Variable Annuity Contract (G-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 Contract.
Aetna Life Insurance and Annuity Company, a stock company, herein called Aetna,
agrees to pay the benefits stated in this Contract.
Specifications
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Plan
SPECIMEN
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Type of Plan
SPECIMEN
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Contract Holder
SPECIMEN
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Contract No.
SPECIMEN
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Contract Effective Date
SPECIMEN
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This Contract is delivered in [STATE] and is subject to the laws of that
jurisdiction. This page and the pages that follow constitute the entire
Contract.
The variable features of the Group Contract are described in parts III, IV and
V.
Right to Cancel
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The Contract Holder may cancel this Contract within 10 days by returning it to
the agent from whom it was purchased, or to Aetna at the address shown above.
Within seven days of receiving the Contract at its home office, Aetna will
return the amount of Certificate Holder 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).
Signed at the home office on the Contract Effective Date.
/s/ Thomas J. McInerney /s/ Kirk P. Wickman
President Secretary
Group Variable, Fixed, or Combination Annuity Contract
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 AMOUNTS ALLOCATED TO THE GUARANTEED ACCOUNT, IF WITHDRAWN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.
G-AAA-00
<PAGE>
Specifications
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Guaranteed There is a minimum guaranteed rate for Purchase Payment(s)
Rate held 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.
Account
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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 CONTRACT CAREFULLY. IT SETS FORTH, IN DETAIL, ALL OF THE RIGHTS
AND OBLIGATIONS OF BOTH THE CONTRACT HOLDER AND AETNA UNDER THIS CONTRACT.
THEREFORE, IT IS IMPORTANT THAT THIS CONTRACT BE READ CAREFULLY.
G-AAA-00 Page 2
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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.
G-AAA-00 Page 3
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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.
G-AAA-00 Page 4
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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.
G-AAA-00 Page 3
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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.
G-AAA-00 Page 4
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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.
G-AAA-00 Page 3
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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.
G-AAA-00 Page 4
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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.
G-AAA-00 Page 3
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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.
G-AAA-00 Page 4
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Table of Contents
<TABLE>
<CAPTION>
I. DEFINITIONS PAGE
<S> <C> <C>
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>
G-AAA-00 Page 5
<PAGE>
<TABLE>
<CAPTION>
PAGE
<S> <C> <C>
III. PURCHASE PAYMENT, ACCOUNT VALUE, AND WITHDRAWAL PROVISIONS
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 ........................................................................ 23
5.06 Annuity Unit Value - Separate Account ................................................................... 23
5.07 Net Return Factor(s) - Separate Account ................................................................. 23
</TABLE>
G-AAA-00 Page 6
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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.
G-AAA-00 Page 7
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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.
G-AAA-00 Page 8
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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).
G-AAA-00 Page 9
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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.
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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
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2.01 Change of Contract:
Only an authorized officer of Aetna may change the terms of the Contract.
Aetna will notify the Contract Holder in writing at least 30 days before
the effective date of any change. Any change will not affect the amount or
terms of any Annuity 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.
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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.
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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
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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.
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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).
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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
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(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.
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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.
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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
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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).
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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.
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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.
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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.
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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.
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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.
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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.
4.06 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.
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(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
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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. he 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;
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(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.
G-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.
G-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.
G-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
G-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
G-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
G-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
G-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
G-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
G-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
G-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>
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
G-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
G-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
G-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 Contract
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.
G-AAA-00
