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MAXIMUM ANNIVERSARY VALUE OPTIONAL
DEATH BENEFIT ENDORSEMENT
This Endorsement is made a part of, and subject to, the other terms and
conditions of the Contract to which it is attached.
This Endorsement modifies the AMOUNT OF DEATH BENEFIT under the DEATH OF OWNER
BEFORE THE ANNUITY DATE and is effective on the Contract Date.
The following are added under the DEFINITIONS section of the Contract:
CONTINUATION DATE
The Date on which We receive, in Our
Service Center: (a) the spousal Beneficiary's written request to
continue the Contract in force, and (b) Due Proof of Death of the
Contract Owner. If We receive (a) and (b) on different dates, the
Continuation Date will be the date on which We receive the
additional requirement.
NET PURCHASE PAYMENT
The sum of all Purchase Payments, reduced for any partial withdrawals
(and any fees or charges applicable to such withdrawals) in the same
proportion that the Contract Value was reduced on the date of such
withdrawal.
AMOUNT OF DEATH BENEFIT
If You are age 80 or younger on the Contract Date, and You die prior to the
Annuity Date, the amount of the Death Benefit will be determined based upon
the Death Benefit option You selected on the Application. Once a Death
Benefit option is selected it cannot be changed or terminated.
MAXIMUM ANNIVERSARY OPTIONAL DEATH BENEFIT CHARGE
On an annual basis, this charge equals [.25%] of Your average daily ending
value of the assets attributable to the Accumulation Units of the
Subaccount(s) to which the Contract is allocated. We deduct this charge
daily. This charge is in addition to the charges in Your Contract.
MAXIMUM ANNIVERSARY VALUE OPTIONAL DEATH BENEFIT
As of the date We receive Due Proof of Death, the Death Benefit will be the
greater of:
(a) Purchase Payments reduced for any partial withdrawals (and any fees
or charges applicable to such withdrawals) in the same proportion
that the Contract Value was reduced on the date of such withdrawal;
or
(b) Contract Value; or
(c) The Maximum Anniversary Value.
We will calculate the Maximum Anniversary Value, by determining the
Contract Value for each Contract anniversary prior to the Owner's 81st
birthday. The anniversary value is equal to the Contract Value at each
Contract anniversary increased by the dollar amount of any Purchase
Payment(s) made since that anniversary and reduced proportionately for
any partial withdrawals (and any fees or charges applicable to such
withdrawals) in the same proportion that the Contract
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Value was reduced on the date of such withdrawal. If any of those
anniversary values is greater than Your Contract Value, You will receive
that amount as the Maximum Anniversary Value.
EARNINGS ENHANCEMENT
The Earnings Enhancement is an amount, as described in the Earnings
Enhancement table below that can increase the Death Benefit. Earnings equal
the excess of Your Contract Value over Net Purchase Payment(s) as of the date
of death. If You have earnings in Your Contract at the time We receive Due
Proof of Death, We will add a Percentage of Earnings to the amount of Your
Death Benefit, subject to a maximum benefit described in the Maximum Benefit
Percentage defined below. This Percentage of Earnings is an amount calculated
using the percentages described in the Earnings Enhancement table below. The
Percentage of Earnings of the Net Purchase Payment(s) depends on how long
Your Contract was in force prior to the date of Your death. This benefit is
in addition to the Maximum Anniversary Death Benefit.
<TABLE>
<CAPTION>
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EARNINGS ENHANCEMENT
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<S> <C> <C>
Contract Year of Death Percentage Maximum Benefit Percentage
of Earnings
[0-4] [25%] [25%]
[5-9] [40%] [40%]
[10+] [50%] [50%]
--------------------------------- --------------------------------------- ----------------------------
</TABLE>
For purposes of determining any Earnings Enhancement payable upon Your death
the following items in the Earnings Enhancement table are described as
follows:
(a) CONTRACT YEAR OF DEATH is the number of full years since the Contract
Date to the date of Your Death.
(b) PERCENTAGE OF EARNINGS is a percentage applied to the earnings in Your
Contract since the Contract Date to Your date of death.
(c) MAXIMUM BENEFIT PERCENTAGE is a percentage applied to the Net Purchase
Payment(s) that defines the maximum benefit of the Earnings Enhancement.
SPOUSAL BENEFICIARY CONTINUATION
If a spousal Beneficiary elects to continue this Contract as provided under the
Spousal Continuation provisions of the Contract, the Earnings Enhancement, if
any, will be added to the Death Benefit.
For purposes of determining any Earnings Enhancement payable upon the death of
the new Contract Owner (spousal Beneficiary who elected to continue the
Contract), the following items in the Earnings Enhancement table are described
as follows:
(a) CONTRACT YEAR OF DEATH is the number of full years since the
Continuation Date to the date of death of the new Contract Owner.
(b) PERCENTAGE OF EARNINGS is a percentage applied to the earnings in Your
Contract since the Continuation Date up to the date of death of the new
Contract Owner.
(c) MAXIMUM BENEFIT PERCENTAGE is a percentage applied to the sum of (1) and
(2) below that defines the maximum benefit of the Earnings Enhancement,
where:
(1) is the Contract Value on the Continuation Date reduced
proportionately by any withdrawals (and any fees or charges
applicable to such withdrawals), and
(2) is any amount contributed to the Contract on the Continuation Date.
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Signed for the Company to be effective on the Contract Date.
ANCHOR NATIONAL LIFE INSURANCE COMPANY
/s/ Christine A. Nixon /s/ Eli Broad
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Christine A. Nixon Eli Broad
Assistant Secretary Chairman and
Chief Executive Officer
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