Basic Death Benefit

Upon the death of the Owner (or the Annuitant if the Owner is not a person), or if a Joint Owner who is the Annuitant’s spouse dies, the Death Benefit will be the higher of (1) the Guaranteed Minimum Cash Surrender Value or (2) the Account Value plus any partial index credits minus a rider charge. If a Joint Owner who is not the Annuitant’s spouse dies, the Death Benefit will usually be the Cash Surrender Value, which may be adjusted by a Market Value Adjustment (MVA) during the Surrender Charge Period in most states. In California, the Cash Surrender Value is not adjusted by MVA. For contracts issued in California to individuals aged 60 or older, the Death Benefit will be the greater of (1) the Guaranteed Minimum Cash Surrender Value or (2) the Account Value plus any applicable partial index credits minus a partial rider charge, regardless of who dies.