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EXHIBIT 99.4(xii)(B)
[LOGO OF SAGE LIFE ASSURANCE OF AMERICA, INC.]
GUARANTEED MINIMUM INCOME BENEFIT RIDER
General
This Rider is made part of the Group Contract/Certificate to which it is
attached and is subject to all of the applicable provisions in the Certificate.
It provides an additional benefit, the "Guaranteed Minimum Income Benefit."
This Rider provides that, beginning on the Income Date, income payments will be
the greater of income payments as determined in the Certificate, or income
payments as determined in this Rider.
Definitions
Highest Anniversary Value: The Highest Anniversary Value is equal to the
greatest anniversary value attained from the following: On the Income
Date, we will calculate an anniversary value for each Certificate
Anniversary on or before the Income Date, excluding, however, Certificate
Anniversaries that come after the Owner attains age 80 or before the
Effective Date of this Rider. An anniversary value is equal to the Account
Value on a Certificate Anniversary, increased by the dollar amount of any
purchase payments made since the Certificate Anniversary and reduced for
any withdrawals (including any associated surrender charge and Market Value
Adjustment incurred) taken since that Anniversary. This reduction will be
made in proportion to the reduction in the Account Value that results from
the withdrawal.
Guaranteed Minimum Income Benefit
If this Rider is in force on the Income Date and all conditions set forth in
this Rider are met, we guarantee that, for the same frequency of payment and
Income Plan, income payments will be at least as great as the Guaranteed Minimum
Income Benefit. For a particular Income Plan and frequency of payment, the
Guaranteed Minimum Income Benefit is determined by applying the Highest
Anniversary Value to the applicable rate per $1,000 shown in the Income Tables
in the Certificate Schedule.
This Rider does not restrict or limit the right to receive income payments at
times other than those shown in the "Conditions" provision below.
Conditions
1. The Income Date must be on a Certificate Anniversary or the 30 days
that follow and must be:
(a) at least 7 years after the Effective Date of this Rider; and
(b) after the Annuitant has attained age 60;
2. The Guaranteed Minimum Income Benefit may be used with the following
Income Plans in the Certificate:
Income Plan 1. Fixed Life Annuity;
Income Plan 2. Fixed Life Annuity with 10 or 20 Years Certain; or
Income Plan 3. Fixed Joint and Last Survivor Annuity
DVA-C-GMIB-9712
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You may also elect any other Income Plan we offer on the Income Date
for which you and the Annuitant are then eligible and we then make
available under this Rider.
Charge for this Rider
The charge for this Rider is calculated as a percentage of the Account Value on
the date of deduction. The charge is deducted in proportion to the Sub-Accounts
in which you are invested; we deduct it on the Certificate Date and monthly
thereafter on the day we deduct asset-based charges. We will charge for each
Certificate Year that the Rider is in effect. The charge for this Rider is
shown in the Certificate Schedule.
Effective Date
The Effective Date of this Rider is the Certificate Date of the Certificate to
which it is attached.
Certificate Continuation Option
If the Certificate is being continued by the deceased Owner's spouse pursuant to
the Certificate Continuation Option, he or she may also elect to continue this
Rider by notifying our Customer Service Center within 30 days of the Valuation
Date we receive proof of the Owner's death. If elected by the new Owner, this
Rider shall continue according to its terms and conditions, subject to our then
existing rules on eligibility and the following conditions:
1. For the purposes of the "Effective Date" provision in this Rider, the
Effective Date will be the Valuation Date that the new Owner elects to
continue this Rider .
2. The charge for this Rider will be that then in effect for the new
Owner's attained age.
Termination
This Rider will terminate on the date of the first to occur of the following
events:
1. The Certificate is surrendered;
2. The death of the Owner if the Certificate is not continued under the
Certificate Continuation Option;
3. The death of the surviving spouse; and
4. On or after the Income Date, if an Income Plan not eligible under this
Rider is elected or income payments cease for any reason.
You cannot otherwise terminate this Rider.
Terms
All of the terms used in this Rider have the same meanings as in the Group
Contract and Certificate unless otherwise clearly indicated in this Rider.
/s/ Ronald S. Scowby
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Chairman
DVA-C-GMIB-9712
