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OWNER FIELD(22)
ANNUITANT FIELD(1)
FIELD(158)
POLICY NUMBER FIELD(3)
POLICY TYPE VARIABLE ANNUITY
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FLEXIBLE PREMIUM DEFERRED VARIABLE ANNUITY POLICY.
NON-PARTICIPATING
AMERITAS VARIABLE LIFE INSURANCE COMPANY
A STOCK COMPANY LOGO
HOW TO CONTACT US:
SERVICE CENTER
5900 "O" STREET
LINCOLN NE 68510-2234
OR
P.O. BOX 82550
LINCOLN NE 68501-2550
1-800-745-1112
FAX: 1-402-467-6153
www.overturelife.com
"NOTICE OF TEN-DAY RIGHT TO EXAMINE POLICY"
Read this Policy carefully. If you are dissatisfied with it for any reason, you
may return it to the selling agent or to us within ten days from the date it is
delivered to you. If allowed by state law, the amount of the refund will equal
the premiums paid less withdrawals, adjusted by investment gains and losses.
Otherwise, the amount of the refund will be the gross premium you paid less
withdrawals.
Please review the copy of the application attached to this Policy. If any
information shown on it is not true and complete, please notify us within ten
days from the date this Policy is delivered to you.
/s/ W. J. Atherton /s/ Donald R. Stading
President Secretary
YOU MAY ALLOCATE PREMIUMS AMONG SEPARATE ACCOUNT VARIABLE INVESTMENT OPTIONS OR
TO A FIXED ACCOUNT FIXED INTEREST RATE OPTION. YOU, THE OWNER, HAVE THE
INVESTMENT RISK (INCLUDING POSSIBLE LOSS OF PRINCIPAL) ON AMOUNTS ALLOCATED TO
THE VARIABLE INVESTMENT OPTIONS. YOU MAY ALSO CHOOSE TO ALLOCATE ALL OR PART OF
YOUR INVESTMENT TO A FIXED INTEREST OPTION, WHERE WE HAVE THE INVESTMENT RISK.
THE VALUE OF YOUR POLICY WILL GO UP OR DOWN BASED ON THE PERFORMANCE OF THE
VARIABLE INVESTMENT OPTIONS YOU CHOOSE.
Form 4888
NOT FDIC INSURED O MAY LOSE VALUE O NO BANK GUARANTEE
<PAGE>
POLICY SCHEDULE
Annuitant: John D Specimen Policy Number: 2109004888
Issue Age - Sex: 35 Male Policy Date: January 1, 2000
Initial Premium: $25,000.00 Annuity Date: January 1, 2050
Owner: John D Specimen Day of Allocation: 13th calendar day
after Policy date
4888 1-PS
<PAGE>
<TABLE>
<CAPTION>
INVESTMENT ALLOCATIONS
--------------------------------------------------------------------------------------------------
SEPARATE ACCOUNT: Ameritas Variable Life Insurance Company (AVLIC) Separate Account V
--------------------------------------------------------------------------------------------------
SUBACCOUNT INITIAL ALLOCATION
UNDERLYING PORTFOLIO (SUBADVISOR) OF NET PREMIUMS
(MUST TOTAL 100%)
--------------------------------------------------------------------------------------------------
<S> <C> <C>
FIDELITY Equity-Income 0%
Growth 0%
High Income 0%
Overseas 0%
Asset Manager 0%
Investment Grade Blond 0%
Asset Manager. Growth 0%
Contrafund 0%
CALVERT SOCIAL Balanced 0%
Socially Responsible Funds Small Cap Growth 0%
Mid Cap Growth 0%
International Equity 0%
Ameritas Portfolio
*(Subbadvised) Money Market 0%
ALGER Balanced 0%
Alger American Fund Leveraged AllCap 0%
Ameritas Portfolio
*(Subadviseed) Growth 0%
Income & Growth 0%
Small Capitalization 0%
MidCap Growth 0%
MORGAN STANLEY Emerging Markets Equity 0%
Global Equity 0%
International Magnum 0%
U.S. Real Estate 0%
MFS Utilities 0%
MFS Trust Global Governments 0%
New Discovery 0%
Ameritas Portfolio
(Subadvised) Emerging Growth 0%
Research 0%
Growth With Income 0%
STATE STREET Index 500 0%
Ameritas Portfolio (Subadvised)
AMERICAN CENTURY VP Income & Growth 0%
BABSON Micro Cap 0%
Ameritas Portfolio (Subadvised)
INVESCO Dynamics 0%
OAKMARK Select 0%
Ameritas Portfolio (Subadvised)
SALOMON BROTHERS Capital 0%
SUMMIT Nasdaq-100 Index 0%
Russell 2000 Small Cap Index 0%
S&P MidCap 400 Index 0%
THIRD AVENUE Value 0%
AVLIC FIXED ACCOUNT 0%
</TABLE>
4888 1-IA
<PAGE>
SCHEDULE OF FEES AND CREDITS
Fixed Account Minimum 3% effective annual interest credited on value in
Guaranteed Interest Rate: the fixed account.
Annual Policy Fee: Currently $36. We reserve the right to charge up
to $40.
This fee is deducted on the last Business Day of
the Policy Year or at the time of a full
withdrawal.
We may waive this fee if your policy value
on the last Business Day of the Policy Year
exceeds an amount which we declare annually.
Percent of Premium Charge: None
Daily Administrative Fee: On an annual basis, this charge currently equals
0.60% of the daily net asset value of Policy
value allocated to the Separate Account.
(Guaranteed maximum fee is 0.75%.)
On an annual basis, this charge equals 0.15% of
the daily net asset value of Policy value
allocated to the Separate Account. (Guaranteed
maximum fee is 0.25%.)
Daily Mortality and Withdrawals may be subject to a withdrawal
Expense Risk Charge: charge. The charge is based on the premiums paid
prior to the time of the withdrawal in accordance
with the table below.
Withdrawal Charge:
Years Charge as
since receipt of each a % of each
Premium Payment Premium Payment
------------------ ---------------
1 8%
2 8%
3 8%
4 7%
5 7%
6 6%
7 5%
8 4%
9 2%
10 + 0%
After any accumulated earnings are withdrawn, premiums will be withdrawn in the
order in which they are paid. The withdrawal charge for each premium is based on
the table shown above.
A withdrawal charge will not apply to accumulation value applied to annuity
income payout option 3 or 4 (see Section 9.2) at least two years after the last
premium payment. If premiums have been paid within two years of annuitization
based on those options, the withdrawal charge will be based only on those
premiums.
4888 1-SFC
<PAGE>
THIS PAGE LEFT INTENTIONALLY BLANK.
<PAGE>
TABLE OF CONTENTS
POLICY SCHEDULE PAGES
POLICY OVERVIEW.......................................................5
SECTION 1. DEFINITIONS.......................................5
SECTION 2. GENERAL PROVISIONS................................6
2.1 Entire Contract...................................6
2.2 Sending Form, Written Notice and
Requests in Good Order............................6
2.3 Contacting Us.....................................6
2.4 Premiums..........................................7
2.5 Beneficiary.......................................7
2.6 Assigning the Policy..............................7
2.7 Annual Report.....................................7
2.8 Delay of Payments.................................8
2.9 Contestability....................................8
2.10 Misstatement of Age or Sex........................8
2.11 Proof of Age, Sex or Survival.....................8
2.12 Non-Participating.................................8
2.13 When This Policy Terminates.......................8
SECTION 3. INVESTMENT OPTIONS................................9
3.1 Selecting Your Investments........................9
3.2 Separate Account..................................9
3.3 Valuation of Assets...............................9
3.4 Substitution of Portfolios........................9
3.5 Fixed Account....................................10
SECTION 4. TRANSFERS........................................10
4.1 Transfers Generally..............................10
4.2 Subaccount Transfers ............................10
4.3 Fixed Account Transfers..........................10
Form 4888 3
<PAGE>
SECTION 5. YOUR POLICY VALUES AND FEES......................11
5.1 Separate Account Value...........................11
5.2 Net Asset Value..................................11
5.3 Subaccount Accumulation Unit Value...............11
5.4 Fixed Account Value..............................12
5.5 Fees.............................................12
SECTION 6. WITHDRAWALS......................................13
6.1 Partial Withdrawals..............................13
6.2 Full Withdrawal..................................14
SECTION 7. DEATH BENEFIT....................................14
7.1 Death of Owner Before Annuity Date...............14
7.2 Death Benefit Amount Before the Annuity Date.....14
7.3 Death Benefit Options Before Annuity Date........14
7.4 Death of Owner After the Annuity Date............14
7.5 Death of Annuitant...............................14
SECTION 8. ANNUITY BENEFITS.................................15
8.1 When Annuity Payments Start......................15
8.2 How Annuity Payments are Made....................15
SECTION 9. ANNUITY INCOME OPTIONS...........................16
9.1 Annuity Income Option Rules......................16
9.2 Description of Options...........................16
9.3 Basis of Payment.................................16
SECTION 10. NOTES ON OUR COMPUTATIONS................................16
TABLE OF SETTLEMENT OPTIONS..........................................17
Form 4888 4
<PAGE>
POLICY OVERVIEW
This is a variable annuity Policy offering a variety of investment options to
help meet long- term financial goals. After an initial premium, you may make
additional premium payments at your discretion, subject to minimum premium
requirements. You may allocate your premiums among Separate Account variable
investment options and a Fixed Account fixed interest rate option. Your Policy
value will go up or down based on your investments allocated to the variable
investment options.
As a deferred annuity, your Policy has an accumulation phase and an annuity
income phase. During the accumulation phase, earnings left in the Policy are not
taxed, you can invest additional money into the Policy, transfer amounts among
the investment options, and withdraw some or all of the Policy value (subject to
any restrictions or fees). If you die during the accumulation phase, we will pay
a death benefit to your Beneficiary. The accumulation phase ends and the annuity
income phase begins on a date you select or the later of the Policy anniversary
nearest the Annuitant's 85th birthday or the fifth Policy anniversary. During
the annuity income phase, we will make periodic payments to you or to a person
you select. You can select payments guaranteed to last for your entire life or
for some other period. Some or all of each payment will be taxable.
As a variable annuity, this Policy is a security and must be sold pursuant to a
prospectus registered with the Securities and Exchange Commission (SEC). We
encourage you to read the prospectus together with your Policy.
SECTION 1. DEFINITIONS
ACCUMULATION UNIT is an accounting unit of measure used to calculate the Policy
value allocated to Subaccounts of the Separate Account. It is similar to a share
of a mutual fund.
ANNUITANT means the natural person on whose life the annuity benefit for this
Policy is based.
ANNUITY DATE is the date annuity income payments are scheduled to begin. You may
change this date. (See this Policy's Annuity Benefits section.)
BENEFICIARY(IES) means the person(s) designated to receive any benefits under
the Policy upon the death of the Owner or, after annuity income payments begin,
the death of the Annuitant.
BUSINESS DAY is each day that the New York Stock Exchange (NYSE) is open for
trading.
CASH SURRENDER VALUE is the Policy value less any applicable withdrawal charge,
Policy fee, and any premium tax charge not previously deducted.
FIXED ACCOUNT is the account which consists of general account assets of
Ameritas Variable Life Insurance Company which support annuity and insurance
obligations.
ISSUE DATE means the date that all financial, contractual, and administrative
requirements have been completed and processed. The Issue Date will be shown on
the confirmation notice sent to you.
Form 4888 5
<PAGE>
OWNER means you, the person or entity with all the benefits, rights and
privileges under this Policy. The Owner is often also the Annuitant. The Owner
is responsible for taxes, regardless of who receives annuity benefits.
POLICY YEAR/MONTH/ANNIVERSARY is measured from respective anniversary dates of
the Issue Date of this Policy.
SUBACCOUNT is a division within the Separate Account for which Accumulation
Units are separately maintained. Each Subaccount corresponds to a single
underlying non-publicly traded portfolio.
WE, US, OUR, AMERITAS, AVLIC means Ameritas Variable Life Insurance Company.
WRITTEN NOTICE OR REQUEST is a written notice, signed by you, on a form approved
by or acceptable to us that gives us the information we require and is received
at AVLIC, Service Center, P.O. Box 82550, Lincoln, Nebraska 68501-2550 (or 5900
"O" Street, Lincoln, Nebraska 68510-2234). Call us if you have questions about
what form or information is required.
SECTION 2. GENERAL PROVISIONS
2.1 ENTIRE CONTRACT
This Policy is a legal contract between you and us. It is issued in return for
the application and payment in advance of the premiums shown in the Policy
Schedule pages. The Policy, application, any supplemental applications,
endorsements, riders and amendments are the entire contract. No change in this
Policy will be valid unless it is in writing, attached to this Policy, and
approved by one of our officers. We reserve the right to modify the Policy to
comply with, or to give the Owner the benefit of, any federal or state statute
or any rule or regulation thereunder. No agent may change this Policy or waive
any of its provisions.
2.2 SENDING FORMS, WRITTEN NOTICE AND REQUESTS IN GOOD ORDER
If you are writing to change your Beneficiary, request a withdrawal or for any
other purpose, contact us or the selling agent to learn what information is
required for the request to be in "good order." We can only act upon requests
that are received in good order. Many of these forms can be found on our website
"on-line services" site. Or, call us at our toll-free number and we will send
you the form you need.
2.3 CONTACTING US
To answer your questions or to send additional premiums, contact your sales
representative or write or call us at:
Ameritas Variable Life Insurance Company
Service Center
P.O. Box 82550
Lincoln, Nebraska 68501-2550
or
5900 "O" Street
Lincoln, Nebraska 68510-2234
1-800-745-1112
www.overturelife.com
Express mail packages should be sent to our street address, not our P.O. Box
address.
Form 4888 6
<PAGE>
2.4 PREMIUMS
Premiums should be made payable to "Ameritas Variable Life Insurance Company".
The initial premium for the Policy is shown in the Policy Schedule pages. All
premiums after the initial premium are flexible subject to our declared minimums
and maximums. You may change the amounts, frequency or timing of premiums. We
reserve the right to limit the number of premiums in any calendar year. We
reserve the right not to accept any additional premiums of less than $1,000 ($50
if payments are part of a regularly billed program (electronic funds transfer,
payroll deduction, etc.)). We must consent to any premium that would result in
more than $1 million total premium on deposit with us for the same Annuitant or
Owner.
On the Issue Date, we will allocate premiums to the Money Market Subaccount. The
Policy value is allocated among the Fixed Account and one or more of the
Separate Account investment options according to your instructions as of the Day
of Allocation shown in the Policy Schedule pages. We will allocate subsequent
premiums according to your instructions. You may change allocation of later
premiums. Allocations must be in whole percentages and total 100%.
Additional premium will not be accepted without our approval on or after the
later of the policy anniversary following your or the Annuitant's 85th birthday
or the annuity Date.
2.5 BENEFICIARY
You may change your beneficiary by sending Written Notice to us, unless the
named beneficiary is irrevocable. Once we record and acknowledge the change, it
is effective as of the date you signed the Written Notice. The change will not
apply to any payments made or other action taken by us before recording. If the
named beneficiary is irrevocable, you may change the named beneficiary only by
Written Notice signed by both you and the beneficiary. If more than one named
beneficiary is designated, and you fail to specify their interest, they will
share equally.
If there are joint Owners, the surviving joint Owner will be deemed the
beneficiary, and the beneficiary named in the Policy application or subsequently
changed will be deemed the contingent beneficiary. If both joint Owners die
simultaneously, the death benefit will be paid to the contingent beneficiary.
If the beneficiary is your surviving spouse, the spouse may elect either to
receive the death benefit, in which case the Policy will terminate, or to
continue the Policy in force with the spouse as Owner.
If the named beneficiary dies before you, then your estate is the beneficiary
until you name a new beneficiary.
2.6 ASSIGNING THE POLICY
You may assign this Policy. For an assignment to bind us, we must receive a
signed copy of the assignment at our Service Center. We are not responsible for
the validity of any assignment.
2.7 ANNUAL REPORT
Within 30 days after each Policy Anniversary, we will mail you an annual report
that shows the progress of the Policy. It will show the accumulation value as of
the Policy Anniversary. The report will also show any premiums paid and charges
made during the Policy Year. You may ask for a report like this at any time. We
have a right to charge a fee for each report other than the report we send out
once a year.
Form 4888 7
<PAGE>
2.8 DELAY OF PAYMENTS
We usually will pay any amounts payable from the Separate Account as a result of
a full or a partial withdrawal within seven (7) calendar days after we receive
your Written Request in our Service Center in a form satisfactory to us. We can
delay such payments or any transfers of amounts between Subaccounts or into the
Fixed Account if:
1. the NYSE is closed other than customary weekend and holiday closings or
trading on the NYSE is restricted as determined by the SEC; or
2. the SEC by order permits the postponement for the protection of owners; or
3. 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 net assets of the Separate
Account.
We may defer the payment of a full or a partial withdrawal from the Fixed
Account for up to six months from the date we receive your Written Request.
2.9 CONTESTABILITY
We cannot contest the validity of this Policy after the Policy Date.
2.10 MISSTATEMENT OF AGE OR SEX
If the age or sex of the Owner or Annuitant has been misstated, we will adjust
the benefits and amounts payable under this Policy.
1. If we made any overpayments, we will add interest at the rate of 6% per
year compounded yearly and charge them against payments to be made in the
future.
2. If we made any underpayments, the balance plus interest at the rate of 6%
per year compounded yearly will be paid in a lump sum.
2.11 PROOF OF AGE, SEX OR SURVIVAL
We may require satisfactory proof of correct age or sex upon annuitization. If
any payments under this Policy depend on the Annuitant being alive, we may
require satisfactory proof of survival.
2.12 NON-PARTICIPATING
This Policy is non-participating. No dividends will be paid under this Policy.
2.13 WHEN THIS POLICY TERMINATES
This Policy will terminate on the earliest of these conditions:
1. you withdraw the full Cash Surrender Value;
2. the Owner dies and any death benefit due has been paid; or
3. annuity income option payments being made cease.
Form 4888 8
<PAGE>
We may treat any partial withdrawal that leaves a Policy value of less than
$1,000 as a complete surrender of the Policy. See this Policy's Withdrawals
section for more information.
If you have paid no premiums during the previous 36-month period, we have the
right to pay you the total value of your Policy in a lump sum and cancel the
Policy if (i) the Policy value is less than $1,000 or (ii) the paid-up lifetime
income annuity benefit at maturity, based on an accumulation of the Policy value
to maturity, would be less than $20 per month. We will not impose a withdrawal
charge on involuntary terminations.
SECTION 3. INVESTMENT OPTIONS
3.1 SELECTING YOUR INVESTMENTS
You may allocate all or part of your premium among Separate Account portfolios
or the Fixed Account option. Allocations must be in whole percentages and total
100%. Your initial allocation is shown on the Policy Application. Refer to the
Policy Schedule for the current portfolios available.
Please read the Policy prospectus for more information about the Separate
Account and the Subaccount underlying portfolios. Please read the series fund
prospectuses for more information about those portfolios.
3.2 SEPARATE ACCOUNT
The Separate Account is a separate investment account of ours. The Separate
Account is divided into Subaccounts. Each Subaccount invests in a corresponding
underlying portfolio. The underlying portfolios are made available through
series funds, and are not publicly traded mutual funds. The Separate Account
investment options are shown on the "Investment Allocations" schedule page. The
value of your Policy will go up or down based on the investment performance of
the portfolios you choose.
The assets of the Separate Account are our property. However, they are not
credited with earnings or charged with liabilities arising out of any other
business we may conduct. No underlying portfolio is charged with liabilities of
any other underlying portfolio.
3.3 VALUATION OF ASSETS
We will determine the value of the assets of each Subaccount at the close of
trading on the NYSE on each Business Day.
3.4 SUBSTITUTION OF PORTFOLIOS
An underlying portfolio may, in our judgment, become unsuitable for investment
by a Subaccount. If that occurs, we have the right to substitute another
portfolio of the same series fund or to invest in another series fund. We would
first notify the SEC. Where required, we would also seek approval from the
insurance department of the state where this Policy is delivered. You will be
notified of any material change in the investment policy of any Subaccount
underlying portfolio in which you have an allocated interest.
Form 4888 9
<PAGE>
3.5 FIXED ACCOUNT
Allocations to the Fixed Account earn a fixed interest rate that we declare.
This rate may change. The minimum guaranteed interest rate is shown in the
Policy Schedule of Fees and Credits.
Net premiums allocated to and transfers to the Fixed Account under the Policy
become part of our general account assets which support annuity and insurance
obligations. The Fixed Account includes all of our assets, except those assets
segregated in separate accounts. We have the sole discretion to invest the
assets of the Fixed Account, subject to applicable law.
SECTION 4. TRANSFERS
4.1 TRANSFERS GENERALLY
You may transfer amounts among Subaccounts and into the Fixed Account as often
as you wish in a Policy Year, subject to our consent. The transfer will take
effect at the end of the Business Day during which the transfer request is
received in our Service Center.
We reserve the right to limit or prohibit transfers that, in the judgement of
the managers of the underlying portfolios, are excessive and will have
detrimental effect on portfolio management for the benefit of all Policy Owners.
The first 15 transfers per Policy Year will be allowed free of charge. A $10
charge may be deducted from the amount transferred for each additional transfer.
4.2 SUBACCOUNT TRANSFERS
Each subaccount transfer must be for a minimum of $250 or the balance in the
Subaccount, if less. The minimum amount which can remain in a Subaccount as a
result of a transfer is $100. Any amount below this minimum will be included in
the amount transferred.
If the value of any Subaccount portfolio falls below $100, we may transfer the
remaining balance, without charge, to the Money Market portfolio.
Subaccount transfers may be subject to additional restrictions by the portfolio
advisor.
4.3 FIXED ACCOUNT TRANSFERS
You may make one transfer out of the Fixed Account to any of the other
Subaccounts in EACH Policy Year.
The allowable transfer amount out of the Fixed Account is limited to the greater
of:
1. 25% of the Fixed Account balance; or
2. any Fixed Account transfer which occurred during the prior 13 months; or
3. $1,000.
Form 4888 10
<PAGE>
SECTION 5. YOUR POLICY VALUE AND FEES
On your Policy's Issue Date, the Policy value equals the initial premium less
any charge for applicable premium taxes. On any Business Day thereafter, the
Policy value equals the sum of the Policy assets allocated to the Separate
Account Subaccount portfolios and the Fixed Account. The Policy value is
expected to change from day to day. It will reflect the expenses and investment
experience of the selected Separate Account portfolios and interest earned in
the Fixed Account as well as deductions for Policy fees and charges.
5.1 SEPARATE ACCOUNT VALUE
Premiums or transfers allocated to the Separate Account Subaccounts are
accounted for in Accumulation Units. The Policy value held in the Separate
Account Subaccounts on any Business Day is determined by multiplying each
Subaccount's Accumulation Unit value (defined in Section 5.3 below) by the
number of Subaccount Accumulation Units allocated to the Policy. The number of
Subaccount Accumulation Units will increase when net premiums or transfers are
credited to that Subaccount. The number of Subaccount Accumulation Units will
decrease when a partial withdrawal (including any withdrawal charge) is taken
from that Subaccount, a transfer (and any transfer charge) is made from that
Subaccount, or we deduct the annual Policy fee. Each transaction to or from the
Subaccount will increase or decrease the number of Subaccount Accumulation Units
allocated to the Policy. The increase or decrease will equal the dollar value of
the transaction divided by the Accumulation Unit value as of the Business Day of
the transaction.
5.2 NET ASSET VALUE
The net asset value of the shares of each Subaccount's underlying portfolio is
determined once daily as of the close of business of the New York Stock Exchange
on days when the Exchange is open for business.
The net asset value is determined by:
1. adding the values of all securities and other assets of the Subaccount
portfolio;
2. subtracting liabilities and expenses; then
3. dividing by the number of outstanding shares of the Subaccount portfolio.
Expenses, including any investment advisory fee, accrue daily.
5.3 SUBACCOUNT ACCUMULATION UNIT VALUE
For each Subaccount, the value of an Accumulation Unit was set when the
Subaccount was established. Each Subaccount's Accumulation Unit value reflects
the investment performance of that Subaccount. The Subaccount Accumulation Unit
value may increase or decrease from one Business Day to the next. Each
Subaccount's Accumulation Unit value is calculated at the end of each Business
Day as follows:
1. a. the net asset value of the Subaccount's underlying portfolio as of
the end of the current Business Day; plus
b. any dividend or capital gain distribution declared and unpaid by the
underlying portfolio during that Business Day; times
Form 4888 11
<PAGE>
c. the number of portfolio shares held by the Subaccount, before the
purchase or redemption of any shares on that date; minus
2. the daily administrative fee; minus
3. the daily mortality and expense risk charge; and this result divided by
4. the total number of Accumulation Units held in the Subaccount on the
Business Day before the purchase or redemption of any Accumulation Units on
that day.
When transactions are made to or from a Subaccount, the actual 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
Accumulation Unit value on the Business Day the transaction is made.
5.4 FIXED ACCOUNT VALUE
The Policy value of the Fixed Account (the fixed interest rate investment
option) on any Business Day equals:
1. the Policy value of the Fixed Account at the end of the preceding Policy
Month; plus
2. any net premiums credited since the end of the previous Policy Month; plus
3. any transfers from the Subaccounts credited to the Fixed Account since the
end of the previous Policy Month; minus
4. any transfers and transfer fees from the Fixed Account to the Subaccounts
since the end of the previous Policy Month; minus
5. any partial withdrawal and withdrawal charge taken from the Fixed Account
since the end of the previous Policy Month; minus
6. on the Policy Anniversary, its share of the annual Policy Fee, plus
7. interest credited on the Fixed Account balance.
We guarantee that the Policy value in the Fixed Account will be credited with
the effective annual interest rate shown in the Policy Schedule pages. We may,
at our discretion, credit a higher current rate of interest.
5.5 FEES
The following fees are deducted under the Policy:
1. Annual Policy Fee - an annual charge, equal to the amount listed in the
Policy Schedule pages. The charge will be deducted from the Subaccounts and
the Fixed Accounts in the same proportion as the balances held in the
Subaccounts and the Fixed Accounts. We may waive the annual Policy fee if
your accumulation value on the last Business Day of the Policy Year exceeds
an amount which we declare annually.
2. Daily Administrative Expense Fee - a charge equal to the percentage listed
in the Policy Schedule pages. This charge is deducted from the Subaccounts
only and not from the Fixed Account.
Form 4888 12
<PAGE>
3. Daily Mortality and Expense Fee - a charge listed in the Policy Schedule
pages. This charge is deducted from the Subaccounts only and not from the
Fixed Account.
4. Taxes - where imposed by state law upon the receipt of a premium, a charge
will be made on the date of the payment. If imposed upon withdrawal or
annuitization, a charge equal to the amount due will be deducted prior to
withdrawal or annuitization. We reserve the right to charge for state or
local taxes or for federal income tax, if any taxes become attributable to
the Separate Account. If any tax should become applicable to this Policy,
you will be advised of the amount of such tax and its effect upon any
payments made.
5. Withdrawal Charge - This Policy may or may not assess withdrawal charges.
See the Policy Schedule pages.
6. Transfer Fee - We may apply a charge of $10 on all transfers after the
first 15 per Policy Year. The Transfer Fee is deducted pro rata from each
Subaccount (and, if applicable, the Fixed Account) in which the Owner is
invested.
7. Percent of Premium Charge - a charge equal to the percentage listed in the
Policy Schedule pages. Any charge is deducted upon the receipt of a premium
payment on the date of the payment.
Each Subaccount portfolio charges fees separate and apart from this Policy.
Their fees are not deducted from the Policy value. Instead, they are reflected
in the daily value of portfolio shares which, in turn, will affect the
Accumulation Unit value of the Subaccounts. See the Policy prospectus and series
fund prospectuses for more information about these fees.
SECTION 6. WITHDRAWALS
You may request partial withdrawals or a full withdrawal at any time before the
Annuity Date. Any amount withdrawn will be paid to you in a lump sum unless you
elect to be paid under an annuity income option.
6.1 PARTIAL WITHDRAWALS
Partial withdrawals can be categorized as either "elective" or "systematic".
Elective partial withdrawals must be elected by you. Systematic partial
withdrawals can be made automatically. You may elect systematic withdrawals
according to our rules. Payouts under a systematic withdrawal may be made on a
monthly, quarterly, semi-annual or annual basis.
All partial withdrawals, elective and systematic, are subject to the following
rules:
1. The minimum partial withdrawal amount is $250.
2. The Cash Surrender Value remaining after a partial withdrawal must be at
least $1,000.
3. Request for withdrawal must be made in writing, on a form we approve.
4. A partial withdrawal is considered irrevocable.
5. Partial withdrawals, either elective or systematic, may be subject to a
withdrawal charge. See the Policy Schedule pages.
Form 4888 13
<PAGE>
6.2 FULL WITHDRAWAL
If you elect a full withdrawal, the amount payable is the Policy value reduced
by the annual Policy fee and any withdrawal charge. The Policy value is
determined as of the date we receive your Written Request for full withdrawal.
SECTION 7. DEATH BENEFIT
7.1 DEATH OF OWNER BEFORE ANNUITY DATE
If you or a Joint Owner dies while the Policy is in force, but before annuity
payments begin, the Policy will terminate. We will pay a death benefit to your
Beneficiary.
We will pay the death benefit after we receive necessary documentation of an
Owner's death or as soon as we have enough information about the Beneficiary to
make the payment.
We will deduct any applicable premium tax from the death benefit payable.
7.2 DEATH BENEFIT AMOUNT BEFORE THE ANNUITY DATE
The death benefit will be the larger of either:
1. your Policy value, less any applicable premium taxes, on the date We
receive both satisfactory proof of death and an annuity option election; or
2. the sum of net premiums paid, less partial withdrawals.
Satisfactory proof of death means all of the following items: (1) a certified
copy of the death certificate; (2) a Claimant Statement; (3) the policy; and (4)
any other information that we may require to establish the validity of the
Policy.
7.3 DEATH BENEFIT OPTIONS BEFORE ANNUITY DATE
Death benefits are paid out under one of the annuity income options. If the
Beneficiary does not choose an annuity income option within 60 days of our
receipt of Due Proof of Death, we will issue a lump-sum payment to the
Beneficiary.
7.4 DEATH OF OWNER AFTER THE ANNUITY DATE
If you or a Joint Owner dies on or after the Annuity Date and before all
proceeds have been paid, no death benefit is payable. Any remaining proceeds
will be paid at least as rapidly as under the annuity income option then in
effect.
7.5 DEATH OF ANNUITANT
If the Annuitant is a Joint Owner, the Annuitant's death is treated as the
Owner's death.
If the Annuitant is not an Owner, the Owner is a natural person, and the
Annuitant dies before annuity payments begin, the Owner may name a new
Annuitant. If the Owner does not name a new Annuitant, the Owner will become the
Annuitant. Where the Owner is a trustee of an Internal Revenue Code Section
401(a) retirement plan, we will pay the death benefit to the beneficiary upon
the Annuitant's death.
Form 4888 14
<PAGE>
SECTION 8. ANNUITY BENEFITS
This Policy will pay a monthly annuity payment to the Owner (unless you specify
otherwise). The payments start on the Annuity Date. The amount of the monthly
annuity payment is based on the cash surrender value as of the Annuity Date and
the annuity income option you select.
We may pay your Policy proceeds to you in one sum if they are less than $1,000,
or when the annuity income option chosen would result in periodic payments of
less than $20. If any annuity payment would be or becomes less than $20, we also
have the right to change the frequency of payments to an interval that will
result in payments of at least $20. In no event will we make payments under an
annuity option less frequently than annually.
8.1 WHEN ANNUITY PAYMENTS START
1. Annuity payments start on the Annuity Date. The normal Annuity Date is the
later of:
a. the Policy Anniversary nearest the Annuitant's 85th birthday; or
b. the fifth Policy Anniversary.
2. You may either advance or delay the Annuity Date, subject to the following:
a. Your request must be in writing and received by us at least 30 days in
advance.
b. The Annuity Date may be changed only during the lifetime of the
Annuitant and prior to the Annuity Date.
8.2 HOW ANNUITY PAYMENTS ARE MADE
1. Frequency - Annuity payments are made monthly starting on the Annuity Date.
2. Minimum Amount - The minimum amount of annuity payment we will make is $20.
We have the right to pay the Policy proceeds to you in one lump sum if they
are less than $1,000, or where the annuity income option chosen would
result in monthly payments of less than $20.
3. Proof - We may require proof of the Annuitant's age before making the first
annuity payment. From time to time, we may require proof that the Annuitant
is living.
4. Options - Subject to the above, you decide how the annuity payments should
be paid. You have a choice of certain payment options. These are called
annuity income options and are described in Section 9.
Form 4888 15
<PAGE>
SECTION 9. ANNUITY INCOME OPTIONS
9.1 ANNUITY INCOME OPTION RULES
All or part of the cash surrender value may be placed under one or more annuity
income options. If annuity payments are to be paid under more than one option,
we must be told what part of the Policy value is to be paid under each option.
The annuity income option must be made by Written Request and received by us at
least 30 days prior to the Annuity Date. If no election is made, payments will
be made as an annuity under Option 4, Lifetime Income Annuity. Subject to our
approval, you may select any other annuity income option we then offer.
9.2 DESCRIPTION OF OPTIONS
1. INTEREST PAYMENT - While proceeds remain on deposit, we annually credit
interest to the proceeds. The interest may be paid to the payee or added
to the amount on deposit.
2. DESIGNATED AMOUNT ANNUITY - Proceeds are paid in monthly installments of a
specified amount over at least a 5-year period until proceeds, with
interest, have been fully paid.
3. DESIGNATED PERIOD ANNUITY - Proceeds are paid in monthly installments for
the specified period chosen. Monthly incomes for each $1,000 of proceeds,
which include interest, are illustrated by a table in the Policy.
4. LIFETIME INCOME ANNUITY - Proceeds are paid as monthly income during the
Annuitant's life. Variations provide for guaranteed payments for a period
of time.
5. JOINT AND LAST SURVIVOR ANNUITY - Proceeds are paid as monthly income
during the Joint Annuitants' lives and until the last of them dies.
6. LUMP SUM PAYMENT - Proceeds are paid in one sum.
9.3 BASIS OF PAYMENT
The rate of interest payable under Option 1, 2, and 3 will be guaranteed at 3%
compounded yearly. Payments under option 4 and 5 will be based on a 3% interest
rate combined with the 1983 Table "a" Individual Annuity Table, projected 17
years.
We may, at the time of election of an annuity income option, offer more
favorable rates in lieu of the guaranteed rates specified in the Annuity Tables.
SECTION 10. NOTES ON OUR COMPUTATIONS
We have filed a detailed statement of method we use to compute Policy values and
benefits with the state where this Policy was delivered. The Policy values, Cash
Surrender Values and the death benefit of this Policy are not less than those
required by the laws of that state. Cash Surrender Values and reserves are
calculated according to the Standard Non-Forfeiture and Valuation Laws of the
state in which this Policy is delivered.
Form 4888 16
<PAGE>
<TABLE>
<CAPTION>
TABLES OF SETTLEMENT OPTIONS
TABLE B (OPTION 3) TABLE D (OPTION 5)
MONTHLY INSTALLMENTS FOR MONTHLY INSTALLMENTS FOR EACH $1,000 OF NET PROCEEDS
EACH $1,000 OF NET PROCEEDS
MALE & MALE & MALE & MALE & MALE &
YEARS MONTHLY YEARS MONTHLY AGE FEMALE AGE FEMALE AGE FEMALE AGE FEMALE AGE FEMALE
---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 84.47 11 5.86 40 3.16 50 3.50 60 4.05 70 5.07 80 7.08
2 42.86 12 8.24 41 3.19 51 3.54 61 4.13 71 5.21 81 7.37
3 28.99 13 7.71 42 3.22 52 3.59 62 4.21 72 5.36 82 7.69
4 22.06 14 7.26 43 3.25 53 3.63 63 4.29 73 5.53 83 8.03
5 17.91 15 6.87 44 3.28 54 3.68 64 4.38 74 5.70 84 8.40
---------------------------- -------------------------------------------------------
6 15.14 16 6.53 45 3.31 55 3.74 65 4.48 75 5.89 85 8.79
7 13.16 17 6.23 46 3.34 56 3.79 66 4.58 76 6.10
8 11.68 18 5.96 47 3.38 57 3.85 67 4.69 77 6.32
9 10.53 19 5.73 48 3.42 58 3.92 68 4.81 78 6.55
10 9.61 20 5.51 49 3.46 59 3.98 69 4.93 79 6.81
---------------------------- -------------------------------------------------------
</TABLE>
INCOME FOR PAYMENTS OTHER THAN MONTHLY WILL BE FURNISHED BY THE SERVICE
CENTER UPON REQUEST.
TABLE D VALUES FOR COMBINATIONS OF AGES NOT SHOWN AND VALUES FOR 2 MALES OR
2 FEMALES WILL BE FURNISHED BY THE SERVICE CENTER UPON REQUEST.
<TABLE>
<CAPTION>
TABLE C (OPTION 4) MONTHLY INSTALLMENTS FOR EACH $1,000 OF NET PROCEEDS
MALE FEMALE
------------------------------------ ---------------------------------------
LIFE MONTHS CERTAIN CASH LIFE MONTHS CERTAIN CASH
AGE ONLY 60 120 180 240 REF. AGE ONLY 60 120 180 240 REF.
------------------------------------- ---------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
40 3.54 3.54 3.53 3.52 3.50 3.46 40 3.33 3.33 3.33 3.32 3.31 3.29
41 3.58 3.58 3.57 3.56 3.54 3.50 41 3.36 3.36 3.36 3.36 3.35 3.32
42 3.63 3.63 3.62 3.60 3.57 3.54 42 3.40 3.40 3.40 3.39 3.38 3.36
43 3.68 3.67 3.66 3.64 3.62 3.58 43 3.44 3.44 3.43 3.43 3.41 3.39
44 3.73 3.72 3.71 3.69 3.66 3.62 44 3.48 3.48 3.47 3.46 3.45 3.42
--------------------------------------- ---------------------------------------
45 3.78 3.77 3.76 3.74 3.70 3.66 45 3.52 3.52 3.51 3.50 3.49 3.46
46 3.83 3.83 3.81 3.79 3.75 3.70 46 3.56 3.56 3.55 3.54 3.53 3.50
47 3.89 3.89 3.87 3.84 3.80 3.75 47 3.61 3.60 3.60 3.59 3.57 3.54
48 3.95 3.94 3.93 3.89 3.85 3.80 48 3.65 3.65 3.65 3.63 3.61 3.58
49 4.01 4.01 3.99 3.95 3.90 3.85 49 3.70 3.70 3.69 3.68 3.66 3.62
--------------------------------------- ---------------------------------------
50 4.08 4.07 4.05 4.01 3.95 3.90 50 3.76 3.75 3.75 3.73 3.70 3.67
51 4.15 4.14 4.11 4.07 4.00 3.96 51 3.81 3.81 3.80 3.78 3.75 3.72
52 4.22 4.21 4.18 4.13 4.06 4.02 52 3.87 3.87 3.86 3.83 3.80 3.76
53 4.30 4.29 4.26 4.20 4.12 4.08 53 3.93 3.93 3.91 3.89 3.85 3.82
54 4.38 4.37 4.33 4.27 4.18 4.14 54 4.00 3.99 3.98 3.95 3.91 3.87
--------------------------------------- ---------------------------------------
55 4.47 4.45 4.41 4.34 4.24 4.21 55 4.06 4.06 4.04 4.01 3.96 3.93
56 4.56 4.54 4.50 4.42 4.30 4.28 56 4.14 4.13 4.11 4.08 4.02 3.99
57 4.65 4.64 4.59 4.50 4.36 4.35 57 4.21 4.21 4.19 4.14 4.08 4.05
58 4.75 4.74 4.68 4.58 4.43 4.42 58 4.29 4.29 4.26 4.22 4.14 4.12
59 4.86 4.84 4.78 4.66 4.49 3.40 59 4.38 4.37 4.34 4.29 4.21 4.18
--------------------------------------- ---------------------------------------
60 4.98 4.96 4.88 4.75 4.56 4.59 60 4.47 4.46 4.43 4.37 4.28 4.26
61 5.10 5.08 4.99 4.84 4.62 4.67 61 4.57 4.56 4.52 4.45 4.34 4.33
62 5.23 5.20 5.11 4.93 4.69 4.77 62 4.67 4.66 4.62 4.54 4.41 4.41
63 5.38 5.34 5.23 5.03 4.76 4.86 63 4.78 4.77 4.72 4.63 4.48 4.50
64 5.53 5.49 5.35 5.13 4.82 4.96 64 4.90 4.88 4.82 4.72 4.55 4.58
--------------------------------------- ---------------------------------------
65 5.69 5.64 5.49 5.23 4.88 5.07 65 5.02 5.00 4.94 4.82 4.63 4.68
66 5.86 5.80 5.63 5.33 4.95 5.18 66 5.16 5.13 5.06 4.92 4.70 4.78
67 6.04 5.98 5.77 5.43 5.01 5.29 67 5.30 5.27 5.18 5.02 4.77 4.88
68 6.24 6.16 5.92 5.53 5.06 5.41 68 5.45 5.42 5.32 5.13 4.85 4.99
69 6.45 6.36 6.07 5.64 5.12 5.54 69 5.61 5.58 5.46 5.23 4.92 5.10
--------------------------------------- ---------------------------------------
70 6.67 6.56 6.23 5.74 5.17 5.67 70 5.79 5.75 5.60 5.35 4.98 5.22
71 6.91 6.78 6.40 5.84 5.21 5.81 71 5.98 5.93 5.76 5.46 5.05 5.35
72 7.16 7.01 6.57 5.93 5.26 5.96 72 6.19 6.13 5.92 5.57 5.11 5.49
73 7.43 7.25 6.74 6.03 5.30 6.11 73 6.41 6.34 6.10 5.69 5.17 5.63
74 7.72 7.51 6.91 6.12 5.33 6.27 74 6.66 6.56 6.27 5.80 5.22 5.78
--------------------------------------- ---------------------------------------
75 8.03 7.77 7.09 6.20 5.36 6.44 75 6.92 6.81 6.46 5.91 5.27 5.94
76 8.36 8.06 7.26 6.28 5.39 6.62 76 7.20 7.06 6.65 6.02 5.31 6.11
77 8.71 8.35 7.44 6.36 5.42 6.81 77 7.50 7.34 6.85 6.12 5.35 6.29
78 9.09 8.67 7.62 6.43 5.44 7.00 78 7.83 7.63 7.04 6.22 5.38 6.48
79 9.50 8.99 7.79 6.50 5.45 7.21 79 8.18 7.94 7.25 6.31 5.41 6.67
--------------------------------------- ---------------------------------------
80 9.93 9.33 7.96 6.56 5.47 7.43 80 8.56 8.27 7.45 6.39 5.43 6.88
81 10.40 9.68 8.12 6.61 5.48 7.65 81 8.98 8.62 7.65 6.47 5.45 7.11
82 10.89 10.05 8.28 6.66 5.49 7.89 82 9.43 8.99 7.85 6.54 5.47 7.34
83 11.42 10.42 8.43 6.70 5.50 8.15 83 9.92 9.37 8.04 6.17 5.48 7.58
84 11.98 10.80 8.58 6.74 5.50 8.41 84 10.45 9.78 8.22 6.65 5.49 7.84
85 12.58 11.19 8.71 6.77 5.51 8.69 85 11.02 10.20 8.39 8.70 5.50 8.12
</TABLE>
INCOME FOR PAYMENTS OTHER THAN MONTHLY WILL BE FURNISHED BY THE
SERVICE CENTER UPON REQUEST.
TABLE C VALUES FOR AGES BELOW 40 AND ABOVE 85, AND VALUES FOR 300
AND 360 MONTHS CERTAIN WILL BE FURNISHED BY THE SERVICE CENTER
UPON REQUEST.
Form 4888 17
<PAGE>
THIS PAGE LEFT INTENTIONALLY BLANK.
<PAGE>
THANK YOU
for your business.
This policy, as a variable annuity, is issued pursuant to a prospectus.
You should read the policy prospectus and
also review the prospectuses for those underlying mutual funds of the
Subaccounts you wish to select.
IF YOU HAVE QUESTIONS
contact your sales representative or
write or call us at:
Ameritas Variable Life Insurance Company
Service Center
5900 "O" Street
Lincoln, Nebraska 68510-2234
or
P.O. Box 82550
Lincoln, Nebraska 68501
Telephone: 1-800-745-1112
FAX: 1-402-467-6153
e-mail: www.overturelife.com
PLEASE SEND THE CORRECT FORM
to help us accurately process your Policy elections and changes.
Many of these forms can be found on our website "on-line service" site.
Or, call us at our toll-free number and we'll send you the form you need.
Form 4888 Flexible Premium Deferred Variable Annuity Policy
<PAGE>
AMERITAS VARIABLE LIFE INSURANCE COMPANY LOGO
PERIODIC "STEP-UP"
GUARANTEED MINIMUM DEATH BENEFIT RIDER
BENEFITS
Upon the death of the Policy Owner (last Owner to die, if Joint Owner), prior to
the Annuity Date, a death benefit is payable under the policy. This rider
provides that we will pay an amount greater than the death benefit under certain
conditions. This greater amount is called a Guaranteed Minimum Death Benefit
("GMDB").
The amount of the GMDB depends on the issue age of the Owner and the date
satisfactory proof of the Owner's death is received at our Service Center. If
the amount of the GMDB is greater than the death benefit provided in the policy,
we will pay the GMDB.
PREMIUMS
The charge will be deducted on each monthly activity date until the Policy
Anniversary nearest the Owner's Benefit Expiry Age. The charge is deducted from
the Subaccount(s) and the Fixed Account(s) in the same proportion as the
balances held in the Subaccount(s) and the Fixed Account(s).
CALCULATION OF THE GUARANTEED MINIMUM DEATH BENEFIT
The following describes how the amount of the GMDB is calculated:
1. If satisfactory due proof of the Owner's death is received after the
Termination Date or prior to the first Step-up Anniversary, the GMDB is
zero.
2. Where the GMDB is zero, the death benefit is as provided in the policy.
3. Where the GMDB is not zero, it is calculated as the "step-up" benefit.
DEFINITIONS
BENEFIT EXPIRY AGE means the attained age shown on the schedule page. It is the
attained age of the Owner at which time the benefits of this rider expire.
MAXIMUM STEP-UP AGE means the attained age shown on the schedule page. The
step-up benefit will no longer be increased after the Policy Anniversary nearest
the birthday that the Owner attains this age.
MONTHLY ACTIVITY DATE means the same date in each succeeding month as the Policy
date except that whenever the monthly activity date falls on a date other than a
Business Day, the monthly activity date will be deemed the next Business Day.
GMDB 4902
<PAGE>
STEP-UP BENEFIT means:
If satisfactory due proof of the Owner's death is received on or after the
first step-up anniversary, the "step-up" benefit is:
(a) the greater of (i) and (ii), where:
(i) is the Policy value as of the most recent step-up date; and
(ii)is the "step-up" benefit immediately preceding the most recent
step-up date;
(b) plus any premiums paid since the most recent step-up date;
(c) minus any partial withdrawals, including withdrawal charges, since the
most recent step-up date;
(d) minus an adjustment (SUB ADJ), defined below, for each partial
withdrawal made since the most recent step-up date.
STEP-UP DATE means a step-up anniversary on or before the maximum step-up age.
There will be no "step-up" dates after the birthday that the Owner attains the
maximum step-up age.
STEP-UP INTERVAL means the number of years between step-up anniversaries. The
step-up interval is shown on the schedule page.
STEP-UP ANNIVERSARY means the date, as measured from the Effective Date of this
rider, that is a whole multiple of the step-up interval. For example, if the
step-up interval is one (1) year, then the step-up anniversary would be the date
that is one (1) year, two (2) years, three (3) years, etc. following the
Effective Date of this rider.
SUB ADJ is calculated by (SUB-AV) X PW where:
-------------
AV
SUB = the "step-up" benefit under this rider before the partial
withdrawal is made, provided that it is greater than AV.
AV = the Policy value before the partial withdrawal is made.
PW = the amount of the partial withdrawal, including any withdrawal
charges.
However, the "SUB ADJ" will never be less than zero.
EXAMPLE: ASSUME THAT A $1,000 PARTIAL WITHDRAWAL IS REQUESTED. ASSUME
AT THE TIME OF THIS REQUEST THE "STEP-UP" BENEFIT IS $30,000
AND THE ACCUMULATION VALUE IS $25,000. THE "SUB ADJ" IS
THEN EQUAL TO:
($30,000 - $25,000) X $1,000 = $200
---------------------------
$25,000
THE "STEP-UP" BENEFIT AFTER THIS PARTIAL WITHDRAWAL WILL THEN
BE $30,000 - $1,000 - $200 = $28,800.
TERMINATION DATE means the Policy Anniversary nearest the Owner's Benefit Expiry
Age.
GMDB 4902
<PAGE>
EXAMPLES
EXAMPLE 1: ASSUME THE OWNER WAS ISSUE AGE 55 AND THAT THE MAXIMUM STEP-UP AGE IS
80. ASSUME THE STEP-UP INTERVAL IS 1 YEAR. ALSO ASSUME THAT THE OWNER
DIED AT ATTAINED AGE 70. THIS IS PRIOR TO THE MAXIMUM STEP-UP AGE
(80). THE MOST RECENT STEP-UP DATE WAS THE 15TH ANNIVERSARY (ATTAINED
AGE 70). THE POLICY VALUE ON THE 15TH ANNIVERSARY WAS $50,000. THE
"STEP-UP" BENEFIT IMMEDIATELY PRECEDING THE 15TH STEP-UP ANNIVERSARY
WAS $40,000, WHICH IS LESS THAN $50,000. ASSUMING NO PREMIUMS WERE
PAID AND NO PARTIAL WITHDRAWALS WERE MADE SINCE THE 15TH STEP-UP
ANNIVERSARY, THE "STEP-UP" BENEFIT WOULD THEN BE $50,000.
THE GMDB WOULD BE $50,000.
EXAMPLE 2: ASSUME THE OWNER WAS ISSUE AGE 60 AND THAT THE MAXIMUM STEP-UP AGE IS
80. ASSUME THE STEP-UP INTERVAL IS 1 YEAR. ALSO ASSUME THAT THE OWNER
DIED AT ATTAINED AGE 82. THIS IS AFTER THE MAXIMUM STEP-UP AGE (80).
THE MOST RECENT STEP-UP DATE WAS THE 20TH ANNIVERSARY (ATTAINED AGE
80). THE POLICY VALUE ON THE 20TH ANNIVERSARY WAS $25,000. THE
"STEP-UP" BENEFIT IMMEDIATELY PRECEDING THE 20TH STEP-UP ANNIVERSARY
WAS $30,000, WHICH IS GREATER THAN $25,000. ASSUMING $5,000 IN
PREMIUMS WERE PAID AND NO PARTIAL WITHDRAWALS WERE MADE SINCE THE
20TH STEP-UP ANNIVERSARY, THE "STEP-UP" BENEFIT WOULD THEN BE $30,000
+ $5,000=$35,000.
THE GMDB WOULD BE $35,000.
EFFECTIVE DATE
This rider will become effective on the Policy Date. However, if this rider is
added to an in-force Policy, this rider will not become effective until the
effective date shown below.
EFFECTIVE DATE OF RIDER:
--------------------------------------
(Applies only when rider is added
to an in-force policy.)
AMERITAS VARIABLE LIFE INSURANCE COMPANY
/s/ Donald R. Stading /s/ W. J. Atherton
Secretary President
GMDB 4902
