EARNINGS ENHANCEMENT DEATH BENEFIT RIDER
RELIASTAR
LIFE INSURANCE COMPANY
OF NEW YORK
A Stock Company.
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(Hereinafter called we, us and our)
The Contract to which this Rider is attached is modified by the provisions of
the Rider. This Rider's provisions control where there is a conflict between
this Rider and the Contract. This Rider is effective as of the Contract Date
unless a different date, the Rider Date, is stated below.
This Rider is not available if there are multiple Contract Owners.
EARNINGS ENHANCEMENT DEATH BENEFIT
On the date we receive due proof of the Owner's death (Xxxxxxxxx's death if the
Owner is not a natural person), we will include in any Death Benefit payable
under the Contract, an Earnings Enhancement Death Benefit in addition to any
other benefits paid or payments due under the Contract. This benefit is equal to
the lesser of (a) or (b) as of the date we receive due proof of the Owner's
death, but not less than zero, multiplied by the EEB Factor shown in the
Schedule for the Owner's Attained Age on the Rider Date (the Rider Issue Age),
where:
(a) is the EEB Base; and
(b) is the Maximum EEB Base.
EEB BASE
If the Rider Date is the same as the Contract Date, the EEB Base shall be the
Accumulation Value minus premiums paid, adjusted for any withdrawals. If the
Rider Date is other than the Contract Date, the EEB Base shall be the
Accumulation Value minus the sum of the Accumulation Value on the Rider Date and
any premiums paid after the Rider Date, adjusted for any withdrawals.
MAXIMUM EEB BASE
If the Rider Date is the same as the Contract Date, the Maximum EEB Base shall
be equal to the premiums paid adjusted for any withdrawals, multiplied by the
Maximum EEB Base Factor. If the Rider Date is other than the Contract Date, the
Maximum EEB Base shall be equal to the Accumulation Value on the Rider Date plus
subsequent premiums paid adjusted for subsequent withdrawals, multiplied by the
Maximum EEB Base Factor. The Maximum EEB Base Factor is shown in the Schedule.
PARTIAL WITHDRAWAL ADJUSTMENTS
For any partial withdrawal, the EEB Base and the Maximum EEB Base will be
reduced on a prorata basis. The prorata adjustment is equal to (1) divided by
(2), multiplied by (3), where: (1) is the Accumulation Value withdrawn, (2) is
the Accumulation Value immediately prior to withdrawal, and (3) is the amount of
the EEB Base or Maximum EEB Base, as applicable, immediately prior to the
withdrawal.
EEB CHARGES
The charge for this Rider is a percentage of the Accumulation Value, as of the
deduction date. It is deducted in arrears from each division in proportion to
the percentage of the Variable Separate Account Accumulation Value allocated to
each division. If there is insufficient Accumulation Value in the Separate
Account, charges will be deducted from the Fixed Division nearest maturity. The
maximum rate and frequency of deduction of charges are stated on the Schedule
Page. We may charge less than the maximum. Deduction dates are measured from the
Contract Date.
If the Contract to which the Rider is attached, or this Rider, is terminated for
any reason, the Rider charge for the current period will be deducted pro rata
from the Accumulation Value prior to termination of the Contract. Charges will
be calculated using the Accumulation Value immediately prior to termination.
CHANGE OF OWNER
A change of Owner from a sole Owner to a sole Owner will result in recalculation
of the EEB Base and the Maximum EEB Base using the Accumulation Value as of the
date of the change. In addition, the EEB Factor, Maximum EEB Base Factor and EEB
Charge Maximum Rate will be adjusted if applicable, using the new Owner's
Attained Age as the Rider Issue Age. If the new Owner's Attained Age at the time
of the change exceeds the EEB Maximum Age, this Rider will
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terminate. If a change in ownership results in multiple Owners, this Rider will
terminate. The EEB Maximum Age is shown in the Schedule.
CONTINUATION UPON DEATH OF OWNER
If at the Owner's death, the surviving spouse of the deceased Owner is the
Beneficiary and such surviving spouse elects to continue the Contract as their
own pursuant to Internal Revenue Code Section 72(s) or the equivalent provisions
of U.S. Treasury Department rules for qualified plans, as applicable, any
benefit payable under this Rider is added to the Contract's Accumulation Value.
Unless otherwise requested, such addition will be allocated to the divisions of
the Separate Account in the same proportion as the Accumulation Value in each
division bears to the Accumulation Value in the Separate Account. If there is no
Accumulation Value in the Separate Account, the addition will be allocated to
the Liquid Asset Division, or its successor.
If the Attained Age of the surviving spouse is less than the EEB Maximum Age:
1. The EEB Base thereafter will be equal to (a) minus the sum of (b) plus (c),
adjusted for any withdrawals, where:
(a) is the Accumulation Value;
(b) is the Accumulation Value on the date we receive due proof of death,
including any benefits or amounts added to the Accumulation Value as a result of
death, and
(c) is any subsequent premium payments;
2. The Maximum EEB Base will be reset based on the Accumulation Value as of the
date we receive due proof of death, adjusted for subsequent premium payments and
withdrawals;
3. The EEB Factor and Maximum EEB Base Factor will be reset if applicable, using
the spouse's Attained Age as the Rider Issue Age; and
4. The Maximum Annual Charge Rate for this Rider will be unchanged.
If the Contract is continued in effect after the death of the Owner by a
non-spouse Beneficiary, or a spouse Beneficiary who exceeds the Maximum EEB Age,
the benefit payable under this Rider will be added to the Accumulation Value as
stated above and this Rider will terminate.
RIDER TERMINATION
This Rider will terminate immediately upon occurrence of any of the following:
1. If the Contract to which this Rider is attached terminates, including
application of the Contract to an Income Option;
2. On death of the Owner, unless the Contract is continued on the life of the
Owner's spouse whose Attained Age is less than the EEB Maximum Age;
3. If the Owner is not a natural person and the Annuitant dies;
4. If ownership of the Contract changes and the Attained Age of new Owner
exceeds the EEB Maximum Age or the change results in multiple Owners; or
5. If the Accumulation Value is insufficient to cover the EEB Charge deduction.
This Rider has no surrender value or other non-forfeiture benefits upon
termination. This Rider may not be cancelled unless the Contract is terminated
or surrendered, subject to the "Change of Owner" and the "Rider Termination"
provisions above.
Rider Date: _________________________
(if other than Contract Date)
Signed: /s/Xxxxx X. Xxxxxx
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