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ANCHOR NATIONAL LIFE INSURANCE COMPANY
A STOCK COMPANY LOS ANGELES, CALIFORNIA
CERTIFICATE NUMBER P9999999999
PARTICIPANT XXXX XXX
STATUTORY HOME OFFICE EXECUTIVE OFFICE ANNUITY SERVICE CENTER
0000 XXXXX 00XX XX., XXX 000 0 SUNAMERICA CENTER P. O. BOX 54299
PHOENIX, AZ 85018 LOS ANGELES, CA 90067-6022 LOS ANGELES, CA 90054-0299
ANCHOR NATIONAL LIFE INSURANCE COMPANY ("We", "Us", the "Company", or "Anchor
National") agrees to provide benefits to the Participant under the Group
Contract, in accordance with the provisions set forth in this Certificate and in
consideration of Purchase Payments We receive.
THIS CERTIFICATE IS EVIDENCE OF COVERAGE UNDER THE GROUP CONTRACT. THE COVERAGE
WILL BEGIN AS OF THE CERTIFICATE DATE, SHOWN ON THE CERTIFICATE DATA PAGE.
THE VALUE OF AMOUNTS ALLOCATED TO THE SEPARATE ACCOUNT DURING THE ACCUMULATION
AND ANNUITY PERIODS IS NOT GUARANTEED, AND WILL INCREASE OR DECREASE BASED UPON
THE INVESTMENT EXPERIENCE OF THE VARIABLE PORTFOLIOS YOU CHOOSE.
THE CASH SURRENDER BENEFIT OF AMOUNTS ALLOCATED TO ANY FIXED-MVA ACCOUNT OPTION
INCREASES OR DECREASES BASED ON THE APPLICATION OF THE MARKET VALUE ADJUSTMENT
EXCEPT DURING THE 30 DAYS AFTER THE END OF THE GUARANTEE PERIOD. THERE IS NO
MARKET VALUE ADJUSTMENT TO AMOUNTS ALLOCATED TO THE NON-MVA FIXED ACCOUNT
OPTION.
RIGHT TO EXAMINE - YOU MAY RETURN THIS CERTIFICATE TO OUR ANNUITY SERVICE CENTER
OR TO THE AGENT THROUGH WHOM THE CERTIFICATE WAS PURCHASED WITHIN 10 DAYS AFTER
YOU RECEIVE IT, IF YOU ARE NOT SATISFIED WITH IT. THE COMPANY WILL REFUND THE
CERTIFICATE VALUE, LESS ANY PAYMENT ENHANCEMENT(S), ON THE BUSINESS DAY DURING
WHICH THE CERTIFICATE IS RECEIVED. UPON SUCH REFUND, THE CERTIFICATE SHALL BE
VOID.
For Individual Retirement Annuities, a refund of the Purchase Payment(s) may be
required. Therefore, We reserve the right to allocate Your Purchase Payment(s)
and any Payment Enhancement to the Cash Management Portfolio until the end of
the Right To Examine period. Thereafter, allocations will be made as shown on
the Certificate Data Page.
THIS IS A LEGAL DOCUMENT. READ IT CAREFULLY.
/s/ Xxxxx X. Xxxxxx /s/ Xxx Xxxxx
---------------------------- ----------------------------
Xxxxx X. Xxxxxx Xxx Xxxxx
Secretary President
ALLOCATED FIXED AND
VARIABLE GROUP ANNUITY CERTIFICATE
Nonparticipating
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TABLE OF CONTENTS
CERTIFICATE DATA PAGE.............................................PAGE 3
PURCHASE PAYMENT ALLOCATION.......................................PAGE 4
DEFINITIONS.......................................................PAGE 5
PURCHASE PAYMENT PROVISIONS.......................................PAGE 8
ACCUMULATION PROVISIONS...........................................PAGE 9
PAYMENT ENHANCEMENT PROVISIONS...................................PAGE 11
FEES AND CHARGES.................................................PAGE 12
TRANSFER PROVISIONS..............................................PAGE 12
WITHDRAWAL PROVISIONS............................................PAGE 13
GENERAL PROVISIONS...............................................PAGE 15
DEATH PROVISIONS.................................................PAGE 17
ANNUITY PROVISIONS...............................................PAGE 20
ANNUITY PAYMENT OPTIONS .........................................PAGE 22
FIXED ANNUITY PAYMENT OPTIONS TABLE..............................PAGE 23
VARIABLE ANNUITY PAYMENT OPTIONS TABLE...........................PAGE 26
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CERTIFICATE DATA PAGE
CERTIFICATE NUMBER: ANNUITY SERVICE CENTER:
P9999999999 P. O. BOX 54299
LOS ANGELES, CA 90054-0299
PARTICIPANT: AGE AT ISSUE:
XXXX XXX 35
ANNUITANT: INITIAL PURCHASE PAYMENT:
XXXX XXX $10,000.00
CERTIFICATE DATE: FIXED ACCOUNT OPTIONS -
March 1, 1999 Minimum Guarantee Rate:
3.0%
ANNUITY DATE: INITIAL PAYMENT ENHANCEMENT:
March 1, 2029 2.0%
LATEST ANNUITY DATE: MORTALITY RISK CHARGE:
March 1, 2054 [0.35%]
ANNUAL CERTIFICATE MAINTENANCE FEE: EXPENSE RISK CHARGE:
$35.00 [0.90%]
GUARANTEED DEATH BENEFIT RISK CHARGE: DISTRIBUTION EXPENSE CHARGE:
[0.12%] [0.15%]
BENEFICIARY: SEPARATE ACCOUNT:
As named by You. Variable Separate Account
DEATH BENEFIT OPTION:
Option I: Purchase Payment Accumulation
PAYMENT ENHANCEMENT SCHEDULE FOR INITIAL PURCHASE PAYMENT
------------------------------------------------- -----------------------------------------------
PAYMENT ENHANCEMENT DATE PAYMENT ENHANCEMENT
------------------------------------------------- -----------------------------------------------
INITIAL PAYMENT ENHANCEMENT:
------------------------------------------------- -----------------------------------------------
March 1, 1999 $200.00
------------------------------------------------- -----------------------------------------------
DEFERRED PAYMENT ENHANCEMENT(S):
------------------------------------------------- -----------------------------------------------
[March 1, 2008] [$200.00*]
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*May be reduced by certain withdrawals of Certificate Value. Please see Payment
Enhancement Provisions.
FOR INQUIRIES
CALL 1-800-445-SUN2
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PURCHASE PAYMENT ALLOCATION
Variable Portfolios
-------------------
SUNAMERICA ANCHOR
SERIES TRUST SERIES TRUST
0.00% Cash Management 0.00% Government & Quality Bond
0.00% Corporate Bond 0.00% Growth
0.00% Global Bond 25.00% Natural Resources
0.00% High-Yield Bond 0.00% Capital Appreciation
0.00% Worldwide High Income
0.00% SunAmerica Balanced
25.00% MFS Total Return
0.00% Asset Allocation
0.00% Utility
0.00% Growth-Income
0.00% MFS Growth and Income
0.00% Federated Value
0.00% Venture Value
0.00% "Dogs" of Wall St.
0.00% Alliance Growth
25.00% Xxxxxx Growth
0.00% Real Estate
0.00% MFS Mid-Cap Growth
0.00% Aggressive Growth
0.00% International Growth
and Income
0.00% Global Equities
0.00% International Diversified
Equities
0.00% Emerging Markets
Fixed Account Options
---------------------
Guarantee Initial
Period Interest Rate
--------- -------------
25.00% 1-Year Fixed Non-MVA 3.00%
0.00% 3-Year Fixed MVA
0.00% 5-Year Fixed MVA
0.00% 7-Year Fixed MVA
0.00% 10-Year Fixed MVA
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DEFINITIONS
Defined in this section are some of the words and phrases used in this
Certificate. These terms are capitalized when used in the Certificate. Other
capitalized terms in the Certificate refer to the captioned paragraph explaining
that particular concept in the Certificate.
ACCUMULATION UNIT
A measurement used to compute the Certificate Value in a Variable Portfolio
prior to the Annuity Date.
AGE
Age as of last birthday.
ANNUITANT
The natural person or persons (collectively, Joint Annuitants) whose life or
lives is/are used to determine the annuity benefits under the Certificate. If
the Certificate is in force and the Annuitant(s) is/are alive on the Annuity
Date, We will begin payments to the Payee. This Certificate cannot have Joint
Annuitants if it is issued on a tax-qualified basis.
ANNUITY DATE
The date on which annuity payments ("income payments") to the Payee are to
start. The Participant specifies the Annuity Date, which must be at least two
years after the Certificate Date.
ANNUITY SERVICE CENTER
As specified on the Certificate Data Page.
ANNUITY UNIT
A unit of measurement used to compute annuity payments from the Variable
Portfolio.
BENEFICIARY
The Beneficiary is as named by You unless later changed by You in a written
request to Us at Our Annuity Service Center.
CERTIFICATE
This Certificate, which describes Your interest as a Participant under the group
annuity contract.
CERTIFICATE DATE
The date Your Certificate is issued, as shown on the Certificate Data Page. It
is the date from which Certificate Years and anniversaries are measured.
CERTIFICATE VALUE
The sum of: (1) the Accumulation Unit Values for Your amounts allocated to the
Variable Portfolios and (2) the value of amounts allocated to the Fixed Account
Options.
CERTIFICATE YEAR
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A year starting from the Certificate Date in one calendar year and ending on the
day preceding the anniversary of such date in the succeeding calendar year.
CONTRIBUTION YEAR
A year starting from the date a Purchase Payment is made in one calendar year
and ending on the day preceding the anniversary of such date in succeeding
calendar years.
CURRENT INTEREST RATE
The rate(s) of interest declared by Us applicable to allocations of subsequent
Purchase Payments to the Fixed Account Options. The Current Interest Rate will
not be less than the Minimum Guarantee Rate as shown on the Certificate Data
Page.
DEFERRED PAYMENT ENHANCEMENT
Any Payment Enhancement allocated to Your Certificate Value on any Deferred
Payment Enhancement Date.
FIXED ACCOUNT OPTIONS
The investment options under this Certificate that are credited with a fixed
rate of interest declared by the Company. All amounts allocated to the Fixed
Account Options become part of the Company's general asset account. The general
asset account contains all the assets of the Company except for the Separate
Account and other segregated asset accounts. The Fixed Account Options for this
Certificate are shown on page 4.
FIXED ANNUITY
A series of periodic annuity payments in predetermined amounts that do not vary
with investment experience. Such payments are made from the Company's general
asset account.
GUARANTEE PERIOD
The period for which either the Initial Interest Rate, the Current Interest Rate
or the Renewal Interest Rate is credited to amounts allocated to the Fixed
Account Options.
INITIAL INTEREST RATE
The rate(s) of interest credited to any portion of the initial Purchase Payment
allocated to the Fixed Account Option(s), as described in the Accumulation
Provisions section. The Initial Interest Rate(s) for this Certificate is/are
listed on page 4. The Initial Interest Rate may not be less than the Minimum
Guarantee Rate as shown on the Certificate Data Page.
INITIAL PAYMENT ENHANCEMENT
The Payment Enhancement allocated to Your Certificate Value on the date a
Purchase Payment is credited to Your Certificate.
IRC
The Internal Revenue Code of 1986, as amended, or as it may be amended or
superseded.
JOINT PARTICIPANT
If Joint Participants are named, they must be spouses. Each Joint Participant
has an equal ownership interest in the Certificate unless We are advised
otherwise in writing.
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NYSE
New York Stock Exchange. Generally, the close of any NYSE business day is
4:00PM, Eastern Time. Financial transactions and/or Purchase Payments received
after the close of any NYSE business day will be credited with the next NYSE
business day's Accumulation Unit Value for the selected Variable Portfolio.
PARTICIPANT
The person or entity named in the Certificate who is entitled to
exercise all rights and privileges of ownership under the Certificate.
Participant means both Joint Participants, if applicable.
PAYEE
The person receiving payment of annuity benefits under this Certificate.
PAYMENT ENHANCEMENT
Payment Enhancements are amounts allocated to Your Certificate Value by Us.
Payment Enhancements are not considered Purchase Payments.
PURCHASE PAYMENTS
Payments in U.S. currency made by or on behalf of the Participant to the Company
for the Certificate. Payment Enhancements are not considered Purchase Payments.
RENEWAL INTEREST RATE
The rate(s) of interest declared by Us applicable to transfers from the Variable
Portfolios into the Fixed Account Options and to amounts previously allocated to
a Fixed Account Option wherein the Guarantee Period has expired. The Renewal
Interest Rate may not be less than the Minimum Guarantee Rate as shown on the
Certificate Data Page.
SEPARATE ACCOUNT
A segregated asset account named on the Certificate Data Page. The Separate
Account consists of the Variable Portfolios. The assets of the Separate Account
are not comingled with the general assets and liabilities of the Company. The
value of amounts allocated to the Variable Portfolios of the Separate Account is
not guaranteed.
SUBSEQUENT PURCHASE PAYMENTS
Purchase Payments made after the Initial Purchase Payment.
TOTAL INVESTED AMOUNT
The sum of all Purchase Payments less amounts previously withdrawn that incurred
a Withdrawal Charge, less Purchase Payments withdrawn that were no longer
subject to a Withdrawal Charge.
VARIABLE ANNUITY
A series of periodic annuity payments which vary in amount according to the
investment experience of one or more Variable Portfolio, as selected by You.
VARIABLE PORTFOLIO
The variable investment options available under this Certificate. Each Variable
Portfolio has its own investment objective and is invested in an underlying fund
of the Anchor Series Trust or the SunAmerica Series Trust. Each Variable
Portfolio is not chargeable with liabilities arising out of any other Variable
Portfolio. The available Variable Portfolios are shown on page 4. Additional
Variable Portfolios may become available in the future.
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WE, OUR, US, THE COMPANY
Anchor National Life Insurance Company.
YOU, YOUR
The Participant.
PURCHASE PAYMENT PROVISIONS
PURCHASE PAYMENTS
Purchase Payments are flexible. This means that, subject to Company declared
minimums and maximums, You may change the amounts, frequency or timing of
Purchase Payments. Purchase Payments will be allocated to the Fixed Account
Option(s) and Variable Portfolio(s) in accordance with instructions from You. We
reserve the right to specify the minimum Purchase Payment that may be allocated
to a Variable Portfolio under the Certificate.
PRINCIPAL ADVANTAGE PROGRAM
An optional program under which We allocate a portion of Your Purchase Payment
to a Fixed Account Option selected by You. This allocation will accumulate to
the full amount of that Purchase Payment by the end of the Guarantee Period,
provided there are no withdrawals or transfers prior to the end of the Guarantee
Period from that Fixed Account Option. The amount of the allocation depends
upon: (a) the Guarantee Period for the Fixed Account Option You select; and (b)
the interest rate applicable to that allocation. We reserve the right to modify,
suspend or terminate the Principal Advantage Program at any time.
DEFERMENT OF PAYMENTS
We may defer making payments from the Fixed Account Options for up to six (6)
months. Interest, subject to state requirements, will be credited during the
deferral period.
SUSPENSION OF PAYMENTS
We may suspend or postpone any payments from the Variable Portfolios if any of
the following occur:
(a) the NYSE is closed;
(b) trading on the NYSE is restricted;
(c) an emergency exists such that it is not reasonably practical to dispose
of securities in the Variable Portfolios or to determine the value of
its assets; or
(d) the Securities and Exchange Commission, by order, so permits for the
protection of Participants.
Conditions in (b) and (c) will be decided by or in accordance with rules of the
Securities and Exchange Commission.
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SUBSTITUTION OF VARIABLE PORTFOLIO
If: (a) the shares of the underlying funds of the SunAmerica Series Trust or the
Anchor Series Trust should no longer be available for investment by the Separate
Account; or (b) in the judgment of the Board of Trustees for the SunAmerica
Series Trust and the Anchor Series Trust, further investment in the underlying
funds of such entities is no longer appropriate in view of the purpose of the
Certificate, then We may substitute shares of another underlying fund, for
shares already purchased, or to be purchased in the future by subsequent
Purchase Payments under the Certificate. No substitution of securities may take
place without prior approval of the Securities and Exchange Commission and under
such requirements as it may impose.
ACCUMULATION PROVISIONS
SEPARATE ACCOUNT ACCUMULATION VALUE
The Separate Account Accumulation Value under the Certificate shall be the sum
of the values of the Accumulation Units held in the Variable Portfolios for each
Participant.
NUMBER OF ACCUMULATION UNITS
Your Certificate is credited with Accumulation Units of the Separate Account
when Purchase Payments are allocated to the Variable Portfolios. For that
portion of each Purchase Payment allocated to a Variable Portfolio, the number
of Accumulation Units credited is equal to the sum of each Purchase Payment, any
Payment Enhancement and/or transfer amount allocated to that Variable Portfolio,
reduced by premium taxes, if any:
Divided by
The Accumulation Unit value for that Variable Portfolio for the NYSE business
day on which the Purchase Payment, Payment Enhancement or transfer amount is
allocated.
The number of Accumulation Units will be similarly adjusted for withdrawals,
annuitizations, transfers and charges. Adjustments will be made as of the NYSE
business day on which We receive all requirements for the transaction, as
appropriate.
ACCUMULATION UNIT VALUE (AUV)
The AUV of a Variable Portfolio for any NYSE business day is calculated by
subtracting (2) from (1) and dividing the result by (3) where:
(1) is the total value for the given NYSE business day of the assets
attributable to the Accumulation Units of the Variable Portfolio, minus
the total liabilities;
(2) is the cumulative unpaid charge for assumption of Expense Risk,
Distribution Expense, Mortality Risk and Guaranteed Death Benefit Risk
charges (See CHARGES AND DEDUCTIONS); and
(3) is the number of Accumulation Units outstanding at the end of the given
NYSE business day.
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FIXED ACCOUNT ACCUMULATION VALUE
Under the Certificate, the Fixed Account Accumulation Value shall be the sum of
all monies then invested in the Fixed Account Option(s), reduced by any
applicable premium taxes, plus all interest credited thereto. This amount shall
be adjusted for withdrawals (which includes any Withdrawal Charges associated
with those withdrawals), annuitizations, transfers, any applicable MVA on such
transactions, and the deduction of the Certificate Maintenance Fee. The Fixed
Account Accumulation Value shall not be less than the minimum values required by
law in the state where this Certificate is issued.
FIXED ACCOUNT GUARANTEE PERIOD OPTIONS AND INTEREST CREDITING
Any amounts allocated to the Fixed Account Options from the initial Purchase
Payment and the Payment Enhancement for the initial Purchase Payment will earn
interest at the Initial Interest Rate for the Fixed Account Option(s) selected
for the duration of the Guarantee Period.
Subsequent Purchase Payments and the initial Payment Enhancement for Subsequent
Purchase Payments, if any, allocated to the Fixed Account Options will earn
interest at the Current Interest Rate for the Fixed Account Option(s) selected
for the duration of the Guarantee Period. Transfers to the Fixed Account Options
from the Variable Portfolios and amounts renewed into the Fixed Account Options
will earn interest at the Renewal Interest Rate for the Fixed Account Option(s)
selected for the duration of the Guarantee Period.
For thirty (30) days following the date of expiration of a Guarantee Period, You
may renew for the same or any other Guarantee Period at the Renewal Interest
Rate or You may transfer all or a portion of the amount to the Variable
Portfolios. If during that 30-day period You do not specify a different
Guarantee Period or otherwise transfer to a Variable Portfolio, We will select
the same Guarantee Period as has just expired, crediting Your Certificate with
the Renewal Interest Rate in effect on the date of expiration of the Guarantee
Period, so long as such Guarantee Period does not extend beyond the Annuity
Date. If the guarantee period extends beyond the Annuity Date, We will credit
interest up to the Annuity Date at the Renewal Interest Rate for the 1-Year
Fixed Account Option.
MARKET VALUE ADJUSTMENT (MVA)
Any payments and values based on the 3, 5, 7 or 10-year Fixed Account Options
may be subject to a MVA, the operation of which may result in upward or downward
adjustments in the Certificate Value, if withdrawn, transferred or annuitized
prior to the end of the respective Guarantee Period. The MVA will be calculated
by multiplying the amount withdrawn, transferred or annuitized by the following
formula:
(N/12)
{(1 + I)/(1+J+0.0050)} -1
I = The interest rate currently in effect for that Guarantee Period.
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J = The Initial Interest Rate available for the Guarantee Period equal to the
number of years (rounded up to an integer) remaining in the current Guarantee
Period at the time of withdrawal, transfer or annuitization. In the
determination of J, if the Company currently does not offer the applicable
Guarantee Period, then the rate will be determined by linear interpolation of
the Initial Interest Rate for the nearest two Guarantee Periods that are
available.
N = The number of full months remaining in the current Guarantee Period at the
time the withdrawal or annuitization request is processed.
There will be no MVA from the Fixed Account Options in the following situations:
(1) upon withdrawal or transfer within thirty (30) days after the end of the
Guarantee Period; (2) upon withdrawal to pay fees or charges; (3) upon payment
of the death benefit; or (4) upon annuitization on the latest Annuity Date.
PAYMENT ENHANCEMENT PROVISIONS
Payment Enhancements are amounts allocated to Your Certificate Value by Us.
Payment Enhancements are not considered Purchase Payments. Payment Enhancements
are subject to Our terms and conditions as discussed below.
PAYMENT ENHANCEMENT FOR INITIAL PURCHASE PAYMENT
We will allocate the Initial Payment Enhancement shown on the Certificate Data
Page to the Fixed Account Options and Variable Portfolios in the same proportion
as Your Initial Purchase Payment. The Initial Payment Enhancement will be
allocated on Your Certificate Date.
We will allocate any Deferred Payment Enhancement(s) shown on the Certificate
Data Page to the Cash Management Portfolio on the corresponding Deferred Payment
Enhancement Date(s) shown. Any Deferred Payment Enhancement(s) will be reduced
proportionately by Partial Withdrawals (including any fees or charges associated
with such withdrawals) of the Initial Purchase Payment(s), prior to the Deferred
Payment Enhancement Date(s).
PAYMENT ENHANCEMENT FOR SUBSEQUENT PURCHASE PAYMENT(S)
The Initial Payment Enhancement for Subsequent Purchase Payments is a percentage
of each Subsequent Purchase Payment. This percentage is shown on the Certificate
Data Page. We will allocate the Initial Payment Enhancement for the Subsequent
Purchase Payment to the Fixed Account Options and Variable Portfolios in the
same proportion as that Subsequent Purchase Payment.
Any Deferred Payment Enhancement(s) and Deferred Payment Enhancement date(s) for
Subsequent Purchase Payment(s) will be determined by Us at the time the
Subsequent Purchase Payment is received. We will allocate any Deferred Payment
Enhancement(s) for Subsequent Purchase Payments to the Cash Management
Portfolio. Deferred Payment Enhancement(s) corresponding to Subsequent Purchase
Payments will be reduced proportionately by Partial Withdrawals (including any
fees or charges associated with such withdrawals) of that Subsequent Purchase
Payment, prior to the Deferred Payment Enhancement Date(s).
DEFERRED PAYMENT ENHANCEMENTS
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For purposes of determining a Deferred Payment Enhancement, Partial Withdrawals
are assumed to be withdrawn from earnings first, then from Purchase Payments on
a first-in-first-out (FIFO) basis. No Deferred Payment Enhancement will be
allocated if prior to the Deferred Payment Enhancement Date: (a) the Certificate
Value is fully withdrawn; or (b) a death benefit has been paid; or (c) Annuity
payments have begun; or (d) the entire Purchase Payment has been withdrawn.
FEES AND CHARGES
We will deduct the following charges from the Certificate:
CERTIFICATE MAINTENANCE FEE
The charge specified on the Certificate Data Page will be deducted on each
Certificate anniversary that occurs on or prior to the Annuity Date. It will
also be deducted when the Certificate Value is withdrawn in full if the
withdrawal is not on the Certificate anniversary. We reserve the right to assess
a charge on a class basis which is less than the charge specified on the
Certificate Data Page.
WITHDRAWAL CHARGE
The charge, if any, to be deducted upon withdrawal of any portion of the
Certificate Value. See WITHDRAWAL PROVISIONS.
MORTALITY RISK CHARGE
On an annual basis this charge, as shown on the Certificate Data Page, equals a
percentage of the average daily total net asset value of the Variable Portfolios
to which Your Purchase Payments are allocated. This charge is to compensate Us
for assuming the mortality risks under the Certificate.
EXPENSE RISK CHARGE
On an annual basis this charge, as shown on the Certificate Data Page, equals a
percentage of the average daily total net asset value of the Variable Portfolios
to which Your Purchase Payments are allocated. This charge is to compensate Us
for assuming the expense risks under the Certificate.
DISTRIBUTION EXPENSE CHARGE
On an annual basis this charge, as shown on the Certificate Data Page, equals a
percentage of the average daily total net asset value of the Variable Portfolios
to which Your Purchase Payments are allocated. This charge is to compensate Us
for all distribution expenses associated with the Certificate.
GUARANTEED DEATH BENEFIT RISK CHARGE
On an annual basis this charge, as shown on the Certificate Data Page, equals a
percentage of the average daily total net asset value of the Variable Portfolios
to which Your Purchase Payments are allocated. This charge is to compensate Us
for the risk assumed as a result of contractual obligations to provide a minimum
guaranteed Death Benefit prior to the Annuity Date.
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TRANSFER PROVISIONS
Prior to the Annuity Date, You may transfer all or part of Your Certificate
Value to any of the Variable Portfolios or Fixed Account Options. We reserve the
right to charge a fee for transfers if the number of transfers exceeds the limit
specified by Us. The minimum amount that can be transferred and the amount that
can remain in a Variable Portfolio or Fixed Account Option are subject to
Company limits.
TRANSFERS OF ACCUMULATION AND ANNUITY UNITS BETWEEN VARIABLE PORTFOLIOS
Prior to the Annuity Date, You may transfer all or a portion of Your Certificate
Value between Variable Portfolios. A transfer will result in the redemption of
Accumulation Units in a Variable Portfolio and the purchase of Accumulation
Units in the other Variable Portfolio. Transfers will be effected at the next
computed Accumulation Unit Value following Our receipt of Your request for
transfer. Accumulation Unit Values are calculated at the close of each NYSE
business day.
After the Annuity Date, You may transfer all or a portion of Your Certificate
Value from one Variable Portfolio to another Variable Portfolio. A transfer will
result in the redemption of Annuity Units in a Variable Portfolio and the
purchase of Annuity Units in the other Variable Portfolio. Transfers will be
effected for the last NYSE business day of the month in which We receive Your
request for the transfer.
TRANSFERS OF ACCUMULATION AND ANNUITY UNITS TO AND FROM THE FIXED ACCOUNT
OPTIONS
Prior to the Annuity Date, You may transfer all or any part of Your
Certificate Value from the Variable Portfolio(s) to any Fixed Account Option(s)
or from the Fixed Account Option(s) to the Variable Portfolio(s) of the
Contract.
After the Annuity Date, transfers into or out of the Fixed Account Option(s) are
not allowed.
DOLLAR COST AVERAGING (DCA)
An optional program under which You authorize the automatic transfer of
specified amounts or percentages, at the interval selected by You, from the
1-Year Fixed Account Option or any Variable Portfolio(s) into any Variable
Portfolio, other than the source account. The unit values credited and applied
to Your Certificate are determined on each date of transfer. You may terminate
the DCA program at any time. We reserve the right to modify, suspend or
terminate the DCA program at any time.
WITHDRAWAL PROVISIONS
On or before the Annuity Date and while the Participant is living, You may
withdraw all or part of Your Certificate Value under this Certificate by
informing Us at Our Annuity Service Center. For a full withdrawal, this
Certificate must be returned to Our Annuity Service Center. The minimum amount
that can be withdrawn and the amount remaining after withdrawal are subject to
Company limits.
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Without a written notice to the contrary, withdrawals will be deducted from the
Certificate Value in proportion to their allocation among the Fixed Account
Options and the Variable Portfolios. Withdrawals will be based on values for the
NYSE business day in which the request for withdrawal and the Certificate (in
the case of a full withdrawal), are received at Our Annuity Service Center.
Unless the SUSPENSION OF PAYMENTS or DEFERMENT OF PAYMENTS sections are in
effect, payment of withdrawals will be made within seven calendar days.
WITHDRAWAL CHARGE
Withdrawals of all or a portion of the Certificate Value may be subject to a
Withdrawal Charge as shown in the chart below. The Withdrawal Charge applied to
any withdrawal will depend on how long the Purchase Payment to which the
withdrawal is attributed has been in the Certificate. No Withdrawal Charge is
made on an amount withdrawn which is considered to be a withdrawal of
penalty-free earnings.
For the purpose of determining the Withdrawal Charge, a withdrawal will be
attributed to amounts in the following order: (1) penalty-free earnings in the
Certificate; (2) Purchase Payments which are both no longer subject to the
Withdrawal Charge and not yet withdrawn; (3) any remaining Penalty-Free
Withdrawal amount (except in the case of a full surrender); and (4) Purchase
Payments subject to a Withdrawal Charge. Purchase Payments, when withdrawn, are
assumed to be withdrawn on a first-in-first-out (FIFO) basis. You will not
receive the benefit of a Penalty-Free Withdrawal in the case of a full
surrender.
Number of Years Elapsed Withdrawal Charge as a
Between Purchase Payment Contribution Percentage of Withdrawn
and Date of Withdrawal Purchase Payment
------------------------------------- ------------------------
0 9%
1 9%
2 8%
3 7%
4 6%
5 5%
6 4%
7 3%
8 2%
9+ 0%
The Withdrawal Charge will be deducted from amounts remaining in the Variable
Portfolios and the Fixed Account Options after the withdrawal, in the same
proportion as the remaining Certificate Value is allocated, unless You request
that the withdrawal come from a particular Fixed Account Option or Variable
Portfolio. If the remaining Certificate Value is insufficient to cover the
Withdrawal Charge, any remaining balance will be deducted from the withdrawal
amount requested.
PENALTY-FREE WITHDRAWALS
As of any day, You may make a withdrawal of up to the Penalty-Free Withdrawal
amount for that day without incurring a Withdrawal Charge. Any Penalty-Free
Withdrawal made in excess of
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penalty-free earnings in the Certificate is considered to be a withdrawal of
future penalty-free earnings and is therefore not a withdrawal of the Total
Invested Amount. On any day, penalty-free earnings in the Certificate are
calculated as the Certificate Value at the end of that day less the Total
Invested Amount.
During the first Certificate Year, the Penalty-Free Withdrawal amount is equal
to the penalty-free earnings in the Certificate as of the date of withdrawal.
Alternatively, during the first Certificate Year, You may make withdrawals of
the Penalty-Free Withdrawal amount through the Systematic Withdrawal Program.
The Penalty-Free Withdrawal amount as of any systematic withdrawal date is 10%
of the Total Invested Amount less any withdrawals already made during the
Certificate Year. After the first Certificate Year, the maximum Penalty-Free
Withdrawal amount as of the date of the withdrawal is the greater of:
(a) penalty-free earnings in the Certificate as of that date; or
(b) 10% of the Total Invested Amount on deposit for at least one year, less
any withdrawals already made during the year.
Although amounts withdrawn free of a Withdrawal Charge may reduce principal,
they do not reduce the Total Invested Amount for purposes of calculating the
Withdrawal Charge or for the purposes of calculating penalty-free earnings in
the Certificate. As a result, You will not receive the benefit of a Penalty-Free
Withdrawal in a full surrender.
SYSTEMATIC WITHDRAWAL PROGRAM
Prior to the Annuity Date, You may elect to participate in the Systematic
Withdrawal Program by informing Us at Our Annuity Service Center. The Systematic
Withdrawal Program allows You to make automatic withdrawals from Your account
monthly, quarterly, semiannually or annually. The minimum systematic withdrawal
amount is subject to Company limits. Any amount withdrawn through the Systematic
Withdrawal Program may be subject to a Withdrawal Charge and/or a Market Value
Adjustment. See the WITHDRAWAL CHARGE and MARKET VALUE ADJUSTMENT provisions.
You may terminate Your participation in the Systematic Withdrawal Program at any
time by sending Us a written request. We reserve the right to modify, suspend or
terminate the Systematic Withdrawal Program at any time.
GENERAL PROVISIONS
ENTIRE CONTRACT
The entire contract between You and Us consists of the group annuity contract,
the application, the Participant Enrollment Form as completed by You at the time
of purchase, this Certificate and any attached endorsement(s). No one can change
the terms or conditions of this contract other than Us. Any change must be in
writing and approved by Us. Only Our President, Secretary, or one of Our
Vice-Presidents can give Our approval.
CHANGE OF ANNUITANT
If the Participant is an individual, the Participant may change the Annuitant(s)
at any time prior to the Annuity Date. To make a change, the Participant must
send a written notice to Us at least 30
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days before the Annuity Date. If the Participant is a non-natural person, the
Participant may not change the Annuitant.
DEATH OF ANNUITANT
If the Participant and Annuitant are different, and the Annuitant dies before
the Annuity Date, the Participant becomes the Annuitant until the Participant
elects a new Annuitant. If there are Joint Annuitants, upon the death of any
Annuitant prior to the Annuity Date, the Participant may elect a new Joint
Annuitant. However, if the Participant is a non-natural person, We will treat
the death of any Annuitant as the death of the "Primary Annuitant" and as the
death of the Participant, see DEATH PROVISIONS.
MISSTATEMENT OF AGE OR SEX
If the Age or sex of any Annuitant has been misstated, future annuity payments
will be adjusted using the correct Age and sex, according to Our rates in effect
on the date that annuity payments were determined. Any overpayment from the
Fixed Account Options, plus interest at the rate of 4% per year, will be
deducted from the next payment(s) due. Any underpayment from the Fixed Account
Options, plus interest at the rate of 4% per year, will be paid in full with the
next payment due. Any overpayment from the Variable Portfolios will be deducted
from the next payment(s) due. Any underpayment from the Variable Portfolios will
be paid in full with the next payment due.
PROOF OF AGE, SEX, OR SURVIVAL
The Company may require satisfactory proof of correct Age or sex at any time. If
any payment under this Certificate depends on the Annuitant being alive, the
Company may require satisfactory proof of survival.
CONFORMITY WITH STATE LAWS
The provisions of this Certificate will be interpreted by the laws of the state
in which the enrollment form was signed or such other state as is required by
law. Any provision which, on the Certificate Date, is in conflict with the law
of such state is amended to conform to the minimum requirements of such law.
CHANGES IN LAW
If the laws governing this Certificate or the taxation of benefits under the
Certificate change, We reserve the right to amend this Certificate to comply
with these changes.
ASSIGNMENT
You may assign this Certificate before the Annuity Date, but We will not be
bound by an assignment unless it is received by Us in writing. Your rights and
those of any other person referred to in this Certificate will be subject to the
assignment. Certain assignments may be taxable. We do not assume any
responsibility for the validity or tax consequences of any assignment.
CLAIMS OF CREDITORS
To the extent permitted by law, no right or proceeds payable under this
Certificate will be subject to claims of creditors or legal process.
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PREMIUM TAXES OR OTHER TAXES
The Company may deduct from Your Certificate Value any premium tax or other
taxes payable to a state or other government entity, if applicable. Should We
advance any amount so due, We are not waiving any right to collect such amount
at a later date. The Company will deduct any withholding taxes required by
applicable law.
WRITTEN NOTICE
Any notice We send to You will be sent to Your address shown in the Participant
Enrollment Form unless You request otherwise. Any written request or notice to
Us must be sent to Our Annuity Service Center, as specified on the Certificate
Data Page.
PERIODIC REPORTS
During each Certificate Year, We will send You quarterly statements of the
account activity of the Certificate as well as confirmation reports after each
financial transaction. The quarterly statements will include all transactions
which have occurred during the accounting period shown on the statement.
INCONTESTABILITY
This Certificate will be incontestable from the Certificate Date.
NONPARTICIPATING
This Certificate does not share in Our surplus.
DEATH PROVISIONS
Notwithstanding any provision of this Certificate to the contrary, all payments
of benefits under this Certificate will be made in a manner that satisfies the
requirements of IRC Section 72(s), as amended from time to time. If the
Certificate is owned by a trust or other non-natural person, We will treat the
death of any Annuitant as the death of the "Primary Annuitant" and as the death
of any Participant.
DEATH OF PARTICIPANT BEFORE THE ANNUITY DATE
We will pay a death benefit to the Beneficiary upon Our receiving all required
documentation including: (a) due proof that any Participant died before the
Annuity Date; and (b) an election form selecting the payment option from the
options listed below. If no election is received within 60 days of our receipt
of due proof of death, the death benefit will be paid in accordance with option
1 below. The Beneficiary must select one of the following options:
1. Immediately collect the death benefit in a lump sum
payment. If a lump sum payment is elected, payment will be
in accordance with any applicable laws and regulations
governing payments on death; or
2. Collect the death benefit in the form of one of the
Annuity Payment Options. The payments must be over the
life of the Beneficiary or over a period not extending
beyond the life expectancy of the Beneficiary.
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Payments under this option must commence within one year
after the Participant's death, otherwise, the death
benefit will be paid in accordance with option 1 above; or
3. If the Beneficiary is the Participant's spouse, the
Beneficiary may elect to become the Participant and
continue the Certificate in force. If this option is
elected, no death benefit is paid. Upon the new
Participant's subsequent death, the entire interest must
be distributed immediately under option 1 or 2 above.
DUE PROOF OF DEATH
Due Proof of Death means:
1. a certified copy of a death certificate; or
2. a certified copy of a decree of a court of competent
jurisdiction as to the finding of death; or
3. a written statement by a medical doctor who attended the
deceased Participant at the time of death; or
4. any other proof satisfactory to Us.
AMOUNT OF DEATH BENEFIT
The amount of the death benefit will be determined based upon Your death benefit
option selection. Once selected, the death benefit option cannot be changed. The
death benefit options are as described below.
OPTION I: PURCHASE PAYMENT ACCUMULATION DEATH BENEFIT OPTION
Prior to the Annuity Date and upon death of the Participant, the Beneficiary
will receive the greatest of:
1. the Certificate Value for the NYSE business day during which We receive
all required documentation including due proof of death of the
Participant and an election of the type of payment to be made at Our
Annuity Service Center; or
2. Purchase Payments less any withdrawals (and any fees or charges
applicable to such withdrawals), compounded until the date of death at
4% interest, plus any Purchase Payments and less any withdrawals (and
any fees or charges applicable to such withdrawals) recorded after the
date of death; or
3. the Certificate Value at the seventh Certificate anniversary, plus any
subsequent Purchase Payments and less any subsequent withdrawals (and
any fees or charges applicable to such withdrawals) compounded until the
date of death at 4% interest, plus any Purchase Payments and less any
withdrawals (and any fees or charges applicable to such withdrawals)
recorded after the date of death.
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If the Participant was age 70 or older on the Certificate Date, both (2) and (3)
above will be compounded at 3%, rather than 4%. If the death benefit is paid on
the death of a Participant who was not originally named in the application and
was age 70 or older on the Certificate Date, both (2) and (3) above will be
compounded at 3%, rather than 4%.
OPTION II: MAXIMUM ANNIVERSARY VALUE DEATH BENEFIT OPTION
If, upon the death of the Participant and prior to the Annuity Date, the
Participant has not attained his or her 90th birthday, the Beneficiary will
receive the greatest of:
1. the Certificate Value for the NYSE business day during which We receive
all required documentation including due proof of death of the
Participant and an election of the type of payment to be made at Our
Annuity Service Center; or
2. Purchase Payments less any withdrawals (and any fees or charges
applicable to such withdrawals); or
3. the maximum anniversary value preceding the date of death. The maximum
anniversary value is equal to the greatest anniversary value attained
from the following:
As of the date of receipt of due proof of death and an election of the
type of payment to be made, at our Annuity Service Center, We will
calculate an anniversary value for each Certificate anniversary prior to
the Participant's 81st birthday. The anniversary value is equal to the
Certificate Value on a Certificate anniversary, increased by the dollar
amount of any Purchase Payments made since that anniversary and reduced
by the dollar amount of any withdrawals (and any fees or charges
applicable to such withdrawals) since that anniversary.
If the deceased Participant has attained age 90, then the death benefit will be
the Certificate Value as defined in (1) above.
DEATH OF PARTICIPANT OR ANNUITANT ON OR AFTER THE ANNUITY DATE.
If any Participant or Annuitant dies on or after the Annuity Date and before the
entire interest in the Certificate has been distributed, We will pay the
remaining portion of the interest of the Certificate under the annuity payment
option being used on the date of death. For further information pertaining to
death of the Annuitant, see ANNUITY PAYMENT OPTIONS.
BENEFICIARY
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The Beneficiary is selected by the Participant. While (a) the Participant is
living; and (b) before the Annuity Date, the Participant may change the
Beneficiary by written notice in a form satisfactory to Us. The change will take
effect on the date We record the proper notice subject to any payments We have
made. If two or more persons are named, (a) those surviving the Participant will
share equally unless otherwise stated; and (b) the Beneficiaries must elect to
receive their respective portions of the death benefit according to the options
listed under DEATH OF PARTICIPANT BEFORE THE ANNUITY DATE. If the Annuitant
survives the Participant, and there are no surviving Beneficiaries, the
Annuitant will be deemed the Beneficiary.
Joint Participants, if applicable, shall be each other's primary Beneficiary.
Joint Annuitants, if any, when the Participant is a non-natural person, shall be
each other's primary Beneficiary. Any other Beneficiary designation will be
treated as a contingent Beneficiary.
If the Participant is also the Annuitant and there are no surviving
Beneficiaries at the death of the Participant, the death benefit will be paid to
the estate of the Participant in accordance with option 1, under DEATH OF
PARTICIPANT BEFORE THE ANNUITY DATE.
ANNUITY PROVISIONS
ANNUITY DATE
The Participant selects an Annuity Date (the date on which annuity payments are
to begin) at the time of application. The Participant may change the Annuity
Date at any time, at least seven days prior to the Annuity Date, by written
notice to the Company at its Annuity Service Center. The Annuity Date must
always be the first day of the calendar month and must be at least two years
after the Certificate Date, but not beyond the later of the Participant's 90th
birthday or ten years after the Certificate Date. If the Participant is a
non-natural person, the latest Annuity Date is the later of the Annuitant's 90th
birthday or ten years after the Certificate Date. If no Annuity Date is
selected, the Annuity Date will be the latest Annuity Date, as set by the
Company.
PAYMENTS TO PARTICIPANT
Unless You request otherwise, We will make annuity payments to You. If You want
the annuity payments to be made to some other Payee, We will make such payments
subject to receipt of a written request filed at the Annuity Service Center no
later than thirty (30) days before the due date of the first annuity payment.
Any such request is subject to the rights of any assignee. No payments available
to or being paid to the Payee while the Annuitant is alive can be transferred,
commuted, anticipated or encumbered.
FIXED ANNUITY PAYMENTS
If a Fixed Annuity payment option has been elected, the proceeds payable under
this Certificate less any applicable premium taxes, shall be applied to the
payment of the Fixed Annuity payment option elected at rates which are at least
equal to the annuity rates based upon the applicable tables. In no event will
the Fixed Annuity payments be changed once they begin.
AMOUNT OF FIXED ANNUITY PAYMENTS
The amount of each Fixed Annuity payment will be determined by applying the
portion of the Certificate Value allocated to Fixed Annuity payments less any
applicable premium taxes to the annuity table applicable to the Fixed Annuity
payment option chosen.
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AMOUNT OF VARIABLE ANNUITY PAYMENTS
(a) FIRST VARIABLE ANNUITY PAYMENT: The dollar amount of the first
Variable Annuity payment will be determined by applying the portion of
the Certificate Value allocated to the Variable Portfolio, less any
applicable premium taxes, to rates which are equal to the annuity rates
based upon the annuity table applicable to the Variable Annuity payment
option chosen. If the Certificate Value is allocated to more than one
Variable Portfolio, the value of Your interest in each Variable
Portfolio is applied separately to the Variable Annuity payment option
table to determine the amount of the first annuity payment attributable
to each Variable Portfolio.
(b) NUMBER OF VARIABLE ANNUITY UNITS: The number of Annuity Units for each
applicable Variable Portfolio is the amount of the first annuity payment
attributable to that Variable Portfolio divided by the value of the
applicable Annuity Unit for that Variable Portfolio as of the Annuity
Date. The number will not change as a result of investment experience.
(c) VALUE OF EACH VARIABLE ANNUITY UNIT: The value of an Annuity Unit may
increase or decrease from one month to the next. For any month, the
value of an Annuity Unit of a particular Variable Portfolio is the value
of that Annuity Unit as of the last NYSE business day of the preceding
month, multiplied by the Net Investment Factor for that Variable
Portfolio for the last NYSE business day of the current month.
The Net Investment Factor for any Variable Portfolio for a certain month is
determined by dividing (1) by (2) where:
(1) is the Accumulation Unit Value of the Variable Portfolio
determined as of the last business day at the end of that
month, and
(2) is the Accumulation Unit Value of the Variable Portfolio
determined as of the last business day at the end of the
preceding month.
The result is then multiplied by a factor that neutralizes the assumed
investment rate of 3.5%.
(d) SUBSEQUENT VARIABLE ANNUITY PAYMENTS: After the first Variable Annuity
payment, subsequent Variable Annuity payments will vary in amount
according to the investment performance of the applicable Variable
Portfolio(s) to which a portion of Your Certificate Value is allocated.
The amount may change from month to month. The amount of each subsequent
payment for each Variable Portfolio is:
The number of Annuity Units for each Variable Portfolio as determined for the
first annuity payment
Multiplied by
The value of an Annuity Unit for that Variable Portfolio at the end of the month
immediately preceding the month in which payment is due.
We guarantee that the amount of each Variable Annuity payment will not be
affected by variations in expenses or mortality experience.
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ANNUITY PAYMENT OPTIONS
During the Annuitant's life, upon written election and the return of this
Certificate to the Company at its Annuity Service Center, the Certificate Value
may be applied to provide one of the following options or any annuity payment
option that is mutually agreeable. After two years from the Certificate Date,
and prior to the Annuity Date, You can choose one of the options described
below. If no option has been selected by the Annuity Date, You will
automatically receive option 4, below, with 120 monthly payments guaranteed.
OPTIONS 1 & 1v - LIFE ANNUITY, LIFETIME PAYMENTS GUARANTEED
Payments payable to a Payee during the lifetime of the Annuitant. No further
payments are payable after the death of the Annuitant.
OPTIONS 2 & 2v - JOINT AND 100% SURVIVOR LIFE ANNUITY
Payments payable to the Payee during the lifetime of the Annuitant and during
the lifetime of a designated second person. No further payments are payable
after the deaths of both the Annuitant and the designated second person.
OPTIONS 3 & 3v - JOINT AND 100% SURVIVOR LIFE ANNUITY WITH PAYMENTS GUARANTEED
FOR 10 OR 20 YEARS
Payments are payable to the Payee during the lifetime of the Annuitant and
during the lifetime of a designated second person. If, at the death of the
survivor, payments have been made for less than the 10 or 20 years, as selected
at the time of annuitization, the remaining guaranteed annuity payments will be
continued to the Beneficiary.
OPTIONS 4 & 4v - LIFE ANNUITY WITH PAYMENTS GUARANTEED FOR 10 OR 20 YEARS
Payments payable to the Payee during the lifetime of the Annuitant. If, at the
death of the Annuitant, payments have been made for less than the 10 or 20
years, as selected at the time of annuitization, the remaining guaranteed
annuity payments will be continued to the Beneficiary.
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OPTIONS 5 & 5v - FIXED PAYMENTS FOR A SPECIFIED PERIOD CERTAIN
Payments payable to the Payee for any specified period of time for five (5)
years or more, but not exceeding thirty (30) years, as selected at the time of
annuitization. The selection must be made for full twelve month periods. In the
event of death of the Annuitant, any remaining guaranteed annuity payments will
be continued to the Beneficiary. If Variable Annuity Payments are elected under
this Annuity Payment Option, any remaining guaranteed Variable Annuity payments
may be redeemed for a discounted value determined by Us. Any applicable
Withdrawal Charges will be deducted from the discounted value as if You fully
surrendered Your Certificate.
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FIXED ANNUITY PAYMENT OPTIONS TABLE
BASIS OF COMPUTATION
The actuarial basis for the Table of Annuity Rates is the 1983a Annuity
Mortality Table with projection and a guaranteed interest rate of 3%. The
mortality table is projected using Projection Scale G factors, assuming
annuitization in the year 2000. The Fixed Annuity Payment Options Table does not
included any applicable premium tax.
OPTIONS 1 & 4 - TABLE OF MONTHLY INSTALLMENTS PER $1,000.
(MONTHLY INSTALLMENTS FOR AGES NOT SHOWN WILL BE FURNISHED UPON REQUEST.)
OPTION 1
OPTION 4 OPTION 4
AGE OF LIFE ANNUITY LIFE ANNUITY
ANNUITANT LIFE ANNUITY (w/120 PAYMENTS GUARANTEED) (w/240 PAYMENTS GUARANTEED)
--------- ------------ -------------------------- -------------------------
MALE FEMALE MALE FEMALE MALE FEMALE
55 4.23 3.84 4.19 3.82 4.05 3.76
56 4.32 3.91 4.27 3.88 4.11 3.81
57 4.41 3.98 4.35 3.95 4.17 3.87
58 4.51 4.05 4.44 4.02 4.24 3.93
59 4.61 4.13 4.54 4.10 4.31 4.00
60 4.72 4.22 4.64 4.18 4.37 4.06
61 4.84 4.31 4.74 4.27 4.44 4.13
62 4.96 4.40 4.85 4.36 4.51 4.20
63 5.10 4.51 4.97 4.45 4.58 4.27
64 5.24 4.62 5.10 4.55 4.65 4.35
65 5.40 4.73 5.22 4.66 4.72 4.42
66 5.56 4.86 5.36 4.78 4.79 4.50
67 5.74 4.99 5.50 4.90 4.86 4.57
68 5.93 5.14 5.65 5.02 4.92 4.65
69 6.13 5.29 5.80 5.16 4.99 4.73
70 6.35 5.46 5.96 5.30 5.05 4.80
71 6.58 5.64 6.13 5.46 5.10 4.88
72 6.82 5.84 6.29 5.62 5.16 4.95
73 7.08 6.05 6.47 5.78 5.20 5.02
74 7.36 6.28 6.64 5.96 5.25 5.08
75 7.66 6.53 6.82 6.14 5.29 5.14
76 7.98 6.80 7.00 6.33 5.33 5.19
77 8.33 7.09 7.19 6.53 5.36 5.24
78 8.69 7.41 7.37 6.73 5.39 5.29
79 9.09 7.75 7.55 6.94 5.41 5.33
80 9.51 8.11 7.73 7.14 5.43 5.36
81 9.97 8.51 7.91 7.35 5.45 5.39
82 10.45 8.94 8.08 7.55 5.47 5.42
83 10.97 9.41 8.24 7.76 5.48 5.44
84 11.52 9.92 8.40 7.95 5.49 5.46
85 12.10 10.47 8.54 8.13 5.50 5.48
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OPTION 2 - TABLE OF MONTHLY INSTALLMENTS PER $1,000.
(MONTHLY INSTALLMENTS FOR AGES NOT SHOWN WILL BE FURNISHED UPON REQUEST.)
JOINT & 100% SURVIVOR LIFE ANNUITY
AGE OF
MALE
ANNUITANT AGE OF FEMALE ANNUITANT
--------- -----------------------
55 60 65 70 75 80 85
55 3.54 3.69 3.84 3.96 4.06 4.13 4.17
60 3.63 3.83 4.04 4.23 4.39 4.52 4.60
65 3.70 3.95 4.23 4.51 4.78 5.00 5.16
70 3.75 4.04 4.39 4.78 5.18 5.56 5.85
75 3.78 4.11 4.51 5.01 5.57 6.14 6.65
80 3.81 4.15 4.60 5.18 5.89 6.70 7.52
85 3.82 4.18 4.66 5.30 6.14 7.18 8.35
OPTION 3 - TABLE OF MONTHLY INSTALLMENTS PER $1,000.
(MONTHLY INSTALLMENTS FOR AGES NOT SHOWN WILL BE FURNISHED UPON REQUEST)
JOINT & 100% SURVIVOR LIFE ANNUITY (w/120 PAYMENTS GUARANTEED)
AGE OF
MALE
ANNUITANT AGE OF FEMALE ANNUITANT
--------- -----------------------
55 60 65 70 75 80 85
55 3.54 3.69 3.83 3.96 4.05 4.12 4.16
60 3.63 3.83 4.03 4.22 4.38 4.50 4.57
65 3.70 3.95 4.22 4.50 4.76 4.97 5.10
70 3.75 4.04 4.38 4.76 5.15 5.48 5.72
75 3.78 4.10 4.50 4.98 5.50 6.00 6.40
80 3.80 4.14 4.58 5.13 5.78 6.46 7.04
85 3.81 4.16 4.62 5.22 5.97 6.80 7.55
OPTION 3 - TABLE OF MONTHLY INSTALLMENTS PER $1,000.
(MONTHLY INSTALLMENTS FOR AGES NOT SHOWN WILL BE FURNISHED UPON REQUEST)
JOINT & 100% SURVIVOR LIFE ANNUITY (w/240 PAYMENTS GUARANTEED)
AGE OF
MALE
ANNUITANT AGE OF FEMALE ANNUITANT
--------- -----------------------
55 60 65 70 75 80 85
55 3.53 3.68 3.81 3.92 3.99 4.03 4.04
60 3.62 3.81 4.00 4.16 4.27 4.34 4.37
65 3.68 3.92 4.16 4.39 4.56 4.66 4.71
70 3.72 3.99 4.29 4.58 4.81 4.96 5.03
75 3.74 4.03 4.36 4.70 4.99 5.17 5.26
80 3.75 4.05 4.40 4.77 5.09 5.30 5.40
85 3.76 4.06 4.42 4.80 5.13 5.35 5.46
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OPTION 5 - TABLE OF MONTHLY INSTALLMENTS PER $1,000.
FIXED PAYMENT FOR SPECIFIED PERIOD
NUMBER MONTHLY NUMBER MONTHLY NUMBER MONTHLY NUMBER MONTHLY
OF YEARS PAYMENT OF YEARS PAYMENT OF YEARS PAYMENT OF YEARS PAYMENT
-------- ------- -------- ------- -------- ------- -------- -------
10 9.61 17 6.23 24 4.84
11 8.86 18 5.96 25 4.71
5 17.91 12 8.24 19 5.73 26 4.59
6 15.14 13 7.71 20 5.51 27 4.47
7 13.16 14 7.26 21 5.32 28 4.37
8 11.68 15 6.87 22 5.15 29 4.27
9 10.53 16 6.53 23 4.99 30 4.18
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VARIABLE ANNUITY PAYMENT OPTIONS TABLE
BASIS OF COMPUTATION
The actuarial basis for the Table of Annuity Rates is the 1983a Annuity
Mortality Table with projection and an effective annual Assumed Investment Rate
of 3.5%. The mortality table is projected using Projection Scale G factors,
assuming annuitization in the year 2000. The Variable Annuity Payment Options
Table does not include any applicable premium tax.
OPTIONS 1v & 4v - TABLE OF MONTHLY INSTALLMENTS PER $1,000
(MONTHLY INSTALLMENTS FOR AGES NOT SHOWN WILL BE FURNISHED UPON REQUEST.)
OPTION 1v OPTION 4v OPTION 4v
LIFE ANNUITY LIFE ANNUITY
AGE OF (w/120 PAYMENTS (w/240 PAYMENTS
ANNUITANT LIFE ANNUITY GUARANTEED) GUARANTEED)
--------- ------------ --------------- ---------------
MALE FEMALE MALE FEMALE MALE FEMALE
55 4.53 4.13 4.48 4.11 4.33 4.05
56 4.62 4.20 4.56 4.18 4.39 4.10
57 4.71 4.27 4.64 4.24 4.45 4.16
58 4.80 4.34 4.73 4.31 4.52 4.22
59 4.90 4.42 4.82 4.39 4.58 4.28
60 5.01 4.51 4.92 4.47 4.65 4.34
61 5.13 4.60 5.03 4.55 4.71 4.41
62 5.26 4.69 5.14 4.64 4.78 4.48
63 5.39 4.80 5.25 4.74 4.85 4.55
64 5.54 4.91 5.38 4.84 4.92 4.62
65 5.69 5.02 5.51 4.94 4.99 4.69
66 5.86 5.15 5.64 5.06 5.05 4.77
67 6.03 5.28 5.78 5.18 5.12 4.84
68 6.22 5.43 5.93 5.30 5.18 4.92
69 6.43 5.58 6.08 5.44 5.24 4.99
70 6.64 5.75 6.23 5.58 5.30 5.06
71 6.87 5.93 6.40 5.73 5.36 5.14
72 7.12 6.13 6.56 5.89 5.41 5.21
73 7.38 6.34 6.73 6.06 5.46 5.27
74 7.66 6.57 6.91 6.23 5.50 5.33
75 7.96 6.82 7.09 6.41 5.54 5.39
76 8.28 7.09 7.27 6.60 5.57 5.44
77 8.63 7.38 7.45 6.79 5.61 5.49
78 9.00 7.70 7.63 6.99 5.63 5.54
79 9.40 8.04 7.81 7.19 5.66 5.58
80 9.82 8.41 7.98 7.40 5.68 5.61
81 10.28 8.81 8.16 7.60 5.70 5.64
82 10.76 9.24 8.32 7.81 5.71 5.66
83 11.28 9.71 8.48 8.00 5.72 5.69
84 11.83 10.23 8.64 8.19 5.73 5.70
85 12.42 10.78 8.78 8.38 5.74 5.72
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OPTION 2v - TABLE OF MONTHLY INSTALLMENTS PER $1,000.
(MONTHLY INSTALLMENTS FOR AGES NOT SHOWN WILL BE FURNISHED UPON REQUEST.)
JOINT & 100% SURVIVOR LIFE ANNUITY
AGE OF
MALE
ANNUITANT AGE OF FEMALE ANNUITANT
--------- ------------------------
55 60 65 70 75 80 85
55 3.83 3.98 4.12 4.24 4.34 4.42 4.46
60 3.92 4.11 4.32 4.51 4.67 4.80 4.89
65 3.99 4.23 4.50 4.79 5.05 5.28 5.44
70 4.04 4.33 4.67 5.05 5.46 5.83 6.13
75 4.07 4.39 4.79 5.28 5.84 6.41 6.93
80 4.10 4.44 4.88 5.45 6.16 6.97 7.79
85 4.11 4.47 4.94 5.57 6.41 7.45 8.61
OPTION 3v - TABLE OF MONTHLY INSTALLMENTS PER $1,000.
(MONTHLY INSTALLMENTS FOR AGES NOT SHOWN WILL BE FURNISHED UPON REQUEST)
JOINT AND 100% SURVIVOR LIFE ANNUITY (w/120 PAYMENTS GUARANTEED)
AGE OF
MALE
ANNUITANT AGE OF FEMALE ANNUITANT
--------- ------------------------
55 60 65 70 75 80 85
55 3.83 3.98 4.12 4.24 4.34 4.40 4.45
60 3.92 4.11 4.31 4.50 4.66 4.78 4.86
65 3.99 4.23 4.50 4.78 5.03 5.24 5.38
70 4.04 4.32 4.66 5.03 5.41 5.75 5.99
75 4.07 4.38 4.78 5.25 5.77 6.26 6.66
80 4.09 4.43 4.86 5.40 6.05 6.72 7.29
85 4.10 4.45 4.90 5.50 6.24 7.05 7.80
OPTION 3v - TABLE OF MONTHLY INSTALLMENTS PER $1,000.
(MONTHLY INSTALLMENTS FOR AGES NOT SHOWN WILL BE FURNISHED UPON REQUEST)
JOINT & 100% SURVIVOR LIFE ANNUITY (w/240 PAYMENTS GUARANTEED)
AGE OF
MALE
ANNUITANT AGE OF FEMALE ANNUITANT
--------- ------------------------
55 60 65 70 75 80 85
55 3.82 3.97 4.10 4.20 4.27 4.31 4.33
60 3.91 4.09 4.28 4.44 4.55 4.61 4.64
65 3.97 4.20 4.44 4.66 4.83 4.93 4.97
70 4.01 4.27 4.56 4.84 5.07 5.21 5.28
75 4.03 4.31 4.64 4.97 5.25 5.42 5.51
80 4.04 4.33 4.67 5.03 5.34 5.55 5.65
85 4.05 4.34 4.69 5.06 5.38 5.60 5.70
28
29
OPTION 5v - TABLE OF MONTHLY INSTALLMENTS PER $1,000.
PAYMENTS FOR A SPECIFIED PERIOD
NUMBER MONTHLY NUMBER MONTHLY NUMBER MONTHLY NUMBER MONTHLY
OF YEARS PAYMENT OF YEARS PAYMENT OF YEARS PAYMENT OF YEARS PAYMENT
-------- ------- -------- ------- -------- ------- -------- -------
10 9.83 17 6.47 24 5.09
11 9.09 18 6.20 25 4.96
5 18.12 12 8.46 19 5.97 26 4.84
6 15.35 13 7.94 20 5.75 27 4.73
7 13.38 14 7.49 21 5.56 28 4.63
8 11.90 15 7.10 22 5.39 29 4.53
9 10.75 16 6.76 23 5.24 30 4.45
29
30
ANCHOR NATIONAL LIFE INSURANCE COMPANY
A STOCK COMPANY LOS ANGELES, CALIFORNIA
30
31
ALLOCATED FIXED AND
VARIABLE GROUP ANNUITY CERTIFICATE
Nonparticipating
31
