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Aetna Insurance Company of America
Home Office: 000 Xxxxxxxxxx Xxxxxx
Xxxxxxxx, Xxxxxxxxxxx 00000
(000) 000-0000
Group Variable, Fixed or Combination Annuity Contract (Nonparticipating)
Aetna Insurance Company of America (We or Us) agrees to pay benefits according
to the terms and conditions set forth in this Contract.
Specifications
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Plan
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Type of Plan
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Contract Holder
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Contact Number
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Effective Date
This Contract is delivered in and
is subject to the laws and regulations of that state.
THE VARIABLE FEATURES OF THE CONTRACT ARE DESCRIBED IN SECTIONS 6 AND 12.
Right to Cancel
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The Group Contract Holder may cancel this Contract within ten (10) days of
receiving it by returning it to Us at the address above or to the person from
whom it was purchased. Within seven (7) days of the cancellation request, We
will return the Certificate Holder's Purchase Payment(s) made plus any increase,
or minus any decrease, on the amount allocated to the Separate Account.
Signed at the Home Office on the Effective Date.
/s/ Xxx Xxxxxxx /s/ Xxxxx X. Xxxxxxxxx
President Secretary
ALL PAYMENTS AND VALUES PROVIDED BY THE GROUP CONTRACT, WHEN BASED ON INVESTMENT
EXPERIENCE OF A SEPARATE ACCOUNT, ARE VARIABLE AND ARE NOT GUARANTEED AS TO
FIXED DOLLAR AMOUNT. THIS CONTRACT CONTAINS A MARKET VALUE ADJUSTMENT FORMULA.
APPLICATION OF A MARKET VALUE ADJUSTMENT MAY RESULT IN EITHER AN INCREASE OR
DECREASE IN THE CURRENT VALUE. THE MARKET VALUE ADJUSTMENT FORMULA DOES NOT
APPLY TO A GUARANTEED TERM AT THE TIME OF ITS MATURITY.
G-CDA-GP2(4/94)
Table of Contents
Page
Right to Cancel............................................................1
Contract Schedule..........................................................4
Separate Account......................................................4
AICA Guaranteed Account (AG Account)..................................4
Separate Account and AG Account.......................................4
Fixed Annuity.........................................................6
Section 1. Definitions....................................................7
Section 2. General Provisions.............................................9
The Contract..........................................................9
Certificates..........................................................9
Nonparticipating Contract.............................................9
Misstatements and Adjustments.........................................9
Reports...............................................................9
Premium Taxes.........................................................9
Protection of Proceeds................................................9
Evidence of Survival..................................................9
Proof of Age..........................................................9
Change of Contract....................................................9
Section 3. Ownership.....................................................10
Group Contract Holder................................................10
Certificate Holder Rights............................................10
Transfer of Ownership................................................10
Section 4. Beneficiary Provisions........................................11
Beneficiary..........................................................11
Change of Beneficiary................................................11
Death of Beneficiary.................................................11
Section 5. Purchase Payments.............................................11
Purchase Payments....................................................11
Allocation of Purchase Payments......................................11
Section 6. Separate Account..............................................12
General..............................................................12
Investment Allocations to the Separate Account.......................12
Valuation of Assets..................................................12
Accumulation Unit....................................................12
Net Return Factor for Each Valuation Period..........................12
Administrative Charge................................................13
Mortality Risk Charge................................................13
Expense Risk Charge..................................................13
Mortality and Expense Guarantee......................................13
2
Section 7. AG Account....................................................13
AG Account Guaranteed Interest Rate..................................13
Deposit Period.......................................................13
Guaranteed Term......................................................13
Guaranteed Term(s) Groups............................................13
Maturity Date........................................................14
Allocation of Net Purchase Payments to the AG Account................14
AG Account Guaranteed Term Maturity Date and Maturity Value..........14
Transfers from the AG Account........................................14
Withdrawals from the AG Account......................................14
Reinvestment.........................................................14
AG Account Market Value Adjustment (Factor)..........................15
Section 8. Certificate Holder's Account Value; Transfers and
Withdrawals During the Accumulation Period....................15
Certificate Holder's Account Value...................................15
Transfers During the Accumulation Period.............................16
Withdrawals During the Accumulation Period...........................16
Deferred Sales Charge................................................16
Waiver of Deferred Sales Charge......................................16
Payment of Adjusted Certificate Holder Account Value.................17
Systematic Withdrawal Option (SWO)...................................17
Section 9. Maintenance Charge............................................18
Maintenance Charge...................................................18
Section 10. Proceeds Payable on Death....................................18
Death of the Certificate Holder Prior to the Annuity Date............18
Death Benefit Amount Prior to the Annuity Date.......................18
Death Benefit Payment Methods........................................19
Death of Certificate Holder On or After the Annuity Date.............20
Death of the Annuitant...............................................20
Section 11. Delay of Payments............................................20
Delay of Payments....................................................20
Section 12. Annuity Provisions...........................................20
Designation of Annuitant.............................................21
Terms of Annuity Options.............................................21
Annuity Unit.........................................................22
Annuity Unit Value...................................................23
Annuity Net Return Factor............................................23
Annuity Options......................................................23
3
Contract Schedule
Separate Account
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Separate Account: Variable Account I
Charges to the Separate A daily charge is deducted from the assets of the
Account: Separate Account. The deduction is the daily
equivalent of the annual effective percentage shown
below:
(a) During the Accumulation Period:
Administrative Charge 0.15%
Mortality Risk Charge 0.35%
Expense Risk Charge 0.90%
TOTAL Separate Account Charges During
Accumulation Period 1.40%
(b) During the Annuity Period
Administrative Charge Not To Exceed 0.25%
Mortality Risk Charge 0.35%
Expense Risk Charge 0.90%
TOTAL Maximum Separate Account Charges
During Annuity Period 1.50%
AICA Guaranteed Account (AG Account)
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Minimum Guaranteed 3.0%
Interest Rate (effective
annual rate of return):
Separate Account and AG Account
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Minimum Initial Purchase
Payment: $1,500
Minimum Subsequent $500 or $50 per month if paid by an automatic
Purchase Payment: check plan
Maximum Subsequent $500,000 without Home Office approval
Purchase Payment:
4
Transfers: We allow an unlimited number of transfers during the
Accumulation Period. Twelve (12) transfers in any
calendar year are free. Thereafter, We reserve the
right to charge a transfer charge up to $10 for each
subsequent transfer.
Maintenance Charge: The annual maintenance charge is $30. If the
Certificate Holder's Account is $50,000 or more on
the date the maintenance charge is to be deducted,
the maintenance charge is $0.
Deferred Sales Charge: For each withdrawal from a Certificate Holder's
Account, a deferred sales charge for each Net
Purchase Payment will be determined as follows:
Years from Receipt of Deferred
Net Purchase Payment Sales Charge
0-1 7%
1-2 6%
2-3 5%
3-4 4%
4-5 3%
5-6 2%
6-7 1%
7+ 0%
Waiver of Deferred Sales Section 8.05 provides for the following:
Charge:
(c) At least 12 months after the date of the first
Purchase Payment in an amount equal to or less
than 15% of the Certificate Holder's Account
Value.
(d) For a full withdrawal where the Certificate
Holder's Account Value does not exceed $2,500
and no withdrawals have been taken from the
Certificate Holder's Account within the prior 12
months.
Systematic Withdrawal (a) Specified Payment - Maximum Percentage: 10%
Option:
(b) Specified Period - Minimum Period: 10 years
(c) Specified Percentage - Maximum Percentage: 10%
Death Benefit Factor: 4%
Death Benefit Maximum There is no maximum death benefit amount.
Amount:
Death Benefit Maximum Age: 85 years
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Fund for Allocation of Federated Prime Money Fund II
Excess Guaranteed
Death Benefit Value:
Latest Annuity Date: The Certificate Holder's 90th birthday.
Fixed Annuity
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Minimum Guaranteed 3.0%
Interest Rate
(effective annual rate
of return):
6
Section 1. Definitions
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1.01 Accumulation Period - The period during which one or more Net
Purchase Payments applied to a Certificate Holder's Account
accumulate to provide future Annuity payments.
1.02 Accumulation Unit - A measure of the net investment results for each
variable investment option during the Accumulation Period. The
Accumulation Units for the applicable Funds are used to calculate the
portion of a Certificate Holder's Account Value attributable to a
Separate Account during the Accumulation Period.
1.03 Adjusted Certificate Holder Account Value - The Certificate Holder's
Account Value, plus or minus any aggregate AG Account Market Value
Adjustment.
1.04 Annuitant - The natural person on whose life an Annuity payment is
based.
1.05 Annuity - A series of payments We make for life, a definite period or
a combination of the two.
1.06 Annuity Date - The date on which Annuity payments commence.
1.07 Annuity Options - Annuity payment methods available during the
Annuity Period.
1.08 Annuity Period - The period of time during which Annuity payments are
made.
1.09 Annuity Unit - A measure of the net investment results for each
variable investment option during the Annuity Period. Annuity Units
are used to calculate the amount of each variable Annuity payment.
1.10 Beneficiary - The person(s) entitled to receive any death benefit
under the Certificate Holder's Account. Upon the death of a joint
Certificate Holder, the surviving joint Certificate Holder, if any,
is treated as the Beneficiary. Any other Beneficiary designation on
record with Us at the time of death is treated as a contingent
Beneficiary.
1.11 Certificate - The document issued to a Certificate Holder to evidence
a Certificate Holder's Account established under the group Contract.
1.12 Certificate Holder - A person who has established a Certificate
Holder's Account under a group Contract. We reserve the right to
limit ownership to natural persons. If more than one Certificate
Holder owns an Account, each Certificate Holder shall be a joint
Certificate Holder. Any joint Certificate Holder must be the spouse
of the other joint Certificate Holder. Joint Certificate Holders have
joint ownership rights and both must authorize any exercising of
those ownership rights unless otherwise allowed by Us.
1.13 Certificate Holder's Account - A record We establish for each
Certificate Holder to maintain values under a group Contract.
1.14 Certificate Holder's Account Value - The dollar value as of any
Valuation Period of all amounts accumulated in a Certificate Holder's
Account.
1.15 Contract - This agreement between the Group Contract Holder and Us.
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1.16 Effective Date - The date a Certificate is issued to a Certificate
Holder.
1.17 Fund - One of the variable investment options which may be selected
by a Certificate Holder.
1.18 General Account - The General Account is made up of all of our
general assets other than those allocated to the separate accounts.
1.19 AICA Guaranteed Account (AG Account) - An investment option where We
guarantee specified rate(s) of interest for specified periods of
time. AG Account is a separate account established by Us in
accordance with the provisions of the Connecticut General Statutes
Section 38a-433. Certificate Holders do not participate in the
investment gain or loss from the assets held in the AG Account.
Assets in the AG Account may be charged with liabilities arising out
of any other business We may conduct.
1.20 Group Contract Holder - The entity to which a group Contract is
issued.
1.21 Home Office - Our headquarters, located at 000 Xxxxxxxxxx Xxxxxx,
Xxxxxxxx, XX 00000.
1.22 Market Value Adjustment - An adjustment to any withdrawal made from
the AG Account before the end of a guaranteed term as stated in
Section 7.11.
1.23 Net Purchase Payment - The Purchase Payment less premium taxes, if
applicable.
1.24 Purchase Payment - The gross payment accepted by Us and allocated to
the Certificate Holder's Account. We reserve the right to refuse to
accept any Purchase Payment at any time for any reason.
1.25 Separate Account - A separate account that buys and holds shares of
the Fund(s). Income, gains or losses, realized or unrealized, are
credited or charged to the Separate Account without regard to Our
other income, gains or losses. We own the assets held in the Separate
Account and are not a trustee as to such amounts. The Separate
Account generally is not guaranteed and is held at market value. The
name of the Separate Account is shown on the Contract Schedule. The
assets of the Separate Account, to the extent of reserves and other
Contract liabilities of the Separate Account, will not be charged
with Our other liabilities.
1.26 Valuation Period - The period of time for which a Fund determines its
net asset value, usually from 4:15 p.m. Eastern time each day the New
York Stock Exchange is open until 4:15 p.m. the next such business
day, or such other day that one or more of the Funds determines its
net asset value. The assets of the Separate Account are not
chargeable with the liabilities arising out of any other business We
may conduct.
1.27 Variable Annuity Contract - An Annuity Contract providing for the
accumulation of value and/or for Annuity payments which vary in
amount based on investment results.
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Section 2. General Provisions
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2.01 The Contract - The entire Contract consists of this Contract and any
attached applications or endorsements.
2.02 Certificates - A Certificate is issued to each Certificate Holder
whose Purchase Payment(s) is accepted by Us. The Certificate
evidences a Certificate Holder's Account established under the
Contract. Certificates are not part of the Contract.
2.03 Nonparticipating Contract - Neither the Group Contract Holder,
Certificate Holder nor any Beneficiary have a right to share in our
earnings.
2.04 Misstatements and Adjustments - If We learn that the age of any
Annuitant or second Annuitant is misstated, the correct age will be
used to adjust payments. We reserve the right to request
reimbursement or adjust future payments for any amount overpaid. We
will pay the amount of any underpayment.
2.05 Reports - We furnish each Certificate Holder with a report showing
the Certificate Holder's Account Value at least once each calendar
year. We also furnish an annual report of the Separate Account.
2.06 Premium Taxes - Any premium taxes paid to any governmental entity are
charged against Purchase Payments or a Certificate Holder's Account.
We may, at our sole discretion, pay premium taxes when due and deduct
that amount from the Certificate Holder's Account at a later date.
Payment at an earlier date does not waive any right We may have to
deduct amounts at a later date.
2.07 Protection of Proceeds - To the extent permitted by law, all payments
under this Contract to a Certificate Holder or Beneficiary shall be
free from legal process and the claim of any creditor.
2.08 Evidence of Survival - The Company may require satisfactory evidence
of the continued survival of any person(s) on whose life Annuity
payments are based.
2.09 Proof of Age - The Company may require evidence of age of any
Annuitant under Annuity Options 2 and 3 and of the designated second
Annuitant under Annuity Option 3.
2.10 Change of Contract - Only our authorized officers may change the
terms of this Contract. We will notify the Group Contract Holder in
writing at least 30 days before the effective date of any change. Any
change will not affect the amount or terms of any Annuity which
begins before the change.
We may make any change that affects the AG Account Market Value
Adjustment with at least thirty (30) days' advance written notice to
the Group Contract Holder and the Certificate Holder. Any such change
shall become effective for any new guaranteed term and will apply to
all present and future Certificate Holders' Accounts.
We reserve the right to change the terms of the Systematic Withdrawal
Option for future elections and discontinue the availability of this
option.
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Any change to any of the following provisions under this Contract
will not apply to Certificate Holder's Accounts in existence before
the effective date of the change:
(a) Net Purchase Payment (1.23)
(b) AG Account Guaranteed Interest Rate (7.01)
(c) Net Return Factor (6.05)
(d) Certificate Holder's Account Value (1.14)
(e) Deferred Sales Charge (8.04)
(f) Annuity Unit Value (12.04)
(g) Annuity Options (12.06)
(h) Fixed Annuity Interest Rates (12.01)
(i) Transfers (8.02).
Any change that affects the Annuity Option and the tables for the
Annuity Options may be made:
(a) No earlier than twelve (12) months after the Effective Date; and
(b) No earlier than twelve (12) months after the effective date of
any prior change.
Any Certificate Holder's Account established on or after the
effective date of any change will be subject to the change. If the
Group Contract Holder does not agree to any change under this
provision, We reserve the right to not allow any new Certificate
Holder's Accounts to be established under this Contract. This
Contract may also be changed as deemed necessary by Us to comply with
federal or state law.
Section 3. Ownership
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3.01 Group Contract Holder - The Group Contract Holder has title to the
Contract. The Contract and any amounts accumulated thereunder are not
subject to the claims of the Group Contract Holder nor any of its
creditors.
3.02 Certificate Holder Rights - The Certificate Holder has all interest
and right to amounts held in his or her Certificate Holder's Account.
The Certificate Holder and any joint Certificate Holder are named on
the Specifications page. The Certificate Holder and any joint
Certificate Holder may exercise all the rights under the Certificate
Holder's Account, subject to the rights of:
(a) Any assignee under an assignment filed at our Home Office; and
(b) Any irrevocably named Beneficiary.
Upon the death of a Certificate Holder prior to the Annuity Date, a
spousal Beneficiary may elect to continue the Certificate Holder's
Account in his or her own name and retain all ownership rights and
privileges or take distribution of the death benefit as defined in
Section 10.
3.03 Transfer of Ownership - The Group Contract Holder may transfer
ownership of this Contract. A written request, dated and signed, must
be filed at our Home Office.
Any transfer of ownership terminates the interest of any existing
Group Contract Holder. It does not change the rights of any
Certificate Holder.
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A Certificate Holder may transfer all of his or her rights under the
Contract. A written request, dated and signed by the Certificate
Holder and any joint Certificate Holder, must be filed at our Home
Office. After the transfer is recorded, it will take effect as of the
date the request was signed. Any such transfer terminates the
interest of any existing Certificate Holder. It does not change the
Beneficiary, nor transfer the Beneficiary's interest. A transfer will
not affect any payments We may make or actions We may take before
such transfer has been recorded at our Home Office.
Section 4. Beneficiary Provisions
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4.01 Beneficiary - The Certificate Holder may name a Beneficiary and a
contingent Beneficiary. At the death of the Certificate Holder prior
to the Annuity Date, the Beneficiary(ies) named in our records will
receive a death benefit as stated in Section 10. Upon the death of
either joint Certificate Holder prior to the Annuity Date, the
surviving joint Certificate Holder, if any, will be treated as the
designated Beneficiary and any other Beneficiary designation on
record with Us at the time of death is treated as a contingent
Beneficiary.
4.02 Change of Beneficiary - The Certificate Holder may change the
Beneficiary. A written request, dated and signed by the Certificate
Holder, must be filed at our Home Office. If there are joint
Certificate Holders, both must sign the request. After the change is
recorded, it will take effect as of the date the request was signed.
If the request reaches our Home Office and is recorded after the
Certificate Holder dies, but before any payment is made, the change
is valid.
4.03 Death of Beneficiary - If all of the Beneficiaries and contingent
Beneficiaries die prior to the Certificate Holder's death, We pay the
death benefit in one sum to the Certificate Holder's estate.
Section 5. Purchase Payments
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5.01 Purchase Payments - Subject to the maximum and minimum shown on the
Contract Schedule, the Certificate Holder may determine the amount
and frequency of Purchase Payments. We reserve the right not to
accept any Purchase Payment. We will declare from time to time the
acceptability of additional Purchase Payments.
5.02 Allocation of Purchase Payments - The Certificate Holder may elect to
have each Net Purchase Payment accumulate:
(a) On a variable basis invested in shares of one or more Funds in
which the Separate Account invests;
(b) For guaranteed terms offered in the current deposit period(s)
under the AG Account; or
(c) In a combination of any of the available investment options.
Net Purchase Payments must be allocated in whole percentages. For
subsequent Purchase Payments, if no allocation instructions are
received with the Purchase Payment, the allocation will be as
indicated in the most recent directive from the Certificate Holder.
If the same guaranteed term(s) are not available, the next shortest
will be used. If no shorter guaranteed term is available, the next
longer guaranteed term will be used.
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Section 6. Separate Account
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6.01 General - The assets of the Separate Account, equal to the reserves
and other Contract liabilities that depend on the investment
performance of the Separate Account are not chargeable with
liabilities arising out of any other business We may conduct. Income,
gains or losses of the Separate Account, realized or unrealized, are
credited to or charged against the assets of the Separate Account
without regard to Our other income, gains or losses.
6.02 Investment Allocations to the Separate Account - The assets of the
Separate Account are segregated by Fund. If the shares of any Fund
are no longer available for investment by the Separate Account or if
in our judgment, further investment in such shares should become
inappropriate in view of the purpose of the Contract, We may cease to
make such Fund shares available for investment under the Contract
prospectively, or We may substitute shares of another Fund for shares
already acquired. We may also, from time to time, add additional
Funds. Any elimination, substitution or addition of Funds will be
done in accordance with applicable state and federal securities laws.
We reserve the right to substitute shares of another Fund for shares
already acquired without a proxy vote.
6.03 Valuation of Assets - The shares of the Funds will be valued at their
net asset value at the end of each Valuation Period.
6.04 Accumulation Unit - A Net Purchase Payment that is allocated to one
or more Funds is credited to the Certificate Holder's Account as
Accumulation Units. The number of Accumulation Units credited is
determined by dividing the applicable portion of the Net Purchase
Payment by the Accumulation Unit value for the appropriate Fund. The
Accumulation Unit value used is that which is computed for the next
Valuation Period after which the Purchase Payment is received at our
Home Office. Accumulation Units attributable to the initial Purchase
Payments will be credited within two business days of acceptance.
Accumulation Unit values may increase or decrease from Valuation
Period to Valuation Period.
6.05 Net Return Factor for Each Valuation Period - The value of an
Accumulation Unit for any Valuation Period is calculated by
multiplying the Accumulation Unit value for the immediately preceding
Valuation Period by the net return factor of the appropriate Fund for
the current period.
The net return factor for each Fund is equal to 1.0000000 plus the
net return rate.
The net return rate equals:
(a) The value of the shares of the Fund held by the Separate Account
at the end of a Valuation Period; minus
(b) The value of the shares of the Fund held by the Separate Account
at the start of the Valuation Period; plus or minus
(c) Taxes (or reserves for taxes) on the Separate Account (if any);
divided by
(d) The total value of the Funds(s) Accumulation Units and Fund(s)
Annuity Units of the Separate Account at the start of the
Valuation Period; minus
(e) A daily actuarial charge as shown on the Contract Schedule for
Annuity mortality and expense risks and profit and a daily
administrative charge.
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The net return rate may be more or less than zero (0) percent.
The value of a share of the Fund is equal to the net assets of the
Fund divided by the number of shares outstanding.
6.06 Administrative Charge - We deduct an administrative charge equal, on
an annual basis, to the amount shown on the Contract Schedule.
6.07 Mortality Risk Charge - We deduct a mortality risk charge equal, on
an annual basis, to the amount shown on the Contract Schedule.
6.08 Expense Risk Charge - We deduct an expense risk charge equal, on an
annual basis, to the amount shown on the Contract Schedule.
6.09 Mortality and Expense Guarantee - We guarantee that the dollar amount
of each Annuity payment after the first will not be affected by
variations in mortality or expense experience.
Section 7. AG Account
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7.01 AG Account Guaranteed Interest Rate - All amounts allocated to the AG
Account earn a rate of interest that is guaranteed for a specified
period of time. The rate will be credited daily and will never be
less than the minimum guaranteed interest rate shown on the Contract
Schedule. We determine the rate and it is not based on investment
experience.
For guaranteed terms of one year or less, one guaranteed interest
rate is credited for the full guaranteed term. For longer guaranteed
terms, an initial guaranteed interest rate is credited from the date
of deposit to the end of a specified period within the guaranteed
term. There may be different guaranteed interest rate(s) declared for
subsequent specified time intervals throughout the guaranteed term.
7.02 Deposit Period - A calendar week, a calendar month, a calendar
quarter, or any other period of time We specify during which Net
Purchase Payment(s), transfers and reinvestments are accepted into
the AG Account for one or more guaranteed terms. We reserve the right
to extend the deposit period.
7.03 Guaranteed Term - The period of time for which AG Account guaranteed
interest rates are guaranteed on Net Purchase Payments. Transfers and
reinvestments are made into a current deposit period for the AG
Account. Such period begins on the day following the close of the
deposit period and ends on the designated Maturity Date. Guaranteed
terms, if any, are offered at our discretion for various lengths of
time ranging up to and including ten years.
During a deposit period, We may make available any number of
guaranteed terms. The Certificate Holder may allocate Net Purchase
Payments and transfers into any or all of the available guaranteed
terms.
7.04 Guaranteed Term(s) Groups - All AG Account guaranteed term(s) with
the same length of time from the close of the deposit period until
the designated Maturity Date.
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7.05 Maturity Date - The last day of a guaranteed term.
7.06 Allocation of Net Purchase Payments to the AG Account - When the
Certificate Holder wishes to allocate all or any portion of a Net
Purchase Payment to the Guaranteed Account, he or she must tell Us
the percentage to apply to one or more of the AG Account guaranteed
term(s) available during the current deposit period. If no allocation
instructions are received, a Net Purchase Payment is allocated as
indicated in the most recent directive from the Certificate Holder.
If the same guaranteed term is not available for any amount allocated
to the AG Account, We will allocate the amount to the next shortest
guaranteed term available. If no shorter guaranteed term is
available, We will allocate it to the next longest guaranteed term.
7.07 AG Account Guaranteed Term Maturity Date and Maturity Value - On the
maturity date, the value of the total of all amounts allocated to
that guaranteed term is called the maturity value.
When Certificate Holders have assets in the AG Account, at least
eighteen (18) days before a maturity date, We notify them of the:
(a) Projected maturity value; and
(b) Guaranteed terms and the applicable guaranteed interest rates
available during the current deposit period.
When no allocation instructions are received and the assets in a
guaranteed term have been reinvested by Us in another guaranteed term
on the maturity date, the Certificate Holder may transfer or
withdraw, during the month following the maturity date, the
reinvested amount with interest earned (as of the date the request is
received at our Home Office) without incurring a Market Value
Adjustment. This transaction is allowed only once for each maturity
date, regardless of whether the transfer or withdrawal is partial or
full.
7.08 Transfers from the AG Account - A Certificate Holder may transfer any
portion, or all, of an amount in the AG Account to one or more of the
Funds or to another available guaranteed term. The amount withdrawn
for any reason before the maturity date is subject to a Market Value
Adjustment.
7.09 Withdrawals from the AG Account - When the Certificate Holder
requests a withdrawal from the AG Account, if instructions are not
provided by the Certificate Holder, amounts are withdrawn on a pro
rata basis from the guaranteed term(s) groups in which the
Certificate Holder's Account is currently invested. Within a
guaranteed term group, the amount to be withdrawn will be withdrawn
first from the oldest deposit period. Except on the maturity date,
withdrawals from the AG Account will be subject to a Market Value
Adjustment.
7.10 Reinvestment - We will mail a notice to the Certificate Holder before
a guaranteed term's maturity date. This notice will contain the
guaranteed terms available during the current deposit periods with
their guaranteed interest rate(s) and projected maturity value. If no
specific direction is given by the Certificate Holder prior to the
maturity date, each maturity value will be reinvested in the current
deposit period for a guaranteed term of the same duration. If a
guaranteed term of the same duration is unavailable, each matured
term value will automatically be reinvested in the current deposit
period for the next shortest guaranteed term available. If no shorter
guaranteed term is available, the next longer guaranteed term will be
used. We will mail a confirmation statement to
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the Certificate Holder after the maturity date. This notice will
state the guaranteed term and guaranteed interest rate(s) which will
apply to the reinvested matured term value.
7.11 AG Account Market Value Adjustment (Factor) - The Market Value
Adjustment factor (MVA factor) reflects any change in interest rates
from the time assets are allocated to the AG Account to the time they
are transferred or withdrawn. An MVA factor is applied to any amount
withdrawn or transferred from the AG Account before the end of a
guaranteed term, including amounts paid in a lump sum death benefit
or applied to an Annuity Option.
The amount withdrawn from the AG Account is multiplied by the MVA
factor which is calculated as follows:
x
---
365
(1 + i)
------------------
x
---
365
(1 + j)
Where:
i is the Deposit Period Yield
j is the Current Yield
x is the number of days remaining, (computed from Wednesday of the
week of withdrawal) in the guaranteed Term.
Determination of MVA factor parameters:
A yield is computed at the close of the last business day of each
week of the deposit period. The yield will equal the average of the
yields on U.S. Treasury Notes which matured during the last three
months of the applicable guaranteed term.
The deposit period yield is the average of those yields for the
deposit period. If withdrawal is made prior to the close of the
deposit period, it is the average of those yields on each week
preceding withdrawal.
The current yield is the average of the yields on the last business
day of the week preceding withdrawal on the same U.S. Treasury Notes
included in the deposit period yield.
If no U.S. Treasury Notes matured during the last three months of the
guaranteed term, We reserve the right to use the average of the
yields on U.S. Treasury Notes that mature during a following quarter.
Section 8. Certificate Holder's Account Value; Transfers and Withdrawals
During the Accumulation Period
--------------------------------------------------------------------------------
8.01 Certificate Holder's Account Value - The value of a Certificate
Holder's Account is determined by adding the value of the total of
Accumulation Units attributed to the selected Fund(s) to the value of
any amounts attributed to the AG Account.
15
8.02 Transfers During the Accumulation Period - Before the Annuity Date,
the Certificate Holder may transfer from any Fund or guaranteed term
of the AG Account to:
(a) Any other Fund; or
(b) Any guaranteed term of the AG Account available in the current
deposit period.
Transfer requests can be submitted as a percentage or as a dollar
amount. We may establish a minimum transfer amount. Within a
guaranteed term group, the amount transferred is withdrawn first from
the oldest deposit period, then from the next oldest, and so on until
the amount requested is satisfied.
The Certificate Holder may make an unlimited number of transfers
during the Accumulation Period. The number of free transfers allowed
is shown on the Contract Schedule. Transfers in excess of that number
may be subject to the transfer charge shown on the Contract Schedule.
Transfers of a matured term value from the AG Account on or within
one calendar month after a guaranteed term's maturity date do not
count against the annual transfer limit.
Amounts applied to guaranteed terms of the AG Account may not be
transferred to the Funds or to another guaranteed term during the
deposit period or for 90 days after the close of the deposit period
except for matured term value(s) during the calendar month following
the guaranteed term's maturity date.
Transfers from guaranteed terms of the AG Account are subject to a
Market Value Adjustment.
8.03 Withdrawals During the Accumulation Period - The Certificate Holder
may withdraw all or a portion of the Certificate Holder's Account
Value during the Accumulation Period by properly completing a
withdrawal request form. Withdrawal requests can be submitted as a
percentage or as a specific dollar amount. Net Purchase Payment
amounts are withdrawn first, and then the excess value, if any. For
any partial withdrawal, if instructions are not provided by the
Certificate Holder, amounts are withdrawn on a pro rata basis from
the Fund(s), and/or the guaranteed term(s) groups in which the
Certificate Holder's Account is currently invested. Within a
guaranteed term group, the amount to be withdrawn will be withdrawn
first from the oldest deposit period, then from the next oldest, and
so on until the amount requested is satisfied.
After deduction of the maintenance charge, if applicable, the
withdrawn amount shall be reduced by the applicable deferred sales
charge and any applicable premium taxes.
8.04 Deferred Sales Charge - The deferred sales charge only applies to the
portion of the amount withdrawn attributable to Net Purchase
Payment(s) and varies according to the elapsed time since receipt of
the Purchase Payment. The deferred sales charge is shown on the
Contract Schedule.
8.05 Waiver of Deferred Sales Charge - No deferred sales charge is
deducted when a Certificate Holder's Account Value is paid:
(a) To a Beneficiary as a death benefit, except for Purchase
Payments made by a surviving joint Certificate Holder as
described in Section 10.02(b);
(b) As a premium for an Annuity Option;
16
(c) At least the number of months, as shown on the Contract
Schedule, after the date of the first Purchase Payment and in an
amount equal to or less than the percentage of the Certificate
Holder's Account Value as shown on the Contract Schedule. This
applies to the first withdrawal request, partial or full, in a
calendar year. The Certificate Holder's Account Value is
calculated as of the date the withdrawal request is received in
good order at our Home Office. This waiver is not available to
the Certificate Holder while a SWO is in effect;
(d) For a full withdrawal where the Certificate Holder's Account
Value does not exceed the amount shown on the Contract Schedule
and no withdrawals have been taken from the Certificate Holder's
Account within the prior 12 months;
(e) For a distribution made by Us under Section 8.06; or
(f) For a distribution which is part of a SWO under Section 8.07.
We reserve the right to allow the proceeds of a total withdrawal to
be reinstated under the terms and conditions as established by Us
from time to time.
8.06 Payment of Adjusted Certificate Holder Account Value - Upon 90 day's
written notice to the Certificate Holder, We will terminate any
Certificate Holder's Account if the Certificate Holder's Account
Value becomes less than $1,500 immediately following any partial
withdrawal. We do not intend to exercise this right in cases where
the Certificate Holder's Account Value is reduced to $1,500 or less
solely due to investment performance. When We make a distribution
pursuant to this provision, the deferred sales charge will not be
deducted.
8.07 Systematic Withdrawal Option (SWO) - We will allow the Certificate
Holder to establish a schedule of withdrawals to be made
automatically from the Certificate Holder's Account Value. All
distributed amounts will be withdrawn on a pro rata basis from the
Fund(s) and/or the guaranteed term(s) groups of the AG Account in
which the Certificate Holder's Account is invested.
The Certificate Holder must elect one of the following SWO methods:
(a) Specified Payment: Payments of a designated dollar amount. The
annual amount may not be greater than the percentage of the
Certificate Holder's Account Value at time of the election as
shown on the Contract Schedule. This annual dollar amount will
remain constant. At our discretion, We may require a minimum
payment amount; or
(b) Specified Period: Payments which are made over a period of time
which must be at least the minimum period as shown on the
Contract Schedule. The annual amount paid each year is
calculated by dividing the Certificate Holder's Account Value as
of December 31 of the prior year by the number of payment years
remaining; or
(c) Specified Percentage: Payment of a designated percentage which
cannot be greater than the percentage of the Certificate
Holder's Account Value at the time of election as shown on the
Contract Schedule. The percentage may be changed by written
request. We reserve the right to limit the number of times the
percentage may be changed. The annual amount is calculated by
multiplying the Certificate Holder's Account Value as of
December 31 of the year prior to the payment by the designated
percentage.
In our discretion, We may require a minimum initial Certificate
Holder's Account Value for election of this option. SWO may be
elected by submitting a completed and signed election form to Us.
17
Once elected, this option may be revoked by submitting a written
request to Us. SWO may be elected only once by the Certificate Holder
or by a spousal Beneficiary.
Certificate Holders should consult their tax adviser prior to
requesting this distribution option. We are not responsible for any
adverse tax consequences due to a Certificate Holder's receiving SWO
payments. A ten (10) percent penalty tax may apply to distributions
to a Certificate Holder who has not reached age 59-1/2. Upon death of
the Certificate Holder, any payments will be made under the terms of
Section 10.
Section 9. Maintenance Charge
--------------------------------------------------------------------------------
9.01 Maintenance Charge - We will deduct an annual maintenance charge as
shown in the Contract Schedule from the Certificate Holder's Account
during the Accumulation Period. We will deduct the maintenance charge
on the anniversary of the Effective Date of the Certificate for the
Certificate Holder's Account. This maintenance charge is also
deducted upon withdrawal of the entire Adjusted Certificate Holder's
Account. The maintenance charge is deducted proportionately from each
investment option used.
Section 10. Proceeds Payable on Death
--------------------------------------------------------------------------------
10.01 Death of the Certificate Holder Prior to the Annuity Date In the
event of the death of the Certificate Holder or a joint Certificate
Holder prior to the Annuity Date, a death benefit is payable to the
Beneficiary(ies) designated by the Certificate Holder. Upon the death
of a joint Certificate Holder, the surviving joint Certificate
Holder, if any, will be treated as the designated Beneficiary. Any
other Beneficiary designation on record with Us at the time of death
will be treated as a contingent Beneficiary.
A Beneficiary may request We pay the death benefit under one of the
options described in Section 10.03. If the Beneficiary is the spouse
of the Certificate Holder, he or she may elect to continue the
Certificate Holder's Account in his or her own name and exercise all
the Certificate Holder's rights under the Contract.
10.02 Death Benefit Amount Prior to the Annuity Date -
(a) Except as set forth in Section 10.02(b), the amount of the
guaranteed death benefit value is equal to the greater of:
(i) The Certificate Holder's Account Value at the end of the
Valuation Period during which We receive at our Home
Office due proof of death and election of the type of
payment to be made; or
(ii) The death benefit determined as of the Valuation Period
corresponding to the date of death.
Until the first Effective Date anniversary, the death
benefit is equal to the Purchase Payments made by the
Certificate Holder prior to the Effective Date
anniversary less any withdrawals and any amounts applied
to an Annuity Option.
18
For each Certificate year thereafter, the death benefit
during the Certificate year equals the death benefit at
the beginning of the Certificate year plus Purchase
Payments made during the year less any withdrawals and
any amounts applied to an Annuity Option.
On each Effective Date anniversary, the death benefit is
determined as follows:
(A) The death benefit on the previous Effective Date
anniversary increased by the death benefit factor
shown on the Contract Schedule; plus
(B) Purchase Payments made by the Certificate Holder
during the Certificate year increased by the death
benefit factor shown on the Contract Schedule for
the portion of the year since the Purchase Payment
was made; less
(C) Any withdrawals or amounts applied to an Annuity
Option during the Certificate year increased by the
death benefit factor shown on the Contract Schedule
for the portion of the Certificate year since the
withdrawal or election of Annuity option; or
(iii) The Certificate Holder's Account Value on the most
recent seventh year anniversary of the Effective Date
plus any Purchase Payments made after such Effective
Date anniversary less any withdrawals and any amounts
applied to an Annuity Option.
Notwithstanding the foregoing, the death benefit under (ii) or
(iii) will not exceed the death benefit maximum amount shown on
the Contract Schedule.
The death benefit calculation described in (ii) and (iii) above,
applies until the Certificate Holder reaches the death benefit
maximum age shown on the Contract Schedule. Thereafter, the
death benefit is only adjusted for Purchase Payments,
withdrawals and amounts applied to Annuity Options. If the
Certificate Holder reaches the death benefit maximum age shown
on the Contract Schedule prior to the seventh anniversary of the
Effective Date, the death benefit will be the greater of (i) or
(ii) above.
The excess, if any, of the guaranteed death benefit value over
the Certificate Holder's Account Value is determined when we
receive at our Home Office due proof of death and allocated to
the Fund shown on the Contract Schedule. The Certificate
Holder's Account Value plus any excess amount deposited becomes
the Certificate Holder's Account Value.
(b) In the case of a Beneficiary of a surviving joint Certificate
Holder who continued the Certificate Holder's Account in his or
her own name, the death benefit shall be equal to (a)(i) above
less any applicable deferred sales charge on any Purchase
Payment made after We have received at our Home Office due proof
of death of the first joint Certificate Holder.
10.03 Death Benefit Payment Methods - A non-spousal Beneficiary must elect
the death benefit to be paid under one of the following methods in
the event of the death of the Certificate Holder prior to the Annuity
Date:
Method 1 - Lump sum payment of the death benefit; or
Method 2 - The payment of the entire death benefit within (5) years
of the date of the Certificate Holder's death; or
19
Method 3 - Payment of the death benefit over the lifetime of the
designated Beneficiary or over a period not extending beyond the life
expectancy of the designated Beneficiary with distribution beginning
within one year of the date of death of the Certificate Holder.
Any portion of the death benefit not applied under Option 3 within
one year of the date of Certificate Holder's death, must be
distributed within five (5) years of the date of death. A Market
Value Adjustment will apply at the time the death benefit is paid.
A spousal Beneficiary may elect to continue the Certificate Holder's
Account in his or her name, elect a lump sum payment of the death
benefit or apply the Adjusted Certificate Holder's Account Value to
an Annuity Option.
10.04 Death of Certificate Holder On or After the Annuity Date - If the
Certificate Holder who is not the Annuitant, dies on or after the
Annuity Date, the remaining payments under the Annuity Option elected
will be made to the Beneficiary at least as rapidly as under the
method of distribution in effect at the Certificate Holder's death.
10.05 Death of the Annuitant - If the Annuitant, who is not a Certificate
Holder, dies on or before the Annuity Date, a new Annuitant may be
named. If no Annuitant is named, the Certificate Holder will be the
Annuitant. If the Annuitant dies after the Annuity Date, the death
benefit, if any, will be payable to the Beneficiary as specified in
the Annuity Option elected. We will require proof of the Annuitant's
death. Death benefits will be paid at least as rapidly as under the
method of distribution in effect at the Annuitant's death.
Section 11. Delay of Payments
--------------------------------------------------------------------------------
11.01 Delay of Payments - We will make any payments under this Contract
within seven days after a request is received in good order. We
reserve the right to suspend or postpone any type of payment from the
Separate Account for any period when:
(a) The New York Stock Exchange is closed for other than customary
weekend and holiday closings;
(b) Trading on the Exchange is restricted;
(c) An emergency exists as a result of which it is not reasonably
practicable to dispose of securities held in the Separate
Account or determine their value; or
(d) The Securities and Exchange Commission so permits delay for the
protection of security holders.
The applicable rules of the Securities and Exchange Commission will
govern as to whether the conditions in (b) or (c) exist.
We also reserve the right to delay any type of payment from the AG
Account for up to six (6) months.
Section 12. Annuity Provisions
--------------------------------------------------------------------------------
20
12.01 Designation of Annuitant - The Certificate Holder and the Annuitant
need not be the same person. The Certificate Holder names the
Annuitant and during the Accumulation Period, may change the
designated Annuitant. We change the Annuitant when We receive a
written request in good order at our Home Office. We will not change
the Annuitant when Annuity payments have commenced.
The Certificate Holder elects an Annuity Option by telling Us to use
all or any portion of the Certificate Holder's Adjusted Account Value
(minus any applicable premium taxes if not previously deducted) to
purchase Annuity payments under an Annuity Option.
When an Annuity Option is chosen the Certificate Holder must
designate a:
(a) Fixed Annuity using the General Account;
(b) Variable Annuity using any of the Funds available during the
Annuity Period; or
(c) Combination of (a) and (b).
If a fixed Annuity is chosen, We will calculate the amount using an
interest assumption no less than the percentage specified on the
Contract Schedule. We may calculate the amount using a higher
interest rate.
If a variable Annuity is chosen, an Assumed Annual Net Return Rate of
5% may be chosen. If not chosen, We will use an Assumed Annual Net
Return Rate of 3.5%.
Payments are made on a monthly basis to the Certificate Holder unless
the Certificate Holder requests a different mode of payment.
Once elected, an Annuity Option may not be revoked, except for Option
1 when elected on a variable basis.
12.02 Terms of Annuity Options - The minimum first payment amount must be
at least $50 per month and at least $250 per year.
If the Certificate Holder elects a fixed Annuity and We determine
that the Certificate Holder would receive larger payments by applying
the Certificate Holder's Account Value, reduced by the deferred sales
charge, to a single premium immediate Annuity currently offered by
Us, We will make the larger payments.
21
We determine the first payment of a variable Annuity, or the payment
amount of a fixed Annuity, using the Annuitant's (and second
Annuitant's if applicable) adjusted age which We calculate as
follows:
(a) If Annuity payments begin any time between July 1, 1992 and
December 31, 1999, the adjusted age is the Annuitant's age as of
the birthday closest in time to the Annuity Date reduced by one
(1) year.
(b) If the Annuity begins any time between January 1, 2000 and
December 31, 2009, the adjusted age is the Annuitant's age as of
the birthday closest in time to the Annuity Date reduced by two
(2) years.
(c) For each succeeding decade, the adjusted age is the Annuitant's
age as determined in (b), reduced by one additional year.
The Annuity rates for Options 2 and 3 are based on mortality from
1983 Table A.
Assumed Annual Net Return Rate is the interest rate used to determine
the amount of the first Annuity payment under a variable Annuity. The
Separate Account must earn this rate plus enough to cover the
mortality and expense risks charges (which may include profit) and
administrative charges if future variable Annuity payments are to
remain level.
The Certificate Holder must give written notice to Us at least 30
days before the Annuity payments begin, electing or changing:
(a) The date on which Annuity payments are to begin;
(b) The Annuity Option;
(c) Whether the payments are to be made monthly, quarterly,
semiannually or annually;
(d) The investment options used to provide Annuity payments.
The first Annuity payment may not be earlier than one (1) calendar
year after the initial Purchase Payment, nor later than the later of
the:
(a) First day of the month following the Annuitant's birthday shown
on the Contract Schedule; or
(b) Tenth anniversary of the last Purchase Payment. In lieu of the
election of an Annuity, the Certificate Holder may request a
lump sum payment.
12.03 Annuity Unit - The number of Annuity Units per Fund is based on the
amount of the first variable Annuity payment which is equal to:
(a) The portion of the Certificate Holder's Account Value (minus any
premium taxes) applied to pay a variable Annuity; divided by,
(b) 1000; multiplied by,
(c) The payment rate for the Annuity Option chosen.
22
Such amount, or portion, of the variable Annuity payment will be
divided by the Annuity Unit value for the appropriate Fund on the
tenth Valuation Period before the due date of the first payment to
determine the number of each Fund's Annuity Units. The number of each
Fund's Annuity Unit remains fixed. Each future payment is equal to
the sum of the products of each Fund's Annuity Unit value multiplied
by the appropriate number of units. The Fund's Annuity Unit value on
the tenth Valuation Period prior to the due date of the payment is
used.
12.04 Annuity Unit Value - For any Valuation Period, a Fund's Annuity Unit
value is equal to:
(a) The value for the previous Valuation Period; multiplied by,
(b) The Annuity Net Return Factor for the Valuation Period;
multiplied by,
(c) A daily factor to reflect the Assumed Annual Net Return Rate
(the factor for 3.5% per year is .9999058; for 5% per year it is
.9998663).
The dollar value of a Fund(s) Annuity Unit values and payments may go
up or down due to investment gain or loss.
12.05 Annuity Net Return Factor - The Annuity net return factor is used to
compute all Separate Account Annuity payments for any Fund.
The Annuity net return factor(s) for each Fund is equal to 1.0000000
plus the net return rate. The net return rate is equal to:
(a) The value of the shares of the Fund held by the Separate Account
at the end of a Valuation Period; minus,
(b) The value of the shares of the Fund held by the Separate Account
at the start of the Valuation Period; plus or minus,
(c) Taxes (or reserves for taxes) on the Separate Account (if any);
divided by
(d) The total value of the Fund(s) Accumulation Units and Fund(s)
Annuity Units of the Separate Account at the start of the
Valuation Period; minus,
(e) A daily actuarial charge as shown of the Contract Schedule for
Annuity mortality and expense risks and profit and a daily
administrative charge which will not exceed the administrative
charge as shown on the Contract Schedule.
The net return rate may be more or less than zero (o) percent.
The value of a share of the Fund is equal to the net assets of the
Fund divided by the number of shares outstanding.
12.06 Annuity Options
Option 1 - Payments for a Stated Period of Time - An Annuity will be
paid for the number of years chosen. The number of years must be at
least 5 and not more than 30.
If payments for this Annuity Option are made under a variable
Annuity, the present value of any remaining payments may be withdrawn
at any time.
23
Option 2 - Life Income - An Annuity will be paid for the life of the
Annuitant. If also chosen, We will guarantee payments for 60, 120,
180, or 240 months.
Option 3 - Life Income Based upon the Lives of Two Annuitants - An
Annuity will be paid during the lives of the Annuitant and a second
Annuitant. Payments will continue until both Annuitants have died.
When this Annuity Option is chosen, a choice must be made of:
(a) 100% of the payment to continue after the first death;
(b) 66-2/3% of the payment to continue after the first death;
(c) 50% of the payment to continue after the first death;
(d) Payments for a minimum of 120 months with 100% of the payment to
continue after the first death; or
(e) 100% of the payment to continue at the death of the second
Annuitant and 50% of the payment to continue at the death of the
Annuitant.
We may make other options available as allowed by law.
24
OPTION 1
Payments for a Stated Period of Time
Amount of First Monthly Payment for Each $1,000
After Deduction of any Charge for Premium Taxes
Rates for a Fixed Annuity with Guaranteed Interest Rate of 3.0%
-------------------------------------------------------------------------------
Guaranteed Monthly Quarterly Semi-Annual Annual
Years Rate Payment Payment Payment Payment
-------------------------------------------------------------------------------
5 3.00% 17.91 53.59 106.78 211.99
6 3.00% 15.14 45.30 90.27 179.22
7 3.00% 13.16 39.39 78.49 155.83
8 3.00% 11.68 34.96 69.66 138.31
9 3.00% 10.53 31.52 62.81 124.69
10 3.00% 9.61 28.77 57.33 113.82
11 3.00% 8.86 26.52 52.85 104.93
12 3.00% 8.24 24.65 49.13 97.54
13 3.00% 7.71 23.08 45.98 91.29
14 3.00% 7.26 21.73 43.29 85.95
15 3.00% 6.87 20.56 40.96 81.33
16 3.00% 6.53 19.54 38.93 77.29
17 3.00% 6.23 18.64 37.14 73.74
18 3.00% 5.96 17.84 35.56 70.59
19 3.00% 5.73 17.13 34.14 67.78
20 3.00% 5.51 16.50 32.87 65.26
21 3.00% 5.32 15.92 31.72 62.98
22 3.00% 5.15 15.40 30.68 60.92
23 3.00% 4.99 14.92 29.74 59.04
24 3.00% 4.84 14.49 28.88 57.33
25 3.00% 4.71 14.09 28.08 55.76
26 3.00% 4.59 13.73 27.36 54.31
27 3.00% 4.47 13.39 26.68 52.97
28 3.00% 4.37 13.08 26.06 51.74
29 3.00% 4.27 12.79 25.49 50.60
30 3.00% 4.18 12.52 24.95 49.53
-------------------------------------------------------------------------------
25
OPTION 2
Life Income
Amount of First Monthly Payment for Each $1,000
After Deduction of any Charge for Premium Taxes
Rates for a Fixed Annuity with Guaranteed Interest Rate of 3.0%
Payments Guaranteed for a Stated Period of Months
---------------------------------------------------------------------------------------------------------------------------------
Adjusted None 60 120 180 240
Age of ----------------------------------------------------------------------------------------------------------------------
Annuitant Male Female Male Female Male Female Male Female Male Female
---------------------------------------------------------------------------------------------------------------------------------
50 $ 4.27 $ 3.90 $ 4.26 $ 3.90 $ 4.22 $ 3.89 $ 4.17 $ 3.86 $ 4.08 $ 3.82
51 4.34 3.97 4.33 3.96 4.30 3.95 4.23 3.92 4.14 3.88
52 4.43 4.03 4.41 4.03 4.37 4.01 4.30 3.98 4.20 3.93
53 4.51 4.10 4.50 4.10 4.45 4.08 4.37 4.04 4.26 3.99
54 4.60 4.18 4.59 4.17 4.54 4.15 4.45 4.11 4.32 4.04
55 4.70 4.25 4.68 4.25 4.62 4.22 4.53 4.18 4.39 4.11
56 4.80 4.34 4.78 4.33 4.72 4.30 4.61 4.25 4.45 4.17
57 4.91 4.42 4.89 4.41 4.82 4.38 4.69 4.32 4.51 4.23
58 5.03 4.52 5.00 4.51 4.92 4.47 4.78 4.40 4.58 4.30
59 5.15 4.61 5.12 4.60 5.03 4.56 4.87 4.48 4.65 4.37
60 5.28 4.72 5.25 4.70 5.14 4.66 4.96 4.57 4.71 4.44
61 5.43 4.83 5.39 4.81 5.27 4.76 5.06 4.66 4.78 4.51
62 5.58 4.95 5.53 4.93 5.39 4.87 5.16 4.75 4.84 4.58
63 5.74 5.08 5.69 5.05 5.53 4.99 5.26 4.85 4.90 4.65
64 5.91 5.21 5.85 5.18 5.66 5.10 5.36 4.95 4.96 4.72
65 6.10 5.36 6.03 5.32 5.81 5.22 5.46 5.05 5.02 4.79
66 6.30 5.51 6.21 5.47 5.96 5.36 5.56 5.16 5.08 4.86
67 6.51 5.67 6.41 5.63 6.12 5.50 5.66 5.26 5.13 4.93
68 6.73 5.85 6.62 5.80 6.28 5.65 5.77 5.37 5.18 5.00
69 6.97 6.04 6.84 5.98 6.44 5.80 5.86 5.49 5.23 5.06
70 7.23 6.25 7.07 6.18 6.61 5.97 5.96 5.60 5.27 5.12
71 7.51 6.47 7.32 6.39 6.79 6.14 6.05 5.71 5.31 5.18
72 7.80 6.71 7.58 6.62 6.96 6.32 6.14 5.83 5.34 5.23
73 8.12 6.98 7.85 6.86 7.14 6.50 6.23 5.94 5.37 5.28
74 8.46 7.26 8.14 7.12 7.32 6.69 6.31 6.04 5.40 5.32
75 8.82 7.57 8.45 7.40 7.50 6.89 6.38 6.14 5.42 5.35
---------------------------------------------------------------------------------------------------------------------------------
Rates are based on mortality from 1983 Table a.
Rates for ages not shown will be provided on request and will be computed
on a basis consistent with the rates in the above tables.
26
OPTION 3
Life Income for Two Payees
Amount of First Monthly Payment for Each $1,000
After Deduction of any Charge for Premium Taxes
(Annuitant is Male and Second Annuitant is Female)
Rates for a Fixed Annuity with Guaranteed Interest Rate of 3.0%
-----------------------------------------------------------------------------------------------------
Adjusted Ages
----------------------------
Second
Annuitant Annuitant Option 3a Option 3b Option 3c Option 3d Option 3e
-----------------------------------------------------------------------------------------------------
55 50 $ 3.69 $ 4.05 $ 4.27 $ 3.69 $ 4.13
55 55 3.88 4.25 4.47 3.87 4.25
55 60 3.06 4.47 4.71 4.06 4.36
60 55 3.99 4.44 4.71 3.98 4.55
60 60 4.24 4.71 4.99 4.23 4.70
60 65 4.49 5.01 5.32 4.48 4.85
65 60 4.38 4.97 5.32 4.38 5.10
65 65 4.72 5.33 5.70 4.71 5.32
65 70 5.07 5.75 6.17 5.05 5.54
70 65 4.93 5.68 6.15 4.91 5.86
70 70 5.40 6.21 6.70 5.36 6.18
70 75 5.89 6.82 7.40 5.81 6.49
75 70 5.69 6.68 7.32 5.62 6.92
75 75 6.37 7.45 8.15 6.23 7.40
75 80 7.07 8.34 9.16 6.78 7.85
-----------------------------------------------------------------------------------------------------
Rates are based on mortality from 1983 Table a.
The rates assume the Annuitant is Male and the Second Annuitant is Female.
Rates for ages not shown will be provided on request and will be computed
on a basis consistent with the rates in the above tables.
27
OPTION 3
Life Income for Two Payees
Amount of First Monthly Payment for Each $1,000
After Deduction of any Charge for Premium Taxes
(Annuitant is Female and Second Annuitant is Male)
Rates for a Fixed Annuity with Guaranteed Interest Rate of 3.0%
------------------------------------------------------------------------------------------------------
Adjusted Ages
---------------------------
Second
Annuitant Annuitant Option 3a Option 3b Option 3c Option 3d Option 3e
------------------------------------------------------------------------------------------------------
55 50 $ 3.75 $ 4.07 $ 4.26 $ 3.75 $ 3.98
55 55 3.88 4.25 4.47 3.87 4.06
55 60 3.99 4.44 4.71 3.98 4.12
60 55 4.06 4.47 4.71 4.06 4.37
60 60 4.24 4.71 4.99 4.23 4.47
60 65 4.38 4.97 5.32 4.38 4.54
65 60 4.49 5.01 5.32 4.48 4.89
65 65 4.72 5.33 5.70 4.71 5.02
65 70 4.93 5.68 6.15 4.91 5.14
70 65 5.07 5.75 6.17 5.05 5.60
70 70 5.40 6.21 6.70 5.36 5.79
70 75 5.69 6.68 7.32 5.62 5.96
75 70 5.89 6.83 7.40 5.81 6.63
75 75 6.37 7.45 8.15 6.23 6.92
75 80 6.78 8.11 8.99 6.54 7.15
------------------------------------------------------------------------------------------------------
Rates are based on mortality from 1983 Table a.
The rates assume the Annuitant is Female and the Second Annuitant is Male.
Rates for ages not shown will be provided on request and will be computed
on a basis consistent with the rates in the above tables.
28
OPTION 1
Payments for a Stated Period of Time
Amount of First Monthly Payment for Each $1,000
After Deduction of any Charge for Premium Taxes
Rates for a Variable Annuity with Assumed Net Return Rate of 3.5%
-------------------------------------------------------------------------------
Guaranteed Monthly Quarterly Semi-Annual Annual
Years Rate Payment Payment Payment Payment
-------------------------------------------------------------------------------
5 3.50% 18.12 54.19 107.92 213.99
6 3.50% 15.35 45.92 91.44 181.32
7 3.50% 13.38 40.01 79.69 158.01
8 3.50% 11.90 35.59 70.88 140.56
9 3.50% 10.75 32.16 64.05 127.00
10 3.50% 9.83 29.42 58.59 116.18
11 3.50% 9.09 27.18 54.13 107.34
12 3.50% 8.46 25.32 50.42 99.98
13 3.50% 7.94 23.75 47.29 93.78
14 3.50% 7.49 22.40 44.62 88.47
15 3.50% 7.10 21.24 42.31 83.89
16 3.50% 6.76 20.23 40.29 79.89
17 3.50% 6.47 19.34 38.51 76.37
18 3.50% 6.20 18.55 36.94 73.25
19 3.50% 5.97 17.85 35.54 70.47
20 3.50% 5.75 17.22 34.28 67.98
21 3.50% 5.56 16.65 33.15 65.74
22 3.50% 5.39 16.13 32.13 63.70
23 3.50% 5.24 15.66 31.19 61.85
24 3.50% 5.09 15.24 30.34 60.17
25 3.50% 4.96 14.85 29.56 58.62
26 3.50% 4.84 14.49 28.85 57.20
27 3.50% 4.73 14.15 28.19 55.90
28 3.50% 4.63 13.85 27.58 54.69
29 3.50% 4.53 13.57 27.02 53.57
30 3.50% 4.45 13.30 26.49 52.53
-------------------------------------------------------------------------------
29
OPTION 1
Payments for a Stated Period of Time
Amount of First Monthly Payment for Each $1,000
After Deduction of any Charge for Premium Taxes
Rates for a Variable Annuity with Assumed Net Return Rate of 5.0%
-------------------------------------------------------------------------------
Guaranteed Monthly Quarterly Semi-Annual Annual
Years Rate Payment Payment Payment Payment
-------------------------------------------------------------------------------
5 5.00% 18.74 56.00 111.33 219.98
6 5.00% 15.99 47.77 94.96 187.64
7 5.00% 14.02 41.90 83.30 164.59
8 5.00% 12.56 37.52 74.58 147.35
9 5.00% 11.42 34.11 67.81 133.99
10 5.00% 10.51 31.40 62.42 123.34
11 5.00% 9.77 29.19 58.03 114.66
12 5.00% 9.16 27.36 54.38 107.45
13 5.00% 8.64 25.81 51.31 101.39
14 5.00% 8.20 24.50 48.69 96.21
15 5.00% 7.82 23.36 46.44 91.75
16 5.00% 7.49 22.37 44.47 87.88
17 5.00% 7.20 21.51 42.75 84.48
18 5.00% 6.94 20.74 41.23 81.47
19 5.00% 6.71 20.06 39.88 78.80
20 5.00% 6.51 19.46 38.68 76.42
21 5.00% 6.33 18.91 37.59 74.28
22 5.00% 6.17 18.42 36.62 72.35
23 5.00% 6.02 17.98 35.73 70.61
24 5.00% 5.88 17.57 34.93 69.02
25 5.00% 5.76 17.20 34.20 67.57
26 5.00% 5.65 16.87 33.53 66.25
27 5.00% 5.54 16.56 32.92 65.04
28 5.00% 5.45 16.28 32.35 63.93
29 5.00% 5.36 16.01 31.83 62.90
30 5.00% 5.28 15.77 31.35 61.95
-------------------------------------------------------------------------------
30
OPTION 2
Life Income
Amount of First Monthly Payment for Each $1,000
After Deduction of any Charge for Premium Taxes
Rates for a Variable Annuity with Assumed Net Return Rate of 3.5%
Payments Guaranteed for a Stated Period of Months
-------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
Adjusted None 60 120 180 240
Age of ----------------------------------------------------------------------------------------------------------------------
Annuitant Male Female Male Female Male Female Male Female Male Female
---------------------------------------------------------------------------------------------------------------------------------
50 $ 4.56 $ 4.20 $ 4.55 $ 4.19 $ 4.51 $ 4.18 $ 4.45 $ 4.15 $ 4.36 $ 4.11
51 4.64 4.26 4.62 4.25 4.58 4.24 4.51 4.21 4.42 4.16
52 4.72 4.32 4.70 4.32 4.66 4.30 4.58 4.26 4.48 4.21
53 4.80 4.39 4.79 4.38 4.74 4.36 4.65 4.32 4.53 4.27
54 4.89 4.46 4.87 4.46 4.82 4.43 4.73 4.39 4.59 4.32
55 4.99 4.54 4.97 4.53 4.91 4.50 4.80 4.46 4.65 4.38
56 5.09 4.62 5.07 4.61 5.00 4.58 4.88 4.53 4.72 4.44
57 5.20 4.71 5.17 4.70 5.10 4.66 4.96 4.60 4.78 4.50
58 5.32 4.80 5.29 4.79 5.20 4.75 5.05 4.68 4.84 4.57
59 5.44 4.90 5.41 4.88 5.31 4.84 5.14 4.76 4.91 4.63
60 5.57 5.00 5.53 4.99 5.42 4.93 5.23 4.84 4.97 4.70
61 5.71 5.11 5.67 5.09 5.54 5.03 5.32 4.93 5.03 4.77
62 5.86 5.23 5.81 5.21 5.66 5.14 5.42 5.02 5.09 4.84
63 6.02 5.36 5.97 5.33 5.79 5.25 5.51 5.11 5.16 4.91
64 6.20 5.49 6.13 5.46 5.93 5.37 5.61 5.21 5.21 4.98
65 6.38 5.64 6.31 5.60 6.07 5.49 5.71 5.31 5.27 5.05
66 6.58 5.79 6.49 5.75 6.22 5.63 5.81 5.41 5.32 5.12
67 6.79 5.95 6.69 5.91 6.38 5.76 5.91 5.52 5.38 5.18
68 7.02 6.13 6.89 6.08 6.53 5.91 6.01 5.63 5.42 5.25
69 7.26 6.32 7.11 6.26 6.70 6.06 6.11 5.74 5.47 5.31
70 7.52 6.53 7.35 6.45 6.86 6.23 6.20 5.85 5.51 5.37
71 7.80 6.75 7.59 6.66 7.03 6.39 6.29 5.96 5.54 5.42
72 8.09 6.99 7.85 6.89 7.21 6.57 6.38 6.07 5.57 5.47
73 8.41 7.26 8.12 7.13 7.38 6.75 6.46 6.17 5.60 5.51
74 8.75 7.54 8.41 7.39 7.55 6.94 6.53 6.28 5.63 5.55
75 9.12 7.85 8.71 7.66 7.73 7.13 6.61 6.38 5.65 5.59
---------------------------------------------------------------------------------------------------------------------------------
Rates are based on mortality from 1983 Table a.
Rates for ages not shown will be provided on request and will be computed
on a basis consistent with the rates in the above tables.
31
OPTION 2
Life Income
Amount of First Monthly Payment for Each $1,000
After Deduction of any Charge for Premium Taxes
Rates for a Variable Annuity with Assumed Net Return Rate of 5.0%
Payments Guaranteed for a Stated Period of Months
-------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
Adjusted None 60 120 180 240
Age of ----------------------------------------------------------------------------------------------------------------------
Annuitant Male Female Male Female Male Female Male Female Male Female
---------------------------------------------------------------------------------------------------------------------------------
50 $ 5.48 $ 5.12 $ 5.46 $ 5.11 $ 5.41 $ 5.09 $ 5.34 $ 5.06 $ 5.24 $ 5.01
51 5.55 5.17 5.53 5.17 5.48 5.14 5.40 5.11 5.29 5.05
52 5.63 5.23 5.61 5.23 5.55 5.20 5.46 5.16 5.34 5.10
53 5.71 5.30 5.69 5.29 5.62 5.26 5.53 5.22 5.40 5.15
54 5.80 5.37 5.77 5.36 5.70 5.33 5.60 5.27 5.45 5.20
55 5.89 5.44 5.86 5.43 5.79 5.39 5.67 5.34 5.51 5.25
56 5.99 5.52 5.96 5.51 5.87 5.47 5.74 5.40 5.56 5.31
57 6.10 5.60 6.06 5.59 5.97 5.54 5.82 5.47 5.62 5.37
58 6.21 5.69 6.17 5.67 6.06 5.62 5.90 5.54 5.68 5.42
59 6.33 5.79 6.29 5.77 6.17 5.71 5.98 5.61 5.74 5.48
60 6.46 5.89 6.41 5.87 6.28 5.80 6.06 5.69 5.79 5.55
61 6.60 6.00 6.55 6.97 6.39 5.90 6.15 5.77 5.85 5.61
62 6.75 6.11 6.69 6.08 6.51 6.00 6.24 5.86 5.91 5.67
63 6.91 6.23 6.84 6.20 6.64 6.10 6.33 5.95 5.96 5.73
64 7.09 6.37 7.00 6.33 6.77 6.22 6.42 6.04 6.02 5.80
65 7.27 6.51 7.18 6.46 6.91 6.34 6.52 6.13 6.07 5.86
66 7.47 6.66 7.36 6.61 7.05 6.46 6.61 6.23 6.12 5.92
67 7.68 6.82 7.55 6.76 7.20 6.60 6.70 6.33 6.16 5.99
68 7.91 7.00 7.76 6.93 7.35 6.74 6.80 6.43 6.21 6.04
69 8.15 7.19 7.98 7.11 7.51 6.89 6.89 6.54 6.25 6.10
70 8.41 7.39 8.21 7.30 7.67 7.04 6.97 6.64 6.28 6.15
71 8.69 7.62 8.45 7.51 7.83 7.21 7.06 6.74 6.32 6.20
72 8.99 7.86 8.70 7.73 8.00 7.38 7.14 6.85 6.35 6.25
73 9.31 8.12 8.97 7.97 8.16 7.55 7.21 6.95 6.37 6.29
74 9.65 8.41 9.26 8.23 8.33 7.73 7.29 7.04 6.39 6.33
75 10.02 8.72 9.55 8.50 8.50 7.92 7.35 7.14 6.41 6.36
---------------------------------------------------------------------------------------------------------------------------------
Rates are based on mortality from 1983 Table a.
Rates for ages not shown will be provided on request and will be computed
on a basis consistent with the rates in the above tables.
32
OPTION 3
Life Income for Two Payees
Amount of First Monthly Payment for Each $1,000
After Deduction of any Charge for Premium Taxes
(Annuitant is Male and Second Annuitant is Female)
Rates for a Variable Annuity with Assumed Net Return Rate of 3.5%
-----------------------------------------------------------------------------------------------------
Adjusted Ages
---------------------------
Second
Annuitant Annuitant Option 3a Option 3b Option 3c Option 3d Option 3e
-----------------------------------------------------------------------------------------------------
55 50 $ 3.97 $ 4.35 $ 4.56 $ 3.97 $ 4.42
55 55 4.16 4.54 4.76 4.15 4.54
55 60 4.34 4.76 5.00 4.34 4.64
60 55 4.27 4.73 5.00 4.26 4.83
60 60 4.51 4.99 5.27 4.50 4.98
60 65 4.76 5.29 5.60 4.75 5.13
65 60 4.66 5.25 5.61 4.65 5.39
65 65 4.99 5.61 5.99 4.98 5.60
65 70 5.34 6.03 6.46 5.31 5.81
70 65 5.19 5.97 6.44 5.17 6.14
70 70 5.67 6.49 6.99 5.62 6.47
70 75 6.16 7.10 7.68 6.07 6.77
75 70 5.95 6.96 7.61 5.87 7.20
75 75 6.64 7.73 8.43 6.48 7.68
75 80 7.33 8.62 9.45 7.02 8.13
-----------------------------------------------------------------------------------------------------
Rates are based on mortality from 1983 Table a.
The rates assume the Annuitant is Male and the Second Annuitant is Female.
Rates for ages not shown will be provided on request and will be computed
on a basis consistent with the rates in the above tables.
33
OPTION 3
Life Income for Two Payees
Amount of First Monthly Payment for Each $1,000
After Deduction of any Charge for Premium Taxes
(Annuitant is Female and Second Annuitant is Male)
Rates for a Variable Annuity with Assumed Net Return Rate of 3.5%
-------------------------------------------------------------------------------------------------------
Adjusted Ages
--------------------------
Second
Annuitant Annuitant Option 3a Option 3b Option 3c Option 3d Option 3e
-------------------------------------------------------------------------------------------------------
55 50 $ 4.03 $ 4.36 $ 4.55 $ 4.03 $ 4.41
55 55 4.16 4.54 4.76 4.15 4.54
55 60 4.27 4.73 5.00 4.26 4.83
60 55 4.34 4.76 5.00 4.34 4.64
60 60 4.51 4.99 5.27 4.50 4.98
60 65 4.66 5.25 5.61 4.65 5.39
65 60 4.76 5.29 5.60 4.75 5.13
65 65 4.99 5.61 5.99 4.98 5.60
65 70 5.19 5.97 6.44 5.17 6.14
70 65 5.34 6.03 6.46 5.31 5.81
70 70 5.67 6.49 6.99 5.62 6.47
70 75 5.95 6.96 7.61 5.87 7.20
75 70 6.16 7.10 7.68 6.07 6.77
75 75 6.64 7.73 8.43 6.48 7.68
75 80 7.04 8.39 9.29 6.79 8.70
-------------------------------------------------------------------------------------------------------
Rates are based on mortality from 1983 Table a.
The rates assume the Annuitant is Female and the Second Annuitant is Male.
Rates for ages not shown will be provided on request and will be computed
on a basis consistent with the rates in the above tables.
34
OPTION 3
Life Income for Two Payees
Amount of First Monthly Payment for Each $1,000
After Deduction of any Charge for Premium Taxes
(Annuitant is Male and Second Annuitant is Female)
Rates for a Variable Annuity with Assumed Net Return Rate of 5.0%
-------------------------------------------------------------------------------------------------------
Adjusted Ages
--------------------------
Second
Annuitant Annuitant Option 3a Option 3b Option 3c Option 3d Option 3e
-------------------------------------------------------------------------------------------------------
55 50 $ 4.88 $ 5.26 $ 5.48 $ 4.88 $ 5.34
55 55 5.04 5.44 5.66 5.04 5.43
55 60 5.21 5.65 5.89 5.21 5.53
60 55 5.15 5.63 5.91 5.14 5.73
60 60 5.37 5.87 6.16 5.37 5.86
60 65 5.61 6.16 6.49 5.60 6.01
65 60 5.52 6.14 6.51 5.51 6.28
65 65 5.83 6.49 6.87 5.82 6.47
65 70 6.17 6.90 7.33 6.13 6.67
70 65 6.04 6.84 7.34 6.00 7.03
70 70 6.49 7.35 7.87 6.44 7.33
70 75 6.97 7.96 8.56 6.87 7.62
75 70 6.77 7.84 8.51 6.68 8.08
75 75 7.45 8.60 9.33 7.27 8.55
75 80 8.14 9.49 10.35 7.80 8.98
-------------------------------------------------------------------------------------------------------
Rates are based on mortality from 1983 Table a.
The rates assume the Annuitant is Male and the Second Annuitant is Female.
Rates for ages not shown will be provided on request and will be computed
on a basis consistent with the rates in the above tables.
35
OPTION 3
Life Income for Two Payees
Amount of First Monthly Payment for Each $1,000
After Deduction of any Charge for Premium Taxes
(Annuitant is Female and the Second Annuitant is Male)
Rates for a Variable Annuity with Assumed Net Return Rate of 5.0%
-------------------------------------------------------------------------------------------------------
Adjusted Ages
--------------------------
Second
Annuitant Annuitant Option 3a Option 3b Option 3c Option 3d Option 3e
-------------------------------------------------------------------------------------------------------
55 50 $ 4.93 $ 5.27 $ 5.46 $ 4.93 $ 5.19
55 55 5.04 5.44 5.66 5.04 5.43
55 60 5.15 5.63 5.91 5.14 5.73
60 55 5.21 5.65 5.89 5.21 5.53
60 60 5.37 5.87 6.16 5.37 5.86
60 65 5.52 6.14 6.51 5.51 6.28
65 60 5.61 6.16 6.49 5.60 6.01
65 65 5.83 6.49 6.87 5.82 6.47
65 70 6.04 6.84 7.34 6.00 7.03
70 65 6.17 6.90 7.33 6.13 6.67
70 70 6.49 7.35 7.87 6.44 7.33
70 75 6.77 7.84 8.51 6.68 8.08
75 70 6.97 7.96 8.56 6.87 7.62
75 75 7.45 8.60 9.33 7.27 8.55
75 80 7.86 9.28 10.20 7.57 9.59
-------------------------------------------------------------------------------------------------------
Rates are based on mortality from 1983 Table a.
The rates assume the Annuitant is Female and the Second Annuitant is Male.
Rates for ages not shown will be provided on request and will be computed
on a basis consistent with the rates in the above tables.
36
-------------------------------------------------------------------------------
Aetna Insurance Company of America
Home Office: 000 Xxxxxxxxxx Xxxxxx
Xxxxxxxx, Xxxxxxxxxxx 00000
(000) 000-0000
Group Variable, Fixed, or Combination Annuity Contract
Nonparticipating
-------------------------------------------------------------------------------
ALL PAYMENTS AND VALUES PROVIDED BY THE GROUP CONTRACT, WHEN BASED ON INVESTMENT
EXPERIENCE OF A SEPARATE ACCOUNT, ARE VARIABLE AND ARE NOT GUARANTEED AS TO
FIXED DOLLAR AMOUNT. THIS CONTRACT CONTAINS A MARKET VALUE ADJUSTMENT FORMULA.
APPLICATION OF A MARKET VALUE ADJUSTMENT MAY RESULT IN EITHER AN INCREASE OR
DECREASE IN THE CURRENT VALUE. THE MARKET VALUE ADJUSTMENT FORMULA DOES NOT
APPLY TO A GUARANTEED TERM AT THE TIME OF ITS MATURITY.
G-CDA-GP2(4/94)
