Exhibit 4(iv)
New England Life Insurance Company
000 Xxxxxxxx Xxxxxx
Xxxxxx, Xxxxxxxxxxxxx 00000
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FIXED ACCOUNT RIDER FOR VARIABLE ANNUITY
This Rider is part of the Contract to which it is attached and is effective upon
issuance. In the case of a conflict with any provision of the Contract, the
provisions of this Rider will control. This Rider amends the Contract as
follows:
I. DEFINITIONS - The following replaces the definition of "Contract Value"
in the "Definitions" section:
CONTRACT VALUE: The sum of your interest in the Subaccounts of the
Separate Account and your interest in this Fixed Account option (and
any other account options that may be included by Rider).
The following is added to the Definitions section:
FIXED ACCOUNT: This option is backed by our General Account and pays
interest guaranteed by us on Purchase Payments or transfers allocated
to it. It does not share in the investment experience of any Subaccount
of the Separate Account.
II. FIXED ACCOUNT - The following is added to the Contract:
FIXED ACCOUNT PROVISIONS
FIXED ACCOUNT - You can choose to have Purchase Payments allocated to
the Fixed Account. During the Accumulation Period you can transfer any
portion of your Contract Value to the Fixed Account from the Separate
Account and to the Separate Account from the Fixed Account, subject to
the terms of this Contract.
FIXED ACCOUNT VALUE - Your Fixed Account Value at any time during the
Accumulation Period is equal to:
1. the Purchase Payments allocated to the Fixed Account; plus
2. the amounts transferred from other options to the Fixed Account;
plus
3. interest credited to the Fixed Account; less
4. any withdrawals taken from the Fixed Account and any applicable
charges; less
5. any amounts transferred to other options from the Fixed Account;
less
6. any fees, charges or any applicable Premium and Other Taxes
deducted from the Fixed Account.
INTEREST TO BE CREDITED - We guarantee that the interest credited to
your Fixed Account Value will not be less than the Fixed Account
Minimum Guaranteed Interest Rate shown on the Contract Schedule. We may
credit additional interest at our discretion. The Fixed Account Initial
Interest Rate is shown on the Contract Schedule.
The interest rate for each amount allocated to the Fixed Account is set
by us in advance. Thereafter, each year a new rate will apply to that
amount plus the interest previously credited to that amount. The new
rate will be the renewal rate set by us in advance and will apply for
12 months. Interest will be credited to the Fixed Account on a daily
basis. We may declare interest rates for different one-year periods. If
we do so we will tell you in advance.
NEL-500 (05/01)
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RESTRICTION OF PURCHASE PAYMENTS AND TRANSFERS TO THE FIXED ACCOUNT -
We reserve the right to restrict Purchase Payments and transfers to the
Fixed Account:
. If the effective annual rate of interest that would apply to the
payment or transfer is the Fixed Account Minimum Guaranteed Rate
shown on the Contract Schedule; or
. If the Contract's Fixed Account Value equals or exceeds our
published maximum for the Fixed Account.
RESTRICTION ON TRANSFERS OUT OF THE FIXED ACCOUNT - Each Contract Year
you can transfer a limited portion of the Contract Value in the Fixed
Account to the Subaccounts subject to our published rules. The transfer
will be limited to the greater of 25% of the Contract Value in the
Fixed Account at the end of the day on a Contract Anniversary, or the
amount transferred out of the Fixed Account in the prior Contract Year.
For 180 days from the date of any transfer out of the Fixed Account:
you cannot make any transfers to the Fixed Account; and we reserve the
right to restrict Purchase Payments to the Fixed Account.
DEFERRAL OF PAYMENTS OR TRANSFERS FROM THE FIXED ACCOUNT - We reserve
the right to defer payment for a withdrawal or transfer from the Fixed
Account for the period permitted by law but for not more than six (6)
months after Notice to us.
III. TRANSFER PROVISIONS -- The following is added to the Transfers During
the Accumulation Period section of the Transfer Provisions:
During the Accumulation Period, you can make transfers from the
Subaccounts to the Fixed Account and from the Fixed Account to the
Subaccounts. All transfers are subject to any restrictions or
limitations described in the Contract.
IV. ANNUITY PROVISIONS -- The following is added to the Annuity Payments
section of the Annuity Provisions:
Unless you specify otherwise, if all of your Contract Value on the
Annuity Calculation Date is allocated to the Fixed Account, you will be
paid Fixed Annuity Payments. If all of your Contract Value on this date
is allocated to the Separate Account, you will be paid Variable Annuity
Payments. If your Contract Value on this date is allocated to both the
Fixed Account and the Separate Account, you will be paid as a
combination of Fixed Annuity Payments and Variable Annuity Payments
calculated based on the proportionate value allocated to each.
V. WITHDRAWAL PROVISIONS --The following is added to the Withdrawals
section of the Withdrawal Provisions:
The portion of Contract Value allocated to the Fixed Account will also
be reduced in the ratio that it bears to the total Contract Value
unless you specify otherwise in a Notice to us.
New England Life Insurance Company has caused this Rider to be signed by its
President and Secretary.
/s/ Xxxxxx X. Xxxxxx /s/ Xxxxx X. Xxxxxx
Secretary President
NEL-500 (05/01)
New England Life Insurance Company
000 Xxxxxxxx Xxxxxx
Xxxxxx, Xxxxxxxxxxxxx 00000
--------------------------------------------------------------------------------
ENHANCED DOLLAR COST AVERAGING RIDER
This Rider forms a part of the Contract to which it is attached, and is
effective upon issuance. In the case of a conflict with any provision of the
Contract, the provisions of this Rider will control.
This Rider amends the Contract as follows:
The following provisions are added to the Contract:
ENHANCED DOLLAR COST AVERAGING
Prior to the Annuity Date, you may allocate Purchase Payments to an Enhanced
Dollar Cost Averaging Account (EDCA Account) that is backed by our General
Account, subject to the Company's then current EDCA rules and minimums. If you
request to participate in the Enhanced Dollar Cost Averaging program, we will
open an EDCA Account for you. The EDCA Account will provide for transfers to any
of the Subaccounts of the Separate Account you have chosen based on your choice
of a 3, 6 or 12 month period. You may also choose any other time period that we
may declare or make transfers to other account options that we may make
available under the program. All Purchase Payments applied to this program will
be allocated to your EDCA Account. No transfers may be made into your EDCA
Account. You can have only one dollar cost averaging program at any given time.
Under the Enhanced Dollar Cost Averaging program, a specified dollar amount of
Contract Value will be transferred on a monthly basis from your EDCA Account to
the Subaccounts you have chosen. The initial dollar amount transferred will be
equal to the initial amount allocated to your EDCA Account divided by the number
of months in the time period you choose.
The first transfer will be made on the date the Purchase Payment is allocated to
the EDCA Account. Subsequent transfers will be made each month thereafter on the
same day. However, transfers will be made on the 1st day of the following month
whenever a Purchase Payment is allocated on the 29th, 30th or 31st day of a
month. If such a day is not a Business Day the transfer will take place on the
next Business Day. Transfers will continue on a monthly basis until all amounts
are transferred from the EDCA Account. Your EDCA Account will terminate as of
the date of the last transfer.
The interest rate earned on your EDCA Account will be the Fixed Account Minimum
Guaranteed Interest Rate, plus any additional interest, which we may declare
from time to time.
You may allocate subsequent Purchase Payments to your existing EDCA Account. The
allocation of a subsequent Purchase Payment to your existing EDCA Account
increases the dollar amount transferred out of your EDCA Account each month. We
determine the increase in your monthly dollar amount by dividing your new
allocation by the number of months in the original time period you chose. Your
existing transfer amount is then increased by this amount to determine the total
new dollar amount to be transferred out of your EDCA each month. Since transfers
from your EDCA Account are made on a First-In-First-Out (FIFO) basis, the time
period over which a given Purchase Payment (and interest credited thereon) is
accelerated as a result of the allocation of a subsequent Purchase Payment to an
existing EDCA. Each allocation of a subsequent Purchase Payment will earn
interest based on the date of the receipt of the purchase payment and date of
receipt of the EDCA application.
NEL-510 (05/01)
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If you terminate your participation in this program, all money remaining in the
EDCA Account will be transferred to a Money Market Subaccount unless you specify
otherwise.
New England Life Insurance Company has caused this Rider to be signed by its
President and Secretary.
/s/ Xxxxxx X. Xxxxxx /s/ Xxxxx X. Xxxxxx
Secretary President
NEL-510 (05/01)
New England Life Insurance Company
000 Xxxxxxxx Xxxxxx
Xxxxxx, Xxxxxxxxxxxxx 00000
--------------------------------------------------------------------------------
THREE MONTH MARKET ENTRY RIDER
This Rider forms a part of the Contract to which it is attached, and is
effective upon issuance. In the case of a conflict with any provision of the
Contract, the provisions of this Rider will control. This Rider amends the
Contract as follows:
The following provisions are added to the Contract:
THREE MONTH MARKET ENTRY
Prior to the Annuity Date, you may allocate Purchase Payments to a Three Month
Market Entry Account ("TMME Account") that is backed by our General Account,
subject to the Company's then current TMME rules and minimums. If you request to
participate in the Three Month Market Entry program, we will open a TMME Account
for you. The TMME Account will provide for transfers to any of the Subaccounts
of the Separate Account that you have chosen based on a 3 month period. You may
also choose any other time period that we may declare or make transfers to other
account options that we may make available under the program. All Purchase
Payments applied to this program will be allocated to your TMME Account. No
transfers may be made into your TMME Account. You can have only one dollar cost
averaging program at any given time.
Under the Three Month Market Entry program, a specified dollar amount of your
Contract Value will be transferred on a monthly basis from your TMME Account to
the Subaccounts you have chosen. The initial dollar amount transferred will be
equal to the initial amount allocated to your TMME Account divided by the number
of months in the time period you chose.
The first transfer will be made on the date the Purchase Payment is allocated to
the TMME Account. Subsequent transfers will be made each month thereafter on the
same day. However, transfers will be made on the 1st day of the following month
whenever a Purchase Payment is allocated on the 29th, 30th or 31st day of a
month. If such a day is not a Business Day the transfer will take place on the
next Business Day. Transfers will continue on a monthly basis until all amounts
are transferred from the TMME Account. Your TMME Account will terminate as of
the date of the last transfer.
The interest rate earned on your TMME Account will be the Fixed Account Minimum
Guaranteed Interest Rate, plus any additional interest, which we may declare
from time to time.
You may allocate subsequent Purchase Payments to your existing TMME Account. The
allocation of a subsequent Purchase Payment to your existing TMME Account
increases the dollar amount transferred out of your TMME Account each month. We
determine the increase in your monthly dollar amount by dividing your new
allocation by the number of months in the original time period you chose. Your
existing transfer amount is then increased by this amount to determine the total
new dollar amount to be transferred out of your TMME each month. Since transfers
from your TMME Account are made on a First-In-First-Out (FIFO) basis, the time
period over which a given Purchase Payment (and interest credited thereon) is
accelerated as a result of the allocation of a subsequent Purchase Payment to an
existing TMME. Each allocation of a subsequent Purchase Payment will earn
interest at the then-current interest rate applied to new allocations to a TMME
Account of the same monthly term.
NEL-520 (05/01)
--------------------------------------------------------------------------------
If you terminate your participation in this program, all money remaining in the
TMME Account will be transferred to a Money Market Subaccount unless you specify
otherwise.
New England Life Insurance Company has caused this Rider to be signed by its
President and Secretary.
/s/ Xxxxxx X. Xxxxxx /s/ Xxxxx X. Xxxxxx
Secretary President
NEL-520 (05/01)
New England Life Insurance Company
000 Xxxxxxxx Xxxxxx
Xxxxxx, Xxxxxxxxxxxxx 00000
--------------------------------------------------------------------------------
DEATH BENEFIT RIDER [- RETURN OF PURCHASE PAYMENTS]
This Rider forms a part of the Contract to which it is attached and is effective
upon issuance. In case of a conflict with any provision in the Contract, the
provisions of this Rider will control. Your election of this Rider is
irrevocable and its provisions will remain part of the Contract until the
Contract terminates. This Rider amends the Contract as follows:
DEATH BENEFIT PROVISIONS
The following replaces the "Death Benefit Amount During the Accumulation Period"
section of the "Death Benefit Provisions":
DEATH BENEFIT AMOUNT DURING THE ACCUMULATION PERIOD --
The "Death Benefit Amount" will be the greater of:
1) the Contract Value; or
2) total Purchase Payments, reduced proportionately by the Percentage
Reduction in Contract Value attributable to each partial withdrawal.
However, if the Owner is a natural person and you change the Owner to someone
other than your spouse during the Accumulation Period, the Death Benefit Amount
payable when such new Owner dies will be the greater of:
1) the Contract Value; or
2) the Contract Value as of the effective date of the change of Owner,
increased by any Purchase Payments made after that date and reduced
proportionately by the Percentage Reduction in Contract Value
attributable to any partial withdrawals taken after that date.
In addition, if the Contract is continued under the Spousal Continuation During
Accumulation Period option, the Death Benefit Amount payable when the continuing
spouse dies will be the greater of:
1) the Contract Value; or
2) the Contract Value under the continued Contract as of the date it is
adjusted for the Spousal Continuation, increased by any Purchase
Payments made after that date and reduced proportionately by the
Percentage Reduction in Contract Value attributable to any partial
withdrawals taken after that date.
NEL-530 (05/01)
--------------------------------------------------------------------------------
We compute the Percentage Reduction in Contract Value attributable to a partial
withdrawal by dividing the dollar amount of the withdrawal plus any applicable
Withdrawal Charges by the Contract Value immediately preceding such withdrawal.
When we reduce a value proportionately by the Percentage Reduction in Contract
Value attributable to a partial withdrawal we multiply that value by 1 minus the
Percentage Reduction.
The Death Benefit Amount is determined as of the end of the Business Day on
which we have received Notice of both due proof of death and an acceptable
election for the payment method. If we have not received an acceptable election
by the end of the 90th day after we receive Notice of due proof of death, we
will automatically deem the Beneficiary to have elected on the 90th day: the
Spousal Continuation Option if the spouse qualifies, the Non-Spousal Beneficiary
Continuation Option if the Beneficiary qualifies, otherwise death benefit Option
1. Any excess of the Death Benefit Amount over the Contract Value will be
allocated to each applicable Subaccount (and/or other account option included by
Rider) in the ratio that the portion of the Contract Value in such Subaccount
(and/or other account) bears to the total Contract Value. If the death benefit
is not paid immediately in a lump sum, any portion of the Death Benefit Amount
in the Separate Account remains in the Separate Account until distribution
begins. From the time the death benefit is determined until complete
distribution is made, any amount in the Separate Account will be subject to
investment risk. This risk is borne by the Beneficiary (ies).
The following replaces the "Beneficiary Continuation Options During Accumulation
Period - Spousal Continuation During Accumulation Period" section of the "Death
Benefit Provisions":
SPOUSAL CONTINUATION DURING ACCUMULATION PERIOD - If the Owner dies during the
Accumulation Period and the Beneficiary is his or her spouse, the Beneficiary
may choose to continue the Contract in his or her own name and exercise all the
Owner's rights under the Contract. The Contract Value under the continued
Contract will be adjusted as of the end of the Business Day on which we have
received Notice of both due proof of death and an acceptable election for the
payment method to an amount equal to the Death Benefit Amount that would have
been payable at the Owner's death. Any excess of the Death Benefit Amount over
the Contract Value will be allocated to each applicable Subaccount (and/or other
account option included by Rider) in the ratio that the portion of the Contract
Value in a Subaccount (and/or other account) bears to the total Contract Value.
The charge for this Rider is reflected in the Asset-Based Insurance Charge shown
on the Contract Schedule.
New England Life Insurance Company has caused this Rider to be signed by its
President and Secretary.
/s/ Xxxxxx X. Xxxxxx /s/ Xxxxx X. Xxxxxx
Secretary President
NEL-530 (05/01)
New England Life Insurance Company
000 Xxxxxxxx Xxxxxx
Xxxxxx, Xxxxxxxxxxxxx 00000
--------------------------------------------------------------------------------
DEATH BENEFIT RIDER [- GREATER OF ANNUAL STEP-UP OR 5% ANNUAL INCREASE]
This Rider forms a part of the Contract to which it is attached and is effective
upon issuance. In case of a conflict with any provision in the Contract, the
provisions of this Rider will control. Your election of this Rider is
irrevocable and its provisions will remain part of the Contract until the
Contract terminates. This Rider amends the Contract as follows:
DEATH BENEFIT PROVISIONS
The following replaces the "Death Benefit Amount During The Accumulation Period"
section of the "Death Benefit Provisions":
DEATH BENEFIT AMOUNT DURING THE ACCUMULATION PERIOD -
The "Death Benefit Amount" will be the greater of:
1) the Contract Value; or
2) the Enhanced Death Benefit, which is the greater of (a) or (b):
(a) Highest Anniversary Value: On the Issue Date we set this value
-------------------------
equal to your initial Purchase Payment. During each Contract
Year, we increase this value by any Purchase Payments made and
reduce it proportionately by the Percentage Reduction in Contract
Value attributable to any partial withdrawals taken. On every
Contract Anniversary prior to the Owner's (or Oldest Joint
Owner's) 81st birthday, we compare this value to the current
Contract Value and we set the Highest Anniversary Value equal to
the higher amount.
(b) Annual Increase Amount: On the Issue Date, we set the Annual
----------------------
Increase Amount equal to your initial Purchase Payment. After
that date, the Annual Increase Amount is equal to:
(i) the sum total of each Purchase Payment accumulated at the
Annual Increase Accumulation Rate from the date the Purchase
Payment is made; less
(ii) the sum total of each Withdrawal Adjustment for each partial
withdrawal accumulated at the Annual Increase Accumulation
Rate from the date of withdrawal.
However, if the Owner is a natural person and you change the Owner to someone
other than your spouse during the Accumulation Period, the Death Benefit Amount
payable when such new Owner dies will be the greater of:
1) the Contract Value; or
2) the Enhanced Death Benefit after an Owner change, which is the greater
of (a) or (b):
NEL-540 (05/01)
--------------------------------------------------------------------------------
(a) Highest Anniversary Value after an Owner change: After an Owner
-----------------------------------------------
change we set this value equal to the Contract Value as of the
effective date of the Owner change. During each subsequent
Contract Year, we increase this value by any Purchase Payments
made and reduce it proportionately by the Percentage Reduction
in Contract Value attributable to any partial withdrawals
taken. On every Contract Anniversary prior to the new Owner's
(or Oldest Joint Owner's) 81st birthday, we compare this value
to the current Contract Value and we set the Highest
Anniversary Value equal to the higher amount.
(b) Annual Increase Amount after an Owner change: After an Owner
--------------------------------------------
change, we set the Annual Increase Amount equal to the Contract
Value as of the effective date of the Owner change. After that
date, the Annual Increase Amount is equal to:
(i) the sum total of the Contract Value as of the effective
date of the Owner change accumulated at the Annual
Increase Accumulation Rate from that date and each
Purchase Payment made after the effective date of the
Owner change accumulated at the Annual Increase
Accumulation Rate from the date such Purchase Payment is
made; less
(ii) the sum total of each Withdrawal Adjustment for each
partial withdrawal taken after the effective date of the
Owner change accumulated at the Annual Increase
Accumulation Rate from the date of withdrawal.
In addition, if the Contract is continued under the Spousal Continuation During
Accumulation Period option, the Death Benefit Amount payable upon the continuing
spouse's death will be the greater of:
1) the Contract Value; or
2) the Enhanced Death Benefit under a Spousal Continuation, which
is the greater of (a) or (b):
(a) Highest Anniversary Value under a Spousal Continuation:
------------------------------------------------------
Under a Spousal Continuation of the Contract, we set this
value equal to the Contract Value under the continued
Contract as of the date it is adjusted for Spousal
Continuation. During each subsequent Contract Year, we
increase this value by any Purchase Payments made and
reduce it proportionately by the Percentage Reduction in
Contract Value attributable to any partial withdrawals
taken. On every Contract Anniversary prior to the
continuing spouse's 81st birthday, we compare this value
to the current Contract Value and we set the Highest
Anniversary Value equal to the higher amount.
(b) Annual Increase Amount under a Spousal Continuation:
---------------------------------------------------
Under a Spousal Continuation we set the Annual Increase
Amount equal to the Contract Value under the continued
Contract as of the date it is adjusted for Spousal
Continuation. After that date, the Annual Increase Amount
is equal to:
(i) the sum total of the Contract Value under the
continued Contract as of the date it is adjusted
for Spousal Continuation accumulated at the Annual
Increase Accumulation Rate from that date and each
Purchase Payment made after that date accumulated
at the Annual Increase Accumulation Rate from the
date such Purchase Payment is made; less
(ii) the sum total of each Withdrawal Adjustment for
each partial withdrawal taken after the date the
Contract Value is adjusted for Spousal Continuation
accumulated at the Annual Increase Accumulation
Rate from the date of withdrawal.
We compute the Percentage Reduction in Contract Value attributable to a partial
withdrawal by dividing the dollar amount of the withdrawal plus any applicable
Withdrawal Charges by the Contract Value immediately preceding such withdrawal.
When we calculate a value reduced proportionately by the Percentage Reduction in
Contract Value attributable to a partial withdrawal, we multiply the value
immediately preceding the withdrawal by 1 minus the Percentage Reduction.
NEL-540 (05/01)
--------------------------------------------------------------------------------
The Annual Increase Accumulation Rate is 5% per year through the earlier of the
calculation date for the Death Benefit Amount or the Contract Anniversary
immediately preceding the Owner's (or Oldest Joint Owner's) 81st birthday. No
accumulation rate will be applied after the Contract Anniversary immediately
preceding the Owner's (or Oldest Joint Owner's) 81st birthday.
The Withdrawal Adjustment for a partial withdrawal equals the value of the
Annual Increase Amount immediately prior to such withdrawal multiplied by the
Percentage Reduction in Contract Value attributable to that withdrawal.
The Death Benefit Amount is determined as of the end of the Business Day on
which we have received Notice of both due proof of death and an acceptable
election for the payment method. If we have not received an acceptable election
by the end of the 90th day after we receive Notice of due proof of death, we
will automatically deem the Beneficiary to have elected on the 90th day: the
Spousal Continuation Option if the spouse qualifies, the Non-Spousal Beneficiary
Continuation Option if the Beneficiary qualifies, otherwise death benefit Option
1. Any excess of the Death Benefit Amount over the Contract Value will be
allocated to each applicable Subaccount (and/or other account option included by
Rider) in the ratio that the portion of the Contract Value in a Subaccount
(and/or other account) bears to the total Account Value. If the death benefit is
not paid immediately in a lump sum, any portion of the Death Benefit Amount in
the Separate Account remains in the Separate Account until distribution begins.
From the time the death benefit is determined until complete distribution is
made, any amount in the Separate Account will be subject to investment risk.
This risk is borne by the Beneficiary(ies).
The following replaces the "Beneficiary Continuation Options During Accumulation
Period - Spousal Continuation During the Accumulation Period" section of the
"Death Benefit Provisions":
SPOUSAL CONTINUATION DURING THE ACCUMULATION PERIOD -
If the Owner dies during the Accumulation Period and the Beneficiary is his or
her spouse, the Beneficiary may choose to continue the Contract in his or her
own name and exercise all the Owner's rights under the Contract. The Contract
Value under the continued Contract will be adjusted as of the end of the
Business Day on which we have received Notice of both due proof of death and an
acceptable election for the payment method to an amount equal to the Death
Benefit Amount that would have been payable at the Owner's death. Any excess of
the Death Benefit Amount over the Contract Value will be allocated to each
applicable Subaccount (and/or other account included by Rider) in the ratio that
the portion of the Contract Value in such Subaccount (and/or other account)
bears to the total Account Value.
The charge for this Rider is reflected in the Asset-Based Insurance Charge shown
on the Contract Schedule.
New England Life Insurance Company has caused this Rider to be signed by its
President and Secretary.
/s/ Xxxxxx X. Xxxxxx /s/ Xxxxx X. Xxxxxx
Secretary President
NEL-540 (05/01)
New England Life Insurance Company
000 Xxxxxxxx Xxxxxx
Xxxxxx, Xxxxxxxxxxxxx 00000
--------------------------------------------------------------------------------
DEATH BENEFIT RIDER [- ANNUAL STEP-UP]
This Rider forms a part of the Contract to which it is attached and is effective
upon issuance. In case of a conflict with any provision in the Contract, the
provisions of this Rider will control. Your election of this Rider is
irrevocable and its provisions will remain part of the Contract until the
Contract terminates. This Rider amends the Contract as follows:
DEATH BENEFIT PROVISIONS
The following replaces the "Death Benefit Amount During The Accumulation Period"
section of the "Death Benefit Provisions":
DEATH BENEFIT AMOUNT DURING THE ACCUMULATION PERIOD -
The "Death Benefit Amount" will be the greater of:
(a) the Contract Value; or
(b) Highest Anniversary Value: On the Issue Date we set this value equal
-------------------------
to your initial Purchase Payment. During each Contract Year, we
increase this value by any Purchase Payments made and reduce it
proportionately by the Percentage Reduction in Contract Value
attributable to any partial withdrawals taken. On every Contract
Anniversary prior to the Owner's (or Oldest Joint Owner's) 81st
birthday, we compare this value to the current Contract Value and we
set the Highest Anniversary Value equal to the higher amount.
However, if the Owner is a natural person and you change the Owner to someone
other than your spouse during the Accumulation Period, the Death Benefit Amount
payable when such new Owner dies will be the greater of:
(a) the Contract Value; or
(b) Highest Anniversary Value after an Owner change: After an Owner
-----------------------------------------------
change, we set this value equal to the Contract Value as of the
effective date of the Owner change. During each subsequent Contract
Year, we increase this value by any Purchase Payments made and reduce
it proportionately by the Percentage Reduction in Contract Value
attributable to any partial withdrawals taken. On every Contract
Anniversary prior to the new Owner's (or Oldest Joint Owner's) 81st
birthday, we compare this value to the current Contract Value and we
set the Highest Anniversary Value equal to the higher amount.
NEL-550 (05/01)
--------------------------------------------------------------------------------
In addition, if the Contract is continued under the Spousal Continuation During
Accumulation Period option the Death Benefit Amount payable upon the continuing
spouse's death will be the greater of:
(a) the Contract Value; or
(b) Highest Anniversary Value under a Spousal Continuation: Under a
------------------------------------------------------
Spousal Continuation of the Contract, we set this value equal to the
Contract Value under the continued Contract as of the date it is
adjusted for the Spousal Continuation. During each subsequent Contract
Year, we increase this value by any Purchase Payments made and reduce
it proportionately by the Percentage Reduction in Contract Value
attributable to any partial withdrawals taken. On every Contract
Anniversary prior to the continuing spouse's 81st birthday, we compare
this value to the current Contract Value and we set the Highest
Anniversary Value equal to the higher amount.
We compute the Percentage Reduction in Contract Value attributable to a partial
withdrawal by dividing the dollar amount of the withdrawal plus any applicable
Withdrawal Charges by the Contract Value immediately preceding such withdrawal.
When we reduce a value proportionately by the Percentage Reduction in Contract
Value attributable to a partial withdrawal we multiply that value by 1 minus the
Percentage Reduction.
The Death Benefit Amount is determined as of the end of the Business Day on
which we have received Notice of both due proof of death and an acceptable
election for the payment method. If we have not received an acceptable election
by the end of the 90th day after we receive Notice of due proof of death, we
will automatically deem the Beneficiary to have elected on the 90th day: the
Spousal Continuation Option if the spouse qualifies, the Non-Spousal Beneficiary
Continuation Option if the Beneficiary qualifies, otherwise death benefit Option
1. Any excess of the Death Benefit Amount over the Contract Value will be
allocated to each applicable Subaccount (and/or other account option included by
Rider) in the ratio that the portion of the Contract Value in such Subaccount
(and/or other account) bears to the total Contract Value. If the death benefit
is not paid immediately in a lump sum, any portion of the Death Benefit Amount
in the Separate Account remains in the Separate Account until distribution
begins. From the time the death benefit is determined until complete
distribution is made, any amount in the Separate Account will be subject to
investment risk. This risk is borne by the Beneficiary(ies).
The following replaces the "Beneficiary Continuation Options During Accumulation
Period - Spousal Continuation During the Accumulation Period" section of the
"Death Benefit Provisions":
SPOUSAL CONTINUATION DURING THE ACCUMULATION PERIOD -
If the Owner dies during the Accumulation Period and the Beneficiary is his or
her spouse, the Beneficiary may choose to continue the Contract in his or her
own name and exercise all the Owner's rights under the Contract. The Contract
Value under the continued Contract will be adjusted as of the end of the
Business Day on which we have received Notice of both due proof of death and an
acceptable election for the payment method, to an amount equal to the Death
Benefit Amount that would have been payable at the Owner's death. Any excess of
the Death Benefit Amount over the Contract Value will be allocated to each
applicable Subaccount (and/or other account option included by Rider) in the
ratio that the portion of the Contract Value in a Subaccount (and/or other
account) bears to the total Contract Value.
The charge for this Rider is reflected in the Asset-Based Insurance Charge shown
on the Contract Schedule.
New England Life Insurance Company has caused this Rider to be signed by its
President and Secretary.
NEL-550 (05/01)
--------------------------------------------------------------------------------
/s/ Xxxxxx X. Xxxxxx /s/ Xxxxx X. Xxxxxx
Secretary President
New England Life Insurance Company
000 Xxxxxxxx Xxxxxx
Xxxxxx, Xxxxxxxxxxxxx 00000
--------------------------------------------------------------------------------
GUARANTEED MINIMUM INCOME BENEFIT RIDER - [LIVING BENEFIT]
This Rider forms a part of the Contract to which it is attached and is effective
upon issuance. In the case of a conflict with any provision of the Contract, the
provisions of this Rider will control. Your election of this Rider is
irrevocable and its provisions will remain part of the Contract until terminated
in accordance with the provisions below. This Rider amends the Contract as
follows:
The following is added to the "Annuity Provisions" section:
GUARANTEED MINIMUM INCOME BENEFIT
We guarantee that your minimum monthly Fixed Annuity Payment will not be less
than the Guaranteed Minimum Income Benefit (GMIB) Payment (less any applicable
charges and fees as described in the Contract Schedule or any Rider) provided
you meet the eligibility requirements below. If a higher Fixed Annuity Payment
results from applying your total Adjusted Contract Value to the then current
Fixed Annuity rates applicable to this class of contracts, we will pay you the
greater payment.
At the Annuity Calculation Date, the GMIB Payment will be determined by applying
the Income Base to the GMIB Annuity Table. In calculating the GMIB, any
Withdrawal Charges that would have applied if you had made a full cash
withdrawal of your Contract Value will be deducted from the Income Base. We
reserve the right to reduce the Income Base for any Premium and Other Taxes that
may apply.
Income Base
The Income Base is the greater of (a) or (b):
(a) Highest Anniversary Value: On the Issue Date we set this value equal
-------------------------
to your initial Purchase Payment. During each Contract Year we
increase this value by any Purchase Payments made and reduce it
proportionately by the Percentage Reduction in Contract Value
attributable to any partial withdrawals taken. On every Contract
Anniversary prior to the Owner's (or Oldest Joint Owner's) 81st
birthday, we compare this value to the current Contract Value and we
set the Highest Anniversary Value equal to the higher amount.
(b) Annual Increase Amount: On the Issue Date we set this amount equal to
----------------------
your initial Purchase Payment. After the Issue Date, this amount will
equal:
(i) The sum total of each Purchase Payment accumulated at the Annual
Increase Accumulation Rate from the date the Purchase Payment is
made, less
(ii) The sum total of each Withdrawal Adjustment for any partial
withdrawal accumulated at the Annual Increase Accumulation Rate
from the date of withdrawal (except as indicated).
NEL-560 (05/01)
--------------------------------------------------------------------------------
We compute the Percentage Reduction in Contract Value attributable to a partial
withdrawal by dividing the dollar amount of the withdrawal plus any applicable
Withdrawal Charges by the Contract Value immediately preceding such withdrawal.
When we reduce a value proportionately by the Percentage Reduction in Contract
Value attributable to a partial withdrawal we multiply that value by 1 minus the
Percentage Reduction.
The Annual Increase Accumulation Rate is 6% per year through the earlier of the
Annuity Calculation Date or the Contract Anniversary immediately preceding the
Owner's (or Oldest Joint Owner's) 81st birthday. No accumulation rate will be
applied after the Contract Anniversary immediately preceding the Owner's (or
Oldest Joint Owner's) 81st birthday. For purposes of calculating the Annual
Increase Amount when the GMIB Rider charge is assessed, the Annual Increase
Accumulation Rate will be applied through the end of the prior contract year.
The Withdrawal Adjustment for any partial withdrawal in a Contract Year equals
the Annual Increase Amount immediately prior to the withdrawal multiplied by the
Percentage Reduction in Contract Value attributable to that partial withdrawal.
However, if total partial withdrawals in a Contract Year are 6% or less of the
Annual Increase Amount on the previous Contract Anniversary, the total
Withdrawal Adjustments for that Contract Year will be set equal to the dollar
amount of total partial withdrawals in that Contract Year and treated as a
single withdrawal at the end of that Contract Year.
GMIB Annuity Table
The GMIB Annuity Table is calculated based on the Annuity 2000 Mortality Table
with a 7-year age setback with interest of 2.5% per year. The rate applied will
depend upon the Annuity Option chosen and the Attained Age and sex of the
Annuitant and Joint Annuitant, if applicable.
Eligibility Requirements for the GMIB
You are only eligible to receive GMIB payments if:
1) The Owner is a natural person and the Owner is also the Annuitant. If the
Owner is a non-natural person then the Annuitant will be considered the
Owner for GMIB purposes. If Joint Owners are named, the age of the oldest
will be used to determine the Income Base and GMIB Payment, and
2) You choose to start receiving Fixed Annuity Payments under one of the
following Annuity Options:
a) Life Income with 10 Years Certain. If you choose to start the Annuity
Option after age 79, the guaranteed Years Certain component of the
Annuity Option is reduced as follows:
---------------------------------------------------------
Age at Application to the Guarantee/Years
Annuity Option Certain Period
---------------------------------------------------------
80 9
---------------------------------------------------------
81 8
---------------------------------------------------------
82 7
---------------------------------------------------------
83 6
---------------------------------------------------------
84 and 85 5
---------------------------------------------------------
b) Joint and Survivor Life Income with 10 Years Certain, and
3) You choose an Annuity Date that is within
a) 30 days following any Contract Anniversary after your 10th Contract
Anniversary, but
b) no more than 30 days after the Contract Anniversary following your
85th birthday.
NEL-560 (05/01)
--------------------------------------------------------------------------------
GMIB Rider Charge
The GMIB Rider charges shown on the Contract Schedule are computed based on the
specified percentage and the Income Base at the end of the prior Contract year.
The charge is assessed for the prior Contract Year at each Contract Anniversary.
If you take a full withdrawal or apply your Adjusted Contract Value to an
Annuity Option, a pro-rata portion of the Rider charge will be assessed based on
the number of days from the last Contract Anniversary to the date of
withdrawal/application/change.
The Rider charge will be deducted from your Contract Value. This deduction will
result in the cancellation of Accumulation Units from each applicable Subaccount
(and/or reduction of any portion of the Contract Value allocated to any other
accounts included by Rider) in the ratio the portion of the Contract Value in
such Subaccount (and/or other account) bears to the total Contract Value.
GMIB Termination Provisions
The GMIB Rider Provisions will terminate upon the earliest of:
a) The 30th day following the Contract Anniversary immediately after your
85th birthday;
b) The date you make a full withdrawal of your Contract Value;
c) The date you apply all or any portion of your Adjusted Contract Value
to an Annuity Option and you are not eligible to receive GMIB
payments;
d) Death of the Owner, or death of the Annuitant if a non-natural person
owns the Contract; or
e) Change of the Owner or Joint Owner (or Annuitant if the Owner is a
non-natural person), for any reason.
New England Life Insurance Company has caused this Rider to be signed by its
President and Secretary.
/s/ Xxxxxx X. Xxxxxx /s/ Xxxxx X. Xxxxxx
Secretary President
NEL-560 (05/01)
New England Life Insurance Company
000 Xxxxxxxx Xxxxxx
Xxxxxx, Xxxxxxxxxxxxx 00000
--------------------------------------------------------------------------------
ADDITIONAL DEATH BENEFIT RIDER [- EARNINGS PRESERVATION BENEFIT]
This Rider forms a part of the Contract to which it is attached and is effective
upon issuance. In the case of a conflict with any provision in the Contract, the
provisions of this Rider will control. Your election of this Rider is
irrevocable and its provisions will remain part of the Contract until the
Contract terminates. This Rider amends the Contract as follows:
DEATH BENEFIT PROVISIONS
The following is added to the "Death Benefit Provisions":
ADDITIONAL DEATH BENEFIT DURING THE ACCUMULATION PERIOD - During the
Accumulation Period, an Additional Death Benefit will be paid to your
Beneficiary (ies) upon your death, the first death of a Joint Owner, or the
death of the Annuitant if a non-natural person owns the Contract. If a
non-natural person owns the Contract, the Annuitant shall be deemed to be Owner
for purposes of determining the Additional Death Benefit. If there are Joint
Owners, the age of the oldest will be used to determine the Additional Death
Benefit.
Additional Death Benefit Amount
The Additional Death Benefit Amount will be:
Before the Contract Anniversary immediately preceding the Owner's 81st
birthday:
1) the difference between;
(a) the Death Benefit Amount payable under the Contract, and
(b) total Purchase Payments not previously withdrawn,
2) multiplied by the ADB Benefit Percentage for the Owner's Issue
Age.
On or after the Contract Anniversary immediately preceding the Owner's
81st birthday:
1) the difference between;
(a) the Death Benefit Amount on the Contract Anniversary
immediately preceding the Owner's 81st birthday, increased by
any Purchase Payments made after that date and reduced
proportionately by the Percentage Reduction in Contract Value
attributable to any partial withdrawals taken after that
date, and
(b) total Purchase Payments not previously withdrawn,
2) multiplied by the ADB Benefit Percentage for the Owner's Issue
Age.
NEL-570 (05/01)
--------------------------------------------------------------------------------
We determine your total Purchase Payments not previously withdrawn by
deducting partial withdrawals from your Contract in the order described in
your Contract Schedule (first against Earnings in the Contract and then
against Purchase Payments).
However, if the Owner is a natural person and you change the Owner to someone
other than your spouse during the Accumulation Period, the Additional Death
Benefit Amount payable upon the new Owner's death will be:
Before the Contract Anniversary immediately preceding the new Owner's 81st
birthday:
1) the difference between;
(a) the Death Benefit Amount payable under the Contract, and
(b) total Purchase Payments not previously withdrawn after the Owner
change,
2) multiplied by the ADB Benefit Percentage for the new Owner's age as of
the effective date of the change of Owner.
On or after the Contract Anniversary immediately preceding the new Owner's
81st birthday:
1) the difference between;
(a) the Death Benefit Amount on the Contract Anniversary immediately
preceding the new Owner's 81st birthday, increased by any
Purchase Payments made after that date and reduced
proportionately by the Percentage Reduction in Contract Value
attributable to any partial withdrawals taken after that date,
and
(b) total Purchase Payments not previously withdrawn after the Owner
change,
2) multiplied by the ADB Benefit Percentage for the new Owner's age as of
the effective date of the change of Owner.
When we calculate total Purchase Payments not previously withdrawn after
the Owner change, we ignore any Purchase Payments made before the effective
date of the change of Owner and set this value equal to the Contract Value
on that date. We increase this value by any subsequent Purchase Payments
made and apply any subsequent partial withdrawals first against Earnings
credited after that date.
Regardless, if the Contract is continued under the Spousal Continuation During
Accumulation Period option and the spouse chooses to continue the Additional
Death Benefit provisions so that the Additional Death Benefit is payable upon
the continuing spouse's death rather than the Owner's death, the Additional
Death Benefit Amount will be:
Before the Contract Anniversary immediately preceding the continuing
spouse's 81st birthday:
1) the difference between;
(a) the Death Benefit Amount payable under the Contract, and
(b) total Purchase Payments not previously withdrawn,
2) multiplied by the ADB Benefit Percentage for the deceased Owner's
Issue Age.
On or after the Contract Anniversary immediately preceding the continuing
spouse's 81st birthday:
1) the difference between;
NEL-570 (05/01)
--------------------------------------------------------------------------------
(a) the Death Benefit Amount on the Contract Anniversary immediately
preceding the continuing spouse's 81st birthday, increased by
any Purchase Payments made after that date and reduced
proportionately by the Percentage Reduction in Contract Value
attributable to any partial withdrawals taken after that date,
and
(b) total Purchase Payments not previously withdrawn,
2) multiplied by the ADB Benefit Percentage for the deceased Owner's
Issue Age.
When we calculate total Purchase Payments not withdrawn under a Spousal
Continuation, we treat the continuing spouse the same as the deceased
Owner with respect to Purchase Payments made and partial withdrawals
taken.
We compute the Percentage Reduction in Contract Value attributable to a partial
withdrawal by dividing the dollar amount of the withdrawal plus any applicable
Withdrawal Charges by the Contract Value immediately preceding such withdrawal.
When we reduce a value proportionately by the Percentage Reduction in Contract
Value attributable to a partial withdrawal we multiply that value by 1 minus the
Percentage Reduction.
The Additional Death Benefit Amount is determined as of the end of the Business
Day on which we have received Notice of both due proof of death and an
acceptable election for the payment method and treated as a death benefit
payable under the Contract. If we have not received an acceptable election by
the end of the 90th day after we receive Notice of due proof of death, we will
automatically deem the Beneficiary to have elected on the 90th day: the Spousal
Continuation During Accumulation Period Option if the spouse qualifies (with the
Additional Death Benefit provisions continued), the Non-Spousal Beneficiary
Continuation During Accumulation Period Option if the Beneficiary qualifies,
otherwise death benefit Option 1. Any excess of the Additional Death Benefit
Amount over the Contract Value will be allocated to each applicable Subaccount
(and/or other account option included by Rider) in the ratio that the portion of
the Contract Value in a Subaccount (and/or other account) bears to the total
Contract Value. If the Additional Death Benefit is not paid immediately in a
lump sum, any portion of the Additional Death Benefit Amount in the Separate
Account remains in the Separate Account until distribution begins. From the time
the death benefit is determined until complete distribution is made, any amount
in the Separate Account will remain subject to investment risk. This risk is
borne by the Beneficiary(ies).
ADB Benefit Percentages
The ADB Benefit Percentages are as follows:
Age ADB Benefit Percentage
Ages 69 or younger 40%
Ages 70 - 79 25%
Ages 80 and above 0%
NEL-570 (05/01)
Options for Spousal Continuation During the Accumulation Period
If the Owner dies during the Accumulation Period and the Beneficiary who is his
or her spouse elects to continue the Contract in his or her name, the
Beneficiary has the option of:
1) Continuing the Additional Death Benefit provisions so that the
Additional Death Benefit is payable upon the death of the continuing
spouse rather than on the death of the Owner, or
2) Discontinuing the Additional Death Benefit provisions and having the
Additional Death Benefit Amount that would have been payable at the
Owner's death added to the Contract Value. Any excess of the
Additional Death Benefit Amount over the Contract Value will be
allocated to each applicable Subaccount (and/or other account option
included by Rider) in the ratio that the portion of the Contract Value
in such Subaccount (and/or other account) bears to the total Contract
Value.
The charge for this Rider is shown on the Contract Schedule.
New England Life Insurance Company has caused this Rider to be signed by its
President and Secretary.
/s/ Xxxxxx X. Xxxxxx /s/ Xxxxx X. Xxxxxx
Secretary President
NEL-570 (05/01)
New England Life Insurance Company
000 Xxxxxxxx Xxxxxx
Xxxxxx, Xxxxxxxxxxxxx 00000
--------------------------------------------------------------------------------
PURCHASE PAYMENT CREDIT RIDER
This Rider forms a part of the Contract to which it is attached and is effective
as of the Issue Date. In the case of a conflict with any provision of the
Contract, the provisions of this Rider will control. Your election of this Rider
is irrevocable and its provisions will remain part of the Contract until the
Contract terminates. This Rider amends the Contract as follows:
PURCHASE PAYMENTS PROVISIONS
The following is added to the "Purchase Payments Provisions":
PURCHASE PAYMENT CREDITS - Before your 81st birthday, each Purchase Payment you
make during the first Contract Year will be credited with the Purchase Payment
Credit. The amount of the Purchase Payment Credit is described on the Contract
Schedule.
If you exercise the "Free Look" provision of the Contract, we will return your
Contract Value less the Adjusted Purchase Payment Credit. The Adjusted Purchase
Payment Credit is equal to the lesser of:
1. The portion of the Contract Value that is attributable to any Purchase
Payment Credit, or
2. The total of Purchase Payment Credit(s).
The Purchase Payment Credit will be allocated to the Contract in the same
proportion that the applicable Purchase Payment is allocated.
All Purchase Payment Credits will be treated as Earnings under the Contract.
The Contract is further modified by substituting the attached Annuity Rate
Tables for the corresponding Annuity Rate Tables in the Tables section of the
Contract.
New England Life Insurance Company has caused this Rider to be signed by its
President and Secretary.
/s/ Xxxxxx X. Xxxxxx /s/ Xxxxx X. Xxxxxx
Secretary President
NEL-580 (05/01)
--------------------------------------------------------------------------------
FIXED ANNUITY TABLES AND VARIABLE ANNUITY TABLES
AMOUNT OF FIRST MONTHLY PAYMENT
PER $1000 OF CONTRACT VALUE
Annuitant Only
Option 1: Life Annuity Option 2: Life Annuity with 10 Years of
Annuity Payments Guaranteed
Attained Age Attained Age
of Annuitant Male Female of Annuitant Male Female
-------------------------------------------- -----------------------------------------
55 3.80 3.58 55 3.78 3.57
60 4.13 3.86 60 4.10 3.84
65 4.57 4.23 65 4.50 4.19
70 5.16 4.73 70 5.03 4.65
75 6.00 5.42 75 5.69 5.26
80 7.14 6.42 80 6.47 6.05
85 8.73 7.90 85 7.32 6.98
Option 3: Joint and Last Survivor Life Annuity
Age of Female Annuitant
Attained Age 10 Years 5 Years Same 5 Years 10 Years
of Male Annuitant Younger Younger Age Older Older
---------------------------------------------------------------------------------------------------------
55 3.09 3.20 3.31 3.42 3.52
60 3.24 3.38 3.53 3.66 3.79
65 3.44 3.63 3.81 3.99 4.16
70 3.69 3.93 4.18 4.43 4.66
75 4.03 5.22 4.70 5.05 5.37
80 4.48 4.93 5.42 5.91 6.34
85 5.11 5.75 6.45 7.13 7.71
Option 4: Joint and Last Survivor Annuity with 10 Years of Annuity Payments
Guaranteed
Age of Female Annuitant
Attained Age 10 Years 5 Years Same 5 Years 10 Years
of Male Annuitant Younger Younger Age Older Older
---------------------------------------------------------------------------------------------------------
55 3.09 3.20 3.31 3.41 3.52
60 3.24 3.38 3.53 3.66 3.79
65 3.44 3.62 3.81 3.99 4.15
70 3.69 3.93 4.18 4.42 4.64
75 4.03 4.35 4.68 5.02 5.30
80 4.47 4.90 5.37 5.80 6.13
85 5.07 5.65 6.25 6.75 7.07
Monthly installments for ages not shown will be furnished on request.
NEL-580 (05/01)
New England Life Insurance Company
000 Xxxxxxxx Xxxxxx
Xxxxxx, Xxxxxxxxxxxxx 00000
--------------------------------------------------------------------------------
WAIVER OF WITHDRAWAL CHARGE FOR NURSING HOME OR HOSPITAL CONFINEMENT RIDER
This Rider forms a part of the Contract to which it is attached and is effective
as of the Issue Date. In the case of a conflict with any provision in the
Contract, the provisions of this Rider will control. Your election of this Rider
is irrevocable and its provisions will remain part of the Contract until the
earlier of the Annuity Date or the date the Contract terminates. This Rider
amends the Contract as follows:
The following will be added to the "PURCHASE PAYMENTS" section of the "PURCHASE
PAYMENT PROVISIONS":
If a Withdrawal Charge has or will be waived for Nursing Home or Hospital
Confinement under the terms of this Rider, Purchase Payments can no longer be
made under the Contract.
The following provisions are added to the Contract:
WAIVER OF WITHDRAWAL CHARGE FOR NURSING HOME OR HOSPITAL CONFINEMENT
After the first Contract Anniversary, the Withdrawal Charge will be waived upon
a withdrawal if:
1. you are confined to a Nursing Home and/or Hospital for at least 90
consecutive days or confined for a total of at least 90 days if there
is no more than a 6-month break in the confinement and the
confinements are for related causes;
2. the first confinement referred to in (1) above begins on or after the
first Contract Anniversary;
3. the withdrawal request and proof satisfactory to us of confinement are
received by us at our Administrative Office either while you are
confined or within 90 days after such confinement;
4. confinement in a Nursing Home and/or Hospital is prescribed by a
Physician and is Medically Necessary;
5. you have been the Owner continuously since the Issue Date, or you are
a Spousal Beneficiary who continues the Contract under the Spousal
Continuation During Accumulation Period Option: and
6. you were less than the Maximum Nursing Home or Home Hospital
Confinement Rider Issue Age specified on the Contract Schedule at the
Issue Date.
In the case of Joint Owners, this Rider applies to either Joint Owner. If the
Owner is not a natural person, this Rider applies to the Annuitant provided the
Annuitant has continuously been the Annuitant since the Issue Date.
NEL-590 (05/01)
--------------------------------------------------------------------------------
DEFINITIONS
Hospital - A facility which:
1) is located in the United States or its territories;
2) is licensed as a hospital by the jurisdiction in which it is located;
3) is supervised by a staff of licensed physicians;
4) provides nursing services 24 hours a day by, or under the supervision
of, a registered nurse (R.N.);
5) operates primarily for the care and treatment of sick and injured
persons as inpatients for a charge; and
6) has access to medical and diagnostic facilities.
Intermediate Care Facility - A facility which:
1) is located in the United States;
2) is licensed and operated as an Intermediate Care Facility according to
the laws of the jurisdiction in which it is located;
3) provides continuous 24 hours a day nursing service by, or under the
supervision of, a registered graduate professional nurse (R.N.) or a
licensed practical nurse (L.P.N.); and
4) maintains a daily medical record of each patient.
Medically Necessary - Appropriate and consistent with the diagnosis in accord
with accepted standards of practice and which could not have been omitted
without affecting the individual's condition.
Nursing Home - A facility which is a Skilled Nursing Facility, an Intermediate
Care Facility or Residential Care Facility. Nursing Home does not mean:
1) a home for the aged, a community living center or place that primarily
provides domiciliary, residency or retirement care; or
2) a place owned or operated by a member of the Owner's immediate family.
Immediate family members include the Owner's spouse, children,
parents, grandparents, grandchildren, siblings and in-laws.
Physician - Any person duly licensed and legally qualified to diagnose and treat
sickness and injuries. A physician must be providing services within the scope
of his or her license. A Physician may not be a member of the Owner's immediate
family.
Residential Care Facility - A facility which:
1) is located in the United States or its territories;
2) is licensed and operated as a Residential Care Facility according to
the laws of the jurisdiction in which it is located; and
3) provides nursing care under the supervision of a registered
professional nurse (R.N.).
Skilled Nursing Facility - A facility which:
1) is located in the United States or its territories;
2) is licensed and operated as a skilled Nursing Facility according to
the laws of the jurisdiction in which it is located;
3) provides skilled nursing care under the supervision of a licensed
physician;
NEL-590 (05/01)
--------------------------------------------------------------------------------
4) provides continuous 24 hours a day nursing services by, or under the
supervision of, a registered graduate professional nurse (R.N.); and
5) maintains a daily medical record of each patient.
New England Life Insurance Company has caused this Rider to be signed by its
President and Secretary.
/s/ Xxxxxx X. Xxxxxx /s/ Xxxxx X. Xxxxxx
Secretary President
NEL-590 (05/01)
New England Life Insurance Company
000 Xxxxxxxx Xxxxxx
Xxxxxx, Xxxxxxxxxxxxx 00000
--------------------------------------------------------------------------------
WAIVER OF WITHDRAWAL CHARGE FOR TERMINAL ILLNESS RIDER
This Rider forms a part of the Contract to which it is attached and is effective
as of the Issue Date. In the case of a conflict with any provision in the
Contract, the provisions of this Rider will control. Your election or this Rider
is irrevocable and its provisions will remain in part of the Contract until the
earlier of the Annuity Date or the date the Contract terminates. This Rider
amends the Contract as follows:
The following is added to the "PURCHASE PAYMENTS" section of the "PURCHASE
PAYMENTS PROVISIONS":
If a Withdrawal Charge has or will be waived for Terminal Illness under the
terms of this Rider, Purchase Payments can no longer be made under the Contract.
The following provisions are added to the Contract:
WAIVER OF WITHDRAWAL CHARGE FOR TERMINAL ILLNESS
After the first Contract Anniversary, the Withdrawal Charge will be waived upon
a withdrawal if:
1. you are terminally ill and not expected to live more than 12 months;
2. a Qualified Physician certifies to your illness and life expectancy;
3. you were not diagnosed with the terminal illness as of the Issue Date;
4. you have been the Owner continuously since the Issue Date or you are a
Spousal Beneficiary who continues the Contract under the Spousal
Continuation During Accumulation Period Option; and
5. you were less than the Maximum Terminal Illness Rider Issue Age
specified on the Contract Schedule on the Issue Date.
In the case of Joint Owners, this Rider applies to either Joint Owner. If the
Owner is not a natural person, this Rider applies to the Annuitant provided the
Annuitant has continuously been the Annuitant since the Issue Date.
Qualified Physician is any person duly licensed and legally qualified to
diagnose and treat sickness and injuries. A physician must be providing services
within the scope of his or her license. A Physician may not be a member of the
Owner's immediate family. Immediate family members include the Owner's spouse,
children, parents, grandparents, grandchildren, siblings and in-laws.
New England Life Insurance Company has caused this Rider to be signed by its
President and Secretary.
/s/ Xxxxxx X. Xxxxxx /s/ Xxxxx X. Xxxxxx
Secretary President
NEL-595 (05/01)
New England Life Insurance Company
000 Xxxxxxxx Xxxxxx
Xxxxxx, Xxxxxxxxxxxxx 00000
--------------------------------------------------------------------------------
INDIVIDUAL RETIREMENT ANNUITY ENDORSEMENT
This Endorsement forms a part of the Contract to which it is attached. The
effective date of this Endorsement is the same as the date of issue shown on the
Contract Data Page.
The term "Contract", wherever used herein, shall also mean "Policy".
THE FOLLOWING PROVISIONS APPLY TO A CONTRACT WHICH IS ISSUED ON A QUALIFIED
BASIS IF THE APPLICATION INDICATES IT IS TO BE ISSUED UNDER THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED, ("CODE") SECTION 408. THE PROVISIONS OF THE APPLICABLE
QUALIFIED RETIREMENT PLAN TAKE PRECEDENCE OVER THE PROVISIONS OF THIS CONTRACT.
IN THE CASE OF A CONFLICT WITH ANY PROVISION IN THE CONTRACT OR ANY OTHER
ENDORSEMENTS OR RIDERS, THE PROVISIONS OF THIS ENDORSEMENT WILL CONTROL. THE
CONTRACT IS AMENDED AS FOLLOWS:
1. The Owner is the Annuitant.
2. This Contract is not transferable.
3. This Contract, and the benefits under it, cannot be sold, assigned or
pledged as collateral for a loan or as security for the performance of an
obligation or for any other purpose to any person other than to the issuer
of the Contract.
4. The Annuitant's entire interest in this Contract is nonforfeitable.
5. This Contract is established for the exclusive benefit of the Annuitant and
the Annuitant's beneficiary(ies).
6. Except in the case of a rollover contribution (as permitted by Code
sections 402(c), 403(a)(4), 403(b)(8), or 408(d)(3)) or a contribution made
in accordance with the terms of a Simplified Employee Pension (SEP) as
described in Code Section 408(k), no contributions will be accepted unless
they are in cash, and the total of such contributions shall not exceed
$2,000 for any taxable year.
7. No contribution will be accepted under a SIMPLE plan established by any
employer pursuant to Code Section 408(p). No transfer or rollover of funds
attributable to contributions made by a particular employer under its
SIMPLE plan will be accepted from a SIMPLE XXX, that is, an XXX used in
conjunction with a SIMPLE plan, prior to the expiration of the 2-year
period beginning on the date the individual first participated in that
employer's SIMPLE plan.
8. Distributions under the annuity payment options in the Contract must
commence to be distributed, no later than the first day of April following
the calendar year in which the Annuitant attains age 70 1/2 (required
beginning date), over (a) the life of the Annuitant, or the lives of the
Annuitant and his or her designated beneficiary, or (b) a period certain
not extending beyond the life expectancy of the Annuitant, or the joint and
last survivor expectancy of the Annuitant and his or her designated
beneficiary. Payments must be made in periodic payments at intervals of no
longer than one year. In addition, payments must be either nonincreasing or
they may increase only as provided in Q & A F-3 of Section 1.401(a)(9)-1 of
the Proposed Income Tax Regulations.
All distributions made hereunder shall be made in accordance with the
requirements of Section 401(a)(9) of the Code, including the incidental
death benefit requirements of Section 401(a)(9)(G) of the Code, and the
regulations thereunder, including the minimum distribution incidental
benefit requirement of Section 1.401(a)(9)-2 of the Proposed Income Tax
Regulations.
Life expectancy is computed by use of the expected return multiples in
Tables V and VI of Section 1.72-9 of the Income Tax Regulations. Life
expectancy for distributions under an annuity payment option may not be
recalculated.
NEL-408 (05/01)
--------------------------------------------------------------------------------
9. If required distributions are to be made in a form other than one of the
annuity payment options contained in the Contract, then the entire value of
the Contract will commence to be distributed no later than the first day of
April following the calendar year in which the Annuitant attains age 70 1/2
(required beginning date), over (a) the life of the Annuitant, or the lives
of the Annuitant and his or her designated beneficiary, or (b) a period
certain not extending beyond the life expectancy of the Annuitant, or the
joint and last survivor expectancy of the Annuitant and his or her
designated beneficiary.
The amount to be distributed each year, beginning with the first calendar
year for which distributions are required and then for each succeeding
calendar year, shall not be less than the quotient obtained by dividing the
Annuitant's benefit by the lesser of (1) the applicable life expectancy or
(2) if the Annuitant's spouse is not the designated beneficiary, the
applicable divisor determined from the table set forth in Q & A-4 or Q &
A-5, as applicable, of Section 1.401(a)(9)-2 of the Proposed Income Tax
Regulations. Distributions after the death of the Annuitant shall be
distributed using the applicable life expectancy as the relevant divisor
without regard to Proposed Income Tax Regulation Section 1.401(a)(9)-2.
Life expectancy is computed by use of the expected return multiples in
Tables V and VI of Section 1.72-9 of the Income Tax Regulations. Unless
otherwise elected by the Annuitant by the time distributions are required
to begin, life expectancies shall be recalculated annually. Such election
shall be irrevocable by the Annuitant and shall apply to all subsequent
years. The life expectancy of a non-spouse beneficiary may not be
recalculated. Instead, life expectancy will be calculated using the
attained age of such beneficiary during the calendar year in which the
Annuitant attains age 70 1/2, and payments for subsequent years shall be
calculated based on such life expectancy reduced by one for each calendar
year which has elapsed since the calendar year life expectancy was first
calculated.
10. An Annuitant shall be permitted to withdraw the required distribution in
any year from another individual retirement account or annuity maintained
for the benefit of the Annuitant in accordance with Notice 88-38. The
Annuitant shall be responsible in such instance for determining whether the
minimum distribution requirements are met, and the Company shall have no
responsibility for such determination.
11. If the Annuitant dies after distribution of benefits has commenced, the
remaining portion of such interest will continue to be distributed at least
as rapidly as under the method of distribution being used prior to the
Annuitant's death or as otherwise allowed under Code Section 401(a)(9) and
the regulations thereunder. If the Annuitant dies before distribution of
benefits commences, the entire amount payable to the beneficiary will be
distributed no later than December 31 of the calendar year which contains
the fifth anniversary of the date of the Annuitant's death except to the
extent that an election is made to receive distributions in accordance with
(i), (ii) or (iii) below:
(i) if any portion of the Contract proceeds is payable to a designated
beneficiary, distributions may be made in installments over the life
or over a period not extending beyond the life expectancy of the
designated beneficiary commencing no later than December 31 of the
calendar year immediately following the calendar year in which the
Annuitant died;
(ii) if the designated beneficiary is the Annuitant's surviving spouse,
and benefits are to be distributed in accordance with (i) above,
distributions must begin on or before the later of (a) December 31 of
the calendar year immediately following the calendar year in which
the Annuitant died or (b) December 31 of the calendar year in which
the Annuitant would have attained age 70 1/2;
(iii) if the designated beneficiary is the Annuitant's surviving spouse,
the spouse may treat the Contract as his or her own XXX. This
election will be deemed to have been made if such surviving spouse
makes a regular XXX contribution to the Contract, makes a rollover to
or from such Contract, or fails to elect any of the above provisions.
Life expectancy is computed by use of the expected return multiples in
Tables V and VI of Section 1.72-9 of the Income Tax Regulations. For
purposes of distributions beginning after the Annuitant's death, unless
otherwise elected by the surviving spouse by the time distributions are
required to begin, life expectancies shall be recalculated annually. Such
election shall be irrevocable by the surviving spouse and shall apply to
all subsequent years. In the case of any other designated beneficiary, life
expectancies shall be calculated using the attained age of such beneficiary
during the calendar year in which distributions are required to begin
pursuant to this section, and payments for any subsequent calendar year
shall be calculated based on such life expectancy reduced by one for each
calendar year which has elapsed since the calendar year life expectancy was
first calculated. Life expectancy for distributions under an annuity
payment option in the Contract may not be recalculated.
NEL-408 (05/01)
--------------------------------------------------------------------------------
Distributions under this section are considered to have begun if
distributions are made on account of the individual reaching his or her
required beginning date or if prior to the required beginning date
distributions irrevocably commence to an individual over a period permitted
and in an annuity form acceptable under Section 1.401(a)(9)-2 of the
Proposed Income Tax Regulations.
12. The Company shall furnish annual calendar year reports concerning the
status of the annuity.
13. Any reference or restrictions, limitations or requirements in the Contract
regarding misstatement of sex or proof of sex is hereby deleted.
14. The Company may at its option either accept additional future payments or
terminate the Contract by a lump sum payment of the then present value of
the paid up benefit if no premiums have been received for two full
consecutive Contract years and the paid up annuity benefit at maturity
would be less than $20 per month.
All other terms and conditions of the Contract remain unchanged.
New England Life Insurance Company has caused this Endorsement to be signed by
its President and Secretary.
/s/ Xxxxxx X. Xxxxxx /s/ Xxxxx X. Xxxxxx
Secretary President
NEL-408 (05/01)
New England Life Insurance Company
000 Xxxxxxxx Xxxxxx
Xxxxxx, Xxxxxxxxxxxxx 00000
--------------------------------------------------------------------------------
XXXX INDIVIDUAL RETIREMENT ANNUITY ENDORSEMENT
This Endorsement forms a part of the Contract to which it is attached. The
effective date of this Endorsement is the same as the issue date of the
Contract. The following provisions apply to a Contract which is issued as a Xxxx
XXX under the Internal Revenue Code of 1986, as amended, ("Code") Section 408A.
In the case of a conflict with any provisions in the Contract and any other
Endorsements or Riders, the provisions of this Endorsement will control. The
Contract is amended as follows:
1. The Owner is the Annuitant.
2. This Contract is not transferable.
3. This Contract, and the benefits under it, cannot be sold, assigned or
pledged as collateral for a loan or as security for the performance of an
obligation or for any other purpose to any person other than to the issuer
of the Contract.
4. The Owner's entire interest in this Contract is nonforfeitable.
5. This Contract is established for the exclusive benefit of the Owner and the
Owner's Beneficiary(ies).
6. Purchase Payments -
a) Maximum permissible amount. Except in the case of a qualified rollover
---------------------------
contribution or a recharacterization (as defined in (e) below), no
Purchase Payment will be accepted unless it is in cash and the total
of such contributions to all the Owner's Xxxx IRAs for a taxable year
does not exceed $2,000, or the Owner's compensation, if less, for that
taxable year. The contribution described in the previous sentence that
may not exceed the lesser of $2,000 or the Owner's compensation is
referred to as a "regular contribution." A "qualified rollover
contribution" is a rollover contribution that meets the requirements
of section 408(d)(3) of the Code, except the one-rollover-per-year
rule of section 408(d)(3)(B) does not apply if the rollover
contribution is from an XXX other than a Xxxx XXX (a "nonRoth XXX").
Purchase Payments may be limited under (b) through (d) below.
b) Regular contribution limit. If (i) and/or (ii) below apply, the
---------------------------
maximum regular contribution that can be made to all the Owner's Xxxx
IRAs for a taxable year is the smaller amount determined under (i) or
(ii).
(i) The maximum regular contribution is phased out ratably between
certain levels of modified adjusted gross income ("modified AGI,"
defined in (f) below) in accordance with the following table:
Filing Status Full Contribution Phase-out Range No Contribution
-----------------------------------------------------------------------------------------------
Modified AGI
-----------------------------------------------------------------------------------------------------------------
Single or Head $95,000 or less Between $95,000 $110,000 or
of Household and $110,000 more
Joint Return or $150,000 or less Between $150,000 $160,000 or
Qualifying Widow(er) and $160,000 more
Married- $0 Between $0 $10,000 or
Separate Return and $10,000 more
-----------------------------------------------------------------------------------------------------------------
If the Owner's modified AGI for a taxable year is in the phase-out
range, the maximum regular contribution determined under this
table for that taxable year is rounded up to the next multiple of
$10 and is not reduced below $200.
NEL-446 (05-01)
--------------------------------------------------------------------------------
(ii) If the Owner makes regular contributions to both Xxxx and nonRoth
IRAs for a taxable year, the maximum regular contribution that
can be made to all the Xxxx IRAs for that taxable year is reduced
by the regular contributions made to the nonRoth IRAs for the
taxable year.
(c) Qualified rollover contribution limit. A rollover from a nonRoth XXX
-------------------------------------
cannot be made to this XXX if, for the year the amount is distributed
from the nonRoth XXX, (i) the Owner is married and files a separate
return, (ii) the Owner is not married and has modified AGI in excess
of $100,000 or (iii) the Owner is married and together the Certificate
Owner and the Owner's spouse have modified AGI in excess of $100,000.
For purposes of the preceding sentence, a husband and wife are not
treated as married for a taxable year if they have lived apart at all
times during that taxable year and file separate returns for the
taxable year.
(d) Simple XXX limits. No contributions will be accepted under a SIMPLE
-----------------
XXX Plan established by any employer pursuant to Section 408(p). Also,
no transfer or rollover of funds attributable to contributions made by
a particular employer under its SIMPLE XXX Plan will be accepted from
a SIMPLE XXX, that is, an XXX used in conjunction with a SIMPLE XXX
Plan, prior to the expiration of the 2-year period beginning on the
date the Owner first participated in that employer's SIMPLE XXX Plan.
(e) Recharacterization. A regular contribution to a nonRoth XXX may be
------------------
recharacterized pursuant to the rules in section 1.408A-5 of the
Proposed Income Tax Regulations as a regular contribution to this XXX,
subject to the limits in (b) above.
(f) Modified AGI. For purposes of (b) and (c) above, modified AGI for a
------------
taxable year is defined in Section 408A(c)(3)(C)(i) and does not
include any amount included in adjusted gross income as a result of a
rollover from a nonRoth XXX (a "conversion").
7. No amount is required to be distributed prior to the death of the Owner for
whose benefit the Contract was originally established.
8. (a) Upon the death of the Owner, distribution of any remaining benefits
shall be completed by December 31 of the calendar year containing the fifth
anniversary of the Owner's death except to the extent that an election is
made to receive distributions in accordance with (i) or (ii) below:
(i) If the Owner's interest is payable to a designated Beneficiary,
than the entire interest of the individual may be distributed
over the life or over a period certain not greater than the life
expectancy of the designated Beneficiary commencing on or before
December 31 of the calendar year immediately following the
calendar year in which the individual died.
(ii) If the designated Beneficiary is the Owner's surviving spouse,
the date distributions are required to begin in accordance with
(i) above shall not be earlier than the later of (A) December 31
of the calendar year in which the individual died or (B) December
31 of the calendar year in which the individual would have
attained age 70 1/2 1/2.
(b) If the designated Beneficiary is the individual's surviving spouse, the
spouse may elect to treat the Contract as his or her own Xxxx XXX. This
election will be deemed to have been made if such surviving spouse makes
a regular contribution to the Contract, makes a rollover to or from such
Contract, or fails to take distributions under (a) above.
(C)(c) Payments required under (a)(i) or (a) (ii) above must be made at
intervals of no longer than 1 year and must be either nonincreasing or
increasing as provided in Q&A F-3 of Section 1.401 (a)(9)-1 of the
Proposed Income Tax Regulations.
NEL-446 (05/01)
--------------------------------------------------------------------------------
(d) Life expectancy is computed by use of the expected return multiples in
Table V of Section 1.72-9 of the Income Tax Regulations. If the
designated Beneficiary is the individual's surviving spouse, then, unless
otherwise elected by the surviving spouse by the time distributions are
required to begin, the surviving spouse's life expectancy shall be
recalculated annually. Such election shall be irrevocable by the
surviving spouse and shall apply to all subsequent years. In the case of
any other designated Beneficiary, life expectancies shall be calculated
using the attained age of such Beneficiary during the calendar year in
which distribution are required to begin pursuant to (i) or (ii) above,
and payments for any subsequent calendar year shall be calculated based
on such life expectancy reduced by one for each calendar year which has
elapsed since the calendar year life expectancy was first calculated.
Life expectancies shall not be recalculated for payments made under an
Annuity Option.
9. Separate records will be maintained for the interest of each Owner and the
Company will furnish annual calendar year reports concerning the status of
the Contract.
10. The Company may at its option either accept additional future payments or
terminate the Contract by a lump sum payment of the then present value of
the paid up benefit if no premiums have been received for two full
consecutive policy years and the paid up annuity benefit at maturity would
be less than $20 per month.
All other terms and conditions of the Contract remain unchanged
New England Life Insurance Company has caused this Endorsement to be signed by
its President and Secretary.
/s/ Xxxxxx X. Xxxxxx /s/ Xxxxx X. Xxxxxx
Secretary President
NEL-446 (05/01)
New England Life Insurance Company
000 Xxxxxxxx Xxxxxx
Xxxxxx, Xxxxxxxxxxxxx 00000
--------------------------------------------------------------------------------
401 PLAN ENDORSEMENT
This Endorsement forms a part of the Contract to which it is attached. The
effective date of this Endorsement is the issue date of the Contract. The
following provisions apply to a Contract which is issued under a plan qualified
under the Internal Revenue Code of 1986, as amended, ("Code") Section 401 (the
"Plan"). In the case of a conflict with any provision in the Contract and any
other Endorsements or Riders, the provisions of this Endorsement will control.
The Contract is amended as follows:
1. The Annuitant of this Contract will be the applicable Participant
under the Plan and the Owner of this Contract will be as designated in
the Plan.
2. This Contract and the benefits under it, cannot be sold, assigned,
transferred, discounted, pledged as collateral for a loan or as security
for the performance of an obligation or for any other purpose, or
otherwise transferred to any person other than the Company.
3. This Contract shall be subject to the provisions, terms and conditions
of the qualified pension or profit-sharing Plan under which the Contract
is issued. Any payment, distribution or transfer under this Contract
shall comply with the provisions, terms and conditions of such Plan as
determined by the Plan administrator, trustee or other designated Plan
fiduciary. We shall be under no obligation under or by reason of
issuance of this Contract either (a) to determine whether any such
payment, distribution or transfer complies with the provisions, terms
and conditions of such Plan or with applicable law, or (b) to
administer such Plan, including, without limitation, any provisions
required by the Retirement Equity Act of 1984.
4. Notwithstanding any provision to the contrary in this Contract or the
qualified pension or profit-sharing Plan of which this Contract is a
part, we reserve the right to amend or modify this Contract or
Endorsement to the extent necessary to comply with any law, regulation,
ruling or other requirement deemed by us to be necessary to establish or
maintain the qualified status of such pension or profit-sharing Plan.
New England Life Insurance Company has caused this Endorsement to be signed by
its President and Secretary.
/s/ Xxxxxx X. Xxxxxx /s/ Xxxxx X. Xxxxxx
Secretary President
NEL-401 (05/01)
New England Life Insurance Company
000 Xxxxxxxx Xxxxxx
Xxxxxx, Xxxxxxxxxxxxx 00000
--------------------------------------------------------------------------------
TAX SHELTERED ANNUITY ENDORSEMENT
This Endorsement forms a part of the Contract to which it is attached and is
effective as of the issue date of the Contract. The following provisions apply
to a Contract which is issued under the Internal Revenue Code of 1986, as
amended, ("Code") section 403(b). In the case of a conflict with any provision
in the Contract and any other Endorsements or Riders, the provisions of this
Endorsement will control. The Contract is amended as follows:
1. Owner. The Owner must be either an organization described in section
403(b)(1)(A) of the Code or an individual employee of such an organization.
If the Owner is an organization described in section 403(b)(1)(A) of the
Code, then the individual employee for whose benefit the organization has
established an annuity plan under section 403(b) of the Code must be the
Annuitant under the Contract. If the Owner is an employee of an
organization described in section 403(b)(1)(A) of the Code, then such
employee must be the Annuitant under the Contract.
2. The interest of the Annuitant in the Contract shall be nonforfeitable.
3. Non-transferability. Other than in a transaction with the Company, or as
provided below, the interest of the Annuitant under this Contract cannot be
transferred, sold, assigned, discounted, or used as collateral for a loan
or as security for any other purpose. These requirements shall not apply to
a "qualified domestic relations order" (as defined in Code Section 414(p)).
4. Purchase Payments must be made by an organization described in Code section
403(b)(1)(A), except in the case of a rollover contribution under Code
sections 403(b)(8) or 408(d)(3), or a nontaxable transfer from another
contract qualifying under Code section 403(b) or a custodial account
qualifying under Code section 403(b)(7). All Purchase Payments must be made
in cash.
If Purchase Payments are made pursuant to a salary reduction agreement, the
maximum contribution when combined with all other plans, contracts or
arrangements may not exceed the amount of the limitation provided for in
Code section 402(g). Purchase Payments must not exceed the amount allowed
by section 415 and section 403(b) of the Code.
5. Distributions During Annuitant's Life. Distributions under this Contract
must commence by April 1 of the calendar year following the later of: (a)
the calendar year the Annuitant attains age 70 1/2 or (b) the calendar year
in which the Annuitant retires. Payments shall be made over: (a) the life
of the Annuitant or the lives of the Annuitant and his or her designated
Beneficiary (within the meaning of Section 401(a)(9) of the Code); or (b) a
period certain not extending beyond the life expectancy of the Annuitant or
the joint and last survivor expectancy of the Annuitant and his or her
designated Beneficiary.
If payments under an Annuity Option in the Contract are to be made for a
definite or fixed period, said period cannot, at the time payments are to
commence, exceed the life expectancy of the Annuitant or, if applicable,
the joint and last survivor expectancy of the Annuitant and a designated
Beneficiary, nor may it exceed the applicable maximum period under Section
1.401(a)(9)-2 of the Proposed Income Tax Regulations.
Payments must be made in periodic payments at intervals of no longer than
one year. In addition, payments must either be nonincreasing or may
increase only as provided in Q&A F-3 of section 1.401(a)(9)-1 of the
Proposed Income Tax Regulations.
NEL-398 (05/01)
--------------------------------------------------------------------------------
All distributions under this Contract are subject to the distribution
requirements of section 403(b)(10) of the Code and will be made in
accordance with the requirements of section 401(a)(9) of the Code,
including the incidental death benefit requirements of section 401(a)(9)(G)
of the Code, and the regulations thereunder, including the minimum
distribution incidental benefit requirement of section 1.401(a)(9)-2 of the
Proposed Income Tax Regulations.
6. Minimum Distribution Requirements - After Death. If the Annuitant dies
after required distributions under this Contract are deemed to have begun,
all amounts payable under this Contract must be distributed to the
Beneficiary or to such other person entitled to receive them at least as
rapidly as under the method of distribution in effect prior to the
Annuitant's death.
If the Annuitant dies before required distributions have begun, the entire
interest will be distributed by December 31 of the calendar year containing
the fifth anniversary of the Annuitant's death, except that:
(a) if the interest is payable to an individual who is the Annuitant's
designated Beneficiary, the designated Beneficiary may elect to
receive the entire interest over the life of the designated
Beneficiary or over a period not extending beyond the life expectancy
of the designated Beneficiary, commencing on or before December 31 of
the calendar year immediately following the calendar year in which the
Annuitant dies; or
(b) if the designated Beneficiary is the Annuitant's surviving spouse, the
surviving spouse may elect to receive the entire interest over the
life of the surviving spouse or over a period not extending beyond the
life expectancy of the surviving spouse, commencing at any date on or
before the later of:
(i) December 31 of the calendar year immediately following the
calendar year in which the Annuitant died; or
(ii) December 31 of the calendar year in which the Annuitant would
have attained age 70 1/2.
If the surviving spouse dies before distributions begin, the
limitations of this section (without regard to this paragraph (b))
will be applied as if the surviving spouse were the Annuitant.
An irrevocable election of the method of distribution by a designated
Beneficiary who is the surviving spouse must be made no later than the
earlier of December 31 of the calendar year containing the fifth
anniversary of the Annuitant's death or the date distributions are
required to begin pursuant to this paragraph (b). If no election is
made, the entire interest will be distributed in accordance with the
method of distribution in this paragraph (b).
An irrevocable election of the method of distribution by a designated
Beneficiary who is not the surviving spouse must be made within one year of the
Annuitant's death. If no such election is made, the entire interest will be
distributed by December 31 of the calendar year containing the fifth anniversary
of the Annuitant's death.
Required distributions under this section are considered to have begun if
distributions are made on account of the Annuitant reaching his or her required
beginning date or if prior to the required beginning date distributions
irrevocably commence to the Annuitant over a period permitted and in an annuity
form acceptable under section 1.401(a)(9) of the Proposed Income Tax
Regulations. All distributions made after the death of the Annuitant will be
made in accordance with section 401(a)(9) of the Code.
7. Life Expectancy Calculations. Life expectancy is computed by use of the
expected return multiples in Tables V and VI of section 1.72-9 of the
Income Tax Regulations.
If benefits under the Contract are payable in accordance with the Annuity
Options set forth in the Contract, life expectancy will not be
recalculated. If required distributions are payable in a form other than
under such Annuity Options, life expectancy will not be recalculated unless
permitted by the Company and annual recalculation is elected at the time
distributions are required to begin (a) by the Annuitant, or (b) for
purposes of distributions
NEL-398 (05/01)
--------------------------------------------------------------------------------
beginning after the Annuitant's death, by the surviving spouse. Such an
election will be irrevocable as to the Annuitant and the surviving spouse,
and will apply to all subsequent years.
The life expectancy of a non-spouse designated Beneficiary (a) may not be
recalculated, and (b) will be calculated using the attained age of such
designated Beneficiary during the calendar year in which distributions are
required to begin pursuant to this Endorsement. Payments for any subsequent
calendar year will be calculated based on such life expectancy reduced by
one for each calendar year which has elapsed since the calendar year in
which life expectancy was first calculated.
8. Annuity Options. All Annuity Options under the Contract must meet the
requirements of section 403(b)(10) of the Code, including the requirement
that payments to persons other than the Annuitant are incidental. The
provisions of this Endorsement reflecting the requirements of sections
401(a)(9) and 403(b)(10) of the Code override any Annuity Option,
systematic withdrawal plan or other settlement option which is inconsistent
with such requirements.
If a guaranteed period of payments is chosen under an Annuity Option, the
length of the period over which the guaranteed payments are to be made must
not exceed the shorter of (1) the Annuitant's life expectancy, or if a
Joint Annuitant is named, the joint and last survivor expectancy of the
Annuitant and the Joint Annuitant, and (2) the applicable maximum period
under section 1.401(a)(9)-2 of the Proposed Income Tax Regulations.
All payments made under a joint and survivor Annuity Option after the
Annuitant's death while the Joint Annuitant is alive must be made to the
Joint Annuitant.
Except to the extent Treasury regulations allow the Company to offer
different Annuity Options that are agreed to by the Company, only the
Annuity Options set forth in the Contract will be available. In the event a
Joint Annuitant is named who is not the Annuitant's spouse, the percentage
level of payments during the remaining lifetime of the Joint Annuitant can
not exceed the amount allowed under section 1.401(a)(9)-2 of the Proposed
Income Tax Regulations.
9. Premature Distribution Restrictions. Any amounts in the Contract
attributable to contributions made pursuant to a salary reduction agreement
after December 31, 1988, and the earnings on such contributions and on
amounts held on December 31, 1988, may not be distributed unless the
Annuitant has reached age 59 1/2, separated from service, died, become
disabled (within the meaning of Code section 72(m)(7)) or incurred a
hardship as determined by the organization described in Section 1 of this
Endorsement; provided, that amounts permitted to be distributed in the
event of hardship shall be limited to actual salary deferral contributions
(excluding earnings thereon); and provided further, that amounts may be
distributed pursuant to a qualified domestic relations order to the extent
permitted by section 414(p) of the Code.
Purchase payments made by a nontaxable transfer from a custodial account
qualifying under section 403(b)(7) of the Code, and earnings on such
amounts, will not be paid or made available before the Annuitant dies,
attains age 59 1/2, separates from service, becomes disabled (within the
meaning of Code Section 72(m)(7)), or in the case of such amounts
attributable to contributions made under the custodial account pursuant to
a salary reduction agreement, encounters financial hardship; provided, that
amounts permitted to be paid or made available in the event of hardship
will be limited to actual salary deferral contributions made under the
custodial account (excluding earnings thereon); and provided further, that
amounts may be distributed pursuant to a qualified domestic relations order
to the extent permitted by section 414(p) of the Code.
10. Direct Rollovers. The Annuitant subject to the terms of the Contract, may
elect to have any portion of an eligible rollover distribution paid
directly to an eligible retirement plan specified by the Annuitant. An
eligible rollover distribution is any distribution of all or any portion of
the balance to the credit of the Annuitant, except that an eligible
rollover distribution does not include: any distribution that is one of a
series of substantially equal periodic payments (not less frequently than
annually) made for the life (or life expectancy) of the Annuitant or the
joint lives (or joint life
NEL-398 (05/01)
expectancies) of the Annuitant and the Annuitant's Beneficiary, or for a
specified period of ten years of more; any distribution required under Code
section 401(a)(9); hardship distributions; and the portion of any
distribution that is not includible in gross income. An eligible retirement
plan is an individual retirement account described in Code section 408(a),
an individual retirement annuity described in Code section 408(b), or
another Code section 403(b) tax-sheltered annuity, that accepts the
Annuitant's eligible rollover distribution. However, in the case of an
eligible rollover distribution to the surviving spouse, an eligible
retirement plan is only an individual retirement account or individual
retirement annuity. A direct rollover is a payment by the Company to the
eligible retirement plan specified by the Annuitant or other eligible
distributee under the Code.
11. If this Contract is part of a plan which is subject to Title 1 of the
Employee Retirement Income Security Act of 1974 ("ERISA"), any payments and
distributions under this Contract (whether as income, as proceeds payable
at the Annuitant's death, upon partial redemption or full surrender or
otherwise), and any Beneficiary designation, shall be subject to the joint
and survivor annuity and preretirement survivor annuity requirements of
ERISA Section 205.
12. The Company will furnish annual calendar year reports concerning the status
of the annuity.
13. Amendments. The Company may further amend this Contract from time to time
in order to meet any requirements which apply to it under Code section
403(b) or ERISA.
New England Life Insurance Company has caused this Endorsement to be signed by
its President and Secretary.
/s/ Xxxxxx X. Xxxxxx /s/ Xxxxx X. Xxxxxx
Secretary President
NEL-398 (05/01)
New England Life Insurance Company
000 Xxxxxxxx Xxxxxx
Xxxxxx, Xxxxxxxxxxxxx 00000
--------------------------------------------------------------------------------
WAIVER OF WITHDRAWAL CHARGE FOR DISABILITY RIDER
This Rider forms a part of the Contract to which it is attached and is effective
as of the Issue Date. In the case of a conflict with any provision in the
Contract, the provisions of this Rider will control. Your election or this Rider
is irrevocable and its provisions will remain in part of the Contract until the
earlier of the Annuity Date or the date the Contract terminates. This Rider
amends the Contract as follows:
The following is added to the "PURCHASE PAYMENTS" section of the "PURCHASE
PAYMENTS PROVISIONS":"
If a Withdrawal Charge has or will be waived for Disability under the terms of
this Rider, Purchase Payments can no longer be made under the Contract.
The following is added to the Contract:
WAIVER OF WITHDRAWAL CHARGE FOR DISABILITY
After the first Contract Anniversary, the Withdrawal Charge will be waived upon
a withdrawal if:
1. You are less than the Maximum Disability Waiver Attained Age stated on
the Contract Schedule, became permanently and totally disabled
subsequent to the First Contract Anniversary and are receiving
disability benefits from the Social Security Administration;
2. Your Contract is owned by a natural person and you have been the Owner
continuously since the Issue Date or you are a Spousal Beneficiary who
continues the Contract under the Spousal Continuation During
Accumulation Period Option; and
In the case of Joint Owners, this Rider applies to either Joint Owner. If the
Owner is a not a natural person, this Rider applies to the Annuitant provided
the Annuitant has continuously been the Annuitant since the Issue Date.
New England Life Insurance Company has caused this Rider to be signed by its
President and Secretary.
/s/ Xxxxxx X. Xxxxxx /s/ Xxxxx X. Xxxxxx
Secretary President
VE-6 (05/01)
New England Life Insurance Company
000 Xxxxxxxx Xxxxxx
Xxxxxx, Xxxxxxxxxxxxx 00000
--------------------------------------------------------------------------------
UNISEX ANNUITY RATES RIDER
This Rider forms a part of the Contract to which it is attached for use in
connection with a retirement plan which receives favorable income tax treatment
under Sections 401, 403 or 408 of the Internal Revenue Code, or where required
by state law. In the case of a conflict with any provision in the Contract, the
provisions of this Rider will control. We may further amend the Contract from
time to time to meet any requirements applicable to such plans or laws. The
effective date of this Rider is the Issue Date shown on the Contract Schedule.
The provisions of the Contract are modified as follows:
1. Deleting any reference to sex;
2. The Contract is further modified by substituting the attached Annuity
Rate Tables for the corresponding Annuity Rate Tables in the Tables
section of the Contract.
New England Life Insurance Company has caused this Rider to be signed by its
President and Secretary.
/s/ Xxxxxx X. Xxxxxx /s/ Xxxxx X. Xxxxxx
Secretary President
VE-9 (05/01)
FIXED ANNUITY TABLES AND VARIABLE ANNUITY TABLES
AMOUNT OF FIRST MONTHLY PAYMENT
PER $1000 OF CONTRACT VALUE
Annuitant Only
Option 1: Life Annuity Option 2: Life Annuity with 10
Years of Annuity Payments Guaranteed
Attained Age Attained Age
of Annuitant Unisex of Annuitant Unisex
--------------------------------- --------------------------------
55 3.81 55 3.79
60 4.12 60 4.09
65 4.53 65 4.48
70 5.09 70 4.99
75 5.87 75 5.64
80 6.96 80 6.46
85 8.54 85 7.40
Option 3: Joint and Last Survivor Life Annuity
Age of Joint Annuitant - Unisex
Attained Age 10 Years 5 Years Same 5 Years 10 Years
of Annuitant - Unisex Younger Younger Age Older Older
--------------------------------------------------------------------------------------------------------------
55 3.23 3.34 3.44 3.53 3.61
60 3.40 3.53 3.66 3.78 3.88
65 3.61 3.78 3.95 4.11 4.25
70 3.88 4.11 4.34 4.56 4.74
75 4.25 4.56 4.87 5.17 5.42
80 4.74 5.17 5.62 6.03 6.38
85 5.42 6.03 6.68 7.27 7.75
Option 4: Joint and Last Survivor Annuity with 10 Years of Annuity Payments Guaranteed
Age of Joint Annuitant - Unisex
Attained Age 10 Years 5 Years Same 5 Years 10 Years
of Annuitant - Unisex Younger Younger Age Older Older
--------------------------------------------------------------------------------------------------------------
55 3.23 3.34 3.44 3.53 3.61
60 3.40 3.53 3.66 3.78 3.88
65 3.61 3.78 3.95 4.11 4.24
70 3.88 4.11 4.34 4.55 4.72
75 4.24 4.55 4.86 5.14 5.37
80 4.72 5.14 5.56 5.93 6.20
85 5.37 5.93 6.48 6.92 7.19
Monthly installments for ages not shown will be furnished on request.
VE-9 (05/01)
