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CREDIT ENHANCEMENT 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 section, "Credit Enhancement,"
below, is added to the Contract at the end of the "Contract Value and Expense
Provisions."
CREDIT ENHANCEMENT
You may purchase this Rider as of the Contract Date or subsequent thereto as
discussed below; provided that you are age 80 or younger as of the date of the
Rider's issue (the "Rider Start Date").
AT ISSUE: If you purchase the Rider as of the Contract Date, SBL will add a
Credit Enhancement to your Contract Value at the time any Purchase Payment is
applied to your Contract during the first Contract Year. The amount of a Credit
Enhancement is determined at the time the Purchase Payment is made as a
percentage of the Purchase Payment to be applied. The Credit Enhancement, as a
percentage of the Purchase Payment, is shown on page 3. The Credit Enhancement
will be applied at the time the Purchase Payment is effective. Credit
Enhancements will be allocated among the Accounts in the same proportion as the
applicable Purchase Payment.
AFTER THE CONTRACT DATE: If you purchase the Rider after the Contract Date, SBL
will add a ONE-TIME Credit Enhancement to your Contract as of the close of the
Valuation Period during which the Rider is issued. The amount of the Credit
Enhancement will be a percentage of Contract Value as of the close of the
Valuation Period during which the Rider is issued. The Credit Enhancement, as a
percentage of Contract Value, is shown on page 3. Credit Enhancements will be
allocated among the Accounts in the same proportion as the Contract Value is
allocated as of the date of the Credit Enhancement.
RIDER CHARGE: SBL will deduct a charge while this Rider is in effect as set
forth in the Contract. The Rider Charge will be in effect for a period of seven
years from the Rider Start Date. 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.
VESTING: Each Credit Enhancement will vest completely at the end of the
seven-year period beginning on the Rider Start Date. The Rider Start Date for
any Credit Enhancement is:
1. the Contract Date, if purchased at issue; or
2. the date the Credit Enhancement is added to Contract Value, if purchased
after the Contract Date.
An amount equal to 1/7 of the Credit Enhancement will vest as of each
anniversary of the Rider Start Date.
WITHDRAWALS: In the event of a full or partial withdrawal, SBL will recapture
all or part of any Credit Enhancement that has not yet vested. The amount to be
forfeited is equal to a percentage of the Credit Enhancement that has not yet
vested. The percentage is determined for each Withdrawal as of the date of the
Withdrawal by dividing:
1. the amount of the Withdrawal, including any Withdrawal Charges, by
2. Contract Value immediately prior to the Withdrawal.
If a Withdrawal Charge waiver is available, the rules set forth below will apply
in lieu of the terms of this section.
WITHDRAWAL CHARGE WAIVERS: One or more endorsements or riders providing for a
waiver of Withdrawal Charge under certain circumstances may be attached to your
Contract. In the event of a Withdrawal under the terms of such an endorsement or
rider, you will forfeit all or part of any Credit Enhancements applied during
the 12 months preceding the Withdrawal. The percentage of Credit Enhancements to
be forfeited is determined by dividing the amount of the Withdrawal by:
1. the amount of total Purchase Payments during the 12 months preceding such
Withdrawal if the Rider was purchased at issue; or
2. the amount of Contract Value as of the date of the Credit Enhancement if
the Rider was purchased after the Contract Date.
That percentage is multiplied by the total amount of Credit Enhancements
credited during the 12 months preceding the Withdrawal to determine the amount
to be forfeited. The maximum percentage that may be forfeited is 100% of Credit
Enhancements earned during the 12 months preceding the Withdrawal.
DEATH BENEFIT: In the event that the Death Benefit under your Contract is based
upon the sum of all Purchase Payments made by the Owner ("Return of Premium
Death Benefit"), Purchase Payments shall not include any Credit Enhancements
paid under this Rider. In the event that the Death Benefit under your Contract
is based upon Purchase Payments increased at an annual rate of interest
("Guaranteed Growth Death Benefit"), Purchase Payments shall include any Credit
Enhancements paid under this Rider. Any Death Benefit, payable under the
Contract, except a Return of Premium Death Benefit, will be reduced by any
Credit Enhancements applied during the 12 months preceding the date of the
Owner's death.
GUARANTEED MINIMUM INCOME BENEFIT: One or more endorsements or riders providing
for a Guaranteed Minimum Income Benefit may be attached to your Contract. The
Guaranteed Minimum Income Benefit is based upon Purchase Payments increased at
an annual rate of interest. Purchase Payments for this purpose shall include any
Credit Enhancements paid under this Rider.
This Rider will be in effect for seven years from the Rider Start Date set forth
below. The Owner may not have more than one such Rider in effect on the Contract
at one time. The Owner shall not cancel this Rider, nor select an Annuity Start
Date that is prior to seven years from the Rider Start Date set forth below.
SECURITY BENEFIT LIFE INSURANCE COMPANY
ROGER K. VIOLA
Roger K. Viola
Secretary
Rider Start Date
(If Other Than Contract Date)
V6067 (8-00)
