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ANNUAL STEPPED UP 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 regarding
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 regarding 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 on the date due Proof of Death and instructions
regarding payment for each Designated Beneficiary are Received by SBL; or
3. the Stepped Up Death Benefit 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
regarding 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.
Notwithstanding the foregoing, if any Owner was age 81 or older on the Contract
Date, or if due proof of death and instructions regarding payment 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
instructions regarding 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 (8-00)
