THE INSURED XXXXXXX XXX VARIABLE
LIFE INSURANCE
POLICY OWNER XXXXXXX XXX POLICY
EQUITABLE
FACE AMOUNT $100,000 VARIABLE LIFE INSURANCE COMPANY
[EVLICO LOGO]
POLICY NUMBER SPECIMEN
EQUITABLE VARIABLE LIFE INSURANCE COMPANY
A Stock Life Insurance Company
Agrees
o To pay the insurance benefits of this policy to the Beneficiary upon receiving
proof of the Insured's death; and
o To provide you (the policy Owner) with the other rights and benefits of this
policy.
These agreements are subject to the provisions of this policy.
THE DEATH BENEFIT OF THIS POLICY DURING THE FIRST POLICY YEAR WILL EQUAL THE
FACE AMOUNT SHOWN ON PAGE 3. THEREAFTER, IT MAY INCREASE OR DECREASE EACH YEAR
AS DESCRIBED ON PAGE 4 DEPENDING UPON SEPARATE ACCOUNT INVESTMENT EXPERIENCE,
BUT SHALL NEVER BE LESS THAN THE FACE AMOUNT.
THE ACCOUNT VALUE AND THE CASH VALUE OF THIS POLICY WILL VARY FROM DAY TO DAY.
THEY MAY INCREASE OR DECREASE DEPENDING UPON SEPARATE ACCOUNT INVESTMENT
EXPERIENCE.
The amount of the single premium for this policy is shown on page 3.
RIGHT TO EXAMINE POLICY. You may examine this policy and if for any reason you
are not satisfied with it, you may cancel it by returning the policy with a
written request for cancellation to our Administrative Office by the later of:
(a) the 10th day after you receive it; or (b) the 45th day after Part 1 of the
application was signed. If you do this, we will refund the premium that was
paid.
SPECIMEN SPECIMEN
Xxxxx Xxxxx Secretary Xxxxxx X. Xxxxxx President
Single Premium Whole Life Plan -- Level Face Amount. Variable
insurance payable upon death. Guaranteed Minimum Death Benefit.
Non-Participating. Investment experience reflected in benefits.
Investment options described on page 6.
No. 83-09
[EVLICO LOGO]
0000 Xxxxxx xx xxx Xxxxxxxx, Xxx Xxxx,
CONTENTS
Insurance benefits 2
Policy owner and beneficiary 4
Death Benefit 4
Account Value 4
Cash Value 4
Loans 5
The Separate Accounts 5
Investment Options,
allocations, transfers 6
Exchange of Policy 6
General Provisions 7
Payment Options 8
Basis of Values 10
(Net rates of return, variable adjustment amount, benefit base, calculation of
Account Values)
A copy of the application for this policy is at the back of the policy.
IN THIS POLICY:
"We," "our" and "us" mean Equitable Variable Life Insurance Company.
"You" and "your" mean the Owner of the policy at the time an Owner's right is
exercised.
ADMINISTRATIVE OFFICE
The address of our Administrative Office is shown on page 3. You should send
requests to that address unless instructed otherwise.
INSURANCE BENEFITS
The insurance benefits we pay at the insured's death include:
o the Death Benefit described on page 4;
o minus any loan (and loan interest) on the policy.
We will add interest to the resulting amount for the period from the date of
death to the date of payment. It will be computed at the interest rate we are
then paying under the Deposit Option on page 8.
Payment of these benefits may be affected by other provisions of this policy.
See the Suicide Exclusion, Incontestability and Age and Sex clauses on page 7.
Special exclusions or limitations (if any ) are listed on page 3.
No. 83-09 Page 2
THE INSURED XXXXXXX XXX REGISTER DATE JAN 1, 1984
POLICY OWNER XXXXXXX XXX DATE OF ISSUE JAN 1, 1984
FACE AMOUNT $100,000 ISSUE AGE, SEX 35 MALE
POLICY NUMBER SPECIMEN BENEFICIARY XXXXXXXX X. XXX
STATE OF
RESIDENCE SPECIMEN STATE
************************* BENEFITS AND PREMIUMS TABLE **************************
BENEFITS SINGLE PREMIUM
FOR THIS POLICY
LIFE INSURANCE - VARIABLE $25,890.82
THE SINGLE PREMIUM IS $25,890.82 AND IS DUE ON OR BEFORE DELIVERY OF THE POLICY.
THE FOLLOWING DEDUCTIONS ARE MADE FROM THE SINGLE PREMIUM:
ADMINISTRATIVE EXPENSE: $200.00
STATE PREMIUM TAX: 517.82
THE NET SINGLE PREMIUM AMOUNT ALLOCATED TO THE SEPARATE ACCOUNT(S) IS
$25,173.00.
************** INVESTMENT ALLOCATION OF NET SINGLE PREMIUM AMOUNT**************
SEPARATE ACCOUNT I 50%
SEPARATE ACCOUNT II 50%
******* ADMINISTRATIVE OFFICE: EQUITABLE VARIABLE LIFE INSURANCE COMPANY *******
SPECIMEN REGIONAL SERVICE CENTER
000 XXXXXXXX XX.
CITY, STATE 10001
V83-09-3 Page 3
THE INSURED XXXXXXX XXX REGISTER DATE JAN 1, 1984
FACE AMOUNT $100,000 DATE OF ISSUE JAN 1, 1984
POLICY NUMBER SPECIMEN ISSUE AGE, SEX 35 MALE
******************************** TABULAR VALUES ********************************
THE ACCOUNT VALUE AND CASH VALUE OF THIS POLICY MAY BE GREATER OR LESS THAN
AMOUNTS SHOWN AND ARE NOT GUARANTEED AS TO DOLLAR AMOUNT
SEE PAGE 4 FOR ACCOUNT VALUE AND CASH VALUE PROVISIONS
TABULAR VALUES AT ENDS OF POLICY YEARS
END OF TABULAR TABULAR
POLICY YEAR ACCOUNT VALUES CASH VALUES
1 $26,019 $23,960
2 26,892 24,984
3 27,790 26,050
4 28,712 27,158
5 29,659 28,309
6 30,630 29,504
7 31,623 30,743
8 32,641 32,030
9 33,683 33,364
10 34,748 34,748
11 35,837 35,837
12 36,951 36,951
13 38,089 38,089
14 39,252 39,252
15 40,440 40,440
16 41,653 41,653
17 42,888 42,888
18 44,143 44,143
19 45,416 45,416
20 46,704 46,704
AGE 60 53,364 53,364
AGE 62 56,124 56,124
AGE 65 60,301 60,301
AGE 70 67,206 67,206
THESE VALUES DO NOT REFLECT LOANS. VALUES NOT SHOWN WILL BE FURNISHED ON
REQUEST.
V83-09-3A Page 3A
TABLE OF NET SINGLE PREMIUMS
For $1.00 of Variable Adjustment Amount or Paid-Up Whole Life Level Insurance.
Values shown are applicable on policy anniversaries. The net single premium as
of a date during a policy year shall be determined by interpolation between the
values applicable on the immediately preceding and immediately following
anniversaries.
Age of Age of Age of Age of Age of
Insured Net Insured Net Insured Net Insured Net Insured Net
(Nearest Single (Nearest Single (Nearest Single (Nearest Single (Nearest Single
Birthday) Premium Birthday) Premium Birthday) Premium Birthday) Premium Birthday) Premium
--------- ------- --------- ------- --------- ------- --------- ------- --------- -------
MALE INSURED
------------
1 $.08655 21 $.16103 41 $.30630 61 $.54739 81 $ .80702
2 .08901 22 .16584 42 .31623 62 .56124 82 .81756
3 .09165 23 .17087 43 .32641 63 .57516 83 .82774
4 .09441 24 .17613 44 .33683 64 .58909 84 .83745
5 .09731 25 .18165 45 .34748 65 .60301 85 .84665
6 .10038 26 .18744 46 .35837 66 .61689 86 .85536
7 .10361 27 .19351 47 .36951 67 .63072 87 .86362
8 .10702 28 .19985 48 .38089 68 .64453 88 .87153
9 .11061 29 .20646 49 .39252 69 .65831 89 .87920
10 .11436 30 .21334 50 .40440 70 .67206 90 .88679
11 .11828 31 .22049 51 .41653 71 .68574 91 .89444
12 .12232 32 .22790 52 .42888 72 .69929 92 .90237
13 .12645 33 .23558 53 .44143 73 .71262 93 91083
14 .13063 34 .24352 54 .45416 74 .72564 94 .92013
15 .13484 35 .25173 55 .46704 75 .73828 95 .93048
16 .13906 36 .26019 56 .48007 76 .75052 96 .94201
17 .14330 37 .26892 57 .49324 77 .76238 97 .95459
18 .14757 38 .27790 58 .50655 78 .77391 98 .96774
19 .15193 39 .28712 59 .52002 79 .78517 99 .98064
20 .15640 40 .29659 60 .53364 80 .79621 100 1.00000
FEMALE INSURED
--------------
1 $.07178 21 $.13538 41 $.26197 61 $.47686 81 $ .77229
2 .07383 22 .13985 42 .27047 62 .49058 82 .78597
3 .07602 23 .14449 43 .27917 63 .50455 83 .79922
4 .07831 24 .14930 44 .28807 64 .51871 84 .81195
5 .08072 25 .15429 45 .29719 65 .53301 85 .82411
6 .08324 26 .15946 46 .30654 66 .54743 86 .83569
7 .08589 27 .16482 47 .31613 67 .56201 87 .84673
8 .08865 28 .17038 48 .32597 68 .57676 88 .85730
9 .09155 29 .17613 49 .33604 69 .59177 89 .86749
10 .09457 30 .18209 50 .34637 70 .60703 90 .87741
11 .09773 31 .18825 51 .35693 71 .62253 91 .88720
12 .10100 32 .19462 52 .36775 72 .63818 92 .89704
13 .10438 33 .20122 53 .37880 73 .65388 93 .90712
14 .10788 34 .20805 54 .39008 74 .66948 94 .91771
15 .11146 35 .21510 55 .40160 75 .68489 95 .92905
16 .11515 36 .22239 56 .41336 76 .70006 96 .94128
17 .11895 37 .22990 57 .42540 77 .71496 97 .95429
18 .12285 38 .23761 58 .43774 78 .72961 98 .96766
19 .12689 39 .24554 59 .45042 79 .74406 99 .98064
20 .13106 40 .25366 60 .46347 80 .75830 100 1.00000
V83-09-3B Page 3B
POLICY OWNER AND BENEFICIARY
OWNER. The Owner of this policy is the Insured unless otherwise stated in the
application, or later changed. As Owner, you can exercise all the rights in this
policy while the Insured is living. You do not need the consent of anyone who
has only a conditional or future ownership interest in this policy.
BENEFICIARY. The Beneficiary is as stated in the application, unless later
changed. If two or more persons are named, those surviving the Insured will
share equally unless otherwise stated.
We will pay any benefit for which there is no stated Beneficiary living at the
death of the Insured to the children of the Insured who then survive, in equal
shares. If none survive, we will pay the estate of the Insured.
CHANGES. While the Insured is living, you may change the Owner or Beneficiary by
written notice in a form satisfactory to us. The change will take effect on the
date you sign the notice, except that it will not apply to any payment we make
or other action we take before we receive the notice at our Administrative
Office. If you change the Beneficiary, any previous arrangement you made under
the Payment Options provision on page 8 is cancelled.
ASSIGNMENT. You may assign this policy, but we will not be bound by an
assignment unless it is in writing and we have received it at our Administrative
Office. Your rights and those of any other person referred to in this policy
will be subject to the assignment. We assume no responsibility for the validity
of any assignment.
DEATH BENEFIT
The Death Benefit equals:
o the face amount shown on page 3;
o plus the sum, if positive, of the Variable Adjustment Amounts, for each
separate account under this policy in which you have a cash value, for the
policy year in which the Insured dies.
However, the Death Benefit will in no event be less than the amount of Paid-up
Whole Life Level Insurance that could be purchased by the Account Value at the
Insured's death on the basis of the Table of Net Single Premiums on page 3B.
See page 10 for a description of how the Variable Adjustment Amount for each
separate account is determined.
ACCOUNT VALUE
The policy's Account Value will vary daily with the performance of the separate
accounts in which you have an Account Value under this policy. See page 11 for a
description of how the Account Value is determined.
CASH VALUE
You may give up this policy for its net cash value at any time while the Insured
is living. The net cash value is the cash value minus any loan and loan
interest.
We will determine the net cash value on the date we receive your signed request
for it at our Administrative Office. The policy will terminate on the date you
send the policy and the request to us.
CASH VALUE. The policy's cash value will vary daily with the performance of the
separate accounts in which you have a cash value under this policy.
During the first ten policy years the cash value on any date will be equal to
the product of (1) and (2), where:
(1) is the Account Value on that date; and
(2) is the Tabular Cash Value divided by the Tabular Account Value for that
date.
Whenever the difference between the Account Value and cash value exceeds 9% of
the single premium for this policy, we will increase the cash value by the
amount of such excess.
Tabular Account Values and Tabular Cash Values are shown on page 3A.
After the tenth policy year, the cash value will equal the Account Value.
V83-09-3B Page 4
LOANS
You may get a loan on this policy while it has a loan value. This policy will be
the sole security for the loan.
The amount of the loan may not be more than the loan value. A loan must be at
least $100 more than any existing loan and loan interest. Any existing loan and
loan interest will be deducted from the new loan.
A loan, whether you repay it or not, will have a permanent effect on the
Variable Adjustment Amounts, Death Benefit, Account Value and cash value under
this policy.
We will allocate loans to the separate accounts based on your net cash value in
each separate account as of the dates the loans are made. We will allocate loan
repayments to the separate accounts based on the amount of your outstanding
loans as to each separate account as of the dates the repayments are made.
LOAN VALUE. The loan value is 90% of the policy's cash value.
LOAN INTEREST. Interest on a loan accrues daily, at an annual rate of 5%.
Interest is due on each policy anniversary. If the interest is not paid when
due, it will be added to the loan and bear interest at the loan rate.
When a loan plus loan interest first exceeds the cash value, we will mail to you
and any assignee of record at last known addresses a notice that the policy will
terminate if such excess amount is not repaid within 31 days after we mailed
such notice.
REPAYMENT. You may repay a loan and loan interest in whole or in part at any
time while the Insured is living and this policy is in effect. We will deduct
any existing loan and loan interest from any benefits we pay at the Insured's
death.
THE SEPARATE ACCOUNTS
We established and we maintain Separate Accounts I and II under the laws of New
York State. Realized and unrealized gains and losses from the assets of Separate
Accounts I and II are credited or charged against such accounts without regard
to our other income, gains, or losses. Assets are put in Separate Accounts I and
II to support this policy and other variable life insurance policies. Assets may
be put in Separate Accounts I and II for other purposes, but not to support
contracts or policies other than variable life insurance.
We expect the investments in Separate Account I will be, primarily, common
stocks and other equity-type investments. We expect the investments in Separate
Account II will be, primarily, short-term (not to exceed one year) money market
instruments, such as: United States (U.S.) government and U.S. government agency
securities; bank money instruments; time deposits; certificates of deposit; high
grade commercial paper, including master demand notes; and repurchase agreements
covering U.S. government obligations and certificates of deposit. But, we may
invest the assets of Separate Accounts I and II in any legal investments. We
will rely upon our own and outside counsel for advice in this regard.
Instead of making direct investments, we may also operate either Separate
Account I or II as a unit investment trust, or other form. We would invest all
or part of such account's assets in shares or units of a fund. We, an affiliate,
or The Equitable Life Assurance Society of the United States would be the
investment adviser and would invest the assets of the fund as above.
The assets of Separate Accounts I and II are our property. The portion of the
assets of Separate Accounts I and II equal to the reserves and other policy
liabilities with respect to such separate accounts will not be chargeable with
liabilities arising out of any other business we conduct. We may transfer assets
of such separate accounts in excess of such reserves and liabilities to our
general account.
We will value the assets of Separate Accounts I and II on each business day. A
business day is any day on which the New York Stock Exchange is open for
trading.
We have the right to create new separate accounts. We have the right to withdraw
assets of a class of policies to which this policy belongs from either
V83-09-5 Page 5
THE SEPARATE ACCOUNTS CONTINUED
separate account and put them in another separate account. If we do this, we
will withdraw the same percentage of each investment in such separate account,
but will avoid odd lots and fractions. We also have the right to combine any two
or more separate accounts. The term "Separate Account I" or "Separate Account
II" in this policy shall then refer to any other separate account in which the
assets of a class of policies to which this policy belongs were placed.
We have the right to:
1. register or deregister either separate account under the Investment Company
Act of 1940;
2. run either separate account under the direction of a committee, and to
discharge such committee at any time; and
3. restrict or eliminate any voting rights of policyowners, or other persons
who have voting rights as to either separate account.
CHANGES OF INVESTMENT ADVISER OR INVESTMENT POLICY. Unless otherwise required by
law or regulation, the investment adviser or any investment policy may not be
changed without our consent. If required by law or regulation, the investment
policy of either separate account will not be changed unless approved by the
Superintendent of Insurance of New York State or deemed approved in accordance
with such law or regulation. If so required, we have filed the process for
getting such approval with the insurance supervisory official of the
jurisdiction in which this policy is delivered.
INVESTMENT OPTIONS
ALLOCATION OF NET SINGLE PREMIUM. We will allocate to each separate account as
of the Register Date a percentage of the Net Single Premium Amount shown on page
3. Such allocation will be based on the allocation percentages designated in the
application for this policy.
TRANSFER OF ACCOUNT VALUES. You may ask us to transfer all or part of your
Account Value in one of the separate accounts to the other. Only two such
transfers may be made in a policy year. We will make the transfer as of the date
we receive your written request for it at our Administrative Office.
EXCHANGE OF POLICY
You may exchange this policy for a policy of permanent fixed benefit insurance
on the life of the Insured. You may make such an exchange within 24 months after
the Date of Issue shown on page 3. We will not require evidence of insurability.
We will require:
1. That this policy be in effect on the date of exchange; and
2. Repayment of any loan and loan interest on this policy.
The date of exchange will be the later of: (a) the date you send us this policy
and the signed request on our form for such exchange; or (b) the date we receive
at our Administrative Office any sum due to be paid for such exchange.
THE NEW POLICY. The new policy will be the "Single Premium Life Plan" policy
being offered by The Equitable Life Assurance Society of the United States
(Equitable) on the Date of Issue of this policy. It is a policy of permanent
fixed benefit life insurance. It will have the same face amount, Register Date,
Date of Issue, and Issue Age as this policy. The single premium for the new
policy will be based on Equitable's rates in effect on its Register Date for the
same class of risk as under this policy.
Upon request you will be told the amount of the single premium for the new
policy, and of any extra sum required or allowance to be made for a premium or
cash value adjustment that takes appropriate account of the premiums and cash
values under this policy and under the new policy. If so required, we have filed
a detailed statement of the method of computing such an adjustment with the
insurance supervisory official of the jurisdiction in which this policy is
delivered.
V83-09-5 Page 6
GENERAL PROVISIONS
THE CONTRACT. This insurance is granted in consideration of payment of the
single premium for this policy shown on page 3. This policy and the application
(a copy of which is attached at issue) constitute the entire contract. The
rights conferred by this policy are in addition to those provided by applicable
Federal and State laws and regulations.
The contract may not be modified, nor may any of our rights or requirements be
waived, except in writing signed by our President, one of our Vice Presidents,
or by our Secretary or Treasurer.
INCONTESTABILITY All statements made in the application are representations and
not warranties. We have the right to contest the validity of this policy based
on material misstatements made in the application. However, this policy will
become incontestable after it has been in effect during the lifetime of the
Insured for two years from the Date of Issue shown on page 3.
AGE AND SEX. If the Insured's age or sex has been misstated, any benefits will
be those that the premium paid would have purchased at the correct age and sex.
SUICIDE EXCLUSION. If the Insured commits suicide, while sane or insane, within
two years after the Date of Issue shown on page 3, our liability will be limited
to the payment of a single sum equal to the premium paid, minus any loan and
loan interest.
POLICY PERIODS AND ANNIVERSARIES. Policy years and policy anniversaries are
measured from the Register Date. If the end of a policy year is indicated by an
age, it ends on the policy anniversary nearest the birthday on which the Insured
reaches that age.
REPORTS. Each policy year after the first we will give you a report showing the
Death Benefit, the Account Value and the cash value as of the first day of such
year. The amount of any existing loan and the accrued loan interest for the
previous policy year will also be shown. We will also give you such other
reports as may be required by law.
BASIS OF COMPUTATION. Account Values, reserves and net single premiums are based
on the Commissioners 1980 Standard Ordinary Mortality Table. Continuous
functions are used with interest compounded annually at 4%.
The cash values are equal to or more than those required by law. If so required,
we have filed a detailed statement of the method of computing cash values with
the insurance supervisory official of the jurisdiction in which this policy is
delivered. The Tabular Account Value at the end of each policy year equals the
tabular reserve. Our expense and mortality results will not adversely affect the
dollar amount of insurance benefits or Account Values or cash values.
DETERMINATION AND PAYMENT OF VARIABLE BENEFITS. We will make payments under this
policy as follows:
o A cash value will be paid within 7 days after we receive your policy and
request at our Administrative Office;
o A loan will be paid within 7 days after we receive your request at our
Administrative Office; and
o The insurance benefits will be paid within 7 days after we receive at our
Administrative Office proof of the Insured's death and all other
requirements deemed necessary before such payment may be made.
We may not be able to sell securities or determine the value of the assets of
the separate accounts if: (1) the New York Stock Exchange is closed; (2) the
Securities and Exchange Commission requires trading to be restricted or declares
an emergency; or (3) the Securities and Exchange Commission by order permits us
to defer payments for the protection of our policy owners. During such times we
may defer:
1. Determination of Account Values;
2. Determination and payment of cash values;
3. Payment of loans;
4. Determination of a change in a Variable Adjustment Amount, and payment of
any portion of the Death Benefit equal to the Variable Adjustment Amount;
5. Any requested transfer of Account Value; and
6. Use of insurance benefits under the Payment Options.
V83-09-7 Page 7
PAYMENT OPTIONS
Payments under these options will not be affected by the investment
experience of any separate account after proceeds are applied
under such options.
Instead of having the insurance benefits or net cash value paid immediately in
one sum, you can choose another form of payment for all or part of them. If you
do not arrange for this before the Insured dies, the Beneficiary will have this
right when the Insured dies. Arrangements you make, however, cannot be changed
by the Beneficiary after the Insured's death. The options are:
1. DEPOSIT OPTION: Left on deposit for a period mutually agreed upon, with
interest paid at the end of each month, each 3 months, each 6 months or each
12 months, as chosen.
2. INSTALMENT OPTIONS:
A. FIXED PERIOD: Paid in equal instalments for a specified number of years
(not more than 30). The instalments will not be less than those shown in
the Table of Guaranteed Payments on page 9.
B. FIXED AMOUNT: Paid in instalments as mutually agreed upon until the amount
applied, together with interest on the unpaid balance, is used up.
3. LIFE INCOME OPTIONS:
Paid as a monthly income for life in an amount we determine but not less than
shown in the Table of Guaranteed Payments on page 9. We guarantee payments
for life and in any event for 10 years, 20 years, or until the payments we
make equal the amount applied (called "refund certain"), according to the
"certain" period chosen.
4. OTHER: We will apply the sum under any other option requested that we make
available at the time of the Insured's death or net cash value withdrawal.
We guarantee interest under Option 1 at the rate of 3% a year and under Option 2
at 3-1/2% a year, or such higher rates as we may determine. We may allow excess
interest under Options 1 and 2.
The payee under an option may name and change a successor payee for any amount
we would otherwise pay the payee's estate.
Any arrangements involving more than one of the options, or a payee who is not a
natural person (for example, a corporation) or who is a fiduciary, must have our
approval. Also, details of all arrangements will be subject to our rules at the
time the arrangement takes effect. These include rules on: the minimum amount
we will apply under an option and minimum amounts for installment payments;
withdrawal or commutation rights; naming payees and successor payees; and
proving age and survival.
Choices (or any later changes) under these options will be made and will take
effect in the same way as a change of Beneficiary. Amounts applied under these
options will not be subject to the claims of creditors or to legal process, to
the extent permitted by law.
V83-09-7 Page 8
TABLE OF GUARANTEED PAYMENTS
MINIMUM AMOUNT FOR EACH $1,000 OF ORIGINAL SUM
OPTION 2
FIXED PERIOD INSTALLMENTS
-------------------------
Number
of Years' Monthly Annual
Instalments Instalment Instalment
------------ ----------- -----------
1 $84.70 $1000.00
2 43.08 508.60
3 29.21 344.86
4 22.28 263.04
5 18.12 213.99
6 15.36 181.32
7 13.38 158.01
8 11.91 140.56
9 10.76 127.00
10 9.84 116.18
11 9.09 107.34
12 8.47 99.98
13 7.94 93.78
14 7.49 88.47
15 7.11 83.89
16 6.77 79.89
17 6.47 76.37
18 6.20 73.25
19 5.97 70.47
20 5.76 67.98
21 5.57 65.74
22 5.40 63.70
23 5.24 61.85
24 5.10 60.17
25 4.97 58.62
26 4.84 57.20
27 4.73 55.90
28 4.63 54.69
29 4.54 53.57
30 4.45 52.53
If installments are paid every 3 months, they will be 25.32% of the annual
installments. If they are paid every 6 months, they will be 50.43% of the annual
installments.
OPTION 3
MONTHLY LIFE INCOME
-------------------
10 Years Certain 20 Years Certain Refund Certain
---------------- ---------------- --------------
AGE Male Female Male Female Male Female
--- ---- ------ ---- ------ ---- ------
50 $4.50 $3.96 $4.27 $3.89 $ 4.28 $3.87
51 4.58 4.02 4.32 3.94 4.35 3.93
52 4.67 4.09 4.38 4.00 4.42 3.99
53 4.75 4.16 4.44 4.06 4.50 4.05
54 4.85 4.24 4.50 4.12 4.58 4.11
55 4.94 4.32 4.56 4.18 4.66 4.18
56 5.04 4.40 4.62 4.24 4.74 4.25
57 5.15 4.49 4.68 4.31 4.83 4.33
58 5.26 4.58 4.74 4.38 4.93 4.41
59 5.37 4.68 4.81 4.45 5.03 4.49
60 5.49 4.78 4.86 4.52 5.13 4.58
61 5.62 4.89 4.92 4.59 5.24 4.67
62 5.75 5.00 4.98 4.66 5.35 4.77
63 5.88 5.12 5.04 4.73 5.48 4.88
64 6.03 5.25 5.09 4.80 5.60 4.99
65 6.17 5.39 5.14 4.88 5.74 5.10
66 6.32 5.53 5.19 4.95 5.88 5.22
67 6.48 5.68 5.24 5.01 6.03 5.35
68 6.64 5.83 5.28 5.08 6.18 5.49
69 6.80 6.00 5.32 5.14 6.35 5.64
70 6.97 6.17 5.35 5.20 6.53 5.79
71 7.15 6.34 5.38 5.26 6.71 5.96
72 7.32 6.53 5.41 5.30 6.91 6.13
73 7.50 6.72 5.43 5.35 7.12 6.32
74 7.67 6.92 5.45 5.38 7.34 6.52
75 7.85 7.12 5.47 5.42 7.58 6.73
76 8.02 7.32 5.48 5.44 7.82 6.96
77 8.19 7.53 5.49 5.46 8.09 7.21
78 8.36 7.75 5.50 5.48 8.38 7.47
79 8.52 7.96 5.50 5.49 8.67 7.75
80 8.67 8.16 5.51 5.50 9.00 8.05
81 8.81 8.36 5.51 5.51 9.34 8.39
82 8.94 8.55 5.51 5.51 9.70 8.73
83 9.06 8.73 5.51 5.51 10.10 9.12
84 9.16 8.90 5.51 5.51 10.52 9.53
85 & over 9.26 9.05 5.51 5.51 10.96 9.97
Amounts for Monthly Life Income are based on age nearest birthday when
income starts. Amounts for ages not shown will be furnished on request.
V83-09-9 Page 9
BASIS OF VALUES
ACTUAL NET RATE OF RETURN (ACTUAL NRR). For each separate account, the Actual
Net Rate of Return for a policy year reflects the account's:
o investment income;
o plus realized and unrealized capital gains;
o minus realized and unrealized capital losses;
o minus any charge for taxes or amounts set aside as a reserve for taxes;
o minus a charge not exceeding .25% per year for investment management
expenses; and
o minus a charge not exceeding .50% per year for mortality, expenses and other
risks.
The Actual NRR for a period less than a year will be calculated in a consistent
manner.
BASE NET RATE OF RETURN (BASE NRR). The Base NRR is 4% per year. (It is a
pro-rata part of 4% for periods of less than a year.)
If the Actual NRR for all separate accounts always equals the Base NRR, then:
o the Death Benefit will always equal the Face Amount; and
o the Account Value at the end of each policy year will equal the Tabular
Account Value shown on page 3A.
VARIABLE ADJUSTMENT AMOUNT (VAA). The VAA for a policy year is the amount of
insurance in effect for that policy year due to investment performance in past
years. On each policy anniversary we will determine a new VAA for the next
policy year. We will do this independently for each separate account, taking
into account the Actual NRR for the last policy year.
For the first policy year the VAA for each separate account is zero. For later
policy years, the VAA for each separate account will equal the sum of the VAA
Change Amounts for all prior policy years, including the current year. A VAA
does not change during a policy year.
VAA CHANGE AMOUNT. For each policy year after the first, the VAA Change Amount
for each separate account may be positive or negative. It will equal the product
of the following Items (a) and (b) divided by Item (c).
(a) The Actual NRR for the separate account minus the Base NRR for that policy
year.
(b) The Benefit Base for the separate account as of the last policy
anniversary.
(c) The Net Single Premium per $1.00 of VAA for the current policy anniversary
as shown on page 3B.
BENEFIT BASE. For each separate account, the Benefit Base on the Register Date
is the product of the following Items (1) and (2):
(1) The Allocation Percentage designated in the application for this policy.
(2) The Net Single Premium Amount shown on page 3.
On policy anniversaries, the Benefit Base for a separate account is the sum of
the following Items (1) and (2), minus Item (3):
(1) The Tabular Account Value on that anniversary, multiplied by the
following amount immediately before that anniversary: The Benefit Base in
that separate account divided by the sum of the Benefit Bases for all
separate accounts in which you have an Account Value.
(2) The Net Single Premium for the VAA for that separate account on that
anniversary.
(3) Any outstanding loan, plus interest for the separate account as of that
policy anniversary.
The Net Single Premium Amount, Tabular Account and Cash Values and Net Single
Premiums for the VAA are shown on pages 3, 3A and 3B, respectively.
V83-09-9 Page 10
BASIS OF VALUES CONTINUED
For each separate account, the VAA Change Amount will also reflect the effect
of:
1. All new policy loans and repayments during the previous policy year; and
2. All transfers of Account Value to or from that separate account during the
previous policy year.
CALCULATION OF ACCOUNT VALUES. The Account Value of this policy on the Register
Date is the net single premium shown on page 3. The Account Value of this policy
on any date after the Register Date is the sum of your Account Values in each
separate account on that date. Your Account Value in each separate account on
any date is the sum of the following Items (1), (2) and (3):
(1) The Tabular Account Value on that date, multiplied by the following amount
immediately before that date: The Account Value in that separate account
divided by the sum of your Account Values in all of the separate accounts.
(2) The Net Single Premium on that date for the current VAA for that separate
account.
(3) If the date is not a policy anniversary, the product of the following
Items (a) and (b):
(a) The Actual NRR for that separate account minus the Base NRR for the
time elapsed since the last policy anniversary.
(b) The Benefit Base for that separate account on the last policy
anniversary.
For each separate account, the Account Value will also reflect the effect of:
1. All new policy loans and repayments since the last policy anniversary; and
2. All transfers of Account Value to or from that separate account since the
last policy anniversary.
If for any reason the Account Value in a separate account is zero, we will
cancel the VAA and any policy loan as to such separate account and reallocate
them to the other separate account.
TABULAR ACCOUNT AND CASH VALUES (TAV and TCV). The tables of TAV's and TCV's on
page 3A show them at the end of the first 20 policy years and at certain
attained ages. We will determine the TAV and TCV on other dates in a consistent
manner with allowance for time elapsed. Any TAV's and TCV's not shown will be
furnished on request.
V83-09-11 Page 11
EQUITABLE
VARIABLE LIFE INSURANCE COMPANY
[EVLICO LOGO]
Home Office: 0000 Xxxxxx xx xxx Xxxxxxxx, Xxx Xxxx, Xxx Xxxx 00000
VARIABLE
LIFE
INSURANCE
POLICY
Single Premium Whole Life Plan--Level Face Amount. Variable insurance
payable upon death. Guaranteed Minimum Death Benefit.
Non-Participating. Investment experience reflected in benefits.
Investment options described on page 6.
No. 83-09
