<PAGE>
TIAA-CREF LIFE INSURANCE COMPANY
730 THIRD AVENUE, NEW YORK, N.Y. 10017-3206
TELEPHONE: [1-800-223-1200]
SINGLE PREMIUM ONE-LIFE IMMEDIATE ANNUITY
ISSUE DATE
CONTRACT NUMBER MO. DAY YR.
[Y-000000-1] [05 01 2000]
ANNUITANT: [John J. Jones]
OWNER: [John J. Doe]
This is a contract between you, the owner, and TIAA-CREF Life
Insurance Company ("TIAA-CREF Life," "we," "us"). This page refers briefly to
some of the features of this contract. The next pages set forth in detail the
rights and obligations of both TIAA-CREF Life and you under the contract.
PLEASE READ YOUR CONTRACT. IT IS IMPORTANT.
GENERAL DESCRIPTION
TIAA-CREF Life will provide annuity payments under this contract to
you, the owner, for the life of the annuitant, who may be you or another
person. Annuity payments from the fixed account are guaranteed. ANNUITY
PAYMENTS FROM THE INVESTMENT ACCOUNTS ARE NOT GUARANTEED; THE DOLLAR AMOUNT
OF EACH PAYMENT MAY INCREASE OR DECREASE DEPENDING ON THE INVESTMENT RESULTS
OF THE FUNDS UNDERLYING THE INVESTMENT ACCOUNTS. Initial payments from the
investment accounts are calculated using an assumed net annual investment
return of 4% and are then revalued periodically. Upon revaluation, if the net
annualized rate of investment return exceeds 4% for the period of time since
the last revaluation, the amount payable per annuity unit will increase. If
it is less than 4%, the amount payable per annuity unit will decrease. The
separate account charge will reduce the net annual investment return. The
separate account charge will never exceed 1.2% per year of an investment
account's average net assets.
The guaranteed period you have chosen, if any, is shown on page 3. If
the annuitant dies before the end of this guaranteed period, annuity payments
will continue until the end of the period. If your contract doesn't have a
guaranteed period, no further payments will be made to anyone after the death
of the annuitant.
If you die while payments remain due under this contract, your
beneficiary will become the owner and will receive all future payments.
30 DAY RIGHT TO EXAMINE YOUR CONTRACT. You have 30 days from the day you
receive this contract to examine it and cancel it. To cancel this contract,
send it and your request to cancel to TIAA-CREF Life at the address above. We
will refund the current value under your contract as of the date you mailed
your request. Any premium taxes and expense charges deducted from the premium
also will be refunded. The contract will be void as of the issue date and no
benefits will be provided under it.
IF YOU HAVE ANY QUESTIONS ABOUT THIS CONTRACT OR NEED HELP TO RESOLVE A PROBLEM,
YOU CAN CONTACT US AT THE ADDRESS OR PHONE NUMBER ABOVE.
[SPECIMEN]
JOHN J. MCCORMACK
CHAIRMAN, PRESIDENT AND
CHIEF EXECUTIVE OFFICER
-------------------------------------------------------------------------------
TCL-1009 INDEX ON NEXT PAGE Page 1
TIAA-CREF Life One-Life Ed. 5-2000
<PAGE>
NONQUALIFIED SINGLE PREMIUM ONE-LIFE IMMEDIATE ANNUITY
FIXED AND VARIABLE ANNUITY PAYMENTS
-------------------------------------------------------------------------------
TCL-1009 INDEX ON NEXT PAGE Page 2
TIAA-CREF Life One-Life Ed. 5-2000
<PAGE>
YOUR TIAA-CREF LIFE SINGLE PREMIUM ONE-LIFE IMMEDIATE ANNUITY
-------------------------------------------------------------------------------
INDEX OF PROVISIONS
<TABLE>
SECTION
<S> <C>
Actuarial Present Value....................................... 38
Allocation of Premium......................................... 22
Annuitant..................................................... 1
Annuity Payments.............................................. 23
Amount of............................................. 24
Definition............................................ 2
Annuity Units................................................. 3
Number of............................................. 29
Values................................................ 25
Applied Premium Page...................................... Page 3
Definition............................................ 21
Assignment - Not Allowed...................................... 46
Beneficiary................................................... 4
Benefits Based on Incorrect Age............................... 54
Business Day.................................................. 5
Claims of Creditors - Protection Against...................... 48
Commuted Value................................................ 6
Consideration.Page........................................ Page 3
Contract...................................................... 20
Correspondence With Us........................................ 57
Current Value................................................. 7
Distribution Requirements upon the Death of the Owner......... 50
Elections and Changes - Procedure for......................... 49
First Periodic Payment Date................................... 8
Fixed Account................................................. 9
Fund.......................................................... 10
Change or Substitution................................ 45
General Account............................................... 11
Gross Investment Factor....................................... 27
Guaranteed Period............................................. 12
Income Change Method.......................................... 30
Addition or Deletion.................................. 44
Definition............................................ 13
Change in Number of Annuity Units after Switch........ 41
Effective Date of Switch.............................. 40
No Change in Income Choices........................... 33
Switching Between..................................... 39
Incontestability.............................................. 42
Investment Account............................................ 14
Addition or Deletion.................................. 44
Equity-Based Page................................. Page 4
Investment Company Act of 1940................................ 52
Issue Date ................................................... 15
Laws and Regulations - Compliance with........................ 56
Loans - Not Available......................................... 47
Net Investment Factor......................................... 26
Owner......................................................... 16
Payment to an Estate, Guardian, Trustee, etc.................. 51
Proof of Survival............................................. 55
Separate Account.............................................. 17
Charge................................................ 28
Insulation............................................ 43
Service of Process............................................
Upon TIAA-CREF Life................................... 53
Transfers of Annuity Payments.................................
Change in Number of Annuity Units after Transfer...... 36
Change in Fixed Account Payments after Transfer....... 37
Date of Change in Payments............................ 35
Effective Date........................................ 34
No Change in Income Choices........................... 33
Transfers from Fixed Account.......................... 32
Installment Transfer................................ 32
Lump Sum Transfer................................... 32
Transfers from Investment Accounts.................... 31
Unit-Annuity.................................................. 18
Addition or Deletion.................................. 44
Valuation Day................................................. 19
</TABLE>
-------------------------------------------------------------------------------
TCL-1009 Page 3
TIAA-CREF Life One-Life Ed. 5-2000
<PAGE>
YOUR TIAA-CREF LIFE SINGLE PREMIUM ONE-LIFE IMMEDIATE ANNUITY
-------------------------------------------------------------------------------
PART A: OWNER AND ANNUITANT DATA
[THE GUARANTEED PERIOD (IF ANY) BEGINS ON THE ISSUE DATE. WHEN THERE IS NO
GUARANTEED PERIOD, THE WORD NONE WILL APPEAR NEXT TO THE GUARANTEED PERIOD
BELOW.]
ISSUE DATE: [05 01 2000]
FIRST PERIODIC PAYMENT DATE: [06 01 2000]
GUARANTEED PERIOD: [10 Years equaling 120 Monthly Payments]
FREQUENCY OF PAYMENT: [Monthly]
<TABLE>
<CAPTION>
NAME DATE OF BIRTH SOCIAL SECURITY NUMBER
<S> <C> <C> <C>
ANNUITANT: [John J. Jones 12 20 1952 111-11-1111]
OWNER: [Jane J. Doe 11 15 1950 ###-##-####]
</TABLE>
CONSIDERATION. TIAA-CREF Life has issued this contract in exchange for a
single premium in the amount of [$100,000]. The amount of the premium applied
to this contract will be the premium received minus a deduction for premium
taxes, if any. This will be known as the APPLIED PREMIUM. We have accepted
the consideration for your contract at our home office in New York, NY.
FIXED ACCOUNT ANNUITY PAYMENT
Guaranteed Annuity Payment from the Fixed Account: [$100]
INVESTMENT ACCOUNTS ANNUITY PAYMENT
<TABLE>
<CAPTION>
NUMBER OF UNITS PAYABLE NUMBER OF UNITS PAYABLE
TIAA-CREF LIFE UNDER THE ANNUAL UNDER THE MONTHLY
INVESTMENT ACCOUNT INCOME CHANGE METHOD INCOME CHANGE METHOD
------------------ -------------------- --------------------
<S> <C> <C>
[Stock Index [050.000 [050.000
Growth Equity 100.000 100.000
Growth & Income 200.000 200.000
International Equity 300.000 300.000
Social Choice Equity] 400.000] 400.000]
</TABLE>
-------------------------------------------------------------------------------
TCL-1009 Page 4
TIAA-CREF Life One-Life Ed. 5-2000
<PAGE>
YOUR TIAA-CREF LIFE SINGLE PREMIUM ONE-LIFE IMMEDIATE ANNUITY
-------------------------------------------------------------------------------
The following investment accounts are available as of the date of issue:
[ STOCK INDEX ACCOUNT: This account holds shares in the Stock Index
Fund of the TIAA-CREF Life Funds, which seeks a favorable
long-term rate of return from a diversified portfolio selected
to track the overall market for common stocks publicly traded
in the U.S., as represented by a broad stock market index.
GROWTH EQUITY ACCOUNT: This account holds shares in the Growth
Equity Fund of the TIAA-CREF Life Funds, which seeks a
favorable long-term return, mainly through capital
appreciation, primarily from a diversified portfolio of common
stocks that present the opportunity for exceptional growth.
GROWTH & INCOME ACCOUNT: This account holds shares in the
Growth & Income Fund of the TIAA-CREF Life Funds, which seeks a
favorable long-term return through capital appreciation and
investment income, by investing in a broadly diversified
portfolio of common stocks selected for their investment
potential.
INTERNATIONAL EQUITY ACCOUNT: This account holds shares in the
International Equity Fund of the TIAA-CREF Life Funds, which
seeks favorable long-term returns, mainly through capital
appreciation, by investing in a broadly diversified portfolio
of primarily foreign equity investments.
SOCIAL CHOICE EQUITY ACCOUNT: This account holds shares in the
Social Choice Equity Fund of the TIAA-CREF Life Funds, which
seeks a favorable long-term rate of return that tracks the
investment performance of the U.S. stock market while giving
special consideration to certain social criteria. ]
For the purposes of section the following investment accounts are
EQUITY-BASED:
[ Stock Index Account
Growth Equity Account
Growth & Income Account
International Equity Account
Social Choice Equity Account. ]
-------------------------------------------------------------------------------
TCL-1009 Page 5
TIAA-CREF Life One-Life Ed. 5-2000
<PAGE>
YOUR TIAA-CREF LIFE SINGLE PREMIUM ONE-LIFE IMMEDIATE ANNUITY
-------------------------------------------------------------------------------
PART B: TERMS USED IN THIS CONTRACT
1. The ANNUITANT is the natural person during whose life the annuity payments
are made. The annuitant is named on page 3 of this contract, and may not be
changed.
2. ANNUITY PAYMENTS are the periodic amounts payable under this contract.
They are based on the amount of applied premium allocated to the fixed
account and to the investment accounts.
3. ANNUITY UNITS. The annuity unit for an investment account is the basic
unit used in determining payment amounts for a unit-annuity. There is a
separate and distinct unit value for each combination of income change method
and investment account. The values of annuity units change from time to time
to reflect the investment experience of the investment accounts. The actual
mortality and expense experience of the investment accounts will not reduce
the amount payable per annuity unit.
4. BENEFICIARY. Beneficiaries are persons you name, in a form satisfactory to
us, to become owners of this contract after your death. They will have the
same rights that you had under this contract while you were alive.
You can name two "classes" of beneficiaries, primary and contingent,
which set the order of ownership. At your death, your "beneficiaries" are the
surviving primary beneficiaries you named. If no primary beneficiary
survives, your "beneficiaries" are the surviving contingent beneficiaries you
named.
If a class contains more than one person, ownership of this contract
will go in equal shares to the then living persons in the class, unless
you've explicitly provided otherwise. For example, if you name your spouse as
primary beneficiary and "my children" as contingent beneficiaries, your
spouse would become owner if he or she survived you. But if your spouse does
not survive you, your surviving children would become owners of the contract
in equal shares.
The beneficiaries you designated as of your annuity contract's issue
date appear in the application attached to this contract. Unless you've made
your beneficiary designation irrevocable, you can change, add, or delete
beneficiaries as explained in section 49.
5. A BUSINESS DAY is any day that the New York Stock Exchange is open for
trading. A business day ends at 4:00 p.m. Eastern time, or when trading
closes on the New York Stock Exchange, if earlier.
6. The COMMUTED VALUE of an annuity is an amount paid in a lump sum instead
of in a series of payments. It's less than the total of the future payments,
because the future interest we've assumed in computing the series of payments
won't be earned if payment is made in one sum.
If the annuitant dies before the end of a guaranteed period, the
commuted value of the annuity payments due under this contract for the
remainder of the guaranteed period is available as an option to you, or your
beneficiaries after your death. No commuted value is available during the
lifetime of the annuitant, or if the annuitant dies after the end of the
guaranteed period. If your contract doesn't have a guaranteed period, no
commuted value will be available.
The effective date of the calculation of the commuted value is the
business day on which we receive the request for a commuted value, in a form
acceptable to us.
The commuted value of an annuity payable from the fixed account is
the sum of the payments less the interest that would have been earned from
the effective date of the commuted
-------------------------------------------------------------------------------
TCL-1009 Page 6
TIAA-CREF Life One-Life Ed. 5-2000
<PAGE>
YOUR TIAA-CREF LIFE SINGLE PREMIUM ONE-LIFE IMMEDIATE ANNUITY
-------------------------------------------------------------------------------
value to the date each payment would have been made. The interest rate used
is the same as that used to determine the guaranteed amount of the annuity
payments.
The commuted value of a unit-annuity is the present value of the
unit-annuity payments, based on interest at the effective annual rate of 4%.
The dollar values used for the unit-annuity payments in the calculation are
those that would be paid if periodic payments were to continue and the
annuity unit value, under each income change method, on each future payment
valuation date were to equal the annuity unit value as of the effective date
of the calculation.
7. The CURRENT VALUE under your contract is the value to be refunded in the
event that you elect to cancel the contract in accordance with the Right to
Examine Your Contract provision on page 1. The current value is the present
value of the future annuity payments based on:
A) the age of the annuitant, if alive;
B) the remaining guaranteed period, if any;
C) the frequency of payment; and
D) the mortality tables used to determine the initial amount of
annuity payments.
The dollar amounts and interest used in the calculation will be as follows:
A) for payments payable from the fixed account, the amount of the
guaranteed annuity payment shown on page 3 and the interest rate
used to determine that amount.
B) for payments payable from any investment account, the amount
scheduled to be paid for any payment that has already been valued
on a prior payment valuation date and, thereafter, the number of
annuity units payable multiplied by the annuity unit value for
the appropriate income change method as of the calculation date,
and interest at the effective annual rate of 4%.
For the purposes of this calculation, future payments will not include any
periodic payment already paid or in the process of being paid.
8. The FIRST PERIODIC PAYMENT DATE is the date of the first annuity payment
that you will receive. The date of the first payment as well as the frequency
of payments are shown on page 3.
9. FIXED ACCOUNT. All premium and transfers credited to the fixed account
become part of TIAA-CREF Life's general account.
10. A FUND is a mutual fund or a separate series of a mutual fund registered
under the Investment Company Act of 1940, as amended, as an open-end
management investment company. Each fund consists of a portfolio of assets
managed with a specific investment objective.
11. The GENERAL ACCOUNT consists of all of TIAA-CREF Life's assets other than
those in separate accounts.
12. The GUARANTEED PERIOD is the period of time for which annuity payments
under your contract will continue regardless of whether the annuitant is
alive. The guaranteed period you've chosen, if any, and the corresponding
number of guaranteed payments are shown on page 3. The number of guaranteed
payments begins with the first periodic payment.
-------------------------------------------------------------------------------
TCL-1009 Page 7
TIAA-CREF Life One-Life Ed. 5-2000
<PAGE>
YOUR TIAA-CREF LIFE SINGLE PREMIUM ONE-LIFE IMMEDIATE ANNUITY
-------------------------------------------------------------------------------
13. The INCOME CHANGE METHOD determines how frequently unit-annuity payments
are revalued. The income change methods are described in section 30.
14. An INVESTMENT ACCOUNT is a subaccount of the separate account that holds
shares of a fund or funds which are managed with a specified investment
objective. The investment accounts available as of the date of issue are
listed on page 4. We may add, combine, or delete investment accounts as
described in section 44. If we add any investment accounts, we will specify
whether or not they are equity-based for the purposes of section 32.
15. The ISSUE DATE is the date as of which this contract is effective. It is
shown on page 3.
16. You are the OWNER. During your lifetime, you may, to the extent permitted
by law, exercise every right given by this contract without the consent of
any other person. The owner may or may not be the annuitant.
17. SEPARATE ACCOUNT. All premiums and transfers credited to an investment
account are part of the separate account. The separate account is designated
as "TIAA-CREF Life VA-1" and was established by us in accordance with New
York law to provide benefits from this contract and other similar contracts.
The assets and liabilities of separate account TIAA-CREF Life VA-1 are
segregated from the assets and liabilities of the general account and from
the assets and liabilities of any other TIAA-CREF Life separate account.
18. UNIT-ANNUITY. The investment accounts provide income through a
unit-annuity, which is a series of payments based on a specified number of
annuity units payable at a stated frequency. The amount of each payment is
equal to the then-current value of one annuity unit multiplied by the number
of annuity units payable. The value of each annuity unit will change either
once each year or once each month according to the income change method you
select for that annuity unit. We can delete or stop offering unit-annuities
payable from any investment account as described in section 44.
19. A VALUATION DAY is any business day, as well as the last calendar day of
each month.
PART C: CONTRACT AND PREMIUM
20. THE CONTRACT. This document and the attached application are the entire
contract between you and TIAA-CREF Life. We have issued it in return for your
completed application and the single premium. Any endorsement to or amendment
of this contract or waiver of any of its provisions will be valid only if in
writing and signed by an executive officer or a registrar of TIAA-CREF Life.
All benefits are payable at our home office in New York, NY.
21. APPLIED PREMIUM. The applied premium for this contract is the single
premium received less a deduction for state and local government premium
taxes, if any.
22. ALLOCATION OF PREMIUM. Your applied premium is allocated among the fixed
account and the available investment accounts according to the instructions
we have received from you in the application for this contract.
-------------------------------------------------------------------------------
TCL-1009 Page 8
TIAA-CREF Life One-Life Ed. 5-2000
<PAGE>
YOUR TIAA-CREF LIFE SINGLE PREMIUM ONE-LIFE IMMEDIATE ANNUITY
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
TCL-1009 Page 9
TIAA-CREF Life One-Life Ed. 5-2000
<PAGE>
YOUR TIAA-CREF LIFE SINGLE PREMIUM ONE-LIFE IMMEDIATE ANNUITY
-------------------------------------------------------------------------------
PART D: ANNUITY PAYMENTS AND PAYMENT VALUES
23. ANNUITY PAYMENTS. Annuity payments will begin as of the first periodic
payment date shown on page 3, if both you and the annuitant are then alive. The
frequency of payment is also shown on page 3.
The guaranteed period you've chosen, if any, appears on page 3.
The final annuity payment under this contract will be the last one due
on or before the annuitant's death, unless the annuitant dies before the end of
the guaranteed period. In that case, annuity payments will continue, and the
final payment will be made on the date of the last payment due within the
guaranteed period. Annuity payments will stop if you (or your beneficiary after
your death) take the commuted value of the remaining annuity payments in one
sum, as described in section 6.
Annuity payments will be paid to you, the owner. If you die while any
payments remain due, the beneficiary will become the owner. The beneficiary, as
the new owner, will receive annuity payments and may name or change
beneficiaries as described in section 49.
If no beneficiary survives you, the annuitant, if then alive, will
become the owner. If there is no surviving beneficiary and the annuitant has
died before the end of a guaranteed period, the commuted value of any payments
remaining due will be paid in one sum to your estate.
24. AMOUNT OF ANNUITY PAYMENTS. Annuity payments from the fixed account are
guaranteed. The guaranteed annuity payment from the fixed account as of the
first periodic payment date is shown on page 3.
The annuity payments from the investment accounts are variable and may
increase or decrease depending on the investment results of the underlying
funds.
Annuity payments from both the fixed account and the investment accounts
may increase or decrease in accordance with any transfers made to or from those
accounts as described in Part E. Additional amounts may also be paid with any
annuity payments from the fixed account to you or your beneficiary. We do not
guarantee that there will be additional amounts.
25. ANNUITY UNIT VALUES. Separate annuity unit values are maintained for
annuity units payable from each investment account under each income change
method. The values are calculated as of each valuation day.
Annuity unit values for an income change method are determined by
multiplying each account's annuity unit value at the end of the previous
valuation day by that account's net investment factor for the valuation period,
and dividing the result by the value of $1.00 accumulated with interest over the
valuation period at an effective annual rate of 4%. The resulting value is then
adjusted to reflect that annuity income amounts are redetermined only on the
payment valuation date for that income change method. The purpose of the
adjustment is to equitably apportion assets of each account among those who
receive annuity income for the entire period between two payment valuation dates
for an income change method, and those who start or stop receiving annuity
income under that income change method between the two dates.
26. An investment account's NET INVESTMENT FACTOR equals its gross investment
factor minus the separate account charge incurred since the previous valuation
day.
-------------------------------------------------------------------------------
TCL-1009 Page 10
TIAA-CREF Life One-Life Ed. 5-2000
<PAGE>
YOUR TIAA-CREF LIFE SINGLE PREMIUM ONE-LIFE IMMEDIATE ANNUITY
-------------------------------------------------------------------------------
27. An investment account's GROSS INVESTMENT FACTOR equals A divided by B, as
follows:
A equals i. the net asset value of the shares in the fund(s)
held by the account as of the end of the valuation day,
excluding the net effect of contract holders' transactions
(i.e., premiums received, benefits paid, and transfers to
and from the account) made during that day; PLUS
ii. investment income and capital gains distributed to the
account; LESS
iii. any amount paid and/or reserved for tax liability
resulting from the operation of the account since the
previous valuation day.
B equals the value of the shares in the fund(s) held by the
account as of the end of the prior valuation day, including the
net effect of contract holders' transactions made during the
prior valuation day.
28. SEPARATE ACCOUNT CHARGE. A separate account charge is assessed for
mortality and expense risk and administration. The separate account charge is
guaranteed not to exceed an effective annual rate of 1.2% of an investment
account's average net assets. We may choose to waive a portion of the
separate account charge.
29. NUMBER OF ANNUITY UNITS. The number of annuity units payable under each
income change method from each investment account are shown on page 3. The
number of annuity units payable will be modified by any transfers or switches
you make.
30. INCOME CHANGE METHODS. Unit-annuity payments are determined under one of
two income change methods. Under the ANNUAL income change method, the amount
of each unit-annuity payment is revalued each year. Currently, the payment
changes on [May 1], using the annuity unit value as of the payment valuation
date for the annual income change method, which is the prior [March 31]. We
reserve the right to modify the date the payment changes and the associated
payment valuation date.
Under the MONTHLY income change method, the amount of each
unit-annuity payment is revalued each month. The payment amount is determined
using the annuity unit value as of the payment valuation date for the monthly
income change method in the prior month. Currently, the payment valuation
date for the monthly income change method is the [twentieth] day of a month
(or if the [twentieth] is not a business day, the prior business day) for
unit-annuity payments due on the first day of the following month. We reserve
the right to modify the payment valuation date for the monthly income change
method.
We can delete or stop offering either the annual or the monthly
income change method in any investment account, as described in section 44.
PART E: TRANSFERS OF ANNUITY PAYMENTS AND SWITCHES
BETWEEN INCOME CHANGE METHODS
31. TRANSFERS FROM THE INVESTMENT ACCOUNTS. You may exchange some or all of
your annuity units payable from one investment account for annuity units
payable from another investment account then offering unit-annuities under
the same income change method or to the fixed account for future income.
Transfers from each income change method within each investment account
-------------------------------------------------------------------------------
TCL-1009 Page 11
TIAA-CREF Life One-Life Ed. 5-2000
<PAGE>
YOUR TIAA-CREF LIFE SINGLE PREMIUM ONE-LIFE IMMEDIATE ANNUITY
-------------------------------------------------------------------------------
cannot be made more frequently than once per calendar quarter, and must
consist of a periodic payment of at least $100 or the entire payment.
32. TRANSFERS FROM THE FIXED ACCOUNT. You may transfer the actuarial present
value of some or all of your future guaranteed annuity payments in the fixed
account to obtain variable annuity payments from any investment account that
is equity-based as listed on page 4, under one of the two methods described
below. Transfers from the fixed account cannot be made more frequently than
once per calendar year, and must consist of a periodic payment of at least
$100 or the entire payment. Any annuity income that has been transferred as
described in this section may subsequently be transferred among any of the
equity-based investment accounts, but may not be transferred back to the
fixed account, and may not be transferred to any investment account that is
not equity-based.
The two transfer methods are:
LUMP SUM TRANSFER. You may transfer, in a lump sum, any percentage
between 1% and 20% of your future annuity payments, subject to the $100
minimum periodic payment as described above.
INSTALLMENT TRANSFER. You may transfer all of your future annuity payments
over a period of five years. Each year the installment transfer will be
equal to a percentage of your future annuity payments as of the effective
date of that year's transfer. In the first year the percentage will be
20%; in the second year the percentage will be 25%; in the third year the
percentage will be 33a%; in the fourth year the percentage will be 50%;
and in the fifth year the percentage will be 100%.
You may at any time cancel all transfers under this method that
are due after the business day we receive your request to cancel in a
form acceptable to us. If you die before an installment transfer is
completed, we will cancel any remaining transfers that are due after the
date we receive due proof of your death.
33. NO CHANGE IN INCOME CHOICES. The annuitant and remaining guaranteed
period of payments cannot change as a result of a transfer of annuity
payments. For a transfer between investment accounts, the income change
method for unit-annuity payments will not change as a result of a transfer.
34. EFFECTIVE DATE OF A TRANSFER OF ANNUITY PAYMENTS. You begin to
participate in an account to which you transfer as of the end of the
effective date of the transfer. The effective date of a transfer will be the
end of the business day in which we receive your request in a form acceptable
to us. Transfers to the fixed account will be applied to the fixed account at
the beginning of the day following the day the funds are withdrawn from an
investment account.
You may defer the effective date until any valuation day following
the day on which the above requirements are met. You cannot revoke any
transfer after its effective date.
For transfers from the fixed account under the installment transfer
method, the effective date of transfers subsequent to the first will be the
anniversary of the first transfer, or on the following business day if the
anniversary is not a business day.
35. DATE OF CHANGE IN PAYMENTS AFTER A TRANSFER. Your annuity payments will
change when annuity units are revalued on the next appropriate payment
valuation date that is on or after the transfer's effective date.
-------------------------------------------------------------------------------
TCL-1009 Page 12
TIAA-CREF Life One-Life Ed. 5-2000
<PAGE>
YOUR TIAA-CREF LIFE SINGLE PREMIUM ONE-LIFE IMMEDIATE ANNUITY
-------------------------------------------------------------------------------
Thus, if you transfer annuity units payable under the annual income
change method between two investment accounts, your unit-annuity payments
will change when your unit-annuity payment is revalued on the following
payment valuation date for the annual income change method (currently
[March 31] for unit-annuity payments due on and after the following [May 1]).
If you transfer annuity units payable under the monthly income change
method between two investment accounts, or if you transfer annuity units
payable under either income change method either from or to the fixed
account, your payments will change following the next payment valuation date
for the monthly income change method (currently the [twentieth] day of each
month, or the prior business day if the [twentieth] is not a business day).
36. CHANGE IN NUMBER OF ANNUITY UNITS PAYABLE AFTER A TRANSFER. The number of
annuity units payable under an income change method from an investment
account under your contract will be reduced by the number of annuity units
you transfer out of that income change method under that investment account.
The number of annuity units payable under an income change method from an
investment account under your contract will be increased by any transfers you
make to that income change method under that account.
If you transfer from one investment account to another investment
account, the number of additional annuity units payable under an income
change method will be obtained by multiplying the number of annuity units
transferred out of the originating account by the annuity unit value for that
income change method in the originating account, and dividing the result by
the annuity unit value for the same income change method in the account to
which the units are being transferred.
If you transfer from the fixed account to an investment account, the
number of annuity units payable under an income change method in the investment
account will be obtained by dividing the actuarial present value of the future
payments being transferred from the fixed account by the product of A and B as
follows:
A) the annuity unit value for that income change method under the
investment account to which the transfer is being made;
B) the present value of an annuity of $1.00 per payment period,
payable for as long as such annuity units are payable, beginning
with the first payment scheduled from the investment account,
determined on the basis of interest at the effective annual rate
of 4% and the mortality basis then in effect for such transfers.
All values will be calculated as of the effective date of the transfer.
37. CHANGE IN FIXED ACCOUNT PAYMENTS AFTER TRANSFER. If you transfer future
annuity payments into the fixed account, the resulting additional amount of
annuity payment from the fixed account will be determined as of the effective
date of the transfer based on:
A) the rates then in effect;
B) the age of the annuitant, if he or she is alive;
C) the remaining guaranteed period, if any; and
D) the frequency of payment.
If you transfer future annuity payments out of the fixed account, the
amount of the annuity payments from the fixed account will be reduced by the
benefits transferred.
38. The ACTUARIAL PRESENT VALUE of future annuity payments as of any
valuation day is determined using:
A) the amount of the guaranteed annuity payments;
-------------------------------------------------------------------------------
TCL-1009 Page 13
TIAA-CREF Life One-Life Ed. 5-2000
<PAGE>
YOUR TIAA-CREF LIFE SINGLE PREMIUM ONE-LIFE IMMEDIATE ANNUITY
-------------------------------------------------------------------------------
B) the interest rates and mortality tables that were used to
determine the amount of the guaranteed annuity payments;
C) the age of the annuitant, if he or she is alive;
D) the remaining guaranteed period, if any; and
E) the frequency of payment.
39. SWITCHING BETWEEN INCOME CHANGE METHODS. A switch between income change
methods is the exchange of annuity units payable under one income change
method from an investment account, for annuity units payable under the other
income change method from the same investment account. You may switch some or
all of the annuity units payable under this contract from one income change
method to the other income change method under the same investment account,
if both income change methods are then offered in that account.
40. EFFECTIVE DATE OF A SWITCH IN INCOME CHANGE METHODS. All switches between
income change methods will be effective on the payment valuation date for the
annual income change method, currently [March 31]. We must receive, in a form
acceptable to us, your request for a switch on or before the end of the
payment valuation date (or the last business day before the payment valuation
date if it isn't a business day) in order for the switch to be effective on
that date. You cannot revoke a switch after its effective date, but you can
switch back to the original method on a subsequent payment valuation date for
the annual income change method (currently [March 31]), unless prohibited as
described in section 44.
You begin to participate in the experience of the investment account
under the income change method to which you switch annuity units as of the
end of the effective date of the switch. Your unit-annuity payments will
change when they are revalued on the next payment valuation date that is on
or after the effective date of the switch. Thus, if you switch on a [March 31]
(the current effective date for all switches), your [April 1] payment (if
any) will not change due to the switch. Your [May 1] payment (if any) will
reflect the annuity units payable under each income change method after the
switch.
41. CHANGE IN NUMBER OF ANNUITY UNITS PAYABLE AFTER A SWITCH IN INCOME CHANGE
METHODS. The number of annuity units payable under an income change method
from an investment account under your contract will be reduced by the number
of annuity units you switch out of that income change method under that
investment account. The number of annuity units payable under an income
change method from an investment account under your contract will be
increased by any switch you make to that income change method under that
investment account. The resulting number of annuity units payable under the
income change method to which annuity units are switched will be obtained by
multiplying the number of annuity units to be switched by the annuity unit
value for the original income change method, and dividing the result by the
annuity unit value for the income change method to which the annuity units
are being switched.
PART F: GENERAL PROVISIONS
42. INCONTESTABILITY. This contract will be incontestable from the date of
issue.
-------------------------------------------------------------------------------
TCL-1009 Page 14
TIAA-CREF Life One-Life Ed. 5-2000
<PAGE>
YOUR TIAA-CREF LIFE SINGLE PREMIUM ONE-LIFE IMMEDIATE ANNUITY
-------------------------------------------------------------------------------
43. INSULATION OF SEPARATE ACCOUNT. TIAA-CREF Life owns the assets in separate
account TIAA-CREF Life VA-1. To the extent permitted by law, the assets of the
separate account will not be charged with liabilities arising out of any other
business TIAA-CREF Life may conduct. All income, gains and losses, whether or
not realized, of an investment account of the separate account will be credited
to or charged against only that investment account without regard to TIAA-CREF
Life's other income, gains or losses.
44. ADDITION OR DELETION OF AN INVESTMENT ACCOUNT, UNIT-ANNUITIES FROM AN
INVESTMENT ACCOUNT, OR INCOME CHANGE METHOD FOR UNIT-ANNUITIES FROM AN
INVESTMENT ACCOUNT. We may, as permitted by applicable law, add, combine, or
delete investment accounts within the separate account. If you have
unit-annuities in an investment account that is deleted, you must transfer
them to any other available investment account or to the fixed account.
We can add, delete or stop providing unit-annuities in any investment
account. We can also start or stop providing unit-annuities payable under
either the annual or monthly income change method from any current or future
investment account. If you have annuity units payable from an investment
account that is deleted or in which we stop providing unit-annuities, you
must transfer them to another investment account that maintains annuity units
or to the fixed account.
If you have annuity units payable under an income change method from
an investment account and we stop providing that income change method, you
must:
A) switch those annuity units to the other income change method
in the same investment account;
B) transfer them to another investment account then offering the
same income change method; or
C) transfer them to the fixed account.
If you do not tell us to transfer or switch your annuity units, we
will switch them to the other income change method in the same investment
account.
Any changes as described in this section will be effected only after
obtaining regulatory approval.
45. CHANGE OR SUBSTITUTION OF FUNDS. We may, as permitted by applicable law,
change or substitute the fund(s) whose shares are held by the investment
account(s). Any such changes will be effected only after obtaining regulatory
approval.
46. NO ASSIGNMENT. Neither you nor any other person may assign or pledge
ownership of this contract or any benefits under its terms. Any such action
will be void and of no effect.
47. NO LOANS. This contract does not provide for loans.
48. PROTECTION AGAINST CLAIMS OF CREDITORS. The benefits and rights accruing
to you or any other person under this contract are exempt from the claims of
creditors or legal process to the fullest extent permitted by law.
49. PROCEDURE FOR ELECTIONS AND CHANGES. You have to make any choice or
change available under your contract in a form acceptable to us at our home
office in New York, NY. If you send us a notice changing your beneficiaries
or other persons named to receive payments, it will take effect as of the
date it was signed even if you then die before the notice actually reaches
us. Any other notice will take effect as of the date we receive it. If we
take any action in good faith before
-------------------------------------------------------------------------------
TCL-1009 Page 15
TIAA-CREF Life One-Life Ed. 5-2000
<PAGE>
YOUR TIAA-CREF LIFE SINGLE PREMIUM ONE-LIFE IMMEDIATE ANNUITY
-------------------------------------------------------------------------------
receiving the notice, we will not be subject to liability even if our acts
were contrary to what you told us in the notice.
50. DISTRIBUTION REQUIREMENTS UPON THE DEATH OF THE OWNER. Notwithstanding
any other provision in your contract, all payments will be made in accordance
with the requirements of Section 72(s) of the Internal Revenue Code of 1986
(the "Code"), as amended. If you die before the Annuity Starting Date, as
defined in the Code, all payments under the contract must be distributed
within five years of your death. However, if your beneficiary is a natural
person and payments begin within one year of your death, and within 60 days
of the date we receive due proof of death, the distribution may be made over
the lifetime of your beneficiary or over a period not to exceed your
beneficiary's life expectancy, as defined in the Code. If your spouse is the
sole beneficiary entitled to payments, he or she may choose to become the
owner and continue the contract. If you die on or after the Annuity Starting
Date, the remaining interest in the contract must be distributed at least as
quickly as under the method of distribution being used as of the date of your
death. If the owner is not a natural person, the death of the annuitant is
treated as the death of the owner for these distribution requirements.
51. PAYMENT TO AN ESTATE, GUARDIAN, TRUSTEE, ETC. TIAA-CREF Life won't be
responsible for the acts or neglects of any executor, trustee, guardian, or
other third party receiving payments under your contract. If you designate a
trustee of a trust as beneficiary, we are not obliged to ask about the terms
of the underlying trust or any will. If upon death of the owner, benefits
become payable to the designated trustee of a testamentary trust, but:
A) no qualified trustee makes claim for the benefits within nine
months after your death; or
B) evidence satisfactory to us is presented at any time within
such nine-month period that no trustee can qualify to receive
the benefits due,
payment will be made to the successor beneficiaries, if any are designated
and survive you; otherwise ownership and the right to receive payment will
transfer to the annuitant or to your estate in accordance with section 23.
If benefits become payable to an INTER-VIVOS trustee, but the trust
is not in effect or there is no qualified trustee, payment will be made to
the successor beneficiaries, if any are designated and survive you; otherwise
ownership and the right to receive payment will transfer to the annuitant or
to your estate in accordance with section 23.
Payment to any trustee or estate as provided for above shall fully
satisfy TIAA-CREF Life's payment obligations under this contract to the
extent of such payment.
52. INVESTMENT COMPANY ACT OF 1940. The separate account is a unit-investment
trust which is a registered investment company under the Investment Company
Act of 1940. However, we may operate the separate account using any other
form permitted under the Act. Also, we may deregister the separate account
under the Act, subject to compliance with applicable law.
53. SERVICE OF PROCESS UPON TIAA-CREF LIFE. We will accept service of process
in any action or suit against us on this contract in any court of competent
jurisdiction in the United States or Puerto Rico provided such process is
properly made. We will also accept such process sent to us by registered mail
if the plaintiff is a resident of the state, district or territory in which
the action or suit is brought. This section does not waive any of our rights,
including the right to remove such action or suit to another court.
-------------------------------------------------------------------------------
TCL-1009 Page 16
TIAA-CREF Life One-Life Ed. 5-2000
<PAGE>
YOUR TIAA-CREF LIFE SINGLE PREMIUM ONE-LIFE IMMEDIATE ANNUITY
-------------------------------------------------------------------------------
54. BENEFITS BASED ON INCORRECT AGE. If the amount of benefits is determined
by data as to a person's age that is incorrect, benefits will be recalculated
on the basis of the correct age. Any amounts underpaid by us on the basis of
the incorrect data will be paid at the time the correction is made. Any
amounts overpaid by us on the basis of the incorrect data will be charged
against the payments due after the correction is made. Any amounts so paid or
charged will include compound interest at the effective rate of 6% per year.
55. PROOF OF SURVIVAL. If the owner, annuitant or any beneficiary is required
to be alive on the date a benefit payment is due, TIAA-CREF Life reserves the
right to require satisfactory proof that such person or persons are alive. If
we don't receive such proof after we've requested it in writing, we can
withhold payments entirely until it has been provided. Any overpayment made
because TIAA-CREF Life has not been notified of a death must be returned to
TIAA-CREF Life.
56. COMPLIANCE WITH LAWS AND REGULATIONS. We will administer the contract to
comply with all applicable laws and regulations pertaining to annuities and
the terms and conditions of the contract. You cannot elect any benefit or
exercise any right under your contract if the election of that benefit or
exercise of that right is prohibited under an applicable state or federal law
or regulation. We will withhold and forward to tax authorities any amounts
required by law.
57. CORRESPONDENCE AND REQUESTS FOR BENEFITS. No notice, application, form,
or request for benefits will be deemed to be received by us unless it is
received at our home office in New York, NY. All benefits are payable at our
home office in New York, NY. Any questions about your contract or inquiries
about our services should be directed to us at our home office address:
TIAA-CREF Life, 730 Third Avenue, New York, NY 10017-3206.
-------------------------------------------------------------------------------
TCL-1009 Page 17
TIAA-CREF Life One-Life Ed. 5-2000
<PAGE>
YOUR TIAA-CREF LIFE SINGLE PREMIUM ONE-LIFE IMMEDIATE ANNUITY
-------------------------------------------------------------------------------
SINGLE PREMIUM ONE-LIFE IMMEDIATE ANNUITY
-------------------------------------------------------------------------------
TCL-1009 Page 18
TIAA-CREF Life One-Life Ed. 5-2000
