EXHIBIT 10 (c)
ACTUARIAL MEMORANDUM
ACTUARIAL MEMORANDUM
--------------------
PHL VARIABLE INSURANCE COMPANY
FORM D613 - FLEXIBLE PREMIUM VARIABLE ACCUMULATION DEFERRED ANNUITY
This contract provides for payment of a deferred variable life expectancy
annuity based on the accumulated Contract Value. The amount of the initial
annuity payment will be based on the Contract Value and the life expectancy of
the annuitant or the joint life expectancy of the annuitant and joint annuitant.
Succeeding payments will be based on the investment experience of the
Subaccounts, the Guaranteed Interest Account ("GIA") and the Market Value
Adjusted Guaranteed Interest Account ("MVA") to which the Contract Value is
allocated and the annuitant's annually recalculated life expectancy or the
annually recalculated life expectancy of the annuitant and joint annuitant. The
subsequent payments may be higher or lower than the initial payment.
Premium payments, less any applicable premium tax, are allocated to Subaccounts
of the separate account--PHL Variable Accumulation Account ("VA Account"), the
GIA and the MVA as directed by the contract owner.
The GIA is accounted for as part of the General Account of PHL Variable
Insurance Company. Interest is credited daily on the amounts held under the GIA
at such rates as PHL Variable Insurance Company shall determine, but in no event
will the effective annual rate of interest on such amounts be less than 3%.
The MVA is a Separate Account established by PHL Variable according to
Connecticut law. The assets supporting PHL Variable's obligations based on
allocations to the MVA are held in PHL Variable Separate Account MVA1 ("Separate
Account MVA1"), which is a "nonunitized" separate account. Such obligations are
based on the interest rates credited to allocations to the MVA and the terms of
the Contract. These obligations do not depend on the investment performance of
the assets in Separate Account MVA1. PHL Variable guarantees specified rates of
interest for amounts allocated to the MVA for specified periods(Guarantee
Period). The Guaranteed Rate offered will, in no event, be less than 3%.
The VA Account is a separate account established under Connecticut Law and is
registered as a unit investment trust under the Investment Company Act of 1940.
The assets of each Subaccount of the VA Account are used to purchase, at net
asset value, shares in a corresponding series of the following designated funds:
The Phoenix Edge Series Fund, AIM variable Insurance Funds, The Xxxxx American
Fund, Deutsche Asset Management VIT Funds, Federated Insurance Series, Fidelity
Variable Insurance Products, Franklin Xxxxxxxxx Variable Insurance Products
Trust, The Universal Institutional Funds, Inc. and Xxxxxx Advisors Trust.
DETERMINATION OF THE CONTRACT VALUE
-----------------------------------
The total Contract Value under this contract equals the sum of the values of the
contract held in the GIA plus the values held in the MVA plus the values of the
contract's Accumulation Units held in each of the Subaccounts of the VA Account.
DETERMINATION OF THE VALUE OF THE GUARANTEED INTEREST ACCOUNT ("GIA")
---------------------------------------------------------------------
The value under the contract of the GIA is equal to the sum of all premium or
transfer amounts applied to the GIA and all interest earned on these amounts
less amounts withdrawn or transferred from this account and amounts used as
payment of the Annual Administrative Charge. The interest credited will at least
equal the guaranteed annual effective interest rate of 3%.
DETERMINATION OF THE VALUE OF THE MARKET VALUE ADJUSTED GUARANTEED INTEREST
ACCOUNT ("MVA")
---------------------------------------------------------------------------
The value under the contract of the MVA is equal to the sum of all premium or
transfer amounts applied to the MVA and all interest earned on these amounts
less amounts withdrawn or transferred from this account and amounts used as
payment of the Annual Administrative Charge less any applicable market value
adjustment. PHL Variable guarantees specified rates of interest for amounts
allocated to the MVA for specified periods(Guarantee Period). The Guaranteed
Rate offered will, in no event, be less than 3%.
1
MARKET VALUE ADJUSTMENT
-----------------------
Any withdrawal from the MVA will be subject to a Market Value Adjustment unless
the effective date of the withdrawal is within 15 days before or after the end
of a Guarantee Period. For this purpose, redemptions, transfers and maturity
amounts are treated as withdrawals. The Market Value Adjustment will be applied
to the amount being withdrawn after the deduction of any applicable
Administrative Charge. The Market Value Adjustment can be positive or negative.
The amount being withdrawn after application of the Market Value Adjustment can
be greater than or less than the amount withdrawn before the application of the
Market Value Adjustment.
A Market Value Adjustment will not be applied upon the payment of the Death
Benefit.
The Market Value Adjustment will reflect the relationship between the Current
Rate (defined below) for the amount being withdrawn and the Guaranteed Rate. It
is also reflective of the time remaining in the applicable Guarantee Period.
Generally, if the Guaranteed Rate is lower than the applicable Current Rate,
then the application of the Market Value Adjustment will result in a lower
payment upon withdrawal. Conversely, if the Guaranteed Rate is higher than the
applicable Current Rate, the application of the Market Value Adjustment will
produce a higher payment upon withdrawal.
The Market Value Adjustment applied to the amount being withdrawn is determined
by using the following formula:
Market Value Adjustment
1 + i n/12
= Amount x [(-----------) -1]
1+j+.0025
where,
Amount, is the amount being withdrawn from a given accumulated amount less any
applicable administrative charges.
i, is the Guaranteed Rate being credited to the amount subject to the Market
Value Adjustment; and
j, is the Current Rate, which is the current interest rate, for new deposits
with a Guarantee Period equal to the number of years remaining in the current
Guarantee Period, rounded up to the next higher number of complete years; and
n, is the number of months rounded up to the next whole number from the date of
the withdrawal or transfer to the end of the current Guarantee Period.
If the Company does not offer a Guarantee Period equal to the number of years
remaining in the Guarantee Period, "j" will be determined by interpolation of
the Guaranteed Rate for the Guarantee Periods then available.
DETERMINATION OF THE VALUE OF THE SUBACCOUNTS OF THE VA ACCOUNT
---------------------------------------------------------------
The value of a Subaccount of the VA Account is determined by multiplying the
total number of units under the contract for that Subaccount by the Unit Value
of the Subaccount. The total number of units under the contract for a Subaccount
of the VA Account is equal to the number of units credited to the Subaccount by
premium payment or transfer, minus the number of units released by transfers,
withdrawals or payments of the Annual Administrative Charge. With each premium
payment, withdrawal, administrative charge payment, or transfer, the number of
units credited to or subtracted from a Subaccount will be determined by dividing
the amount of the premium payment, withdrawal, administrative charge payment, or
transfer applied to that Subaccount by the then current Unit Value of that
Subaccount on the Valuation Date that coincides with the date of the
transaction.
The Unit Value of each Subaccount of the VA Account was set by us on the first
Valuation Date of the Subaccount. The current Unit Value of a Subaccount on any
subsequent Valuation Date is determined by multiplying the Unit Value of the
Subaccount on the immediately preceding Valuation Date by the Net Investment
Factor for that Subaccount for the Valuation Period just ended.
2
NET INVESTMENT FACTOR
---------------------
The Net Investment Factor for a Subaccount of the VA Account for a Valuation
Period is equal to 1.000000 plus the applicable net investment rate. The net
investment rate is determined by:
(a) taking the sum of the accrued net investment income and capital gains and
losses, realized or unrealized, of the Subaccount for the Valuation
Period; and
(b) dividing the result of (a) by the value of the Subaccount at the
beginning of the Valuation Period; and
(c) for each calendar day in the Valuation Period, subtracting an amount
equal to the daily Mortality and Expense Risk Fee plus the Daily
Administration Fee, and plus the Daily Tax Fee, if any.
STATUTORY RESERVE
-----------------
Reserves are calculated based on the NAIC Actuarial Guideline 33, or continuous
CARVM methodology. We project the benefits using scenarios such as:
o Assume the contract holder exercises free withdrawals at every allowable
time;
o Assume the contract holder surrenders the contract at the next
anniversary, or each subsequent anniversary;
o Assume the contract holder holds the contract until all surrender charges
have expired;
o Assume the contract holder exercises free withdrawals, then surrenders
immediately, or at the next anniversary, or at each subsequent
anniversary
We determine which scenario will produce the largest present value of projected
benefits, and we calculate the reserve on a seriatim basis.
The statutory reserves during the accumulation period are equal to the sum of
(a) and (b) below:
(a) a continuous CARVM reserve(as described above), but no less than the
policy's surrender value;
(b) an additional reserve based on the guaranteed death benefit chosen at
issue. The additional reserve for each death benefit option is described
below.
OPTION 1 (RETURN OF PREMIUM) AND OPTION 2 (ANNUAL STEPUP)-the additional
reserve is calculated based on the Actuarial Guideline 34. Variable
Annuity Minimum Guaranteed Death Benefit Reserves.
If the contract is continued under an annuity option, the reserve equals the
present value of all future annuity payments based on the last such payment and
based on the Annuity 2000 table and an interest rate no greater than the maximum
valuation interest rate as determined by the Standard Valuation Law for the
appropriate contract type and issue year.
Under variable payout annuity Option L, the reserve will be the Contract Value
held in the VA Account.
WITHDRAWALS
-----------
At any time after the Contract Date, the owner may partially or fully surrender
the Contract for its Contract Value less any applicable premium tax.
3
DAILY MORTALITY AND EXPENSE RISK FEE
------------------------------------
A Mortality and Expense Risk Fee is taken from each Subaccount of the VA Account
in the calculation of the Net Investment Factor. The Mortality and Expense(M &
E) Risk Fee is taken daily and is based on the annual rate shown below.
Daily M & E Annual M & E
----------- ------------
Death Benefit Option 1 .00103% .375%
Death Benefit Option 2 .00171% .625%
DAILY ADMINISTRATIVE FEE
------------------------
A Daily Administrative Fee is taken daily from each Subaccount of the VA Account
in the calculation of the Net Investment Factor. The Daily Administrative Fee is
0.00034% which is based on an annual rate of 0.125%.
TRANSFER CHARGE
---------------
The Transfer Charge is $0.00. Since this is variable, we may in the future
impose a Transfer Charge, not to exceed $20.00, for policies issued after such
charge is imposed. If we should do this we will notify the state insurance
department and seek any required approval.
DAILY TAX FEE
-------------
A Tax Fee, if any, is taken daily against each Subaccount of the VA Account in
such amount as appears on the Schedule Page of the contract.
PREMIUM TAX
-----------
The premium tax rate, if any, as of the Contract Date, is shown on the contract
Schedule Page. This rate may change for subsequent premium payments in
accordance with applicable state law. We will pay any premium tax due and will
only reimburse ourselves upon the earlier of partial withdrawal, surrender of
the Contract, payment of death proceeds or the Maturity Date.
DEATH BENEFIT
-------------
OPTION 1: STANDARD - RETURN OF PREMIUM
--------------------------------------
The death proceeds (less any deferred premium tax) equal the greater
of:
a. 100% of premium payments less "Adjusted Partial Withdrawals" (as
defined below); or
b. the Contract Value next determined following receipt of a
certified copy of the death certificate.
OPTION 2: ANNUAL STEP-UP TO AGE 80
----------------------------------
Where the eldest Owner has not yet attained age 80, the death proceeds
(less any deferred premium tax) equal the greater of:
a. 100% of premium payments less "Adjusted Partial Withdrawals" (as
defined below); or
b. the "Annual Step-up Amount" (as defined below); or
c. the Contract Value next determined following receipt of a
certified copy of the death certificate.
On and after the eldest Owner's attained age 80, the death proceeds
(less any deferred premium tax) equal the greater of:
a. the death benefit calculated at the end of the Contract Year prior
to the eldest Owner's attained age 80, plus 100% of the premium
payments less "Adjusted Partial Withdrawals" made since the end of
the Contract Year prior to the eldest Owner's attained age 80; a.
or
b. the Contract Value next determined following receipt of a
certified copy of the death certificate.
4
ADJUSTED PARTIAL WITHDRAWALS
The Adjusted Partial Withdrawal is calculated for each partial
withdrawal as the product of (a) times (b) where:
(a) is the ratio of the amount of the partial withdrawal to the
Contract Value on the date (a) of (but prior to) the partial
withdrawal; and
(b) is the death benefit on the date of (but prior to) the partial
withdrawal.
ANNUAL STEP-UP AMOUNT (FOR DEATH BENEFIT OPTION 2)
In the first contract year, the Annual Step-up Amount is equal to 100%
of premium payments less "Adjusted Partial Withdrawals".
In the second contract year or any subsequent contract year, the Annual
Step-up Amount is equal to the greater of:
1. the Annual Step-up Amount at the end of the previous contract
year, plus 100% of premium payments made since the end of the
previous contract year, less "Adjusted Partial Withdrawals" made
since the end of the previous contract year; or
2. the Contract Value.
ANNUITY BENEFIT AT MATURITY
---------------------------
Unless the owner elects an alternative payment option on or before the Maturity
Date or receives the Contract Value in a lump sum on or before the Maturity
Date, the Contract Value less any premium tax due on the Maturity Date will be
applied to provide a variable life expectancy annuity based on the Annuitant's
age and sex under Payment Option L. Upon the death of the Annuitant (and Joint
Annuitant, if there is a Joint Annuitant), the remaining Contract Value will be
paid in a lump sum to the Annuitant's beneficiary.
ANNUITY PAYMENT OPTIONS
-----------------------
CALCULATION OF FIXED ANNUITY PAYMENTS
Under Options A, B, D, E and F, rates are based on the 1983a Individual Annuity
Mortality Table projected with projection scale G to the year 2040 and an
interest rate of 3%. Under Options G and H, the guaranteed interest rate is 3%.
CALCULATION OF VARIABLE ANNUITY PAYMENTS
Under Options I, J, K, M and N, the amount of the first payment is equal to the
amount held under the selected option in each Subaccount, divided by $1,000 and
then multiplied by the applicable payment option rate. The first payment equals
the sum of the amounts provided by each Subaccount.
In each Subaccount, the number of fixed annuity Units is determined by dividing
the amount of the initial payment provided by that Subaccount by the Annuity
Unit Value for that Subaccount on the first Payment Calculation Date.
Thereafter, the number of fixed Annuity Units in each Subaccount remains
unchanged unless You transfer funds to or from the Subaccount. If You transfer
funds to or from a Subaccount, the number of fixed Annuity Units will change in
proportion to the change in value of the Subaccount as a result of the transfer.
The number of fixed Annuity Units will change effective with the transfer, but
will remain fixed in number following the transfer.
Second and subsequent payments are determined by multiplying the number of fixed
Annuity Units for each Subaccount by the Annuity Unit Value for that Subaccount
on the Payment Calculation Date. The total payment will equal the sum of the
amounts provided by each Subaccount. The amount of second and subsequent
payments will vary with the investment experience of the Subaccounts and may be
either higher or lower than the first payment.
5
Under Option L, We determine the amount of the annual distribution by dividing
the amount of Contract Value held under this option as of the payment
calculation date by the life expectancy of the Annuitant or the joint life
expectancy of the Annuitant and Joint Annuitant at that time.
Under Options I, J, M and N, the applicable payment option rate used to
determine the first payment amount will not be less than the rate based on the
1983a Individual Annuity Mortality Table projected with projection scale G to
the year 2040, with continued projection thereafter and the Assumed Investment
Rate.
Under Option K, the payment option rate will be based on the number of payments
to be made during the specified period and the Assumed Investment Rate.
We guarantee that neither expenses actually incurred, other than taxes on
investment return, nor mortality actually experienced, shall adversely affect
the dollar amount of variable annuity payments.
OPTION A - LIFE ANNUITY WITH SPECIFIED PERIOD CERTAIN
A fixed payout annuity payable monthly while the Annuitant is living or, if
later, the end of the specified period certain. The period certain may be
specified as 5, 10, or 20 years. The period certain must be specified at the
time this option is elected.
OPTION B - NON-REFUND LIFE ANNUITY
A fixed payout annuity payable monthly while the Annuitant is living. No monthly
payment, death benefit or refund is payable after the death of the Annuitant.
OPTION D - JOINT AND SURVIVORSHIP LIFE ANNUITY
A fixed payout annuity payable monthly while either the Annuitant or designated
Joint Annuitant is living. You must designate the Joint Annuitant at the time
You elect this option. The designated Joint Annuitant must be at least age 40 on
the first Payment Calculation Date.
OPTION E - INSTALLMENT REFUND LIFE ANNUITY
A fixed payout annuity payable monthly while the Annuitant is living. If the
Annuitant dies before the annuity payments made under this option total an
amount which refunds the entire amount applied under this option, we will make a
lump sum payment equal to the entire amount applied under this option less the
sum of payments already made.
OPTION F - JOINT AND SURVIVORSHIP LIFE ANNUITY WITH 10-YEAR PERIOD CERTAIN
A fixed payout annuity payable monthly while either the Annuitant or designated
Joint Annuitant is living, or if later, the end of 10 years. You must designate
the Joint Annuitant at the time You elect this option. The Joint Annuitant must
be at least age 40 on the first Payment Calculation Date.
OPTION G - PAYMENTS FOR A SPECIFIED PERIOD
A fixed payout annuity payable monthly over a specified period of time. Payments
continue whether the Annuitant lives or dies. The specified period must be in
whole numbers of years from 5 to 30, but cannot be greater than 100 minus the
age of the Annuitant. However, if the beneficiary of any death benefits payable
under this contract elects this Payment Option, the period selected by the
beneficiary may not extend beyond the life expectancy of such beneficiary.
OPTION H - PAYMENTS OF A SPECIFIED AMOUNT
Equal income installments of a specified amount are paid until the principal sum
remaining under this option from the amount applied is less than the amount of
the installment. When that happens, the principal sum remaining will be paid as
a final payment. The amount specified must provide for payments for a period of
at least 5 years.
OPTION I - VARIABLE LIFE ANNUITY WITH 10-YEAR PERIOD CERTAIN
A variable payout annuity payable monthly while the Annuitant is living or, if
later, for ten years. If the beneficiary of any death benefits payable under
this contract elects this payment option, the period certain will equal the
shorter of 10 years and the life expectancy of such beneficiary.
6
OPTION J - JOINT SURVIVORSHIP VARIABLE LIFE ANNUITY WITH 10-YEAR PERIOD CERTAIN
A variable payout annuity payable monthly while either the Annuitant or
designated Joint Annuitant is living, or if later, the end of 10 years. You must
designate the Joint Annuitant at the time You elect this option. The Joint
Annuitant must be at least age 40 on the first Payment Calculation Date. This
option is not available for the payment of any death benefit under this
contract.
OPTION K - VARIABLE ANNUITY FOR SPECIFIED PERIOD
A variable payout annuity payable monthly over a specified period of time.
Payments continue whether the Annuitant lives or dies. The specified period must
be in whole numbers of years from 5 to 30, but cannot be greater than 100 minus
the age of the Annuitant. However, if the beneficiary of any death benefits
payable under this contract elects this payment option, the period selected by
the beneficiary may not extend beyond the life expectancy of such beneficiary.
This option also provides for unscheduled withdrawals. An unscheduled withdrawal
will reduce the number of fixed Annuity Units in each Subaccount and affect the
amount of future payments.
OPTION L - VARIABLE LIFE EXPECTANCY ANNUITY
This option provides a variable income which is payable over the Annuitant's
annually recalculated life expectancy or the annually recalculated life
expectancy of the Annuitant and Joint Annuitant. This option also provides for
unscheduled withdrawals. An unscheduled withdrawal will reduce the Contract
Value and affect the amount of future payments. Upon the death of the Annuitant
(and Joint Annuitant, if applicable), the remaining Contract Value will be paid
in a lump sum to the beneficiary.
OPTION M - UNIT REFUND VARIABLE LIFE ANNUITY
This option provides variable monthly payments as long as the Annuitant lives.
In the event of the death of the Annuitant, the monthly payments will stop and
the beneficiary will receive a lump payment equal to the value of the remaining
Annuity Units. This value is equal to the sum of the number of remaining Annuity
Units for each Subaccount multiplied by the current Annuity Unit Value for that
Subaccount. The number of remaining Annuity Units for each Subaccount will be
calculated as follows:
(1) the net amount in the Subaccount applied under this option on the first
Payment Calculation Date divided by the corresponding Annuity Unit Value on
that date, minus
(2) the sum of the Annuity Units released from the Subaccount to make the
payments under this option.
You may not transfer any assets under Option M, unless We agree otherwise.
OPTION N - VARIABLE NON-REFUND LIFE ANNUITY
A variable payout annuity payable monthly while the Annuitant is living. No
monthly payment, death benefit, or refund is payable after the death of the
Annuitant.
OTHER OPTIONS
We may offer other annuity payment options or alternative versions of the
options listed above.
7
ANNUITY PAYMENT OPTIONS TABLES
------------------------------
The tables that follow show the guaranteed minimum monthly payments for Options
A-G, and the minimum initial payment for the Variable Payment Options I, J, K M
and N for each $1,000 applied. If our rates in effect at the Settlement Date are
more favorable, we will use those rates. Subsequent monthly payments for the
Variable Payment Options will vary and may be higher or lower than the first
payment. Amounts for payment frequencies, periods or ages not shown will be
furnished upon request.
The term "age" as used in the tables refers to the adjusted age. The adjusted
age is defined as follows: the age of the annuitant on the annuitant's birthday
nearest the effective date of the payment option elected.
OPTIONS A & E -- LIFE ANNUITY WITH SPECIFIED PERIOD CERTAIN;
INSTALLMENT REFUND LIFE ANNUITY
------------ ---------------------------- -------------------------- ------------------------
AGE OF INSTALLMENT REFUND 10 YEARS CERTAIN 20 YEARS CERTAIN
PAYEE ---------------------------- -------------------------- ------------------------
MALE FEMALE MALE FEMALE MALE FEMALE
------------ ---------------- ----------- ----------- -------------- ------------ -----------
40 $3.80 $ 3.64 $3.86 $3.60 $3.74 $3.54
------------ ---------------- ----------- ----------- -------------- ------------ -----------
45 4.05 3.85 4.14 3.82 3.99 3.74
------------ ---------------- ----------- ----------- -------------- ------------ -----------
50 4.36 4.12 4.50 4.10 4.28 3.99
------------ ---------------- ----------- ----------- -------------- ------------ -----------
55 4.76 4.47 4.95 4.47 4.61 4.31
------------ ---------------- ----------- ----------- -------------- ------------ -----------
60 5.28 4.93 5.54 4.96 4.97 4.67
------------ ---------------- ----------- ----------- -------------- ------------ -----------
65 5.97 5.54 6.30 5.63 5.29 5.06
------------ ---------------- ----------- ----------- -------------- ------------ -----------
70 6.91 6.39 7.24 6.50 5.43 5.31
------------ ---------------- ----------- ----------- -------------- ------------ -----------
75 8.21 7.57 8.26 7.56 5.44 5.40
------------ ---------------- ----------- ----------- -------------- ------------ -----------
80 10.04 9.26 9.12 8.60 5.46 5.46
------------ ---------------- ----------- ----------- -------------- ------------ -----------
85 12.61 11.68 9.60 9.31 5.46 5.46
------------ ---------------- ----------- ----------- -------------- ------------ -----------
OPTION B -- NON-REFUND LIFE ANNUITY
--------------- ------------ ------------
AGE OF PAYEE MALE FEMALE
--------------- ------------ ------------
40 $ 3.95 $ 3.75
--------------- ------------ ------------
45 4.24 3.98
--------------- ------------ ------------
50 4.62 4.28
--------------- ------------ ------------
55 5.12 4.68
--------------- ------------ ------------
60 5.79 5.24
--------------- ------------ ------------
65 6.75 6.04
--------------- ------------ ------------
70 8.15 7.22
--------------- ------------ ------------
75 10.26 9.03
--------------- ------------ ------------
80 13.54 11.88
--------------- ------------ ------------
85 18.72 16.54
--------------- ------------ ------------
8
OPTION D -- JOINT AND SURVIVORSHIP LIFE ANNUITY
-------------------------------------------------------------------------------------------------
FEMALE MALE
AGE ---------------------------------------------------------------------------------------
40 45 50 55 60 65 70 75
-------------------------------------------------------------------------------------------------
40 $3.49 $3.55 $3.59 $3.62 $3.64 $3.65 $3.66 $3.67
-------------------------------------------------------------------------------------------------
45 3.58 3.67 3.74 3.80 3.83 3.86 3.88 3.89
-------------------------------------------------------------------------------------------------
50 3.65 3.79 3.90 4.00 4.07 4.12 4.16 4.18
-------------------------------------------------------------------------------------------------
55 3.72 3.89 4.06 4.22 4.35 4.44 4.51 4.56
-------------------------------------------------------------------------------------------------
60 3.77 3.97 4.20 4.43 4.65 4.83 4.96 5.05
-------------------------------------------------------------------------------------------------
65 3.80 4.04 4.31 4.62 4.94 5.25 5.51 5.71
-------------------------------------------------------------------------------------------------
70 3.83 4.08 4.34 4.77 5.20 5.67 6.13 6.52
-------------------------------------------------------------------------------------------------
75 3.85 4.12 4.46 4.88 5.40 6.04 6.75 7.46
-------------------------------------------------------------------------------------------------
OPTION F -- JOINT AND SURVIVORSHIP LIFE ANNUITY WITH 10-YEAR PERIOD CERTAIN
-------------------------------------------------------------------------------------------------
FEMALE MALE
AGE ---------------------------------------------------------------------------------------
40 45 50 55 60 65 70 75
-------------------------------------------------------------------------------------------------
40 $3.49 $3.55 $3.59 $3.62 $3.64 $3.65 $3.66 $3.67
-------------------------------------------------------------------------------------------------
45 3.58 3.67 3.74 3.80 3.83 3.86 3.88 3.89
-------------------------------------------------------------------------------------------------
50 3.65 3.78 3.90 4.00 4.07 4.12 4.15 4.17
-------------------------------------------------------------------------------------------------
55 3.72 3.89 4.06 4.22 4.34 4.44 4.50 4.54
-------------------------------------------------------------------------------------------------
60 3.77 3.97 4.19 4.43 4.64 4.82 4.95 5.03
-------------------------------------------------------------------------------------------------
65 3.80 4.03 4.31 4.61 4.93 5.23 5.45 5.65
-------------------------------------------------------------------------------------------------
70 3.83 4.08 4.39 4.75 5.18 5.63 6.07 6.41
-------------------------------------------------------------------------------------------------
75 3.85 4.11 4.45 4.86 5.36 5.96 6.62 7.21
-------------------------------------------------------------------------------------------------
OPTION G -- PAYMENTS FOR A SPECIFIED PERIOD
-------------------- ----------------- ------------------
ANNUAL MONTHLY
NUMBER OF YEARS INSTALLMENT INSTALLMENT
-------------------- ----------------- ------------------
5 $211.99 $17.91
-------------------- ----------------- ------------------
6 179.22 15.14
-------------------- ----------------- ------------------
7 155.83 13.16
-------------------- ----------------- ------------------
8 138.31 11.68
-------------------- ----------------- ------------------
9 124.69 10.53
-------------------- ----------------- ------------------
10 113.82 9.61
-------------------- ----------------- ------------------
11 104.93 8.86
-------------------- ----------------- ------------------
12 97.54 8.24
-------------------- ----------------- ------------------
13 91.29 7.71
-------------------- ----------------- ------------------
14 85.95 7.26
-------------------- ----------------- ------------------
15 81.33 6.87
-------------------- ----------------- ------------------
16 77.29 6.53
-------------------- ----------------- ------------------
17 73.74 6.23
-------------------- ----------------- ------------------
18 70.59 5.96
-------------------- ----------------- ------------------
19 67.78 5.73
-------------------- ----------------- ------------------
20 65.26 5.51
-------------------- ----------------- ------------------
25 55.76 4.71
-------------------- ----------------- ------------------
30 49.53 4.18
-------------------- ----------------- ------------------
9
OPTION I -- VARIABLE PAYMENT LIFE ANNUITY WITH 10-YEAR PERIOD CERTAIN
--------------- ------------ ------------
AGE OF PAYEE MALE FEMALE
--------------- ------------ ------------
40 $4.15 $4.02
--------------- ------------ ------------
45 4.29 4.12
--------------- ------------ ------------
50 4.40 4.27
--------------- ------------ ------------
55 4.73 4.46
--------------- ------------ ------------
60 5.06 4.71
--------------- ------------ ------------
65 5.51 5.05
--------------- ------------ ------------
70 6.08 5.52
--------------- ------------ ------------
75 6.79 6.17
--------------- ------------ ------------
80 7.65 6.99
--------------- ------------ ------------
85 8.57 7.98
--------------- ------------ ------------
OPTION J -- JOINT SURVIVOR VARIABLE PAYMENT LIFE ANNUITY WITH 10-YEAR PERIOD CERTAIN
-----------------------------------------------------------------------------------------------
FEMALE MALE
AGE ------------------------------------------------------------------------------------
40 45 50 55 60 65 70 75
-----------------------------------------------------------------------------------------------
40 $3.92 $3.94 $3.96 $3.98 $3.99 $4.00 $4.00 $4.01
-----------------------------------------------------------------------------------------------
45 3.96 4.00 4.03 4.06 4.08 4.09 4.10 4.11
-----------------------------------------------------------------------------------------------
50 4.00 4.05 4.10 4.15 4.18 4.21 4.23 4.24
-----------------------------------------------------------------------------------------------
55 4.03 4.10 4.18 4.24 4.30 4.35 4.39 4.41
-----------------------------------------------------------------------------------------------
60 4.06 4.15 4.25 4.34 4.43 4.52 4.58 4.63
-----------------------------------------------------------------------------------------------
65 4.09 4.19 4.31 4.44 4.57 4.70 4.81 4.90
-----------------------------------------------------------------------------------------------
70 4.11 4.22 4.36 4.53 4.70 4.89 5.07 5.22
-----------------------------------------------------------------------------------------------
75 4.12 4.75 4.41 4.60 4.82 5.07 5.34 5.59
-----------------------------------------------------------------------------------------------
OPTION K -- VARIABLE PAYMENT ANNUITY FOR A SPECIFIED PERIOD
-------------------- ----------------- --------------------
NUMBER OF ANNUAL MONTHLY
YEARS INSTALLMENT INSTALLMENT
-------------------- ----------------- ------------------
5 $217.98 $18.53
-------------------- ----------------- ------------------
6 185.53 15.77
-------------------- ----------------- ------------------
7 162.39 13.81
-------------------- ----------------- ------------------
8 145.08 12.34
-------------------- ----------------- ------------------
9 131.65 11.19
-------------------- ----------------- ------------------
10 120.94 10.28
-------------------- ----------------- ------------------
11 112.20 9.54
-------------------- ----------------- ------------------
12 104.94 8.92
-------------------- ----------------- ------------------
13 98.83 8.40
-------------------- ----------------- ------------------
14 93.61 7.96
-------------------- ----------------- ------------------
15 89.10 7.58
-------------------- ----------------- ------------------
16 85.18 7.24
-------------------- ----------------- ------------------
17 81.74 6.95
-------------------- ----------------- ------------------
19 75.99 6.46
-------------------- ----------------- ------------------
20 73.57 6.25
-------------------- ----------------- ------------------
25 64.53 5.49
-------------------- ----------------- ------------------
30 58.75 5.00
-------------------- ----------------- ------------------
10
OPTION M -- VARIABLE PAYMENT LIFE ANNUITY WITH UNIT REFUND
--------------- ------------ ------------
AGE OF PAYEE MALE FEMALE
--------------- ------------ ------------
40 $4.12 $4.01
--------------- ------------ ------------
45 4.25 4.11
--------------- ------------ ------------
50 4.42 4.24
--------------- ------------ ------------
55 4.64 4.41
--------------- ------------ ------------
60 4.92 4.64
--------------- ------------ ------------
65 5.28 4.94
--------------- ------------ ------------
70 5.74 5.33
--------------- ------------ ------------
75 6.32 5.86
--------------- ------------ ------------
80 7.07 6.55
--------------- ------------ ------------
85 8.01 7.43
--------------- ------------ ------------
OPTION N -- VARIABLE PAYMENT LIFE ANNUITY
--------------- ------------ ------------
AGE OF PAYEE MALE FEMALE
--------------- ------------ ------------
40 $ 4.15 $4.02
--------------- ------------ ------------
45 4.30 4.13
--------------- ------------ ------------
50 4.50 4.27
--------------- ------------ ------------
55 4.76 4.47
--------------- ------------ ------------
60 5.11 4.73
--------------- ------------ ------------
65 5.60 5.09
--------------- ------------ ------------
70 6.29 5.60
--------------- ------------ ------------
75 7.20 6.34
--------------- ------------ ------------
80 8.49 7.41
--------------- ------------ ------------
85 10.30 8.98
--------------- ------------ ------------
-------------------------------------------------
Xxxx X. Xxxxxx, FSA, MAAA
Associate Actuary
11
