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[MERRILL LYNCH LOGO] MERRILL LYNCH LIFE INSURANCE COMPANY Little Rock,
Arkansas
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GUARANTEED BENEFITS RIDER
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Note Regarding Computations All calculations in this Rider are based on:
in This Rider (a) the interest rate shown under "Interest Rate
Used in Our Computations" in Policy Schedule
2 (hereinafter referred to as the "Interest
Rate"); and
(b) the guaranteed maximum cost of insurance
rates, based on the mortality table listed
in Policy Schedule 2 (hereinafter referred
to as the "Guaranteed Rates").
All calculations with respect to the transactions
described in this Rider will be made as of the
Policy Processing Date on or next following the
date of such transaction. However, we will
recalculate the face amount as of the Insured's
date of death, even if such date is not a Policy
Processing Date.
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The Face Amount The Initial Face Amount is shown in the Policy
Summary. The face amount may increase as a result
of an additional Premium payment, or it may
decrease as a result of a partial withdrawal as
described below. It is not affected by investment
results or the allocation of the Account Value
among the subaccounts. If the Insured reaches
Attained Age 100, the face amount is set to zero.
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The Guaranteed Minimum The Death Benefit can never be less than the
Death Benefit Guaranteed Minimum Death Benefit. The Guaranteed
Minimum Death Benefit is equal to the face amount.
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The Guarantee Period The Guarantee Period is the period during which we
cannot terminate the policy regardless
of investment experience, unless Loan Debt exceeds
the Surrender Value on a Policy Processing Date.
It is the period that a comparable fixed life
insurance contract (with the same face amount,
premium payments and withdrawals made, and
Guaranteed Rates) would remain in effect if
credited with the Interest Rate.
The Guarantee Period is to the Insured's Attained
Age 100.
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Fixed Base We use the fixed base to determine any adjustments
to the face amount due to additional Premium
payments or withdrawals.
The fixed base on the Policy Date equals this
policy's Contract Value. Thereafter, the fixed
base is calculated on each Policy Processing Date
as follows:
- we add Premiums and subtract withdrawals;
- we add interest from the date of each Premium
payment or withdrawal at the Interest Rate; and
- we subtract guaranteed cost of insurance
charges based on the Guaranteed Rates.
After the expiration of the Guarantee Period, the
fixed base is set to zero.
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Effect of Additional Premium The face amount will increase as follows:
Payment on the Face Amount The amount of the fixed base in excess of the
amount required to provide a Guarantee Period
to the Insured's Attained Age 100 is
multiplied by the appropriate Attained Age
Factor shown in Policy Schedule 4 to determine
the increase in the face amount.
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Effect of Withdrawals on The face amount will decrease as follows:
the Face Amount The amount of the fixed base in excess of the
amount required to provide a Guarantee Period
to the Insured's Attained Age 100 is
multiplied by the appropriate Attained Age
Factor shown in Policy Schedule 4 to determine
the decrease in the face amount.
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Effect of Loan Debt on The policy will be terminated during the Guarantee
Guarantees Period if a loan is outstanding and the Loan Debt
exceeds the Surrender Value on a Policy Processing
Date. See Termination Due to Excess Loan Debt.
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Effect of Change of The face amount is recalculated as of the
Insured on Face Amount effective date of change based on any additional
Premium payments and withdrawals since the Policy
Date.
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This rider is part of the policy to which it is
attached. This rider is not an "additional
insurance rider" under the terms of the policy.
[SIG] [SIG]
Secretary President
