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GUARANTEED INCOME 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 section "Guaranteed Minimum
Income Benefit," below, is added to the Contract at the end of the section
"Annuity Benefit Provisions."
GUARANTEED MINIMUM INCOME BENEFIT
The Guaranteed Minimum Income Benefit ("GMIB") is a minimum Annuity Start Amount
(before deduction of any Premium tax or pro rata Account Charge). The GMIB is
determined as set forth below.
1. The GMIB is equal to Purchase Payments, net of any Premium tax, less an
adjustment for each Withdrawal, increased at an annual effective rate of
interest, to the earlier of the Annuity Start Date or the Contract
Anniversary following the oldest Annuitant's 80th birthday. The GMIB 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 Annuity Start Date.
2. The GMIB as of any such Valuation Date is equal to:
a. 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 GMIB was last
calculated; less in the event of Withdrawal
c. an amount equal to a percentage of GMIB 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 final calculation of GMIB is made as of the Annuity Start Date.
4. The annual effective rate of interest is selected in the application for
the Contract or as otherwise permitted by SBL. It will take into account
the timing of when each Purchase Payment and Withdrawal occurred. This is
accomplished by applying a daily factor to the GMIB 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 earlier of:
a. the Contract Anniversary following the date the oldest Annuitant
reaches his or her 80th birthday; or
b. the Annuity Start Date.
5. You may apply your GMIB to purchase a Fixed Annuity under Annuity Option
2, Life Income with a 10-year period certain, or Option 4, Joint and Last
Survivor with a 10-year period certain, within 30 days of any Contract
Anniversary following the tenth Contract Anniversary. Your Annuity Start
Amount will be the greater of:
a. GMIB less any applicable Premium Tax and any pro rata Account Charge;
or
b. the Annuity Start Amount under the Contract.
6. Purchase Payments and Withdrawals will affect the GMIB as discussed above.
SBL will adjust GMIB for each Account in the same proportion as such
Purchase Payments and Withdrawals are applied to each Account.
7. Annuity Rates: The Annuity Table for this Rider is the 1983(a) Mortality
Table with mortality improvement under Projection Scale G and an interest
rate of 2 1/2%. The rates set forth herein apply in lieu of the rates set
forth in the Contract.
8. Termination: 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.
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 Issue Date)
V6065 (8-00)
