PEOPLES BENEFIT LIFE INSURANCE CO SEPARATE ACCOUNT IV
24F-2NT, 1999-03-30
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<PAGE>
 
            Annual Notice of Securities Sold Pursuant to Rule 24F-2

                    U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, DC 20549

                                  FORM 24F-2

                       Annual Notice of Securities Sold
                            Pursuant to Rule 24f-2


  1.    Name and address of issuer:  

        Peoples Benefit Life Insurance Company Separate Account IV
        20 Moores Road
        Frazer, PA 19355
 
  2.    The name of each series or class of funds for which this notice is filed
        (If the Form is being filed for all series and classes of securities of
        the issuer, check the box but do not list series or classes): [X]

  3.    Investment Company Act File Number:  

        811-6144

        Securities Act File Number:  

        33-36073

  4(a). Last day of fiscal year for which this Form is filed:  

        December 31, 1998

  4(b). [_] Check box if this Form is being filed late (i.e., more than 90 
            calendar days after the end of the Issuer's fiscal year). 
            (See Instruction A.2)
 

  Note: If the Form is being filed late, interest must be paid on the 
        registration fee due.

  4(c). [_] Check box if this is the last time the Issuer will be filing this 
            Form.





<PAGE>
 
   5. Calculation of registration fee:

      (i)    Aggregate sale price of securities sold during 
             the fiscal year pursuant to section 24(f):  $2,289,021,318

      (ii)   Aggregate price of securities redeemed or
             repurchased during the fiscal year:  $1,630,933,363

      (iii)  Aggregate price of securities redeemed or repurchased during any
             prior fiscal year ending no earlier than October 11, 1995 that were
             not previously used to reduce registration fees payable to the
             Commission: $0.00

      (iv)   Total available redemption credit [add Items 5(ii)
              and 5(iii)]: - $1,630,933,363
                
      (v)    Net sales -- if Item 5(i) is greater than item 
             5(iv) [subtract Item 5(iv) from Item 5(i)]: $658,087,955

      (vi)   Redemption credits available for use in future years -- if Item
             5(i) is less than Item 5(iv) [subtract Item 5(iv) 
             from Item 5(i)]:  $(0.00)  

      (vii)  Multiplier for determining registration fee
             (See Instruction C.9): x .000278

      (viii) Registration fee due [multiply Item 5(v) by
             Item 5(vii)] (enter "0" if no fee is due):   = $182,948 
                                                                    

   6. Prepaid Shares

      If the response to item 5(i) was determined by deducting an amount of
      securities that were registered under the Securities Act of 1993 pursuant 
      to rule 24e-2 as in effect before October 11, 1997, then report the 
      amount of securities (number of shares or other units) deducted here:
      __________. If there is a number of shares or other units that were 
      registered pursuant to rule 24e-2 remaining unsold at the end of the 
      fiscal year for which this form is filed that are available for use by the
      issuer in future fiscal years, then state the number here:
                                                                ---------

   7. Interest due -- if this Form is being filed more than 90 days after the 
      end of the issuer's fiscal year (see Instruction D): + $
                                                              ----------

   8. Total of the amount of the registration fee due plus any interest due 
      [line 5(iii) plus line 7]: = $182,948
                                            
                                            





<PAGE>

 
   9. Date the registration fee and any interest payment was sent to the 
      Commission's lockbox depository: March 29, 1999

         Method of Delivery:  

         [X]   Wire Transfer
         [_]   Mail or other means


                                   SIGNATURES

      This report has been signed below by the following persons on behalf of
      the issuer and in the capacities and on the dates indicated.
 

      By (Signature and Title)          /s/ Gregory E. Miller-Breetz
                                        Assistant Secretary

      Date:  March 29, 1999












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