Exhibit 6(i)
Ten Day Right to Return Policy. The Owner may return this Policy for any reason
within 10 days after its receipt by delivering it or mailing it to the Company
or to the agent through whom it was purchased. Immediately upon such delivery
or mailing the Policy will be deemed void from the beginning and any premium
paid will be refunded.
P-638-75
New England Life Chartered in 1835
NEW ENGLAND MUTUAL LIFE INSURANCE COMPANY
Agrees to Pay
A. Variable Annuity Payments to the ANNUITANT beginning on the MATURITY DATE,
if the ANNUITANT is then living, and continuing pursuant to the PAYMENT
OPTION specified below, the dollar amount of payments being determined as
set forth in this Contract; or
B. The Death Proceeds, determined in accordance with the Death Proceeds
provision of this Contract, to the BENEFICIARY on receipt of due proof that
the death of the ANNUITANT occurred before the MATURITY DATE.
CONTRACT NUMBER DATE OF ISSUE
ANNUITANT SINGLE PURCHASE PAYMENT
DATE OF BIRTH MATURITY DATE
SEX PAYMENT OPTION
FUND BENEFICIARY
OWNER
The provisions hereinafter set forth are hereby made a part of this Contract.
Signed at the Home Office, 000 Xxxxxxxx Xxxxxx, Xxxxxx, Xxxxxxxxxxxxx
XXX XXXXXXX MUTUAL LIFE INSURANCE COMPANY
/s/ Xxxxxx X. Xxxx Secretary /s/ Xxxx X. Xxxxxxx President
CONTRACT SUMMARY
This is a Participating Single Purchase Payment Deferred Variable Annuity
Contract. Values are payable at death before, or upon surrender on or before,
the Maturity Date.
ANNUITY PAYMENTS AND OTHER VALUES PROVIDED BY THIS CONTRACT, WHEN BASED ON
THE INVESTMENT PERFORMANCE OF A SEPARATE INVESTMENT ACCOUNT, ARE VARIABLE
AND ARE NOT GUARANTEED AS TO DOLLAR AMOUNT.
V2-70A
BENEFITS FOR YOU
Purchase Payment
The Single Purchase Payment is due on the Date of Issue and is payable to
the Company at the Home Office in exchange for a receipt signed by the Secretary
or an Assistant Secretary.
Fund
The Fund, the title of which is specified on the first page of the
Contract, is a separate investment account established by the Company pursuant
to Massachusetts law. Values of the Contract prior to the Maturity Date and
amounts held or payable under the Variable Payment Options depend on the
investment performance of the Fund and are variable. The portion of the assets
of the Fund equal to the reserves and other contract liabilities with respect to
the Fund shall not be chargeable with liabilities arising out of any other
business the Company may conduct.
Guarantees
Neither annuity payments nor any other values under this Contract will be
adversely affected by actual expense and mortality experience.
Dividends: Distribution of Surplus
While in force prior to the Maturity Date, this Contract shall be credited
with such share of surplus, or dividend, if any, as may be apportioned thereto
annually at the end of the contract year by the Company. Any such dividends are
expected to accrue, if at all, in later contract years, as a result of more
favorable expense and mortality experience than assumed. It is anticipated that
any such dividends will be modest in amount. Each dividend shall be credited as
a net purchase payment in the form of additional Accumulation Units, unless
payment in cash is requested.
Periodic Reports
Except when a Fixed Payment Option is in effect, the Company will
periodically furnish the Owner a report containing such information as may be
required by applicable Federal or state laws, including, as of a date
not more than two months prior to the date of mailing, the number of
Accumulation Units, if any, credited to the Contract, the dollar value of each
such Accumulation Unit, and the investments held in the Fund. This information
will be furnished semi-annually after the first contract year, or more often as
required by applicable Federal or state laws.
VALUES OF THE CONTRACT
Valuation Date and Valuation Period
A Valuation Date is each day that the New York Stock Exchange is open for
business and ends as of the close of trading on the New York Stock Exchange.
Each Valuation Date, together with any immediately preceding day or consecutive
days which are not Valuation Dates, shall constitute a Valuation Period.
Net Investment Factor
The Net Investment Factor applicable to this Contract for any Valuation
Period shall be the sum of the gross investment rate for such period and
1.0000000, less a deduction of .0000344 for each day of the Valuation Period.
The gross investment rate for any Valuation Period shall be (a) divided by
(b) where
(a) is the investment income of the Fund for the Valuation Period, plus
capital gains minus capital losses for the period, whether realized or
unrealized, less deductions of: (1) any taxes which would be incurred
by all assets of the Fund irrespective of the source of such assets, or
amounts set aside by the Company as a reserve for such taxes, arising
from the income and realized and unrealized capital gains on assets of
the Fund, (2) brokerage commissions and taxes, if any, in connection
with the purchase or sale of securities for the account of the Fund and
chargeable to the Fund, and (3) fees and expenses of the Board of
Managers of the Fund, including the auditing of Fund assets as required
by the Investment Company Act of 1940; and
(b) is the value of the total assets of the Fund at the beginning of the
Valuation Period less any assets set aside by the Company within the
Fund as a reserve for taxes described in (a) (1) above.
The gross investment rate may be positive or negative. The determination
by the Company of the gross investment rate will be conclusive upon the Owner of
this Contract, any assignee, the Annuitant and any Beneficiary or other payee
under this Contract.
Net Purchase Payment
The after-tax purchase payment is the amount of the Single Purchase Payment
reduced by any applicable state premium tax. The net purchase payment is the
after-tax purchase payment reduced by 8% of the first $5,000, plus 4% of the
next $95,000, plus 2% of any balance of such after-tax purchase payment.
Accumulation Units and Accumulation Unit Value
The net purchase payment will be credited in the form of Accumulation Units
as of the date of receipt of the Single Purchase Payment at the Home Office or,
if later, the date the application for the Contract is approved by the Company
at its Home Office. The number of Accumulation Units credited will be equal to
the amount of the net purchase payment divided by the Accumulation Unit Value as
of such date.
The Accumulation Unit Value was set at $1.00 on the date on which assets
were first placed in the Fund. The Accumulation Unit Value as of any Valuation
Date thereafter is determined by multiplying the Accumulation
Unit Value as of the immediately preceding Valuation Date by the Net Investment
Factor for the Valuation Period then ended. Accordingly, since Accumulation Unit
Values depend upon the investment performance of the Fund, they may increase or
decrease from Valuation Date to Valuation Date. The Accumulation Unit Value as
of any date other than a Valuation Date is equal to its value as of the next
succeeding Valuation Date.
Contract Value
On or before the Maturity Date, the contract value shall be the number of
Accumulation Units standing to the credit of this Contract multiplied by the
applicable Accumulation Unit Value.
Proceeds: How to determine the amount payable.
Proceeds payable under this Contract are determined by the following
provisions. Payments under this Contract shall be made by the Company at its
Home Office.
Surrender Proceeds
At any time on or before the Maturity Date while the Annuitant is living,
this Contract may be surrendered for its contract value, effective as of the
Surrender Date. The Surrender Date is the date on which written request in
proper form for surrender and payment in one sum or under one of the Payment
Options is received at the Home Office of the Company, or, if payment is to be
made under a Payment Option, such later date as may be specified in the request.
A partial surrender may be made on the same basis, except that a partial
surrender which would result in a remaining contract value of less than $500
shall be permitted only with the consent of the Company. In connection with
such partial surrender, any Accumulation Units resulting from dividends shall
first be terminated, unless otherwise requested; then Accumulation Units
resulting from the Single Purchase Payment shall be terminated, and for the
purpose of determining the amount of death proceeds the portion of the Single
Purchase Payment attributable to such Accumulation Units shall be determined as
provided in the Death Proceeds provision. One sum surrender proceeds will be
paid within seven days after the Surrender Date; provided, however, that the
Company may defer such payment when so permitted under applicable Federal laws,
rules and regulations governing the redemption of variable annuities.
Death Proceeds
The proceeds payable upon the death before the Maturity Date if the
Contract has not been surrendered shall be an amount equal to the greater of (a)
the Single Purchase Payment, without interest, increased by the value of any
existing Accumulation Units resulting from dividends and reduced by the portions
of the Single Purchase Payment attributable to any partial surrenders, and (b)
the contract value as of the Death Valuation Date. The Death Valuation Date is
the Valuation Date coincident with, or, if no Valuation Date coincides, the
Valuation Date next following the later of (i) the date on which due proof of
death is received at the Home Office of the Company, and (ii) the date on which
a written election of payment in proper form in one sum or under one of the
Payment Options is first received at the Home Office of the Company; provided
that if no such written election has been received at the Home Office by the end
of a 90 day period following receipt at the Home Office of due proof of death,
payment in one sum shall be deemed to have been elected on the last day of such
period. For the purpose of determining the amount of death proceeds as defined
above, the portion of the Single Purchase Payment attributable to a partial
surrender shall be (a) the Single Purchase Payment less the portions of the
Single Purchase Payment attributable to all previous partial surrenders,
multiplied by (b) a fraction of which the numerator is the partial surrender
proceeds exclusive of values resulting from dividends, and the denominator is
the total contract value as of the Surrender Date exclusive of values resulting
from dividends. The Company has the right to require surrender of the Contract
at the time of claim for the death proceeds. The death proceeds shall be paid
in accordance with the beneficiary provisions.
Maturity Proceeds
If the Annuitant is living on the Maturity Date and the Contract has not
been surrendered, the maturity proceeds shall then become payable. The maturity
proceeds shall be the contract value as of the Maturity Date. The maturity
proceeds will automatically be used to provide monthly payments pursuant to the
Payment Option specified on the first page of the Contract, with the Annuitant
as Payee, unless application of the proceeds under a different Payment Option
has been elected. Prior to the Maturity Date the Owner may change the election
of the Payment Option to become operative on the Maturity Date.
Maturity Date
The Maturity Date is that specified on the first page of the Contract,
except that prior to the Maturity Date the Owner may elect that it be deferred
to a date not later than the last day that the age of the Annuitant at nearest
birthday is 75.
PAYMENT OPTIONS
Options: When available.
The whole or part of the proceeds of this Contract may be made payable
under any one of the Options in accordance with the provisions hereinafter set
forth, except as may be otherwise agreed upon with the Company.
The Options shall be available only with the consent of the Company (a) if
the amount applicable thereto is less than $2,000 or (b) if an Option is elected
by, or if payments under an Option are to be made to, a corporation,
partnership, association or fiduciary, or (c) if the Contract is assigned other
than to the Company. If necessary to bring the amount of each periodic payment
to at least $20, the Company may change the period of payment to quarterly,
semi-annual or annual.
Variable Payment Options
Option 1: Variable income for a specified period of years.
Variable monthly payments for a definite number of years, not exceeding 30.
The proceeds applied will be held in the Fund as a decreasing number of
Accumulation Units. The initial number of Accumulation Units will be equal to
the proceeds applied divided by the Accumulation Unit Value as of the date of
such application. As each payment is made, a number of Accumulation Units will
be terminated such that the value thereof is equal to such payment.
Option 2: Variable life income.
Variable monthly payments (a) during the lifetime of the Payee; or (b) for
a certain period of 10 or 20 years, as may be elected, and thereafter during the
lifetime of the Payee.
Option 3: Variable life income with special certain period.
Variable monthly payments for a certain period of the nearest whole number
of months equal to the amount applied under this Option divided by the dollar
amount of the initial monthly payment, and thereafter during the lifetime of the
Payee.
Option 4: Investment Option.
The proceeds applied will be held in the Fund as a fixed number of
Accumulation Units during the lifetime of the Payee or such other period as may
be agreed upon with the Company. The number of Accumulation Units
will be equal to the proceeds applied divided by the Accumulation Unit Value as
of the date of such application. At the death of the Payee, or at the end of the
period agreed upon, the value shall be paid in one sum.
Option 5: Specified amount of income until proceeds exhausted.
The proceeds applied will be held in the Fund as a decreasing number of
Accumulation Units and payments will be made in such amounts, and at such times
as may be agreed upon with the Company, continuing until the amount held is
exhausted, the final payment being for the balance only. The initial number of
Accumulation Units will be equal to the proceeds applied divided by the
Accumulation Unit Value as of the date of such application. As each payment is
made, a number of Accumulation Units will be terminated such that the value
thereof is equal to such payment.
Option 6: Variable life income based on two lives.
Variable monthly payments (a) during the joint lifetime of two Payees with
two-thirds of the amount of monthly income that would be payable if both Payees
were living continuing during the balance of the lifetime of the survivor; or
(b) during the joint lifetime of two Payees and continuing during the balance of
the lifetime of the survivor; or (c) during the joint lifetime of two Payees and
continuing during the balance of the lifetime of the survivor, but in any event
until payments have been made under this Option for 10 years.
Amount of Monthly Income: Variable Payment Options 1, 2, 3 and 6.
Rates for the initial monthly payment under Variable Payment Option 1 shall
be based on the applicable Assumed Interest Rate. Under Variable Payment
Options 2, 3 and 6, rates for the initial monthly payments thereunder shall be
based on the applicable Assumed Interest Rate and the mortality assumptions
which are in use by the Company at the time the proceeds are applied to such
Option, but in no event shall such initial monthly payment be less than that
based on the mortality assumptions specified in the table on page 6 and the
applicable Assumed Interest Rate. The dollar amount of the initial monthly
payment is determined by dividing the proceeds applied by 1,000 and multiplying
the result by the monthly payment per $1,000 shown in the table. The dollar
amount of the second and each subsequent monthly payment is variable and is
determined by multiple applicable number of Annuity Units by the Annuity Unit
Value as of the latest Valuation Date which is at least 14 days prior to the
date such payment is due.
Annuity Units and Annuity Unit Value.
The number of Annuity Units credited under Options 1, 2, 3 and 6 is
determined by dividing the amount of the initial monthly payment under the
Option by the applicable Annuity Unit Value as of the date of the initial
monthly payment. This number of Annuity Units remains fixed thereafter during
the annuity payment period, except that at the death of the first Payee under
Option 6(a), the number of Annuity Units decreases to two-thirds of the number
previously credited.
The Annuity Unit Value depends on the Assumed Interest Rate elected and on
the Net Investment Factor. The Annuity Unit Values were set at $1.00 on the
date on which assets were first placed in the Fund. An Annuity Unit Value as of
any Valuation Date thereafter is equal to the corresponding Annuity Unit Value
as of the immediately preceding Valuation Date multiplied by the Net Investment
Factor for the Valuation Period then ended, and further multiplied by the
Assumed Interest Factor for each day of the Valuation Period. Accordingly,
since Annuity Unit Values depend upon the investment performance of the Fund,
they may increase or decrease from Valuation Date to Valuation Date. The
Annuity Unit Value as of any date other than a Valuation Date is equal to its
value as of the next succeeding Valuation Date.
The Assumed Interest Rate and the Assumed Interest Factor which is derived
therefrom are specified on page 6, except that if such Assumed Interest Rate
would result in a larger initial monthly payment than is permitted under
applicable state law or regulation, the Company will select a lower Assumed
Interest Rate and corresponding Assumed Interest Factor to be applicable in
order to comply with such law or regulation. Subject to the consent of
the Company and if permitted under applicable state law, a different Assumed
Interest Rate and corresponding Assumed Interest Factor not in excess of 5% per
annum compounded annually may be elected.
Dividends: Distribution of surplus.
Variable Payment Options shall be credited with any dividends apportioned
thereto by the Company. It is anticipated that any such dividends will be
modest in amount.
Fixed Payment Options
In lieu of the Variable Payment Options set forth herein, the whole or part
of the proceeds may be made payable under guaranteed Payment Options which do
not participate in the investment performance of the Fund. Such Fixed Payment
Options shall be based on the provisions and rates offered by the Company on the
Date of Issue of this Contract under fixed contracts issued to a similar class
of annuitants. The amount applied under a Fixed Payment Option will be
transferred from the Fund to the Company's general assets, and the Company will
make payments thereunder out of its general assets pursuant to the Fixed Payment
Option elected.
General Provisions
Payment Options becoming operative by application of the surrender
proceeds, death proceeds or maturity proceeds shall become operative on the
Surrender Date, Death Valuation Date or Maturity Date respectively. The initial
payment under Options 1, 2, 3 and 6 shall become due when the Option becomes
operative.
Payments under Options 2, 3 and 6 shall be based upon the sex of the Payee
and the age of the Payee when the Option becomes operative and shall be subject
to satisfactory proof of the age of the Payee. When payment is contingent upon
survival of the Payee, the Company may defer any payment until the Company has
been furnished with satisfactory evidence that such Payee is living.
If the Payee under Option 2 or 3, one of the Payees under Option 6, dies
within 30 days after the Option becomes operative, there shall become due and
payable the amount applied to said Option less any payment made thereunder, and
such amount shall be payable in such manner as may then be agreed upon (a) to
the surviving Payee in the case of Option 6, or (b) to the next succeeding Payee
in the case of Option 2 or 3, provided that if no such Payee be designated, the
payment shall be made to the executors or administrators of the original Payee.
The provisions which apply to change of beneficiary shall also apply to any
election or change of election of an Option. An Option may be elected to become
operative if the death of the Annuitant occurs prior to the Maturity Date, but
if no such election is in effect, the beneficiary entitled to the proceeds may
then make the election for his or her own benefit.
After an Option becomes operative it may not be changed to another Option
unless otherwise agreed upon with the Company at the time of election. However,
if Option 1, 4 or 5 is operative, such Option may be terminated by written
request to the Home Office of the Company, and the value of any remaining
Accumulation Units may be paid in one sum or, if the one sum value is at least
$2,000, may be made payable under one of the other Payment Options.
Except as otherwise provided, (a) at the death of the Payee under Option 4
or 5, the value of any remaining Accumulation Units shall be paid in one sum,
and (b) at the death of the Payee under Option 1, 2 or 3 of the surviving Payee
under Option 6, any unpaid certain payments shall be paid, as they become due,
to the next succeeding Beneficiary or other Payee, provided that if no such
Payee be designated, the value of any remaining Accumulation Units under Option
1 or the then present value of any unpaid certain payments under Option 2, 3 or
6 shall be paid in one sum to the executors or administrators of the last
survivor of all Payees. Following the death of the Payee under Option 1, 2 or 3
or of the surviving Payee under Option 6, any Payee designated to receive any
unpaid certain payments shall have the right, while entitled to payment, to
receive in one sum the value of any remaining Accumulation Units under Option 1
or the then present value of all remaining unpaid certain payments under Option
2, 3 or 6.
Any unpaid certain payments under Option 2, 3 or 6 shall be commuted at the
Assumed Interest Rate with each remaining payment being assumed to be equal to
the number of Annuity Units multiplied by the applicable Annuity Unit Value.
The amount of a one sum payment payable by reason of the death of the Payee
shall be determined as of the date on which due proof of death is received at
the Home Office of the Company. The amount of any other one sum payment shall
be determined as of the date the request therefor is received, and will be paid
within seven days thereafter; provided, however, that the Company may defer such
payment when so permitted under applicable Federal laws, rules and regulations
governing the redemption of variable annuities.
When payment is contingent upon the survival of the Payee, the liability of
the Company shall terminate with the last payment due prior to the death (a) of
the Payee under Option 2 or 3, or (b) the surviving Payee under Option 6. The
payment in one sum of the value of any remaining Accumulation Units under Option
1, 4 or 5 or of the present value of any unpaid certain payments under Option 2,
3 or 6 shall terminate the liability of the Company.
Adjustment of Benefit in Case of Incorrect Age or Sex
If either the age or sex of any Payee under Option 2, 3 or 6 is incorrect,
the amount payable by the Company hereunder shall be that which the proceeds
would have provided for the correct age and sex. Any overpayments by the
Company on account of such error, with interest thereon at the rate of five per
cent per annum compounded annually, shall be charged against the current and
next succeeding payment or payments to be made by the Company, and any
underpayments by the Company shall be adjusted in like manner and credited with
the next succeeding payment.
Anticipation or Alienation
Except to the extent provided in this Contract or prescribed by law or
otherwise agreed upon with the Company, no Payee shall have any right to assign,
alienate, anticipate or commute any payments under this Contract, to make
withdrawals of proceeds or to make any change in the provisions elected; and
except as otherwise prescribed by law, no payment shall be subject to the debts,
contracts or engagements of any Payee nor to any judicial process to levy upon
or attach the same for the payment thereof.
DOLLAR AMOUNT OF THE INITIAL MONTHLY PAYMENT FOR EACH $1000 OF
PROCEEDS APPLIED
OPTION 1
Variable Income for a specified period of years
Years Payment Years Payment Years Payment Years Payment Years Payment Years Payment
1 84.65 6 15.35 11 9.09 16 6.76 21 5.56 26 4.84
2 43.05 7 13.38 12 8.46 17 6.47 22 5.39 27 4.73
3 29.19 8 11.90 13 7.94 18 6.20 23 5.24 28 4.63
4 22.27 9 10.75 14 7.49 19 5.97 24 5.09 29 4.53
5 18.12 10 9.83 15 7.10 20 5.75 25 4.96 30 4.45
OPTION 2
Variable life income
Age of Payee
Nearest (b) Certain
Birthday (a) Life Period
Male Female Annuity 10 Years 20 years
50 55 4.63 4.59 4.44
51 56 4.72 4.66 4.50
52 57 4.81 4.75 4.56
53 58 4.90 4.84 4.63
54 59 5.00 4.93 4.69
55 60 5.11 5.03 4.76
56 61 5.22 5.13 4.83
57 62 5.35 5.24 4.90
58 63 5.48 5.35 4.97
59 64 5.62 5.47 5.04
60 65 5.76 5.60 5.11
61 66 5.92 5.74 5.18
62 67 6.10 5.88 5.25
63 68 6.28 6.03 5.31
64 69 6.48 6.19 5.37
65 70 6.70 6.36 5.43
66 71 6.93 6.53 5.48
67 72 7.19 6.72 5.52
68 73 7.46 6.91 5.57
69 74 7.76 7.10 5.60
70 75 8.08 7.30 5.63
71 76 8.44 7.51 5.66
72 77 8.83 7.72 5.68
73 78 9.26 7.92 5.70
74 79 9.72 8.12 5.71
75 80 10.23 8.32 5.72
OPTION 3
Variable life income with special certain period
Age of Payee
Nearest Certain
Birthday Period
Male Female Payment Years Months
50 55 4.46 18 8
51 56 4.52 18 5
52 57 4.61 18 1
53 58 4.69 17 9
54 59 4.76 17 6
55 60 4.85 17 2
56 61 4.95 16 10
57 62 5.05 16 6
58 63 5.15 16 2
59 64 5.26 15 10
60 65 5.38 15 6
61 66 5.49 15 2
62 67 5.62 14 10
63 68 5.75 14 6
64 69 5.92 14 1
65 70 6.06 13 9
66 71 6.21 13 5
67 72 6.41 13 0
68 73 6.58 12 8
69 74 6.80 12 3
70 75 6.99 11 11
71 76 7.25 11 6
72 77 7.46 11 2
73 78 7.75 10 9
74 79 8.00 10 5
75 80 8.32 10 0
OPTION 6
Variable life income based on two lives
(a) Joint life income with
2/3 to survivor
Age
Nearest Age Nearest Birthday
Birthday Male
Female 55 60 65 70 75
50 4.43 4.61 4.81 5.03 5.28
55 4.63 4.85 5.09 5.35 5.63
60 4.87 5.13 5.42 5.73 6.08
65 5.13 5.44 5.81 6.21 6.64
70 5.42 5.81 6.27 6.79 7.36
75 5.73 6.21 6.79 7.48 8.26
80 6.08 6.64 7.36 8.26 9.34
(b) Joint life income with
full amount to survivor
Age
Nearest Age Nearest Birthday
Birthday Male
Female 55 60 65 70 75
50 4.05 4.12 4.17 4.21 4.23
55 4.25 4.36 4.45 4.52 4.57
60 4.45 4.63 4.78 4.90 4.99
65 4.63 4.90 5.16 5.37 5.53
70 4.78 5.16 5.55 5.92 6.22
75 4.90 5.37 5.92 6.50 7.05
80 4.99 5.53 6.22 7.05 7.94
(c) Joint life income with
10 year certain period
Age
Nearest Age Nearest Birthday
Birthday Male
Female 55 60 65 70 75
50 4.04 4.11 4.16 4.20 4.22
55 4.24 4.35 4.44 4.51 4.55
60 4.44 4.62 4.77 4.89 4.96
65 4.62 4.89 5.14 5.34 5.48
70 4.77 5.14 5.52 5.86 6.12
75 4.89 5.34 5.86 6.39 6.84
80 4.96 5.48 6.12 6.84 7.51
The rates shown above are based on an Assumed Interest Rate of 3.5% per annum
and, with respect to Options 2, 3 and 6, on mortality according to the Male
Group Annuity Table for 1951 with Projection on Scale C to the year 2000 and
with female ages set back 5 years. Based on the specified Assumed Interest
Rate, the Assumed Interest Factor is .9999058. Rates for a different Assumed
Interest Rate, or for ages not shown, or for two males or two females under
Option 6, will be furnished by the Company upon request.
GENERAL PROVISIONS
Beneficiary and Ownership Provisions
The following provisions shall determine the rights of Beneficiaries and
Owners, except as otherwise specifically provided.
An individual, a fiduciary, a partnership or a corporation may be named as
Beneficiary or as Owner of this Contract. No individual named as Beneficiary
shall be entitled to receive payments unless he shall survive the Annuitant.
The interest as Beneficiary or as Owner of a fiduciary, partnership or
corporation shall inure to the successors or assigns thereof.
Naming your Beneficiary
A numbered sequence may be used to name successive Beneficiaries. The
Beneficiary entitled to receive payment at the death of the Annuitant shall be
that surviving Beneficiary designated in the lowest number of the sequence. If
more than one individual is named as Beneficiary under a number of the sequence,
or without a numbered sequence, whether such designation be by name or as a
class or both, those Beneficiaries surviving the Annuitant shall be entitled to
receive payment in equal shares. If the Annuitant dies before the Maturity Date
and no Beneficiary then entitled to payment survives the Annuitant, the proceeds
of the Contract shall be payable to the Owner, or, if the Annuitant was the
Owner, to his executors or administrators. Every request for change of
Beneficiary must be in written form satisfactory to the Company and shall take
effect as of the date of such request, but only upon receipt of the request at
the Home Office of the Company whether or not the Annuitant be then living;
provided that the liability of the Company shall be discharged to the extent of
any payment made prior to such receipt and shall not be increased by reason of
such change.
The rights of the Owner - Transferring ownership.
The Owner shall have the right before the Maturity Date and prior to the
death of the Annuitant, to assign the Contract as collateral security, to sell,
assign and transfer the Contract, and to receive every benefit, and to exercise
every right or option created by the Contract or permitted by the Company,
including the right to designate in writing a payee other than the Annuitant to
receive the income payments; and the rights of the Annuitant and of any
Beneficiary shall be subject to any interest so created. The Owner shall also
have the right to change the Beneficiary at any time prior to the death of the
Annuitant. A numbered sequence may be used to name successive Owners. The
Owner from time to time shall be the surviving Owner designated in the lowest
number of the sequence. Upon the death of the last surviving designated Owner,
the Owner shall be the executors or administrators of such survivor. If more
than one individual is named as Owner under a number of the sequence or without
a numbered sequence, whether such designation be by name or as a class or both,
the Owner from time to time shall be the surviving Owners or Owner so
designated, jointly if more than one. Upon the death of the last surviving
joint Owner, the Owner in the absence of a designation in a higher number of the
sequence shall be the
executors or administrators of such survivor. Transfer of Ownership may be made
by assignment or by request, as well as by enumeration of successive Owners.
Such transfer by assignment shall revoke the designation of all Beneficiaries
and Owners previously named, and the assignee shall be the Beneficiary and
Owner. No assignment shall be binding on the Company unless in writing nor until
the original or a duplicate thereof is received at the Home Office of the
Company. No responsibility for the validity or effect of assignments will be
assumed by the Company. Every request for transfer must be in written form
satisfactory to the Company and shall take effect as of the date of such
request, but only upon receipt of the request at the Home Office of the Company,
whether or not the Owner or the Annuitant be then living; provided that the
liability of the Company shall be discharged to the extent of any payment made
prior to such receipt and shall not be increased by reason of such transfer.
The foregoing paragraph notwithstanding, if this Contract is issued in
connection with (i) a plan or trust qualifying under Section 401 or 403(a), or
(ii) an annuity purchase plan adopted pursuant to Section 403(b), of the
Internal Revenue Code, the ownership provisions are restricted as follows.
Ownership of this Contract may not be changed and the Contract may not be sold,
assigned or pledged as collateral for a loan or for any other purpose, to any
person other than the Company except by an Owner who is either the trustee of a
trust described in Section 401(a) and exempt from tax under Section 501(a) of
the Internal Revenue Code or the custodian of a custodian account treated as
such a trust. However, an Owner who is the trustee or administrator of any plan
or trust under (i) above may assign the Contract to an employee upon termination
of employment. As used in this paragraph, references to sections of the
Internal Revenue Code mean such sections as now or hereafter amended, or any
corresponding provisions of prior or subsequent Federal revenue laws.
Definitions of words used.
The term "children" in the designation of Beneficiaries shall mean only
lawful children of a person. The term "issue" in the designation of
Beneficiaries shall mean only lawful children of a person and lawful children of
such children. In all cases, posthumous and legally adopted children shall be
included. The phrase "provision for issue" in the designation of Beneficiaries
shall mean that if the Beneficiary so designated does not survive the Annuitant,
the payment to which he would have been entitled if living shall be made to his
then living issue in equal shares per stirpes. Unless otherwise indicated by
the context, any relationship descriptive of a Beneficiary or Owner shall be the
relationship to the Annuitant. In determining the identity of any Beneficiaries
or Owners designated as a class, the Company shall be entitled to rely on an
affidavit of any Beneficiary, Owner or other responsible person.
Contract
This Contract is issued in consideration of the application and of the
payment of the Single Purchase Payment. The first contract year begins on the
Date of Issue, and each successive contract year begins on the anniversary of
this date.
This Contract and the application, a copy of which is attached to and made
a part of this Contract, constitute the entire contract between the parties.
All statements made by or in behalf of the Annuitant shall be deemed
representations and not warranties; and no such statement shall be used in
defense to a claim unless contained in the application and unless a copy of such
application is attached to this Contract when issued. No endorsement or
alteration of this Contract and no waiver of any of its provisions shall be
valid unless made in writing by the Company and signed by its President, Vice-
President, Secretary or Assistant Secretary; and no other person shall have
authority to bind the Company in any manner.
Incontestability
This Contract shall be incontestable after one year from its Date of Issue.
ENDORSEMENTS
To be made only by the Company at its Home Office
This is a Participating Single Purchase Payment Deferred Variable Annuity
Contract. Values are payable at death before, or upon surrender on or before,
the Maturity Date.
ANNUITY PAYMENTS AND OTHER VALUES PROVIDED BY THIS CONTRACT, WHEN BASED ON THE
INVESTMENT PERFORMANCE OF A SEPARATE INVESTMENT ACCOUNT, ARE VARIABLE AND ARE
NOT GUARANTEED AS TO DOLLAR AMOUNT.
V2-70A
Voting Rights
The Owner of this Contract has the right to vote, either in person or by
proxy, at meetings of the owners of variable annuity contracts which depend
on the investment performance of the Fund. Information as to the number of
votes attributable to this Contract will be supplied in advance of each
meeting.
The Owner of this Contract is also a member of the New England Mutual Life
Insurance Company and is entitled to one vote, either in person or by
proxy, at any and all meetings of said Company. The Annual Meetings of the
Company are held at its Home Office on the third Wednesday of March, in
each year, at eleven o'clock A.M.
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