Exhibit A(5)(i)(1)
Rider - Return of Premium Term Insurance Agreement
The Company agrees, subject to the provisions of this supplemental agreement, to
provide the Term Insurance Benefit. The Company also agrees to provide all of
the other benefits which are stated in this agreement.
This agreement is a part of the policy to which it is attached. It is subject to
all of the provisions of the policy unless stated otherwise in this agreement.
Return of Premium Term Insurance Benefit--The Company will pay the Term
Insurance Benefit upon receipt of due proof of the death of the last Insured to
die while this agreement is in force. The amount of the Term Insurance Benefit
is the sum of all premiums paid into the policy up to the most recent
monthiversary.
The Term Insurance Benefit will be paid on the death of the last Insured to die
to the beneficiary in one sum or, if elected, under an income payment option. If
part or all of the benefit is paid in one sum, the Company will pay interest on
this sum from the date of death to the date of payment. The interest rate will
be determined each year by the Company, but will not be less than a rate of 3%
per year compounded annually, or such higher rate as may be required by state
law.
Monthly Deduction--While this agreement is in force, the Monthly Deduction under
this policy will include the Monthly Deduction for this agreement. The Monthly
Deduction for this agreement is the Cost of Insurance for the policy month for
the Term Insurance under this agreement.
Cost of Insurance--The Cost of Insurance for the Term Insurance under this
agreement is determined on a monthly basis. It is calculated as (a) multiplied
by (b) where:
(a) is the Cost of Insurance Rate divided by $1,000 for the Term Insurance
applicable to this policy, and
(b) is the amount of Term Insurance under this agreement.
The Cost of Insurance Rate for the Term Insurance is based on the policy year
and attained age, sex and rate class of each Insured. Cost of Insurance Rates
will be determined by the Company based on expectations as to future mortality,
investment, expense and persistency experience. However, these rates will not
exceed those ROPJ-00(S) shown for Term Rates in the Additional Policy
Specifications. Cost of Insurance Rates will not be adjusted by the Company as a
means of recovering prior losses nor as a means of distributing prior profits.
Computation of Values--All values and benefits in this agreement are equal to or
greater than those required by the law of the jurisdiction in which this policy
is delivered.
Availability. This agreement will not be considered a part of the policy unless
the Specified Amount for the base policy includes the Policy Value. A request at
a later date to change the Specified Amount Option so that the Specified Amount
does not include the Policy Value will not be allowed unless we also receive a
written request to terminate this rider.
Termination of Agreement--This agreement will terminate upon :
(a) the original maturity date of the base policy;
(b) lapse of this policy;
(c) surrender of this policy;
(d) the Monthly Anniversary which coincides with or next follows (i) receipt by
the Company of a written request by the Owner to terminate this agreement,
and (ii) return of this policy for appropriate endorsement.
Effective Date--The effective date of this agreement is the same as the Date of
Issue of this policy unless another effective date is shown below.
The Penn Mutual Life Insurance Company
[GRAPHIC OMITTED]
Chairman and
Chief Executive Officer
