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WE WILL PAY the benefits of this contract subject to its terms.
Our Home Office is at One Financial Way, Cincinnati, Ohio 45242.
/s/ Ronald L. Benedict /s/ David B. O'Maley
Secretary President
RIGHT TO CANCEL: You may return this contract to our Home Office within ten
(10) days after its delivery for a refund. The amount of the refund will
equal the account value with any adjustments required by applicable law or
regulation.
ANNUITY PAYMENTS AND OTHER VALUES PROVIDED BY THIS CONTRACT MAY INCREASE OR
DECREASE ACCORDING TO THE INVESTMENT EXPERIENCE OF A SEPARATE ACCOUNT.
BENEFITS ARE VARIABLE AND ARE NOT GUARANTEED AS TO FIXED-DOLLAR AMOUNT.
VARIABLE DEFERRED ANNUITY CONTRACT
(Variable-Fixed)
Flexible Purchase Payments
Nonparticipating
Benefits Nontransferable
FORM 00-VA-2 THE OHIO NATIONAL LIFE INSURANCE COMPANY PAGE 1
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POLICY CONTENTS
PAGE
CONTRACT SPECIFICATIONS 3
DEFINITIONS 5
1940 Act 5
Annuitant 5
Annuity Payout Date 5
Beneficiary 5
Code 5
IRA 5
Subaccount 5
VAA 5
Valuation Period 6
We and You 6
GENERAL PROVISIONS 6
Contract 6
Ownership 6
Nontransferability 6
Beneficiary 7
Change of Beneficiary 7
General Account and VAA 7
Investments of VAA 7
Nonparticipating 7
Evidence of Sex, Age or Survival 7
Misstatement of Age or Sex 7
Incontestability 8
Contract Payments 8
Supplementary Agreement 8
Voting Rights 8
Reports 8
Notice 8
Individual Retirement Annuities 8
PURCHASE PROVISIONS 8
Purchase Payments 8
Allocation of Purchase Payments 9
VALUATION PROVISIONS 9
Contract Value 9
Fixed Accumulation Account 9
Dollar Cost Averaging Account: 10
Variable Accumulation Account 10
Net Investment Factor 10
Splitting Units 11
Taxes 11
ACCUMULATION PERIOD PROVISIONS 11
Transfers Among Subaccounts and to
Fixed Accumulation Account 11
Transfers from the Fixed Accumulation
Account to VAA 12
Transfers from the Dollar Cost
Averaging Account 12
Surrender 12
Partial Surrender 12
Deferred Premium Tax 13
Contingent Deferred Sales Charge 13
Waiver of Contingent Deferred
Sales Charge 13
Death Benefit During Accumulation
Period 14
Death of the Owner 14
Contract Administration Charge 14
SETTLEMENT PROVISIONS 15
General 15
Elections 15
Pension Plan 15
IRA Restrictions 15
Determination of Amount To
Be Applied 16
Effect of Settlement on Accumulation
Units 16
Change of Annuity Payout Date 16
Annuity Payment Amounts 16
Annuity Unit Value 17
Change in Subaccount 17
Limitation on Availability of Options 17
Alternate Annuity Option 17
Death Benefit After the Annuity
Payout Date 18
Spendthrift Provision 18
Description of Annuity Options 18
Life Annuity 18
Joint and Survivor Life Annuity 18
ANNUITY OPTION TABLES 19
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FORM 00-VA-2 THE OHIO NATIONAL LIFE INSURANCE COMPANY PAGE 2
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CONTRACT SPECIFICATIONS
Contract Number: [00000000]
Annuitant: [John Doe]
Annuitant's Date of Birth: [05/01/1948]
Owner: [John Doe]
Beneficiary: [Jane Doe]
Contingent Beneficiary: [Jason Doe]
Initial Payment: [$5,000]
Additional Purchase Payments May Be Made. See PURCHASE PAYMENTS
Section.
Contract Date: [05/01/1998]
Annuity Payout Date: First Day of [May, 2010]
Type of Plan: [401(K)]
Riders:
[Optional Minimum Death Benefit Rider:
Charge: ______% Annually]
[Guaranteed Minimum Death Benefit Rider:
Charge: ______% Annually]
Charges:
Annual Contract Administration Charge: $30 (waived on anniversaries
where the Contract Value equals or exceeds $50,000)
Mortality and Expense Risk Charge: 1.15% Annually (.003133% Daily)
Administration Expense Charge: 0.25% Annually (.000684% Daily)
Transfer Fee: $10.00 per transfer (waived for the first twelve
transfers of any policy year)
Table of Contingent Deferred Sales Charge Factors
Year of Percentage of
Purchase Payment resulting value charged
---------------------------------- ---------------------------------
1st 7%
---------------------------------- ---------------------------------
2nd 7%
---------------------------------- ---------------------------------
3rd 7%
---------------------------------- ---------------------------------
4th and later 0%
---------------------------------- ---------------------------------
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We will pay an Annuity starting on the Annuity Payout Date if the Annuitant is
then living. We will then apply the contract value under the SETTLEMENT
PROVISIONS of this contract.
We will pay this contract's death benefit to the Beneficiary if the Annuitant
dies while this contract is in effect and before the Annuity Payout Date.
This contract provides accumulation values and annuity payments on a variable
and/or fixed basis under one or more options as selected by you. The dollar
amount of the variable annuity payments and the variable part of the contract
value will vary with the investment results of a Separate Account (VAA) which we
have established. However, we guarantee that the dollar amount of annuity
payments will not be affected by mortality experience. We also guarantee that
the expense charges will not be more than the charges provided for in this
contract. The dollar amount of fixed annuity payments and the fixed part of the
contract value are also guaranteed.
Any paid-up annuity, cash surrender, or death benefit that may be payable under
this contract are not less than the minimum benefits required by law in the
state in which this contract was issued.
DEFINITIONS
1940 ACT
The Investment Company Act of 1940, as amended, or any similar successor
federal legislation.
ANNUITANT
The person so named on Page 3, or any other natural person whose length of
life measures annuity payments that involve life contingencies.
ANNUITY PAYOUT DATE
The date shown on Page 3, or the date you later choose under the Change of
Annuity Payout Date provision of this contract, or any other date on which
annuity payments are to start.
BENEFICIARY
The person entitled to receive the Contract value of this contract if the
Annuitant dies before the Annuity Payout Date.
CODE
The Internal Revenue Code as in effect on the Contract Date.
IRA
An Individual Retirement Annuity as defined in the Code.
SUBACCOUNT
An investment Subaccount may be established within VAA. You may allocate
the variable portion of your contract to as many as ten of the available
Subaccounts in addition to the Money Market Portfolio.
VAA
An account (Ohio National Variable Account A) that consists of assets we
have set aside so that their investment results are kept separate from
those of our general assets.
VALUATION PERIOD
That period of time from one determination of accumulation unit and annuity
unit values to their next
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FORM 00-VA-2 THE OHIO NATIONAL LIFE INSURANCE COMPANY PAGE 5
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determination. Such values will be determined as often as we choose to do
so. This will occur at least once each week or as often as required by the
1940 Act.
WE AND YOU
"We", "us" and "our" means The Ohio National Life Insurance Company. "You"
means the Owner of this contract.
GENERAL PROVISIONS
CONTRACT
Your purchase payment(s) and an application if required, are the
consideration for this contract. If an application is submitted, a copy of
the application is attached. The contract, any riders, endorsements, and
any application if applicable, are the entire agreement.
We are not a party to, nor are we bound by, any plan or trust in
conjunction with this contract. This contract is intended to qualify under
the Code for tax favored status. Any reference in this contract to tax laws
or rules is for your information and instruction only. Your qualifying
status, and not the contract, controls whether or not your funds will have
tax favored status. You should ask your tax advisor if you have any
questions as to whether or not you qualify.
This contract cannot be changed, nor our rights waived, except in a writing
signed by our president, vice president or secretary and attached to the
contract. READ YOUR CONTRACT CAREFULLY.
We reserve the right to amend this contract as needed to maintain its
status as an annuity under the Internal Revenue Code. If this contract is
so amended we will send you a copy of the amendment, together with the
applicable regulation, ruling or other requirement imposed by the Internal
Revenue Service which requires such amendment.
OWNERSHIP
During the Annuitant's lifetime the Owner of this contract shall be the
person so named on Page 3 of this contract, or the heirs, successors or
transferees of such person. After the Annuitant's death, the Beneficiary is
the Owner.
If this contract is an IRA, the Annuitant shall be the Owner while living.
The Annuitant's interest may not then be forfeited. The contract, if an
IRA, is for the sole benefit of the Annuitant and Beneficiaries.
You have the sole right, without the consent of the Beneficiary or any
other person, to exercise all contract rights. If this is a tax-qualified
contract, you can transfer ownership to a successor Owner only if such
successor Owner is (1) the Annuitant, (2) a trustee or successor trustee of
a pension or profit-sharing trust which is qualified under Section 401 of
the Code, or (3) the employer of the Annuitant provided that the contract
after transfer is maintained under the terms of a retirement plan qualified
under Section 403(a) of the Code for the benefit of the Annuitant. Exercise
of any ownership rights under this contract shall not take effect until we
receive notice.
NONTRANSFERABILITY
If this is a tax-qualified contract, you may not sell, assign, discount or
pledge this contract as collateral for a loan or to secure the performance
of any obligation or for any purpose to any person other than to us, to the
Annuitant, or to a trustee or other person exercising ownership rights
solely by reason of the terms of a pension or profit-sharing plan or trust
qualified under the Code.
You may not transfer this contract if it is an IRA.
BENEFICIARY
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FORM 00-VA-2 THE OHIO NATIONAL LIFE INSURANCE COMPANY PAGE 6
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The Beneficiary and any Contingent Beneficiary are named on Page 3, unless
changed. If the Beneficiary dies prior to the Annuitant, the Contingent
Beneficiary becomes the Beneficiary. Unless you have provided otherwise, if
there are two or more Beneficiaries, they will receive equal shares. If
there is no named Beneficiary or Contingent Beneficiary when the Annuitant
has died, you will be deemed to be the Beneficiary.
CHANGE OF BENEFICIARY
Subject to the terms of any assignment, you may name a new Beneficiary or a
new Contingent Beneficiary by notice to us at any time during the lifetime
of the Annuitant. Any new choice of Beneficiary or Contingent Beneficiary
will automatically revoke any prior choice of Beneficiary or Contingent
Beneficiary.
GENERAL ACCOUNT AND VAA
The General Account consists of all our assets other than those we allocate
to separate accounts.
The separate account to which the variable part of contract values and
variable annuity payments under this contract relate is VAA, which we have
established under Ohio law to provide variable benefits. We shall have sole
and complete ownership and control of all assets in VAA.
A portion of the assets in the VAA, equal to the contract reserves for such
account, shall not be chargeable with liabilities arising out of any other
business we may conduct.
INVESTMENTS OF VAA
All amounts credited to VAA will be used to purchase shares at net asset
value of Ohio National Fund, Inc., an open-end investment company
registered under the 1940 Act, or substitute shares of another investment
company. Ohio National Fund, Inc. and such other investment companies are
referred to as the "Fund" and shares of any are referred to as "Fund
shares". Any and all distributions made by the Fund, in respect to Fund
shares held by VAA, will be reinvested to purchase more Fund shares in the
same Subaccount at net asset value. Deductions and redemptions from VAA may
be made by redeeming a number of Fund shares, at net asset value, equal in
total value to the amount to be deducted or redeemed. If deemed by us to be
in the best interest of all contract owners, VAA may be operated as a
management company under the 1940 Act or it may be deregistered under the
1940 Act if such registration is no longer required.
If there is such a substitution of Fund shares or change in operation of
VAA, we will issue such endorsement for the contract and take such other
action as may be necessary and appropriate to make the substitution or
change.
NONPARTICIPATING
This contract is nonparticipating. It will not share in our divisible
surplus.
EVIDENCE OF SEX, AGE OR SURVIVAL
Where any payment under this contract depends on the payee's sex, age or
survival on a given date, we may require proof thereof prior to making such
payment.
MISSTATEMENT OF AGE OR SEX
If the Annuitant's birth date or sex has been misstated, the benefits shall
be such as would have been provided based on the correct birth date and
sex. The amount of any over payments shall be charged against benefits to
be paid after we learn of a misstatement. The amount of any under payments,
accumulated at an annual effective interest rate of 6%, shall be added to
benefits to be paid after we learn of a misstatement.
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FORM 00-VA-2 THE OHIO NATIONAL LIFE INSURANCE COMPANY PAGE 7
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INCONTESTABILITY
After two years, we will not contest this contract.
CONTRACT PAYMENTS
All sums to be paid by us under this contract are payable at our Home
Office. We may require you to send us this contract as a condition to any
payment.
SUPPLEMENTARY AGREEMENT
As of the Annuity Payout Date, we may issue a supplementary agreement that
sets forth the terms of your annuity option.
VOTING RIGHTS
We will seek instructions for the voting of Fund shares held on account of
the variable part of your contract value or held in VAA, which represent
the actuarial liability for variable annuity payments being made. From time
to time, we will send you reports on the Fund, proxy material and a form
with which you may instruct us how to vote Fund shares.
After this contract has been effect for one year, you may also vote at our
annual meeting of policyholders as provided in our code of regulations and
Ohio law.
REPORTS
At least once each year after the first, we shall send you a statement
reporting the investments held in the separate account. At least once each
year after the first contract year and before the Annuity Payout Date, we
shall send you a report of your contract values as of a date not more than
four months prior to the date of the mailing.
NOTICE
Any notice required by this contract must be in writing signed by you. The
notice will take effect when signed, subject to any payment made or action
taken by us before we receive the notice at our Home Office.
INDIVIDUAL RETIREMENT ANNUITIES
The Internal Revenue Service has approved the form of this contract as
meeting the Code requirements for an IRA. If this contract is an IRA, we
can change the contract in its approved form so as to keep its approval
under the Code or to comply with any change in the Code or rules under the
Code. Any such change shall be in writing, signed by us and mailed to you
at your address of record in our files. Any terms that relate to this
contract as an IRA shall be of no further effect if the contract is no
longer kept as a qualified IRA under the Code.
PURCHASE PROVISIONS
PURCHASE PAYMENTS
Purchase payments are payable to us at our Home Office or, with respect
only to the first purchase payment, to your registered representative in
exchange for a receipt signed by such registered representative.
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FORM 00-VA-2 THE OHIO NATIONAL LIFE INSURANCE COMPANY PAGE 8
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The initial purchase payment is due on the contract date. You may make
subsequent purchase payments at any time before the Annuity Payout Date.
Each subsequent purchase payment must be at least $500. We reserve the
right to restrict subsequent purchase payments after the total amount of
all purchase payments exceeds $1,000,000. If this is an IRA, purchase
payments may not be more than the lesser of $2,000 or 100% of your
compensation in any calendar year. But, this limit does not apply to
"rollover" or employer contributions as defined in the Code.
We reserve the right to limit the number of purchase payments allocated in
any year to the Dollar Cost Averaging Account to a number that is no less
than twelve.
ALLOCATION OF PURCHASE PAYMENTS
Each purchase payment, less an amount for any applicable premium or similar
tax (net purchase payment), will be allocated to up to ten Subaccounts
within the separate account and/or the Fixed Accumulation and Dollar Cost
Averaging Accounts within the General Account in accordance with the
allocation percentage specified by you or as later changed by you.
Such change shall take effect with the first purchase payment received
after the date you ask such change to take effect or, if later, as of the
end of the valuation period during which we receive such change request at
our Home Office.
VALUATION PROVISIONS
CONTRACT VALUE
The contract value for any valuation period equals the sum of the Fixed
Accumulation Account and Dollar Cost Averaging Account values as of the end
of the valuation period and the Variable Accumulation Account value for the
valuation period.
FIXED ACCUMULATION ACCOUNT
The Fixed Accumulation Account is established within the General Account.
Prior to the Annuity Payout Date, the Fixed Accumulation Account value will
be
(1) The net purchase payments allocated to the Fixed Accumulation
Account; plus
(2) any amounts, net of fees, transferred from VAA to the Fixed
Accumulation Account; plus
(3) accumulated interest; less
(4) any amounts withdrawn from the Fixed Accumulation Account (along
with any applicable contingent deferred sales charge) to pay
benefits, contract administration charge and any applicable
charges for riders to this contract; less
(5) any amounts, plus any associated fees, transferred from the Fixed
Accumulation Account to the Variable Accumulation Account; less
(6) any amounts applied to affect an annuity option under the
SETTLEMENT PROVISIONS.
We will declare annual effective interest rates to be applied to purchase
payments and transfers to the Fixed Accumulation Account. No annual
effective interest rate declared by us will be less than 3.00%. Once
established for a purchase payment or transfer, an interest rate shall
remain in effect for a guarantee period which shall not be less than one
year. After a guarantee period expires we will declare an interest rate for
a subsequent guarantee period.
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DOLLAR COST AVERAGING ACCOUNT:
The Dollar Cost Averaging Account is established within the General
Account.
Prior to the Annuity Payout Date, the Dollar Cost Averaging Account value
will be:
(1) The net purchase payments allocated to the Dollar Cost Averaging
Account; plus
(2) accumulated interest; less
(3) any amounts withdrawn from the Dollar Cost Averaging Account
(along with any applicable contingent deferred sales charges) to
pay benefits, contract administration charges, and any applicable
charges for riders to this contract; less
(4) any amounts, plus any associated fees, transferred from the
Dollar Cost Averaging Account to the Variable Accumulation
Account; less
(5) any amounts, plus any associated fees, transferred from the
Dollar Cost Averaging Account to the Fixed Accumulation Account;
less
(6) any amounts in the Dollar Cost Averaging Account applied to
affect an annuity option under the SETTLEMENT PROVISIONS.
Relative to each purchase payment allocated to the Dollar Cost Averaging
Account, we will declare an annual effective interest rate that shall
remain in effect for the 12 month averaging period. Such rate shall not be
less than 3%.
VARIABLE ACCUMULATION ACCOUNT
We will credit this contract's Variable Accumulation Account with variable
accumulation units in relation to the amount of each net purchase payment
allocated to each Subaccount. To find the number of variable accumulation
units credited to each Subaccount, divide the amount allocated to that
Subaccount by the variable accumulation unit value of that Subaccount for
the valuation period during which the purchase payment is received at our
Home Office.
The value of each variable accumulation unit was set when the first
purchase payment was allocated to each Subaccount. The value of a variable
accumulation unit for each Subaccount varies for each later valuation
period. Such value is found by multiplying the value of a variable
accumulation unit of that Subaccount for the immediately preceding
valuation period by the net investment factor for the Subaccount for the
valuation period for which the variable accumulation unit value is being
determined. The value of a variable accumulation unit for any valuation
period is determined as of the end of such valuation period.
The Variable Accumulation Account value for a valuation period equals the
number of variable accumulation units credited to the Variable Accumulation
Account multiplied by the value of each such accumulation unit for that
valuation period.
NET INVESTMENT FACTOR
The net investment factor for a Subaccount is found by dividing (a) by (b),
then subtracting (c) from the result, where
(a) is
(1) the net asset value of a Fund share in that Subaccount determined
as of the end of a valuation period, plus
(2) the per share amount of any dividends or other distribution
declared by the Fund (as of the ex-dividend date; ie. the date as
of which dividends on Fund shares have been paid out to owners of
record) during the valuation period, adjusted by
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(3) a per share charge or credit with respect to any taxes paid or
reserved for, which we determine to be attributable to the
maintenance or operation of the Subaccount;
(b) is the net asset value of a Fund share in that Subaccount, adjusted by
a per share credit or charge for any taxes reserved for or paid,
determined as of the end of the prior valuation period; and
(c) is
(1) a charge for mortality and expense risk assumptions at an
effective rate per year as shown on Page 3, plus
(2) an administration expense charge per year as shown on Page 3 for
the number of days in such valuation period.
The total charge for risks and administration expenses is shown on Page 3.
We guarantee that these charges will not be adversely affected by expense
and/or mortality results.
SPLITTING UNITS
We reserve the right to split the value of the variable accumulation units
or the annuity units. In any such split of unit values, strict equity will
be preserved. Such a split will have no material effect on the benefits or
other terms of this contract. A split may either increase or decrease the
number of such units.
TAXES
Any taxes that pertain to this contract or VAA will be charged against the
contract value when incurred or reserved for by us.
ACCUMULATION PERIOD PROVISIONS
TRANSFERS AMONG SUBACCOUNTS AND TO FIXED ACCUMULATION ACCOUNT
By notice to us, you may transfer the value of any number of accumulation
units from one set of Subaccounts to another set of Subaccounts or to the
Fixed Accumulation Account at any time. The dollar amount transferred from
any Subaccount must be at least $300, but the entire value of a Subaccount
or the Fixed Accumulation Account may be transferred if less than $300.
Such transfers shall be made as of the end of the valuation period during
which we receive the request at our Home Office or at the end of any later
valuation period as you may request. A fee of not more than $10 will be
charged for each transfer. The first transfer of any month will not be
assessed a transfer fee.
Notwithstanding our right to limit the number, frequency, method or amount
of transfers. Transfers from any portfolio of Ohio National Fund ("the
Fund") on any one day may be limited to 1% of the previous day's total net
assets of that portfolio if we or the Fund, in the discretion of either or
both, believes that the portfolio might otherwise be damaged.
If and when transfers must be so limited, some transfer requests will not
be granted. In determining which requests will be granted, scheduled
transfers (that is, those pursuant to a pre-existing dollar cost averaging
program) will be made first, followed by mailed written requests in the
order postmarked and lastly, telephone and facsimile requests in the order
received. Contractowners whose requested transfers are not made will be so
notified. Current SEC rules preclude us from processing at a later date
those requested transfers that were not made. Accordingly, a new transfer
request would have to be submitted in order to make a transfer that was not
made because of these limitations.
No transfers are allowed to the Dollar Cost Averaging Account.
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TRANSFERS FROM THE FIXED ACCUMULATION ACCOUNT TO VAA
You may transfer account value amounts between the Fixed Accumulation
Account and the Separate Account. Transfers will be effective on the date
we receive your request at our Home Office.
With respect to transfers between the Fixed Accumulation Account and the
Separate Account, we reserve the right to impose the following
restrictions:
- For each allocation to the Fixed Accumulation Account, transfers
to the Separate Account may be made only during the 30-day period
following the end of that allocation's interest rate guarantee
period. We may limit the amount that you can transfer during that
time, but the limit will not be less than 20% of the value of the
Fixed Accumulation Account as of the beginning of the contract
year.
- No transfers from the Separate Account to the Fixed Accumulation
Account or the Money Market Subaccount may be made during the six
month period following the transfer of any amount from the Fixed
Accumulation Account to the Separate Account.
In all other respects, the rules and charges applicable to transfers
between the Subaccounts of the Separate Account will apply to transfers
involving the Fixed Accumulation Account. No transfers to the Dollar Cost
Averaging Account are allowed.
TRANSFERS FROM THE DOLLAR COST AVERAGING ACCOUNT
SCHEDULED TRANSFERS:
Relative to each deposit allocated to the Dollar Cost Averaging Account, a
schedule of equal transfers to the available variable Subaccounts will be
set according to your specifications. The schedule will be for no more than
twelve and no less than three monthly transfers (the first occurring one
month after the purchase payment).
UNSCHEDULED TRANSFERS:
You may make an unscheduled transfer from the Dollar Cost Averaging
Account, but only to the Fixed Accumulation Account, and only for the full
amount in the Dollar Cost Averaging Account.
In all other respects, the rules and charges applicable to transfers
between the Subaccounts of the Separate Account will apply to transfers
involving the Dollar Cost Averaging Account.
SURRENDER
You may surrender this contract and receive its surrender value upon notice
received by us at any time at or prior to the Annuity Payout Date. The
surrender value is the contract value less: (1) a charge for any applicable
premium taxes not previously deducted, (2) the contract administration
charge, (3) any charges due as the result of riders affecting this contract
and (4) the contingent deferred sales charge, if any. See DEFERRED PREMIUM
TAX. For this purpose, the contract value will be that for the valuation
period during which the surrender request is received at our Home Office.
The surrender value from the Separate Account shall be paid within 7 days
of receipt of your notice (or later if allowed by law). We reserve the
right to defer payment of any surrender proceeds from the General Account
for up to six months. We will not defer payment if we are required by law
to pay earlier, or if the amount payable is used to pay premiums on
policies with us. After this contract is surrendered, all variable
accumulation units will be cancelled.
PARTIAL SURRENDER
You can take up to 14 partial surrenders within a contract year. The
withdrawn amount cannot be less than $300 and cannot be greater than the
amount that would cause the contract value to fall below $5,000. We will
pay to you the amount of a partial withdrawal less the appropriate
contingent deferred sales charge, if any.
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Partial withdrawals will reduce the contract value by the amount withdrawn
including any applicable contingent deferred sales charges. Partial
surrenders from the Dollar Cost Averaging Account are not allowed.
You may tell us how much to deduct from the Subaccount and the Fixed
Accumulation Account. If you do not, the partial surrender will be deducted
from each Subaccount in the same proportion that the Subaccount's value
bears to the total Contract value on the date we receive your request in
our Home Office. See DEFERRED PREMIUM TAX.
Surrenders from the Fixed Accumulation Account will be taken on a
"first-in-first-out" basis. That is, partial surrenders will be taken first
from any remaining portion of the total contract value resulting from the
earliest purchase payment. Once the value resulting from any purchase
payment has been reduced to zero, remaining amounts withdrawn shall reduce
the value resulting from the earliest of the remaining purchase payments.
This process shall continue until the withdrawal is completed. The amount
so withdrawn shall be paid within 7 days of receipt of your notice (or
later if allowed by law). For amounts withdrawn from VAA, we will cancel
the number of variable accumulation units from the appropriate Subaccount
which, when multiplied by the corresponding variable accumulation unit
values for the valuation period during which the notice was received by us,
equals that portion of the dollar amount of the partial surrender, plus any
applicable contingent deferred sales charge taken.
DEFERRED PREMIUM TAX
If we paid a tax on a purchase payment and did not previously deduct the
tax, then we may deduct it at the time of surrender or on the Annuity
Payout Date.
CONTINGENT DEFERRED SALES CHARGE
We can make a contingent deferred sales charge if this contract is
surrendered or a partial surrender is made. Surrenders in a contract year
that do not exceed the free out amount are not subject to a charge. The
free out amount is 10% of the contract value as of the first surrender of
the contract year less all amounts previously surrendered during the
contract year that were not subject to a charge. Surrenders within a
contract year in excess of the free out amount may be subject to a charge.
The amount subject to a charge is the lesser of (a) or (b), where:
(a) is the amount withdrawn; and
(b) is the total purchase payments, less the total of all surrender
amounts previously allocated to purchase payments, but not less
than zero.
The contingent deferred sales charge will be the applicable percentage(s)
of the amount subject to a charge. For purposes of determining the
applicable percentage(s), surrender amounts will be allocated to remaining
purchase payments in the order that the purchase payments were received.
Remaining purchase payments are the original purchase payments less the
amount of any surrender previously allocated to them. The applicable
percentages for each purchase payment is found on the Contract
Specification page in the Table of Contingent Deferred Sales Charges. The
percentages based on the duration of the purchase payment at the time of
surrender.
WAIVER OF CONTINGENT DEFERRED SALES CHARGE
We will waive the Contingent Deferred Sales Charge otherwise applicable to
a full surrender or to one or more partial surrenders occurring before
income payments begin if:
(1) The Annuitant is, or has been, confined to a state licensed or
legally operated hospital or inpatient nursing facility for at
least 30 consecutive days; and
(2) such confinement begins at least one year after the contract
date; and
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FORM 00-VA-2 THE OHIO NATIONAL LIFE INSURANCE COMPANY PAGE 13
<PAGE> 14
(3) the Annuitant was age 80 or younger on the contract date; and
(4) the request for the full or partial surrender, together with
proof of such confinement, is received in the Home Office while
the Annuitant is confined or within 90 days after discharge from
the facility.
DEATH BENEFIT DURING ACCUMULATION PERIOD
If the Annuitant dies before the Annuity Payout Date while this contract is
in effect, the Beneficiary will become the Owner. The excess, if any, of
the death benefit (described below) over the contract value as of the date
of the Annuitant's death will be added to the contract value and allocated
to the Money Market Portfolio. The death benefit will be paid in a single
sum to the Beneficiary within seven days (or later, if allowed by law)
after we receive due proof of the death of the Annuitant. Upon payment of
the death benefit, the contract and all of its variable accumulation units
will be canceled.
Instead of receiving the death benefit in a single sum, the Beneficiary, by
written notice, may elect:
(1) within 60 days after the Annuitant's death, to surrender the
contract without a Contingent Deferred Sales Charge; or
(2) within 12 months after the Annuitant's death, to settle the
contract for annuity payments over the life of the Beneficiary or
over a period not exceeding the Beneficiary's life expectancy; or
(3) within 5 years after the Annuitant's death, to surrender the
contract for its surrender value; or
(4) if the Beneficiary is the Annuitant's surviving spouse, to
continue the contract and to become the new Annuitant; or
(5) to effect any other settlement under the contract to which we
agree.
If we receive due proof of the Annuitant's death within 90 days after the
date of death, the death benefit payable to the Beneficiary will be the
greater of:
(1) the contract value as of the date of the Annuitant's death; or
(2) the total as of the date of the Annuitant's death of all net
purchase payments made to, less withdrawals taken from, the
contract.
After 90 days from the date of the Annuitant's death, the death benefit
will be the contract value next computed after we receive due proof of the
Annuitant's death.
If the surviving spouse elects to become the Annuitant after the death of
the prior Annuitant, the minimum death benefit amount will not be less than
the death benefit amount determined as of the prior Annuitant's date of
death.
DEATH OF THE OWNER
If you die before the Annuity Payout Date, either:
(a) the entire interest in the contract must be distributed within
five years after the date of your death; or
(b) within 12 months after your death, the contract value must be
annuitized over the life expectancy of the person who becomes the
new owner of the contract or over a period not extending beyond
the life expectancy of such person; or
(c) if your surviving spouse becomes the Owner of the contract, the
contract may be continued in the name of the spouse as the
contract Owner.
CONTRACT ADMINISTRATION CHARGE
Prior to the Annuity Payout Date, on each contract anniversary and upon
surrender, we will deduct from the contract value an annual contract
administration charge of $30 to defray our administrative expenses for this
contract if the contract value at that time is less than $50,000. If, on
the anniversary, the contract value equals or exceeds $50,000, we will not
deduct the contract administration charge.
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FORM 00-VA-2 THE OHIO NATIONAL LIFE INSURANCE COMPANY PAGE 14
<PAGE> 15
The contract administration charge will be deducted from the Variable
Accumulation Account and the Fixed Accumulation Account and the Dollar Cost
Averaging Account in proportion to the total contract value in those
accounts, respectively. The amount of the charge deducted from the Fixed
Accumulation Account and Dollar Cost Averaging Account will be made on a
"first-in-first-out" basis.
We will cancel the number of variable accumulation units from the
appropriate Subaccounts which, when multiplied by the corresponding
variable accumulation unit values for the valuation period in which the
charge is taken, equals that portion of the charge taken from VAA.
If any portion of the annual contract administration charge is made from
the Fixed Accumulation Account, or Dollar Cost Averaging Account such
portion shall not exceed the sum of (a) and (b), where
(a) is the total amount of net purchase payments allocated to the
account during the contract year; and
(b) is the interest credited to the account during the contract year
that exceeds the minimum guaranteed interest.
SETTLEMENT PROVISIONS
GENERAL
On the Annuity Payout Date, the contract value shall be applied under one
or more of the annuity options shown below or under such other option to
which we may agree.
Unless otherwise specified, the first annuity payment will be apportioned
to the General Account and each Subaccount in the same proportions that
each bears to the total contract value as of the day we credit your annuity
units.
ELECTIONS
You must give us notice in order to elect an annuity option or revoke or
change such an election. If no such election is in effect on the Annuity
Payout Date, and if the Annuitant is then living, the contract value will
be applied under Life Annuity Option 1(c) as an annuity on the life of the
Annuitant payable to the Owner. The variable part of the contract value
will be used to provide a variable annuity and the fixed part will provide
a fixed annuity unless you elect otherwise. The Beneficiary will be the
payee for any remaining period certain installments to be paid after the
Annuitant's death unless this contract is issued pursuant to a tax
qualified pension plan.
PENSION PLAN
If: (a) this contract is issued pursuant to a tax qualified pension plan;
(b) no election is in effect on the Annuity Payout Date; and (c) the
Annuitant is living on the Annuity Payout Date, then the contract value
will be applied as follows:
(1) If the Annuitant is married as of the Annuity Payout Date, the
contract value will be applied to provide equal payments under
Joint and Survivor Life Annuity Options 2 (a) or 2 (b) with the
Annuitant's spouse as the Contingent Annuitant.
(2) If the Annuitant is not married as of the Annuity Payout Date,
the contract value will be applied under Life Annuity Option 1
(c) and paid to the Annuitant with the Beneficiary as payee for
any period certain payments to be made after the Annuitant's
death.
IRA RESTRICTIONS
If this contract is an IRA, the Annuitant's entire interest will be paid to
him or her (a) not later than the close of the tax year in which the
Annuitant attains age seventy and one half years, or (b) in installments
that are equal except for any increment due to operation of the contract.
Such installments will be made (a) for the life of the
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FORM 00-VA-2 THE OHIO NATIONAL LIFE INSURANCE COMPANY PAGE 15
<PAGE> 16
Annuitant or the lives of the Annuitant and his or her spouse, or (b) for a
term certain period that does not last past the life expectancy of the
Annuitant or the life expectancy of the Annuitant and his or her spouse. If
the Annuitant's entire interest is to be distributed in installments
beginning in the year the Annuitant attains age seventy and one half years,
then the annual payments must be at least the lesser of: (a) the balance of
the Annuitant's interest, or (b) an amount determined by dividing (i) the
Annuitant's entire interest at the beginning of each year (including
amounts not in the IRA at the beginning of the year because they have been
withdrawn so as to make a rollover contribution to another IRA) by (ii) the
life expectancy of the Annuitant (or of the Annuitant and his or her
spouse, if applicable) as of the date the Annuitant attains age seventy,
such expectancy being reduced by the number of whole years that have
elapsed since the Annuitant attained age seventy and one half years.
If the Annuitant dies before the entire interest has been paid, or if
payments have begun to the Annuitant's surviving spouse and such spouse
dies before the entire interest has been paid, the entire interest (or any
such interest that is left if payments have begun) will, within 5 years
after the Annuitant's death (or the death of the surviving spouse), be paid
or be applied to purchase an immediate annuity for the Beneficiary or
Beneficiaries. Such an immediate annuity will be payable for the life of
the Beneficiary or Beneficiaries (or for a term that does not last beyond
their life expectancy). This paragraph does not apply if term certain
payments began before the Annuitant's death and the term certain is for a
period allowed in the prior paragraph.
DETERMINATION OF AMOUNT TO BE APPLIED
The contract value to be applied to provide an annuity shall be determined
at the end of a valuation period, selected by us and uniformly applied,
which is not more than 10 valuation periods before the Annuity Payout Date.
The fixed part of the contract value used to provide a fixed annuity will
be determined as of the Annuity Payout Date. Any applicable premium tax
will be deducted at this time, if it was not deducted earlier.
EFFECT OF SETTLEMENT ON ACCUMULATION UNITS
When this contract is settled, its Variable Accumulation Units will be
cancelled.
CHANGE OF ANNUITY PAYOUT DATE
You may change the annuity payout at any time prior to the Annuitant's
death by notice to us. But, unless we agree, the Annuity Payout Date may
not be later than the first of the month following the Annuitant's 90th
birthday. In any event, the Annuity Payout Date must be the first day of a
month and must be at least 30 days after the date we receive notice of a
change of date.
ANNUITY PAYMENT AMOUNTS
VARIABLE ANNUITIES
The dollar amount of the first periodic variable annuity payment shall
be derived from the annuity option tables in this contract or any other
option table to which both we and the Annuitant agree for the sex(es)
and age(s) of the Annuitant and Contingent Annuitant, if any, on the
Annuity Payout Date. The dollar amount of each variable annuity payment
after the first will be measured by annuity units. The number of
annuity units of each Subaccount to be credited to this contract is
determined by dividing that part of the first variable annuity payment
apportioned to each Subaccount by the annuity unit value of that
Subaccount for the valuation period used to determine the contract
value for settlement of this contract under these SETTLEMENT
PROVISIONS. The dollar amount of each variable annuity payment after
the first is equal to the number of annuity units credited to this
contract multiplied by the annuity unit value of the applicable
Subaccount for the valuation period, selected by us and uniformly
applied, which is not more than 10 valuation periods before the due
date of each such payment.
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FORM 00-VA-2 THE OHIO NATIONAL LIFE INSURANCE COMPANY PAGE 16
<PAGE> 17
FIXED ANNUITIES
The dollar amount of the each periodic fixed annuity payment shall be
derived from the annuity option tables for the sex(es) and age(s) of
the Annuitant and Contingent Annuitant, if any, on the Annuity Payout
Date.
ANNUITY UNIT VALUE
The value of an Annuity Unit for each Subaccount was set when the first
annuity payment was made from each Subaccount for this class of contracts.
To determine the Annuity Unit value for each later valuation period, (a)
multiply the Annuity Unit value for that Subaccount for the immediately
prior valuation period by the Net Investment Factor for that Subaccount for
such later valuation period, and then (b) multiply the product by a factor
to neutralize the annual interest rate assumed in the annuity option tables
used. For an assumed interest rate of 3%, the factor for a one-day
valuation period is .9999190.
CHANGE IN SUBACCOUNT
After variable annuity payments have been made for at least 12 months, you
may, no more than once each 12 months, change all or part of the investment
upon which your variable annuity payments are based from one Subaccount to
another. To do this, we will convert the number of Annuity Units being
changed to the number of Annuity Units of the Subaccount to which you are
changing so as to result in the next variable annuity payment being of the
same amount that it would have been without the change. After that,
variable annuity payments will reflect changes in the values of your new
Annuity Units. You must give us notice at least 30 days before the due date
of the first variable annuity payment to which the change will apply.
LIMITATION ON AVAILABILITY OF OPTIONS
If the Contingent Annuitant is not related to the Annuitant, you may not
elect Joint and Survivor Life Annuity Option 2 unless we consent and then
only if, based upon life expectancies, less than 50% of the amount so
applied would accrue to the Contingent Annuitant.
If the amount to be applied under any annuity option is less than $5,000,
such option shall not be available. Settlement shall than be in a single
sum. If the first periodic payment to a payee would be less than $25, we
may pay less often so that such payment will be at least $25.
ALTERNATE ANNUITY OPTION
Instead of the variable annuities provided under this contract, you may
choose an alternate amount and type of periodic installments for fixed
annuity payments. Such alternate annuity options shall be based on the
rates for fixed dollar Single Premium Immediate Annuities being issued by
us on the Annuity Payout Date. They may only be elected within 30 days
before that date.
Any withdrawal of part or all of the contract value for settlement under an
alternate annuity option will be exempt from any otherwise applicable
contingent deferred sales charge if at least one of the following
conditions is met:
(a) If withdrawal is before the end of the second contract year, the
annuity income must be payable for the lifetime of the annuitant
and Contingent Annuitant, if any.
(b) If withdrawal is during the third through fifth contract years,
the annuity income must be payable over a period of not less than
ten years, or payable over the lifetime of the annuitant and
Contingent Annuitant, if any.
(c) If withdrawal is after the fifth contract year, the annuity
income must be payable over a period of not less than five years
or payable over the lifetime of the annuitant and Contingent
Annuitant, if any.
DEATH BENEFIT AFTER THE ANNUITY PAYOUT DATE
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FORM 00-VA-2 THE OHIO NATIONAL LIFE INSURANCE COMPANY PAGE 17
<PAGE> 18
If the Annuitant dies after the Annuity Payout Date, any death benefit
payable will be in accordance with the annuity option chosen.
SPENDTHRIFT PROVISION
Except as otherwise provided in this contract (or in any supplementary
contract issued in exchange for it), an Annuitant or Beneficiary may not
commute, anticipate, assign or otherwise encumber any amounts to be paid in
settlement of this contract. To the extent allowed by law, no such amount
shall be subject to any legal process in payment of any claim against an
Annuitant or Beneficiary.
DESCRIPTION OF ANNUITY OPTIONS
All of these options may be on a fixed or variable annuity basis or both.
LIFE ANNUITY
OPTION 1
(a) NONREFUND. We will make payments during the lifetime of the
Annuitant. No payments are due after the death of the Annuitant.
(b) 5-YEARS CERTAIN. We will make payments for 5 years and after that
during the lifetime of the Annuitant. No payments are due after
the death of the Annuitant or, if later, the end of the 5-year
period certain.
(c) 10-YEARS CERTAIN. We will make payments for 10 years and after
that during the lifetime of the Annuitant. No payments are due
after the death of the Annuitant or, if later, the end of the
10-year period certain.
(d) INSTALLMENT REFUND. We will make payments for a period certain
and after that during the lifetime of the Annuitant. No payments
are due after the death of the Annuitant or, if later, the end of
the period certain. The number of period certain payments is
equal to the amount applied under this installment refund option
divided by the amount of the first annuity payment; provided,
however, that the amount of the final period certain payment
shall be multiplied by that part of the preceding quotient which
is not an integer.
JOINT AND SURVIVOR LIFE ANNUITY
OPTION 2
(a) JOINT AND SURVIVOR NONREFUND. We will make payments during the
joint lifetime of the Annuitant and Contingent Annuitant.
Payments will then continue during the remaining lifetime of the
survivor of them. No payments are due after the death of the last
survivor of the Annuitant and Contingent Annuitant.
(b) JOINT AND SURVIVOR WITH 10-YEARS CERTAIN. We will make payments
for 10 years and after that during the joint lifetime of the
Annuitant and Contingent Annuitant. Payments will then continue
during the remaining lifetime of the survivor of them. No
payments are due after the death of the survivor of the Annuitant
and Contingent Annuitant or, if later, the end of the 10-year
period certain.
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FORM 00-VA-2 THE OHIO NATIONAL LIFE INSURANCE COMPANY PAGE 18
<PAGE> 19
ANNUITY OPTION TABLES
Date of Birth
(1939 and Before)
Installments shown are for a monthly payment for each $1,000 of contract value
applied under an option. Age, as used in these tables, is age as of nearest
birthday. Rates of monthly payments for ages and periods certain not shown, if
allowed by us, will be based on an actuarially equivalent basis. To determine
annual, semi-annual, or quarterly installments, multiply the amounts shown by
11.65, 5.92 or 2.98; respectively.
<TABLE>
<CAPTION>
OPTION 1: LIFE INCOME
-------------------- -------- ---------- ----------- ------------ ------------------ ---------- ---------- ------------ ------------
AGE AND SEX AGE AND SEX
OF ANNUITANT OF ANNUITANT
NON- 5 YEARS 10 YEARS INSTALLMENT NON- 5 YEARS 10 YEARS INSTALLMENT
MALE REFUND CERTAIN CERTAIN REFUND FEMALE REFUND CERTAIN CERTAIN REFUND
-------------------- -------- ---------- ----------- ------------ ------------------ ---------- ---------- ------------ ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
51 $4.14 $4.13 $4.10 $3.97 51 $3.80 $3.79 $3.78 $3.71
52 4.21 4.20 4.17 4.03 52 3.86 3.85 3.84 3.76
53 4.29 4.28 4.24 4.09 53 3.92 3.91 3.90 3.81
54 4.37 4.36 4.32 4.16 54 3.98 3.98 3.96 3.87
55 4.46 4.45 4.40 4.23 55 4.05 4.05 4.03 3.93
56 4.55 4.54 4.49 4.30 56 4.13 4.12 4.10 3.99
57 4.65 4.63 4.58 4.37 57 4.20 4.20 4.17 4.05
58 4.75 4.73 4.67 4.45 58 4.29 4.28 4.25 4.12
59 4.86 4.84 4.77 4.53 59 4.37 4.36 4.33 4.19
60 4.98 4.96 4.88 4.62 60 4.47 4.46 4.42 4.27
61 5.11 5.08 4.99 4.71 61 4.57 4.55 4.51 4.35
62 5.24 5.21 5.11 4.81 62 4.67 4.66 4.61 4.43
63 5.39 5.35 5.23 4.92 63 4.78 4.77 4.71 4.52
64 5.54 5.50 5.36 5.02 64 4.90 4.88 4.82 4.61
65 5.71 5.66 5.49 5.14 65 5.03 5.01 4.94 4.70
66 5.88 5.82 5.63 5.25 66 5.17 5.14 5.06 4.81
67 6.07 6.00 5.78 5.37 67 5.31 5.28 5.18 4.92
68 6.27 6.19 5.93 5.51 68 5.47 5.43 5.32 5.03
69 6.49 6.39 6.08 5.64 69 5.63 5.59 5.46 5.15
70 6.72 6.60 6.24 5.79 70 5.82 5.77 5.61 5.28
71 6.96 6.82 6.41 5.93 71 6.01 5.96 5.77 5.41
72 7.22 7.05 6.58 6.10 72 6.22 6.16 5.93 5.56
73 7.50 7.30 6.75 6.27 73 6.45 6.37 6.11 5.71
74 7.79 7.56 6.92 6.43 74 6.70 6.60 6.29 5.87
75 8.11 7.83 7.09 6.62 75 6.97 6.85 6.47 6.05
76 8.45 8.12 7.27 6.83 76 7.26 7.11 6.66 6.23
77 8.82 8.42 7.44 7.03 77 7.57 7.39 6.86 6.41
78 9.21 8.74 7.61 7.24 78 7.90 7.69 7.05 6.62
79 9.62 9.07 7.78 7.46 79 8.27 8.00 7.25 6.83
80 10.07 9.41 7.95 7.66 80 8.66 8.34 7.45 7.05
81 10.55 9.77 8.11 7.94 81 9.09 8.69 7.64 7.29
82 11.06 10.13 8.26 8.19 82 9.55 9.06 7.83 7.55
83 11.60 10.50 8.40 8.43 83 10.06 9.45 8.02 7.78
84 12.18 10.89 8.53 8.76 84 10.60 9.86 8.19 8.07
85 12.80 11.27 8.66 9.07 85 11.19 10.28 8.35 8.38
86 13.45 11.66 8.77 9.40 86 11.82 10.72 8.50 8.65
87 14.14 12.06 8.88 9.70 87 12.50 11.15 8.64 9.00
88 14.89 12.45 8.97 10.07 88 13.24 11.59 8.76 9.29
89 15.69 12.85 9.06 10.34 89 14.02 12.03 8.87 9.69
90 16.56 13.24 9.14 10.83 90 14.86 12.45 8.97 10.07
-------------------- -------- ---------- ----------- ------------ ------------------ ---------- ---------- ------------ ------------
</TABLE>
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FORM 00-VA-2 THE OHIO NATIONAL LIFE INSURANCE COMPANY PAGE 19
<PAGE> 20
<TABLE>
<CAPTION>
OPTION 2: JOINT & SURVIVOR LIFE INCOME
(a) Nonrefund
---------------- -----------------------------------------------------------------------------------------
AGE OF
AGE FEMALE CONTINGENT ANNUITANT
OF MALE -----------------------------------------------------------------------------------------
ANNUITANT 50 55 60 65 70 75 80 85 90
---------------- --------- --------- --------- --------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
55 $3.55 $3.72 $3.89 $4.04 $4.17 $4.27 $4.35 $4.40 $4.42
60 3.61 3.82 4.04 4.26 4.47 4.64 4.77 4.86 4.92
65 3.65 3.90 4.17 4.47 4.78 5.06 5.30 5.46 5.57
70 3.69 3.95 4.27 4.65 5.07 5.51 5.90 6.21 6.42
75 3.71 3.99 4.35 4.79 5.32 5.92 6.53 7.07 7.47
80 3.72 4.02 4.40 4.88 5.51 6.27 7.13 7.99 8.71
85 3.73 4.03 4.43 4.95 5.63 6.54 7.64 8.88 10.04
90 3.73 4.04 4.44 4.98 5.71 6.72 8.03 9.63 11.33
---------------- --------- --------- --------- --------- --------- --------- --------- --------- ---------
<CAPTION>
(b) With 10 Years Certain
---------------- -----------------------------------------------------------------------------------------
AGE OF
AGE FEMALE CONTINGENT ANNUITANT
OF MALE -----------------------------------------------------------------------------------------
ANNUITANT 50 55 60 65 70 75 80 85 90
---------------- --------- --------- --------- --------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
55 $3.55 $3.72 $3.88 $4.04 $4.17 $4.27 $4.33 $4.37 $4.39
60 3.61 3.82 4.04 4.26 4.46 4.63 4.75 4.82 4.86
65 3.65 3.89 4.17 4.47 4.77 5.04 5.25 5.38 5.45
70 3.68 3.95 4.27 4.64 5.05 5.45 5.80 6.03 6.16
75 3.70 3.99 4.34 4.77 5.28 5.83 6.34 6.72 6.94
80 3.72 4.01 4.38 4.85 5.44 6.12 6.80 7.36 7.70
85 3.72 4.02 4.40 4.90 5.53 6.31 7.14 7.85 8.31
90 3.72 4.03 4.41 4.92 5.58 6.41 7.33 8.15 8.70
---------------- --------- --------- --------- --------- --------- --------- --------- --------- ---------
</TABLE>
Actuarial Basis - Installments shown in these tables are based on the 1983(a)
Mortality Table Projected to 1996 under Scale G with compound interest at the
effective rate of 3% per year.
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FORM 00-VA-2 THE OHIO NATIONAL LIFE INSURANCE COMPANY PAGE 20
<PAGE> 21
ANNUITY OPTION TABLES
(1940-1959)
Installments shown are for a monthly payment for each $1,000 of contract value
applied under an option. Age, as used in these tables, is age as of nearest
birthday. Rates of monthly payments for ages and periods certain not shown, if
allowed by us, will be based on an actuarially equivalent basis. To determine
annual, semi-annual, or quarterly installments, multiply the amounts shown by
11.65, 5.92 or 2.98; respectively.
<TABLE>
<CAPTION>
OPTION 1: LIFE INCOME
-------------------- -------- ---------- ----------- ------------ ------------------ ---------- ---------- ------------ ------------
AGE AND SEX AGE AND SEX
OF ANNUITANT OF ANNUITANT
-------------------- NON- 5 YEARS 10 YEARS INSTALLMENT ------------------ NON- 5 YEARS 10 YEARS INSTALLMENT
MALE REFUND CERTAIN CERTAIN REFUND FEMALE REFUND CERTAIN CERTAIN REFUND
-------------------- -------- ---------- ----------- ------------ ------------------ ---------- ---------- ------------ ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
51 $4.07 $4.06 $4.03 $3.91 51 $3.74 $3.74 $3.73 $3.66
52 4.14 4.13 4.10 3.97 52 3.80 3.79 3.78 3.71
53 4.21 4.20 4.17 4.03 53 3.86 3.85 3.84 3.76
54 4.29 4.28 4.24 4.09 54 3.92 3.91 3.90 3.81
55 4.37 4.36 4.32 4.16 55 3.98 3.98 3.96 3.87
56 4.46 4.45 4.40 4.23 56 4.05 4.05 4.03 3.93
57 4.55 4.54 4.49 4.30 57 4.13 4.12 4.10 3.99
58 4.65 4.63 4.58 4.37 58 4.20 4.20 4.17 4.05
59 4.75 4.73 4.67 4.45 59 4.29 4.28 4.25 4.12
60 4.86 4.84 4.77 4.53 60 4.37 4.36 4.33 4.19
61 4.98 4.96 4.88 4.62 61 4.47 4.46 4.42 4.27
62 5.11 5.08 4.99 4.71 62 4.57 4.55 4.51 4.35
63 5.24 5.21 5.11 4.81 63 4.67 4.66 4.61 4.43
64 5.39 5.35 5.23 4.92 64 4.78 4.77 4.71 4.52
65 5.54 5.50 5.36 5.02 65 4.90 4.88 4.82 4.61
66 5.71 5.66 5.49 5.14 66 5.03 5.01 4.94 4.70
67 5.88 5.82 5.63 5.25 67 5.17 5.14 5.06 4.81
68 6.07 6.00 5.78 5.37 68 5.31 5.28 5.18 4.92
69 6.27 6.19 5.93 5.51 69 5.47 5.43 5.32 5.03
70 6.49 6.39 6.08 5.64 70 5.63 5.59 5.46 5.15
71 6.72 6.60 6.24 5.79 71 5.82 5.77 5.61 5.28
72 6.96 6.82 6.41 5.93 72 6.01 5.96 5.77 5.41
73 7.22 7.05 6.58 6.10 73 6.22 6.16 5.93 5.56
74 7.50 7.30 6.75 6.27 74 6.45 6.37 6.11 5.71
75 7.79 7.56 6.92 6.43 75 6.70 6.60 6.29 5.87
76 8.11 7.83 7.09 6.62 76 6.97 6.85 6.47 6.05
77 8.45 8.12 7.27 6.83 77 7.26 7.11 6.66 6.23
78 8.82 8.42 7.44 7.03 78 7.57 7.39 6.86 6.41
79 9.21 8.74 7.61 7.24 79 7.90 7.69 7.05 6.62
80 9.62 9.07 7.78 7.46 80 8.27 8.00 7.25 6.83
81 10.07 9.41 7.95 7.66 81 8.66 8.34 7.45 7.05
82 10.55 9.77 8.11 7.94 82 9.09 8.69 7.64 7.29
83 11.06 10.13 8.26 8.19 83 9.55 9.06 7.83 7.35
84 11.60 10.50 8.40 8.43 84 10.06 9.45 8.02 7.78
85 12.18 10.89 8.53 8.76 85 10.60 9.86 8.19 8.07
86 12.80 11.27 8.66 9.07 86 11.19 10.28 8.35 8.38
87 13.45 11.66 8.77 9.40 87 11.82 10.72 8.50 8.65
88 14.14 12.06 8.88 9.70 88 12.50 11.15 8.64 9.00
89 14.89 12.45 8.97 10.07 89 13.24 11.59 8.76 9.29
90 15.69 12.85 9.06 10.34 90 14.02 12.03 8.87 9.69
-------------------- -------- ---------- ----------- ------------ ------------------ ---------- ---------- ------------ ------------
</TABLE>
--------------------------------------------------------------------------------
FORM 00-VA-2 THE OHIO NATIONAL LIFE INSURANCE COMPANY PAGE 21
<PAGE> 22
<TABLE>
<CAPTION>
OPTION 2: JOINT & SURVIVOR LIFE INCOME
(a) Nonrefund
---------------- -------------------------------------------------------------------------------
AGE OF
AGE FEMALE CONTINGENT ANNUITANT
OF MALE -------------------------------------------------------------------------------
ANNUITANT 55 60 65 70 75 80 85 90
---------------- --------- --------- --------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
55 $3.66 $3.82 $3.97 $4.09 $4.19 $4.26 $4.31 $4.34
60 3.76 3.97 4.18 4.37 4.54 4.66 4.75 4.80
65 3.83 4.09 4.38 4.66 4.93 5.15 5.31 5.41
70 3.89 4.19 4.54 4.94 5.34 5.71 6.00 6.20
75 3.92 4.26 4.67 5.17 5.73 6.29 6.80 7.18
80 3.95 4.30 4.76 5.34 6.05 6.85 7.66 8.34
85 3.96 4.33 4.82 5.46 6.30 7.33 8.48 9.58
90 3.97 4.35 4.86 5.54 6.46 7.68 9.17 10.77
---------------- --------- --------- --------- --------- --------- --------- --------- ---------
<CAPTION>
(b) With 10 Years Certain
---------------- -------------------------------------------------------------------------------
AGE OF
AGE FEMALE CONTINGENT ANNUITANT
OF MALE -------------------------------------------------------------------------------
ANNUITANT 55 60 65 70 75 80 85 90
---------------- --------- --------- --------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
55 $3.66 $3.82 $3.97 $4.09 $4.18 $4.25 $4.29 $4.31
60 3.76 3.97 4.18 4.37 4.53 4.64 4.71 4.75
65 3.83 4.09 4.37 4.65 4.91 5.11 5.24 5.31
70 3.88 4.18 4.53 4.92 5.30 5.63 5.86 5.99
75 3.92 4.25 4.66 5.13 5.65 6.15 6.53 6.75
80 3.94 4.29 4.74 5.29 5.93 6.60 7.15 7.51
85 3.95 4.31 4.78 5.38 6.12 6.92 7.65 8.13
90 3.96 4.33 4.81 5.43 6.22 7.12 7.96 8.55
---------------- --------- --------- --------- --------- --------- --------- --------- ---------
</TABLE>
Actuarial Basis - Installments shown in these tables are based on the 1983(a)
Mortality Table Projected to 1996 under Scale G (set back one year) with
compound interest at the effective rate of 3% per year.
--------------------------------------------------------------------------------
FORM 00-VA-2 THE OHIO NATIONAL LIFE INSURANCE COMPANY PAGE 22
<PAGE> 23
ANNUITY OPTION TABLES
(1960-1979)
Installments shown are for a monthly payment for each $1,000 of contract value
applied under an option. Age, as used in these tables, is age as of nearest
birthday. Rates of monthly payments for ages and periods certain not shown, if
allowed by us, will be based on an actuarially equivalent basis. To determine
annual, semi-annual, or quarterly installments, multiply the amounts shown by
11.65, 5.92 or 2.98; respectively.
<TABLE>
<CAPTION>
OPTION 1: LIFE INCOME
-------------------- -------- ---------- ----------- ------------ ------------------ ---------- ---------- ------------ ------------
AGE AND SEX AGE AND SEX
OF ANNUITANT OF ANNUITANT
-------------------- NON- 5 YEARS 10 YEARS INSTALLMENT ------------------ NON- 5 YEARS 10 YEARS INSTALLMENT
MALE REFUND CERTAIN CERTAIN REFUND FEMALE REFUND CERTAIN CERTAIN REFUND
-------------------- -------- ---------- ----------- ------------ ------------------ ---------- ---------- ------------ ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
52 $4.07 $4.06 $4.03 $3.91 52 $3.74 $3.74 $3.73 $3.66
53 4.14 4.13 4.10 3.97 53 3.80 3.79 3.78 3.71
54 4.21 4.20 4.17 4.03 54 3.86 3.85 3.84 3.76
55 4.29 4.28 4.24 4.09 55 3.92 3.91 3.90 3.81
56 4.37 4.36 4.32 4.16 56 3.98 3.98 3.96 3.87
57 4.46 4.45 4.40 4.23 57 4.05 4.05 4.03 3.93
58 4.55 4.54 4.49 4.30 58 4.13 4.12 4.10 3.99
59 4.65 4.63 4.58 4.37 59 4.20 4.20 4.17 4.05
60 4.75 4.73 4.67 4.45 60 4.29 4.28 4.25 4.12
61 4.86 4.84 4.77 4.53 61 4.37 4.36 4.33 4.19
62 4.98 4.96 4.88 4.62 62 4.47 4.46 4.42 4.27
63 5.11 5.08 4.99 4.71 63 4.57 4.55 4.51 4.35
64 5.24 5.21 5.11 4.81 64 4.67 4.66 4.61 4.43
65 5.39 5.35 5.23 4.92 65 4.78 4.77 4.71 4.52
66 5.54 5.50 5.36 5.02 66 4.90 4.88 4.82 4.61
67 5.71 5.66 5.49 5.14 67 5.03 5.01 4.94 4.70
68 5.88 5.82 5.63 5.25 68 5.17 5.14 5.06 4.81
69 6.07 6.00 5.78 5.37 69 5.31 5.28 5.18 4.92
70 6.27 6.19 5.93 5.51 70 5.47 5.43 5.32 5.03
71 6.49 6.39 6.08 5.64 71 5.63 5.59 5.46 5.15
72 6.72 6.60 6.24 5.79 72 5.82 5.77 5.61 5.28
73 6.96 6.82 6.41 5.93 73 6.01 5.96 5.77 5.41
74 7.22 7.05 6.58 6.10 74 6.22 6.16 5.93 5.56
75 7.50 7.30 6.75 6.27 75 6.45 6.37 6.11 5.71
76 7.79 7.56 6.92 6.43 76 6.70 6.60 6.29 5.87
77 8.11 7.83 7.09 6.62 77 6.97 6.85 6.47 6.05
78 8.45 8.12 7.27 6.83 78 7.26 7.11 6.66 6.23
79 8.82 8.42 7.44 7.03 79 7.57 7.39 6.86 6.41
80 9.21 8.74 7.61 7.24 80 7.90 7.69 7.05 6.62
81 9.62 9.07 7.78 7.46 81 8.27 8.00 7.25 6.83
82 10.07 9.41 7.95 7.66 82 8.66 8.34 7.45 7.05
83 10.55 9.77 8.11 7.94 83 9.09 8.69 7.64 7.29
84 11.06 10.13 8.26 8.19 84 9.55 9.06 7.83 7.55
85 11.60 10.50 8.40 8.43 85 10.06 9.45 8.02 7.78
86 12.18 10.89 8.53 8.76 86 10.60 9.86 8.19 8.07
87 12.80 11.27 8.66 9.07 87 11.19 10.28 8.35 8.38
88 13.45 11.66 8.77 9.40 88 11.82 10.72 8.50 8.65
89 14.14 12.06 8.88 9.70 89 12.50 11.15 8.64 9.00
90 14.89 12.45 8.97 10.07 90 13.24 11.59 8.76 9.29
-------------------- -------- ---------- ----------- ------------ ------------------ ---------- ---------- ------------ ------------
</TABLE>
--------------------------------------------------------------------------------
FORM 00-VA-2 THE OHIO NATIONAL LIFE INSURANCE COMPANY PAGE 23
<PAGE> 24
<TABLE>
<CAPTION>
OPTION 2: JOINT & SURVIVOR LIFE INCOME
(a) Nonrefund
---------------- -------------------------------------------------------------------------------
AGE OF
AGE FEMALE CONTINGENT ANNUITANT
OF MALE -------------------------------------------------------------------------------
ANNUITANT 55 60 65 70 75 80 85 90
---------------- --------- --------- --------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
55 $3.61 $3.76 $3.90 $4.02 $4.11 $4.18 $4.23 $4.25
60 3.70 3.90 4.10 4.28 4.44 4.56 4.64 4.69
65 3.77 4.02 4.28 4.55 4.80 5.01 5.16 5.26
70 3.82 4.11 4.44 4.81 5.19 5.53 5.81 6.00
75 3.86 4.18 4.56 5.02 5.55 6.08 6.55 6.91
80 3.88 4.22 4.65 5.19 5.85 6.59 7.34 7.99
85 3.90 4.25 4.70 5.30 6.08 7.03 8.10 9.14
90 3.91 4.26 4.74 5.37 6.23 7.36 8.75 10.25
---------------- --------- --------- --------- --------- --------- --------- --------- ---------
<CAPTION>
(b) With 10 Years Certain
---------------- -------------------------------------------------------------------------------
AGE OF
AGE FEMALE CONTINGENT ANNUITANT
OF MALE -------------------------------------------------------------------------------
ANNUITANT 55 60 65 70 75 80 85 90
---------------- --------- --------- --------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
55 $3.61 $3.76 $3.90 $4.02 $4.11 $4.17 $4.21 $4.23
60 3.70 3.90 4.10 4.28 4.43 4.54 4.61 4.65
65 3.77 4.01 4.28 4.54 4.79 4.98 5.11 5.18
70 3.82 4.10 4.43 4.79 5.15 5.47 5.70 5.83
75 3.85 4.17 4.55 5.00 5.49 5.96 6.34 6.57
80 3.88 4.21 4.63 5.15 5.76 6.39 6.95 7.31
85 3.89 4.23 4.67 5.24 5.94 6.71 7.44 7.95
90 3.89 4.24 4.70 5.29 6.04 6.91 7.76 8.39
---------------- --------- --------- --------- --------- --------- --------- --------- ---------
</TABLE>
Actuarial Basis - Installments shown in these tables are based on the 1983(a)
Mortality Table Projected to 1996 under Scale G (set back two years) with
compound interest at the effective rate of 3% per year.
--------------------------------------------------------------------------------
FORM 00-VA-2 THE OHIO NATIONAL LIFE INSURANCE COMPANY PAGE 24
<PAGE> 25
ANNUITY OPTION TABLES
(1980-1999)
Installments shown are for a monthly payment for each $1,000 of contract value
applied under an option. Age, as used in these tables, is age as of nearest
birthday. Rates of monthly payments for ages and periods certain not shown, if
allowed by us, will be based on an actuarially equivalent basis. To determine
annual, semi-annual, or quarterly installments, multiply the amounts shown by
11.65, 5.92 or 2.98; respectively.
<TABLE>
<CAPTION>
OPTION 1: LIFE INCOME
-------------------- -------- ---------- ----------- ------------ ------------------ ---------- ---------- ------------ ------------
AGE AND SEX AGE AND SEX
OF ANNUITANT OF ANNUITANT
-------------------- NON- 5 YEARS 10 YEARS INSTALLMENT ------------------ NON- 5 YEARS 10 YEARS INSTALLMENT
MALE REFUND CERTAIN CERTAIN REFUND FEMALE REFUND CERTAIN CERTAIN REFUND
-------------------- -------- ---------- ----------- ------------ ------------------ ---------- ---------- ------------ ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
53 $4.07 $4.06 $4.03 $3.91 53 $3.74 $3.74 $3.73 $3.66
54 4.14 4.13 4.10 3.97 54 3.80 3.79 3.78 3.71
55 4.21 4.20 4.17 4.03 55 3.86 3.85 3.84 3.76
56 4.29 4.28 4.24 4.09 56 3.92 3.91 3.90 3.81
57 4.37 4.36 4.32 4.16 57 3.98 3.98 3.96 3.87
58 4.46 4.45 4.40 4.23 58 4.05 4.05 4.03 3.93
59 4.55 4.54 4.49 4.30 59 4.13 4.12 4.10 3.99
60 4.65 4.63 4.58 4.37 60 4.20 4.20 4.17 4.05
61 4.75 4.73 4.67 4.45 61 4.29 4.28 4.25 4.12
62 4.86 4.84 4.77 4.53 62 4.37 4.36 4.33 4.19
63 4.98 4.96 4.88 4.62 63 4.47 4.46 4.42 4.27
64 5.11 5.08 4.99 4.71 64 4.57 4.55 4.51 4.35
65 5.24 5.21 5.11 4.81 65 4.67 4.66 4.61 4.43
66 5.39 5.35 5.23 4.92 66 4.78 4.77 4.71 4.52
67 5.54 5.50 5.36 5.02 67 4.90 4.88 4.82 4.61
68 5.71 5.66 5.49 5.14 68 5.03 5.01 4.94 4.70
69 5.88 5.82 5.63 5.25 69 5.17 5.14 5.06 4.81
70 6.07 6.00 5.78 5.37 70 5.31 5.28 5.18 4.92
71 6.27 6.19 5.93 5.51 71 5.47 5.43 5.32 5.03
72 6.49 6.39 6.08 5.64 72 5.63 5.59 5.46 5.15
73 6.72 6.60 6.24 5.79 73 5.82 5.77 5.61 5.28
74 6.96 6.82 6.41 5.93 74 6.01 5.96 5.77 5.41
75 7.22 7.05 6.58 6.10 75 6.22 6.16 5.93 5.56
76 7.50 7.30 6.75 6.27 76 6.45 6.37 6.11 5.71
77 7.79 7.56 6.92 6.43 77 6.70 6.60 6.29 5.87
78 8.11 7.83 7.09 6.62 78 6.97 6.85 6.47 6.05
79 8.45 8.12 7.27 6.83 79 7.26 7.11 6.66 6.23
80 8.82 8.42 7.44 7.03 80 7.57 7.39 6.86 6.41
81 9.21 8.74 7.61 7.24 81 7.90 7.69 7.05 6.62
82 9.62 9.07 7.78 7.46 82 8.27 8.00 7.25 6.83
83 10.07 9.41 7.95 7.66 83 8.66 8.34 7.45 7.05
84 10.55 9.77 8.11 7.94 84 9.09 8.69 7.64 7.29
85 11.06 10.13 8.26 8.19 85 9.55 9.06 7.83 7.55
86 11.60 10.50 8.40 8.43 86 10.06 9.45 8.02 7.78
87 12.18 10.89 8.53 8.76 87 10.60 9.86 8.19 8.07
88 12.80 11.27 8.66 9.07 88 11.19 10.28 8.35 8.38
89 13.45 11.66 8.77 9.40 89 11.89 10.72 8.50 8.65
90 14.14 12.06 8.88 9.70 90 12.50 11.15 8.64 9.00
-------------------- -------- ---------- ----------- ------------ ------------------ ---------- ---------- ------------ ------------
</TABLE>
--------------------------------------------------------------------------------
FORM 00-VA-2 THE OHIO NATIONAL LIFE INSURANCE COMPANY PAGE 25
<PAGE> 26
<TABLE>
<CAPTION>
OPTION 2: JOINT & SURVIVOR LIFE INCOME
(a) Nonrefund
---------------- -------------------------------------------------------------------------------
AGE OF
AGE FEMALE CONTINGENT ANNUITANT
OF MALE -------------------------------------------------------------------------------
ANNUITANT 55 60 65 70 75 80 85 90
---------------- --------- --------- --------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
55 $3.56 $3.71 $3.84 $3.95 $4.04 $4.10 $4.15 $4.18
60 3.65 3.84 4.02 4.20 4.34 4.46 4.54 4.59
65 3.71 3.95 4.20 4.45 4.68 4.88 5.02 5.12
70 3.76 4.03 4.35 4.69 5.04 5.36 5.62 5.81
75 3.80 4.10 4.46 4.89 5.38 5.87 6.32 6.66
80 3.82 4.14 4.54 5.05 5.66 6.35 7.05 7.66
85 3.83 4.17 4.59 5.15 5.87 6.76 7.76 8.73
90 3.84 4.18 4.63 5.22 6.02 7.07 8.35 9.76
---------------- --------- --------- --------- --------- --------- --------- --------- ---------
<CAPTION>
(b) With 10 Years Certain
---------------- -------------------------------------------------------------------------------
AGE OF
AGE FEMALE CONTINGENT ANNUITANT
OF MALE -------------------------------------------------------------------------------
ANNUITANT 55 60 65 70 75 80 85 90
---------------- --------- --------- --------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
55 $3.56 $3.71 $3.84 $3.95 $4.03 $4.10 $4.14 $4.16
60 3.65 3.83 4.02 4.19 4.34 4.44 4.51 4.55
65 3.71 3.94 4.19 4.44 4.67 4.86 4.98 5.05
70 3.76 4.03 4.34 4.68 5.02 5.32 5.54 5.67
75 3.79 4.09 4.45 4.87 5.33 5.78 6.15 6.39
80 3.82 4.13 4.53 5.01 5.59 6.20 6.74 7.12
85 3.83 4.15 4.57 5.10 5.76 6.51 7.23 7.76
90 3.83 4.16 4.59 5.15 5.86 6.71 7.56 8.22
---------------- --------- --------- --------- --------- --------- --------- --------- ---------
</TABLE>
Actuarial Basis - Installments shown in these tables are based on the 1983(a)
Mortality Table Projected to 1996 under Scale G (set back three years) with
compound interest at the effective rate of 3% per year.
--------------------------------------------------------------------------------
FORM 00-VA-2 THE OHIO NATIONAL LIFE INSURANCE COMPANY PAGE 26
<PAGE> 27
ANNUITY OPTION TABLES
(2000 +)
Installments shown are for a monthly payment for each $1,000 of contract value
applied under an option. Age, as used in these tables, is age as of nearest
birthday. Rates of monthly payments for ages and periods certain not shown, if
allowed by us, will be based on an actuarially equivalent basis. To determine
annual, semi-annual, or quarterly installments, multiply the amounts shown by
11.65, 5.92 or 2.98; respectively.
<TABLE>
<CAPTION>
OPTION 1: LIFE INCOME
-------------------- -------- ---------- ----------- ------------ ------------------ ---------- ---------- ------------ ------------
AGE AND SEX AGE AND SEX
OF ANNUITANT OF ANNUITANT
-------------------- NON- 5 YEARS 10 YEARS INSTALLMENT ------------------ NON- 5 YEARS 10 YEARS INSTALLMENT
MALE REFUND CERTAIN CERTAIN REFUND FEMALE REFUND CERTAIN CERTAIN REFUND
-------------------- -------- ---------- ----------- ------------ ------------------ ---------- ---------- ------------ ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
54 $4.07 $4.06 $4.03 $3.91 54 $3.74 $3.74 $3.73 $3.66
55 4.14 4.13 4.10 3.97 55 3.80 3.79 3.78 3.71
56 4.21 4.20 4.17 4.03 56 3.86 3.85 3.84 3.76
57 4.29 4.28 4.24 4.09 57 3.92 3.91 3.90 3.81
58 4.37 4.36 4.32 4.16 58 3.98 3.98 3.96 3.87
59 4.46 4.45 4.40 4.23 59 4.05 4.05 4.03 3.93
60 4.55 4.54 4.49 4.30 60 4.13 4.12 4.10 3.99
61 4.65 4.63 4.58 4.37 61 4.20 4.20 4.17 4.05
62 4.75 4.73 4.67 4.45 62 4.29 4.28 4.25 4.12
63 4.86 4.84 4.77 4.53 63 4.37 4.36 4.33 4.19
64 4.98 4.96 4.88 4.62 64 4.47 4.46 4.42 4.27
65 5.11 5.08 4.99 4.71 65 4.57 4.55 4.51 4.35
66 5.24 5.21 5.11 4.81 66 4.67 4.66 4.61 4.43
67 5.39 5.35 5.23 4.92 67 4.78 4.77 4.71 4.52
68 5.54 5.50 5.36 5.02 68 4.90 4.88 4.82 4.61
69 5.71 5.66 5.49 5.14 69 5.03 5.01 4.94 4.70
70 5.88 5.82 5.63 5.25 70 5.17 5.14 5.06 4.81
71 6.07 6.00 5.78 5.37 71 5.31 5.28 5.18 4.92
72 6.27 6.19 5.93 5.51 72 5.47 5.43 5.32 5.03
73 6.49 6.39 6.08 5.64 73 5.63 5.59 5.46 5.15
74 6.72 6.60 6.24 5.79 74 5.82 5.77 5.61 5.28
75 6.96 6.82 6.41 5.93 75 6.01 5.96 5.77 5.41
76 7.22 7.05 6.58 6.10 76 6.22 6.16 5.93 5.56
77 7.50 7.30 6.75 6.27 77 6.45 6.37 6.11 5.71
78 7.79 7.56 6.92 6.43 78 6.70 6.60 6.29 5.87
79 8.11 7.83 7.09 6.62 79 6.97 6.85 6.47 6.05
80 8.45 8.12 7.27 6.83 80 7.26 7.11 6.66 6.23
81 8.82 8.42 7.44 7.03 81 7.57 7.39 6.86 6.41
82 9.21 8.74 7.61 7.24 82 7.90 7.69 7.05 6.62
83 9.62 9.07 7.78 7.46 83 8.27 8.00 7.25 6.83
84 10.07 9.41 7.95 7.66 84 8.66 8.34 7.45 7.05
85 10.55 9.77 8.11 7.94 85 9.09 8.69 7.64 7.29
86 11.06 10.13 8.26 8.19 86 9.55 9.06 7.83 7.55
87 11.60 10.50 8.40 8.43 87 10.06 9.45 8.02 7.78
88 12.18 10.89 8.53 8.76 88 10.60 9.86 8.19 8.07
89 12.80 11.27 8.66 9.07 89 11.19 10.28 8.35 8.38
90 13.45 11.66 8.77 9.40 90 11.82 10.72 8.50 8.65
-------------------- -------- ---------- ----------- ------------ ------------------ ---------- ---------- ------------ ------------
</TABLE>
--------------------------------------------------------------------------------
FORM 00-VA-2 THE OHIO NATIONAL LIFE INSURANCE COMPANY PAGE 27
<PAGE> 28
<TABLE>
<CAPTION>
OPTION 2: JOINT & SURVIVOR LIFE INCOME
(a) Nonrefund
---------------- -------------------------------------------------------------------------------
AGE OF
AGE FEMALE CONTINGENT ANNUITANT
OF MALE -------------------------------------------------------------------------------
ANNUITANT 55 60 65 70 75 80 85 90
---------------- --------- --------- --------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
55 $3.52 $3.65 $3.78 $3.88 $3.97 $4.03 $4.07 $4.10
60 3.60 3.78 3.95 4.12 4.25 4.36 4.44 4.49
65 3.66 3.88 4.12 4.35 4.57 4.76 4.90 4.99
70 3.71 3.96 4.26 4.58 4.91 5.21 5.46 5.63
75 3.74 4.02 4.36 4.77 5.22 5.68 6.10 6.43
80 3.76 4.06 4.44 4.91 5.48 6.13 6.78 7.35
85 3.78 4.09 4.49 5.01 5.68 6.51 7.43 8.35
90 3.78 4.10 4.52 5.08 5.82 6.79 7.99 9.30
---------------- --------- --------- --------- --------- --------- --------- --------- ---------
<CAPTION>
(b) With 10 Years Certain
---------------- -------------------------------------------------------------------------------
AGE OF
AGE FEMALE CONTINGENT ANNUITANT
OF MALE -------------------------------------------------------------------------------
ANNUITANT 55 60 65 70 75 80 85 90
---------------- --------- --------- --------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
55 $3.52 $3.65 $3.78 $3.88 $3.96 $4.03 $4.06 $4.09
60 3.60 3.77 3.95 4.11 4.25 4.35 4.42 4.46
65 3.66 3.88 4.11 4.35 4.56 4.74 4.86 4.93
70 3.71 3.96 4.25 4.57 4.89 5.17 5.39 5.52
75 3.74 4.02 4.36 4.75 5.19 5.61 5.97 6.21
80 3.76 4.06 4.43 4.89 5.43 6.01 6.54 6.92
85 3.77 4.08 4.47 4.97 5.60 6.31 7.02 7.56
90 3.78 4.09 4.50 5.02 5.69 6.50 7.35 8.04
---------------- --------- --------- --------- --------- --------- --------- --------- ---------
</TABLE>
Actuarial Basis - Installments shown in these tables are based on the 1983(a)
Mortality Table Projected to 1996 under Scale G (set back four years) with
compound interest at the effective rate of 3% per year.
--------------------------------------------------------------------------------
FORM 00-VA-2 THE OHIO NATIONAL LIFE INSURANCE COMPANY PAGE 28
<PAGE> 29
THE OHIO NATIONAL LIFE INSURANCE COMPANY
Ohio National Financial Services
--------------------------------
VARIABLE DEFERRED ANNUITY CONTRACT
(Variable-Fixed)
Flexible Purchase Payments
Nonparticipating
Benefits Nontransferable
