Exhibit 4(d)


 


PROTECTIVE
LIFE AND ANNUITY INSURANCE COMPANY • {P. O. BOX 10648 • BIRMINGHAM,
ALABAMA

35202-0648}


 


MAXIMUM ANNIVERSARY VALUE DEATH BENEFIT RIDER


 


We are amending the Contract to
which this rider is attached as described below:


 


1.                                       The
provision entitled “Death Benefit”
in the “DEATH BENEFIT” section of
your Contract is deleted in its entirety.


 


2.                                       The
following provisions are added to the “DEATH BENEFIT”
section of your Contract.


 


Anniversary Value - We
will determine an anniversary value for each Contract Anniversary occurring
before the earlier of the oldest Owner’s 80th birthday or the
deceased Owner’s date of death. Each anniversary value is equal to the sum of:


 


(a)                                  the
Contract Value on that Contract Anniversary; plus,


(b)                                 all
Purchase Payments since that Contract Anniversary; minus,


(c)                                  an
adjustment for each surrender since that Contract Anniversary.


 


Maximum Anniversary Death Benefit - The
death benefit will be determined as of the end of the Valuation Period during
which we receive due proof of death. The death benefit will equal the greatest
of:


 


•                                          the
Contract Value; or


•                                          aggregate
Purchase Payments less an adjustment for each surrender; or


•                                          the
maximum anniversary value.


 


For the
purpose of calculating the death benefit, the adjustment for each surrender
will equal the amount that reduces the death benefit in the same proportion
that the amount surrendered including associated surrender charges, if any,
reduced the Contract Value as of the Valuation Period during which that
surrender was taken.


 


The maximum death
benefit provided under this rider will never exceed the Contract Value as of
the end of the Valuation Period during which we receive due proof of death plus
$1,000,000.


 


Only one death
benefit is payable under this Contract even though the Contract may, under
certain circumstances, continue beyond the time of an Owner’s death.


 


1

















 


Enhanced Spousal Continuation Benefit


 


If a sole Beneficiary
is the spouse of a deceased Owner and elects, in lieu of receiving the death
benefit, to continue the Contract and become the new Owner as provided in the
Contract, we will add to the Contract Value an amount equal to the excess of
the death benefit over the Contract Value, if any, as of the date we receive
due proof of death. We will allocate that amount according to the current
Purchase Payment allocation instructions, but the amount we add will not be
considered a Purchase Payment.


 


Suspension of Benefits -
For a period of one year after any change of ownership involving a natural
person, the death benefit will equal the Contract Value.


 


Rider Termination - The Rider will automatically
terminate upon the occurrence of any of the following events:


 


(a)       settlement of a claim
for the death benefit;


(b)       the Contract Anniversary
immediately after the oldest Owner attains Age 95;


(c)       a cancellation, or full
surrender of the Contract.


 


Waiver of Surrender Charge - We will not apply
any applicable surrender charge if the Contract is surrendered as of a
Valuation Period during which the Contract Value is less than or equal to 25%
of the value of the death benefit.


 


Signed for the Company and made
a part of the Contract as of the Effective Date.


 


PROTECTIVE LIFE AND ANNUITY
INSURANCE COMPANY


 


	
  

  	
   

  	
   

  	
   

  
	
   

  	
  { Secretary }

  	
   

  	
   

  	
   

  
					



 


2