Exhibit 99-B.4.3
Variable Annuity Contract (GM-VA-98(NY))
======================================================================
Aetna Life Insurance and Annuity Company
Home Office: 151 Farmington Avenue
P.O. Box 30670
Hartford, Connecticut 06150-0670
(800) 531-4547
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.
The variable features of the Group Contract are described in parts III, IV and
V.
Right to Cancel
================================================================================
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 Purchase Payments (s) received. If the source of the
Purchase Payment(s) was a rollover from a contract issued by Aetna in which the
deferred sales charge was waived or reduced, then the Purchase payment(s) will
be restored to the predecessor contract.
This page and the pages that follow constitute the entire Contract.
Signed at the home office on the Contract Effective Date.
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 AMOUNTS ALLOCATED TO THE GUARANTEED ACCOUNT, IF WITHDRAWN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.
GM-VA-98(NY)
<PAGE>
Specifications
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<TABLE>
<S> <C>
Guaranteed Rate There is a minimum guaranteed rate for Purchase Payment(s) held in the Guaranteed Account.
(See Schedule - Accumulation Period.)
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Deductions from There will be deductions for mortality and expense risk as well as administrative charges. (See
the Separate Schedule - Accumulation Period and Schedule - Annuity Period.)
Account
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Deduction from Purchase Payment(s) may be subject to a deduction for premium taxes. (See Section III -
Purchase Purchase Payment.)
Payment(s)
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Deferred Sales There may be a charge deducted upon withdrawal. (See Schedule - Accumulation Period.)
Charge
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Assumed Interest If a variable Annuity Payment is chosen, an Assumed Interest Rate of 5.0% may be elected. If 5.0%
Rate - Applicable is not elected, Aetna will use an Assumed Interest Rate of 3.5%. If the portion of a variable Annuity
only in the Payment for any Subaccount is not to decrease, the annuity return factor under the Separate
Annuity Period Account for that Subaccount must be: (a) 5.00% on an annual basis which includes 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) 6.50% on an annual basis which includes 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.
</TABLE>
This Contract is a legal contract and constitutes the entire legal relationship
between Aetna and the Contract Holder.
READ THIS CONTRACT CAREFULLY. The Contract sets forth, in detail, all of the
rights and obligations of both you and Aetna under the Contract. THEREFORE,
IT IS IMPORTANT THAT YOU READ THIS CONTRACT CAREFULLY.
GM-VA-98(NY) Page 2
<PAGE>
Schedule - Accumulation Period
Option Package
================================================================================
Option Package Selected - A different Schedule - Accumulation Period will apply
depending upon the Option Package selected. (See Section IV - OPTION PACKAGES.)
Option Package I was selected.
Schedule Effective Date
June 1, 1998
Separate Account
================================================================================
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 0.80%
------
Total Separate Account Charges 0.95%
</TABLE>
Separate Account Funds:
During the Accumulation Period the funds available with this contract are:
<TABLE>
<S> <C>
Aetna Balanced VP, Inc. Fidelity VIP High Income Portfolio
Aetna Bond VP Fidelity VIP II Contrafund Portfolio
Aetna Growth VP Janus Aspen Aggressive Growth Portfolio
Aetna Growth and Income VP Janus Aspen Balanced Portfolio
Aetna Index Plus Large Cap VP Janus Aspen Growth Portfolio
Aetna International VP Janus Aspen Worldwide Growth Portfolio
Aetna Money Market VP MFS Total Return Series
Aetna Real Estate Securities VP Oppenheimer Aggressive Growth Fund/VA
Aetna Small Company VP Oppenheimer Main Street Growth & Income Fund/VA
AIM V.I. Capital Appreciation Fund Oppenheimer Strategic Bond Fund/VA
AIM V.I. Growth Fund Portfolio Partners MFS Emerging Equities Portfolio
AIM V.I. Growth and Income Fund Portfolio Partners MFS Research Growth Portfolio Portfolio Partners
AIM V.I. Value Fund MFS Value Equity Portfolio
Fidelity VIP Equity - Income Portfolio Portfolio Partners Scudder International Growth Portfolio
</TABLE>
GM-VA-98(NY)N-1 Page 3
<PAGE>
Schedule - Accumulation Period (continued)
Guaranteed Account
================================================================================
Minimum Guaranteed Rate
3.0% (effective annual rate of return)
Separate Account and Guaranteed Account
================================================================================
Transfers
An unlimited number of Transfers are allowed during the Accumulation
Period. Aetna allows 12 free Transfers in any Account Year. Thereafter,
Aetna reserves the right to charge $10 for each subsequent Transfer.
Maintenance Fee
The annual Maintenance Fee is $30. If the Account Value is $50,000 or more
on the date the Maintenance Fee is to be deducted, the Maintenance Fee is
$0.
Deferred Sales Charge
For each withdrawal, the Deferred Sales Charge will be determined as
follows:
<TABLE>
<CAPTION>
Deferred Sales Charge
Length of Time from Receipt of (as percentage of
Purchase Payment (Years) Purchase Payment)
----------------------------------------------------------------------
<S> <C>
Less than 1 year 7%
1 or more but less than 2 years 6%
2 or more but less than 3 years 5%
3 or more but less than 4 years 4%
4 or more but less than 5 years 3%
5 or more but less than 6 years 2%
6 or more but less than 7 years 1%
7 years or more 0%
</TABLE>
If an Account is established as a rollover from another Aetna contract, the
Surrender Fee for the rollover amount will be determined according to the
effective date of the account under such predecessor contract.
Minimum Account Value
$15,000 ($1,500 for a qualified plan). Aetna reserves the right to lower
this amount on a nondiscriminatory basis.
See Section I - DEFINITIONS for explanations.
GM-VA-98(NY)N-1 Page 4
<PAGE>
Schedule - Annuity Period
Separate Account - Variable Annuity Payment
================================================================================
Charges to Separate Account
A daily charge is deducted at an annual effective rate of 1.25% for
mortality and expense risks in the Annuity Period. The administrative
charge is established upon election of an Annuity Payout Option. This
charge will not exceed 0.25%.
Transfers
When a variable Annuity Payment has been elected, four free Transfers are
allowed each Account Year among the Subaccounts available during the
Annuity Period. Thereafter, Aetna reserves the right to charge $10 for each
subsequent Transfer.
General Account - Fixed Annuity Payment
================================================================================
Minimum Guaranteed Interest Rate
3.0% (effective annual rate of return)
See Section I - DEFINITIONS for explanations.
GM-VA-98(NY)N-1 Page 5
<PAGE>
Schedule - Accumulation Period
Option Package
================================================================================
Option Package Selected - A different Schedule - Accumulation Period will apply
depending upon the Option Package selected. (See Section IV - OPTION PACKAGES.)
Option Package I was selected.
Schedule Effective Date
June 1, 1998
Separate Account
================================================================================
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 0.80%
----
Total Separate Account Charges 0.95%
</TABLE>
Separate Account Funds:
During the Accumulation Period the funds available with this contract are:
<TABLE>
<S> <C>
Aetna Balanced VP, Inc. Janus Aspen Aggressive Growth Portfolio
Aetna Bond VP Janus Aspen Balanced Portfolio
Aetna Growth VP Janus Aspen Growth Portfolio
Aetna Growth and Income VP Janus Aspen Worldwide Growth Portfolio
Aetna Index Plus Large Cap VP MFS Total Return Series
Aetna International VP Mitchell Hutchins Growth and Income Portfolio
Aetna Money Market VP Mitchell Hutchins Tactical Allocation Portfolio
Aetna Real Estate Securities VP Mitchell Hutchins Small Cap Portfolio
Aetna Small Company VP Oppenheimer Aggressive Growth Fund/VA
AIM V.I. Capital Appreciation Fund Oppenheimer Main Street Growth & Income Fund/VA
AIM V.I. Growth Fund Oppenheimer Strategic Bond Fund/VA
AIM V.I. Growth and Income Fund Portfolio Partners MFS Emerging Equities Portfolio
AIM V.I. Value Fund Portfolio Partners MFS Research Growth Portfolio
Fidelity VIP Equity - Income Portfolio Portfolio Partners MFS Value Equity Portfolio
Fidelity VIP High Income Portfolio Portfolio Partners Scudder International Growth Portfolio
Fidelity VIP II Contrafund Portfolio
</TABLE>
GM-VA-98(NY)N-1(MH) Page 3
<PAGE>
Schedule - Accumulation Period (continued)
Guaranteed Account
================================================================================
Minimum Guaranteed Rate
3.0% (effective annual rate of return)
Separate Account and Guaranteed Account
================================================================================
Transfers
An unlimited number of Transfers are allowed during the Accumulation
Period. Aetna allows 12 free Transfers in any Account Year. Thereafter,
Aetna reserves the right to charge $10 for each subsequent Transfer.
Maintenance Fee
The annual Maintenance Fee is $30. If the Account Value is $50,000 or more
on the date the Maintenance Fee is to be deducted, the Maintenance Fee is
$0.
Deferred Sales Charge
For each withdrawal, the Deferred Sales Charge will be determined as
follows:
<TABLE>
<CAPTION>
Deferred Sales Charge
Length of Time from Receipt of (as percentage of
Purchase Payment (Years) Purchase Payment)
----------------------------------------------------------------------
<S> <C>
Less than 1 year 7%
1 or more but less than 2 years 6%
2 or more but less than 3 years 5%
3 or more but less than 4 years 4%
4 or more but less than 5 years 3%
5 or more but less than 6 years 2%
6 or more but less than 7 years 1%
7 years or more 0%
</TABLE>
If an Account is established as a rollover from another Aetna contract, the
Surrender Fee for the rollover amount will be determined according to the
effective date of the account under such predecessor contract.
Minimum Account Value
$15,000 ($1,500 for a qualified plan). Aetna reserves the right to lower
this amount on a nondiscriminatory basis.
See Section I - DEFINITIONS for explanations.
GM-VA-98(NY)N-1(MH) Page 4
<PAGE>
Schedule - Annuity Period
Separate Account - Variable Annuity Payment
================================================================================
Charges to Separate Account
A daily charge is deducted at an annual effective rate of 1.25% for
mortality and expense risks in the Annuity Period. The administrative
charge is established upon election of an Annuity Payout Option. This
charge will not exceed 0.25%.
Transfers
When a variable Annuity Payment has been elected, four free Transfers are
allowed each Account Year among the Subaccounts available during the
Annuity Period. Thereafter, Aetna reserves the right to charge $10 for each
subsequent Transfer.
General Account - Fixed Annuity Payment
================================================================================
Minimum Guaranteed Interest Rate
3.0% (effective annual rate of return)
See Section I - DEFINITIONS for explanations.
GM-VA-98(NY)N-1(MH) Page 5
<PAGE>
Schedule - Accumulation Period
Option Package
================================================================================
Option Package Selected - A different Schedule - Accumulation Period will apply
depending upon the Option Package selected. (See Section IV - OPTION PACKAGES.)
Option Package II was selected.
Schedule Effective Date
June 1, 1998
Separate Account
================================================================================
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 1.10%
----
Total Separate Account Charges 1.25%
</TABLE>
Separate Account Funds:
During the Accumulation Period the funds available with this contract are:
<TABLE>
<S> <C>
Aetna Balanced VP, Inc. Fidelity VIP High Income Portfolio
Aetna Bond VP Fidelity VIP II Contrafund Portfolio
Aetna Growth VP Janus Aspen Aggressive Growth Portfolio
Aetna Growth and Income VP Janus Aspen Balanced Portfolio
Aetna Index Plus Large Cap VP Janus Aspen Growth Portfolio
Aetna International VP Janus Aspen Worldwide Growth Portfolio
Aetna Money Market VP MFS Total Return Series
Aetna Real Estate Securities VP Oppenheimer Aggressive Growth Fund/VA
Aetna Small Company VP Oppenheimer Main Street Growth & Income Fund/VA
AIM V.I. Capital Appreciation Fund Oppenheimer Strategic Bond Fund/VA
AIM V.I. Growth Fund Portfolio Partners MFS Emerging Equities Portfolio
AIM V.I. Growth and Income Fund Portfolio Partners MFS Research Growth Portfolio
AIM V.I. Value Fund Portfolio Partners MFS Value Equity Portfolio
Fidelity VIP Equity - Income Portfolio Portfolio Partners Scudder International Growth Portfolio
</TABLE>
GM-VA-98(NY)N-2 Page 3
<PAGE>
Schedule - Accumulation Period (continued)
Guaranteed Account
================================================================================
Minimum Guaranteed Rate
3.0% (effective annual rate of return)
Separate Account and Guaranteed Account
================================================================================
Transfers
An unlimited number of Transfers are allowed during the Accumulation
Period. Aetna allows 12 free Transfers in any Account Year. Thereafter,
Aetna reserves the right to charge $10 for each subsequent Transfer.
Maintenance Fee
The annual Maintenance Fee is $30. If the Account Value is $50,000 or more
on the date the Maintenance Fee is to be deducted, the Maintenance Fee is
$0.
Deferred Sales Charge
For each withdrawal, the Deferred Sales Charge will be determined as
follows:
<TABLE>
<CAPTION>
Deferred Sales Charge
Length of Time from Receipt of (as percentage of
Purchase Payment (Years) Purchase Payment)
----------------------------------------------------------------------
<S> <C>
Less than 1 year 7%
1 or more but less than 2 years 6%
2 or more but less than 3 years 5%
3 or more but less than 4 years 4%
4 or more but less than 5 years 3%
5 or more but less than 6 years 2%
6 or more but less than 7 years 1%
7 years or more 0%
</TABLE>
If an Account is established as a rollover from another Aetna contract, the
Surrender Fee for the rollover amount will be determined according to the
effective date of the account under such predecessor contract.
Minimum Account Value
$5,000 ($1,500 for a qualified plan). Aetna reserves the right to lower
this amount on a nondiscriminatory basis.
See Section I - DEFINITIONS for explanations
GM-VA-98(NY)N-2 Page 4
<PAGE>
Schedule - Annuity Period
Separate Account - Variable Annuity Payment
================================================================================
Charges to Separate Account
A daily charge is deducted at an annual effective rate of 1.25% for
mortality and expense risks in the Annuity Period. The administrative
charge is established upon election of an Annuity Payout Option. This
charge will not exceed 0.25%.
Transfers
When a variable Annuity Payment has been elected, four free Transfers are
allowed each Account Year among the Subaccounts available during the
Annuity Period. Thereafter, Aetna reserves the right to charge $10 for each
subsequent Transfer.
General Account - Fixed Annuity Payment
================================================================================
Minimum Guaranteed Interest Rate
3.0% (effective annual rate of return)
See Section I - DEFINITIONS for explanations.
GM-VA-98(NY)N-2 Page 5
<PAGE>
Schedule - Accumulation Period
Option Package
================================================================================
Option Package Selected - A different Schedule - Accumulation Period will apply
depending upon the Option Package selected. (See Section IV - OPTION PACKAGES.)
Option Package II was selected.
Schedule Effective Date
June 1, 1998
Separate Account
================================================================================
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 1.10%
----
Total Separate Account Charges 1.25%
</TABLE>
Separate Account Funds:
During the Accumulation Period the funds available with this contract are:
<TABLE>
<S> <C>
Aetna Balanced VP, Inc. Janus Aspen Aggressive Growth Portfolio
Aetna Bond VP Janus Aspen Balanced Portfolio
Aetna Growth VP Janus Aspen Growth Portfolio
Aetna Growth and Income VP Janus Aspen Worldwide Growth Portfolio
Aetna Index Plus Large Cap VP MFS Total Return Series
Aetna International VP Mitchell Hutchins Growth and Income Portfolio
Aetna Money Market VP Mitchell Hutchins Tactical Allocation Portfolio
Aetna Real Estate Securities VP Mitchell Hutchins Small Cap Portfolio
Aetna Small Company VP Oppenheimer Aggressive Growth Fund/VA
AIM V.I. Capital Appreciation Fund Oppenheimer Main Street Growth & Income Fund/VA
AIM V.I. Growth Fund Oppenheimer Strategic Bond Fund/VA
AIM V.I. Growth and Income Fund Portfolio Partners MFS Emerging Equities Portfolio
AIM V.I. Value Fund Portfolio Partners MFS Research Growth Portfolio
Fidelity VIP Equity - Income Portfolio Portfolio Partners MFS Value Equity Portfolio
Fidelity VIP High Income Portfolio Portfolio Partners Scudder International Growth Portfolio
Fidelity VIP II Contrafund Portfolio
</TABLE>
GM-VA-98(NY)N-2(MH) Page 3
<PAGE>
Schedule - Accumulation Period (continued)
Guaranteed Account
================================================================================
Minimum Guaranteed Rate
3.0% (effective annual rate of return)
Separate Account and Guaranteed Account
================================================================================
Transfers
An unlimited number of Transfers are allowed during the Accumulation
Period. Aetna allows 12 free Transfers in any Account Year. Thereafter,
Aetna reserves the right to charge $10 for each subsequent Transfer.
Maintenance Fee
The annual Maintenance Fee is $30. If the Account Value is $50,000 or more
on the date the Maintenance Fee is to be deducted, the Maintenance Fee is
$0.
Deferred Sales Charge
For each withdrawal, the Deferred Sales Charge will be determined as
follows:
<TABLE>
<CAPTION>
Deferred Sales Charge
Length of Time from Receipt of (as percentage of
Purchase Payment (Years) Purchase Payment)
----------------------------------------------------------------------
<S> <C>
Less than 1 year 7%
1 or more but less than 2 years 6%
2 or more but less than 3 years 5%
3 or more but less than 4 years 4%
4 or more but less than 5 years 3%
5 or more but less than 6 years 2%
6 or more but less than 7 years 1%
7 years or more 0%
</TABLE>
If an Account is established as a rollover from another Aetna contract, the
Surrender Fee for the rollover amount will be determined according to the
effective date of the account under such predecessor contract.
Minimum Account Value
$5,000 ($1,500 for a qualified plan). Aetna reserves the right to lower
this amount on a nondiscriminatory basis.
See Section I - DEFINITIONS for explanations
GM-VA-98(NY)N-2(MH) Page 4
<PAGE>
Schedule - Annuity Period
Separate Account - Variable Annuity Payment
================================================================================
Charges to Separate Account
A daily charge is deducted at an annual effective rate of 1.25% for
mortality and expense risks in the Annuity Period. The administrative
charge is established upon election of an Annuity Payout Option. This
charge will not exceed 0.25%.
Transfers
When a variable Annuity Payment has been elected, four free Transfers are
allowed each Account Year among the Subaccounts available during the
Annuity Period. Thereafter, Aetna reserves the right to charge $10 for each
subsequent Transfer.
General Account - Fixed Annuity Payment
================================================================================
Minimum Guaranteed Interest Rate
3.0% (effective annual rate of return)
See Section I - DEFINITIONS for explanations.
GM-VA-98(NY)N-2(MH) Page 5
<PAGE>
Schedule - Accumulation Period
Option Package
================================================================================
Option Package Selected - A different Schedule - Accumulation Period will apply
depending upon the Option Package selected. (See Section IV - OPTION PACKAGES.)
Option Package III was selected.
Schedule Effective Date
June 1, 1998
Separate Account
================================================================================
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 1.25%
-----
Total Separate Account Charges 1.40%
</TABLE>
Separate Account Funds:
During the Accumulation Period the funds available with this contract are:
<TABLE>
<S> <C>
Aetna Balanced VP, Inc. Fidelity VIP High Income Portfolio
Aetna Bond VP Fidelity VIP II Contrafund Portfolio
Aetna Growth VP Janus Aspen Aggressive Growth Portfolio
Aetna Growth and Income VP Janus Aspen Balanced Portfolio
Aetna Index Plus Large Cap VP Janus Aspen Growth Portfolio
Aetna International VP Janus Aspen Worldwide Growth Portfolio
Aetna Money Market VP MFS Total Return Series
Aetna Real Estate Securities VP Oppenheimer Aggressive Growth Fund/VA
Aetna Small Company VP Oppenheimer Main Street Growth & Income Fund/VA
AIM V.I. Capital Appreciation Fund Oppenheimer Strategic Bond Fund/VA
AIM V.I. Growth Fund Portfolio Partners MFS Emerging Equities Portfolio
AIM V.I. Growth and Income Fund Portfolio Partners MFS Research Growth Portfolio
AIM V.I. Value Fund Portfolio Partners MFS Value Equity Portfolio
Fidelity VIP Equity - Income Portfolio Portfolio Partners Scudder International Growth Portfolio
</TABLE>
GM-VA-98(NY)N-3 Page 3
<PAGE>
Schedule - Accumulation Period (continued)
Guaranteed Account
================================================================================
Minimum Guaranteed Rate
3.0% (effective annual rate of return)
Separate Account and Guaranteed Account
================================================================================
Transfers
An unlimited number of Transfers are allowed during the Accumulation
Period. Aetna allows 12 free Transfers in any Account Year. Thereafter,
Aetna reserves the right to charge $10 for each subsequent Transfer.
Maintenance Fee
The annual Maintenance Fee is $30. If the Account Value is $50,000 or more
on the date the Maintenance Fee is to be deducted, the Maintenance Fee is
$0.
Deferred Sales Charge
For each withdrawal, the Deferred Sales Charge will be determined as
follows:
<TABLE>
<CAPTION>
Deferred Sales Charge
Length of Time from Receipt of (as percentage of
Purchase Payment (Years) Purchase Payment)
----------------------------------------------------------------------
<S> <C>
Less than 1 year 7%
1 or more but less than 2 years 6%
2 or more but less than 3 years 5%
3 or more but less than 4 years 4%
4 or more but less than 5 years 3%
5 or more but less than 6 years 2%
6 or more but less than 7 years 1%
7 years or more 0%
</TABLE>
If an Account is established as a rollover from another Aetna contract, the
Surrender Fee for the rollover amount will be determined according to the
effective date of the account under such predecessor contract.
Minimum Account Value
$5,000 ($1,500 for a qualified plan). Aetna reserves the right to lower
this amount on a nondiscriminatory basis.
See Section I - DEFINITIONS for explanations.
GM-VA-98(NY)N-3 Page 4
<PAGE>
Schedule - Annuity Period
Separate Account - Variable Annuity Payment
================================================================================
Charges to Separate Account
A daily charge is deducted at an annual effective rate of 1.25% for
mortality and expense risks in the Annuity Period. The administrative
charge is established upon election of an Annuity Payout Option. This
charge will not exceed 0.25%.
Transfers
When a variable Annuity Payment has been elected, four free Transfers are
allowed each Account Year among the Subaccounts available during the
Annuity Period. Thereafter, Aetna reserves the right to charge $10 for each
subsequent Transfer.
General Account - Fixed Annuity Payment
================================================================================
Minimum Guaranteed Interest Rate
3.0% (effective annual rate of return)
See Section I - DEFINITIONS for explanations.
GM-VA-98(NY)N-3 Page 5
<PAGE>
Schedule - Accumulation Period
Option Package
================================================================================
Option Package Selected - A different Schedule - Accumulation Period will apply
depending upon the Option Package selected. (See Section IV - OPTION PACKAGES.)
Option Package III was selected.
Schedule Effective Date
June 1, 1998
Separate Account
================================================================================
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 1.25%
----
Total Separate Account Charges 1.40%
</TABLE>
Separate Account Funds:
During the Accumulation Period the funds available with this contract are:
<TABLE>
<S> <C>
Aetna Balanced VP, Inc. Janus Aspen Aggressive Growth Portfolio
Aetna Bond VP Janus Aspen Balanced Portfolio
Aetna Growth VP Janus Aspen Growth Portfolio
Aetna Growth and Income VP Janus Aspen Worldwide Growth Portfolio
Aetna Index Plus Large Cap VP MFS Total Return Series
Aetna International VP Mitchell Hutchins Growth and Income Portfolio
Aetna Money Market VP Mitchell Hutchins Tactical Allocation
Aetna Real Estate Securities VP Mitchell Hutchins Small Cap Portfolio
Aetna Small Company VP Oppenheimer Aggressive Growth Fund/VA
AIM V.I. Capital Appreciation Fund Oppenheimer Main Street Growth & Income Fund/VA
AIM V.I. Growth Fund Oppenheimer Strategic Bond Fund/VA
AIM V.I. Growth and Income Fund Portfolio Partners MFS Emerging Equities Portfolio
AIM V.I. Value Fund Portfolio Partners MFS Research Growth Portfolio
Fidelity VIP Equity - Income Portfolio Portfolio Partners MFS Value Equity Portfolio
Fidelity VIP High Income Portfolio Portfolio Partners Scudder International Growth Portfolio
Fidelity VIP II Contrafund Portfolio
</TABLE>
GM-VA-98(NY)N-3(MH) Page 3
<PAGE>
Schedule - Accumulation Period (continued)
Guaranteed Account
================================================================================
Minimum Guaranteed Rate
3.0% (effective annual rate of return)
Separate Account and Guaranteed Account
================================================================================
Transfers
An unlimited number of Transfers are allowed during the Accumulation
Period. Aetna allows 12 free Transfers in any Account Year. Thereafter,
Aetna reserves the right to charge $10 for each subsequent Transfer.
Maintenance Fee
The annual Maintenance Fee is $30. If the Account Value is $50,000 or more
on the date the Maintenance Fee is to be deducted, the Maintenance Fee is
$0.
Deferred Sales Charge
For each withdrawal, the Deferred Sales Charge will be determined as
follows:
<TABLE>
<CAPTION>
Deferred Sales Charge
Length of Time from Receipt of (as percentage of
Purchase Payment (Years) Purchase Payment)
----------------------------------------------------------------------
<S> <C>
Less than 1 year 7%
1 or more but less than 2 years 6%
2 or more but less than 3 years 5%
3 or more but less than 4 years 4%
4 or more but less than 5 years 3%
5 or more but less than 6 years 2%
6 or more but less than 7 years 1%
7 years or more 0%
</TABLE>
If an Account is established as a rollover from another Aetna contract, the
Surrender Fee for the rollover amount will be determined according to the
effective date of the account under such predecessor contract.
Minimum Account Value
$5,000 ($1,500 for a qualified plan). Aetna reserves the right to lower
this amount on a nondiscriminatory basis.
See Section I - DEFINITIONS for explanations.
GM-VA-98(NY)N-3(MH) Page 4
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Schedule - Annuity Period
Separate Account - Variable Annuity Payment
================================================================================
Charges to Separate Account
A daily charge is deducted at an annual effective rate of 1.25% for
mortality and expense risks in the Annuity Period. The administrative
charge is established upon election of an Annuity Payout Option. This
charge will not exceed 0.25%.
Transfers
When a variable Annuity Payment has been elected, four free Transfers are
allowed each Account Year among the Subaccounts available during the
Annuity Period. Thereafter, Aetna reserves the right to charge $10 for each
subsequent Transfer.
General Account - Fixed Annuity Payment
================================================================================
Minimum Guaranteed Interest Rate
3.0% (effective annual rate of return)
See Section I - DEFINITIONS for explanations.
GM-VA-98(NY)N-3(MH) Page 5
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<TABLE>
<CAPTION>
Table of Contents
<S> <C> <C> <C>
I. DEFINITIONS PAGE
1.01 Account .............................................................. 8
1.02 Account Effective Date ............................................... 8
1.03 Account Value ........................................................ 8
1.04 Account Year ......................................................... 8
1.05 Accumulation Period .................................................. 8
1.06 Adjusted Account Value ............................................... 8
1.07 Annuitant ............................................................ 8
1.08 Annuity Payment ...................................................... 8
1.09 Annuity Payout Options ............................................... 8
1.10 Annuity Period ....................................................... 8
1.11 Beneficiary .......................................................... 9
1.12 Certificate Holder ................................................... 9
1.13 Claim Date ........................................................... 9
1.14 Code ................................................................. 9
1.15 Contract ............................................................. 9
1.16 Contract Holder ...................................................... 9
1.17 Contribution Period................................................... 9
1.18 Deferred Sales Charge................................................. 9
1.19 Dollar Cost Averaging ................................................ 9
1.20 Fund(s) .............................................................. 10
1.21 General Account ...................................................... 10
1.22 Guaranteed Account ................................................... 10
1.23 Guaranteed Rates - Guaranteed Account ................................ 10
1.24 Guaranteed Term ...................................................... 10
1.25 Guaranteed Term(s) Groups ............................................ 10
1.26 Maintenance Fee ...................................................... 11
1.27 Market Value Adjustment (MVA) ........................................ 11
1.28 Matured Term Value ................................................... 11
1.29 Maturity Value Transfer .............................................. 11
1.30 Maturity Date ........................................................ 11
1.31 Option Package ....................................................... 11
1.32 Purchase Payment(s) .................................................. 11
1.33 Reinvestment ......................................................... 11
1.34 Schedule Effective Date .............................................. 11
1.35 Separate Account ..................................................... 12
1.36 Subaccount(s) ........................................................ 12
1.37 Systematic Distribution Option ....................................... 12
1.38 Transfers ............................................................ 12
1.39 Withdrawal Value ..................................................... 12
1.40 Valuation Date ....................................................... 12
II. GENERAL PROVISIONS
2.01 Change of Contract ................................................... 12
2.02 Change of Fund(s) .................................................... 13
2.03 Nonparticipating Contract ............................................ 13
2.04 Payments and Elections .............................................. 13
2.05 State Laws ........................................................... 13
2.06 Control of Contract ................................................. 13
2.07 Designation of Beneficiary ........................................... 14
2.08 Misstatements and Adjustments ....................................... 14
2.09 Incontestability .................................................... 14
2.10 Grace Period ........................................................ 14
2.11 Individual Certificates .............................................. 14
</TABLE>
GM-VA-98(NY) Page 6
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<TABLE>
<S> <C> <C> <C>
III. PURCHASE PAYMENT, ACCOUNT VALUE, AND WITHDRAWAL PROVISIONS
3.01 Purchase Payment ..................................................... 14
3.02 Certificate Holder's Account ......................................... 15
3.03 Accumulation Units - Separate Account ................................ 15
3.04 Net Investment Factor(s) - Separate Account .......................... 15
3.05 Accumulation Unit Value - Separate Account ........................... 15
3.06 Market Value Adjustment (MVA) ........................................ 15
3.07 Transfer of Account Value from the Subaccount(s) or Guaranteed Account
During the Accumulation Period ....................................... 16
3.08 Notice to the Certificate Holder ..................................... 17
3.09 Loans ................................................................ 17
3.10 Systematic Distribution Options ...................................... .17
3.11 Death Benefit Amount ................................................. 17
3.12 Death Benefit Options Available to Beneficiary ....................... 17
3.13 Liquidation of Withdrawal Value ...................................... 18
3.14 Deferred Sales Charge ................................................ 19
3.15 Payment of Withdrawal Value .......................................... 19
3.16 Payment of Adjusted Account Value .................................... 19
3.17 Reinstatement ........................................................ 19
IV. OPTION PACKAGES
4.01 Election of Option Packages .......................................... 20
4.02 Description of Option Package I ...................................... 20
4.03 Description of Option Package II ..................................... 21
4.04 Description of Option Package III .................................... 23
V. ANNUITY PAYOUT PROVISIONS
5.01 Annuity Payout Options ............................................... 24
5.02 Annuity Payment Choices .............................................. 25
5.03 Terms of Annuity Payout Options ...................................... 25
5.04 Death of Annuitant/Beneficiary ....................................... 26
5.05 Annuity Units - Separate Account ..................................... 28
5.06 Annuity Unit Value - Separate Account ................................ 28
5.07 Annuity Net Return Factor(s) - Separate Account ...................... 28
</TABLE>
GM-VA-98(NY) Page 7
<PAGE>
I. DEFINITIONS
================================================================================
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 - OPTION PACKAGES);
(d) Less the amount of any Maintenance Fee deducted;
(e) Less any additional fee(s), charges, or taxes, if applicable,
deducted;
(f) Less any amount(s) withdrawn; and
(g) Less any 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 such 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 Certificate.
1.08 Annuity Payment:
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.
GM-VA-98(NY) Page 8
<PAGE>
1.11 Beneficiary:
The individual(s) or entity entitled to receive any death benefit
due under the Certificate. 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 this 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 it may be amended from time
to time.
1.15 Contract:
The contract between Aetna and the Contract Holder.
1.16 Contract Holder:
The entity to which the Contract is issued.
1.17 Contribution 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 Contribution
Period.
During a Contribution Period, Aetna may offer any number of
Guaranteed Terms and more than one Guaranteed Term of the same
duration may be offered.
1.18 Deferred Sales Charge:
The charge that is applied to a Purchase Payment(s) upon
withdrawal. This charge will be waived under certain
circumstances or after a certain length of time (see Section III
- Deferred Sales Charge).
1.19 Dollar Cost Averaging:
A program that permits the Certificate Holder 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.
GM-VA-98(NY) Page 9
<PAGE>
1.20 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.
1.21 General Account:
The account holding the assets of Aetna, other than those assets
held in Aetna's separate accounts.
1.22 Guaranteed Account:
A nonunitized separate account, established by Aetna under
Section 38a-433 of the Connecticut General Statutes, 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 this Contract and reserves required by federal
and state law, may not be charged against the nonunitized
separate account.
1.23 Guaranteed Rates - Guaranteed Account:
Aetna will declare the interest rate(s) applicable to a specific
Guaranteed Term at the start of the Contribution Period for that
Guaranteed Term. The rate(s) are guaranteed by Aetna for the
period beginning with the first day of the Contribution 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), which are higher
than the initial Guaranteed Rate, 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.
1.24 Guaranteed Term:
The period of time specified by Aetna for which a specific
Guaranteed Rate(s) is offered on amounts invested during a
specific Contribution 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.
1.25 Guaranteed Term(s) Groups:
All Guaranteed Account Guaranteed Term(s) of the same duration
(from the close of the Contribution Period until the designated
Maturity Date).
GM-VA-98(NY) Page 10
<PAGE>
1.26 Maintenance Fee:
The Maintenance Fee (see Schedule - Accumulation Period) will be
deducted during the Accumulation Period from the Account Value on
each anniversary of the Account Effective Date and upon
withdrawal of the entire Account.
1.27 Market Value Adjustment (MVA):
An adjustment that will apply to an amount withdrawn or
transferred from a Guaranteed Account Guaranteed Term prior to
the end of that Guaranteed Term. This adjustment will be applied
except as outlined in Section 3.06 (b) Market Value Adjustment.
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).
1.28 Matured Term Value:
The amount due on a Guaranteed Account Guaranteed Term's Maturity
Date.
1.29 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 such written request received from the Certificate
Holder during this period for any Matured Term Value.
1.30 Maturity Date:
The last day of a Guaranteed Account Guaranteed Term.
1.31 Option Package:
The version of the Contract selected which defines, among other
things, the amount of the mortality and expense risk charge, the
calculation of the death benefit, and the availability of certain
withdrawals without imposition of a Deferred Sales Charge.
1.32 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.
1.33 Reinvestment:
Aetna will mail a notice to the Certificate Holder at least 18
and not more than 45 calendar days before a Guaranteed Term's
Maturity Date. This notice will contain the Terms available
during current Contribution 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 Contribution 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 Contribution 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.
1.34 Schedule Effective Date:
The date that an Option Package becomes effective. This date is
indicated on the Schedule - Accumulation Period. At initial
purchase, this date is the same as the Account Effective Date.
GM-VA-98(NY) Page 11
<PAGE>
1.35 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.
1.36 Subaccount(s):
The portion of the assets of the Separate Account that is
allocated to a particular Fund. Each Subaccount invests in the
shares of only one corresponding Fund.
1.37 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.
1.38 Transfers:
The movement of invested amounts among the available
Subaccount(s) and/or any Guaranteed Account Guaranteed Term made
available, subject to terms and conditions established by Aetna,
during the Accumulation Period or the Annuity Period.
1.39 Withdrawal Value:
The amount payable by Aetna upon the withdrawal of any portion of
an Account.
1.40 Valuation Date:
The date and time in which Aetna calculates the net asset value
of the Subaccount, usually from 4:00 p.m. Eastern time each day
the New York Stock Exchange is open, to 4:00 p.m. the next such
business day.
II. GENERAL PROVISIONS
================================================================================
2.01 Change of Contract:
Only an authorized officer of Aetna may change the terms of this
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 only to new
Certificate Holders.
Any change that affects any of the following under this 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 (see Section V)
(h) Annuity Unit Value - Separate Account (see Section V)
(i) Annuity Payout Options (see Section V).
GM-VA-98(NY) Page 12
<PAGE>
Any Account established on or after the effective date of any
change will be subject to the change. 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, 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.
Any elimination, substitution or addition of funds will be done
in accordance with federal securities laws and are subject to the
approval of the Superintendent of the New York Insurance
Department and Aetna will notify the Contract Holder of such
change.
2.03 Nonparticipating 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 V - 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 are equal to or greater than the minimum
required by such laws. Annuity tables for legal reserve valuation
shall be as required by state law. Such tables may be different
from annuity tables used to determine Annuity Payments.
2.06 Control of Contract:
This is a Contract 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.
Nothing in the group annuity Contract invalidates or impairs any
right granted to the Certificate Holder. The Certificate Holder
has all other rights to amounts held in his or her Account.
Each Certificate Holder shall own all amounts held in his or her
Account. Each Certificate Holder may make any choices allowed by
this Contract for his or her Account. Choices made under this
Contract must be in writing. If the Account is owned jointly,
both joint Certificate Holders must authorize any Certificate
Holder change in writing. Until receipt of such choices at
Aetna's home office, Aetna may rely on any previous choices made.
The 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. Aetna reserves the right not to accept
assignment or transfer to a nonnatural person. 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.
GM-VA-98(NY) Page 13
<PAGE>
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. Changes
to a Beneficiary must be submitted to Aetna's home office in
writing and will not be effective until accepted by Aetna. 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 or sex of any Annuitant to be misstated,
the amount payable under the Contract shall be adjusted for the
correct age or sex; the amount of any underpayment or
overpayment, with interest at six per cent per year, shall be
credited to, or charged against, the current or next succeeding
payment or payments to be made by Aetna under the Contract.
2.09 Incontestability:
After two years, the Contract will be incontestable.
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 contains all provisions of the Contract.
III. PURCHASE PAYMENT, ACCOUNT VALUE, AND WITHDRAWAL PROVISIONS
================================================================================
3.01 Purchase Payment:
This amount is the actual Purchase Payment. 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) Guaranteed Account Guaranteed Terms made available, subject to
terms and conditions established by Aetna; and/or
(b) The Subaccount(s) offered through the Separate Account.
For each Purchase Payment, 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. Unless different allocation instructions are received
for any additional Purchase Payment, the allocation will be the
same as for the initial Purchase Payment. 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.
GM-VA-98(NY) Page 14
<PAGE>
3.02 Certificate Holder's Account:
Aetna will maintain an Account for each Certificate Holder.
Aetna will declare from time to time the acceptability and the
minimum amount for initial and additional Purchase Payments.
3.03 Accumulation Units - Separate Account:
The portion of the Purchase Payment(s) applied to each Subaccount
under the Separate Account will determine the number of
accumulation units for that Subaccount. This number is equal to
the portion of the Purchase Payment(s) applied to each Subaccount
divided by the accumulation unit value (see Section III -
Accumulation Unit Value - Separate Account) for the Valuation
Date in which the Purchase Payment is received in good order at
Aetna's home office.
3.04 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;
(d) Divided by the total value of the Subaccount's accumulation
and annuity units on the preceding Valuation Date;
(e) Minus a daily charge at the annual effective rate for
mortality and expense risks as stated in the Schedule -
Accumulation Period and Schedule - Annuity Period, and an
administrative charge of 0.15% (unless reduced or eliminated)
during the Accumulation Period and up to 0.25% during the
Annuity Period (currently 0% during the Annuity Period).
The net investment rate may be either positive or negative.
3.05 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.
3.06 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 (including a free withdrawal, see
Section III - Deferred Sales Charge), 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).
GM-VA-98(NY) Page 15
<PAGE>
Full and partial withdrawals and Transfers made within six months
after the date of the Annuitant's death will equal the applicable
portion of the Account Value in the Guaranteed Account plus the
positive aggregate MVA amount, if any, which is the sum of all
market value adjusted amounts resulting from withdrawals. After
the six-month period, the withdrawal or Transfer will be the
applicable portion of the Account Value in the Guaranteed Account
without any application of the MVA.
Market value adjusted amounts will be equal to the amount
withdrawn multiplied by the following ratio:
(x/365)
(1 + i)
------
(x/365)
(1 + j)
Where:
i is the Contribution 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 Contribution Period yield will be determined as follows:
(a) At the close of the last business day of each week of the
Contribution 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 Contribution Period yield is the average of those yields
for the Contribution Period. If withdrawal is made before the
close of the Contribution Period, it is the average of those
yields on each week preceding withdrawal.
The current yield is the average of the yields for the remaining
period in the guaranteed term on the last business day of the
week preceding withdrawal on the same U.S. Treasury Notes
included in the Contribution 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 from the Subaccount(s) or Guaranteed Account
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 Contribution 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 Contribution 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 do not
count against the annual Transfer limit.
Amounts allocated to Guaranteed Account Guaranteed Terms may not
be transferred to the Subaccounts or to another Guaranteed Term
during a Contribution Period or for 90 days after the close of a
Contribution Period except for:
GM-VA-98(NY) Page 16
<PAGE>
(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:
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;
(d) The amount available to provide a paid-up annuity benefit; and
(e) The amount available for withdrawal (may be subject to a DSC
or an MVA).
3.09 Loans:
Loans are not available under this 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. No
Deferred Sales Charge or MVA will apply to the automatic payments
made under a Systematic Distribution Option.
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 Death Benefit Amount:
The amount of the death benefit is described in Section IV -
OPTION PACKAGES.
3.12 Death Benefit 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:
GM-VA-98(NY) Page 17
<PAGE>
(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.
(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.
3.13 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. Purchase Payment
amounts are withdrawn first, and then the excess value, if any.
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 Contribution
Period, then from the next oldest, and so on until the amount
requested is satisfied.
GM-VA-98(NY) Page 18
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After deduction of the Maintenance Fee, if applicable, the
withdrawn amount shall be reduced by a Deferred Sales Charge, if
applicable. An MVA may apply to amounts withdrawn from the
Guaranteed Account.
3.14 Deferred Sales Charge:
The Deferred Sales Charge only applies to the Purchase Payment(s)
portion withdrawn and varies according to the elapsed time since
deposit (see Schedule - Accumulation Period). Purchase Payment
amounts are withdrawn in the same order they were applied.
No Deferred Sales Charge is deducted from any portion of the
Purchase Payment which is paid:
(a) To a Beneficiary due to the Annuitant's death before Annuity
Payments start, up to a maximum of the aggregate Purchase
Payment(s) minus the total of all partial surrenders, amounts
applied to an Annuity Payout Option and deductions made prior
to the Annuitant's date of death;
(b) For an Annuity Payout Option (see Section V);
(c) As a distribution under a Systematic Distribution Option;
(d) For a full withdrawal of the Account where the Account Value
is $2,500 or less and no withdrawals have been taken from the
Account within the prior 12 months;
(e) By Aetna under Section III - Payment of Adjusted Account
Value;
(f) Under a qualified Contract when the amount withdrawn is equal
to the minimum distribution required by the Code for the
Account, calculated using a method permitted under the Code
and agreed to by Aetna;
(g) As a free withdrawal as described in Section IV - OPTION
PACKAGES; or
(h) As a Purchase Payment for a contract issued by Aetna, that
gives credit for time spent in the predecessor contract in
applying the deferred sales charge.
3.15 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.
3.16 Payment of Adjusted Account Value:
Upon 90 days written notice to the Certificate Holder, Aetna will
terminate any Account if the Account Value becomes less than
$2,000 immediately following any partial withdrawal and provided
no Purchase Payments have been made in three years. Aetna does
not intend to exercise this right in cases where an Account is
reduced to $2,000 or less solely due to investment performance. A
Deferred Sales Charge will not be deducted from the Adjusted
Account Value.
3.17 Reinstatement:
The Certificate Holder may reinstate the proceeds of a full
withdrawal, subject to terms and conditions established by Aetna.
IV. OPTION PACKAGES
================================================================================
The Contract offers three Option Packages regarding calculation
of the death benefit and the ability to withdraw money free of
Deferred Sales Charge. The Option Package selected is reflected
in the Schedule-Accumulation Period attached to the Certificate.
At initial purchase, the Schedule Effective Date is the same as
the Account Effective Date. If, at a later date, the Certificate
Holder wishes to replace the current Option Package with another
available Option Package, the Certificate Holder may do so upon
any anniversary of the Account Effective Date.
GM-VA-98(NY Page 19
<PAGE>
A different Schedule-Accumulation Period may apply to each
Certificate Holder depending upon the Option Package selected.
Below is a description of the ability to elect other Option
Packages and the contractual provisions of each Option Package.
4.01 Election of Option Packages:
Any Certificate Holder, who meets the applicable minimum Account
Value required by Aetna, may elect to replace the Option Package
in effect with one of the other available Option Packages. 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 Option Package 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 Option Package 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,
The calculation of the death benefit, and
The revised ability to withdraw money free of Deferred
Sales Charge.
All other Contract features remain in effect from the Account
Effective Date.
4.02 Description of Option Package I:
Deferred Sales Charge:
In addition to the events described in Section III - Deferred
Sales Charge, the total amount that may be withdrawn each Account
Year without a Deferred Sales Charge cannot exceed 10% of the
Account Value less:
(1) Any amount(s) withdrawn and/or requested for withdrawal under
a Systematic Distribution Option; or
(2) Any amount(s) taken as a minimum required distribution as
described in Section III - Deferred Sales Charge.
Death Benefit Calculation During the Accumulation Period:
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 to
die. The amount of the death benefit is determined as follows:
(a) Death of the Annuitant.
-----------------------
The death benefit 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
as of the Claim Date; or
(2) The Account Value on the Claim Date.
The adjustment for Purchase payments made will be dollar
for dollar. The adjustment for amounts withdrawn or
applied to an Annuity Payout Option will be proportionate,
reducing the sum of all Purchase Payments made and the
highest Account Value in the same proportion that the
Account Value was reduced on the date of the withdrawal
or application to an Annuity Payout Option.
GM-VA-98(NY) Page 20
<PAGE>
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.
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 III - Death Benefit Options
Available to Beneficiary.
(b) Death of the Certificate Holder if the Certificate Holder
---------------------------------------------------------
is not the Annuitant.
---------------------
On the Claim Date, the amount of the death benefit equals
the Account Value.
The amount paid to the Beneficiary will equal the Adjusted
Account Value on the date the payment request is processed.
A Deferred Sales Charge may apply to any full or partial
payment of the death benefit. The Beneficiary may elect a
death benefit payment option as permitted in Section III -
Death Benefit Options Available to Beneficiary.
(c) Death of a spouse who is the Beneficiary of a Certificate
---------------------------------------------------------
Holder/Annuitant and who becomes a successor Certificate
--------------------------------------------------------
Holder/Annuitant.
-----------------
The amount of the death benefit paid to the Beneficiary at
the death of a successor Certificate Holder/Annuitant is the
greater of the values as described in (a) above except that
in calculating (a)(1), the Account Value on the Claim Date
for the prior Certificate Holder's death is treated as the
initial Purchase Payment.
Charges to Separate Account:
See Schedule-Accumulation Period.
4.03 Description of Option Package II:
Deferred Sales Charge:
In addition to the events described in Section III -
Deferred Sales Charge, the total amount that may be
withdrawn each Account Year without a Deferred Sales Charge
cannot exceed 10% of the Account Value less:
(1) Any amount(s) withdrawn and/or requested for withdrawal
under a Systematic Distribution Option; or
(2) Any amount(s) taken as a minimum required distribution as
described in Section III - Deferred Sales Charge.
Death Benefit Calculation During the Accumulation Period:
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 to die. The amount of the death benefit is determined
as follows:
(a) Death of the Annuitant.
-----------------------
The death benefit 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
as of the Claim Date; or
(2) The Account Value on the Claim Date; or
(3) The "Step-up Value" on the Claim Date.
On the Schedule Effective Date, the Step-up Value is the
greater of:
(1) The Account Value; or
GM-VA-98(NY) Page 21
<PAGE>
(2) The Step-up Value, if any, calculated on the anniversary
prior to the Schedule Effective Date, adjusted for
Purchase Payments(s) made and amount(s) withdrawn or
applied to an Annuity Payout Option during the prior
Account Year.
Thereafter, on each anniversary of the Schedule Effective
Date until the anniversary immediately preceding the
Annuitant's 85th birthday or death, whichever is earlier,
the Step-up Value is equal to the greater of:
(a) The Step-up Value most recently calculated, adjusted
for Purchase Payment(s) made and amount(s) withdrawn
or applied to an Annuity Payout Option during the
prior Account Year; or
(b) The Account Value on that anniversary of the Schedule
Effective Date.
On the Claim Date, the Step-up Value shall equal the
Step-up Value calculated prior to death. It is
adjusted for Purchase Payment(s) made and amount(s)
withdrawn or applied to an Annuity Payout Option since
the anniversary on which the Step-up Value was
calculated.
The adjustment for Purchase Payments made will be dollar for
dollar. The adjustment for amounts withdrawn or applied to an
Annuity Payout Option will be proportionate, reducing the sum of
all Purchase Payments made and the highest Account Value in the
same proportion that the Account Value was reduced on the date of
the withdrawal or application to an Annuity Payout Option.
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.
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 III - Death
Benefit Options Available to the Beneficiary.
(b) Death of the Certificate Holder if the Certificate Holder is
------------------------------------------------------------
not the Annuitant.
------------------
On the Claim Date, the amount of the death benefit equals
the Account Value.
The amount paid to the Beneficiary will equal the Adjusted
Account Value on the date the payment request is processed.
A Deferred Sales Charge may apply to any full or partial
payment of the death benefit. The Beneficiary may elect a
death benefit payment option as permitted in Section III -
Death Benefit Options Available to the Beneficiary.
(c) Death of a spouse who is the Beneficiary of a Certificate
---------------------------------------------------------
Holder/Annuitant and who becomes a successor Certificate
--------------------------------------------------------
Holder/Annuitant.
-----------------
The amount of the death benefit paid to the Beneficiary at
the death of a successor Certificate Holder/Annuitant is the
greater of the values as described in (a) above except that:
(1) 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; and
(2) In calculating (a)(3), the Step-up Value on the Claim
Date for the prior Certificate Holder's death is the
initial Step-up Value.
Charges to Separate Account:
See Schedule-Accumulation Period.
GM-VA-98(NY) Page 22
<PAGE>
4.04 Description of Option Package III:
Deferred Sales Charge:
In addition to the events described in Section III - Deferred
Sales Charge, the total amount that may be withdrawn each Account
Year without a Deferred Sales Charge cannot exceed 10% of the
Account Value less:
(1) Any amount(s) withdrawn and/or requested for withdrawal under
a Systematic Distribution Option; or
(2) Any amount(s) taken as a minimum required distribution as
described in Section III - Deferred Sales Charge.
If the entire 10% of Account Value free of Deferred Sales Charge
is not taken in any Account Year, the Certificate Holder may
accumulate in successive Account Years the percentage not taken.
The amount eligible each Account Year for withdrawal without a
Deferred Sales Charge cannot exceed 30% of the Account Value less
any amount(s) withdrawn and/or requested for withdrawal under a
Systematic Distribution Option, or taken as a minimum required
distribution as described in Section III - Deferred Sales Charge,
during the Account Year.
Death Benefit Calculation During the Accumulation Period:
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 to
die. The amount of the death benefit is determined as follows:
(a) Death of the Annuitant.
-----------------------
The death benefit 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
as of the Claim Date; or
(2) The Account Value on the Claim Date; or
(3) The "Step-up Value" on the Claim Date.
On the Schedule Effective Date, the Step-up Value is the
greater of:
(1) The Account Value; or
(2) The Step-up Value, if any, calculated on the anniversary
prior to the Schedule Effective Date, adjusted for
Purchase Payments(s) made and amount(s) withdrawn or
applied to an Annuity Payout Option during the prior
Account Year.
Thereafter, on each anniversary of the Schedule Effective
Date until the anniversary immediately preceding the
Annuitant's 85th birthday or death, whichever is earlier,
the Step-up Value is equal to the greater of:
(a) The Step-up Value most recently calculated, adjusted
for Purchase Payment(s) made and amount(s) withdrawn or
applied to an Annuity Payout Option during the prior
Account Year; or
(b) The Account Value on that anniversary of the Schedule
Effective Date.
On the Claim Date, the Step-up Value shall equal the
Step-up Value calculated prior to death. It is
adjusted for Purchase Payment(s) made and amount(s)
withdrawn or applied to an Annuity Payout Option since
the anniversary on which the Step-up Value was
calculated.
The adjustment for Purchase payments made will be dollar for
dollar. The adjustment for amounts withdrawn or applied to an
Annuity Payout Option will be proportionate, reducing the sum of
all Purchase Payments made and the highest Account Value in the
same proportion that the Account Value was reduced on the date of
the withdrawal or application to an Annuity Payout Option.
GM-VA-98(NY) Page 23
<PAGE>
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.
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 III - Death
Benefit Options Available to the Beneficiary.
(b) Death of the Certificate Holder if the Certificate Holder is
------------------------------------------------------------
not the Annuitant.
------------------
On the Claim Date, the amount of the death benefit equals the
Account Value.
The amount paid to the Beneficiary will equal the Adjusted
Account Value on the date the payment request is processed.
A Deferred Sales Charge may apply to any full or partial
payment of the death benefit. The Beneficiary may elect a
death benefit payment option as permitted in Section III -
Death Benefit Options Available to the Beneficiary.
(c) Death of a spouse who is the Beneficiary of a Certificate
---------------------------------------------------------
Holder/Annuitant and who becomes a successor Certificate
--------------------------------------------------------
Holder/Annuitant.
-----------------
The amount of the death benefit paid to the Beneficiary at
the death of a successor Certificate Holder/Annuitant is the
greater of the values as described in (a) above except that:
(1) 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; and
(2) In calculating (a)(3), the Step-up Value on the Claim
Date for the prior Certificate Holder's death is the
initial Step-up Value.
Charges to Separate Account:
See Schedule-Accumulation Period.
V. Annuity Payout Provisions
================================================================================
5.01 Annuity Payout Options:
Annuity Payout Option 1 - Payments for a specified period:
----------------------------------------------------------
Payments are made for the number of years specified by the
Certificate Holder. The number of years must be at least five and
not more than 30.
Annuity Payout Option 2 - Life income based on the life of one
--------------------------------------------------------------
Annuitant:
----------
When this option is elected, the Certificate Holder must choose
one of the following:
(a) Payments cease at the death of the Annuitant;
(b) Payments are guaranteed for a specified period from five to 30
years;
(c) Cash refund: when the Annuitant dies, the Beneficiary will
receive a lump sum payment equal to the amount applied to the
Annuity Payout Option (less any premium tax, if applicable)
less the total amount of Annuity Payments made prior to such
death. This cash refund feature is only available if the total
amount applied to the Annuity Payout Option is allocated to a
fixed Annuity Payment.
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;
GM-VA-98(NY) Page 24
<PAGE>
(b) 66 2/3% of the payment to continue after the first death;
(c) 50% of the payment to continue after the first death;
(d) 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 a fixed Annuity Payment.
If a fixed Annuity Payment is 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) A fixed Annuity Payment using the General Account;
(b) A variable Annuity Payment using any of the Subaccount(s)
available under this Contract for the Annuity Period; or
(c) A combination of (a) and (b).
If a fixed Annuity Payment is 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 a variable Annuity Payment is 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 without charge 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.
GM-VA-98(NY) Page 25
<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 an Annuity Payment is chosen and a larger payment would
result from applying the Withdrawal Value or, if greater, 95%
of what the withdrawal would be if there were no withdrawal
fee, to a current Aetna single premium immediate Annuity,
Aetna will make the larger payment.
(d) For purposes of calculating the guaranteed first payment of a
variable or fixed Annuity Payment, 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
Payment 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 Annuity Payment under a
variable Annuity Payment 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) and administrative charges if future
variable Annuity Payments are to remain level, (see Schedule
- Annuity Period).
(f) Once elected, Annuity Payments cannot be commuted to a lump
sum 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.
GM-VA-98(NY) Page 26
<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
variable Annuity Payment which is equal to:
(a) The portion of the Account Value applied to pay a variable
Annuity Payment (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 Payment 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:
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 Annuity Payment amount 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, and a daily administrative charge at the
annual rate as shown on Schedule - Annuity Period.
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.
GM-VA-98(NY) Page 27
<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
GM-VA-98(NY) Page 28
<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
GM-VA-98(NY) Page 29
<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
GM-VA-98(NY) Page 30
<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
GM-VA-98(NY) Page 31
<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
GM-VA-98(NY) 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 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
GM-VA-98(NY) Page 33
<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
GM-VA-98(NY) Page 34
<PAGE>
Option 3: Life Income Based on the Lives of Two Annuitants
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
Monthly Payment Amount for Each $1,000*
Rates for a Fixed Annuity with 3% Guaranteed Interest Rate
Primary Annuitant is Male and Secondary Annuitant is Female
------------------------------------------------------------------------------------------------------------------------------------
Adjusted Ages
------------------------------
payments
guaranteed
Primary Secondary 10 years
Annuitant Annuitant Option 3(a) Option 3(b) Option 3(c) Option 3(d) Option 3(e) Option 3(f)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
55 50 $3.69 $4.05 $4.27 $3.69 $4.13 $3.67
55 55 3.88 4.25 4.47 3.87 4.25 3.85
55 60 4.06 4.47 4.71 4.06 4.36 4.02
60 55 3.99 4.44 4.71 3.98 4.55 3.94
60 60 4.24 4.71 4.99 4.23 4.70 4.17
60 65 4.49 5.01 5.32 4.48 4.85 4.39
65 60 4.38 4.97 5.32 4.38 5.10 4.29
65 65 4.72 5.33 5.70 4.71 5.32 4.59
65 70 5.07 5.75 6.17 5.05 5.54 4.87
70 65 4.93 5.68 6.15 4.91 5.86 4.74
70 70 5.40 6.21 6.70 5.36 6.18 5.13
70 75 5.89 6.82 7.40 5.81 6.49 5.48
75 70 5.69 6.68 7.32 5.62 6.92 5.29
75 75 6.37 7.45 8.15 6.23 7.40 5.78
75 80 7.07 8.34 9.16 6.78 7.85 6.17
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Net of any applicable premium tax deduction
GM-VA-98(NY) Page 35
<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
GM-VA-98(NY) Page 36
<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
GM-VA-98(NY) Page 37
<PAGE>
--------------------------------------------------------------------------------
Aetna Life Insurance and Annuity Company
Home Office: 151 Farmington Avenue
P.O. Box 30670
Hartford, Connecticut 06150-0670
(800) 531-4547
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.
GM-VA-98(NY)
