Phoenix Retirement Protector - Guaranteed Minimum Death Benefit

Benefit is only available in conjunction with Phoenix Retirement Protector. Upon death of annuitant, benefit will be greater of - 1) death benefit applicable under contract, or 2) Phoenix Retirement Protector - Guaranteed Minimum Death Benefit, prior to annuitant's age 86. Death benefit base initial purchase payments, thereafter, increased for subsequent purchase payments made before first withdrawal and reduced by withdrawals. Issuer increases benefit base by 6.5% annually until earliest of - 1) First withdrawal, 2) 10th rider anniversary, or 3) annuitant's age 95. Issuer will reset benefit base annually, to equal to contract value, if benefit base is less than contract value, annuitant may cancel Automatic Step-Up Feature upon written request. Phoenix Retirement Protector - Guaranteed Minimum Death Benefit is not available, if Phoenix Retirement Protector is purchased after contract issue.