements of Section 408 of the
Code.
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(c) SIMPLE IRA Limits
No Contributions will be accepted under a SIMPLE IRA plan established by any
employer pursuant to Code Section 408(p). Also, no transfer or rollover of funds
attributable to contributions made by a particular employer under its SIMPLE IRA
plan will be accepted from a SIMPLE IRA, that is, an IRA used in conjunction
with a SIMPLE IRA plan, prior to the expiration of the 2-year period beginning
on the date you first participated in that employer's SIMPLE IRA plan.
(d) Other temporary rules
(1) An individual eligible to do so may make a repayment of a qualified
reservist distribution described in Section 72t(2)(G) of the Code
during the 2-year period beginning on the day after the end of the
active duty period or by August 17, 2008, if later.
(2) In addition to the amounts described above, for purposes of determining
the applicable amount of a regular IRA contribution in paragraph (a),
if you were a participant in a Section 401(k) plan of a certain
employer in bankruptcy described in Section 219(c)(5)(C) of the Code,
then the applicable amount is increased by $3,000. This increase in the
applicable amount applies only for the taxable years 2008 and 2009. If
you make a larger regular contribution under this provision, you cannot
also make age 50 or older contributions as described above in paragraph
(b) for the same taxable year.
PART VI-PAYMENT UPON DEATH
5. BENEFICIARY. The following sentence is added at the end of the second
paragraph of the existing Section:
Unless you specifically elect in writing otherwise, we will treat each
beneficiary's share of the Death Benefit payable as a separate account for the
benefit of each beneficiary as described in Treasury Regulation Section
1.401(a)(9)-8 Q&A A-2(a)(2) or any successor Regulation.
6. PAYMENT UPON DEATH. The following is added at the end of the existing
Section:
Payment upon death is subject to the "Required Minimum Distribution" rules of
Sections 408(b) and 401(a)(9) of the Code. See Item 8, "Annuity Benefits and
Required Minimum Distributions".
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Under either of the following two alternative circumstances a Death Benefit
payable as described in this Item 6 will not be distributed at your death before
the Maturity Date and the coverage under this Contract will continue as
described in paragraphs (1) or (2) below, whichever is applicable. Your death
may terminate an optional benefit described in a Rider to your IRA Contract as
described below. See Attachment A to this Endorsement.
[Applicable to a trustee or custodial IRA Owner]
[If the Owner and the Annuitant are different because the Owner of the Contract
is a trustee or custodian under Section 408(a) of the Code and pertinent
Regulations, in this Item 6, "you" refers to the Annuitant.]
(1) If you are married at the time of your death, and the only person named as
your Beneficiary under the Contract is your surviving spouse, and your
surviving spouse elects the "Spousal Continuation" option under your
Contract, then no Death Benefit will become payable until after your
surviving spouse's death.
(2) If the "Beneficiary Continuation Option" described in Item 7 is in effect.
[Applicable to a trustee or custodial IRA Owner]
[If the Owner and the Annuitant are different because the Owner of the Contract
is a trustee or custodian under Section 408(a) of the Code and pertinent
Regulations, in this Item 6, "you" refers to the Annuitant and your spouse can
be named successor Xxxxxxxxx.]
Terms Applicable to Spousal Continuation
To elect Spousal Continuation your surviving spouse must be Age [85] or
younger at the date of your death. Such election shall be made no later
than the Payment Transaction Date.
Upon your surviving spouse's election to continue the Contract, the
Annuity Account Value of the Contract will be reset, as of the date we
receive the Beneficiary Requirements described in the Section "Payment
Upon Death", to equal the greater of (i) the Annuity Account Value or
(ii) the Guaranteed Minimum Death Benefit. Any additional amount of
Annuity Account Value will be allocated in accordance with the current
allocation instructions on file.
[The effect of death on any optional rider for a Contract with Spousal
Continuation is shown in "Effect of Death on any Applicable Optional
Rider", See Attachment A, to this Endorsement.]
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The following Section is added at the end of Part VI:
7. BENEFICIARY CONTINUATION OPTION.
Except as otherwise provided herein, this Item 7 will apply only if you die
before the Maturity Date and a Death Benefit is payable. The Beneficiary named
in this Contract must be an individual.
With the exception of the following paragraph, this Item 7 does not apply to any
Beneficiary that is not an individual, and that non-individual Beneficiary's
portion of the Death Benefit described in the "Payment Upon Death" Section of
this Contract is payable to the Beneficiary.
This Item 7 applies to a non-individual Beneficiary only if it is a "see-through
trust". A see-through trust is an irrevocable trust, valid under state law, the
only beneficiaries of which are individuals, and which trust has met applicable
documentation requirements under applicable Regulations as we may determine. If
such a "see-through trust" described in Treasury Regulation Section
1.401(a)(9)-4 Q&A A-5, or any successor Regulation, is the Beneficiary named in
the "Beneficiary" Section of this Contract the individual used as the measuring
life for calculating payments is the oldest beneficiary of such trust.
If this Item 7 applies and there is more than one Beneficiary, the Annuity
Account Value (or if greater, the Guaranteed Minimum Death Benefit on the
Payment Transaction Date we receive all Beneficiary Requirements) will be
apportioned among your Beneficiaries as you designate pursuant to the
"Beneficiary" Section of this Contract.
If the Beneficiary qualifies to continue this Contract, and we receive that
Beneficiary's completed election no later than September 30 of the calendar year
following the calendar year of your death and before any contrary election is
made, that Beneficiary may continue your Contract pursuant to this Item 7 under
the terms set forth in (a) through (h) below. Each such Beneficiary electing to
continue his or her portion of the interest under this Contract is a
"Continuation Beneficiary". For any Beneficiary who does not timely elect to
continue his or her portion of the interest under this Contract, we will pay in
a single sum that Beneficiary's share of the Death Benefit pursuant to the
"Payment Upon Death" Section of this Contract.
a. Each Continuation Beneficiary will automatically become the Owner as
defined in this Contract with respect to that Continuation
Beneficiary's portion of the interest in this Contract. If you have
specifically elected under Item 5 of this Endorsement that we not
separately account for each Beneficiary's portion of the interest in
this Contract, the oldest Continuation Beneficiary will be the
individual used as the measuring life for purposes of calculating the
Required Minimum Distribution payments in Item 8, Part B (Minimum
Distribution Rules-Required Payments After Death).
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b. If the Annuity Account Value is less than the Guaranteed Minimum Death
Benefit on the Payment Transaction Date we receive all Beneficiary
Requirements, then we will reset such Annuity Account Value to equal
such Guaranteed Minimum Death Benefit (plus the amount attributable to
any optional enhanced Death Benefit rider), and the Continuation
Beneficiary's share of the interest in this Contract will be determined
after any such reset.
c. The Continuation Beneficiary may transfer amounts among the Investment
Options with respect to the Continuation Beneficiary's share of the
interest in this Contract.
d. The Continuation Beneficiary cannot make any additional Contributions
to this Contract.
e. Distributions to the Continuation Beneficiary with respect to that
Continuation Beneficiary's portion of the interest in this Contract
will be made in accordance with requirements described in Item 8, Part
B (Minimum Distribution Rules-Required Payments After Death).
f. A Continuation Beneficiary may withdraw the Annuity Account Value
apportioned to such Continuation Beneficiary at any time; withdrawals
made after we have received a Continuation Beneficiary's election to
continue this Contract are not subject to a Withdrawal Charge.
g. Upon a Continuation Beneficiary's death, we will make a single sum
payment to the person designated by the deceased Continuation
Beneficiary to receive that deceased Continuation Beneficiary's portion
of the Annuity Account Value, if any remains. In the alternative, the
deceased Continuation Beneficiary's designated Beneficiary may elect to
continue the payment method originally elected by the deceased
Continuation Beneficiary in accordance with paragraph (b)(1) or (b)(2)
of Item 8, Part B (Minimum Distribution Rules-Required Payments After
Death).
h. The Continuation Beneficiary may not assign his/her share of the
interest in this Contract. This Contract cannot be assigned and must
continue in your name for benefit of your Continuation Beneficiary.
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PART VII - ANNUITY BENEFITS is changed to "ANNUITY BENEFITS AND REQUIRED MINIMUM
DISTRIBUTIONS".
This following Section is added at the end of Part VII:
8. REQUIRED MINIMUM DISTRIBUTION RULES.
This Contract is subject to these "Required Minimum Distribution" rules of
Sections 408(b) and 401(a)(9) of the Code and the Treasury Regulations that
apply.
Part A of this Item 8 describes the Required Minimum Distributions to be made
during your lifetime. Part B of this Item 8 describes the Required Minimum
Distributions to be made after your death, if you die before your entire
interest in this Contract is distributed to you. The Required Minimum
Distribution Rules may be satisfied by either an Annuity Benefit or by taking
withdrawals at least annually from or with respect to your entire interest in
this Contract, all as subject to these rules.
If you choose annual withdrawals, your annual Required Minimum Distribution
payments calculated for this Contract may be made from this Contract or from
another individual retirement arrangement that you maintain, pursuant to
Treasury Regulations. If you do not take Required Minimum Distribution payments
from this Contract, we will assume that you are taking them from another
individual retirement arrangement that you maintain.
For purposes of both the "lifetime" Required Minimum Distribution rules and the
Required Minimum Distribution rules after death, the following definitions and
conditions apply:
Your "entire interest" in this Contract for purposes of the Required
Minimum Distribution Rules. Your "entire interest" in this Contract
includes the amount of any outstanding rollover, transfer and
recharacterization under Q&As-7 and -8 of Treasury Regulation Section
1.408-8 or any successor Regulation and, in addition to the dollar
amount credited, the actuarial present value of any additional benefits
provided under this IRA contract, such as guaranteed death benefits.
Required Beginning Date. Your "Required Beginning Date" is the first
day of April following the calendar year in which you attain age 70
1/2. This is the latest date when your lifetime Required Minimum
Distribution payments with respect to this Contract can start.
A. REQUIRED MINIMUM DISTRIBUTION RULES -- PAYMENTS DURING YOUR LIFE
Notwithstanding any provision of this Contract to the contrary, the distribution
of your interest in this Contract shall be made in accordance with the
requirements of Code Section 408(b)(3) and the Treasury Regulations thereunder,
the provisions of which are
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herein incorporated by reference. Prior to the date that this Contract is
annuitized then distribution of your interest in this Contract must satisfy the
requirements of Code Section 408(a)(6) and the Regulations thereunder.
Your entire interest in this Contract will be distributed or begin to be
distributed no later than your Required Beginning Date defined above. Your
entire interest may be distributed, as you elect, over (a) your life, or the
lives of you and your designated beneficiary, or (b) a period certain not
extending beyond your life expectancy, or the joint and last survivor expectancy
of you and your designated beneficiary.
These "lifetime" Required Minimum Distribution payments must be made in periodic
payments at intervals of no longer than 1 year and must be either nonincreasing
or they may increase only as provided in Q&A A-14 of Treasury Regulation Section
1.401(a)(9)-6 or any successor Regulation. In addition, any distribution must
satisfy the incidental benefit requirements specified in Q&A A-2 of Treasury
Regulation Section 1.401(a)(9)-6 or any successor Regulation.
The distribution periods described in the second preceding paragraph cannot
exceed the periods specified in Section 1.401(a)(9)-6 of the Treasury
Regulations or any successor Regulation.
The first lifetime Required Minimum Distribution payment can be made as late as
April 1 of the year following the year you attain age 70 1/2 and must be the
payment that is required for one payment interval. The second payment need not
be made until the end of the next payment interval.
B. MINIMUM DISTRIBUTION RULES - REQUIRED PAYMENTS AFTER DEATH
Death On or After Lifetime Required Minimum Distribution
Payments Commence. If you die on or after lifetime Required
Minimum Distribution payments commence, any remaining portion
of your interest will continue to be distributed under the
Annuity Benefit or other option under this Contract.
(b) Death Before Lifetime Required Minimum Distribution Payments
Commence. If you die before lifetime Required Minimum
Distribution Payments commence, your entire interest will be
distributed at least as rapidly as follows:
(1) If your designated beneficiary is someone other than your
surviving spouse as described in the immediately following
paragraph, your entire interest will be distributed, starting
by the end of the calendar year following the calendar year of
your death, over the remaining life expectancy of the
designated beneficiary, with such life expectancy determined
using the age of the beneficiary as of his or her birthday in
the year following the year of your death. In the alternative,
the beneficiary
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may elect to take distribution of your entire interest in
accordance with this Item 8, Part B, paragraph (b)(3) below.
(2) If your sole designated beneficiary is your surviving
spouse, your entire interest will be distributed, starting
by the end of the calendar year following the calendar year
of your death (or by the end of the calendar year in which
you would have attained age 70 1/2, if later), over such
surviving spouse's life. In the alternative, your surviving
spouse may elect to take distribution of your entire
interest in accordance with Item 8, Part B, paragraph (b)(3)
below. If your surviving spouse dies before these required
distributions commence to him or her, your remaining
interest will be distributed, starting by the end of the
calendar year following the calendar year of your surviving
spouse's death, over your spouse's designated beneficiary's
remaining life expectancy determined using such
beneficiary's age as of his or her birthday in the year
following the death of your spouse. In the alternative, that
beneficiary may elect to take distribution of your entire
interest in accordance with Item 8, Part B paragraph (b)(3)
below. If your surviving spouse dies after these required
distributions commence to him or her, any remaining interest
will continue to be distributed under the Annuity Benefit or
other option under this Contract.
(3) If there is no individual designated as beneficiary, or if
the applicable beneficiary chooses this alternative, the
entire interest will be distributed by the end of the
calendar year containing the fifth anniversary of your death
(or of your surviving spouse's death in the case of the
surviving spouse's death before distributions are required
to begin under this Item 8, Part B, paragraph (b)(2) above).
(4) Life expectancy is determined using the Single Life Table in
Q&A-1 of Treasury Regulation Section 1.401(a)(9)-9 or any
successor Regulation. If distributions are being made to a
surviving spouse as the sole designated beneficiary, such
spouse's remaining life expectancy for a year is the number
in the Single Life Table corresponding to such spouse's age
in the year. In all other cases, remaining life expectancy
for a year is the number in the Single Life Table
corresponding to the beneficiary's age in the year specified
in paragraph (b)(1) or (b)(2) of this Item 8, Part B and
reduced by 1 for each subsequent year.
(c) If the designated beneficiary is your surviving spouse, and the
Spousal Continuation option (described above in Item 6) is
elected, distribution of your interest need not be made until your
surviving spouse's Required Beginning Date for lifetime Required
Minimum Distributions described above in this Item 8, or your
surviving spouse's death if earlier.
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(d) For purposes of paragraphs (a) and (b) of this Item 8, Part B
above, Required Minimum Distributions are considered to commence
on your Required Beginning Date defined above in this Item 8, Part
B or, if applicable, on the date distributions are required to
begin to the surviving spouse under paragraph (b)(2) above.
However, if distributions start prior to the applicable date in
the preceding sentence, on an irrevocable basis (except for
acceleration) under an annuity contract meeting the requirements
of Treasury Regulation Section 1.401(a)(9)-6 or any successor
Regulation, then required distributions are considered to commence
on the annuity starting date.
PART VIII-CHARGES
9. WITHDRAWAL CHARGES. The following is added at the end of the existing
Section:
We reserve the right to waive the Withdrawal Charge on Required Minimum
Distribution payments.
PART IX - GENERAL PROVISIONS
10. STATUTORY COMPLIANCE. The following is added at the end of the existing
Section:
If this Contract fails to qualify as an individual retirement annuity under
Section 408(b) of the Code, we will have the right to terminate this Contract.
We may do so upon receipt of notice of such fact, before the Maturity Date. In
that case we will pay the Annuity Account Value less a deduction for the part
which applies to any Federal income tax payable by you which would not have been
payable with respect to an individual retirement annuity which meets the terms
of Sections 408(b) of the Code.
However, we may also, at your request, transfer the Annuity Account Value to
another annuity contract issued by an affiliate, subsidiary or us.
11. REPORTS AND NOTICES. The following is added at the end of the existing
Section:
We will send you a report as of the end of each calendar year showing the status
of this Contract and any other reports required by the Code. We will also send
to you information on Required Minimum Distributions as is prescribed by the
Commissioner of Internal Revenue.
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12. ASSIGNMENTS AND TRANSFERABILITY. The existing Section is replaced by the
following:
You may not transfer this Contract.
No portion of your interest in this Contract or your rights under this Contract
may be sold, assigned, pledged or transferred to any person other than the
issuer of this Contract, or discounted, encumbered or pledged as collateral for
a loan or as a security for an obligation.
AXA EQUITABLE LIFE INSURANCE COMPANY
/s/ Xxxxxxxxxxx X. Xxxxxxx /s/ Xxxxx Xxxxx Xxxxx
-------------------------- ---------------------
Xxxxxxxxxxx X. Xxxxxxx Xxxxx Xxxxx Xxxxx, Vice President,
President and Chief Executive Officer Secretary and Associate General Counsel
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ATTACHMENT A
[THE FOLLOWING TEXT WILL APPEAR ONLY FOR SINGLE OWNER CONTRACTS WHEN THE
APPLICABLE OPTIONAL RIDER HAS BEEN ELECTED.]
Single Owner Contract if Spousal Continuation is elected:
[APPLICABLE IF AN OPTIONAL GUARANTEED MINIMUM DEATH BENEFIT RIDER IS
ELECTED]
[Effect of Death on the Guaranteed Minimum Death Benefit ("GMDB") Rider
If the surviving spouse is age [75/80] or younger on the date of death
of the original Owner, and the Owner was age [84] or younger at death,
a GMDB that by its terms accumulates to Owner age [85] will instead
accumulate to age [85] of the surviving spouse.
If the surviving spouse is age [75/80] or younger on the date of death
of original Owner and the Owner was [85] or older at death, we will
reinstate the GMDB you elected. The GMDB will continue to grow
according to its terms until the Contract Date Anniversary following
the date the surviving spouse reaches age [85].
If the surviving spouse is age [76/81] or over on the date of the
Owner's death, the optional GMDB elected by the original Owner and its
charge will be discontinued.
If the optional GMDB continues, the GMDB/Guaranteed Minimum Income
Benefit roll up benefit base reset, if applicable, will be based on the
surviving spouse's age. The next available reset will be based on the
contract issue date or last reset, as applicable.]
[APPLICABLE ONLY IF THE OPTIONAL EARNINGS ENHANCEMENT BENEFIT DEATH
BENEFIT RIDER IS ELECTED]
[EFFECT OF DEATH ON THE EARNINGS ENHANCEMENT BENEFIT DEATH BENEFIT
RIDER
The Earnings Enhancement Benefit Death Benefit Increment accrued as of
the date we receive due proof of the original Owner's death will be
added to the Annuity Account Value (in addition to any amount of
accrued GMDB that is added). If the surviving spouse is age [76] or
older on the date of the Owner's death, the benefit does not remain in
effect and the Earnings Enhancement Benefit Death Benefit charge no
longer applies. If the Death Benefit is payable under the Contract, the
Earnings Enhancement Benefit Death Benefit will also be paid in
accordance with its terms. If the surviving spouse elects to continue
the Contract and become the sole Owner and is age [75] or younger on
the date of the original Owner's death, then the Earnings Enhancement
Benefit Death Benefit rider will remain in effect in accordance with
its terms and the following:
The surviving spouse's age at the Owner's date of death will determine
the Earnings Enhancement Benefit Death Benefit Increment applicable
upon the surviving spouse's death. The Earnings Enhancement Benefit
Death Benefit Increment is then frozen on the Contract Date Anniversary
following the surviving spouse's [80]th birthday.
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If the Earnings Enhancement Benefit Death Benefit Increment had been
frozen because the Owner had attained age [80], we will restore the
benefit if the surviving spouse is age [75] or younger as of the date
of the Owner's death.
The total amount of the new Annuity Account Value, including any
amounts added because of the GMDB and the Earnings Enhancement Benefit
Death Benefit Increment will be the new Earnings Enhancement Benefit
Contributions under the Earnings Enhancement Benefit Death Benefit
Rider for purposes of the Earnings Enhancement Benefit Death Benefit
Increment payable upon the surviving spouse's death.]
[APPLICABLE ONLY IF THE OPTIONAL GUARANTEED MINIMUM INCOME BENEFIT IS
ELECTED]
[EFFECT OF DEATH ON THE GUARANTEED MINIMUM INCOME BENEFIT ("GMIB")
RIDER
The GMIB features on the Contract Date are based on the original
Owner's age. If the Owner dies and the surviving spouse elects to
become sole Owner in accordance with the provisions of this benefit,
and is age [84] or younger at the time the Owner died, the GMIB
crediting continues until the Contract Date Anniversary following the
surviving spouse's [85]th birthday unless the benefit cannot be
continued as described below. If the rider had terminated and GMIB
crediting had stopped due to the Owner having attained age [85], we do
not reinstate GMIB crediting for the surviving spouse and the GMIB
charge no longer applies.
The age and Contract Date Anniversary limitations applicable to
exercise of GMIB are based on (i) the surviving spouse's age at the
Owner's date of death and (ii) the original Contract Date. If the Owner
dies and the surviving spouse is age [85] or older or will be over age
[85] before the first GMIB exercise date, the benefit does not remain
in effect and the charge no longer applies.]
[APPLICABLE ONLY IF THE OPTIONAL PRINCIPAL GUARANTEE BENEFIT ("PGB") IS
ELECTED]
[EFFECT OF DEATH ON PRINCIPAL GUARANTEE BENEFIT ("PGB")
Upon the death of the Owner, the Principal Guarantee Benefit continues
and is based on the same Benefit Maturity Date and Guaranteed Minimum
Value.]
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