EXHIBIT 4
FORM OF VARIABLE ANNUITY CONTRACT
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[logo] PHOENIX
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Annuitant: Jane Doe 35 Female: Age and Sex
Contract Number: 13000000 January 1, 2001: Contract Date
Initial Premium: $35,000.00
Dear Contract Owner:
Thank You for purchasing this annuity contract from PHL Variable Insurance
Company. We agree to pay the benefits of this contract in accordance with its
provisions.
IT IS IMPORTANT TO US THAT YOU ARE SATISFIED WITH YOUR CONTRACT AND THAT IT
MEETS YOUR FINANCIAL GOALS. IF FOR ANY REASON YOU ARE NOT SATISFIED WITH THIS
CONTRACT, YOU MAY RETURN IT WITHIN 20 DAYS AFTER WE DELIVER IT TO YOU FOR A
REFUND OF THE CONTRACT VALUE. YOU MAY RETURN IT TO EITHER THE AGENT THROUGH WHOM
IT WAS PURCHASED OR TO US AT THE FOLLOWING ADDRESS:
PHL Variable Insurance Company
Variable Products Mail Operations
P.O. Box 8027
Boston, MA 02266-8027
Telephone (800) 447-4312
This contract provides for a series of Annuity Payments. We will pay the first
Annuity Payment on the Annuity Date. The period and dollar amount of any
subsequent payments are determined in accordance with the terms and conditions
of this Contract.
Signed for PHL Variable Insurance Company at its Home Office, One American Row,
Hartford, Connecticut 06102-5056.
Sincerely yours,
PHL VARIABLE INSURANCE COMPANY
/s/ John H. Beers /s/ Robert W. Fiondella
Secretary Chief Executive Officer
Registrar
SINGLE PREMIUM IMMEDIATE FIXED AND VARIABLE ANNUITY
ALL VALUES AND BENEFITS BASED ON THE INVESTMENT EXPERIENCE OF THE SUBACCOUNTS OF
THE SEPARATE ACCOUNT MAY INCREASE OR DECREASE AND ARE VARIABLE AND NOT
GUARANTEED AS TO DOLLAR AMOUNT.
NOT ELIGIBLE FOR ANNUAL DIVIDENDS
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SCHEDULE PAGE
[John Doe] Payment Option: [A]
Owner[s]: [Mary Doe]
Contract Number: [13000000] [Certain Period: [10 years]]
Contract Date: [January 1, 2001] [Survivor Percent: [100%]]
Annuity Date: [February 1, 2001]
Annuitant: [Jane Doe] Annuitant's Sex: [Female]
Annuitant's Date of Birth: [January 1,1925]
Annuitant's Age at Issue: [76 years]
Joint Annuitant: [James Doe] Annuitant's Sex: [Male]
Annuitant's Date of Birth: [January 1,1920]
Annuitant's Age at Issue: [81 years]
Premium: [$35,000]
Net Premium: [$24,125]
Assumed Interest Rate (AIR): [3.0%]
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SUBACCOUNT FEES
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Risk and Administrative Fee:
Base Contract: [.003424% (Based on an annual rate of 1.25%)]
Guaranteed Minimum Payment Rider: [.002740% (Based on an annual rate of 1.00%)]
Total Fee: [.006164% (Based on an annual rate of 2.25%)]
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CONTRACT FEES AND CHARGES
Tax: [.000% of premium paid]
Payment Charge: $24 per year taken proportionally from each Annuity Payment
($24 for annual, $6 for quarterly, $2 for monthly)
Transfer Charge: [Currently, there is no charge for transfers. The Owner is
permitted at least one free transfer each month. We reserve the right to impose
a Transfer Charge after the first free transfer made in each month, upon prior
Written Notice to the Owner. In no event, however, will such Transfer Charge
exceed $20 per transaction.]
Surrender Charge: See Page 6 for a Description of How this Charge Is
Determined.
PREMIUM ALLOCATION SCHEDULE
[Money Market #122 100.00%]
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CONTRACT SUMMARY
ABOUT THIS SUMMARY This summary briefly highlights some of the major
contract provisions. Since this is only a summary,
the detailed provisions of the contract will
control. See those provisions for full information
and any limits or restrictions that apply. A Table
of Contents is provided to help You find specific
provisions. Your contract is a legal contract
between You and Us. You should, therefore, READ
YOUR CONTRACT CAREFULLY.
Check the Schedule Page of this contract to make
sure it reflects the premium allocation requested.
Please call Your agent or Us any time You have
questions about Your contract.
THE TYPE OF CONTRACT This contract provides for payment of an immediate
annuity. The amount of the first Annuity Payment
will be based on the payment option chosen, the
Premium, the allocation of Premium among the
Subaccounts and the FIA and the Assumed Interest
Rate (AIR) chosen at issue. If Variable Annuity
Payments are elected, subsequent Annuity Payments
will vary based on the investment experience of the
Subaccounts during the Annuity Payment period.
THE SEPARATE ACCOUNT The PHL Variable Insurance Company's Variable
Accumulation Separate Account (VA Account) is a
Separate Account established by Our company under
Connecticut Law and is registered as a unit
investment trust under the Investment Company Act
of 1940. All income, gains and losses, realized and
unrealized, of the VA Account are credited to or
charged against the amounts placed in the VA
Account without reference to other income, gains
and losses of Our General Account. The assets of
the VA Account are owned solely by Us and We are
not a trustee with respect to such assets. These
assets are not chargeable with liabilities arising
out of any other business that We may conduct.
We use the assets of the VA Account to buy shares
of the Fund(s) of this contract according to Your
most recent allocation instruction on file with Us
at Our Variable Products Operations. The Fund(s)
are registered under the 1940 Act as an open-end,
diversified management investment company. The
Fund(s) have separate Series that correspond to the
Subaccounts of the VA Account. Assets of each
Subaccount are invested in shares of the
corresponding Fund Series.
The Subaccounts are part of the VA Account and have
differing investment objectives. Subject to the
terms of this contract, You may transfer the value
of the Subaccounts between and among the various
Subaccounts and from the Subaccounts.
WITHDRAWAL PRIVILEGE Under payment options B, D, E and F You may make
withdrawals subject to limitations defined in
Part 5 and subject to any applicable surrender
charge.
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TABLE OF CONTENTS
PART PAGE
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SCHEDULE PAGE
CONTRACT SUMMARY
TABLE OF CONTENTS
1. DEFINITIONS...............................................1
2. ABOUT THIS CONTRACT...................................4
The Contract and Application..............................4
Required Proof of Age and Survival........................4
Adjustment for Misstatement of
Age or Sex..............................................4
Assignments...............................................4
Statement of Account......................................4
3. RIGHTS OF OWNER.............................................4
Who Is the Owner..........................................4
What Are the Rights of the Owner..........................4
How to Change the Owner ..................................5
How to Change the Beneficiary.............................5
4. PREMIUM AND ALLOCATION......................................5
Premium ..................................................5
Premium Allocation........................................5
The Valuation of Subaccounts..............................5
Additional Subaccounts....................................6
5. TRANSFERS, WITHDRAWALS AND SURRENDERS.......................6
Transfers among Subaccounts ..............................6
Withdrawals and Surrenders................................7
Deferral of Payment.......................................8
6. EXPENSE CHARGES.............................................8
Tax.......................................................8
Surrender Charge..........................................9
Transfer Charge...........................................9
Payment Charge............................................9
Risk and Administrative Fee...............................9
7. DETERMINATION OF COMMUTED VALUE.............................9
Determination of the Commuted Value.......................9
8. DEATH BENEFITS..............................................9
Death before the Annuity Date.............................9
Death on or after the Annuity Date.......................10
9. PAYMENT OPTIONS...........................................10
Selection of Annuity Payment Option......................10
Commencement of Annuity Payments.........................10
Changing Remaining Certain Period of Annuity Payments....11
Levelized Monthly Payments...............................11
Calculation of Fixed Annuity Payments....................11
Calculation of Variable Annuity Payments.................11
Minimum Payment..........................................11
Option A -Single Life Annuity ...........................12
Option B -Single Life Annuity with
Period Certain.........................................12
Option C - Joint Survivor Life Annuity...................12
Option D - Joint Survivor
Life Annuity with Period Certain.......................12
Option E -Annuity for Specified Period...................12
Option F - Life Expectancy Annuity.......................12
Option G - Unit Refund Life Annuity......................12
Other Options............................................13
10. TABLES OF PAYMENT OPTION RATES.........................13-19
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PART 1: DEFINITIONS
YOU (YOUR) The Owner(s) of this contract.
WE (OUR, US) PHL Variable Insurance Company
ANNUITANT The person on whose continuation of life this
contract is issued. The Annuitant may not be
changed following issuance of the Contract. See
also, Joint Annuitant.
ANNUITY A contract promising a series of periodic payments.
ANNUITY DATE The date We calculate and make the first Annuity
Payment. The Annuity Date is one month after the
Contract Date. We use the previous Valuation Date
if such date is not a Valuation Date.
ANNUITY PAYMENT The amount We pay on each Payment Calculation Date.
It is the sum of the Fixed Annuity Payment and the
Variable Annuity Payment.
ANNUITY UNIT A standard of measurement used to determine the
amount of each Variable Annuity Payment.
ANNUITY UNIT VALUE The Annuity Unit Value on any Valuation Date is
equal to the Annuity Unit Value of the Subaccount
on the immediately preceding Valuation Date
multiplied by the Net Investment Factor for that
Subaccount for the Valuation Period divided by
1.000000 plus the rate of interest for the number
of days in the Valuation Period based on the
Assumed Interest Rate.
ASSIGNS Any person to whom You assign an interest in this
contract if We have Written Notice of the
assignment in accordance with the provisions stated
in Part 2.
ASSUMED INTEREST RATE The rate used to determine the first Variable
Annuity Payment. The amount of future Variable
Annuity Payments will depend on the relationship
between the Assumed Interest Rate and the actual
investment performance of each Subaccount as
reflected in the Subaccount's Annuity Unit Value.
The Assumed Interest Rate is the annual investment
return that will need to be earned by each
Subaccount of the Separate Account for there to be
no reduction in the amount of the Variable Annuity
Payments.
BENEFICIARY The beneficiary entitled to receive payment of any
amounts payable under this contract upon death of
the Owner, Annuitant, or Joint Annuitant.
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COMMUTED VALUE The present value of any remaining guaranteed
Annuity Payments. This amount is calculated using
the Assumed Interest Rate for Variable Annuity
Payments or the underlying interest rate for Fixed
Annuity Payments.
CONTRACT ANNIVERSARY The same date each year as the Contract Date.
CONTRACT DATE The Contract Date shown on the Schedule Page. It is
the date from which Contract Years and
anniversaries are measured.
CONTRACT VALUE The total value of the Subaccounts and Fixed Income
Allocation on any Valuation Date.
CONTRACT YEAR The first Contract Year is the one-year period from
the Contract Date. Following Contract Years run
from one Contract Anniversary to the next.
FIXED ANNUITY PAYMENTS Annuity Payments which will vary in amount only if
additional funds are transferred from the
Subaccounts to the FIA or payment option F (Life
Expectancy Annuity) is chosen. If there are no
transfers from the Subaccounts to the Fixed Income
Allocation and the payment option is not option F,
the payments will not vary in amount after the
first payment is made.
FIXED INCOME ALLOCATION The account within Our General Account to which
assets under the Contract may be allocated.
JOINT ANNUITANT A person other than the Annuitant on whose
continuation of life Annuity Payments may be made.
The contract will have a Joint Annuitant only if
payment option C or D is selected. The Joint
Annuitant may not be changed following issuance of
the Contract.
NET INVESTMENT FACTOR The Net Investment Factor for each Subaccount of
the Separate Account is determined by the
investment performance of the assets underlying the
Subaccount for the Valuation Period just ended. The
Net Investment Factor is equal to 1.000000 plus the
applicable net investment rate for the Valuation
Period. The net investment rate is determined by:
a. taking the sum of the accrued net investment
income and capital gains and losses, realized
or unrealized, of the Subaccount for the
Valuation Period. The net investment income is
affected by an investment advisory expense fee
which is deducted from the Funds in which the
assets of the Subaccounts of the Separate
Account are invested; and
b. dividing the result of (a) by the Subaccount's
share of the Separate Account at the beginning
of the Valuation Period; and
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c. for each calendar day in the Valuation Period
subtracting from the result of (a) divided by
(b), an amount equal to the Risk and
Administrative Fee.
NET PREMIUM The Premium less any applicable deduction for Tax.
PAYEE The person or party You designate to receive
Annuity Payments.
PAYMENT CALCULATION DATE The date We calculate Annuity Payments. The first
Payment Calculation Date is the Annuity Date. After
the first Payment Calculation Date, We will
calculate payments on the same date each month. We
use the previous Valuation Date if such date is not
a Valuation Date.
PREMIUM The single premium We receive to invest in Your
annuity.
PREMIUM PAYMENT DATE The Valuation Date on which Your Premium is
received at Our Variable Products Operations unless
it is received after the close of the New York
Stock Exchange, in which case it will be the next
Valuation Date.
TAX Any tax charged by a state or municipality on
Premium, whether or not characterized as premium
tax.
SUBACCOUNT(S) The account(s) within Our Separate Account to which
assets under the contract may be allocated.
SURRENDER VALUE The Commuted Value less any applicable surrender
charge.
VALUATION DATE Every day the New York Stock Exchange is open for
trading.
VALUATION PERIOD The period in days beginning with the day following
the last Valuation Date and ending on the next
succeeding Valuation Date.
VARIABLE ANNUITY PAYMENTS Annuity Payments which vary with the investment
experience of the Subaccounts.
VPMO Our Variable Products Mail Operations division.
The address is shown on the cover page of this
contract.
WRITTEN REQUEST A request We receive in writing at VPMO in a form
(AND WRITTEN NOTICE) satisfactory to Us.
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PART 2: ABOUT THIS CONTRACT
THE CONTRACT This contract and application, if any, which is
AND APPLICATION attached to this contract, is the entire contract
between You and Us. As required to conform to law,
any change in terms of this contract to be in
effect must be signed by one of Our executive
officers and countersigned by Our registrar or one
of Our executive officers. This contract is issued
at Our Home Office in Hartford, Connecticut. Any
benefits payable under this contract are payable at
VPMO.
REQUIRED PROOF We may require proof of the Annuitant's age before
OF AGE AND SURVIVAL any Annuity Payments will begin. We also have the
right to require proof of the identity, age and
survival of any person entitled to any payment
under this contract or upon whose life any payments
depend.
ADJUSTMENT FOR If the age or sex of the Annuitant has been
MISSTATEMENT OF misstated, payments made will be adjusted to the
AGE OR SEX amount that would have been paid based on the
Annuitant's correct age and sex. Any over
payment(s) and under payment(s) made by Us will be
charged or credited against future payments to be
made under the contract.
ASSIGNMENTS We will not be considered to have notice of any
assignment of an interest in this contract until We
receive the original or copy of the written
assignment at VPMO. In no event will We be
responsible for its validity.
STATEMENT OF ACCOUNT We will provide You with an annual Statement of
Account.
PART 3: RIGHTS OF OWNER
WHO IS THE OWNER The Owner may be the Annuitant, an employer, a
trust or any other individual or entity. If no
Owner is named, the Annuitant will be the Owner.
Under contracts used with certain tax qualified
plans, the Owner must be the Annuitant. You may
name more than one Owner as Joint Owners. If one of
such Joint Owners dies, all rights vest equally in
the surviving Owners.
WHAT ARE THE RIGHTS Unless You and We agree otherwise, You may exercise
OF THE OWNER all rights provided under this contract without
the consent of anyone else. If there are multiple
owners, all must consent to the exercise of rights
provided under this contract. These rights include
the right to:
a. Receive any amounts payable under this contract
during the Annuitant's lifetime.
b. Change the Owner.
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c. Change the Payee.
d. Transfer the value of the Subaccounts between
and among the various Subaccounts or from the
Subaccounts to the FIA.
e. Make withdrawals under payment options B, D, E
and F or fully surrender the contract for its
Surrender Value under payment options E and F.
f. Assign, subject to the restrictions stated in
Part 2, release, or surrender any interest in
this contract. See Parts 2 and 5.
HOW TO CHANGE THE OWNER To change the Owner, You must submit a Written
Request. When We receive it, the change will be
effective as of the date it was signed by You.
However, the change will be subject to any payment
made or actions taken by Us before We receive and
record the affect of the Written Notice.
HOW TO CHANGE THE At any time prior to the death of the last of the
BENEFICIARY Annuitants under this contract, You may change the
Beneficiary. The change must be made by Written
Notice signed by You. When We receive it, the
change will be effective as of the date it was
signed by You. However, the change will be subject
to any payment made or actions taken by Us before
We received the Written Notice.
PART 4: PREMIUM AND ALLOCATION
PREMIUM The Premium must be at least $35,000 unless We
agree otherwise. The Annuitant must be alive when
the Premium is made. The Premium is payable at VPMO
but may be given to an authorized agent for
forwarding to VPMO. No benefit associated with any
such Premium will be provided until it is actually
received by Us at VPMO. A Premium greater than
$1,000,000 requires prior approval from Us.
PREMIUM ALLOCATION Upon receipt of You Premium, We will temporarily
allocate Your Premium to the Money Market
Subaccount. On the Annuity Date, the then value of
this contract's share in the Money Market
Subaccount will automatically be reallocated to the
various Subaccounts and the FIA in accordance with
Your instructions for the allocation of Premium
provided when You purchased the contract.
THE VALUATION OF SUB- The values of the assets in each Subaccount will be
ACCOUNTS calculated in accordance with applicable law and
accepted procedures.
We guarantee that expense and mortality results
shall not adversely affect the dollar amount of
variable benefits and other contractual payments
and values.
ADDITIONAL SUBACCOUNTS We have the right to add Subaccounts of the
Separate Account subject to approval by the
Securities and Exchange Commission and, where
required, other regulatory authority.
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PART 5: TRANSFERS, WITHDRAWALS AND
SURRENDERS
TRANSFERS AMONG You may transfer all or a portion of the value of
SUBACCOUNTS the Subaccounts of this contract between and among
the Subaccounts and from the Subaccounts. No
transfers may be made from the Fixed Income
Allocation to the Subaccounts. Transfers may be
made by telephone or Written Request. We reserve
the right to limit the number of transfers You may
make each Contract Year. However, You may make up
to at least twelve transfers per Contract Year
among the Subaccounts. Once each Contract Year, You
may transfer all or a portion of the value of the
Subaccounts from the Subaccounts to the Fixed
Income Allocation. Transfers from the Subaccounts
to the FIA will affect the amount of future Fixed
Annuity Payments. The amount of future Fixed
Annuity Payments will be determined by the Contract
Value of the FIA on the date of the transfer, the
amount transferred to the Fixed Income Allocation,
and the purchase rate in effect on the date of the
transfer for the payment option selected when You
purchased Your contract.
The transfer charge is as shown on the Schedule
Page. Any such charge will be deducted from the
Subaccounts from which the amounts are to be
transferred with each such Subaccount bearing a pro
rata share of the transfer charge. The value of
each Subaccount will be determined on the Valuation
Date that coincides with the date of transfer.
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WITHDRAWALS AND SURRENDERS Under payment options B or D, You may withdraw,
less any applicable surrender charge, amounts equal
to the Commuted Value of the payments that would
have been made during the certain period You chose
under the payment option.
If You withdraw the entire Commuted Value of the
Annuity Payments We would have made during the
certain period, We will not make any Annuity
Payments during the years remaining in the certain
period. If You withdraw only a portion of the
Commuted Value of the Annuity Payments We would
have made during the certain period, We will reduce
the remaining Annuity Payments during the years
remaining in the certain period. The remaining
Annuity Payments are reduced by the same percentage
as the percentage of the Commuted Value
surrendered. Variable Annuity Payments will be
commuted at the Assumed Interest Rate. Fixed
Annuity Payments will be commuted using the
underlying interest rate.
Annuity Payments that are to be made after the
certain period is over will not change.
Under payment options E and F, You may withdraw,
less any applicable surrender charge, all or part
of the Commuted Value. Withdrawals under payment
options E and F will affect the amount of future
Annuity Payments.
Any amount withdrawn during the first seven years
following the issue of the Contract will be subject
to the following surrender charge, expressed as a
percentage of the amount withdrawn:
Age in Complete Years from Surrender
Premium Payment Date Charge
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0 7%
1 6%
2 5%
3 4%
4 3%
5 2%
6 1%
7 and over 0%
Surrender charges will be applied only on amounts
withdrawn up to the Premium. In no event will the
total of all surrender charges applied under this
contract exceed 9% of the Premium.
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Withdrawals must be by Written Request and must
include such tax withholding information as We may
reasonably require. The portion withdrawn from any
Subaccount will be taken by the surrender and
release of a portion of the value of the Subaccount
as required to make the withdrawal, including any
surrender charge applicable to such withdrawal. The
portion withdrawn from the Fixed Income Allocation
will be taken by the surrender and release of a
portion of the Contract Value of the Fixed Income
Allocation as required to make the withdrawal,
including any surrender charge applicable to such
withdrawal. If no Contract Value remains under this
contract as the result of a withdrawal, the
contract will be deemed fully surrendered and have
no further value or effect. The value will be
determined on the Valuation Date that coincides
with the date of the withdrawal.
DEFERRAL OF PAYMENT Transfers, withdrawals and surrenders will usually
be processed within 7 days after We receive the
Written Request at VPMO. However, We may postpone
the processing of any such transactions for any of
the following reasons (as provided under the
Investment Company Act of 1940):
a. when the New York Stock Exchange is closed,
other than customary weekend and holiday
closings;
b. when trading on the exchange is restricted by
the Securities and Exchange Commission;
c. when the Securities and Exchange Commission
declares that an emergency exists as a result
of which disposal of securities in the Fund is
not reasonably practicable or it is not
reasonably practicable to determine the value
of the Units in the Subaccounts of the Separate
Account; or
d. when a governmental body having jurisdiction
over the VA Account by order permits such
suspension.
Rules and regulations of the Securities and
Exchange Commission, if any, are applicable and
will govern as to whether conditions described in
(b) or (c) or (d) exist.
PART 6: EXPENSE CHARGES
Charges to cover expenses incurred by Us in the
distribution and administration of this contract
are made in the manner described below.
TAX A tax may be required based on the laws of the
state of issue or the state where the Owner resides
when the Premium is applied. The tax rate, if any,
as of the Contract Date, is shown on the Schedule
Page.
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SURRENDER CHARGE A charge to cover expenses incurred in the sale and
distribution of this contract is taken in the form
of a surrender charge as described in Part 5 which
is applied to any withdrawals or full surrender
made within the seven-year period following the
Premium Payment Date.
TRANSFER CHARGE A transfer charge is as shown on the Schedule Page.
PAYMENT CHARGE The payment charge is taken in the form of a
deduction from each Annuity Payment as shown on the
Schedule Page.
RISK AND ADMINISTRATIVE FEE The risk and administrative fee is taken in the
form of a daily fee against each Subaccount as
shown on the Schedule Page. We reserve the right to
lower such fee.
PART 7: DETERMINATION OF COMMUTED VALUE
DETERMINATION OF THE The total Commuted Value under this contract
COMMUTED VALUE equals the present value of the remaining
guaranteed Annuity Payments. The discount rate used
to determine the present value is the Assumed
Interest Rate for the Variable Annuity Payments and
the underlying interest rate for the Fixed Annuity
Payments.
PART 8: DEATH BENEFITS
The death benefits provided under this contract are
not less than the minimum benefits required under
the laws of the state where this contract is
delivered.
Death Benefit
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DEATH BEFORE THE ANNUITY On the death of any Owner, Annuitant or Joint
DATE Annuitant before the Annuity Date, the death
benefit equals the Contract Value on the date We
receive due proof of death.
Death of Owner
--------------
If the contract is held by a single Owner who dies
before the Annuity Date, We will pay the death
benefit to the Beneficiary. If the Beneficiary has
predeceased the Owner, the Owner's estate will be
the Beneficiary. If the Beneficiary is the spouse
of the sole Owner, the Beneficiary may elect to
continue the contract and exercise the rights of
the Owner.
If the contract is held by multiple Owners and one
or more Owners die before the Annuity Date, We will
pay the death benefit to the surviving Owner(s), if
any, who will be deemed to be the Beneficiary(ies).
If the only Owners of the contract are spouses of
each other, the surviving spouse may elect to
continue the contract.
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Distribution on Death of Owner
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Any Beneficiary who is a natural person, may,
within one year after We receive due proof of
death, elect to receive a payment option. The
payment option selected may not extend beyond such
Beneficiary's life or life expectancy and the
payments must begin within one year after death. If
a payment option is not elected or the Beneficiary
is a non-natural person, the entire Contract Value
will be distributed in a lump sum no later than
five years after the date of death.
Death of Annuitant or Joint Annuitant
-------------------------------------
If the Annuitant or Joint Annuitant die before the
Annuity Date, We will pay the death benefit to the
Owner(s) who will be deemed to be the
Beneficiary(ies). If there is no surviving
Owner(s), We will pay the death benefit to the
Beneficiary(ies). Payment will be made as described
above in "Distribution on Death of Owner".
DEATH ON OR AFTER THE If an Owner dies after the Annuity Date and there
ANNUITY DATE is no surviving Owner, any remaining payments will
be paid to the Beneficiary under the payment option
in effect on the date of death. Payments may not be
deferred or otherwise extended. If there is a
surviving Owner, the payments continue as if there
had been no death.
If the Annuitant and Joint Annuitant, if any, dies
and is survived by any Owner, any remaining
guaranteed payments will be paid to such Owner(s).
If no Owner survives, any remaining guaranteed
payments will be paid to the Beneficiary. Payments
will continue under the payment option in effect at
the date of death and may not be deferred or
otherwise extended. Alternatively, the surviving
Owner(s), or Beneficiary if no Owner survives, may
elect to take the Commuted Value of any remaining
guaranteed payments in a lump sum.
PART 9: PAYMENT OPTIONS
SELECTION OF ANNUITY You must elect a payment option when You purchase
PAYMENT OPTION Your Contract. We have the right to require proof
of age and sex of any person on whose life payments
depend, as well as proof of the continued survival
of any such person. You may not change the payment
option You elect.
COMMENCEMENT OF ANNUITY Annuity Payments commence on the Annuity Date.
PAYMENTS The amount of Your Annuity Payment is determined
on the Payment Calculation Date. All future Annuity
Payments will be determined on the same day of the
month as the Annuity Date. Following the first
Annuity Payment, if a Payment Calculation Date
falls on a Non-Valuation Day or a date that does
not occur in a given month, the Annuity Payment is
calculated on the prior Valuation Day.
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CHANGING REMAINING Under payment option E You may, upon Written
CERTAIN PERIOD Request received by Us within thirty days of any
OF ANNUITY Contract Anniversary, change the remaining certain
PAYMENTS period of Annuity Payments. The amount of future
Annuity Payments following a change will be
determined by the Commuted Value of the remaining
Fixed Annuity Payments and Variable Annuity
Payments under the certain period chosen at issue
and the new certain period chosen.
LEVELIZED MONTHLY You may elect to receive Annuity Payments that
PAYMENTS vary in amount each Contract Year but are level
each month throughout the Contract Year. These
level payments are available only on a monthly
frequency. You can begin receiving these level
monthly payments as of the Annuity Date.
CALCULATION OF FIXED ANNUITY Under payment options A, B, C, D, E and G, a stream
PAYMENTS of Annuity Payments is purchased on the Annuity
Date. The amount of the Fixed Annuity Payment is
equal to the value in the Contract allocated to the
FIA, divided by $1,000 and then multiplied by the
appropriate factor for the payment option selected.
Under payment option F, We determine the amount of
the annual distribution by dividing the value in
the Contract held under this option by the annually
recalculated life expectancy of the Annuitant.
CALCULATION OF Under payment options A, B, C, D, E and G, the
VARIABLE ANNUITY PAYMENTS amount of the first Variable Annuity Payment is
equal to the value in the Contract held under each
Subaccount, divided by $1,000 and then multiplied
by the applicable payment option rate. The total
Variable Annuity Payment is equal to the sum of the
amounts provided by each Subaccount.
In each Subaccount the number of fixed Annuity
Units is determined by dividing the amount of the
initial Variable Annuity Payment provided by that
Subaccount by the Annuity Unit Value for that
Subaccount on the Annuity Date. Thereafter, the
number of fixed Annuity Units in each Subaccount
remains unchanged unless You transfer funds to or
from the Subaccount. If You transfer funds to or
from a Subaccount, the number of fixed Annuity
Units will change effective with the transfer, but
will remain fixed in number following the transfer.
Second and subsequent payments are determined by
multiplying the number of fixed Annuity Units for
each Subaccount by the Annuity Unit Value for that
Subaccount on the Payment Calculation Date. The
total Variable Annuity Payment will equal the sum
of the amounts provided by each Subaccount. The
amount of second and subsequent Variable Annuity
Payments will vary with the investment experience
of the Subaccounts. Payments may be either higher
or lower than the first payment.
MINIMUM PAYMENT If at any time the Annuity Payment due is less than
$20, We may make such settlement as is equitable to
the Payee.
OPTION A - This option provides income for the lifetime of
SINGLE LIFE ANNUITY the Annuitant. No income is payable after the
death of the Annuitant.
OPTION B - This option provides payments that will continue
SINGLE LIFE ANNUITY during the lifetime of the Annuitant or for the
WITH PERIOD CERTAIN certain period, if longer.The certain period can be
10, 15, or 20 years.
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<PAGE>
OPTION C - This option provides payments while the Annuitant
JOINT SURVIVOR and the designated Joint Annuitant are living.
LIFE ANNUITY Payments will continue during the life of the
survivor at a level of 100% or 50% of the original
level elected when You purchased the contract.You
must designate the Joint Annuitant at the time You
elect this option. The designated Joint Annuitant
must be at least age 40 on the Annuity Date.
OPTION D - This option provides payments while the Annuitant
JOINT SURVIVOR and the designated Joint Annuitant are living.
LIFE ANNUITY WITH Payments will continue during the life of the
PERIOD CERTAIN survivor or until the end of the certain period,
if longer, at a level of 100% or 50% of the
original level elected when You purchased the
contract. The certain period can be 10, 15, or 20
years. You must designate the Joint Annuitant at
the time You elect this option. The designated
Joint Annuitant must be at least age 40 on the
Annuity Date.
OPTION E - This option provides payments over a specified
ANNUITY period of time. Payment continues whether
FOR SPECIFIED PERIOD the Annuitant lives or dies. The specified period
must be in whole numbers of years from 5 to 30 but
cannot be greater than 100 minus the age of the
Annuitant. This option also provides for
withdrawals.
This option provides an income which is payable
OPTION F - over the Annuitant's annually recalculated life
LIFE expectancy. This option is available only if 100%
EXPECTANCY ANNUITY of the Net Premium is allocated to the Fixed Income
Allocation. This option provides income payments
while the Annuitant is living or, if later, the
date the income payments made total an amount which
refunds the entire amount applied to the Fixed
Income Allocation. This option provides for
withdrawals. This will thus affect the amount of
future payments. Upon the death of the Annuitant,
the refund amount will be paid in a lump sum. The
refund amount is equal to the total amount applied
to the FIA less the sum of the payments already
made under the FIA.
OPTION G - This option provides payments for the lifetime of
UNIT REFUND the Annuitant. In the event of the death of the
LIFE ANNUITY Annuitant, the income will stop and the Beneficiary
will receive in a lump sum the sum of (1) and (2)
below:
(1) the value of the Annuity Units on the Annuity
Date less the sum of of any Variable Annuity
Payments made prior to the Annuitant's death
(2) the amount applied to the Fixed Income
Allocation on the Annuity Date less the sum of
any Fixed Annuity Payments made prior to the
Annuitant's death
OTHER OPTIONS We may offer other payment options or alternative
versions of the options listed above.
PART 10: TABLES OF PAYMENT OPTION RATES
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<PAGE>
The tables in this section show the following:
The guaranteed minimum monthly payments for Fixed
Annuity Payments under payment options A-G for each
$1,000 applied. Guaranteed Fixed Annuity Payment
Rates are based on the a-49 Annuity Table projected
to 1985 with Projection scale B, the age and sex of
the Annuitant and Joint Annuitant and a minimum
interest rate of 3%.
The life expectancy of the payee for Fixed Annuity
Payments under payment option F.
The minimum initial payment for Variable Annuity
Payments under payment options A-E and G for each
$1,000 applied. The first Variable Annuity Payment
is based on the 1983a Individual Annuity Mortality
Table projected with projection scale G to the year
2040, with continued projection thereafter, the age
and sex of the Annuitant and Joint Annuitant and
the Assumed Interest Rate. Subsequent Variable
Annuity Payments will vary and may be higher or
lower than the first payment.
If Our rates in effect on the Annuity Date are more
favorable, We will use those rates. Amounts for
payment frequencies, periods or ages not shown will
be furnished upon request.
The term "age" as used in the tables refers to the
actual age of the Annuitant on the Annuity Date.
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FIXED ANNUITY PAYMENTS UNDER OPTION A - SINGLE LIFE ANNUITY
--------------- ------------ ------------
AGE OF
PAYEE MALE FEMALE
--------------- ------------ ------------
40 $ 3.95 $ 3.75
--------------- ------------ ------------
45 4.24 3.98
--------------- ------------ ------------
50 4.62 4.28
--------------- ------------ ------------
55 5.12 4.68
--------------- ------------ ------------
60 5.79 5.24
--------------- ------------ ------------
65 6.75 6.04
--------------- ------------ ------------
70 8.15 7.22
--------------- ------------ ------------
75 10.26 9.03
--------------- ------------ ------------
80 13.54 11.88
--------------- ------------ ------------
85 18.72 16.54
--------------- ------------ ------------
FIXED ANNUITY PAYMENTS UNDER OPTION B - SINGLE LIFE ANNUITY WITH
SPECIFIED PERIOD CERTAIN AND OPTION G - UNIT REFUND LIFE ANNUITY
<TABLE>
<CAPTION>
------------ --------------------------- -------------------------- --------------------------
INSTALLMENT REFUND 10 YEARS CERTAIN 20 YEARS CERTAIN
AGE OF ---------------------------- -------------------------- --------------------------
PAYEE MALE FEMALE MALE FEMALE MALE FEMALE
------------ ------------- ------------- ------------ ------------- ------------ -------------
<S> <C> <C> <C> <C> <C> <C>
40 $3.80 $3.64 $3.86 $3.60 $3.74 $3.54
------------ ------------- ------------- ------------ ------------- ------------ ------------
45 4.05 3.85 4.14 3.82 3.99 3.74
------------ ------------- ------------- ------------ ------------- ------------ ------------
50 4.36 4.12 4.50 4.10 4.28 3.99
------------ ------------- ------------- ------------ ------------- ------------ ------------
55 4.76 4.47 4.95 4.47 4.61 4.31
------------ ------------- ------------- ------------ ------------- ------------ ------------
60 5.28 4.93 5.54 4.96 4.97 4.67
------------ ------------- ------------- ------------ ------------- ------------ ------------
65 5.97 5.54 6.30 5.63 5.29 5.06
------------ ------------- ------------- ------------ ------------- ------------ ------------
70 6.91 6.39 7.24 6.50 5.43 5.31
------------ ------------- ------------- ------------ ------------- ------------ ------------
75 8.21 7.57 8.26 7.56 5.44 5.40
------------ ------------- ------------- ------------ ------------- ------------ ------------
80 10.04 9.26 10.12 8.60 5.46 5.46
------------ ------------- ------------- ------------ ------------- ------------ ------------
85 12.61 11.68 12.60 9.31 5.46 5.46
------------ ------------- ------------- ------------ ------------- ------------ ------------
</TABLE>
FIXED ANNUITY PAYMENTS UNDER OPTION C - JOINT SURVIVOR LIFE ANNUITY
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------
MALE
FEMALE --------------------------------------------------------------------------------------
AGE 40 45 50 55 60 65 70 75
----------- ---------- --------- ----------- ----------- ---------- --------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
40 $3.49 $3.55 $3.59 $3.62 $3.64 $3.65 $3.66 $3.67
----------- ---------- --------- ----------- ----------- ---------- --------- ---------- ---------
45 3.58 3.67 3.74 3.80 3.83 3.86 3.88 3.89
----------- ---------- --------- ----------- ----------- ---------- --------- ---------- ---------
50 3.65 3.79 3.90 4.00 4.07 4.12 4.16 4.18
----------- ---------- --------- ----------- ----------- ---------- --------- ---------- ---------
55 3.72 3.89 4.06 4.22 4.35 4.44 4.51 4.56
----------- ---------- --------- ----------- ----------- ---------- --------- ---------- ---------
60 3.77 3.97 4.20 4.43 4.65 4.83 4.96 5.05
----------- ---------- --------- ----------- ----------- ---------- --------- ---------- ---------
65 3.80 4.04 4.31 4.62 4.94 5.25 5.51 5.71
----------- ---------- --------- ----------- ----------- ---------- --------- ---------- ---------
70 3.83 4.08 4.34 4.77 5.20 5.67 6.13 6.52
----------- ---------- --------- ----------- ----------- ---------- --------- ---------- ---------
75 3.85 4.12 4.46 4.88 5.40 6.04 6.75 7.46
----------- ---------- --------- ----------- ----------- ---------- --------- ---------- ---------
</TABLE>
FIXED ANNUITY PAYMENTS UNDER OPTION D - JOINT SURVIVOR LIFE ANNUITY
WITH 10 YEAR PERIOD CERTAIN
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------
MALE
FEMALE --------------------------------------------------------------------------------------
AGE 40 45 50 55 60 65 70 75
----------- ---------- --------- ----------- ----------- ---------- --------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
40 $3.49 $3.55 $3.59 $3.62 $3.64 $3.65 $3.66 $3.67
------------------------------ ----------- ----------- ---------- --------- ---------- ---------
45 3.58 3.67 3.74 3.80 3.83 3.86 3.88 3.89
------------------------------ ----------- ----------- ---------- --------- ---------- ---------
50 3.65 3.78 3.90 4.00 4.07 4.12 4.15 4.17
------------------------------ ----------- ----------- ---------- --------- ---------- ---------
55 3.72 3.89 4.06 4.22 4.34 4.44 4.50 4.54
------------------------------ ----------- ----------- ---------- --------- ---------- ---------
60 3.77 3.97 4.19 4.43 4.64 4.82 4.95 5.03
------------------------------ ----------- ----------- ---------- --------- ---------- ---------
65 3.80 4.03 4.31 4.61 4.93 5.23 5.45 5.65
------------------------------ ----------- ----------- ---------- --------- ---------- ---------
70 3.83 4.08 4.39 4.75 5.18 5.63 6.07 6.41
------------------------------ ----------- ----------- ---------- --------- ---------- ---------
75 3.85 4.11 4.45 4.86 5.36 5.96 6.62 7.21
------------------------------ ----------- ----------- ---------- --------- ---------- ---------
</TABLE>
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<PAGE>
FIXED ANNUITY PAYMENTS UNDER OPTION E - ANNUITY FOR SPECIFIED PERIOD
---------------------------------------------------------
NUMBER OF ANNUAL MONTHLY
YEARS INSTALLMENT INSTALLMENT
-------------------- ----------------- ------------------
5 $211.99 $17.91
-------------------- ----------------- ------------------
6 179.22 15.14
-------------------- ----------------- ------------------
7 155.83 13.16
-------------------- ----------------- ------------------
8 138.31 11.68
-------------------- ----------------- ------------------
9 124.69 10.53
-------------------- ----------------- ------------------
10 113.82 9.61
-------------------- ----------------- ------------------
11 104.93 8.86
-------------------- ----------------- ------------------
12 97.54 8.24
-------------------- ----------------- ------------------
13 91.29 7.71
-------------------- ----------------- ------------------
14 85.95 7.26
-------------------- ----------------- ------------------
15 81.33 6.87
-------------------- ----------------- ------------------
16 77.29 6.53
-------------------- ----------------- ------------------
17 73.74 6.23
-------------------- ----------------- ------------------
18 70.59 5.96
-------------------- ----------------- ------------------
19 67.78 5.73
-------------------- ----------------- ------------------
20 65.26 5.51
-------------------- ----------------- ------------------
25 55.76 4.71
-------------------- ----------------- ------------------
30 49.53 4.18
-------------------- ----------------- ------------------
FIXED ANNUITY PAYMENTS UNDER OPTION F - LIFE EXPECTANCY ANNUITY
----------------- ---------------------------------------------------
AGE OF LIFE EXPECTANCY
PAYEE (YEARS)
----------------- ---------------------------------------------------
40 42.5
----------------- ---------------------------------------------------
45 37.7
----------------- ---------------------------------------------------
50 33.1
----------------- ---------------------------------------------------
55 28.6
----------------- ---------------------------------------------------
60 24.2
----------------- ---------------------------------------------------
65 20.0
----------------- ---------------------------------------------------
70 16.0
----------------- ---------------------------------------------------
75 12.5
----------------- ---------------------------------------------------
80 9.5
----------------- ---------------------------------------------------
85 6.9
----------------- ---------------------------------------------------
90 5.0
----------------- ---------------------------------------------------
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<PAGE>
VARIABLE ANNUITY PAYMENTS UNDER OPTION A - SINGLE LIFE ANNUITY
--------------- ------------------------- -------------------------
AIR=3% AIR=6%
--------------- ------------------------- -------------------------
AGE OF
PAYEE MALE FEMALE MALE FEMALE
--------------- ------------ ------------ ------------ ------------
40 $3.18 $3.03 $5.19 $5.07
--------------- ------------ ------------ ------------ ------------
45 3.35 3.16 5.32 5.16
--------------- ------------ ------------ ------------ ------------
50 3.56 3.33 5.49 5.28
--------------- ------------ ------------ ------------ ------------
55 3.84 3.54 5.73 5.45
--------------- ------------ ------------ ------------ ------------
60 4.20 3.82 6.06 5.69
--------------- ------------ ------------ ------------ ------------
65 4.70 4.20 6.54 6.02
--------------- ------------ ------------ ------------ ------------
70 5.39 4.72 7.22 6.51
--------------- ------------ ------------ ------------ ------------
75 6.30 5.47 8.13 7.25
--------------- ------------ ------------ ------------ ------------
80 7.58 6.53 9.42 8.31
--------------- ------------ ------------ ------------ ------------
85 9.37 8.09 11.24 9.89
--------------- ------------ ------------ ------------ ------------
90 12.01 10.44 13.93 12.30
--------------- ------------ ------------ ------------ ------------
VARIABLE ANNUITY PAYMENTS UNDER OPTION B -
SINGLE LIFE ANNUITY WITH 10-YEAR PERIOD CERTAIN
--------------- ------------------------- -------------------------
AIR =3% AIR=6%
--------------- ------------ ------------ ------------ ------------
AGE OF
PAYEE MALE FEMALE MALE FEMALE
--------------- ------------ ------------ ------------ ------------
40 $3.18 $3.03 $5.18 $5.07
--------------- ------------ ------------ ------------ ------------
45 3.34 3.16 5.31 5.15
--------------- ------------ ------------ ------------ ------------
50 3.55 3.32 5.47 5.27
--------------- ------------ ------------ ------------ ------------
55 3.82 3.53 5.70 5.44
--------------- ------------ ------------ ------------ ------------
60 4.17 3.81 6.00 5.66
--------------- ------------ ------------ ------------ ------------
65 4.63 4.17 6.42 5.98
--------------- ------------ ------------ ------------ ------------
70 5.23 4.66 6.98 6.43
--------------- ------------ ------------ ------------ ------------
75 5.96 5.33 7.65 7.04
--------------- ------------ ------------ ------------ ------------
80 6.84 6.18 8.47 7.84
--------------- ------------ ------------ ------------ ------------
85 7.80 7.20 9.35 8.78
--------------- ------------ ------------ ------------ ------------
90 8.69 8.24 10.15 9.74
--------------- ------------ ------------ ------------ ------------
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<PAGE>
<TABLE>
<CAPTION>
VARIABLE ANNUITY PAYMENTS UNDER OPTION C - JOINT SURVIVOR LIFE ANNUITY
AIR=3%
------------ --------------------------------------------------------------------------------------------------------------------
MALE AGE
------------ ---------- --------- ---------- ---------- --------- ---------- --------- ---------- ---------- --------- ----------
FEMALE
AGE 40 45 50 55 60 65 70 75 80 85 90
------------ ---------- --------- ---------- ---------- --------- ---------- --------- ---------- ---------- --------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
40 $2.92 $2.95 $2.98 $2.99 $3.01 $3.02 $3.02 $3.02 $3.03 $3.03 $3.03
------------ ---------- --------- ---------- ---------- --------- ---------- --------- ---------- ---------- --------- ----------
45 2.97 3.02 3.06 3.09 3.12 3.13 3.14 3.15 3.15 3.16 3.16
------------ ---------- --------- ---------- ---------- --------- ---------- --------- ---------- ---------- --------- ----------
50 3.02 3.09 3.15 3.20 3.24 3.27 3.29 3.31 3.31 3.32 3.32
------------ ---------- --------- ---------- ---------- --------- ---------- --------- ---------- ---------- --------- ----------
55 3.06 3.15 3.24 3.32 3.38 3.44 3.47 3.50 3.52 3.53 3.53
------------ ---------- --------- ---------- ---------- --------- ---------- --------- ---------- ---------- --------- ----------
60 3.10 3.21 3.32 3.43 3.54 3.62 3.69 3.74 3.77 3.79 3.81
------------ ---------- --------- ---------- ---------- --------- ---------- --------- ---------- ---------- --------- ----------
65 3.12 3.25 3.39 3.54 3.69 3.83 3.94 4.04 4.10 4.14 4.17
------------ ---------- --------- ---------- ---------- --------- ---------- --------- ---------- ---------- --------- ----------
70 3.14 3.28 3.44 3.63 3.83 4.03 4.22 4.38 4.51 4.59 4.65
------------ ---------- --------- ---------- ---------- --------- ---------- --------- ---------- ---------- --------- ----------
75 3.16 3.31 3.49 3.70 3.95 4.22 4.51 4.77 5.00 5.17 5.30
------------ ---------- --------- ---------- ---------- --------- ---------- --------- ---------- ---------- --------- ----------
80 3.16 3.32 3.51 3.75 4.04 4.38 4.77 5.17 5.55 5.87 6.12
------------ ---------- --------- ---------- ---------- --------- ---------- --------- ---------- ---------- --------- ----------
85 3.17 3.33 3.53 3.79 4.11 4.51 4.99 5.53 6.10 6.66 7.14
------------ ---------- --------- ---------- ---------- --------- ---------- --------- ---------- ---------- --------- ----------
90 3.17 3.34 3.55 3.81 4.15 4.59 5.15 5.82 6.60 7.44 8.28
------------ ---------- --------- ---------- ---------- --------- ---------- --------- ---------- ---------- --------- ----------
VARIABLE ANNUITY PAYMENTS UNDER OPTION C - JOINT SURVIVOR LIFE ANNUITY
AIR=6%
------------ --------------------------------------------------------------------------------------------------------------------
MALE AGE
------------ ---------- --------- ---------- ---------- --------- ---------- --------- ---------- ---------- --------- ----------
FEMALE
AGE 40 45 50 55 60 65 70 75 80 85 90
------------ ---------- --------- ---------- ---------- --------- ---------- --------- ---------- ---------- --------- ----------
40 $4.98 $5.00 $5.02 $5.03 $5.04 $5.05 $5.05 $5.06 $5.06 $5.07 $5.07
------------ ---------- --------- ---------- ---------- --------- ---------- --------- ---------- ---------- --------- ----------
45 5.01 5.04 5.07 5.09 5.11 5.12 5.13 5.14 5.15 5.15 5.15
------------ ---------- --------- ---------- ---------- --------- ---------- --------- ---------- ---------- --------- ----------
50 5.04 5.08 5.12 5.16 5.19 5.21 5.23 5.25 5.26 5.27 5.27
------------ ---------- --------- ---------- ---------- --------- ---------- --------- ---------- ---------- --------- ----------
55 5.07 5.12 5.18 5.23 5.29 5.33 5.37 5.39 5.41 5.43 5.44
------------ ---------- --------- ---------- ---------- --------- ---------- --------- ---------- ---------- --------- ----------
60 5.10 5.16 5.24 5.32 5.40 5.47 5.53 5.58 5.62 5.64 5.66
------------ ---------- --------- ---------- ---------- --------- ---------- --------- ---------- ---------- --------- ----------
65 5.12 5.20 5.30 5.40 5.52 5.63 5.74 5.83 5.89 5.94 5.98
------------ ---------- --------- ---------- ---------- --------- ---------- --------- ---------- ---------- --------- ----------
70 5.14 5.23 5.35 5.48 5.64 5.81 5.98 6.13 6.25 6.35 6.41
------------ ---------- --------- ---------- ---------- --------- ---------- --------- ---------- ---------- --------- ----------
75 5.15 5.26 5.39 5.55 5.75 5.99 6.24 6.48 6.70 6.89 7.02
------------ ---------- --------- ---------- ---------- --------- ---------- --------- ---------- ---------- --------- ----------
80 5.16 5.28 5.42 5.61 5.85 6.15 6.49 6.86 7.22 7.55 7.81
------------ ---------- --------- ---------- ---------- --------- ---------- --------- ---------- ---------- --------- ----------
85 5.17 5.29 5.45 5.66 5.93 6.28 6.72 7.22 7.76 8.31 8.80
------------ ---------- --------- ---------- ---------- --------- ---------- --------- ---------- ---------- --------- ----------
90 5.18 5.30 5.47 5.69 5.98 6.38 6.90 7.53 8.27 9.09 9.92
------------ ---------- --------- ---------- ---------- --------- ---------- --------- ---------- ---------- --------- ----------
</TABLE>
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<PAGE>
<TABLE>
<CAPTION>
VARIABLE ANNUITY PAYMENTS UNDER OPTION D - JOINT SURVIVOR LIFE ANNUITY WITH 10-YEAR PERIOD CERTAIN
AIR=3%
------------ --------------------------------------------------------------------------------------------------------------------
MALE AGE
------------ --------------------------------------------------------------------------------------------------------------------
FEMALE
AGE 40 45 50 55 60 65 70 75 80 85 90
------------ ---------- --------- ---------- ---------- --------- ---------- --------- ---------- ---------- --------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
40 $2.92 $2.95 $2.98 $2.99 $3.01 $3.02 $3.02 $3.02 $3.03 $3.03 $3.03
------------ ---------- --------- ---------- ---------- --------- ---------- --------- ---------- ---------- --------- ----------
45 2.97 3.02 3.06 3.09 3.12 3.13 3.14 3.15 3.15 3.16 3.16
------------ ---------- --------- ---------- ---------- --------- ---------- --------- ---------- ---------- --------- ----------
50 3.02 3.09 3.15 3.20 3.24 3.27 3.29 3.30 3.31 3.32 3.32
------------ ---------- --------- ---------- ---------- --------- ---------- --------- ---------- ---------- --------- ----------
55 3.06 3.15 3.24 3.32 3.38 3.44 3.47 3.50 3.51 3.52 3.53
------------ ---------- --------- ---------- ---------- --------- ---------- --------- ---------- ---------- --------- ----------
60 3.10 3.21 3.32 3.43 3.54 3.62 3.69 3.74 3.77 3.79 3.80
------------ ---------- --------- ---------- ---------- --------- ---------- --------- ---------- ---------- --------- ----------
65 3.12 3.25 3.39 3.54 3.69 3.83 3.94 4.03 4.09 4.13 4.15
------------ ---------- --------- ---------- ---------- --------- ---------- --------- ---------- ---------- --------- ----------
70 3.14 3.28 3.44 3.63 3.83 4.03 4.22 4.38 4.50 4.58 4.62
------------ ---------- --------- ---------- ---------- --------- ---------- --------- ---------- ---------- --------- ----------
75 3.15 3.30 3.49 3.70 3.95 4.22 4.50 4.76 4.97 5.13 5.24
------------ ---------- --------- ---------- ---------- --------- ---------- --------- ---------- ---------- --------- ----------
80 3.16 3.32 3.51 3.75 4.04 4.38 4.75 5.14 5.49 5.78 5.98
------------ ---------- --------- ---------- ---------- --------- ---------- --------- ---------- ---------- --------- ----------
85 3.17 3.33 3.53 3.78 4.10 4.49 4.96 5.47 5.99 6.45 6.81
------------ ---------- --------- ---------- ---------- --------- ---------- --------- ---------- ---------- --------- ----------
90 3.17 3.34 3.54 3.80 4.14 4.56 5.09 5.71 6.39 7.04 7.59
------------ ---------- --------- ---------- ---------- --------- ---------- --------- ---------- ---------- --------- ----------
VARIABLE ANNUITY PAYMENTS UNDER OPTION D - JOINT SURVIVOR LIFE ANNUITY WITH 10-YEAR PERIOD CERTAIN
AIR=6%
------------ --------------------------------------------------------------------------------------------------------------------
MALE AGE
------------ ---------- --------- ---------- ---------- --------- ---------- --------- ---------- ---------- --------- ----------
FEMALE
AGE 40 45 50 55 60 65 70 75 80 85 90
------------ ---------- --------- ---------- ---------- --------- ---------- --------- ---------- ---------- --------- ----------
40 $4.98 $5.00 $5.02 $5.03 $5.04 $5.05 $5.05 $5.06 $5.06 $5.06 $5.07
------------ ---------- --------- ---------- ---------- --------- ---------- --------- ---------- ---------- --------- ----------
45 5.01 5.04 5.07 5.09 5.11 5.12 5.13 5.14 5.14 5.15 5.15
------------ ---------- --------- ---------- ---------- --------- ---------- --------- ---------- ---------- --------- ----------
50 5.04 5.08 5.12 5.16 5.19 5.21 5.23 5.25 5.26 5.26 5.27
------------ ---------- --------- ---------- ---------- --------- ---------- --------- ---------- ---------- --------- ----------
55 5.07 5.12 5.18 5.23 5.28 5.33 5.36 5.39 5.41 5.42 5.43
------------ ---------- --------- ---------- ---------- --------- ---------- --------- ---------- ---------- --------- ----------
60 5.10 5.16 5.24 5.32 5.40 5.47 5.53 5.58 5.61 5.64 5.65
------------ ---------- --------- ---------- ---------- --------- ---------- --------- ---------- ---------- --------- ----------
65 5.12 5.20 5.29 5.40 5.52 5.63 5.73 5.82 5.88 5.93 5.96
------------ ---------- --------- ---------- ---------- --------- ---------- --------- ---------- ---------- --------- ----------
70 5.14 5.23 5.34 5.48 5.64 5.81 5.97 6.12 6.24 6.32 6.38
------------ ---------- --------- ---------- ---------- --------- ---------- --------- ---------- ---------- --------- ----------
75 5.15 5.26 5.39 5.55 5.75 5.98 6.22 6.46 6.67 6.83 6.94
------------ ---------- --------- ---------- ---------- --------- ---------- --------- ---------- ---------- --------- ----------
80 5.16 5.27 5.42 5.61 5.84 6.13 6.47 6.81 7.14 7.42 7.62
------------ ---------- --------- ---------- ---------- --------- ---------- --------- ---------- ---------- --------- ----------
85 5.17 5.29 5.44 5.65 5.91 6.26 6.67 7.13 7.61 8.05 8.39
------------ ---------- --------- ---------- ---------- --------- ---------- --------- ---------- ---------- --------- ----------
90 5.18 5.30 5.46 5.67 5.96 6.34 6.82 7.38 8.00 8.60 9.10
------------ ---------- --------- ---------- ---------- --------- ---------- --------- ---------- ---------- --------- ----------
</TABLE>
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<PAGE>
VARIABLE ANNUITY PAYMENTS UNDER OPTION E -
ANNUITY FOR SPECIFIED PERIOD
-------------------- ----------------- -------------------
AIR=3% AIR=6%
-------------------- ----------------- ------------------
NUMBER OF MONTHLY MONTHLY
YEARS INSTALLMENT INSTALLMENT
-------------------- ----------------- ------------------
5 $17.91 $19.17
-------------------- ----------------- ------------------
6 15.14 16.42
-------------------- ----------------- ------------------
7 13.16 14.46
-------------------- ----------------- ------------------
8 11.68 13.00
-------------------- ----------------- ------------------
9 10.53 11.87
-------------------- ----------------- ------------------
10 9.61 10.97
-------------------- ----------------- ------------------
11 8.86 10.24
-------------------- ----------------- ------------------
12 8.24 9.63
-------------------- ----------------- ------------------
13 7.71 9.12
-------------------- ----------------- ------------------
14 7.26 8.69
-------------------- ----------------- ------------------
15 9.87 8.31
-------------------- ----------------- ------------------
16 6.53 7.99
-------------------- ----------------- ------------------
17 6.23 7.71
-------------------- ----------------- ------------------
18 5.96 7.46
-------------------- ----------------- ------------------
19 5.73 7.24
-------------------- ----------------- ------------------
20 5.51 7.04
-------------------- ----------------- ------------------
25 4.71 6.32
-------------------- ----------------- ------------------
30 4.18 5.87
-------------------- ----------------- ------------------
VARIABLE ANNUITY PAYMENTS UNDER OPTION G -
UNIT REFUND LIFE ANNUITY
--------------- ------------------------- -------------------------
AIR=3% AIR=6%
--------------- ------------------------- -------------------------
AGE OF
PAYEE MALE FEMALE MALE FEMALE
--------------- ------------ ------------ ------------ ------------
40 $3.14 $3.01 $5.16 $5.06
--------------- ------------ ------------ ------------ ------------
45 3.29 3.13 5.28 5.14
--------------- ------------ ------------ ------------ ------------
50 3.47 3.28 5.43 5.25
--------------- ------------ ------------ ------------ ------------
55 3.69 3.47 5.63 5.40
--------------- ------------ ------------ ------------ ------------
60 3.97 3.71 5.90 5.61
--------------- ------------ ------------ ------------ ------------
65 4.32 4.01 6.26 5.90
--------------- ------------ ------------ ------------ ------------
70 4.75 4.40 6.72 6.29
--------------- ------------ ------------ ------------ ------------
75 5.30 4.90 7.32 6.82
--------------- ------------ ------------ ------------ ------------
80 5.99 5.53 8.10 7.53
--------------- ------------ ------------ ------------ ------------
85 6.84 6.34 9.10 8.46
--------------- ------------ ------------ ------------ ------------
90 7.89 7.37 10.31 9.63
--------------- ------------ ------------ ------------ ------------
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<PAGE>
[LOGO] PHOENIX
SINGLE PREMIUM IMMEDIATE FIXED AND VARIABLE ANNUITY
ALL VALUES AND BENEFITS BASED ON THE INVESTMENT EXPERIENCE OF THE
SUBACCOUNTS OF THE SEPARATE ACCOUNT MAY INCREASE OR DECREASE AND ARE
VARIABLE AND NOT GUARANTEED AS TO DOLLAR AMOUNT.
NOT ELIGIBLE FOR ANNUAL DIVIDENDS
I601
