RELIASTAR BANKERS SECURITY LIFE INSURANCE CO, S-6, 1998-03-06

RELIASTAR BANKERS SECURITY LIFE INSURANCE CO
S-6, 1998-03-06

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As filed with the Securities and Exchange Commission on March 6, 1998

Registration No.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM S-6
REGISTRATION STATEMENT

FOR REGISTRATION UNDER THE SECURITIES ACT
OF 1933 OF SECURITIES OF UNIT INVESTMENT
TRUSTS REGISTERED ON FORM N-8B-2

RELIASTAR LIFE INSURANCE COMPANY OF NEW YORK
VARIABLE LIFE SEPARATE ACCOUNT I
(Exact Name of Registrant)

RELIASTAR LIFE INSURANCE COMPANY OF NEW YORK
1000 Woodbury Road
Woodbury, New York 11797
(Name and Address of Principal Executive Office of Depositor)

---------------------------------------------

Stewart D. Gregg
Counsel
ReliaStar Life Insurance Company of New York
20 Washington Avenue South
Minneapolis, MN 55440

Copy to:

Jeffrey A. Proulx
Associate Counsel
ReliaStar Life Insurance Company of New York
20 Washington Avenue South
Minneapolis, MN 55440

It is proposed that this filing will become effective

____ immediately upon filing pursuant to paragraph (b) of Rule 485

____ on , 1998 pursuant to paragraph (b) of Rule 485

____ 60 days after filing pursuant to paragraph (a) of Rule 485

_____on , 1998 pursuant to paragraph (a) of Rule 485

Flexible Premium Variable Life Insurance Policies -- Registration of an
indefinite amount of securities pursuant to Rule 24f-2 under the Investment
Company Act of 1940.

The registrant hereby amends this Registration Statement on such date or dates
as may be necessary to delay its effective date until the Registrant shall file
a further amendment which specifically states that this Registration Statement
shall thereafter become effective in accordance with Section 8(a) of the
Securities Act of 1933 or until the Registration Statement shall become
effective on such date as the Commission, acting pursuant to said Section 8(a),
may determine.

<PAGE>
RELIASTAR LIFE INSURANCE COMPANY OF NEW YORK
VARIABLE LIFE SEPARATE ACCOUNT I

CROSS REFERENCE SHEET
(Reconciliation and Tie Sheet)

Item Number of
Form N-8B-2 Heading in the Prospectus
- --------------- -------------------------------
1 Cover Page
2 Cover Page
3 Not Applicable
4 Distribution of the Policies
5 ReliaStar Life Insurance Company of New
York and the Variable Account
6 The Variable Account
7 Not Applicable
8 Not Applicable
9 Not Applicable
10 Summary; Death Benefit;
Payment and Allocation
of Premiums; Death
Benefit Guarantee;
Accumulation Value;
Policy Lapse and
Reinstatement;
Surrender Benefits;
Investments of the
Variable Account;
Transfers; Policy
Loans; Free Look and
Conversion Rights;
Voting Rights; General
Provisions; Appendix A;
Appendix B
11 Deductions and Charges; Investments
of the Variable Account
12 Investments of the Variable Account
13 Deductions and Charges
14 The Policies; Definitions; Distribution
of the Policies
15 Payment and Allocation of Premiums;
Investments of the Variable Account
16 Payment and Allocation of Premiums;
Surrender Benefits; Investments of
the Variable Account
17 Surrender Benefits; Policy Loans; Free
Look and Conversion Rights; General
Provisions
18 The Variable Account; Investments of
the Variable Account; Payment and
Allocation of Premiums
19 Voting Rights, General Provisions
20 Not Applicable
21 Policy Loans
22 Not Applicable
23 Bonding Arrangements
<PAGE>
24 Definitions; General Provisions
25 ReliaStar Life Insurance Company
26 Not Applicable
27 ReliaStar Life Insurance Company of New
York; Other Contracts Issued by Us
28 Management
29 ReliaStar Life Insurance Company of
New York
30 Not Applicable
31 Not Applicable
32 Not Applicable
33 Not Applicable
34 Not Applicable
35 Not Applicable
36 Not Applicable
37 Not Applicable
38 Distribution of the Policies
39 Distribution of the Policies
40 Distribution of the Policies
41 Distribution of the Policies
42 Not Applicable
43 Not Applicable
44 Investments of the Variable Account;
Payment Allocation of Premiums;
Deductions and Charges
45 Not Applicable
46 Investments of the Variable Account;
Deductions and Charges
47 Investments of the Variable Account
48 ReliaStar Life Insurance Company of New
York; State Regulation
49 Not Applicable
50 The Variable Account
51 Cover Page; The Policies; Death Benefit;
Payment and Allocation of Premiums;
Deductions and Charges; Policy Lapse
and Reinstatement; General Provisions;
Free Look and Conversion Rights
52 Investments of the Variable Account
53 Federal Tax Matters
54 Not Applicable
55 Not Applicable
56 Not Applicable
57 Not Applicable
58 Not Applicable
59 Not Applicable

<PAGE>
1000 Woodbury Road
Woodbury, NY 11797
(516) 682-8700

---------------------------
SURVIVORSHIP FLEXIBLE PREMIUM VARIABLE
LIFE INSURANCE POLICIES
Issued by
RELIASTAR LIFE INSURANCE COMPANY OF NEW YORK
VARIABLE LIFE SEPARATE ACCOUNT I
of
RELIASTAR LIFE INSURANCE COMPANY OF NEW YORK

This Prospectus describes a survivorship flexible premium variable life
insurance policy (the "Policy") offered by ReliaStar Life Insurance Company of
New York ("we", "us", "our" or the "Company"). This Policy is designed to
provide lifetime insurance protection to age 100 of the younger Joint Insured.
It also is designed to provide flexibility in connection with premium payments
and death benefits. The Policy owner ("you", "your") may allocate net premiums
among investment alternatives with different investment objectives. A Policy
owner may, subject to certain restrictions, including limitations on premium
payments, vary the frequency and amount of premium payments and increase or
decrease the level of death benefits payable under the Policy. This flexibility
allows a Policy owner to provide for changing insurance needs under a single
insurance contract.

(Continued on next page)

THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND
EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION NOR HAS THE SECURITIES
AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION PASSED UPON THE
ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS
A CRIMINAL OFFENSE.

SHARES OF THE FUNDS AND INTERESTS IN THE POLICIES ARE NOT DEPOSITS OR
OBLIGATIONS OF, OR GUARANTEED OR ENDORSED BY A BANK, AND THE SHARES AND
INTERESTS ARE NOT FEDERALLY INSURED BY THE U.S. GOVERNMENT, THE FEDERAL DEPOSIT
INSURANCE CORPORATION, THE FEDERAL RESERVE BOARD, OR ANY OTHER GOVERNMENTAL
AGENCY.

This Prospectus should be read carefully and retained for future reference. A
current Prospectus or Prospectus Profile for each of the funds must accompany
this Prospectus and should be read in conjunction with this Prospectus.

The date of this Prospectus is , 1998.

<PAGE>

The Policy provides for a Death Benefit payable at the Surviving Joint
Insured's death. As long as the Policy remains in force, the Death Benefit up
to age 100 of the younger Joint Insured will never be less than the current
Face Amount less any Policy loans and unpaid charges. After age 100 of the
younger Joint Insured the Death Benefit is equal to the Accumulation Value. The
Face Amount may be increased, subject to certain limitations. Generally, the
Policy will remain in force as long as the Policy's Cash Surrender Value (that
is, the amount that would be paid to you upon surrender of the Policy) is
sufficient to pay certain monthly charges imposed in connection with the Policy
(including the cost of insurance and certain administrative charges). In
addition, the Policy will remain in force during the Death Benefit Guarantee
Period specified in your Policy, without regard to the Cash Surrender Value, if
on each Monthly Anniversary the total premiums paid on the Policy, less any
partial withdrawals and Policy loans, equals or exceeds the total required
Minimum Monthly Premium payments specified in your Policy (which is a feature
of the Policy called the "Death Benefit Guarantee").

You can allocate net premiums paid under the Policy to the ReliaStar Life
Insurance Company of New York Variable Life Separate Account I (the "Variable
Account"), which is one of our separate accounts, or to our General Account
(the "Fixed Account"). Any amounts allocated to the Variable Account will be
allocated to one or more Sub-Accounts of the Variable Account. The assets of
each Sub-Account will be invested solely in one of the three portfolios
available through The Alger American Fund, in the shares of one of the five
portfolios of Fidelity's Variable Insurance Products Fund ("VIP"), in one of
the four portfolios of Fidelity's Variable Insurance Products Fund II ("VIP
II"), in one of the four portfolios of Janus Aspen Series, in one of the two
portfolios available through Neuberger&Berman Advisers Management Trust, in one
of the five portfolios available through the Northstar Variable Trust, in one
of four portfolios available through the OCC Accumulation Trust and in one of
the six funds available through Putnam Variable Trust, (collectively the
"Funds").

If net premiums are allocated to the Variable Account, the amount of the
Policy's Death Benefit may, and the Policy's Accumulation Value (that is, the
total amount that a Policy provides for investment at any time) will, reflect
the investment performance of the Sub-Accounts of the Variable Account that you
select. You bear the entire investment risk for any amounts allocated to the
Variable Account; no minimum Accumulation Value in the Variable Account is
guaranteed. Regardless of how net premiums are allocated, the Policy's Death
Benefit may, and the Policy's Accumulation Value will, also depend upon the
frequency and amount of premiums paid, any partial withdrawals, loans, and the
charges and deductions assessed in connection with the Policy.

Replacing existing insurance with a Policy described in this Prospectus may not
be to your advantage. In addition, it may not be to your advantage to purchase
this Policy to obtain additional insurance protection if you already own
another survivorship flexible premium variable life insurance policy.

<PAGE>

<TABLE>
<S> <C>
DEFINITIONS ........................................................................... 6
PART 1. SUMMARY
Premium payments ...................................................................... 9
Deductions from each premium payment .................................................. 9
The Fixed Account ..................................................................... 9
The Variable Account .................................................................. 9
The investment advisers of the Funds .................................................. 9
The Funds ............................................................................. 10
Transfers between the Sub-Accounts and/or the Fixed Account ........................... 10
Charges against the Accumulation Value ................................................ 10
Charges made upon lapse or total surrender of the Policy .............................. 11
The value of the Policy if you surrender it ........................................... 11
Partial withdrawals ................................................................... 11
The free look rights .................................................................. 11
Borrowing against the value of the Policy ............................................. 11
The Death Benefit ..................................................................... 11
You may adjust the amount of the Death Benefit ........................................ 11
The Death Benefit Guarantee ........................................................... 12
Unless the Death Benefit Guarantee is in effect, we may cause the Policy to lapse ..... 12
Death Benefit proceeds generally not taxable income to the beneficiary ................ 12
Accumulation Value increases generally not taxable income while accumulating .......... 12
Exercising certain Policy rights and tax consequences ................................. 12
Modified Endowment Contracts .......................................................... 12
PART 2. DETAILED INFORMATION
ReliaStar Life Insurance Company of New York .......................................... 12
The Variable Account .................................................................. 13
Performance Information ............................................................... 13
The Policies .......................................................................... 14
Death Benefit ......................................................................... 14
Death Benefit Options ................................................................. 15
Which Death Benefit Option to Choose .................................................. 16
Requested Changes in Face Amount ...................................................... 16
Insurance Protection .................................................................. 17
Change in Death Benefit Option ........................................................ 18
Payment and Allocation of Premiums .................................................... 18
Issuing the Policy .................................................................... 18
Allocation of Premiums ................................................................ 19
Amount and Timing of Premiums ......................................................... 20
Planned Periodic Premiums ............................................................. 20
Unscheduled Additional Premiums ....................................................... 20
Paying Premiums By Mail ............................................................... 21
Death Benefit Guarantee ............................................................... 21
Requirements .......................................................................... 21
Accumulation Value .................................................................... 22
Specialized Uses of the Policy ........................................................ 23
Deductions and Charges ................................................................ 23
Premium Expense Charge ................................................................ 23
Monthly Deduction ..................................................................... 23
Surrender Charge ...................................................................... 24
Partial Withdrawal and Transfer Charges ............................................... 25
Investment Advisory Fees and Other Fund Expenses After Reimbursement .................. 25
Reduction of Charges .................................................................. 27
Policy Lapse and Reinstatement ........................................................ 28
Surrender Benefits .................................................................... 28
</TABLE>

<PAGE>

<TABLE>
<S> <C>
Total Surrender .......................................................................... 28
Partial Withdrawal ....................................................................... 28
Transfers ................................................................................ 29
Telephone/Fax Instructions ............................................................... 30
Dollar Cost Averaging Service ............................................................ 30
Portfolio Rebalancing Service ............................................................ 30
Transfer Limits .......................................................................... 31
Transfer Charges ......................................................................... 31
Policy Loans ............................................................................. 31
Free Look and Conversion Rights .......................................................... 33
Free Look Rights ......................................................................... 33
Conversion Rights ........................................................................ 33
Investments of the Variable Account ...................................................... 33
Fund Descriptions ........................................................................ 35
Addition, Deletion, or Substitution of Investments ....................................... 36
Voting Rights ............................................................................ 36
General Provisions ....................................................................... 37
Benefits After Age 100 ................................................................... 37
Ownership ................................................................................ 37
Proceeds ................................................................................. 37
Beneficiary .............................................................................. 37
Postponement of Payments ................................................................. 37
Settlement Options ....................................................................... 38
Incontestability ......................................................................... 38
Misstatement of Age and Sex .............................................................. 39
Suicide .................................................................................. 39
Termination .............................................................................. 39
Amendment ................................................................................ 39
Reports .................................................................................. 39
Dividends ................................................................................ 40
Collateral Assignment .................................................................... 40
Optional Insurance Benefits .............................................................. 40
Federal Tax Matters ...................................................................... 40
Introduction ............................................................................. 40
Tax Status of the Policy ................................................................. 40
Tax Treatment of Policy Benefits ......................................................... 41
Taxation of ReliaStar Life Insurance Company of New York ................................. 42
Possible Changes in Taxation ............................................................. 42
Preparing for the Year 2000 .............................................................. 42
Other Considerations ..................................................................... 43
Distribution of the Policies ............................................................. 43
Management ............................................................................... 43
Directors and Officers ................................................................... 44
State Regulation ......................................................................... 46
Legal Proceedings ........................................................................ 46
Bonding Arrangements ..................................................................... 46
Legal Matters ............................................................................ 46
Experts .................................................................................. 46
Registration Statement Contains Further Information ...................................... 46
Financial Statements ..................................................................... 47
Appendix A -- The Fixed Account .......................................................... A-1
Appendix B -- Calculation of Accumulation Value .......................................... B-1
Appendix C -- Illustration of Accumulation Values, Surrender Charges, Cash Surrender
Values and Death Benefits ................................................................ C-1
Appendix D -- Monthly Amount Charge Per $1,000 of Face Amount............................ D-1
</TABLE>

<PAGE>

FUND PROSPECTUSES ("Select*Product Investment Options")
The Alger American Fund
Fidelity's Variable Insurance Products Fund ("VIP")
Fidelity's Variable Insurance Products Fund II ("VIP" II)
Janus Aspen Series
Neuberger&Berman Advisers Management Trust ("AMT")
Northstar Variable Trust ("Northstar")
OCC Accumulation Trust
Putnam Variable Trust

The Policy may not be available in all jurisdictions. This prospectus does not
constitute an offering or solicitation in any jurisdiction in which such
offering or solicitation may not lawfully be made. No person is authorized to
give any information or to make any representations in connection with this
offering other than those contained in this Prospectus or the accompanying Fund
prospectuses and, if given or made, such information or representations must
not be relied upon as having been authorized.

The primary purpose of the Policy is to provide insurance protection for the
beneficiary named in the Policy. No claim is made that the Policy is in any way
similar or comparable to a systematic investment plan of a mutual fund.

<PAGE>

DEFINITIONS

Accumulation Value. The total value attributable to a specific Policy, which
equals the sum of the Variable Accumulation Value (the total of the values
in each Sub-Account of the Variable Account) and the Fixed Accumulation
Value (the value in the Fixed Account). See "Accumulation Value" at page
and Appendix B.

Average Age. The sum of the ages of the Joint Insureds divided by two rounded
to the higher age.

Cash Surrender Value. The Accumulation Value less any Surrender Charge, Loan
Amount and unpaid Monthly Deductions.

Cash Value. The Accumulation Value less any Surrender Charge.

Code. Internal Revenue Code of 1986, as amended.

Death Benefit. The amount determined under the applicable Death Benefit Option
(the Level Amount Option or the Variable Amount Option). The proceeds
payable to the beneficiary of the Policy upon the death of the Surviving
Joint Insured under either Death Benefit Option will be reduced by any Loan
Amount and any unpaid Monthly Deductions. See "Death Benefit" at page .

Death Benefit Guarantee. A feature of the Policy guaranteeing that the Policy
will not lapse during the Death Benefit Guarantee Period specified in your
Policy if, on each Monthly Anniversary, the total premiums paid on the
Policy, less any partial withdrawals and any Loan Amount, equals or exceeds
the total required Minimum Monthly Premium payments specified in your
Policy, including the Minimum Monthly Premium for the current Monthly
Anniversary. See "Death Benefit Guarantee" at page .

Death Benefit Option. Either of two death benefit options available under the
Policy (the Level Amount Option and the Variable Amount Option). See "Death
Benefit -- Death Benefit Options" at page .

Face Amount. The minimum Death Benefit under the Policy to age 100 of the
younger Joint Insured as long as the Policy remains in force. See "Death
Benefit" at page .

Fixed Account. The assets of ReliaStar Life Insurance Company of New York other
than those allocated to the Variable Account or any other separate account.
See Appendix A.

Fixed Accumulation Value. The value attributable to a specific Policy to the
extent such amount is attributable to the Fixed Account (our General
Account). Unlike the Variable Accumulation Value, the Fixed Accumulation
Value will not reflect the investment performance of the Funds. See
"Accumulation Value" at page and Appendix B.

Funds. Any open-end management investment company (or portfolio thereof) or
unit investment trust (or series thereof) in which a Sub-Account invests as
described herein. See "Investments of the Variable Account" at page .

Issue Date. The date insurance coverage under a Policy begins.

Joint Insureds. The persons upon whose lives this Policy is issued.

Level Amount Option. One of two Death Benefit Options available under the
Policy. Under this option, the Death Benefit is the greater of the current
Face Amount or the Accumulation Value multiplied by the corridor percentage
according to the younger Joint Insured's attained age. After age 100 the
Death Benefit is equal to the Accumulation Value. See "Death Benefit --
Death Benefit Options" at page .

Loan Amount. The sum of all unpaid Policy loans including unpaid interest due
thereon. See "Policy Loans" at page .

Minimum Face Amount. The minimum Face Amount shown in the Policy (currently
$250,000).

Minimum Monthly Premium. A monthly premium amount specified in the Policy and
determined by us at issuance of the Policy. See "Death Benefit Guarantee"
at page .

<PAGE>

Monthly Anniversary. The same date in each succeeding month as the Policy Date.
Whenever the Monthly Anniversary falls on a date other than a Valuation
Date, the Monthly Anniversary will be considered to be the next Valuation
Date. The Monthly Anniversary begins with the Policy Date.

Monthly Deduction. A monthly charge deducted from the Accumulation Value of the
Policy. See "Deductions and Charges -- Monthly Deduction" at page .

Monthly Administrative Charge. A monthly charge to reimburse us for expenses
incurred in administering the Policy. See "Deductions and Charges --
Monthly Deduction" at page .

Monthly Amount Charge. A monthly charge per $1,000 of Face Amount to reimburse
us for expenses incurred in distributing and issuing the Policy. See
"Deductions and Charges -- Monthly Deduction" at page . See Appendix D
for the Monthly Amount Charge per $1,000 of Face Amount.

Monthly Mortality and Expense Risk Charge. A monthly charge to compensate us
for certain mortality and expense risks we assume under the Policy. See
"Deductions and Charges -- Monthly Mortality and Expense Risk Charge" at
page .

Net Premium. The gross premium less a Premium Expense Charge deducted from each
premium.

Planned Periodic Premium. The scheduled premium selected by you of a level
amount at a fixed interval. The initial Planned Periodic Premium you select
will be shown in the Policy. See "Payment and Allocation of Premiums --
Planned Periodic Premiums" at page .

Policy, Policies. The survivorship flexible premium variable life insurance
Policy offered by us and described in this Prospectus.

Policy Anniversary. The same date in each succeeding year as the Policy Date.
Whenever the Policy Anniversary falls on a date other than a Valuation
Date, the Policy Anniversary will be considered to be the next Valuation
Date.

Policy Date. The Policy Date is used in determining Policy Years, Policy
Months, Monthly Anniversaries, and Policy Anniversaries. The Policy Date
will be shown in the Policy.

Policy Month. A month beginning on the Monthly Anniversary.

Policy Year. A year beginning on the Policy Anniversary.

Premium Expense Charge. An amount deducted from each premium payment. See
"Deductions and Charges --
Premium Expense Charge" at page .

Rate Class. A group of Insureds we determine based on our expectation that they
will have similar mortality experience.

SEC. Securities and Exchange Commission.

Signature Guarantee. A guarantee of your signature by a member firm of the New
York, American, Boston, Midwest, Philadelphia, or Pacific Stock Exchange,
or by a commercial bank (not a savings bank) which is a member of the
Federal Deposit Insurance Corporation, or, in certain cases, by a member
firm of the National Association of Securities Dealers, Inc. that has
entered into an appropriate agreement with us.

Sub-Account. A sub-division of the Variable Account. Each Sub-Account invests
exclusively in the shares of a specified Fund.

Surrender Charge. A charge imposed upon total surrender or lapse of the Policy
during the first 15 Policy Years and the first 15 years following any
requested increase in Face Amount. See "Deductions and Charges --
Surrender Charge" at page .

Surviving Joint Insured. The Joint Insured who remains alive after the other
Joint Insured has died.

Unit Value. The unit measure by which the value of the Policy's interest in
each Sub-Account is determined. See Appendix B.

Valuation Date. Each day on which the New York Stock Exchange is open for
business except for a day that a Sub-Account's corresponding Fund does not
value its shares. The New York Stock Exchange is currently

<PAGE>

closed on weekends and on the following holidays: New Year's Day; Martin
Luther King Day; Presidents' Day; Good Friday; Memorial Day; July Fourth;
Labor Day; Thanksgiving Day; and Christmas Day.

Valuation Period. The period between two successive Valuation Dates, commencing
at the close of business of a Valuation Date and ending at the close of
business of the next Valuation Date. See Appendix B.

Variable Account. ReliaStar Life Insurance Company of New York Variable Life
Separate Account I, a separate investment account established by us to
receive and invest Net Premiums paid under the Policy. See "The Variable
Account" at page .

Variable Accumulation Value. The value attributable to a specific Policy to the
extent such amount is attributable to the Variable Account. See
"Accumulation Value" and Appendix B.

Variable Amount Option. One of two Death Benefit Options available under the
Policy. Under this option, the Death Benefit is the greater of the Face
Amount plus the Accumulation Value of the Policy, or the Accumulation Value
multiplied by the corridor percentage on the Valuation Date on or next
following the date of the younger Joint Insured's death. After age 100 the
Death Benefit is equal to the Accumulation Value. See "Death Benefit --
Death Benefit Options" at page .

We, Us, Our or the Company. ReliaStar Life Insurance Company of New York.

You, Your. The Policy owner(s) as designated in the application for the Policy
or as subsequently changed. If a Policy has been absolutely assigned, the
assignee is the Policy owner. A collateral assignee is not the Policy
owner.

<PAGE>

PART 1. SUMMARY

This is a brief summary of the Policy's features. More detailed
information is provided in this Prospectus and the Policy.

Premium payments

With certain restrictions, you can choose when you pay premiums and how
much each payment will be. In most cases, however, payment of cumulative
premiums sufficient to maintain the Death Benefit Guarantee will be required to
keep the Policy in force during at least the first several Policy Years. See
"Death Benefit Guarantee" and "Payment and Allocation of Premiums -- Amount and
Timing of Premiums."

Deductions from each premium payment

We deduct an amount (the Premium Expense Charge) from each premium and
credit the remaining premium (the Net Premium) to the Fixed Account or to the
Variable Account in accordance with your instructions. The Premium Expense
Charge is currently 6.25% of each premium payment in Policy Years 1-10 and
3.75% of each premium after the tenth Policy Year. See "Deductions and Charges
- -- Premium Expense Charge."

The Fixed Account

The Fixed Account consists of all of our assets other than those in our
separate accounts (including the Variable Account). We credit interest of at
least 4% per year on any amounts you have in the Fixed Account. From time to
time we may guarantee interest in excess of 4%. See Appendix A, "The Fixed
Account."

The Variable Account

The ReliaStar Life Insurance Company of New York Variable Life Separate
Account I is one of our separate accounts. Only premiums from our variable life
insurance policies are invested in the Variable Account. See "The Variable
Account." The Variable Account is divided into Sub-Accounts. Premiums allocated
to each Sub-Account are invested in shares, at net asset value, of the Fund
corresponding to that Sub-Account. The Variable Accumulation Value of the
Policy will vary with, among other things, the investment performance of the
Funds to which Policy premiums are allocated and the charges deducted from the
Variable Accumulation Value. See "Accumulation Value."

The investment advisers of the Funds

o Fred Alger Management, Inc. ("Alger Management") is the investment manager
for the three Alger American Portfolios.

o Fidelity Management & Research Company ("FMR") is the investment adviser of
the VIP Funds' five portfolios and the VIP II Funds' four portfolios.

o Each of the four portfolios of Janus Aspen Series has an investment advisory
agreement with Janus Capital Corporation ("Janus Capital"). Janus Capital
is the investment adviser of the four portfolios of Janus Aspen Series.

o Neuberger&Berman Management, with the assistance of Neuberger&Berman, LLC as
sub-adviser, is the investment manager of AMT Limited Maturity Bond
Investments and AMT Partners Investments.

o Northstar Investment Management Corporation, an affiliate of ours, is the
investment adviser of Northstar's five portfolios of the Northstar Variable
Trust. Certain of the Northstar portfolios are sub-advised by third-party
investment advisers.

o OpCap Advisors is the investment manager for each of the four OCC
Accumulation Trust Portfolios and is a subsidiary of Oppenheimer Capital, a
registered investment adviser.

o Putnam Investment Management, Inc. ("Putnam Management") is the investment
adviser of Putnam Variable Trust's six funds.

For the expenses of each Fund see "Investment advisory fees and other Fund
expenses after reimbursement."

<PAGE>

The Funds

You can put your money in up to seventeen (17) of these thirty-three (33)
investment portfolios which are described in the prospectuses for the
portfolios. You do not have to choose your investment options in advance, but
upon participation in the seventeenth Fund you would only be able to transfer
within the seventeen Funds already utilized.

<TABLE>
<CAPTION>
Fidelity's Variable Insurance Neuberger&Berman OCC Accumulation
The Alger American Fund Fund II Advisers Management Trust Trust
- --------------------------- ------------------------------- --------------------------- ------------------------
<S> <C> <C> <C>
Alger American VIP II Asset Manager Limited Maturity Bond Equity Portfolio
Growth Portfolio Portfolio Portfolio Global Equity Portfolio
Alger American MidCap VIP II Contrafund Partners Portfolio Managed Portfolio
Growth Portfolio Portfolio Small Cap Portfolio
Alger American Small VIP II Index 500
Capitalization Portfolio Portfolio
VIP II Investment Grade
Bond Portfolio
Fidelity's Variable Putnam Variable
Insurance Fund Janus Aspen Series Northstar Variable Trust Trust
- --------------------------- ------------------------------- --------------------------- ------------------------
VIP Equity-Income Aggressive Growth Northstar Growth Putnam VT Asia
Portfolio Portfolio Portfolio Pacific Growth Fund
VIP Growth Portfolio Growth Portfolio Northstar High-Yield Putnam VT Diversified
VIP High Income International Growth Bond Portfolio Income Fund
Portfolio Portfolio Northstar Income and Putnam VT Growth and
VIP Money Market Worldwide Growth Growth Portfolio Income Fund
Portfolio Portfolio Northstar International Putnam VT New
VIP Overseas Portfolio Value Portfolio Opportunities Fund
Northstar Multi-Sector Putnam VT Utilities
Bond Portfolio Growth and Income
Fund
Putnam VT Voyager
Fund
</TABLE>

Transfers between the Sub-Accounts and/or the Fixed Account

Subject to certain restrictions, you can transfer all or part of your
Accumulation Value among the investment options of the Policy. We do not make a
charge for the first twelve transfers in a Policy Year. Transfers from the
Fixed Account are subject to certain additional restrictions.

Charges against the Accumulation Value

The Accumulation Value of the Policy is subject to the Monthly Deduction
charges.

The Monthly Deduction will be deducted monthly from both the Fixed
Accumulation Value and the Variable Accumulation Value. The cost of insurance
will be determined by multiplying the applicable cost of insurance rate(s) by
the net amount at risk. The Monthly Administrative Charge is currently $7.50
per month and is guaranteed not to exceed the product of $5.00 and the ratio
(not to exceed 2.00) of (a) the Consumer Price Index (for all urban households)
for the preceding September to (b) the Consumer Price Index for September 1985.
The Monthly Amount Charge will be determined by multiplying the Face Amount by
the applicable charge per $1,000 of Face Amount. This Charge applies only
during the first 20 Policy Years (and 20 Policy Years after any requested Face
Amount increase relative to the increase amounts). The Monthly Mortality and
Expense Risk Charge is anticipated to be an annual rate of .90% of the Variable
Accumulation Value of the Policy during the first 10 Policy Years. During each
Policy Year thereafter, it is anticipated that the charge will be an annual
rate of .25%. The Monthly Mortality and Expense Risk Charge is guaranteed not
to exceed 1.20% of the Variable Accumulation Value of the Policy for the first
10 Policy Years and .55% of the Accumulation Value of the Policy per Policy
Year thereafter. The charges for optional insurance benefits will vary
depending upon the benefit(s) selected. See "Deductions and Charges -- Monthly
Deduction."

<PAGE>

Charges made upon lapse or total surrender of the Policy

During the first 15 years the Policy is in force and the first 15 years
following a requested increase in the Face Amount, there is a charge if the
Policy lapses or you surrender the Policy (the Surrender Charge). See
"Deductions and Charges -- Surrender Charge."

The maximum Surrender Charge on the Initial Face Amount will be equal to
$8.50 per thousand of Initial Face Amount. The maximum Surrender Charge on any
requested increase in Face Amount will be equal to $8.50 per thousand of
increase in Face Amount. This maximum charge then remains level during the
first five years (adjusted for increases in the first three years) in the
relevant 15 year period, and then reduces in equal monthly increments until it
becomes zero at the end of 15 years.

The value of the Policy if you surrender it

In general, the Cash Surrender Value is the amount you would receive if
you surrender the Policy. To determine the Cash Surrender Value, your
Accumulation Value is reduced by the Surrender Charge, if any, and any Loan
Amount and unpaid Monthly Deductions. See "Surrender Benefits -- Total
Surrender."

Partial withdrawals

You can withdraw part of your Cash Surrender Value. You will not incur a
Surrender Charge, but partial withdrawals are subject to a processing charge.
Only one partial withdrawal is allowed in any Policy Year. See "Surrender
Benefits -- Partial Withdrawal."

The free look rights

You have a limited free look period during which you have a right to
return the Policy and receive a refund of all premiums paid. See "Free Look and
Conversion Rights -- Free Look Rights." The Policy must be returned to us by
midnight of the 10th day after you receive it.

Borrowing against the value of the Policy

At any time after the first Policy Year, generally you can borrow up to
100% of the Cash Value of the Policy less any existing Loan Amount. Each loan
must be at least $500. Interest is payable in advance for each Policy Year and
accrues daily at an effective annual rate that will not exceed 7.00% (which is
5.66% when payable in advance). After the tenth Policy Year, we will charge
interest at an annual rate of 4.00% (which is 3.85% when payable in advance) on
the portion of your Loan Amount that is not in excess of (a) the Accumulation
Value, less (b) the total of all premiums paid net of all partial withdrawals.
See "Policy Loans."

The Death Benefit

You choose one of two Death Benefit Options -- the Level Amount Option or
the Variable Amount Option. The Death Benefit under the Level Amount Option is
the greater of the Face Amount or the Accumulation Value multiplied by the
corridor percentage according to the younger Joint Insured's attained age. The
Death Benefit under the Variable Amount Option is equal to the greater of the
Face Amount plus the Accumulation Value, or the Accumulation Value multiplied
by the corridor percentage according to the younger Joint Insured's attained
age. See "Death Benefit."

The proceeds payable upon the death of the Surviving Joint Insured under
either Death Benefit Option will be reduced by any Loan Amount and any unpaid
Monthly Deductions.

The Death Benefit up to age 100 of the younger Joint Insured will never be
less than the Face Amount as long as the Policy is in force and there is no
Loan Amount or unpaid Monthly Deductions. After age 100 the Death Benefit is
the Accumulation Value.

You may adjust the amount of the Death Benefit

After the fourth Policy Year, you have flexibility to adjust the Death
Benefit by increasing or decreasing the Face Amount. You cannot decrease the
Face Amount below the Minimum Face Amount shown in the Policy. Any increase in
the Face Amount must be at least $5,000 and may require additional evidence of
insurability satisfactory to us and will result in additional charges. See
"Death Benefit -- Requested Changes in Face Amount."

<PAGE>

Generally, you may also change the Death Benefit Option at any time after
the fourth Policy Year. We may require evidence of insurability satisfactory to
us. See "Death Benefit -- Change in Death Benefit Option."

For a discussion of available techniques to adjust the amount of insurance
protection to satisfy changing insurance needs. See "Death Benefit -- Insurance
Protection."

The Death Benefit Guarantee

During the Death Benefit Guarantee Period specified in your Policy, if you
meet the requirements for the Death Benefit Guarantee we will not lapse your
Policy, even if the Cash Surrender Value is not sufficient to cover the Monthly
Deduction that is due. See "Death Benefit Guarantee."

Unless the Death Benefit Guarantee is in effect, we may cause the Policy to
lapse

The Policy will only lapse if the Cash Surrender Value is less than the
Monthly Deduction due and if a grace period of 61 days expires without a
sufficient payment. The Policy thus differs in two important respects from
traditional life insurance. First, the failure to pay a Planned Periodic
Premium will not automatically cause the Policy to lapse. Second, even if
Planned Periodic Premiums have been paid, the Policy may lapse. See "Policy
Lapse and Reinstatement -- Lapse."

Death Benefit proceeds generally not taxable income to the beneficiary

Under current Federal tax law, as long as the Policy qualifies as life
insurance, the Death Benefit under the Policy will be subject to the same
Federal income tax treatment as proceeds of traditional life insurance.
Therefore, the Death Benefit should generally not be taxable income to the
beneficiary. See "Federal Tax Matters --
Policy Proceeds."

Accumulation Value increases generally not taxable income while accumulating

Under current Federal tax law, as long as the Policy qualifies as life
insurance, Accumulation Value increases will also be subject to the same
Federal income tax treatment as traditional life insurance cash values.
Therefore, any increases generally should accumulate on a tax deferred basis.
See "Federal Tax Matters -- Policy Proceeds."

Exercising certain Policy rights and tax consequences

A change of owners, a partial withdrawal, a total surrender, or a Policy
loan may have tax consequences depending on the particular circumstances. See
"Federal Tax Matters -- Policy Proceeds."

Modified Endowment Contracts

The Company intends for the Policy to satisfy the definition of a life
insurance contract under Section 7702 of the Internal Revenue Code of 1986, as
amended (the "Code"). Under certain circumstances, a Policy could be treated as
a "modified endowment contract." The Company will monitor Policies and will
attempt to notify an owner on a timely basis if his or her Policy is in
jeopardy of becoming a modified endowment contract. For further discussion of
the tax status of a Policy and the tax consequences of being treated as a life
insurance contract or a modified endowment contract, see "Federal Tax Matters."

PART 2. DETAILED INFORMATION

ReliaStar Life Insurance Company of New York

We are a stock life insurance company incorporated under the laws of the
State of New York. We are authorized to transact business in all states, the
District of Columbia, and the Dominican Republic. On December 20, 1979, we
became a wholly-owned subsidiary of United Services Life Insurance Company
("United Services") which became an indirect, wholly owned subsidiary of
ReliaStar Financial Corp. ("ReliaStar"), formerly The NWNL Companies, Inc.,
when ReliaStar acquired USLICO Corporation on January 20, 1995. ReliaStar is a
holding company whose subsidiaries specialize in life insurance and related
financial services businesses.

<PAGE>

We may from time to time publish in advertisements, sales literature, and
reports, the ratings and other information assigned to us by one or more
independent rating organizations such as A.M. Best Company, Standard & Poor's,
Moody's, and Duff & Phelps. The purpose of the ratings is to reflect our
financial strength and/or claims-paying ability and should not be considered as
bearing on the investment performance of assets held in the Variable Account.
Each year the A.M. Best Company reviews the financial status of many insurers,
culminating in the assignment of Best's Ratings. These ratings reflect their
current opinion of the relative financial strength and operating performance of
an insurance company in comparison to the norms of the life/health insurance
industry. We have been assigned a rating of A+ by A.M. Best, which is a rating
assigned to companies demonstrating superior overall performance and a very
strong ability to meet obligations to Policy holders over a long period. Such
ratings do not reflect the investment in the Variable Account.

The Variable Account

The Variable Account is a Separate Account of ours, established by the
Board of Directors on March 23, 1982 pursuant to the laws of the State of New
York. The Variable Account will receive and invest the Net Premiums paid and
allocated to it under this Policy. In addition, the Variable Account currently
receives and invests net premiums for another class of scheduled premium
variable life insurance policy and may do so for additional classes in the
future. The Variable Account meets the definition of a "separate account" under
the federal securities laws and has been registered with the SEC as a unit
investment trust under the Investment Company Act of 1940. The registration
does not involve supervision by the SEC of the management or investment
policies or practices of the Variable Account, us, or the Funds.

We own the assets of the Variable Account. However, the New York laws
under which the Variable Account was established provide that the Variable
Account cannot be charged with liabilities arising out of any other business we
may conduct. We are required to maintain assets which are at least equal to the
reserves and other liabilities of the Variable Account. We may transfer assets
which exceed these reserves and liabilities to our general account (the Fixed
Account).

For a description of the Fixed Account, see Appendix A to this Prospectus.

Performance Information

Performance information for the Sub-Accounts of the Variable Account and
the Funds available for investment by the Variable Account may appear in
advertisements, sales literature, or reports to Policy owners or prospective
purchasers. Performance information for the Sub-Accounts will reflect
deductions of Fund expenses and be adjusted to reflect the Mortality and
Expense Risk Charge, but will not reflect deductions for the cost of insurance
or the Surrender Charge. Quotations of performance information for the Funds
will be accompanied by performance information for the Sub-Accounts.
Performance information for the Funds will take into account all fees and
charges at the Fund level, but will not reflect any deductions from the
Variable Account. Performance information reflects only the performance of a
hypothetical investment during a particular time period in which the
calculations are based. Performance information showing total returns and
average annual total returns may be provided for periods prior to the date a
Sub-Account commenced operation. Such performance information will be
calculated based on the assumption that the Sub-Accounts were in existence for
the same periods as those indicated for the Funds, with the level of charges at
the Variable Account level that were in effect at the inception of the
Sub-Accounts. Performance information should be considered in light of the
investment objectives and policies, characteristics and quality of the
portfolio of the Fund in which the Sub-Account invests, and the market
conditions during the given period of time, and should not be considered as a
representation of what may be achieved in the future.

We may also provide individualized hypothetical illustrations of Policy
Accumulation Value, Cash Surrender Value and Death Benefit based on historical
investment returns of the Funds. These illustrations will reflect deductions
for Fund expenses and Policy and Variable Account charges, including the
Monthly Deduction, Premium Expense Charge and the Surrender Charge. These
hypothetical illustrations will be based on the actual historical experience of
the Funds as if the Sub-Accounts had been in existence and a Policy issued for
the same periods as those indicated for the Funds.

<PAGE>

Performance of the Sub-Accounts and/or the Funds as reported from time to
time in advertisements and sales literature may be compared to other variable
life insurance issuers in general or to the performance of particular types of
variable life insurance policies investing in mutual funds, or investment
series of mutual funds with investment objectives similar to each of the
Sub-Accounts, whose performance is reported by Lipper Analytical Services, Inc.
("Lipper") and Morningstar, Inc.

("Morningstar") or reported by other series, companies, individuals or
other industry or financial publications of general interest, such as FORBES,
MONEY, THE WALL STREET JOURNAL, BUSINESS WEEK, BARRON'S, KIPLINGER'S PERSONAL
FINANCE, and FORTUNE. Lipper and Morningstar are independent services which
monitor and rank the performances of variable life insurance issuers in each of
the major categories of investment objectives on an industry-wide basis.

We may also compare the performance of each Sub-Account in advertising and
sales literature to the Standard & Poor's Index of 500 common stocks and the
Dow Jones Industrials, which are widely used measures of stock market
performance. We may also compare the performance of each Sub-Account to other
widely recognized indices. Unmanaged indices may assume the reinvestment of
dividends, but typically do not reflect any "deduction" for the expense of
operating or managing an investment portfolio.

The Policies

The Policies are survivorship flexible premium variable life insurance
contracts with death benefits, cash values, and other features of traditional
life insurance contracts. They are "flexible premium" because premiums do not
have to be paid according to a fixed schedule. They are "variable" because, to
the extent Accumulation Value is attributable to the Variable Account,
Accumulation Values and, under certain circumstances, the Death Benefit will
increase and decrease based on the investment performance of the Funds in which
the Sub-Accounts to which you allocate your premium payments invest.

Death Benefit

The proceeds payable upon the death of the Surviving Joint Insured, while
the Policy is in force, will be the Death Benefit (see "Death Benefit Options"
below) reduced by any Loan Amount and unpaid Monthly Deductions. All or part of
the proceeds may be paid in cash to your beneficiaries or under one or more of
the settlement options we offer (see "General Provisions -- Settlement
Options").

The Policy provides two Death Benefit Options: the Level Amount Option and
the Variable Amount Option. You choose the Death Benefit Option on the
application for the Policy. Subject to certain limitations, you can change the
Death Benefit Option after issuance of the Policy. See "Death Benefit -- Change
in Death Benefit Option."

The Death Benefit may vary with the Policy's Accumulation Value. Under the
Level Amount Option, the Death Benefit will only vary with the Accumulation
Value whenever the Accumulation Value multiplied by the corridor percentage
(see "Death Benefit Options -- Level Amount Option") exceeds the Face Amount of
the Policy. The Death Benefit under the Variable Amount Option will always vary
with the Accumulation Value because the Death Benefit equals the Face Amount
plus the Accumulation Value, or the corridor percentage of the Accumulation
Value. Under either Death Benefit Option, however, the Death Benefit to age 100
of the younger Joint Insured will never be less than the current Face Amount of
the Policy and will be payable only as long as the Policy remains in force.
After age 100 the Death Benefit is the Accumulation Value.

In addition to affecting the amount of the Death Benefit as described
above, the Accumulation Value generally determines how long the Policy remains
in force. See "Policy Lapse and Reinstatement." This means that, to the extent
Accumulation Value is attributable to the Variable Account, the investment
performance of the Variable Account (and the underlying Funds) may affect the
duration of the Policy by affecting the amount of Accumulation Value. You bear
the investment risk with respect to any amounts allocated to the Variable
Account. If, however, the Death Benefit Guarantee is in effect (see "Death
Benefit Guarantee"), the Policy will stay in force without regard to the
investment performance under the Policy.

Appendix C illustrates Accumulation Values, Surrender Charges, Cash
Surrender Values, and Death Benefits assuming different levels of premium
payments and investment returns for selected ages and Face Amounts.

<PAGE>

Death Benefit Options

The Level Amount Option and the Variable Amount Option are described
below.

Level Amount Option. The Death Benefit is the greater of the current Face
Amount of the Policy or the Accumulation Value multiplied by the corridor
percentage according to the younger Joint Insured's attained age. The corridor
percentage is 250% for the younger Joint Insured age 40 or below, and the
percentage declines with increasing ages as shown in the Corridor Percentage
Table on page 21. Accordingly, under the Level Amount Option the Death Benefit
will remain level unless the corridor percentage of Accumulation Value exceeds
the current Face Amount, in which case the amount of the Death Benefit will
vary as the Accumulation Value varies.

Similarly, as long as the Accumulation Value exceeds $40,000, each dollar
taken out of the Accumulation Value will reduce the Death Benefit by $2.50. If,
for example, the Accumulation Value is reduced from $75,000 to $70,000 because
of partial withdrawals, charges, or negative investment performance, the Death
Benefit will be reduced from $187,500 to $175,000. If at any time before the
younger Joint Insured's age 100, however, the Accumulation Value multiplied by
the corridor percentage is less than the Face Amount, the Death Benefit will
equal the current Face Amount of the Policy.

The corridor percentage becomes lower as the younger Joint Insured's age
increases. If the current age of the younger Joint Insured in the illustration
above were, for example, 50 (rather than under age 40), the corridor percentage
would be 185%. The Death Benefit would not exceed the $100,000 Face Amount
unless the Accumulation Value exceeded approximately $54,055 (rather than
$40,000), and each $1 then added to or taken from the Accumulation Value would
change the Death Benefit by $1.85 (rather than $2.50).

Corridor Percentage Table

<TABLE>
<CAPTION>
Younger Joint Insured's Corridor Percentage Younger Joint Insured's Corridor Percentage
Age on Previous Policy of Accumulation Age on Previous Policy of Accumulation
Anniversary Value Anniversary Value
- ------------------------- --------------------- ------------------------- --------------------
<S> <C> <C> <C>
40 or younger 250% 61 128
41 243 62 126
42 236 63 124
43 229 64 122
44 222 65 120
45 215 66 119
46 209 67 118
47 203 68 117
48 197 69 116
49 191 70 115
50 185 71 113
51 178 72 111
52 171 73 109
53 164 74 107
54 157 75-90 105
55 150 91 104
56 146 92 103
57 142 93 102
58 138 94 101
59 134 95-100 100
60 130
</TABLE>

Variable Amount Option. The Death Benefit is equal to the greater of the
current Face Amount plus the Accumulation Value of the Policy, or the
Accumulation Value multiplied by the corridor percentage according to the
younger Joint Insured's attained age. The corridor percentage is 250% for the
younger Joint Insured age 40 or below, and the percentage declines with
increasing age as shown in the Corridor Percentage Table above. Accordingly,
under the Variable Amount Option the amount of the Death Benefit will always
vary as the Accumulation Value varies.

<PAGE>

Similarly, any time the Accumulation Value exceeds $66,667, each dollar
taken out of the Accumulation Value will reduce the Death Benefit by $2.50. If,
for example, the Accumulation Value is reduced from $75,000 to $70,000 because
of partial withdrawals, charges, or negative investment performance, the Death
Benefit will be reduced from $187,500 to $175,000. If at any time before the
younger Joint Insured's age 100, however, the Accumulation Value multiplied by
the corridor percentage is less than the Face Amount plus the Accumulation
Value, then the Death Benefit will be the current Face Amount plus the
Accumulation Value of the Policy. The Death Benefit after age 100 is the
Accumulation Value.

The corridor percentage becomes lower as the younger Joint Insured's age
increases. If the current age of the younger Joint Insured in the illustration
above were, for example, 50 (rather than under 40), the corridor percentage
would be 185%. The amount of the Death Benefit would be the sum of the
Accumulation Value plus $100,000 unless the Accumulation Value exceeded
approximately $117,647 (rather than $66,667), and each $1 then added to or
taken from the Accumulation Value would change the Death Benefit by $1.85
(rather than $2.50).

Which Death Benefit Option to Choose

If you prefer to have premium payments and favorable investment
performance reflected partly in the form of an increasing Death Benefit, you
should choose the Variable Amount Option. If you are satisfied with the amount
of your existing insurance coverage and prefer to have premium payments and
favorable investment performance reflected to the maximum extent in the
Accumulation Value, and lower cost of insurance charges you should choose the
Level Amount Option.

Requested Changes in Face Amount

Subject to certain limitations, you may request an increase or decrease in
the Face Amount. No increase or decrease in the Face Amount will be permitted
during the first two Policy Years.

Increases. For an increase in the Face Amount, a written request must be
submitted to us. We may also require additional evidence of insurability
satisfactory to us. The effective date of the increase will be the Monthly
Anniversary on or next following our approval of the increase. The increase may
not be less than $5,000 and no increase will be permitted after any Joint
Insured reaches age 85. You cannot request an increase in the Face Amount more
frequently than once every two years. We will deduct any charges associated
with the increase (the increases in the cost of insurance and the Surrender
Charge upon lapse or total surrender -- see "Effect of Requested Changes in
Face Amount") from the Accumulation Value, whether or not you pay an additional
premium in connection with the increase. You will be entitled to limited free
look and conversion rights and refund rights with respect to requested
increases in Face Amount. See "Free Look and Conversion Rights."

Decreases. For a decrease in the Face Amount, a written request must also
be submitted to us. Any decrease in the Face Amount will be effective on the
Monthly Anniversary on or next following our receipt of a written request. You
cannot request a decrease in the Face Amount more frequently than once every
six months. The Face Amount remaining in force after any requested decrease may
not be less than the Minimum Face Amount shown in the Policy. Under our current
policies, the Minimum Face Amount is $250,000, but we reserve the right to
establish a different Minimum Face Amount in the future. If, following a
decrease in Face Amount, the Policy would no longer qualify as life insurance
under Federal tax law (see "Federal Tax Matters -- Policy Proceeds"), the
decrease will be limited to the extent necessary to meet these requirements.

For purposes of determining the cost of insurance, decreases in the Face
Amount will be applied to reduce the current Face Amount in the following
order:

(a) The Face Amount provided by the most recent increase;

(b) The next most recent increases successively; and

By reducing the current Face Amount in this manner, the Rate Class
applicable to the most recent increase in Face Amount will be eliminated first,
then the Rate Class applicable to the next most recent increase, and so on, for
the purposes of calculating the cost of insurance. This assumption will affect
the cost of insurance under the Policy only if different Rate Classes have been
applied to the current Face Amount. A Rate Class is a group

<PAGE>

of Insureds we determine based upon our expectation that they will have similar
mortality experience. We currently place Insureds into standard Rate Classes or
into substandard Rate Classes that involve a higher mortality risk (for
example, a 200% Rate Class or a 300% Rate Class). In an otherwise identical
Policy, an Insured in the standard Rate Class will have a lower cost of
insurance than an Insured in a substandard Rate Class with higher mortality
risks. See "Deductions and Charges -- Monthly Deduction."

For example, assume that the Initial Face Amount was $50,000 with a
standard Rate Class, and that successive increases of $25,000 (at a Rate Class
of 200%) and $50,000 (at a Rate Class of 300%) were added. If a decrease of
$50,000 or less is requested, the amount of insurance at a 300% Rate Class will
be reduced first. If a decrease of more than $50,000 is requested, the amount
at a 300% Rate Class will be eliminated, and the excess over $50,000 will next
reduce the amount of insurance at a 200% Rate Class.

Effect of Requested Changes in Face Amount. An increase or decrease in
Face Amount will affect the Monthly Deduction because the cost of insurance and
the Monthly Amount Charge depend upon the Face Amount. The charge for certain
optional insurance benefits may also be affected. See "Deductions and Charges
- -- Monthly Deduction." An increase in the Face Amount will increase the
Surrender Charge, but a decrease in the Face Amount will not reduce the
Surrender Charge. The Surrender Charge is, however, imposed only upon lapse or
total surrender of the Policy and not upon a requested decrease in Face Amount.
See "Deductions and Charges -- Surrender Charge."

An increase in the Face Amount will increase the Minimum Monthly Premium
as of the effective date of the increase. Therefore, additional premium
payments may be required to maintain the Death Benefit Guarantee. A decrease in
the Face Amount will reduce the Minimum Monthly Premium as of the effective
date of the decrease. Face Amount changes may also change the Death Benefit
Guarantee Period. See "Death Benefit Guarantee."

The additional Surrender Charge on a requested increase in the Face Amount
will reduce the Cash Surrender Value (which is the Accumulation Value less any
Surrender Charge, Loan Amount and unpaid Monthly Deductions). If the resulting
Cash Surrender Value is not sufficient to cover the Monthly Deduction, the
Policy may lapse unless the Death Benefit Guarantee is in effect. See "Policy
Lapse and Reinstatement -- Lapse" and "Death Benefit Guarantee."

Insurance Protection

You may increase or decrease the pure insurance protection provided by the
Policy (that is, the difference between the Death Benefit and the Accumulation
Value) in one of several ways as your insurance needs change. These ways
include increasing or decreasing the Face Amount of insurance, changing the
level of premium payments, and, to a lesser extent, making a partial withdrawal
under the Policy. Although the consequences of each of these methods will
depend upon the individual circumstances, they may be generally summarized as
follows:

(a) A decrease in the Face Amount will, subject to the corridor percentage
limitations (see "Death Benefit --
Death Benefit Options"), decrease the pure insurance protection without
reducing the Accumulation Value. If the Face Amount is decreased, the
Policy charges generally will decrease as well. (Note that the Surrender
Charge will not be reduced. See "Deductions and Charges -- Surrender
Charge.")

(b) An increase in the Face Amount (which is generally subject to
underwriting approval -- see "Death Benefit -- Requested Changes in
Face Amount") will likely increase the amount of pure insurance
protection, depending on the amount of Accumulation Value and the
corridor percentage limitation. If the insurance protection is
increased, the Policy charges generally will increase as well.

(c) A partial withdrawal will reduce the Death Benefit. See "Surrender
Benefits -- Partial Withdrawal." However, it has a limited effect on
the amount of pure insurance protection and charges under the Policy,
because the decrease in the Death Benefit is usually equal to the
amount of Accumulation Value withdrawn. The primary use of a partial
withdrawal is to withdraw Accumulation Value. Furthermore, it results
in a reduced amount of Accumulation Value and increases the possibility
that the Policy will lapse.

<PAGE>

(d) Under the Level Amount Option, until the corridor percentage of
Accumulation Value exceeds the Face Amount, (i) an increased level of
premium payments will reduce the amount of pure insurance protection,
and (ii) a reduced level of premium payments will increase the amount
of pure insurance protection.

(e) Under the Variable Amount Option, until the corridor percentage of
Accumulation Value exceeds the Face Amount plus the Accumulation Value,
the level of premium payments will not affect the amount of pure
insurance protection. (However, both the Accumulation Value and the
Death Benefit will be increased if premium payments are increased, and
reduced if premium payments are reduced.)

(f) Under either Death Benefit Option, if the Death Benefit is the corridor
percentage of Accumulation Value, then (i) an increased level of
premium payments will increase the amount of pure insurance protection
(subject to underwriting approval -- see "Payment and Allocation of
Premiums --Amount and Timing of Premiums"), and (ii) a reduced level of
premium payments will reduce the pure insurance protection.

THE TECHNIQUES DESCRIBED IN THIS SECTION FOR CHANGING THE AMOUNT OF PURE
INSURANCE PROTECTION UNDER THE POLICY (FOR EXAMPLE, CHANGING THE FACE
AMOUNT, MAKING A PARTIAL WITHDRAWAL, AND CHANGING THE AMOUNT OF PREMIUM
PAYMENTS) MUST BE CONSIDERED TOGETHER WITH THE OTHER RESTRICTIONS AND
CONSIDERATIONS DESCRIBED ELSEWHERE IN THIS PROSPECTUS.

Change in Death Benefit Option

After the fourth Policy Year you may change the Death Benefit Option once
each Policy Year. You must submit a written request to change the Death Benefit
Option. The change is effective on the Monthly Anniversary on or next following
the date we receive your request. A change in the Death Benefit Option will
also change the Face Amount. If the Death Benefit Option is changed from the
Level Amount Option to the Variable Amount Option, the Face Amount will be
decreased by an amount equal to the Accumulation Value on the effective date of
the change. You cannot change from the Level Amount Option to the Variable
Amount Option if the resulting Face Amount would fall below the Minimum Face
Amount.

If the Death Benefit Option is changed from the Variable Amount Option to
the Level Amount Option, the Face Amount will be increased by an amount equal
to the Policy's Accumulation Value on the effective date of the change.

An increase or decrease in Face Amount resulting from a change in the
Death Benefit Option will affect the future Monthly Deductions because the cost
of insurance depends upon the Face Amount. The charge for certain optional
insurance benefits may also be affected. See "Deductions and Charges -- Monthly
Deduction." The Surrender Charge, however, will not be affected by an increase
or decrease in Face Amount resulting from a change in Death Benefit Option. The
Death Benefit Guarantee Period may also be affected.

Changes in the Death Benefit Option may require additional evidence of
insurability.

Payment and Allocation of Premiums

Issuing the Policy

To apply for a Policy, both individuals must complete the application and
personally deliver it to our licensed agent. We will generally only issue a
Policy to an applicant where both Joint Insureds' ages are 85 or less and both
supply evidence of insurability satisfactory to us. Acceptance is subject to
our underwriting rules and we reserve the right to reject an application for
any reason permitted by law.

Coverage. Coverage under a Policy begins on the later of the Issue Date or
the date we receive at least the minimum initial premium (see immediately
following section). In general, if the applicant pays at least the minimum
initial premium with the application, the Issue Date will be the later of the
date of the application or the date of any medical examination required by our
underwriting procedures. However, if underwriting approval has not occurred
within 45 days after we receive the application or if you authorize premiums to
be paid by bank account monthly deduction, the Issue Date will be the date of
underwriting approval.

<PAGE>

If you authorize premiums to be paid by government allotment, the Issue
Date generally will be, subject to our underwriting approval, the first day of
the month in which we receive the first Minimum Monthly Premium through
government allotment, whether or not a Minimum Monthly Premium is collected
with the application. If a Minimum Monthly Premium is collected with the
application, it will be allocated to the Sub-Accounts of the Variable Account
and the Fixed Account on the Valuation Date next following the Issue Date.

Minimum Initial Premium. The minimum initial premium is three Minimum
Monthly Premiums. See "Death Benefit Guarantee." If, however, you authorize
premiums to be paid by bank account monthly deduction or government allotment,
we will accept one Minimum Monthly Premium together with the required
authorization forms. The Minimum Monthly Premium is specified in the Policy and
determines the payments required to maintain the Death Benefit Guarantee.

Temporary Insurance. At the time the application is taken, the applicant
can receive temporary insurance coverage by paying a premium equal to 10% of
annualized Minimum Monthly Premium. The temporary insurance will be for the
face amount specified in the premium receipt and will be effective until the
earliest of the following:

o The date the coverage under the Policy is effective.

o The date the applicant receives an offer for an alternative policy, a
notice of termination of temporary insurance coverage, or notice that we
have rejected the application.

o The date of death of the proposed Surviving Joint Insured or any
proposed additional Joint Insured.

o The 180th day after the date of the receipt for the temporary insurance.

Crediting Net Premiums. We will credit Net Premiums to the Sub-Accounts of
the Variable Account and to the Fixed Account on the basis of the applicant's
allocation on the latest of the following dates:

o The Valuation Date following the date of underwriting approval.

o The Valuation Date on or next following the Policy Date.

o The Valuation Date on or next following the date we have received at the
required minimum initial premium payment.

o In the case of Policies issued under government allotment programs, the
Valuation Date next following the Issue Date.

Until the date on which Net Premiums are credited as described above,
premium payments will be held in our General Account. No interest will be
earned on these premium payments during this period of time.

Refunding Premium. We will return all premiums paid without interest if
any of the following occur:

o We send notice to the applicant(s) that the insurance is declined.

o The applicant(s) refuses an offer for an alternative policy.

o The applicant(s) does not supply required medical exams or tests within
30 days of the date of the application.

o The applicant(s) returns the Policy under the limited free look right.
See "Free Look and Conversion Rights -- Free Look Rights."

Allocation of Premiums

You choose the initial allocation of your Net Premiums (your gross
premiums less the Premium Expense Charge) to the Fixed Account and the
Sub-Accounts of the Variable Account on the application for the Policy. You may
change the allocation at any time by notifying us in writing. Changes will not
be effective until the date we receive your request and will only affect
premiums we receive on or after that date. The premium allocation may be 100%
to the Fixed Account or the Sub-Accounts or divided among the Fixed Account and
the Sub-Accounts in whole percentage points totaling 100%. We reserve the right
to adjust any allocation to eliminate fractional percentages. Changing the
current Net Premium allocation will not affect the allocation of existing
Accumulation Value.

<PAGE>

Amount and Timing of Premiums

The amount and frequency of premium payments will affect the Accumulation
Value, the Cash Surrender Value, and how long the Policy will remain in force
(including affecting whether the Death Benefit Guarantee is in effect ). See
"Death Benefit Guarantee." After the initial premium, you may determine the
amount and timing of subsequent premium payments within the following
restrictions:

o PAYMENT OF CUMULATIVE PREMIUMS SUFFICIENT TO MAINTAIN THE DEATH BENEFIT
GUARANTEE MAY BE REQUIRED TO KEEP THE POLICY IN FORCE DURING AT LEAST THE
FIRST SEVERAL POLICY YEARS. SEE "DEATH BENEFIT GUARANTEE."

o We may choose not to accept any premium less than $25.00.

o We reserve the right to limit the amount of any premium payment. In
general, during the first Policy Year we will not accept total premium
payments in excess of $250,000 on the lives of the Joint Insureds for the
Policy, whether such payments are received on a Policy or on any other
insurance policy issued by us or our affiliates. Also, we will not accept
any premium payment in excess of $50,000 on any Policy after the first
Policy Year. At our discretion, however, we may waive any of these premium
limitations.

o We may require additional evidence of insurability satisfactory to us if
any premium would increase the difference between the Death Benefit and
the Accumulation Value (that is, the net amount at risk). A premium
payment would increase the net amount at risk if at the time of payment
the Death Benefit would be based upon the applicable percentage of
Accumulation Value. See "Death Benefit --
Death Benefit Options."

o In no event may the total of all premiums paid, both scheduled and
unscheduled, exceed the current maximum premium payments allowed for life
insurance under Section 7702 of the Code. If at any time a premium is paid
which would result in total premiums exceeding the current maximum
premiums allowed, we will only accept that portion of the premium which
would make total premiums equal the maximum. Any part of the premium in
excess of that amount will be returned, and no further premiums will be
accepted until allowed by the current maximum premium limitations.

o If you contemplate a large premium payment under this Policy, and you
wish to avoid Modified Endowment Contract classification, you may contact
us in writing before making the payment and we will tell you the maximum
amount which can be paid into the Policy. See "Federal Tax Matters --
Policy Proceeds."

Planned Periodic Premiums

You may choose a Planned Periodic Premium schedule which indicates a
preference as to future amounts and frequency of payment. The Planned Periodic
Premiums may be paid annually, semi-annually, quarterly or, if you choose, you
can pay the Planned Periodic Premiums by bank account monthly deduction or
government allotment.

The amount and frequency of your initial Planned Periodic Premium will be
shown in the Policy. You may change the Planned Periodic Premium at any time by
written request. We may limit the amount of any increase, if such an increase
would result in planned periodic premiums that are larger than (a) the maximum
premium we would accept under the Amount and Timing of Premium Payments
provisions in the Policy or (b) the planned periodic premium which would total
more than $50,000 per year.

Failure to make any Planned Periodic Premium payment will not, however,
necessarily result in lapse of the Policy. On the other hand, making Planned
Periodic Premium payments will not guarantee that the Policy remains in force.
See "Death Benefit Guarantee" and "Policy Lapse and Reinstatement."

Unscheduled Additional Premiums

Premiums, other than Planned Periodic Premiums, may be paid at any time
while the Policy is in force. We may limit the number and amount of these
additional payments.

<PAGE>

Paying Premiums By Mail

Planned Periodic Premiums and Unscheduled Additional Premiums may be paid
to the Company by mailing them to:

ReliaStar Life Insurance Company of New York
P.O. Box 802511
Chicago, Illinois 60680-2511

Death Benefit Guarantee

If you meet the requirements described below, we guarantee that we will
not lapse the Policy even if the Cash Surrender Value is not sufficient to
cover the Monthly Deduction that is due. This feature of the Policy is called
the "Death Benefit Guarantee." The length of the Death Benefit Guarantee Period
is specified in your Policy and is uniquely determined on a Policy by Policy
basis. The Death Benefit Guarantee Period depends on the issue ages and premium
classes of the Joint Insureds, Death Benefit Option, and any Optional Insurance
Benefits. Certain Policy changes may also change the Death Benefit Guarantee
Period. Following is a table of typical Death Benefit Guarantee Periods. The
examples assume that the Joint Insureds are a male and a female, both of the
same issue age, both with no substandard ratings, a $1,000,000 Face Amount, and
no Optional Insurance Benefits. Policies with substandard ratings and Optional
Insurance Benefits will typically have a shorter Death Benefit Guarantee
Period.

<TABLE>
<CAPTION>
Death Benefit Death Benefit
Age and Class of Joint Insureds Option Guarantee Period
- --------------------------------- --------------- -----------------
<S> <C> <C>
45 Non-Tobacco ............. A (Level) 37 Years
45 Non-Tobacco ............. B (Variable) 35 Years
65 Non-Tobacco ............. A (Level) 17 Years
65 Non-Tobacco ............. B (Variable) 16 Years
45 Tobacco ................. A (Level) 35 Years
45 Tobacco ................. B (Variable) 33 Years
65 Tobacco ................. A (Level) 15 Years
65 Tobacco ................. B (Variable) 14 Years
</TABLE>

In general, the two most significant benefits from the Death Benefit
Guarantee are as follows. First, during the early Policy Years, the Cash
Surrender Value may not be sufficient to cover the Monthly Deduction, so that
the Death Benefit Guarantee will be necessary to avoid lapse of the Policy. See
"Policy Lapse and Reinstatement." This occurs when the Surrender Charge exceeds
the Accumulation Value in these years. In this regard, you should consider that
if you request an increase in Face Amount, an additional Surrender Charge would
apply for the fifteen years following the increase, which could create a
similar possibility of lapse as exists during the early Policy Years. Second,
to the extent the Cash Surrender Value declines due to poor investment
performance, or due to an additional Surrender Charge after a requested
increase, the Cash Surrender Value may not be sufficient even in later Policy
Years to cover the Monthly Deduction, so that the Death Benefit Guarantee may
also be necessary in later Policy Years to avoid lapse of the Policy. THUS,
EVEN THOUGH THE POLICY PERMITS PREMIUM PAYMENTS THAT ARE LESS THAN THE MINIMUM
MONTHLY PREMIUMS, YOU MAY LOSE THE SIGNIFICANT PROTECTION PROVIDED BY THE DEATH
BENEFIT GUARANTEE BY PAYING LESS THAN THE MINIMUM MONTHLY PREMIUMS.

Requirements

The Death Benefit Guarantee will be in effect during the specified Death
Benefit Guarantee Period if the sum of all premiums paid minus any partial
withdrawals and any loans are equal to or greater than the sum of the Minimum
Monthly Premiums since the Policy Date, including the Minimum Monthly Premium
for the current Monthly Anniversary.

The requirements for the Death Benefit Guarantee must be satisfied as of
each Monthly Anniversary, even though you do not have to pay premiums monthly.

Example: The Policy Date is January 1, 1998. The Minimum Monthly Premium
is $1000 per month. No Policy loans or partial withdrawals are taken and no
Face Amount changes have occurred.

<PAGE>

Case 1. You pay $1000 each month. The Death Benefit Guarantee is
maintained.

Case 2. You pay $10,000 on January 1, 1998. The $10,000 maintains the Death
Benefit Guarantee without your paying any additional premiums for the
next 10 months (through October 31, 1998). However, you must pay at
least $1000 by November 1, 1998 to maintain the Death Benefit
Guarantee through November 30, 1998.

The amount of the initial Minimum Monthly Premium will be determined by us
at issuance of the Policy and will be shown in the Policy. The initial Minimum
Monthly Premium will depend upon each Joint Insured's sex, age at issue, Rate
Class, optional insurance benefits added by rider, and the Initial Face Amount.

The following Policy changes may change the Minimum Monthly Premium and
the Death Benefit Guarantee Period:

o A requested increase or decrease in the Face Amount (see "Death Benefit
Requested Changes in Face Amount").

o A change in the Death Benefit Option (see "Death Benefit -- Change in
Death Benefit Option").

o The addition or termination of a Policy rider (see "General Provisions
-- Optional Insurance Benefits").

We will notify you in writing of any changes in the Minimum Monthly
Premium or the Death Benefit Guarantee Period.

If, as of any Monthly Anniversary, you have not made sufficient premium
payments to maintain the Death Benefit Guarantee, we will send you notice of
the premium payment required to maintain it. If we do not receive the required
premium payment within 61 days from the date of our notice, the Death Benefit
Guarantee will terminate. THE DEATH BENEFIT GUARANTEE CANNOT BE REINSTATED.

Even if the Death Benefit Guarantee terminates, the Policy will not
necessarily lapse. For a discussion of the circumstances under which the Policy
may lapse. See "Policy Lapse and Reinstatement."

Accumulation Value

The Accumulation Value of the Policy (that is, the total value
attributable to a specific Policy in the Variable Account and the Fixed
Account) is equal to the sum of the Variable Accumulation Value (the amount
attributable to the Variable Account) plus the Fixed Accumulation Value (the
amount attributable to the Fixed Account). The Accumulation Value should be
distinguished from the Cash Surrender Value that would actually be paid to you
upon total surrender of the Policy, which is the Accumulation Value less any
Surrender Charge, Loan Amount and unpaid Monthly Deductions. See "Surrender
Benefits -- Total Surrender." The Accumulation Value should also be
distinguished from the Cash Value, which determines the amount available for
Policy loans, and is the Accumulation Value less any Surrender Charge. See
"Policy Loans."

The Variable Accumulation Value will increase or decrease to reflect the
investment performance of the Funds in which Sub-Accounts of the Variable
Account have been invested. The Variable Accumulation Value will also be
increased by (a) any Net Premiums credited to the Variable Account and (b) any
transfers from the Fixed Account. The Variable Accumulation Value will also be
reduced by (a) the Monthly Deduction attributable to the Variable Account, (b)
partial withdrawals from the Variable Account, (c) any transfer and partial
withdrawal charges attributable to the Variable Account, and (d) any amounts
transferred from the Variable Account to the Fixed Account (including amounts
transferred from the Variable Account to the Fixed Account as security for
Policy loans ). See "Policy Loans." The Variable Accumulation Value will
generally vary daily.

The Fixed Accumulation Value will be increased by (a) any Net Premiums
credited to it in the Fixed Account, (b) any interest credited to it in the
Fixed Account (determined at our discretion, but guaranteed not to be less than
4%), and (c) any amounts transferred from the Variable Account to it in the
Fixed Account (including amounts transferred to the Fixed Account as security
for Policy loans). See "Policy Loans." The Fixed Accumulation Value will be
reduced by (a) the Monthly Deduction attributable to it in the Fixed Account,
(b) partial withdrawals from it in the Fixed Account, (c) any transfer and
partial withdrawal charges attributable to it in the Fixed Account, and (d) any
amounts transferred from the Fixed Account to the Variable Account.

<PAGE>

For a detailed discussion of the calculation of Accumulation Value, see
Appendix B. An illustration of various Accumulation Values, Surrender Charges,
Cash Surrender Values, and Death Benefits, assuming different levels of premium
payments and various investment returns for selected ages and Face Amounts, is
shown in Appendix C.

Specialized Uses of the Policy

Because the Policy provides for an accumulation of Cash Surrender Value as
well as a Death Benefit, the Policy can be used for various individual and
business financial planning purposes. Purchasing the Policy in part for such
purposes entails certain risks. For example, if the investment performance of
the Sub-Accounts to which Accumulation Value is allocated is poorer than
expected or if sufficient premiums are not paid, the Policy may lapse or may
not accumulate sufficient Accumulation Value or Cash Surrender Value to fund
the purpose for which the Policy was purchased. Withdrawals and Policy loans
may significantly affect current and future Accumulation Value, Cash Surrender
Value, or Death Benefit proceeds. Depending upon Sub-Account investment
performance and the amount of a Policy loan, the loan may cause a Policy to
lapse. Because the Policy is designed to provide benefits on a long-term basis,
before purchasing a Policy for a specialized purpose a purchaser should
consider whether the long-term nature of the Policy is consistent with the
purpose for which it is being considered. Using a Policy for a specialized
purpose may have tax consequences. See "Federal Tax Matters."

Deductions and Charges

Charges will be deducted in connection with the Policy for (a) providing
the insurance benefits of the Policy (including any riders), (b) administering
the Policy, (c) assuming certain risks in connection with the Policy, and (d)
incurring expenses in distributing the Policy.

Some of these charges are deducted from each premium payment. Certain
other charges are deducted monthly from both the Fixed Account and the Variable
Account, or from the Variable Account only. A charge is also made for each
partial withdrawal and a charge may be made for each transfer.

We may realize a profit on one or more of these charges, such as the
mortality and expense risk charge. We may use any such profits for any proper
corporate purpose, including, among other things, payments of sales expenses.

Premium Expense Charge

We deduct the Premium Expense Charge from each premium. The Premium
Expense Charge is currently 6.25% of each premium payment in Policy Years 1-10
and 3.75% of each premium after the tenth Policy Year. The amount remaining
after we have deducted the Premium Expense Charge is called the Net Premium.
The Net Premium is then credited to the Fixed Account and the Sub-Accounts of
the Variable Account according to your allocation.

Monthly Deduction

We deduct the charges described below from the Accumulation Value of the
Policy on a monthly basis. The total of these charges is called the Monthly
Deduction.

The Monthly Deduction will be deducted on each Monthly Anniversary from
the Fixed Account and the Sub-Accounts of the Variable Account on a
proportionate basis depending on their relative Accumulation Values at that
time. For purposes of determining these proportions, the Fixed Accumulation
Value is reduced by the Loan Amount. Because the cost of insurance portion of
the Monthly Deduction can vary from month to month, the Monthly Deduction
itself will vary in amount from month to month.

If the Cash Surrender Value is not sufficient to cover the Monthly
Deduction on a Monthly Anniversary and the Death Benefit Guarantee is not in
effect, the Policy may lapse. See "Death Benefit Guarantee" and "Policy Lapse
and Reinstatement."

Cost of Insurance. We will determine the monthly cost of insurance by
multiplying the applicable cost of insurance rate or rates by the net amount at
risk under the Policy. The net amount at risk under the Policy for a Policy
Month is (a) the Death Benefit at the beginning of the Policy Month divided by
1.00327374 (which reduces the net amount at risk, solely for purposes of
computing the cost of insurance, by taking into account

<PAGE>

assumed monthly earnings at an annual rate of 4%), less (b) the Accumulation
Value at the beginning of the Policy Month (reduced by any charges for rider
benefits). As a result, the net amount at risk may be affected by changes in
the Accumulation Value or in the Death Benefit.

The Rate Class of any Joint Insured may affect the cost of insurance. A
Rate Class is a group of Insureds we determine based upon our expectation that
they will have similar mortality experience. We currently place Insureds into
standard Rate Classes or into substandard Rate Classes that involve a higher
mortality risk. In an otherwise identical Policy, any Insured in the standard
Rate Class will have a lower cost of insurance than any Insured in a Rate Class
with higher mortality risks.

If there is an increase in the Face Amount and the Rate Class applicable
to the increase is different from that for the Initial Face Amount or any prior
requested increases in Face Amount, the net amount at risk will be calculated
separately for each Rate Class. For purposes of determining the net amount at
risk for each Rate Class, the Accumulation Value will first be assumed to be
part of the Initial Face Amount. If the Accumulation Value is greater than the
Initial Face Amount, it will then be assumed to be part of each increase in
order, starting with the first increase.

Cost of insurance rates will be based on the sex, Issue age, Policy Year
and Rate Class(es) of each Joint Insured. The actual monthly cost of insurance
rates will reflect our expectations as to future experience. They will not,
however, be greater than the guaranteed cost of insurance rates shown in the
Policy, which are based on the Commissioner's 1980 Standard Ordinary Mortality
Tables for Smokers or Nonsmokers, respectively.

Monthly Administrative Charge. Each month we deduct an administrative
charge of $7.50 which is guaranteed not to exceed the product of $5.00 and the
ratio (not to exceed 2.00 of (a) the Consumer Price Index (for all urban
households) for the preceding September to (b) the Consumer Price Index for
September 1985.

Monthly Mortality and Expense Risk Charge. Each month during the first 10
Policy Years we will deduct a charge which is anticipated to be at an annual
rate of .90% of the Variable Accumulation Value of the Policy. Each month
thereafter, it is currently anticipated that we will deduct this charge at an
annual rate of .25% of the Variable Accumulation Value. The Monthly Mortality
and Expense Risk Charge is guaranteed not to exceed 1.20% of the Variable
Accumulation Value of the Policy during the first 10 Policy Years, and .55% of
the Accumulation Value of the Policy per Policy Year thereafter.

Monthly Amount Charge. Each month during the first 20 Policy Years (and
for 20 Policy Years following any requested increase in Face Amount) we deduct
a monthly charge per $1,000 of Face Amount. The amount of this charge varies by
average age of the Joint Insureds on the Policy Date (or on the effective date
of any requested increase in Face Amount, as appropriate). See Appendix D.

Optional Insurance Benefit Charges. Each month we deduct charges for any
optional insurance benefits added to the Policy by rider. See "General
Provisions -- Optional Insurance Benefits."

Surrender Charge

General. During the first 15 Policy Years and during the first 15 years
following any requested increase in Face Amount, we make a Surrender Charge if
you surrender the Policy or the Policy lapses. The Surrender Charge will not be
affected by any decrease in Face Amount or by any change in Face Amount
resulting from a change in the Death Benefit Option.

The Surrender Charge imposed upon early surrender or lapse will be
significant. For example, if you make premium payments no greater than the
Minimum Monthly payments specified in your Policy, you can expect that during
at least the early Policy Years, all or substantially all of your premium
payments will be required to pay the Surrender Charge and other charges
associated with the Policy. As a result, you should purchase a Policy only if
you have the financial capability to keep it in force for a substantial period
of time.

Surrender Charge. The maximum Surrender Charge for the Initial Face Amount
or any requested increase in Face Amount will be determined on the Policy Date
or on the effective date of any requested increase respectively. The maximum
Surrender Charge on the Initial Face Amount will be equal to $8.50 per $1,000
of Initial Face Amount. The maximum Surrender Charge on any requested increase
in Face Amount will be equal to $8.50 per $1,000 of increase in the Face
Amount. This Surrender Charge for the Initial Face Amount remains level equal
to the maximum Surrender Charge during the first five Policy Years and then
reduces in equal monthly

<PAGE>

increments until it becomes zero at the end of 15 years. The Surrender Charge
for any requested increase in Face Amount follows a similar pattern except that
the Surrender Charge is reduced in the first three Policy Years following the
effective date of the increase.

Surrender Charge Calculation. The Surrender Charge for the Initial Face
Amount or any requested increase in Face Amount is determined by multiplying
(i) $8.50 by (ii) the Initial Face Amount or the Face Amount of the increase,
as applicable, and by (iii) the applicable percentage from the Surrender Charge
Percentage Table below, and then dividing this amount by 1000. For example, a
$250,000 Face Amount Policy would have a maximum $2,125 Surrender Charge ($8.50
x 250,000 / 1,000 x 100%) the first five years of the Policy, and the Surrender
Charge would decline during the next ten years as indicated by the Table below.
For the Initial Face Amount, a Surrender Charge is measured from the Issue Date
and applies for 15 years from that Date. An increase in Face Amount of $100,000
in year 5 of the Policy would have its own (additional) Surrender Charge of
$850 at the end of the first year ($8.50 x 100,000 / 1,000), and vary according
to the Table below. The 15 year applicable Surrender Charge for each increase
is measured from the date of the increase and applies for 15 years from the
Increase Date. In this example, all Surrender Charges would cease to apply
after the twentieth Policy Year.

Surrender Charge Percentage Table

<TABLE>
<CAPTION>
If surrender or lapse occurs Initial Face Face Amount
in the last month of Policy Year Amount Increases
- ---------------------------------- -------------- -----------------
<S> <C> <C>
1 100% [To be Supplied]
2 100%
3 100%
4 100%
5 100%
6 90%
7 80%
8 70%
9 60%
10 50%
11 40%
12 30%
13 20%
14 10%
15 and later 0%
</TABLE>

For requested increases, years are measured from the date of the increase.

The percentages reduce equally for each Policy Month during the years shown.
For example, during the eleventh Policy Year, the percentage reduces equally
each month from 50% at the end of the tenth Policy Year to 40% at the end of
the eleventh Policy Year.

Partial Withdrawal and Transfer Charges

We currently make no charge for transfers and a $10.00 charge for each
partial withdrawal. These charges are guaranteed not to exceed $25.00 per
transfer or partial withdrawal for the duration of the Policy. The transfer
charge will not be imposed on transfers that occur as a result of Policy loans
or the exercise of conversion rights.

The investment advisory fees and other Fund expenses after reimbursement

Because the Variable Account purchases shares of the Funds, the net asset
value of the investments of the Variable Account will reflect the investment
advisory fees and other expenses incurred by the Funds. Set forth below is
information provided by each Fund on its total 1997 annual expenses as a
percentage of the Fund's average net assets. For more information concerning
these expenses, see the prospectuses for the Funds that are contained in the
accompanying book entitled "Select*Product Investment Options."

<PAGE>

Expenses

<TABLE>
<CAPTION>
Total Investment
Management Other Fund Annual
Fund Fees Expenses Expenses
- ------------------------------------------------------------------ ------------ ---------- -----------------
<S> <C> <C> <C>
Alger American Growth Portfolio (a) .............................. [To Be Provided]
Alger American MidCap Growth Portfolio (a) .......................
Alger American Small Capitalization Portfolio (a) ................
Fidelity's VIP Equity-Income Portfolio (a) (e) ...................
Fidelity's VIP Growth Portfolio (a) (e) ..........................
Fidelity's VIP High Income Portfolio (a) .........................
Fidelity's VIP Money Market Portfolio ............................
Fidelity's VIP Overseas Portfolio (a) (e) ........................
Fidelity's VIP II Asset Manager Portfolio (a) (e) ................
Fidelity's VIP II Contrafund Portfolio (a) (e) ...................
Fidelity's VIP II Index 500 Portfolio (a) (f) ....................
Fidelity's VIP II Investment Grade Bond Portfolio (a) ............
Janus Aggressive Growth Portfolio (a) (b) ........................
Janus Growth Portfolio (a) (b) ...................................
Janus International Growth Portfolio (a) (b) .....................
Janus Worldwide Growth Portfolio (a) (b) .........................
Neuberger&Berman AMT Limited Maturity Bond Portfolio (a) .........
Neuberger&Berman AMT Partners Portfolio (a) ......................
Northstar Growth Portfolio (c) ...................................
Northstar High-Yield Bond Portfolio (c) ..........................
Northstar Income and Growth Portfolio (c) ........................
Northstar International Value Portfolio (c) ......................
Northstar Multi-Sector Bond Portfolio (c) ........................
OCC Equity Portfolio (a) (d) .....................................
OCC Global Equity Portfolio (a) (d) ..............................
OCC Managed Portfolio (a) (d) ....................................
OCC Small Cap Portfolio (a) (d) ..................................
Putnam VT Asia Pacific Growth Fund ...............................
Putnam VT Diversified Income Fund ................................
Putnam VT Growth and Income Fund .................................
Putnam VT New Opportunities Fund .................................
Putnam VT Utilities Growth and Income Fund .......................
Putnam VT Voyager Fund ...........................................
</TABLE>

(a) The Company or its affiliates may receive compensation from an affiliate or
affiliates of certain of the Funds based upon an annual percentage of the
average net assets held in that Fund by the Company and by certain of the
Company's insurance company affiliates. These amounts are intended to
compensate the Company or the Company's affiliates for administrative,
record keeping, and in some cases distribution, and other services
provided by the Company and its affiliates to Funds and/or the Funds'
affiliates. Payments of such amounts by an affiliate or affiliates of the
Funds do not increase the fees paid by the Funds or their shareholders.

(b) The fees and expenses in the table above are based on gross expenses before
expense offset arrangements for the fiscal year ended December 31, 1997.
The information for each Portfolio is net of fee waivers or reductions
from Janus Capital. Fee reductions for the Aggressive Growth, Growth,
International Growth, and

<PAGE>

Worldwide Growth Portfolios reduce the management fee to the level of the
corresponding Janus retail fund. Other waivers, if applicable, are first
applied against the management fee and then against other expenses. Without
such waivers or reductions, the Management Fee, Other Expenses and Total
Operating Expenses would have been: %, %, and % for Janus
Aggressive Growth Portfolio; %, %, and % for Janus Growth
Portfolio; %, %, and % for Janus International Growth Portfolio;
and %, %, and % for Janus Worldwide Growth Portfolio. Janus Capital
may modify or terminate the waivers or reductions at any time upon at least
90 days' notice to the Trustees of Janus Aspen Series.

(c) The investment adviser to the Northstar Variable Trust has agreed to
reimburse the five Northstar Portfolios for any expenses in excess of
0.80% of each Fund's average daily net assets. In the absence of the
investment adviser's expense reimbursements, the actual expenses that
would have been paid by each Portfolio during its fiscal year ended
December 31, 1997 would have been: % for the Northstar Variable Trust
Growth Portfolio; % for the Northstar Variable Trust High-Yield Bond
Portfolio; % for Northstar Variable Trust Income and Growth Portfolio;
and % for the Northstar Variable Trust Multi-Sector Bond Portfolio. The
Northstar Variable Trust International Value Portfolio commenced
operations on August 8, 1997. Expense reimbursements are voluntary. There
is no assurance of ongoing reimbursement.

(d) The annual expenses of OCC Accumulation Trust Portfolio (the "Portfolios")
as of December 31, 1997 are shown gross of certain expense offsets
afforded the Portfolios which effectively lowered overall custody
expenses. Effective May 1, 1996, the expenses of the Portfolios were
contractually limited by OpCap Advisors so that their respective
annualized operating expenses (net of any expense offsets) do not exceed
1.25% of their respective average daily net assets. Furthermore, through
December 31, 1997, the annualized operating expenses of the Equity,
Managed, and Small Cap Portfolios were voluntarily limited by OpCap
Advisors so that annualized operating expenses (net of any expense
offsets) of these Portfolios do not exceed 1.00% of their respective
average daily net assets. Without such contractual and voluntary expense
limitations and without giving effect to any expense offsets, the
Management Fees, Other Expenses and Total Investment Fund Expenses
incurred for the fiscal year ended December 31, 1997 would have been:
%, % and % respectively, for the Equity Portfolio; %, %,
and % respectively, for the Global Equity Portfolio; %, % and
% respectively, for the Managed Portfolio; and %, % and %
respectively, for the Small Cap Portfolio. Expense reimbursements are
voluntary. There is no assurance of ongoing reimbursements.

(e) A portion of the brokerage commissions that certain funds pay was used to
reduce funds expenses. In addition, certain funds have entered into
arrangements with their custodian and transfer agent whereby interest
earned on invested cash balances was used to reduce custodian and transfer
agent expenses. Including these reductions, the total operating expenses
presented in the table would have been: % for Fidelity's VIP
Equity-Income Portfolio; % for Fidelity's VIP Growth Portfolio; %
for Fidelity's VIP Overseas Portfolio; % for Fidelity's VIP II Asset
Manager Portfolio; and % for Fidelity's VIP II Contrafund Portfolio.

(f) FMR agreed to reimburse a portion of Fidelity's VIP II Index 500
Portfolio's expenses during the period. Without this reimbursement, the
fund's management fee, other expenses and total expenses would have been
%, %, and % respectively. Expense reimbursements are voluntary.
There is no assurance of ongoing reimbursement.

Reduction of Charges

Any of the charges under the Policy, as well as the Minimum Face Amount
set forth in this Prospectus, may be reduced because of special circumstances
that result in lower sales, administrative, or mortality expenses. For example,
special circumstances may exist in connection with group sales to our Policy
holders or those of affiliated insurance companies, or sales to employees or
clients of members of our affiliated group of insurance companies. The amount
of any reductions will reflect the reduced sales effort and administrative
costs resulting from, or the different mortality experience expected as a
result of, the special circumstances. Reductions will not be unfairly
discriminatory against any person, including the affected Policy owners and
owners of all other policies funded by the Variable Account.

<PAGE>

Policy Lapse and Reinstatement

Lapse. Unlike traditional life insurance policies, the failure to make a
Planned Periodic Payment will not by itself cause the Policy to lapse. If the
Death Benefit Guarantee is not in effect, the Policy will lapse if, as of any
Monthly Anniversary, the Cash Surrender Value is less than the Monthly
Deduction due, and a grace period of 61 days expires without a sufficient
payment. A sufficient premium is any premium payment such that the Net Premium
is larger than the sum of 1 + 2 where 1 is the amount by which the Accumulation
Value is less than the Surrender Charge as of the beginning of the grace period
and 2 is the sum of past due Monthly Deductions.

During the early Policy Years, the Cash Surrender Value will generally not
be sufficient to cover the Monthly Deduction, so that premium payments
sufficient to maintain the Death Benefit Guarantee will be required to avoid
lapse. See "Death Benefit Guarantee."

The Policy does not lapse, and the insurance coverage continues, until the
expiration of a 61-day grace period which begins on the date we send you
written notice indicating that the Cash Surrender Value is less than the
Monthly Deduction due. Our written notice to you will indicate the amount of
the payment required to avoid lapse. Failure to make a sufficient payment
within the grace period will result in lapse of the Policy without value.

If the Surviving Joint Insured dies during the grace period, the proceeds
payable will equal the amount of the Death Benefit on the Valuation Date on or
next following the date of the Surviving Joint Insured's death, reduced by any
Loan Amount and any unpaid Monthly Deductions.

If the Death Benefit Guarantee is in effect, we will not lapse the Policy.
See "Death Benefit Guarantee."

Reinstatement. Reinstatement means putting a lapsed Policy back in force.
You may reinstate a lapsed Policy by written request any time within five years
after it has lapsed if it has not been surrendered for its Cash Surrender
Value.

To reinstate the Policy and any riders, you must submit evidence of
insurability satisfactory to us that each Joint Insured is still insurable, or
if the Policy lapsed after the first death of the Joint Insured, then evidence
of insurability for the Surviving Joint Insured. You must pay a premium large
enough such that the Net Premium is as large as the sum of the Surrender Charge
after reinstatement, plus the Monthly Deductions for the date of reinstatement
and the following Monthly Anniversary.

The Death Benefit Guarantee cannot be reinstated. See "Death Benefit
Guarantee."

Surrender Benefits

Subject to certain limitations, you may make a total surrender of the
Policy or a partial withdrawal of the Policy's Cash Surrender Value by sending
us a written request. The amount available for a total surrender or partial
withdrawal will be determined at the end of the Valuation Period during which
your written request is received. Any amounts payable from the Variable Account
upon total surrender or partial withdrawal will generally be paid within seven
days of receipt of your written request. Postponement of payments may, however,
occur in certain circumstances. See "General Provisions -- Postponement of
Payments."

Total Surrender

By making a written request, you may surrender the Policy at any time for
its Cash Surrender Value. The Cash Surrender Value is the Accumulation Value of
the Policy reduced by any Surrender Charge, Loan Amount and unpaid Monthly
Deductions. If the Cash Surrender Value at the time of a surrender exceeds
$25,000, the written request must include a Signature Guarantee. An
illustration of Accumulation Values, Surrender Charges, Cash Surrender Values,
and Death Benefits assuming different levels of premium payments and investment
returns for selected ages and Face Amounts is shown in Appendix C.

Partial Withdrawal

After the first Policy Year, you may also withdraw part of the Policy's
Cash Surrender Value by sending us a written request. If the amount being
withdrawn exceeds $25,000, the written request must include a Signature

<PAGE>

Guarantee. Only one partial withdrawal is allowed in any Policy Year. We
currently make a $10.00 charge for each partial withdrawal. This charge is
guaranteed not to exceed $25.00 for each partial withdrawal. See "Deductions
and Charges -- Partial Withdrawal and Transfer Charges." The amount of any
partial withdrawal must be at least $500 and, during the first 15 Policy Years,
may not be more than 20% of the Cash Surrender Value on the date we receive
your written request.

Unless you specify a different allocation, we make partial withdrawals
from the Fixed Account and the Sub-Accounts of the Variable Account on a
proportionate basis based upon the Accumulation Value. These proportions will
be determined at the end of the Valuation Period during which your written
request is received. For purposes of determining these proportions, any
outstanding Loan Amount is first subtracted from the Fixed Accumulation Value.

Effect of Partial Withdrawals. The Accumulation Value will be reduced by
the amount of any partial withdrawal. The Death Benefit will also be reduced by
the amount of the withdrawal, or, if the Death Benefit is based on the corridor
percentage of Accumulation Value (see "Death Benefit -- Death Benefit
Options"), by an amount equal to the corridor percentage times the amount of
the partial withdrawal.

If the Level Amount Option is in effect, the Face Amount will be reduced
by the amount of the partial withdrawal. When increases in the Face Amount have
occurred previously, we reduce the current Face Amount by the amount of the
partial withdrawal in the following order:

(a) The Face Amount provided by the most recent increase;

(b) The next most recent increases successively; and

Thus, partial withdrawals may affect the way in which the cost of
insurance is calculated and the amount of pure insurance protection under the
Policy. See "Death Benefit -- Requested Changes in Face Amount", "Deductions
and Charges -- Monthly Deduction" and "Death Benefit -- Insurance Protection."

We do not allow a partial withdrawal if the Face Amount after a partial
withdrawal would be less than the Minimum Face Amount.

If the Variable Amount Option is in effect, a partial withdrawal does not
affect the Face Amount.

A partial withdrawal may also cause the termination of the Death Benefit
Guarantee because the amount of the partial withdrawal is deducted from the
total premiums paid in calculating whether sufficient premiums have been paid
in order to maintain the Death Benefit Guarantee.

Like partial withdrawals, Policy loans are a means of withdrawing funds
from the Policy. See "Policy Loans." A partial withdrawal or a Policy loan may
have tax consequences depending on the circumstances of such withdrawal or
loan. See "Federal Tax Matters -- Policy Proceeds."

Transfers

You may transfer all or part of the Variable Accumulation Value between
the Sub-Accounts or to the Fixed Account subject to any conditions the Funds
whose shares are involved may impose. Transfer requests must be in writing.
Telephone/fax transfers are available when you complete a telephone/fax form.
See "Telephone/Fax Instructions." You may also direct us to automatically make
periodic transfers under the Dollar Cost Averaging or Portfolio Rebalancing
services as described below.

To transfer all or part of the Variable Accumulation Value from a
Sub-Account, Accumulation Units are redeemed and their values are reinvested in
other Sub-Accounts, or the Fixed Account, as directed in your request. We will
effect transfers, and determine all values in connection with transfers, at the
end of the Valuation Period during which we receive your request, except as
otherwise specified for the Dollar Cost Averaging or Portfolio Rebalancing
services. With respect to future Net Premium payments, however, your current
premium allocation will remain in effect unless (i) you have requested the
Portfolio Rebalancing service, or (ii) you are transferring all of the Variable
Accumulation Value from the Variable Account to the Fixed Account in exercise
of conversion rights. See "Free Look and Conversion Rights -- Conversion
Rights."

<PAGE>

Transfers from the Fixed Account to the Variable Account are subject to
the following additional restrictions: (i) your transfer request must be
postmarked no more than 30 days before or after the Policy Anniversary in any
year, and only one transfer is permitted during this period, (ii) the Fixed
Accumulation Value after the transfer must be at least equal to the Loan
Amount, (iii) no more than 50% of the Fixed Accumulation Value, less any Loan
Amount, may be transferred unless the balance, after the transfer, would be
less than $1,000, in which event the full Fixed Accumulation Value, less any
Loan Amount, may be transferred, and (iv) you must transfer at least the lesser
of $500 or the total Fixed Accumulation Value, less any Loan Amount. See
Appendix A. Some of these restrictions may be waived for transfers due to the
Portfolio Rebalancing service.

Telephone/Fax Instructions. You are allowed to enter certain types of
instructions either by telephone or by fax if you complete a telephone/fax
instruction authorization form. If you complete the form, you can enter the
following types of instructions by telephone or fax: transfers between
Sub-Accounts, changes of allocations among fund options, and change of
Sub-Account for variable annuitization payouts. If the Owner completes the
telephone/fax form, the Owner agrees that we will not be liable for any loss,
liability, cost or expense when we act in accordance with the telephone/fax
transfer instructions that are received and, if by telephone, are recorded on
voice recording equipment. If a telephone/fax transfer request is later
determined not to have been made by the Owner or was made without the Owner's
authorization, and loss results from such unauthorized transfer, the Owner
bears the risk of this loss. Any requests via fax are considered telephone
requests and are bound by the conditions in the telephone/fax transfer
authorization form you sign. Any fax request should include your name, daytime
telephone number, Policy number and, in the case of transfers, the names of the
Sub-Accounts from which and to which money will be transferred and the
allocation percentage. The Company will employ reasonable procedures to confirm
that instructions communicated by telephone/fax are genuine. In the event the
Company does not employ such procedures, the Company may be liable for any
losses due to unauthorized or fraudulent instructions. Such procedures may
include, among others, requiring forms of personal identification prior to
acting upon telephone/fax instructions, providing written confirmation of such
instructions, and/or tape recording telephone instructions.

Dollar Cost Averaging Service. You may request this service if your
Accumulation Value, less any Loan Amount, is at least $5,000. If you request
this service, you direct us to automatically make specific periodic transfers
of a fixed dollar amount from any of the Sub-Accounts to one or more of the
Sub-Accounts or to the Fixed Account. No transfers from the Fixed Account are
permitted under this service. Transfers of this type may be made on a monthly,
quarterly, semi-annual, or annual basis. This service is intended to allow you
to use "Dollar Cost Averaging", a long term investment method which provides
for regular investments over time. We make no guarantees that Dollar Cost
Averaging will result in a profit or protect against loss. You may discontinue
this service at any time by notifying us in writing.

If you are interested in the Dollar Cost Averaging service you may obtain
a separate application form and full information concerning this service and
its restrictions from us.

If you are using the Dollar Cost Averaging service, this service will be
discontinued immediately (i) on receipt of any request to begin a Portfolio
Rebalancing service, (ii) if the Policy is in the grace period on any date when
Dollar Cost Averaging transfers are scheduled, or (iii) if the specified
transfer amount from any Sub-Account is more than the Accumulation Value in
that Sub-Account.

We reserve the right to discontinue, modify, or suspend this service. Any
such modification or discontinuation would not affect any Dollar Cost Averaging
service requests already commenced.

Portfolio Rebalancing Service. You may request this service if your
Accumulation Value, less any Loan Amount, is at least $10,000. If you request
this service, you direct us to automatically make periodic transfers to
maintain your specified percentage allocation of Accumulation Value, less any
Loan Amount, among the Sub-Accounts of the Variable Account and the Fixed
Account; your allocation of future Net Premium payments will also be changed to
be equal to this specified percentage allocation. Transfers made under this
service may be made on a quarterly, semi-annual, or annual basis. This service
is intended to maintain the allocation you have selected consistent with your
personal objectives.

The Accumulation Value in each Sub-Account of the Variable Account and the
Fixed Account will grow or decline at different rates over time. Portfolio
Rebalancing will periodically transfer Accumulation Values from those accounts
that have increased in value to those accounts that have increased at a slower
rate or declined in

<PAGE>

value. If all accounts decline in value, it will transfer Accumulation Values
from those that have decreased less in value to those that have decreased more
in value. We make no guarantees that Portfolio Rebalancing will result in a
profit or protect against loss. You may discontinue this service at any time by
notifying us in writing.

If you are interested in the Portfolio Rebalancing service you may obtain
a separate application form and full information concerning this service and
its restrictions from us.

If you are using the Portfolio Rebalancing service, this service will be
discontinued immediately (i) on receipt of any request to change the allocation
of premiums to the Fixed Account and Sub-Account of the Variable Account, (ii)
on receipt of any request to begin a Dollar Cost Averaging service, (iii) upon
receipt of any request to transfer Accumulation Value among the Fixed Account
or Sub-Accounts, or (iv) if the Policy is in the grace period or the
Accumulation Value, less any Loan Amount, is less than $7,500 on any Valuation
Date when Portfolio Rebalancing transfers are scheduled.

We reserve the right to discontinue, modify, or suspend this service. Any
such modification or discontinuation could affect Portfolio Rebalancing
services currently in effect, but only after 30 days notice to affected Policy
owners.

Transfer Limits. We do not make a charge for the first twelve transfers in
a Policy Year, although we reserve the right to make a charge for each transfer
in excess of the first twelve transfers in a Policy Year. All transfers that
are effective on the same Valuation Date will be treated as one transfer
transaction. Transfers made due to the Dollar Cost Averaging or Portfolio
Rebalancing services do not currently count toward the limit on number of
transfers. We reserve the right to limit the number of transfers per year to
twelve.

Transfer Charges. While there is currently no charge imposed on the first
twelve transfers in a Policy Year, we reserve the right to make a charge not to
exceed $25.00 per transfer in excess of the first twelve transfers in a Policy
Year for the duration of the Policy. See "Deductions and Charges -- Partial
Withdrawal and Transfer Charges." In no event, however, will any charge be
imposed in connection with the exercise of a conversion right or transfers
occurring as the result of Policy Loans. All transfers are also subject to any
charges and conditions imposed by the Fund whose shares are involved. All
transfers that are effective on the same Valuation Date will be treated as one
transfer transaction.

Policy Loans

General. As long as the Policy remains in effect, you may borrow money
from us at any time after the first Policy Year using the Policy as security
for the loan. You may not borrow at any time more than the Loan Value of the
Policy, which is equal to 100% of the Cash Value less the existing Loan Amount.
Each Policy loan must be at least $500.

Loan requests may be made in writing or by telephoning us on any Valuation
Date. Any loan request in excess of $25,000 will require a Signature Guarantee
and telephone loan requests cannot exceed $10,000. No election form is
currently required to make telephone loan requests. We will employ reasonable
procedures to confirm that loan requests made by telephone are genuine. In the
event we do not employ such procedures, we may be liable for any losses due to
unauthorized or fraudulent instructions. Such procedures may include, among
others, requiring forms of personal identification prior to acting upon
telephone instructions, providing written confirmations of such instructions
and/or tape recording telephone instructions.

Policy loans have priority over the claims of any subsequent assignee or
other person. A Policy loan may be repaid in whole or in part at any time while
any Joint Insured is alive.

The loan proceeds will normally be paid to you within seven days after we
receive your request. Payment of loan proceeds to you may be postponed under
certain circumstances. See "General Provisions -- Postponement of Payments."

Payments made by you generally will be treated as premium payments, rather
than Policy loan repayments, unless you indicate that the payment should be
treated otherwise or unless we decide, at our discretion, to apply the payment
as a Policy loan repayment. As a result, unless you indicate that a payment is
a loan repayment, all payments you make to the Policy will generally be subject
to the Premium Expense Charge. See "Deductions and Charges -- Premium Expense
Charge."

<PAGE>

The total of your outstanding Policy loans including unpaid interest due
thereon is called the "Loan Amount."

Immediate Effect of Policy Loans. When we make a Policy loan, an amount
equal to the Policy loan (which includes interest payable in advance) will be
segregated within the Accumulation Value of your Policy and held in the Fixed
Account as security for the loan. As described below, you will pay interest to
us on the Policy loan, but we will also credit interest to you on the amount
held in the Fixed Account as security for the loan. The amount segregated in
the Fixed Account as security for the Policy loan will be included as part of
the Fixed Accumulation Value under the Policy, but will (as described below) be
credited with interest on a basis different from other amounts in the Fixed
Account.

Unless you specify differently, amounts held as security for the Policy
loan will come proportionately from the Fixed Accumulation Value and the
Variable Accumulation Value (with the proportions being determined as described
below). Assets equal to the portion of the Policy loan coming from the Variable
Accumulation Value will be transferred from the Sub-Accounts of the Variable
Account to the Fixed Account, THEREBY REDUCING THE ACCUMULATION VALUE HELD IN
THE SUB-ACCOUNTS. These transfers are not treated as transfers for the purposes
of the transfer charge or the limit on the number of transfers.

Effect on Investment Performance. Amounts coming from the Variable Account
as security for Policy loans will no longer participate in the investment
performance of the Variable Account. All amounts held in the Fixed Account as
security for Policy loans (that is, the Loan Amount) will only be credited with
interest at an effective annual rate equal to 4.00%. NO ADDITIONAL INTEREST
WILL BE CREDITED TO THESE AMOUNTS. On the Policy Anniversary, any interest
credited on these amounts will be credited to the Fixed Account and the
Variable Account according to the premium allocation then in effect. See
"Payment and Allocation of Premiums -- Allocation of Premiums."

Although Policy loans may be repaid in whole or in part at any time,
Policy loans will permanently affect the Policy's potential Accumulation Value.
As a result, to the extent that the Death Benefit depends upon the Accumulation
Value (see "Death Benefit -- Death Benefit Options"), Policy loans will also
affect the Death Benefit under the Policy. This effect could be favorable or
unfavorable depending on whether the investment performance of the assets
allocated to the Sub-Account(s) is less than or greater than the interest being
credited on the assets transferred to the Fixed Account while the loan is
outstanding. Compared to a Policy under which no loan is made, values under the
Policy will be lower when such interest credited is less than the investment
performance of assets held in the Sub-Account(s).

Effect on Policy Coverage. If, on any Monthly Anniversary, the Loan Amount
is greater than the Accumulation Value, less the then applicable Surrender
Charge, we will notify you. If we do not receive sufficient payment within 61
days from the date we send notice to you, the Policy will lapse and terminate
without value. Our written notice to you will indicate the amount of the
payment required to avoid lapse. The Policy may, however, later be reinstated.
See "Policy Lapse and Reinstatement."

A Policy loan may also cause termination of the Death Benefit Guarantee,
because the Loan Amount is deducted from the total premiums paid in calculating
whether sufficient premiums have been paid in order to maintain the Death
Benefit Guarantee. See "Death Benefit Guarantee."

Proceeds payable upon the death of the Surviving Joint Insured will be
reduced by any Loan Amount.

Interest. The interest rate charged on Policy loans will be an annual rate
of 5.66%, payable in advance. After the tenth Policy Year, we will charge
interest at an annual rate of 3.85%, payable in advance, on that portion of
your Loan Amount that is not in excess of (a) the Accumulation Value, less (b)
the total of all premiums paid and all partial withdrawals. This portion of
your loan amount is called a preferred loan. Any excess of this amount will be
charged interest at the annual rate of 5.66%.

Interest is payable in advance (for the rest of the Policy Year) at the
time any Policy loan is made and at the beginning of each Policy Year
thereafter (for that entire Policy Year). If interest is not paid when due, it
will be deducted from the Cash Surrender Value as an additional Policy loan
(see "Immediate Effect of Policy Loans" above) and will be added to the
existing Loan Amount.

Because we charge interest in advance, any interest that we have not
earned will be refunded to you upon lapse or surrender of the Policy or
repayment of the Policy Loan.

<PAGE>

Repayment of Loan Amount. The Loan Amount may be repaid any time while any
Joint Insured is living. If not repaid, the Loan Amount will be deducted by us
from any amount payable under the Policy. As described above, unless you
provide us with notice to the contrary, any payments on the Policy will
generally be treated as premium payments, which are subject to the Premium
Expense Charge, rather than repayments on the Loan Amount. Any repayments on
the Loan Amount will result in amounts being reallocated from the Fixed Account
and to the Sub-Accounts of the Variable Account according to your current
premium allocation.

Tax Considerations. A Policy loan may have tax consequences depending on
the circumstances of the loan. See "Federal Tax Matters -- Policy Proceeds."

Free Look and Conversion Rights

Free Look Rights

The Policy provides for an initial free look period during which you have
a right to return the Policy for cancellation and receive a refund of all
premiums paid. You must return the Policy to us or your agent and ask us to
cancel the Policy by midnight of the 10th day after receiving it.

Conversion Rights

During the first two Policy Years and the first two years following a
requested increase in Face Amount, we provide you with an option to convert the
Policy or any requested increase in Face Amount to a life insurance policy
under which the benefits do not vary with the investment experience of the
Variable Account. This option is made available by permitting you to transfer
all or a part of your Variable Accumulation Value to the Fixed Account.

General Option. You may exercise your conversion right by transferring all
or any part of your Variable Accumulation Value to the Fixed Account. If, at
any time during the first two Policy Years or the first two years following a
requested increase in Face Amount, you request transfer from the Variable
Account to the Fixed Account and indicate that you are making the transfer in
exercise of your conversion right, the transfer will not be subject to the
transfer charge and will not count against the limit on the number of
transfers. At the time of such transfer, there is no effect on the Policy's
Death Benefit, Face Amount, net amount at risk, Rate Class(es) or issue age --
only the method of funding the Accumulation Value under the Policy will be
affected. See "Death Benefit", "Accumulation Value" and Appendix A, "The Fixed
Account."

If you transfer all of the Variable Accumulation Value from the Variable
Account to the Fixed Account and indicate that you are making this transfer in
exercise of your Conversion Right, we will automatically credit all future
premium payments on the Policy to the Fixed Account unless you request a
different allocation.

Investments of the Variable Account

There are currently 33 investment alternatives available under the
Variable Account. Alger Management is the investment manager for the three
Alger American Fund Portfolios and is responsible for the overall
administration of the Fund, subject to the supervision of the Board of
Trustees. Fidelity Management & Research Company is the investment adviser for
the five portfolios of the VIP Fund and the four portfolios of the VIP II Fund.
Each of the four portfolios of Janus Aspen Series has an investment advisory
agreement with Janus Capital. Neuberger&Berman Management, with the assistance
of Neuberger&Berman, LLC as sub-adviser, is the investment manager of AMT
Limited Maturity Bond Investments and AMT Partners Investments. Northstar
Investment Management Corporation, an affiliate of the Company, is the
investment adviser of the five Northstar Portfolios. Certain of the Northstar
Portfolios are sub-advised by third-party investment advisers. OpCap Advisors
is the investment manager for each of the four OCC Accumulation Trust
Portfolios and is a subsidiary of Oppenheimer Capital, a registered investment
adviser. Putnam Investment Management is the investment adviser for the six
funds of Putnam Variable Trust.

We reserve the right to establish additional Sub-Accounts of the Variable
Account, each of which could invest in a new Fund with a specified investment
objective. The Variable Account currently consists of 33 investment options;
you would only be permitted, however, to participate in a maximum of seventeen
investment options over the lifetime of your Policy. You do not have to choose
your investment options in advance, but upon

<PAGE>

participation in the seventeenth Fund since the issue of the Policy, you would
only be able to transfer within the seventeen Funds already utilized and which
are still available.

The Company has entered into service agreements with the managers or
distributors of certain of the Funds pursuant to which the Company or its
affiliates may receive from affiliates of the Funds compensation for providing
administrative, recordkeeping, distribution, and other services to the Funds or
their affiliates. Such compensation is paid based upon assets invested in the
particular Funds, or based upon aggregated net asset goals. Currently, the
Company has service arrangements with Alger, Fidelity, Janus, Neuberger&Berman,
and OCC.

The Funds currently offered are described below. A brief summary of
investment objectives is contained in the description of each Fund. In
addition, you should read the prospectuses of the Funds, which are contained in
the accompanying "Select*Product Investment Options" book, for more detailed
information and particularly, a more thorough explanation of investment
objectives of the Funds. There is no assurance that any Fund will achieve its
investment objectives. There is a possibility that one Fund might become liable
for any misstatement, inaccuracy or incomplete disclosure in another Fund's
prospectus.

The Fund shares may be available to fund benefits under both variable
annuity and variable life contracts and policies. This could, in the future,
result in an irreconcilable conflict between the interests of the holders of
the different types of variable contracts. The Funds have advised us that they
will monitor for such conflicts and will promptly provide us with information
regarding any such conflicts should they arise or become imminent and we will
promptly advise the Funds if we become aware of any such conflicts. If any such
material irreconcilable conflict arises we will arrange to eliminate and remedy
such conflict up to and including establishing a new management investment
company and segregating the assets underlying the variable policies and
contracts at no cost to the holders of the policies and contracts. For a brief
explanation of the conflicts that may be involved in such situations, refer to
the Fund Prospectuses.

The Funds described below distribute dividends and capital gains. However,
distributions are automatically reinvested in additional Fund shares, at net
asset value. The Sub-Account receives the distributions which are then
reflected in the Unit Value of that Sub-Account. See "Accumulation Value."

<PAGE>

Fund Descriptions

<TABLE>
<CAPTION>
INVESTMENT FUNDS INVESTMENT OBJECTIVE
- -------------------------------------------------- ------------------------------------------------------
<S> <C>
The Alger American Fund:
Alger American Growth Portfolio Long-Term Capital Appreciation
Alger American MidCap Growth Portfolio Long-Term Capital Appreciation
Alger American Small Capitalization Portfolio Long-Term Capital Appreciation

Fidelity's Variable Insurance Products Fund:
VIP Equity-Income Portfolio Reasonable Income; Capital Appreciation
VIP Growth Portfolio Capital Appreciation
VIP High Income Portfolio High Current Income
VIP Money Market Portfolio Income while Maintaining Stable $1.00 Share Price
VIP Overseas Portfolio Long-Term Capital Growth

Fidelity's Variable Insurance Products Fund II:
VIP II Asset Manager Portfolio High Total Return with Reduced Risk Over the
Long-Term
VIP II Contrafund Portfolio Capital Appreciation
VIP Index 500 Portfolio Total Return that Corresponds to that of the Standard
& Poor's 500 Index
VIP II Investment Grade Bond Portfolio High Current Income

Janus Aspen Series:
Aggressive Growth Portfolio Long-Term Capital Growth
Growth Portfolio Long-Term Capital Growth
International Growth Portfolio Long-Term Capital Growth
Worldwide Growth Portfolio Long-Term Capital Growth

Neuberger&Berman Advisers Management Trust
("AMT"):
Limited Maturity Bond Portfolio Highest Current Income Consistent with Low Risk to
Principal and Liquidity, and secondarily, total
return
Partners Portfolio Capital Growth

Northstar Variable Trust (Northstar):
Northstar Growth Portfolio Long-Term Capital Growth
Northstar High Yield Bond Portfolio High Current Yield and Capital Appreciation
Northstar Income and Growth Portfolio Consistent Level of Income; Capital Appreciation
Northstar International Value Portfolio Capital Appreciation
Northstar Multi-Sector Bond Portfolio Current Income; Capital Preservation

OCC Accumulation Trust:
Equity Portfolio Long-Term Capital Appreciation
Global Equity Portfolio Long-Term Capital Appreciation
Managed Portfolio Capital Growth
Small Cap Portfolio Capital Appreciation

Putnam Variable Trust:
Putnam VT Asia Pacific Growth Fund Capital Appreciation
Putnam VT Diversified Income Fund Capital Growth; Current Income
Putnam VT Growth and Income Fund Capital Growth; Current Income
Putnam VT New Opportunities Fund Capital Appreciation
Putnam VT Utilities Growth and Income Fund Capital Growth; Current Income
Putnam VT Voyager Fund Capital Appreciation
</TABLE>

<PAGE>

Addition, Deletion, or Substitution of Investments

We reserve the right, subject to compliance with applicable law, to make
additions to, deletions from, or substitutions for the shares that are held by
the Variable Account or that the Variable Account may purchase. We reserve the
right to eliminate the shares of any of the Funds and to substitute shares of
another Fund or of another open-end, registered investment company. We will not
substitute any shares attributable to your interest in a Sub-Account of the
Variable Account without notice and prior approval of the SEC, to the extent
required by the Investment Company Act of 1940 or other applicable law. Nothing
contained herein shall prevent the Variable Account from purchasing other
securities of other Funds or classes of policies, or from permitting a
conversion between Funds or classes of policies on the basis of requests made
by Policy owners.

We also reserve the right to establish additional Sub-Accounts of the
Variable Account, each of which would invest in a new Fund, or in shares of
another investment company, with a specified investment objective. New
Sub-Accounts may be established when, in our sole discretion, marketing needs
or investment conditions warrant, and any new Sub-Accounts will be made
available to existing Policy owners on a basis to be determined by us. We may
also eliminate one or more Sub-Accounts if, in our sole discretion, marketing,
tax, regulatory requirements or investment conditions warrant.

In the event of any such substitution, deletion, or change, we may make
such changes in this and other policies as may be necessary or appropriate to
reflect such substitution, deletion, or change. If all or a portion of your
investments are allocated to any of the current funds that are being
substituted for or deleted on the date that such action is announced, you may
transfer the portion of the Accumulation Value affected without payment of a
transfer charge to available Sub-Accounts. If deemed by us to be in the best
interests of persons having voting rights under the Policies, the Variable
Account may be operated as a management company under the Investment Company
Act of 1940, it may be deregistered under that Act in the event such
registration is no longer required, or it may be combined with our other
separate accounts.

Voting Rights

You have the right to instruct us how to vote the Fund shares attributable
to the Policy at regular meetings and special meetings of the Funds. We will
vote the Fund shares held in Sub-Accounts according to the instructions
received, as long as:

o The Variable Account is registered as a unit investment trust under the
Investment Company Act of 1940; and

o The assets of the Variable Account are invested in Fund shares.

If we determine that, because of applicable law or regulation, we do not
have to vote according to the voting instructions received, we will vote the
Fund shares at our discretion.

All persons entitled to voting rights and the number of votes they may
cast are determined as of a record date, selected by us, not more than 90 days
before the meeting of the Fund. All Fund proxy materials and appropriate forms
used to give voting instructions will be sent to persons having voting
interests.

Any Fund shares held in the Variable Account for which we do not receive
timely voting instructions, or which are not attributable to Policy owners,
will be voted by us in proportion to the instructions received from all Policy
owners having a voting interest in the Fund. Any Fund shares held by us or any
of our affiliates in general accounts will, for voting purposes, be allocated
to all separate accounts having voting interests in the Fund in proportion to
each account's voting interest in the respective Fund, and will be voted in the
same manner as are the respective account's votes.

Owning the Policy does not give you the right to vote at meetings of our
stockholders.

Disregard of Voting Instructions. We may, when required by state insurance
regulatory authorities, disregard voting instructions if the instructions
require that the shares be voted so as to cause a change in the
subclassification or investment objective of any Fund or to approve or
disapprove an investment advisory contract for any Fund. In addition, we may
disregard voting instructions in favor of changes initiated by a Policy owner
in the investment policy or the investment adviser of any Fund if we reasonably
disapprove of such changes. A

<PAGE>

change would be disapproved only if the proposed change is contrary to state
law or prohibited by state regulatory authorities or we determine that the
change would have an adverse effect on the Variable Account in that the
proposed investment policy for a Fund may result in speculative or unsound
investments. In the event we do disregard voting instructions, a summary of
that action and the reasons for such action will be included in the next annual
report to owners.

General Provisions

Benefits After Age 100

If either of the Joint Insureds is living after age 100 of the younger
Joint Insured and the Policy is in force, the Death Benefit will be the
Accumulation Value.

Ownership

While the Surviving Joint Insured is alive, subject to the Policy's
provisions you may:

o Change the amount and frequency of premium payments.

o Change the allocation of premiums.

o Make transfers between accounts.

o Surrender the Policy for cash.

o Make a partial withdrawal for cash.

o Receive a cash loan.

o Assign the Policy as collateral.

o Change the beneficiary.

o Transfer ownership of the Policy.

o Enjoy any other rights the Policy allows.

While both Joint Insureds are alive, subject to this Policy's provisions,
you may:

o Change the Death Benefit Option.

o Change the Face Amount.

Proceeds

At the Surviving Joint Insured's death, the proceeds payable include the
Death Benefit then in force:

o Plus any additional amounts provided by rider on the life of the
Surviving Joint Insured;

o Plus any Policy loan interest that we have collected but not earned;

o Minus any Loan Amount; and

o Minus any unpaid Monthly Deductions.

Beneficiary

You may name one or more beneficiaries on the application when you apply
for the Policy. You may later change beneficiaries by written request. If no
beneficiary is surviving when the Surviving Joint Insured dies, the Death
Benefit will be paid to you, if surviving, or otherwise to your estate.

Postponement of Payments

Payments from the Variable Account for Death Benefits, cash surrender,
partial withdrawal, or loans will generally be made within seven days after we
receive all the documents required for the payments.

<PAGE>

We may, however, delay making a payment when we are not able to determine
the Variable Accumulation Value because (i) the New York Stock Exchange is
closed, other than customary weekend or holiday closings, or trading on the New
York Stock Exchange is restricted by the SEC, (ii) the SEC by order permits
postponement for the protection of Policyholders, or (iii) an emergency exists,
as determined by the SEC, as a result of which disposal of securities is not
reasonably practicable or it is not reasonably practicable to determine the
value of the Variable Account's net assets. Transfers and allocation to and
against any Sub-Account of the Variable Account may also be postponed under
these circumstances.

Any of the payments described above which are made from the Fixed Account
may be delayed up to six months from the date we receive the documents
required. We will pay interest at an effective annual rate of not less than
3.50% from the date of the request to the date of payment if we delay payment
more than 10 days.

Settlement Options

Settlement Options are ways you can choose to have the Policy's proceeds
paid. These options apply to proceeds paid:

o At the Surviving Joint Insured's death.

o On total surrender of the Policy.

The proceeds are paid to one or more payees. The proceeds may be paid in a
lump sum or may be applied to one of the following Settlement Options. Proceeds
will be paid in one sum unless one or more Options are requested. A combination
of options may be used. At least $2,500 must be applied to any option for each
payee under that option. Under an installment Option, each payment must be at
least $25.00. We may adjust the interval between payments to make each payment
at least $25.00.

Proceeds applied to any Option no longer earn interest at the rate applied
to the Fixed Account or participate in the investment performance of the Funds.

Option 1Proceeds are left with us to earn interest. Withdrawals and any
changes are subject to our approval.

Option 2Proceeds and interest are paid in equal installments of a specified
amount until the proceeds and interest are all paid.

Option 3Proceeds and interest are paid in equal installments for a
specified period until the proceeds and interest are all paid.

Option 4The proceeds provide an annuity payment with a specified number of
months "certain." The payments are continued for the life of the primary
payee. If the primary payee dies before the certain period is over, the
remaining payments are paid to a contingent payee.

Option 5The proceeds provide a life income for two payees. When one payee
dies, the surviving payee receives two-thirds of the amount of the joint
monthly payment for life.

Option 6The proceeds are used to provide an annuity based on the rates in
effect when the proceeds are applied. We do not apply this Option if a
similar option would be more favorable to the payee at that time.

Interest on Settlement Options. We base the interest rate for proceeds
applied under Options 1 and 2 on the interest rate we declare on funds that we
consider to be in the same classification based on the Option, restrictions on
withdrawal, and other factors. The interest rate will never be less than an
effective annual rate of 3.50%.

In determining amounts to be paid under Options 3 and 4, we assume
interest at an effective annual rate of 3.50%. Also, for Option 3 and "certain"
periods under Option 4, we credit any excess interest we may declare on funds
that we consider to be in the same classification based on the Option,
restrictions on withdrawal, and other factors.

Incontestability

After the Policy has been in force during both Joint Insured's lifetime
for two years from the Policy's Issue Date, we cannot claim the Policy is void
or refuse to pay any proceeds unless the Policy has lapsed.

<PAGE>

If you make a Face Amount increase or a premium payment which requires
proof of insurability, the corresponding Death Benefit increase has its own
two-year contestable period measured from the date of the increase.

If the Policy is reinstated, the contestable period is measured from the
date of reinstatement with respect to statements made on the application for
reinstatement.

Misstatement of Age And Sex

If any Joint Insured's age or sex or both are misstated, the Death Benefit
will be the amount that the most recent cost of insurance would purchase using
the current cost of insurance rate for the correct age and sex.

Suicide

If any Joint Insured commits suicide within two years of the Policy's
Issue Date, we do not pay the Death Benefit. Instead, we refund all premiums
paid for the Policy and any attached riders, minus any Loan Amounts and partial
withdrawals.

If you make a Face Amount increase or a premium payment which requires
proof of insurability, the corresponding Death Benefit increase has its own
two-year suicide limitation for the proceeds associated with that increase. If
any Joint Insured commits suicide within two years of the effective date of the
increase, we pay the Death Benefit prior to the increase and refund the cost of
insurance for that increase.

Termination

The Policy terminates when any of the following occurs:

o The Policy lapses. See "Policy Lapse and Reinstatement."

o The Surviving Joint Insured dies.

o The Policy is surrendered for its Cash Surrender Value.

o The Policy is amended according to the amendment provision described
below and you do not accept the amendment.

Amendment

We reserve the right to amend the Policy in order to include any future
changes relating to the following:

o Any SEC rulings and regulations.

o The Policy's qualification for treatment as a life insurance policy
under the following:

The Code.

Internal Revenue Service rulings and regulations.

Any requirements imposed by the Internal Revenue Service.

Reports

Annual Statement. We will send you an Annual Statement once each year free
of charge, showing the Face Amount, Death Benefit, Accumulation Value, Cash
Surrender Value, Loan Amount, premiums paid, Planned Periodic Premiums,
interest credits, partial withdrawals, transfers, and charges since the last
statement.

Additional statements are available upon request. We may make a charge not
to exceed $50.00 for each additional Annual Statement you request.

Projection Report. Upon request after the first Policy Year, we will
provide you a report projecting future results based on the Death Benefit
Option you specify, the Planned Periodic Premiums you specify, the Accumulation
Value of your Policy at the end of the prior Policy Year and any other
assumptions specified by you or us (subject to any SEC limitations). The first
request for a Projection Report in any Policy Year will be without charge;
thereafter, we may make a charge not to exceed $50.00 for each Projection
Report you request.

<PAGE>

Dividends

The Policy does not entitle you to participate in our surplus. We do not
pay you dividends under the Policy.

The Sub-Account receives any dividends paid by the related Fund. Any such
dividend is credited to you through the calculation of the Sub-Account's daily
Unit Value.

Collateral Assignment

You may assign the benefits of the Policy as collateral for a debt. This
limits your rights to the Cash Surrender Value and the beneficiary's rights to
the proceeds. An assignment is not binding on us until we receive written
notice.

Optional Insurance Benefits

The Policy can include additional benefits, in the form of riders to the
Policy, if our requirements for issuing such benefits are met. We currently
offer the following benefit riders although some riders may not be available in
some states.

Policy Split Option Rider (PSO)Allows the Policy owner to split the Policy
into two individual permanent life insurance policies in the event of a divorce
of the Joint Insureds, dissolution of a business partnership of the Joint
Insureds, or if there is a change in the federal estate tax laws that would
eliminate the unlimited marital deduction or reduce by at least 50% the estate
taxes payable at death. Evidence of insurability on each Joint Insured may be
required to exercise this option. There is no cost for this rider.

Survivorship Term Rider (STR)Provides a level term insurance benefit
payable on the death of the Surviving Joint Insured if death occurs prior to
age 100 of the younger Joint Insured. The current cost of insurance rates for
the rider are expected to be the same as for the base Policy. The Monthly
Amount Charge per $1,000 for the rider is expected to be lower than for the
base Policy. In addition, the base Policy's Surrender Charge does not apply to
coverage under the rider. However, the Survivorship Term Rider will cause the
Death Benefit Guarantee Period of the base Policy to be shortened.

There may be times in which it will be to your economic advantage to
include a significant portion of your insurance coverage under a term rider. In
some other circumstances, it may be in your interest to obtain a Policy without
term rider coverage. These circumstances depend on many factors, including the
premium levels and amount and duration of coverage you choose, as well as the
ages, sexes, and premium classes of the Joint Insureds.

Four Year Term Rider (FTR)Provides a four year, level term benefit if the
Surviving Joint Insured dies during the first four Policy Years.

Federal Tax Matters

Introduction

The following summary provides a general description of the Federal income
tax considerations associated with the Policy and does not purport to be
complete or to cover all tax situations. This discussion is not intended as tax
advice. Counsel or other competent tax advisors should be consulted for more
complete information. This discussion is based upon the Company's understanding
of the present Federal income tax laws. No representation is made as to the
likelihood of continuation of the present Federal income tax laws or as to how
they may be interpreted by the Internal Revenue Service (the "IRS").

Any qualified plan contemplating the purchase of a life policy should
consult a tax advisor.

Tax Status of the Policy

In order to qualify as a life insurance contract for Federal income tax
purposes and to receive the tax treatment normally accorded life insurance
contracts under Federal tax law, a Policy must satisfy certain requirements
which are set forth in the Internal Revenue Code. Guidance as to how these
requirements are to be applied is limited. Nevertheless, the Company believes
that a Policy issued on the basis of a standard risk class should satisfy the
applicable requirements. There is less guidance with respect to Policies issued
on a substandard basis

<PAGE>

(i.e., a premium class involving higher than standard mortality risk), and it
is not clear whether such a Policy would satisfy the applicable requirements,
particularly if the owner pays the full amount of premiums permitted under the
Policy. If it is subsequently determined that a Policy does not satisfy the
applicable requirements, the Company may take appropriate steps to bring the
Policy into compliance with such requirements and reserves the right to
restrict Policy transactions in order to do so.

In certain circumstances, owners of variable life insurance contracts have
been considered for Federal income tax purposes to be the owners of the assets
of the variable account supporting their policies due to their ability to
exercise investment control over these assets. Where this is the case, the
Policy owners have been currently taxed on income and gains attributable to the
variable account assets. There is little guidance in this area, and some
features of the Policies, such as the flexibility of an owner to allocate
premium payments and Policy Accumulation Values, have not been explicitly
addressed in published rulings. While the Company believes that the Policies do
not give owners investment control over Variable Account assets, the Company
reserves the right to modify the Policies as necessary to prevent an owner from
being treated as the owner of the Variable Account assets supporting the
Policy.

In addition, the Code requires that the investments of the Variable
Account be "adequately diversified" in order for the Policies to be treated as
life insurance contracts for Federal income tax purposes. It is intended that
the Variable Account, through the Funds, will satisfy these diversification
requirements.

The following discussion assumes that the Policy will qualify as a life
insurance contract for Federal income tax purposes.

Tax Treatment of Policy Benefits

In General. The Company believes that the Death Benefit under a Policy
should be excludible from the gross income of the Beneficiary. Federal, state
and local transfer, and other tax consequences of ownership or receipt of
Policy proceeds depend on the circumstances of each owner or beneficiary. A tax
advisor should be consulted on these consequences.

Generally, the owner will not be deemed to be in constructive receipt of
the Policy Accumulation Value until there is a distribution. When distributions
from a Policy occur, or when loans are taken out from or secured by (e.g., by
assignment) a Policy, the tax consequences depend on whether the Policy is
classified as a "Modified Endowment Contract."

Modified Endowment Contracts. Under the Internal Revenue Code, certain
life insurance contracts are classified as "Modified Endowment Contracts," with
less favorable tax treatment than other life insurance contracts. Due to the
flexibility of the Policies as to premiums and benefits, the individual
circumstances of each Policy will determine whether it is classified as a
Modified Endowment Contract. The rules are too complex to be summarized here,
but generally depend on the amount of premiums paid during the first seven
Policy Years. Certain changes in a Policy after it is issued could also cause
it to be classified as a Modified Endowment Contract. A current or prospective
owner should consult with a competent advisor to determine whether a Policy
transaction will cause the Policy to be classified as a Modified Endowment
Contract. The Company will monitor the Policies, however, and will attempt to
notify an owner on a timely basis if it believes that such owner's Policy is in
jeopardy of becoming a Modified Endowment Contract.

Distributions from Modified Endowment Contracts. Policies classified as
Modified Endowment Contracts are subject to the following tax rules:

(1) All distributions, including distributions upon surrender and
withdrawals, will be treated as ordinary income subject to tax up to an
amount equal to the excess (if any) of the unloaned Policy Accumulation
Value (Cash Surrender Value for surrenders) immediately before the
distribution plus prior distributions over the owner's total investment
in the Policy at that time. "Total investment in the Policy" means the
aggregate amount of any premiums or other considerations paid for a
Policy, plus any previously taxed distributions, minus any credited
dividends.

(2) Loans taken from or secured by (e.g., by assignment) such a Policy are
treated as distributions and taxed accordingly.

<PAGE>

(3) A 10 percent additional income tax is imposed on the amount included in
income except where distribution or loan is made when the owner has
attained age 59 1/2 or is disabled, or where the distribution is part
of a series of substantially equal periodic payments for the life (or
life expectancy) of the owner or the joint lives (or joint life
expectancies) of the owner and the owner's beneficiary or designated
beneficiary.

Distributions from Policies that are not Modified Endowment Contracts.
Distributions from a Policy that is not a Modified Endowment Contract are
generally treated first as a recovery of an owner's investment in the Policy
and only after the recovery of all investments in the Policy as taxable income.
However, certain distributions which must be made in order to enable the Policy
to continue to qualify as a life insurance contract for Federal income tax
purposes if Policy benefits are reduced during the first 15 Policy Years may be
treated in whole or in part as ordinary income subject to tax.

Loans from or secured by a Policy that is not a Modified Endowment
Contract are not treated as distributions.

Finally, neither distributions from nor loans from or secured by a Policy
that is not a modified Endowment Contract are subject to the 10 percent
additional tax.

Policy Loans. In general, interest on a loan from a Policy will not be
deductible. Before taking out a Policy loan, an owner should consult a tax
advisor as to the tax consequences.

Multiple Policies. All Modified Endowment Contracts that are issued by the
Company (or its affiliates) to the same owner during any calendar year are
treated as one Modified Endowment Contract for purposes of determining the
amount includible in the owner's income when a taxable distribution occurs.

Taxation of ReliaStar Life Insurance Company of New York

We do not initially expect to incur any income tax burden upon the
earnings or the realized capital gains attributable to the Variable Account.
Based on this expectation, no charge is being made currently to the Variable
Account for Federal income taxes which may be attributable to the Account. If,
however, we determine that we may incur such tax burden, we may assess a charge
for such burden from the Variable Account.

We may also incur state and local taxes, in addition to premium taxes, in
several states. At present these taxes are not significant. If there is a
material change in state or local tax laws, charges for such taxes, if any,
attributable to the Variable Account, may be made.

Possible Changes in Taxation

The President's 1999 Budget Proposal has also recommended legislation in
1998 that, if enacted, would adversely modify the federal taxation of certain
insurance and annuity contracts. For example, one proposal would tax transfers
among investment options and tax exchanges involving variable contracts. A
second proposal would reduce the "investment in the contract" under cash value
life insurance and certain annuity contracts, thereby increasing the amount of
income for purposes of computing gain. Although the likelihood of legislative
changes is uncertain, there is always the possibility that the tax treatment of
the Policy could change by legislation or other means. Moreover, it is also
possible that any change could be retroactive (that is, effective prior to the
date of the change). You should consult a tax adviser with respect to
legislative developments and their effect on the Policy.

Preparing for Year 2000

Like all financial services providers, the Company utilizes systems that
may be affected by Year 2000 transition issues and it relies on service
providers, including the Funds, that also may be affected. The Company has
developed, and is in the process of implementing, a Year 2000 transition plan,
and is confirming that its service providers are also so engaged. The resources
that are being devoted to this effort are substantial. It is difficult to
predict with precision whether the amount of resources ultimately devoted, or
the outcome of these efforts, will have any negative impact on the Company.
However, as of the date of this prospectus, it is not anticipated that Policy
owners will experience negative effects on their investment, or on the services
provided in connection therewith, as a result of Year 2000 transition
implementation. The Company currently anticipates that its

<PAGE>

systems will be Year 2000 compliant on or about January 1, 1999, but there can
be no assurance that the Company will be successful, or that interaction with
other service providers will not impair the Company's services at that time.

Other Considerations

The foregoing discussion is general and is not intended as tax advice. Any
person concerned about these tax implications should consult a competent tax
adviser. This discussion is based on our understanding of the present Federal
income tax laws as they are currently interpreted by the IRS. No representation
is made as to the likelihood of continuation of these current laws and
interpretations. It should be further understood that the foregoing discussion
is not exhaustive and that special rules not described in this Prospectus may
be applicable in certain situations. Moreover, no attempt has been made to
consider any applicable state or other tax laws.

Distribution of the Policies

We intend to sell the Policies in New York. The Policies will be sold by
licensed insurance agents who are also registered representatives of
broker-dealers registered with the SEC under the Securities Exchange Act of
1934 who are members of the National Association of Securities Dealers, Inc.

The Policies will be distributed by the general distributor, Washington
Square Securities, Inc., (WSSI), a Minnesota corporation, which is an affiliate
of ours. WSSI is a securities broker-dealer registered with the SEC and is a
member of the National Association of Securities Dealers, Inc. It is primarily
a mutual funds dealer and has dealer agreements under which it markets shares
of more than 50 mutual funds. It also markets limited partnerships and other
tax-sheltered or tax-deferred investments, and acts as general distributor
(principal underwriter) for variable annuity products issued by us. The
Policies may also be sold through other broker-dealers authorized by WSSI and
applicable law to do so. Registered representatives of such broker-dealers may
be paid on a different basis than described below.

Registered representatives who sell the Policies will receive commissions
based on a commission schedule. In the first Policy Year, commissions generally
will be no more than 55% of the premiums paid up to the annualized Minimum
Monthly Premium, plus 8% of additional premiums. In subsequent Policy Years 2
through 10, commissions generally will be no more than 8% of premiums paid in
that year. Corresponding commissions will be paid upon a requested increase in
Face Amount. In addition, a commission of .10% of the average monthly
Accumulation Value during each Policy Year may be paid. Further, registered
representatives may be eligible to receive certain overrides and other benefits
based on the amount of earned commissions.

Management

The following list the current directors and executive officers of the
Company, their principal occupation and business experience.

<PAGE>

<TABLE>
<CAPTION>
Principal Occupation
Directors and Officers and Business Experience
- ------------------------ -----------------------------------------------------------------------------
<S> <C>
Stephen A. Carb* Partner of Carb, Luria, Glassner, Cook & Kufeld (law firm) since 1962.

R. Michael Conley*** Senior Vice President of ReliaStar Financial Corp. since 1991; Senior Vice
President, ReliaStar Employee Benefits of ReliaStar Life Insurance
Company since 1986; President of NWNL Benefits Corporation since
1988; Executive Vice President of ReliaStar Bankers Security Life
Insurance Company since 1996; Director of various subsidiaries of
ReliaStar Financial Corp.

Richard R. Crowl*** Senior Vice President, General Counsel and Secretary of ReliaStar
Financial Corp. since 1996; Senior Vice President and General Counsel of
ReliaStar Life Insurance Company, ReliaStar Life Insurance Company of
New York, Northern Life Insurance Company, and ReliaStar United
Services Life Insurance Company since 1996; Executive Vice President and
General Counsel of Washington Square Advisers, Inc. since 1986; Vice
President and Associate General Counsel of ReliaStar Financial Corp. from
1989 to 1996; Vice President and Associate General Counsel of ReliaStar
Life Insurance Company from 1985 to 1996; Director and Senior Vice
President of subsidiaries of ReliaStar Financial Corp.

John H. Flittie*** Vice Chairman, President and Chief Operating Officer of ReliaStar Life
Insurance Company since 1996; President, Chief Operating Officer, and
Director of ReliaStar Financial Corp. and ReliaStar Life Insurance
Company since 1993; Vice Chairman, Chief Executive Officer and
President of ReliaStar Life Insurance Company of New York since 1996;
Vice Chairman and President of ReliaStar United Services Life Insurance
Company and ReliaStar Life Insurance Company of New York since 1995;
Senior Executive Vice President and Chief Operating Officer of ReliaStar
Financial Corp. and ReliaStar Life Insurance Company from 1992 to 1993;
Senior Executive Vice President and Chief Operating Officer of ReliaStar
Financial Corp. from 1991 to 1992; Executive Vice President and Chief
Financial Officer of ReliaStar Financial Corp. and ReliaStar Life Insurance
Company from 1989 to 1991; Director of Community First BankShares,
Inc. and Director and Officer of various subsidiaries of ReliaStar Financial
Corp.

James T. Hale* Senior Vice President of Dayton Hudson Corporation since 1981.

Wayne R. Huneke*** Senior Vice President, Chief Financial Officer and Treasurer of ReliaStar
Financial Corp. and ReliaStar Life Insurance Company since 1994; Vice
President, Treasurer and Chief Accounting Officer from 1990 to 1994;
Director and Officer of various subsidiaries of ReliaStar Financial Corp.

Ronald D. Jarvis Senior Vice President of ReliaStar Financial Corp. since 1997; Director of
ReliaStar Life Insurance Company of New York since 1997; Director,
President and Chief Executive Officer of Security-Connecticut Corporation
since 1993; Chief Executive Officer of Security-Connecticut Life Insurance
Company since 1984; Chief Operating Officer of Security-Connecticut Life
Insurance Company since 1982; President of Security-Connecticut Life
Insurance Company since 1976; Director, President and Chief Executive
Officer of Lincoln Security Life Insurance Company from 1984 to 1997.
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
Senior Vice President of ReliaStar Financial Corp. and ReliaStar Life
Insurance Company since 1996; Vice President, Strategic Marketing of
ReliaStar Financial Corp. and ReliaStar Life Insurance Company since
1996; Vice President of Investments of ReliaStar Financial Corp. from
1991 to 1996; President of Washington Square Advisers, Inc. since 1995;
Chairman of ReliaStar Mortgage Corporation since 1988; Director of
National Commercial Finance Association and Director and Officer of

Kenneth U. Kuk*** various subsidiaries of ReliaStar Financial Corp.
<S> <C>

Richard E. Nolan* Senior Counsel of Davis Polk & Wardell (law firm) since 1996 and Partner
from 1990 to 1996.

Fioravante G. Perrotta* Retired 1996; Formerly Senior Partner of Rogers & Wells (law firm) since
1970.

Robert C. Salipante*** Senior Vice President of Personal Financial Services of ReliaStar Financial
Corp. and ReliaStar Life Insurance Company since 1996; Executive Vice
President of ReliaStar Life Insurance Company of New York since 1996;
Senior Vice President, of Individual Division and Technology of ReliaStar
Life Insurance Company since 1996; Senior Vice President of Strategic
Marketing and Technology of ReliaStar Financial Corp. and ReliaStar Life
Insurance Company from 1994 to 1996; Senior Vice President and Chief
Financial Officer of ReliaStar Financial Corp. and ReliaStar Life Insurance
Company from 1992 to 1994; Executive Vice President of Ameritrust
Corporation from 1988 to 1992; Director and Officer of various
subsidiaries of ReliaStar Financial Corp.

John G. Turner*** Chairman and Chief Executive Officer of ReliaStar Financial Corp. and
ReliaStar Life Insurance Company since 1993; Chairman of ReliaStar
United Services Life Insurance Company and ReliaStar Life Insurance
Company of New York since 1995; Chairman of Northern Life Insurance
Company since 1992; Chairman, President and Chief Executive Officer of
ReliaStar Financial Corp. and ReliaStar Life Insurance Company in 1993;
President and Chief Executive Officer of ReliaStar Financial Corp. and
ReliaStar Life Insurance Company from 1991 to 1993; President and Chief
Operating Officer of ReliaStar Financial Corp. from 1989 to 1991;
President and Chief Operating Officer of ReliaStar Life Insurance
Company from 1986 to 1991; Director and Officer of various subsidiaries
of ReliaStar Financial Corp.

Charles B. Updike* Partner of Schoeman, Marsh & Updike (law firm) since 1976.

Ross M. Weale* President of Waccabuc Enterprise, Inc. (management consulting firm) since
1996; President and Chief Executive Officer of Country Bank (financial
institution) from 1986 to 1996.
</TABLE>

* Director

** Officer

*** Director and Officer

The Executive Committee of our Board of Directors consists of Directors,
Turner, Flittie, Hale, Huneke, and Weale.

The Compliance Committee of our Board of Directors consists of Directors
Weale, Carb, Hale, Nolan, Perrotta, and Updike.

<PAGE>

State Regulation

We are subject to the laws of the State of New York governing insurance
companies and to regulation and supervision by the Insurance Department of the
State of New York. An annual statement in a prescribed form is filed with the
Insurance Division each year, and in each state we do business, covering our
operations for the preceding year and our financial condition as of the end of
that year. Our books and accounts are subject to review by the Insurance
Division and a full examination of our operations is conducted periodically
(usually every three years) by the National Association of Insurance
Commissioners. This regulation does not, however, involve supervision or
management of our investment practices or policies.

Legal Proceedings

The Company and its affiliates, like other life insurance companies, are
involved in lawsuits, including class action lawsuits. In some class action and
other lawsuits involving insurers, substantial damages have been sought and/or
material settlement payments have been made. Although the outcome of any
litigation cannot be predicted with certainty, the Company believes that at the
present time there are not pending or threatened lawsuits that are reasonably
likely to have a material adverse impact on the Variable Account or the
Company.

Bonding Arrangements

An insurance company blanket bond is maintained providing $25,000,000
coverage for our officers and employees and those of Washington Square
Securities, Inc. (WSSI), subject to a $500,000 deductible.

Legal Matters

Legal matters in connection with the Variable Account and the Policy
described in this Prospectus have been passed upon by Jeffrey A. Proulx,
Esquire, Attorney for the Company.

Experts

The financial statements of ReliaStar Life Insurance Company of New York
Variable Life Separate Account I as of and for each of the three years
then ended and the annual financial statements of ReliaStar Life Insurance
Company of New York included in this Prospectus have been audited by ,
independent auditors, as stated in their reports which are included herein, and
have been so included in reliance upon the reports of such firm given upon
their authority as experts in accounting and auditing.

Actuarial matters included in this Prospectus have been examined by Steven
P. West, F.S.A., M.A.A.A., as stated in the opinion filed as an exhibit to the
Registration Statement.

Registration Statement Contains Further Information

A Registration Statement has been filed with the SEC under the Securities
Act of 1933 with respect to the Policies. This Prospectus does not contain all
information included in the Registration Statement, its amendments and
exhibits. For further information concerning the Variable Account, the Funds,
the Policies and us, please refer to the Registration Statement.

Statements in this Prospectus concerning provisions of the Policy and
other legal documents are summaries. Please refer to the documents as filed
with the SEC for a complete statement of the provisions of those documents.

Information may be obtained from the SEC's principal office in Washington,
D.C., for a fee it prescribes, or examined there without charge.

<PAGE>

Financial Statements

The financial statements for the Variable Account reflect the operations
of the Variable Account and its Sub-Accounts for each of the three years in the
period ended . The financial statements are audited. The periods covered
are not necessarily indicative of the longer term performance of the assets
held in the Variable Account.

The financial statements of ReliaStar Life Insurance Company of New York
which are included in this Prospectus should be distinguished from the
financial statements of the Variable Account and should be considered only as
bearing upon the ability of ReliaStar Life Insurance Company of New York to
meet its obligations under the Policies. They should not be considered as
bearing on the investment performance of the assets held in the Variable
Account.

These financial statements are as of and for each of the two years in the
period ended . The periods covered are not necessarily indicative of the
longer term performance of the Company.

<PAGE>

APPENDIX A

The Fixed Account

The Fixed Account consists of all of our assets other than those in our
separate accounts. We have complete ownership and control of all of the assets
of the Fixed Account.

Because of exemptions and exclusions contained in the Securities Act of
1933 and the Investment Company Act of 1940, the Fixed Account has not been
registered under these acts. Neither the Fixed Account nor any interest in it
is subject to the provisions of these acts and as a result the SEC has not
reviewed the disclosures in this Prospectus relating to the Fixed Account.
However, disclosures relating to the Fixed Account are subject to generally
applicable provisions of the federal securities laws relating to the accuracy
and completeness of statements made in prospectuses.

We guarantee both principal and interest on amounts credited to the Fixed
Account. We credit interest at an effective annual rate of at least 4%,
independent of the investment experience of the Fixed Account. From time to
time, we may guarantee interest at a rate higher than 4%.

ANY INTEREST CREDITED TO AMOUNTS ALLOCATED TO THE FIXED ACCOUNT IN EXCESS
OF 4% PER YEAR WILL BE DETERMINED AT OUR SOLE DISCRETION. YOU ASSUME THE RISK
THAT INTEREST CREDITED TO THE FIXED ACCOUNT MAY NOT EXCEED THE MINIMUM
GUARANTEE OF 4% FOR A GIVEN YEAR.

We do not use a specific formula for determining excess interest credits.
However, we consider the following:

o General economic trends,

o Rates of return currently available on our investments,

o Rates of return anticipated in our investments, regulatory and tax
factors, and

o Competitive factors.

We are not aware of any statutory limitations to the maximum amount of
interest we may credit and our Board of Directors has not set any limitations.

The Fixed Accumulation Value of the Policy is the sum of the Net Premiums
credited to it in the Fixed Account. It is increased by transfers and Loan
Amounts from the Variable Account, and interest credits. It is decreased by
Monthly Deductions and partial withdrawals taken from it in the Fixed Account
and transfers to the Variable Account. The Fixed Accumulation Value will be
calculated at least monthly on the monthly anniversary date.

You may transfer all or part of your Fixed Accumulation Value to the
Sub-Accounts of the Variable Account, subject to the following transfer
limitations:

o The request to transfer must be postmarked no more than 30 days before
the Policy Anniversary and no later than 30 days after the Policy
Anniversary. Only one transfer is allowed during this period.

o The Fixed Accumulation Value after the transfer must be at least equal
to the Loan Amount.

o No more than 50% of the Fixed Accumulation Value (minus any Loan Amount)
may be transferred unless the balance, after the transfer, would be less
than $1,000. If the balance would be less than $1,000, the full Fixed
Accumulation Value (minus any Loan Amount) may be transferred.

o You must transfer at least:
-- $500, or
-- the total Fixed Accumulation Value (minus any Loan Amount) if less
than $500.

We make the Monthly Deduction from your Fixed Accumulation Value in
proportion to the total Accumulation Value of the Policy.

The Surrender Charge described in the Prospectus applies to the total
Accumulation Value, which includes the Fixed Accumulation Value. If the Owner
surrenders the Policy for its Cash Surrender Value, the Fixed Accumulation
Value will be reduced by any applicable Surrender Charge, any Loan Amount and
unpaid Monthly Deductions applicable to the Fixed Account.

A-1

<PAGE>

APPENDIX B

Calculation of Accumulation Value

The Accumulation Value of the Policy is equal to the sum of the Variable
Accumulation Value plus the Fixed Accumulation Value.

Variable Accumulation Value

The Variable Accumulation Value is the total of your values in each
Sub-Account. The value for each Sub-Account is equal to:

1 multiplied by 2, where:

1
Is your current number of Accumulation Units (described below).

2
Is the current Unit Value (described below).

The Variable Accumulation Value will vary from Valuation Date to Valuation
Date (described below) reflecting changes in 1 and 2 above.

Accumulation Units. When transactions are made which affect the Variable
Accumulation Value, dollar amounts are converted to Accumulation Units. The
number of Accumulation Units for a transaction is found by dividing the dollar
amount of the transaction by the current Unit Value.

The number of Accumulation Units for a Sub-Account increases when:

o Net Premiums are credited to that Sub-Account; or

o Transfers from the Fixed Account or other Sub-Accounts are credited to
that Sub-Account.

The number of Accumulation Units for a Sub-Account decreases when:

o You take out a Policy loan from that Sub-Account;

o You take a partial withdrawal from that Sub-Account;

o We take a portion of the Monthly Deduction from that Sub-Account; or

o Transfers are made from that Sub-Account to the Fixed Account or other
Sub-Accounts.

Unit Value. The Unit Value for a Sub-Account on any Valuation Date is
equal to the previous Unit Value times the Net Investment Factor for that
Sub-Account (described below) for the Valuation Period (described below) ending
on that Valuation Date. The Unit Value was initially set at $10 when the
Sub-Account first purchased Fund shares.

Net Investment Factor. The Net Investment Factor is a number that reflects
charges to the Policy and the investment performance during a Valuation Period
of the Fund in which a Sub-Account is invested. If the Net Investment Factor is
greater than one, the Unit Value is increased. If the Net investment Factor is
less than one, the Unit Value is decreased. The Net Investment Factor for a
Sub-Account is determined by dividing 1 by 2.

(1/2), where:

1
Is the result of:

o The net asset value per share of the Fund shares in which the Sub-Account
invests, determined at the end of the current Valuation Period;

o Plus the per share amount of any dividend or capital gain distributions
made on the Fund shares in which the Sub-Account invests during the
current Valuation Period;

o Plus or minus a per share charge or credit for any taxes reserved which
we determine has resulted from the investment operations of the
Sub-Account and to be applicable to the Policy.

B-1

<PAGE>

2
Is the result of:

o The net asset value per share of the Fund shares held in the Sub-Account,
determined at the end of the last prior Valuation Period;

o Plus or minus a per share charge or credit for any taxes reserved for
during the last prior Valuation Period which we determine resulted from
the investment operations of the Sub-Account and was applicable to the
Policy.

Valuation Date; Valuation Period. A Valuation Date is each day the New
York Stock Exchange is open for business except for a day that a Sub-Account's
corresponding Fund does not value its shares. A Valuation Period is the period
between two successive Valuation Dates, commencing at the close of business of
a Valuation Date and ending at the close of business on the next Valuation
Date.

Fixed Accumulation Value

The Fixed Accumulation Value on the Policy Date is your Net Premium
credited to the Fixed Account on that date minus the Monthly Deduction
applicable to the Fixed Accumulation Value for the first Policy Month.

After the Policy Date, the Fixed Accumulation Value is calculated as:

1 + 2 + 3 + 4 - 5 - 6, where:

1
Is the Fixed Accumulation Value on the preceding Monthly Anniversary, plus
interest from the Monthly Anniversary to the date of the calculation.

2
Is the total of your Net Premiums credited to the Fixed Account since the
preceding Monthly Anniversary, plus interest from the date premiums are
credited to the date of the calculation.

3
Is the total of your transfers from the Variable Account to the Fixed Account
since the preceding Monthly Anniversary, plus interest from the date of
transfer to the date of the calculation.

4
Is the total of your Loan Amount transferred from the Variable Account since
the preceding Monthly Anniversary.

5
Is the total of your transfers to the Variable Account from the Fixed Account
since the preceding Monthly Anniversary, plus interest from the date of
transfer to the date of the calculation.

6
Is the total of your partial withdrawals from the Fixed Account since the
preceding Monthly Anniversary, plus interest from the date of withdrawal to the
date of the calculation.

If the date of the calculation is a Monthly Anniversary, we also reduce
the Fixed Accumulation Value by the applicable Monthly Deduction for the Policy
Month following the Monthly Anniversary.

The minimum interest rate applied in the calculation of the Fixed
Accumulation Value is an effective annual rate of 4%. Interest in excess of the
minimum rate may be applied in the calculation of your Fixed Accumulation Value
in a manner which our Board of Directors determines.

B-2

<PAGE>

APPENDIX C

Illustration of Accumulation Values, Surrender Charges,
Cash Surrender Values, and Death Benefits

The following tables illustrate how the Accumulation Values, Cash
Surrender Values, and Death Benefits of a Policy may change with the investment
experience of the Variable Account. The tables show how the Accumulation
Values, Cash Surrender Values, and Death Benefits of a Policy issued to t3wo
hypothetical Joint Insureds (who pay the given Planned Periodic Premiums
annually) would vary over time if the investment return of the assets held in
the Funds were a uniform, gross, after-tax, annual rate of 0 percent, 6 percent
or 12 percent.

The tables on pages C-2 through C-7 illustrate a Policy issued to a male
Joint Insured Age 55 and a female Joint Insured Age 55 both in a standard Rate
Class and qualifying for non-smoker rates. The Accumulation Values, Cash
Surrender Values, and Death Benefits would be lower if either Joint Insured
were in a substandard Rate Class or did not qualify for the non-smoker rates
because the cost of insurance would be increased. The Accumulation Values, Cash
Surrender Values and Death Benefits would be different from those shown if the
gross annual investment returns averaged 0 percent, 6 percent, and 12 percent
over a period of years, but fluctuated above and below those averages for
individual Policy Years.

Within the tables, the second and fifth columns illustrate the
Accumulation Value of the Policy over the designated period. The Accumulation
Value is the total amount that a Policy provides for investment at any time.
The third and sixth columns illustrate the Cash Surrender Value of a Policy
over the designated period. The Cash Surrender Value is equal to the
Accumulation Value less any Surrender Charges, Loan Amount (assumed to be zero
in these illustrations) and unpaid Monthly Deductions (also assumed to be
zero). The fourth and seventh columns illustrate the Death Benefit of a Policy
over the designated period. The second, third, and fourth columns assume that
throughout the life of the Policy, the monthly charge for the cost of
insurance, the Monthly Mortality and Expense Charge and the Monthly
Administrative Charge are based upon the maximums (i.e., guaranteed) permitted
in the policy. The maximum allowable cost of insurance rates are based on the
frasierized 1980 Commissioners Standard Ordinary Mortality Tables for
Non-smokers and Smokers. The fifth, sixth, and seventh columns assume that the
monthly charge for cost of insurance, the Monthly Mortality and Expense Charge,
and the Monthly Administrative Charge are based on the current amounts expected
to be charged. The Death Benefits also vary between tables depending upon
whether the Level Amount Death Benefit Option (Tables at pages C-2 through C-4)
or the Variable Amount Death Benefit Option (Tables at pages C-5 through C-7)
is illustrated.

The amounts shown for the Accumulation Values, Cash Surrender Values, and
Death Benefits reflect the fact that the net investment return of the
Sub-Accounts of the Variable Account is lower than the gross, after-tax return
on the assets held in the Funds as a result of the Funds' operating expenses.
The values shown take into account the daily total operating expenses paid by
the available portfolios of the VIPF, VIPF II, Northstar and PCM which together
are assumed to be at an average annual rate of % for all years. This figure
is derived based on an average of the Funds 1997 operating expenses net of any
limitations on such expenses paid by the Funds. Thus, the illustrated gross
annual investment rates of return of 0 percent, 6 percent, and 12 percent
correspond to approximate net annual rates of return of %, %, and %,
respectively. Without such expense reimbursements, total expenses would be
%. Hypothetical Accumulation Values, Cash Surrender Values and the Death
Benefits may be lower without the expense reimbursement. Expense reimbursements
are voluntary. While it is currently anticipated that expense reimbursements
will continue past the current year, there is no assurance of ongoing
reimbursements.

The hypothetical values shown in the tables do not reflect any charges for
Federal income taxes attributable to the Variable Account because we do not
currently make any such charges. However, such charges may be made in the
future and, in that event, the gross annual investment return would have to
exceed 0 percent, 6 percent, or 12 percent by an amount sufficient to cover the
tax charges in order to produce the Accumulation Values, Cash Surrender Values,
and Death Benefits illustrated. (See section entitled "Federal Tax Matters" in
the prospectus).

The tables illustrate the Policy values that would result based upon the
hypothetical rates of return if premiums are paid as indicated, if all Net
Premiums are allocated to the Variable Account, and if no Policy loans have
been made. The tables are also based on the assumptions that the Policy owner
has not requested an increase

C-1

<PAGE>

or decrease in the Face Amount, that no partial withdrawals have been made,
that no transfers have been made, and total operating expenses of the Funds
continue as anticipated. Actual results will depend on the expenses and
performance of the investment choice made by the owner.

Upon request, we will provide a comparable illustration based upon each
proposed Joint Insureds' Age, sex, underwriting classification, the Face Amount
and Planned Periodic Premium schedule requested, and any available riders
requested.

C-2

<PAGE>

RELIASTAR LIFE INSURANCE COMPANY OF NEW YORK
SURVIVORSHIP FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95

1 FEMALE AND 1 MALE JOINT INSURED
BOTH NON-TOBACCO PREMIUM CLASS
BOTH ISSUE AGE: 55
$8,500.00 ANNUAL PREMIUM
$1,000,000 FACE AMOUNT
LEVEL DEATH BENEFIT OPTION

ASSUMED HYPOTHETICAL GROSS ANNUAL
INVESTMENT RATE OF RETURN: 0%

<TABLE>
<CAPTION>
Guaranteed Costs Current Costs
----------------------------------------------- ---------------------------------
Accumulation Cash Surrender Death Accumulation Cash Surrender Death
Policy Value Value Benefit Value Value Benefit
Year (1) (2) (1) (2) (1) (2) (1) (2) (1) (2) (1) (2)
- -------- -------------- ---------------- ----------- -------------- ---------------- ----------
<S> <C> <C> <C> <C> <C> <C>
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
20
</TABLE>

(1) Assumes a $8,500.00 premium (which exceeds the annualized minimum monthly
premium) is paid at the beginning of each policy year. Values will be
different if premiums are paid with a different frequency or in different
amounts.

(2) Assumes that no policy loans or partial withdrawals have been made.
Excessive loans or withdrawals may cause the policy to lapse because of
insufficient cash surrender value.

* Based on (1) and (2) above, the Death Benefit Guarantee is in effect during
the years shown, therefore, the policy remains in force even though the cash
surrender value is zero.

** Policy terminates prior to age 85.

THE HYPOTHETICAL INVESTMENT RESULTS ARE ILLUSTRATIVE ONLY, AND SHOULD NOT BE
DEEMED A REPRESENTATION OF PAST OR FUTURE INVESTMENT RESULTS. ACTUAL INVESTMENT
RESULTS MAY BE MORE OR LESS THAN THOSE SHOWN, AND WILL DEPEND ON A NUMBER OF
FACTORS, INCLUDING THE INVESTMENT ALLOCATIONS BY A POLICYHOLDER, AND THE
DIFFERENT INVESTMENT RETURNS FOR THE FUNDS. THE ACCUMULATION VALUE, CASH
SURRENDER VALUE, AND DEATH BENEFIT FOR A POLICY WOULD BE DIFFERENT FROM THOSE
SHOWN ABOVE IF THE ACTUAL INVESTMENT RESULTS APPLICABLE TO THE POLICY AVERAGE
0% OVER A PERIOD OF YEARS, BUT ALSO FLUCTUATED ABOVE OR BELOW THAT AVERAGE FOR
INDIVIDUAL POLICY YEARS. NO REPRESENTATION CAN BE MADE BY US OR BY THE FUNDS
THAT THESE HYPOTHETICAL RETURNS CAN BE ACHIEVED FOR ANY ONE YEAR, OR SUSTAINED
OVER ANY PERIOD OF TIME.

C-3

<PAGE>

RELIASTAR LIFE INSURANCE COMPANY OF NEW YORK
SURVIVORSHIP FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95

1 FEMALE AND 1 MALE JOINT INSURED
BOTH NON-TOBACCO PREMIUM CLASS
BOTH ISSUE AGE: 55
$8,500.00 ANNUAL PREMIUM
$1,000,000 FACE AMOUNT
LEVEL DEATH BENEFIT OPTION

ASSUMED HYPOTHETICAL GROSS ANNUAL
INVESTMENT RATE OF RETURN: 6%

(2) Assumes that no policy loans or partial withdrawals have been made.
Excessive loans or withdrawals may cause the policy to lapse because of
insufficient cash surrender value.

* Based on (1) and (2) above, the Death Benefit Guarantee is in effect during
the years shown, therefore, the policy remains in force even though the cash
surrender value is zero.

** Policy terminates prior to age 90.

THE HYPOTHETICAL INVESTMENT RESULTS ARE ILLUSTRATIVE ONLY, AND SHOULD NOT BE
DEEMED A REPRESENTATION OF PAST OR FUTURE INVESTMENT RESULTS. ACTUAL INVESTMENT
RESULTS MAY BE MORE OR LESS THAN THOSE SHOWN, AND WILL DEPEND ON A NUMBER OF
FACTORS, INCLUDING THE INVESTMENT ALLOCATIONS BY A POLICYHOLDER, AND THE
DIFFERENT INVESTMENT RETURNS FOR THE FUNDS. THE ACCUMULATION VALUE, CASH
SURRENDER VALUE, AND DEATH BENEFIT FOR A POLICY WOULD BE DIFFERENT FROM THOSE
SHOWN ABOVE IF THE ACTUAL INVESTMENT RESULTS APPLICABLE TO THE POLICY AVERAGE
6% OVER A PERIOD OF YEARS, BUT ALSO FLUCTUATED ABOVE OR BELOW THAT AVERAGE FOR
INDIVIDUAL POLICY YEARS. NO REPRESENTATION CAN BE MADE BY US OR BY THE FUNDS
THAT THESE HYPOTHETICAL RETURNS CAN BE ACHIEVED FOR ANY ONE YEAR, OR SUSTAINED
OVER ANY PERIOD OF TIME.

C-4

<PAGE>

RELIASTAR LIFE INSURANCE COMPANY OF NEW YORK
SURVIVORSHIP FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95

1 FEMALE AND 1 MALE JOINT INSURED
BOTH NON-TOBACCO PREMIUM CLASS
BOTH ISSUE AGE: 55
$8,500.00 ANNUAL PREMIUM
$1,000,000 FACE AMOUNT
LEVEL DEATH BENEFIT OPTION

ASSUMED HYPOTHETICAL GROSS ANNUAL
INVESTMENT RATE OF RETURN: 12%

<TABLE>
<CAPTION>
Guaranteed Costs Current Costs
----------------------------------------------- ---------------------------------
Accumulation Cash Surrender Death Accumulation Cash Surrender Death
Policy Value Value Benefit Value Value Benefit
Year (1) (2) (1) (2) (1) (2) (1) (2) (1) (2) (1) (2)
- --------- -------------- ---------------- ----------- -------------- ---------------- ----------
<S> <C> <C> <C> <C> <C> <C>
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
20
AGE
90
95
100
</TABLE>

(2) Assumes that no policy loans or partial withdrawals have been made.
Excessive loans or withdrawals may cause the policy to lapse because of
insufficient cash surrender value.

THE HYPOTHETICAL INVESTMENT RESULTS ARE ILLUSTRATIVE ONLY, AND SHOULD NOT BE
DEEMED A REPRESENTATION OF PAST OR FUTURE INVESTMENT RESULTS. ACTUAL INVESTMENT
RESULTS MAY BE MORE OR LESS THAN THOSE SHOWN, AND WILL DEPEND ON A NUMBER OF
FACTORS, INCLUDING THE INVESTMENT ALLOCATIONS BY A POLICYHOLDER, AND THE
DIFFERENT INVESTMENT RETURNS FOR THE FUNDS. THE ACCUMULATION VALUE, CASH
SURRENDER VALUE, AND DEATH BENEFIT FOR A POLICY WOULD BE DIFFERENT FROM THOSE
SHOWN ABOVE IF THE ACTUAL INVESTMENT RESULTS APPLICABLE TO THE POLICY AVERAGE
12% OVER A PERIOD OF YEARS, BUT ALSO FLUCTUATED ABOVE OR BELOW THAT AVERAGE FOR
INDIVIDUAL POLICY YEARS. NO REPRESENTATION CAN BE MADE BY US OR BY THE FUNDS
THAT THESE HYPOTHETICAL RETURNS CAN BE ACHIEVED FOR ANY ONE YEAR, OR SUSTAINED
OVER ANY PERIOD OF TIME.

C-5

<PAGE>

RELIASTAR LIFE INSURANCE COMPANY OF NEW YORK
SURVIVORSHIP FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95

1 FEMALE AND 1 MALE JOINT INSURED
BOTH NON-TOBACCO PREMIUM CLASS
BOTH ISSUE AGE: 55
$8,500.00 ANNUAL PREMIUM
$1,000,000 FACE AMOUNT
VARIABLE DEATH BENEFIT OPTION

ASSUMED HYPOTHETICAL GROSS ANNUAL
INVESTMENT RATE OF RETURN: 0%

(2) Assumes that no policy loans or partial withdrawals have been made.
Excessive loans or withdrawals may cause the policy to lapse because of
insufficient cash surrender value.

* Based on (1) and (2) above, the Death Benefit Guarantee is in effect during
the years shown, therefore, the policy remains in force even though the cash
surrender value is zero.

** Policy terminates prior to age 85.

C-6

<PAGE>

RELIASTAR LIFE INSURANCE COMPANY OF NEW YORK
SURVIVORSHIP FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95

1 FEMALE AND 1 MALE JOINT INSURED
BOTH NON-TOBACCO PREMIUM CLASS
BOTH ISSUE AGE: 55
$8,500.00 ANNUAL PREMIUM
$1,000,000 FACE AMOUNT
VARIABLE DEATH BENEFIT OPTION

ASSUMED HYPOTHETICAL GROSS ANNUAL
INVESTMENT RATE OF RETURN: 6%

(2) Assumes that no policy loans or partial withdrawals have been made.
Excessive loans or withdrawals may cause the policy to lapse because or
insufficient cash surrender value.

* Based on (1) and (2) above, the Death Benefit Guarantee is in effect during
the years shown, therefore, the policy remains in force even though the cash
surrender value is zero.

** Policy terminates prior to age 90.

THE HYPOTHETICAL INVESTMENT RESULTS ARE ILLUSTRATIVE ONLY, AND SHOULD NOT BE
DEEMED A REPRESENTATION OF PAST OR FUTURE INVESTMENT RESULTS. ACTUAL INVESTMENT
RESULTS MAY BE MORE OR LESS THAN THOSE SHOWN, AND WILL DEPEND ON A NUMBER OF
FACTORS, INCLUDING THE INVESTMENT ALLOCATIONS BY A POLICYHOLDER, AND THE
DIFFERENT INVESTMENT RETURNS FOR THE FUNDS. THE ACCUMULATION VALUE, CASH
SURRENDER VALUE, AND DEATH BENEFIT FOR A POLICY WOULD BE DIFFERENT FROM THOSE
SHOWN ABOVE IF THE ACTUAL INVESTMENT RESULTS APPLICABLE TO THE POLICY AVERAGE
6% OVER A PERIOD OF YEARS, BUT ALSO FLUCTUATED ABOVE OR BELOW THAT AVERAGE FOR
INDIVIDUAL POLICY YEARS. NO REPRESENTATION CAN BE MADE BY US OR BY THE FUNDS
THAT THESE HYPOTHETICAL RETURNS CAN BE ACHIEVED FOR ANY ONE YEAR, OR SUSTAINED
OVER ANY PERIOD OF TIME.

C-7

<PAGE>

RELIASTAR LIFE INSURANCE COMPANY OF NEW YORK
SURVIVORSHIP FLEXIBLE PREMIUM VARIABLE LIFE TO AGE 95

1 FEMALE AND 1 MALE JOINT INSURED
BOTH NON-TOBACCO PREMIUM CLASS
BOTH ISSUE AGE: 55
$8,500.00 ANNUAL PREMIUM
$1,000,000 FACE AMOUNT
VARIABLE DEATH BENEFIT OPTION

ASSUMED HYPOTHETICAL GROSS ANNUAL
INVESTMENT RATE OF RETURN: 12%

<TABLE>
<CAPTION>
Guaranteed Costs Current Costs
----------------------------------------------- ---------------------------------
Accumulation Cash Surrender Death Accumulation Cash Surrender Death
Policy Value Value Benefit Value Value Benefit
Year (1) (2) (1) (2) (1) (2) (1) (2) (1) (2) (1) (2)
- --------- -------------- ---------------- ----------- -------------- ---------------- ------------
<S> <C> <C> <C> <C> <C> <C>
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
20
AGE
90
95
100
</TABLE>

(2) Assumes that no policy loans or partial withdrawals have been made.
Excessive loans or withdrawals may cause the policy to lapse because of
insufficient cash surrender value.

THE HYPOTHETICAL INVESTMENT RESULTS ARE ILLUSTRATIVE ONLY, AND SHOULD NOT BE
DEEMED A REPRESENTATION OF PAST OR FUTURE INVESTMENT RESULTS. ACTUAL INVESTMENT
RESULTS MAY BE MORE OR LESS THAN THOSE SHOWN, AND WILL DEPEND ON A NUMBER OF
FACTORS, INCLUDING THE INVESTMENT ALLOCATIONS BY A POLICYHOLDER, AND THE
DIFFERENT INVESTMENT RETURNS FOR THE FUNDS. THE ACCUMULATION VALUE, CASH
SURRENDER VALUE, AND DEATH BENEFIT FOR A POLICY WOULD BE DIFFERENT FROM THOSE
SHOWN ABOVE IF THE ACTUAL INVESTMENT RESULTS APPLICABLE TO THE POLICY AVERAGE
12% OVER A PERIOD OF YEARS, BUT ALSO FLUCTUATED ABOVE OR BELOW THAT AVERAGE FOR
INDIVIDUAL POLICY YEARS. NO REPRESENTATION CAN BE MADE BY US OR BY THE FUNDS
THAT THESE HYPOTHETICAL RETURNS CAN BE ACHIEVED FOR ANY ONE YEAR, OR SUSTAINED
OVER ANY PERIOD OF TIME.

C-8

<PAGE>

APPENDIX D

Monthly Amount Charge

Per $1,000 of Face Amount

<TABLE>
<CAPTION>
Average Age of Monthly Amount Charge Average Age of Monthly Amount Charge Per
Joint Insureds Per $1,000 of Face Amount Joint Insureds $1,000 of Face Amount
- ---------------- --------------------------- ---------------- --------------------------
<S> <C> <C> <C>
0-26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55

</TABLE>

D-1

<PAGE>

APPENDIX E

Surrender Charge Whole Life Premium Per $1,000 of Face Amount

The following table provides the Surrender Charge Whole Life Premium factors
that are used in determining the Premium Related Surrender Charge Reduction.
See section entitled "Surrender Charge" in the Prospectus.

<TABLE>
<CAPTION>
Surrender Charge Whole Life Surrender Charge Whole Life
Premium Per $1,000 of Premium Per $1,000 of
Initial Face Amount Initial Face Amount
--------------------------- --------------------------
Male Female Male Female
Insured's Age at Nonsmoker Nonsmoker Insured's Age at Nonsmoker Nonsmoker
Policy Date and Smoker and Smoker Policy Date and Smoker and Smoker
- ------------------ ------------ ------------ ------------------ ------------ -----------
<S> <C> <C> <C> <C> <C>
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
</TABLE>

E-1

<PAGE>

UNDERTAKINGS TO FILE REPORTS
Subject to the terms and conditions of Section 15(d) of the Securities and
Exchange Act of 1934, the undersigned Registrant hereby undertakes to file with
the Securities and Exchange Commission such supplementary and periodic
information, documents and reports as may be prescribed by any rule or
regulation of the Commission heretofore or hereafter duly adopted pursuant to
authority conferred in that section.

<PAGE>

RULE 484 UNDERTAKING

Insofar as indemnification for liability arising under the Securities Act
of 1933 (the "Act") may be permitted to directors, officers and controlling
persons of the Registrant pursuant to the foregoing provisions, or otherwise,
the Registrant has been advised that in the opinion of the Securities and
Exchange Commission such indemnification is against public policy as expressed
in the Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the
Registrant of expenses incurred or paid by a director, officer or controlling
person of the Registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the Registrant will, unless in
the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the Act and
will be governed by the final adjudication of such issue.

<PAGE>

"REASONABLENESS" REPRESENTATION PURSUANT TO 26(e)(2)(A)
OF THE INVESTMENT COMPANY ACT OF 1940

Depositor represents that the fees and charges deducted under the flexible
premium variable life insurance policy, in the aggregate, are reasonable in
relation to the services rendered, the expenses expected to be incurred, and
the risks assumed by ReliaStar Life Insurance Company of New York.

<PAGE>

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, Registrant has duly
caused this Registration Statement to be signed on its behalf, in the City of
Minneapolis, and State of Minnesota, on the 6th day of March, 1998.

RELIASTAR LIFE INSURANCE COMPANY OF NEW YORK
VARIABLE LIFE SEPARATE ACCOUNT I
(Registrant)

By: RELIASTAR LIFE INSURANCE COMPANY OF NEW YORK

(Depositor)

By: /s/ John H. Flittie
------------------------------------------------
John H. Flittie
Vice Chairman, Chief Executive Officer and
President

As required by the Securities Act of 1933, Depositor has caused this
Registration Statement to be signed on its behalf, in the City of Minneapolis
and State of Minnesota, on this 6th day of March, 1998.

RELIASTAR LIFE INSURANCE COMPANY OF NEW YORK
(Depositor)

By: /s/ John H. Flittie
------------------------------------------------
John H. Flittie
Vice Chairman, Chief Executive Officer, and
President

As required by the Securities Act of 1933, this Registration Statement has been
signed on this 6th day of March, 1998 by the following directors and officers
of Depositor in the capacities indicated:

<TABLE>
<S> <C>
/s/ John H. Flittie Chairman, Chief Executive Officer, and President
- -------------------------------------
John H. Flittie

/s/ Rebecca B. Crunk Vice President, Treasurer, and Controller
- -------------------------------------
Rebecca B. Crunk
</TABLE>

Stephen A. Carb Wayne R. Huneke Robert C. Salipante
R. Michael Conley Ronald D. Jarvis John G. Turner
Richard R. Crowl Kenneth U. Kuk Charles B. Updike
John H. Flittie Richard E. Nolan Ross M. Weale
James T. Hale Fioravante G. Perrotta
*A majority of the Board of Directors

*Jeffrey A. Proulx, by signing his name hereto, does hereby sign this document
on behalf of each of the above-named directors of ReliaStar Life Insurance
Company of New York pursuant to powers of attorney duly executed by such
persons.

/s/ Jeffrey A. Proulx
------------------------------------------------
Jeffrey A. Proulx, Attorney-In-Fact

<PAGE>

PART II

Contents of Registration Statement

This Registration Statement comprises the following papers and documents:

The Facing Sheet.
The general form of Prospectus, consisting of 60 pages.
Undertakings to file reports.
Rule 484 Undertaking.
"Reasonableness" representation pursuant to Section 26(e)(2)(A)
of the Investment Company Act of 1940.
The signatures.

Written consents of the following persons;

1. Jeffrey A. Proulx
2. Steve P. West, FSA, MAAA - to be filed
3.(a) LLP - to be filed

The following exhibits:

<TABLE>
<S> <C>
1. The following exhibits correspond to those required by Paragraph A of
the instructions as to exhibits in Form N-8B-2:

A. (1)(a) Resolution of Board of Directors of ReliaStar Life Insurance Company of New York ("RLICNY")
establishing the RLICNY Variable Life Separate Account I.1
(b) Resolution of Board of Directors of RLICNY changing the name of RLICNY Separate Account I.
(2) Not applicable. Filed as part of EX-99.A1.
(3) (a) Form of General Distributor Agreement between Washington Square Securities Inc. and RLICNY.2
(b) Specimens of WSSI Selling Agreements.3
(4) Not applicable.
(5) Form of Policy available (together with available Policy riders) Filed as part of EX-99.A5.
(6) (a) Amended Charter of RLICNY Filed as part of EX-99.A6.
(b) Amended Bylaws of RLICNY Filed as part of EX-99.A6.
(7) Not applicable.
(8) (a) Participation Agreement with Fidelity's Variable Insurance
Products Fund and Fidelity Distributors Corporation and Amendment No. 1.1
(b) Form of Amendment Nos. 2 and 3 to Participation Agreement with Fidelity's Variable Insurance Products
Fund and Fidelity Distributors Corporation. Filed as part of EX-99.A8.
(c) Participation Agreement with Fidelity's Variable Insurance
Products Fund II and Fidelity Distributors Corporation and
Form of Amendment No. 1.1
(d) Form of Amendment Nos. 2 and 3 to Participation Agreement with
Fidelity's Variable Insurance Products Fund II and Fidelity
Distributors Corporation. Filed as part of EX-99.A8.
(e) Form of Service Contract with Fidelity Distributors Corporation.2
(f) Form of Service Agreement with Fidelity Investments
Institutional Operations Company, Inc.2
(g) Form of Participation Agreement with Putnam Variable Trust
(formerly known as Putnam Capital Manager Trust) and Putnam
Mutual Funds Corp.2
(h) Form of Amendment No. 1 to Participation Agreement with Putnam
Variable Trust and Putnam Mutual Funds Corp. Filed as part of EX-99.A8.
(i) Form of Management Services Agreement with ReliaStar Life
Insurance Company.1
(j) Form of Participation Agreement by and between RLICNY and Fred
Alger Management, Inc.3
(k) Form of Participation Agreement by and between RLICNY and Janus Aspen
Series.3
(l) Form of Participation Agreement by and between RLICNY,
Neuberger & Berman Advisers Management
Trust, Advisers Managers Trust and NBMI.3
(m) Form of Participation Agreement by and between RLICNY and OpCap
Advisors.3
(n) Form of Service Agreement by and RLICNY and Fred
Alger Management, Inc.3
(o) Form of Service Agreement by and between RLICNY and Janus Capital
Corporation.3
(p) Form of Service Agreement by and between RLICNY and Neuberger & Berman
Management Incorporated ("NBMI").3
(q) Form of Service Agreement by and between RLICNY and OpCap
Advisors.3
(9) Not applicable.
(10) Policy application. Filed as part of EX-99.A10.
2. Opinion and consent of Jeffrey A. Proulx, Esquire, as to the legality
of the Securities being registered. Filed as part of EX-99.2
3. Not applicable.
4. Not applicable.

EX-99.C1 Auditors' Consent - to be filed.
EX-99.C1
EX-99.C2. Not applicable.
EX-99.C3. Not applicable.
EX-99.C4. See EX-99.2.
EX-99.C5. Not applicable.
EX-99.C6. Actuarial Opinion and Consent - to be filed.
EX-99.D1. Memorandum describing RLICNY's issuance, transfer and
redemption procedures for the Policies and RLICNY's procedure
for conversion to a fixed benefit policy. Filed as part of EX-99.D1.
EX-24. Powers of Attorney.
Stephen A. Carb
R. Michael Conley
Richard R. Crowl
John H. Flittie
James T. Hale
Wayne R. Huneke
Ronald D. Jarvis
Kenneth U. Kuk - to be filed
Richard E. Nolan - to be filed
Fioravante G. Perrotta
Robert C. Salipante
John G. Turner
Charles B. Updike
Ross M. Weale
EX-27. Financial Data Schedule as of December 31, 1997 - to be filed.
</TABLE>

<PAGE>

1 Incorporated by reference to Registrant's Form S-6 Registration Statement,
File No. 333-19123, filed December 31, 1996.

2 Incorporated by reference to Registrant's Form S-6 Registration Statement,
File No. 333-19123, filed May 9, 1997.

3 Incorporated by reference to Registrant's Form S-6 Registration Statement,
File No. 333-19123, filed August 1, 1997.

<PAGE>
INDEX TO EXHIBITS

<TABLE>
<S> <C>
1. EX-99.A.1.b. Resolution of Board of Directors of RLICNY changing the name of RLICNY Separate
Account I.

2. EX-99A.5. Form of Policy available (together with available Policy riders)

3. EX-99.A.6.a. Amended Charter of RLICNY

4. EX-99.A.6.b. Amended Bylaws of RLICNY

5. EX-99.A.8.b. Form of Amendment Nos. 2 and 3 to Participation Agreement with Fidelity's Variable
Insurance Products Fund and Fidelity Distributors Corporation.

6. EX-99.A.8.d. Form of Amendment Nos. 2 and 3 to Participation Agreement with Fidelity's Variable
Insurance Products Fund II and Fidelity Distributors Corporation.

7. EX-99.A.8.h. Form of Amendment No. 1 to Participation Agreement with Putnam Variable Trust and Putnam
Mutual Funds Corp.

8. EX-99.A.10. Policy application.

9. EX-99.2. Opinion and consent of Jeffery A. Proulx, Esquire as to the legality of the Securities
being registered.

10. EX-99.D.1. Memorandum describibg RLINCNY's issuance, transfer and redemption procedures for the Policies
and RLICNY's procedure for conversion to a fixed benefit policy.

11. EX-99.24. Powers of Attorney

</TABLE>

RELIASTAR LIFE INSURANCE COMPANY OF NEW YORK
1000 Woodbury Road, Woodbury, New York 11797

RESOLVED, That effective January 1, 1998, the names of the Corporation's
separate accounts are changed as follows:

Former Name New Name

ReliaStar Bankers Security Variable ReliaStar Life Insurance Company
of Annuity Funds A, B, C New York Variable Annuity
Funds A, B, C

ReliaStar Bankers Security Variable ReliaStar Life Insurance Company
Annuity Funds D,E,F,G,H,I of New York Variable Annuity
Funds D,E,F,G,H,I

ReliaStar Bankers Security Variable ReliaStar Life Insurance Company
Annuity Funds M,P,Q of New York Variable Annuity
Funds M,P,Q

ReliaStar Bankers Security Variable ReliaStar Life Insurance Company
Life Separate Account I of New York Variable Life
Separate Account I

RESOLVED, That the officers of the Corporation are hereby authorized
to take any and all actions necessary to effectuate this resolution.

SURVIVORSHIP FLEXIBLE PREMIUM
VARIABLE LIFE
INSURANCE POLICY

- -------------------------------------------------
Variable and/or Fixed
Accumulation Values

Flexible Premiums Payable During
Lifetime of Surviving Joint Insured

Adjustable Face Amount

Death Benefit Guarantee

Death Benefit Options

Nonparticipating
- --------------------------------------------------

NOTICE

Right to Return Policy

Please read this policy carefully. If for any reason you don't want it, you may
return it for a refund of all premiums paid. You must return this policy to us
or your agent by midnight of the 10th day after you receive it.

We will then consider this policy void from the start and refund all premiums
you paid.

The Death Benefit is payable on the death of the Surviving Joint Insured. We
will pay the proceeds according to the Death Benefits portion of the Summary of
Benefits on page 3, if we receive written proof that the Surviving Joint Insured
died while this policy was in force. However, you must give us written proof of
the first death of a Joint Insured as soon as it occurs. This policy also
provides other benefits and rights. We issue this policy in consideration of the
application and payment of the initial premium.

THE AMOUNT OF THE PROCEEDS PAYABLE AT THE SURVIVING JOINT INSURED'S DEATH PRIOR
TO AGE 100 OF THE YOUNGER JOINT INSURED WILL BE AT LEAST EQUAL TO THE FACE
AMOUNT OF THE POLICY AS LONG AS THIS POLICY IS IN FORCE AND THERE IS NO LOAN
AMOUNT OR UNPAID MONTHLY DEDUCTIONS.

THE PERIOD OF TIME THIS LIFE INSURANCE STAYS IN FORCE WILL VARY DEPENDING ON THE
INVESTMENT PERFORMANCE OF THE VARIABLE ACCOUNT, INTEREST CREDITED TO THE NET
PREMIUMS ALLOCATED TO THE FIXED ACCOUNT, THE AMOUNT OF PREMIUMS YOU PAY, ANY
PARTIAL WITHDRAWALS, LOANS, AND CHARGES MADE AGAINST THIS POLICY. IF YOU PAY
PREMIUMS SUFFICIENT TO MAINTAIN THE DEATH BENEFIT GUARANTEE, WE GUARANTEE THIS
POLICY WILL STAY IN FORCE DURING THE DEATH BENEFIT GUARANTEE PERIOD SHOWN ON THE
POLICY DATA PAGE.

THE VARIABLE ACCUMULATION VALUE WILL INCREASE OR DECREASE REFLECTING THE
INVESTMENT PERFORMANCE OF THE VARIABLE ACCOUNT.

RELIASTAR RELIASTAR LIFE INSURANCE COMPANY OF NEW YORK Executed at our Home
Office

P.O. Box 9004 John H. Flittie President
1000 Woodbury Road, Suite 102 /s/ John H. Flittie
Woodbury, NY 11797-9004

Susan M. Bergen Secretary
----------------------------
/s/ Susan M. Bergen

Page 1 85-438

<PAGE>

INDEX
PAGE
Accumulation Value 10
Age and Sex 27
Allocation of Premiums 8
Amendment 29
Annual Statement 28
Beneficiary 20
Cash Surrender Value 17
Cash Value 17
Changes in Face Amount 6
Changes in Death Benefit Option 7
Claims 30
Contract 3
Control of Policy 20
Conversion Right 27
Death Benefit 5
Definitions 3
Death Benefit Guarantee 9
Fixed Accumulation Value 10
General Provisions 25
Grace Period 9
Incontestability 27
Insureds 1
Monthly Deduction 12
Net Premium 7
Nonforfeiture Provision 14
Ownership 20
Partial Withdrawal 17
Payment of Proceeds 26
Policy Data Page A
Policy Loans 18
Premiums 7
Reinstatement 9
Right to Return Policy 1
Settlement Options 21
Suicide 27

<PAGE>

Summary of Benefits 3
Termination 27
Total Surrender 17
Transfers 14
Variable Accumulation Value 11
Voting of Mutual Fund Shares 25

Additional benefits and restrictions, if any, are listed on the Policy Data
Page.

Page 2 5391

Summary of Benefits

Living Benefits

While any Joint Insured is alive, subject to this policy's provisions, you may:

Change the amount and frequency of your premium payments;
Change the allocation of your premiums;
Make transfers between accounts;
Surrender this policy for its
Cash Surrender Value;
Make a Partial Withdrawal;
Take a Policy Loan;
Assign this policy as collateral;
Change the beneficiary;
Transfer ownership; and
Exercise any other rights this policy provides.

While both Joint Insureds are alive, subject to this policy's provisions, you
may:

Change the Face Amount; and
Change the Death Benefit Option.

Death Benefits

At the Surviving Joint Insured's death, the proceeds payable include the Death
Benefit then in force:

Plus any additional amounts provided by rider;
Plus a refund of any policy loan interest we have charged but not earned;
Minus any Loan Amount; and
.Minus any unpaid Monthly Deductions.

The Death Benefit Option in effect is shown on the Policy Data Page. All values
are determined as of the Valuation Date on or next following the date of the
Surviving Joint Insured's death. The Death Benefit after the younger Joint
Insured reaches age 100 is the Accumulation Value.

The Contract

This policy is a legal contract. Read your policy carefully! You rely on us to
provide its benefits; we rely on you to pay its premiums. The entire contract is
this policy and all applications, Policy Data Pages, riders, and amendments
attached at time of issue or agreed upon later.

<PAGE>

All statements made by or on behalf of anyone covered by this policy are
representations and not warranties. No statement can be used to cancel this
policy or can be used in our defense if we refuse to pay a claim, unless it is
found in an application, rider, or amendment.

Changes

Policy changes must be in writing and signed by our President or Secretary, or
one of our Vice Presidents or Assistant Secretaries. No agent or any other
person may alter or change the terms and conditions of this policy.

General Definitions

In Force
This policy is in effect.

Joint Insureds
The persons upon whose lives this policy is issued. The Policy Data Page lists
the Joint Insureds.

Surviving Joint Insured
The Joint Insured who remains alive after the other Joint Insured dies.

Proceeds
The amount we pay when the Surviving Joint Insured dies or when this policy is
surrendered.

We, Us, Our
ReliaStar Life Insurance Company of New York at our Home Office in Woodbury, New
York.

85-439
Page 3

General Definitions

Written, In Writing
A written request or notice, signed and dated, and received at our Home Office.
The form and content of the request or notice must be acceptable to us.

You, Your
The owner of this policy, as shown on the Policy Data Page, unless changed as
allowed in this policy. The Joint Insureds own this policy as joint tenants with
right of surviviorship, unless another owner is named. During the lifetime of
the Joint Insureds, if owners, we reserve the right to require both Joint
Insured's to sign any request to exercise rights under this policy.

Policy Definitions

Accumulation Unit
A unit of measure used to determine the Variable Accumulation Value.

Accumulation Value
The total amount that this policy provides for investment at any time. The
Accumulation Value is the total of the Fixed Accumulation Value and the Variable
Accumulation Value.

Average Age
The sum of the ages of the Joint Insureds divided by two, rounded to the higher
age.

Cash Value
The Accumulation Value minus any Surrender Charge.

<PAGE>

Cash Surrender Value
The amount payable to you if you surrender this policy. It is the Cash Value
minus any Loan Amount and unpaid Monthly Deductions.

The Code
The Internal Revenue Code of 1986, as amended.

Face Amount
The minimum Death Benefit payable as long as this policy is in force. The
Initial Face Amount is shown on the Policy Data Page. You may change the Face
Amount as described in this policy.

Fixed Account
All our assets other than those allocated to the Variable Account or any other
separate account. We have complete ownership and control of the assets in the
Fixed Account.

Loan Amount
The sum of all unpaid policy loans including preferred loans.

Monthly Anniversary
Whenever your Monthly Anniversary falls on a date other than a Valuation Date,
the Monthly Anniversary will be the next Valuation Date. The first Monthly
Anniversary is on the Policy Date.

Policy Date
The Policy Date is shown on the Policy Data Page. We use the Policy Date to
determine policy years, policy months, Monthly Anniversaries, and policy
anniversaries.

Sub-Account
A subdivision of the Variable Account. Each Sub-account invests exclusively in
the shares of one of the mutual funds shown on the Policy Data Page, or added
later.

5392
Page 4

Valuation Date
The close of business each day that the New York Stock Exchange is open for
trading and valuations have not been suspended by the Securities and Exchange
Commission. We may also declare a Valuation Date on any other day on which there
is sufficient trading in the mutual funds' portfolio to materially affect the
Accumulation Unit Value in the corresponding Sub-account.

Valuation Period
The period of time between a Valuation Date and the next Valuation Date.

Variable Account
ReliaStar Life Insurance Company of New York Variable Life Separate Account I, a
separate investment account of ours. The Variable Account is used only to
receive and invest Net Premiums paid under our variable life insurance policies.
The assets of the Variable Account will be valued on each Valuation Date. We
have complete ownership and control of the assets in the Variable Account.

Assets of the Variable Account equal to its liabilities will not be charged with
liabilities arising out of any other business we conduct. However, we may
transfer any assets which exceed the liabilities of the Variable Account to our
Fixed Account.

<PAGE>

The Variable Account is treated as a unit investment trust under federal
securities laws. It is registered with the Securities and Exchange Commission
according to the Investment Company Act of 1940. It was established under the
insurance laws of the State of New York. Any change in the investment policy of
the Variable Account must be approved by the Department of Insurance of the
State of New York according to the approval process on file with the State.

Death Benefit Options

This policy has two Death Benefit Options. The Death Benefit Option in effect
on the Policy Date is shown on the Policy Data Page. All values are determined
as of the Valuation Date on or next following the date of the Surviving Joint
Insured's death. The two Death Benefit Options are:

Option A (Level Amount Option)
The Death Benefit prior to age 100 of the younger Joint Insured is the greater
of:

The Face Amount; or
The Accumulation Value multiplied by the Corridor Percentage, as shown on the
Policy Data Page, according to the younger Joint Insured's attained age.

Option B (Variable Amount Option)

The Death Benefit prior to Age 100 of the younger Joint Insured is the greater
of:

The Face Amount plus the Accumulation Value; or
The Accumulation Value multiplied by the Corridor Percentage, as shown on the
Policy Data Page, according to the younger Joint Insured's attained age.

85-440
Page 5

Requested Changes in Face Amount

After the fourth policy year, you may request an increase or decrease in your
Face Amount by notifying us in writing. Changes in Death Benefit Option also
change the Face Amount. (See Changes in DeathBenefit Option.)

Increases

Increases in Face Amount must be at least $5,000. You cannot increase the Face
Amount after any Joint Insured's age exceeds age 85.

We may require written proof that each Joint Insured is still insurable before
making an increase. An approved increase goes into effect on the Monthly
Anniversary on or next following the date of the approval.

Decreases

You cannot decrease the Face Amount below the Minimum Face Amount shown on the
Policy Data Page. You cannot decrease the Face Amount if any Survivorship Term
Rider (STR) is attached. If, following a requested decrease in Face Amount, this
Policy would no longer qualify as life insurance under federal tax law, we will
limit the decrease to an amount that would maintain that qualification.

Changes go into effect on the Monthly Anniversary on or next following the date
we receive your request. At least six months must lapse between decreases.

<PAGE>

For the purpose of determining the cost of insurance when more than one Rate
Class applies to the current Face Amount, the Face Amount will be reduced in the
following order:

The Face Amount provided by the most recent increase;
The next most recent increases successively; and
The Initial Face Amount.

5393
Page 6

Requested Changes in Face Amount

Effect of Requested Changes in Face Amount

A change in Face Amount will affect the Monthly Deduction because the cost of
insurance and the Monthly Expense Charge are based on the Face Amount. The cost
of certain rider benefits may also be affected.

If the Death Benefit Guarantee is in effect, we will calculate a new Minimum
Monthly Premium for the Death Benefit Guarantee from the effective date of the
change in Face Amount. Additional premium payments may be required to maintain
the Death Benefit Guarantee. A decrease in Face Amount will reduce the Minimum
Monthly Premium. We will send you a new Policy Data Page with the new Minimum
Monthly Premium.

An increase in Face Amount will increase Surrender Charges. We will send you a
new Policy Data Page showing the amount and duration of the new Surrender
Charges. Decreases in Face Amount do not reduce the Surrender Charge.

Changes in Death Benefit Option

You may request in writing to change the Death Benefit Option. A change in Death
Benefit Option will also change the Face Amount. If you change from Option A
(Level Amount Option) to Option B (Variable Amount Option), the Face Amount is
decreased by an amount equal to the Accumulation Value on the effective date of
the change. The change is effective on the Monthly Anniversary on or next
following the date we receive your request. You cannot change the Death Benefit
Option if the resulting Face Amount would fall below the Minimum Face Amount
shown on the Policy Data Page. :p.If you change from Option B (Variable Amount
Option) to Option A (Level Amount Option), the Face Amount is increased by an
amount equal to the Accumulation Value on the effective date of the change. The
change is effective on the Monthly Anniversary on or next following the date we
receive your request.

A change in Face Amount due to a change in Death Benefit Option will affect the
Monthly Deduction because the cost of insurance and the Monthly Expense Charge
depend on the Face Amount. The cost of certain rider benefits may also be
affected.

The Surrender Charges will not be affected by a change in the Death Benefit
Option.

Premiums

There is no insurance under this policy until the initial premium is paid. The
initial premium is shown on the Policy Data Page. All premiums are payable in
advance of the period to which they apply.

Net Premium

When you pay a premium, we deduct the Premium Expense Charge. The Premium
Expense Charge is equal to 1 plus 2, (1 + 2), where:

<PAGE>

Is the premium multiplied by the Percent of Premium Charge shown on the Policy
Data Page; and Is the Premium Processing Charge. The Premium Processing Charge
is subject to change, but will not exceed the Maximum Premium Processing Charge
shown on the Policy Data Page.

The amount remaining after we have deducted the Premium Expense Charge from a
premium is the Net Premium. The Net Premium is credited to the Fixed Account and
the Sub-accounts of the Variable Account according to your allocation.

The portion of the Net Premium allocated to the Fixed Account earns interest as
described in the Fixed Accumulation Value provision of the policy.

The portion of the Net Premium allocated to a Sub-account is invested at net
asset value in shares of a specified mutual fund. As of the Policy Date, the
mutual funds in which the Sub-accounts invest are listed on the Policy Data
Page. A Sub-account may be added later or deleted according to the "Substitution
of Mutual Fund Shares" provision of this policy.

85-441
Page 7

Premiums

Allocation of Premiums

The initial allocation of premiums to the Fixed Account and the Sub-accounts of
the Variable Account is specified on the application for this policy, and is
shown on the Policy Data Page. You may change the allocation at any time by
notifying us in writing. Changes will not be effective until the date we receive
your notice, and will only affect premiums we receive on or after that date. You
may allocate 100% to any account or divide your allocation in whole percentage
points totaling 100%. We reserve the right to adjust your allocations to
eliminate fractional percentages.

Amount and Timing of Premium Payments

The amount and frequency of premium payments will affect the Accumulation Value,
the Cash Surrender Value, and how long the life insurance provided by this
policy will remain in force.

After the initial premium you may determine the amount and timing of premium
payments, within the following restrictions:

We may require proof which satisfies us that each Joint Insured is still
insurable if any premium, planned or unscheduled, would increase the difference
between the Death Benefit and the Accumulation Value;

We reserve the right to refuse to accept any premium which would disqualify your
policy for favorable tax treatment under the Code. If premiums paid exceed the
maximum permitted under the Code, we will return the excess premiums with
interest to you within 60 days after the end of the policy year. However, you
have the right to pay the premium required to keep this policy in force to the
end of the policy year;

We may refuse to accept any premium less than $25; and

We will not accept premium payments after age 100 of the younger Joint Insured.

You may pay premiums by sending them to the address shown below. Please include
your policy number. The current address for payment is:

ReliaStar Life Insurance Company of New York
P.O. Box 802511
Chicago, Illinois 60680-2511

<PAGE>

Upon request, we will send you a receipt signed by one of our officers.

Planned Periodic Premiums

You may pay planned periodic premiums annually, semi-annually, quarterly, or, if
you choose, we can also deduct planned periodic premiums from your bank account
monthly. We will notify you of your planned periodic premium at least once a
year.

The amount and frequency of the initial planned periodic premiums are shown on
the Policy Data Page. You may change the frequency and amount of planned
periodic premiums by notifying us in writing of the change. We reserve the right
to limit the amount of any increase in planned periodic premiums if such
increase would result in planned periodic premiums that are larger than either
of 1 or 2, where:

Is the maximum premium we would accept under the terms of the Amount and Timing
of Premium Payments provision; and

Is a planned periodic premium which would total more than $50,000 per year.

We may send you periodic premium notices depending on the frequency and method
of premium payment you have chosen.

Unscheduled Additional Premiums

Premiums, other than planned periodic premiums, may be paid at any time. We may
limit the number and amount of these additional payments. (See "Amount and
Timing of Premium Payments" above.)

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Page 8

Death Benefit Guarantee

The Death Benefit Guarantee Period is shown on the Policy Data Page and begins
on the Policy Date. The Death Benefit Guarantee is in effect during the Death
Benefit Guarantee Period if, on each Monthly Anniversary since the Policy Date,
1 is equal to or greater than 2, where:

Is the sum of all premiums paid minus any partial withdrawals and any Loan
Amount; and Is the sum of Minimum Monthly Premiums since the Policy Date,
including the Minimum Monthly Premium for the current Monthly Anniversary.

If the Death Benefit Guarantee is in effect, we guarantee that we will not lapse
your policy, even if the Cash Surrender Value is not sufficient to pay the
Monthly Deduction that is due. Although we determine each month whether or not
you have made sufficient premium payments to maintain the Death Benefit
Guarantee, you do not have to pay premiums monthly.

If, on any Monthly Anniversary you have not paid sufficient premiums to maintain
the Death Benefit Guarantee, we will send you notice of the required payment. If
we do not receive the required payment within 61 days following the date we mail
you written notice, the Death Benefit Guarantee is no longer in effect and
cannot be reinstated.

Policy Changes Affecting the Minimum Monthly Premium and the Death Benefit
Guarantee Period

<PAGE>

The Minimum Monthly Premium may be affected by requested changes in Face Amount,
changes in the Death Benefit Option, and may also be changed when a rider is
added or terminated. The new Minimum Monthly Premium and Death Benefit Guarantee
Period will be shown on a new Policy Data Page and applies from the date of the
change.

Grace Period and Policy Lapse

If on any Monthly Anniversary the Death Benefit Guarantee is not in effect and
the Cash Surrender Value is less than the Monthly Deduction due, within 30 days
we will send you written notice of the payment required to keep this policy in
force.

If we do not receive sufficient premium from you within 61 days from the date we
send written notice to you, this policy will lapse. Sufficient premium is any
premium such that the Net Premium is larger than the sum of 1 plus 2, (1 + 2),
where:

Is the amount by which the Accumulation Value is less than the Surrender Charge
as of the beginning of the grace period; and

Is the sum of past due Monthly Deductions.

The grace period begins on the date we send you written notice of the required
payment.

If the Surviving Joint Insured dies during the grace period, we deduct any Loan
Amount and any unpaid Monthly Deductions from the proceeds.

If the Death Benefit Guarantee is in effect, we will not lapse the policy.

Reinstatement

Reinstatement means putting a lapsed policy back in force. You may reinstate
this policy by written request any time within five years after it has lapsed,
as long as it has not been surrendered for its Cash Surrender Value.

This policy will be reinstated only as of a Monthly Anniversary. To reinstate
this policy and any riders, you must:

Submit proof which satisfies us that each Joint Insured, or Surviving Joint
Insured, is still insurable. You must also submit due proof that any Joint
Insured not living when you apply for reinstatement died while the policy was in
force.

Pay a premium large enough such that the Net Premium is as large as the
sum of the Surrender Charge after reinstatement, plus the Monthly Deductions for
the date of reinstatement and the following Monthly Anniversary.

This policy will be reinstated only as of a Monthly Anniversary. If you have met
the above conditions, and the Surviving Joint Insured dies before the Monthly
Anniversary on which the policy would be reinstated, we will pay the Death
Benefit as of that Monthly Anniversary.

The Accumulation Value on the date of reinstatement will be the amount provided
by the Net Premium paid to reinstate this policy. Subsequent Accumulation Values
will be calculated as shown in the Accumulation Value provision of this policy.
The Surrender Charges will also be reinstated.

The Death Benefit Guarantee cannot be reinstated.
85-442
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Accumulation Value

<PAGE>

The Accumulation Value of this policy is equal to the sum of the Fixed
Accumulation Value plus the Variable Accumulation Value.

Fixed Accumulation Value

The Fixed Accumulation Value on the Policy Date is your Net Premium credited to
the Fixed Account on that date minus the Monthly Deduction applicable to the
Fixed Accumulation Value for the first policy month.

After the Policy Date, the Fixed Accumulation Value is calculated as 1 + 2 + 3
+ 4 -5 - 6, where:

Is the Fixed Accumulation Value on the preceding Monthly Anniversary, plus
interest from the Monthly Anniversary to the date of the calculation;

Is the total of your Net Premiums credited to the Fixed Account since the
preceding Monthly Anniversary, plus interest from the date premiums are credited
to the date of the calculation;

Is the total of your transfers from the Variable Account to the Fixed Account
since the preceding Monthly Anniversary, plus interest from the date of transfer
to the date of the calculation;

Is the total of your Loan Amount transferred from the Variable Account since the
preceding Monthly Anniversary;

Is the total of your transfers to the Variable Account from the Fixed Account
since the preceding Monthly Anniversary, plus interest from the date of transfer
to the date of the calculation; and

Is the total of your partial withdrawals from the Fixed Account since the
preceding Monthly Anniversary, plus interest from the date of withdrawal to the
date of the calculation.

If the date of the calculation is a Monthly Anniversary, we also reduce the
Fixed Accumulation Value by the applicable Monthly Deduction for the policy
month following the Monthly Anniversary.

Interest Rate on the Fixed Accumulation Value

The interest rate applied in the calculation of the Fixed Accumulation Value
will not be less than the Minimum Annual Interest Rate shown on the Policy Data
Page. This rate is an effective annual interest rate compounded yearly. Interest
in excess of the Minimum Annual Interest Rate may be applied in the calculation
of your Fixed Accumulation Value in a manner which our Board of Directors
determines. We will credit interest no less frequently than annually.

The interest rate applied to any portion of the Accumulation Value which
represents the Loan Amount may be less than the interest rate applied to the
rest of the Accumulation Value, but not less than the Minimum Annual Interest
Rate. Any interest is nonforfeitable, except as it is subject to the deductions
and charges, including Surrender Charges, stated elsewhere in this policy.
Interest credited on the loaned Accumulation Value is credited annually on the
Policy Anniversary to the Fixed Account and the Variable Account according to
your premium allocation.

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Page 10

Accumulation Value

Variable Accumulation Value

<PAGE>

The Variable Accumulation Value is the total of your values in each Sub-account.
The value for each Sub-account is equal to 1 multiplied by 2, (1 x 2), where:

Is your current number of Accumulation Units; and

Is the current Unit Value.

The Variable Accumulation Value will vary from Valuation Date to Valuation Date
reflecting changes in 1 and 2 above.

Accumulation Units

When transactions are made which affect the Variable Accumulation Value, dollar
amounts are converted to Accumulation Units. The number of Accumulation Units
for a transaction is found by dividing the dollar amount of the transaction by
the current Unit Value.

The number of Accumulation Units for a Sub-account increases when:

Net Premiums are credited to that Sub-account; or

Transfers from the Fixed Account or other Sub-accounts are credited to that
Sub-account.

The number of Accumulation Units for a Sub-account decreases when:

You take out a Policy Loan from that Sub-account;

You take a partial withdrawal from that Sub-account;

We take a portion of the Monthly Deduction from that Sub-account; or

Transfers are made from that Sub-account to the Fixed Account or other
Sub-accounts.

Unit Value

The Unit Value for a Sub-account on any Valuation Date is equal to the previous
Unit Value multiplied by the Net Investment Factor for that Sub-account for the
Valuation Period ending on that Valuation Date.

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Accumulation Value

Net Investment Factor
The Net Investment Factor is a number that reflects charges to this policy and
the investment performance during a Valuation Period of the mutual fund in which
a Sub-account is invested. If the Net Investment Factor is greater than one, the
Unit Value is increased. If the Net Investment Factor is less than one, the Unit
Value is decreased. The Net Investment Factor for a Sub-account is determined by
dividing 1 by 2, ( 1 / 2 ), where:

Is the result of: The net asset value per share of the mutual fund shares in
which the Sub-account invests, determined at the end of the current
ValuationPeriod;

Plus the per share amount of any dividend or capital gain distributions made
on the mutual fund shares in which the Sub-account invests during the
current Valuation Period; and

Plus or minus a per share charge or credit for any taxes reserved
for which we determine to have resulted from the investment operations of the
Sub-account and to be applicable to this policy.

<PAGE>

Is the result of:
The net asset value per share of the mutual fund shares held in the Sub-account,
determined at the end of the last prior Valuation Period; and

Plus or minus a per share charge or credit for any taxes reserved for which we
determine to have resulted from the investment operations of the Sub-account
and to be applicable to this policy.

Monthly Deduction

The Monthly Deduction is a charge made monthly against the Accumulation Value.
The Monthly Deduction for a policy month will be calculated as 1, plus 2, plus
3, plus 4, plus 5, (1 + 2 + 3 + 4 + 5), where:

Is the cost of insurance for this policy for the policy month;

Is the Monthly Expense Charge for the policy month;

Is the cost of any rider benefits, other than any Waiver of Monthly Deduction
rider, for the policy month;

Is the Monthly Mortality and Expense Risk Charge for the policy month; and

Is the cost of any Waiver of Monthly Deduction rider for the policy month.

The Monthly Deduction is deducted from the Fixed Accumulation Value and the
Variable Accumulation Value as of the Monthly Anniversary. The amount of the
Monthly Deduction we deduct from the Fixed Accumulation Value is 1 multiplied by
2 divided by 3, ((1 x 2) / 3)), where:

Is the cost of any riders benefits plus the cost of insurance for this policy
plus the Monthly Expense Charge, for the policy month;

Is the Fixed Accumulation Value minus the Loan Amount; and

Is the Accumulation Value minus the Loan Amount.

The remainder of the Monthly Deduction is deducted from the Variable
Accumulation Value. The portion of the Monthly Deduction we deduct from each
Sub-account of the Variable Accumulation Value is the amount of Monthly
Deduction deducted from the Variable Accumulation Value times the ratio of the
value of each Sub-account to the Variable Accumulation Value.

5396
Page 12

Cost of Insurance
We determine the cost of insurance on a monthly basis. The cost of insurance for
a policy month is calculated as 1 multiplied by the result of 2 minus 3, 1 x (2
- - 3), where:

Is the cost of insurance rate as described in the Cost of Insurance Rates
provision of this policy; Is the Death Benefit at the beginning of the policy
month, divided by the sum of 1.000000 plus the Minimum Monthly Interest Rate
shown on the Policy Data Page; and Is the Accumulation Value immediately before
the Monthly Deduction, for the policy month.

The cost of insurance is determined separately for the Initial Face Amount and
any increases made later. If the rate class for the Initial Face Amount is
different from that of an increase, the Accumulation Value used in 3 above will
first be considered a part of the InitialFace Amount. If the Accumulation Value
on the Monthly Anniversary exceeds the Initial Face Amount, it will be
considered to be part of any increase in the Face Amount in order of the
increases.

Cost of Insurance Rates
The monthly cost of insurance rate for this policy is based on each Joint
Insured's sex, issue age, and rate class as shown on the Policy Data Page, and
the policy year. If your Death Benefit is a percentage of the Accumulation Value
as described under the definition of "Death Benefit" in Level Amount Option,
item 2, or Variable Amount Option, item 2, the rate class with the most recent
effective date will apply. Issue age means age last birthday on the effective
date of the coverage. Except for Face Amounts when one or both Joint Insureds
are in a rated Rate

<PAGE>

Class, the cost of insurance charges can never be greater than those shown in
the Table of Monthly Guaranteed Cost of Insurance Rates. This table is based
on the Commissioners Standard Ordinary (CSO) Tables shown on the Policy Data
Page. For Face Amounts where one or both Joint Insureds are in a rated Rate
Class, the guaranteed cost of insurance rates are calculated based on
appropriate adjustments to the appropriate CSO tables. The rates may also be
increased by any extra cost of insurance shown on the Policy Data Page for
either or both Joint Insureds.

Monthly Expense Charge
The Monthly Expense Charge for a policy month will be calculated as 1, plus 2,
plus 3, plus 4, (1 + 2 + 3 + 4), where:

Is the Monthly Administrative Charge. The Monthly Administrative Charge is
subject to change, but will not exceed the Maximum Monthly Administrative Charge
shown on the Policy Data Page. The Monthly Administrative Charge will not
exceed the product of $5.00 and the ratio(not to exceed 2.00) of a to b, where:

Is the Consumer Price Index (for all urban households) for the preceding
September; and

Is the Consumer Price Index for September 1985.

Is the Death Benefit Guarantee Charge and the Term shown on the Policy Data
Page;

Is the Monthly Policy Charge. This charge and the Term during which it is
applied are shown on the Policy Data Page; and

Is the Monthly Amount Charge. This charge is equal to the Monthly Amount
Charge per $1,000, as shown on the Policy Data Page, multiplied by the Face
Amount divided by $1,000. This charge applies to the Initial Face Amount
during the Term shown on the Policy Data Page. An Additional Monthly Amount
Charge Per $1,000 will apply to any approved increase in Face Amount. We will
send you written notice of the amount and Term of the Additional Monthly Amount
Charge. Any change in Face Amount due solely to a change of Death Benefit Option
does not affect the charge.

85-444
Page 13

Monthly Deduction

Monthly Mortality and Expense Risk Charge

The Monthly Mortality and Expense Risk Charge for a policy month will be
calculated as 1 multiplied by 2, ( 1 x 2), where:

Is the Mortality and Expense Risk Charge, which will not exceed the Maximum
Mortality and Expense Risk Charge shown on the Policy Data Page, divided by 12;
and

Is the Variable Accumulation Value before the Monthly Deduction, minus the
portion which was taken from the Variable Account for each of the following
deductions:

The Cost of Insurance for the policy month;

The cost of any rider benefits, other than any Waiver of Monthly Deduction
rider, for the policy month;

The Monthly Expense Charge for the policy month.

Basis of Computations

Where required, a detailed statement of the method of computation of cash values
under this policy has been filed with the insurance department of the state in
which this policy was delivered. Cash values under this policy are not less than
the minimums required by the state in which this policy was delivered.

Adjustments to Policy Cost Factors

Adjustments to the monthly cost of insurance rate and Monthly Administrative
Charge will be by Rate Class and based upon changes in future expectations for
mortality, persistency, interest, taxes, and expenses. Any

<PAGE>

changes to the monthly cost of insurance rate or Monthly Administrative
Charge will be made only prospectively, based on future expectations, in
accordance with procedures and standards on file with the New York Insurance
Department. Changes will not be used to recoup past losses or distribute
past gains. The experience underlying the monthly cost of insurance rate
will be reviewed at regular intervals, no less often than every five years.

Continuation of Insurance

Even if you do not make additional premium payments, your insurance coverage
under this policy, and any benefits provided by rider, will stay in force as
long as the Cash Surrender Value is large enough to cover the Monthly Deduction.
If the Cash Surrender Value is less than the Monthly Deduction due, we will use
the Cash Surrender Value to continue the insurance during the grace period.

Transfers
You may request in writing the transfer of all or part of your Accumulation
Value between the Fixed Account and the Sub-accounts of the Variable Account. We
consider all transfers received in the same request and made on the same
Valuation Date as one transfer. We make a transfer on the first Valuation Date
after we receive your written request.

We do not make a charge for the first 12 transfers in a policy year. However, we
may make a charge for each transfer in excess of the first 12 transfers in a
policy year, but the charge may not exceed $25.00. We reserve the right to limit
the number of transfers to 12 per year. All transfers are also subject to any
charges and conditions imposed by the mutual fund whose shares are involved.

5397
Page 14

Transfers

Transfers from the Fixed Account

To transfer all or part of your Fixed Accumulation Value, you must meet the
following conditions:

The request to transfer must be postmarked no more than 30 days before the
policy anniversary, and no later than 30 days after the policy anniversary. Only
one transfer is allowed during this period;

The Fixed Accumulation Value after the transfer must be at least equal to the
Loan Amount;

No more than 50% of the Fixed Accumulation Value (minus any Loan Amount) may be
transferred unless the balance, after the transfer, would be less than $1,000.
If the balance would fall below $1,000, the full Fixed Accumulation Value (minus
any Loan Amount) may be transferred; and

You must transfer at least:

$500; or
The total Fixed Accumulation Value (minus any Loan Amount) if less than $500.

Transfers from a Sub-account

To transfer from a Sub-account, Accumulation Units are redeemed on the next
Valuation Date after we receive your request and their value is reinvested in
other Sub-accounts, or the Fixed Account, as directed in your request. We will
effect transfers and determine all values in connection with transfers at the
end of the Valuation Period

<PAGE>

during which we receive your request, except as otherwise specified for the
Dollar Cost Averaging or Portfolio Rebalancing Services. With respect to
future net premium payments, however, your current premium allocation will
remain in effect unless you have requested the Portfolio Rebalancing Service,
or you are transferring all of the Variable Accumulation Value from the
Variable Account to the Fixed Account in exercise of conversion rights.

85-451
Page 15

Transfers

Dollar Cost Averaging Service

You may request this service if your Face Amount is at least $100,000 and either
your Accumulation Value, less any Loan Amount, is at least $5,000 or your
initial premium is at least $5,000. If you request this service in writing,
we will make specific periodic transfers of a fixed dollar amount from any of
the Sub-accounts to one or more of the Sub-accounts or to the Fixed Account. No
transfers from the Fixed Account are permitted under this service. Transfers
of this type may be made on a monthly, quarterly, semi-annual, or
annual basis. We make no guarantees that Dollar Cost Averaging will result in a
profit or protect against loss.

The Dollar Cost Averaging service will be discontinued immediately: If you make
a written request to discontinue this service; On receipt of any request to
begin a Portfolio Rebalancing service;
If the policy is in the grace period on any date when Dollar Cost Averaging
transfers are scheduled;

If the specified transfer amount from any Sub-account is more than the
Accumulation Value in that

Sub-account; or Thirty-six months after the Dollar Cost
Averaging start date.

We reserve the right to discontinue, modify, or suspend this service. Any such
modification or discontinuation would not affect any Dollar Cost Averaging
service requests already commenced.

Portfolio Rebalancing Service
You may request this service if your Accumulation Value, less any Loan Amount,
is at least $10,000. If you request this service in writing, we will make
periodic transfers to maintain your specified percentage allocation of
Accumulation Value, less any Loan Amount, among the Sub-accounts of the Variable
Account and the Fixed Account. Your allocation of future Net Premium payments
will also be changed to be equal to this specified percentage allocation.
Transfers made under this service may be made on a quarterly, semi-annual, or
annual basis.

The Portfolio Rebalancing service will be discontinued immediately:

If you make a written request to discontinue this service;

On receipt of any request to change the allocation of premiums to the Fixed
Account and Sub-account of the Variable Account;

On receipt of any request to begin a Dollar Cost Averaging service;

On receipt of any request to transfer
Accumulation Value among the Fixed Account or Sub-accounts;

If the policy is in the grace period; or

The Accumulation Value, less any Loan Amount, is less than $7,500 on any
Valuation Date when Portfolio Rebalancing transfers are scheduled.

We reserve the right to discontinue, modify, or suspend this service. Any such
modification or discontinuation could affect Portfolio Rebalancing services
currently in effect, but only after 30 days notice to you.

5409
Page 16

<PAGE>

Cash Value, Cash Surrender Value, Total Surrender, and Partial Withdrawal

Cash Value

The Cash Value of this policy is the Accumulation Value minus any Surrender
Charge.

The Cash Value is never less than zero.

Cash Surrender Value

The Cash Surrender Value of this policy is the Cash Value minus the Loan Amount
and any unpaid Monthly Deductions.

Surrender Charge

We make a Surrender Charge if you surrender this policy or it lapses. The
Surrender Charge is the Maximum Surrender Charge minus the Premium Related
Surrender Charge Reduction. The Surrender Charge is not less than zero.

Initial Face Amount

The Maximum Surrender Charge applicable to the Initial Face Amount depends on
the Initial Face Amount. The amount and duration of the Unadjusted Surrender
Charge applicable to the Initial Face Amount is shown on the Policy Data Page.

Whenever the total premiums paid are less than the Surrender Charge Whole Life
Premium shown on the Policy Data Page, the Surrender Charge applicable to the
Initial Face Amount will be reduced by the Premium Related Surrender Charge
Reduction. The Premium Related Surrender Charge Reduction is calculated as 1
multiplied by the result of 2 minus 3, (1 x (2 -3)), where:

Is the Surrender Charge Reduction Factor shown on the Policy Data Page;
Is the Surrender Charge Whole Life Premium Shown on the Policy Data Page; and
Is the total premiums paid.

Requested Changes in Face Amount

Additional Surrender Charges will apply to any approved increase in Face Amount.
The additional Surrender Charge depends on the amount of the increase in Face
Amount and the Joint Insureds' sex, Average Age, and rate class on the effective
date of the increase. We will send you written notice of the amount and duration
of the additional Surrender Charge. No Premium Related Surrender Charge
Reductions are made for additional Surrender Charges applicable to increases in
Face Amount.

If Surrender Charges are shown on an annual basis, they grade uniformly by
policy month between the consecutive years shown.

Any increases or decreases in Face Amount resulting from changes in the Death
Benefit Option, and any requested decreases in Face Amount, do not affect the
Surrender Charges.

Total Surrender

You may surrender this policy for its Cash Surrender Value by sending us a
written request.

<PAGE>

Partial Withdrawal

After the first policy year, you may withdraw part of your Cash Surrender Value
by sending us a written request. The amount of any partial withdrawal must be at
least equal to $500.00. The maximum partial withdrawal equals the Cash Surrender
Value multiplied by the Percent of Partial Withdrawal shown on the Policy Data
Page. Only one partial withdrawal is allowed in any policy year. We may make a
charge for each partial withdrawal, but the charge will not exceed $25.00.

Unless you specify, we make partial withdrawals from the Fixed Accumulation
Value and the Variable Accumulation Value on a proportionate basis. For the
purpose of calculating the proportion, the Loan Amount is subtracted from the
Fixed Accumulation Value. We make partial withdrawals from a Sub-account by the
automatic surrender of Accumulation Units.

85-445
Page 17

Cash Value, Cash Surrender Value, Total Surrender, and Partial Withdrawal
Benefits

The Effect of Partial Withdrawals
The Accumulation Value will be reduced by the amount of any partial withdrawal.
The Death Benefit will also be reduced by the amount of the withdrawal, or, if
the Death Benefit is based on the Corridor Percentage of Accumulation Value, by
an amount equal to the Corridor Percentage times the amount of the withdrawal.

The Face Amount will be reduced by the amount of the partial withdrawal if
Option A (Level Amount Option) is in effect. We do not allow a withdrawal if
the Face Amount after a partial withdrawal would
be less than the Minimum Face Amount shown on the Policy Data Page. If more than
one Premium Class applies to the current Face Amount, for the purpose of
determining the cost of insurance, the Face Amount will be reduced in the
following order:

The Face Amount provided by the most recent increase;

The next most recent increases successively; and

The Initial Face Amount.

If Death Benefit Option B (Variable Amount Option) is in effect, a partial
withdrawal does not affect the Face Amount.

A partial withdrawal may cause the Death Benefit Guarantee to terminate. The
amount of the partial withdrawal is deducted from the total premium paid in
calculating whether sufficient premiums have been paid to maintain the Death
Benefit Guarantee.

Policy Loans

After the first policy year, if this policy has a Loan Value, you may take out a
loan from us by written request. We use this policy as security for the loan.
Each loan must be at least $500.

We will not lend you more than the Loan Value. The Loan Value is 1, minus 2, (1
- - 2), where:

Is the Cash Value; and
Is the existing Loan Amount.

When we make a policy loan, the amount of the policy loan will be segregated
within the Fixed Accumulation Value of your policy as security for the loan.
Unless you specify, amounts held as security for the loan will come from the
Fixed Accumulation Value and the Variable Accumulation Value on a proportionate
basis. For the

<PAGE>

purpose of determining the proportion, we subtract any existing
Loan Amount from the Fixed Accumulation Value. Amounts equal to the portion of
the policy loans coming from the Sub-accounts of the Variable Account are
transferred to the Fixed Account, reducing the Variable Accumulation Value.
These transfers are not treated as transfers for the purpose of the transfer
charge or the limit on the number of transfers in a policy year.

5398
Page 18

Policy Loans

Effect of the Policy Loans

If not repaid, we deduct any unpaid policy loans before paying the proceeds. If,
at any time, the Loan Amount exceeds the Cash Value, the grace period goes into
effect and we may lapse this policy. A loan may cause the Death Benefit
Guarantee to terminate. The Loan Amount is deducted from the total premiums paid
in calculating whether you have paid premiums sufficient to maintain the Death
Benefit Guarantee.

Loan Interest

We charge interest on the Loan Amount at the Loan Interest Rate shown on the
Policy Data Page. After the tenth policy year, we charge interest at the
Preferred Loan Interest Rate shown on the Policy Data Page on the portion of
your Loan Amount that is not greater than the result of 1 minus 2 plus 3, ( 1 -
2 + 3 ), where:

Is the Accumulation Value;

Is the sum of all premiums paid; and

Is the sum of all partial withdrawals.

This result is called the Preferred Loan Amount.

The Preferred Loan Amount is calculated on the date of any loan and on each
policy anniversary thereafter. Policy loan repayments received will be applied
first to reduce the portion of your policy loan that is not the Preferred Loan
Amount, and then to reduce the Preferred Loan Amount.

On the date of any policy loan, interest is due in advance for the remainder of
the policy year. On each policy anniversary thereafter, interest is due in
advance for the next full policy year. Any unpaid interest is added to the Loan
Amount, and we charge interest on it. If, on any Monthly Anniversary, the Loan
Amount exceeds the Cash Value, we will notify you within 30 days. If we do not
receive sufficient payment within 61 days from the date we send notice to you,
this policy will lapse.

Repayment

You may repay all or part of any policy loan during any Joint Insured's
lifetime. If not repaid during the Surviving Joint Insured's lifetime, we deduct
the Loan Amount from the proceeds. We generally consider any payments we
receive, planned or unscheduled, as a premium payment subject to a Premium
Expense Charge. Therefore, when you make a payment on a policy loan, to avoid a
Premium Expense Charge, you must tell us that you are making a loan payment. We
reserve the right to treat a loan payment as a premium payment if doing so will:

Prevent this policy from lapsing; or

Prevent borrowing from this policy to pay premiums.

Loan repayments reduce the Loan Amount. We will transfer from the Fixed Account
to each Sub-account of the Variable Account, 1 multplied by 2, ( 1 x 2 ), where:

<PAGE>

Is the amount of the loan repayment; and
Is the current proportion used to allocate premiums to that Sub-account.

These transfers are not treated as transfers for the purpose of the transfer
charge or the limit on the number of transfers in a policy year.

Delay of Payment on Surrender, Partial Withdrawals and Loans

The amount surrendered, withdrawn, or loaned will normally be paid to you within
seven days of:

Receipt of your written request; and
Receipt of your policy, if required

We may delay making the payment when we are not able to determine the Variable
Accumulation Value because:

The New York Stock Exchange is closed for trading; or
The Securities and Exchange Commission determines that a state of emergency
exists.

85-446
Page 19

Delay of Payment on Surrender, Partial Withdrawals and Loans

We have the right to delay making a surrender, partial withdrawal, or loan from
the Fixed Account for up to six months from the date we receive your request. If
we delay payment for 10 days or more, we pay interest at the same rate we are
currently paying on proceeds at death from the date of the surrender, partial
withdrawal, or loan request to the date of payment.

Beneficiary

The beneficiary is named to receive the proceeds to be paid at the Surviving
Joint Insured's death. You may name one or more beneficiaries on the
application. Later, you may name, add, or change beneficiaries by written
request as described below. You may also choose to name a beneficiary whom you
cannot change without his or her consent. This is an irrevocable beneficiary.
:subhead.

Naming, Adding, or Changing Beneficiaries

You can name, add, or change beneficiaries by written request if all of these
are true:

This policy is in force;
The Surviving Joint Insured is alive; and
We have the written consent of all irrevocable beneficiaries.

A change will take effect as of the date it is signed but will not affect any
payment we make or action we take before receiving your request.

Paying Proceeds

We pay death proceeds in the following order:

Collateral assignees, if any, have first priority;

<PAGE>

The beneficiary, if any, receives any proceeds that remain. If there is more
than one beneficiary, each receives an equal share, unless you have requested
another method in writing. Unless otherwise provided, to receive proceeds, a
beneficiary must be living on the 10th day after the Surviving Joint Insured's
death; then

If there are no beneficiaries, you receive any proceeds that remain.

Control of Policy

Ownership

As owner, you have the rights and duties outlined in this policy. However, we
need the written consent of all irrevocable beneficiaries and collateral
assignees, if you wish to:

Surrender this policy or make a partial withdrawal;

Take out a policy loan;

Change the owner;

Name or change a contingent owner;

Add or delete a term insurance rider;

Change the Face Amount; or

Change the Death Benefit Option

5399
Page 20'

Control of Policy

We need the written consent of all irrevocable beneficiaries, if you wish to:

Change a beneficiary;
Choose or change a Settlement Option; or
Assign this policy or any of its benefits as collateral.

Your rights, as outlined in this policy, end at the Surviving Joint Insured's
death.

Collateral Assignment

You may assign the benefits of this policy as collateral for a debt. This limits
your rights to the Cash Surrender Value and the beneficiary's rights to the
proceeds. A collateral assignment does not change the owner. A collateral
assignee does not have ownership rights.

An assignment is not binding on us until we receive written notice of it. We
assume no responsibility as to the validity of any assignment. When we pay
proceeds, we may rely on what the collateral assignee states as the debt due.

Changing Ownership

You can change the owner of this policy by sending us a written request. This is
called an "absolute assignment." You transfer all your rights and duties as
owner to a new owner. The new owner can then make any change the policy allows.

You can also name a contingent owner who will own this policy at your death. You
may name, change, or withdraw a contingent owner by sending us a written
request.

An absolute assignment or contingent owner request:

<PAGE>

Does not change the coverage or the beneficiary;

Applies only if we receive your request;

Takes effect from the date signed;

Does not affect any payment we make or action we take before receiving your
request; and

Is not a collateral assignment.

Settlement Options

Settlement Options are ways of paying the proceeds of this policy. These options
apply to:

Payment of proceeds at death; and

Proceeds payable upon full surrender
of this policy for its Cash Surrender Value.

Proceeds applied under a settlement option no longer earn interest at the rate
applied to the Fixed Account or participate in the investment experience of the
Variable Account.

85-447
Page 21

Settlement Options

Choosing Options

Settlement Options are chosen or withdrawn by making a written agreement with us
or by sending us written notice. Our approval is needed for an option to be
chosen or withdrawn. Before the Surviving Joint Insured's death, only you can
choose or withdraw an option. After the Surviving Joint Insured's death, a
beneficiary may choose an option depending on prior restrictions made by you or
a collateral assignee. A change of beneficiary or owner withdraws all chosen
options; you must choose again any options you want.

We issue a supplemental contract for proceeds applied under any option. We need
not accept an option where less than $2,500 will be applied for each payee. In
this case, we may pay a payee's proceeds in one sum. Under an installment
option, each payment must be at least $25. If needed, we may increase the time
between payments to three months, six months, or a year to make each payment at
least $25.

Paying Proceeds

We pay proceeds to a payee. A payee is one to whom we may pay part or all of the
proceeds or interest. The primary payee is the first person to whom benefits are
payable. If the primary payee dies before we have made all payments under
Options 2, 3, or 4, we pay the remaining payments to any contingent payee. We
pay the proceeds in one sum, unless one or more of the following options are
requested and we agree to it. We will also use any other method of payment that
is acceptable to you and to us.

Under Options 2, 3, 4, and 5, we pay the first installment as of the date we
issue a supplemental contract to pay the proceeds.

Under Option 6, we pay the first installment at the end of the interval it
applies to.

Option 1

The proceeds are left with us to earn interest. The withdrawal rights, the
length of time we will hold the proceeds, and any future change of option are
subject to our approval. Interest is guaranteed to be at least 3.5% per year.

Option 2

<PAGE>

We pay the proceeds with interest in equal installments for the amount you
choose at equal intervals until the proceeds and interest are all paid. The
interval you choose may be a month, 3 months, 6 months, or a year. The amount
chosen for each installment must be such that the total installments payable in
any 12 months is at least 7% of the total amount of the proceeds.

The last installment will be for the remaining proceeds and interest, and might
not be equal to the other installments. Interest is guaranteed to be at least
3.5% per year.

Option 3

We pay the proceeds in equal installments at equal intervals for the number of
years you choose. The interval may be a month, three months, six months, or a
year. Use the Option 3 Table to determine the amount of each installment. If you
ask, we will tell you the payment amounts for numbers of years or intervals not
shown. The Option 3 Table is computed assuming 3.5% interest per year. Interest
is guaranteed to be at least 3.5% per year.

5400
Page 22

Settlement Options

Option 3 Table

Monthly Payments
Number of Per $1000
Years of Proceeds

5 $18.12
10 9.83
15 7.10
20 5.75
25 4.96

Option 4

The proceeds are used to provide an annuity with 60, 120, 180, or 240 months
"certain". This means that we continue paying the primary payee in equal monthly
installments for as long as the primary payee lives with a number of months
"certain". "Certain" means that we make payments for at least as long as the
period you choose (either 60, 120, 180, or 240 months), no matter when the
primary payee dies. If the primary payee dies before the "certain" period ends,
the remaining payments are payable to the contingent payee.

We compute the installments using the calendar year in which the proceeds are
applied and the payee's sex and age at that time. We require written proof of
the payee's sex and age. If you ask, we will tell you payment amounts for this
option. The amount of the installments are computed using the 1983 Table a with
Projection Scale G and interest at 3.5% per year.

85-448
Page 23

Settlement Options

Option 5

The proceeds are used to provide a "joint and two-thirds to survivor" life
income for two payees. We make monthly payments jointly to the two payees as
long as they both live. When one payee dies, the other receives two-thirds of
the amount of the joint monthly payment for life. Payments stop when both payees
have died. We compute

<PAGE>

the payment amounts using the calendar year in which the proceeds are applied
and the payees' sexes and ages when the proceeds are applied. We require
written proof of the payees' ages. If you ask, we will tell you any of these
amounts. The amounts of the monthly payments are computed using the 1983 Table a
with Projection Scale G and interest at 3.5% per year.

Option 6 (Annuity Option)

The proceeds are used to provide an annuity. Each annuity installment is 103% of
the payment that we would make if the payee had used the proceeds to buy a
similar, nonparticipating, single premium immediate annuity at our rates on the
date the proceeds are applied. We pay these installments at the end of the
interval to which they apply. We will not apply this option if a similar option
would be more favorable to the payee when proceeds are applied.

Death of Payee

Unless we have agreed otherwise, if a payee dies after we have paid or credited
proceeds under Option 1, we will pay the proceeds and any unpaid interest in one
sum to the payee's estate. Unless we have agreed otherwise, if a payee dies
after we have paid or credited proceeds under Options 2, 3, or 4, we will pay
the remaining payments to any contingent payees. If there are no contingent
payees, we pay the following amounts to the primary payee's estate.

Under Option 2, we will pay any unpaid sum left with us plus any unpaid interest
on that sum.

Under Option 3, we will pay the commuted value (based on interest at an
effective annual rate of 3-1/2%) of any unpaid installments.

Under Option 4, we will pay the commuted value (based on interest at an
effective annual rate of 3-1/2%) of any unpaid installments remaining in the
"certain" period.

5401
Page 24

Settlement Options

Protection of Proceeds

Unless we agree to it, a payee may not do any of the following:
Withdraw any part of the proceeds or interest;
Change the fixed payment intervals or the length of the payment period;
Change the settlement option;
Change the amount of payment;
Surrender the supplemental contract for cash;
Borrow against the supplemental contract; or
Assign the supplemental contract.

If the payee chooses Options 1, 2, or 3, the payee may change the option and
transfer the funds that remain to a new option. This applies unless prevented by
a written agreement with us.

A payee's creditors may not claim any of the proceeds or interest. This
provision applies unless altered by federal or state law.

Interest on Settlement Options

<PAGE>

We base the interest rate for proceeds applied under Options 1 and 2 on the
interest rate we declare on funds that we consider to be in the same
classification based on the option, restrictions on withdrawal, and other
factors. The interest rate will never be less than an effective annual rate of
3-1/2%.

In determining amounts to be paid under Options 3 and 4, we assume interest at
an effective annual rate of 3-1/2%. Also, for Option 3 and "certain" periods
under Option 4, we credit any excess interest we may declare on funds that we
consider to be in the same classification based on the option, restrictions on
withdrawal, and other factors.

General Provisions

Voting of Mutual Fund Shares

While this policy is in force, you have the right to instruct us how to vote the
mutual fund shares attributable to this policy. All fund proxy material and
forms used to give voting instructions will be sent to persons having voting
interests.

We will vote the mutual fund shares held in Sub-accounts according to the
instructions received, as long as:

The Variable Account is registered as a unit investment trust under the
Investment Company Act of 1940; and

The assets of the Variable Account are allocated to Sub-accounts that are
invested in mutual funds shares.

We may vote the mutual fund shares held in the Sub-accounts at our discretion if
we determine that, because of applicable law or regulation, we do not have to
vote the mutual fund shares according to the voting instructions received.

If we do not receive timely voting instructions from you, we will vote the
applicable mutual fund shares in proportion to the instructions which are
received with respect to the other policies providing benefits related to the
applicable Sub-account.

The persons entitled to give voting instructions and the number of votes
affected by their instructions will be determined as of a record date selected
by us, not more than 90 days before the meeting of the applicable mutual fund.

This policy does not give you the right to vote at meetings of our stockholders
and/or policyholders.

85-449
Page 25

General Provisions

Substitution of Mutual Fund Shares

We reserve the right, if permitted by law and subject to the approval of the
Superintendent, to: move, add, or combine Sub-accounts and make the new
Sub-accounts available to you at our discretion; :li.Substitute shares of other
investment funds or series thereof for those of the investment funds and series
made available under the policy;

Transfer assets of the ReliaStar Life Insurance Company of New York Variable
Life Separate Account I which we determine to be associated with the class of
contracts to which this policy belongs, to another variable account (if this
type of transfer is made, the term "ReliaStar Life Insurance Company of New York
Variable Life Separate Account I" as used in this policy will then mean the
variable account to which the assets were transferred);

Deregister the ReliaStar Life Insurance Company of New York Variable Life
Separate Account I under the Investment Company Act, of 1940, if registration is
no longer required;

Make any changes required by the Investment Company Act of 1940;

Operate the ReliaStar Life Insurance Company of New York Variable Life
Separate Account I as a managed company under the Investment Company Act of
1940, or any other form permitted by law; and

Restrict or eliminate any voting privileges you or other persons may have as
to the ReliaStar Life Insurance Company of New York Variable Life Separate
Account I.

Payment of Proceeds

We pay all proceeds of this policy when we receive this policy and proof of
death. We make payments under Settlement Options 4, 5, and 6 only to a natural
person in that person's own right. We adjust the proceeds payable on the death
of the Surviving Joint Insured as follows:

We refund any policy loan interest charged but not earned;
We deduct any Loan Amount; and
We deduct any unpaid Monthly Deductions due on or before the Surviving Joint
Insured's death.

As of the date of death, the proceeds no longer earn interest at the rate
applied to the Fixed Account or participate in the investment experience of the
Variable Account. If payment is delayed more than 10 days, we pay interest on
the proceeds at death for the time between the Surviving Joint Insured's death
and the earlier of the following:

The date we pay proceeds; or

The date we issue a supplemental contract.

Interest on these funds will be the current interest rate being credited on the
interest only settlement option (Option I) but it will never be less than an
effective annual rate of 3.5%.

Simultaneous Death

If the Joint Insureds die simultaneously or in circumstances making it uncertain
who is the Surviving Joint Insured, the older Joint Insured will be deemed to
have been the Surviving Joint Insured, and no payment will be made for the death
of the younger Joint Insured.

5402
Page 26

General Provisions

Incontestability

This policy has a two-year contestable period running from the Issue Date shown
on the Policy Data Page. During this period, we could ask for information that
could lead us to contest this policy or refuse to pay its benefits. After this
policy has been in force during both Joint Insured's lifetime for two years from
the Issue Date, we cannot claim your policy is void or refuse to pay any
proceeds unless the policy has lapsed.

If you make a Face Amount increase or premium payment which requires proof of
insurability, the corresponding Death Benefit increase has its own two-year
contestable period measured from the date of the increase in Death Benefit.

If this policy is reinstated, this provision will be measured from the date of
reinstatement.

Age and Sex

<PAGE>

If any Joint Insured's age or sex is misstated, the Death Benefit will be the
amount that the most recent cost of insurance would purchase using the current
cost of insurance rate for the correct age and sex.

Suicide

If any Joint Insured commits suicide within two years of the Issue Date, we do
not pay the Death Benefit. Instead, we refund all premiums paid on this policy
and any attached riders, minus any Loan Amounts and partial withdrawals.

If you make a Face Amount increase or premium payment which requires proof of
insurability, the corresponding Death Benefit increase has its own two-year
suicide limitation for the proceeds associated with that increase. If any Joint
Insured commits suicide within two years of the effective date of the increase,
we pay the Death Benefit prior to the increase and refund the cost of insurance
for that increase.

Termination

This policy terminates when any of the following occur:

The required payment is not paid by the end of the grace period;

The Surviving Joint Insured dies;

The policy is surrendered for its full Cash Surrender Value;
or

The policy is amended according to the Amendment provision of this policy and
you do not accept the amendment.

If we make a Monthly Deduction from the Accumulation Value after this policy
terminates, the deduction is not considered a reinstatement of the policy or a
waiver of the termination.

85-450
Page 27

General Provisions

Conversion Right

During the first two policy years and the first 24 months following the
effective date of an increase in Face Amount, you may, by written request,
convert this policy without evidence of insurability to a policy in which the
benefits do not vary with the investment performance of the Variable Account.
This conversion is done by transferring all or part of your Variable
Accumulation Value to your Fixed Accumulation Value. You must tell us you are
exercising your conversion rights when requesting the transfer. We will then
waive the transfer charge and that transfer is not counted against the limit on
the number of trasnfers in a policy year. You are allowed only one such transfer
in each of these 24-month periods.

Also, in the event of a material change in the investment policy of any
Sub-account of the Variable Account, you may, by written request convert this
policy to a policy in which benefits do not vary with the investment performance
of the Variable Account. This conversion is done by transferring all or part of
your Variable Accumulation Value to your Fixed Accumulation Value. You must tell
us you are exercising your conversion rights when requesting the transfer. We
will then waive the transfer charge and that transfer is not counted against the
limit on the number of transfers in a policy year. The option to convert is
exercisable within 60 days after the effective date of such change in the
investment policy or your receipt of the notice of the change in investment
policy, whichever is later.

If you exercise this conversion right, we will automatically credit all future
premium payments to the Fixed Account, until you specify a change in allocation.
At the time of the transfer, there is no effect on the policy's Death Benefit,
Accumulation Value, Face Amount, net amount at risk, rate class, or issue age.

<PAGE>

Annual Statement

Each year we will send you an annual statement, free of charge, showing the
following:

Premiums paid;
Planned periodic premiums;
Interest credits;
Death Benefit;
Loan Amounts;
Partial withdrawals;
Transfers; and
Charges since the last statement.

We will make a charge not to exceed $50 for any additional statements you
request.

5403
Page 28

General Provisions

Projection Report

If you ask we will provide a report projecting future results. The report will
be based on the following:

The Death Benefit Option you specify;
Planned periodic premiums you specify;
The Accumulation Value at the end of the prior policy year; and
Any other assumptions specified by you or us, subject to any limitations imposed
by the Securities and Exchange Commission.

We will charge a fee for each report after the first report in any policy year.

Nonparticipating

This contract does not entitle you to participate in our surplus.

Amendment

We reserve the right to amend this policy to include any future changes relating
to the following:

Any Securities and Exchange Commission rulings and regulations;
This policy's qualification for treatment as a life insurance policy under the
following:

The Code;
Internal Revenue Service rulings and regulations; and

Any requirements imposed by the Internal Revenue Service.

We will send you any amendments promptly.

Disclaimer

We are not liable for any tax or tax penalty you owe resulting from failure to
comply with the requirements of the Code, regulations and rulings imposed on
this policy.

<PAGE>

85-465
Page 29

SURVIVORSHIP FLEXIBLE PREMIUM
VARIABLE LIFE
INSURANCE POLICY

- ---------------------------------------------------
Variable and/or Fixed
Accumulation Values

Flexible Premiums Payable During
Lifetime of Surviving Joint lnsured

Adjustable Face Amount

Death Benefit Guarantee

Death Benefit Options

Nonparticipating
- -----------------------------------------------

NOTICE

To make a claim or exercise your rights under this policy, please write to us at
the address below and include your policy number:

Writing directly to us will save time and expense. You do not need to hire any
person, firm, or corporation unless, because of a dispute, you wish to.

RELIASTAR RELIASTAR LIFE INSURANCE COMPANY OF NEW YORK
P. O. Box 9004
1000 Woodbury Road, Suite 102
Woodbury, NY 11797-9004

85-438
Page 30

<PAGE>
Four Year Term Insurance Rider (FTR)

This rider is a part of the base policy whose number is shown below. If not
shown below, the Rider Data is shown on the Policy Data Page.

Rider Data
Base Policy Number

Definitions

Joint Insureds

The persons upon whose lives this policy is issued. The Policy Data Pages list
the Joint Insureds.

Surviving Joint Insured

The Joint Insured who remains alive after the other Joint Insured has died.

You, Your

The current owner(s) of the base policy.

We, Us, Our

ReliaStar Life Insurance Company of New York at our Home Office in Woodbury, New
York.

Written, In Writing

A written request or notice, signed and dated, and received at our Home Office
in a form we accept. You may get forms for this purpose from us.

Benefits

When we have written proof that the Surviving Joint Insured died while this
rider was in force, we will pay the FTR Face Amount, as shown on the Policy Data
Page, then in force.

Beneficiary

The beneficiary of the proceeds of this rider is the beneficiary of the proceeds
of the base policy.

When you name, add, or change a beneficiary of the base policy the change will
also apply to this rider. If you assign the benefits of this rider as collateral
for a debt, this limits the beneficiary's rights to the proceeds.

Cost of Insurance and Monthly Amount Charges

The total monthly deduction for this rider equals the sum of 1 plus 2 where:

Is the Monthly Amount Charge per $1,000 (as shown on the Policy Data Page)
multiplied by the FTR Face Amount divided by 1000. This chargeapplies during the
Term shown on the Policy Data Page; and

Is the FTR Face Amount times the monthly cost of insurance rate described on the
next page.

85-453
Page 1

<PAGE>

Cost of Insurance Rates

The monthly cost of insurance rate for this rider is based on each Joint
Insured's sex, issue age, and premium class as shown on the Policy Data Page,
and the policy year. Issue age means age last birthday on the effective date of
the coverage. We will determine monthly cost of insurance rates based upon
expectations as to future cost factors. Any change in cost of insurance rates
will apply to all in the same insurance class whose policies have been in force
for the same period of time.

The cost of insurance rates can never be greater than those shown in the Table
of Monthly Guaranteed Cost of Insurance Rates as shown on the Policy Data Page.

Paying Proceeds

We pay proceeds in the following order:

Collateral assignees, if any, have first priority;

The beneficiary, if any, receives any proceeds that remain. If there is more
than one beneficiary, each receives an equal share, unless you have requested
another method in writing. To receive proceeds, a beneficiary must be living on
the 10th day after the death of the Surviving Joint Insured under this rider;
then

If there are no beneficiaries, you receive any proceeds that remain

Termination

This rider ends:

Four years after the Rider Effective Date;
If the base policy is surrendered or ends; or
If you ask us in writing to end this rider. In this case, we may ask that you
return the policy and this rider so that we can endorse them. This rider will
end on the first Monthly Anniversary Date after we receive your written request
to end this rider.

After this rider ends, we are not liable for its benefits, even if we have
included the cost of insurance and monthly amount charges for this rider in the
total monthly deduction for the base policy. We will refund any such amounts
that we deduct after this rider ends.

5404
Page 2

Reinstatement

If the base policy lapses, this rider will also lapse. You can reinstate this
rider if:

This rider was in effect when the base policy lapsed;

The Rider Expiry Date has not occurred; and

You reinstate the base policy.

To reinstate this rider, you must do both of the following:

Give us proof of each Joint Insured's insurability; and
Pay a premium large enough to keep the base policy and this rider in force for
at least 2 months.

<PAGE>

The base policy may be reinstated without this rider, in which case proof and
payment for this rider are not needed.

Age and Sex

If any Joint Insured's age or sex is misstated, the Death Benefit will be the
amount that the most recent cost of insurance would purchase using the current
cost of insurance rates for the correct age and sex.

Suicide

The Suicide provision of the base policy applies to this rider from the Rider
Effective Date in the same way that it applies to the base policy from the base
policy's Issue Date.

Incontestability

If you apply for this rider with the base policy, the Incontestable provision of
the base policy applies to this rider from the Rider Effective Date. During this
2-year period, we may ask for information that could lead to our contesting this
rider or refusing to pay its benefits.

After this rider has been in force for 2 years from the Rider Effective Date, we
cannot claim this rider is void or refuse to pay any benefits with respect to
the FTR Face Amount, unless this rider has lapsed for nonpayment of premiums. If
this rider is reinstated, this provision will be measured from the reinstatement
date with respect to statements made in the application for reinstatement.

General Provisions

This rider does not increase any cash or loan values of the base policy.

All base policy provisions apply to this rider, unless changed by this rider.

85-454
Page 3

<PAGE>

Policy Split Option Rider (PSO)

This rider is a part of the base policy whose number is shown below. If not
shown below, the Base Policy Number is shown on the Policy Data Page.

Rider Data
Base Policy Number

Definitions

Joint Insureds

The persons upon whose lives this policy is issued. The Policy Data Page lists
the Joint Insureds.

You, Your

The current owner(s) of the base policy.

We, Us, Our

ReliaStar Life Insurance Company of New York at our Home Office in Woodbury, New
York.

Written, In Writing

A written request or notice, signed and dated, and received at our Home Office,
in a form we accept. You may get forms for this purpose from us.

Policy Split Option

The owner may request to split this policy, not including any riders, into two
new individual permanent life insurance policies we are then offering. One
individual policy will be issued on the life of each Joint Insured. We may
require evidence of insurability.

The owner may request this option by notifying us in writing within 90 days
following:

The enactment or the effective date of a change in the federal estate tax laws
that would eliminate the unlimited marital deduction or reduce by at least 50%
the estate taxes payable upon death;

The effective date of a final divorce decree between the Joint Insureds; or

The dissolution of the business partnership of the Joint Insureds.

If there is more than one owner, each owner must elect the Policy
Split Option.

The New Policy

The Death Benefit of each individual policy cannot be greater than 50% of the
base policy's Death Benefit, not including any riders.

The Accumulation Value less any outstanding loan amount of the base policy will
be divided equally and each portion will be applied as premiums to each of the
new individual policies.

85-456
Page 1

<PAGE>

The New Policy

If one Joint Insured does not meet our insurability requirements, you may do one
of the following:

The individual policies will be subject to our minimum and maximum specified
amounts and issue ages for the plan of insurance chosen.

If one of the Joint Insureds is older than the individual policy's maximum issue
age at the time the Policy Split Option is elected, our approval is needed to
elect the option.

The premiums for the individual policies will be based on each Joint Insured's
attained age and premium rate class based on evidence of insurability submitted
for this option. Premiums are payable as of the policy dates for each individual
policy.

The policy date for each individual policy will be the Monthly Anniversary
following your written request to elect the Policy Split Option.

The owner for each individual policy will be the Joint Insured whose life is
insured under the individual policy, unless otherwise specified. The beneficiary
for each individual policy will be the beneficiary named for the base policy,
unless otherwise specified.

Cost of Insurance

The total monthly deduction for this rider is shown on the Policy Data Page.

Policies Returned Under Free Look

If you return either of the new policies under a free look or right to return
policy provision, we will refund for each policy returned an amount equal to
one-half of the Cash Surrender Value of the base policy plus all additional
premiums paid for the new policy.

General Provisions

This rider does not increase any cash or loan values of the base policy.

All base policy provisions apply to this rider, unless changed by this rider.

Termination

This rider ends:

If the base policy is surrendered or ends;

At age 100 of the younger Joint Insured;

On the Rider Expiry Date shown on the Policy Data Page; or

If you ask us in writing to end this rider. In this case, we may ask that you
return the policy and this rider so that we can endorse them. This rider will
end on the first Monthly Anniversary Date after e receive your written request.

5405
Page 2

<PAGE>
Survivorship Term Rider (STR)

This rider is a part of the base policy whose number is shown below. If not
shown below, the Rider Data is shown on the Policy Data Page.

Rider Data
Base Policy Number

Definitions

Joint Insureds

The persons upon whose lives this policy is issued. The Policy Data Pages list
the Joint Insureds.

Surviving Joint Insured

The Joint Insured who remains alive after the other Joint Insured has died.

You, Your

The current owner(s) of the base policy.

We, Us, Our

ReliaStar Life Insurance Company of New York at our Home Office in Woodbury, New
York.

Written, In Writing

A written request or notice, signed and dated, and received at our Home Office
in a form we accept. You may get forms for this purpose from us.

Benefits

When we have written proof that the Surviving Joint Insured died while this
rider was in force, we will pay the STR Face Amount, as shown on the Policy Data
Page, then in force.

Beneficiary

The beneficiary of the proceeds of this rider is the beneficiary of the proceeds
of the base policy.

Cost of Insurance and Monthly Amount Charges

The total monthly deduction for this rider equals the sum of 1 plus 2 where:

Is the Monthly Amount Charge per $1,000 (as shown on the Policy Data Page)
multiplied by the STR Face Amount divided by 1000. This charge applies during
the Term shown on the Policy Data Page; and Is the STR Face Amount times the
monthly cost of insurance rate described on the next page.

85-457
Page 1
<PAGE>

Cost of Insurance Rates

The cost of insurance rates can never be greater than those shown in the Table
of Monthly Guaranteed Cost of Insurance Rates as shown on the Policy Data Page.

Paying Proceeds

We pay proceeds in the following order:

Collateral assignees, if any, have first priority;

The beneficiary, if any, receives any proceeds that remain. If there is more
than one beneficiary, each receives an equal share, unless you have requested
another method in writing. To receive proceeds, a beneficiary must be living on
the 10th day after the death of the Surviving Joint Insured under this rider;
then

If there are no beneficiaries, you receive any proceeds that remain.

Conversion

This rider may be converted to a new survivorship flexible premium variable life
insurance policy for the Joint Insureds without proof of insurability only:

While both Joint Insureds are alive;

While this rider is in force; and

Before any Joint Insured reaches age 75.

Application for conversion must be in writing. Only you may apply. If you wish
to convert your policy, we may require that you send us the base policy and this
rider so that we can endorse them.

The New Policy

The Face Amount of the new policy cannot be greater than the Face Amount of this
rider. The date of the new policy will be the date of the conversion. The new
policy, which will be in the same premium class as this rider, can be on any of
our plans in use at the time of the conversion that:

We would normally issue;
Do not participate in our surplus; and
Do not contain any benefits or rights involving a greater aggregate risk,
relative to premium, than is insured under this rider.

5406
Page 2

Termination

This rider ends:

<PAGE>

On the Rider Expiry Date shown on the Policy Data Page;

If this rider is converted;

If the base policy is surrendered or ends;

If the Surviving Joint Insured dies; or

Reinstatement

If the base policy lapses, this rider will also lapse. You can,reinstate this
rider if:

This rider was in effect when the base policy lapsed;

The Rider Expiry Date has not occurred; and

You reinstate the base policy.

To reinstate this rider, you must do both of the following:

Give us proof of each Joint Insured's insurability; and
Pay a premium large enough to keep the base policy and this rider in force for
at least 2 months.

The base policy may be reinstated without this rider, in which case proof and
payment for this rider are not needed.

Age and Sex

Suicide

The Suicide provision of the base policy applies to this rider from the Rider
Effective Date in the same way that it applies to the base policy from the base
policy's Issue Date.

Incontestability

After this rider has been in force for 2 years from the Rider Effective Date, we
cannot claim this rider is void or refuse to pay any benefits with respect to
the STR Face Amount, unless this rider has lapsed for nonpayment of premiums. If
this rider is reinstated, this provision will be measured from the reinstatement
date with respect to statements made in the application for reinstatement.

General Provisions

<PAGE>

This rider does not increase any cash or loan values of the base policy.

All base policy provisions apply to this rider, unless changed by this rider.

85-458
Page 3

<PAGE>

Modification Rider

This rider is a part of the base policy whose number is shown below. If not
shown below, the Base Policy Number is shown on the Policy Data Page.

Rider Data
Base Policy Number

Policies Returned Under Free Look

If you return this policy under a free look or right to return policy provision,
we will refund an amount equal to:

One-half of the Cash Surrender Value of the Survivorship Flexible Premium
Variable Life Insurance policy through which you purchased this policy under the
Policy Split Option Rider, plus

Any additional premiums paid for this policy.

85-461
Page 1

RESTATED CHARTER
OF
RELIASTAR BANKERS SECURITY LIFE INSURANCE COMPANY
UNDER SECTION 807 OF THE NEW YORK BUSINESS
CORPORATION LAW
AND SECTION 1206 OF THE NEW YORK INSURANCE LAW

1. The name of the corporation is ReliaStar Bankers Security Life
Insurance Company. The name under which the corporation was originally
incorporated was the Morris Plan Insurance Society. The name was changed to
ReliaStar Bankers Security Life Insurance Company by Charter Amendment of August
19, 1996.

2. The Charter was filed in the office of the Superintendent of
Insurance of the State of New York on June 11, 1917.

3. The Charter is amended at Article I by changing the name of the
corporation to "ReliaStar Life Insurance Company of New York." The text of the
Charter is hereby restated as amended to read as set forth below in full, and
such Restated Charter shall be effective January 1, 1998:

ARTICLE I

The name of the Corporation shall be "ReliaStar Life Insurance
Company of New York ".

ARTICLE II

The principal office of the Corporation shall be located in
the County of Nassau, State of New York. The Corporation may establish
and maintain other offices, agencies or branches within or without the
State of New York and in any part of the world.

ARTICLE III

The Corporation is formed for the following purposes:

To transact the following kinds of insurance business as
defined in Section 1113(a)(1), (2) and (3) of the New York Insurance
Law:
"1. `Life insurance,' means every insurance upon the lives of
human beings, and every insurance appertaining thereto, including the
granting of endowment benefits, additional benefits in the event of
death by accident, additional benefits to safeguard the contract from
lapse, accelerated payments of part or all of the death benefit or a
special surrender value upon diagnosis (A) of terminal illness defined
as a life expectancy of twelve months or less, or (B) of a medical
condition requiring extraordinary medical care or treatment regardless
of life expectancy, or provide a special surrender value, upon total
and permanent disability of the insured, and optional modes of
settlement of proceeds. "Life insurance" also includes additional
benefits to safeguard the contract against lapse in the event of
unemployment of the insured. Amounts paid the insurer for life
insurance and proceeds applied under optional modes of settlement or
under dividend options may be allocated by the insurer to one or more
separate accounts pursuant to section four thousand two hundred forty
of this chapter.
2. `Annuities,' means all agreements to make periodical
payments for a period certain or where the making or continuance of all
or some of a series of such payments, or the amount of any such
payment, depends upon the continuance of human life, except payments
made under the authority of paragraph one hereof. Amounts paid the
insurer to provide annuities and proceeds applied under optional modes
of settlement or under dividend options may be allocated by the insurer
to one or more separate accounts pursuant to section four thousand two
hundred forty of this chapter.
3. `Accident and health insurance,' means (i) insurance
against death or personal injury by accident or by any specified kind
or kinds of accident and insurance against sickness, ailment or bodily
injury, including insurance providing disability benefits pursuant to
article nine of the workers' compensation law, except as specified in
item (ii) hereof; and (ii) non-cancelable disability insurance, meaning
insurance against disability resulting from sickness, ailment or bodily
injury (but excluding insurance solely against accidental injury) under
any contract which does not give the insurer the option to cancel or
otherwise terminate the contract at or after one year from its
effective date or renewal date."
To do such other business as a stock life insurance company
now is or hereafter may be permitted to do under the Insurance Law of
the State of New York and for which the Corporation shall have the
required capital and surplus.

ARTICLE IV

The amount of the capital of the Corporation shall be Two
Million Seven Hundred Fifty Five Thousand Seven Hundred Twenty Six
Dollars ($2,755,726) to consist of One Million Three Hundred Seventy
Seven Thousand Eight Hundred Sixty Three (1,377,863) shares of Capital
Stock of the par value of Two Dollars ($2.00) each.

No holder of stock of the Corporation shall be entitled, as
such, to any pre-emptive rights to subscribe for the purchase of or to
receive any part of any issue of shares, or of bonds, notes,
debentures, preferred stock, or other securities convertible into
shares, of the Corporation whether now or hereafter authorized or
issued; and the Corporation shall have the right from time to time,
without offering the same to the holders of shares of any class then
outstanding, to issue and sell shares of its stock of any class, or any
such bonds, notes, debentures, or other securities convertible into
stock, to such person or persons as the Board of Directors from time to
time shall determine. As used in this paragraph the expression
"securities convertible into stock" shall be deemed to include
securities to which are attached or with which are issued warrants or
other instruments evidencing the right to purchase or otherwise acquire
shares to any class of stock of the Corporation.

ARTICLE V

Section 1. The corporate powers shall be exercised by a Board
of Directors and by a president and by one or more vice presidents, a
secretary and a treasurer and by such other officers and such
committees as the Board of Directors may elect or appoint and empower.
The number of Directors shall be not less than thirteen nor more than
twenty-two. The actual number of Directors of the Corporation shall be
such as from time to time shall be fixed by or in the manner provided
in the By-laws.

Section 2. The Board of Directors or the Stockholder(s) shall
have the powers to make, prescribe amend or repeal the By-Laws. The
Board of Directors shall also have the powers to make and prescribe
rules and regulations for the transaction of business of the
Corporation and the conduct of its affairs, not inconsistent with this
Charter or the laws of the State, and to amend or repeal the same.

ARTICLE VI

Section 1. The directors shall be elected by the stockholders,
as prescribed by the laws of the State of New York or by By-laws not
inconsistent with this charter or the laws of the State of New York. An
election of directors shall be held each year on the second Thursday of
April, if not a legal holiday, and if a legal holiday, then on the next
succeeding business day not a legal holiday at such time and place as
specified by the Board of Directors, or, in the event the Board of
Directors shall fail to specify such a time and place, at the
Corporation's Executive Office at 9:00 a.m. The stockholders by a
majority vote at a meeting may remove any directors with or without
cause. Any director may be removed by the Board of Directors for cause,
at any time, or whenever such action is requested by the Superintendent
of Insurance of the State of New York.

Section 2. The president, one or more vice presidents, a
secretary and a treasurer shall be elected annually by the Directors at
the first meeting of the Board of Directors held after the election of
the Directors as provided in Section 1 of this Article; and each of
them shall hold office until the election of his successor. All other
officers shall be elected or appointed by the Board of Directors, or in
such manner as the By-laws may prescribe. Any officers may be removed
at any time by the Board of Directors.

Section 3. Whenever any vacancy or vacancies shall occur in
the Board of Directors by death, resignation, removal or otherwise, a
majority of the remaining members of the Board, at a meeting called for
that purpose, or at any regular meeting, shall elect a Director or
Directors to fill the vacancy or vacancies thus occasioned and each
Director so elected shall serve until his successor is elected and is
qualified. If, because of any vacancy or vacancies in the Board of
Directors, the number of Directors shall be less than thirteen, the
Corporation shall not for that reason be dissolved, but every Director
shall continue to hold office and discharge his duties until his
successor shall have been elected and qualified.

Section 4. Vacancies in any office may be filled for the
remainder of the term of the term in which the same shall occur by a
majority vote of the Board of Directors.

Section 5. At all times, not less than three directors shall
be residents of New York, at least a majority shall be citizens and
residents of the United States, and no director shall be less than
eighteen years of age. Not less than one-third of the Board of
Directors shall be persons who are not officers or employees of the
Corporation or any entity controlling, controlled by, or under common
control with the Corporation and who are not beneficial owners of a
controlling interest in the voting stock of the Corporation or any such
entity. Directors need not be stockholders.

ARTICLE VII

The names and post office residence addresses of the Directors
who shall serve until the next annual meeting of stockholders and until
their successors are duly elected are:

<PAGE>

Name Residence
<S> <C>
Stephen A. Carb 254 East 68th Street
New York, NY 10021

R. Michael Conley 2910 Holly Lane
Plymouth, MN 55447

Richard R. Crowl 1439 Tyrol Trail
Golden Valley, MN 55416

John H. Flittie 13970 Oakland Place
Minnetonka, MN 55343

James T. Hale 6420 Pioneer Trail
Corcoran, MN 55357

Wayne R. Huneke 6100 Sherman Circle
Edina, MN 55436

Kenneth U. Kuk 6306 Maple Ridge
Excelisor, MN 55331

Richard E. Nolan 271 Central Park West
New York, NY 10024

Fioravante G. Perrotta 13 Clark Lane
Essex, CT 06426

Robert C. Salipante 14555 Durham Road
Minnetonka, MN 55345

John G. Turner 3424 West Calhoun Parkway
St. Louis Park, MN 55416

Charles B. Updike P.O. Box 263, S. Main Street
Westport, NY 12993

Ross M. Weale 56 Cove Road
S. Salem, NY 10590

Steven W. Wishart 1957 Sheridan South
Minneapolis, MN 55405
</TABLE>
ARTICLE VIII

Any person made a party to any action, suit or proceeding,
civil or criminal, by reason of the fact that he or she is or was an
officer or employee of the Corporation, or of any corporation which he
or she served as such at the request of the Corporation, shall be
indemnified by the Corporation against the reasonable expenses,
including attorney's fees, actually and necessarily incurred by him or
her in connection with the defense of such action, suit or proceeding,
civil or criminal, or in connection with any appeal therein, except in
relation to matters as to which it shall be adjudged in such action,
suit or proceeding that he or she is liable for negligence or
misconduct in the performance of his or her duties. No director shall
be personally liable to the Corporation or any of its stockholders for
damages for any breach of duty as a director; provided, however, that
the foregoing provision shall not eliminate or limit (i) the liability
of a director if a judgment or other final adjudication adverse to him
or her establishes that his or her acts or omissions were in bad faith
or involved intentional misconduct or any violation of the Insurance
Law or a knowing violation of any other law or that he or she
personally gained in fact a financial profit or other advantage to
which he or she was not legally entitled; or (ii) the liability of a
director for any act or omission prior to the adoption of this
amendment by the stockholders of the Corporation. Any amount payable by
way of indemnity shall be determined and paid in such manner as the
Board of Directors may determine or the stockholders by appropriate
resolution may specify: provided, however, that if such amount is paid
otherwise than pursuant to a court order or by resolution of the
stockholders, the Corporation shall, not later than the next annual
meeting of stockholders unless such meeting is held within three months
of the date of payment and, in any event, within fifteen months of the
date of such payment, mail to its stockholders of record at the time
entitled to vote for the election of directors a statement specifying
the persons paid, the amounts paid and the nature and status at the
time of such payment of the litigation or threatened litigation.

ARTICLE IX

The duration of the corporate existence of the Corporation
shall be perpetual.

<PAGE>

4. The said amendment to the charter was authorized by the Board of
Directors at a meeting held on July 23, 1997 and this Restated Charter was
authorized by the sole shareholder of the corporation at a meeting held on
October 28, 1997.

IN WITNESS WHEREOF This Restated Charter has been signed this 11th
day of December, 1997.

RELIASTAR BANKERS SECURITY
LIFE INSURANCE COMPANY

By /s/ Richard R. Crowl
----------------------------------
Richard R. Crowl, Senior Vice President
and General Counsel

STATE OF MINNESOTA )
) ss:
COUNTY OF HENNEPIN )

On _______, 1997, before me personally came Richard R. Crowl, to me
personally known and known to me to be the person who executed the foregoing
instrument, and he duly acknowledged before me that he executed the same.

/s/ Patricia A. Thompson
--------------------------------
Notary Public

By /s/ Susan M. Bergan
--------------------------------
Susan M. Bergen, Secretary

STATE OF MINNESOTA )
) ss:
COUNTY OF HENNEPIN )

On December 11, 1997, before me personally came Susan M. Bergen, to
me personally known and known to me to be the person who executed the
foregoing instrument, and she duly acknowledged before me that she executed the
same.

/s/ Patricia A. Thompson
-----------------------------------
Notary Public

<PAGE>

RELIASTAR LIFE INSURANCE COMPANY
OF NEW YORK

Bylaws

as amended and restated

Effective January 1, 1998

Home Office: 1000 Woodbury Road, Suite 102, P.O. Box 9004, Woodbury, NY
11797

Incorporated Under the Laws of the State of New York

RELIASTAR LIFE INSURANCE COMPANY
OF NEW YORK

Bylaws

as amended and restated

Effective January 1, 1998

Home Office: 1000 Woodbury Road, Suite 102, P.O. box 9004, Woodbury, NY
11797

Incoropration Under the Laws of the State of New York

<PAGE>

RELIASTAR LIFE INSURANCE COMPANY OF NEW YORK

BYLAWS

Article I

1. The annual meeting of the stockholders of the Company for the
election of directors and for the transaction of such other business as may
properly come before the meeting shall be held each year on the second Thursday
of April, if not a legal holiday, and if a legal holiday, then on the next
succeeding business day not a legal holiday, at such time and place as specified
by the Board of Directors.

2. Special meetings of the stockholders may be called at any time by a
majority of the Board of Directors or by the President, and shall be called upon
the written request of stockholders of record owning at least one-fourth of the
capital stock. Such meetings shall be held at such time and in such place as
shall be designated in the notice thereof.

3. Notice of each meeting of stockholders shall be in writing, signed
by the President, a Vice President, the Secretary or an Assistant Secretary. It
shall state the purpose of the meeting and shall be served, either personally or
by mail, upon each stockholder of record entitled to vote at such meeting, not
less than then ten nor more than fifty days before the meeting. If mailed, said
notice shall be directed to a stockholder at his last know post office address
appearing on the records of the Company.

Article II

1. No election of directors shall be valid unless a copy of the Notice
of Election shall have been filed in the office of the Superintendent of
Insurance at least ten days before the day of such election. Whenever any of the
directors of the Company shall have resigned and successors shall have been
chosen pursuant to the provisions of these Bylaws, such successors shall not
take office nor exercise the duties thereof until ten days after written notice
of their election shall have been filed in the office of the Superintendent of
Insurance.

2. In case it shall happen at any time that an election of directors
shall not be had on the date hereinbefore designated, the Company shall not for
that reason be dissolved; but every director shall continue to hold his or her
office and discharge his or her duties until a successor has been elected.

3. Each share of voting stock shall entitle the holder thereof to one
vote, either in person or by proxy, in the election of directors or on any other
matter that may properly come before any meeting of the stockholders of the
Company.

4. A majority in interest of the outstanding voting stock of the
Company represented either in person or by proxy shall constitute a quorum for
the transaction of business at any annual or special meeting of the
stockholders. A majority of such quorum shall decide any question that may come
before the meeting, except as otherwise required by statute or as otherwise
provided in the Certificate of Incorporation or Bylaws of the Company.

Article III

1. Certificates of stock shall be issued in numerical order and each
stockholder shall be entitled to a certificate signed by the President or a Vice
President, and the Secretary or an Assistant Secretary, or the Treasurer or an
Assistant Treasurer, and sealed with the seal of the Company (which may be a
facsimile, engraved or printed), certifying to the number of shares owned by the
stockholder; provided, however, that where any such certificate is signed by a
transfer agent or a transfer clerk and by a registrar acting on behalf of the
Company, the signature of any such officials of the Company may be facsimiles,
engraved or printed thereon.

2. All transfers of stock shall be made upon the transfer books of the
Company, which books shall be kept in the State of New York. Before any new
certificate is issued, the old certificate or all rights therein shall be
surrendered.

3. A person in whose name shares of capital stock stand on the books of
the Company shall be deemed the owner thereof for all purposes.

4. The transfer books of the Company may be closed by order of the
Board of Directors or the Executive Committee for the period not exceeding forty
days next preceding the day fixed for any annual or special meeting of the
stockholders and may likewise be closed for the payment of any dividend for a
similar period next preceding the day fixed for such payment.

Article IV

1. The management of all the affairs, property and interests of the
Company shall be vested in a Board of Directors consisting of not less than
thirteen (13) nor more than twenty-two (22) Directors as fixed by the Resolution
of the Board of Directors who shall be annually elected. In addition to the
powers and authorities expressly conferred upon them by these Bylaws and the
Certificate of Incorporation, the Board of Directors may exercise all such
powers of the Company and do all such lawful acts and things as are not, by
statute or by the Certificate of Incorporation or by these Bylaws, directed or
required to be exercised or done by the stockholders.

2. A regular meeting of the Board of Directors shall be held once each
year and at any other time at dates to be fixed by resolution of said Board.

3. Special meetings of the Board of Directors may be held at any time
upon call of the Chairman of the Board, the Executive Committee, or the
President, or of a majority of the members of the said Board.

4. Meetings of the Board of Directors may be held at the Home Office of
the Company or at such other place or places as the Board of Directors or the
Executive Committee may from time to time designate. Directors may participate
in a meeting of the Board by means of conference telephone or similar
communications equipment allowing all persons participating in such meeting to
hear each other at the same time. Participation by such means shall constitute
presence in person at the meeting.

5. At least three days written notice of any regular or special meeting
of the Board of Directors shall be given to each director.

6. A quorum of the Board of Directors shall be a majority of the
members thereof; provided that at least one member of the Board of Directors who
is not an officer or employee of the Company or any entity controlling,
controlled by, or under common control with the Company and who is not a
beneficial owner of a controlling interest in the voting stock of the Company or
any such entity must be included in any quorum for the transaction of business
of any meeting of the Board of Directors or any committee thereof.

7. The Board of Directors may appoint from its own membership an
Executive Committee of not less than five members which shall act for the Board
of Directors between the meetings of said Board, during which time the Executive
Committee shall exercise all of the powers and duties of the Board of Directors
except that it shall not have the power or authority to alter or amend the
Bylaws or to remove or change the compensation of any senior officer or
director. Not less than one-third of the members of the Executive Committee
shall be persons who are not officers or employees of the Company or any entity
controlling, controlled by, or under common control with the Company and who are
not beneficial owners of a controlling interest in the voting stock of the
Company or any such entity. At least one of such persons must be included in any
quorum. The Executive Committee shall meet at stated times or on notice to all
by any of its own members. A majority of the members of the Executive Committee
should constitute a quorum. The Executive Committee shall keep regular minutes
of its proceedings and report the same to the Board of Directors at its next
regular meeting.

8. In the event a vacancy occurs on the Executive Committee in the
interim between meetings of the Board of Directors, the Chairman of the Board is
authorized and empowered to appoint a member of the Board of Directors as a
successor who shall serve until the next regular meeting of the Board of
Directors at which time the Board of Directors shall fill the vacancy.

9. A Compliance Committee of not less than five members of the Board of
Directors shall be appointed by the Board of Directors. Such members shall not
be persons who are officers or employees of the Company or any entity
controlling, controlled by, or under common control with the Company and who are
not beneficial owners of a controlling interest in the voting stock of the
Company or any such entity. The Compliance Committee shall have responsibility
for recommending the selection of independent certified public accountants,
reviewing the Company's financial condition, the scope and results of the
independent audit and any internal audit, nominating candidates for director for
election by stockholders, and evaluating the performance of officers deemed by
such committee to be principal officers of the Company and recommending to the
Board of Directors the selection and compensation of such principal officers.

Standing or temporary committees of not less than five members of the
Board of Directors may also be appointed by the Board of Directors from time to
time and the Board of Directors may from time to time to invest such committee
with such powers as it may see fit. Not less than one-third of the members of
any such committee shall be persons who are not officers or employees of the
Company or any entity, controlling, controlled by or under common control with
the Company and who are not beneficial owners of a controlling interest in the
voting stock of the Company or any such entity. At least one such person must be
included in any quorum of any such committee.

A majority of the members of each committee so appointed shall
constitute a quorum.

10. Each committee so appointed shall keep minutes of the transactions
of its meetings and shall cause them to be recorded in the books kept for that
purpose in the office of the Company and shall report the same to the Board of
Directors at its next regular meeting.

11. No stated salary shall be paid directors for their services as
such, but in accordance with a plan recommended by the Compliance Committee and
by resolution of the Board of Directors, expenses of attendance, if any, or a
fixed sum, or both, may be allowed for attendance at any meeting of the Board of
Directors, provided that nothing herein contained shall be construed to preclude
any director from serving the Company in any other capacity and receiving
compensation therefore.

12. Whenever a vacancy shall occur in the Board of Directors, whether
caused by resignation, death or otherwise, it may be filled by a majority vote
of the remaining directors present at a regular meeting, or at a special meeting
called for that purpose, although less than a quorum. A director thus elected to
fill any vacancy shall hold office for the unexpired term of his or her
predecessor and until his or her successor is elected and qualified. Whenever
the number of directors shall be increased, additional directors may be elected
by a majority of the directors in office at the time of such increase.

Article V

1. The senior officers of the Company shall be a Chairman of the Board,
a Vice Chairman of the Board, and a President, one of whom shall be designated
as Chief Executive Officer. In addition, the senior officers of the Company
shall include one or more Vice Presidents, a Secretary and a Treasurer. Each
senior officer shall be elected annually by the Board of Directors at its first
regular meeting following the annual meeting of stockholders and shall hold
office for a period of one year or until his successor shall be elected and
qualified. The Chief Executive Officer may appoint such additional officers as
he deems necessary for the proper conduct of the business of the Company, and
such officers shall serve at his pleasure.

2. In the event a vacancy occurs in the office of Chairman of the
Board, the Vice Chairman of the Board, the President, or Secretary, or
Treasurer, the Board of Directors shall, at the earliest practicable date, elect
a successor who shall hold office for the unexpired term of his or her
predecessor. Any vacancy in any office of Vice President may be filled for the
unexpired portion of the term by the Board of Directors at any regular or
special meeting.

3. Any senior officer may be removed at any time by the affirmative
vote of not less than a majority of the entire Board of Directors.

4. More than one office may be held by the same person with the
exception that the same person may not hold the offices of President and
Secretary.

5. The duties of the officers shall be those customarily pertaining to
their respective offices or positions, elective or appointive, together with
such other duties as may be prescribed by law or assigned by the Board of
Directors.

Article VI
1. The funds of the Company shall be deposited, in the name of the
Company, only in banks or trust companies approved by the Board of Directors.
The officers of the Company are authorized to establish and maintain such bank
accounts as are deemed necessary for the normal conduct of business, subject to
the requirements that such accounts must be reported to and approved by the
Executive Committee. The Board of Directors shall authorize and direct such
depositories to honor checks, drafts, bills of exchange, acceptances,
undertakings, or other orders for the payment of money, or receipts evidencing
the withdrawal of funds of the Company from such depositories, only when signed
on behalf of the Company by such persons as may be designated by the Board of
Directors.

2. Any one of the following officers: The Chairman of the Board, the
Vice Chairman of the Board, the Chairman of the Executive Committee, the
President, a Vice President, the Treasurer or the Secretary shall have the power
and be authorized to execute transfers of stock, powers of attorney, deeds,
leases, releases of mortgages, satisfaction pieces, contracts and instruments in
writing necessary to the Company in the management of its affairs and to attest
the Company's seal thereon when necessary. Upon contracts for insurance and
instruments relating thereto, facsimile signatures shall be sufficient.

3. Any officer with the designation of Vice President, such as an
Executive Vice President, Senior Vice President, Second Vice President or an
Assistant Vice President, shall have all the rights and powers of a Vice
President as provided in these Bylaws.

4. No stockholder, policyowner or creditor of the Company, or his
personal representative, shall have the right to inspect any account or book or
document of the Company, except as conferred by law or by resolution of the
stockholders or Board of Directors.
Article VII
1. Whenever the provisions of the applicable statute of the State of
New York or these Bylaws require notice to be given to any director, officer or
stockholder, such notice shall be given in writing to his or her address as the
same appears in the books of the Company, and the time when the same shall be
mailed shall be deemed to be the time of the giving of such notice.

2. A waiver of any notice in writing, signed by a stockholder,
director, or officer before or after the time stated in said waiver for holding
a meeting, shall be deemed equivalent to a notice required to be given to any
director, officer or stockholders.

Article VIII

The seal of Company shall be circular in form and shall contain the
words:
"ReliaStar Life Insurance Company of New York, New York, Corporate Seal, 1917,"
which seal shall be kept in the custody of the Secretary of this Company and
affixed to all instruments requiring such corporate seal.

Article IX
Alterations, amendment or repeal of these Bylaws may be made by the
Stockholders or at any meeting of the Board of Directors at which a quorum is
present by a majority of the Directors attending such meeting.

Article X
Unless otherwise provided in the Articles of Incorporation, any action
required or permitted to be taken at any meeting of the shareholders, Board of
Directors, or of any committee thereof may be taken without a meeting if, a
written consent to such action is signed by all shareholders, all members of the
Board or of any Board committee, as the case may be, and such written consent is
filed with the minutes of proceedings of the shareholders, the Board or the
committee.

AMENDMENT TO PARTICIPATION AGREEMENT AMONG

VARIABLE INSURANCE PRODUCTS FUND

FIDELITY DISTRIBUTORS CORPORATION

and

RELIASTAR BANKERS SECURITY LIFE INSURANCE COMPANY

WHEREAS, RELIASTAR BANKERS SECURITY LIFE INSURANCE COMPANY (the
"Company"), VARIABLE INSURANCE PRODUCTS FUND (the "Fund") and FIDELITY
DISTRIBUTORS CORPORATION have previously entered into a Participation
Agreement (the "Agreement") containing, among other things, certain
arrangements concerning the formats in which the Company can receive Fund
prospectuses and Statements of Additional Information; and

WHEREAS, the Company desires to receive electronic versions of the
Fund's prospectus and Statement of Additional Information and supplements
thereto;

NOW, THEREFORE, the parties do hereby agree to amend the Agreement
to add the following to the provisions of Article III:

The Company may also choose to receive the Fund's prospectus and
Statement of Additional Information in electronic format. The file format
shall be such as may be mutually agreed to by the Fund and the Company from
time to time. The Company shall make no changes whatsoever to the file, or to
the material constituting the printed output of the file, unless such changes
shall have been approved in writing by the Fund or its designee. The Company
shall be responsible for compliance with all regulatory requirements related
to delivery of electronic prospectuses, including, without limitation, the 1940
Act, the 1933 Act, and related SEC releases.

IN WITNESS WHEREOF we have set our hand as of the 24th day of July,
1997.

RELIASTAR BANKERS SECURITY LIFE INSURANCE COMPANY

By: /s/ Wayne R. Huneke
----------------------------------

Name: Wayne R. Huneke
--------------------------------

Title: Vice President
-------------------------------

VARIABLE INSURANCE PRODUCTS FUND II FIDELITY DISTRIBUTORS CORPORATION

By: /s/ J. Gary Burkhead By: /s/ Paul J. Hondros
----------------------------- -------------------------
J. Gary Burkhead Paul J. Hondros
Senior Vice President President

<PAGE>

AMENDMENT NO. 3

Amendment to the Participation Agreement among ReliaStar Life Insurance
Company of New York (formerly ReliaStar Bankers Security Life Insurance Company)
(the "Company"), Variable Insurance Products Fund (the "Fund") and Fidelity
Distributors Corporations (the "Underwriter") dated March 9, 1995 (the
"Agreement").

1) Paragraph 1 on page 1 of the Agreement is hereby amended by inserting the
Company's present name, "ReliaStar Life Insurance Company of New York," in place
of its former name.

2) Schedule A is hereby revised to read as follows:

SCHEDULE A
CONTRACTS
February 18, 1998

Policy Form Numbers of
Name of Separate Account and Contracts Funded by
Date Established by Board of Directors Separate Account
Separate Account M -- 3/81 B-ORD-1928-90
Separate Account P -- 12/81
Separate Account Q -- 9/82
ReliaStar Life Insurance Company of New York
Variable Life Separate Account I -- 3/82 85-251; 85-438

3) Schedule C is hereby revised to read as follows:

SCHEDULE C
December 20, 1996

Other investment companies currently available under variable annuities
or variable life insurance issued by the Company:

Oppenheimer Variable Account Funds

Alliance Capital Management Funds

USLICO Series Fund (an in-house fund that supports ReliaStar Bankers
Security life Insurance Company's and
United Services Life Insurance Company's
variable life insurance products.)

Putnam Capital Manager Trust Funds

Northstar Variable Trust Portfolios
<PAGE>

OCC Accumulation Trust Portfolios

Neuberger&Berman Advisors Management Trust Portfolios

Janus Aspen Series Portfolios

The Alger American Fund Portfolios

IN WITNESS WHEREOF, each of the parties has caused this Amendment to be
executed in its name and on its behalf by its duly authorized representative as
of March 3, 1998.

ReliaStar Life Insurance Company of New York

By:

Name: Stewart D. Gregg

Title: Assistant Secretary

Variable Insurance Products Fund

By:

Name:

Title:

Fidelity Distributors Corporation

By:

Name:

Title:

<PAGE>

AMENDMENT TO PARTICIPATION AGREEMENT AMONG

VARIABLE INSURANCE PRODUCTS FUND II

FIDELITY DISTRIBUTORS CORPORATION

and

RELIASTAR BANKERS SECURITY LIFE INSURANCE COMPANY

WHEREAS, RELIASTAR BANKERS SECURITY LIFE INSURANCE COMPANY (the
"Company"), VARIABLE INSURANCE PRODUCTS FUND II (the "Fund") and FIDELITY
DISTRIBUTORS CORPORATION have previously entered into a Participation
Agreement (the "Agreement") containing, among other things, certain
arrangements concerning the formats in which the Company can receive Fund
prospectuses and Statements of Additional Information; and

WHEREAS, the Company desires to receive electronic versions of the
Fund's prospectus and Statement of Additional Information and supplements
thereto;

NOW, THEREFORE, the parties do hereby agree to amend the Agreement
to add the following to the provisions of Article III:

IN WITNESS WHEREOF we have set our hand as of the 24th day of July,
1997.

RELIASTAR BANKERS SECURITY LIFE INSURANCE COMPANY

By: /s/ Wayne R. Huneke
----------------------------------

Name: Wayne R. Huneke
--------------------------------

Title: Vice President
-------------------------------

VARIABLE INSURANCE PRODUCTS FUND II FIDELITY DISTRIBUTORS CORPORATION

By: /s/ J. Gary Burkhead By: /s/ Paul J. Hondros
----------------------------- -------------------------
J. Gary Burkhead Paul J. Hondros
Senior Vice President President

<PAGE>

AMENDMENT NO. 3

Amendment to the Participation Agreement among ReliaStar Life Insurance
Company of New York (formerly ReliaStar Bankers Security Life Insurance Company)
(the "Company"), Variable Insurance Products Fund II (the "Fund") and Fidelity
Distributors Corporations (the "Underwriter") dated March 9, 1995 (the
"Agreement").

1) Paragraph 1 on page 1 of the Agreement is hereby amended by inserting the
Company's present name, "ReliaStar Life Insurance Company of New York," in place
of its former name.

2) Schedule A is hereby revised to read as follows:

SCHEDULE A
CONTRACTS
February 18, 1998

3) Schedule C is hereby revised to read as follows:

SCHEDULE C
December 20, 1996

Other investment companies currently available under variable annuities
or variable life insurance issued by the Company:

Oppenheimer Variable Account Funds

Alliance Capital Management Funds

USLICO Series Fund (an in-house fund that supports ReliaStar Bankers
Security life Insurance Company's and
United Services Life Insurance Company's
variable life insurance products.)

Putnam Capital Manager Trust Funds

Northstar Variable Trust Portfolios
<PAGE>
OCC Accumulation Trust Portfolios

Neuberger&Berman Advisors Management Trust Portfolios

Janus Aspen Series Portfolios

The Alger American Fund Portfolios

IN WITNESS WHEREOF, each of the parties has caused this Amendment to be
executed in its name and on its behalf by its duly authorized representative as
of March 3, 1998.

ReliaStar Life Insurance Company of New York

By:

Name: Stewart D. Gregg

Title: Assistant Secretary

Variable Insurance Products Fund II

By:

Name:

Title:

Fidelity Distributors Corporation

By:

Name:

Title:

AMENDMENT NO. 1

Amendment to the Participation Agreement among ReliaStar Life Insurance
Company of New York (formerly ReliaStar Bankers Security Life Insurance Company)
(the "Company"), Putnam Variable Trust (the "Trust") and Putnam Mutual Funds
Corp. (the "Underwriter") dated January 16, 1997 (the "Agreement").

1) Paragraph 1 on page 1 of the Agreement is hereby amended by inserting the
Company's present name, "ReliaStar Life Insurance Company of New York," in place
of its former name.

2) Schedule A is hereby revised to read as follows:

SCHEDULE A
CONTRACTS
January 1, 1998

1. ReliaStar Life Insurance Company of New York Variable Life Separate
Account I

(a) Flexible Premium Variable Life Insurance Policy
Contract Form Number: 85-251 and State Exceptions

(b) Survivorship Flexible Premium Variable Life Insurance Policy
Contract Form Number: 85-438

IN WITNESS WHEREOF, each of the parties has caused this Amendment to be
executed in its name and on its behalf by its duly authorized representative as
of March 3, 1998.

ReliaStar Life Insurance Company of New York

By:

Name: Robert B. Saginaw

Title: Assistant Secretary

<PAGE>

Putnam Variable Trust

By:

Name:

Title:

Putnam Mutual Funds Corp.

By:

Name:

Title:

[RELIASTAR LOGO]

ReliaStar Life Insurance
Company of New York
1000 Woodbury Road, Ste. 102
Post Office Box 9004
Woodbury, New York 11797

APPLICATION
FOR LIFE INSURANCE

INSTRUCTIONS TO AGENTS AND APPLICANTS

o CONDITIONAL RECEIPT. A receipt must be given to
Applicant/ Owner if a premium payment is made. No agent
has the authority to alter the provision of the
Conditional Report.

o Applicant/Owner should understand all provisions of
the Conditional Receipt.

o If special requirements need to be considered, be sure
to submit a separate cover letter with all details.

o Please PRINT all responses on this application in black
ink.

o use the remarks section (question 23) for any
special instructions, or where additional space is
needed, i.e.; beneficiary or payor information.

o An additional piece of paper may be attached if
necessary for explaining details of answers to
questions in the application.

ALL PREMIUM CHECKS MUST BE MADE PAYABLE TO
RELIASTAR LIFE INSURANCE COMPANY OF NEW YORK.

DO NOT MAKE CHECK PAYABLE TO THE AGENT
NOR LEAVE THE PAYEE BLANK.

74400NY(11/97)

<PAGE>

RELIASTAR LIFE INSURANCE No.
COMPANY OF NEW YORK
1000 Woodbury Road, Ste. 102
Post Office Box 9004
Woodbury, New York 11797
CONDITIONAL RECEIPT
IF MONEY IS COLLECTED, DETACH THIS RECEIPT AND GIVE TO CLIENT.

IF WITHIN THE LAST YEAR, THE PROPOSED INSURED(S) HAS (HAVE) RECEIVED ANY
TREATMENT OR ADVICE FROM A PHYSICIAN FOR TUMOR OR CANCER OR ANY BRAIN, HEART,
LUNG OR KIDNEY DISORDER, A CONDITIONAL RECEIPT MAY NOT BE GIVEN AND MONEY MAY
NOT BE COLLECTED.

Received from

the sum of

in payment of the first full modal premium for an insurance policy applied for
on the life (lives) of

Proposed Insured(s), for which the above numbered application as dated below has
been made to ReliaStar Life Insurance Company of New York.

THIS CONDITIONAL RECEIPT DOES NOT CREATE TEMPORARY OR INTERIM INSURANCE AND IT
DOES NOT PROVIDE ANY COVERAGE EXCEPT AS PROVIDED HEREIN. THIS PAYMENT IS MADE
AND ACCEPTED SUBJECT TO THE LIMITS PROVISION AND TO THE FOLLOWING TERMS AND
CONDITIONS:

IF:1. all required parts of the application and all medical examinations and
tests initially required by published Company rules and practices have
been completed within 60 days of the date of this receipt; and

2. the Company determines that as of the date of the last of the initial
(or second) medical examination or tests initially required under the
published rules of the Company because of the Proposed Insured's(s')
age or the amount of insurance applied for, or as of the date of the
payment whichever shall be later, the Proposed Insured(s) was (were)
insurable and acceptable under the published rules and practices of the
Company for the policy in the amount, on the plan and otherwise exactly
as applied for, and

3. the amount paid as stated above is the correct first full modal premium
required for the insurance on the basis applied for, including any
extra premium required for a risk other than standard; and

4. on the date of this receipt all answers and statements contained in
each part of the application are full, complete and true to the best of
the Applicant/Owner's knowledge and belief, as though given on the date
of this receipt.

THEN: the insurance under the terms of the policy applied for shall take
effect as of the date of the completion of the initial requirements of the
Company, medical examinations and tests or as of the date of issue requested, if
later.

UNLESS ALL THE PRECEDING CONDITIONS ARE MET, THERE SHALL BE NO LIABILITY ON THE
PART OF THE COMPANY EXCEPT TO RETURN THIS PAYMENT.

<PAGE>
No agent of the Company has authority to make, alter or modify the terms of this
receipt or of the application or of any policy issued thereon or to waive any of
the Company's requirements or to extend the time for payment of premiums.

LIMITS PROVISION. The Company shall not be liable under this Conditional Receipt
for any insurance on the life (lives) of the Proposed Insured(s) which, together
with any insurance on such life (lives) under any and all other Conditional
Receipts of the Company, exceed the following limits: 1.) 4500,000 if any
proposed insured has not reached his/her 69th birthday; or 2.) $250,000 if any
proposed insured has reached, or exceeded, his/her 69th birthday. These limits
include amounts under any accidental death benefit agreement applied for. If the
total amount of insurance applied for exceeds the above limits, the Company
shall have no liability with respect to such excess amount except to return the
premium.

Any check, bank draft or money order shall be considered payment for which the
receipt is issued only if such amount is actually received by the Company.

Signed at City/State

Licensed Agent Signature Date

74400-1NY(11/97)
<PAGE>
AUTHORIZATION TO OBTAIN INFORMATION

I authorize any physician, medical practitioner, hospital, clinic, other medical
or medically related facility, insurance or reinsuring company, the Medical
Information Bureau, Inc., consumer reporting agency, or employer having
information available as to diagnosis, treatment and prognosis with respect to
any physical or mental condition and/or treatment of me or my minor children and
any other non-medical information of me or my minor children to give to
ReliaStar Life Insurance Company of New York or its Reinsurer(s) any and all
such information.

To facilitate submission of such information, I authorize all said sources,
except the Medical Information Bureau, Inc., to give such records or knowledge
to any agency employed by ReliaStar Life Insurance Company of New York to
collect and transmit such information.

I understand the information obtained by use of the Authorization will be used
by ReliaStar Life Insurance Company of New York to determine eligibility for
insurance, and eligibility for benefits under an existing policy. Any
information obtained will not be released by ReliaStar Life Insurance Company of
New York to any person or organization except to reinsuring companies, the
medical Information Bureau, Inc. or other persons or organizations performing
business or legal services in connection with my application, claim, or as may
be otherwise lawfully required or as I may further authorize.

o I know that I may request to receive a copy of this Authorization.

o I agree that a photographic copy of the Authorization shall be as
valid as the original.

o I acknowledge receipt of the Notice of Information Practices.

o I agree this Authorization shall be valid for two and one half
years from the date shown below.

[ ] I request to be interviewed if an investigative consumer report is prepared
in connection with this application.

Print Name of Proposed Insured

Signature of Proposed Insured/
or of Parent or Guardian if a Minor Date

DO NOT DETACH THIS PAGE.

74400NY(11/97)
<PAGE>
NOTICE OF INFORMATION PRACTICES

COLLECTION OF INFORMATION

To underwrite your insurance, information may be collected concerning your age,
occupation, physical condition, health history, avocations, or other information
necessary to determine appropriate premium rates. We may obtain information from
medical practitioners or institutions which have provided care to you or your
family and from your employers, business associates, friends, neighbors, other
insurance companies, the Medical Information Bureau, (MIB), or from an
Investigative Consumer Report prepared by an independent reporting firm. If we
request such an Investigative Consumer Report, you have the right to ask to be
interviewed and, upon written request, to receive the contents of the report
from the reporting company. This information will not be used to determine your
sexual orientation. if the report is requested, we will so notify you and
provide you with the name and address of the reporting firm. Further information
on the nature and scope of the reports will be provided upon written request to
the Vice President, Chief Underwriter, ReliaStar Life Insurance Company of New
York, 1000 Woodbury Road, Ste 102, Woodbury, New York 11797.

MEDICAL INFORMATION BUREAU

ReliaStar Life will treat information regarding you as confidential. We or our
Reinsurer(s) may make a brief report to the Medical Information Bureau, a
nonprofit membership organization of life insurance companies. It operates an
information exchange for its members. The Bureau, upon request, will give
information it may have in its file to a member Company: 1) if you apply to a
member Company for life or health insurance; or 20 if you make a claim for
benefits. if you send a request to the Bureau, it will arrange to disclose the
information it may have in your file. If you question the accuracy of
information in the Bureau's file, you may seek correction. you may do this by
contacting the Bureau. The Federal Fair Credit Reporting Act tells you how to
proceed. The address of the Bureau's information office is Post Office Box 105,
Essex Station, Boston, Mass. 02112, phone (617) 426-3660.

We or our reinsurers may also release information in our file to any other
life insurance company if: 1) you have applied to such a company for life or
health insurance; or 2) you have made a claim to such company for benefits.

DETACH THIS PAGE AND GIVE TO PROPOSED INSURED.

74400-2NY(11/97)

(This page intentionally left blank)

<PAGE>

RELIASTAR LIFE INSURANCE No.
COMPANY OF NEW YORK
1000 Woodbury Road, Ste. 102
Post Office Box 9004
Woodbury, New York 11797
PART I OF AN APPLICATION
FOR LIFE INSURANCE

1. a. Proposed Insured Name (First/Middle Initial/Last)

b. Date of Birth c. Age (Nearest Birthday) d. [ ] Male
[ ] Female
--------------------- --------------------------

e. Place of Birth (City/State/Country)

f. Are you a U.S. Citizen? g. Social Security Number

[ ] Yes [ ] No
If "No", give details under Item #23.

2. a. Home Address (No. & Street/City/State/Zip Code)

b. Home Phone # ( )

3. a. Plan of Insurance (If universal life, fully complete Section 3d.) (If
Plan of insurance contains premium adjustment provision, see Notice to
Applicant below item #23.)

b. Amount of Insurance $

c. Optional Riders

[ ] ADB - Amount ($300,000 maximum)
$

[ ] Waiver of Premium

[ ] Other

<PAGE>

74400NY(11/97)

<PAGE>

d. UNIVERSAL LIFE PLANS ONLY - Complete the following:

I. Total amount of Initial Premium $

II. What is the amount of premium you plan to pay regularly (the
Planned Periodic Premium?)

III. Death Benefit Option
[ ] Option 1 - Level
[ ] Option 2 - Increasing

IV. Do you wish to add an Other Insured Rider to your policy?
[ ] Yes
[ ] No

If applicable, list additional insureds below and complete an Application
for Life Insurance for each one:

Proposed Other Insured Amount

e. How will premiums be paid?
[ ] Annually [ ] Semi-Annually [ ] Quarterly
[ ] Sav-o-Matic/Monthly (complete form on page 11)
[ ] List bill (# if known)
Premium notices will be sent to owner unless otherwise indicated in Item
#23.

f. Is Automatic Premium Loan requested?
[ ] Yes
[ ] No
<TABLE>
<CAPTION>
<S> <C>

4. a. Primary SSN or Relationship %
Beneficiary TIN to Insured Share

All primary beneficiaries who survive the Insured shall share equally
unless otherwise indicated above.

b. Contingent SSN or Relationship %
Beneficiary TIN to Insured Share

74400NY(11/97)

<PAGE>

5. a. Policyowner Relationship to Insured

If no owner is designated, the Insured shall be the owner.

b. Address (No. & Street/City/State/Zip Code)

c. Policyowner's SSN or TIN.

6. a. Name of Employer

b. Nature of Business

c. Business Address (No. & Street/City/State/Zip Code)

d. Occupation (Describe Exact Duties)

e. How long in this job?

f. Are you presently working full time? Yes No

7. Do you now, or do you intend to fly as a pilot, student pilot or crew member? Yes No
--- ---------
If "Yes," an Aviation Questionnaire is required.

8. Do you now, or do you intend to participate in automobile, motorboat or
motorcycle racing, skydiving, hang-gliding, skin or scuba diving, mountain
or rock climbing or engage in any other hazardous activity?

Yes No If "Yes," an Avocation Questionnaire
is required.

</TABLE>

74400NY(11/97)

<PAGE>

9. Do you intend to change your residence or travel outside the United States or
Canada?

Yes No If "Yes," Foreign Travel or
Residence Questionnaire is required.
<TABLE>
<CAPTION>

<S> <C>
10. Do you currently use tobacco or nicotine products in any form, e.g.,
cigarettes, cigars, pipes, chewing tobacco, nicotine gum or nicotine
patches? (Complete a. through f.)

a. Cigarettes
If yes, number of packs of cigarettes per day
b. Cigars 10a. ___ ___
If yes, number of cigars per month 10b. ___ ___
c. Pipe 10c. ___ ___
d. Chewing Tobacco 10d. ___ ___
e. Nicotine Gum 10e. ___ ___
f. Nicotine Patches 10f. ___ ___

11. Have you ever used tobacco or nicotine products in any form, e.g.,
cigarettes, cigars, pipes, chewing tobacco, nicotine gum or nicotine
patches? (Complete a. through f.)
YES NO

a. Cigarettes 11a. ___ ___
If yes, Month Year last used
- -----------
b. Cigars 11b. ___ ___
If yes, Month Year last used
- -----------
c. Pipe 11c. ___ ___
If yes, Month Year last used
- -----------
d. Chewing Tobacco 11d. ___ ___
If yes, Month Year last used
- -----------
e. Nicotine Gum 11e. ___ ___
If yes, Month Year last used
- -----------
f. Nicotine Patches 11f. ___ ___
If yes, Month Year last used
- -----------
12. Have you ever applied for any life, accident or health insurance which has
not been granted exactly as applied for in any kind, amount, or rate? Has
any insurance issued to you been cancelled or its renewal or reinstatement
refused?

Yes No If "Yes," give details under Item #23.

13. What is the total amount of life insurance in force on your life? (Do NOT
include Group policies.)

When Business Ins.?
Amount ADB Issued Company (Y or N)

</TABLE>

I have no life insurance in force.

74400NY(11/97)

<PAGE>

14. Are you negotiating for other life, disability or health insurance? Yes No
If "Yes," give details under Item #23.

15. Do you intend the replacement or change of any of your existing life
insurance policies or annuities in connection with this application for
life insurance?

Yes No If "Yes," give company, amount, and reason.

16. What is the purpose of this insurance? (Check where applicable)

PERSONAL BUSINESS
--------- --------
Estate Liquidity Key Employee
--------- ---------
Family Protection Buy/Sell
--------- --------
Loan Protection Creditor
--------- ---------
Tax Planning Employee Benefits
--------- --------
Retirement Planning (Split Dollar, Deferred
---------
Cash Accumulation Compensation, etc.)
---------
Other: Other:
--------- -------- --------------

--------------

17. Have you or your company ever filed for bankruptcy? Yes No
----- -----

18. Personal Finances

a. Earned Income b. Total Assets c. Unearned Income

d. Total Liabilities e. Net Worth

19. Business Finances (Complete question #19 only if this is business insurance)

a. Total Assets b. Total Liabilities c. Net Worth

d. Net Profit After Taxes for Past Two Years:

Last Year Previous year

e. What is your percentage of ownership of this firm?

74400NY(11/97)

<PAGE>

f. Is business insurance applied for or in force on other key members of
this firm?

Yes No If "No," please explain.

If face amount exceeds one million dollars, submit a copy of the business'
most recent financial statement and/or annual report.

20. Have you had a moving violation, traffic accident or your driver's license
suspended or revoked within the last three years?

Yes No If "Yes," include driver's license
number and state

21. Except for traffic violations, have you been convicted in a criminal
proceeding or are you the subject of a pending criminal proceeding?

Yes No

22. I have paid $ to the agent or broker in exchange for the
Conditional Receipt bearing the same number as this application, and I
agree to the conditions.

23. REMARKS AND DETAILS OF PREVIOUS QUESTIONS. (Include any special dating
requirements, etc.)

Question # Comments

Additional Comments

74400NY(11/97)

NOTICE TO APPLICANT: If the Plan of insurance contains premium adjustment
provision, the current premium for this Policy may be changed each year after
the first, but it will not be greater than the premium that would otherwise be
payable. The premium then charged is not guaranteed and the full maximum premium
could be charged.

I read the preceding questions and answers. I affirm that my answers are
complete and true to the best of my knowledge and belief. I agree that 91) This
application (Part I, Part II if required, and any special questionnaires
required) shall form a part of any policy issued. (2) No waiver or change shall
bind the Company unless it is in writing and signed by the President, a Vice
President or the Secretary. (3) No agent is authorized to (a) waive the answer
to any questions in this application, (b) make or change any insurance contract,
(c) waive any of the Company's underwriting requirements or other rights. (4) No
insurance shall take effect unless, during the lifetime and continued
insurability of the Proposed Insured as stated in this application, the policy
has been delivered to and accepted by the Owner, and the first premium for the
policy has been paid; except that if the first premium has been paid and the
Company's Conditional Receipt has been issued, the provisions of such
Conditional receipt shall apply. (5) I understand that if, within the last year,
I have received any treatment or advice from a physician for tumor or cancer or
any brain, heart, lung or kidney disorder, a Conditional Receipt may not be
given and money may not be collected. Further, I hereby declare under penalty of
perjury that my Social Security Number stated herein is correct.

<TABLE>
<S> <C>
Signed at (City & State)

Licensed Resident Agent Signature Proposed Insured Signature Date

Witness Signature Applicant/Owner if other than Proposed Insured Date

Signature and Title (If Applicable)

</TABLE>

74400NY(11/97)

<PAGE>

RELIASTAR LIFE INSURANCE No.
COMPANY OF NEW YORK
1000 Woodbury Road, Ste. 102
Post Office Box 9004
Woodbury, New York 11797
PART II OF AN APPLICATION
FOR LIFE INSURANCE
NON-MEDICAL

1. a. Proposed Insured (First/Middle Initial/Last)

b. Date of Birth (Month/Day/year) c. Male
Female

2. a. Name and address of your personal physician.

b. Date and reason last consulted:

c. What advice and treatment was given or medication prescribed?

3. Height Weight

[PROVIDE DETAILS TO "YES" ANSWERS FOR QUESTIONS #4-11 IN SPACE PROVIDED AT ITEM
#13.]
<TABLE>
<CAPTION>

4. Have you ever been treated for or have you had: YES NO
--- --
<S> <C>

a. Disorder of eyes, ears, nose or throat? 4a. ___ ___
b. Dizziness, fainting, convulsions, headache, speech
defect, paralysis, stroke; mental or nervous disorder? 4b. ___ ___
c. Shortness of breath, persistent hoarseness or cough,
spitting of blood, asthma, emphysema, tuberculosis,
or chronic respiratory disorder? 4c. ___ ___
d. Chest pain, palpitations, high blood pressure, heart
murmur, heart attack, or other disorder of the heart
or blood vessels? 4d. ___ ___
e. Jaundice, intestinal bleeding, ulcer, hernia, hepatitis,
colitis, diverticulitis, recurrent indigestion, or other
disorder of the stomach, intestine, liver or gall bladder? 4e. ___ ___
f. Sugar, albumin, blood or pus in urine, venereal disease,
nephritis, stone, or other disorder of kidney, bladder,
breasts, prostate or reproductive organs? 4f. ___ ___
g. Diabetes, thyroid, or other endocrine disorder? 4g. ___ ___
h. Neuritis, sciatica, rheumatism, arthritis, gout, or
disorder of the muscles or bones? 4h. ___ ___

<PAGE>
YES NO

i. Deformity, lameness or amputation? 4i. ___ ___
j. Disorder of the skin, lymph glands, cyst, tumor or
cancer? 4j. ___ ___
k. Allergies; anemia or other disorder of the blood? 4k. ___ ___

5. Have you ever been diagnosed or treated by a medical professional for
Acquired Immune Deficiency Syndrome
(AIDS) or AIDS Related Complex (ARC)? 5. ___ ___

6. a. Have you used or do you now use barbiturates, amphetamines,
hallucinogenic drugs (including marijuana), narcotics, or any
prescription drug except in accordance
with a physician's instruction? 6a. ___ ___
b. Have you ever received counseling, medical advice
and/or treatment from a commonly recognized practitioner
or treatment organization for alcohol or drug use? 6b. ___ ___

7. Are you now under observation, treatment, or taking medication? 7. ___ ___

8. To the best of your knowledge are you now pregnant? 8. ___ ___
If "Yes," give expected delivery date

9. Have you within the past 5 years:
a. Been diagnosed or treated by a medical professional
for any mental or physical disorder? 9a. ___ ___
b. had a checkup, consultation, illness, injury or surgery;
received any medical advice? 9b. ___ ___
c. Been a patient in a hospital, clinic, sanitarium, or
other medical facility? 9c. ___ ___
d. Had an electrocardiogram, x-ray, or other diagnostic
test except for an HIV test? 9d. ___ ___
e. Been advised by a medical professional to have any
diagnostic test except for an HIV test, hospitalization,
or surgery which has not been completed? 9e. ___ ___

10. Have you ever had military service deferment, rejection,
or discharge because of a physical or mental condition? 10. ___ ___

11. Have you ever requested or received a pension, benefits,
or payment because of an injury, sickness, or disability? 11. ___ ___
</TABLE>
12. Family History

Age if Age at Current Health
Living Death or Cause of Death

Father
Mother
Brothers
Sisters

74400NY(11/97)

<PAGE>

13. REMARKS AND DETAILS OF "YES" ANSWERS: (From Questions 4-11)
(Identify question. Give dates, diagnosis, details and treatment plus
names and addresses of all attending physicians and medical facilities.)

<TABLE>
<CAPTION>
Quest. Name and Address of
No. Date Physician or Facility Treatment, Medication, Details
<S> <C>

</TABLE>
Additional comments:

I read the statements and answers to the above questions. I affirm that they are
complete and true to the best of my knowledge and belief. I agree that this
application shall form a part of any policy issued. I waive to such extent as
may be lawful all provisions of law that would forbid the disclosure of any
information about me by: 1) any physician or any other person who has attended
or examined me; or 2) any physician or other person who may attend or examine me
in the future. I waive this on behalf of myself. I also waive this on behalf of
any other person who shall have or claim to have an interest in any policy
issued on my life.

Signed at (City & State)

Witness Signature Proposed Insured Signature Date

74400NY(11/97)
RELIASTAR LIFE INSURANCE No.
COMPANY OF NEW YORK
1000 Woodbury Road, Ste. 102
Post Office Box 9004
Woodbury, New York 11797
AGENT'S REPORT

THE FOLLOWING QUESTIONS RELATE TO THE PROPOSED INSURED
AND ARE TO BE ANSWERED
BY THE AGENT OR BROKER OF RECORD

Do you have knowledge or reason to believe that replacement of existing
insurance may be involved?

Yes No (f "Yes," submit applicable state
replacement forms.)

Is insured now negotiating for other life insurance or have coverage pending
with other companies?

Yes No (f "Yes," provide details.)

How much life insurance does the Proposed Insured's spouse have with the
Proposed Insured named as beneficiary?

With what companies?

List business associates or family members on whom applications are being
submitted to this Company.

REMARKS BY AGENT OR BROKER
Additional/Alternate Policy requested by Agent or Broker must be indicated in
this space.

General Agent Signature Print Name GA No.

1st Writing Agent Signature Print Name Split % GA No.

2nd Writing Agent Signature Print Name Split % GA No.

</TABLE>

<PAGE>

TO BE COMPLETED BY GENERAL AGENT

Writing Agent's License for ReliaStar Life is: inforce pending
If applicable, is a Single Case Agreement attached? Yes No

HOME OFFICE USE

Amount Voucher # Entry Date

Check # Check Date Sender

74400NY(11/97)
SAV-O-MATIC FORM

<PAGE>

INSTRUCTIONS

1. Indicate name of Insured in the space provided. If payor is to pay on
policies covering more than one Applicant/Owner show names of all
Insureds. Include all policy numbers to be drafted from one account.

2. Include VOIDED copy of the account holder's check.

NOTE: TWO MONTHS PREMIUM IS REQUIRED TO ESTABLISH SAV-O-MATIC. Drafts
from the Account Holder's bank will occur on the 14th of every month.

The Company is hereby authorized to make withdrawals from the checking account
of the Premium Payor/Account Holder at the bank named herein to pay
premiums on the policies described herein as they become due or within 31
days thereafter.

It is agreed that:
o This authorization shall apply to any conversion, renewal or change made
in said policies;
o The debiting or such withdrawals to the checking account of
the undersigned Premium Payor shall constitute due notices of premiums
being due on said policies;
o The Company reserves the right to assess a fee for any returned
withdrawal not honored by the bank;
o If the Company is not paid within the time required by the policies,
the said policies shall lapse and have no further value, except as
otherwise provided in said policies;
o Either the Company or the Premium Payor may terminate this agreement
at any time by a notice in writing, mailed or delivered to or at the
last known address of the other party and that the premiums due at the
date of such termination, or thereafter falling due, shall be
payable in accordance with the regular premium rates and premium
modes (other than under the pre-authorized payment plan of the Company)
applicable to said policies.

Proposed Insured (First/Middle Initial/Last)

Policy Number(s)

Bank Bank Account Number

Branch Transit Routing Number

Address (Street/City/State/Zip Code)

Account Holder Signature Date

<PAGE>

SUPPLEMENTARY LIFE APPLICATION
[RELIASTAR LOGO]
ReliaStar Life Insurance Company
of New York
1000 Woodbury Road, Suite 102
Woodbury, NY 11797

PLEASE PRINT ALL ANSWERS IN BLACK INK. CHANGES AND CORRECTIONS MUST BE
INITIALED BY APPLICANT.

1. NAME OF PROPOSED INSURED (First, Middle, Last)

2. IF PARTICIPATING, INDICATE OPTION:

[ ] Paid in Cash [ ] Paid Up Additions [ ] Premium Payment
[ ] Left at Interest [ ] Other

3. IF APPLYING FOR UNIVERSAL LIFE, INDICATE COVERAGE OPTION:

[ ] Option 1 The Specified Amount includes the Cash Value Fund
[ ] Option 2 The Specified Amount is in addition to the Cash Value
Fund

Planned Premium: $
Additional 1st Year Deposit: $

4. COMPLETE FOR VARIABLE UNIVERSAL LIFE

A. ALLOCATION OF PREMIUM PAYMENTS: Allocation must be in whole
percentage points totaling 100%.

a. % Fixed Account

THE ALGER AMERICAN FUND
b. % Alger American Growth Portfolio (AGR)
c. % Alger American MidCap Growth Portfolio (AMG)
d. % Alger American Small Capitalization Portfolio (ASC)

FIDELITY'S VARIABLE INSURANCE PRODUCTS FUND
e. % Equity-Income Portfolio (FEI)
f. % Growth Portfolio (FGP)
g. % High Income Portfolio (FHI)
h. % Money Market Portfolio (FMM)

FIDELITY'S VARIABLE INSURANCE PRODUCTS FUND II
i. % Contrafund Portfolio (FCF)
j. % Index 500 Portfolio (FIN)
k. % Investment Grade Bond Portfolio (FIG)

JANUS ASPEN SERIES
l. % Aggressive Growth Portfolio (JAG)
m. % Growth Portfolio (JGP)
n. % International Growth Portfolio (JIG)
o. % Worldwide Growth Portfolio (JWG)

<PAGE>

NEUBRGER & BERMAN ADVISERS MANAGEMENT TRUST
p. % Limited Maturity Bond Portfolio (NLM)
q. % Partners Portfolio (NPP)

NORTHSTAR VARIABLE TRUST
r. % Northstar Growth Fund (NGF)
s. % Northstar High Yield Bond Fund (NHY)
t. % Northstar Income and Growth Fund (NIG)
u. % Northstar International Value Fund (NIV)
v. % Northstar Multi-Sector Bond Fund (NMS)

OCC ACCUMULATION TRUST
w. % Equity Portfolio (OEP)
x. % Global Equity Portfolio (OGE)
y. % Managed Portfolio (OMP)
z. % Small Cap Portfolio (OSC)

PUTNAM VARIABLE TRUST
aa. % Putnam VT Diversified Income Fund (PDI)
bb. % Putnam VT Growth & Income Fund (PGI)
cc. % Putnam VT Voyager Fund (PVY)

OTHER INVESTMENT COMPANIES/FUNDS
dd. %

ee. %

ff. %

gg. %

Allocation affects all future payments until changed by you.
B. SUITABILITY YES NO
<S> <C> --- --
a. Have you, the proposed insured or the proposed
purchaser, if other than the proposed insured, received
a prospectus describing the policy, investment divisions,
and important features? ___ ___
b. Date of prospectus? / /
--------- -------
c. Date of any supplement? / /
--------- --------
d. Do you understand that under the policy applied for
(exclusive of any optional benefits), the amount of
death benefit above the face amount, the entire
amount of the cash value, and duration of coverage
may increase or decrease depending upon investment experience? ___ ___
e. With this in mind, is the policy in accord with your
insurance objectives and your anticipated financial need? ___ ___

C. DEATH BENEFIT OPTION:
Level Variable

</TABLE>

<S> <C>

D. VARIABLE UNIVERSAL LIFE INSURANCE RIDERS: (Check if desired and/or enter amounts)
Accelerated Benefit Rider*
---------
Waiver of Monthly Deduction Rider $
---------
Additional Insured Rider (on Primary Insured) $
---------
Additional Insured Rider (on Additional Insured) $
---------
Accidental Death Benefit Rider $
---------
Other $
--------- ----------------------------------------------
Other $
--------- ----------------------------------------------
</TABLE>
* Receipt of accelerated death benefits may affect eligibility for
public assistance programs and may be taxable. A lien will be placed
against the policy for the amount advanced, plus any administrative
charge not to exceed $300, plus any accrued interest on the lien.

NOTICE TO APPLICANTS APPLYING FOR A VARIABLE UNIVERSAL LIFE INSURANCE
POLICY:

We will furnish illustrations of benefits, including death benefits and
cash values, for the variable universal life insurance policy applied
for.

IT IS UNDERSTOOD THAT UNDER THE POLICY APPLIED FOR (EXCLUSIVE OF ANY
OPTIONAL BENEFITS), THE AMOUNT OF THE DEATH BENEFIT ABOVE THE FACE
AMOUNT, THE CASH VALUE, AND DURATION OF COVERAGE MAY INCREASE OR
DECREASE BASED ON THE INVESTMENT EXPERIENCE OF A SEPARATE ACCOUNT AND
ARE NOT GUARANTEED AS TO DOLLAR AMOUNT.

I represent that the above statements and answers are true and complete
to the best of my knowledge and belief. It is understood and agreed
that this Supplementary Application, together with Parts One, Two and
Three, if applicable, of my application for life insurance shall form
the basis of the policy applied for. If there is any conflict between
the above statements and answers and those given in Parts One, Two and
Three, if applicable, of my application, the answers herein will
control.

Signature of Agent Signature of Proposed Insured

Signed at:
City State Signature of Owner (if
other than Proposed Insured)

Date:
Signature of Other Insured

Witness (to all signatures) Signature of any Child Covered by a
Rider (if age 15 or older)

Form 4096A

Jeffrey A. Proulx
Associate Counsel

Phone (612) 372-1810
Fax (612) 342-7531
[email protected]

March 6, 1998

ReliaStar Life Insurance Company of New York
1000 Woodbury Road, Suite 102
Woodbury, NY 11797

Dear Sir/Madam:

In connection with the proposed registration under the Securities Act of 1933,
as amended, of a survivorship flexible premium variable life insurance policy
(the "Policy") and interests in ReliaStar Life Insurance Company of New York
Variable Life Separate Account I (the "Variable Account"), I have examined
documents relating to the establishment of the Variable Account by the Board of
Directors of our affiliated company, ReliaStar Life Insurance Company of New
York (the "Company"), as a separate account for assets applicable to variable
contracts, pursuant to New York Insurance Law Section 4240, as amended, and the
Registration Statement, on form S-6 (the "Registration Statement") and I have
examined such other documents and have reviewed such matters as I deemed
necessary for this opinion, and I advise you that in my opinion:

1. The Variable Account is a separate account of the Company duly
created and validly existing pursuant to the laws of the State
of New York.

2. The Policy, when issued in accordance with the Prospectus
constituting a part of the Registration Statement and upon
compliance with applicable local law, will be legal and
binding obligations of the Company in accordance with their
respective terms.

3. The portion of the assets held in the Variable Account equal
to reserves and other contract liabilities with respect to the
Variable Accounts are not chargeable with liabilities arising
out of any other business the Company may conduct.

I consent to the filing of this opinion as an exhibit to the Registration
Statement and to the use of my name under the heading "Legal Matters" in the
Prospectus constituting a part of the Registration Statement and to the
references to me wherever appearing therein.

Sincerely yours,

Jeffrey A. Proulx
Associate Counsel

nysv_298/attyop (File 13757)

EXHIBIT EX-99.D1

DESCRIPTION OF RELIASTAR LIFE INSURANCE COMPANY OF NEW YORK'S
PURCHASE, REDEMPTION, TRANSFER, AND CONVERSION
PROCEDURES FOR POLICY

This document sets forth the administrative procedures that will be followed by
ReliaStar Life Insurance Company of New York ("ReliaStar Life of New York") in
connection with the issuance of its Survivorship Flexible Premium Variable Life
Insurance Policy (the "Policy") described in the Registration Statement, the
transfer of the Policy's assets, the redemption by Policy owners of their
interest in the Policies and conversion to fixed benefit insurance. Unless
otherwise defined herein, all capitalized terms used below have the meanings
ascribed to them in the Prospectus for the Policy contained in this Registration
Statement.

"PUBLIC OFFERING PRICE": PURCHASE AND RELATED TRANSACTIONS

The following is a summary of the principal Policy provisions and administrative
procedures which constitute either direct or indirect purchase transactions. The
insurance aspects of the Policy cause procedures to differ in certain
significant respects from purchase procedures of mutual funds or contractual
plans.

Premium Schedules and Underwriting Standards

Premiums for the Policy will not be the same for all Policy owners. There is no
insurance until the initial premium is paid and all underwriting requirements
completed. The initial premium must be equal to or greater than three Minimum
Monthly Premiums (see "Payment and Allocation of Premiums - Minimum Initial
Premium") unless the Policy owner authorizes premiums to be paid by bank account
monthly deduction or government allotment. In those cases, ReliaStar Life of New
York will accept one Minimum Monthly Premium.

The Policy has a Death Benefit Guarantee if the Policy owner chooses to pay
premiums sufficient to maintain the Death Benefit Guarantee set forth in the
Policy. If the Death Benefit Guarantee is in effect during the Death Benefit
Guarantee Period as specified in the Policy, ReliaStar Life of New York will
then guarantee that the Policy will remain in force during such period, even if
the Policy's Cash Surrender Value is not sufficient to pay the Monthly Deduction
due.

After the initial premium, the Policy owner will determine a planned periodic
premium schedule that provides for a level premium payable at a fixed interval.
Payment of premium according to this schedule is not, however, mandatory and
failure to do so will not of itself cause the Policy to lapse. Instead, Policy
owners may determine the amount and timing of subsequent premiums subject to the
following restrictions:

1. In most cases, payment of a cumulative premium sufficient to maintain the
Death Benefit Guarantee will be required to keep the Policy in force during
the early months of the Death Benefit Guarantee Period.

2. ReliaStar Life of New York may choose not to accept a premium less than
$25.00.

3. ReliaStar Life of New York may require proof that each Joint Insured is
still insurable if any premium would increase the difference between the
Death Benefit Guarantee and the Accumulation Value.

4. ReliaStar Life of New York will return to the Policy owner any premium paid
that would exceed the current maximum premium payments allowed for life
insurance under federal law.

The Policy will stay in force as long as the Cash Surrender Value is sufficient
to pay the Monthly Deduction (the charges imposed in connection with the
Policy). The amount of premium, if any, required to keep the Policy in force
depends on the Cash Surrender Value which in turn depends on such factors as the
investment experience, the amount of any outstanding loans, and the Surrender
Charge. The Monthly Deduction varies with the cost of insurance charge and the
Mortality and Expense Risk Charge. The cost of insurance charge is based on the
principal of pooling and distribution of mortality risks, which assumes that
each Policy owner pays a premium commensurate with the Joint Insureds mortality
risks which are actuarially determined based on issue age, Policy Year, premium
rate class, and in most instances, sex. The same rate applies to all Joint
Insureds in a given actuarial category. The rate is based on ReliaStar Life of
New York's expectations as to future mortality experience and other cost
factors. The Mortality and Expense Risk Charge depends on the amount of the
Variable Accumulation Value.

The Policy will be sold according to established underwriting standards and
state insurance laws. State insurance laws prohibit unfair discrimination among
Policy owners but recognize that premiums must be based on factors such as age,
health, occupation, avocations, and in most states, the sexes of the Joint
Insureds.

Application and Initial Premium Processing

ReliaStar Life of New York will follow certain insurance underwriting procedures
to determine whether the proposed Joint Insureds are insurable. Underwriting
evaluates risks from the information on the application, verification procedures
such as medical examinations, and additional information furnished by the
applicant on request. ReliaStar Life of New York will not issue the Policy until
the underwriting procedure has been completed.

If the minimum initial premium is submitted with the application, insurance
coverage will begin on the Issue Date. After underwriting approval, the Issue
Date will ordinarily be the later of the date of the application or the date of
any required medical examination undertaken according to ReliaStar Life of New
York's underwriting requirements. When, however, underwriting approval has not
occurred within 45 days of the receipt of the application (or with M-O-M or
government allotment billing methods), the Issue Date will be the date of
underwriting approval. If a premium is not paid with the application, insurance
coverage will begin on the later of the Issue Date or the date the premium is
received.

The Policy Date is generally the same date as the Issue Date. It is used in
determining Policy Years, Policy Months, Monthly Anniversaries and Policy
Anniversaries. It is also the date as of which the insurance ages of the
proposed Joint Insureds is determined. A Policy Date may be any other date
mutually agreed to by ReliaStar Life of New York, the Policy owner, and state
statutes.

ReliaStar Life of New York will credit net Premiums (gross premiums less the
Premium Expense Charge) from the Policy to the ReliaStar Life Insurance Company
of New York Variable Life Separate Account I ("Variable Account") or to the
Fixed Account on the later of the following dates:

1. The Valuation Date1 following the date of underwriting approval;

2. The Valuation Date on or next following the Policy Date; or

3. The Valuation Date on or next following the date ReliaStar Life of New York
receives at least the required minimum initial premium payment.

Allocation of Premiums

The Policy owner chooses the initial allocation of Net Premiums to the Fixed
Account and the Sub-accounts of the Variable Account on the application for the
Policy. The Policy owner may change the allocation at any time by notifying
ReliaStar Life of New York in writing. The Policy owner may allocate 100% of Net
Premiums to any Sub-account or the Policy owner may divide in whole percentages
the Net Premium and allocate such amounts among more than one Sub-Account.
ReliaStar Life of New York reserves the right to adjust the allocation of Net
Premiums to eliminate fractional percentages.

Premium Processing

Whenever a premium payment is received during the first 10 Policy Years,
ReliaStar Life of New York will subtract 6.25% of the premium as a Premium
Expense Charge. After the tenth Policy Year, the Premium Expense Charge will be
reduced to 3.75% of the premium. The Net Premium is credited to the Variable
and/or Fixed Account on the Valuation Date on or next following the date
ReliaStar Life of New York receives the premium payment in accordance with the
Policy owner's current premium allocation.

Reinstatement

A lapsed Policy and most riders may be reinstated anytime within five years
after lapse as long as the Policy has not been surrendered for its Cash
Surrender Value. To reinstate the Policy and any riders, the Policy owner must
submit evidence of insurability satisfactory to ReliaStar Life of New York for
each insured or for the Surviving Joint Insured and due proof that the first
death occurred before the Policy terminated. The Policy owner must pay a premium
sufficient to keep the Policy and any riders in force for at least two months
following the date of reinstatement.

The Death Benefit Guarantee provision cannot be reinstated.

Loan Repayments

The interest rate charged on Policy loans will be an annual rate of 5.66%,
payable in advance. After the tenth Policy Year, ReliaStar Life of New York will
charge interest at an annual rate of 3.853.85%, payable in advance, on that
portion of the loan amount that is not in excess of (a) the Accumulation Value
less (b) the total of all premiums paid less all partial withdrawals. Any excess
of this amount will be charged interest at the annual rate of 5.66%.

A Policy loan may be repaid anytime while the Surviving Joint Insured is living.
Unless the Policy owner specifies that a payment is a loan repayment, ReliaStar
Life of New York generally considers any payments it receives as premium
payments and not loan repayments. However, ReliaStar Life of New York reserves
the right, at its discretion, to apply any payment it receives as a loan
repayment.

Loan repayments are credited to the Fixed Account and the Variable Account in
the form of Net Premiums without a Premium Expense Charge. ReliaStar Life of New
York credits repayments according to the current premium allocation. Repayments
are credited at the end of the Valuation Period during which the payment was
received.

Correction of Misstatement of Age or Sex

If any Joint Insured's age or sex is misstated, ReliaStar Life of New York
adjusts the Death Benefit to be the amount that the most recent cost of
insurance would purchase using the correct cost of insurance rate for the
correct age and sex.

"REDEMPTION PROCEDURES": SURRENDER AND RELATED TRANSACTIONS

The following is a summary of the principal Policy provisions and administrative
procedures which constitute redemptions under the Policy. These procedures
differ in certain significant respects from redemption procedures of mutual
funds or contractual plans.

Cash Surrender Value

At any time before the earlier of the death of the Surviving Joint Insured or
the maturity date, the Policy owner may totally surrender the Policy by sending
ReliaStar Life of New York a written request. The amount available for surrender
is the Accumulation Value of the Policy reduced by any Loan amount, unpaid
Monthly Deductions, and during the first 15 Policy Years and the first 15 years
following a requested increase in Face Amount, this amount is also reduced by a
Surrender Charge. The Surrender Charge is determined separately for the Face
Amount and any subsequent increase in Face Amount. The Surrender Charge is based
on several factors such as the Face Amount and the Policy Year. The Surrender
Charge is shown in the Policy. The total amount available at surrender is called
the Cash Surrender Value.

The Cash Surrender Value is calculated at the end of the Valuation Period2
during which ReliaStar Life of New York receives the Policy owner's surrender
request. The Policy owner may, however, elect to receive all or part of the Cash
Surrender Value under one of the settlement options described in the Policy. All
fixed benefit settlement options are subject to the restrictions and limitations
set forth in the Policy.

Partial Withdrawals

The Policy owner may also withdraw part of the Policy's Cash Surrender Value by
sending ReliaStar Life of New York a written request. Only one partial
withdrawal is allowed in any Policy Year. The amount of any partial withdrawal
must be at least $500.00 but may not be more than 20% of the Cash Surrender
Value. ReliaStar Life of New York currently makes a $10.00 charge for each
partial withdrawal. ReliaStar Life of New York makes partial withdrawals from
the Fixed Accumulation Value and the Variable Accumulation Value on a
proportionate basis. For the purpose of determining the proportions, the
outstanding loan amount is subtracted from the Fixed Accumulation Value.

ReliaStar Life of New York will generally pay the partial withdrawal within
seven days of receipt of the written request.3

Death Benefit

As long as the Policy is in force, ReliaStar Life of New York will generally pay
the proceeds of the Policy to the named beneficiary in accordance with the
designated Death Benefit Option within seven days after the receipt of due proof
of the Surviving Joint Insured's death. Payment of proceeds may, however, be
postponed under certain circumstances3. The amount of the Death Benefit is
determined on the Valuation Date on or next following the date of the Surviving
Joint insured's death. The proceeds payable will be reduced by any Loan Amount
and any unpaid Monthly Deduction. These proceeds will be increased by any
additional insurance provided by rider and by the refund of any unearned Policy
loan interest.

The amount of the Death Benefit to Age 100, of the younger Joint Insured, is
guaranteed not to be less than the current Face Amount of the Policy as long as
the Policy is in force. The Death Benefit may, however, exceed the current Face
Amount. The amount by which the Death Benefit exceeds the Face Amount depends
upon the Death Benefit Option in effect and the Accumulation Value of the
Policy. Under the Level Amount Option, the Death Benefit to Age 100, of the
younger Joint Insured, is the greater of the Face Amount or the applicable
percentage of Accumulation Value set forth in the Option. Under the Variable
Amount Option, the Death Benefit will always vary with the Accumulation Value
since the Death Benefit is the greater of the Face Amount plus the Accumulation
Value of the Policy, or the applicable percentage of the Accumulation Value set
forth in the Option.

After age 100 of the younger Joint Insured and while the Policy is in force, the
Death Benefit is the AccumulationValue.

Loans

After the first Policy Year, the Policy owner may use the Policy as security to
take out a. The maximum amount that the Policy owner may borrow at any time is
100% of the Policy's Cash Value (the Accumulation Value less any Surrender
Charge). Each Policy loan must be at least $500.00. The Loan Value will be
determined on the Valuation Date following the date the request was received.

The portion of the loan allocated to the Sub-accounts of the Variable Account
will normally be paid within seven days after receipt of the written request.
Postponement of loans may take place under certain circumstances.3

The amounts held as security for the Policy loan are segregated within the Fixed
Accumulation Value of the Policy but will be credited with interest on a basis
different from other amounts in the Fixed Account. The total of all outstanding
loans is called the Loan Amount. All amounts held in the Fixed Account as
security for Policy loans will be credited with interest at an effective annual
rate currently equal to 4.00%. No additional interest will be credited to these
amounts.

The interest charged on Policy loans will be an annual rate of 5.66%, payable in
advance. After the tenth Policy Year, ReliaStar Life of New York will charge
interest at an annual rate of 3.85%, payable in advance, on that portion of the
Loan Amount that is not in excess of (a) the Accumulation Value less (b) the
total of all premiums paid less all partial withdrawals. Any excess of this
amount will be charged interest at the annual rate of 5.66%.

Amounts held as security for a Policy loan will come from the Fixed Account and
Sub-accounts of the Variable Accounts in the same proportion that the Policy's
Fixed Accumulation Value less any Loan Amount and the Policy's Variable
Accumulation Value in each Sub-account, bear to the Policy's total Accumulation
Value less any Loan Amount.

The portion of the Policy loan allocated to each Sub-account will be transferred
from the Sub-account to the Fixed Account thereby reducing the value held in the
Sub-account.

The Loan Amount is deducted from the total premium paid for purposes of
calculating whether the Policy owner has paid premiums sufficient to maintain
the Death Benefit Guarantee. The Loan Amount is deducted from the proceeds when
ReliaStar Life of New York pays a death claim. Loans have priority over the
claims of an assignee or any other person. A Policy loan may be repaid in whole
or in part at any time while the Surviving Joint Insured is living.

Policy Lapse

If the Death Benefit Guarantee is not in effect, the Policy will lapse at the
end of a 61-day grace period if, as of that Monthly Anniversary, the Loan Amount
is greater than the Policy's Accumulation Value reduced by the applicable
Surrender Charge; or the Cash Surrender Value is not sufficient to pay the
Monthly Deduction due. The grace period begins on the date ReliaStar Life of New
York notifies the Policy owner and any collateral assignees of record of the
required premium. The Policy owner will then have 61 days from the date the
notice is mailed, to make the required payment to keep the Policy in force. If
the payment is not received within the 61-day period, the Policy will lapse. If
the Surviving Joint Insured dies during this 61-day period, the Loan Amount and
any unpaid Monthly Deduction will be deducted from the proceeds payable.

TRANSFERS

The Variable Account has multiple series Funds with multiple portfolios
available for investment by the Sub-accounts. Each Sub-account invests in
shares, at net asset value, of a specified portfolio of the series Funds. A
Policy owner may transfer Accumulation Value between the Fixed Account and the
Sub-accounts of the Variable Account or among the Sub-accounts of the Variable
Account by written request (or by telephone or fax if a telephone/fax
authorization form has been completed, is in effect and an I.D. number has been
assigned), subject to any conditions the Funds whose share are involved may
impose. ReliaStar Life of New York currently allows twelve transfers in a Policy
Year and reserves the right to limit the policyowner to no more than twelve per
year. ReliaStar Life of New York considers all transfers received in the same
request and made on the same initial Valuation Date as one transfer. Transfers
are made on the Valuation Date on or next following the date the request is
received.

To transfer all or part of the Variable Accumulation Value from a Sub-account,
Accumulation Units are redeemed and their value is reinvested in other
Sub-accounts or in the Fixed Account as directed by the Policy owner.

A Policy owner may transfer all or part of the Fixed Accumulation Value to the
Sub-accounts of the Variable Account, subject to the following limitations:

1. The request to transfer must be postmarked no more than 30 days before or
after the Policy Anniversary in any year, and only one transfer is
permitted during this period;

2. The Fixed Accumulation Value after the transfer must be at least equal to
the Loan Amount;

3. No more than 50% of the Fixed Accumulation Value, less any Loan Amount, may
be transferred unless the balance, after the transfer, would be less than
$1,000.00, in which event the full Fixed Accumulation Value, less any Loan
Amount, may be transferred; and

4. The Policy owner must transfer at least the lesser of $500.00 or the total
Fixed Accumulation Value, less any Loan Amount.

While ReliaStar Life of New York does not currently impose a transfer charge, it
reserves the right to make a charge not to exceed $25.00 per transfer for each
transfer after the first twelve in any one year.

Transfers resulting from loans and exercising Conversion Rights under the Policy
are not subject to any transfer charges and do not count against the number of
transfers.

CONVERSION

At any time during the first two Policy Years or the first two years following a
requested increase in Face Amount, the Policy owner can request a transfer from
the Variable Account to the Fixed Account and indicate that he or she is
exercising the Conversion Rights under the Policy. Such transfer will not be
subject to the transfer charge and will not count against the limit on the
number of transfers. At the time of the transfer, there is no effect on the
Policy's Death Benefit, Face Amount, net amount at risk, Rate Class, or issue
age. To the extent that the Accumulation Value is held in the Fixed Account, the
benefits of the Policy do not vary with the investment performance of the
Variable Account.

1 Valuation Date - Each day on which the New York Stock Exchange is open for
business except for a day that a Sub-Account's corresponding Fund does not
value its shares. The New York Stock Exchange is currently closed on
weekends and on the following holidays: New Year's Day; Presidents' Day;
Good Friday; Memorial Day; July Fourth; Labor Day; Thanksgiving Day; and
Christmas Day.

2 Valuation Period - The period between two successive Valuation Dates,
commencing at the close of business of a Valuation Date and ending at the
close of business of the next Valuation Date.

3 Payments from the Variable Account for death benefits, cash surrender,
partial withdrawal, or policy loans will normally be paid within seven days
of receipt of the written request and receipt of the policy form, if
required.

ReliaStar Life of New York may delay making payment when it is not able to
determine the Variable Accumulation Value because the New York Stock Exchange is
closed for trading; or the Securities and Exchange Commission determines that a
state of emergency exists.

ReliaStar Life of New York has the right to delay such payments from the Fixed
Account for up to six months from the date it receives the request, subject to
any state requirements. If payment is delayed for 30 days or more, ReliaStar
Life of New York pays interest at an effective annual rate of 3 1/2% from the
date of the Surviving Joint Insured's death, surrender, partial withdrawal, or
policy loan request to the date of payment.

RELIASTAR LIFE INSURANCE COMPANY OF NEW YORK

Power of Attorney
of Director and Officer

The undersigned director and/or officer of RELIASTAR LIFE
INSURANCE COMPANY OF NEW YORK, a New York corporation, does hereby make,
constitute and appoint RICHARD R. CROWL, MICHAEL S. FISCHER, STEWART D.
GREGG, ROBERT B. SAGINAW, JEFFREY A. PROULX and LORI J. SOMMERFELD, and each
or any one of them, the undersigned's true and lawful attorneys-in-fact, with
full power of substitution, for the undersigned and in the undersigned's name,
place and stead, to sign and affix the undersigned's name as such director
and/or officer of said Company to a Registration Statement or Registration
Statements, under the Securities Act of 1933 (1933 Act) and the Investment
Company Act of 1940 (1940 Act) and any other forms applicable to such
registrations, and all amendments, including post-effective amendments,
thereto, to be filed by said Company with the Securities and Exchange
Commission, Washington, DC, in connection with the registration under the
1933 and 1940 Acts, as amended, of variable annuity contracts and
accumulation units in the ReliaStar Life Insurance Company of New York
Variable Life Separate Account I ("Variable Account"), and of variable life
insurance policies and accumulation units in the Variable Account, and to
file the same, with all exhibits thereto and other supporting documents, with
said Commission, granting unto said attorneys-in-fact, and each of them,
full power and authority to do and perform any and all acts necessary or
incidental to the performance and execution of the powers herein expressly
granted.

IN WITNESS WHEREOF, the undersigned has hereunto set the
undersigned's hand this 18th day of February, 1998.

/s/ Stephen A. Carb
-----------------------------
Stephen A. Carb

<PAGE>

RELIASTAR LIFE INSURANCE COMPANY OF NEW YORK

Power of Attorney
of Director and Officer

IN WITNESS WHEREOF, the undersigned has hereunto set the
undersigned's hand this 20th day of February, 1998.

/s/ R. Michael Conley
-------------------------
R. Michael Conley

<PAGE>

RELIASTAR LIFE INSURANCE COMPANY OF NEW YORK

Power of Attorney
of Director and Officer

IN WITNESS WHEREOF, the undersigned has hereunto set the
undersigned's hand this 19th day of February, 1998.

/s/ Richard R. Crowl
------------------------
Richard R. Crowl

<PAGE>

RELIASTAR LIFE INSURANCE COMPANY OF NEW YORK

Power of Attorney
of Director and Officer

IN WITNESS WHEREOF, the undersigned has hereunto set the
undersigned's hand this 19th day of February, 1998.

/s/ John H. Flittie
-------------------
John H. Flittie

<PAGE>

RELIASTAR LIFE INSURANCE COMPANY OF NEW YORK

Power of Attorney
of Director and Officer

IN WITNESS WHEREOF, the undersigned has hereunto set the
undersigned's hand this 18th day of February, 1998.

/s/ James T. Hale
-------------------
James T. Hale

<PAGE>

RELIASTAR LIFE INSURANCE COMPANY OF NEW YORK

Power of Attorney
of Director and Officer

IN WITNESS WHEREOF, the undersigned has hereunto set the
undersigned's hand this 20th day of February, 1998.

/s/ Wayne R. Huneke
---------------------
Wayne R. Huneke

<PAGE>

RELIASTAR LIFE INSURANCE COMPANY OF NEW YORK

Power of Attorney
of Director and Officer

IN WITNESS WHEREOF, the undersigned has hereunto set the
undersigned's hand this 20th day of February, 1998.

/s/ Ronald D. Jarvis
--------------------
Ronald D. Jarvis

<PAGE>

RELIASTAR LIFE INSURANCE COMPANY OF NEW YORK

Power of Attorney
of Director and Officer

IN WITNESS WHEREOF, the undersigned has hereunto set the
undersigned's hand this 25th day of February, 1998.

/s/ Kenneth U. Kuk
----------------
Kenneth U. Kuk

<PAGE>

RELIASTAR LIFE INSURANCE COMPANY OF NEW YORK

Power of Attorney
of Director and Officer

IN WITNESS WHEREOF, the undersigned has hereunto set the
undersigned's hand this 22nd day of February, 1998.

/s/ Richard E. Nolan
------------------
Richard E. Nolan

<PAGE>

RELIASTAR LIFE INSURANCE COMPANY OF NEW YORK

Power of Attorney
of Director and Officer

IN WITNESS WHEREOF, the undersigned has hereunto set the
undersigned's hand this 18th day of February, 1998.

/s/ Fioravante G. Perrotta
------------------------
Fioravante G. Perrotta

<PAGE>

RELIASTAR LIFE INSURANCE COMPANY OF NEW YORK

Power of Attorney
of Director and Officer

IN WITNESS WHEREOF, the undersigned has hereunto set the
undersigned's hand this 20th day of February, 1998.

/s/ Robert C. Salipante
---------------------
Robert C. Salipante

<PAGE>

RELIASTAR LIFE INSURANCE COMPANY OF NEW YORK

Power of Attorney
of Director and Officer

IN WITNESS WHEREOF, the undersigned has hereunto set the
undersigned's hand this 19th day of February, 1998.

/s/ John G. Turner
----------------
John G. Turner

<PAGE>

RELIASTAR LIFE INSURANCE COMPANY OF NEW YORK

Power of Attorney
of Director and Officer

IN WITNESS WHEREOF, the undersigned has hereunto set the
undersigned's hand this 17th day of February, 1998.

/s/ Charles B. Updike
-----------------------
Charles B. Updike

<PAGE>

RELIASTAR LIFE INSURANCE COMPANY OF NEW YORK

Power of Attorney
of Director and Officer

IN WITNESS WHEREOF, the undersigned has hereunto set the
undersigned's hand this 18th day of February, 1998.

/s/ Ross M. Weale
---------------
Ross M. Weale