Exhibit (4)(a)
SECURITY EQUITY
CONTRACT NUMBER
12345
ANNUITANT
Xxxx Xxx
INDIVIDUAL VARIABLE ANNUITY
NON-TAX QUALIFIED AND NON-CORPORATE QUALIFIED
PARTICIPATING
This is a legal ANNUITY CONTRACT between the Contract Owner and Security Equity.
PLEASE READ THIS CONTRACT CAREFULLY.
RIGHT TO EXAMINE
You may return this Contract within 10 days after receiving it. It may be
delivered or mailed to us or the agent through whom it was purchased. The
Contract will then be deemed void from the start. We will return the Accumulated
Value in the Separate Accounts plus any premium taxes that had been deducted.
However, if the contract has been issued as an IRA, we will return any purchase
payment made including any premium taxes deducted.
In consideration of the Contract Owner's application and the purchase payments
to be made as provided herein, we agree to pay benefits, to the extent required
by this Contract, to those individuals entitled to such benefits.
ALL INSTALLMENTS AND VALUES PROVIDED BY THIS CONTRACT, WHEN BASED ON THE
INVESTMENT EXPERIENCE OF ONE OR MORE DIVISIONS OF THE SEPARATE ACCOUNTS, ARE
VARIABLE AND ARE NOT GUARANTEED AS TO FIXED DOLLAR AMOUNTS.
Signed for the company at its Home Office, Armonk, NY 1O504.
V. P., GENERAL COUNSEL
AND SECRETARY PRESIDENT
6000531
(7/94)
CONTRACT SPECIFICATIONS
CONTRACT NUMBER: 12345
CONTRACT OWNER: Xxxx Xxx
ANNUITANT: Xxxx Xxx
ISSUE AGE: 35
SEX: Male
DATE OF ISSUE: July 1, 1994
AMOUNT OF INITIAL PURCHASE PAYMENT: $10,000
Please see the attached application for the allocation of your initial purchase
payment.
FORM
NUMBERS
6000531
6010531
6030531
6040531
6050531
6060531
6070531
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6010531
1. DEFINITIONS IN THIS CONTRACT
WE, US AND OUR Security Equity Life Insurance Company.
YOU AND YOUR The owner of this Contract. The owner is as shown in the
application unless later changed as provided in this Contract.
The owner may be someone other than the Annuitant.
ACCUMULATED The value under your Contract prior to the Annuity Date of all
VALUE net purchase payments; Value all gains and losses, less any
charges or amounts withdrawn.
ACCUMULATION An accounting unit of measure that we use to determine the
UNIT value in a Division prior to the Annuity Date.
AGE The Annuitant's Age at his or her last birthday.
ANNUITANT The individual upon whose life Annuity Payments are based and
who may receive payments from the Contract under an annuity
option.
ANNUITY DATE The date on which Annuity Payments begin.
ANNUITY PAYMENT One of a series of payments made under an annuity option.
ANNUITY SERVICE The service office of Security Equity Life Insurance Company,
OFFICE P.O. Box 203, Armonk, New York 10504.
ANNUITY UNIT An accounting unit of measure that we use to calculate
variable Annuity Payments.
BENEFICIARY The person named in the application or by later designation
who may receive the Proceeds in the event of the Annuitant's
or contract owner's death.
BUSINESS DAY A day on which both we and the New York Stock Exchange are
open for business.
CONTRACT -- This Contract, its riders, endorsements and amendments if any,
and the application, a copy of which is attached to and made a
part of the Contract, are the entire Contract.
CONTRACT The same day and month as the Date of Issue for each
ANNIVERSARY succeeding year that this Contract remains in force.
CONTRACT YEAR A continuous 12 month period beginning on the Date of Issue
and each Contract Anniversary thereafter.
DATE OF ISSUE The effective date of the coverage under this Contract. It is
also the date from which Contract Anniversaries are measured.
DIVISION A Division of Separate Accounts Twenty-Six or Twenty-Seven.
Each Division invests solely in its corresponding G.T. Global
Variable Investment Fund and takes the name of such G.T.
Global Variable Investment Fund.
G.T. GLOBAL Mutual fund portfolios that are the underlying investment
VARIABLE vehicles for the Divisions of the Separate Accounts.
INVESTMENT
FUNDS
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PROCEEDS The amount we are obligated to pay under the terms of this
Contract.
RIGHT TO EXAMINE The period during which the Contract can be cancelled
PERIOD and treated as void from the Date of Issue.
SEPARATE ACCOUNTS Separate Accounts Twenty-Six and Twenty-Seven are each
segregated investment accounts created by us. The Separate
Accounts are registered with the Securities and Exchange
Commission under the Investment Company Act of 1040 as unit
investment trusts and meet the definition of "separate
account" under the Federal securities laws.
VALUATION PERIOD A period beginning at the close of business each Business Day
and ending at the close of business of the following Business
Day.
WRITTEN REQUEST A notice or request in writing, signed by you and received by
our Annuity Service Office. The request must be in a format
and have content acceptable to us.
2. PURCHASE PAYMENTS
PURCHASE Each purchase payment you make is payable at our Annuity
PAYMENTS Service Office. The amount and frequency of purchase
payments may vary. Each purchase payment after the first must
be at least $100.
In any Contract Year after the first, we reserve the right not
to accept purchase payments in excess of double the amount
paid in the initial Contract Year. In the first Contract Year,
purchase payments may be limited to the greater of double the
total initial purchase payment or $25,000. In the event we
exercise these rights, we will notify you in writing, at your
last known address to us, 60 days in advance.
Prior approval is required before we will accept a purchase
payment from you that would cause the Accumulated Value of
your Contract to exceed $1,000,000. If the Accumulated Value
of your Contract exceeds $1,000,000, no additional purchase
payments will be accepted without prior approval from us.
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3. ACCUMULATION PROVISIONS
NET PURCHASE PAYMENT
We may deduct from any purchase payment applicable premium
taxes or we may defer deduction of the taxes until the Annuity
Date, if permitted by state law. The remaining balance is the
net purchase payment.
ALLOCATION OF NET PURCHASE PAYMENTS
The net purchase payments will be allocated among the
Divisions of the Separate Accounts in the proportion shown in
the application or as you may choose at a later date. You may
date. You may elect an allocation to a Division in whole
percents between zero percent and 100 percent totalling 100%.
The minimum initial allocation to any Division must be at
least $500.
Such allocations may be changed at any time by Written Request
submitted to us at our Annuity Service Office. Any allocation
change will take effect with the first purchase payment
received with or after our receipt of a Written Request for
change and will continue in effect until subsequently changed.
If any portion of purchase payments is received for allocation
to a Division no longer offered by us, we will contact you to
secure new allocations. If we are unable to contact you within
5 days of our receipt of your purchase payment we will return
that portion to you.
ACCUMULATION UNITS IN THE DIVISIONS
We will establish an account in your name for each Division to
which you allocate net purchase payments or transfer amounts.
Net purchase payments and transfer amounts are allocated to
Divisions and credited to your accounts in the form of
Accumulation Units. The number of Accumulation Units that we
will credit to each account is determined by dividing the
portion of the net purchase payment or transfer amount for
that account by the Accumulation Unit value for that Division
at the end of the Valuation Period during which the net
purchase payment or transfer request is received by us at our
Annuity Service Office. The number of Accumulation Units
credited in connection with the first net purchase payment is
determined as of the end of the Valuation Period during which
the Date of Issue falls. The number of Accumulation Units
determined will not be affected by any subsequent changes in
the values of the Accumulation Units. The Accumulation Unit
value of the Divisions may increase or decrease from day to
day based on investment results.
The number of Accumulation Units in any account will be
increased at the end of a Valuation Period by any net purchase
payments allocated to the corresponding Division during that
Valuation Period and by any Accumulated Value transferred to
that Division from another Division during that Valuation
Period. The number of Accumulation Units in any account will
be decreased at the end of a Valuation Period by any transfers
of Accumulated Value out of the corresponding Division, by any
partial withdrawals or surrenders from that Division, and by
any administrative or surrender charges deducted from that
Division during that Valuation Period.
4. CONTRACT CONTINUATION
AUTOMATIC NONFORFEITURE OPTION
This Contract does not require continuing purchase payments
and will continue as a paid-up Contract until the earlier of
the Annuity Date, surrender of the Contract, your death, or
death of the Annuitant as long as your Accumulated Value is
sufficient to pay fees and charges. Purchase payments may be
resumed at any time prior to the Annuity Date, surrender, your
death, or death of the Annuitant.
CONTRACT CONTINUATION
Notwithstanding the above, we may cancel this Contract , upon
60 days notice, at the end of any two consecutive Contract
Years in which no purchase payments have been made, if both
(1) the total purchase payments made over the life of the
Contract, less any withdrawals, are less than $2,000, and (2)
the Accumulated Value at the end of such two year period is
less than $2,000. Upon cancellation, we will pay you the
Accumulated Value computed as of the Valuation Period during
which the cancellation occurs, less the administration fee, if
applicable. Such cancellation could have adverse tax
consequences.
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5. VALUATION PROVISIONS - SEPARATE ACCOUNTS
SEPARATE ACCOUNTS
Separate Accounts Twenty-Six and Twenty-Seven are segregated
investment accounts created by us under New York Law to
receive and hold purchase payments for this Contract. We own
the assets of the Separate Accounts and such assets are held,
for the Separate Accounts, separately from the assets held in
the General Account, other segregated asset accounts of
Security Equity Life Insurance Company ("Security Equity"),
and from each other.
The income, if any, gains and losses, realized or unrealized,
on each Separate Account and each Division therein will be
credited to or charged against the amounts allocated to such
Separate Account and Division without regard to other income,
gains or losses to Security Equity. That portion of the assets
of each Separate Account equal to the reserves and other
contract liabilities with respect to such Separate Account
will not be chargeable with liabilities arising out of any
other business that Security Equity may conduct. We have the
right to transfer to our General Account assets in excess of
the amount equal to reserves and other liabilities of a
Separate Account.
NET INVESTMENT FACTOR
Each Business Day we will calculate each Division's net
investment factor. A Division's net investment factor measures
its investment performance during a Valuation period. The net
investment factor for each Division for any Valuation Period
is determined by dividing (a) by (b) and subtracting (c) from
the result:
Where (a) is:
(1) the net asset value per share of a G.T. Global
Variable Investment Fund share held in the Division
determined at the end of the current Valuation Period,
plus
(2) the per share amount of any dividend or capital gain
distribution made by a G.T. Global Variable Investment
Fund on shares held in the Division if the "ex-dividend"
date occurs during the current Valuation Period.
Where (b) is:
the net asset value per share of a G.T. Global Variable
Investment Fund share held in the Division determined as
of the end of the immediately preceding Valuation
Period.
Where (c) is:
a factor representing the charges deducted from the
Division on a dally basis for administrative expenses
and mortality and expense risks. Such factor is equal
on an annual basis to 1.40% (0.15% for administrative
expenses and 1.25% for mortality and expense risks).
The net investment factor may be greater or less than or equal
to one. Therefore, the value of an Accumulation or Annuity
Unit may increase, decrease, or remain the same.
ACCUMULATION UNIT VALUE
The initial value of an Accumulation Unit in each Division in
the Separate Accounts was arbitrarily set at $12 for the first
Valuation Period. This value may increase or decrease from day
to day based on investment results.
For each Division, the value of an Accumulation Unit is
determined at the end of every Valuation Period. The value is
determined by multiplying the Division's Accumulation Unit
value for the end of the immediately preceding Valuation
Period by the Division's net investment factor for the most
current Valuation Period.
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ANNUITY UNIT VALUE
The initial value of an Annuity Unit in each Division in the
Separate Accounts was arbitrarily arbitrarily set at $12 for
the first Valuation Period. This value may increase or
decrease from day to day based on investment results.
For each Division, the value of an Annuity Unit is determined
at the end of every Valuation Period. The value is determined
by multiplying such Division's Annuity Unit value for the end
of the preceding Valuation Period by the product of (a)
.99989256 once for each calendar day between the end of the
sixth preceding Valuation Period and the end of the fifth
preceding Valuation Period and (b) the Division's net
investment factor for the fifth Valuation Period preceding
such Valuation Period.
6. TRANSFERS
TRANSFERS
Prior to the Annuity Date, you may transfer amounts among the
Divisions of the Separate Accounts. These transfers will be
subject to the following conditions:
1. We must receive a request for transfer by Written Request;
2. Transfers from a Division may be made at any time and must
be at least $500 (or the entire amount in a Division, if less
than $500);
3. Any Accumulated Value remaining in a Division must be at
least $500 (or the request may be treated as a request to
transfer the entire amount in that Division);
4. There is no limit to the number of transfers that you may
request. However, we reserve the right to assess a charge of
up to $25 for each transfer in excess of twelve (12) transfers
made in any Contract Year, excluding transfers made under the
dollar cost averaging program.
Transfers involving the Divisions will be subject to
additional terms and conditions that may be imposed by each
Division's corresponding G .T. Global Variable Investment
Fund. (See Postponement of Payments provision, Section 13.)
You must instruct us as to what amounts should be transferred
from each Division.
A transfer will be effective on the date the Written Request
for transfer is received at our Annuity Service Office. We may
revoke or modify the transfer privilege at any time, including
the minimum amount for a transfer and the transfer charge, if
any.
7. ADDITION, DELETION, OR SUBSTITUTION OF INVESTMENTS
SEPARATE ACCOUNTS
We reserve the right, subject to compliance with applicable
law, to make additions to, deletions from, or substitutions of
the shares of a G.T. Global Variable Investment Fund that are
held or purchased by the Separate Accounts for the Divisions.
We reserve the right to eliminate the shares of any of the
G.T. Global Variable Investment Funds and to substitute shares
of another G.T. Global Variable Investment Fund or of another
registered open-end investment company, if the shares or G.T.
Global Variable Investment Funds are no longer available for
investment or if in our judgement, further investment in any G
.T. Global Variable Investment Fund should become
inappropriate in view of the purpose of the Contract. We will
not substitute any shares attributable to your interest in a
Division of the Separate Accounts without at least 30 days
notice to the owner and prior approval of the Securities and
Exchange Commission, to the extent required by the Investment
Company Act of 1940 or other applicable law. This will not
prevent the Separate Accounts from purchasing other securities
for other series or classes of contracts, or from permitting
conversion between series or classes of contracts on the basis
of requests made by owners.
We also reserve the right to establish additional Divisions of
the Separate Accounts, each of which would invest in a new
G.T. Global Variable Investment Fund, or in shares of another
investment company, and to make such Divisions available to
whatever class or series of contracts we choose. We also
reserve the right to eliminate or combine Divisions of the
Separate Accounts or to transfer assets between Divisions.
If we consider it to be in the best interest of persons having
voting privileges under the contracts, the Separate Accounts
may be operated as management companies under the Investment
Company Act of 1940. They may be deregistered under that Act
in the event registration is no longer required. They may be
combined with other separate accounts; or the assets may be
transferred to other separate accounts.
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8. CHARGES AND DEDUCTIONS
ADMINISTRATIVE CHARGES
Each year on the last day of the Contract Year, we may deduct
an annual account administration fee ("account fee") as
partial compensation for expenses relating to the issue and
maintenance of this Contract and your account. On Accumulated
Values of $20,000 or more, there will be no account fee. On
Accumulated Values less than $20,000, the account fee assessed
will be the lesser of $30 or 2% of your Accumulated Value for
Contract Years ending prior to December 31,1999. Thereafter,
the account fee may be adjusted annually, but in no event may
it be adjusted by more than the amount that reflects the
change in the Consumer Price Index since December 31, 1992,
nor will it exceed $50. The account fee will be deducted from
the G.T. Global Money Market Division; or from the Division
with the largest portion of Accumulated Value if no G .T.
Global Money Market Division investment exists on the Contract
Anniversary. To the extent that the account fee is deducted
from a Division, Accumulation Units will be cancelled to
effect the deduction. On full surrender, the entire account
fee, if applicable, will be assessed.
On occasion, the last day of a Contract Year will not fall on
a Business Day. If the last day of a Contract Year and the
next Business Day fall in the same calendar month,
administrative charges will be taken on the next Business Day.
If the last day of a Contract Year and the next Business Day
do not fall in the same calendar month, administrative charges
will be taken on the Business Day immediately preceding the
last day of the Contract Year.
After the Annuity Date, the annual account fee will be
deducted in equal amounts from each variable Annuity Payment
made during the year. No such deduction will be made on fixed
Annuity Payments.
We reserve the right to charge a fee to cover our expenses for
special handling. Please refer to the Separate Account
prospectus for current charges.
SURRENDER CHARGE
Upon full surrender of the Contract or partial withdrawal of
Accumulated Value, we will apply a surrender charge to the
gross withdrawal amount, excluding any applicable
administrative charges. This surrender charge, expressed as a
percentage of each net purchase payment, will apply to net
purchase payments for seven years measured from the date the
net purchase payment is received. The surrender charge
schedule is as follows:
Years Since Receipt
of Purchase Payment Surrender Charge
------------------- ----------------
0 7%
1 6%
2 5%
3 4%
4 3%
5 2%
6 1%
7+ 0%
You may withdraw an amount equal to ten percent (10%) of your
Accumulated Value each year without incurring a surrender
charge ("10% Free"). The annual 10% Free amount will be equal
to 10% of the Accumulated Value on the date that the first
partial withdrawal is made each Contract Year. The 10% Free
amounts withdrawn will not reduce the net purchase payment
still subject to a surrender charge. The 10% Free amount does
not apply upon full surrender.
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After an amount equal to the 10% Free has been withdrawn,
additional amounts will be withdrawn from net purchase
payments on a FlFO basis and will be subject to the surrender
charges noted in the above table. Net purchase payments which
were received more than seven (7) years prior to the date of
withdrawal may be withdrawn without incurring a surrender
charge. After all net purchase payments have been withdrawn,
further withdrawals will be made from earnings without
incurring a surrender charge. If the Accumulated Value is less
than the net purchase payments subject to a surrender charge,
the surrender charge will only be applied to the Accumulated
Value. The surrender charge is not applied in the event of
annuitization with us after three Contract Years, or on death
of the Annuitant.
9. CASH WITHDRAWALS
CASH WITHDRAWALS
At any time before the Annuity Date and during the lifetime of
the Annuitant, you may elect to receive a cash withdrawal
payment. The election must be in the form of a Written Request
and specify the amount of the withdrawal. It will be effective
on the date that a Written Request for withdrawal is received
at our Annuity Service Office.
You may request a full surrender or a partial withdrawal. A
full surrender will result in a cash withdrawal payment equal
to the Accumulated Value of your Contract at the end of the
Valuation Period during which the election becomes effective,
less any applicable administrative charges and surrender
charge. A request for a partial withdrawal will result in a
reduction in your Accumulated Value equal to the amount you
receive plus any applicable surrender charge and
administrative charges. The amount you receive can be less
than the amount requested if your Accumulated Value is
insufficient to cover applicable charges and produce the
requested amount. Any withdrawal request cannot exceed the
Accumulated Value of your Contract. Any applicable surrender
charge will be calculated based upon the gross amount of
withdrawal.
There is no limit on the frequency of partial withdrawals.
However, the amount withdrawn must be at least $500 or, if
less, the entire balance in a Division. If after the
withdrawal (and deduction of any surrender charge) the amount
remaining in the Division would be less than $500, we will
treat the partial withdrawal as a withdrawal of the entire
amount held in the Division. If a partial withdrawal plus any
applicable surrender charge would reduce the Accumulated Value
to less than $500, we will treat the partial withdrawal as a
full surrender of the Contract. In the case of a partial
withdrawal, you must instruct us as to the amounts to be
withdrawn from each Division.
Cash withdrawals from a Division will result in the
cancellation of Accumulation Units attributable to your
account with an aggregate value on the effective date of the
withdrawal equal to the total amount by which the Accumulated
Value in the Division is reduced. The cancellation of such
units will be based on the Accumulation Unit values of the
Division at the end of the Valuation Period during which the
cash withdrawal is effective.
If at the time you make a request for a full surrender or a
partial withdrawal, you do not provide us with a Written
Request not to -have Federal income taxes withheld, we must by
law withhold such taxes from the taxable portion of any
surrender or withdrawal.
Requests for cash withdrawal payments to a party other than
you and/or to an address other than your address of record
require a signature guarantee. In addition, if your address of
record has been changed within the preceding 30 days, a
signature guarantee is required.
Any cash withdrawal payment will be paid within seven days
from our receipt of your Written Request, except as we may be
permitted to defer such payment in accordance with the
Investment Company Act of 1040 and applicable state insurance
law.
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10. ANNUITY PROVISIONS
ANNUITY PROCEEDS
The annuity proceeds will equal the Accumulated Value, less
any applicable premium taxes, administrative charges, and
surrender charge on the Annuity Date. Only if the Annuity Date
of the Contract occurs within the first three Contract Years,
will the surrender charge be deducted from the annuity
proceeds on the Annuity Date.
ANNUITY DATE
Annuity Payments will begin under the Contract on the Annuity
Date unless the Contract has been surrendered or the Proceeds
have been paid to the designated Beneficiary prior to that
date. The Annuity Date will be the later of the first day of
the first month following the Annuitant's 85th birthday or
upon completion of five Contract Years, unless otherwise
restricted, as in the case of a non-corporate qualified
contract or by applicable law.
You may change the Annuity Date. An Annuity Date may be
changed only by Written Request during the Annuitant's
lifetime, and such a request must reach our Annuity Service
Office at least 30 days before (1) the then current Annuity
Date, and (2) the new Annuity Date. The new Annuity Date must
be no later than the Annuity Date as defined in the paragraph
above.
ELECTION OF ANNUITY OPTION
While the Annuitant is alive, you may choose any annuity
option or change any choice, if your choice was not
irrevocable, but only before Annuity Payments begin. The
election must be made not later than thirty days prior to the
time Annuity Payments begin. If an annuity option is not
chosen prior to the Annuity Date, payments will begin to the
Annuitant on the Annuity Date under the annuity option
providing a Life Annuity with 120 Monthly Payments Guaranteed.
(Option 2 below)
At the time annuity proceeds are payable to a Beneficiary, a
Beneficiary may choose or change any annuity option if
Proceeds are available to the Beneficiary in one sum.
A choice or change must be made by Written Request.
ANNUITY OPTIONS
(See Annuity Option Tables at the end of this Contract.) On
the Annuity Date, the annuity proceeds may be placed under any
of the following options:
OPTION 1. LIFE ANNUITY. We will pay a monthly income during a
person's lifetime, which will cease with the last payment
preceding the death of that person.
OPTION 2. LIFE ANNUITY WITH 60, 120, 180, OR 240 MONTHLY
PAYMENTS GUARANTEED. We will pay a monthly income during a
person's lifetime with the guarantee that if, at death of the
person, payments have been made for less than 60 months, 120
months, 180 months, or 240 months, as elected, payments will
be continued to the beneficiary during the remainder of the
elected period.
OPTION 3. JOINT AND SURVIVOR INCOME FOR LIFE. We will make
monthly payments jointly to two payees if both are living when
the payments become payable. The Annuitant will be designated
as primary payee. Full payments will continue so long as the
primary payee is living. If the primary payee dies after
payments begin, full payments or payments of 1/2 or 2/3,
(whichever you elected when applying for this option) will
continue to the other payee during his or her lifetime.
OPTION 4. INCOME FOR A FIXED PERIOD. We will pay the annuity
proceeds in payments over a period of from 5 to 30 years. The
amount of each payment will be based upon the period and the
frequency of the payments selected from Option 4 Table.
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ALLOCATION OF ANNUITY
When you elect one of the annuity options, you may further
elect to have the annuity purchased in the form of the
variable annuity, fixed annuity, or a combination of both.
If no election is made to the contrary on these options, the
Accumulated Value in the Divisions of the Separate Accounts
will be applied to provide a variable annuity.
VARIABLE ANNUITY PAYMENTS
For the variable portion of an annuity option, the amounts
applied to the annuity are used to purchase Annuity Units in
the selected Division(s). The number of Annuity Units
purchased in each Division is calculated as the dollar amount
of the first Annuity Payment provided by Proceeds from that
Division divided by the Annuity Unit value for the Division as
of the Annuity Date. On any payment date, the amount of
payment from each Division is calculated as the number of
Annuity Units for the Division times the Annuity Unit value
for the Division as of the payment date, less any applicable
administrative charges.
Although variable Annuity Payments will vary to reflect
performance of the Divisions, we guarantee that the dollar
amounts of variable Annuity Payments will not be adversely
affected by our actual expense and mortality results.
MINIMUM AMOUNTS
The minimum amount for each payee that can be placed under an
option and the minimum amount of any payments under an option
will be based on our rules at the time the option is to become
effective (or as required by state law).
PAYEE
A person who receives Annuity Payments under an annuity option
is a payee. Except for a legal guardian, a payee must
generally be a natural person receiving benefits in his or her
own right. With our consent, the payee may be a trustee,
assignee, corporation, or partnership.
CONTINGENT PAYEE
The payee may name contingent payees, subject to any
restrictions under an annuity option chosen during the
Annuitant's lifetime, under the following conditions:
1. If you are the payee; or
2. If at any time after the Annuitant's death and during the
option period no previously named contingent payee is living.
The named contingent payee will be disregarded if making that
person or entity the contingent payee would prevent treatment
of this Contract as an annuity for federal income tax
purposes.
Designations made by the payee under these provisions may be
changed by the payee. Such changes must be made by Written
Request satisfactory to us. Changes will only take effect when
we accept them in writing at our Annuity Service Office. At
that time, the contingent interest of any other person is
terminated as of the date the payee signed the request,
whether or not the payee is living when we receive the
request.
LIFE INCOME OPTIONS
Life Income Options are based on the Annuitant's sex and age
nearest birthday on the Annuity Date. We have the right to
require satisfactory proof of age and sex. If age or sex has
been incorrectly stated, the proper adjustments in payments
will be made. We may also require proof that the payee is
living on any payment due date.
DEATH OF PAYEE
If a payee dies, any installments still payable under an
annuity option specifying a certain period will be paid as
they become due to the surviving or next succeeding payee. If
no designated payee survives, the commuted value of any unpaid
installments will be paid in one sum to the estate of the last
payee to die.
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RIGHTS UNDER ANNUITY OPTIONS
No payee has the right to make any change in the provisions of
the agreement or to receive the benefits in any manner other
than that stated in the agreement, unless such right was
reserved in the agreement. We will not make any payments in
advance, nor commute payments under any life income option.
CALCULATION OF PAYMENTS
Payments paid under an annuity option will be calculated using
the effective annual rate of 4% compounded annually. The
mortality table used in determining payments made under life
income options is the 1983 Individual Annuitant Mortality
Table a. In using this mortality table, ages of annuitants
will be reduced by one year for annuity dates occurring during
the 1990s, reduced two years for annuity dates occurring
during the decade 2000-2009, and so on.
BASIS OF COMMUTATION
Commutation of payments under an annuity option will be
calculated using the effective annual rate of 4% compounded
annually.
EXTENDED PROVISIONS
Provisions for settlement of benefits different from those
stated in this Contract may only be made upon written
agreement with us.
COMPANY LIABILITY
We will be fully discharged by any payment we make before a
Written Request for an election change, or revocation was made
and is received in our Annuity Service Office.
11. DEATH BENEFIT
DEATH BENEFIT
In every case of death, we must receive due proof of death of
the owner or Annuitant before we are obliged to act. For
purposes of the death benefit, if the owner of the Contract is
not an individual, the Annuitant shall be treated as the owner
of the Contract.
(A) DEATH OF A CONTRACT OWNER WHO IS THE ANNUITANT.
If a contract owner dies prior to the Annuity Date, the death
benefit will become payable to the contract owner's
Beneficiary. If the surviving spouse is the contract owner's
beneficiary, the spouse may elect to continue the contract as
the new owner and Annuitant. The death benefit, if more than
the accumulated value, will be paid to the surviving spouse by
crediting the Contract with an amount equal to the difference
between the death benefit and the accumulated value.
If a contract owner dies on or after the Annuity Date, no
death benefit will be payable under the Contract except as may
be provided under the annuity option elected.
(B) DEATH OF A CONTRACT OWNER WHO IS NOT THE ANNUITANT
If a contract owner dies prior to the Annuity Date, the
Accumulated Value, less any applicable administrative charges,
or surrender charge, will be distributed to the contract
owner's Beneficiary. However, if the surviving spouse is the
annuitant or the contract owner's Beneficiary, the spouse may
continue the contract as the new owner and Annuitant.
If a contract owner dies on or after the Annuity Date, no
death benefit will be payable under the Contract, and the
contract must continue to be distributed at least as rapidly
as the method of distributions being used as of the date of
the owner's death.
5.03
6050531
(7/94)
(C) DEATH OF THE ANNUITANT WHO IS NOT A CONTRACT OWNER
If the Annuitant dies prior to the Annuity Date and before a
contract owner, the death benefit will become payable to the
Annuitant's Beneficiary.
If the Annuitant dies on or after the Annuity Date, no death
benefit will be payable under the Contract except as may be
provided under the annuity option elected.
(D) DEATH OF A JOINT OWNER
If any joint owner dies prior to the annuity date, the
contract must be distributed. Joint ownership should be
limited to spousal joint ownership. In order for the contract
to continue under the spousal Beneficiary exception, the
contract owner's beneficiary designation must read "surviving
spouse". If the surviving spouse is not the contract owner's
Beneficiary, the contract will be distributed.
If any joint owner dies on or after the annuity date, the
contract must continue to be distributed at least as rapidly
as the method of distributions prior to the joint owner's
death. If the deceased joint owner was also the annuitant, no
death benefit will be payable under the contract except as may
be provided under the annuity option elected.
(E) PAYMENT OF DEATH BENEFIT
Payments made under the death benefit provisions will be made
in one lump sum and must be made within five (5) years after
the date of death of a contract owner or Annuitant. If the
Beneficiary makes a written request within one year of the
death of the Annuitant or owner, the proceeds may be applied
to create an immediate annuity for the Beneficiary, who will
be the owner and Annuitant. Payments under the annuity, or
under any other method of payment Security Equity makes
available, must be for the life of the Beneficiary, or for a
number of years that is not more than the life expectancy of
the Beneficiary (as determined for federal tax purposes) at
the time of a contract owner's or Annuitant's death, and must
begin within one year after a contract owner's or Annuitant's
death.
The death benefit will be paid or credited within seven days
of receipt at the Annuity Service Office of due proof of death
and a Written Request for payment, except as we may be
permitted to defer such payment in accordance with the
Investment Company Act of 1940 and applicable state insurance
law.
AMOUNT OF DEATH BENEFIT
The death benefit will be the gross death benefit described
below, less any applicable administrative charges. The
surrender charge is not applicable in the event of the
Annuitant's death.
The gross death benefit during the first six Contract Years
will be equal to the greater of: (a) the Accumulated Value on
the date due proof of death and a Written Request for payment
is received at our Annuity Service Office or, (b) the sum of
all net purchase payments made, less any amount deducted in
connection with partial withdrawals. During any subsequent six
Contract Year period, the gross death benefit will be the
greater of: (a) the Accumulated Value on the date due proof of
death and a Written Request for payment is received at our
Annuity Service Office, or (b) the death benefit on the last
day of the previous six Contract Year period plus any net
purchase payments made and less any amount deducted in
connection with partial withdrawals since then.
Notwithstanding the above, if the Date of Issue is on or after
the Annuitant's 75th birthday, the gross death benefit will be
the Accumulated Value on the date due proof of death and a
Written Request for payment is received at our Annuity Service
Office.
5.04
6050531
(7/94)
13. PERSONS WITH AN INTEREST IN THE CONTRACT
OWNERSHIP
The owner is as shown in the application or in any
supplemental agreement attached to this Contract, unless later
changed as provided in this Contract. You, as owner, are
entitled to all rights provided by this Contract, prior to the
Annuity Date. Ownership may be changed in accordance with the
Change of Owner or Beneficiary provision. After the Annuity
Date, you cannot change the payee nor the mode of payment,
unless otherwise provided in this Contract. Any person whose
rights of ownership depend upon some future event will not
possess any present rights of ownership. If there is more than
one owner at a given time, all must exercise the rights of
ownership by joint action.
BENEFICIARY
The original Beneficiary is as shown in the application. You
may change the Beneficiary in accordance with the Change of
Owner or Beneficiary provision. Unless otherwise stated, the
Beneficiary has no rights in this Contract before the death of
a contract owner or Annuitant. If there is more than one
Beneficiary, each will receive equal payments unless otherwise
provided. If there are no Beneficiaries living when the
Annuitant dies, or at the end of any common disaster period,
the Proceeds (commuted if required) will be payable to you, if
you are living, or to your estate. If there are no
Beneficiaries living when a contract owner dies, or at the end
of any common disaster period, the Proceeds (commuted if
required) will be payable to your estate.
CHANGE OF OWNER OR BENEFICIARY
During the Annuitant's lifetime you may change the Ownership
and Beneficiary designations. You must make the change in
written form satisfactory to us. If acceptable to us it will
take effect as of the time you signed the Written Request,
whether or not the Annuitant is living when we receive your
request at our Annuity Service Office. The change will be
subject to any assignment of this Contract or other legal
restrictions. It will also be subject to any payment we made
or action we took before we received your Written Request of
the change. We have the right to require the Contract for
endorsement before we accept the change. We will not be bound
by any Change of Owner of the Contract or of any interest in
it unless we send you an acknowledged copy.
If you are also the Beneficiary of the Contract at the time of
the Annuitant's death, you may designate some other person to
receive the Proceeds of the Contract at the time due proof of
death is submitted to our Annuity Service Office.
If this is a non-corporate qualified contract, you may not
transfer, sell, assign, discount, or pledge this Contract for
a loan or a security for the performance of an obligation or
any other purpose to any person other than to us at our
Annuity Service Office.
ASSIGNMENTS
THIS ASSIGNMENT PROVISION WILL NOT APPLY TO NON-CORPORATE
QUALIFIED CONTRACTS. NO ASSIGNMENT WILL BE PERMITTED IN SUCH
CASES.
We will not be bound by an assignment of the Contract or of
any interest in it unless:
1. It is made as a written instrument;
2. You file the original instrument or a certified copy with
us at our Annuity Service Office; and
3. We send you an acknowledged copy.
We are not responsible for the validity of any assignment.
If a claim is based on an assignment, we may require proof of
the interest of the claimant. A valid assignment will take
precedence over any claim of a Beneficiary. Any amounts due
under a valid assignment will be paid in one lump sum.
6.01
6060531
(7/94)
14. THE CONTRACT
THE CONTRACT
This Contract, its endorsements and amendments if any, and the
application, a copy of which is attached to and made a part of
the Contract, are the entire Contract. This Contract will be
subject to all of the provisions of the Investment Company Act
of 1940 at all times during which the Separate Accounts are
registered under such act as unit investment trusts.
CONTROL
Consistent with the terms of any Beneficiary designation, you
may, during the life of the Annuitant, do any of the things
described below:
1. Prior to the time when Annuity Payments have begun you may
surrender this Contract or withdraw a portion of the
Accumulated Value.
2. You may exercise any right, receive any benefit, or enjoy
any privilege contained in this Contract.
MODIFICATION
No condition or provision of this Contract can be waived or
modified except by a written instrument signed by our
president, a vice president, the secretary, or an assistant
secretary. Our agents have no authority to alter or modify any
terms, conditions, or agreements of this Contract, or to waive
any of its provisions.
Upon notice to you, or the Payee(s) after the Annuity Date,
this Contract may be modified by us, but only if such
modification (a) is necessary to make the Contract or the
Separate Accounts comply with any law or regulation issued by
a governmental agency to which we or the Separate Accounts are
subject; or (b) is necessary to assure continued qualification
of the Contract under the Internal Revenue Code or other
federal or state laws relating to non-corporate contracts; or
(c) is necessary to reflect a change in the operation of the
Separate Accounts or the Divisions; or (d) provides additional
Separate Accounts. In the event of any such modification, we
may make appropriate endorsement to the Contract to reflect
such modification.
STATEMENTS IN APPLICATION
All statements made by the Annuitant or on his or her behalf,
or by the applicant, will be deemed representations and not
warranties, except in the case of fraud. Material
misstatements will not be used to void the Contract or deny a
claim unless made in the application.
INCONTESTABILITY
We will not contest this Contract.
MISSTATEMENT OF AGE OR SEX
If the age or sex of the Annuitant has been misstated in the
application, the benefits available under this Contract will
be those which the purchase payments would have purchased for
the correct age or sex.
CLAIMS OF CREDITORS
To the extent permitted by law, neither the Contract nor any
payment under it will be subject to the claim of creditors or
to any legal process.
CONFORMITY WITH STATUTES
If any provision in this Contract is in conflict with the laws
of the state which govern this Contract, the provision will be
deemed to be amended to conform with such laws.
RELATIONSHIP OF THIS CONTRACT TO COMPANY ACCOUNTS
The method of determination by us of the value of an
Accumulation Unit or an Annuity Unit will be conclusive upon
you and any Beneficiary.
6.02
6060531
(7/94)
CONTRACT OWNER REPORTS
At least once each Contract Year we will mail a report to you.
The report will be mailed to your last address known to us.
The report will include a statement of the number of units
credited to the Separate Accounts under this Contract and the
dollar value of such units. The information in the report will
be as of a date not more than two months prior to the date of
mailing the report. We will also mail to you at least once in
each Contract Year a report of the investments held in the
Divisions under this Contract.
PREMIUM TAX
State and local government premium tax, if applicable, will be
deducted from purchase payments or Accumulated Value when the
tax is incurred by us.
OTHER TAXES
We reserve the right to make a charge for any federal, state
or local taxes (other than premium taxes) that we incur, or
economic burden on us resulting from the application of the
tax laws that we determine to be properly attributable to the
Separate Accounts or to the contracts.
6.03
6060531
(7/94)
ANNUITY OPTION TABLES
FOR EACH $1,000
------------------------------------------------------------------------------------------------------------------
OPTION 1 OPTION 2 OPTION 4
------------------------------------------------------------------------------------------------------------------
AGE OF PAYEE
LIFE 60 MONTHS 120 MONTHS 180 MONTHS 240 MONTHS INCOME FOR A
ANNUITY GUARANTY GUARANTY GUARANTY GUARANTY FIXED PERIOD
MALE FEMALE
-------------------------------------------------------------------------------------------------------------------
45 50 $4.53 $4.52 $4.50 $4.46 $4.40 YEARS MONTHLY
46 51 4.59 4.58 4.55 4.51 4.45 CERTAIN INSTALLMENTS
47 52 4.65 4.64 4.61 4.56 4.50 ------- ------------
49 53 4.72 4.71 4.67 4.62 4.55 5 18.32
49 54 4.79 4.77 4.74 4.68 4.60 6 15.56
-------------------------------------------------------------------------------------------------------------------
50 55 4.86 4.85 4.81 4.74 4.65 7 13.59
51 56 4.94 4.92 4.88 4.80 4.71 8 12.11
52 57 5.02 5.00 4.95 4.87 4.76 9 10.97
53 58 5.10 5.08 5.03 4.94 4.82 10 10.06
54 59 5.19 5.17 5.11 5.01 4.88 11 9.31
-------------------------------------------------------------------------------------------------------------------
55 60 5.29 5.26 5.20 5.09 4.94 12 8.69
56 61 5.39 5.36 5.29 5.17 5.00 13 8.17
57 62 5.49 5.47 5.38 5.25 5.06 14 7.72
58 63 5.61 5.58 5.48 5.33 5.12 15 7.34
59 64 5.73 5.70 5.59 5.42 5.18 16 7.00
-------------------------------------------------------------------------------------------------------------------
60 65 5.86 5.82 5.70 5.51 5.24 17 6.70
61 66 6.00 5.96 5.82 5.60 5.31 18 6.44
62 67 6.15 6.10 5.95 5.69 5.37 19 6.21
63 68 6.32 6.26 6.08 5.79 5.43 20 6.00
64 69 6.49 6.42 6.21 5.89 5.48 21 5.81
-------------------------------------------------------------------------------------------------------------------
65 70 6.68 6.60 6.35 5.98 5.54 22 5.64
66 71 6.88 6.78 6.50 6.08 5.59 23 5.49
67 72 7.09 6.98 6.65 6.18 5.64 24 5.35
68 73 7.31 7.18 6.81 6.28 5.69 25 5.22
69 74 7.56 7.40 6.97 6.37 5.73 26 5.10
-------------------------------------------------------------------------------------------------------------------
70 75 7.82 7.64 7.14 6.47 5.77 27 4.99
71 76 8.09 7.88 7.31 6.55 5.81 28 4.89
72 77 8.39 8.14 7.48 6.64 5.84 29 4.80
73 78 8.71 8.41 7.65 6.72 5.87 30 4.72
74 79 9.05 8.70 7.83 6.80 5.89
-------------------------------------------------------------------------------------------------------------------
75 80 9.41 9.00 8.00 6.87 5.91
76 81 9.81 9.32 8.17 6.93 5.93
77 82 10.23 9.65 8.34 6.99 5.95
78 83 10.68 9.99 8.50 7.05 5.96
79 84 11.16 10.35 8.66 7.10 5.97
-------------------------------------------------------------------------------------------------------------------
80 85 & 11.68 10.72 8.81 7.14 5.98
81 OVER 12.23 11.09 8.95 7.18 5.99
82 12.81 11.47 9.09 7.21 5.99
83 13.44 11.86 9.21 7.23 5.99
84 14.09 12.25 9.32 7.26 6.00
-------------------------------------------------------------------------------------------------------------------
85 & 14.79 12.64 9.43 7.28 6.00
OVER
-------------------------------------------------------------------------------------------------------------------
The mortality table used in computing annuity options under this contract is the
1983 Individual Annuity Mortality Table a.
7.01
6070531
(7/94)
ANNUITY OPTION TABLES (CONTD)
FOR EACH $1,000
OPTION 3-MONTHLY INSTALLMENTS-JOINT AND EQUAL TO SECONDARY PAYEE
----------------------------------------------------------------------------------------------------------------------------
AGE OF PRIMARY
PAYEE AGE OF SECONDARY PAYEE
----------------------------------------------------------------------------------------------------------------------------
MALE 45 46 47 48 49 50 51 52 53 54 55 56
----------------------------------------------------------------------------------------------------------------------------
FEMALE 50 51 52 53 54 55 56 57 58 59 60 61
----------------------------------------------------------------------------------------------------------------------------
50 55 $4.19 $4.22 $4.24 $4.27 $4.30 $4.32 $4.35 $4.37 $4.40 $4.43 $4.45 $4.47
51 56 4.21 4.23 4.26 4.29 4.32 4.35 4.38 4.40 4.43 4.46 4.48 4.51
52 57 4.22 4.25 4.28 4.31 4.34 4.37 4.40 4.43 4.46 4.49 4.52 4.55
53 58 4.24 4.27 4.30 4.33 4.37 4.40 4.43 4.46 4.49 4.52 4.55 4.58
54 59 4.25 4.29 4.32 4.35 4.39 4.42 4.46 4.49 4.52 4.56 4.59 4.62
----------------------------------------------------------------------------------------------------------------------------
55 60 4.27 4.30 4.34 4.37 4.41 4.45 4.48 4.52 4.55 4.59 4.62 4.66
56 61 4.28 4.32 4.36 4.39 4.43 4.47 4.51 4.54 4.58 4.62 4.66 4.70
57 62 4.30 4.33 4.37 4.41 4.45 4.49 4.53 4.57 4.61 4.65 4.69 4.73
58 63 4.31 4.35 4.39 4.43 4.47 4.51 4.55 4.60 4.64 4.68 4.73 4.77
59 64 4.32 4.36 4.40 4.45 4.49 4.53 4.58 4.62 4.67 4.71 4.76 4.80
----------------------------------------------------------------------------------------------------------------------------
60 65 4.34 4.38 4.42 4.46 4.51 4.55 4.60 4.65 4.69 4.74 4.79 4.84
61 66 4.35 4.39 4.43 4.48 4.53 4.57 4.62 4.67 4.72 4.77 4.82 4.87
62 67 4.36 4.40 4.45 4.49 4.54 4.59 4.64 4.69 4.75 4.80 4.85 4.91
63 68 4.37 4.41 4.46 4.51 4.56 4.61 4.66 4.71 4.77 4.83 4.88 4.94
64 69 4.38 4.42 4.47 4.52 4.57 4.63 4.68 4.74 4.79 4.85 4.91 4.97
----------------------------------------------------------------------------------------------------------------------------
65 70 4.39 4.43 4.48 4.53 4.59 4.64 4.70 4.76 4.81 4.88 4.94 5.00
66 71 4.40 4.44 4.49 4.55 4.60 4.66 4.71 4.77 4.84 4.90 4.96 5.03
67 72 4.40 4.45 4.50 4.56 4.61 4.67 4.73 4.79 4.86 4.92 4.99 5.06
68 73 4.41 4.46 4.51 4.57 4.63 4.68 4.75 4.81 4.87 4.94 5.01 5.09
69 74 4.42 4.47 4.52 4.58 4.64 4.70 4.76 4.82 4.89 4.96 5.03 5.11
----------------------------------------------------------------------------------------------------------------------------
70 75 4.43 4.48 4.53 4.59 4.65 4.71 4.77 4.84 4.91 4.98 5.06 5.13
71 76 4.43 4.48 4.54 4.60 4.66 4.72 4.78 4.85 4.92 5.00 5.08 5.16
72 77 4.44 4.49 4.55 4.60 4.67 4.73 4.80 4.87 4.94 5.01 5.09 5.18
73 78 4.44 4.50 4.55 4.61 4.67 4.74 4.81 4.88 4.95 5.03 5.11 5.20
74 79 4.45 4.50 4.56 4.62 4.68 4.75 4.82 4.89 4.96 5.04 5.13 5.21
----------------------------------------------------------------------------------------------------------------------------
75 80 4.45 4.51 4.56 4.63 4.69 4.76 4.83 4.90 4.98 5.06 5.14 5.23
----------------------------------------------------------------------------------------------------------------------------
OPTION 3-MONTHLY INSTALLMENTS-JOINT AND EQUAL TO SECONDARY PAYEE
-------------------------------------------------------------------------------------------
AGE OF PRIMARY
PAYEE AGE OF SECONDARY PAYEE
----------------------------------------------------------------------------------------------
MALE 57 58 59 60 61 62 63 64 65
----------------------------------------------------------------------------------------------
FEMALE 62 63 64 65 66 67 68 69 70
----------------------------------------------------------------------------------------------
50 55 $4.50 $4.52 $4.54 $4.56 $4.58 $4.60 $4.62 $4.64 $4.65
51 56 4.54 4.56 4.58 4.61 4.63 4.65 4.67 4.69 4.71
52 57 4.57 4.60 4.63 4.65 4.68 4.70 4.72 4.74 4.76
53 58 4.61 4.64 4.67 4.70 4.73 4.75 4.78 4.80 4.82
54 59 4.65 4.69 4.72 4.75 4.78 4.80 4.83 4.86 4.88
----------------------------------------------------------------------------------------------
55 60 4.69 4.73 4.76 4.79 4.83 4.86 4.89 4.91 4.94
56 61 4.73 4.77 4.81 4.84 4.88 4.91 4.94 4.97 5.00
57 62 4.77 4.81 4.85 4.89 4.93 4.96 5.00 5.03 5.07
58 63 4.81 4.85 4.90 4.94 4.98 5.02 5.06 5.10 5.13
59 64 4.85 4.90 4.94 4.99 5.03 5.07 5.12 5.16 5.20
----------------------------------------------------------------------------------------------
60 65 4.89 4.94 4.99 5.03 5.08 5.13 5.18 5.22 5.27
61 66 4.93 4.98 5.03 5.08 5.13 5.19 5.24 5.28 5.33
62 67 4.96 5.02 5.07 5.13 5.19 5.24 5.30 5.35 .5.40
63 68 5.00 5.06 5.12 5.18 5.24 5.30 5.35 5.41 5.47
64 69 5.03 5.10 5.16 5.22 5.29 5.35 5.41 5.48 5.54
----------------------------------------------------------------------------------------------
65 70 5.07 5.13 5.20 5.27 5.34 5.40 5.47 5.54 5.61
66 71 5.10 5.17 5.24 5.31 5.38 5.46 5.53 5.60 5.68
67 72 5.13 5.20 5.28 5.35 5.43 5.51 5.59 5.66 5.74
68 73 5.16 5.24 5.31 5.39 5.48 5.56 5.64 5.73 5.81
69 74 5.19 5.27 5.35 5.43 5.52 5.61 5.69 5.78 5.87
----------------------------------------------------------------------------------------------
70 75 5.21 5.30 5.38 5.47 5.56 5.65 5.75 5.84 5.94
71 76 5.24 5.33 5.41 5.51 5.60 5.70 5.79 5.90 6.00
72 77 5.26 5.35 5.44 5.54 5.64 5.74 5.84 5.95 6.06
73 78 5.28 5.38 5.47 5.57 5.67 5.78 5.89 6.00 6.11
74 79 5.31 5.40 5.50 5.60 5.71 5.82 5.93 6.05 6.17
----------------------------------------------------------------------------------------------
75 80 5.32 5.42 5.52 5.63 5.74 5.85 5.97 6.09 6.22
----------------------------------------------------------------------------------------------
OPTION 3-MONTHLY INSTALLMENTS-JOINT AND ONE-HALF TO SECONDARY PAYEE
----------------------------------------------------------------------------------------------------------------------------------
AGE OF PRIMARY
PAYEE AGE OF SECONDARY PAYEE
----------------------------------------------------------------------------------------------------------------------------------
MALE 45 46 47 48 49 50 51 52 53 54 55 56
----------------------------------------------------------------------------------------------------------------------------------
FEMALE 50 51 52 53 54 55 56 57 58 59 60 61
----------------------------------------------------------------------------------------------------------------------------------
50 55 $4.50 $4.51 $4.53 $4.55 $4.56 $4.58 $4.59 $4.60 $4.62 $4.63 $4.65 $4.66
51 56 4.54 4.56 4.57 4.59 4.61 4.62 4.64 4.65 4.67 4.68 4.70 4.71
52 57 4.59 4.60 4.62 4.64 4.66 4.67 4.69 4.71 4.72 4.74 4.75 4.77
53 58 4.63 4.65 4.67 4.69 4.70 4.72 4.74 4.76 4.78 4.80 4.81 4.83
54 59 4.68 4.70 4.72 4.74 4.76 4.78 4.80 4.81 4.83 4.85 4.87 4.89
----------------------------------------------------------------------------------------------------------------------------------
55 60 4.72 4.74 4.77 4.79 4.81 4.83 4.85 4.87 4.89 4.91 4.93 4.95
56 61 4.77 4.79 4.82 4.84 4.86 4.88 4.91 4.93 4.95 4.97 5.00 5.02
57 62 4.82 4.85 4.87 4.89 4.92 4.94 4.97 4.99 5.01 5.04 5.06 5.09
58 63 4.87 4.90 4.92 4.95 4.98 5.00 5.03 5.05 5.08 5.10 5.13 5.16
59 64 4.93 4.95 4.98 5.01 5.03 5.06 5.09 5.12 5.14 5.17 5.20 5.23
----------------------------------------------------------------------------------------------------------------------------------
60 65 4.98 5.01 5.04 5.07 5.10 5.13 5.15 5.18 5.21 5.24 5.27 5.30
61 66 5.04 5.07 5.10 5.13 5.16 5.19 5.22 5.25 5.29 5.32 5.35 5.38
62 67 5.10 5.13 5.16 5.19 5.23 5.26 5.29 5.33 5.36 5.39 5.43 5.46
63 68 5.17 5.20 5.23 5.26 5.30 5.33 5.36 5.40 5.44 5.47 5.51 5.54
64 69 5.23 5.26 5.30 5.33 5.37 5.40 5.44 5.48 5.51 5.55 5.59 5.63
----------------------------------------------------------------------------------------------------------------------------------
65 70 5.30 5.33 5.36 5.40 5.44 5.48 5.51 5.55 5.59 5.64 5.68 5.72
66 71 5.36 5.40 5.44 5.47 5.51 5.55 5.59 5.64 5.68 5.72 5.77 5.81
67 72 5.43 5.47 5.51 5.55 5.59 5.63 5.67 5.72 5.76 5.81 5.86 5.90
68 73 5.50 5.54 5.58 5.62 5.67 5.71 5.76 5.80 5.85 5.90 5.95 6.00
69 74 5.58 5.62 5.66 5.70 5.75 5.79 5.84 5.89 5.94 5.99 6.04 6.10
----------------------------------------------------------------------------------------------------------------------------------
70 75 5.65 5.69 5.74 5.78 5.83 5.88 5.93 5.98 6.03 6.08 6.14 6.20
71 76 5.73 5.77 5.82 5.86 5.91 5.96 6.01 6.07 6.12 6.18 6.24 6.30
72 77 5.80 5.85 5.90 5.95 6.00 6.05 6.10 6.16 6.22 6.28 6.34 6.40
73 78 5.88 5.93 5.98 6.03 6.08 6.14 6.19 6.25 6.31 6.38 6.44 6.51
74 79 5.96 6.01 6.06 6.12 6.17 6.23 6.29 6.35 6.41 6.48 6.55 6.62
----------------------------------------------------------------------------------------------------------------------------------
75 80 6.05 6.10 6.15 6.20 6.26 6.32 6.38 6.44 6.51 6.58 6.65 6.73
----------------------------------------------------------------------------------------------------------------------------------
OPTION 3-MONTHLY INSTALLMENTS-JOINT AND ONE-HALF TO SECONDARY PAYEE
AGE OF PRIMARY
PAYEE AGE OF SECONDARY PAYEE
-----------------------------------------------------------------------------------------------------
MALE 57 58 59 60 61 62 63 64 65
-----------------------------------------------------------------------------------------------------
FEMALE 62 63 64 65 66 67 68 69 70
-----------------------------------------------------------------------------------------------------
50 55 $4.67 $4.68 $4.69 $4.71 $4.72 $4.73 $4.74 $4.75 $4.75
51 56 4.73 4.74 4.75 4.77 4.78 4.79 4.80 4.81 4.82
52 57 4.79 4.80 4.81 4.83 4.84 4.85 4.86 4.88 4.89
53 58 4.85 4.86 4.88 4.89 4.91 4.92 4.93 4.95 4.96
54 59 4.91 4.93 4.94 4.96 4.97 4.99 5.00 5.02 5.03
-----------------------------------------------------------------------------------------------------
55 60 4.97 4.99 5.01 5.03 5.04 5.06 5.08 5.09 5.11
56 61 5.04 5.06 5.08 5.10 5.12 5.14 5.15 5.17 5.19
57 62 5.11 5.13 5.15 5.17 5.20 5.22 5.24 5.25 5.27
58 63 5.18 5.20 5.23 5.25 5.28 5.30 5.32 5.34 5.36
59 64 5.25 5.28 5.31 5.33 5.36 5.38 5.41 5.43 5.45
-----------------------------------------------------------------------------------------------------
60 65 5.33 5.36 5.39 5.42 5.44 5.47 5.50 5.52 5.55
61 66 5.41 5.44 5.47 5.51 5.54 5.56 5.59 5.62 5.65
62 67 5.50 5.53 5.56 5.60 5.63 5.66 5.69 5.72 5.75
63 68 5.58 5.62 5.65 5.69 5.73 5.76 5.80 5.83 5.86
64 69 5.67 5.71 5.75 5.79 5.83 5.87 5.90 5.94 5.98
-----------------------------------------------------------------------------------------------------
65 70 5.76 5.80 5.85 5.89 5.93 5.97 6.01 6.06 6.10
66 71 5.86 5.90 5.95 5.99 6.04 6.08 6.13 6.17 6.22
67 72 5.95 6.00 6.05 6.10 6.15 6.20 6.25 6.30 6.35
68 73 6.05 6.10 6.16 6.21 6.26 6.32 6.37 6.42 6.48
69 74 6.15 6.21 6.26 6.32 6.38 6.44 6.48 6.55 6.61
-----------------------------------------------------------------------------------------------------
70 75 6.26 6.31 6.38 6.44 6.50 6.56 6.62 6.69 6.75
71 76 6.36 6.42 6.49 6.55 6.62 6.69 6.75 6.89 6.89
72 77 6.47 6.54 6.60 6.67 6.74 6.82 6.89 6.96 7.04
73 78 6.58 6.65 6.72 6.79 6.87 6.95 7.03 7.10 7.18
74 79 6.69 6.76 6.84 6.92 7.00 7.08 7.17 7.25 7.34
-----------------------------------------------------------------------------------------------------
75 80 6.80 6.88 6.96 7.04 7.13 7.22 7.31 7.40 7.49
-----------------------------------------------------------------------------------------------------
7.02
6070531
(7/94)
ANNUITY OPTION TABLES (CONTD)
FOR EACH $1,000
OPTION 3-MONTHLY INSTALLMENTS-JOINT AND TWO-THIRDS TO SECONDARY PAYEE
AGE OF PRIMARY
PAYEE AGE OF SECONDARY PAYEE
----------------------------------------------------------------------------------------------------------------------------------
MALE 45 46 47 48 49 50 51 52 53 54 55 56
----------------------------------------------------------------------------------------------------------------------------------
FEMALE 50 51 52 53 54 55 56 57 58 59 60 61
----------------------------------------------------------------------------------------------------------------------------------
50 55 $4.39 $4.41 $4.43 $4.45 $4.47 $4.49 $4.51 $4.53 $4.54 $4.56 $4.58 $4.60
51 56 4.42 4.44 4.47 4.49 4.51 4.53 4.55 4.57 4.59 4.61 4.63 4.64
52 57 4.46 4.48 4.50 4.52 4.55 4.57 4.59 4.61 4.63 4.65 4.67 4.69
53 58 4.49 4.52 4.54 4.56 4.59 4.61 4.63 4.66 4.68 4.70 4.72 4.74
54 59 4.53 4.55 4.58 4.60 4.63 4.65 4.68 4.70 4.73 4.75 4.77 4.80
----------------------------------------------------------------------------------------------------------------------------------
55 60 4.56 4.59 4.61 4.64 4.67 4.69 4.72 4.75 4.77 4.80 4.83 4.85
56 61 4.60 4.62 4.65 4.68 4.71 4.74 4.77 4.79 4.82 4.85 4.88 4.91
57 62 4.63 4.66 4.69 4.72 4.75 4.78 4.81 4.84 4.87 4.90 4.93 4.96
58 63 4.67 4.70 4.73 4.76 4.79 4.83 4.86 4.89 4.92 4.96 4.99 5.02
59 64 4.71 4.74 4.77 4.81 4.84 4.87 4.91 4.94 4.98 5.01 5.04 5.08
----------------------------------------------------------------------------------------------------------------------------------
60 65 4.75 4.78 4.81 4.85 4.86 4.92 4.96 4.99 5.03 5.07 5.10 5.14
61 66 4.79 4.82 4.86 4.89 4.93 4.97 5.01 5.04 5.08 5.12 5.16 5.20
62 67 4.83 4.86 4.90 4.94 4.98 5.02 5.06 5.10 5.14 5.18 5.22 5.26
63 68 4.87 4.91 4.94 4.98 5.02 5.07 5.11 5.15 5.19 5.24 5.28 5.33
64 69 4.91 4.95 4.99 5.03 5.07 5.12 5.16 5.20 5.25 5.30 5.34 5.39
----------------------------------------------------------------------------------------------------------------------------------
65 70 4.95 4.99 5.03 5.08 5.12 5.17 5.21 5.26 5.31 5.36 5.41 5.46
66 71 5.00 5.04 5.08 5.13 5.17 5.22 5.27 5.32 5.37 5.42 5.47 5.52
67 72 5.04 5.08 5.13 5.17 5.22 5.27 5.32 5.37 5.43 5.48 5.54 5.59
68 73 5.08 5.13 5.17 5.22 5.27 5.32 5.37 5.43 5.48 5.54 5.60 5.66
69 74 5.13 5.17 5.22 5.27 5.32 5.37 5.43 5.49 5.54 5.60 5.67 5.73
----------------------------------------------------------------------------------------------------------------------------------
70 75 5.17 5.22 5.27 5.32 5.37 5.43 5.48 5.54 5.60 5.67 5.73 5.80
71 76 5.22 5.27 5.32 5.37 5.42 5.48 5.54 5.60 5.66 5.73 5.80 5.87
72 77 5.26 5.31 5.37 5.42 5.48 5.53 5.60 5.66 5.72 5.79 5.86 5.93
73 78 5.31 5.36 5.41 5.47 5.53 5.59 5.65 5.72 5.78 5.85 5.93 6.00
74 79 5.36 5.41 5.46 5.52 5.58 5.64 5.71 5.77 5.84 5.92 5.99 6.07
----------------------------------------------------------------------------------------------------------------------------------
75 80 5.40 5.45 5.51 5.57 5.63 5.58 5.76 5.83 5.90 5.98 6.06 6.14
----------------------------------------------------------------------------------------------------------------------------------
OPTION 3-MONTHLY INSTALLMENTS-JOINT AND TWO-THIRDS TO SECONDARY PAYEE
AGE OF PRIMARY
PAYEE AGE OF SECONDARY PAYEE
-----------------------------------------------------------------------------------------------------
MALE 57 58 59 60 61 62 63 64 65
-----------------------------------------------------------------------------------------------------
FEMALE 62 63 64 65 66 67 68 69 70
-----------------------------------------------------------------------------------------------------
50 55 $4.61 $4.63 $4.64 $4.66 $4.67 $4.68 $4.70 $4.71 $4.72
51 56 4.66 4.68 4.70 4.71 4.73 4.74 4.76 4.77 4.78
52 57 4.71 4.73 4.75 4.77 4.78 4.80 4.82 4.83 4.85
53 58 4.77 4.79 4.81 4.83 4.84 4.86 4.88 4.90 4.91
54 59 4.82 4.84 4.86 4.89 4.91 4.93 4.94 4.96 4.98
-----------------------------------------------------------------------------------------------------
55 60 4.88 4.90 4.92 4.95 4.97 4.99 5.01 5.03 5.05
56 61 4.93 4.96 4.99 5.01 5.04 5.06 5.08 5.10 5.13
57 62 4.99 5.02 5.05 5.08 5.10 5.13 5.15 5.18 5.20
58 63 5.05 5.08 5.11 5.14 5.17 5.20 5.23 5.26 5.28
59 64 5.11 5.15 5.18 5.21 5.24 5.28 5.31 5.34 5.36
-----------------------------------------------------------------------------------------------------
60 65 5.18 5.21 5.25 5.28 5.32 5.35 5.39 5.42 5.45
61 66 5.24 5.28 5.32 5.36 5.39 5.43 5.47 5.50 5.54
62 67 5.31 5.35 5.39 5.43 5.47 5.51 5.55 5.59 5.63
63 68 5.37 5.42 5.46 5.51 5.55 5.60 5.64 5.68 5.73
64 69 5.44 5.49 5.54 5.59 5.64 5.68 5.73 5.78 5.82
-----------------------------------------------------------------------------------------------------
65 70 5.51 5.56 5.61 5.67 5.72 5.77 5.82 5.87 5.92
66 71 5.58 5.64 5.69 5.75 5.80 5.86 5.92 5.97 6.03
67 72 5.65 5.71 5.77 5.83 5.89 5.95 6.01 6.07 6.13
68 73 5.72 5.78 5.85 5.91 5.98 6.04 6.11 6.17 6.24
69 74 5.79 5.86 5.93 5.99 6.06 6.13 6.20 6.27 6.35
-----------------------------------------------------------------------------------------------------
70 75 5.86 5.93 6.01 6.08 6.15 6.23 6.30 6.38 6.45
71 76 5.94 6.01 6.09 6.16 6.24 6.32 6.40 6.48 6.57
72 77 6.01 6.09 6.17 6.25 6.33 6.41 6.50 6.59 6.68
73 78 6.08 6.16 6.25 6.33 6.42 6.51 6.60 6.69 6.79
74 79 6.15 6.24 6.33 6.42 6.51 6.60 6.70 8.80 6.90
-----------------------------------------------------------------------------------------------------
75 80 6.23 6.31 6.41 6.50 6.60 6.70 6.80 6.91 7.01
-----------------------------------------------------------------------------------------------------
7.03
6070531
(7/94)
