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ANNUAL STEPPED UP AND GUARANTEED GROWTH DEATH BENEFIT RIDER
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This Rider is attached to and made a part of this Contract as of the Contract
Date, or if later, the date shown below. Terms not defined in this Rider have
the meaning given to them in the Contract. The "Death Benefit" section of the
Contract is deleted and replaced with the following:
DEATH BENEFIT
If any Owner dies prior to the Annuity Start Date, a Death Benefit will be paid
to the Designated Beneficiary when due Proof of Death and instructions with
regard to payment for each Designated Beneficiary are Received by SBL. If any
Owner is a Nonnatural Person, the Death Benefit will be paid upon the death of
the Annuitant or a Joint Owner that is a natural person prior to the Annuity
Start Date. If an Owner is a Nonnatural Person, the amount of the Death Benefit
is based on the age of the Annuitant or any Joint Owner that is a natural person
on the Contract Date. The Death Benefit proceeds will be the Death Benefit
reduced by any Premium Taxes due or paid by SBL and any pro rata Account Charge.
The Death Benefit is determined as of the date due proof of death and
instructions with regard to payment for each Designated Beneficiary are Received
by SBL and will be the greatest of:
1. the sum of all Purchase Payments made by the Owner less the sum of all
partial Withdrawals and Withdrawal Charges deducted from Contract Value;
2. the Contract Value;
3. the Stepped Up Death Benefit described below; or
4. the Guaranteed Growth Death Benefit ("GGDB") also described below.
The Stepped Up Death Benefit is determined as follows:
1. The Stepped Up Death Benefit is calculated as of each of the following
Valuation Dates:
a. each Contract Anniversary; and
b. the date of any Purchase Payment or Withdrawal.
2. The Stepped Up Death Benefit is the largest result determined for the
following calculation as of the date due proof of death and instructions
with regard to payment are Received by SBL:
a. the largest of 1 or 2 above on any Contract Anniversary that occurs
prior to the oldest Owner reaching age 81; plus
b. any Purchase Payments received since the applicable Contract
Anniversary; less in the event of a Withdrawal
c. an amount equal to a percentage of a. plus b. calculated as of the
date of the Withdrawal. The percentage is determined for each
Withdrawal since the applicable Contract Anniversary as of the date of
the Withdrawal by dividing:
i. the amount of the Withdrawal, including any Withdrawal Charges,
by
ii. the Contract Value immediately prior to the Withdrawal.
The GGDB is determined as follows:
1. The GGDB generally is equal to Purchase Payments, net of any Premium tax,
made to your Contract, less an adjustment for each Withdrawal from your
Contract, increased at an annual effective rate of interest, to the
earlier of the date due proof of death and instructions with regard to
payment for each Designated Beneficiary are Received by SBL or the
Contract Anniversary following the Owner's 80th birthday. The GGDB amount
is calculated as of each of the following Valuation Dates:
a. each Contract Anniversary;
b. the date of any Purchase Payment or Withdrawal; and
c. the date due proof of death and instructions with regard to payment
for each Designated Beneficiary are Received by SBL.
2. The GGDB on any such Valuation Date is:
a. equal to the initial Purchase Payment, net of any Premium tax,
increased at the annual effective rate of interest, to the current
Valuation Date; plus
b. any Purchase Payment, net of Premium tax, received since GGDB was last
calculated; less in the event of Withdrawal
c. an amount equal to a percentage of GGDB calculated as of the date of
the Withdrawal.
The percentage is determined for each Withdrawal as of the date of the
Withdrawal by dividing:
a. the amount of the Withdrawal, including any Withdrawal Charges, by
b. the Contract Value immediately prior to the Withdrawal.
3. The annual effective rate of interest will take into account the timing of
when each Purchase Payment and Withdrawal occurred. This is accomplished
by applying a daily factor to the GGDB as of each Valuation Date. The
annual effective rate of interest may vary among Accounts. The annual
effective rate of interest will stop accruing as of the earliest of:
a. the Contract Anniversary following the date the oldest Owner reaches
his or her 80th birthday;
b. the Annuity Start Date;
c. the date due proof of death and instructions with regard to payment
for each Designated Beneficiary are Received by SBL; or
d. the six-month anniversary of the Owner's date of death.
4. Purchase Payments and Withdrawals will affect the GGDB as discussed above.
SBL will adjust GGDB for each Account in the same proportion as such
Purchase Payments and Withdrawals are applied to each Account.
5. Notwithstanding any provision of this Rider to the contrary, the GGDB
shall not exceed your Purchase Payments, net of any Premium tax and less
the sum of all partial Withdrawals, including charges, deducted from
Contract Value, times 200%.
6. This Rider will terminate upon the earliest of:
a. payment of the Death Benefit under the Contract;
b. termination of the Contract; or
c. the Annuity Start Date.
You may not terminate this Rider earlier than described above.
Notwithstanding the foregoing, if due proof of death and instructions with
regard to payment for each Designated Beneficiary are not received by SBL within
six months of the date of the Owner's death, the Death benefit will be the
Contract Value on the date due proof of death and such instructions with regard
to payment are Received by SBL.
If a lump sum payment is requested the payment will be made in accordance with
any laws that govern the payment of Death Benefits. The Designated Beneficiary
may choose to receive the Death Benefit in the form of Annuity Payments under
one of the Annuity Options, subject to any requirements under applicable law.
SBL will deduct a charge for this Rider as set forth in the Contract. SBL will
not deduct the charge from Fixed Account Contract Value to the extent such
charge exceeds the amount of Current Interest in excess of the Guaranteed Rate.
The Owner may not add or delete this Rider after the Contract Date.
SECURITY BENEFIT LIFE INSURANCE COMPANY
ROGER K. VIOLA
Roger K. Viola
Secretary
Rider Start Date
(If Other Than Contract Date)
V6063-2 (8-00)
