OWNER: [XXXX XXX]
[APPLICABLE FOR NON-QUALIFIED CONTRACTS ONLY WHEN A JOINT OWNER AND/OR
JOINT ANNUITANT APPLIES]
[JOINT OWNER:]
[JOINT ANNUITANT:]
CONTRACT NUMBER: [00000]
CONTRACT DATE: [January 1, 2010]
FLEXIBLE PREMIUM DEFERRED VARIABLE
AND INDEX LINKED ANNUITY CONTRACT
Processing Office: [AXA Equitable Life Insurance Company, P.O. Box 1547,
Secaucus, New Jersey 07096-1547]
This is the entire Contract. This Contract is issued in return for the
Contributions made to us under this Contract. This Contract becomes effective on
the Contract Date. The Annuitant and the Owner must be living on the Contract
Date.
In this Contract, "we", "our" and "us" mean AXA Equitable Life Insurance
Company. "You" and "your" mean the Owner.
We will provide the benefits and other rights pursuant to the terms of this
Contract.
TEN DAYS TO EXAMINE CONTRACT - Not later than ten days after you receive this
Contract, you may return it to us. We will cancel it and refund any Contribution
you made to us.
AXA EQUITABLE LIFE INSURANCE COMPANY, a stock Life insurance company.
Home Office address: [0000 Xxxxxx xx xxx Xxxxxxxx, Xxx Xxxx, Xxx Xxxx 00000]
/s/[GRAPHIC OMITTED] /s/[GRAPHIC OMITTED]
[Xxxxxxxxxxx X. Xxxxxxx [Xxxxx Xxxxx Xxxxx, Vice President,
Chairman and Chief Executive Officer] Secretary and Associate General Counsel]
THE PORTION OF ANNUITY ACCOUNT VALUE IN THE PROTECTED INVESTMENT OPTION (PART
II) MAY INCREASE OR DECREASE IN VALUE BASED ON THE PERFORMANCE OF EXTERNAL
INDICES SUBJECT TO THE APPLICABLE PERFORMANCE CAP RATE AND SEGMENT BUFFER. THE
PORTION OF ANNUITY ACCOUNT VALUE HELD IN THE VARIABLE INVESTMENT OPTIONS (PART
III) MAY INCREASE OR DECREASE IN VALUE BASED ON THE PERFORMANCE OF THE VARIABLE
INVESTMENT OPTIONS.
2010PCSBASE-I-A
TABLE OF CONTENTS
Page
DATA
Part I - DEFINITIONS 3
Part II - PROTECTED INVESTMENT OPTION 6
PART III - VARIABLE INVESTMENT OPTIONS 13
Part IV - CONTRIBUTIONS AND ALLOCATIONS 16
Part V - TRANSFERS AMONG INVESTMENT OPTIONS 18
Part VI - WITHDRAWALS AND TERMINATION 19
Part VII - PAYMENT UPON DEATH 20
Part VIII - ANNUITY BENEFITS 22
Part IX - CHARGES 25
Part X - GENERAL PROVISIONS 27
TABLE OF GUARANTEED ANNUITY PAYMENTS 30
2010PCSBASE-I-A
PART I - GENERAL DEFINITIONS
SECTION 1.01 ANNUITANT
"Annuitant" means the individual who is the measuring life for determining the
Contract's Maturity Date, or any successor Annuitant. The Annuitant is shown in
the Data Pages.
SECTION 1.02 ANNUITY ACCOUNT VALUE
"Annuity Account Value" means the sum of the amounts held for you in the
Investment Options.
SECTION 1.03 ANNUITY BENEFIT
"Annuity Benefit" means a benefit payable by us as described in Part VIII.
SECTION 1.04 BUSINESS DAY
"Business Day" means generally any day on which the New York Stock Exchange is
open for trading and generally ends at 4:00 pm Eastern Time or such other time
as we state in writing to the Owner.
SECTION 1.05 CASH VALUE
"Cash Value" means an amount equal to the Annuity Account Value, less any
charges that apply as described in Part IX and any charges that may apply as
described in any applicable Endorsement(s) or Rider(s).
SECTION 1.06 CODE
"Code" means the Internal Revenue Code of 1986, as amended at any time, or any
corresponding provisions of prior or subsequent United States revenue laws.
References to the "Code" in this Contract include references to applicable
Federal income tax regulations.
SECTION 1.07 CONTRACT
"Contract" means this Contract including the Data Pages, any Endorsements and
any applicable Rider(s). This is the entire Contract.
SECTION 1.08 CONTRACT DATE
"Contract Date" means the earlier of: (a) the date on which the Owner is
enrolled under the Contract according to our enrollment procedures, or (b) in
conjunction with certain exchanges, the date of enrollment under a prior
Contract. The Contract Date is shown in the Data Pages.
SECTION 1.09 CONTRACT DATE ANNIVERSARY
A Contract Date Anniversary is the last day of the Contract Year.
2010PCSBASE-I-A Page 3
SECTION 1.10 CONTRACT MATURITY DATE
"Contract Maturity Date" means the date on which the annuity payments described
in Part VIII are to commence. The Contract Maturity Date is shown in the Data
Pages and is based on the original Annuitant's date of birth.
SECTION 1.11 CONTRACT YEAR
"Contract Year" means the twelve-month period starting on (i) the Contract Date
and (ii) the same date each subsequent year, unless we agree to another period.
SECTION 1.12 CONTRIBUTION "Contribution" means a payment made to us under
the Contract. See Part IV.
SECTION 1.13 INVESTMENT FUND
"Investment Fund" means a trust or other investment company or a separate class
(or series) of shares of a specified trust or investment company where each
class (or series) represents a separate portfolio in the specified trust or
investment company.
SECTION 1.14 INVESTMENT OPTION
"Investment Option" means the Protected Investment Option, a Segment Type
Holding Account, or a Variable Investment Option of a Separate Account.
SECTION 1.15 NON-NATURAL OWNER
"Non-Natural Owner" means an Owner who is not an individual.
SECTION 1.16 OWNER
"Owner" means the person or entity shown as such on the cover page and in the
Data Pages, or any successor owner.
SECTION 1.17 PRIOR CONTRACT
"Prior Contract" means another contract or certificate issued by us, or one of
our affiliates, from which the Owner and we have agreed to transfer amounts to
this Contract.
SECTION 1.18 PROCESSING OFFICE
"Processing Office" means the AXA Equitable Processing office shown on the cover
page of this Contract, or such other location we may state upon written notice
to you.
2010PCSBASE-I-A Page 4
SECTION 1.19 PROTECTED INVESTMENT OPTION
"Protected Investment Option" means the Segments described in Part II. The
Annuity Account Value in the Protected Investment Option is the sum of your
Annuity Account Value in the Segments.
SECTION 1.20 SEPARATE ACCOUNT
"Separate Account" means any of the Separate Accounts described or referred to
in Part III of this Contract.
SECTION 1.21 TRANSACTION DATE
The Transaction Date is the Business Day we receive at the Processing Office a
Contribution or a transaction request providing the information we need.
Transaction requests must be in a form acceptable to us and are processed at the
close of the Business Day.
SECTION 1.22 VARIABLE INVESTMENT OPTION
"Variable Investment Option" means a subdivision of a Separate Account available
under this Contract and includes the Segment Type Holding Accounts unless
otherwise noted. A Variable Investment Option may invest its assets in an
Investment Fund.
2010PCSBASE-I-A Page 5
PART II - PROTECTED INVESTMENT OPTION
SECTION 2.01 DEFINITIONS
In this Part II, we define certain terms that are used in connection with the
Protected Investment Option.
SECTION 2.01(a) INDEX
"Index" means the reference price, not including dividends, used to determine
the Segment Rate of Return for a Segment Type. The currently designated Indices
are shown in the Data Pages.
SECTION 2.01(b) INDEX PERFORMANCE RATE
"Index Performance Rate" means, for any Segment, the percentage change in the
value of the related Index from the Segment Start Date to the Segment Maturity
Date. This calculation, called the point-to-point method, compares the change in
the Index between two discrete points in time, namely the Segment Start Date and
the Segment Maturity Date. The Index Performance Rate may be positive or
negative.
SECTION 2.01(c) PARTICIPATION RATE
The "Participation Rate" determines how much of the Index Performance Rate is
used to calculate the Segment Rate of Return on the Segment Maturity Date.
Segment Types may have different Participation Rates. The Participation Rate is
shown in the Data Pages for the currently available Segment Types if the rate is
other than [100%].
SECTION 2.01(d) PERFORMANCE CAP RATE
"Performance Cap Rate" means the highest Segment Rate of Return that can be
credited on a Segment Maturity Date. We set the Performance Cap Rate for each
new Segment on the Segment Start Date. We reserve the right to set the
Performance Cap Rate at any time prior to the Segment Start Date. The
Performance Cap Rate may vary for each Segment. We may set Performance Cap Rates
for new Contracts that are different than the Performance Cap Rates we set
during that period for the same Segment under existing Contracts.
[SECTION 2.01(e) PERFORMANCE CAP THRESHOLD
"Performance Cap Threshold" means the minimum Performance Cap Rate you specified
as a Segment Participation Requirement that must be met in order for amounts to
be transferred from a Segment Type Holding Account or from a maturing Segment
into a new Segment. If we notify you that Performance Cap Thresholds are
available, you may specify such Thresholds in accordance with our rules. A
Performance Cap Threshold will remain in effect [until the later of [90] days
after we receive your election and the date amounts in the applicable Segment
Type Holding Account are transferred into a Segment.] We may discontinue
availability of Performance Cap Thresholds with advance notice to you.]
2010PCSBASE-I-A Page 6
SECTION 2.01(f) SEGMENT
"Segment" means an Investment Option we establish with a specific Index, Segment
Duration, Segment Buffer, Segment Maturity Date, Performance Cap Rate, and
Participation Rate.
SECTION 2.01(g) SEGMENT BUFFER
"Segment Buffer" means the maximum percentage decline in the performance of an
Index during a Segment Duration that will be absorbed under the Contract with no
resulting reduction in the Segment Maturity Value for a Segment held until its
Segment Maturity Date. Any percentage decline in the Segment's Index Performance
Rate multiplied by the Participation Rate that is in excess of the Segment
Buffer reduces your Segment Maturity Value.
SECTION 2.01(h) SEGMENT BUSINESS DAY
"Segment Business Day" means, generally, any Business Day on which an Index
price is expected to be published for all Segments having a scheduled Segment
Start Date or Segment Maturity Date in that month, as described in the Data
Pages, and generally ends at 4:00 pm Eastern Time or such other time as we state
in writing to the Owner. If any given day is not a day on which the Index price
is scheduled to be published for any such Index, then that day is not a Segment
Business Day for any Segment. We will notify you of the days an Index price is
scheduled to be published for any new or changed Index we designate. A day may
be a "Business Day" for other purposes under the Contract but may not be a
Segment Business Day. We schedule Segment Start Dates and Segment Maturity Dates
to occur on Segment Business Days.
SECTION 2.01(i) SEGMENT DURATION
"Segment Duration" means the period from the Segment Start Date to the Segment
Maturity Date.
SECTION 2.01(j) SEGMENT INTERIM VALUE
"Segment Interim Value" means the Annuity Account Value in a Segment prior to
the Segment Maturity Date.
SECTION 2.01(k) SEGMENT INVESTMENT
"Segment Investment" means the amount of your initial allocation to a Segment,
adjusted for withdrawals.
2010PCSBASE-I-A Page 7
SECTION 2.01(l) SEGMENT MATURITY DATE
"Segment Maturity Date" means the Segment Business Day a Segment ends. A Segment
Maturity Date must occur on a Segment Business Day and is shown in the Data
Pages.
SECTION 2.01(m) SEGMENT MATURITY VALUE
"Segment Maturity Value" means the sum of your Segment Investment and your
Segment Return Amount in a Segment on the Segment Maturity Date as described in
Section 2.03.
SECTION 2.01(n) SEGMENT PARTICIPATION REQUIREMENTS
"Segment Participation Requirements" means the requirements that must be met
before we transfer amounts either from a Segment Type Holding Account to a
Segment or from a Segment on a Segment Maturity Date to another Segment on a
Segment Start Date. The Segment Participation Requirements are described in Part
IV of this Contract.
SECTION 2.01(o) SEGMENT RATE OF RETURN
"Segment Rate of Return" means a rate equal to the Index Performance Rate
multiplied by the Participation Rate. Your Segment Rate of Return is determined
as follows:
-------------------------------------------------- -----------------------------------------------------
IF THE INDEX PERFORMANCE RATE MULTIPLIED BY THE THEN THE SEGMENT RATE OF RETURN WILL BE:
PARTICIPATION RATE:
-------------------------------------------------- -----------------------------------------------------
Exceeds the Performance Cap Rate Equal to the Performance Cap Rate
-------------------------------------------------- -----------------------------------------------------
Is positive but is less than or equal to the Equal to the Index Performance Rate multiplied by
Performance Cap Rate the Participation Rate
-------------------------------------------------- -----------------------------------------------------
Is between zero and the Segment Buffer inclusive Equal to 0%
-------------------------------------------------- -----------------------------------------------------
Is more negative than the Segment Buffer Negative, to the extent the percentage decline
exceeds the Segment Buffer
-------------------------------------------------- -----------------------------------------------------
SECTION 2.01(p) SEGMENT START DATE
"Segment Start Date" means the Segment Business Day on which a Segment begins. A
Segment Start Date must occur on a Segment Business Day and is shown in the Data
Pages.
SECTION 2.01(q) SEGMENT RETURN AMOUNT
"Segment Return Amount" means an amount equal to the Segment Rate of Return
multiplied by your Segment Investment on the Segment Maturity Date. The Segment
Return Amount is added to, or subtracted from, the Segment Investment to
determine your Segment Maturity Value as described in section 2.05.
2010PCSBASE-I-A Page 8
SECTION 2.01(r) SEGMENT TYPE
"Segment Type" means all Segments that have the same Index, Segment Duration,
Segment Buffer, and Participation Rate. The Segment Types currently available on
the Contract Date are shown in the Data Pages.
SECTION 2.01(s) SEGMENT TYPE HOLDING ACCOUNT
"Segment Type Holding Account" means an account that holds all contributions and
transfers allocated to a Segment Type pending investment in a Segment. There is
a Segment Type Holding Account for each Segment Type. A Segment Type Holding
Account is a Variable Investment Option and is currently part of the [EQ/Money
Market Variable Investment Option]. We have the right to designate another
Investment Option for purposes of the Segment Type Holding Account. We will
notify you of any such change prior to our use of any alternative Investment
Option for the Segment Type Holding Account.
2010PCSBASE-I-A Page 9
OPERATION OF THE PROTECTED INVESTMENT OPTION
SECTION 2.02 INVESTMENT IN A SEGMENT ON A SEGMENT START DATE
We may establish new Segments on Segment Start Dates. Your Annuity Account Value
in a Segment Type Holding Account is automatically transferred to the next new
Segment that we establish in that Segment Type on its Segment Start Date, as
provided in Section 4.01A.
SECTION 2.03 ALLOCATION OPTIONS ON A SEGMENT MATURITY DATE
We will notify you at least [45] days prior to a Segment Maturity Date. If you
have not provided us with instructions for allocation of the Segment Maturity
Value, your Segment Maturity Value will be allocated to the Segment Type Holding
Account for Segments of the same Segment Type as the Segment that matured for
transfer to the next new Segment of that Type as described in Section 4.01A.
However, if the same Segment Type has been terminated, your Segment Maturity
Value will be transferred to the [EQ/Money Market Variable Investment Option].
[Additional rules for allocation options on a Segment Maturity Date may be
provided in the Data Pages.]
We will use your Segment Maturity Date instruction on file to allocate the
Segment Maturity Value to available Investment Options. You may change your
instruction on file at any time by sending us the proper form. Changes will be
effective on the Business Day of receipt by us, but for any particular Segment
Maturity Date, the change must be received by us before the Segment Maturity
Date.
SECTION 2.04 SEGMENT INTERIM VALUE
We determine the Interim Value of your investment in a Segment on each Business
Day based on the estimated current value of financial instruments representing
our obligation to provide your Segment Maturity Value on the Segment Maturity
Date, including (i) a fixed instrument that, with interest at the rate for such
instruments on the Segment Start Date, matures on the Segment Maturity Date with
a maturity value equal to the Segment Investment, and (ii) put and call options
or similar instruments representing the potential Index Performance Rate for the
Segment. However, your Segment Interim Value will not exceed the sum of (i) your
Segment Investment plus (ii) your Segment Investment multiplied by the portion
of the Segment's Performance Cap Rate corresponding to the elapsed portion of
the Segment's Duration; we may determine this cap on the Segment Interim Value
on a periodic basis, such as monthly or quarterly, rather than daily. Our
Interim Value methodology is on file with the insurance regulator in New York
State, our state of domicile.
2010PCSBASE-I-A Page 10
SECTION 2.05 SEGMENT MATURITY VALUE
We determine your Segment Maturity Value on the Segment Maturity Date based on
your Segment Rate of Return as shown in the table in Section 2.01(o) and your
Segment Return Amount as described in Section 2.01(q). Your Segment Maturity
Value is the sum of your Segment Investment plus your Segment Return Amount on
the Segment Maturity Date.
A Segment ends upon its Segment Maturity Date. Upon maturity of a Segment, the
Segment Maturity Value is transferred to another Investment Option as described
in Section 2.03.
SECTION 2.06 DISCONTINUATION OF OR SUBSTANTIAL CHANGE TO THE INDEX
We have the right, subject to compliance with applicable law, to:
(a) substitute an alternative Index if the publication of the Index is
discontinued, or, at our sole discretion, we determine that our use of the
Index should be discontinued; or
(b) end a Segment if an Index is discontinued or otherwise becomes unavailable
to us and no reasonable alternative is then available for substitution of
such Index. If we end a Segment before its scheduled Maturity Date, we will
determine a Segment Maturity Value in accordance with our procedures for an
unscheduled close day, as described in section 2.08.
We will notify you of any of the above actions we take.
SECTION 2.07 CHANGES TO SEGMENT TYPES AND SEGMENTS
We reserve the right, with advance written notice, to change the Segment Start
Date and/or Segment Maturity Date, to change the frequency with which we offer
new Segments, to stop offering them, or to temporarily suspend offering new
Segments. We also reserve the right to add new Segment Types.
If we suspend the offering of new Segments for a Segment Type, amounts invested
in the Segment Type Holding Account for that Segment Type will remain in the
Segment Type Holding Account until the next Segment Start Date that Segment
Participation Requirements are met on or after the date we lift the suspension
or until you instruct us to transfer amounts out of the Segment Type Holding
Account.
If the offering of a Segment Type is terminated, amounts invested in the Segment
Type Holding Account will be transferred to the [EQ/Money Market Variable
Investment Option]. If the terminated Segment Type is included in your
allocations instructions on file, it will be replaced with the [EQ/Money Market
Variable Investment Option.]
2010PCSBASE-I-A Page 11
SECTION 2.08 EFFECT OF AN UNSCHEDULED CLOSE DAY
An unscheduled close day for any given Segment Type is a Segment Business Day on
which the value of the Index for the Segment Type is scheduled to be published
but is not published. If an unscheduled close day occurs between a Segment Start
Date and a Segment Maturity Date, we may defer withdrawals from that Segment as
described in Section 10.03, "Deferment."
SECTION 2.09 SEPARATE ACCOUNT FOR THE PROTECTED INVESTMENT OPTION
For all Contracts that offer the Protected Investment Option, we hold in our
Separate Account [No. 68] an amount equal to the Cash Values for the Protected
Investment Option attributable to those Contracts. We have established this
separate account and maintain it in accordance with the laws of New York State.
Xxxxxx, realized and unrealized gains and losses from the assets in this
separate account are credited to or charged against it without regard to our
other income, gains or losses. Assets are placed in this separate account to
support the Contract and other annuity contracts. The assets of the separate
account are our property. The portion of such assets equal to the reserves and
other contract liabilities will not be chargeable with liabilities that arise
out of any other business we conduct. You do not participate in the performance
of the separate account. We may transfer assets of the separate account in
excess of reserves and other liabilities with respect to such account to another
separate account or to our general account.
We may, at our discretion, invest assets of the account in any investment
permitted by applicable law. We may rely exclusively on the opinion of counsel
(including counsel in our employ) as to what investments we may make as law
permits.
We have the right, subject to compliance with applicable law, to: (a) add new
separate accounts to be used for the same purpose as Separate Account [No. 68],
(b) divide the separate account into two or more separate accounts to be used
for the same purpose, and (c) combine this separate account with any other
separate account that is used for the same purpose.
2010PCSBASE-I-A Page 12
PART III - VARIABLE INVESTMENT OPTIONS
SECTION 3.01 SEPARATE ACCOUNT FOR VARIABLE INVESTMENT OPTIONS
We have established the Separate Account [49] ("Separate Account") for the
Variable Investment Options and maintain such Account(s) in accordance with the
laws of New York State. Xxxxxx, realized and unrealized gains and losses from
the assets of the Separate Account(s) are credited to or charged against it
without regard to our other income, gains or losses. Assets are placed in the
Separate Account(s) to support this Contract and other variable annuity
contracts and certificates. Assets may be placed in the Separate Account(s) for
other purposes, but not to support contracts or policies other than variable
annuities and variable life insurance.
A Separate Account may be subdivided into Variable Investment Options.
The assets of a Separate Account are our property. The portion of such assets
equal to the reserves and other contract liabilities will not be chargeable with
liabilities which arise out of any other business we conduct. We may transfer
assets of a Separate Account in excess of the reserves and other liabilities
with respect to such Account to another Separate Account or to our general
account.
We may, at our discretion, invest Separate Account assets in any investment
permitted by applicable law. We may rely conclusively on the opinion of counsel
(including counsel in our employ) as to what investments we may make as law
permits.
SECTION 3.02 SEPARATE ACCOUNT ACCUMULATION UNITS AND UNIT VALUES FOR THE
VARIABLE INVESTMENT OPTIONS
The amount you have in a Variable Investment Option at any time is equal to the
number of Accumulation Units you have in that Variable Investment Option
multiplied by the Variable Investment Option's Accumulation Unit Value at that
time. "Accumulation Unit" means a unit which is purchased in a Separate Account.
"Accumulation Unit Value" means the dollar value of each Accumulation unit in a
Separate Account on a given date. (If Variable Investment Options apply as
described in Section 3.01, then the terms of this Section 3.02 apply separately
to each Variable Investment Option, unless otherwise stated.)
Amounts allocated or transferred to a Separate Account are used to purchase
Accumulation Units of that Account. Units are redeemed when amounts are
deducted, transferred or withdrawn.
The number of Accumulation Units you have in a Separate Account at any time is
equal to the number of Accumulation Units purchased minus the number of Units
redeemed in that Account up to that time. The number of Accumulation Units
purchased or redeemed in a transaction is equal to the dollar amount of the
transaction divided by the Account's Accumulation Unit Value for that
Transaction Date.
2010PCSBASE-I-A Page 13
We determine Accumulation Unit Values for each Separate Account for each
Valuation Period. A "Valuation Period" is each Business Day together with any
consecutive preceding non-business days. For example, for each Monday which is a
Business Day, the preceding Saturday and Sunday will be included to equal a
three-day Valuation Period.
Unless the following paragraph applies, the Accumulation Unit Value for a
Separate Account for any Valuation Period is equal to the Accumulation Unit
Value for the immediately preceding Valuation Period multiplied by the ratio of
values: "(i) " and "(ii) ". Value "(i) " is the value of the Separate Account at
the close of business at the end of the current Valuation Period, before any
amounts are allocated to or withdrawn from the Separate Account in that Period.
Value "(ii)" is the value of the Separate Account at the close of business at
the end of the preceding Valuation Period, after all allocations and withdrawals
were made for that Period. For this purpose, "value of the Separate Account"
means the market value or, where there is no readily available market, the fair
value of the assets allocated to the Separate Account, as determined in
accordance with our rules, accepted accounting practices, and applicable laws
and regulations.
To the extent the Separate Account invests in Investment Funds, and the assets
of the Investment Funds are invested in a class or series of shares of a
specified trust or investment company, the Accumulation Unit Value of a Variable
Investment Option for any Valuation Period is equal to the Accumulation Unit
Value for that Fund on the immediately preceding Valuation Period multiplied by
the Net Investment Factor for that Fund for the current Valuation Period. The
Net Investment Factor for a Valuation Period is (a) divided by (b) minus (c),
where:
(a) is the value of the Variable Investment Option's shares of the
related Investment Fund at the end of the Valuation Period
(before taking into account any amounts allocated to or withdrawn
from the Variable Investment Option for the Valuation Period and
after deduction of investment advisory fees and direct operating
expenses of the specified trust or investment company; for this
purpose, we use the share value reported to us by the specified
trust or investment company);
(b) is the value of the Variable Investment Option's shares of the
related Investment Fund at the end of the preceding Valuation
Period (taking into account any amounts allocated or withdrawn
for that Valuation Period);
(c) is the daily Contract Fee (see Section 9.04) for the expenses and
risks of the Contract, times the number of calendar days in the
Valuation Period, plus any charge for taxes or amounts set aside
as a reserve for taxes.
SECTION 3.03 CHANGES WITH RESPECT TO SEPARATE ACCOUNT
In addition to the rights reserved pursuant to Sections 4.01, 10.01 and 10.02,
we have the right, subject to compliance with applicable law, including approval
of Contract owners if required:
(a) to add Variable Investment Options (or sub-funds of Variable
Investment Options) to, or to remove Variable Investment Options (or
sub-funds) from, the Separate Account, or to add other separate
accounts;
2010PCSBASE-I-A Page 14
(b) to combine any two or more Variable Investment Options or sub-funds
thereof;
(c) to transfer the assets we determine to be the share of the class of
contracts to which this Contract belongs from any Variable Investment
Option to another Variable Investment Option;
(d) to operate the Separate Account or any Variable Investment Option as a
management investment company under the Investment Company Act of
1940, in which case charges and expenses that otherwise would be
assessed against an underlying mutual fund would be assessed against
the Separate Account;
(e) to operate the Separate Account or any Variable Investment Option as a
unit investment trust under the Investment Company Act of 1940;
(f) to deregister the Separate Account under the Investment Company Act of
1940;
(g) to restrict or eliminate any voting rights as to the Separate Account;
(h) to cause one or more Variable Investment Options to invest some or all
of their assets in one or more other trusts or investment companies.
If the exercise of these rights results in a material change in the underlying
investment of a Separate Account, you will be notified of such exercise, as
required by law.
2010PCSBASE-I-A Page 15
PART IV - CONTRIBUTIONS AND ALLOCATIONS
SECTION 4.01 CONTRIBUTIONS AND ALLOCATIONS
You may allocate Contributions and transfers to the Investment Options available
under this Contract in accordance with the terms and conditions of this
Contract. You need not allocate Contributions to each available Investment
Option. You may change the allocation election at any time by sending us the
proper form. Allocation percentages must be in whole numbers (no fractions) and
must total 100%. Each Contribution is allocated (after deduction of any charges
that may apply) in accordance with the allocation instructions in effect on the
Transaction Date of the Contribution.
The available Investment Options on the Contract Date are shown in the Data
Pages. We have the right to add Investment Options, to limit the number of
Investment Options which you may elect, and to limit or terminate allocations to
an Investment Option.
SECTION 4.01A CONTRIBUTIONS AND ALLOCATIONS TO THE PROTECTED INVESTMENT OPTION
Contributions and transfers allocated to a Segment are initially invested in the
Segment Type Holding Account until the next available Segment Start Date for
that Segment Type. Unless otherwise stated in the Data Pages, all amounts in a
Segment Type Holding Account on the Business Day preceding the Segment Start
Date will be transferred into the Segment on the Segment Start Date, provided
that all Segment Participation Requirements are met. Any such amounts, including
the investment results of the Segment Type Holding Account are transferred from
the Segment Type Holding Account to the designated Segment pursuant to the prior
sentence.
Amounts allocated on the Segment Start Date to a Segment Type Holding Account
are not included in the amounts transferred from the Segment Type Holding
Account to a designated Segment. Such amounts are transferred from the Segment
Type Holding Account to the designated Segment on the Segment Start Date of the
following month, provided that all Segment Participation Requirements are met.
On a Segment Maturity Date, any Segment Maturity Value to be transferred to a
new Segment pursuant to your Segment Maturity Date instructions or as otherwise
provided in Section 2.05 is allocated to the Segment Type Holding Account for
the designated Segment.
Segment Participation Requirements
Unless otherwise provided in the Data Pages, the following Segment Participation
Requirements must be met on a Segment Start Date in order for amounts to be
transferred to a Segment from a Segment Type Holding Account:
2010PCSBASE-I-A Page 16
(a) the Segment is available;
(b) the Segment does not have a Segment Duration that extends beyond your
Contract Maturity Date; [and
(c) the Performance Cap Rate is equal to or greater than your Performance
Cap Threshold, if any.]
In general, amounts that are not transferred because Segment Participation
Requirements have not been met will remain in the Segment Type Holding Account
and be transferred to the next new Segment for which the Segment Participation
Requirements are met, as described in Section 4.01A. However, if Segment
Participation Requirements have not been met because the Segment Type has been
terminated, or if new Segment Maturity Dates of that Segment Type would be later
than your Contract Maturity Date, your amount in the Segment Type Holding
Account will be transferred to the [EQ/Money Market Variable Investment Option].
We may change the Participation Requirements and will provide you advance notice
of any such change.
SECTION 4.01B CONTRIBUTIONS AND ALLOCATIONS TO VARIABLE INVESTMENT OPTIONS
Contributions and transfers allocated to a Variable Investment Option purchase
Accumulation Units in that Division of the Separate Account, using the
Accumulation Unit Value for that Transaction Date as described in Part III.
SECTION 4.02 MINIMUM AMOUNTS, LIMITS AND REQUIREMENTS FOR CONTRIBUTIONS
We have the right not to accept any Contribution which is less than the minimum
amount shown in the Data Pages. The Data Pages indicate other Contribution
limitations and requirements which may apply. We also have the right, in
addition to any such limitations and requirements, upon advance notice to you,
to:
(a) change such limitations and requirements to apply to Contributions
made after the date of such change, and
(b) discontinue acceptance of Contributions with respect to all Contracts
or with respect to all Contracts of the same class.
2010PCSBASE-I-A Page 17
PART V - TRANSFERS AMONG INVESTMENT OPTIONS
SECTION 5.01 TRANSFER REQUESTS
You may request to transfer all or part of the amount held in an Investment
Option to one or more of the other Options. The request must be in a form we
accept. A transfer request will not be accepted if it involves less than the
minimum amount, if any, stated in the Data Pages (unless the Annuity Account
Value is less than such amount). All transfers will be made on the Transaction
Date. With respect to a Variable Investment Option, the transfers will be made
at the Accumulation Unit Value for that Transaction Date. Transfers are subject
to Sections 4.01, 5.02 and our rules in effect at the time of transfer.
SECTION 5.02 TRANSFER RULES
The transfer rules which currently apply are described in the Data Pages. We
have the right to change these rules. Any change will be made upon advance
notice to you.
Transfers to a Variable Investment Option will also be subject to the rules of
the Investment Fund in which it invests, and in accordance with Sections 6.01,
9.02 and 9.03.
2010PCSBASE-I-A Page 18
PART VI - WITHDRAWALS AND TERMINATION
SECTION 6.01 WITHDRAWALS
Unless otherwise stated in the Data Pages, you may request, pursuant to our
procedures then in effect, a withdrawal from the Investment Options before the
Contract Maturity Date. The request must be in a form we accept.
On the Transaction Date, we will pay the amount of the withdrawal requested, or,
if less, the Cash Value. The amount to be paid plus any Withdrawal Charge which
applies (see Section 9.01) will be withdrawn as stated in the Data Pages.
We will not accept a withdrawal request if it involves less than the minimum
amount, if any, stated in the Data Pages. Further conditions or restrictions may
apply if stated in the Data Pages or in an Endorsement attached hereto.
We will withdraw any redemption fee or other charge that an Investment Fund
requires us to deduct from your Account Value. Such amounts, less any applicable
processing fee, will be remitted to the Investment Fund. Unless otherwise
provided in the Data Pages such withdrawals will not be subject to the
Withdrawal Charges described under Section 9.01, but may cause Contract
termination as provided in Section 6.02.
SECTION 6.02 CONTRACT TERMINATION
Payment of the Death Benefit terminates the Contract. In addition, we reserve
the right to terminate this Contract if one or more of the following events
occurs, unless otherwise specified in any Endorsement or Data Pages attached
hereto:
(a) A withdrawal is made under Section 6.01 that would result in an Annuity
Account Value of an amount less than the minimum amount stated in the Data
Pages.
(b) If, before the Contract Maturity Date, no Contributions are made during the
last three completed Contract Years and the Annuity Account Value is less
than the amount described in (a) above.
(c) If as a result of the deduction of a charge or fee, or you make a
withdrawal that reduces the Annuity Account Value to zero.
2010PCSBASE-I-A Page 19
PART VII - PAYMENT UPON DEATH
SECTION 7.01 BENEFICIARY
You give us the name of the beneficiary ("Beneficiary") who is to receive any
death benefit ("Death Benefit") payable because of your death. Any such change
must be made in writing in a form we accept. A change will take effect as of the
date the written change is executed, whether or not you are living on the date
of receipt at our Processing Office. However, we will not be liable as to any
payments we make or actions we take before we receive any such change at our
Processing Office.
You may name one or more persons to be primary Beneficiary and one or more other
persons to be successor Beneficiary if the primary Beneficiary dies before the
Owner. If there is more than one Beneficiary under the Contract, the entire
interest in the Contract will be apportioned among your Beneficiaries as you
designate. Unless you direct otherwise, if you have named two or more persons as
Beneficiary, the Beneficiary will be the named person or persons who survive you
and payments will be made to such persons in equal shares or to the survivor.
Any part of a Death Benefit for which there is no named or designated
Beneficiary living at your death will be payable in a single sum to your
surviving spouse, if any; if there is no surviving spouse, then to the surviving
children in equal shares; if there are no surviving children, then to your
estate.
You may change the Beneficiary during your lifetime and while coverage under the
Contract is in force. If the Contract is owned by a Non-Natural Owner, any
applicable Death Benefit will be based on the death of the Annuitant or Joint
Annuitant, if applicable. For purpose of this Section, "you" or "your" refer to
the Annuitant when describing the Death Benefit under a Non-Natural Owner
Contract.
SECTION 7.02 PAYMENT UPON DEATH
Unless otherwise specified in an optional Rider or the Data Pages attached
hereto, the Death Benefit is equal to the Annuity Account Value on the Payment
Transaction Date.
Effect of Notification of Death
If you die while this Contract is in force and before the earlier of (i) the
date payments commence under Part VIII and (ii) the Contract Maturity Date, we
will pay a Death Benefit to the Beneficiary named under Section 7.01 upon
receipt of a properly completed written request, a certified copy of the death
certificate (due proof of death), proof satisfactory to us that the person
claiming the Death Benefit is the person entitled to receive it, tax information
required by the Code and any other forms we require. We refer to the above
requirements as the "Beneficiary Requirements". Payment is subject to the terms
of Section 7.01 and any special rules which may apply as described in the Data
Pages and any Endorsement attached hereto.
2010PCSBASE-I-A Page 20
For the portion of the Death Benefit payable to a Beneficiary, the date on which
we receive the Beneficiary Requirements is the "Payment Transaction Date".
Payment of a Death Benefit will be made upon our receipt of Beneficiary
Requirements.
Upon receipt of notification of your death, if we have not received the
Beneficiary Requirements described above, your Contract will continue to remain
invested in the Investment Options and no transactions will be permitted except
as described in this paragraph with respect to the Protected Investment Option.
We will not permit any transfers into or withdrawals from a Segment. Amounts in
a Segment Type Holding Account will be transferred to the [EQ/Money Market
Variable Investment Option] on the Business Day prior to the Segment Start Date.
For Segments in effect on the Segment Maturity Date, amounts will be transferred
to the [EQ/Money Market Variable Investment Option] for any Segments in effect
prior to your death.
Effect of Death on Amounts Allocated to the Protected Investment Option
If any amounts are held under a Segment, amounts required for the payment of a
Death Benefit will be withdrawn from the Segment as described in Section 6.01 of
the Contract. Amounts withdrawn from a Segment on a date other than the Segment
Maturity Date will reflect the Segment's Segment Interim Value.
If amounts are allocated to any Segment in the Protected Investment Option at
the time of your death, unless required for the payment of a Death Benefit,
there will be no withdrawal from a Segment prior to the Segment Maturity Date.
Amounts in Segments must remain in the Segments until the earlier of the Segment
Maturity Date or the Transaction Date of a withdrawal.
Spousal Continuation under the Protected Investment Option
If the Contract continues under Spousal Continuation, your surviving spouse may
make any changes regarding allocation to any Segment under the Protected
Investment Option that you would have been eligible to make during your life
unless otherwise restricted in an Endorsement attached hereto.
SECTION 7.03 MANNER OF PAYMENT
The Death Benefit will be paid to the Beneficiary in a single sum unless you
elect a different form of Death Benefit payout (such as a life annuity) and
provided that we offer such at the time the Death Benefit is payable. The
Beneficiary will have no right to change the election; however, (i) we will
apply a predetermined Death Benefit annuity payout election only if payment of
the Death Benefit begins within one year following the date of death; (ii) we
will not apply a predetermined Death Benefit payout election if doing so would
violate any Federal income tax rules or guidelines or any other applicable law.
Subject to the foregoing, a Beneficiary who becomes a successor owner or who
continues the Contract under a Beneficiary Continuation Option, if available
under an Endorsement to this Contract, will not have the right to change your
election.
2010PCSBASE-I-A Page 21
PART VIII - ANNUITY BENEFITS
SECTION 8.01 ELECTION OF ANNUITY BENEFITS
As of the Contract Maturity Date the Annuity Account Value will be applied to
provide for the Normal Form of Annuity Benefit (described below). However, you
may instead elect (i) to have the Cash Value paid in a single sum, (ii) to apply
the Annuity Account Value or Cash Value, whichever applies pursuant to the first
paragraph of Section 8.05, to provide an Annuity Benefit of any form offered by
us or one of our affiliated life insurance companies, or (iii) to apply the Cash
Value to provide any other form of benefit payment we offer, subject to our
rules then in effect and applicable laws and regulations. At the time an Annuity
Benefit is purchased, we will issue a supplementary contract which reflects the
Annuity Benefit terms.
We will provide notice and election forms to you not more than six months before
the Contract Maturity Date.
We will have the right to require you to furnish any information we need to
provide an Annuity Benefit. We will be fully protected in relying on such
information and need not inquire as to its accuracy or completeness.
SECTION 8.02 CONTRACT MATURITY DATE
The Contract Maturity Date is shown in the Data Pages, but may be changed by us
in conformance with applicable law. The Contract Maturity Date may not be
earlier than [thirteen months] following the Contract Date, unless otherwise
provided in the Data Pages.
SECTION 8.03 ANNUITY BENEFIT
Payments under an Annuity Benefit will be made monthly. You may elect instead to
have the Annuity Benefit paid at other intervals, such as every three months,
six months, or twelve months, instead of monthly, subject to our rules at the
time of your election or as otherwise stated in the Data Pages or any
Endorsement attached hereto. This election may be made at the time the Annuity
Benefit form as described in Section 8.04 is elected. In that event, all
references in this Contract to monthly payments, with respect to the Annuity
Benefit to which the election applies, will be deemed to mean payments at the
frequency elected.
SECTION 8.04 ANNUITY BENEFIT FORMS
The "Normal Form" of Annuity Benefit is the Life-Period Certain Annuity Form
described below, unless another Form is to apply pursuant to the terms of any
plan under which the Contract is purchased, if applicable, the requirements of
the Employee Retirement Income Security Act of 1974 (ERISA), as amended, or any
other law that applies. The Data Pages will state the Normal Form which applies.
We may offer other annuity forms as available from us or from one of our
affiliated life insurance companies. Such a form may, for example, include the
Joint and Survivor Life Annuity Form which provides monthly payments while
either of two
2010PCSBASE-I-A Page 22
persons upon whose lives such payments depend is living. The monthly amount to
be continued when only one of the persons is living will be equal to a
percentage, as elected, of the monthly amount that was paid while both were
living.
The Life-Period Certain Annuity is an annuity that is payable during the
lifetime of the person upon whose life the payments depend, but with a maximum
of 10 years of payments guaranteed (10 years certain period). That is, if the
original payee dies before the certain period has ended, payments will continue
to the Beneficiary named to receive such payments for the balance of the certain
period.
SECTION 8.05 AMOUNT OF ANNUITY BENEFITS
If you elect pursuant to Section 8.01 to have an Annuity Benefit paid in lieu of
the Cash Value, then the amount applied to provide the Annuity Benefit will,
unless otherwise stated in the Data Pages or required by applicable laws or
regulations, be (i) the Annuity Account Value if the annuity form elected
provides payments for a person's remaining lifetime or (ii) the Cash Value if
the annuity form elected does not provide such lifetime payments.
The amount applied to provide an Annuity Benefit may be reduced by a charge for
any taxes which apply on annuity purchase payments. If we have previously
deducted charges for taxes from Contributions, we will not again deduct charges
for the same taxes before an Annuity Benefit is provided. The balance will be
used to purchase the Annuity Benefit on the basis of either (i) the Tables of
Guaranteed Annuity Payments or (ii) our then current individual annuity rates,
whichever rates would provide a larger benefit with respect to the payee.
SECTION 8.06 CONDITIONS FOR PAYMENT
We may require proof acceptable to us that the person on whose life a benefit
payment is based is alive when each payment is due. We will require proof of the
age of any such person on whose life an Xxxxxxx Xxxxxxx is based.
If a benefit was based on information that is later found not to be correct,
such benefit will be adjusted on the basis of the correct information. The
adjustment will be made in the number or amount of the benefit payments, or any
amount used to provide the benefit, or any combination. Overpayments by us will
be charged against future payments. Underpayments will be added to future
payments. Our liability is limited to the correct information and the actual
amounts used to provide the benefits.
If the age (or sex, if applicable as stated in the Tables of Guaranteed Annuity
Payments) of any person upon whose life an Annuity Benefit depends has been
misstated, any benefits will be those which would have been purchased at the
correct age (or sex). Any overpayments or underpayments made by us will be
charged or credited with interest at (a) the rate shown in the Data Pages or (b)
the then current Guaranteed Interest Rate; we will choose which rate will apply
on a uniform basis for like Contracts. Such interest will be deducted from or
added to future payments.
2010PCSBASE-I-A Page 23
If we receive acceptable proof that (i) a payee entitled to receive any payment
under the terms of this Contract is physically or mentally incompetent to
receive such payment or a minor, (ii) another person or an institution is then
maintaining or has custody of such payee, and (iii) no guardian, committee, or
other representative of the estate of such payee has been appointed, we may make
the payments to such other person or institution. In the case of a minor, the
payments will not exceed $200, or such other amount as may be shown in the Data
Pages. We will have no further liability with respect to the payments so made.
If the amount to be applied hereunder is less than the minimum amount stated in
the Data Pages, we may pay the amount to the payee in a single sum instead of
applying it under the annuity form elected.
SECTION 8.07 CHANGES
We have the right, upon advance notice to you, to change at any time after the
fifth anniversary of the Contract Date and at intervals of not less than five
years, the actuarial basis used in the Tables of Guaranteed Annuity Payments.
However, no such change will apply to (a) any Annuity Benefit provided before
the change or (b) Contributions made before such change which are applied to
provide an Annuity Benefit.
2010PCSBASE-I-A Page 24
PART IX - CHARGES
SECTION 9.01 WITHDRAWAL CHARGES
The amount of the Withdrawal Charge is stated in the Data Pages. We have the
right to change the Charge shown in the Data Pages with respect to future
Contributions, subject to any maximum stated in the Data Pages. We will give you
notice of any change.
If specified in the Data Pages, a "Free Withdrawal Amount" will apply as
follows:
"Free Withdrawal Amount" means an amount equal to the percentage, stated
in the Data Pages, of the Annuity Account Value, minus the total of all
prior withdrawals (and associated Withdrawal Charges) made as described in
Section 6.01 in the current Contract Year that may be withdrawn each
Contract Year without incurring a Withdrawal Charge. We have the right to
change the Free Withdrawal Amount, but it will always be a percentage
between 0% and 30% if so provided in the Data Pages.
If the amount of a withdrawal made under Part VI is more than the Free
Withdrawal Amount (defined above), we will (a) first withdraw from the
Investment Options, on the basis described in Section 6.01, an amount
equal to the Free Withdrawal Amount, and (b) then withdraw from the
Investment Options an amount equal to the excess of the amount requested
over the Free Withdrawal Amount, plus a Withdrawal Charge if one applies.
For purposes of this Section, amounts withdrawn up to the Free Withdrawal
Amount will not be deemed a withdrawal of any Contributions. We have the
right to carry forward the Free Withdrawal Amount into a future Contract
Year, if not used in any Year, if so stated in the Data Pages.
Any withdrawals in excess of the Free Withdrawal Amount will be deemed
withdrawals of Contributions in the reverse order in which they were made.
That is, Contributions will be withdrawn on a last-in, first-out basis
unless the Data Pages state that a first-in, first-out basis will apply.
In addition, your years of participation under the Prior Contract or years since
contributions were made under the Prior Contract, if applicable, may be included
for purposes of determining the Withdrawal Charge, if so specified in the Data
Pages in accordance with our rules then in effect.
If specified in the Data Pages we have the right to reduce or waive the
Withdrawal Charge upon such events as stated in the Data Pages. Moreover, the
Withdrawal Charge will be reduced if needed in order to comply with any
applicable state or federal law.
2010PCSBASE-I-A Page 25
SECTION 9.02 TRANSFER CHARGES
We have the right to impose a charge with respect to any transfer among
Investment Options after the number of free transfers shown in the Data Pages.
The amount of such charge will be set forth in a notice from us to you and will
in no event exceed any maximum amount stated in the Data Pages.
SECTION 9.03 INVESTMENT FUND REDEMPTION FEE
We reserve the right to charge your Annuity Account Value for any redemption fee
or other transfer charge imposed by an Investment Fund. Such amounts will be
withdrawn from your Annuity Account Value as described in Section 6.01.
SECTION 9.04 CONTRACT FEE
Assets of the Variable Investment Options will be subject to a daily asset
charge. This daily asset charge is for expenses, and mortality and expense risk
that we assume, as well as for financial accounting and Death Benefits if
specified in the Data Pages. The charge will be made pursuant to item (c) of
"Net Investment Factor" as defined in Section 3.02. Such charge will be applied
after any deductions to provide for taxes. It will be at a rate not to exceed
the maximum annual rate stated in the Data Pages. We have the right to charge
less on a current basis; the actual charge to apply, for at least the first
Contract Year, is also stated in the Data Pages.
SECTION 9.05 CHARGE FOR TAXES
We reserve the right to deduct from the amount applied to provide an Annuity
Benefit a charge that we determine which is designed to approximate certain
taxes that may be imposed on us, including but not limited to premium taxes
which may apply in your state. If the tax to which this charge relates is
imposed on us at a time other than when amounts are applied to an Annuity
Benefit or if required by your state, we reserve the right to deduct this charge
for taxes from Contributions. The balance will be used to purchase the Annuity
Benefit on the basis of either (i) the Tables of Guaranteed Annuity Payments or
(ii) our then current annuity rates, whichever rates would provide a larger
benefit with respect to the payee.
SECTION 9.06 CHANGES
In addition to our right to reduce or waive charges as described in this Part
IX, we have the right, upon advance notice to you, to increase the amount of any
charge stated in the Data Pages, subject to (a) any maximum amount provided in
this Part IX or the Data Pages and (b) with respect to Withdrawal Charges, the
application of any increase only to Contributions made after the date of the
change.
2010PCSBASE-I-A Page 26
PART X - GENERAL PROVISIONS
SECTION 10.01 CONTRACT
This Contract is the entire Contract as defined in Part I between the parties.
It will govern with respect to our rights and obligations.
This Contract may not be changed, nor may any of our rights or rules be waived,
except in writing and by our authorized officer.
SECTION 10.02 STATUTORY COMPLIANCE
We have the right to change this Contract without the consent of any other
person in order to comply with any laws and regulations that apply. Such right
will include, but not be limited to, the right to conform this Contract to
reflect requirements of the Code and Treasury regulations or published rulings
of the Internal Revenue Service, the Employee Retirement Income Security Act of
1974 and regulations thereunder, and federal securities laws.
The benefits and values available under this Contract will not be less than the
minimum benefits required by any state law that applies.
SECTION 10.03 DEFERMENT
The use of proceeds to provide a payment of a Death Benefit and payment of any
portion of the Annuity Account Value (less any Withdrawal Charge that applies)
will be made within seven days after the Transaction Date of the request.
Payments or proceeds from the Investment Options can be deferred for any period
during which (1) any of the stock exchanges is closed or trading is restricted,
(2) sales of securities or determination of the fair value of an Investment
Option's assets is not reasonably practicable because of an emergency, or (3)
the Securities and Exchange Commission, by order, permits us to defer payment in
order to protect persons with interests in the Investment Options.
SECTION 10.04 REPORTS AND NOTICES
At least once each year until the Contract Maturity Date, we will send you a
report showing:
(a) the total number of Accumulation Units in each Separate Account or
Variable Investment Option and the Accumulation Unit Value;
(b) the dollar amount in each Variable Investment Option;
(c) the Segment Interim Value of each Segment;
(d) the Cash Value; and
(e) the amount of the Death Benefit.
2010PCSBASE-I-A Page 27
In addition, we will send you a report for each new Segment to which Account
Value was allocated showing the Segment Start Date, Segment Maturity Date and
Performance Cap Rate.
A report as described above or any written notice as described in any other
Section will be satisfied by our mailing any such report or notice to your last
known address as shown in our records.
SECTION 10.05 ASSIGNMENTS AND TRANSFERABILITY
Your rights under this Contract may not be assigned, pledged or transferred,
except as provided below. No amounts payable under this Contract to a payee
other than you may be assigned by that payee unless permitted herein, nor will
they be subject to the claims of creditors or to legal process, except to the
extent permitted by law. Other restrictions may apply if stated in any
Endorsement attached hereto.
You may request to assign this Contract by writing to us at our Processing
Office and subject to our acceptance. The assignment will be effective upon the
date of our acceptance. We will not be bound by any assignment, and we assume no
responsibility for the validity of an assignment or for any rights or
obligations between you and the assignee. Your rights and those of any other
person referred to in this Contract will be subject to the assignment.
SECTION 10.06 PAYMENTS
All amounts payable by you must be paid by check drawn on a bank that is subject
to regulation by the United States or an agency or instrumentality thereof or a
State, and payable to us (in United States dollars) or by any other method
acceptable to us.
We will pay all amounts hereunder by check (drawn on a United States bank in
United States dollars) or, if so agreed by you and us, by wire transfer.
Any requirement for distribution or withdrawal of interest in the Contract shall
be fully discharged by payment of the Death Benefit, Annuity Account Value or
Cash Value, whichever is applicable, to the Owner or the Beneficiary, as the
case may be and mailed to the address as shown in our records by United States
mail unless we agree to transmit the funds to another person or in another form
in accordance with the terms and conditions of the Contract.
SECTION 10.07 HOW TO COMMUNICATE WITH US
All transaction requests and other notices to us must be in writing in a form
satisfactory to us, and delivered by U.S. mail to our Processing Office, except
to the extent we agree, by advance written notification to you, to receive such
requests or notices in another manner.
Transfer requests must also be in writing and delivered by U.S mail to our
Processing Office unless we accept an alternative form of communication (such as
internet, fax or automated telephone). The use of alternative forms of
communication is subject to our rules then in effect for each such service. We
may provide information about our rules and the use of
2010PCSBASE-I-A Page 28
communications services in the contract prospectus, prospectus supplements or
other notifications, as mailed to your last known address in our records from
time to time. Any alternative form of communication that we make available may
be changed or discontinued at any time.
We may choose to change a previously accepted manner of communication at our
discretion. Transaction requests or other communications sent to us will not be
effective until received at the Processing Office on a Business Day. Your
Contract Number should be included in all correspondence.
[SECTION 10.08 MISSTATEMENT OF AGE
If the age of any person upon whose life or age a benefit provided under an
optional Benefit Rider, depends ("Covered Person") has been misstated, any such
benefits will be that which would have been purchased on the basis of the
correct age. If the Covered Person would not have been eligible for that Rider
at the correct age, (i) the Rider will be rescinded; (ii) any charges that were
deducted for the benefit will be refunded and applied to the Annuity Account
Value of the Contract, and (iii) only the Death Benefit provided under Section
8.02 will apply.]
2010PCSBASE-I-A Page 29
TABLE OF GUARANTEED ANNUITY PAYMENTS
[AMOUNT OF ANNUITY BENEFIT PAYABLE MONTHLY ON THE LIFE ANNUITY FORM
WITH TEN *YEARS CERTAIN PROVIDED BY APPLICATION OF $1,000.
Monthly Income Monthly Income
Ages Male Female Ages Male Female
---- ---- ------ ---- ---- ------
60 2.97 2.74 78 4.39 3.99
61 3.03 2.78 79 4.50 4.10
62 3.08 2.83 80 4.62 4.20
63 3.14 2.88 81 4.78 4.34
64 3.21 2.94 82 4.95 4.48
65 3.27 2.99 83 5.13 4.64
66 3.34 3.05 84 5.33 4.80
67 3.41 3.11 85 5.53 4.97
68 3.48 3.17 86 5.74 5.16
69 3.56 3.24 87 5.97 5.35
70 3.64 3.31 88 6.20 5.54
71 3.72 3.38 89 6.43 5.75
72 3.81 3.46 90 6.67 5.96
73 3.90 3.54 91 6.91 6.17
74 3.99 3.62 92 7.17. 6.40
75 4.08 3.71 93 7.44 6.64
76 4.18 3.80 94 7.74 6.89
77 4.29 3.89 95 8.05 7.16
* At age 80 and over the rates are adjusted so that the certain period does not
exceed life expectancy. See Data Pages for Period Certain tables for ages 80 and
older.
The amount of income provided under an Annuity Benefit payable on the Life
Annuity Form with Ten Years Certain is based on 1.5% interest and mortality
equal to 61% for males and 57% for females of the Annuity 2000 Mortality Table
projected at 1.15% for males and 1.35% for females for a number of years equal
to attained age minus 20, but not less than 30.
Amounts required for ages or for annuity forms not shown in the above Table or
for other annuity forms will be calculated by us on the same actuarial basis.
If a variable annuity form is available from us and elected pursuant to Section
9.01, then the amounts required will be calculated by us based on the 1983
Individual Annuity Mortality Table "a" projected with modified Scale "G" and a
modified two year age setback and on an Assumed Base Rate of Net Investment
Return of 5.0%.]
2010PCSBASE-I-A Page 30
TABLE OF GUARANTEED ANNUITY PAYMENTS
[Amount of Annuity Benefit payable monthly on the Joint and Survivor Life
Annuity form (with 100% of the amount of the Annuitant's payment continued to
the Annuitant's spouse) provided by an application of $1,000
Age 60 61 62 63 64 65 66 67 68 69 70
60 2.45 2.47 2.48 2.50 2.52 2.53 2.55 2.56 2.58 2.59 2.60
61 2.49 2.50 2.52 2.54 2.55 2.57 2.59 2.60 2.62 2.63
62 2.52 2.54 2.56 2.58 2.59 2.61 2.63 2.64 2.66
63 2.56 2.58 2.60 2.62 2.64 2.65 2.67 2.69
64 2.60 2.62 2.64 2.66 2.68 2.70 2.72
65 2.64 2.67 2.69 2.71 2.73 2.74
66 2.69 2.71 2.73 2.75 2.77
67 2.73 2.76 2.78 2.80
68 2.78 2.81 2.83
69 2.83 2.86
70 2.89
The amount of income provided under an Annuity Benefit payable on the Life
Annuity Form with Ten Years Certain or Joint and Survivor Life Annuity Form is
based on 1.5% interest and mortality equal to 61% for males and 57% for females
of the Annuity 2000 Mortality Table projected at 1.5% for males and 1.35% for
females for a number of years equal to attained age minus 20, but not less than
30 adjusted to a unisex basis, reflecting a 20%-80% split of males and females
at pivotal age 55.Amounts required for ages or for annuity forms not shown in
the above Tables or for other annuity forms will be calculated by us on the same
actuarial basis.]
2010PCSBASE-I-A Page 31
