Exhibit 99-B.4.2
Variable Annuity Certificate (GC-AAA-00)
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[AETNA LOGO] Aetna Life Insurance and Annuity Company
Home Office: 151 Farmington Avenue
Hartford, Connecticut 06156
(800) 238-6219
You may call the toll free number shown above to request
information about this Certificate.
Aetna Life Insurance and Annuity Company, a stock
company, herein called Aetna, agrees to pay the benefits
stated in this Certificate.
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Certificate of Group To the Certificate Holder:
Annuity Coverage
Aetna certifies that coverage is in force for you under
the stated Group Annuity Contract and Account 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 or endorsements issued to you under the
stated Contract and Account numbers. This Certificate is
for information only and is not part of the Contract.
The variable features of the Group Contract are described
in parts III, IV and V.
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Right to Cancel You may cancel your Account within 10 days by returning
the Certificate to the agent from whom it was purchased
or to Aetna at the address shown above. Within seven days
of receiving this Certificate at its home office, Aetna
will return the amount of Purchase Payment(s) received,
plus any increase, or minus any decrease, on the amount,
if any, of Purchase Payment(s) allocated to the Separate
Account Subaccount(s).
<TABLE>
<S> <C>
/s/ Thomas J. McInerney /s/ Kirk P. Wickman
President Secretary
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Contract Holder Group Annuity Contract No.
SPECIMEN SPECIMEN
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Certificate Holder Account No.
SPECIMEN SPECIMEN
SPECIMEN Account Effective Date
SPECIMEN
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Annuitant Name Type of Plan
SPECIMEN SPECIMEN
</TABLE>
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. AMOUNTS ALLOCATED TO THE GUARANTEED ACCOUNT, IF WITHDRAWN
BEFORE THE GUARANTEED TERM MATURITY DATE, MAY BE SUBJECT TO A MARKET VALUE
ADJUSTMENT. THE MARKET VALUE ADJUSTMENT MAY RESULT IN AN INCREASE OR A DECREASE
IN THE ACCOUNT VALUE. THE MARKET VALUE ADJUSTMENT FORMULA DOES NOT APPLY TO A
GUARANTEED TERM AT THE TIME OF ITS MATURITY.
GC-AAA-00
<PAGE>
Specifications
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Guaranteed There is a minimum guaranteed rate for Purchase Payment(s) held
Rate in the Guaranteed Account. (See Schedule - Accumulation
Period.)
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Deductions from There will be deductions for mortality and expense risk,
the Separate administrative and if applicable, other fees.
Separate
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Deduction from Purchase Payment(s) may be subject to a deduction for premium
Purchase taxes. (See Section III - Purchase Payment.)
Payment(s)
The Contract is a legal contract and constitutes the entire legal relationship
between Aetna and the Contract Holder.
READ THIS CERTIFICATE CAREFULLY. IT SETS FORTH, IN SUMMARY, ALL OF THE RIGHTS
AND OBLIGATIONS OF BOTH THE CONTRACT HOLDER AND AETNA UNDER THE CONTRACT.
THEREFORE, IT IS IMPORTANT THAT THIS CERTIFICATE BE READ CAREFULLY.
GC-AAA-00 Page 2
<PAGE>
Schedule - Accumulation Period
Death Benefit Option
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Death Benefit Option I selected. (See Section IV - Death Benefit
Options.)
Schedule Effective Date
June 1, 20XX
Separate Account
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Separate Account
Variable Annuity Account B
Charges to Separate Account
A daily charge is deducted from any portion of the Account Value
allocated to the Separate Account. The deduction is the daily
equivalent of the annual effective percentage shown in the
following chart:
<TABLE>
<S> <C>
Administrative Charge 0.15%
Mortality and Expense Risk Charge 1.35%
-----
Total Separate Account Charges 1.50%
</TABLE>
Guaranteed Account
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Minimum Guaranteed Rate
3.0% (effective annual rate of return)
Separate Account and Guaranteed Account
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Transfers
An unlimited number of Transfers are allowed during the
Accumulation Period. Aetna allows 12 free Transfers in any Account
Year. Aetna reserves the right to charge $10 for each subsequent
Transfer.
See Section I - DEFINITIONS for explanations.
GC-AAA-00 Page 3
<PAGE>
Schedule - Annuity Period
Separate Account - Variable Annuity Payments
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Charges to Separate Account
A daily charge is deducted at an annual effective rate of 1.25%
for mortality and expense risks. The administrative charge is
established upon election of an Annuity Payout Option. This charge
will not exceed 0.25%.
Assumed Interest Rate (AIR)
If variable Annuity Payments are chosen, an AIR of 5.0% may be
elected. If 5.0% is not elected, Aetna will use an AIR of 3.5%.
The AIR factor for 3.5% per year is 0.9999058.
The AIR factor for 5.0% per year is 0.9998663.
If the portion of a variable Annuity Payment for any Subaccount is not
to decrease, the annuity return factor under the Separate Account for
that Subaccount 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 AIR 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 AIR of 5% is chosen.
Transfers
When variable Annuity Payments have been elected, 12 Transfers are
allowed each Account Year among the Subaccounts available during the
Annuity Period. Aetna reserves the right to allow more than 12
Transfers in an Account Year.
General Account - Fixed Annuity Payments
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Minimum Guaranteed Interest Rate
3.0% (effective annual rate of return)
See Section I - DEFINITIONS for explanations.
GC-AAA-00 Page 4
<PAGE>
Schedule - Accumulation Period
Death Benefit Option
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Death Benefit Option II selected. (See Section IV - Death Benefit Options.)
Schedule Effective Date
June 1, 20XX
Separate Account
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Separate Account
Variable Annuity Account B
Charges to Separate Account
A daily charge is deducted from any portion of the Account Value
allocated to the Separate Account. The deduction is the daily
equivalent of the annual effective percentage shown in the following
chart:
<TABLE>
<S> <C>
Administrative Charge 0.15%
Mortality and Expense Risk Charge 1.55%
-----
Total Separate Account Charges 1.70%
</TABLE>
Guaranteed Account
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Minimum Guaranteed Rate
3.0% (effective annual rate of return)
Separate Account and Guaranteed Account
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Transfers
An unlimited number of Transfers are allowed during the Accumulation
Period. Aetna allows 12 free Transfers in any Account Year. Aetna
reserves the right to charge $10 for each subsequent Transfer.
See Section I - DEFINITIONS for explanations.
GC-AAA-00 Page 3
<PAGE>
Schedule - Annuity Period
Separate Account - Variable Annuity Payments
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Charges to Separate Account
A daily charge is deducted at an annual effective rate of 1.25% for
mortality and expense risks. The administrative charge is established
upon election of an Annuity Payout Option. This charge will not exceed
0.25%.
Assumed Interest Rate (AIR)
If variable Annuity Payments are chosen, an AIR of 5.0% may be
elected. If 5.0% is not elected, Aetna will use an AIR of 3.5%.
The AIR factor for 3.5% per year is 0.9999058.
The AIR factor for 5.0% per year is 0.9998663.
If the portion of a variable Annuity Payment for any Subaccount is not
to decrease, the annuity return factor under the Separate Account for
that Subaccount 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 AIR 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 AIR of 5% is chosen.
Transfers
When variable Annuity Payments have been elected, 12 Transfers are
allowed each Account Year among the Subaccounts available during the
Annuity Period. Aetna reserves the right to allow more than 12
Transfers in an Account Year.
General Account - Fixed Annuity Payments
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Minimum Guaranteed Interest Rate
3.0% (effective annual rate of return)
See Section I - DEFINITIONS for explanations.
GC-AAA-00 Page 4
<PAGE>
Schedule - Accumulation Period
Death Benefit Option
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Death Benefit Option I selected. (See Section IV - Death Benefit
Options.)
Schedule Effective Date
June 1, 20XX
Separate Account
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Separate Account
Variable Annuity Account B
Charges to Separate Account
A daily charge is deducted from any portion of the Account Value
allocated to the Separate Account. The deduction is the daily
equivalent of the annual effective percentage shown in the following
chart:
<TABLE>
<S> <C>
Administrative Charge 0.15%
Mortality and Expense Risk Charge 0.35%
-----
Total Separate Account Charges 0.50%
</TABLE>
Guaranteed Account
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Minimum Guaranteed Rate
3.0% (effective annual rate of return)
Separate Account and Guaranteed Account
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Transfers
An unlimited number of Transfers are allowed during the Accumulation
Period. Aetna allows 12 free Transfers in any Account Year. Aetna
reserves the right to charge $10 for each subsequent Transfer.
See Section I - DEFINITIONS for explanations.
GC-AAA-00 Page 3
<PAGE>
Schedule - Annuity Period
Separate Account - Variable Annuity Payments
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Charges to Separate Account
A daily charge is deducted at an annual effective rate of 1.25% for
mortality and expense risks. The administrative charge is established
upon election of an Annuity Payout Option. This charge will not exceed
0.25%.
Assumed Interest Rate (AIR)
If variable Annuity Payments are chosen, an AIR of 5.0% may be elected.
If 5.0% is not elected, Aetna will use an AIR of 3.5%.
The AIR factor for 3.5% per year is 0.9999058.
The AIR factor for 5.0% per year is 0.9998663.
If the portion of a variable Annuity Payment for any Subaccount is not
to decrease, the annuity return factor under the Separate Account for
that Subaccount 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 AIR 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 AIR of 5% is chosen.
Transfers
When variable Annuity Payments have been elected, 12 Transfers are
allowed each Account Year among the Subaccounts available during the
Annuity Period. Aetna reserves the right to allow more than 12
Transfers in an Account Year.
General Account - Fixed Annuity Payments
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Minimum Guaranteed Interest Rate
3.0% (effective annual rate of return)
See Section I - DEFINITIONS for explanations.
GC-AAA-00 Page 4
<PAGE>
Schedule - Accumulation Period
Death Benefit Option
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Death Benefit Option II selected. (See Section IV - Death Benefit
Options.)
Schedule Effective Date
June 1, 20XX
Separate Account
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Separate Account
Variable Annuity Account B
Charges to Separate Account
A daily charge is deducted from any portion of the Account Value
allocated to the Separate Account. The deduction is the daily
equivalent of the annual effective percentage shown in the following
chart:
<TABLE>
<S> <C>
Administrative Charge 0.15%
Mortality and Expense Risk Charge 0.55%
-----
Total Separate Account Charges 0.70%
</TABLE>
Guaranteed Account
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Minimum Guaranteed Rate
3.0% (effective annual rate of return)
Separate Account and Guaranteed Account
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Transfers
An unlimited number of Transfers are allowed during the Accumulation
Period. Aetna allows 12 free Transfers in any Account Year. Aetna
reserves the right to charge $10 for each subsequent Transfer.
See Section I - DEFINITIONS for explanations.
GC-AAA-00 Page 3
<PAGE>
Schedule - Annuity Period
Separate Account - Variable Annuity Payments
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Charges to Separate Account
A daily charge is deducted at an annual effective rate of 1.25% for
mortality and expense risks. The administrative charge is established
upon election of an Annuity Payout Option. This charge will not exceed
0.25%.
Assumed Interest Rate (AIR)
If variable Annuity Payments are chosen, an AIR of 5.0% may be elected.
If 5.0% is not elected, Aetna will use an AIR of 3.5%.
The AIR factor for 3.5% per year is 0.9999058.
The AIR factor for 5.0% per year is 0.9998663.
If the portion of a variable Annuity Payment for any Subaccount is not
to decrease, the annuity return factor under the Separate Account for
that Subaccount 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 AIR 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 AIR of 5% is chosen.
Transfers
When variable Annuity Payments have been elected, 12 Transfers are
allowed each Account Year among the Subaccounts available during the
Annuity Period. Aetna reserves the right to allow more than 12
Transfers in an Account Year.
General Account - Fixed Annuity Payments
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Minimum Guaranteed Interest Rate
3.0% (effective annual rate of return)
See Section I - DEFINITIONS for explanations.
GC-AAA-00 Page 4
<PAGE>
Table of Contents
<TABLE>
<S> <C> <C>
I. DEFINITIONS PAGE
1.01 Account ....................................................................... 7
1.02 Account Effective Date ........................................................ 7
1.03 Account Value ................................................................. 7
1.04 Account Year .................................................................. 7
1.05 Accumulation Period ........................................................... 7
1.06 Adjusted Account Value ........................................................ 7
1.07 Annuitant ..................................................................... 7
1.08 Annuity Payments .............................................................. 7
1.09 Annuity Payout Options ........................................................ 7
1.10 Annuity Period ................................................................ 7
1.11 Beneficiary ................................................................... 8
1.12 Certificate Holder ............................................................ 8
1.13 Claim Date .................................................................... 8
1.14 Code .......................................................................... 8
1.15 Contract ...................................................................... 8
1.16 Contract Holder ............................................................... 8
1.17 Deposit Period ................................................................ 8
1.18 Dollar Cost Averaging ......................................................... 8
1.19 Fund(s) ....................................................................... 9
1.20 General Account ............................................................... 9
1.21 Guaranteed Account ............................................................ 9
1.22 Guaranteed Rates - Guaranteed Account ......................................... 9
1.23 Guaranteed Term ............................................................... 9
1.24 Guaranteed Term(s) Groups ..................................................... 9
1.25 Market Value Adjustment (MVA) ................................................. 10
1.26 Matured Term Value ............................................................ 10
1.27 Maturity Date ................................................................. 10
1.28 Maturity Value Transfer ....................................................... 10
1.29 Purchase Payment(s) ........................................................... 10
1.30 Reinvestment .................................................................. 10
1.31 Schedule Effective Date ....................................................... 10
1.32 Separate Account .............................................................. 10
1.33 Subaccount(s) ................................................................. 11
1.34 Systematic Distribution Option ................................................ 11
1.35 Transfers ..................................................................... 11
1.36 Withdrawal Value .............................................................. 11
1.37 Valuation Date ................................................................ 11
II. GENERAL PROVISIONS
2.01 Change of Contract ............................................................ 11
2.02 Change of Fund(s) ............................................................. 12
2.03 Nonparticipating Contract ..................................................... 12
2.04 Payments and Elections ........................................................ 12
2.05 State Laws .................................................................... 12
2.06 Control of Contract ........................................................... 12
2.07 Designation of Beneficiary .................................................... 13
2.08 Misstatements and Adjustments ................................................. 13
2.09 Incontestability .............................................................. 13
2.10 Grace Period .................................................................. 13
2.11 Individual Certificates ....................................................... 13
</TABLE>
GC-AAA-00 Page 5
<PAGE>
<TABLE>
<S> <C> <C>
III. PURCHASE PAYMENT, ACCOUNT VALUE, AND WITHDRAWAL PROVISIONS PAGE
3.01 Purchase Payment .............................................................. 13
3.02 Certificate Holder's Account .................................................. 14
3.03 Accumulation Units - Separate Account ......................................... 14
3.04 Accumulation Unit Value - Separate Account .................................... 14
3.05 Net Investment Factor(s) - Separate Account ................................... 14
3.06 Market Value Adjustment (MVA) ................................................. 14
3.07 Transfer of Account Value During the Accumulation Period ...................... 15
3.08 Notice to the Certificate Holder .............................................. 16
3.09 Loans ......................................................................... 16
3.10 Systematic Distribution Options ............................................... 16
3.11 Liquidation of Withdrawal Value ............................................... 16
3.12 Payment of Withdrawal Value ................................................... 17
3.13 Payment of Adjusted Account Value ............................................. 17
3.14 Reinstatement ................................................................. 17
IV DEATH BENEFIT
4.01 Electing a Death Benefit Option ............................................... 17
4.02 Changing Death Benefit Options ................................................ 18
4.03 Death Benefit ................................................................. 18
4.04 Death Benefit Option I ........................................................ 18
4.05 Death Benefit Option II ....................................................... 18
4.06 Options Available to Beneficiary .............................................. 19
V. ANNUITY PAYOUT PROVISIONS
5.01 Annuity Payout Options ........................................................ 20
5.02 Annuity Payment Choices ....................................................... 21
5.03 Terms of Annuity Payout Options ............................................... 21
5.04 Death of Annuitant/Beneficiary ................................................ 22
5.05 Annuity Units - Separate Account .............................................. 22
5.06 Annuity Unit Value - Separate Account ......................................... 23
5.07 Net Return Factor(s) - Separate Account ....................................... 23
</TABLE>
GC-AAA-00 Page 6
<PAGE>
I. DEFINITIONS
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1.01 Account:
A record that identifies contract values accumulated on each
Certificate Holder's behalf.
1.02 Account Effective Date:
The date on which an Account is established on a Certificate Holder's
behalf.
1.03 Account Value:
As of the most recent Valuation Date, the Account Value is equal to the
total of the Purchase Payment(s) made to the Account;
(a) Plus or minus the investment experience for the amount, if any,
allocated to one or more of the Subaccounts;
(b) Plus interest added to the amount, if any, allocated to the
Guaranteed Account;
(c) Plus any additional amount deposited to the Account (see
Section IV - Death Benefit);
(d) Less any fee(s), charges, or taxes, if applicable, deducted;
(e) Less any amount(s) withdrawn; and
(f) Less amount(s) applied to an Annuity Payout Option.
1.04 Account Year:
A period of twelve months measured from the Account Effective Date or
an anniversary of the Account Effective Date.
1.05 Accumulation Period:
The period during which the Purchase Payment(s) are applied to an
Account to provide future Annuity Payment(s).
1.06 Adjusted Account Value:
The Account Value plus or minus the aggregate Market Value Adjustment
(MVA), if applicable, for the amount(s) allocated to the Guaranteed
Account (see Section III - Market Value Adjustment).
1.07 Annuitant:
The person on whose death, during the Accumulation Period, a death
benefit becomes payable and on whose life or life expectancy the
Annuity Payments are based under the Contract.
1.08 Annuity Payments:
A series of payments for life, a definite period or a combination of
the two. The Annuity Payments may be variable or fixed in amount or a
combination of both.
1.09 Annuity Payout Options:
The Certificate Holder may choose to receive Annuity Payments under one
of the following options:
(a) For the life of one or two persons;
(b) For a stated period; or
(c) For some combination of (a) and (b).
1.10 Annuity Period:
The period during which Annuity Payments are made.
GC-AAA-00 Page 7
<PAGE>
1.11 Beneficiary:
The individual(s) or entity(ies) entitled to receive any death benefit
due under the Contract. Any designated Beneficiary has the right to
name another Beneficiary. If the Account is owned by joint Certificate
Holders, the survivor will be deemed the designated Beneficiary and any
other Beneficiary on record will then be treated as the primary or
contingent Beneficiary, as originally designated, unless and until
changed by the new designated Beneficiary.
1.12 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. Joint
Certificate Holders have joint ownership rights and both must authorize
exercising any ownership rights unless Aetna allows otherwise.
1.13 Claim Date:
The date when proof of death and the Beneficiary's entitlement to the
death benefit are received in good order at Aetna's home office. This
is also the date that the excess of the death benefit over the Account
Value, if any, is allocated to the money market fund available through
the Separate Account.
1.14 Code:
The Internal Revenue Code of 1986, as amended from time to time.
1.15 Contract:
The agreement between Aetna and the Contract Holder.
1.16 Contract Holder:
The entity to which the Contract is issued.
1. 17 Deposit Period:
A day, a calendar week, a calendar month, a calendar quarter, or any
other period of time specified by Aetna during which a Purchase
Payment(s), Transfer(s) and/or Reinvestment(s) may be allocated to one
or more Guaranteed Account Guaranteed Terms. Aetna reserves the right
to shorten or to extend the Deposit Period.
During a Deposit Period, Aetna may offer any number of Guaranteed Terms
and more than one Guaranteed Term of the same duration may be offered.
1.18 Dollar Cost Averaging:
A program that permits the Certificate Holder, during the Accumulation
Period, to systematically transfer amounts from one of the available
Subaccounts, or an available Guaranteed Account Guaranteed Term, to one
or more of the Subaccounts. If the Certificate Holder elects a
Guaranteed Account Guaranteed Term available for Dollar Cost Averaging,
no MVA applies to amounts transferred under Dollar Cost Averaging. If
Dollar Cost Averaging from a Guaranteed Account Guaranteed Term is
discontinued before the end of the Dollar Cost Averaging period
elected, Aetna will automatically transfer the balance to a Guaranteed
Term of the same duration and an MVA will apply. The Certificate Holder
may initiate a Transfer to another investment option and an MVA will
apply. If a Guaranteed Term of the same duration is not available,
Aetna will transfer the amount to the Guaranteed Term with the next
shortest duration. If no shorter Guaranteed Term is available, the next
longer Guaranteed Term will be used. Aetna reserves the right to
establish and change terms and conditions governing Dollar Cost
Averaging.
GC-AAA-00 Page 8
<PAGE>
1.19 Fund(s):
The open-end registered management investment companies whose shares
are purchased by the Separate Account to fund the benefits provided by
the Contract.
The Funds, and the number of Funds, available during the Accumulation
Period may be different from those available during the Annuity Period.
Aetna reserves the right to limit the number of Funds available at any
one time and to limit the number of investment options the Certificate
Holder may select during the Accumulation Period and/or during the
Annuity Period.
1.20 General Account:
The account holding the assets of Aetna, other than those assets held
in Aetna's separate accounts.
1.21 Guaranteed Account:
A nonunitized separate account, established by Aetna under Connecticut
Law that holds assets for Guaranteed Terms. There are no discrete units
for this account. The Certificate Holder does not participate in any
gain or loss resulting from the performance of the investments held in
the account. Income, gains or losses realized or unrealized, are gains
or losses of Aetna. Aetna liabilities, except for liabilities under the
Contract and reserves required by federal and state law, may not be
charged against the nonunitized separate account.
1.22 Guaranteed Rates - Guaranteed Account:
Aetna will declare the interest rate(s) applicable to a specific
Guaranteed Term at the start of the Deposit Period for that Guaranteed
Term. The rate(s) are guaranteed by Aetna for the period beginning with
the first day of the Deposit Period and ending on the Maturity Date.
Guaranteed Rates are credited beginning with the date of allocation.
The Guaranteed Rates are annual effective yields. 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 the Schedule - Accumulation Period.
For Guaranteed Terms of one year or less, one Guaranteed Rate is
credited for the full Guaranteed Term. For longer Guaranteed Terms, an
initial Guaranteed Rate is credited from the date of deposit to the end
of a specified period within the Guaranteed Term. There may be
different Guaranteed Rate(s) declared for subsequent specified time
intervals throughout the Guaranteed Term.
Aetna may offer more than one Guaranteed Term of the same duration and
credit one with a higher rate contingent upon use only with Dollar Cost
Averaging.
1.23 Guaranteed Term:
The period of time specified by Aetna for which a specific Guaranteed
Rate(s) is offered on amounts invested during a specific Deposit
Period. Guaranteed Terms are made available subject to Aetna's terms
and conditions, including, but not limited to, Aetna's right to
restrict allocations to new Purchase Payments (such as by prohibiting
Transfers into a particular Guaranteed Term from any other Guaranteed
Term or from any of the Subaccounts, or by prohibiting Reinvestment of
a Matured Term Value to a particular Guaranteed Term). More than one
Guaranteed Term of the same duration may be offered within the
Contract.
1.24 Guaranteed Term(s) Groups:
All Guaranteed Account Guaranteed Term(s) of the same duration (from
the close of the Deposit Period until the designated Maturity Date).
GC-AAA-00 Page 9
<PAGE>
1.25 Market Value Adjustment (MVA):
An adjustment that may apply to an amount withdrawn or transferred from
a Guaranteed 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. The adjustment is expressed as
a percentage of each dollar being withdrawn (see Section III - Market
Value Adjustment).
1.26 Matured Term Value:
The amount due on a Guaranteed Account Guaranteed Term's Maturity Date.
1.27 Maturity Date:
The last day of a Guaranteed Account Guaranteed Term.
1.28 Maturity Value Transfer:
During the calendar month following a Guaranteed Account Maturity Date,
the Certificate Holder may notify Aetna's home office in writing to
Transfer or withdraw all or part of the Matured Term Value, plus
accrued interest at the new Guaranteed Rate, from the Guaranteed
Account without an MVA. This provision only applies to the first
request received from the Certificate Holder in good order during this
period for any Matured Term Value.
1.29 Purchase Payment(s):
The Purchase Payment(s) less premium taxes, if applicable, 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 or Certificate Holder.
1.30 Reinvestment:
Aetna will mail a notice to the Certificate Holder at least 18 calendar
days before a Guaranteed Term's Maturity Date. This notice will contain
the Terms available during current Deposit Periods with their
Guaranteed Rate(s), 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(s) which will apply to the
reinvested Matured Term Value.
1.31 Schedule Effective Date:
The date that a Death Benefit Option becomes effective. The date is
indicated on the Schedule - Accumulation Period. At initial purchase,
this date is the same as the Account Effective Date.
1.32 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. The 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 Separate Account, shall not be charged with other Aetna
liabilities.
GC-AAA-00 Page 10
<PAGE>
1.33 Subaccount(s):
The investment options available through the Separate Account. Each
Subaccount invests in the shares of only one corresponding Fund.
1.34 Systematic Distribution Option:
An option elected by the Certificate Holder during the Accumulation
Period which establishes a schedule of withdrawals to be made
automatically from the Certificate Holder's Account.
1.35 Transfers:
The movement of invested amounts among the available Subaccount(s)
and/or any available Guaranteed Account Guaranteed Term. Transfers are,
subject to terms and conditions established by Aetna, during the
Accumulation Period or the Annuity Period.
1.36 Withdrawal Value:
The amount payable by Aetna upon the withdrawal of any portion of the
Account Value.
1.37 Valuation Date:
The date on which the accumulation unit value and annuity unit value of
a Subaccount is calculated. Currently this occurs after the close of
business of the New York Stock Exchange on any normal business day,
Monday through Friday, that the New York Stock Exchange is open.
II. GENERAL PROVISIONS
--------------------------------------------------------------------------------
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 Payout Option which begins
before the change.
Aetna may make any change that affects the Market Value Adjustment (see
Section III - Market Value Adjustment) 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 Guaranteed Term and will
apply to all present and future Accounts.
Any change that affects any of the following under the Contract will
not apply to Accounts in existence before the effective date of the
change:
(a) Account Value
(b) Guaranteed Rates - Guaranteed Account
(c) Purchase Payment
(d) Withdrawal Value
(e) Transfers
(f) Net Investment Factor(s) - Separate Account (see Section III)
(g) Minimum Guaranteed Interest Rates
(h) Annuity Unit Value - Separate Account (see Section V)
(i) Annuity Payout Options (see Section V).
Any change that affects the Annuity Payout Options and the tables for
the Annuity Payout Options may be made:
(a) No earlier than 12 months after the Account Effective Date; and
(b) No earlier than 12 months after the effective date of any prior
change.
GC-AAA-00 Page 11
<PAGE>
Any Account established on or after the effective date of any
change will be subject to the change. If the Contract Holder does
not agree to any change under this provision, no new Accounts may
be established under the Contract. The Contract may also be
changed as deemed necessary by Aetna to comply with federal or
state law.
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, and/or Aetna may
substitute shares of another Fund for shares already acquired. Aetna
may also, from time to time, add additional Funds. Any elimination,
substitution or addition of Funds will be done in accordance with
applicable state and federal securities laws. Aetna reserves the right
to substitute shares of another Fund for shares already acquired
without a proxy vote.
2.03 Nonparticipating Contract:
The Contract Holder, Certificate Holders or Beneficiaries will not have
a right to share in the earnings of Aetna.
2.04 Payments and Elections:
While the Certificate Holder is living, Aetna will pay the Certificate
Holder any Annuity Payments as and when due. After the Certificate
Holder'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 Section III - Death of
Annuitant/Beneficiary. Aetna will determine other payments and/or
elections as of the end of the Valuation Date in which the request is
received at its home office. Such payments will be made within seven
calendar days of receipt at its home office of a written claim for
payment which is in good order, except as provided in Section III -
Payment of Withdrawal Value.
2.05 State Laws:
The Contract and Certificate comply with the laws of the state in which
they are delivered. Any withdrawal, death benefit amount, or Annuity
Payments will be 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. Contract Holder rights are limited to
accepting or rejecting Contract modifications. 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 the
Contract for his or her Account. Choices made under the Contract must
be received in good order. Until receipt of such choices by Aetna, We
may rely on any previous choices made.
The Contract is not subject to the claims of any 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. If the Account is owned jointly, both joint Certificate
Holders must authorize any Certificate Holder change. Any assignment or
transfer made under the Contract must be submitted to Aetna's home
office in writing and will not be effective until accepted by Aetna.
Aetna reserves the right not to accept an assignment or a transfer to a
nonnatural person.
GC-AAA-00 Page 12
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2.07 Designation of Beneficiary:
Each Certificate Holder shall name his or her Beneficiary and when
designating the Beneficiary may elect to specify in writing the form of
payment to the Beneficiary. Aetna will honor the specified form of
payment to the extent permitted under section 72(s) of the Code. 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 unless an irrevocable Beneficiary is designated. Changes to
a Beneficiary must be submitted to Aetna's home office in writing and
will not be effective until accepted by Aetna. We will accept a change
of Beneficiary designation after the date of death and treat such
Beneficiary designation as in effect as of the date of death provided
no portion of the death benefit has been paid. If the Account is owned
jointly, at the death of one joint Certificate Holder, the survivor
will be deemed the designated Beneficiary; any other Beneficiary on
record will then be treated as a primary or a contingent Beneficiary,
as originally designated unless and until changed by the new designated
Beneficiary. If a designated Beneficiary defers taking payment of a
death benefit, the designated Beneficiary has the right to name another
Beneficiary.
2.08 Misstatements and Adjustments:
If Aetna finds the age, gender or any relevant fact concerning any
Annuitant to be misstated, the correct facts will be used to adjust
payments.
2.09 Incontestability:
Aetna will not contest this Contract from its effective date.
2.10 Grace Period:
The Contract will remain in effect even if Purchase Payments are not
continued except as provided in the Payment of Adjusted Account Value
provision (see Section III - Payment of Adjusted Account Value).
2.11 Individual Certificates:
Aetna shall issue a certificate to each Certificate Holder. The
certificate will summarize certain provisions of the Contract.
Certificates are for information only and are not a part of the
Contract.
III. PURCHASE PAYMENT, ACCOUNT VALUE, AND WITHDRAWAL PROVISIONS
--------------------------------------------------------------------------------
3.01 Purchase Payment:
This amount is the actual Purchase Payment, less any premium taxes.
Aetna reserves the right to pay premium taxes when due and deduct the
amount from the Account Value when we pay the tax or at a later date.
Each Purchase Payment will be allocated, as directed by the Certificate
Holder, among:
(a) The available Guaranteed Account Guaranteed Terms, subject to terms
and conditions established by Aetna; and/or
(b) The Subaccount(s) offered through the Separate Account.
The Certificate Holder shall tell Aetna the percentage of each Purchase
Payment to allocate to any available Guaranteed Account Guaranteed Term
and/or each Subaccount. If allocation instructions are not received for
any additional Purchase Payment, the allocation will be made according
to the instructions most recently received. If the same Guaranteed Term
is no longer available, the 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.
GC-AAA-00 Page 13
<PAGE>
3.02 Certificate Holder's Account:
Aetna will maintain an Account for each Certificate Holder.
Aetna will declare from time to time the acceptability and the minimum
amount for initial and additional Purchase Payments.
3.03 Accumulation Units - Separate Account:
The portion of the Purchase Payment(s) applied to each Subaccount under
the Separate Account will determine the number of accumulation units
for that Subaccount. This number is equal to the portion of the
Purchase Payment(s) applied to each Subaccount divided by the
accumulation unit value (see Section III - Accumulation Unit Value -
Separate Account) for the Valuation Date in which the Purchase Payment
is received in good order at Aetna's home office.
3.04 Accumulation Unit Value - Separate Account:
An accumulation unit value is computed by multiplying the net
investment factor for the current Valuation Date by the accumulation
unit value for the previous Valuation Date. The dollar value of
accumulation units, Separate Account assets, and variable Annuity
Payments may go up or down due to investment gain or loss.
3.05 Net Investment Factor(s) - Separate Account:
The net investment factor is used to measure the investment performance
of a Subaccount from one Valuation Date to the next. The net investment
factor for a Subaccount for any Valuation Date is equal to the sum of
1.0000 plus the net investment rate. The net investment rate equals:
(a) The net assets of the Subaccount on the current Valuation Date;
minus
(b) The net assets of the Subaccount on the preceding Valuation Date;
plus or minus
(c) Taxes or provisions for taxes, if any, attributable to the
operation of the Subaccount; divided by
(d) The total value of the Subaccount's accumulation and annuity units
on the preceding Valuation Date; minus
(e) A daily charge for mortality and expense risks, administrative
charges and any other fees deducted from investments in the
Separate Account.
The net investment rate may be either positive or negative.
3.06 Market Value Adjustment (MVA):
An MVA will apply to any withdrawal from the Guaranteed Account before
the end of a Guaranteed Term when the withdrawal is:
(a) A Transfer (including a Transfer from a Guaranteed Account
Guaranteed Term if Dollar Cost Averaging is discontinued);
except for Transfers under Dollar Cost Averaging, or as
specified in Section I - Maturity Value Transfer;
(b) A full or partial withdrawal except for a payment made:
(1) Under a Systematic Distribution Option; or
(2) Under a qualified Contract, when the amount withdrawn is equal
to the required minimum distribution for the Account calculated
using a method permitted under the Code and agreed to by
Aetna; or
(c) Due to an election of Annuity Payout Option 1. Only a positive MVA
will apply upon election of Annuity Payout Option 2 or 3 (see
Section V - Annuity Payout Options).
GC-AAA-00 Page 14
<PAGE>
Full and partial withdrawals 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 resulting from a withdrawal(s). This total may be
greater or less than the Account Value of those amounts; or
(b) The applicable portion of the Account Value in the Guaranteed
Account.
After the six-month period, the withdrawal or Transfer will be the
aggregate MVA amount, which may be greater or less than the Account
Value of those amounts.
Market value adjusted amounts will be equal to the amount withdrawn
multiplied by the following ratio:
(1 + i)^ x / 365
--------
(1 + j)^ x / 365
Where:
i is the Deposit Period yield
j is the current yield
x is the number of days remaining in the Guaranteed Term, computed
from Wednesday of the week of withdrawal.
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.
3.07 Transfer of Account Value During the Accumulation Period:
Before an Annuity Payout Option is elected, all or any portion of the
Adjusted Account Value of the Certificate Holder's Account may be
transferred from any Subaccount or Guaranteed Term of the Guaranteed
Account:
(a) To any other Subaccount; or
(b) To any Guaranteed Term of the Guaranteed Account made available in
the current Deposit Period, subject to terms and conditions
specified by Aetna.
Transfer requests can be submitted as a percentage or as a dollar
amount. Aetna may establish a minimum transfer amount. Within a
Guaranteed Term Group, the amount to be withdrawn 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 the Schedule - Accumulation Period. Additional Transfers
may be subject to a Transfer fee as shown on the Schedule -
Accumulation Period.
Amounts transferred from the Guaranteed Account under the Dollar Cost
Averaging program, or amounts transferred as a Matured Term Value on or
within one calendar month of a Maturity Date are not subject to any
Transfer fee and do not count against the annual number of free
Transfers.
GC-AAA-00 Page 15
<PAGE>
Amounts allocated to Guaranteed Account Guaranteed Terms may not be
transferred to the Subaccounts or to another Guaranteed Term during a
Deposit Period or for 90 days after the close of a Deposit Period
except for:
(a) Matured Term Value(s) during the calendar month following the
Maturity Date;
(b) Amounts applied to an Annuity Payout Option;
(c) Amounts transferred under the Dollar Cost Averaging program;
(d) Amounts distributed under a Systematic Distribution Option; and
(e) Amounts transferred by Aetna if Dollar Cost Averaging is
discontinued.
3.08 Notice to the Certificate Holder:
During the Accumulation Period the Certificate Holder will receive
quarterly statements from Aetna of:
(a) The value of any amounts held in:
(1) The Guaranteed Account; and
(2) The Subaccount(s) under the Separate Account;
(b) The number of any accumulation units; and
(c) The accumulation 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 the Contract.
3.10 Systematic Distribution Options:
Aetna may, from time to time, make one or more Systematic Distribution
Options available during the Accumulation Period. When a Systematic
Distribution Option is elected, Aetna will make automatic payments from
the Certificate Holder's Account.
Any Systematic Distribution Option will be subject to the following
criteria:
(a) Any Systematic Distribution Option will be made available on
the basis of objective criteria consistently applied;
(b) The availability of any Systematic Distribution Option may be
limited by terms and conditions applicable to the election of
such Systematic Distribution Option; and
(c) Aetna may discontinue the availability of a Systematic
Distribution Option at any time. Except to the extent required
to comply with applicable law, discontinuance of a Systematic
Distribution Option will apply only to future elections and
will not affect Systematic Distribution Options in effect at
the time an option is discontinued.
3.11 Liquidation of Withdrawal Value:
All or any portion of the Account Value may be withdrawn at any time.
Withdrawal requests may be submitted as a percentage of the Account
Value or as a specific dollar amount. Partial withdrawal amounts are
withdrawn on a pro rata basis from the Subaccount(s) and/or the
Guaranteed Term(s) Groups of the Guaranteed Account in which the
Account Value is invested. Within a Guaranteed Term Group, the amount
to be withdrawn 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.
An MVA may apply to amounts withdrawn from the Guaranteed Account.
GC-AAA-00 Page 16
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3.12 Payment of Withdrawal Value:
Under certain emergency conditions, Aetna may defer payment:
(a) For a period of up to six months (unless not allowed by state
law); or
(b) As provided by federal law.
3.13 Payment of Adjusted Account Value:
Upon 90 days written notice to the Certificate Holder, Aetna may
terminate any Account if the Account Value becomes less than $2,500
immediately following any partial withdrawal. Aetna does not intend to
exercise this right in cases where an Account is reduced below $2,500
or less solely due to investment performance.
3.14 Reinstatement:
The Certificate Holder may reinstate the proceeds of a full withdrawal,
subject to terms and conditions established by Aetna.
IV. DEATH BENEFIT
--------------------------------------------------------------------------------
4.01 Electing a Death Benefit Option:
The Contract offers two Death Benefit Options, each with its own
Mortality and Expense Risk Charge. The Death Benefit Option selected
and its corresponding Mortality and Expense Risk Charge are reflected
in the Schedule - Accumulation Period. The initial Schedule Effective
Date is the same as the Account Effective Date. If, at a later date the
Certificate Holder wishes to change Death Benefit Options, the
Certificate Holder may do so upon the anniversary of the Account
Effective Date. A different Schedule - Accumulation Period will apply
to each Certificate Holder depending on the Death Benefit Option
selected.
4.02 Changing Death Benefit Options:
Any Certificate Holder may elect to replace the Death Benefit Option in
effect with the other available Death Benefit Option. The eligible
Certificate Holder may make the election during the sixty-day period
prior to and including any anniversary of the Account Effective Date.
Such election must be made in writing and received in good order at
Aetna's home office during the election period.
The effective date of the newly elected Death Benefit Option is the
anniversary of the Account Effective Date at the end of the sixty-day
election period. Aetna will issue another Schedule reflecting the new
Death Benefit Option chosen. The new Schedule will reflect the
revisions to the Certificate Holder's benefits during the Accumulation
Period, namely:
The new Schedule Effective Date,
The revised Charges to Separate Account, and
The applicable Death Benefit Option.
All other Contract features remain in effect from the Account Effective
Date.
4.03 Death Benefit:
If the Certificate Holder or Annuitant dies before an Annuity Payout
Option starts, the Beneficiary is entitled to a death benefit. If the
Account is owned jointly, the death benefit applies at the death of the
first joint Certificate Holder (see Section IV - Options Available to
Beneficiary).
GC-AAA-00 Page 17
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4.04 Death Benefit Option I:
The amount of the death benefit is determined as follows:
(a) Death of the Annuitant.
-----------------------
The death benefit calculated as of the Claim Date is the greater
of:
(1) The sum of all Purchase Payment(s) made, adjusted for amount(s)
withdrawn or applied to an Annuity Payout Option; or
(2) The Account Value on the Claim Date.
On the Claim Date, if the amount of the death benefit is
greater than the Account Value, the amount by which the death
benefit exceeds the Account Value will be deposited and
allocated to the money market fund available through the
Separate Account. This increases the Account Value available
to the Beneficiary to an amount equal to the death benefit.
The amount paid to the Beneficiary will equal the Adjusted
Account Value on the date the payment request is processed.
This amount may be greater or less than the amount of the
death benefit on the Claim Date. The Beneficiary may elect a
death benefit payment option as permitted in Section IV -
Options Available to Beneficiary.
(b) Death of the Certificate Holder if the Certificate Holder is
------------------------------------------------------------
not the Annuitant.
------------------
On the Claim Date, the amount of the death benefit equals the
Account Value.
The amount paid to the Beneficiary will equal the Adjusted Account
Value on the date the payment request is processed. The Beneficiary
may elect a death benefit payment option as permitted in Section
IV - Options Available to Beneficiary.
(c) Death of a spouse who becomes a successor Certificate
-----------------------------------------------------
Holder/Annuitant.
-----------------
The amount of the death benefit paid to the Beneficiary at the
death of a successor Certificate Holder/Annuitant is the
greater of the values as described in (a) above except that in
calculating (a)(1), the Account Value on the Claim Date for
the prior Certificate Holder's death is treated as the initial
Purchase Payment.
4.05 Death Benefit Option II:
The amount of the death benefit is determined as follows:
(a) Death of the Annuitant.
-----------------------
The death benefit calculated as of the Claim Date is the greatest
of:
(1) The sum of all Purchase Payment(s) made, adjusted for amount(s)
withdrawn or applied to an Annuity Payout Option; or
(2) The Account Value on the Claim Date; or
(3) The "Step-up Value" on the Claim Date.
The Step-up Value is equal to the highest account value on the
Death Benefit Option II Schedule Effective Date or any
anniversary of that date prior to the annuitant's 85th
birthday or date of death, whichever is earlier, adjusted for
Purchase Payments made and amounts withdrawn or applied to an
Annuity Payout Option since the date of the highest account
value.
On each anniversary of the Schedule Effective Date after the
Annuitant's 85th birthday, the Step-up Value shall equal the
Step-up Value on the anniversary immediately preceding the
Annuitant's 85th birthday, adjusted for Purchase Payment(s)
made, and amounts withdrawn or applied to an Annuity Payout
Option since that anniversary.
GC-AAA-00 Page 18
<PAGE>
On the Claim Date, the Step-up Value shall equal the Step-up
Value on the anniversary of the Schedule Effective Date
immediately preceding the date of death, adjusted for Purchase
Payment(s) made and amount(s) withdrawn or applied to an
Annuity Payout Option since that anniversary.
On the Claim Date, if the amount of the death benefit is greater than
the Account Value, the amount by which the death benefit exceeds the
Account Value will be deposited and allocated to the money market fund
available through the Separate Account. This increases the Account
Value available to the Beneficiary to an amount equal to the death
benefit.
The amount paid to the Beneficiary will equal the Adjusted Account
Value on the date the payment request is processed. This amount may be
greater or less than the amount of the death benefit on the Claim Date.
The Beneficiary may elect a death benefit payment option as permitted
in Section IV - Options Available to Beneficiary.
(b) Death of the Certificate Holder if the Certificate Holder is not
the Annuitant.
-------------------------------------------------------------------
On the Claim Date, the amount of the death benefit equals the
Account Value.
The amount paid to the Beneficiary will equal the Adjusted Account
Value on the date the payment request is processed. The Beneficiary
may elect a death benefit payment option as permitted in Section
IV - Options Available to the Beneficiary.
(c) Death of a spouse who becomes a successor Certificate Holder/
Annuitant.
-------------------------------------------------------------------
The amount of the death benefit paid to the Beneficiary at the
death of successor Certificate Holder/Annuitant is the greater of
the values as described in (a) above except that in calculating
(a)(1), the Account Value on the Claim Date for the prior
Certificate Holder's death is treated as the initial Purchase
Payment.
4.06 Options Available to Beneficiary:
Prior to any election, or until amounts must be otherwise distributed
under this section, the Account Value will be retained in the Account.
The Beneficiary has the right to allocate or reallocate any amount to
any of the available investment options (subject to an MVA, if
applicable). If the Certificate Holder has specified the form of
payment to the Beneficiary, the death benefit will be paid as elected
by the Certificate Holder in the Beneficiary designation, to the extent
permitted by section 72(s) of the Code. If the Certificate Holder has
not specified a form of payment, the Beneficiary may elect one of the
following options.
(a) When the Certificate Holder is the Annuitant or when the
Certificate Holder is a nonnatural person, and the Annuitant dies:
(1) If the Beneficiary is the surviving spouse, the spousal
Beneficiary will be the successor Certificate Holder and may
exercise all Certificate Holder rights under the Contract and
continue in the Accumulation Period, or may elect (i) or (ii)
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 Account Value to an
Annuity Payout Option (see Section V); or
(ii) Receive, at any time, a lump sum payment equal
to the Adjusted Account Value.
(2) If the Beneficiary is other than the surviving spouse, then
options (i) or (ii) above apply. Any portion of the Adjusted
Account Value not applied to an Annuity Payout Option within
one year of the 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 Account Value must be made to the Annuitant's estate
within five years of the date of death.
(4) If the Beneficiary is an entity, a lump sum payment equal to
the Adjusted Account Value must be made within five years of
the date of death, unless otherwise permitted by IRS regulation
or ruling.
GC-AAA-00 Page 19
<PAGE>
(b) When the Certificate Holder is not the Annuitant and the
Certificate Holder dies:
(1) If the Beneficiary is the Certificate Holder's surviving
spouse, the spousal Beneficiary will be the successor
Certificate Holder and may exercise all Certificate Holder
rights under the Contract and continue in the Accumulation
Period, or may elect (i) or (ii) 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 Account Value to an
Annuity Payout Option (see Section V); or
(ii) Receive, at any time, a lump sum payment equal to the
Withdrawal Value.
(2) If the Beneficiary is other than the Certificate Holder's
surviving spouse, then options (i) or (ii) under (1) above
apply. Any portion of the death benefit not applied to an
Annuity Payout Option 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
Withdrawal Value must be made to the Certificate Holder's
estate within five years of the date of death.
(4) If the Beneficiary is an entity, a lump sum payment equal to
the Withdrawal Value must be made within five years of the date
of death, unless otherwise permitted by IRS regulation or
ruling.
c) When the Certificate Holder is a natural person and not the
Annuitant and the Annuitant dies, the Beneficiary (or the
Certificate Holder if no Beneficiary exists) may elect to:
(1) Apply all or some of the Adjusted Account Value to an Annuity
Payout Option within 60 days of the date of death; or
(2) Receive a lump sum payment equal to the Adjusted Account Value.
V. Annuity Payout Provisions
--------------------------------------------------------------------------------
5.01 Annuity Payout Options:
Annuity Payout Option 1 - Payments for a specified period:
----------------------------------------------------------
Payments are made for the number of years specified by the
Certificate Holder. The number of years must be at least five and
not more than 30.
Annuity Payout Option 2 - Life income based on the life of one
--------------------------------------------------------------
Annuitant:
----------
When this option is elected the Certificate Holder must choose one
of the following:
(a) Payments cease at the death of the Annuitant;
(b) Payments are guaranteed for a specified period from five to
30 years;
(c) Cash refund: when the Annuitant dies, the Beneficiary will
receive a lump sum payment equal to the amount applied to
the Annuity Payout Option (less any premium tax, if
applicable) less the total amount of Annuity Payments made
prior to such death. This cash refund feature is only
available if the total amount applied to the Annuity
Payout Option is allocated to a fixed Annuity Payments.
Annuity Payout Option 3 - Life income based on the lives of two
---------------------------------------------------------------
Annuitants:
-----------
Payments are made for the lives of two Annuitants, one of whom is
designated the primary Annuitant and the other the secondary
Annuitant, and cease when both Annuitants have died. When this
option is elected the Certificate Holder must also choose one of
the following:
(a) 100% of the payment to continue after the first death;
(b) 66 2/3% of the payment to continue after the first death;
GC-AAA-00 Page 20
<PAGE>
(c) 50% of the payment to continue after the first death;
(d) 100% of the payment to continue after the first death and
payments are guaranteed for a period of five to 30 years;
(e) 100% of the payment to continue at the death of the secondary
Annuitant and 50% of the payment to continue at the death of
the primary Annuitant; or
(f) 100% of the payment continues after the first death with a
cash refund feature. When the primary Annuitant and
secondary Annuitant die, the Beneficiary will receive a
lump sum payment equal to the amount applied to the
Annuity Payout Option (less any premium tax) less the
total amount of Annuity Payments paid prior to such death.
This cash refund feature is only available if the total
amount applied to the Annuity Payout Option is allocated
to fixed Annuity Payments.
If fixed Annuity Payments are chosen under Annuity Payout Option 1, 2
(a) or (b), or 3 (a) or (d), the Certificate Holder may elect, at the
time the Annuity Payout Option is selected, an annual increase of one,
two or three percent compounded annually.
As allowed under applicable state law, Aetna reserves the right to
offer additional Annuity Payout Options.
5.02 Annuity Payment Choices:
The Certificate Holder may tell Aetna to apply any portion of the
Adjusted Account Value (minus any premium tax, if applicable) to any
Annuity Payout Option. The first Annuity Payment may not be earlier
than one calendar year after the initial Purchase Payment nor later
than the later of:
(a) The first day of the month following the Annuitant's 85th birthday;
or
(b) The tenth anniversary of the last Purchase Payment. In lieu of the
election of an Annuity Payout Option, the Certificate Holder may
tell Aetna to make a lump sum payment.
When an Annuity Payout Option is chosen, Aetna must also be told if
payments are to be made other than monthly and whether to pay:
(a) Fixed Annuity Payments using the General Account;
(b) Variable Annuity Payments using any of the Subaccount(s) available
under the contract for the Annuity Period; or
(c) A combination of (a) and (b).
If fixed Annuity Payments are chosen, the payment rate for the option
chosen, shown on the tables immediately following, reflects at least
the minimum guaranteed interest rate (see Schedule - Annuity Period),
but may reflect a higher interest rate.
If variable Annuity Payments are chosen, the initial Annuity Payment
for the option elected reflects the Assumed Interest Rate (AIR) elected
(see Schedule - Annuity Period). The Certificate Holder must allocate
specified amounts among the Subaccounts available during the Annuity
Period. Aetna reserves the right to limit the number of Subaccounts
available at one time and to limit the number of Subaccounts the
Certificate Holder may select during the Annuity Period. Subject to
terms and conditions established by Aetna, the Certificate Holder may
transfer all or any portion of the amount allocated to a Subaccount to
another Subaccount. The number of Transfers allowed each year is shown
on Schedule - Annuity Period.
Transfer requests must be submitted as a percentage of the allocation
among the Subaccounts. Aetna reserves the right to establish a minimum
transfer amount. Transfers will be effective as of the Valuation Date
in which Aetna receives a transfer request in good order at its home
office.
5.03 Terms of Annuity Payout Options:
(a) When payments start, the age of the Annuitant plus the number
of years for which payments are guaranteed must not exceed 95.
GC-AAA-00 Page 21
<PAGE>
(b) An Annuity Payout 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 fixed Annuity Payments are chosen Aetna will use the applicable
current rate, based upon actual ages if it will provide higher
fixed Annuity Payments.
(d) For purposes of calculating the first payment of variable or
guaranteed fixed Annuity Payments based on guaranteed rates, the
primary Annuitant's and secondary Annuitant's adjusted age will be
used. The primary Annuitant's and secondary Annuitant's adjusted
age is his or her age as of the birthday closest to the Annuity
Payments commencement date reduced by one year for commencement
dates occurring during the period of time from July 1, 1993 through
December 31, 1999. The primary Annuitant's and secondary
Annuitant's age will be reduced by two years for commencement dates
occurring during the period of time from January 1, 2000 through
December 31, 2009. The primary Annuitant's and secondary
Annuitant's age will be reduced by one additional year for
Annuity commencement dates occurring in each succeeding decade.
The attached payment rates for Annuity Payout Options 2 and 3 are
based on mortality from 1983 Table a.
(e) Assumed Interest Rate (AIR) is the interest rate used to determine
the amount of the first payment under variable Annuity Payments as
shown on Schedule - Annuity Period. The Separate Account must earn
this rate plus enough to cover the mortality and expense risks
charges (which may include profit), administrative charges and any
other Separate Account fees if future variable Annuity Payments
are to remain level (see Schedule - Annuity Period).
(f) Once elected, Annuity Payments cannot be withdrawn except for
variable Annuity Payments under Annuity Payout Option 1.
5.04 Death of Annuitant/Beneficiary:
(a) Certificate Holder is the Annuitant: When the Certificate
-----------------------------------
Holder is the Annuitant and the Annuitant dies under Annuity Payout
Option 1 or 2(b), or both the primary Annuitant and the secondary
Annuitant die under Annuity Payout Option 3(d), any remaining
payments will continue to the Beneficiary, or if elected by
the Beneficiary and not prohibited by the Certificate Holder
in the Beneficiary designation, the present value of any
remaining payments will be paid in one sum to the Beneficiary.
If Annuity Payout Option 3 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 the Annuitant: When the Certificate
----------------------------------------
Holder is not the Annuitant and the Certificate Holder dies, any
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.
If the Annuitant dies under Annuity Payout Option 1 or 2(b), or
both the primary Annuitant and secondary Annuitant die under
Annuity Payout Option 3(d), any remaining payments will continue to
the Beneficiary, or if elected by the Beneficiary and not
prohibited by the Certificate Holder in the Beneficiary
designation, the present value of any remaining payments will be
paid in one sum to the Beneficiary. If Annuity Payout Option 3 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, 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.
GC-AAA-00 Page 22
<PAGE>
(d) If the Beneficiary or the successor payee dies while receiving
Annuity Payments, any remaining payments will continue to the
successor Beneficiary/payee or upon election by the successor
Beneficiary/payee, the present value of any remaining payments will
be paid in one sum to the successor Beneficiary/payee. If no
successor Beneficiary/payee has been designated, the present value
of any remaining payments will be paid in one sum to the
Beneficiary's/payee's estate.
(e) The present value will be determined as of the Valuation Date in
which proof of death acceptable to Aetna and a request for payment
is received at Aetna's home office.
5.05 Annuity Units - Separate Account:
The number of annuity units is based on the amount of the first of the
variable Annuity Payments which is equal to:
(a) The portion of the Account Value applied to purchase variable
Annuity Payments (minus any applicable premium tax); divided by
(b) 1,000; multiplied by
(c) The payment rate on the tables immediately following, for the
option chosen.
Such amount, or portion, of the variable Annuity Payments will be
divided by the appropriate annuity unit value (see Section V -
Annuity Unit Value - Separate Account) on the tenth Valuation Date
before the due date of the first payment to determine the number of
annuity units. The number of annuity units remains fixed. Each
future payment is equal to the sum of the products of each annuity
unit value multiplied by the appropriate number of annuity units.
The annuity unit value on the tenth Valuation Date prior to the due
date of the payment is used.
5.06 Annuity Unit Value - Separate Account:
For any Valuation Date an annuity unit value is equal to:
(a) The value for the previous Valuation Date; multiplied by
(b) The annuity net return factor(s) (see Section V - Net Return
Factor(s) - Separate Account) for the Valuation Date;
multiplied by
(c) A factor to reflect the AIR (see Schedule - Annuity Period).
The annuity unit value and the amount of Annuity Payments may go up or
down due to investment gain or loss.
5.07 Net Return Factor(s) - Separate Account:
The net return factor(s) are used to compute all variable Annuity
Payments for any Subaccount.
The net return factor for each Subaccount 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 Subaccount at the end of a Valuation
Date; minus
(b) The value of the shares of the Subaccount at the start of the
Valuation Date; plus or minus
(c) Taxes (or reserves for taxes) on the Separate Account (if any);
divided by
(d) The total value of the annuity units at the start of the Valuation
Date; minus
(e) A daily charge for mortality and expense risks, which may include
profit, a daily administrative charge and any other fees deducted
from investments in the Separate Account.
A net return rate may be more or less than 0%.
The value of a share of the Subaccount is equal to the net assets of
the Subaccount divided by the number of shares outstanding.
Annuity Payments shall not be changed due to changes in the mortality
or expense results or administrative charges.
GC-AAA-00 Page 23
<PAGE>
OPTION 1: Payments for a Specified Period
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
Monthly Amount for Each $1,000*
Rates for a Fixed Annuity with a 3% Guaranteed Interest Rate
--------------------------------------------------------------------------------
Years Payment Years Payment
--------------------------------------------------------------------------------
<S> <C> <C> <C>
5 $17.91 18 $5.96
6 15.14 19 5.73
7 13.16 20 5.51
8 11.68 21 5.32
9 10.53 22 5.15
10 9.61 23 4.99
11 8.86 24 4.84
12 8.24 25 4.71
13 7.71 26 4.59
14 7.26 27 4.47
15 6.87 28 4.37
16 6.53 29 4.27
17 6.23 30 4.18
--------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
First Monthly Amount for Each $1,000*
Rates for a Variable Annuity with a 3.5% AIR
--------------------------------------------------------------------------------
Years Payment Years Payment
--------------------------------------------------------------------------------
<S> <C> <C> <C>
5 $18.12 18 $6.20
6 15.35 19 5.97
7 13.38 20 5.75
8 11.90 21 5.56
9 10.75 22 5.39
10 9.83 23 5.24
11 9.09 24 5.09
12 8.46 25 4.96
13 7.94 26 4.84
14 7.49 27 4.73
15 7.10 28 4.63
16 6.76 29 4.53
17 6.47 30 4.45
--------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
First Monthly Amount for Each $1,000*
Rates for a Variable Annuity with a 5% AIR
--------------------------------------------------------------------------------
Years Payment Years Payment
--------------------------------------------------------------------------------
<S> <C> <C> <C>
5 $18.74 18 $6.94
6 15.99 19 6.71
7 14.02 20 6.51
8 12.56 21 6.33
9 11.42 22 6.17
10 10.51 23 6.02
11 9.77 24 5.88
12 9.16 25 5.76
13 8.64 26 5.65
14 8.20 27 5.54
15 7.82 28 5.45
16 7.49 29 5.36
17 7.20 30 5.28
--------------------------------------------------------------------------------
</TABLE>
* Net of any applicable premium tax deduction
GC-AAA-00 Page 24
<PAGE>
Option 2: Life Income Based on the Life of One Annuitant
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
Monthly Payment Amount for Each $1,000*
Rates for a Fixed Annuity with 3% Guaranteed Interest Rate
------------------------------------------------------------------------------------------------------------------------------------
Option 2(a): Option 2(b): Option 2(b): Option 2(b): Option 2(b): Option 2(c):
Adjusted payments for payments payments payments payments Cash Refund
Age of life guaranteed guaranteed guaranteed guaranteed
Annuitant 5 years 10 years 15 years 20 years
-----------------------------------------------------------------------------------------------------------------------
Male Female Male Female Male Female Male Female Male Female Male Female
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
50 $4.27 $3.90 $4.26 $3.90 $4.22 $3.89 $4.17 $3.86 $4.08 $3.82 $4.04 $3.78
51 4.34 3.97 4.33 3.96 4.30 3.95 4.23 3.92 4.14 3.88 4.10 3.84
52 4.43 4.03 4.41 4.03 4.37 4.01 4.30 3.98 4.20 3.93 4.16 3.89
53 4.51 4.10 4.50 4.10 4.45 4.08 4.37 4.04 4.26 3.99 4.23 3.95
54 4.60 4.18 4.59 4.17 4.54 4.15 4.45 4.11 4.32 4.04 4.29 4.01
55 4.70 4.25 4.68 4.25 4.62 4.22 4.53 4.18 4.39 4.11 4.37 4.07
56 4.80 4.34 4.78 4.33 4.72 4.30 4.61 4.25 4.45 4.17 4.44 4.13
57 4.91 4.42 4.89 4.41 4.82 4.38 4.69 4.32 4.51 4.23 4.52 4.20
58 5.03 4.52 5.00 4.51 4.92 4.47 4.78 4.40 4.58 4.30 4.61 4.28
59 5.15 4.61 5.12 4.60 5.03 4.56 4.87 4.48 4.65 4.37 4.69 4.35
60 5.28 4.72 5.25 4.70 5.14 4.66 4.96 4.57 4.71 4.44 4.78 4.43
61 5.43 4.83 5.39 4.81 5.27 4.76 5.06 4.66 4.78 4.51 4.88 4.52
62 5.58 4.95 5.53 4.93 5.39 4.87 5.16 4.75 4.84 4.58 4.98 4.60
63 5.74 5.08 5.69 5.05 5.53 4.98 5.26 4.85 4.90 4.65 5.09 4.70
64 5.91 5.21 5.85 5.18 5.66 5.10 5.36 4.95 4.96 4.72 5.20 4.80
65 6.10 5.36 6.03 5.32 5.81 5.22 5.46 5.05 5.02 4.79 5.31 4.90
66 6.30 5.51 6.21 5.47 5.96 5.36 5.56 5.16 5.08 4.86 5.44 5.01
67 6.51 5.67 6.41 5.63 6.12 5.50 5.66 5.26 5.13 4.93 5.56 5.12
68 6.73 5.85 6.62 5.80 6.28 5.65 5.77 5.37 5.18 5.00 5.70 5.24
69 6.97 6.04 6.84 5.98 6.44 5.80 5.86 5.49 5.23 5.06 5.84 5.37
70 7.23 6.25 7.07 6.18 6.61 5.97 5.96 5.60 5.27 5.12 5.98 5.51
71 7.51 6.47 7.32 6.39 6.79 6.14 6.05 5.71 5.31 5.18 6.14 5.65
72 7.80 6.71 7.58 6.62 6.96 6.32 6.14 5.83 5.34 5.23 6.30 5.80
73 8.12 6.98 7.85 6.86 7.14 6.50 6.23 5.94 5.37 5.28 6.47 5.96
74 8.46 7.26 8.14 7.12 7.32 6.69 6.31 6.04 5.40 5.32 6.65 6.13
75 8.82 7.57 8.45 7.40 7.50 6.89 6.38 6.14 5.42 5.35 6.83 6.31
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
*Net of any applicable premium tax deduction
GC-AAA-00 Page 25
<PAGE>
Option 2: Life Income Based on the Life of One Annuitant
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
First Monthly Payment Amount for Each $1,000*
Rates for a Variable Annuity with 3.5% AIR
-------------------------------------------------------------------------------------------------------------------
Option 2(a): Option 2(b): Option 2(b): Option 2(b): Option 2(b):
Adjusted payments for payments payments payments payments
Age of life guaranteed guaranteed guaranteed guaranteed
Annuitant 5 years 10 years 15 years 20 years
------------------- ------------------- ------------------- ------------------- -------------------
Male Female Male Female Male Female Male Female Male Female
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
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
-------------------------------------------------------------------------------------------------------------------
</TABLE>
*Net of any applicable premium tax deduction
0C-AAA-00 Page 26
<PAGE>
Option 2: Life Income Based on the Life of One Annuitant
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
First Monthly Payment Amount for Each $1,000*
Rates for a Variable Annuity with 5% AIR
-------------------------------------------------------------------------------------------------------------------
Option 2(a): Option 2(b): Option 2(b): Option 2(b): Option 2(b):
Adjusted payments for payments payments payments payments
Age of life guaranteed guaranteed guaranteed guaranteed
Annuitant 5 years 10 years 15 years 20 years
------------------- ------------------- ------------------- ------------------- -------------------
Male Female Male Female Male Female Male Female Male Female
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
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 9.55 8.50 8.50 7.92 7.35 7.14 6.41 6.36
-------------------------------------------------------------------------------------------------------------------
</TABLE>
*Net of any applicable premium tax deduction
GC-AAA-00 Page 27
<PAGE>
Option 3: Life Income Based on the Lives of Two Annuitants
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
Monthly Payment Amount for Each $1,000*
Rates for a Fixed Annuity with 3% Guaranteed Interest Rate
Primary Annuitant is Female and Secondary Annuitant is Male
------------------------------------------------------------------------------------------------------------------------------------
Adjusted Ages
--------------------------
payments
guaranteed
Primary Secondary 10 years
Annuitant Annuitant Option 3(a) Option 3(b) Option 3(c) Option 3(d) Option 3(e) Option 3(f)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
55 50 $3.75 $4.07 $4.26 $3.75 $3.98 $3.72
55 55 3.88 4.25 4.47 3.87 4.06 3.85
55 60 3.99 4.44 4.71 3.98 4.12 3.94
60 55 4.06 4.47 4.71 4.06 4.37 4.02
60 60 4.24 4.71 4.99 4.23 4.47 4.17
60 65 4.38 4.97 5.32 4.38 4.54 4.29
65 60 4.49 5.01 5.32 4.48 4.89 4.39
65 65 4.72 5.33 5.70 4.71 5.02 4.59
65 70 4.93 5.68 6.15 4.91 5.14 4.74
70 65 5.07 5.75 6.17 5.05 5.60 4.87
70 70 5.40 6.21 6.70 5.36 5.79 5.13
70 75 5.69 6.68 7.32 5.62 5.96 5.29
75 70 5.89 6.82 7.40 5.81 6.63 5.48
75 75 6.37 7.45 8.15 6.23 6.92 5.78
75 80 6.78 8.11 8.99 6.54 7.15 5.93
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
*Net of any applicable premium tax deduction
GC-AAA-00 Page 28
<PAGE>
Option 3: Life Income Based on the Lives of Two Annuitants
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
First Monthly Payment Amount for Each $1,000*
Rates for a Variable Annuity with 3.5% AIR
Primary Annuitant Is Female and Secondary Annuitant Is Male
--------------------------------------------------------------------------------------------------------------------------
Adjusted Ages
---------------------------
payments
guaranteed
Primary Secondary 10 years
Annuitant Annuitant Option 3(a) Option 3(b) Option 3(c) Option 3(d) Option 3(e)
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
55 50 $4.03 $4.36 $4.55 $4.03 $4.27
55 55 4.16 4.54 4.76 4.15 4.34
55 60 4.27 4.73 5.00 4.26 4.40
60 55 4.34 4.76 5.00 4.34 4.65
60 60 4.51 4.99 5.27 4.50 4.74
60 65 4.66 5.25 5.61 4.65 4.82
65 60 4.76 5.29 5.60 4.75 5.16
65 65 4.99 5.61 5.99 4.98 5.30
65 70 5.19 5.97 6.44 5.17 5.41
70 65 5.34 6.03 6.46 5.31 5.88
70 70 5.67 6.49 6.99 5.62 6.07
70 75 5.95 6.96 7.61 5.87 6.23
75 70 6.16 7.10 7.68 6.07 6.90
75 75 6.64 7.73 8.43 6.48 7.19
75 80 7.04 8.39 9.29 6.79 7.42
--------------------------------------------------------------------------------------------------------------------------
</TABLE>
*Net of any applicable premium tax deduction
GC-AAA-00 Page 29
<PAGE>
Option 3: Life Income Based on the Lives of Two Annuitants
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
First Monthly Payment Amount for Each $1,000*
Rates for a Variable Annuity with 5% AIR
Primary Annuitant is Female and Secondary Annuitant is Male
--------------------------------------------------------------------------------------------------------------------------
Adjusted Ages
-----------------------------
payments
guaranteed
Primary Secondary 10 years
Annuitant Annuitant Option 3(a) Option 3(b) Option 3(c) Option 3(d) Option 3(e)
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
55 50 $4.93 $5.27 $5.46 $4.93 $5.17
55 55 5.04 5.44 5.66 5.04 5.23
55 60 5.15 5.63 5.91 5.14 5.29
60 55 5.21 5.65 5.89 5.21 5.53
60 60 5.37 5.87 6.16 5.37 5.62
60 65 5.52 6.14 6.51 5.51 5.70
65 60 5.61 6.16 6.49 5.60 6.03
65 65 5.83 6.49 6.87 5.82 6.15
65 70 6.04 6.84 7.34 6.00 6.27
70 65 6.17 6.90 7.33 6.13 6.73
70 70 6.49 7.35 7.87 6.44 6.91
70 75 6.77 7.84 8.51 6.68 7.07
75 70 6.97 7.96 8.56 6.87 7.75
75 75 7.45 8.60 9.33 7.27 8.04
75 80 7.86 9.28 10.20 7.57 8.27
--------------------------------------------------------------------------------------------------------------------------
</TABLE>
*Net of any applicable premium tax deduction
GC-AAA-00 Page 30
<PAGE>
Option 3: Life Income Based on the Lives of Two Annuitants
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------------
Monthly Payment Amount for Each $1,000*
Rates for a Fixed Annuity with 3% Guaranteed Interest Rate
Primary Annuitant is Male and Secondary Annuitant is Female
---------------------------------------------------------------------------------------------------------------------------------
Adjusted Ages
------------------------------
payments
guaranteed
Primary Secondary 10 years
Annuitant Annuitant Option 3(a) Option 3(b) Option 3(c) Option 3(d) Option 3(e) Option 3(f)
---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
55 50 $3.69 $4.05 $4.27 $3.69 $4.13 $3.67
55 55 3.88 4.25 4.47 3.87 4.25 3.85
55 60 4.06 4.47 4.71 4.06 4.36 4.02
60 55 3.99 4.44 4.71 3.98 4.55 3.94
60 60 4.24 4.71 4.99 4.23 4.70 4.17
60 65 4.49 5.01 5.32 4.48 4.85 4.39
65 60 4.38 4.97 5.32 4.38 5.10 4.29
65 65 4.72 5.33 5.70 4.71 5.32 4.59
65 70 5.07 5.75 6.17 5.05 5.54 4.87
70 65 4.93 5.68 6.15 4.91 5.86 4.74
70 70 5.40 6.21 6.70 5.36 6.18 5.13
70 75 5.89 6.82 7.40 5.81 6.49 5.48
75 70 5.69 6.68 7.32 5.62 6.92 5.29
75 75 6.37 7.45 8.15 6.23 7.40 5.78
75 80 7.07 8.34 9.16 6.78 7.85 6.17
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
*Net of any applicable premium tax deduction
GC-AAA-00 Page 31
<PAGE>
Option 3: Life Income Based on the Lives of Two Annuitants
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
First Monthly Payment Amount for Each $1,000*
Rates for a Variable Annuity with 3.5% AIR
Primary Annuitant is Male and Secondary Annuitant is Female
--------------------------------------------------------------------------------------------------------------------------
Adjusted Ages
----------------------------------
payments
guaranteed
Primary Secondary 10 years
Annuitant Annuitant Option 3(a) Option 3(b) Option 3(c) Option 3(d) Option 3(e)
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
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
--------------------------------------------------------------------------------------------------------------------------
</TABLE>
*Net of any applicable premium tax deduction
GC-AAA-00 Page 32
<PAGE>
Option 3: Life Income Based on the Lives of Two Annuitants
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
First Monthly Payment Amount for Each $1,000*
Rates for a Variable Annuity with 5% AIR
Primary Annuitant Is Male and Secondary Annuitant is Female
--------------------------------------------------------------------------------------------------------------------------
Adjusted Ages
----------------------------------
payments
guaranteed
Primary Secondary 10 years
Annuitant Annuitant Option 3(a) Option 3(b) Option 3(c) Option 3(d) Option 3(e)
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
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
--------------------------------------------------------------------------------------------------------------------------
</TABLE>
*Net of any applicable premium tax deduction
GC-AAA-00 Page 33
<PAGE>
--------------------------------------------------------------------------------
Aetna Life Insurance and Annuity Company
Home Office: 151 Farmington Avenue
Hartford, Connecticut 06156
(800) 238-6219
Group Variable, Fixed, or Combination Annuity Certificate
Nonparticipating
--------------------------------------------------------------------------------
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. AMOUNTS ALLOCATED TO THE GUARANTEED ACCOUNT, IF WITHDRAWN
BEFORE THE GUARANTEED TERM MATURITY DATE, MAY BE SUBJECT TO A MARKET VALUE
ADJUSTMENT. THE MARKET VALUE ADJUSTMENT MAY RESULT IN AN INCREASE OR A DECREASE
IN THE ACCOUNT VALUE. THE MARKET VALUE ADJUSTMENT FORMULA DOES NOT APPLY TO A
GUARANTEED TERM AT THE TIME OF ITS MATURITY.
GC-AAA-00
