Exhibit 4(a)
Xxxxxxx Xxxxxxx
XX-0123456
[Lincoln Head Logo] LINCOLN NATIONAL
LIFE INSURANCE CO.
A part of LINCOLN NATIONAL CORPORATION
ANNUITY CONTRACT
Deferred Variable Annuity or Variable and Fixed Annuity
Benefit Payment Options
Nonparticipating
The Lincoln National Life Insurance Company (LNL) agrees to provide the benefits
and other rights described in this Contract in accordance with the terms of this
Contract.
NOTICE OF 20-DAY RIGHT TO EXAMINE CONTRACT. Within 20 days after this Contract
is first received, it may be cancelled for any reason by delivering or mailing
it to the Home Office of LNL. Upon cancellation, this Contract shall be void
from the beginning and LNL will return the value of any payments made to the
Variable Account and/or any Purchase Payment paid under the fixed portion of the
Contract.
All payments and values provided by this Contract, when based on investment
experience of a separate account, are variable and are not guaranteed as to
fixed dollar amount. See pages 4 and 6.
Signed for The Lincoln National Life Insurance Company at its Home Office in
Fort Xxxxx, Indiana.
/s/ Xxx X. Xxxxxx /s/ Xxxxx X. Xxxxxx
Xxx X. Xxxxxx, President Xxxxx X. Xxxxxx, Vice President
Form 23591 1/87
Table of Contents
Article Page
1 Purchase Payments......................................... 4
2 Benefits.................................................. 5
3 Beneficiary............................................... 8
4 General Provisions........................................ 8
5 Annuity Purchase Rates under a Variable Payment Option....10
6 Annuity Purchase Rates under a Fixed Payment Option.......11
7 Guaranteed Values for Fixed Allocations...................12
Form 23591 1/87
CONTRACT DATA
Contract Number
Annuitant
Age at Issue
Contract Date
Purchase Payment
Purchase Payment Frequency
Maturity Date
Owner
Beneficiary Designation
AS NAMED IN APPLICATION OR SUBSEQUENT WRITTEN DESIGNATION
Form 23591 Page 3
ARTICLE 1
PURCHASE PAYMENTS
1.01 WHERE PAYABLE
All Purchase Payments must be made to LNL at its Home Office.
1.02 AMOUNT AND FREQUENCY
Purchase Payments are made in an amount and at the frequency shown on page 3.
Purchase Payments may be paid once each year, twice each year, four times each
year, once each month, twice each month, or once each two weeks. The Owner may
change the frequency or amount of Purchase Payments subject to LNL's rules in
effect at the time of the change. The change is made by filing a written request
to LNL at its Home Office.
The minimum initial Purchase Payment is $1,500 for Non-Qualified Plans and $300
for Qualified Plans. The minimum annual amount of subsequent Purchase Payments
is $300 for either Non-Qualified Plans or Qualified Plans. The minimum payment
to the Contract at any one time must be at least $25.00.
1.03 VARIABLE ACCOUNT
Purchase Payments under the Contract may be allocated to the Lincoln National
Life Variable Annuity Account E (Variable Account) and/or to the fixed portion
of the Contract. The Variable Account is for the exclusive benefit of persons
entitled to receive benefits under variable annuity contracts. The Variable
Account will not be charged with the liabilities arising from any other part of
LNL's business. There are currently five sub-accounts in the Variable Account.
The Owner may direct Purchase Payments under the Contract to any of the
available sub-accounts subject to the following limitations. A minimum payment
to any one sub-account must be at least $20. If the Owner elects to direct
Purchase Payments to a new sub-account not previously selected, the election
must be in writing to LNL. All the amounts allocated to each sub-account will be
invested at net asset value in the shares of one of the Funds of the American
Variable Insurance Series (Series). The Funds are:
1. Cash Management Fund
2. High-Yield Bond Fund
3. Growth-Income Fund
4. Growth Fund
5. U.S. Government Guaranteed/AAA-Rated Securities Fund
6. Other Funds made available by LNL.
LNL reserves the right to eliminate the shares of any Fund and substitute the
securities of a different Fund or investment company or mutual fund if the
shares of a Fund are no longer available for investment, or, if in the judgment
of LNL, further investment in any Fund should become inappropriate in view of
the purposes of the Contract. LNL may add a new sub-account in order to invest
the assets of a Fund in the Variable Account. LNL shall give the Owner written
notice of the elimination and substitution of any Fund within five days after
such substitution occurs.
LNL shall use each Purchase Payment allocated to the Variable Account by the
Owner to buy Accumulation Units in the sub-account(s) selected by the Owner. The
number of Accumulation Units bought shall be determined by dividing the amount
directed to the sub-account by the dollar value of an Accumulation Unit in such
sub-account as of the day the Purchase Payment is received at the Home Office of
LNL. The number of Accumulation Units held for the account of an Annuitant shall
not be changed by any change in the dollar value of Accumulation Units in any
sub-account.
1.04 NET INVESTMENT RATE AND NET INVESTMENT FACTOR
The Variable Account value of an Owner's Contract at any time prior to the
Annuity Commencement Date equals the sum of the values of the Accumulation Units
credited in the Variable Account under the Contract.
A "Valuation Date" is each day that the New York Stock Exchange is open for
business. A "Valuation Period" is the period commencing at the close of business
on the New York Stock Exchange on each Valuation Date and ending at the close of
business on the next succeeding Valuation Date.
Accumulation Units for each sub-account are valued separately. Initially the
value of an Accumulation Unit was set at $1.00. Thereafter, the value of an
Accumulation Unit in any sub-account on any Valuation Date equals the value of
an Accumulation Unit in that sub-account for the current Valuation Period. In
order to arrive at this factor, a "Gross Investment Rate" is first determined
for each Series for the Valuation Period. Such rate for the Valuation Period is
equal to:
(a) the investment income of the Fund; plus (b) capital gains (realized and
unrealized); minus (c) capital losses (realized and unrealized); minus (d)
certain operational expenses of the Fund; minus (e) the reserve for federal
taxes on realized capital gains (if applicable); minus (f) the investment
advisory fee accrued by the Fund for each day of the Valuation Period - .60% of
the first $30,000,000 of net assets on an annual basis and .50% of net assets
above $30,000,000; divided by (g) the net
Page 4
asset value of the Fund as of the beginning of the Valuation Period.
The Gross Investment Rate may be positive or negative.
The Net Investment Rate for each sub-account is equal to the Gross Investment
Rate of the Fund minus a daily charge at an annual rate of 1.25% for each day
of the Valuation Period, plus or minus an adjustment for any taxes attributable
to the operation of the Variable Account. LNL makes the 1.25% deduction for
administrative, mortality, and distribution expense risk guarantees.
The method used to determine unit values may increase or decrease the dollar
value of benefits under the Contract. The dollar value of benefits will not be
adversely affected by expenses incurred by LNL.
The Net Investment Factor for each sub-account is equal to 1.000000000 plus the
Net Investment Rate for the period.
1.05 FIXED ALLOCATIONS
Purchase Payments under the Contract may be allocated to the Variable Account
and/or to the fixed portion of the Contract. A minimum payment to the fixed
portion must be at least $20. Purchase Payments allocated to the fixed portion
will be invested in the General Account of LNL.
1.06 CREDITING OF INTEREST
Interest shall be credited daily on all Purchase Payments that are allocated to
the fixed portion of this Contract.
Prior to the time the Annuitant elects to receive Benefit Payments or the death
of the Annuitant, whichever occurs first, LNL guarantees that it will credit
interest on fixed allocations at an effective annual rate not less than 4.5%
during the first five contract years, 4.0% during the next five contract years,
and 3.5% after that. A table of guaranteed values for the fixed allocations may
be found in Article 7.
LNL may credit interest at rates in excess of the guaranteed rates at any time.
1.07 AUTOMATIC NONFORFEITURE OPTION
In the event that Purchase Payments are stopped, this Contract will continue as
a paid-up Contract until the earlier of the Maturity Date, surrender of the
Contract, or death of the Annuitant. Purchase Payments may be resumed at any
time prior to maturity, surrender, or death of the Annuitant. If the Contract
continues as a paid-up Contract, the total account value must be at least
$600.00. If not, and if Purchase Payments have not been paid for at least two
years, LNL may surrender the Contract.
1.08 TRANSFERS
Prior to the Annuity Commencement Date, the Owner may direct a transfer of
assets from one sub-account to another sub-account or to the fixed portion of
the Contract. The Owner may also direct a transfer of assets from the fixed
portion of the Contract to one or more sub-accounts of the Variable Account.
Such a transfer request must be in writing. Amounts transferred to the sub-
account(s) will purchase Accumulation Units as described in the last paragraph
of Section 1.03.
The minimum transfer amount is $500 or the entire amount in the sub-
account/fixed portion, whichever is less. If after the transfer the amount
remaining under this Contract in the sub-account/fixed portion from which the
transfer is taken is less than $500, the entire amount held in that sub-
account/fixed portion will be transferred with the transfer amount. LNL reserves
the right to limit the number of transfers to six (6) per Contract Year.
For transfers between sub-accounts and from the sub-account(s) to the fixed
portion of the Contract, there are no restrictions on the maximum amount which
may be transferred. For transfers from the fixed portion of the Contract to the
Variable Account, the sum of the percentages of fixed value transferred will be
limited to 25% in any 12 month period.
After the Annuity Commencement Date, the Owner may direct a transfer of assets
from one sub-account to another sub-account or to the fixed portion of the
Contract. Such transfers will be limited to three (3) times per Contract Year.
ARTICLE 2 BENEFITS
2.01 ANNUITY PAYMENTS
An election to receive proceeds under an Annuity Payment Option must be made by
the Maturity Date.
If an Annuity Payment Option is not chosen prior to the Maturity Date, payments
will commence on the Maturity Date under the Annuity Payment Option providing a
Life Annuity with Annuity Payments guaranteed for 10 years.
However, upon written request by the Owner and any Beneficiary who cannot be
changed, the Maturity Date may be deferred. The Maturity Date cannot be deferred
Page 5
past the Contract Anniversary on which the attained age of the Annuitant is 85.
Purchase Payments may be made until the new Maturity Date.
2.02 CHOICE OF ANNUITY PAYMENT OPTION
By Owner
While the Annuitant is alive, the Owner may choose any Annuity Payment Option or
change any choice, if that right has been reserved, but only before the Maturity
Date. The election must be made not later than thirty days prior to the Maturity
Date.
By Beneficiary
At the time proceeds are payable, a Beneficiary may choose or change any Annuity
Payment Option it proceeds are available to the Beneficiary in one sum.
A choice or change must be in writing to LNL.
2.03 ANNUITY PAYMENT OPTIONS
a. Life Annuity, Guaranteed Period -- Payments will be made for life with no
certain period, or life and a 10 year certain period, or life and a 20 year
certain period.
b. Unit Refund Life Annuity -- An annuity payable monthly during the lifetime
of the Annuitant, terminating with the last payment due prior to the death
of the Annuitant, provided that, at such death, the Beneficiary will
receive an additional payment of the then dollar value of the number of
Annuity Units equal to the excess, if any of (a) over (b) where (a) is the
total amount applied under the option divided by the Annuity Unit Value at
the Annuity Commencement Date and (b) is the product of the number of
Annuity Units represented by each payment and the number of payments made.
c. Joint Life Annuity Guaranteed Period -- Payments will be made for life with
no certain period, or life and a 10 year certain period, or life and a 20
year certain period. Payments will be made during the joint life of the
Annuitant and a Joint Annuitant of the Annuitant's choice. Payments
continue for the life of the survivor at the death of the Annuitant or
Joint Annuitant.
d Other options may be available as agreed upon by LNL.
At the time Annuity Payments start under the provisions of this Contract, the
Owner may elect to have the total value applied to provide a variable annuity a
fixed annuity or a combination fixed and variable annuity If no election is made
the value of the Annuitant's Variable Account shall be used to provide a
variable annuity and the value of the Annuitant's fixed allocations shall be
used to provide a fixed annuity.
The amount of Annuity Payment will depend on the age of the Annuitant at the
time the first payment is due. A choice may be made to receive payments once
each month, four times each year, twice each year, or once each year The value
used to effect benefit payments for an Annuitant will be calculated as of the
fourteenth day prior to the date benefit payments start.
The payment amounts shown in the option tables in Article 5 will be used to
determine the first monthly payment under a variable payment option. The tables
show the dollar amount of the first monthly payment which can be purchased with
each $1,000 of account value, after deduction of any applicable premium taxes.
Amounts shown use the 1971 individual Annuity Mortality Table, modified, with an
assumed rate of return of 4% a per year.
The payment amounts shown in the option tables in Article 6 will be used to
determine the monthly payments under a fixed payment option. The tables show the
dollar amount of the guaranteed monthly payments which can be purchased with
each $1,000 of account value, after deduction of any applicable premium tax.
Amounts shown use the 1971 Individual Annuity Mortality Table, modified, with an
interest rate of 3.5% per year and a 2.5% expense load. At the time of
annuitization, the annuity payments will be based on the greater of our current
payment amounts or the payment amounts found in the option tables in Article 6.
2.04 DETERMINATION OF THE AMOUNT OF VARIABLE ANNUITY PAYMENTS AFTER THE FIRST
Each Variable Annuity Payment after the first will be determined by multiplying
the Annuity Unit Value for the date each payment is due by a constant number of
Annuity Units. This constant is determined by dividing the amount of the first
payment by the Annuity Unit Value for the date the first payment is due.
The Annuity Unit Value for any Valuation Period for any sub-account is
determined by multiplying the Annuity Unit Value for the immediately preceding
Valuation Period by the product of (a) .9998926 raised to a power equal to the
number of days in the current Valuation Period and (b) the Net Investment Factor
of the sub-account for the Valuation Period containing the fourteenth day prior
to the last day of the current Valuation Period.
The valuation of all assets in the sub-account shall be
Page 6
determined in accordance with the provisions of applicable laws, rules, and
regulations. The method of determination by LNL of the value of an Accumulation
Unit and of an Annuity Unit will be conclusive upon the Annuitant and any
Beneficiary.
LNL guarantees that the dollar amount of each installment after the first shall
not be affected by variations in mortality experience from mortality assumptions
on which the first installment is based.
2.05 PROOF OF AGE
Payment will be subject to proof of age that LNL will accept.
2.06 AMOUNT REQUIREMENTS FOR ANNUITY PAYMENT OPTIONS AND PAYMENTS
If the Annuity Payment Option chosen results in payments of less than $50 per
sub-account, the frequency will be changed so that payments will be at least
$50.
For the purposes of this Section, the fixed portion of the Contract is
considered a sub-account.
2.07 EVIDENCE OF SURVIVAL
LNL has the right to ask for proof that the person on whom the payment is based
is alive when each payment is due.
2.08 CHANGE IN ANNUITY PAYMENT
Changes in Annuity Payments may not be made after Annuity Payments commence.
2.09 ASSIGNMENT
This Contract may not be assigned.
2.10 ACCOUNT CHARGE
On the last business day of each Contract Year; LNL will deduct $35.00 from the
account value. At surrender the account charge will be deducted from the account
value. The account value is the value of all the Accumulation Units in the name
of the Owner plus the value of the fixed portion of the Contract. If the
Annuitant has elected more than one sub-account, the deduction of the Account
Charge shall be taken from each sub-account on a pro-rata basis. Each sub-
account will be adjusted by an amount equal to a fraction of the charge. The
fraction is equal to "a" divided by "b," where "a" is the account value of the
sub-account and "b" is the value of all sub-accounts under the Contract. The
fraction for each sub-account is applied to the deduction to determine each sub-
account's deduction.
For the purposes of this Section, the fixed portion of the Contract is
considered a sub-account.
2.11 SURRENDER OPTION
The Owner may surrender this Contract for its surrender value. On surrender,
this Contract terminates. Surrender will be effective on the Valuation Date on
which or next following the date LNL has received a written request at its Home
Office. The surrender value will be the total account value on the Valuation
Date, less a Contingent Deferred Sales Charge and the Account Charge.
The Contingent Deterred Sales Charge is calculated separately for each Contract
Year's Purchase Payment. The Contingent Deferred Sales Charge is calculated as a
percentage of the Purchase Payments surrendered. This percentage is based on the
number of completed Contract Years between the Contract Year of deposit and the
Contract Year of surrender/withdrawal as shown in the following schedule:
Contract Year of
Surrender/Withdrawal Charge as a % of Total
Minus Contract Year of Purchase Payments Surrendered/
Purchase Payments Withdrawn in a Contract Year
0-1 6
2 5
3 4
4 3
5 2
6 1
7+ 0
The Contingent Deferred Sales Charge will be waived in the event the Contract is
surrendered as a result of the death or total and permanent disability of the
Annuitant.
A Contract Year is the period from the Contract effective date (month and day)
to the anniversary of the Contract effective date in the following year.
Any cash payment will be mailed from LNLs Home Office within seven days after
the date of surrender; however, LNL may be permitted to defer such payment under
the Investment Company Act of 1940, as in effect at the time a request for
surrender is received. The Surrender Option is not available after Annuity
Payments have begun.
2.12 WITHDRAWAL OPTION
The Owner may withdraw a part of the surrender value of this Contract, subject
to the charges outlined under Surrender Option. The first partial withdrawal in
any Contract Year will be free of withdrawal charges up to 10% of Purchase
Payments. Withdrawals will be treated as first in-first out for purposes of
calculating the with
Page 7
drawal charge. Withdrawal will be effective on the Valuation date on which or
next following the date LNL receives a written request at its Home Office. The
minimum withdrawal is $300.00. If any withdrawal reduces the total account value
to less than $300, LNL may surrender the Contract for its value. The remaining
value will be subject to the charges as provided under Surrender Option. The
request should specify from which sub-account the withdrawal will be made. If no
sub-account is specified, LNL will withdraw, on a prorata basis from each sub-
account, the amount requested. Any cash payment will be mailed from LNLs Home
Office within seven days after the date of withdrawal; however, LNL may be
permitted to defer such payment under the Investment Company Act of 1940, as in
effect at the time such request for withdrawal is received.
The Withdrawal Option is not available after Annuity Payments have begun.
For purposes of this Section, the fixed portion of the Contract is considered a
sub-account.
2.13 DEATH OF ANNUITANT
On receipt of due proof of the death of the Annuitant before a choice is made to
receive proceeds under an Annuity Payment Option, LNL will pay to the
Beneficiary a Death Benefit equal to the greater of (a) the sum of all Purchase
Payments minus any withdrawals, partial surrenders; or (b) the current value of
the Contract as of the day on which written notice of death is received by LNL.
Due proof of death shall be either the certificate of death, a certified copy of
the statement of death from the attending physician, a certified copy of a
decree of a court of competent jurisdiction as to the finding of death, or any
other proof satisfactory to LNL.
On receipt of due proof of death of the Annuitant after Annuity Payments have
begun under an Annuity Payment Option, if any Annuity Payments remain under the
Option they will be paid to the Beneficiary as provided by the Option.
If the Beneficiary designated at the time of the Annuitant's death is a
surviving spouse, the Contract may be continued in the name of the spouse as the
Annuitant.
For a Beneficiary other than a spouse, if the Annuitant dies before Annuity
Payments have begun under the Contract, the amounts must be distributed to the
designated Beneficiary within five years of the death of the Annuitant.
For a Beneficiary other than a spouse, if the Annuitant dies after Annuity
Payments have begun under the Contract, the remaining portion of the Annuitant's
interest must either be distributed at least as rapidly as under the method of
distribution being used as of the date of the Annuitant's death or distributed
over the life of the Beneficiary or a period not extending beyond the life
expectancy of the Beneficiary. The distribution of these amounts must begin not
later than one year after the Annuitant's death.
Unless otherwise provided in the Beneficiary designation, if no Beneficiary
survives the Annuitant, the proceeds will be paid in one sum to the Owner, if
living; otherwise, to the Owner's estate.
ARTICLE 3
BENEFICIARY
3.01 DESIGNATION
The Beneficiary named in the application for this Contract will receive the
proceeds on the death of the Annuitant unless the Beneficiary has been changed
by the Owner.
3.02 CHANGE
The Owner may change any Beneficiary during the life of the Annuitant, unless
otherwise provided in the previous designation. A change of Beneficiary will
revoke any previous designation.
A change may be made by filing a written request to LNL at its Home Office. The
change will become effective upon receipt of the written request by LNL at its
Home Office.
3.03 DEATH OF BENEFICIARY
Unless otherwise provided in the Beneficiary designation, if any Beneficiary
dies before the Annuitant, that Beneficiary's interest will pass to any other
Beneficiaries according to their respective interests.
If the Beneficiary dies while receiving any remaining Annuity Payments due after
the death of the Annuitant, the value of the remainder of such Annuity Payments
will be paid in one sum to the Beneficiary's estate.
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ARTICLE 4
GENERAL PROVISIONS
4.01 THE CONTRACT
This Contract, the application, and any riders attached to this Contract make up
the whole Contract. Only the President, a Vice-President, the Secretary or an
Assistant Secretary of LNL has the power, on behalf of LNL, to change, modify,
or waive any provisions of this Contract.
Any changes, modifications, or waivers must be in writing. LNL will not be bound
by any promises or representations made by any representative or other person
except as specified above.
4.02 CONTROL
Consistent with the terms of any Beneficiary designation, the Owner may, during
the life of the Annuitant, do any of the things described below.
1. Prior to the time when Annuity Payments have begun the Owner may surrender
this Contract or withdraw a portion of the surrender value.
2. The Owner may change this Contract with the consent of LNL.
3. The Owner may exercise any right, receive any benefit, or enjoy any
privilege contained in this Contract.
4.03 INCONTESTABILITY
This Contract will not be contested.
4.04 MISSTATEMENT OF AGE
If the age of the Annuitant has been misstated, the benefits available under
this Contract will be those which the Purchase Payments would have purchased for
the correct age. Any underpayments already made by LNL shall be made up
immediately and any overpayments already made by LNL shall be charged against
the Annuity Payments falling due after adjustment.
4.05 NONPARTICIPATING
The Contract is nonparticipating and will not share in the surplus earnings of
LNL.
4.06 VOTING RIGHTS
The Owner shall have a right to vote at the meetings of the Fund. Ownership of
this Contract shall not entitle any person to vote at any meeting of
shareholders of LNL. Votes attributable to the Contract shall be cast in
conformity with applicable law.
4.07 OWNERSHIP OF THE ASSETS
LNL shall have exclusive and absolute ownership and control of its assets,
including all assets in the Variable Account.
4.08 REPORTS
At least once each Contract Year LNL shall mail a report to the Owner. The
report shall be mailed to the last address known to LNL. The report shall
include a statement of the number of units credited to the Variable Account
under this Contract and the dollar value of such units as well as a statement of
the value of the fixed portion of this Contract. The information in the report
shall be as of a date not more than two months prior to the date of mailing the
report. LNL shall also mail to the Owner at least once in each Contract Year a
report of the investments held in the sub-accounts under this Contract.
Page 9
ARTICLE 5
ANNUITY PURCHASE RATES UNDER A VARIABLE PAYMENT OPTION
--------------------------------------------------------------------------------
DOLLAR AMOUNT OF FIRST MONTHLY PAYMENT WHICH IS
PURCHASED WITH EACH $1,000 APPLIED
--------------------------------------------------------------------------------
SINGLE LIFE ANNUITIES
--------------------------------------------------------------------------------
No 120 240
Period Months Months Cash
Age Certain Certain Certain Refund
--------------------------------------------------------------------------------
60 $4.93 $4.86 $4.65 $4.67
61 5.02 4.95 4.71 4.74
62 5.13 5.04 4.78 4.82
63 5.24 5.14 4.84 4.90
64 5.36 5.25 4.91 4.99
65 5.48 5.36 4.97 5.09
66 5.62 5.48 5.04 5.19
67 5.77 5.61 5.10 5.29
68 5.93 5.75 5.16 5.40
69 6.11 5.89 5.22 5.52
70 6.30 6.04 5.27 5.64
71 6.51 6.20 5.32 5.77
72 6.73 6.36 5.37 5.90
73 6.97 6.53 5.41 6.04
74 7.24 6.71 5.45 6.19
75 7.52 6.89 5.48 6.35
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
JOINT AND SURVIVOR ANNUITIES
--------------------------------------------------------------------------------
JOINT AND FULL TO SURVIVOR JOINT AND TWO-THIRDS TO SURVIVOR
--------------------------------------------------------------------------------
Certain Period Certain Period
--------------------------------------------------------------------------------
Joint
None 120 Months 240 Months Age None 120 Months 240 Months
--------------------------------------------------------------------------------
$4.34 $4.34 $4.32 60 $4.72 $4.67 $4.53
4.41 4.41 4.38 61 4.80 4.75 4.60
4.48 4.48 4.44 62 4.89 4.84 4.66
4.56 4.56 4.51 63 4.99 4.93 4.73
4.64 4.64 4.58 64 5.10 5.03 4.79
4.73 4.73 4.65 65 5.21 5.13 4.86
4.83 4.82 4.73 66 5.33 5.24 4.93
4.93 4.92 4.80 67 5.46 5.36 5.00
5.04 5.03 4.88 68 5.60 5.49 5.06
5.16 5.15 4.95 69 5.76 5.62 5.13
5.29 5.27 5.03 70 5.92 5.76 5.19
5.43 5.40 5.10 71 6.10 5.91 5.25
5.58 5.54 5.17 72 6.30 6.06 5.30
5.74 5.69 5.24 73 6.51 6.23 5.35
5.91 5.85 5.30 74 6.73 6.40 5.40
6.10 6.02 5.35 75 6.98 6.57 5.44
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ARTICLE 6
ANNUITY PURCHASE RATES UNDER A FIXED PAYMENT OPTION
--------------------------------------------------------------------------------
GUARANTEED DOLLAR AMOUNT OF MONTHLY PAYMENT WHICH IS
PURCHASED WITH EACH $1,000 APPLIED
--------------------------------------------------------------------------------
SINGLE LIFE ANNUITIES
--------------------------------------------------------------------------------
No 120 240
Period Months Months Cash
Age Certain Certain Certain Refund
--------------------------------------------------------------------------------
60 $5.31 $5.17 $4.77 $4.83
61 5.43 5.27 4.83 4.92
62 5.56 5.38 4.89 5.01
63 5.70 5.50 4.95 5.10
64 5.85 5.62 5.01 5.20
65 6.00 5.74 5.07 5.31
66 6.17 5.88 5.13 5.42
67 6.35 6.01 5.18 5.53
68 6.55 6.16 5.24 5.65
69 6.75 6.30 5.29 5.79
70 6.98 6.46 5.34 5.92
71 7.21 6.63 5.38 6.06
72 7.47 6.79 5.42 6.22
73 7.75 6.96 5.46 6.37
74 8.04 7.13 5.49 6.54
75 8.36 7.31 5.52 6.73
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
JOINT AND SURVIVOR ANNUITIES
--------------------------------------------------------------------------------
JOINT AND FULL TO SURVIVOR JOINT AND TWO-THIRDS TO SURVIVOR
--------------------------------------------------------------------------------
Certain Period Certain Period
--------------------------------------------------------------------------------
Joint
None 120 Months 240 Months Age None 120 Months 240 Months
--------------------------------------------------------------------------------
$4.49 $4.48 $4.41 60 $5.01 $4.92 $4.64
4.58 4.57 4.48 61 5.11 5.01 4.71
4.67 4.65 4.55 62 5.23 5.11 4.77
4.76 4.75 4.62 63 5.35 5.22 4.84
4.86 4.85 4.69 64 5.48 5.33 4.90
4.97 4.95 4.77 65 5.62 5.45 4.97
5.09 5.06 4.84 68 5.76 5.58 5.03
5.21 5.18 4.92 67 5.92 5.71 5.09
5.34 5.31 4.99 68 6.09 5.85 5.15
5.49 5.44 5.07 69 6.27 5.99 5.21
5.64 5.58 5.14 70 6.46 6.14 5.27
5.80 5.73 5.21 71 6.67 6.30 5.32
5.98 5.89 5.27 72 6.90 6.46 5.37
6.17 6.06 5.33 73 7.14 6.63 5.41
6.37 6.23 5.38 74 7.40 6.81 5.45
6.59 6.41 5.43 75 7.67 6.99 5.49
--------------------------------------------------------------------------------
Page 11
ARTICLE 7
GUARANTEED ACCUMULATED VALUES AND SURRENDER VALUES
FOR FIXED ALLOCATIONS*
--------------------------------------------------------------------------------
$1,000 Annual Contribution $100 Monthly Contribution
---------------------------- --------------------------------
End Guaranteed Guaranteed End Guaranteed Guaranteed
of Accumulated Surrender of Accumulated Surrender
Year Value Value Year Value Value
--------------------------------------------------------------------------------
1 $ 1,010.00 $ 950.00 1 $ 1,194.05 $ 1,122.05
2 2,065.45 1,945.45 2 2,441.84 2,297.84
3 3,168.40 2,998.40 3 3,745.78 3,541.78
4 4,320.98 4,110.98 4 5,108.39 4,856.39
5 5,525.42 5,285.42 5 6,532.32 6,244.32
6 6,751.44 6,491.44 6 7,984.46 7,672.46
7 8,026.50 7,756.50 7 9,494.68 9,170.68
8 9,352.56 9,082.56 8 11,065.31 10,741.31
9 10,731.66 10,461.66 9 12,698.77 12,374.77
10 12,165.93 11,895.93 10 14,397.56 14,073.56
11 13,591.74 13,321.74 11 16,089.11 15,765.11
12 15,067.45 14,797.45 12 17,839.86 17,515.86
13 16,594.81 16,324.81 13 19,651.88 19,327.88
14 18,175.63 17,905.63 14 21,527.33 21,203.33
15 19,811.78 19,541.78 15 23,468.41 23,144.41
16 21,505.19 21,235.19 16 25,477.44 25,153.44
17 23,257.87 22,987.87 17 27,556.78 27,232.78
18 25,071.90 24,801.90 18 29,708.90 29,384.90
19 26,949.42 26,679.42 19 31,936.34 31,612.34
20 28,892.65 28,622.65 20 34,241.74 33,917.74
21 30,903.89 30,633.89 21 36,627.83 36,303.83
22 32,985.53 32,715.53 22 39,097.44 38,773.44
23 35,140.02 34,870.02 23 41,653.48 41,329.48
24 37,369.92 37,099.92 24 44,298.98 43,974.98
25 39,677.87 39,407.87 25 47,037.08 46,713.08
26 42,066.60 41,796.60 26 49,871.00 49,547.00
27 44,538.93 44,268.93 27 52,804.12 52,480.12
28 47,097.79 46,827.79 28 55,839.89 55,515.89
29 49,746.21 49,476.21 29 58,981.92 58,657.92
30 52,487.33 52,217.33 30 62,233.92 61,909.92
31 55,324.39 55,054.39 31 65,599.74 65,275.74
32 58,260.74 57,990.74 32 69,083.36 68,759.36
33 61,299.87 61,029.87 33 72,688.90 72,364.90
34 64,445.37 64,175.37 34 76,420.65 76,096.65
35 67,700.96 67,430.96 35 80,283.00 79,959.00
36 71,070.96 70,800.96 36 84,280.54 83,956.54
37 74,557.96 74,287.96 37 88,417.98 88,093.98
38 78,167.49 77,897.49 38 92,700.24 92,376.24
39 81,903.35 81,633.35 39 97,132.38 96,808.38
40 85,769.97 85,499.97 40 101,719.65 101,395.65
41 89,771.92 89,501.92 41 106,467.47 106,143.47
42 93,913.94 93,643.94 42 111,381.46 111,057.46
43 98,200.93 97,930.93 43 116,467.44 116,143.44
44 102,637.96 102,367.96 44 121,731.43 121,407.43
45 107,230.29 106,960.29 45 127,179.66 126,855.66
--------------------------------------------------------------------------------
* Guaranteed Accumulated Values and Guaranteed Surrender Values may be more or
less than shown in the table because of the variable of the day of receipt of
the Purchase Payment at the Home Office from period to period and the
crediting of interest to the Annuitant's account on a daily basis. Values
shown are based upon contributions equally spaced with interest occurring at
the beginning of the year. These values do not provide for premium tax, if
any.
Page 12
ANNUITY
CONTRACT
Deferred Variable Annuity or Variable and Fixed Annuity
Nonparticipating
If you have any questions concerning
this Contract, please
contact your Lincoln National Life
representative or the Home Office of LNL.
THE LINCOLN NATIONAL
LIFE INSURANCE COMPANY
0000 Xxxxx Xxxxxxx Xxxxxx
P.O. Box 2348
Fort Xxxxx, Indiana 46801
000-000-0000
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