EXHIBIT 1.A.(13)(f)
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RIDER FOR TERM INSURANCE BENEFIT ON LIFE
INSURED SPOUSE--DECREASING AMOUNT
This benefit is a part of this contract only if it is included in the list of
supplementary benefits on the contract data pages.
BENEFIT
We will pay an amount under this benefit if we receive due proof that the
insured spouse died: (1) in the term period for the benefit; and (2) while this
contract is in force and not in default beyond the last day of the grace period.
We will pay this amount to the beneficiary for insurance payable upon the
insured spouse's death. But our payment is subject to all the provisions of the
benefit and of the rest of this contract. The phrase insured spouse means the
Insured's spouse named in the application for this contract.
We show the initial amount of term insurance under this benefit on the
contract data pages. We also show the term period for the benefit there. It
starts on the contract date, which we show on the first page. The anniversary at
the end of the term period is part of that period.
AMOUNTS PAYABLE
The amount we will pay depends on when death of the insured spouse occurs.
In the Table of Amounts of Insurance on the contract data page(s) we show the
amount we will pay if death occurs in a given contract year.
PAID-UP INSURANCE
PAID-UP INSURANCE ON LIFE OF INSURED SPOUSE
The Insured might die: (1) in the term period for this benefit; (2) while
this contract is in force and not in default past the last day of the grace
period; and (3) while the insured spouse is living. In this case, the insurance
on the life of the insured spouse under the benefit will become paid-up term
insurance for decreasing amounts. We will compute these amounts from the Table
of Amounts of Insurance. While the paid-up insurance is in effect, the contract
will remain in force until the end of the term period for the benefit. The
paid-up insurance will have cash values but no loan value.
If the Insured dies by suicide within the period which we state in the
Suicide Exclusion under General Provisions of the contract and our liability is
limited as we state for suicide in that provision, any provision for paid-up
insurance on the life of the insured spouse will not apply. Instead, we will
then offer to insure the insured spouse under a new contract of whole life or
endowment insurance, The new contract will be subject to conditions and charges
that are then determined, in accordance with regular rules in effect at the
time. Its amount will not be less than the greater of: (1) the amount of
insurance on the insured spouse's life under this contract, and (2) the lowest
amount offered for the plan of insurance to be provided by the new contract. And
proof that the insured spouse is insurable will not be required, unless the new
contract is to provide either an increased amount of insurance or a benefit that
did not apply to the insured spouse under this contract.
If this offer is not accepted, we will include the sum of the premiums paid
for this benefit as part of the contract premiums to be returned at the time of
settlement.
If this benefit becomes paid-up, it may be surrendered for its net cash
value. This will be the net value on the date of surrender of the paid-up
insurance. But, within 30 days after a contract anniversary, the net cash value
will not be less than it was on that anniversary. We base this net cash value on
the insured spouse's age and sex. The insured spouse's age at any time will be
his or her age last birthday on the contract date plus the length of time since
that date. We use the Commissioners 1980 Standard Ordinary Non-Smoker Mortality
Table. We use continuous functions based on age last birthday. We use an
effective interest rate of 4% a year.
We will usually pay any cash value promptly. But we have the right to
postpone paying it for up to six months. If we do so for more than 10 days, we
will pay interest at the rate that then applies to the Interest Payment Option
(see page 20). If we are asked for the values which apply, we will furnish them.
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CONVERSION TO ANOTHER PLAN OF INSURANCE
RIGHT TO CONVERT
While the Insured is living, you may be able to exchange this benefit for a
new contract of life insurance on the life of the insured spouse. In any of
these paragraphs, when we use the phrase new contract we mean the contract for
which the benefit may be exchanged. You will not have to prove that the insured
spouse is insurable.
CONDITIONS
Your right to make this exchange is subject to all these conditions: (1)
The amount we would have paid under this benefit if the insured spouse had died
just before the contract date of the new contract must be large enough to meet
the minimum for a new contract, as we describe under Contract Specifications.
(2) You must ask for the exchange in writing and in a form that meets our needs.
(3) You must send this contract to us to be endorsed. (4) We must have your
request and the contract at our Home Office while the benefit is in force and at
least five years before the end of its term period.
The new contract will not take effect unless the premium for it is paid
while the insured spouse is living and within 31 days after its contract date.
If the premium is paid as we state, it will be deemed that: (1) the insurance
under the new contract took effect on its contract date; and (2) this benefit
ended just before that contract date.
PREMIUM CREDIT
If your request for a new contract is received at our Home Office before
the fifth anniversary of this contract, we will allow a credit on each premium
that is due or scheduled for payment during the first year of the new contract.
If, as of the date of the new contract, this contract has been in force for at
least one year, the credit will be equal to 10% of the premium for the new
contract, excluding any premium or charge for an extra risk. If, as of the date
of the new contract, this contract has been in force for less than one year, the
credit will be equal to the credit determined in the preceding sentence,
multiplied by the number of months for which this contract has been in force,
divided by twelve. We will apply the credit to each due or scheduled first-year
premium on the date we receive payment of the balance of that premium.
Example: You might request an exchange during the third year of this
contract. Let us assume that premiums due or scheduled under the new contract
resulting from the exchange would be $100 monthly with no premium or charge for
an extra risk). We would apply a credit of $10 on each date on which we receive
payment of at least $90 for a monthly premium that is due or scheduled for
payment during the first year of the new contract. If you requested this
exchange after this contract had been in force for only 6 months, we would apply
a credit of $5 ($10 multiplied by 6, divided by 12) on each date on which we
receive payment of $95 for a monthly premium that is due or scheduled during the
first year of the new contract.
CONTRACT DATE
The date of the new contract will be the date you ask for in your request.
But it may not be more than 61 days after the date of your request. It may not
be less than five years before the end of the term period for the benefit. And
it may not be more than 31 days before we have your request at our Home Office.
CONTRACT SPECIFICATIONS
The new contract will be in the standard rating class. We will set the
issue age and the premiums for the new contract in accord with our regular rules
in use on its contract date.
The contract may be any of of the following:
1. A Life Paid Up at Age 85 plan. In this case the new contract will be issued
by The Prudential Insurance Company of America. Its face amount will be the
amount you ask for in your request. But it cannot be less than $10,000
or more than 80% of the amount we would have paid under this Benefit if the
Insured had died just before the contract date of the new contract. (Since
$10,000 is 80% of $12,500, the amount we would have paid must be at least
$12,500 for the exchange to be possible.)
2. A contract of life insurance of a kind regularly being issued by Pruco Life
Insurance Company at that time for $25,000 or more. Its face amount will be
the amount you ask for in your request. But it cannot be less than $25,000
or more than 80% of the amount we would have paid under the Benefit if the
Insured had died just before the contract date of the new contract. (Since
$25,000 is 80% of $31,250, the amount we would have paid must be at least
$31,250 for this exchange to be possible.)
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We will not pay any premium under a new contract unless the disability
started on or after its contract date. And we will not pay any premium under a
new contract unless it has a benefit for paying premiums in the event of
disability. This will be so even if we have paid premiums under this contract.
CHANGES
You may be able to have this benefit changed to a new contract of life
insurance other than in accord with the requirements for exchange that we state
above. But any change may be made only if we consent, and will be subject to
conditions and charges that are then determined.
MISCELLANEOUS PROVISIONS
OWNERSHIP AND CONTROL
Unless we endorse this contract to say otherwise, while the Insured is
living the owner alone may exercise all ownership and control of this contract.
This includes, but is not limited to, these rights: (1) to assign the contract;
and (2) to change any subsequent owner. A request for such a change must be in
writing to us at our Home Office and in a form that meets our needs. The change
will take effect only when we endorse the contract to show it.
Unless we endorse this contract to say otherwise: (1) while any insurance
is in force after the Insured's death, the owner of the contract will be the
insured spouse; and (2) the owner alone will be entitled to (a) any contract
benefit and value, and (b) the exercise of any right and privilege granted by
the contract or by us. But any insurance payable upon the Insured's death will
be payable to the beneficiary for that insurance.
BENEFICIARY
The word beneficiary where we use it in this contract without qualification
means the beneficiary for insurance payable upon the death of the Insured.
Unless we endorse this contract to say otherwise, the beneficiary for
insurance payable upon the death of the insured spouse will be the Insured if
living, otherwise the estate of the insured spouse.
The beneficiary for insurance payable upon the death of the insured spouse
may be changed. The request must be in writing and in a form that meets our
needs. It will take effect only when we file it at our Home Office; this will be
after the contract is sent to us to be endorsed, if we ask for it. Then any
previous beneficiary's interest in such insurance will end as of the date of the
request. It will end then even if the insured spouse is not living when we file
the request. Any beneficiary's interest is subject to the rights of any assignee
of whom we know.
MISSTATEMENT OF AGE OR SEX
If the insured spouse's stated age or sex or both are not correct, we will
change each benefit and any amount payable to what the premiums and charges
would have bought for the correct age and sex.
The Schedule of Premiums may show that premiums change or stop on a certain
date. We may have used that date because the insured spouse would attain a
certain age on that date. If we find that the issue age for the insured spouse
was wrong, we will correct that date.
SUICIDE EXCLUSION
If the insured spouse, dies by suicide within the period which we state in
the Suicide Exclusion under General Provisions and while this benefit is in
force, we will not pay the amount we describe under benefit above. Instead, we
will pay no more than the sum of the monthly charges deducted for this benefit
to the date of death plus the charge for applicable taxes. We will make that
payment in one sum.
REINSTATEMENT
If this contract is reinstated, it will not include the insurance that we
provide under this benefit on the life of the insured spouse unless we are given
any facts we need to satisfy us that the insured spouse is insurable for the
benefit.
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CONTRACT VALUE OPTIONS
If this contract has a Contract Value Options provision, it will apply only
during the Insured's lifetime. Any extended or reduced paid-up insurance that
may be described there is on the life of the Insured only.
CONTRACT LOANS
If this contract has a Loans provision, we will not consider any contract
debt when we determine the amount payable, if any, at the death of the insured
spouse.
INCONTESTABILITY
Except for default, we will not contest this benefit after it has been in
force during the insured spouse's lifetime for two years from the issue date.
BENEFIT PREMIUMS AND CHARGES
We show the premiums for this benefit in the contract data pages. From each
premium payment, we make the deductions shown on those pages and the balance is
the invested premium amount which is added to the contract fund.
The monthly charge for this benefit is deducted on each monthly date from
the contract fund. The amount of that charge is included in the contract data
pages.
Benefit premiums and monthly charges stop on the earliest of: (1) the death
of the Insured, (2) the death of the insured spouse, and (3) the contract
anniversary at the end of the term period for this benefit.
TERMINATION
This benefit will end on the earliest of:
1. the end of the last day of grace if the contract is in default: it will not
continue if a benefit takes effect under any contract value options
provision that may be in the contract;
2. the end of the last day before the contract date of any other contract (a)
for which the benefit is exchanged, or (b) to which the benefit is changed;
3. the date the contract is surrendered under its Cash Value Option, if it has
one, or the paid-up insurance, if any, under the benefit is surrendered;
and
4. the date the contract ends for any other reason.
Further, if you ask us in writing, and we agree, we will cancel the benefit
as of the first monthly date on or after we receive your request Contract
premiums and monthly charges due then and later will be reduced accordingly.
THIS SUPPLEMENTARY BENEFIT RIDER ATTACHED TO THIS CONTRACT ON THE CONTRACT
DATE
PRUCO LIFE
Insurance Company of New Jersey,
By XXXXXXX X. LIGHT
Secretary
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