Principal Income Builder 3 - GMWB Death Benefit

Available during accumulation phase. Upon death of owner, benefit will be greatest of - 1) contract accumulated value; 2) total purchase payments adjusted for withdrawals; or 3) contract accumulated value on any 7th anniversary, adjusted for withdrawals and subsequent payments. Withdrawal that is not a For Life; excess withdrawal will reduce the GMWB Death Benefit by dollar amount. Each For Life; excess withdrawal will proportionately reduce the GMWB Death Benefit by the ratio of the For Life; excess withdrawal taken.