Ex-99.24(b)4(b)
Xxxxxxx & Xxxx Advisors
Retirement Builder II - L Series
Individual Variable Annuity [MINNESOTA LIFE LOGO]
MINNESOTA LIFE INSURANCE COMPANY - A Securian Company Fax 000-000-0000
Annuity Services . A3-9999 0-000-000-0000
000 Xxxxxx Xxxxxx Xxxxx . St. Xxxx, Minnesota 55101-2098 xxx.xxxxxxxx.xxx
READ YOUR CONTRACT CAREFULLY - THIS IS A LEGAL CONTRACT
We promise to pay the benefits described by this contract subject to its
provisions. We make this promise and issue this contract in consideration of
the application for it and the receipt of a Purchase Payment. The Owner and the
Beneficiary are as named in the application unless they are changed as provided
for in this contract.
NOTICE OF YOUR RIGHT TO EXAMINE THIS CONTRACT FOR 20 DAYS
IT IS IMPORTANT TO US THAT YOU ARE SATISFIED WITH THIS CONTRACT. IF YOU ARE NOT
SATISFIED, YOU MAY RETURN THE CONTRACT TO US OR TO YOUR SALES REPRESENTATIVE
WITHIN 20 DAYS OF ITS RECEIPT OR 30 DAYS WHERE REQUIRED. IF YOU EXERCISE THIS
RIGHT, YOU WILL RECEIVE THE CONTRACT VALUE OF THIS CONTRACT PLUS ANY FEES OR
CHARGES DEDUCTED FROM THE PURCHASE PAYMENTS LESS ANY CREDIT ENHANCEMENTS
APPLIED TO THE CONTRACT. WE WILL PAY THIS REFUND WITHIN 7 DAYS AFTER WE RECEIVE
YOUR NOTICE OF CANCELLATION.
Signed for Minnesota Life Insurance Company at St. Xxxx, Minnesota on the
Contract Date.
[
[SIGNATURE GRAPHIC] [SIGNATURE GRAPHIC]
Secretary President
]
ALL PAYMENTS AND VALUES PROVIDED BY THIS CONTRACT, WHEN BASED ON THE INVESTMENT
EXPERIENCE OF THE VARIABLE ACCOUNT, ARE VARIABLE AND NOT GUARANTEED AS TO FIXED
DOLLAR AMOUNT. THE VARIABLE ACCOUNT INFORMATION MAY BE FOUND ON PAGE 4.
THIS CONTRACT INCLUDES A CREDIT ENHANCEMENT. THE CREDIT ENHANCEMENT IS AN
ADDITIONAL AMOUNT THAT IS ADDED TO YOUR CONTRACT BASED ON CUMULATIVE NET
PURCHASE PAYMENTS RECEIVED AS DESCRIBED ON PAGES 7 AND 8.
THIS CONTRACT CONTAINS A DEFERRED SALES CHARGE AS DESCRIBED ON PAGE 8. IT ALSO
INCLUDES A BENEFIT TO WAIVE THE DEFERRED SALES CHARGE UNDER QUALIFYING
HOSPITAL, MEDICAL CARE, AND TERMINAL CONDITION EVENTS AS DESCRIBED ON PAGE 11.
THE DEATH BENEFIT WILL BE REDUCED BY ANY CREDIT ENHANCEMENTS APPLIED WITHIN 12
MONTHS OF THE DATE OF PAYMENT OF THE DEATH BENEFIT.
. Flexible Payment Deferred Variable Annuity Contract
. Fixed or Variable Annuity Payment Benefits
. A Nonparticipating Contract
ICC13-70263
CONTRACT INDEX
Alphabetical Index to the Provisions of Your Contract
Page
Allocation of Purchase Payments...................................................... 7
Amount Payable at Death.............................................................. 14
Annuity Payment Benefits............................................................. 12
Assignment........................................................................... 6
Beneficiary.......................................................................... 2
Contract Charges..................................................................... 8
Contract Value....................................................................... 9
Credit Enhancement and Recapture..................................................... 7
Death Benefits....................................................................... 13
Definitions.......................................................................... 2
General Provisions................................................................... 4
Misstatement......................................................................... 5
Purchase Payments.................................................................... 6
Transfer Provisions.................................................................. 10
Transfers............................................................................ 10
Xxxxxxxxxx and Surrender............................................................. 11
XXXXXXX & XXXX ADVISORS RETIREMENT BUILDER II - L SERIES
CONTRACT DATA PAGE - EFFECTIVE [OCTOBER 1, 2013]
CONTRACT NUMBER: [A123456] CONTRACT DATE: [October 1, 2013]
OWNER: [Xxxx Xxx] MATURITY DATE: [October 1, 2058]
JOINT OWNER: JURISDICTION: [Your State]
ANNUITANT: [Xxxx Xxx] GENDER: [M] DATE OF BIRTH: [October 1, 1963]
JOINT ANNUITANT: GENDER: DATE OF BIRTH:
PLAN: [Non-Qualified] INITIAL PURCHASE PAYMENT: [$10,000]
INSURANCE DEPARTMENT CONTACT INFORMATION: [xxx-xxx-xxxx]
GUARANTEED INTEREST OPTIONS:
DOLLAR COST AVERAGING (DCA) FIXED ACCOUNT OPTIONS: [6 months and 12 months]
FIXED ACCOUNT (ONLY AVAILABLE FOR FIXED ANNUITY PAYMENTS)
GUARANTEED INTEREST OPTIONS GUARANTEED MINIMUM ANNUAL INTEREST RATE: [1.00%]
VARIABLE ACCOUNT(S): Variable Annuity Account
MINIMUM SUBSEQUENT PURCHASE PAYMENT: [$500]
MAXIMUM CUMULATIVE PURCHASE PAYMENT: [$1,000,000]
CREDIT ENHANCEMENT: An amount that we will add to your Contract Value if your
cumulative net Purchase Payments meet or exceed $250,000. Any Credit
Enhancement amount will be calculated according to the chart on page 7. In
certain situations the Credit Enhancement will be recaptured. Please read
carefully the details of the Credit Enhancement and Recapture section on pages
7 and 8.
Years Since Purchase Payment
-------------------------------
0-1 1-2 2-3 3-4 4 and thereafter
DEFERRED SALES CHARGE: --- --- --- --- ----------------
8% 8% 7% 6% 0%
The deferred sales charge is applied to Purchase Payments withdrawn or
surrendered from this contract. The deferred sales charge may be waived under
qualifying hospital, medical care, and terminal condition events as described
on page 11. This waiver of deferred sales charge is available at the later of
the first Contract Anniversary or one year following a change of Owner.
ANNUAL MAINTENANCE FEE
A fee of [$50] will be applied on each Contract Anniversary and at surrender
when the greater of: (a) Contract Value; or (b) Purchase Payments less
withdrawals, is less than [$50,000]. The annual maintenance fee will be
deducted on a pro-rata basis from the Contract Values in the Variable Account.
TRANSFER CHARGE
A maximum charge of $10 will be deducted from the transfer amount when the
frequency of transfers exceeds twelve per Contract Year.
CHARGES TO THE VARIABLE ACCOUNT
A daily charge deducted from any portion of the Contract Value allocated to the
Variable Account. The deduction is the daily equivalent of the annual
percentage shown below:
Administrative Charge: [0.15%]
Mortality and Expense Risk Charge prior to Annuity Commencement Date: [1.55%]
Mortality and Expense Risk Charge after Annuity Commencement Date: [1.20%]
OPTIONAL RIDERS AND CHARGES
[None]
ICC13-70263 Minnesota Life 1
DEFINITIONS
ACCUMULATION UNIT
An accounting unit of measure used to calculate the value of a Sub-Account of
this contract before Annuity Payments begin.
ANNUITANT
The natural person(s) named as Annuitant upon whose lifetime Annuity Payment
benefits will be determined under this contract. An Annuitant's life may also
be used to determine the value of death benefits and to determine the Maturity
Date. If the Annuitant is not the Owner and dies prior to the Annuity
Commencement Date, the Owner may name a new Annuitant if the Owner is a natural
person. If a new Annuitant is not named, the youngest Owner will become the
Annuitant. If the Owner is not a natural person and the Annuitant dies prior to
the Annuity Commencement Date, the death will be treated as the death of the
Owner as described in the "Death Benefits" section of the contract.
ANNUITY COMMENCEMENT DATE
The date on which Annuity Payments are elected to begin. This may be the
Maturity Date or a date you select prior to the Maturity Date.
ANNUITY PAYMENTS
A series of payments for one of the following periods of time: the life of the
Annuitant; the life of the Annuitant with a minimum number of payments; joint
lifetime of the Joint Annuitants and thereafter during the lifetime of the
survivor; or, payments for a designated period. Annuity Payments made at
regular intervals are due and payable on dates agreed upon between you and us.
ANNUITY UNIT
An accounting unit of measure used to calculate the value of Annuity Payments
under a variable Annuity Payment option.
ASSUMED INVESTMENT RETURN ("AIR")
The annual investment return used to determine the initial variable Annuity
Payment under this contract. One or more rates may be available for election at
the Annuity Commencement Date.
BENEFICIARY
The person, persons or entity designated to receive any death benefit proceeds
payable prior to the Annuity Commencement Date; or to receive any remaining
annuity benefits payable on the death of the Annuitant after the Annuity
Commencement Date. The Beneficiary will be the first person on the following
list who is alive on the date of death: a surviving natural Owner (if any), the
primary (class 1) Beneficiary, or the secondary (class 2) Beneficiary. If none
of the above is alive, proceeds will be paid to your estate unless the Owner is
not a natural person, in which case we will pay the Owner.
CONTRACT ANNIVERSARY
The same day and month as the Contract Date for each succeeding year of this
contract.
CONTRACT DATE
The effective date of this contract. It is also the date from which we
determine Contract Anniversaries and Contract Years.
CONTRACT VALUE
The sum of your values in the DCA Fixed Account, Fixed Account, and the
Sub-Accounts of the Variable Account on any Valuation Date prior to the Annuity
Commencement Date.
CONTRACT YEAR
A period of one year beginning with the Contract Date or Contract Anniversary.
CREDIT ENHANCEMENT
An amount, called a Credit Enhancement, that we will add to your Contract Value
if your cumulative net Purchase Payments meet or exceed $250,000.
ICC13-70263 Minnesota Life 2
DOLLAR COST AVERAGING ("DCA") FIXED ACCOUNT
The DCA Fixed Account provides dollar cost averaging (DCA) options that are
available for Purchase Payment allocations. Any Purchase Payments allocated to
a DCA Fixed Account option will be transferred in approximately equal
installments to your selected Sub-Accounts of the Variable Account over a
specific time period based on the DCA Fixed Account option elected. Making
transfers in this fashion is also known as dollar cost averaging. Amounts
allocated to the DCA Fixed Account options are part of our General Account. You
may not transfer amounts from the Fixed Account or the Sub-Accounts to the DCA
Fixed Account.
FIXED ACCOUNT
The Fixed Account is only available for fixed dollar Annuity Payments. You may
not elect to transfer amounts to the Fixed Account. If you elect fixed dollar
Annuity Payments, your Contract Value will automatically be transferred to the
Fixed Account as of the date we receive your Written Request electing Annuity
Payments. For any period prior to the date amounts are applied to provide
Annuity Payments, interest will be credited on amounts in the Fixed Account at
an annual rate at least equal to the guaranteed rate shown on page one. Amounts
in the Fixed Account are part of our General Account.
FUND
The mutual fund or separate investment portfolio within a series mutual fund
which is designated as an eligible investment for a Sub-Account of the Variable
Account.
GENERAL ACCOUNT
All assets of Minnesota Life other than those allocated to separate accounts
established by us. We have exclusive and absolute ownership of the assets of
the General Account.
GUARANTEED INTEREST OPTION
A type of investment option that provides an interest rate guaranteed for a
specified period of time. The options available as of the Contract Date are
shown on page one.
JOINT ANNUITANT
The person named as Joint Annuitant upon whose life, together with the
Annuitant, Annuity Payments may be determined. If Joint Annuitants are named,
all references to Annuitant shall mean the Joint Annuitants.
JOINT OWNER
If more than one Owner has been designated, each Owner shall be a Joint Owner
of the contract. Joint Owners have equal ownership rights and must both
authorize any exercising of those ownership rights unless otherwise permitted
by us. When two people are named as Joint Owners, the term "Owner" means the
Joint Owner or the survivor. Joint Owners are not permitted if the Owner is not
a natural person.
MATURITY DATE
The date this contract matures. The Maturity Date will be the first of the
month on or following the oldest Annuitant's 95th birthday.
MINNESOTA LIFE ("WE", "OUR", "US")
Minnesota Life Insurance Company.
NON-QUALIFIED CONTRACT
A contract other than a Qualified Contract.
OWNER ("YOU", "YOUR", "YOURS")
The person(s) who has (have) all rights under this contract. The contract may
be owned by natural persons, or by a corporation, trust, or custodial account
that holds the contract as agent for the sole benefit of a natural person(s).
PURCHASE PAYMENTS
Amounts paid to us as consideration for the benefits provided by this contract.
QUALIFIED CONTRACT
A contract issued to a retirement plan or arrangement that receives favorable
tax treatment under Section 401, 404, 408, 408A and 457 of the Internal Revenue
Code, as amended.
RECAPTURE
Recapture is a reimbursement to us for the Credit Enhancements we added to your
contract that is applied as described in the Credit Enhancement and Recapture
section of this contract.
ICC13-70263 Minnesota Life 3
SUB-ACCOUNT
The subdivisions of the Variable Account to which you may allocate your
Purchase Payments or transfers. The assets of the Sub-Accounts are invested in
the corresponding Funds.
SURRENDER VALUE
The amount payable to you on surrender of this contract. The Surrender Value is
equal to the Contract Value less the annual maintenance fee, deferred sales
charge, and optional rider charges, if any.
VALUATION DATE
Any date on which a Fund is valued.
VALUATION PERIOD
The period between successive Valuation Dates.
VARIABLE ACCOUNT
The separate investment account(s) named on page one and used for this class of
contracts under Minnesota law. The Variable Account is comprised of several
Sub-Accounts. The assets of the Variable Account are ours and are not subject
to claims arising out of any other business of ours. The incomes, gains and
losses, whether or not realized from assets allocated to the Variable Account
shall be credited to or charged against such account without regard to other
income, gains, or losses of ours.
WRITTEN REQUEST
A written notice, signed by you, in a form approved by or acceptable to us. In
some cases, we may require that this contract be sent in with your Written
Request.
GENERAL PROVISIONS
ENTIRE CONTRACT
This contract and any amendments, endorsements, riders or application attached
thereto, contain the entire contract between you and us. Any statements made in
the application either by you or the Annuitant will, in the absence of fraud,
be considered representations and not warranties.
Any additional rider or agreement attached to this contract will become part of
this contract. It will be subject to the terms and conditions of this contract
unless we state otherwise in the rider or agreement.
MODIFICATION OF CONTRACT
Modifications to this contract or any waiver of our rights or requirements
under this contract can only be made by the written authorization of an officer
of Minnesota Life. No representative or other person has the authority to
change or waive any provisions of this contract. No modification will adversely
affect your rights under this contract unless the modification is made to
comply with a law or government regulation. You will have the right to accept
or reject such a modification.
CHANGE IN VARIABLE ACCOUNT OPERATION
At our election and subject to any necessary vote by persons having the right
to give instructions on the voting of the Fund shares held by the Sub-Accounts,
the Variable Account:
. may be operated as a management company under the Investment Company Act
of 1940 or any other form permitted by law;
. may be de-registered under the Investment Company Act of 1940 in the
event registration is no longer required; or
. may be combined with one or more separate accounts.
We also reserve the right, subject to any applicable law, to make certain
changes including the right to add, eliminate, or substitute any Fund offered
under the contract. Substitution may be with respect to existing Contract
Values, future Purchase Payments and/or future Annuity Payments. No transfer of
assets from one separate account to another affecting Owners of contracts
delivered in a given state can be made except, where required, with the
approval of the Insurance Commissioner of that state.
ICC13-70263 Minnesota Life 4
REPORTS TO OWNERS
At least annually, we will send you a report that will show the beginning and
the end dates for the current report period, your beginning and ending Contract
Value, the ending Surrender Value, death benefit, a summary of transactions,
any fees or charges incurred since the last report, and any other information
that may be required. Values will be as of a date within two months of its
mailing. Additional reports are available to you upon request at a cost of not
more than $35 per report.
MISSTATEMENT OF AGE OR SEX
If the age or sex of the Owner or Annuitant has been misstated, we will adjust
the benefits and amounts payable under this contract to those that would have
been paid based upon the corrected age or sex. In the case of an overpayment,
we may either deduct the required amount from future payments under this
contract; or, we may require you to pay us the difference; or we may do both
until we are fully repaid. In the case of an underpayment, we will pay the
difference in a lump sum. Overpayments and underpayments will be charged or
credited with an annual effective interest rate of 2.00%.
PROOF OF AGE, SEX, OR SURVIVAL
We may require satisfactory proof of correct age and sex when Annuity Payments
begin or when an optional benefit rider is elected. We have the right to
require proof of the life or death of any person on whose life or death
determines whether, to whom, and how much we must pay any benefits under this
contract or optional benefit riders.
DELAY OF PAYMENTS
Generally, we will make payment within seven days from our receipt of the
Written Request . Payment of amounts from the Variable Account may be delayed
under certain circumstances. These include:
. a closing of the New York Stock Exchange other than on a regular holiday
or weekend;
. a trading restriction by the Securities and Exchange Commission; or
. an emergency declared by the Securities and Exchange Commission.
After making written request and receiving written approval from the Insurance
Commissioner, where required, we reserve the right to delay payments or
transfers from the DCA Fixed Account or Fixed Account for up to six months
after we receive your Written Request. If such delay occurs, we will notify you
of the specific date the transaction will occur, the reason for the delay, and
the value of the transaction as of the date we receive your request.
CONFORMITY WITH INTERSTATE INSURANCE PRODUCT REGULATION COMMISSION STANDARDS
This contract was approved under the authority of the Interstate Insurance
Product Regulation Commission and issued under the Commission standards. Any
provision of the contract which is in conflict with Interstate Insurance
Product Regulation Commission standards for this product type is hereby amended
to conform to the Interstate Insurance Product Regulation Commission standards
for this product type as of the approval date.
BASIS OF VALUES
Any paid-up annuity, Surrender Value, or death benefits that may be available
for this contract are not less than the minimum benefits required by Section 7
of the NAIC Model Variable Annuity Regulation, model #250.
INCONTESTABILITY
We will not contest this contract except in the event of fraud in the
procurement of the contract, where permitted by applicable law in the state in
which the contract is issued.
CHANGE OF OWNER OR ANNUITANT
You may change the Owner at any time, except where prohibited by law or
regulation for a Qualified Contract. The Annuitant may change at any time prior
to the Annuity Commencement Date. However, if the Owner of this contract is not
a natural person, such as a trust or other entity, an Annuitant cannot be
changed or added. A change of ownership may cause a taxable event.
To change the Owner or Annuitant, we must receive the Written Request at our
home office. Any new Owner or Annuitant must meet our issue requirements in
effect on the Valuation Date we receive your Written Request. Unless otherwise
specified by you, the change will take effect as of the date the Written
Request was signed, whether or not you are living at the time of our receipt.
We are not liable for any payment, settlement, or tax reporting made by us
before such change is recorded at our home office.
The new Owner or Annuitant is subject to the terms and conditions of the
contract.
ICC13-70263 Minnesota Life 5
ASSIGNMENT
Unless this contract provides otherwise, you may assign all rights to this
contract. We will not be bound by any assignment until we have received the
Written Request at our home office. Unless otherwise specified by you, the
assignment will take effect as of the date you signed the request but will not
apply to any payment or action taken by us prior to our receipt of the request.
We are not responsible for the validity of any assignment. If the contract is
absolutely assigned, the assignee becomes the new Owner. The new Owner is
subject to the terms and conditions of the contract. Any change of ownership
may cause a taxable event. You should consult your tax advisor to determine the
tax consequences of an assignment before taking any action.
Any proceeds payable to an assignee will be paid in a single sum. Any claim
made by an assignee will be subject to proof of the assignee's interest and the
extent of the assignment. If this contract is a Qualified Contract, then it may
not be assigned, pledged, or otherwise transferred except under such conditions
as may be allowed under applicable law.
CLAIMS OF CREDITORS
To the extent permitted by law, no benefit provided by this contract will be
subject to any creditor's claim or process of law.
NON-PARTICIPATING
This contract is non-participating. No dividends will be paid under this
contract.
CONTRACT TERMINATION
This contract will terminate on the earliest of these conditions:
. you withdraw the entire Surrender Value;
. the Owner dies and any death benefit due has been paid;
. Annuity Payments cease.
We may cancel a contract if you do not make any Purchase Payments for a period
of two or more full Contract Years and both (a) the total Purchase Payments,
less any withdrawals and associated charges, and (b) the Contract Value are
less than $2,000. If such a cancellation takes place, we will pay the Contract
Value to you.
VOTING RIGHTS
If you have Variable Account Accumulation or Annuity Units under this contract,
you may direct us with respect to the voting rights of Fund shares held by us
and attributable to this contract where shareholder approval is required by law.
PURCHASE PAYMENTS
FLEXIBLE PURCHASE PAYMENTS
Purchase Payments are credited to the contract on the Valuation Date coincident
with or next following the day they are received in our home office. If they
are received on a day that is not a Valuation Date, those amounts will be
credited on the next Valuation Date.
This is a flexible premium contract and you may choose when to make additional
Purchase Payments. You may make additional Purchase Payments at any time before
the Annuity Commencement Date, while the Owner is still living, and this
contract is in force. We may permit your employer to remit Purchase Payments on
your behalf. Additional Purchase Payments may not be made during periods in
which you are eligible for a withdrawal or surrender without charge due to your
confinement in a hospital or medical care facility or in the event you are
diagnosed with a terminal condition. These provisions are described in the
"Withdrawal and Surrender" section of this contract.
AUTOMATIC PAYMENT PLANS
We may permit you to establish an automatic payment plan providing your bank or
other financial institution consents to have your Purchase Payments
automatically withdrawn from your account and paid directly to us.
PURCHASE PAYMENT LIMITATIONS
The minimum Purchase Payment is $10,000. The initial Purchase Payment is shown
on page one. Total Purchase Payments may not exceed the Maximum Cumulative
Purchase Payments shown on page one for the same Owner or Annuitant without our
prior consent. We reserve the right to not accept any Purchase Payment. You may
have Purchase
ICC13-70263 Minnesota Life 6
Payments in only one DCA Fixed Account option at any given time. Any subsequent
Purchase Payments must be at least equal to the amount shown on page one. These
minimums may not apply under certain automatic or group payment plans that may
be established and agreed to by us.
DEDUCTIONS FROM PURCHASE PAYMENTS
Generally, there are no deductions made from the Purchase Payments. However, we
reserve the right to make a deduction from the Purchase Payments for state
premium taxes, where applicable.
ALLOCATION OF PURCHASE PAYMENTS
Purchase Payments are allocated to a DCA Fixed Account option or the
Sub-Accounts of the Variable Account as you direct. However, the DCA Fixed
Account options are not available under automatic payment plans. The Fixed
Account is not available for Purchase Payment allocations. You may change your
allocation for future Purchase Payments by Written Request or, where permitted,
by telephone or other means acceptable to us. Purchase Payments received with
incomplete allocation instructions will be returned in full if we cannot credit
them within five valuation days after receipt.
DCA FIXED ACCOUNT
Purchase Payments allocated to a DCA Fixed Account option will be transferred
in approximately equal installments to the Sub-Accounts of the Variable Account
over a specific time period. These transfers allow you to dollar cost average
your Purchase Payments to your selected Sub-Accounts. The time period will be
based on the DCA Fixed Account option you select. Interest will be credited on
amounts in a DCA Fixed Account option at an annual rate at least equal to the
guaranteed interest rate shown on page one.
Additional Purchase Payments may be allocated to the DCA Fixed Account option
elected and will then be transferred out to the designated Sub-Accounts over
the remainder of the existing period. After the end of the period or when all
Purchase Payments and interest in the DCA Fixed Account have been transferred
out, you may allocate additional Purchase Payments to the same or a different
DCA Fixed Account option and a new period will begin.
To the extent permitted by law, we reserve the right at any time to offer DCA
Fixed Account options that differ from those shown on page one. We also reserve
the right at any time to stop accepting new Purchase Payments for a particular
option.
VARIABLE ACCOUNT
The Variable Account is made up of Sub-Accounts. Each Sub-Account invests its
assets in a corresponding Fund at the Fund's net asset value. Purchase Payments
are allocated to Sub-Accounts in accordance with your instructions or in
accordance with the terms of this contract. They may also be allocated to any
other Sub-Account that may be established by us under the Variable Account for
contracts of this class.
CREDIT ENHANCEMENT AND RECAPTURE
CREDIT ENHANCEMENT
When you make a Purchase Payment to your contract, we will add an amount,
called a Credit Enhancement, to your Contract Value if your cumulative net
Purchase Payments meet or exceed $250,000. Cumulative net Purchase Payments are
the total of all Purchase Payments we have received for this contract less any
prior withdrawals from Contract Value (including associated charges). No Credit
Enhancement will be applied if your cumulative net Purchase Payments are less
than $250,000.
CALCULATION OF CREDIT ENHANCEMENT
When we receive a Purchase Payment, we will evaluate whether your contract is
eligible for a Credit Enhancement based on your cumulative net Purchase
Payments, according to the following schedule:
Cumulative Net Purchase Payments Credit Enhancement Percentage
------------------------------------- -------------------------------------
$250,000 - $499,999.99 0.25%
$500,000 - $749,999.99 0.50%
$750,000 - $999,999.99 0.75%
$1,000,000 or more 1.00%
ICC13-70263 Minnesota Life 7
The amount of the Credit Enhancement will be calculated as follows:
(a) cumulative net Purchase Payments; multiplied by
(b) the applicable Credit Enhancement percentage from the table above;
minus
(c) any Credit Enhancements previously applied to Contract Value
The Credit Enhancement will be added to your Contract Value and allocated to
the Guaranteed Interest Options and Sub-Accounts of the Variable Account in the
same proportion as the Purchase Payment that triggers the Credit Enhancement
calculation. Credit Enhancements, and any gains or losses attributable to the
Credit Enhancements are not a Purchase Payment and will be considered earnings
under the contract for tax purposes.
RECAPTURE OF CREDIT ENHANCEMENTS
Recapture is a reimbursement to us of the Credit Enhancements we added to your
contract. We will take back, or Recapture, all Credit Enhancements if you elect
to terminate the contract under the Right to Examine provision. In addition, we
will Recapture any Credit Enhancements applied to your contract within 12
months of the date any amounts are paid out as a death benefit or within 12
months of the date you apply amounts to provide Annuity Payments.
We will not Recapture any amounts paid out as a death benefit or applied to
provide Annuity Payments more than 12 months after the last Credit Enhancement
was added to the contract.
CONTRACT CHARGES
DEFERRED SALES CHARGE
The deferred sales charge may be assessed upon withdrawal or surrender of
Purchase Payments. It applies during the four year period following the receipt
of each Purchase Payment. The amount withdrawn plus any deferred sales charge
is deducted from the Contract Value. The amount of the deferred sales charge is
determined from the percentages shown in the table below. For purposes of
determining the amount of deferred sales charge, Purchase Payments will be
withdrawn on a first-in, first-out basis.
Years Since Purchase Payment
---------------------------
0-1 1-2 2-3 3-4 4 and thereafter
DEFERRED SALES CHARGE: --- --- --- --- ----------------
8% 8% 7% 6% 0%
The amount of the deferred sales charge is determined by: (a) calculating the
number of years each Purchase Payment being withdrawn has been in the contract;
(b) multiplying each Purchase Payment being withdrawn by the appropriate
deferred sales charge percentage from the table; and (c) adding the deferred
sales charge from all Purchase Payments calculated in (b).
FREE WITHDRAWAL AMOUNT
Each Contract Year, you may withdraw a portion of your Contract Value free from
any deferred sales charge. This amount is called the "free withdrawal amount".
The free withdrawal amount is equal to 10% of any Purchase Payments not
previously withdrawn and received in the current Contract Year plus the greater
of:
(a) Contract Value less Purchase Payments not previously withdrawn each as
of the most recent Contract Anniversary; or
(b) 10% of the sum of Purchase Payments not previously withdrawn and still
subject to deferred sales charge as of the most recent Contract
Anniversary.
The deferred sales charge will not apply to amounts in excess of the free
withdrawal amount described above if withdrawn in any Contract Year to satisfy
the Internal Revenue Service (IRS) required minimum distribution for this
contract. However, if you withdraw the required minimum distribution for two
calendar years in a single Contract Year, deferred sales charge may apply.
Applicable contracts include those issued pursuant to a retirement plan under
the provisions of Section 401, 404, 408, or 457 of the Internal Revenue Code.
Amounts withdrawn to satisfy the required minimum distribution for this
contract will reduce the free withdrawal amount available for the Contract
Year. We reserve the right to modify or eliminate the amount available for
withdrawal without charge under required minimum distribution if there is any
change to the Internal Revenue Code or regulations regarding required minimum
distribution, including guidance issued by the IRS. We will provide you 30 days
written notice of any modifications or termination of this provision.
ICC13-70263 Minnesota Life 8
WAIVER OF DEFERRED SALES CHARGE
The deferred sales charge will not apply to:
. Amounts payable as a death benefit.
. Amounts applied to provide Annuity Payments under an Annuity Payment
option.
. A withdrawal or surrender requested after the first Contract Anniversary
if you are confined to a hospital or medical care facility as defined in
the "Withdrawal and Surrender" section of this contract.
. A withdrawal or surrender requested after the first Contract Anniversary
if you are diagnosed with a terminal condition as defined in the
"Withdrawal and Surrender" section of this contract.
. Amounts withdrawn to pay the annual maintenance fee, transfer charge, or
periodic charges for optional benefit riders.
ANNUAL MAINTENANCE FEE
An annual maintenance fee will apply as shown on page one.
TRANSFER CHARGE
We reserve the right to deduct a transfer charge, not to exceed $10, for each
transfer when such transfer requests exceed twelve per Contract Year. If
applied, this charge will reduce the amount of your transfer.
MORTALITY AND EXPENSE RISK CHARGE
This charge compensates us for the risks we assume in providing mortality
guarantees under this contract and that deductions provided for in this
contract will be sufficient to cover our actual expenses. Actual results
incurred by us will not adversely affect any payments or values under this
contract. The charge is deducted from the Sub-Accounts of the Variable Account
at the daily equivalent of the annual rate shown on page one.
ADMINISTRATIVE CHARGE
The administrative charge compensates us for administrative expenses incurred
by us. The charge is deducted from the Sub-Accounts of the Variable Account at
the daily equivalent of the annual rate shown on page one.
CONTRACT VALUE
DETERMINATION OF CONTRACT VALUE
Your Contract Value is the sum of your values, determined separately for the
DCA Fixed Account, Fixed Account and for each Sub-Account of the Variable
Account on any Valuation Date prior to the Annuity Commencement Date.
In the DCA Fixed Account, your value is the sum of all Purchase Payments
allocated to a DCA Fixed Account option plus interest, less any transfers,
withdrawals, or amounts applied to provide Annuity Payments from the DCA Fixed
Account option, and any previously applied deferred sales charge or fees.
In the Fixed Account, your value is the sum of all transfers to the Fixed
Account plus interest, less any transfers, withdrawals, or amounts applied to
provide Annuity Payments from the Fixed Account, and any previously applied
deferred sales charge or fees.
We will credit interest on values in the DCA Fixed Account and Fixed Account on
a daily basis. Interest will be credited from the Valuation Date on which a
Purchase Payment is applied to the DCA Fixed Account or values are transferred
into the Fixed Account until the date of withdrawal, surrender, transfer, or
application to provide Annuity Payments.
In the Variable Account, your value in each Sub-Account is the current number
of your Accumulation Units multiplied by the Accumulation Unit value.
ACCUMULATION UNITS
The number of Accumulation Units credited with respect to each Purchase Payment
or transfer is determined by dividing the portion of the Purchase Payment or
transfer, respectively, allocated to each Sub-Account by the then current
Accumulation Unit value for that Sub-Account. Once determined, the number of
Accumulation Units will not be affected by changes in the Accumulation Unit
value. However, the total number of Accumulation Units for a Sub-Account will
be affected by future contract transactions including that Sub-Account.
Subsequent Purchase Payments, Credit Enhancements, and transfers to each
Sub-Account will increase the units of that Sub-Account. Deductions for annual
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maintenance fees, periodic charges for optional rider benefits, deferred sales
charge, and transfers, withdrawals, Recaptured Credit Enhancements, or amounts
applied to provide Annuity Payments, from each Sub-Account will decrease the
units of that Sub-Account.
The Accumulation Unit value may increase or decrease on each Valuation Date.
The amount of any increase or decrease will depend on the net investment
experience of the Sub-Account of the Variable Account during the Valuation
Period. The value of an Accumulation Unit for each Sub-Account is set to an
initial value (e.g., $1.00) on the first Valuation Date. For any subsequent
Valuation Date, its value is equal to its value on the preceding Valuation Date
multiplied by the net investment factor for that Sub-Account for the Valuation
Period ending on the subsequent Valuation Date.
NET INVESTMENT FACTOR
The net investment factor for a Valuation Period is the gross investment rate
for such Valuation Period, less a deduction for the charges to the Variable
Account including any applicable optional benefit riders as shown on page one.
The gross investment rate is equal to:
(a) the net asset value per share of a Fund share held in the Sub-Account
of the Variable Account determined at the end of the current Valuation
Period; plus
(b) the per-share amount of any dividend or capital gain distributions by
the Fund if the "ex-dividend" date occurs during the current Valuation
Period; divided by
(c) the net asset value per share of that Fund share held in the
Sub-Account determined at the end of the preceding Valuation Period.
TRANSFERS
GENERAL TRANSFER INFORMATION
A transfer is a reallocation of amounts under this contract between a DCA Fixed
Account option, Fixed Account and the Sub-Accounts of the Variable Account
subject to the limitations described below. You may make transfers by Written
Request or, where permitted, by telephone or other means acceptable to us.
Transfers may be subject to a transfer charge as described in the section of
this contract titled "Contract Charges".
Transfer privileges may be suspended or modified by us at any time. The right
to transfer values among the Sub-Accounts of the Variable Account is also
subject to modification if we determine that the exercise of that right by one
or more Owners is, or would be, to the disadvantage of other Owners. Any
modification could be applied to transfers to or from some or all of the
Sub-Accounts of the Variable Account. These modifications could include, but
not be limited to, the requirements of a minimum time period between each
transfer, not accepting transfer requests of an agent acting under a power of
attorney on behalf of more than one Owner, limiting the dollar amount that may
be transferred between the Sub-Accounts of the Variable Account by an Owner at
any one time. We may apply these modifications or restrictions in any manner
reasonably designed to prevent any use of the transfer right we consider to be
to the disadvantage of other Owners. In the event your transfer activity is
identified as disruptive you will be notified in writing that your transfer
privileges will be restricted in the future if the activity continues.
TRANSFER PROVISIONS BEFORE ANNUITY COMMENCEMENT
Values in a DCA Fixed Account option will be transferred to the Sub-Accounts of
the Variable Account as described in the section of this contract titled
"Purchase Payments". These dollar cost averaging transfers will be made on a
monthly basis unless otherwise agreed to by us. The transfers will occur on a
date we determine. If you terminate the dollar cost averaging transfers for a
DCA Fixed Account option prior to the end of the period, all remaining Purchase
Payments and interest in the DCA Fixed Account will be transferred to the
designated Sub-Accounts as of the Valuation Date coincident with or next
following the date of termination. You may transfer additional amounts from the
DCA Fixed Account to Sub-Accounts of the Variable Account prior to the end of
the period for the DCA Fixed Account option elected. You may not transfer into
a DCA Fixed Account option.
If you elect fixed dollar Annuity Payments, your Contract Value will be
transferred to the Fixed Account as described in the section of this contract
titled "Annuity Payment Benefits." No other transfers may be made to the Fixed
Account.
TRANSFER PROVISIONS AFTER ANNUITY COMMENCEMENT
During the Annuity Payment period, amounts held as reserves for the payment of
variable Annuity Payments may be transferred among the variable Sub-Accounts.
Amounts held as reserves for the payment of fixed Annuity Payments may not be
transferred to the variable Sub-Accounts.
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Unless otherwise agreed to by us, we must receive a Written Request to transfer
amounts held as reserve for Annuity Payments at least 3 days in advance of the
date of the Annuity Payment subject to the transfer. When you request a
transfer, it will be effective for future Annuity Payments. Your transfer will
occur as of the Valuation Date applicable to the next Annuity Payment affected
by your request. We will use the same valuation procedures that we describe to
determine an initial variable Annuity Payment. Your Annuity Payment option will
remain the same.
Transfers among Sub-Accounts of the Variable Account will be made on the basis
of Annuity Unit values. The number of Annuity Units from the Sub-Account being
transferred will be converted to a number of Annuity Units in the new
Sub-Account. After this conversion, a number of Annuity Units in the new
Sub-Account will be payable under the elected option. The first payment after
conversion will be of the same dollar amount as it would have been without the
transfer. The number of Annuity Units will be set at that number of units which
are needed to pay that same amount on the transfer date.
XXXXXXXXXX AND SURRENDER
WITHDRAWAL PROVISIONS
At any time before Annuity Payments begin, you may request a partial withdrawal
from the Contract Value. You must make a Written Request for any withdrawals.
The amount of any withdrawal must be for at least $250. We may treat any
partial withdrawal that leaves a Contract Value of less than $2,000 as a
complete surrender of the contract.
In the event of a withdrawal, the Contract Value will be reduced by the amount
requested and any applicable deferred sales charge. The amount withdrawn may
also reflect any required or requested federal and/or state income tax
withholding.
Unless otherwise instructed by you, withdrawals will be made from your values
in a DCA Fixed Account option, Fixed Account, and each Sub-Account of the
Variable Account on a pro-rata basis relative to your Contract Value. Amounts
withdrawn from the DCA Fixed Account or Fixed Account will be withdrawn on a
first-in, first-out basis. Withdrawal values will be determined as of the
Valuation Date coincident with or next following the date your Written Request
is received at our home office.
CONTRACT SURRENDER
At any time before Annuity Payments begin, you may surrender this contract for
its Surrender Value. The Surrender Value will be determined as of the Valuation
Date coincident with or next following the date your Written Request is
received at our home office.
The Surrender Value will be paid in a single sum if the contract is surrendered
for its full Surrender Value.
After making written request and receiving written approval from the Insurance
Commissioner, where required, we reserve the right to delay payments or
transfers from the DCA Fixed Account or Fixed Account for up to six months
after we receive your Written Request. If such delay occurs, we will notify you
of the specific date the transaction will occur, the reason for the delay, and
the value of the transaction as of the date we receive your request.
HOSPITAL, MEDICAL CARE AND TERMINAL CONDITION WAIVERS (ONE YEAR WAITING PERIOD
REQUIRED)
Deferred sales charge will not apply when:
. A withdrawal or surrender is requested any time after the first Contract
Anniversary if you are confined to a hospital or medical care facility
for at least 90 consecutive days. The request must be made while you are
still confined or within 90 days after the discharge from a hospital or
medical care facility after a confinement of at least 90 consecutive
days. Medical care facility means a facility operated pursuant to law or
any state licensed facility providing medically necessary inpatient care
which is: (a) prescribed by a licensed Physician in writing; and
(b) based on physical limitations which prohibit daily living in a
non-institutional setting.
. A withdrawal or surrender is requested any time after the first Contract
Anniversary if you are diagnosed with a terminal condition. Terminal
condition is an injury or illness: (a) diagnosed by a licensed
Physician; and (b) expected to result in death within 12 months.
For purposes of these provisions, we must receive a Written Request documenting
your confinement or terminal condition in writing. If any additional
information is required, we will notify you within 10 days of receipt of your
request. If you do
ICC13-70263 Minnesota Life 11
not receive a request for additional information within 10 days, you may assume
you have satisfied our requirement for documentation. These provisions will not
apply to any withdrawal taken prior to the date we receive satisfactory proof.
Physician means: (a) a licensed medical doctor (MD) or a licensed doctor of
osteopathy (DO) practicing within the scope of his or her license; and (b) not
you, the Annuitant or a member of either the Annuitant's or your immediate
family. If the Owner is changed subject to the provisions of this contract, a
one-year waiting period will apply before the new Owner is eligible for these
waivers.
If the Owner is not a natural person, these provisions will be based on the
Annuitant.
We will notify you in writing if your request to waive the deferred sales
charge has been denied. At that time you may choose to accept or cancel the
requested surrender or withdrawal, including any deferred sales charge.
ANNUITY PAYMENT BENEFITS
ANNUITY COMMENCEMENT DATE
Annuity Payments begin on the Maturity Date shown on page one of this contract,
or on the Annuity Commencement Date, if earlier. If you wish to change the
Annuity Commencement Date, you must notify us in writing at least 30 days
before Annuity Payments are to begin. Unless otherwise designated by you, the
Owner will be the payee.
ELECTION OF ANNUITY PAYMENT OPTION
You may elect, by Written Request, any one of the Annuity Payment options
described below or any Annuity Payment option offered by us at the time of your
election. Annuity Payments will be payable on a monthly basis unless otherwise
agreed to by us. The Annuity Payment option may not be changed on or after the
Annuity Commencement Date. If no election is provided, Annuity Payments will be
made on the basis of option 2A, a life annuity with a period certain of 120
months.
The following Annuity Payment options are available:
Option 1 - Life Xxxxxxx - Xxxxxxx Payments payable for the lifetime of the
Annuitant, ending with the last payment due prior to the Annuitant's death.
Option 2 - Life Annuity with a Period Certain - Annuity Payments payable for
the lifetime of the Annuitant; provided, if the Annuitant dies before payments
have been made for the entire period certain, those remaining certain payments
will be made to the Beneficiary. The period certain may be for 120 months
(Option 2A); for 180 months (Option 2B); or for 240 months (Option 2C).
Option 3 - Joint and Last Survivor - Annuity Payments payable for the joint
lifetimes of the Annuitant and designated Joint Annuitant. The payments end
with the last payment due before the last surviving Annuitant's death.
ANNUITY CALCULATION AND PAYMENT DATES
You may elect variable Annuity Payments, fixed dollar Annuity Payments, or a
combination of fixed and variable Annuity Payments. If you elect variable
Annuity Payments, your Contract Value will be transferred to your selected
Sub-Accounts as of the date we receive your Written Request electing Annuity
Payments. If you elect fixed dollar Annuity Payments, your Contract Value will
be transferred to the Fixed Account as of the date we receive your Written
Request electing Annuity Payments. Transfers may not occur more than 60 days
prior to the date amounts are applied to provide Annuity Payments.
The amount available for Annuity Payments is the Contract Value adjusted for
any Credit Enhancement subject to Recapture and any applicable premium tax not
previously deducted from Purchase Payments. As of the calculation date, the
amount available for Annuity Payments will be applied to your selected
Sub-Accounts for variable Annuity Payments and to the Fixed Account for fixed
dollar Annuity Payments. Without our prior consent, the maximum amount that may
be applied under this contract for a fixed dollar Annuity Payment is $1,000,000.
Annuity Payments will not be less than those that would be provided by the
application of Surrender Value to purchase a single premium immediate annuity
contract at annuity purchase rates offered by us at the time Annuity Payments
commence to the same class of Annuitants.
ICC13-70263 Minnesota Life 12
FIXED ANNUITY PAYMENTS
The tables in Appendix A show the amount of guaranteed monthly fixed Annuity
Payment that can be provided with each $1,000 of available value. The dollar
amount of each payment depends upon the Annuity Payment option selected, the
adjusted age of any Annuitant and Joint Annuitant, and the amount applied.
VARIABLE ANNUITY PAYMENTS
The tables in Appendix B show the amount of the first monthly variable Annuity
Payment that can be provided with each $1,000 of available value. The dollar
amount of the first payment depends upon the Annuity Payment option selected,
the adjusted age of any Annuitant and Joint Annuitant, the amount applied, and
the Assumed Investment Return.
A number of Annuity Units are determined by dividing this dollar amount by the
then current Annuity Unit value. This determination is made separately for each
Sub-Account of the Variable Account. The number of Annuity Units remains
unchanged during the period of Annuity Payments, except for transfers and in
the case of certain joint Annuity Payment options that provide for a reduction
in payment after the death of an Annuitant.
The dollar amount of the second and later variable Annuity Payments is equal to
the number of Annuity Units determined for each Sub-Account multiplied by the
annuity unit value for that Sub-Account. The payment amount may increase or
decrease. The variable Annuity Payment will not decrease if the annualized
return of the Sub-Accounts, reduced for the mortality and expense risk charge
and the administrative charge, is at least equal to the Assumed Investment
Return as stated in Appendix B. The dollar amount determined for each
Sub-Account will be aggregated for purposes of making payment.
ANNUITY UNIT VALUE
The value of an Annuity Unit for each Sub-Account of the Variable Account will
vary to reflect the investment experience of the applicable Funds. It will be
determined by multiplying:
(a) the value of the Annuity Unit for that Sub-Account as of the preceding
Valuation Date by
(b) the net investment factor for that Sub-Account for the Valuation Date
for which the Annuity Unit value is being calculated; and by
(c) a factor that neutralizes the Assumed Investment Return
MINIMUM PAYMENT
The first payment must be at least equal to the minimum payment amount
according to our rules then in effect. If at any time, payments become less
than the minimum payment amount, we have the right to change the payment
frequency to meet the minimum payment requirements. If any payment amount is
less than the minimum annual payment amount, we may make an alternative
arrangement with you.
DEATH BENEFITS
RECAPTURE OF CREDIT ENHANCEMENTS UPON PAYMENT OF DEATH BENEFIT
Any death benefit paid under this contract will be reduced by any Credit
Enhancements applied within 12 months of the date any amounts are paid out as a
death benefit.
DEATH OF AN OWNER PRIOR TO THE ANNUITY COMMENCEMENT DATE
If any Owner dies before Annuity Payments begin, we will pay the death benefit
of this contract to the Beneficiary. If the Owner of this contract is other
than a natural person, such as a trust or other similar entity, we will pay the
death benefit to the Beneficiary on the death of the Annuitant.
DEATH BENEFIT AMOUNT PRIOR TO THE ANNUITY COMMENCEMENT DATE
The death benefit will be the greater of:
(a) the Contract Value; or
(b) the sum of Purchase Payments adjusted pro-rata for any amounts
previously withdrawn.
The value of the death benefit will be determined as of the Valuation Date
coincident with or next following the day we receive due proof of death at our
home office. Any amounts due in excess of the Contract Value will be paid as a
death benefit adjustment and directed into the Guaranteed Interest Options and
Sub-Accounts of the Variable Account based on
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the same proportion that each bears to the Contract Value on the date the
benefit is calculated in fulfillment of the death benefit provisions of the
contract.
If there are values remaining in a DCA Fixed Account option as of the date we
are notified of a death, all remaining amounts in the DCA Fixed Account on the
date we are notified will be transferred in a lump sum to the Money Market
Sub-Account.
From the date the death benefit adjustment is determined until complete
distribution is made, any amount in the Variable Account will remain allocated
to the Sub-Accounts and the value will fluctuate with the performance of the
Sub-Accounts. This risk is borne by the Beneficiary.
We reserve the right to limit the death benefit to the Contract Value in lieu
of any other death benefit value payable if we receive proof of death more than
one year after the date of death.
DISTRIBUTION OF DEATH BENEFIT PROCEEDS
Generally we will pay the death benefit in a single lump sum unless another
form of settlement has been requested and agreed to by us as of the date we
receive all information necessary to make payment. A Beneficiary that is
entitled to a death benefit may defer payment of this sum for up to five years
from the date of death.
In addition, a Beneficiary who is a natural person may elect payment of the
death benefit under an Annuity Payment option over the lifetime of the
Beneficiary or over a period not extending beyond the life expectancy of the
Beneficiary with distribution beginning within one year of the date of death.
If the entire contract interest is payable to your surviving spouse who is your
sole designated Beneficiary, the surviving spouse shall be treated as the
contract Owner for purposes of: (a) when payments must begin; and (b) the time
of distribution in the event of death. If a surviving spouse elects to assume
his or her deceased spouse's contract, there may be a death benefit adjustment
to the Contract Value for the death of the original Owner. The death benefit
adjustment may only be exercised at the death of the original Owner and at the
death of the first surviving spouse.
Any death benefit option provided under this contract will comply with
Section 72(s) of the Internal Revenue Code, as amended, for a Non-Qualified
Contract and Section 401(a)(9), as amended, for a Qualified Contract, as well
as any other applicable law or regulation governing death benefit payments.
Payment to your designated Beneficiary, other than in a lump sum, may only be
elected by your designated Beneficiary during the sixty (60) day period
beginning with the date we receive proof of death.
AMOUNT PAYABLE AT DEATH ON OR AFTER THE ANNUITY COMMENCEMENT DATE
If the Annuitant dies on or after the Annuity Commencement Date, payments will
be made according to the terms of the Annuity Payment option selected. Under
Option 2, the Beneficiary may elect to have the present value of the remaining
period certain payments (commuted value) paid in a lump sum. The commuted value
will be based on the then current dollar amount of one payment and the same
interest rate that served as a basis for the annuity. The remaining value in
the contract must be distributed at least as rapidly as under the Annuity
Payment option in effect as of the Annuitant's death.
If the Owner dies on or after the Annuity Commencement Date, the Beneficiary
will become the new Owner and any remaining payments under the Annuity Payment
option selected will continue at least as rapidly as under the Annuity Payment
option in effect as of the Owner's death.
PROOF OF DEATH
Proof of any claim under this contract, satisfactory to us, must be submitted
in writing to us at our home office. Generally, we require a certified death
certificate as proof of death. However, in the event that a certified death
certificate is unavailable, we may accept one of the following:
(a) a certified copy of the death certificate;
(b) a certified decree of a court of competent jurisdiction as to the
finding of death;
(c) a written statement signed by a medical doctor who attended the
deceased at the time of death; or
(d) any other written proof satisfactory to us.
ICC13-70263 Minnesota Life 14
BENEFICIARIES
The death benefit will be payable to the Beneficiary or Beneficiaries as named
in the application for this contract unless subsequently changed by you. To
change the Beneficiary, you must submit a Written Request to us. Unless
otherwise specified by you, after it has been received it will take effect as
of the date you signed the request. However, it will not apply to any death
benefits paid prior to the request being received in our home office records.
Unless you designate otherwise, if a Beneficiary dies, his/her interest in this
contract ends with his/her death. Only those Beneficiaries who survive you will
be eligible to share in a death benefit. If no Beneficiary survives you, we
will pay the death benefit of this contract to your estate (or if the Owner is
not a natural person, to the Owner).
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Minnesota Life Insurance Company, a stock company, is a subsidiary of Minnesota
Mutual Companies, Inc., a mutual insurance holding company. You are a member of
Minnesota Mutual Companies, Inc. which holds its annual meetings on the first
Tuesday in March of each year at 3:00 p.m. local time. The meetings are held at
000 Xxxxxx Xxxxxx Xxxxx, Xx. Xxxx, Xxxxxxxxx 00000-0000.
. Flexible Payment Deferred Variable Annuity Contract
. Fixed or Variable Annuity Payment Benefits
. A Nonparticipating Contract
[MINNESOTA LIFE LOGO]
Minnesota Life Insurance Company
000 Xxxxxx Xxxxxx Xxxxx
Xx. Xxxx, XX 00000-0000
