Basic Death Benefit

Available during the accumulation phase, upon the death of the owner—or the annuitant if the owner is a non-natural person—the death benefit will be the greater of: (1) the Account Value, or (2) the GMSV. Both Spousal Continuation and Non-Spousal Beneficiary Continuation Options are available during this phase. Under the Non-Spousal Beneficiary Continuation Option, a non-spouse beneficiary may elect to continue the contract until the fifth anniversary of the owner’s death. At that time, any remaining portion of the Account Value that has not been applied to an annuity option or another permissible settlement option under the Internal Revenue Code will be paid out in a single lump sum, and the contract will terminate.