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EXHIBIT 99-B.4.8
ENDORSEMENT (EVA-PB-00(NY)) TO VARIABLE ANNUITY CONTRACT
GM-VA-98(NY) AND VARIABLE ANNUITY CONTRAACT CERTIFICATE
GMC-VA-98(NY)
AETNA LIFE INSURANCE AND ANNUITY COMPANY
PREMIUM BONUS ENDORSEMENT
The Contract and Certificate, if applicable, are hereby endorsed by adding the
following:
1) RIGHT TO CANCEL. On the Contract and Certificate cover page, add the
following to the RIGHT TO CANCEL provision:
If the Right to Cancel is exercised, any Premium Bonus credited to the
Account will be forfeited.
2) On SCHEDULE - ACCUMULATION PERIOD, add the following to the chart under the
heading SEPARATE ACCOUNT, CHARGES TO SEPARATE ACCOUNT:
Premium Bonus Charge 0.50%.
3) On SCHEDULE - ACCUMULATION PERIOD,
under the heading GUARANTEED ACCOUNT add the following to MINIMUM
GUARANTEED RATE:
The Guaranteed Rates will reflect the Premium Bonus Charge.
under the heading SEPARATE ACCOUNT AND GUARANTEED ACCOUNT add the following
to MINIMUM ACCOUNT VALUE:
At time of Purchase, the Premium Bonus amount is not included for purposes
of meeting the Minimum Account Value.
4) On SCHEDULE - ANNUITY PERIOD, add the following under the heading SEPARATE
ACCOUNT - VARIABLE ANNUITY PAYMENT, CHARGES TO SEPARATE ACCOUNT:
PREMIUM BONUS CHARGE
If a Variable Annuity Payout Option is selected during the first seven
Account Years, an additional daily charge is deducted from amounts
allocated to the Separate Account at an annual effective rate of 0.50% for
the Premium Bonus Charge. If a fixed Annuity Payout Option is chosen, this
charge will be reflected in the payment rates. This charge will remain in
effect for seven years from the Account Effective Date.
5) In SECTION I. DEFINITIONS, replace ACCOUNT VALUE with the following:
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 any Premium Bonus amount;
(b) Plus or minus the investment experience for the amount, if any,
allocated to one or more of the Subaccounts;
(c) Plus interest added to the amount, if any, allocated to the Guaranteed
Account;
(d) Plus any additional amount deposited to the Account (SEE SECTION IV -
OPTION PACKAGES);
(e) Less the amount of any Maintenance Fee deducted;
(f) Less any additional fee(s), charges, or taxes, if applicable,
deducted;
(g) Less any amount(s) withdrawn; and
(h) Less any amount(s) applied to an Annuity Payout Option.
6) In SECTION I. DEFINITIONS, add the following:
PREMIUM BONUS:
A percentage of an applicable Purchase Payment that is credited to an
Account by Aetna. This amount is in addition to the Purchase Payment. A
Premium Bonus will only be credited on Purchase Payments received during
the first Account Year.
EVA-PB-00(NY) 1
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PREMIUM BONUS CHARGE:
The Premium Bonus Charge is equal to 0.50%, on an annual basis, of the
Account Value allocated to the Separate Account. We will also deduct this
charge from amounts allocated to the Guaranteed Account or the General
Account. The Guaranteed Rates, after any deduction of the Premium Bonus
Charge, will not be less than 3.0%. The Premium Bonus Charge is deducted
daily at a rate that will yield the annual charge. The Premium Bonus Charge
will remain in effect for seven years from the Account Effective Date and
will be deducted during the Accumulation Period and, if applicable, the
Annuity Period.
7) In SECTION III. PURCHASE PAYMENT, ACCOUNT VALUE, AND WITHDRAWAL PROVISIONS,
add the following:
PREMIUM BONUS OPTION:
For each Purchase Payment made during the first Account Year, Aetna will
credit a Premium Bonus of 4% to the Account. The Premium Bonus will be
allocated to the Subaccount(s) or Guaranteed Term(s) selected in the same
proportion as the Purchase Payment. The Premium Bonus Option may be elected
only at the time of purchase. The election is irrevocable.
FORFEITURE OF PREMIUM BONUS:
The Premium Bonus will be forfeited in the following circumstances:
(a) If the Right to Cancel is exercised;
(b) If a death benefit is payable based upon the Account Value or Step-up
Value, but only if the Premium Bonus was credited to the Account
within 12 months of the date of death.
(c) If all or part of a Purchase Payment for which a Premium Bonus is
credited is withdrawn during the first seven Account Years. For each
withdrawal, the amount of the Premium Bonus to be forfeited will be
calculated by:
(i) Determining the amount of the Premium Bonus that is subject to
forfeiture according to the following table:
<TABLE>
<CAPTION>
Completed Account Years Amount of Premium
at the Time of the Withdrawal Bonus Subject to Forfeiture
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<S> <C>
Less than 1 100%
1 or more but less than 2 100%
2 or more but less than 3 100%
3 or more but less than 4 100%
4 or more but less than 5 100%
5 or more but less than 6 75%
6 or more but less than 7 50%
7 or more 0%
</TABLE>
(ii) And multiplying that amount by the same percentage as the amount
withdrawn subject to the Deferred Sales Charge is to the total of
all Purchase Payments made to the Account during the first
Account Year.
Aetna will deduct any forfeited Premium Bonus on a pro rata basis from the
Subaccount(s) and/or the Guaranteed Term(s) in which the Account Value is
invested at the time of the withdrawal.
EVA-PB-00(NY) 2
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8) In SECTION III. PURCHASE PAYMENT, ACCOUNT VALUE, AND WITHDRAWAL PROVISIONS,
add the following to DEATH BENEFIT AMOUNT:
For purposes of calculating the death benefit, the Account Value and the
Step-up Value as applicable, will be reduced by the amount of the Premium
Bonus credited to the Account within 12 months of the date of death.
9) In SECTION V. ANNUITY PAYOUT PROVISIONS, replace ANNUITY PAYOUT OPTION 1 -
PAYMENTS FOR A SPECIFIED PERIOD with the following:
ANNUITY PAYOUT OPTION 1 - PAYMENTS FOR A SPECIFIED PERIOD:
Payments are made for a specified number of years. The number of years must
be at least 15 and not more than 30.
Endorsed and made a part of the Contract on the Effective Date.
President
Aetna Life Insurance and Annuity Company
EVA-PB-00(NY) 3
