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FORM N-6, ITEM 26(d)
CONTRACTS
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American United Life Insurance Company
[One American Square
Indianapolis, IN 46206]
OVERLOAN PROTECTION RIDER
This rider is a part of the policy to which it is attached. The Policy Date of
this rider is the same as the Policy Date of the policy unless otherwise stated
on page 3. Should any provisions in the policy conflict with this rider, the
provisions of the rider shall control.
Benefit - This rider, if the conditions below are met, provides you the option
to continue your policy at a reduced Total Face Amount with no further monthly
deductions.
If all the following conditions set forth herein occur while this rider is in
force, upon your Written Notice you may choose to exercise this rider. Once
exercised, your new Total Face Amount is set equal to the Account Value, after
deduction of the Overloan Protection Rider Charge, multiplied by the Minimum
Insurance Percentage shown in the Minimum Insurance Percentages Table in your
policy. This will keep the policy in force subject to the Section titled Base
Face Amount Coverage at and after Age 121 of the base policy.
Conditions - Exercising the Overloan Protection Rider is subject to the
following terms:
(1) This policy must be in force for at least 15 Policy Years;
(2) The Insured's attained Age must be 75 or older;
(3) The Guideline Premium Test was chosen at the time of application;
(4) Partial Surrenders must equal or exceed Premiums paid;
(5) The Total Face Amount will be equal to the Account Value, after the
deduction of the Overloan Protection Rider Charge, multiplied by the
Minimum Insurance Percentage shown in the Minimum Insurance
Percentages table in your policy;
(6) The amount of the outstanding loan plus accrued loan interest must
exceed the Minimum Loan Indebtness Percentage shown on the Rider
Specifications Page times the Cash Value, but be less than 99.9% of
the Cash Value after the deduction of the Overloan Protection Rider
Charge from the Account Value;
(7) The policy must not be a Modified Endowment Contract as defined in
Section 7702A of the Internal Revenue code of 1986, or thereafter
changed, and exercising this rider must not cause the policy to become
a Modified Endowment Contract.
Overloan Protection Rider Charge - There is no charge for this rider until you
exercise it. At the time it is exercised, there is a one-time charge. The
Overloan Protection Rider Charge is equal to the Overloan Protection Rider
Percentage multiplied by the Account Value at the time this Rider is exercised.
The Overloan Protection Rider Percentage is shown on the Rider Specifications
Page. There is no charge if the Rider is never exercised.
Effect on Your Policy - When you choose to exercise the Overloan Protection
Rider the following changes will be made to your policy:
(1) Your Death Benefit Option must be Option 1. If any other Death Benefit
Option is in effect at the time the Overloan Protection Rider is
exercised, the Death Benefit Option will be changed to Option 1 at
that time;
(2) No further changes may be made to the policy, which includes any
decreases or increases of any kind;
(3) No further premiums will be accepted;
(4) Policy loans and Partial Surrenders will no longer be permitted;
(5) No further Monthly Deductions will be deducted;
(6) The outstanding Loan Account will remain and the interest charged
against the Loan Account will be equal to the interest rate credited
to the Loan Account;
(7) We will accept loan repayments. The value of the Loan Account and the
total indebtedness will be reduced by the loan repayment. In addition,
the Fixed Account will be increased by the loan repayment;
(8) Any No-Lapse Guarantee included in the policy or by rider attached to
the policy will no longer apply;
(9) Any additional rider requiring a Monthly Deduction will automatically
be terminated;
(10) When the Overloan Protection Rider is exercised all values in the
Variable Account will immediately be transferred to the Fixed Account
and will continue to grow at the then current Fixed Account interest
rate. Transfer fees will not be applied to these transfers; and
(11) Transfers from the Fixed Account to the Variable Account will no
longer be permitted.
LR-202 4/08
Signed for American United Life Insurance Company(R) by,
Xxxxxx X. Xxxxx
Secretary
LR-202 4/08
