Basic Death Benefit

Upon death of the Contract Owner or Annuitant, the Death Benefit payable is the greater of: a) Total Premium Payments made, less partial surrender, b) Contract Value at death, or c) Maximum Anniversary Value; Maximum Anniversary Value is the greatest Anniversary Value attained on any Contract Anniversary before the earlier of the Contract Owner’s or Annuitant’s 81st birthday or date of death (highest past anniversary value adjusted for premiums and surrenders).