[Aetna logo] Aetna Life Insurance and Annuity Company
Home Office: 000 Xxxxxxxxxx Xxxxxx
Xxxxxxxx, Xxxxxxxxxxx 00000
(000) 000-0000
Aetna Life Insurance and Annuity Company, herein
called Aetna, agrees to pay the benefits stated in
the Contract.
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Certificate of To the Certificate Holder:
Group Annuity
Coverage Aetna certifies that coverage is in force for you
under the stated Group Annuity Contract and
Certificate numbers. All data shown here is taken
from Aetna records and is based upon information
furnished by you.
This Certificate is a summary of the Group Annuity
Contract provisions. It replaces any and all prior
certificates, riders, or amendments issued to you
under the stated Contract and Certificate numbers.
This Certificate is for information only and is not
a part of the Contract.
THE VARIABLE FEATURES OF THE GROUP CONTRACT ARE
DESCRIBED IN PARTS III AND IV.
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Right to Cancel You may cancel this Certificate within 10 days of
receiving it by returning this Certificate along
with a written notice to Aetna at the above address
or to the agent from whom it was purchased. Within 7
days after it receives the notice of cancellation
and this Certificate at its Home Office, Aetna will
return the entire consideration paid.
/s/ Xxxxxx Xxxxxxx /s/ Xxxxx X. Xxxxxxxxx
President Secretary
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Contract Holder Group Annuity Contract No.
SPECIMEN SPECIMEN
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Certificate Holder Certificate No.
SPECIMEN
SPECIMEN SPECIMEN
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Annuitant Name Type of Plan
SPECIMEN SPECIMEN
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ALL PAYMENTS AND VALUES PROVIDED BY THE GROUP CONTRACT, WHEN BASED ON
INVESTMENT EXPERIENCE OF A SEPARATE ACCOUNT, ARE VARIABLE AND ARE NOT
GUARANTEED AS TO FIXED DOLLAR AMOUNT. THIS CERTIFICATE CONTAINS A MARKET VALUE
ADJUSTMENT FORMULA. APPLICATION OF A MARKET VALUE ADJUSTMENT MAY RESULT IN
EITHER AN INCREASE OR DECREASE IN THE CURRENT VALUE. THE MARKET VALUE
ADJUSTMENT FORMULA DOES NOT APPLY TO A GUARANTEED TERM AT THE TIME OF ITS
MATURITY.
Specifications
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Guaranteed There are guaranteed interest rates for amounts
Interest Rate held in the AG Account (See Contract Schedule I).
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Deductions from There will be deductions for mortality and expense
the Separate risks and administrative fees. (See Contract
Account Schedule I and II).
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Deduction from The Purchase Payment is subject to a deduction for
Purchase premium taxes, if any. (See 3.01.)
Payment
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Surrender There will be a charge deducted upon surrender.
Fee (See Contract Schedule I).
2
Contract Schedule I
Accumulation Period
Separate Account
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Separate Account: Variable Annuity Account B
Charges to Separate A daily charge is deducted from any portion of the
Account: Current Value allocated to the Separate Account.
The deduction is the daily equivalent of the annual
effective percentage shown in the following chart:
Administrative Charge 0.15%
Mortality Risk Charge 0.35%
Expense Risk Charge 0.90%
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Total Separate Account
Charges 1.40%
Separate Account Funds: During the Accumulation Period the Funds available
with this Contract are:
Federated American Leaders Fund II
Federated Fund for U.S. Government Securities II
Federated Growth Strategies Fund II
Federated High Income Bond Fund II
Federated International Equity Fund II
Federated Prime Money Fund II
Federated Utility Fund II
Federated Equity Income Fund II
ALIAC Guaranteed Account (AG Account)
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Minimum Guaranteed 3.0%.
Interest Rate (effective
annual rate of return):
3
Contract Schedule I (Cont'd)
Accumulation Period
Separate Account and AG Account
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Minimum Initial Purchase $5,000
Payment:
Maximum Initial Purchase $1,000,000
Payment Without Home
Office Approval:
Transfers: An unlimited number of Transfers may be made during
the Accumulation Period. Aetna allows 12 free
Transfers in any calendar year. Thereafter, Aetna
reserves the right to charge $10 for each subsequent
Transfer.
Minimum Transfer $500
Amount:
Maintenance Fee: The annual Maintenance Fee is $30. If the Current
Value is $50,000 or more on the date the Maintenance
Fee is to be deducted, the Maintenance Fee is $0.
Surrender Fee: For each surrender, the Surrender Fee will be
determined as follows:
Surrender Fee
Length of Time from Deposit of Net (as percentage of
Purchase Payment (Years) Net Purchase Payment)
Less than 1 year 7%
1 or more but less than 2 years 6%
2 or more but less than 3 years 5%
3 or more but less than 4 years 4%
4 or more but less than 5 years 3%
5 or more but less than 6 years 2%
6 or more but less than 7 years 1%
7 years or more 0%
Systematic Withdrawal The specified payment or specified percentage may
Option (SWO) not be greater than 10% of the Current Value at time
Percentage: of election.
4
Contract Schedule I (Cont'd)
Accumulation Period
Separate Account and AG Account (Cont'd)
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SWO Minimum Initial $20,000
Current Value:
SWO Minimum Payment $100
Amount:
See 1. GENERAL DEFINITIONS for explanations.
5
Contract Schedule II
Annuity Period
Separate Account
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Charges to Separate A daily charge at an annual effective rate of 1.25%
Account: for Annuity mortality and expense risks. The
administrative charge is established upon election
of an Annuity option. This charge will not exceed
0.25%.
Variable Annuity Assumed If a Variable Annuity is chosen, an assumed annual
Annual Net Return Rate: net return rate of 5.0% may be elected. If 5.0% is
not elected, Aetna will use an assumed annual net
return rate of 3.5%.
The assumed annual net return rate factor for 3.5%
per year is 0.9999058.
The assumed annual net return rate factor for 5.0%
per year is 0.9998663.
If the portion of a Variable Annuity payment for any
Fund is not to decrease, the Annuity return factor
under the Separate Account for that Fund must be:
(a) 4.75% on an annual basis plus an annual return
of up to 0.25% to offset the administrative
charge set at the time Annuity payments commence
if an assumed annual net return rate of 3.5% is
chosen; or
(b) 6.25% on an annual basis plus an annual return of
up to 0.25% to offset the administrative charge
set at the time Annuity payments commence, if an
assumed annual net return rate of 5% is chosen.
Fixed Annuity
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Minimum Guaranteed 3.0%
Interest Rate (effective)
annual rate of return):
See 1. GENERAL DEFINITIONS for explanations.
TABLE OF CONTENTS
1. GENERAL DEFINITIONS
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Page
1.01 Account .............................................................. 10
1.02 Accumulation Period................................................... 10
1.03 Adjusted Current Value................................................ 10
1.04 ALIAC Guaranteed Account (AG Account)................................. 10
1.05 Annuitant............................................................. 10
1.06 Annuity............................................................... 10
1.07 Beneficiary........................................................... 10
1.08 Certificate Holder.................................................... 10
1.09 Code.................................................................. 10
1.10 Contract.............................................................. 10
1.11 Contract Holder....................................................... 10
1.12 Current Value......................................................... 11
1.13 Deposit Period........................................................ 11
1.14 Fixed Annuity......................................................... 11
1.15 Fund(s)............................................................... 11
1.16 General Account....................................................... 11
1.17 Guaranteed Rate -- AG Account......................................... 11
1.18 Guaranteed Term....................................................... 11
1.19 Guaranteed Term(s) Groups............................................. 11
1.20 Maintenance Fee....................................................... 12
1.21 Market Value Adjustment (MVA)......................................... 12
1.22 Matured Term Value.................................................... 12
1.23 Matured Term Value Transfer........................................... 12
1.24 Maturity Date......................................................... 12
1.25 Net Purchase Payment(s)............................................... 12
1.26 Nonunitized Separate Account.......................................... 12
1.27 Purchase Payment(s)................................................... 12
1.28 Rebalancing Program................................................... 12
1.29 Reinvestment.......................................................... 12
7
Page
1.30 Separate Account...................................................... 13
1.31 Surrender Value....................................................... 13
1.32 Transfers............................................................. 13
1.33 Valuation Period (Period)............................................. 13
1.34 Variable Annuity...................................................... 13
II. GENERAL PROVISIONS
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2.01 Change of Contract.................................................... 13
2.02 Change of Fund(s)..................................................... 14
2.03 Nonparticipating Contract............................................. 14
2.04 Payments and Elections................................................ 14
2.05 State Laws............................................................ 15
2.06 Control of Contract................................................... 15
2.07 Designation of Beneficiary............................................ 15
2.08 Misstatements and Adjustments......................................... 15
2.09 Incontestability...................................................... 15
2.10 Grace Period.......................................................... 15
III. PURCHASE PAYMENT, CURRENT VALUE, AND SURRENDER PROVISIONS
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3.01 Net Purchase Payment.................................................. 16
3.02 Certificate Holder's Account.......................................... 16
3.03 Fund(s) Record Units -- Separate Account.............................. 16
3.04 Net Return Factor(s) -- Separate Account.............................. 16
3.05 Fund Record Unit Value -- Separate Account............................ 17
3.06 Market Value Adjustment............................................... 17
3.07 Transfer of Current Value from the Funds or ALIAC
Guaranteed Account .................................................. 18
3.08 Notice to the Certificate Holder...................................... 19
3.09 Loans................................................................. 19
3.10 Systematic Withdrawal Option (SWO).................................... 19
3.11 Death Benefit Amount.................................................. 21
3.12 Death Benefit Options Available to Beneficiary........................ 22
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Page
3.13 Liquidation of Surrender Value........................................ 23
3.14 Surrender Fee......................................................... 24
3.15 Payment of Surrender Value............................................ 24
IV. ANNUITY PROVISIONS
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4.01 Choices to be Made.................................................... 24
4.02 Terms of Annuity Options.............................................. 25
4.03 Death of Annuitant/Beneficiary........................................ 26
4.04 Fund(s) Annuity Units -- Separate Account............................. 27
4.05 Fund(s) Annuity Unit Value -- Separate Account........................ 27
4.06 Annuity Net Return Factor(s) -- Separate Account...................... 27
4.07 Annuity Options....................................................... 28
9
1. GENERAL DEFINITIONS
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1.01 Account: A record established for each Certificate Holder to
maintain the value of the Net Purchase Payment held
on his/her behalf during the Accumulation Period.
1.02 Accumulation Period: The period during which the Net Purchase Payment(s)
are applied to a Contract to provide future Annuity
payment(s).
1.03 Adjusted The Current Value of a Contract plus or minus any
Current Value: aggregate ALIAC Guaranteed Account MVA, if
applicable. (See 1.21)
1.04 ALIAC Guaranteed An accumulation option where Aetna guarantees
Account stipulated rate(s) of interest for specified periods
(AG Account): of time. All assets of Aetna, including amounts in
the Nonunitized Separate Account, are available to
meet the guarantees under the AG Account.
1.05 Annuitant: The person whose life is measured for purposes of
the Guaranteed Death Benefit and the duration of
Annuity payments under the Contract.
1.06 Annuity: Payment of an income:
(a) For the life of one or two persons;
(b) For a stated period; or
(c) For some combination of (a) and (b).
1.07 Beneficiary: The individual or estate entitled to receive any
payment from the Contract upon the death of the
Annuitant, or if the Certificate Holder is different
from the Annuitant, upon the death of the Certificate
Holder. If the Account is held by joint Certificate
Holders, the survivor will be deemed the designated
Beneficiary and any other Beneficiary on record will
be treated as the contingent Beneficiary.
1.08 Certificate Holder: A person who purchases an interest in the Contract
as evidenced by a certificate. Aetna reserves the
right to limit ownership to natural persons. If more
than one Certificate Holder owns an account, each
Certificate Holder will be a joint Certificate
Holder. Unless we allow otherwise in response to a
written request prior to Contract issue, any joint
Certificate Holder must be the spouse of the other
joint Certificate Holder. Joint Certificate Holders
have joint ownership rights and both must authorize
exercising any ownership rights unless Aetna allows
otherwise. If the account is owned by a nonnatural
person, the death benefit will be paid at the death
of the Annuitant.
1.09 Code: The Internal Revenue Code of 1986, as it may be
amended from time to time.
1.10 Contract: This agreement between Aetna and the Contract Holder.
1.11 Contract Holder: The entity to which a group Contract is issued.
10
1.12 Current Value: As of the most recent Valuation Period, the Net
Purchase Payment and any additional amount deposited
pursuant to 3.11 plus any interest added to the
portion allocated to the ALIAC Guaranteed Account;
and plus or minus the investment experience of the
portion allocated to the Funds since deposit; less
all Maintenance Fees deducted, any amounts
surrendered and any amounts applied to an Annuity.
1.13 Deposit Period: A calendar week, a calendar month, a calendar
quarter, or any other period of time specified by
Aetna during which Net Purchase Payment(s),
Transfers and Reinvestments are accepted into the
ALIAC Guaranteed Account for one or more Guaranteed
Terms. Aetna reserves the right to extend the
Deposit Period.
1.14 Fixed Annuity: An Annuity with payments that do not vary in amount.
1.15 Fund(s): The open-end management investment companies (mutual
funds) in which the Separate Account invests (see
Contract Schedule I for specific fund options).
1.16 General Account: The Account holding the assets of Aetna, other than
those assets held in Aetna's separate accounts.
1.17 Guaranteed Rate -- Aetna will declare the interest rate applicable to a
AG Account: specific Guaranteed Term at the start of the Deposit
Period for that Guaranteed Term. The rate is
guaranteed by Aetna for that Deposit Period and the
ensuing Guaranteed Term. The Guaranteed Rate is an
annual effective yield. That is, interest is
credited daily at a rate that will produce the
Guaranteed Rate over the period of a year. No
Guaranteed Rate will ever be less than the Minimum
Guaranteed Rate shown on Contract Schedule I.
1.18 Guaranteed Term: The period of time for which the AG Account
Guaranteed Rate is guaranteed on Net Purchase
Payments, Transfers and Reinvestments made into a
current Deposit Period for the AG Account. Such
period begins on the day following the close of the
Deposit Period and ends on the designated Maturity
Date. Guaranteed Terms are offered at Aetna's
discretion for various lengths of time ranging up to
and including ten years.
During a Deposit Period, Aetna may make available any
number of Guaranteed Terms. The Contract Holder may
allocate Net Purchase Payments and Transfers into any
or all of the available Guaranteed Terms.
1.19 Guaranteed Term(s) All AG Account Guaranteed Term(s) with the same
Groups: length of time from the close of the Deposit Period
until the designated Maturity Date.
1.20 Maintenance Fee: The Maintenance Fee (see Contract Schedule I) will
be deducted during the Accumulation Period from the
Current Value on each anniversary of the date the
Contract is established and upon surrender of the
entire Contract.
11
1.21 Market Value An adjustment that may apply to an amount withdrawn
Adjustment (MVA): or transferred from an AG Account Guaranteed Term
prior to the end of that Guaranteed Term. The
adjustment reflects the change in the value of the
investment due to changes in interest rates since the
date of deposit and is computed using the formula
given in 3.06. The adjustment is expressed as a
percentage of each dollar being withdrawn or
tranferred.
1.22 Matured Term Value: The amount payable on an AG Account Guaranteed Term's
Maturity Date.
1.23 Matured Term Value During the calendar month following an AG Account
Transfer: Maturity Date, the Certificate Holder may notify
Aetna's Home Office in writing to Transfer or
surrender all or part of the Matured Term Value,
plus interest at the new Guaranteed Rate accrued
thereon, from the AG Account without an MVA. This
provision only applies to the first such written
request received from the Certificate Holder during
this period for any Matured Term Value.
1.24 Maturity Date: The last day of an AG Account Guaranteed Term.
1.25 Net Purchase The Purchase Payment less premium taxes, if
Payment(s): applicable.
1.26 Nonunitized A separate account subject to the laws of New York
Separate Account: set up by Aetna under Title 38, Section 38a-433, of
the Connecticut General Statutes, that holds assets
for AG Account Terms. There are no discrete units
for this Account. The Certificate Holder does not
participate in the investment gain or loss from the
assets held in the Nonunitized Separate Account.
Such gain or loss is borne entirely by Aetna. These
assets may be chargeable with liabilities arising
out of any other business of Aetna.
1.27 Purchase Payment(s): Payment(s) accepted by Aetna at its Home Office.
Aetna reserves the right to refuse to accept any
Purchase Payment at any time for any reason. No
advance notice will be given to the Contract Holder.
1.28 Rebalancing Program: A program that allows Contract Holders to have
portions of their Current Value automatically
reallocated annually to a specified percentage.
Only the portion of the Current Value held in the
separate account can be rebalanced. Contract Holders
may participate in this program by completing the
Rebalancing Section of the enrollment form, or by
requesting the service in writing from the Company's
Home Office. Reallocations under the Rebalancing
Program will not be counted for purposes of any
transfer limitations imposed under the contract.
1.29 Reinvestment: Aetna will mail a notice to the Contract Holder at
least 18 calendar days and not more than 45 days
before a Guaranteed Term's Maturity Date.
12
1.29 Reinvestment This notice will contain the Terms available during
(Cont'd): current Deposit Periods with their Guaranteed Rate,
and projected Matured Term Value. If no specific
direction is given by the Certificate Holder prior to
the Maturity Date, each Matured Term Value will be
reinvested in the current Deposit Period for a
Guaranteed Term of the same duration. If a
Guaranteed Term of the same duration is unavailable,
each Matured Term Value will automatically be
reinvested in the current Deposit Period for the
next shortest Guaranteed Term available. If no
shorter Guaranteed Term is available, the next
longer Guaranteed Term will be used. Aetna will mail
a confirmation statement to the Certificate Holder
the next business day after the Maturity Date. This
notice will state the Guaranteed Term and Guaranteed
Rate which will apply to the reinvested Matured
Term Value.
1.30 Separate Account: A separate account that buys and holds shares of the
Fund(s). Income, gains or losses, realized or
unrealized, are credited or charged to the Separate
Account without regard to other income, gains or
losses of Aetna. Aetna owns the assets held in the
Separate Account and is not a trustee as to such
amounts. This Separate Account generally is not
guaranteed and is held at market value. The assets
of the Separate Account, to the extent of reserves
and other contract liabilities of the Account, shall
not be charged with other Aetna liabilities.
1.31 Surrender Value: The amount payable by Aetna upon the surrender of
any portion of an account.
1.32 Transfers: The movement of invested amounts among the available
Fund(s) and the AG Account under the Contract during
the Accumulation Period.
1.33 Valuation Period The period of time for which a Fund determines its
(Period): net asset value, usually from 4:15 p.m. Eastern time
each day the New York Stock Exchange is open until
4:15 p.m. the next such day, or such other day that
one or more of the Funds determines its net asset
value.
1.34 Variable Annuity: An Annuity with payments that vary with the net
investment results of one or more Funds held under
the Separate Account.
II. GENERAL PROVISIONS
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2.01 Change of Contract: Only an authorized officer of Aetna may change the
terms of the contract. Aetna will notify the
Contract Holder in writing at least 30 days before
the effective date of any change. Any change will
not affect the amount or terms of any Annuity which
begins before the change.
Aetna may make any change that affects the AG
Account Market Value Adjustment (3.06) with at least
30 days' advance written notice to the Contract
Holder and the Certificate Holder. Any such change
shall become effective for any new Term and will be
applicable only if it is more favorable to the
Contract Holder and/or the Certificate Holder.
13
2.01 Change of Contract: Any change that affects any of the following under
(Cont'd): the Contract will not apply to Accounts in existence
before the effective date of the change:
(a) Net Purchase Payment (3.01)
(b) AG Account Guaranteed Rate (1.04)
(c) Net Return Factor(s) -- Separate Account (3.04)
(d) Current Value (1.12)
(e) Surrender Value (1.31)
(f) Fund(s) Annuity Unit Value -- Separate Account
(4.05)
(g) Annuity Options (4.07)
(h) Fixed Annuity Guaranteed Interest Rates (4.01)
(i) Transfers (1.32).
This Contract may be changed as deemed necessary by
Aetna to comply with federal or state law. Any such
change is subject to the prior approval of the New
York Insurance Department.
2.02 Change of Fund(s): The assets of the Separate Account are segregated by
Fund. If the shares of any Fund are no longer
available for investment by the Separate Account or
if in our judgment, further investment in such
shares should become inappropriate in view of the
purpose of the contract, Aetna may cease to make
such Fund shares available for investment under the
Contract prospectively, or Aetna may substitute
shares of another Fund for shares already acquired.
Aetna may also, from time to time, add additional
Funds. Aetna reserves the right to substitute shares
of another Fund for shares already acquired without
a proxy vote.
Any elimination, substitution or addition of Funds
will be done in accordance with federal securities
laws and are subject to the approval of the
Superintendent of the New York Insurance Department
and Aetna will notify the Contract Holder of such
change.
2.03 Nonparticipating The Contract Holder, Certificate Holder's or
Contract: Beneficiaries will not have a right to share in the
earnings of Aetna.
2.04 Payments and While the Certificate Holder is living, Aetna will
Elections: pay the Certificate Holder any Annuity payments as
and when due. After the Certificate Xxxxxx's death,
or at the death of the first Certificate Holder if
the Account is owned jointly, any Annuity payments
required to be made will be paid in accordance with
4.03. Aetna will determine other payments and/or
elections as of the end of the Valuation Period in
which the request is received at its Home Office.
Such payments will be made within 7 calendar days of
receipt at its Home Office of a written claim for
payment which is in good order, except as provided
in 3.15.
14
2.05 State Laws: The Contract and the Certificate's comply with the
laws of the state in which they are delivered. Any
surrender, death, or Annuity payments are equal to
or greater than the minimum required by such laws.
Annuity tables for legal reserve valuation shall be
as required by state law. Such tables may be
different from Annuity tables used to determine
Annuity payments.
2.06 Control of Contract: The Contract is between the Contract Holder and
Aetna. The Contract Holder has title to the Contract.
Nothing in the group annuity contract invalidates or
impairs any right granted to the Certificate Holder.
The Certificate Holder has all other rights to
amounts held in his or her Account.
Each Certificate Holder shall own all amounts held in
his or her Account. Each Certificate Holder may make
any choices allowed by this Contract for his or her
Account. Certificate Holder choices made under the
contract must be in writing. If the Account is owned
jointly, both joint Certificate Holders must
authorize any Certificate Holder change in writing.
Until receipt of such choices at Aetna's Home Office,
Aetna may rely on any previous choices made.
The Account may not be attached, alienated, or
subject to the claims of creditors of the Contract
Holder or the Certificate Holder except to the
extent permitted by law.
The Certificate Holder may assign or transfer his or
her rights under the Contract. Aetna reserves the
right not to accept assignment or transfer to a
nonnatural person. Any assignment or transfer made
must be submitted to Aetna's Home Office in writing
and will not be effective until accepted by Aetna.
2.07 Designation of Each Certificate Holder shall name his or her
Beneficiary: Beneficiary. If the Account is owned jointly, both
joint Certificate Holders must agree in writing to
the Beneficiary designated. The Beneficiary may be
changed at any time. Changes to a Beneficiary must
be submitted to Aetna's Home Office in writing and
will not be effective until accepted by Aetna.
2.08 Misstatements and If Aetna finds the age or sex of any Annuitant to
Adjustments: be misstated, the amount payable under the Contract
shall be adjusted for the correct age or sex; the
amount of any underpayment or overpayment, with
interest at six per cent per year, shall be credited
to, or charged against, the current or next
succeeding payment or payments to be made by Aetna
under the Contract.
2.09 Incontestability: Aetna cannot cancel the Contract because of any
error of fact on the application. Aetna cannot
cancel an Account because of any error of fact on
the enrollment form.
2.10 Grace Period: This Contract will remain in effect even if Purchase
Payments are not continued.
15
3.01 Net Purchase This amount is the actual Purchase Payment less any
Payment: premium tax. Aetna will generally deduct the premium
tax when Annuity benefits are elected (see Part IV).
If Aetna determines that under applicable state law,
it must pay a premium tax when the Purchase Payment
is received or at any other time, it will deduct the
tax at that time.
The Net Purchase Payment will be credited among:
(a) The current Deposit Period(s) for Guaranteed
Terms under the AG Account; and
(b) The Fund(s) in which the Separate Account
invests.
For each Net Purchase Payment, the Certificate
Holder shall tell Aetna the allocation percentage to
be applied to the current Deposit Period for each of
the available Guaranteed Terms in the AG Account
and/or each Fund. If allocation instructions are not
received along with any subsequent Net Purchase
Payment, the allocation will be the same as that
indicated on the original application. If the same
Guaranteed Term is no longer available, the Net
Purchase Payment will be allocated to the next
shortest Guaranteed Term available in the current
Deposit Period. If no shorter Guaranteed Term is
available, the next longer Guaranteed Term will be
used.
The minimum acceptable additional Purchase Payment
is shown on Contract Schedule I. The maximum
acceptable Purchase Payment without Home Office
approval is also provided on Contract Schedule I.
3.02 Certificate Holder's Aetna will maintain an Account for each Certificate
Account: Holder.
3.03 Fund(s) Record The portion of the Net Purchase Payment(s) applied
Units -- Separate to each Fund under the Separate Account will
Account: determine the number of Fund record units for that
Fund. This number is equal to the portion of the Net
Purchase Payment(s) applied to each Fund divided by
the Fund record unit value (see 3.05) for the
Valuation Period in which the Purchase Payment is
received in good order at Aetna's Home Office.
3.04 Net Return The net return factor(s) are used to compute all
Factor(s) -- Separate Account record units for any Fund.
Separate Account:
The net return factor for each Fund is equal to
1.0000000 plus the net return rate.
The net return rate is equal to:
(a) The value of the shares of the Fund held by the
Separate Account at the end of the Valuation
Period; minus
(b) The value of the shares of the Fund held by the
Separate Account at the start of the Valuation
Period; plus or minus
16
3.04 Net Return (c) Taxes (or reserves for taxes) on the Separate
Factors(s) -- Account (if any); divided by
Separate Account: (d) The total value of the Fund record units and
(Cont'd) Fund Annuity units of the Separate Account at
the start of the Valuation Period; minus
(e) A daily Separate Account charge at an annual
rate as shown on Contract Schedule I for
mortality and expense risks, which may include
profit; and a daily administrative charge.
A net return rate may be more or less than 0%. The
value of a share of the Fund is equal to the net
assets of the Fund divided by the number of shares
outstanding.
3.05 Fund Record Unit A Fund record unit value is computed by multiplying
Value -- Separate the net return factors for the current Valuation
Account: Period by the Fund record unit value for the
previous Period. The dollar value of Fund record
units, Separate Account assets, and Variable Annuity
payments may go up or down due to investment gain
or loss.
3.06 Market Value Except as noted below, there will be an MVA for a
Adjustment: withdrawal from the AG Account before the end of a
Guaranteed Term when the withdrawal is due to:
(a) a Transfer; except as specified in 1.24, AG
Account Matured Term Value Transfer;
(b) A full or partial surrender (including a 15%
free withdrawal under 3.14), except for a
partial withdrawal under the Systematic
Withdrawal Option (see 3.10); or
(c) An election of Annuity option 2 (see 4.07).
Full and partial surrenders and Transfers made
within six months after the date of the Annuitant's
death will be the greater of:
(a) The aggregate MVA amount which is the sum of all
market value adjusted amounts calculated due to
a withdrawal of amounts. This total may be
greater or less than the Current Value of those
amounts; or
(b) The applicable portion of the Current Value in
the AG Account. After the six-month period, the
surrender or Transfer will be the aggregate MVA
amount, which may be greater or less than the
Current Value of those amounts.
The greater of the aggregate MVA amount or the
applicable portion of the Current Value applies to
amounts withdrawn from the AG Account on account of
an election of Annuity options 3 or 4 (see 4.07).
17
3.06 Market Value Market value adjusted amounts will be equal to the
Adjustment (Cont'd): amount withdrawn multiplied by the following ratio:
x
---
365
(1 + i)
------------------
x
---
365
(1 + j)
Where:
i is the Deposit Period Yield
j is the Current Yield
x is the number of days remaining, (computed
from Wednesday of the week of withdrawal)
in the Guaranteed Term.
The Deposit Period Yield will be determined as
follows:
(a) At the close of the last business day of each
week of the Deposit Period, a yield will be
computed as the average of the yields on that
day of U.S. Treasury Notes which mature in the
last three months of the Guaranteed Term.
(b) The Deposit Period Yield is the average of
those yields for the Deposit Period. If
withdrawal is made before the close of the
Deposit Period, it is the average of those
yields on each week preceding withdrawal.
The Current Yield is the average of the yields on
the last business day of the week preceding
withdrawal on the same U.S. Treasury Notes included
in the Deposit Period Yield.
In the event that no U.S. Treasury Notes which
mature in the last three months of the Guaranteed
Term exist, Aetna reserves the right to use the
U.S. Treasury Notes that mature in the following
quarter.
If U.S. Treasury Notes are no longer available, a
suitable replacement index, subject to approval of
the Superintendent of the New York Insurance
Department, would then be utilized.
A detailed description of the MVA has been filed
with the Superintendent of the New York Insurance
Department.
3.07 Transfer of Current Before an Annuity option is elected, all or any
Value from the Funds portion of the Adjusted Current Value may be
or AG Account: transferred from any Fund or Guaranteed Term of the
AG Account:
(a) To any other Fund; or
(b) To any Guaranteed Term of the AG Account
available in the current Deposit Period.
18
3.07 Transfer of Current Transfer requests can be submitted as a percentage
Value from the Funds or as a dollar amount. The minimum transfer amount
or AG Account is shown on Contract Schedule I. Within a
(Cont'd): Guaranteed Term Group, the amount to be surrendered
or transferred will be withdrawn first from the
oldest Deposit Period, then from the next oldest,
and so on until the amount requested is satisfied.
The Certificate Holder may make an unlimited number
of Transfers during the Accumulation Period. The
number of free Transfers allowed by Aetna is shown
on Contract Schedule I. Additional Transfers may be
subject to a Transfer fee as shown on Contract
Schedule I. Amounts transferred as a Matured Term
Value on or within one calendar month of the Term's
Maturity Date do not count against the annual
Transfer limit.
Amounts applied to Guaranteed Terms of the AG
Account may not be transferred to the Funds or to
another Guaranteed Term during the Deposit Period
or for 90 days after the close of the Deposit
Period except for a Matured Term Value(s) during
the calendar month following the Term's Maturity
Date.
Transfers from Guaranteed Terms of the AG Account
are subject to the MVA provisions in 3.06.
3.08 Notice to the The Certificate Holder will receive quarterly
Contract Holder: statements from Aetna of:
(a) The value of any amounts held in:
(1) The AG Account; and
(2) The Fund(s) under the Separate Account.
(b) The number of any Fund(s) record units; and
(c) The Fund(s) record unit value.
Such number or values will be as of a specific date
no more than 60 days before the date of the notice.
3.09 Loans: Loans are not available under this Contract.
3.10 Systematic Withdrawal The following distribution options may be elected
Option (SWO): by the Certificate Holder or a Beneficiary during
the Accumulation Period. A distribution option
under which a portion of the Accounts' Current
Value will automatically be surrendered and
distributed each year. SWO payments will be
calculated on the Accounts' full Current Value.
The distributed amount is withdrawn pro rata from
each investment option used under the Account. A
Surrender Fee will not be deducted from any portion
of the Current Value which is paid as a distribution
under SWO. Certificate Holders should consult their
tax advisers prior to requesting this distribution
option. Aetna will not be responsible for any
adverse tax consequences due to receiving SWO
payments.
(a) Amount of Distribution: The Certificate Holder
or a Beneficiary may elect one of the three
payment methods described below.
19
3.10 Systematic Withdrawal (1) Specified Payment: Payments of a designated
Option (SWO) (Cont'd): dollar amount. The annual amount may not be
greater than the percentage of the Account's
Current Value on the date of the SWO election
as shown on Contract Schedule I. This annual
dollar amount will remain constant. The minimum
SWO payment amount is shown on Contract
Schedule I. If SWO payments are made more
frequently than annually, the designated
annual amount is divided by the number of
payments due each year; or
(2) Specified Period: Payments made over a
designated period of time of at least 10 years.
The annual amount is calculated by dividing the
Current Value as of December 31 of the year
prior to the payment year by the number of
payment years remaining; or
(3) Specified Percentage: Payments of a designated
percentage which cannot be greater than the
percentage of the Current Value at the time of
election as shown on Contract Schedule I. The
percentage may be changed by written request.
Aetna reserves the right to limit the number of
times the percentage may be changed. The annual
amount is calculated by multiplying the Current
Value as of December 31 of the year prior to
the payment year by the designated percentage.
Payments upon the Contract Xxxxxx's death will
continue to the Beneficiary in the manner described
in 3.11.
(b) Minimum Initial Current Value: The Minimum
Initial Current Value required to begin SWO is
shown on Contract Schedule I. If after election
of this option the Current Value is
insufficient to make a scheduled SWO payment,
Aetna will distribute the entire balance.
(c) Date of Distribution: The Contract Holder or a
Beneficiary shall specify the first payment
date. The earliest allowable first payment date
is the date on which the Contract Holder
attains age 59 1/2. The latest allowable SWO
payment date is the month of the Annuitant's
90th birthday. As elected by the Contract
Holder, SWO payments will be made on a monthly,
quarterly, semi-annual or annual basis. If SWO
payments are made more frequently than
annually, the designated annual amount is
divided by the number of payments due each
year. Subsequent payments will be made on the
15th of the appropriate months or on such other
date as Aetna may designate or allow.
(d) Election and Revocation: SWO may be elected by
the Certificate Holder or a Beneficiary if
elected after the Certificate Holders death by
submitting a completed and signed election form
to Aetna's Home Office. Once elected, this
option may be revoked by the Certificate Holder
or Beneficiary, if elected after the
Certificate Xxxxxx's death, by submitting a
written request to Aetna at its Home Office.
Any revocation will apply only to amounts not
yet paid. SWO may be elected only once by the
Certificate Holder or by the Beneficiary.
20
3.11 Death Benefit If the Certificate Holder or Annuitant dies before
Amount: Annuity payments start, the Beneficiary is entitled
to a death benefit under the Account. If the Account
is owned jointly, the death benefit is paid at the
death of the first joint Certificate Holder to die.
The claim date is the date when proof of death and
the Beneficiary's claim are received in good order
at Aetna's Home Office. The amount of the death
benefit is determined as follows:
(a) Death of Annuitant less than 85 years of age:
The guaranteed death benefit is the greatest of:
(1) The sum of all Net Purchase Payment(s) made
to the Account (as of the date of death)
minus the sum of all amounts surrendered,
applied to an Annuity, or deducted from
the Account;
(2) The highest step-up value as of the date of
death. A step-up value is determined on
each anniversary of the Effective Date. Each
step-up value is calculated as the
Account's Current Value on the Effective
Date anniversary, increased by the amount
of any Purchase Payment(s) made, and
decreased by the sum of all amounts
surrendered, deducted, and/or applied to an
Annuity option since the Effective Date
anniversary.
(3) The Account's Current Value as of the date
of death.
The excess, if any, of the guaranteed death
benefit value over the Account's Current Value
is determined as of the date of death. Any
excess amount will be deposited to the Account
and allocated to Aetna Variable Encore Fund as
of the claim date. The Current Value on the
claim date plus any excess amount deposited
becomes the Account's Current Value.
(b) Death of Annuitant age 85 or greater: The
death benefit is the greatest of:
(1) The sum of all Net Purchase Payment(s)
made to the Account (as of the date of
death) minus the sum of all amounts
surrendered, applied to an Annuity, or
deducted from the Account;
(2) The highest step-up value prior to the
Certificate Holder's 85th birthday. A
step-up value is determined on each
anniversary of the Effective Date. Each
step-up value is calculated as the
Account's Current Value on the Effective
Date anniversary, increased by the
amount of any Purchase Payment(s) made,
and decreased by the sum of all amounts
surrendered, deducted, and/or applied
to an Annuity option since the Effective
Date anniversary.
(3) The Account's Current Value as of the
date of death.
21
3.11 Death Benefit The excess, if any, of the guaranteed death
Amount benefit value over the Account's Current Value
(Cont'd): is determined as of the date of death. Any
excess amount will be deposited in the Account
and allocated to Aetna Variable Encore Fund as
of the claim date. The Current Value on the
claim date plus any excess amount deposited,
becomes the Account's Current Value.
(c) Death of the Certificate Holder if the
Certificate Holder is not the Annuitant:
The death benefit amount is the Account's
Adjusted Current Value on the Claim Date.
A Surrender Fee may apply to any full or
partial surrender (see 3.14 and Contract
Schedule I).
(d) At the death of a surviving spouse
Xxxxxxxxxxx who continued the Account in his
or her own name, the death benefit amount is
equal to the Account's Current Value less
any applicable Surrender Fee on the amount
of any Purchase Payment(s) made since the
death of the Certificate Holder.
3.12 Death Benefit Options Prior to any election, or until amounts must be
Available to otherwise distributed under this section, the
Beneficiary: Current Value of the account will be retained in
the Account. The Beneficiary has the right under
the Contract to allocate or reallocate any
amount to any of the available investment options
(subject to an MVA, as applicable). The
following options are available to the
Beneficiary:
(a) When the Certificate Holder is the Annuitant:
If the Certificate Holder/Annuitant dies,
and:
(1) If the Beneficiary is the Certificate
Holder's surviving spouse, the
Beneficiary may exercise all rights
under the Contract and continue in the
Accumulation Period, or may elect (i),
(ii), or (iii) below. Under the Code,
distributions from the Account are not
required until the Spousal Beneficiary's
death. The Spousal Beneficiary may elect
to:
(i) Apply some or all of the Adjusted
Current Value of the Account to
Annuity option 2, 3 or 4 (see 4.07);
(ii) Apply some or all of the Adjusted
Current Value to Annuity option 1
(see 4.07); or
(iii) Receive, at any time, a lump sum
payment equal to the Adjusted
Current Value of the Account.
(2) If the Beneficiary is other than the
Certificate Holder's surviving spouse,
then options (i), (ii), or (iii) under
(1) above apply. Any portion of the
Adjusted Current Value of the Account
not applied to Annuity option 2, 3 or 4
within one year of the Certificate
Holder's death, must be distributed
within five years of the date of death.
(3) If no Beneficiary exists, a lump sum
payment equal to the Adjusted Current
Value will be made to the Certificate
Holder's estate.
22
3.12 Death Benefit Options (b) When the Certificate Holder is not the
Available to Annuitant and the Certificate Holder dies,
Beneficiary and:
(Cont'd):
(1) If the Beneficiary is the Certificate
Holder's surviving spouse, the
Beneficiary may exercise all rights
under the Contract and continue in the
Accumulation Period, or may elect (i),
(ii), or (iii) below. Under the Code,
distributions from the Account are not
required until the spousal Beneficiary's
death. The spousal Beneficiary may elect
to:
(i) Apply some or all of the Adjusted
Current Value of the Account to
Annuity option 2, 3 or 4
(see 4.07);
(ii) Apply some or all of the Surrender
Value to Annuity option 1 (see
4.07); or
(iii) Receive, at any time, a lump sum
payment equal to the Surrender
Value.
(2) If the Beneficiary is other than the
Certificate Holder's surviving spouse,
then options (i), (ii), or (iii) under
(1) above apply. Any portion of the
Adjusted Current Value not applied to
Annuity option 2, 3 or 4 within one year
of the Certificate Holder's death, must
be distributed within five years of the
date of death.
(3) If no Beneficiary exists, a lump sum
payment equal to the Surrender Value
will be made to the Certificate Holder's
estate.
(c) When the Certificate Holder is not the
Annuitant and the Annuitant dies: The
Beneficiary must elect Annuity option 2, 3
or 4 within 60 days of the date of death or
the gain, if any, will be includible in the
Beneficiary's income in the tax year in
which the Annuitant dies.
3.13 Liquidation of All or any portion of the Account's Current
Surrender Value: Value may be surrendered at any time as
requested by the Certificate Holder. Surrender
requests can be submitted as a percentage of the
Account's Adjusted Current Value or as a
specific dollar amount. Net Purchase Payment
amounts are withdrawn first, and then the excess
value, if any. For any partial surrender, amounts
are withdrawn on a pro rata basis from the
Fund(s) and/or the Guaranteed Term(s) Groups of
the AG Account in which the Current Value is
invested. Within a Guaranteed Term Group, the
amount to be surrendered or transferred will be
withdrawn first from the oldest Deposit Period,
then from the next oldest, and so on until the
amount requested is satisfied.
After deduction of the Maintenance Fee, if
applicable, the surrendered amount shall be
reduced by a Surrender Fee, if applicable.
An MVA may apply to amounts surrendered from the
AG Account.
23
3.14 Surrender Fee: The Surrender Fee only applies to the Net
Purchase Payment(s) portion surrendered and
varies according to the elapsed time since
deposit (see Contract Schedule I). Net Purchase
Payment amounts are withdrawn in the same order
they were applied.
No Surrender Fee is deducted from any portion of
the Net Purchase Payment which is paid:
(a) To a Beneficiary due to the Annuitant's
death before Xxxxxxx payments start, up to
a maximum of the aggregate Net Purchase
Payment(s) minus the total of all partial
surrenders, amounts applied to an Annuity
and deductions made prior to the Annuitant's
date of death;
(b) As a premium for an Annuity option 2, 3 or 4
under this Contract (see 4.07);
(c) As a distribution under the SWO provision
(see 3.10);
(d) At least 12 months after the date of the
first Purchase Payment to the Account, in an
amount equal to or less than 15% of the
Current Value. This applies to the first
surrender request, partial or full, in a
calendar year. The Current Value is
calculated as of the date the surrender
request is received in good order at Aetna's
Home Office. This waiver is not available to
the Contract Holder while SWO is in effect;
or
(e) For a full surrender where the Account's
Current Value is $2,500 or less and no
surrenders have been taken from the Contract
within the prior 12 months.
3.15 Payment of Under certain emergency conditions, Aetna may
Surrender Value: defer payment:
(a) For a period of up to 6 months (unless not
allowed by state law); or
(b) As provided by federal law under the
Investment Company Act of 1940.
IV. ANNUITY PROVISIONS
-------------------------------------------------------------------------------
4.01 Choices to be Made: The Certificate Holder may tell Aetna to apply
any portion of the Adjusted Current Value (minus
any premium tax) for an Annuity under option 2,
3, or 4 (see 4.07). The first Annuity payment
may not be earlier than one calendar year after
the initial Purchase Payment nor later than the
first day of the month following the Annuitant's
90th birthday.
When an Annuity option is chosen, Aetna must
also be told if payments are to be made other
than monthly and whether to pay:
(a) A Fixed Annuity using the General Account;
(b) A Variable Annuity using any of the Fund(s)
available under this Contract for Annuity
purposes; or
(c) A combination of (a) and (b).
24
4.01 Choices to be Made If a Fixed Annuity is chosen, the Annuity
(Cont'd): purchase rate for the option chosen reflects at
least the Minimum Guaranteed Interest Rate (see
Contract Schedule II), but may reflect a higher
interest rate. If a Variable Annuity is chosen,
the initial Annuity payment for the option
chosen reflects the assumed annual return rate
elected. (see Contract Schedule II).
4.02 Terms of Annuity (a) When payments start, the age of the Annuitant
Options: plus the number of years for which payments
are guaranteed must not exceed 95.
(b) An Annuity option may not be elected if the
first payment would be less than $50 or if
the total payments in a year would be less
than $250 (less if required by state law).
Aetna reserves the right to increase the
minimum first Annuity payment amount and the
minimum annual Annuity payment amount based
upon increases reflected in the Consumer
Price Index-Urban, (CPI-U) since July 1,
1993.
(c) If a Fixed Annuity under option 2, 3 or 4 is
chosen and a larger payment would result
from applying the Surrender Value or, if
greater, 95% of what the surrender would be
if there were no surrender fee, to a current
Aetna single premium immediate Annuity, Aetna
will make the larger payment.
(d) For purposes of calculating the guaranteed
first payment of a Variable Annuity or the
payments for a Fixed Annuity, the Annuitant's
and second Annuitant's adjusted age will be
used. The Annuitant's and second Xxxxxxxxx's
adjusted age is his or her age as of the
birthday closest to the Annuity commencement
date reduced by one year for Annuity
commencement dates occurring during the
period of time from July 1, 1993 through
December 31, 1999. The Annuitant's and
second Xxxxxxxxx's age will be reduced by
two years for Annuity commencement dates
occurring during the period of time from
January 1, 2000 through December 31, 2009.
The Annuitant's and second Annuitant's age
will be reduced by one additional year for
Annuity commencement dates occurring in each
succeeding decade.
The Annuity purchase rates for options 3 and
4 are based on mortality from 1983 Table a.
(e) Assumed Annual Net Return Rate is the
interest rate used to determine the amount
of the first Annuity payment under a
Variable Annuity as shown on Contract
Schedule II. The Separate Account must earn
this rate plus enough to cover the mortality
and expense risks charges (which may include
profit) and administrative charges if future
Variable Annuity Payments are to remain
level, (see Annuity return factor under
Variable Annuity Assumed Annual Net Return
Rate on Contract Schedule II).
(f) Once elected, Annuity payments cannot be
commuted to a lump sum except for Variable
Annuity payments under option 2 (see 4.07).
The life expectancy of the Annuitant and the
Annuitant and second Annuitant shall be
irrevocable upon the election of an Annuity
option.
25
4.03 Death of Annuitant/ (a) Certificate Holder is Annuitant: When the
Beneficiary: Certificate Holder is the Annuitant and the
Annuitant dies under option 2 or 3, or both
the Annuitant and the second Annuitant die
under option 4(d), the present value of any
remaining guaranteed payments will be paid
in one sum to the Beneficiary, or upon
election by the Beneficiary, any remaining
payments will continue to the Beneficiary.
If option 4 has been elected and the
Certificate Holder dies, the remaining
payments will continue to the successor
payee. If no successor payee has been
designated, the Beneficiary will be treated
as the successor payee. If the Account has
joint Certificate Holders, the surviving
joint Certificate Holder will be deemed the
successor payee.
(b) Certificate Holder is Not Annuitant: When
the Certificate Holder is not the Annuitant
and the Certificate Holder dies, the
remaining payments under options 2, 3 or 4
will continue to the successor payee. If no
successor payee has been designated, the
Beneficiary will be treated as the successor
payee. If the Account has joint Certificate
Holders, the surviving joint Certificate
Holder will be deemed the successor payee.
If the Annuitant dies under option 2 or 3,
or if both the Annuitant and the second
Annuitant die under option 4(d), the present
value of any remaining guaranteed payments
will be paid in one sum to the Beneficiary,
or upon the election by the Beneficiary, any
remaining payments will continue to the
Beneficiary. If option 4 has been elected,
and the Annuitant dies, the remaining
payments will continue to the Certificate
Holder.
(c) No Beneficiary Named/Surviving: If there is
no Beneficiary under option 2, 3 or 4, the
present value of any remaining payments will
be paid in one sum to the Certificate Holder,
or if the Certificate Holder is not living,
then to the Certificate Holder's estate.
(d) If the Beneficiary designated under option 1
dies, the amount held plus accrued interest
will be paid in one sum to a successor
Beneficiary, if any, named by the designated
Beneficiary. If there is no successor
Beneficiary, the lump sum will be paid to
the designated Beneficiary's estate.
(e) If the Beneficiary or the successor payee
dies while receiving Annuity payments, the
present value of any remaining guaranteed
payments will be paid in one sum to the
successor Beneficiary/payee, or upon
election by the successor Beneficiary/payee,
any remaining payments will continue to the
successor Beneficiary/payee. If no successor
Beneficiary/payee has been designated, the
present value of any remaining guaranteed
payments will be paid in one sum to the
Beneficiary's/payee's estate.
(f) The present value will be determined as of
the Valuation Period in which proof of death
acceptable to Aetna and a request for
payment is received at Aetna's Home Office.
The interest rate used to determine the first
payment will be used to calculate the present
value.
26
4.04 Fund(s) Annuity Units-- The number of each Fund's Annuity units is based
Separate Account: on the amount of the first Variable Annuity
payment which is equal to:
(a) The portion of the Current Value applied to
pay a Variable Annuity (minus any premium
tax); divided by
(b) 1,000; multiplied by
(c) The payment rate for the option chosen.
Such amount, or portion, of the variable payment
will be divided by the appropriate Fund Annuity
unit value (see 4.05) on the tenth Valuation
Period before the due date of the first payment
to determine the number of each Fund Annuity
units. The number of each Fund Annuity units
remains fixed. Each future payment is equal to
the sum of the products of each Fund Annuity
unit value multiplied by the appropriate number
of Units. The Fund Annuity unit value on the
tenth Valuation Period prior to the due date of
the payment is used.
4.05 Fund(s) Annuity Unit For any Valuation Period, a Fund Annuity unit
Value -- Separate value is equal to:
Account:
(a) The value for the previous Period;
multiplied by
(b) The Annuity net return factor(s) (see 4.06
below) for the Period; multiplied by
(c) A factor to reflect the assumed annual net
return rate (see Contract Schedule II).
The dollar value of a Fund Annuity unit value and
Annuity payments may go up or down due to
investment gain or loss.
4.06 Annuity The Annuity net return factor(s) are used to
Net Return Factor(s) -- compute Annuity payments for any Fund.
Separate Account:
The Annuity net return factor(s) for each Fund
is equal to 1.0000000 plus the net return rate.
The net return rate is equal to:
(a) The value of the shares of the Fund held by
the Separate Account at the end of a
Valuation Period; minus
(b) The value of the shares of the Fund held by
the Separate Account at the start of the
Valuation Period; plus or minus
(c) Taxes (or reserves for taxes) on the
Separate Account (if any); divided by
(d) The total value of the Fund record units and
Fund Annuity units of the Separate Account
at the start of the Valuation Period; minus
(e) A daily charge for Annuity mortality and
expense risks, which may include profit, and
a daily administrative charge (at the annual
rate as shown on Contract Schedule II).
A net return rate may be more or less than 0%.
The value of a share of the Fund is equal to the
net assets of the Fund divided by the number of
shares outstanding.
Payments shall not be changed due to changes in
the mortality or expense results or
administrative charges.
27
4.07 Annuity Options: Option 1 -- Payments for a Stated Period of Time
-- An Annuity will be paid for the number of
years chosen. The number of years must be at
least 5 and not more than 30.
If payments for this option are made under a
Variable Annuity, the present value of any
remaining payments may be withdrawn at any time.
If a withdrawal is requested within 3 years
after the start of payments, it will be treated
as a surrender and any applicable Surrender Fee
will be applied (see 3.14).
If a nonspouse Beneficiary elects this option at
the death of the Contract Holder, the period
selected may not extend beyond the Beneficiary's
life expectancy.
Option 2 -- Life Income -- An Annuity will be
paid for the life of the Annuitant. If also
chosen, Aetna will guarantee payments for 60,
120, 180, or 240 months.
Option 3 -- Life Income Based upon the Lives of
Two Annuitants -- An Annuity will be paid during
the lives of the Annuitant and a second
Annuitant. Payments will continue until both
Annuitants have died. When this option is chosen,
a choice must be made of:
(a) 100% of the payment to continue after the
first death;
(b) 66 2/3% of the payment to continue after the
first death;
(c) 50% of the payment to continue after the
first death;
(d) Payments for a minimum of 120 months with
100% of the payment to continue after the
first death; or
(e) 100% of the payment to continue at the death
of the second Annuitant and 50% of the
payment to continue at the death of the
Annuitant.
Other Options -- Aetna may make other options
available as allowed by the laws of the state in
which the Contract and this Certificate is
delivered.
28
OPTION 1
Payments for a Stated Period of Time
Amount of First Monthly Payment for Each $1,000
After Deduction of any Charge for Premium Taxes
Rates for a Fixed Annuity with Guaranteed Interest Rate of 3.0%
Guaranteed Monthly Quarterly Semi-Annual Annual
Years Rate Payment Payment Payment Payment
--------------------------------------------------------------------------------
5 3.00% 17.91 53.59 106.78 $ 211.99
6 3.00% 15.14 45.30 90.27 179.22
7 3.00% 13.16 39.39 78.49 155.83
8 3.00% 11.68 34.96 69.66 138.31
9 3.00% 10.53 31.52 62.81 124.69
10 3.00% 9.61 28.77 57.33 113.82
11 3.00% 8.86 26.52 52.85 104.93
12 3.00% 8.24 24.65 49.13 97.54
13 3.00% 7.71 23.08 45.98 91.29
14 3.00% 7.26 21.73 43.29 85.95
15 3.00% 6.87 20.56 40.96 81.33
16 3.00% 6.53 19.54 38.93 77.29
17 3.00% 6.23 18.64 37.14 73.74
18 3.00% 5.96 17.84 35.56 70.59
19 3.00% 5.73 17.13 34.14 67.78
20 3.00% 5.51 16.50 32.87 65.26
21 3.00% 5.32 15.92 31.72 62.98
22 3.00% 5.15 15.40 30.68 60.92
23 3.00% 4.99 14.92 29.74 59.04
24 3.00% 4.84 14.49 28.88 57.33
25 3.00% 4.71 14.09 28.08 55.76
26 3.00% 4.59 13.73 27.36 54.31
27 3.00% 4.47 13.39 26.68 52.97
28 3.00% 4.37 13.08 26.06 51.74
29 3.00% 4.27 12.79 25.49 50.60
30 3.00% 4.18 12.52 24.95 49.53
29
OPTION 2
Life Income
Amount of First Monthly Payment for Each $1,000
After Deduction of any Charge for Premium Taxes
Rates for a Fixed Annuity with Guaranteed Interest Rate of 3.0%
Payments Guaranteed for a Stated Period of Months
Adjusted None 60 120 180 240
Age of --------------------------------------------------------------------------
Annuitant Male Female Male Female Male Female Male Female Male Female
----------------------------------------------------------------------------------------
50 $ 4.27 $ 3.90 $ 4.26 $ 3.90 $ 4.22 $ 3.89 $ 4.17 $ 3.86 $ 4.08 $ 3.82
51 4.34 3.97 4.33 3.96 4.30 3.95 4.23 3.92 4.14 3.88
52 4.43 4.03 4.41 4.03 4.37 4.01 4.30 3.98 4.20 3.93
53 4.51 4.10 4.50 4.10 4.45 4.08 4.37 4.04 4.26 3.99
54 4.60 4.18 4.59 4.17 4.54 4.15 4.45 4.11 4.32 4.04
55 4.70 4.25 4.68 4.25 4.62 4.22 4.53 4.18 4.39 4.11
56 4.80 4.34 4.78 4.33 4.72 4.30 4.61 4.25 4.45 4.17
57 4.91 4.42 4.89 4.41 4.82 4.38 4.69 4.32 4.51 4.23
58 5.03 4.52 5.00 4.51 4.92 4.47 4.78 4.40 4.58 4.30
59 5.15 4.61 5.12 4.60 5.03 4.56 4.87 4.48 4.65 4.37
60 5.28 4.72 5.25 4.70 5.14 4.66 4.96 4.57 4.71 4.44
61 5.43 4.83 5.39 4.81 5.27 4.76 5.06 4.66 4.78 4.51
62 5.58 4.95 5.53 4.93 5.39 4.87 5.16 4.75 4.84 4.58
63 5.74 5.08 5.69 5.05 5.53 4.99 5.26 4.85 4.90 4.65
64 5.91 5.21 5.85 5.18 5.66 5.10 5.36 4.95 4.96 4.72
65 6.10 5.36 6.03 5.32 5.81 5.22 5.46 5.05 5.02 4.79
66 6.30 5.51 6.21 5.47 5.96 5.36 5.56 5.16 5.08 4.86
67 6.51 5.67 6.41 5.63 6.12 5.50 5.66 5.26 5.13 4.93
68 6.73 5.85 6.62 5.80 6.28 5.65 5.77 5.37 5.18 5.00
69 6.97 6.04 6.84 5.98 6.44 5.80 5.86 5.49 5.23 5.06
70 7.23 6.25 7.07 6.18 6.61 5.97 5.96 5.60 5.27 5.12
71 7.51 6.47 7.32 6.39 6.79 6.14 6.05 5.71 5.31 5.18
72 7.80 6.71 7.58 6.62 6.96 6.32 6.14 5.83 5.34 5.23
73 8.12 6.98 7.85 6.86 7.14 6.50 6.23 5.94 5.37 5.28
74 8.46 7.26 8.14 7.12 7.32 6.69 6.31 6.04 5.40 5.32
75 8.82 7.57 8.45 7.40 7.50 6.89 6.38 6.14 5.42 5.35
Rates are based on mortality from 1983 Table a.
Rates for ages not shown will be provided on request and will be computed
on a basis consistent with the rates in the above tables.
30
OPTION 3
Life Income for Two Payees
Amount of First Monthly Payment for Each $1,000
After Deduction of any Charge for Premium Taxes
(Annuitant is Male and Second Annuitant is Female)
Rates for a Fixed Annuity with Guaranteed Interest Rate of 3.0%
Adjusted Ages
Second
Annuitant Annuitant Option 4a Option 4b Option 4c Option 4d Option 4e
----------------------------------------------------------------------------------------------
55 50 $ 3.69 $ 4.05 $ 4.27 $ 3.69 $ 4.13
55 55 3.88 4.25 4.47 3.87 4.25
55 60 3.06 4.47 4.71 4.06 4.36
60 55 3.99 4.44 4.71 3.98 4.55
60 60 4.24 4.71 4.99 4.23 4.70
60 65 4.49 5.01 5.32 4.48 4.85
65 60 4.38 4.97 5.32 4.38 5.10
65 65 4.72 5.33 5.70 4.71 5.32
65 70 5.07 5.75 6.17 5.05 5.54
70 65 4.93 5.68 6.15 4.91 5.86
70 70 5.40 6.21 6.70 5.36 6.18
70 75 5.89 6.82 7.40 5.81 6.49
75 70 5.69 6.68 7.32 5.62 6.92
75 75 6.37 7.45 8.15 6.23 7.40
75 80 7.07 8.34 9.16 6.78 7.85
Rates are based on mortality from 1983 Table a.
The rates assume the Annuitant is Male and the Second Annuitant is Female.
Rates for ages not shown will be provided on request and will be computed
on a basis consistent with the rates in the above tables.
31
OPTION 3
Life Income for Two Payees
Amount of First Monthly Payment for Each $1,000
After Deduction of any Charge for Premium Taxes
(Annuitant is Female and Second Annuitant is Male)
Rates for a Fixed Annuity with Guaranteed Interest Rate of 3.0%
Adjusted Ages
Second
Annuitant Annuitant Option 4a Option 4b Option 4c Option 4d Option 4e
----------------------------------------------------------------------------------------------
55 50 $ 3.75 $ 4.07 $ 4.26 $ 3.75 $ 3.98
55 55 3.88 4.25 4.47 3.87 4.06
55 60 3.99 4.44 4.71 3.98 4.12
60 55 4.06 4.47 4.71 4.06 4.37
60 60 4.24 4.71 4.99 4.23 4.47
60 65 4.38 4.97 5.32 4.38 4.54
65 60 4.49 5.01 5.32 4.48 4.89
65 65 4.72 5.33 5.70 4.71 5.02
65 70 4.93 5.68 6.15 4.91 5.14
70 65 5.07 5.75 6.17 5.05 5.60
70 70 5.40 6.21 6.70 5.36 5.79
70 75 5.69 6.68 7.32 5.62 5.96
75 70 5.89 6.83 7.40 5.81 6.63
75 75 6.37 7.45 8.15 6.23 6.92
75 80 6.78 8.11 8.99 6.54 7.15
Rates are based on mortality from 1983 Table a.
The rates assume the Annuitant is Female and the Second Annuitant is Male.
Rates for ages not shown will be provided on request and will be computed
on a basis consistent with the rates in the above tables.
32
OPTION 1
Payments for a Stated Period of Time
Amount of First Monthly Payment for Each $1,000
After Deduction of any Charge for Premium Taxes
Rates for a Variable Annuity with Assumed Net Return Rate of 3.5%
Guaranteed Monthly Quarterly Semi-Annual Annual
Years Rate Payment Payment Payment Payment
--------------------------------------------------------------------------------
5 3.50% 18.12 54.19 107.92 213.99
6 3.50% 15.35 45.92 91.44 181.32
7 3.50% 13.38 40.01 79.69 158.01
8 3.50% 11.90 35.59 70.88 140.56
9 3.50% 10.75 32.16 64.05 127.00
10 3.50% 9.83 29.42 58.59 116.18
11 3.50% 9.09 27.18 54.13 107.34
12 3.50% 8.46 25.32 50.42 99.98
13 3.50% 7.94 23.75 47.29 93.78
14 3.50% 7.49 22.40 44.62 88.47
15 3.50% 7.10 21.24 42.31 83.89
16 3.50% 6.76 20.23 40.29 79.89
17 3.50% 6.47 19.34 38.51 76.37
18 3.50% 6.20 18.55 36.94 73.25
19 3.50% 5.97 17.85 35.54 70.47
20 3.50% 5.75 17.22 34.28 67.98
21 3.50% 5.56 16.65 33.15 65.74
22 3.50% 5.39 16.13 32.13 63.70
23 3.50% 5.24 15.66 31.19 61.85
24 3.50% 5.09 15.24 30.34 60.17
25 3.50% 4.96 14.85 29.56 58.62
26 3.50% 4.84 14.49 28.85 57.20
27 3.50% 4.73 14.15 28.19 55.90
28 3.50% 4.63 13.85 27.58 54.69
29 3.50% 4.53 13.57 27.02 53.57
30 3.50% 4.45 13.30 26.49 52.53
33
OPTION 1
Payments for a Stated Period of Time
Amount of First Monthly Payment for Each $1,000
After Deduction of any Charge for Premium Taxes
Rates for a Variable Annuity with Assumed Net Return Rate of 5.0%
Guaranteed Monthly Quarterly Semi-Annual Annual
Years Rate Payment Payment Payment Payment
--------------------------------------------------------------------------------
5 5.00% 18.74 56.00 111.33 219.98
6 5.00% 15.99 47.77 94.96 187.64
7 5.00% 14.02 41.90 83.30 164.59
8 5.00% 12.56 37.52 74.58 147.35
9 5.00% 11.42 34.11 67.81 133.99
10 5.00% 10.51 31.40 62.42 123.34
11 5.00% 9.77 29.19 58.03 114.66
12 5.00% 9.16 27.36 54.38 107.45
13 5.00% 8.64 25.81 51.31 101.39
14 5.00% 8.20 24.50 48.69 96.21
15 5.00% 7.82 23.36 46.44 91.75
16 5.00% 7.49 22.37 44.47 87.88
17 5.00% 7.20 21.51 42.75 84.48
18 5.00% 6.94 20.74 41.23 81.47
19 5.00% 6.71 20.06 39.88 78.80
20 5.00% 6.51 19.46 38.68 76.42
21 5.00% 6.33 18.91 37.59 74.28
22 5.00% 6.17 18.42 36.62 72.35
23 5.00% 6.02 17.98 35.73 70.61
24 5.00% 5.88 17.57 34.93 69.02
25 5.00% 5.76 17.20 34.20 67.57
26 5.00% 5.65 16.87 33.53 66.25
27 5.00% 5.54 16.56 32.92 65.04
28 5.00% 5.45 16.28 32.35 63.93
29 5.00% 5.36 16.01 31.83 62.90
30 5.00% 5.28 15.77 31.35 61.95
34
OPTION 2
Life Income
Amount of First Monthly Payment for Each $1,000
After Deduction of any Charge for Premium Taxes
Rates for a Variable Annuity with Assumed Net Return Rate of 3.5%
Payments Guaranteed for a Stated Period of Months
Adjusted None 60 120 180 240
Age of --------------------------------------------------------------------------
Annuitant Male Female Male Female Male Female Male Female Male Female
----------------------------------------------------------------------------------------
50 $ 4.56 $ 4.20 $ 4.55 $ 4.19 $ 4.51 $ 4.18 $ 4.45 $ 4.15 $ 4.36 $ 4.11
51 4.64 4.26 4.62 4.25 4.58 4.24 4.51 4.21 4.42 4.16
52 4.72 4.32 4.70 4.32 4.66 4.30 4.58 4.26 4.48 4.21
53 4.80 4.39 4.79 4.38 4.74 4.36 4.65 4.32 4.53 4.27
54 4.89 4.46 4.87 4.46 4.82 4.43 4.73 4.39 4.59 4.32
55 4.99 4.54 4.97 4.53 4.91 4.50 4.80 4.46 4.65 4.38
56 5.09 4.62 5.07 4.61 5.00 4.58 4.88 4.53 4.72 4.44
57 5.20 4.71 5.17 4.70 5.10 4.66 4.96 4.60 4.78 4.50
58 5.32 4.80 5.29 4.79 5.20 4.75 5.05 4.68 4.84 4.57
59 5.44 4.90 5.41 4.88 5.31 4.84 5.14 4.76 4.91 4.63
60 5.57 5.00 5.53 4.99 5.42 4.93 5.23 4.84 4.97 4.70
61 5.71 5.11 5.67 5.09 5.54 5.03 5.32 4.93 5.03 4.77
62 5.86 5.23 5.81 5.21 5.66 5.14 5.42 5.02 5.09 4.84
63 6.02 5.36 5.97 5.33 5.79 5.25 5.51 5.11 5.16 4.91
64 6.20 5.49 6.13 5.46 5.93 5.37 5.61 5.21 5.21 4.98
65 6.38 5.64 6.31 5.60 6.07 5.49 5.71 5.31 5.27 5.05
66 6.58 5.79 6.49 5.75 6.22 5.63 5.81 5.41 5.32 5.12
67 6.79 5.95 6.69 5.91 6.38 5.76 5.91 5.52 5.38 5.18
68 7.02 6.13 6.89 6.08 6.53 5.91 6.01 5.63 5.42 5.25
69 7.26 6.32 7.11 6.26 6.70 6.06 6.11 5.74 5.47 5.31
70 7.52 6.53 7.35 6.45 6.86 6.23 6.20 5.85 5.51 5.37
71 7.80 6.75 7.59 6.66 7.03 6.39 6.29 5.96 5.54 5.42
72 8.09 6.99 7.85 6.89 7.21 6.57 6.38 6.07 5.57 5.47
73 8.41 7.26 8.12 7.13 7.38 6.75 6.46 6.17 5.60 5.51
74 8.75 7.54 8.41 7.39 7.55 6.94 6.53 6.28 5.63 5.55
75 9.12 7.85 8.71 7.66 7.73 7.13 6.61 6.38 5.65 5.59
Rates are based on mortality from 1983 Table a.
Rates for ages not shown will be provided on request and will be computed
on a basis consistent with the rates in the above tables.
35
OPTION 2
Life Income
Amount of First Monthly Payment for Each $1,000
After Deduction of any Charge for Premium Taxes
Rates for a Variable Annuity with Assumed Net Return Rate of 5.0%
Payments Guaranteed for a Stated Period of Months
Adjusted None 60 120 180 240
Age of --------------------------------------------------------------------------
Annuitant Male Female Male Female Male Female Male Female Male Female
----------------------------------------------------------------------------------------
50 $ 5.48 $ 5.12 $ 5.46 $ 5.11 $ 5.41 $ 5.09 $ 5.34 $ 5.06 $ 5.24 $ 5.01
51 5.55 5.17 5.53 5.17 5.48 5.14 5.40 5.11 5.29 5.05
52 5.63 5.23 5.61 5.23 5.55 5.20 5.46 5.16 5.34 5.10
53 5.71 5.30 5.69 5.29 5.62 5.26 5.53 5.22 5.40 5.15
54 5.80 5.37 5.77 5.36 5.70 5.33 5.60 5.27 5.45 5.20
55 5.89 5.44 5.86 5.43 5.79 5.39 5.67 5.34 5.51 5.25
56 5.99 5.52 5.96 5.51 5.87 5.47 5.74 5.40 5.56 5.31
57 6.10 5.60 6.06 5.59 5.97 5.54 5.82 5.47 5.62 5.37
58 6.21 5.69 6.17 5.67 6.06 5.62 5.90 5.54 5.68 5.42
59 6.33 5.79 6.29 5.77 6.17 5.71 5.98 5.61 5.74 5.48
60 6.46 5.89 6.41 5.87 6.28 5.80 6.06 5.69 5.79 5.55
61 6.60 6.00 6.55 5.97 6.39 5.90 6.15 5.77 5.85 5.61
62 6.75 6.11 6.69 6.08 6.51 6.00 6.24 5.86 5.91 5.67
63 6.91 6.23 6.84 6.20 6.64 6.10 6.33 5.95 5.96 5.73
64 7.09 6.37 7.00 6.33 6.77 6.22 6.42 6.04 6.02 5.80
65 7.27 6.51 7.18 6.46 6.91 6.34 6.52 6.13 6.07 5.86
66 7.47 6.66 7.36 6.61 7.05 6.46 6.61 6.23 6.12 5.92
67 7.68 6.82 7.55 6.76 7.20 6.60 6.70 6.33 6.16 5.99
68 7.91 7.00 7.76 6.93 7.35 6.74 6.80 6.43 6.21 6.04
69 8.15 7.19 7.98 7.11 7.51 6.89 6.89 6.54 6.25 6.10
70 8.41 7.39 8.21 7.30 7.67 7.04 6.97 6.64 6.28 6.15
71 8.69 7.62 8.45 7.51 7.83 7.21 7.06 6.74 6.32 6.20
72 8.99 7.86 8.70 7.73 8.00 7.38 7.14 6.85 6.35 6.25
73 9.31 8.12 8.97 7.97 8.16 7.55 7.21 6.95 6.37 6.29
74 9.65 8.41 9.26 8.23 8.33 7.73 7.29 7.04 6.39 6.33
75 10.02 8.72 9.65 8.50 8.50 7.92 7.35 7.14 6.41 6.36
Rates are based on mortality from 1983 Table a.
Rates for ages not shown will be provided on request and will be computed
on a basis consistent with the rates in the above tables.
36
OPTION 3
Life Income for Two Payees
Amount of First Monthly Payment for Each $1,000
After Deduction of any Charge for Premium Taxes
(Annuitant is Male and Second Annuitant is Female)
Rates for a Variable Annuity with Assumed Net Return Rate of 3.5%
Adjusted Ages
----------------------------------------------------------------------------------------------
Second
Annuitant Annuitant Option 4a Option 4b Option 4c Option 4d Option 4e
----------------------------------------------------------------------------------------------
55 50 $ 3.97 $ 4.35 $ 4.56 $ 3.97 $ 4.42
55 55 4.16 4.54 4.76 4.15 4.54
55 60 4.34 4.76 5.00 4.34 4.64
60 55 4.27 4.73 5.00 4.26 4.83
60 60 4.51 4.99 5.27 4.50 4.98
60 65 4.76 5.29 5.60 4.75 5.13
65 60 4.66 5.25 5.61 4.65 5.39
65 65 4.99 5.61 5.99 4.98 5.60
65 70 5.34 6.03 6.46 5.31 5.81
70 65 5.19 5.97 6.44 5.17 6.14
70 70 5.67 6.49 6.99 5.62 6.47
70 75 6.16 7.10 7.68 6.07 6.77
75 70 5.95 6.96 7.61 5.87 7.20
75 75 6.64 7.73 8.43 6.48 7.68
75 80 7.33 8.62 9.45 7.02 8.13
Rates are based on mortality from 1983 Table a.
The rates assume the Annuitant is Male and the Second Annuitant is Female.
Rates for ages not shown will be provided on request and will be computed
on a basis consistent with the rates in the above tables.
37
OPTION 3
Life Income for Two Payees
Amount of First Monthly Payment for Each $1,000
After Deduction of any Charge for Premium Taxes
(Annuitant is Female and Second Annuitant is Male)
Rates for a Variable Annuity with Assumed Net Return Rate of 3.5%
Adjusted Ages
Second
Annuitant Annuitant Option 4a Option 4b Option 4c Option 4d Option 4e
----------------------------------------------------------------------------------------------
55 50 $ 4.03 $ 4.36 $ 4.55 $ 4.03 $ 4.41
55 55 4.16 4.54 4.76 4.15 4.54
55 60 4.27 4.73 5.00 4.26 4.83
60 55 4.34 4.76 5.00 4.34 4.64
60 60 4.51 4.99 5.27 4.50 4.98
60 65 4.66 5.25 5.61 4.65 5.39
65 60 4.76 5.29 5.60 4.75 5.13
65 65 4.99 5.61 5.99 4.98 5.60
65 70 5.19 5.97 6.44 5.17 6.14
70 65 5.34 6.03 6.46 5.31 5.81
70 70 5.67 6.49 6.99 5.62 6.47
70 75 5.95 6.96 7.61 5.87 7.20
75 70 6.16 7.10 7.68 6.07 6.77
75 75 6.64 7.73 8.43 6.48 7.68
75 80 7.04 8.39 9.29 6.79 8.70
Rates are based on mortality from 1983 Table a.
The rates assume the Annuitant is Female and the Second Annuitant is Male.
Rates for ages not shown will be provided on request and will be computed
on a basis consistent with the rates in the above tables.
38
OPTION 3
Life Income for Two Payees
Amount of First Monthly Payment for Each $1,000
After Deduction of any Charge for Premium Taxes
(Annuitant is Male and Second Annuitant is Female)
Rates for a Variable Annuity with Assumed Net Return Rate of 5.0%
Adjusted Ages
Second
Annuitant Annuitant Option 4a Option 4b Option 4c Option 4d Option 4e
----------------------------------------------------------------------------------------------
55 50 $ 4.88 $ 5.26 $ 5.48 $ 4.88 $ 5.34
55 55 5.04 5.44 5.66 5.04 5.43
55 60 5.21 5.65 5.89 5.21 5.53
60 55 5.15 5.63 5.91 5.14 5.73
60 60 5.37 5.87 6.16 5.37 5.86
60 65 5.61 6.16 6.49 5.60 6.01
65 60 5.52 6.14 6.51 5.51 6.28
65 65 5.83 6.49 6.87 5.82 6.47
65 70 6.17 6.90 7.33 6.13 6.67
70 65 6.04 6.84 7.34 6.00 7.03
70 70 6.49 7.35 7.87 6.44 7.33
70 75 6.97 7.96 8.56 6.87 7.62
75 70 6.77 7.84 8.51 6.68 8.08
75 75 7.45 8.60 9.33 7.27 8.55
75 80 8.14 9.49 10.35 7.80 8.98
Rates are based on mortality from 1983 Table a.
The rates assume the Annuitant is Male and the Second Annuitant is Female.
Rates for ages not shown will be provided on request and will be computed
on a basis consistent with the rates in the above tables.
39
OPTION 3
Life Income for Two Payees
Amount of First Monthly Payment for Each $1,000
After Deduction of any Charge for Premium Taxes
(Annuitant is Female and the Second Annuitant is Male)
Rates for a Variable Annuity with Assumed Net Return Rate of 5.0%
Adjusted Ages
Second
Annuitant Annuitant Option 4a Option 4b Option 4c Option 4d Option 4e
----------------------------------------------------------------------------------------------
55 50 $ 4.93 $ 5.27 $ 5.46 $ 4.93 $ 5.19
55 55 5.04 5.44 5.66 5.04 5.43
55 60 5.15 5.63 5.91 5.14 5.73
60 55 5.21 5.65 5.89 5.21 5.53
60 60 5.37 5.87 6.16 5.37 5.86
60 65 5.52 6.14 6.51 5.51 6.28
65 60 5.61 6.16 6.49 5.60 6.01
65 65 5.83 6.49 6.87 5.82 6.47
65 70 6.04 6.84 7.34 6.00 7.03
70 65 6.17 6.90 7.33 6.13 6.67
70 70 6.49 7.35 7.87 6.44 7.33
70 75 6.77 7.84 8.51 6.68 8.08
75 70 6.97 7.96 8.56 6.87 7.62
75 75 7.45 8.60 9.33 7.27 8.55
75 80 7.86 9.28 10.20 7.57 9.59
Rates are based on mortality from 1983 Table a.
The rates assume the Annuitant is Female and the Second Annuitant is Male.
Rates for ages not shown will be provided on request and will be computed
on a basis consistent with the rates in the above tables.
40
[Aetna logo]
Aetna Life Insurance and Annuity Company
Home Office: 000 Xxxxxxxxxx Xxxxxx
Xxxxxxxx, Xxxxxxxxxxx 00000
(000) 000-0000
Certificate of Group Annuity Coverage
ALL PAYMENTS AND VALUES PROVIDED BY THE GROUP CONTRACT, WHEN BASED ON INVESTMENT
EXPERIENCE OF A SEPARATE ACCOUNT, ARE VARIABLE AND ARE NOT GUARANTEED AS TO
FIXED DOLLAR AMOUNT. THIS CERTIFICATE CONTAINS A MARKET VALUE ADJUSTMENT
FORMULA. APPLICATION OF A MARKET VALUE ADJUSTMENT MAY RESULT IN EITHER AN
INCREASE OR DECREASE IN THE CURRENT VALUE. THE MARKET VALUE ADJUSTMENT FORMULA
DOES NOT APPLY TO A GUARANTEED TERM AT THE TIME OF ITS MATURITY.
