FORM OF INDIVIDUAL VARIABLE DEFERRED ANNUITY CONTRACT
CONNECTICUT MUTUAL LIFE INSURANCE COMPANY
000 XXXXXX XXXXXX
XXXXXXXX, XX 00000
Connecticut Mutual Life Insurance Company (Company) will make Annuity Payments
starting on the Annuity Date, in accordance with the provisions of this
Contract.
This Contract is issued by the Company at its Home Office, 000 Xxxxxx Xxxxxx,
Xxxxxxxx, Xxxxxxxxxxx 00000, on the Issue Date. The Contract is issued in
exchange for the payment of the initial Purchase Payment.
RIGHT TO EXAMINE CONTRACT: This Contract may be returned to the Company for
any reason within ten (10) calendar days after its receipt by the Contract
Owner. It may be returned by delivering or mailing it to the Company at its
Annuity Service Center. When this Contract is received by the Company it will
be voided as if it had never been in force. Upon its return, the Company will
refund, within seven days, the Contract Value next computed after receipt of
this Contract by the Company at its Annuity Service Center. This may be more
or less than the Purchase Payments.
THIS IS A LEGAL CONTRACT BETWEEN THE CONTRACT OWNER AND THE COMPANY
READ YOUR CONTRACT CAREFULLY
SECRETARY PRESIDENT AND
CHIEF EXECUTIVE OFFICER
INDIVIDUAL VARIABLE DEFERRED ANNUITY CONTRACT
WITH FLEXIBLE PURCHASE PAYMENTS
NONPARTICIPATING
ANNUITY PAYMENTS, WITHDRAWAL VALUES AND THE DEATH BENEFITS PROVIDED BY THIS
CONTRACT, WHEN BASED ON THE INVESTMENT EXPERIENCE OF THE SEPARATE ACCOUNT, ARE
VARIABLE AND ARE NOT GUARANTEED AS TO DOLLAR AMOUNT.
TABLE OF CONTENTS
CONTRACT SCHEDULE........................................................ 4
DEFINITIONS.............................................................. 5
PURCHASE PAYMENT PROVISIONS............................................. 7
PURCHASE PAYMENTS........................................................ 7
SUBSEQUENT PURCHASE PAYMENTS........................................ 7
ALLOCATION PURCHASE PAYMENTS........................................ 7
SEPARATE ACCOUNT PROVISIONS.............................................. 7
THE SEPARATE ACCOUNT................................................ 7
VALUATION OF ASSETS................................................. 7
ACCUMULATION UNITS.................................................. 7
ACCUMULATION UNIT VALUE............................................. 7
MORTALITY AND EXPENSE RISK CHARGE................................... 8
ADMINISTRATIVE CHARGE............................................... 8
DISTRIBUTION CHARGE................................................. 9
MORTALITY AND EXPENSE GUARANTEE..................................... 9
ANNUAL CONTRACT MAINTENANCE CHARGE....................................... 9
DEDUCTION FOR ANNUAL CONTRACT MAINTENANCE CHARGE.................... 9
TRANSFERS................................................................ 9
TRANSFERS DURING THE ACCUMULATION PERIOD............................ 9
TRANSFERS DURING THE ANNUITY PERIOD................................. 10
WITHDRAWAL PROVISIONS.................................................... 11
WITHDRAWAL.......................................................... 11
CONTINGENT DEFERRED SALES CHARGE.................................... 11
WITHDRAWAL CHARGE................................................... 11
PROCEEDS PAYABLE ON DEATH................................................ 12
DEATH OF CONTRACT OWNER DURING THE ACCUMULATION PERIOD.............. 12
DEATH BENEFIT AMOUNT DURING THE ACCUMULATION PERIOD................. 12
DEATH BENEFIT OPTIONS DURING THE ACCUMULATION PERIOD................ 12
DEATH OF CONTRACT OWNER DURING THE ANNUITY PERIOD................... 12
DEATH OF ANNUITANT.................................................. 13
PAYMENT OF DEATH BENEFIT............................................ 13
BENEFICIARY......................................................... 13
CHANGE OF BENEFICIARY............................................... 13
SUSPENSION OR DEFERRAL OF PAYMENTS PROVISION............................. 14
ANNUITANT, OWNERSHIP, ASSIGNMENT PROVISIONS.............................. 14
ANNUITANT........................................................... 14
CONTRACT OWNER...................................................... 14
JOINT CONTRACT OWNERS............................................... 14
ASSIGNMENT OF THE CONTRACT.......................................... 15
GENERAL PROVISIONS....................................................... 15
THE CONTRACT........................................................ 15
CONTRACT CHANGES BY THE COMPANY..................................... 15
CONTRACT CHANGES BY THE CONTRACT OWNER.............................. 15
CONTRACT TERMINATION................................................ 16
INCONTESTABILITY.................................................... 16
MISSTATEMENT OF AGE OR SEX.......................................... 16
NON-BUSINESS DAYS................................................... 16
NON-PARTICIPATING................................................... 16
PROTECTION OF PROCEEDS.............................................. 16
REGULATORY REQUIREMENTS............................................. 16
REPORTS............................................................. 16
PREMIUM AND OTHER TAXES............................................. 17
ANNUITY PROVISIONS7
ANNUITY GUIDELINES.................................................. 17
ANNUITY PAYMENTS.................................................... 18
FIXED ANNUITY....................................................... 18
VARIABLE ANNUITY.................................................... 18
ANNUITY UNITS AND PAYMENTS.......................................... 18
ANNUITY UNIT VALUE.................................................. 18
ANNUITY OPTIONS..................................................... 19
Annuity Option A - Life Income................................. 19
Annuity Option B - Life Income with Period Certain............. 19
Annuity Option C - Joint and Last Survivor Payments............ 19
Annuity Option D - Joint and 2/3 Survivor Annuity.............. 19
Annuity Option E - Period Certain.............................. 19
Annuity Option F - Special Income Settlement Agreement......... 19
ANNUITY RATES............................................................ 20
Fixed Annuity Rates................................................. 20
Fixed Annuity Rates Table 1.................................... 21
Fixed Annuity Rates Table 2.................................... 22
Fixed Annuity Rates Table 3.................................... 23
Fixed Annuity Rates Table 4.................................... 24
Variable Annuity Rates.............................................. 25
Variable Annuity Rates Table 5................................. 26
Variable Annuity Rates Table 6................................. 27
Variable Annuity Rates Table 7................................. 28
Variable Annuity Rates Table 8................................. 29
CONTRACT SCHEDULE
REVISION DATE: [August 31, 1995]
CONTRACT OWNER: [Xxxx Xxxx] AGE AND SEX: [35 Male]
ANNUITANT: [Xxxx Xxxx] AGE AND SEX: [35 Male]
CONTRACT NUMBER: [1234 CML] ISSUE DATE: [August 31, 1995]
ANNUITY DATE: [August 31, 2025]
BENEFICIARY: As designated by the Contract Owner at the Issue Date, unless
changed in accordance with the Contract.
PURCHASE PAYMENTS:
INITIAL PURCHASE PAYMENT: 100,000 minimum.
MINIMUM SUBSEQUENT PURCHASE PAYMENT: $10,000 or, if the automatic premium
check option is elected, $5,000.
MAXIMUM TOTAL PURCHASE PAYMENTS: The maximum total Purchase Payments is
$5 million. Purchase Payments above this amount must be preapproved by the
Company.
ALLOCATION GUIDELINES:
1. There are no limitations on the number of Sub-Accounts that can be
selected by a Contract Owner.
2. If the Purchase Payments and forms required to issue a Contract
are in good order, the initial Net Purchase Payment will be credited to the
Contract within two (2) business days after receipt at the Annuity Service
Center. Additional Purchase Payments will be credited to the Contract as of
the Valuation Period when they are received.
[3. The initial Net Purchase Payment will be allocated to the Money
Market Sub-Account. Upon the expiration of fifteen days from the Issue Date,
the Sub-Account value represented by the Money Market Sub-Account will be
allocated to the Separate Account in accordance with the election made by the
Contract Owner. All subsequent Purchase Payments will be allocated in
accordance with the election made by the Contract Owner at the time the
Contract is issued, unless subsequently changed.]
SEPARATE ACCOUNT: [CML/OFFITBANK Variable Annuity Separate Account]
ELIGIBLE INVESTMENTS, SERIES AND SUB-ACCOUNTS:
[THE OFFITBANK Variable Insurance Fund, Inc. ("OFFITBANK VIF")]
[OFFITBANK VIF - High Yield Fund] [OFFITBANK VIF - High Yield Sub-Account]
[OFFITBANK VIF - Investment Grade Global Debt Fund] [OFFITBANK VIF - Investment Grade
Global Debt Sub-Account]
[OFFITBANK VIF - Emerging Markets Fund] [OFFITBANK VIF - Emerging Markets
Sub-Account]
[Connecticut Mutual Financial Services Series Fund I, Inc.] ["CMFS Series Fund I")]
[CMFS Series Fund I - Money Market Portfolio] [CMFS - Money Market Sub-Account]
ANNUAL CONTRACT MAINTENANCE CHARGE: Currently $35.00 each Contract Year is
deducted on the last day of the Contract Year and may be increased but it will
not exceed $60 per Contract year. In the event of an increase, the Company
will give the Contract Owner 90 days prior notice of the increase. The Annual
Contract Maintenance Charge will be deducted from the Sub-Accounts in the same
proportion that the amount of the Contract Value in each Sub-Account bears to
the total Contract Value. If a total withdrawal is made on other than the
last day of the Contract Year, the full Annual Contract Maintenance Charge
will be deducted at the time of total withdrawal. If the Annuity Date is not
the last day of the Contract Year, then a pro-rata portion of the Annual
Contract Maintenance Charge will be deducted on the Annuity Date. During the
Annuity Period, the Annual Contract Maintenance Charge will be deducted
pro-rata from Annuity Payments and will result in a reduction of each Annuity
Payment.
MORTALITY AND EXPENSE RISK CHARGE: The current charge is equal on an annual
basis to .38% of the average daily net asset value of the Separate Account.
The Company may increase this charge, however, the maximum Mortality and
Expense Risk Charge will not exceed 1.25% of the average daily net asset value
of the Separate Account. In the event of an increase, the Company will give
the Contract Owner 90 days prior notice of the increase.
ADMINISTRATIVE CHARGE: The current charge is equal on an annual basis to .01%
of the average daily net asset value of the Separate Account. The Company may
increase this charge, however, the maximum Administrative Charge will not
exceed .25% of the average daily net asset value of the Separate Account. In
the event of an increase, the Company will give the Contract Owner 90 days
prior notice of the increase.
DISTRIBUTION CHARGE: None.
TRANSFERS:
NUMBER OF TRANSFERS: Subject to the conditions imposed on such transfers by
the Company, Contract Owners may make unlimited transfers during the
Accumulation Period and 6 transfers per calendar year during the Annuity
Period. The Company reserves the right to further limit the number of
transfers in the future.
FREE TRANSFERS: 12 per calendar year during the Accumulation Period; 6 per
calendar year during the Annuity Period. All transfers made during a
Valuation Period are deemed to be one transfer.
TRANSFER FEE: The Transfer fee will not exceed the lesser of $20 or 2% of the
amount transferred for each transfer beyond the 12 free unscheduled transfers
allowed per calendar year. Transfers made by the Company from the CMFS -
Money Market Sub-Account at the end of the Right to Examine Contract period do
not count against the transfer limit.
MINIMUM AND MAXIMUM AMOUNT TO BE TRANSFERRED: The minimum amount of a transfer
is $10,000 per transfer request (from one or multiple Sub-Accounts) or the
Contract Owner's entire interest in the Sub-Account, if less.
MINIMUM AMOUNT WHICH MUST REMAIN IN A SUB-ACCOUNT AFTER A TRANSFER:
$1,000; or $0 if the entire amount in the Sub-Account is transferred.
WITHDRAWALS:
CONTINGENT DEFERRED SALES CHARGE: None.
FREE WITHDRAWAL AMOUNT: Not Applicable.
WITHDRAWAL CHARGE: None.
MINIMUM PARTIAL WITHDRAWAL: $10,000.
MINIMUM CONTRACT VALUE WHICH MUST REMAIN IN THE CONTRACT AFTER A PARTIAL
WITHDRAWAL: $50,000.
NUMBER OF PARTIAL WITHDRAWALS PERMITTED: Currently no limitation.
ANNUITY GUIDELINE PARAMETERS:
1. If the amount to be applied under an Annuity Option is less than
$2,000, the Company reserves the right to pay the amount in a lump sum. If
any Annuity Payment is less than $100, the Company reserves the right to
change the payment basis to equivalent quarterly, semi-annual or annual
payments.
2. The Annuity Date must be the first day of a calendar month. The
Annuity Date cannot be earlier than five years after the Issue Date.
3. The latest permitted Annuity Date is the earlier of:
(i) the 90th birthday of the Annuitant or the oldest joint Annuitant; or
(ii) the latest date permitted under state law.
RIDERS: [IRA Endorsement]
[Unisex Annuity Rates Contract Endorsement]
ANNUITY SERVICE CENTER:
[Connecticut Mutual Life Insurance Company 000 Xxxx 00xx Xxxxxx
Annuity Service Center Fourth Floor
P.O. Box XXXXXX OR Kansas City, MO 64105
Kansas City, MO 64141-6083 (800) XXX-XXXX]
DEFINITIONS
ACCUMULATION PERIOD The period prior to the commencement of Annuity
Payments during which Purchase Payments may be made.
ACCUMULATION UNIT A unit of measure used to determine the value of the
Contract Owner's interest in a Sub-Account of the Separate Account during the
Accumulation Period.
AGE The age of any Contract Owner or Annuitant on his/her birthday nearest
the date for which age is being determined.
ANNUITANT The primary person upon whose life Annuity Payments are to be
made. On or after the Annuity Date, the Annuitant shall also include any joint
Annuitant.
ANNUITY DATE The date on which Annuity Payments begin. The Annuity Date is
shown on the Contract Schedule.
ANNUITY PAYMENTS The series of payments that will begin on the Annuity Date.
ANNUITY OPTIONS Options available for Annuity Payments.
ANNUITY PERIOD The period which begins on the Annuity Date and ends with the
last Annuity Payment.
ANNUITY RESERVE The assets which support the Annuity Option selected by the
Contract Owner during the Annuity Period.
ANNUITY SERVICE The office indicated on the Contract Schedule of this
Contract to which CENTER notices, requests and Purchase Payments must be sent.
All sums payable by the Company under this Contract are payable only at the
Annuity Service Center.
ANNUITY UNIT A unit of measure used to determine the amount of each Variable
Annuity Payment after the Annuity Date.
BENEFICIARY The person(s) or entity(ies) designated to receive the death
benefit provided by this Contract.
CONTRACT An anniversary of the Issue Date of this Contract.
ANNIVERSARY
CONTRACT OWNER The person(s) or entity(ies) entitled to the ownership rights
stated in this Contract.
CONTRACT VALUE The sum of the Contract Owner's interest in the Sub-Accounts
of the Separate Account during the Accumulation Period.
CONTRACT YEAR The first Contract Year is the annual period which begins on
the Issue Date. Subsequent Contract Years begin on each anniversary of the
Issue Date.
ELIGIBLE INVESTMENT An investment entity shown on the Contract Schedule
into which assets of the Separate Account will be invested.
FIXED ANNUITY A series of payments made during the Annuity Period which
are guaranteed as to dollar amount by the Company.
GENERAL ACCOUNT The Company's general investment account which contains
all the assets of the Company with the exception of the Separate Account and
other segregated asset accounts.
ISSUE DATE The date on which this Contract became effective.
NET PURCHASE A Purchase Payment less any Premium Tax assessed by any state or
PAYMENT other jurisdiction.
PREMIUM TAX A tax imposed by certain states and other jurisdictions when a
Purchase Payment is made, when Annuity Payments begin, or when the Contract is
surrendered.
PURCHASE PAYMENT During the Accumulation Period, a payment made by or on
behalf of a Contract Owner with respect to this Contract.
REVISION DATE The date of any revised Contract Schedule. A revised
Contract Schedule bearing the latest Revision Date will supersede all previous
Contract Schedules.
SEPARATE ACCOUNT The Company's Separate Account designated on the Contract
Schedule.
SERIES A segment of an Eligible Investment which constitutes a separate
and distinct class of shares into which assets of a Sub-Account will be
invested.
SUB-ACCOUNT Separate Account assets are divided into Sub-Accounts which
are listed on the Contract Schedule. Assets of each Sub-Account will be
invested in shares of an Eligible Investment or a Series of an Eligible
Investment.
VALUATION DATE Each day on which the Company, the New York Stock Exchange
("NYSE") and the Eligible Investments are open for business.
VALUATION PERIOD The period of time beginning at the close of business of
the NYSE on each Valuation Date and ending at the close of business for the
next succeeding Valuation Date.
VARIABLE ANNUITY An annuity with payments which vary as to dollar amount
in relation to the investment performance of specified Sub-Accounts of the
Separate Account.
WRITTEN REQUEST A request in writing, in a form satisfactory to the
Company, which is received by the Annuity Service Center.
PURCHASE PAYMENT PROVISIONS
PURCHASE PAYMENTS
The initial Purchase Payment is due on the Issue Date. The minimum and
maximum subsequent and total Purchase Payments are shown on the Contract
Schedule. The Company reserves the right to reject any Application or Purchase
Payment.
SUBSEQUENT PURCHASE PAYMENTS
Subject to the minimum subsequent and maximum total shown on the Contract
Schedule, the Contract Owner may make subsequent Purchase Payments.
ALLOCATION OF PURCHASE PAYMENTS
The allocation of the initial Net Purchase Payment is made in accordance with
the selection made by the Contract Owner at the time the Contract is issued.
Unless otherwise changed by Written Request by the Contract Owner, subsequent
Net Purchase Payments are allocated in the same manner as the initial Net
Purchase Payment. Allocation of the Net Purchase Payments is subject to the
Allocation Guidelines shown on the Contract Schedule. The Company has reserved
the right to allocate initial Purchase Payments to the Money Market
Sub-Account until the expiration of the Right to Examine Contract period.
SEPARATE ACCOUNT PROVISIONS
THE SEPARATE ACCOUNT
The Separate Account is designated on the Contract Schedule and consists of
assets set aside by the Company, which are kept separate from that of the
general assets and all other separate account assets of the Company. The
assets of the Separate Account equal to reserves and other liabilities will
not be charged with liabilities arising out of any other business the Company
may conduct.
The Separate Account assets are divided into Sub_Accounts. The Sub-Accounts
which are available under this Contract are listed in the Contract Schedule.
The assets of the Sub-Accounts are allocated to the Eligible Investment(s) and
the Series, if any, within an Eligible Investment shown on the Contract
Schedule. The Company may, from time to time, add additional Eligible
Investments or Series to those shown on the Contract Schedule. The Contract
Owner may be permitted to transfer Contract Values or allocate Net Purchase
Payments to the additional Eligible Investments or Series. However, the right
to make such transfers or allocations will be limited by the terms and
conditions imposed by the Company.
Should the shares of any such Eligible Investment(s) or any Series within an
Eligible Investment become unavailable for investment by the Separate Account,
or the Company's Board of Directors deems further investment in these shares
inappropriate, the Company may limit further purchase of such shares or may
substitute shares of another Eligible Investment or Series for shares already
purchased under this Contract.
VALUATION OF ASSETS
The assets of the Separate Account are valued at their fair market value in
accordance with procedures of the Company.
ACCUMULATION UNITS
During the Accumulation Period, Accumulation Units shall be used to account
for all amounts allocated to or withdrawn from the Sub-Accounts of the
Separate Account as a result of Purchase Payments, withdrawals, transfers, or
fees and charges. The Company will determine the number of Accumulation Units
of a Sub_Account purchased or cancelled. This will be done by dividing the
amount allocated to (or the amount withdrawn from) the Sub_Account by the
dollar value of one Accumulation Unit of the Sub_Account as of the end of the
Valuation Period during which the request for the transaction is received at
the Annuity Service Center.
ACCUMULATION UNIT VALUE
The Accumulation Unit Value for each Sub-Account was arbitrarily set initially
at $10. Subsequent Accumulation Unit Values for each Sub-Account are
determined by multiplying the Accumulation Unit Value for the immediately
preceding Valuation Period by the Net Investment Factor for the Sub-Account
for the current Valuation Period.
The Net Investment Factor for each Sub-Account is determined by dividing A by
B and subtracting C where:
A is (i) the net asset value per share of the Eligible Investment or
Series of an Eligible Investment held by the Sub-Account for the current
Valuation Period; plus
(ii) any dividend per share declared on behalf of such Eligible
Investment or Series that has an ex-dividend date within the current Valuation
Period; less
(iii) the cumulative charge or credit for taxes reserved which is
determined by the Company to have resulted from the operation or maintenance
of the Sub-Account.
B is the net asset value per share of the Eligible Investment or Series of
an Eligible Investment held by the Sub-Account for the immediately preceding
Valuation Period.
C is the cumulative unpaid charge for the Mortality and Expense Risk
Charge, for the Administrative Charge and for the Distribution Charge which
are shown on the Contract Schedule.
The Accumulation Unit Value may increase or decrease from Valuation Period to
Valuation Period.
MORTALITY AND EXPENSE RISK CHARGE
Each Valuation Period, the Company deducts a Mortality and Expense Risk Charge
from each Sub-Account of the Separate Account which is equal, on an annual
basis, to the amount shown on the Contract Schedule. The Mortality and
Expense Risk Charge compensates the Company for assuming the mortality and
expense risks under this Contract.
ADMINISTRATIVE CHARGE
Each Valuation Period, the Company deducts an Administrative Charge from each
Sub-Account of the Separate Account which is equal, on an annual basis, to the
amount shown on the Contract Schedule. The Administrative Charge compensates
the Company for the costs associated with the administration of this Contract
and the Separate Account.
DISTRIBUTION CHARGE
Each Valuation Period, the Company deducts a Distribution Charge from each
Sub-Account of the Separate Account which is equal, on an annual basis to the
amount shown on the Contract Schedule. The Distribution Charge compensates
the Company for the costs associated with the distribution of this Contract.
MORTALITY AND EXPENSE GUARANTEE
The Company guarantees that the dollar amount of each Annuity Payment after
the first Annuity Payment will not be affected by variations in mortality or
expense experience.
ANNUAL CONTRACT MAINTENANCE CHARGE
DEDUCTION FOR ANNUAL CONTRACT MAINTENANCE CHARGE
The Company deducts an Annual Contract Maintenance Charge from the Contract
Value or Annuity Payments to reimburse it for expenses relating to maintenance
of this Contract. The Annual Contract Maintenance Charge is shown on the
Contract Schedule.
TRANSFERS
TRANSFERS DURING THE ACCUMULATION PERIOD
Subject to any limitations imposed by the Company on the number of transfers,
shown on the Contract Schedule, that can be made during the Accumulation
Period, the Contract Owner may transfer all or part of the Contract Owner's
interest in a Sub-Account by Written Request without the imposition of any fee
or charge if there have been no more than the number of free transfers shown
on the Contract Schedule. All transfers are subject to the following:
1. If more than the number of free transfers have been made, the Company
will deduct a Transfer Fee, shown on the Contract Schedule, for each
subsequent transfer permitted. The Transfer Fee will be deducted from the
Contract Owner's interest in the Sub-Account from which the transfer is made.
However, if the Contract Owner's entire interest in a Sub-Account is being
transferred, the Transfer Fee will be deducted from the amount which is
transferred. If Contract Values are being transferred from more than one
Sub-Account, any Transfer Fee will be allocated to those Sub-Accounts on a
pro-rata basis in proportion to the amount transferred from each Sub-Account.
2. The minimum amount which can be transferred is shown on the Contract
Schedule. The minimum amount which must remain in a Sub-Account is shown
on the Contract Schedule.
3. The Company reserves the right, at any time and without prior notice to
any party, to terminate, suspend or modify the transfer privilege described
above.
If the Contract Owner elects to use this transfer privilege, the Company will
not be liable for transfers made in accordance with the Contract Owner's
instructions. All amounts and Accumulation Units will be determined as of the
end of the Valuation Period during which the request for transfer is received
at the Annuity Service Center.
TRANSFERS DURING THE ANNUITY PERIOD
During the Annuity Period, the Contract Owner may make transfers, by Written
Request, as follows:
1. The Contract Owner may make transfers of Annuity Reserves between
Sub-Accounts, subject to any limitations imposed by the Company on the number
of transfers, shown on the Contract Schedule, that can be made. If more than
the number of free transfers have been made, the Company will deduct a
Transfer Fee, shown on the Contract Schedule, for each subsequent transfer
permitted. The Transfer Fee will be deducted from the Contract Owner's
interest in the Sub-Account from which the transfer is made. However, if the
Contract Owner's entire interest in a Sub-Account is being transferred, the
Transfer Fee will be deducted from the amount which is transferred. If Annuity
Reserves are being transferred from more than one Sub-Account, any Transfer
Fee will be allocated to those Sub-Accounts on a pro-rata basis in proportion
to the amount transferred from each Sub-Account.
2. The Contract Owner may, once each Contract Year, make a transfer from
one or more Sub-Accounts to the General Account. The Contract Owner may not
make a transfer from the General Account to the Separate Account.
3. Transfers between Sub-Accounts will be made by converting the number of
Annuity Units being transferred to the number of Annuity Units of the
Sub-Account to which the transfer is made, so that the next Annuity Payment if
it were made at that time would be the same amount that it would have been
without the transfer. Thereafter, Annuity Payments will reflect changes in
the value of the new Annuity Units.
The amount transferred to the General Account from a Sub-Account will be based
on the Annuity Reserves for the Contract Owner in that Sub-Account. Transfers
to the General Account will be made by converting the Annuity Units being
transferred to purchase fixed Annuity Payments under the Annuity Option in
effect and based on the Age of the Annuitant at the time of the transfer.
4. The minimum amount which can be transferred is shown on the Contract
Schedule. The minimum amount which must remain in a Sub-Account is shown
on the Contract Schedule.
5. The Company reserves the right, at any time and without prior
notice to any party, to terminate, suspend or modify the transfer
privilege described above.
If the Contract Owner elects to use this transfer privilege, the Company will
not be liable for transfers made in accordance with the Contract Owner's
instructions. All amounts and Annuity Unit Values will be determined as of the
end of the Valuation Period during which the request for transfer is received
at the Annuity Service Center.
WITHDRAWAL PROVISIONS
WITHDRAWAL
During the Accumulation Period, the Contract Owner may, upon Written Request,
make a total or partial withdrawal of the Contract Withdrawal Value. The
Contract Withdrawal Value is:
1. The Contract Value as of the end of the Valuation Period during which a
Written Request for a withdrawal is received; less
2. Any applicable Premium Taxes not previously deducted; less
3. The Contingent Deferred Sales Charge, if any; less
4. The Withdrawal Charge, if any; less
5. The Annual Contract Maintenance Charge, if any; less
6. Any Purchase Payments credited to the Contract when based upon checks that
have not cleared the drawer bank.
A withdrawal will result in the cancellation of Accumulation Units from each
applicable Sub-Account in the ratio that the Contract Owner's interest in the
Sub-Account bears to the total Contract Value. The Contract Owner must
specify by Written Request in advance which Sub-Account Units are to be
canceled if other than the above method is desired. If the Contract Owner
makes a total withdrawal, all of the Contract Owner's rights and interests in
the Contract will terminate.
The Company will pay the amount of any withdrawal within seven (7) days of
receipt of a request in good order unless the Suspension or Deferral of
Payments Provision is in effect.
Each partial withdrawal must be for an amount which is not less than the
minimum amount shown on the Contract Schedule. The Contract Value which must
remain in the Contract after a partial withdrawal is shown on the Contract
Schedule. The Company reserves the right to limit the number of partial
withdrawals that can be made from a Contract. The current number of partial
withdrawals permitted is shown on the Contract Schedule.
CONTINGENT DEFERRED SALES CHARGE
A contingent deferred sales charge may be deducted in the event of a
withdrawal of all or a portion of the Contract Value. The Contingent Deferred
Sales Charge and Free Withdrawal Amounts are set out on the Contract Schedule.
WITHDRAWAL CHARGE
A service fee (Withdrawal Charge) may be deducted in the event of a
withdrawal. The Withdrawal Charge is set out on the Contract Schedule.
PROCEEDS PAYABLE ON DEATH
DEATH OF CONTRACT OWNER DURING THE ACCUMULATION PERIOD
Upon the death of the Contract Owner or a Joint Contract Owner during the
Accumulation Period, the death benefit will be paid to the Beneficiary
designated by the Contract Owner. Upon the death of a Joint Contract Owner,
the surviving Joint Contract Owner, if any, will be treated as the Primary
Beneficiary. Any other Beneficiary designation on record at the time of death
will be treated as a Contingent Beneficiary.
A Beneficiary may request that the death benefit be paid under one of the
Death Benefit Options below. If the Beneficiary is the spouse of the Contract
Owner he or she may elect to continue the Contract at the then current
Contract Value in his or her own name and exercise all the Contract Owner's
rights under the Contract.
DEATH BENEFIT AMOUNT DURING THE ACCUMULATION PERIOD
The death benefit during the Accumulation Period will be the Contract Value
determined and paid as of the end of the Valuation Period during which the
Company receives both due proof of death and an election for the payment
method.
DEATH BENEFIT OPTIONS DURING THE ACCUMULATION PERIOD
A non-spousal Beneficiary must elect the death benefit to be paid under one of
the following options in the event of the death of the Contract Owner during
the Accumulation Period:
Option 1 - lump sum payment of the death benefit; or
Option 2 - the payment of the entire death benefit within 5 years of
the date of the death of the Contract Owner; or
Option 3 - payment of the death benefit under an Annuity Option over the
lifetime of the Beneficiary or over a period not extending beyond the life
expectancy of the Beneficiary with distribution beginning within one year of
the date of death of the Contract Owner or any Joint Contract Owner.
Any portion of the death benefit not applied under Option 3 within one year of
the date of the Contract Owner's death must be distributed within five years
of the date of death.
A spousal Beneficiary may elect to continue the Contract in his or her own
name, elect a lump sum payment of the death benefit or apply the death benefit
to an Annuity Option.
If a lump sum payment is requested, the amount will be paid within seven (7)
days of receipt of proof of death and the election, unless the Suspension or
Deferral of Payments Provision is in effect.
Payment to the Beneficiary, other than in a lump sum, may only be elected
during the sixty-day period beginning with the date of receipt by the Company
of proof of death.
DEATH OF CONTRACT OWNER DURING THE ANNUITY PERIOD
If the Contract Owner or a Joint Contract Owner, who is not the Annuitant,
dies during the Annuity Period, any remaining payments under the Annuity
Option elected will continue at least as rapidly as under the method of
distribution in effect at such Contract Owner's death. Upon the death of a
Contract Owner during the Annuity Period, the Beneficiary becomes the Contract
Owner.
DEATH OF ANNUITANT
Upon the death of the Annuitant, who is not a Contract Owner, during the
Accumulation Period, the Contract Owner may designate a new Annuitant, subject
to the Company's underwriting rules then in effect. If no designation is made
within 30 days of the death of the Annuitant, the Contract Owner will become
the Annuitant. If the Contract Owner is a non-natural person, the death of
the Annuitant will be treated as the death of the Contract Owner and a new
Annuitant may not be designated.
Upon the death of the Annuitant on or after the Annuity Date, the death
benefit, if any, will be as specified in the Annuity Option elected. Death
benefits will be paid at least as rapidly as under the method of distribution
in effect at the Annuitant's death.
PAYMENT OF DEATH BENEFIT
The Company will require due proof of death before any death benefit is paid.
Due proof of death will be:
1. a certified death certificate;
2. certified decree of a court of competent jurisdiction as to the finding
of death; or
3. any other proof satisfactory to the Company.
All death benefits will be paid in accordance with applicable law or
regulations governing death benefit payments.
BENEFICIARY
The Beneficiary designation in effect on the Issue Date will remain in effect
until changed. Unless the Contract Owner provides otherwise, the death benefit
will be paid in equal shares to the survivor(s) as follows:
1. to the Primary Beneficiary(ies) who survive the Contract Owner's and/or
the Annuitant's death, as applicable; or if there are none
2. to the Contingent Beneficiary(ies) who survive the Contract Owner's
and/or the Annuitant's death, as applicable; or if there are none
3. to the estate of the Contract Owner.
Beneficiaries may be named irrevocably. A change of Beneficiary requires the
consent of any irrevocable Beneficiary. If an irrevocable Beneficiary is
named, the Contract Owner retains all other contractual rights.
CHANGE OF BENEFICIARY
Subject to the rights of any irrevocable Beneficiary(ies), the Contract Owner
may change the Primary Beneficiary(ies) or Contingent Beneficiary(ies). A
change may be made by Written Request. The change will take effect as of the
date the notice is signed. The Company will not be liable for any payment made
or action taken before it records the change.
SUSPENSION OR DEFERRAL OF PAYMENTS PROVISION
The Company reserves the right to suspend or postpone payments for a
withdrawal or transfer for any period when:
1. The New York Stock Exchange is closed (other than customary weekend and
holiday closings);
2. Trading on the New York Stock Exchange is restricted;
3. An emergency exists as a result of which disposal of securities held in
the Separate Account is not reasonably practicable or it is not reasonably
practicable to determine the value of the Separate Account's net assets; or
4. During any other period when the Securities and Exchange Commission, by
order, so permits for the protection of Contract Owners;
provided that applicable rules and regulations of the Securities and Exchange
Commission will govern as to whether the conditions described in (2) and (3)
exist.
ANNUITANT, OWNERSHIP, ASSIGNMENT PROVISIONS
ANNUITANT
The Annuitant is the person on whose life Annuity Payments are based. The
Annuitant is the person designated by the Contract Owner at the Issue Date,
unless changed prior to the Annuity Date. The Annuitant may not be changed in
a Contract which is owned by a non-natural person. Any change of Annuitant is
subject to the Company's underwriting rules then in effect.
CONTRACT OWNER
The Contract Owner has all rights under this Contract. The Contract Owner is
the person designated as such on the Issue Date, unless changed.
The Contract Owner may change owners at any time prior to the Annuity Date by
Written Request. A change of Contract Owner will automatically revoke any
prior designation of Contract Owner. The change will become effective as of
the date the Written Request is signed. A new designation of Contract Owner
will not apply to any payment made or action taken by the Company prior to the
time it was received.
JOINT CONTRACT OWNERS
The Contract can be owned by Joint Contract Owners. If Joint Contract Owners
are named, any Joint Contract Owner must be the spouse of the other Contract
Owner. Upon the death of either Contract Owner, the surviving spouse will be
the Primary Beneficiary. Any other Beneficiary designation will be treated as
a Contingent Beneficiary unless otherwise indicated in a Written Request.
ASSIGNMENT OF THE CONTRACT
A Written Request specifying the terms of an assignment of this Contract must
be provided to the Annuity Service Center. Until the Written Request is
received, the Company will not be required to take notice of or be responsible
for any transfer of interest in this Contract by assignment, agreement, or
otherwise.
The Company will not be responsible for the validity or tax consequences of
any assignment. Any assignment made after the death benefit has become payable
will be valid only with the Company's consent.
If this Contract is assigned, the Contract Owner's rights may only be
exercised with the consent of the assignee of record.
GENERAL PROVISIONS
THE CONTRACT
The entire Contract consists of this Contract, any Application and any riders
or endorsements attached to this Contract.
CONTRACT CHANGES BY THE COMPANY
The Company reserves the right to amend this Contract to meet the requirements
of any applicable federal or state laws or regulations, or as otherwise
provided in this Contract. The Company will notify the Contract Owner in
writing of such amendments.
Any changes to this Contract by the Company must be signed by an authorized
officer of the Company. Agents of the Company have no authority to alter or
modify any of the terms, conditions, agreements of this Contract, or to waive
any of its provisions.
CONTRACT CHANGES BY THE CONTRACT OWNER
The Contract Owner may, subject to the Company's underwriting rules then in
effect and in accordance with the provisions of this Contract, by Written
Request:
1. change the Contract Owner;
2. change the Annuity Date and/or the Annuity Option at any time up to
thirty (30) calendar days before the current Annuity Date, provided the
Annuitant is then living;
3. change the Beneficiary; or
4. change the Annuitant, prior to the Annuity Date.
A change of Annuitant, Annuity Date and Annuity Option will take effect on the
date the Written Request is received.
CONTRACT TERMINATION
This Contract will terminate upon the occurrence of any of the following
events:
1. the date of the last Annuity Payment;
2. the date payment is made of the entire Contract Value;
3. the date of the last death benefit payment to the last Beneficiary;
4. the date the Contract is returned under the Right to Examine Contract
provision.
INCONTESTABILITY
The Company shall not contest the validity of this Contract.
MISSTATEMENT OF AGE OR SEX
If the Annuitant's Age or sex has been incorrectly stated, the Annuity Payment
payable will be that which the Contract Value, reduced by any applicable
Premium Tax, Annual Contract Maintenance Charge, and Contingent Deferred Sales
Charge, would have purchased at the correct Age and sex. After correction, the
Annuitant will receive the sum of any underpayments made by the Company within
thirty (30) calendar days. The amount of any overpayments made by the Company
will be charged against the payment(s) following the correction.
NON-BUSINESS DAYS
If the due date for any activity required by the Contract falls on a
non-business day for the Company, performance will be rendered on the first
business day following the due date.
NON-PARTICIPATING
This Contract is non-participating and will not share in any surplus earnings
of the Company. No dividends are payable on this Contract.
PROTECTION OF PROCEEDS
To the extent permitted by law, all payments under this Contract shall be free
from legal process and the claim of any creditor if the person is entitled to
them under this Contract. No payment and no amount under this Contract can be
taken or assigned in advance of its payment date unless the Company receives
the Contract Owner's written consent.
REGULATORY REQUIREMENTS
All values payable under this Contract will not be less than the minimum
benefits required by the laws and regulations of the state in which the
Contract is delivered.
REPORTS
Each year the Company will provide to the Contract Owner an accounting of
Purchase Payments, transfers, withdrawals, charges applicable to this
Contract, and any other information required under state or federal law.
PREMIUM AND OTHER TAXES
Any Premium Taxes relating to this Contract may be deducted from the Purchase
Payments or Contract Value when incurred. The Company will, in its sole
discretion, determine when Premium Taxes have resulted from: the investment
experience of the Separate Account; receipt by the Company of the Purchase
Payments; or commencement of Annuity Payments. The Company may, at its sole
discretion, pay such Premium Taxes when due and deduct that amount from the
Contract Value at a later date. Payment at an earlier date does not waive any
right the Company may have to deduct amounts at a later date.
The Company will deduct any withholding taxes required by applicable law.
The Company reserves the right to establish a provision for federal income
taxes if it determines, in its sole discretion, that it will incur a tax as a
result of the operation of the Separate Account. The Company will deduct for
any income taxes incurred by it as a result of the operation of the Separate
Account whether or not there was a provision for taxes and whether or not it
was sufficient.
ANNUITY PROVISIONS
ANNUITY GUIDELINES
Once the Contract reaches the Annuity Date, the following guidelines apply:
1. The Contract Owner may elect to have the Contract Value applied to
provide a Variable Annuity, a Fixed Annuity, or a combination Fixed and
Variable Annuity. If a combination is elected, the Contract Owner must
specify what part of the Contract Value is to be applied to the Fixed
and Variable options.
2. The amount applied to an Annuity Option on the Annuity Date, excluding
any death benefit proceeds applied to an Annuity Option, is equal to the
Contract Value minus any applicable Premium Tax, Annual Contract Maintenance
Charge and Contingent Deferred Sales Charge shown on the Contract Schedule.
3. The minimum amount that may be applied under any Annuity Option, and
the minimum periodic Annuity Payment allowed, are set forth on the Contract
Schedule in the Annuity Guideline Parameters.
4. Contract Owners select an Annuity Date at the Issue Date. Contract
Owners may change the Annuity Date at any time up to thirty (30) calendar days
prior to the current Annuity Date by Written Request. Any Annuity Date
selected is subject to the Annuity Guideline Parameters set forth on the
Contract Schedule.
5. If no Annuity Option has been chosen at least thirty (30) calendar days
before the Annuity Date, the Company will make payments to the Annuitant under
Option B, with 10 years of payments guaranteed. Unless specified otherwise,
the Contract Value shall be used to provide a Variable Annuity.
ANNUITY PAYMENTS
The Company will make Annuity Payments beginning on the Annuity Date, provided
no death benefit has become payable and the Contract Owner has by Written
Request selected an available Annuity Option and payment schedule. Except as
otherwise agreed to by the Contract Owner and the Company, Annuity Payments
will be payable monthly. The Annuity Option and frequency of Annuity Payments
may not be changed by the Contract Owner after Annuity Payments begin. Unless
the Contract Owner specifies otherwise, the payee of the Annuity Payments
shall be the Annuitant.
If the amount of the Annuity Payment will depend on the Age or sex of the
Annuitant, the Company reserves the right to ask for satisfactory proof of the
Annuitant's (or Joint Annuitant's, if any) Age and sex. The Company reserves
the right to delay Annuity Payments until acceptable proof is received.
FIXED ANNUITY
A Fixed Annuity provides for payments which do not fluctuate based on
investment performance.
The Fixed Annuity shall be determined by applying the Annuity Purchase Rates
set forth in the Fixed Annuity Rate Tables below to the portion of the
Contract Value allocated to the Fixed Annuity Option selected by the Contract
Owner.
VARIABLE ANNUITY
A Variable Annuity provides for payments which may fluctuate based on the
investment performance of the Sub-Accounts of the Separate Account. Variable
Annuity Payments will be based on the allocation of the Contract Value among
the Sub-Accounts.
ANNUITY UNITS AND PAYMENTS
The dollar amount of each Variable Annuity payment depends on the number of
Annuity Units credited to that Annuity Option, and the value of those Units.
The number of Annuity Units is determined as follows:
1. The number of Annuity Units credited in each Sub-Account will be
determined by dividing the product of the portion of the Contract Value to be
applied to the Sub-Account and the Annuity Purchase Rate by the value of one
Annuity Unit in that Sub-Account on the Annuity Date. The purchase rates are
set forth in the Variable Annuity Rate Tables below.
2. For each Sub-Account, the amount of each Annuity Payment equals
the product of the Annuitant's number of Annuity Units and the Annuity Unit
Value on the payment date. The amount of each payment may vary.
ANNUITY UNIT VALUE
The value of any Annuity Unit for each Sub-Account of the Separate Account was
arbitrarily set initially at $10.
The Sub-Account Annuity Unit Value at the end of any subsequent Valuation
Period is determined as follows:
1. The Net Investment Factor for the current Valuation Period is
multiplied by the value of the Annuity Unit for the Sub-Account for the
immediately preceding Valuation Period.
2. The result in (1) is then divided by an assumed investment factor.
The assumed investment rate factor equals 1.00 plus the assumed investment
rate for the number of days since the preceding Valuation Date. Assumed
investment rate is based on an effective annual rate of 4%.
The value of an Annuity Unit may increase or decrease from Valuation Period to
Valuation Period.
ANNUITY OPTIONS
The Contract Owner may choose periodic fixed and/or variable Annuity Payments
under any one of the Annuity Options described below. The Company may consent
to other plans of payment before the Annuity Date.
The following Annuity Options are available:
Annuity Option A - Life Income
Periodic payments will be made as long as the Annuitant lives.
Annuity Option B - Life Income with Period Certain
Periodic payments will be made for a guaranteed period, or as long as the
Annuitant lives, whichever is longer. The guaranteed period may be five (5),
ten (10) or twenty (20) years. If the Beneficiary does not desire payments to
continue for the remainder of the guaranteed period, he/she may elect to have
the present value of the guaranteed annuity payments remaining commuted and
paid in a lump sum.
Annuity Option C - Joint and Last Survivor Payments
Periodic payments will be made during the joint lifetime of two Annuitants
continuing in the same amount during the lifetime of the surviving Annuitant.
Annuity Option D - Joint and 2/3 Survivor Annuity
Periodic payments will be made during the joint lifetime of two Annuitants.
Payments will continue during the lifetime of the surviving Annuitant and will
be computed on the basis of two_thirds of the annuity payment (or Units) in
effect during the joint lifetime.
Annuity Option E - Period Certain
Periodic payments will be made for a specified period. The specified period
must be at least five (5) years and cannot be more than thirty (30) years. If
the Contract Owner does not desire payments to continue for the remainder of
the guaranteed period, he/she may elect to have the present value of the
remaining payments commuted and paid in a lump sum or as an Annuity Option
purchased at the date of such election.
Annuity Option F - Special Income Settlement Agreement
The Company will pay the proceeds in accordance with terms agreed upon in
writing by the Contract Owner and the Company.
ANNUITY RATES
FIXED ANNUITY RATES
Notes to Tables
Table 1 - Annuity Options A and B
Table 2 - Annuity Option C
Table 3 - Annuity Option D
Table 4 - Annuity Option E
Note 1: If the single premium immediate annuity rates offered by the
Company and designated by the Company for this purpose on the Annuity Date are
more favorable than the minimum guaranteed rates used to develop Tables 1, 2,
3 or 4, those rates will be used.
Note 2: The 1983 Table "a" mortality table, projected to the year
2015 with Projection Scale G, applies to all Annuity Options which include
life contingent payments. Where applicable, unisex mortality rates and
projection factors are based on a 40%/60% male/female weighting.
Note 3: The Annuity Option rates shown in Tables 1, 2, 3, and 4 are
based on an effective annual interest rate of 3%.
Note 4: Rates will be determined based on the age(s) of any Annuitant(s)
on his/her birthday nearest the Annuity Date. The tables below show Annuity
Option rates based on age nearest birthday.
Note 5: The purchase rate for any age or combination of ages not shown in
the tables below will be calculated on the same basis as the payments for
those shown and may be obtained by Written Request.
ANNUITY RATES
VARIABLE ANNUITY RATES
Notes to Tables
Table 5 - Annuity Options A and B
Table 6 - Annuity Option C
Table 7 - Annuity Option D
Table 8 - Annuity Option E
Note 1: The 1983 Table "a" mortality table, projected to the year 2015
with Projection Scale G, applies to all Annuity Options which include life
contingent payments. Where applicable, unisex mortality rates and projection
factors are based on a 40%/60% male/female weighting.
Note 2: The Annuity Option rates shown in Tables 5, 6, 7 and 8 are
based on an assumed effective annual interest rate of 4%.
Note 3: Rates will be determined based on the age(s) of any
Annuitant(s) on his/her birthday nearest the Annuity Date. The tables below
show Annuity Option rates based on age nearest birthday.
Note 4: The purchase rate for any age or combination of ages not
shown in the tables below will be calculated on the same basis as the payments
for those shown and may be obtained by Written Request.
INDIVIDUAL VARIABLE DEFERRED ANNUITY CONTRACT
WITH FLEXIBLE PURCHASE PAYMENTS
Non-participating
ANNUITY PAYMENTS, WITHDRAWAL VALUES AND THE DEATH BENEFITS PROVIDED BY THIS
CONTRACT, WHEN BASED ON THE INVESTMENT EXPERIENCE OF THE SEPARATE ACCOUNT, ARE
VARIABLE AND ARE NOT GUARANTEED AS TO DOLLAR AMOUNT.
CONNECTICUT MUTUAL LIFE INSURANCE COMPANY
000 XXXXXX XXXXXX
XXXXXXXX, XX 00000
UNISEX ANNUITY RATES CONTRACT ENDORSEMENT
This Endorsement modifies 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, 408 or 457 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 Endorsement will control. The Company
may further amend the Contract from time to time to meet any requirements
applicable to such plans or laws. The effective date of this Endorsement is
the Issue Date shown on the Contract Schedule. The provisions of the Contract
are modified as follows:
1. Deleting any reference to sex; and
2. The Contract is further modified by substituting the attached Annuity
Rate Tables 1, 2, 3, 5, 6 and 7 for the corresponding Annuity Rate Tables
in the Annuity Rates section of the Contract.
Signed for Connecticut Mutual Life Insurance Company by:
SECRETARY PRESIDENT AND
CHIEF EXECUTIVE OFFICER
FIXED ANNUITY RATES
TABLE 1 - OPTIONS A & B
MONTHLY PAYMENTS PER $1,000
UNISEX
Life 5 Yrs 10 Yrs 20 Yrs
Age Only C&L C&L C&L Age
50 3.76 3.76 3.75 3.70 50
51 3.82 3.81 3.80 3.75 51
52 3.88 3.87 3.86 3.80 52
53 3.94 3.93 3.92 3.85 53
54 4.00 4.00 3.98 3.90 54
55 4.07 4.06 4.04 3.96 55
56 4.14 4.13 4.11 4.01 56
57 4.21 4.21 4.18 4.07 57
58 4.29 4.29 4.26 4.13 58
59 4.38 4.37 4.34 4.20 59
60 4.47 4.46 4.42 4.26 60
61 4.56 4.55 4.51 4.32 61
62 4.66 4.65 4.61 4.39 62
63 4.77 4.76 4.70 4.46 63
64 4.89 4.87 4.81 4.53 64
65 5.01 4.99 4.92 4.60 65
66 5.14 5.12 5.03 4.67 66
67 5.28 5.25 5.16 4.73 67
68 5.43 5.39 5.28 4.80 68
69 5.59 5.55 5.42 4.87 69
70 5.76 5.71 5.56 4.93 70
71 5.94 5.88 5.70 5.00 71
72 6.14 6.07 5.86 5.06 72
73 6.34 6.27 6.02 5.11 73
74 6.57 6.47 6.18 5.17 74
75 6.81 6.70 6.35 5.21 75
76 7.07 6.93 6.53 5.26 76
77 7.34 7.18 6.70 5.30 77
78 7.64 7.44 6.89 5.33 78
79 7.95 7.72 7.07 5.36 79
80 8.29 8.01 7.26 5.39 80
81 8.66 8.33 7.45 5.42 81
82 9.06 8.65 7.63 5.44 82
83 9.48 8.99 7.81 5.45 83
84 9.94 9.35 7.99 5.47 84
85 10.42 9.73 8.15 5.48 85
FIXED ANNUITY RATES
TABLE 2 - OPTION C
MONTHLY PAYMENT PER $1,000
UNISEX(1)UNISEX(2) JOINT AND SURVIVOR ANNUITY
UNISEX (2)
UNISEX(1) 40 45 50 55 60 65 70 75 80 85 UNISEX (1)
AGE AGE
40 3.11 3.16 3.21 3.25 3.27 3.30 3.31 3.32 3.33 3.33 40
45 3.16 3.24 3.31 3.37 3.42 3.45 3.48 3.50 3.51 3.51 45
50 3.21 3.31 3.41 3.50 3.57 3.63 3.68 3.71 3.73 3.74 50
55 3.25 3.37 3.50 3.62 3.74 3.84 3.91 3.97 4.01 4.03 55
60 3.27 3.42 3.57 3.74 3.90 4.06 4.18 4.28 4.36 4.40 60
65 3.30 3.45 3.63 3.84 4.06 4.28 4.48 4.66 4.79 4.88 65
70 3.31 3.48 3.68 3.91 4.18 4.48 4.79 5.07 5.30 5.48 70
75 3.32 3.50 3.71 3.97 4.28 4.66 5.07 5.49 5.89 6.21 75
80 3.33 3.51 3.73 4.01 4.36 4.79 5.30 5.89 6.49 7.04 80
85 3.33 3.51 3.74 4.03 4.40 4.88 5.48 6.21 7.04 7.90 85
FIXED ANNUITY RATES
TABLE 3 - OPTION D
MONTHLY PAYMENT PER $1,000
UNISEX(1)UNISEX(2) JOINT AND 2/3 ANNUITY
UNISEX (2)
UNISEX(1) 40 45 50 55 60 65 70 75 80 85 UNISEX (1)
AGE AGR
40 3.18 3.22 3.25 3.28 3.30 3.31 3.32 3.33 3.33 3.33 40
45 3.27 3.33 3.38 3.42 3.45 3.48 3.49 3.50 3.51 3.52 45
50 3.37 3.45 3.52 3.58 3.63 3.68 3.71 3.73 3.74 3.75 50
55 3.48 3.57 3.67 3.76 3.84 3.91 3.96 4.00 4.03 4.05 55
60 3.59 3.71 3.83 3.95 4.07 4.18 4.28 4.34 4.39 4.42 60
65 3.72 3.85 4.00 4.16 4.33 4.50 4.65 4.77 4.86 4.92 65
70 3.86 4.01 4.18 4.38 4.60 4.84 5.07 5.28 5.45 5.57 70
75 4.00 4.17 4.37 4.61 4.89 5.20 5.54 5.87 6.17 6.40 75
80 4.16 4.34 4.57 4.84 5.17 5.57 6.03 6.52 7.00 7.41 80
85 4.31 4.51 4.76 5.07 5.45 5.93 6.51 7.18 7.89 8.59 85
VARIABLE ANNUITY RATES
TABLE 5 - OPTIONS A & B
MONTHLY PAYMENT PER $1,000
UNISEX
Life 5 Yrs 10 Yrs 20 Yrs
Age Only C&L C&L C&L Age
50 4.36 4.36 4.35 4.29 50
51 4.41 4.41 4.40 4.33 51
52 4.47 4.47 4.45 4.38 52
53 4.53 4.52 4.51 4.43 53
54 4.59 4.59 4.56 4.48 54
55 4.66 4.65 4.63 4.53 55
56 4.73 4.72 4.69 4.58 56
57 4.80 4.79 4.76 4.64 57
58 4.88 4.87 4.84 4.70 58
59 4.96 4.95 4.91 4.75 59
60 5.05 5.04 4.99 4.82 60
61 5.14 5.13 5.08 4.88 61
62 5.24 5.23 5.17 4.94 62
63 5.35 5.33 5.27 5.00 63
64 5.46 5.44 5.37 5.07 64
65 5.59 5.56 5.48 5.13 65
66 5.72 5.69 5.59 5.20 66
67 5.85 5.82 5.71 5.27 67
68 6.00 5.96 5.84 5.33 68
69 6.16 6.12 5.97 5.39 69
70 6.33 6.28 6.11 5.45 70
71 6.52 6.45 6.25 5.51 71
72 6.71 6.63 6.40 5.57 72
73 6.92 6.83 6.55 5.62 73
74 7.15 7.04 6.72 5.67 74
75 7.39 7.26 6.88 5.72 75
76 7.65 7.49 7.05 5.76 76
77 7.92 7.74 7.23 5.80 77
78 8.22 8.00 7.41 5.83 78
79 8.54 8.28 7.59 5.86 79
80 8.88 8.57 7.77 5.89 80
81 9.25 8.88 7.95 5.91 81
82 9.65 9.21 8.13 5.93 82
83 10.08 9.55 8.31 5.95 83
84 10.54 9.90 8.48 5.96 84
85 11.03 10.28 8.64 5.97 85
VARIABLE ANNUITY RATES
TABLE 6 - OPTION C
MONTHLY PAYMENT PER $1,000
UNISEX(1)UNISEX(2) JOINT AND SURVIVOR ANNUITY
UNISEX (2)
UNISEX(1) 40 45 50 55 60 65 70 75 80 85 UNISEX (1)
XXXX AGE
40 3.73 3.78 3.83 3.86 3.89 3.91 3.93 3.94 3.95 3.95 40
45 3.78 3.85 3.92 3.97 4.02 4.05 4.08 4.10 4.11 4.12 45
50 3.83 3.92 4.01 4.09 4.16 4.22 4.27 4.30 4.32 4.34 50
55 3.86 3.97 4.09 4.21 4.32 4.41 4.49 4.55 4.59 4.62 55
60 3.89 4.02 4.16 4.32 4.47 4.62 4.75 4.85 4.92 4.97 60
65 3.91 4.05 4.22 4.41 4.62 4.83 5.03 5.21 5.34 5.44 65
70 3.93 4.08 4.27 4.49 4.75 5.03 5.33 5.61 5.85 6.03 70
75 3.94 4.10 4.30 4.55 4.85 5.21 5.61 6.03 6.42 6.75 75
80 3.95 4.11 4.32 4.59 4.92 5.34 5.85 6.42 7.02 7.58 80
85 3.95 4.12 4.34 4.62 4.97 5.44 6.03 6.75 7.58 8.43 85
VARIABLE ANNUITY RATES
TABLE 7 - OPTION D
MONTHLY PAYMENT PER $1,000
UNISEX(1)UNISEX(2) JOINT AND 2/3 ANNUITY
UNISEX (2)
UNISEX(1) 40 45 50 55 60 65 70 75 80 85 UNISEX (1)
AGE AGE
40 3.81 3.84 3.87 3.89 3.91 3.93 3.94 3.95 3.95 3.95 40
45 3.89 3.94 3.99 4.03 4.06 4.08 4.10 4.11 4.12 4.13 45
50 3.99 4.05 4.12 4.18 4.23 4.27 4.30 4.32 4.34 4.35 50
55 4.10 4.18 4.26 4.35 4.42 4.49 4.54 4.58 4.61 4.63 55
60 4.21 4.31 4.42 4.54 4.65 4.75 4.84 4.91 4.96 5.00 60
65 4.35 4.46 4.60 4.74 4.90 5.06 5.21 5.33 5.42 5.49 65
70 4.50 4.63 4.79 4.97 5.18 5.40 5.63 5.83 6.00 6.13 70
75 4.67 4.81 5.00 5.22 5.48 5.78 6.10 6.42 6.72 6.95 75
80 4.84 5.01 5.22 5.47 5.78 6.16 6.60 7.08 7.55 7.97 80
85 5.03 5.21 5.44 5.73 6.09 6.54 7.10 7.75 8.46 9.15 85
CONNECTICUT MUTUAL LIFE INSURANCE COMPANY
000 XXXXXX XXXXXX
XXXXXXXX, XX 00000
INDIVIDUAL RETIREMENT ANNUITY ENDORSEMENT
This Endorsement modifies the Contract to which it is attached so that it may
qualify as an Individual Retirement Annuity (IRA) under Section 408(b) of the
Internal Revenue Code (Code) and the Regulations under that Section. In the
case of a conflict with any provision in the Contract, the provisions of this
Endorsement will control. The effective date of this Endorsement is the Issue
Date shown on the Contract Schedule. The Contract is modified as follows:
1. The Contract Owner and the Annuitant shall be the same individual;
neither may be changed and there shall be no Joint Contract Owner.
Hereafter all references to the Contract Owner shall include the Annuitant.
2. The interest of the Contract Owner under this Contract shall be
nonforfeitable.
3. The Contract may not be sold, assigned, discounted, pledged as
collateral for a loan or as security for the performance of any obligation
or for any other purpose, or otherwise transferred (other than a transfer
incident to a divorce or separation instrument in accordance with section
408(d)(6) of the Code) to any person other than to the Company.
4. This Contract is established for the exclusive benefit of the Contract
Owner and his or her Beneficiary(ies).
5. 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), contributions shall not exceed $2,000 for
any taxable year. All contributions must be in cash.
6. Distributions under the Annuity Options in the Contract must commence
to be distributed no later than the first day of April following the
calendar year in which the Contract Owner attains age 70 1/2 (required
beginning date), over
(a) the life of the Contract Owner, or the lives of the Contract Owner and
his or her designated Beneficiary, or
(b) a period certain not extending beyond the life expectancy of the
Contract Owner, or the joint and last survivor expectancy of the
Contract Owner and his or her 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 Proposed or final Federal Income Tax Regulations.
All distributions made hereunder shall be made in accordance with the
requirements of Code Section 401(a)(9), including the incidental death benefit
requirements of Code Section 401(a)(9)(G), and the regulations thereunder.
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 Option may not be recalculated.
7. If required distributions are to be made in a form other than one of
the Annuity 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 Contract Owner, or the lives of the Contract Owner and
his or her Beneficiary, or
(b) a period not extending beyond the life expectancy of the Contract
Owner, or the joint and last survivor expectancy of the Contract Owner
and his or her 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 Contract
Owner's benefit by the lesser of (1) the applicable life expectancy or (2) if
the Contract Owner's spouse is not the 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.
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 Contract Owner by the time distributions are required to begin,
life expectancies shall be recalculated annually. Such election shall be
irrevocable by the Contract Owner and shall apply to all subsequent years.
The life expectancy of a non-spouse Beneficiary may not be recalculated.
8. Upon the death of the Contract Owner:
(a) if the Contract Owner 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 distri-bution
being used prior to the Contract Owner's death;
(b) if the Contract Owner dies before distribution of benefits commences,
the entire amount payable to the Beneficiary will be distri-buted no
later than December 31 of the calendar year which contains the fifth
anniversary of the date of the Contract Owner's death except to the
extent that an election is made to receive distributions in accordance
with (i) or (ii) below:
(i) a rollover to or from such Contract, or fails to elect any of the
above if any portion of the policy proceeds is payable to a
Beneficiary, distributions may be made in installments over the
life or over a period not extending beyond the life expectancy of
the Beneficiary commencing no later than December 31 of the
calendar year immediately following the calendar year in which
the Contract Owner died;
(ii) if the Beneficiary is the Contract Owner's surviving spouse, and
benefits are to be distributed in accordance with (1) 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 Contract Owner died or (b) December 31 of the calendar
year in which the Contract Owner would have attained age 70 1/2.
(iii) if the Beneficiary is the Contract Owner's surviving spouse, the
spouse may treat the Contract as his or her own IRA. This
election will be deemed to have been made if such surviving
spouse makes a regular IRA 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 Contract Owner'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 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 Option in the Contract may not be recalculated.
Distributions under this section are considered to have begun if
distributions are made on account of the Contract Owner reaching his or her
required beginning date or if prior to the required beginning date
distributions irrevocably commence over a period permitted and in an annuity
form acceptable under Section 1.401(a)(9) of the Income Tax Regulations.
9. 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 Purchase Payments have been received for two
full consecutive Contract Years and the paid up annuity benefit at maturity
would be less than $20 per month.
Signed for Connecticut Mutual Life Insurance Company by:
SECRETARY PRESIDENT AND
CHIEF EXECUTIVE OFFICER
