Document/Exhibit Description Pages Size
1: 485BPOS Post-Effective Amendment 293 1.50M
2: EX-99.26(D)(3) Miscellaneous Exhibit 26± 89K
3: EX-99.26(D)(39) Miscellaneous Exhibit 1 11K
4: EX-99.26(D)(40) Miscellaneous Exhibit 1 11K
5: EX-99.26(D)(41) Miscellaneous Exhibit 5± 23K
6: EX-99.26(D)(42) Miscellaneous Exhibit 28± 96K
7: EX-99.26(D)(43) Miscellaneous Exhibit 25± 88K
8: EX-99.26(D)(44) Miscellaneous Exhibit 26± 89K
9: EX-99.26(D)(45) Miscellaneous Exhibit 25± 88K
10: EX-99.26(D)(46) Miscellaneous Exhibit 25± 89K
11: EX-99.26(D)(47) Miscellaneous Exhibit 27± 95K
12: EX-99.26(D)(48) Miscellaneous Exhibit 25± 87K
13: EX-99.26(D)(49) Miscellaneous Exhibit 25± 88K
14: EX-99.26(D)(50) Miscellaneous Exhibit 25± 87K
15: EX-99.26(D)(51) Miscellaneous Exhibit 25± 88K
16: EX-99.26(D)(52) Miscellaneous Exhibit 2± 12K
17: EX-99.26(D)(53) Miscellaneous Exhibit 2± 12K
18: EX-99.26(D)(54) Miscellaneous Exhibit 2 26K
19: EX-99.26(E)(7) Miscellaneous Exhibit 2 26K
20: EX-99.26(E)(8) Miscellaneous Exhibit 4± 25K
21: EX-99.26(K) Miscellaneous Exhibit 2± 12K
22: EX-99.26(L) Miscellaneous Exhibit 1 12K
23: EX-99.26(M) Miscellaneous Exhibit 3± 16K
24: EX-99.26(N) Miscellaneous Exhibit 1 10K
25: EX-99.26(R) Miscellaneous Exhibit 2 19K
GROUP INSURANCE POLICY [MINNESOTA LIFE LOGO]
MINNESOTA LIFE INSURANCE COMPANY - A Securian Company
400 Robert Street North - St. Paul, Minnesota 55101-2098
READ YOUR POLICY CAREFULLY
This policy was issued to the policyholder on the issue date shown on the
specifications page attached to this policy. We promise to pay the benefits
provided by this policy, subject to the conditions, limitations and exceptions
of this policy. We make this promise and issue this policy in consideration of
the application for this policy and the payment of the premiums. The Minnesota
Life Insurance Company is a subsidiary of Minnesota Mutual Companies, Inc., a
mutual insurance holding company. The policyholder is a member of Minnesota
Mutual Companies, Inc., which holds its annual meetings on the first Tuesday in
March of each year at 3 p.m. local time. The meetings are held at 400 Robert
Street North, St. Paul, Minnesota 55101-2098
RIGHT TO CANCEL
It is important to us that the policyholder is satisfied with this policy after
it is issued. If the policyholder is not satisfied with it, the policyholder may
return the policy to us or our agent within 10 days after the policyholder
receives it. The policyholder may also cancel this policy by delivering or
mailing a written notice or sending a telegram to Minnesota Life Insurance
Company (Minnesota Life), 400 Robert Street North, St. Paul, Minnesota
55101-2098 and returning the policy before midnight of the 10th day after the
policyholder received the policy. Notice given by mail and return of the policy
by mail are effective on being postmarked, properly addressed and postage
prepaid. If the policyholder returns the policy, the policyholder will receive,
within 7 days of the date we receive a notice of cancellation, a full refund of
any premiums the policyholder has paid.
Signed for Minnesota Life Insurance Company at St. Paul, Minnesota on the issue
date.
/s/ Dennis E. Prohofsky /s/ Robert L Senkler
------------------------------------- ----------------------------------------
Secretary President
FOR OPTION A, THE INITIAL DEATH BENEFIT FOR THE PERSONS INSURED UNDER THIS
POLICY WILL EQUAL THE FACE AMOUNT SHOWN ON EACH CERTIFICATE. FOR OPTION B, THE
INITIAL DEATH BENEFIT FOR PERSONS INSURED UNDER THIS POLICY WILL EQUAL THE FACE
AMOUNT SHOWN ON EACH CERTIFICATE PLUS THE INITIAL ACCOUNT VALUE, IF ANY. FOR
OPTION B, THEREAFTER, THE DEATH BENEFIT MAY INCREASE OR DECREASE DEPENDING UPON
SEPARATE ACCOUNT INVESTMENT EXPERIENCE.
THE ACCOUNT VALUES OF THE CERTIFICATES ISSUED UNDER THIS POLICY WILL VARY FROM
DAY TO DAY. THEY MAY INCREASE OR DECREASE DEPENDING UPON SEPARATE ACCOUNT
INVESTMENT EXPERIENCE. THERE IS NO GUARANTEED MINIMUM ACCOUNT VALUE.
TABLE OF CONTENTS
[Definitions 2
General Information 3
Death Benefit 4
Payment of Proceeds 5
Premiums 5
Policy Charges 6
Separate Account 6
Account Values 8
Surrenders and Withdrawals 8
Policy Loans 9
Termination 10
Conversion Privilege 10
Additional Information 11]
VARIABLE GROUP UNIVERSAL LIFE INSURANCE - NONPARTICIPATING
Minnesota Life 1
DEFINITIONS
When we use the following words, this is what we mean:
ACCOUNT VALUE
The sum of the values under the separate account, the guaranteed account and the
loan account of a certificate. They are identified as the separate account
value, the guaranteed account value, and the loan account value, respectively.
[ACTIVELY AT WORK
To be actively at work for the purposes of this policy, the eligible person must
be currently working at the employer's normal place of business at least 20
hours a week. A person is not considered actively at work if not at work due to
illness or injury.]
AGE
[Age at last birthday.]
CERTIFICATE ANNIVERSARY
The same day in each succeeding year as the certificate date.
CERTIFICATE DATE
The first day of the calendar month on or following a certificate's effective
date of coverage. This is the date from which we determine monthly
anniversaries, certificate months and certificate years.
CERTIFICATE MONTH
A calendar month in which insurance is provided under a certificate of this
policy.
CERTIFICATE YEAR
A period of twelve consecutive certificate months, measured from the certificate
date and each successive certificate anniversary, during which coverage is
provided under a certificate of this policy.
ELIGIBLE INSURED
A person who meets the requirement on the specifications page attached to this
policy.
FACE AMOUNT
The amount of insurance on the life of the insured as shown on the
specifications page of the owner's certificate.
FUND
The mutual fund or separate investment portfolio within a series mutual fund
which we designate as an eligible investment for the separate account and its
sub-accounts.
GENERAL ACCOUNT
All assets of Minnesota Life other than those in the separate account or in
other separate accounts established by us.
GUARANTEED ACCOUNT VALUE
Assets other than the loan account value that are held in our general account
and attributable to a certificate issued under this policy, and others of its
class.
INSURED
An eligible insured who becomes insured under a certificate issued under this
policy.
ISSUE DATE
The date coverage under this policy may become effective. The issue date is
shown on the policy specifications page attached to this policy.
LAPSE
A lapse of a certificate means the insurance coverage under that certificate has
terminated due to non-payment of a premium during its grace period in an amount
that, after the deduction of percentage-of-premium charges, is sufficient to
cover the monthly deductions due at the time the notice was sent.
LOAN ACCOUNT
The portion of the general account which is attributable to loans under
certificates issued under this policy and others of its class.
LOAN ACCOUNT VALUE
The sum of all outstanding loans and accrued policy loan interest credited under
a given certificate issued under this policy.
MATURITY DATE
The [95th] birthday of the insured.
MONTHLY ANNIVERSARY
The same date in each succeeding month as the certificate date.
NET CASH VALUE
The account value under a certificate issued under this policy, less any
outstanding policy loans and accrued policy loan interest charged and any
charges over due. It is the amount an owner may obtain through surrender of that
certificate.
Minnesota Life 2
NET PREMIUM
The premium less policy charges assessed against the premium. The net premium is
the amount or amounts which are allocated to the guaranteed account and/or the
separate account on behalf of an insured.
OWNER
An owner of a certificate issued under this policy.
POLICY ANNIVERSARY
The same day and month in each succeeding year as the policy date.
POLICY DATE
The first day of the calendar month on or following the issue date of the
policy.
POLICYHOLDER
The owner of this group policy as specified and identified on the specifications
page attached to this policy.
SEPARATE ACCOUNT
The separate investment account created by us to receive and invest net premiums
received for a certificate issued under this policy. The particular separate
account for this policy is the Variable Universal Life Account. We established
this separate account for this class of policies under Minnesota Law. The
separate account is composed of several sub-accounts. We own the assets of the
separate account. However, those assets not in excess of separate account
liabilities are not subject to claims arising out of any other business in which
we engage.
SEPARATE ACCOUNT VALUE
The sum of all sub-account values.
SUB-ACCOUNT
One or more sub-accounts constituting the separate account.
SUB-ACCOUNT VALUE
The current number of sub-account units credited to a certificate issued under
this policy multiplied by the current sub-account unit value.
UNIT
A measure of the owner's interest in a sub-account of the separate account.
VALUATION DATE
Any date on which a fund is valued.
VALUATION PERIOD
The period between successive valuation dates measured from the time of one
determination to the next.
WE, OUR, US
Minnesota Life Insurance Company.
GENERAL INFORMATION
WHAT IS YOUR AGREEMENT WITH US?
The policy and the policyholder's application contain the entire contract
between the policyholder and us. Any statements the policyholder makes in the
application or an insured makes in his or her application will, in the absence
of fraud, be considered representations and not warranties. Also, any statement
the policyholder makes will not be used to void this policy nor defend against a
claim under this policy unless the statement is contained in the policyholder's
application. Any statement an insured makes will not be used to void the
insured's insurance unless the statement is contained in the application
attached to the insured's certificate.
No change or waiver of any of the provisions of this policy, or of any
certificate issued under it, will be valid unless made in writing by us. It must
be signed by our president, a vice president, secretary or an assistant
secretary. No agent or other person has the authority to change or waive any
provision of this policy or of any certificate issued under it.
WHAT IS THE EFFECTIVE DATE OF AN ELIGIBLE INSURED'S INSURANCE?
Upon receipt of your application for insurance under this policy from an
eligible insured, the effective date of the insured person's insurance will be
the later of:
(1) [the date on which we approve that person's application; and
(2) the date on which the first premium contribution is paid for that
person.]
The effective date is shown on the specifications page of the owner's
certificate.
MAY THIS POLICY BE AMENDED?
This policy may be amended at any time the policyholder and we agree to amend
it. The consent of the insureds is not required to amend this policy or any
certificates issued under it. Any amendment will be without prejudice to any
claim in connection with a loss sustained prior to the effective date of the
amendment.
Minnesota Life 3
DEATH BENEFIT
WHAT IS THE AMOUNT OF THE DEATH BENEFIT?
The amount of the date benefit depends on whether Option A or Option B is
selected by the policyholder as the death benefit option under this policy. The
death benefit option selected by the policyholder will be the death benefit
option for all certificates issued under this policy. Once elected, the death
benefit option shall remain unchanged.
The amount of the death benefit for Option A will be determined as follows:
(1) The face amount of insurance on the insured's date of death while the
policy is in force; plus
(2) the amount of the cost of insurance for the portion of the certificate
month from the date of death to the end of the certificate month; plus
(3) any outstanding policy loans and accrued policy loan interest charged;
less
(4) any unpaid monthly deductions determined as of the date of the
insured's death.
The amount of the death benefit for Option B will be determined as follows:
(1) The face amount of insurance on the insured's date of death while the
policy is in force; plus
(2) the amount of the owner's account value as of the date we receive due
proof of death satisfactory to us; plus
(3) the amount of the cost of insurance for the portion of the certificate
month from the date of death to the end of the certificate month; plus
(4) any monthly deductions taken under the certificate since the date of
death; less
(5) any outstanding policy loans and accrued policy loan interest charged;
less
(6) any unpaid monthly deductions determined as of the date of the
insured's death.
Payment of the death benefit will extinguish our liability under the certificate
for which the death benefit has been paid.
We intend that each certificate under this policy qualify as a life insurance
policy as defined by Section 7702 of the Internal Revenue Code, as amended. We
reserve the right to either increase the face amount of insurance on the life of
the insured for which a certificate has been issued hereunder, return any excess
net cash value or limit the amount of premium contributions we will accept on
behalf of any certificate issued hereunder in order to maintain such
qualification.
CAN THE OWNER CHANGE THE DEATH BENEFIT OPTION?
No.
WHAT IS THE FACE AMOUNT OF INSURANCE ON THE LIFE OF THE INSURED?
The face amount of insurance on the life of the insured is as shown on the
specifications page of the owner's certificate.
MAY THE FACE AMOUNT OF INSURANCE CHANGE?
Yes. The owner may apply for a change through a written request in compliance
within the limitations on the specifications page attached to the policy and to
the certificate. If an increase in the current face amount is applied for, we
reserve the right to require evidence of insurability from the insured.
If a decrease in the current amount is requested, we will grant the request.
However, the amount of insurance on the insured may not be reduced to less than
the amount shown on the specifications page attached to this policy. If,
following a decrease in face amount, the certificate would not comply with the
maximum premium limitations required by federal law, the decrease may be limited
or net cash value may be returned to the owner (at the owner's election), to the
extent necessary to meet these requirements.
WHEN WILL CHANGES IN THE FACE AMOUNT OF INSURANCE BECOME EFFECTIVE?
Decreases in the face amount of insurance are effective [on the monthly
certificate anniversary on or following] receipt of the written request by us.
However, if the owner requests that the decrease become effective on a specified
future date, we will make the decrease effective on the monthly anniversary on
or next following the date requested.
Increases are effective on the [monthly anniversary on or following the] date we
approve the change, or any other date mutually agreed upon between the
policyholder and us.
WHEN WILL THE DEATH BENEFIT BE PAID?
We will pay the death benefit upon due proof satisfactory to us that the insured
died while insured under a certificate issued hereunder. Under Option A, we will
pay interest on the death benefit from the date of the insured's death until the
date of payment.
Under Option B, we will pay interest on the face amount of insurance from the
date of the insured's death until the date of payment. We will pay interest on
any charges taken under this certificate since the date of death from the date
the charge was taken until the date of payment.
Interest will be at an annual rate determined by us, but never less than the
greater of [three] percent per year compounded annually, or the rate required by
law.
Death benefit proceeds will ordinarily be paid within seven days after we
receive all information required for such payment, including due proof of the
insured's death.
Minnesota Life 4
PAYMENT OF PROCEEDS
TO WHOM WILL WE PAY THE DEATH BENEFIT?
We will pay the death benefit proceeds to the surviving beneficiary specified on
the certificate owner's application or as subsequently changed.
WHAT HAPPENS IF ONE OR ALL OF THE BENEFICIARIES DIE BEFORE THE INSURED?
If a beneficiary dies before the insured, that beneficiary's interest in this
policy ends with that beneficiary's death. Only those beneficiaries who survive
the insured will be eligible to share in the proceeds. If no beneficiary
survives the insured or if a beneficiary is not named, we will pay the proceeds
according to the following order of priority:
(1) [the insured's lawful spouse, if living; otherwise
(2) the personal representative of the insured's estate.]
MAY THE OWNER CHANGE THE BENEFICIARY?
Yes. If the owner has reserved the right to change the beneficiary, the owner
may file a written request with us to change the beneficiary. If the owner has
not reserved the right to change the beneficiary, the written consent of the
irrevocable beneficiary will be required. The owner's written request will not
be effective until it is recorded in our home office records. After it has been
so recorded, it will take effect as of the date the owner signed the request.
However, if the insured dies before the request has been so recorded, the
request will not be effective as to those proceeds we have paid before the
owner's request was so recorded.
CAN DEATH BENEFIT PROCEEDS BE PAID IN OTHER THAN A SINGLE SUM?
Yes. An owner may request that we pay the death benefit proceeds under one of
the following settlement options. We may also use any other method of payment
that is agreeable to the owner and us. A settlement option may be selected only
if the payments are to be made to a natural person in that person's own right.
WHAT ARE THE SETTLEMENT OPTIONS AVAILABLE?
Each settlement option is paid in fixed amounts as described below. If the owner
of the certificate requests a settlement option, he or she will be asked to sign
an agreement covering the election which will state the terms and conditions of
the payments. The payments do not vary with the performance of the separate
account.
(1) INTEREST PAYMENTS: Payment of interest on the proceeds at such times
and for a period as may be agreed upon between the owner of a
certificate and us. Withdrawal of proceeds may be made in amounts of
at least [$500.] At the end of the period, any remaining proceeds will
be paid in either a single sum or under any other method we approve.
(2) FIXED PERIOD ANNUITY: An annuity payable in monthly installments for a
specified number of years, from [one to twenty years].
(3) LIFE ANNUITY: An annuity payable monthly for the lifetime of the
annuitant and ending with the last monthly payment due prior to the
annuitant's death.
(4) PAYMENTS OF A SPECIFIED AMOUNT: Monthly payments of a specified amount
until the proceeds and interest are fully paid.
CAN A BENEFICIARY REQUEST A PAYMENT UNDER A SETTLEMENT OPTION?
Yes. A beneficiary may select a settlement option, but only after the insured's
death. However, an owner or insured may provide that the beneficiary will not be
permitted to change the elected settlement option.
PREMIUMS
WHEN AND HOW OFTEN ARE PREMIUMS DUE?
A premium must be paid to put a certificate issued hereunder in force. This
initial premium must be of an amount that, after the deduction of
percentage-of-premium charges, will cover the first month's deductions plus
[$20]. A premium must also be paid at such time when there is insufficient net
cash value to pay the monthly deductions necessary to keep the certificate in
force. Premiums paid after the initial premium may be in any amount of [$20] or
greater.
IS THERE A GRACE PERIOD FOR THE PAYMENT OF PREMIUMS?
Certificates issued under this policy have a [61-day] grace period. The grace
period will start on the day we mail the owner a notice of lapse. This will
notify the owner that the certificate will lapse if the premium amount specified
in the notice is not paid by the end of the grace period and the net cash value
is insufficient to cover the monthly deductions. We will mail this notice on any
certificate monthly anniversary date when the net cash value for the insured
under the certificate is insufficient to cover the monthly deductions for that
insured. The certificate of insurance will remain in effect during the [61-day]
grace period. If sufficient premium is not paid by the end of the grace period,
the insured's coverage with insufficient net cash value will lapse at the end of
that [61-day] period. The grace period does not apply to the first premium
payment.
WHAT IS THE AMOUNT OF THE DEATH BENEFIT DURING THE GRACE PERIOD?
The death benefit amount stated above will be paid if death occurs during the
grace period.
Minnesota Life 5
POLICY CHARGES
WHAT TYPE OF CHARGES ARE THERE UNDER THIS POLICY?
Charges under this policy are those which we assess against the premiums and the
account value under each certificate and the separate account assets
attributable to the policy.
WHAT CHARGES ARE ASSESSED AGAINST PREMIUMS?
Against premiums paid, we will assess: (1) a sales load, (2) a federal tax
charge, and (3) a state premium tax charge as percentage-of-premium charges.
(1) The sales load is for distribution expenses for this class of
policies. This sales load charge [shall not exceed 5] percent of each
premium paid.
(2) The federal tax charge is to compensate us for the corporate federal
income taxes that result from a sale of this policy. The federal tax
charge is [1.25] percent of each premium paid if the policy is deemed
to be an individual contract under the Omnibus Budget Reconciliation
Act of 1990, as amended, and [0.25] percent if deemed a group contract
under that Act.
(3) The state premium tax charge is the average premium tax we pay to
state and local governments for this class of policies. This charge is
currently [two] percent. The charge is not guaranteed and may be
increased in the future, but only as necessary to cover our premium
taxes.
WHAT CHARGES ARE ASSESSED AGAINST THE NET CASH VALUE OF THE CERTIFICATES ISSUED
UNDER THE POLICY?
Against the net cash value of any certificate issued under this policy, we
assess as monthly deductions: (1) the administration charge; (2) the cost of
insurance charge; and (3) the charge for any additional benefits provided by
rider. We also will assess against the net cash value a transaction charge at
the end of the day on which the transaction occurs.
(1) The administration charge is for administrative expenses, including
those attributable to the records we create and maintain for this
policy. The maximum administration charge is $[4] per month. This
charge will be assessed on the certificate date and on each succeeding
monthly anniversary.
(2) The cost of insurance charge is for providing the death benefit under
each certificate issued under this policy. The charge is calculated by
multiplying the net amount at risk under each certificate by a rate
which varies with the insured's age and rate class. The rate is
guaranteed not to exceed rates determined on the basis of 200 percent
of the 2001 Commissioners Standard Ordinary Mortality Table. The net
amount at risk for each certificate is the difference between the
death benefit and the account value. This charge will be assessed on
the certificate date and on each succeeding certificate monthly
anniversary.
The policy charges described as Table A attached herein are maximum cost of
insurance charges.
(3) The charge for any additional benefits provided by rider, if any, are
deducted as part of the monthly cost of insurance deduction.
(4) A transaction charge will be assessed for each partial withdrawal to
cover the administrative costs incurred in processing the partial
withdrawal. The amount of the charge is [the lesser of $25 or two
percent of the amount withdrawn]. [We may also assess a charge for any
transfer of funds between sub-accounts. The amount charged will not
exceed $10.] Any transaction charge will be assessed at the end of the
day on which the transaction occurs.
Charges will be assessed against the net cash value of each certificate. They
will be assessed against the guaranteed account value and the separate account
value in the same proportion that those values bear to each other and, as to the
separate account value, from each sub-account in the proportion that the
sub-account value of each sub-account bears to the separate account value.
WHAT CHARGES ARE ASSESSED AGAINST SEPARATE ACCOUNT ASSETS?
We assess a mortality and expense risk charge against the separate account
assets of any certificate issued under this policy. We also reserve the right to
charge or make provision for income taxes payable by us based on separate
account assets.
WHAT IS THE MORTALITY AND EXPENSE RISK CHARGE?
This charge is for assuming the risks that the cost of insurance charge will be
insufficient to cover actual mortality experience and that the other charges
will not cover our expenses in connection with the policy. The mortality and
expense risk charge is deducted from the separate account assets daily at an
annual rate not to exceed [0.50] percent of the separate account assets.
SEPARATE ACCOUNT
HOW WAS THE SEPARATE ACCOUNT ESTABLISHED?
We established the separate account in accordance with certain provisions of the
Minnesota insurance law.
WHAT IS THE PURPOSE OF THE SEPARATE ACCOUNT?
The purpose of the separate account is to hold assets attributable to the
variable portion of this policy and others of its class.
WHAT SEPARATE ACCOUNT OPTIONS ARE AVAILABLE?
The separate account is divided into sub-accounts. Those available to this
policy are listed on the specifications page attached to this policy. Net
premiums will be allocated to the various sub-accounts of the separate account
or any other sub-accounts which we may add in the future, as
Minnesota Life 6
elected by the owner of each certificate issued under the policy. We reserve the
right to add, combine or remove any sub-accounts of the separate account.
WHAT ARE THE INVESTMENTS OF THE SEPARATE ACCOUNT?
For each sub-account, there is a fund for the investment of that sub-account's
assets. The assets of the sub-accounts are invested in the funds at net asset
value. If investment in a fund should no longer be possible or if we determine
it becomes inappropriate for the policies of this class, we may substitute
another fund. Substitution may be with respect to both existing policy values
and future premiums. The investment policy of the separate account may not be
changed, however, without the approval of the regulatory authorities of the
State of Minnesota. If required, that approval process will be on file with the
regulatory authorities of the state in which this policy is delivered.
WHAT CHANGES MAY WE MAKE TO THE SEPARATE ACCOUNT?
We reserve the right to transfer assets of the separate account which we
determine to be associated with the class of policies to which this policy
belongs, to another separate account. If such a transfer is made, the term
"separate account" as used in this policy, shall then mean the separate account
to which the assets are transferred. A transfer of this kind may require the
advance approval of state regulatory authorities.
We reserve the right to, when permitted by law:
(1) restrict or eliminate any voting right of owners or other persons who
have voting rights as to the separate account; and
(2) combine the separate account with one or more other separate accounts;
and
(3) to de-register the separate account under the Investment Company Act
of 1940.
HOW ARE NET PREMIUMS ALLOCATED?
They are allocated either to the guaranteed account and/or to the sub-accounts
of the separate account. Initially, the allocation elected is indicated in the
application for a certificate of insurance issued hereunder. Allocations may be
changed for future premiums. The owner may do this by giving us a written
request. A change will not take effect until it is recorded by us in our home
office.
Allocations must be expressed in whole percentages. The allocation to any
alternative must be at least ten percent of the net premium. We reserve the
right to restrict the allocation of premium. If we do so, no more than [fifty
percent] of the net premium may be allocated to the guaranteed account.
We reserve the right to delay the allocation of net premiums to named
sub-accounts. Such a delay will be for a period of 30 days after issuance of a
certificate under this policy. This right will be exercised by us only when we
believe economic conditions make such a delay necessary to reduce market risk
during the free look period of the certificate. If we exercise this right, net
premiums will be allocated to the money market sub-account until the end of that
period.
WHAT IS A TRANSFER?
A transfer is a reallocation of the net cash value between the guaranteed
account and the separate account or among the sub-accounts of the separate
account for a given owner.
MAY THE OWNER MAKE TRANSFERS OF AMOUNTS UNDER THIS CERTIFICATE?
Yes. Transfers from a sub-account of the separate account may be made in writing
or by telephone. For transfers out of the separate account or among the
sub-accounts of the separate account, we will credit and cancel units based on
the sub-account unit values as of the end of the valuation period during which
the owner's written or telephone request is received at our home office. For
transfers out of the guaranteed account, a dollar amount will be transferred
based on the owner's guaranteed account value at the time of transfer.
ARE THERE LIMITATIONS ON TRANSFERS?
Yes. Only one transfer may be made each certificate month for each certificate
issued hereunder. The amount to be transferred to or from a sub-account of the
separate account or the guaranteed account must be at least $[250]. If the
balance in the guaranteed account or in the sub-account from which the transfer
is to be made is less than $[250], the entire account value attributable to that
sub-account or the guaranteed account must be transferred. If a transfer would
reduce the account value in the sub-account from which the transfer is to be
made to less than $[250], we reserve the right to include that remaining amount
in the sub-account with the amount transferred.
The maximum amount of net cash value to be transferred out of the guaranteed
account to the sub-accounts of the separate account may be limited to [twenty]
percent (or [$250] if greater) of the guaranteed account value. Transfers to or
from the guaranteed account may be limited to [one] such transfer per
certificate year. We may further restrict transfers by requiring that the
request is received by us or postmarked in the 30-day period before or after the
last day of the certificate anniversary. Requests for transfers which meet these
conditions would be effective after we approve and record them at our home
office.
HOW ARE UNITS DETERMINED?
The number of units credited with respect to each net premium payment is
determined by dividing the portion of the net premium payment allocated to each
sub-account by the then current unit value for that sub-account. This
determination is made as of the end of the valuation period during which the
premium is received at our home office. Once determined, the number of units
will not be affected by changes in the unit value.
HOW ARE UNITS INCREASED OR DECREASED?
Minnesota Life 7
The number of units credited to a sub-account under an owner's certificate will
be increased by the allocation of subsequent net premiums, policy experience
credits, loan repayments, loan interest credits and transfers to that
sub-account. The number of units credited to a sub-account under an owner's
certificate will be decreased by deductions to that sub-account, policy loans
and loan interest charged, transfers from that sub-account and partial
surrenders from that sub-account. The number of sub-account units will decrease
to zero on a certificate termination.
HOW IS A UNIT VALUED?
The unit value will increase or decrease on each valuation date. The amount of
any increase or decrease will depend on the net investment experience of the
sub-accounts of the separate account. The value of a unit for each sub-account
was originally set at $1.00 on the first valuation date. For any subsequent
valuation date, its value is equal to its value on the preceding valuation date
multiplied by the net investment factor for that sub-account for the valuation
period ending on the subsequent valuation date.
WHAT IS NET INVESTMENT FACTOR FOR EACH SUB-ACCOUNT?
The net investment factor is a measure of the net investment experience of a
sub-account during the valuation period.
The net investment factor for a valuation period is: the gross investment rate
for such valuation period, less a deduction for the charges under this policy
which are assessed against separate account assets. The gross investment rate is
equal to:
(1) The net asset value per share of a fund share held in the sub-account
of the separate account determined at the end of the current valuation
period; plus
(2) the per share amount of any dividend or capital gain distributions by
the fund if the "ex-dividend" date occurs during the current valuation
period; divided by
(3) the net asset value per share of that fund share held in the
sub-account determined at the end of the preceding valuation period.
ACCOUNT VALUES
WILL THE OWNER HAVE ACCESS TO THE NET CASH VALUE?
Yes. The owner has access to the certificate's net cash value. The net cash
value is the account value of the certificate issued under this policy, less any
outstanding policy loans and accrued policy loan interest charged and any
charges overdue.
HOW IS THE ACCOUNT VALUE DETERMINED?
It is determined separately for each certificate and separately for the separate
account value and loan account value. The separate account value will include
all sub-accounts of the separate account.
The separate account value is the sum of units of each sub-account, credited to
the certificate, multiplied by the accumulation unit value for that sub-account.
Once determined, the number of units credited to a sub-account under an owner's
certificate will not be affected by changes in the unit value. However, the
number of units will be increased by the allocation of subsequent net premiums,
policy experience credits, loan repayments, loan interest credits and transfers
to that sub-account. The number of units credited to a sub-account under an
owner's certificate will be decreased by deductions to that sub-account, policy
loans and loan interest charged, transfers from that sub-account and partial
surrenders from that sub-account. The number of sub-account units will decrease
to zero on a certificate termination.
IS THE SEPARATE ACCOUNT VALUE GUARANTEED?
The separate account value of each insured is not guaranteed.
The guaranteed account value or each insured is guaranteed by us. It cannot be
reduced by the investment experience of the guaranteed account.
IS INTEREST CREDITED ON THE GUARANTEED ACCOUNT VALUE?
Yes. Interest is credited on the guaranteed account value of each insured under
this policy. Interest is credited daily at a rate of not less than [three]
percent per year, compounded annually. We guaranteed this minimum rate for the
life of the policy.
MAY ADDITIONAL INTEREST BE CREDITED ON THE GUARANTEED ACCOUNT?
Yes. As conditions permit, we may credit additional amounts of interest to the
guaranteed account value.
SURRENDERS AND WITHDRAWALS
MAY A CERTIFICATE BE SURRENDERED?
Yes. The owner of a certificate may request the surrender of a certificate at
any time while the insured under that certificate is living.
WHAT IS THE SURRENDER VALUE OF THE CERTIFICATE?
The surrender value of a certificate is the net cash value.
The determination of the surrender value is made as of the end of the valuation
period during which we receive the surrender request at our home office.
IS A PARTIAL SURRENDER PERMITTED?
Yes. The owner may make a partial surrender of the net cash value of a
certificate. The amount of a partial surrender must be $[500] or more and it
cannot exceed the amount available as a policy loan. A partial surrender will
cause a decrease in the face amount equal to the amount surrendered under those
certificates issued with a level death benefit, Option A. A partial surrender
has no effect on the face amount of an Option B death benefit. However, since
the account value is reduced by the
Minnesota Life 8
amount of the partial surrender, the death benefit under Option B will be
reduced by this same amount at the time of the partial surrender. We reserve the
right to change the minimum amount or limit the number of times the owner may
make a partial surrender.
MAY THE OWNER DIRECT US AS TO HOW PARTIAL SURRENDERS WILL BE TAKEN FROM THE NET
CASH VALUE?
Yes. The owner may tell us the sub-accounts from which a partial surrender is to
be taken or whether it is to be taken in whole or in part from the guaranteed
account as to the certificate of any insured. If the owner does not, partial
surrenders will be deducted from the guaranteed account value and separate
account value in the same proportion that those values bear to each other and,
as to the separate account value, from each sub-account in the proportion that
the sub-account value of each such sub-account bears to the separate account
value.
HOW WILL THE OWNER KNOW THE STATUS OF A CERTIFICATE?
Each year we will send the owner of each certificate a report. This report will
show the status of the certificate. It will include the account value, the face
amount as of the date of the report, the premiums paid during the year and their
allocation, policy charges, policy loan activity and the net cash value. The
report will be sent without cost to the owner. If the policyholder owns all of
the certificates, a consolidated report will be sent. The report will be as of a
date within two months of its mailing.
POLICY LOANS
CAN THE OWNER BORROW AGAINST THE NET CASH VALUE?
Yes. The owner may borrow an amount of at least $[100] and up to the maximum
loan amount. This amount is determined as of the date we receive the request for
a loan. We will require the owner's written or telephone request for a policy
loan. The policy and its certificate will be the only security required for a
loan. We will charge interest on the loan in arrears.
When a loan is to come from the guaranteed account value, we have the right to
postpone payment of a loan for up to six months.
WHAT IS THE MAXIMUM LOAN AMOUNT AVAILABLE FOR A POLICY LOAN ON ANY CERTIFICATE?
The total amount available for a loan under any certificate is (a) minus (b),
where (a) is [ninety] percent of the account value and (b) is any outstanding
policy loans plus accrued policy loan interest charged. The maximum loan amount
will be determined as of the date we receive the owner's written or telephone
request for a loan at our home office.
WHAT IS THE EFFECT OF A POLICY LOAN?
When a loan is taken on a certificate, we will reduce the net cash value of the
certificate by the amount borrowed. This determination will be made as of the
end of the valuation period during which the loan request is received at our
home office. The amount borrowed continues to be a part of the account value, as
the amount borrowed becomes part of the loan account value where it will accrue
loan interest credits and will be held in our general account.
HOW DOES A POLICY LOAN REDUCE NET CASH VALUE ON THIS CERTIFICATE?
Unless the owner directs us otherwise, the policy loan will be taken from this
certificate's guaranteed account value and separate account value in the same
proportion that those values bear to each other and, as to the separate account
value, from each sub-account in the proportion that the sub-account value of
each such sub-account bears to the separate account value. The number of units
to be canceled will be based upon the value of the units as of the end of the
valuation period during which the loan request is received at our home office.
The net cash value of any certificate may decrease between premium due dates.
The net cash value will decrease by the same amount of any decrease in account
value or increase in the amount borrowed or in the interest due on the loan of
the certificate. If a certificate has a policy loan and no net cash value, the
certificate will lapse.
WHAT IS THE INTEREST RATE ON POLICY LOANS?
The interest rate charged on a policy loan will be [eight] percent per year.
As the interest charged on a policy loan accrues, the net cash value decreases.
Interest is due at the end of the certificate month. If the total interest
accrued at the end of the certificate month is not paid, this interest will be
added to the loan amount borrowed and charged the same rate of interest as the
loan.
WHAT IS THE RATE OF INTEREST CREDITED TO A CERTIFICATE AS A RESULT OF A LOAN?
Interest credits which accrue on the loan account value shall be at a rate not
less than [six] percent per year.
WHEN ARE INTEREST CREDITS ON A POLICY LOAN ALLOCATED TO A CERTIFICATE'S
GUARANTEED ACCOUNT VALUE?
Interest credits are allocated to the guaranteed account value at the time of a
loan repayment.
WHEN AND IN WHAT AMOUNT SHOULD LOAN REPAYMENTS BE MADE?
A policy loan and the interest charged on the loan may be repaid in full or in
part at any time before the insured's death so long as the insurance coverage
under the certificate is in force. The loan may also be repaid within 60 days
after the date of the insured's death, if we have not paid any of the death
benefits under that certificate. Any loan repayment must be at least $[100]
unless the balance due is less than $[100].
HOW DO LOAN REPAYMENTS AFFECT THE LOAN ACCOUNT VALUES AND THE GUARANTEED ACCOUNT
VALUE?
Minnesota Life 9
Loan repayments increase the net cash value of a certificate by the amount of
the loan repayment. The loan repayment will be applied first to the interest
charged on the principal amount borrowed. Any remaining portion of the repayment
will then reduce the original loan principal amount.
When a loan repayment is made, the interest credits in the loan account value
are transferred to the general account value in the same proportion that loan
interest charged has been reduced due to the loan repayment. Also, an amount
equal to the amount of loan principal repaid is transferred from the loan
account value to the general account value.
WHAT HAPPENS IF A LOAN ON A CERTIFICATE IS NOT REPAID?
If a certificate has a policy loan, the certificate will remain in force so long
as it has net cash value. If it does not have sufficient cash value, it will
lapse.
In this event, to keep a certificate in force, the owner will have to make a
loan repayment. We will give the owner notice of intent to terminate a
certificate and the loan repayment required to keep it in force. The time for
repayment will be within [61 days] after our mailing of the warning notice of
lapse.
TERMINATION
WHEN DOES THIS GROUP POLICY TERMINATE?
The policyholder may terminate this group policy by giving us [31 days] prior
written notice. In addition, we may terminate the group policy or any of its
provisions on [61 days] prior written notice. No individual may become insured
under this group policy after the effective date of such a notice of
termination. After termination of the policy, the certificates issued thereunder
may be allowed to convert to individual coverage as described below under the
"Conversion Privilege" section.
WHEN DOES A CERTIFICATE OF INSURANCE UNDER THIS GROUP POLICY TERMINATE?
The insurance on the life of an insured will terminate on the earliest of:
(1) [61 days] after we mail a warning notice of lapse on a certificate
monthly anniversary in which the net cash value is insufficient to pay
for the monthly deductions and no premium is paid during the grace
period;
(2) the date the group policy terminates, if no conversion or continuation
is made effective;
(3) the date an owner surrenders the certificate or requests that we
terminate the insurance;
(4) the [95th] birthday of the insured.
WILL THE OWNER OF A CERTIFICATE RECEIVE NOTICE PRIOR TO THE TERMINATION OF
INSURANCE?
If the owner's insurance will be terminated because the net cash value is less
than that required to pay the monthly deductions, we will give the owner at
least [61 days] prior written notice before terminating the insurance.
CAN INSURANCE ON THE LIFE OF AN INSURED BE REINSTATED AFTER TERMINATION?
Insurance terminated due to the insufficiency of the net cash value to pay for
the monthly deductions may be reinstated. Reinstatement must occur while the
insured is living and any time within [three years] from the date of lapse.
Reinstatement is made by payment of an amount that, after the deduction of
percentage-of-premium charges, is large enough to cover all monthly deductions
which have accrued on that certificate up to the effective date of reinstatement
plus the monthly deductions for the two months following the effective date of
reinstatement. If any policy loans and policy loan interest charged is not
repaid, this indebtedness will be reinstated along with the insurance. No
evidence of the insured's insurability will be required during the first [31
days] following lapse, but will be required from the [32nd day to 3 years] from
the date of lapse.
CONVERSION PRIVILEGE
IS THERE A CONVERSION PRIVILEGE TO AN INDIVIDUAL POLICY?
Yes. If the life insurance provided by a certificate under this policy ceases
because of termination of employment or of membership in the class or classes
eligible for coverage under the group policy, or if the group policy terminates
or is amended so as to terminate the insurance, an owner under this policy may
convert the insurance under the group policy to an individual policy of life
insurance with us subject to the following:
(1) The owner's written application to convert to an individual policy and
the first premium for the individual policy must be received in our
home office within 31 days of the date the insurance terminates under
the group policy.
(2) The owner may convert all or a part of the group insurance in effect
on the date that his or her coverage is terminated to an individual
life insurance policy offered by us, except a policy of term
insurance. We will issue the individual policy on the policy forms we
then use for the plan of insurance the owner has requested. The
premium charge for this insurance will be based upon the insured's age
as of his or her nearest birthday.
(3) If the insured should die within 31 days of the date that insurance
terminated under the group policy, the full amount of insurance that
could have been converted under this policy will be paid.
In the case of termination of the group policy, we may require that an insured
under this certificate be so insured for at least five years prior to the
termination date in order to qualify for the above conversion privilege.
CAN GROUP INSURANCE COVERAGE BE CONTINUED ONCE THE OWNER'S ELIGIBILITY ENDS?
If the owner's eligibility under this group policy ends, the current group
coverage may continue unless the
Minnesota Life 10
certificate is no longer in force or the limitations below are true:
(1) The group policy has terminated; or
(2) There is less than $[10] in the certificate's net cash value after
deduction of charges for the month in which eligibility ends.
The insurance amount will not change unless the owner requests a change. We
reserve the right to alter the administration fee not to exceed $[4] per month
and the monthly cost of insurance up to the maximum in Table A if the insurance
is continued.
ADDITIONAL INFORMATION
WILL THIS POLICY RECEIVE EXPERIENCE CREDITS?
Each year we will determine if this policy will receive an experience credit.
Experience credits, if received, will be added to the account value of a
certificate issued under this policy or, if elected by the owner, may be paid in
cash. An experience credit applied to the account value will be allocated to the
guaranteed account value or the sub-accounts of the separate account in
accordance with the owner's current instructions for the allocation of net
premiums. In the absence of such instructions, experience credits will be
allocated to the guaranteed account and the separate account in the same
proportion as those values bear to each other and, as to the separate account
value, to each sub-account in the proportion that the sub-account value of each
such sub-account bears to the separate account value.
MAY AN OWNER ASSIGN ANY INTEREST UNDER THE CERTIFICATE ISSUED UNDER THIS POLICY?
Yes. However, we will not be bound by an assignment of the certificate or of any
interest in it unless:
(1) It is made as a written instrument;
(2) The owner files the original instrument or a certified copy with us at
our home office; and
(3) We send the owner an acknowledged copy.
We are not responsible for the validity of any assignment. If a claim is based
on an assignment, we may require proof of interest of the claimant. A valid
assignment will take precedence over any claim of a beneficiary.
WHAT IF AN INSURED'S AGE IS MISSTATED?
If the age of the insured has been misstated, the death benefit and account
value will be adjusted. The adjustment will be the difference between two
amounts accumulated with interest. These two amounts are:
(1) the monthly cost of insurance charges that were paid; and
(2) the monthly cost of insurance charges that should have been paid based
on the insured's correct age.
The interest rates used are the rates that were used in accumulating the
guaranteed account values.
WHEN DOES AN INSURED'S INSURANCE BECOME INCONTESTABLE?
After the insurance has been in force during the insured's lifetime for a two
year period from the certificate date, we cannot contest the insurance for any
loss that is incurred more than two years after the certificate date, unless the
net cash value has dropped below the amount necessary to pay the insured's cost
of insurance on the insured's life. However, if there has been an increase in
the amount of insurance for which we required evidence of insurability, then, to
the extent of the increase, any loss which occurs within two years of the
effective date of the increase will be contestable.
[IS THERE A SUICIDE EXCLUSION?
Yes. If an insured, whether sane or insane, dies by suicide, within two years of
the certificate date, our liability will be limited to an amount equal to the
premiums paid for that insured. If there has been an increase in the face amount
of insurance for which we required evidence of insurability, and if the insured
dies by suicide within two years of the effective date of the increase, our
liability with respect to that increase will be limited to the cost of insurance
charge attributable to such increase.
If the insured is a Missouri citizen when the certificate of insurance becomes
effective, this provision does not apply on the certificate's effective date, or
on the effective date of any increase in the face amount of insurance, unless
the insured intended suicide when the certificate of insurance, or any increase,
was applied for.
If the insured is a Citizen of Colorado or North Dakota, the duration of this
suicide provision is for one year instead of two years.]
ARE INSURANCE AND RELATED RECORDS OF THE POLICYHOLDER'S POLICY OPEN FOR
INSPECTION?
Yes. The policyholder's records shall be open to inspection by us, at all
reasonable times, for any purposes relating to the provisions of this policy.
WILL THE INSURED RECEIVE A CERTIFICATE OF PARTICIPATION?
Within 30 days of the effective date of an owner's insurance, we will furnish
the policyholder with a certificate of insurance for delivery to the owner.
DOES THE OWNER HAVE ANY ADDITIONAL VOTING RIGHTS?
Yes. If the owner has separate account units under this policy, the owner may
direct us with respect to the voting rights of fund shares held by us and
attributable to this policy.
COULD THE PAYMENT OF POLICY PROCEEDS BE POSTPONED?
Normally, we will pay any policy proceeds within seven days after our receipt of
all the documents required for such a payment. Other than the death proceeds,
which are determined as of the date of death of the insured, the amount of
payment will be determined as of the end of the valuation period during which a
request is received at our
Minnesota Life 11
home office. If such payments are based upon policy values which do not depend
on the investment performance of the separate account, however, we reserve the
right to defer policy payments, including policy loans, for up to six months
from the date of the owner's request. In that case, if we postpone a payment
other than a policy loan payment for more than 31 days, we will pay the owner
interest at the greater of [three] percent per year or the rate required by law
for the period beyond that time that payment is postponed.
For payments based on account values which do depend on the investment
performance of the separate account, we may defer payment only: (a) for any
period during which the New York Stock Exchange is closed for trading (except
for normal holiday closing); or (b) when the Securities and Exchange Commission
has determined that a state of emergency exists which may make such payment
impractical.
WILL THE PROVISIONS OF THIS POLICY CONFORM WITH STATE LAW?
Yes. If any provision in this policy, or in the certificates issued under this
policy, is in conflict with the laws of the state governing the policy or the
certificates, the provision will be deemed to be amended to conform to such
laws.
COULD ANY PAYMENTS MADE UNDER THIS POLICY BE SUBJECT TO CLAIMS OF CREDITORS?
To the extent permitted by law, neither this policy, certificates issued under
this policy, nor any payment thereunder will be subject to the claims of
creditors or to any legal process.
WHEN WILL THE POLICY BE ISSUED?
The policy will be issued upon receipt of a signed policy application signed by
a duly authorized officer of the group sponsor and acceptance by a duly
authorized officer of Minnesota Life at our home office.
WHO HAS OWNERSHIP OF THE GROUP POLICY?
The policyholder shown on the specification page attached to this policy owns
the group policy. The group policy may be changed or ended by agreement between
us and the policyholder without the consent of, or notice to, any person
claiming rights or benefits under the policy. However, unless the policyholder
is the owner of all certificates issued under the group policy, the policyholder
does not have any ownership interest in the certificates issued under the group
policy. The rights and benefits under the certificates are that of the owners of
the certificates, and that of the insureds and beneficiaries as set forth in
this policy and in the certificates.
ARE POLICY CHANGES LIMITED?
We reserve the right to limit the number of policy changes to one per
certificate year and to restrict such changes in the first certificate year. For
this purpose, changes include increases or decreases in the face amount of
insurance.
Minnesota Life 12
TABLE A
MINNESOTA LIFE INSURANCE COMPANY
GUARANTEED MAXIMUM MONTHLY COST OF INSURANCE RATE
ON A NICOTINE-DISTINCT BASIS
PER $1,000 NET AMOUNT AT RISK
MAXIMUM
ATTAINED MONTHLY
AGE* RATE
-------- -----------------------
NON-NICOTINE NICOTINE
------------ --------
0 0.110 0.110
1 0.072 0.072
2 0.052 0.052
3 0.040 0.040
4 0.035 0.035
5 0.033 0.033
6 0.035 0.035
7 0.037 0.037
8 0.037 0.037
9 0.038 0.038
10 0.072 0.072
11 0.045 0.045
12 0.055 0.055
13 0.063 0.063
14 0.082 0.082
15 0.100 0.100
16 0.117 0.130
17 0.130 0.153
18 0.137 0.170
19 0.140 0.182
20 0.142 0.193
21 0.142 0.203
22 0.143 0.212
23 0.145 0.223
24 0.147 0.237
25 0.150 0.248
26 0.157 0.262
27 0.162 0.272
28 0.160 0.273
29 0.158 0.275
30 0.157 0.277
31 0.157 0.280
32 0.160 0.287
33 0.165 0.298
34 0.172 0.312
35 0.180 0.327
36 0.190 0.347
37 0.202 0.370
38 0.213 0.397
39 0.227 0.425
40 0.243 0.460
41 0.263 0.502
42 0.288 0.552
43 0.317 0.612
44 0.350 0.678
45 0.385 0.747
46 0.422 0.817
47 0.453 0.880
48 0.482 0.933
49 0.517 1.002
50 0.560 1.083
51 0.613 1.187
52 0.677 1.310
53 0.750 1.453
54 0.840 1.622
55 0.940 1.800
56 1.045 1.988
57 1.148 2.163
58 1.252 2.333
59 1.370 2.530
60 1.512 2.763
61 1.682 3.045
62 1.878 3.365
63 2.090 3.705
64 2.313 4.048
65 2.545 4.387
66 2.783 4.722
67 3.035 5.067
68 3.302 5.422
69 3.598 5.812
70 3.943 6.258
71 4.360 6.800
72 4.842 7.418
73 5.352 8.050
74 5.898 8.732
75 6.493 9.480
76 7.162 10.305
77 7.932 11.247
78 8.815 12.312
79 9.798 13.477
80 10.907 14.775
81 12.130 16.190
82 13.418 17.640
83 14.810 19.168
84 16.347 20.862
85 18.015 22.700
86 19.857 24.697
87 21.887 26.868
88 24.018 29.090
89 26.198 31.282
90 28.175 33.138
91 30.035 34.770
92 32.183 36.653
93 34.655 38.783
94 37.483 41.360
* This is the insured employee's attained age as of the last certificate
anniversary.
Minnesota Life 13
GUARANTEED MAXIMUM MONTHLY COST OF INSURANCE RATE
ON A UNI-NICOTINE BASIS
PER $1,000 NET AMOUNT AT RISK
MAXIMUM
ATTAINED MONTHLY
AGE* RATE
-------- ------------
UNI-NICOTINE
------------
0 0.110
1 0.072
2 0.052
3 0.040
4 0.035
5 0.033
6 0.035
7 0.037
8 0.037
9 0.038
10 0.072
11 0.045
12 0.055
13 0.063
14 0.082
15 0.100
16 0.118
17 0.133
18 0.142
19 0.147
20 0.148
21 0.152
22 0.153
23 0.155
24 0.158
25 0.163
26 0.172
27 0.177
28 0.177
29 0.175
30 0.175
31 0.175
32 0.178
33 0.183
34 0.190
35 0.198
36 0.210
37 0.223
38 0.238
39 0.255
40 0.273
41 0.297
42 0.325
43 0.358
44 0.395
45 0.435
46 0.477
47 0.512
48 0.543
49 0.582
50 0.628
51 0.688
52 0.758
53 0.842
54 0.940
55 1.048
56 1.165
57 1.277
58 1.387
59 1.513
60 1.663
61 1.845
62 2.053
63 2.278
64 2.515
65 2.760
66 3.008
67 3.270
68 3.545
69 3.850
70 4.200
71 4.623
72 5.112
73 5.625
74 6.178
75 6.785
76 7.462
77 8.242
78 9.135
79 10.127
80 11.243
81 12.475
82 13.767
83 15.157
84 16.695
85 18.363
86 20.203
87 22.225
88 24.348
89 26.508
90 28.452
91 30.273
92 32.385
93 34.815
94 37.615
* This is the insured employee's attained age as of the last certificate
anniversary.
Minnesota Life 14
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VARIABLE GROUP UNIVERSAL LIFE INSURANCE - NONPARTICIPATING
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