SBL VARIABLE ANNUITY ACCOUNT XIV
N-4, EX-99.4(M), 2000-07-11
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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)


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