<PAGE>
                                                                  [EXHIBIT 4(g)]

                      MERRILL LYNCH LIFE INSURANCE COMPANY

                GUARANTEED MINIMUM INCOME BENEFIT ("GMIB") RIDER

This Rider is part of the Contract to which it is attached (the "Base Contract")
and is subject to all the terms and conditions of the Base Contract. The
provisions of this Rider control over any contrary provisions of the Base
Contract.

If the Contract has Joint Annuitants, all references to "age" refer to the
oldest Annuitant's age. If the Owner is a non-natural person, all references to
Owner shall mean Annuitant.

The GMIB Effective Date is shown on the GMIB Rider page of the Contract Schedule
("GMIB Rider Schedule").

This Rider is only available if, on the GMIB Effective Date, the Annuitant is
not older than the Maximum Age for GMIB Rider. The Maximum Age for GMIB Rider is
shown on the GMIB Rider Schedule.

You may not cancel this Rider. It can only be terminated as described in the
Termination Provision of this Rider.

GUARANTEED MINIMUM INCOME BENEFIT: This Rider provides the option to receive
payment of a guaranteed minimum monthly fixed income (the GMIB Amount) during
the lifetime of the Annuitant (or Joint Annuitants, if applicable), subject to
the Conditions for Exercising GMIB described below.

We determine the GMIB Amount as follows:

     As of the date You exercise GMIB, We determine the GMIB Base. How the GMIB
     Base is determined and the periods used to calculate the GMIB Base are
     described on the GMIB Rider Schedule. We deduct any applicable premium
     taxes from the GMIB Base. We apply the remaining amount to the GMIB Annuity
     Option Payout Rates for the Annuity Option you select based on the age and
     sex (where permissible) of the Annuitant (and Joint Annuitant, if
     applicable). The GMIB Annuity Option Payout Rates are attached to this
     Rider.

We then apply the Annuity Value attributable to Your interest in Excluded
Accounts on the date You exercise GMIB, using the Annuity Option You select, to
the current payout rates. We add that amount to the GMIB Amount. If this total
monthly income is less than the monthly income determined by applying the
Annuity Value to the current payout rates, we will pay the greater monthly
income amount.

Excluded Accounts are shown on the GMIB Rider Schedule.

If there is a change of Annuitant and this Rider continues in effect, the
periods used to calculate the GMIB Base may be reduced as described under GMIB
Base on the GMIB Rider Schedule.

                                     - 1 -

<PAGE>

CONDITIONS FOR EXERCISING GMIB: In order to receive the GMIB Amount under this
Rider you must:

      (1)   exercise GMIB during an Exercise Period described on the GMIB Rider
            Schedule; and

      (2)   apply your entire GMIB Base under one of the Annuity Options
            available on exercise of GMIB. The Annuity Options available on
            exercise of GMIB are listed on the GMIB Rider Schedule and are
            described in the Base Contract.

If the Annuitant is changed and on the GMIB Effective Date the new Annuitant was
older than the Annuitant used to determine the GMIB Exercise Period prior to the
change of Annuitant, We will recalculate the GMIB Exercise Period based on the
new Annuitant's age on the GMIB Effective Date.

ALLOCATION GUIDELINES AND RESTRICTIONS: Additional Allocation Guidelines and
Restrictions may apply as described on the GMIB Rider Schedule. The consequences
of non-compliance with such Allocation Guidelines and Restrictions are described
on the GMIB Rider Schedule.

GMIB CHARGE: The current and maximum GMIB Charge Percentage, how the charge is
determined, and when and how it is collected are described on the GMIB Rider
Schedule. The current GMIB Charge may change but it will never exceed the
maximum GMIB Charge shown on the GMIB Rider Schedule.


TERMINATION:  This Rider will terminate upon the earliest of:

      (i)   a change of Annuitant resulting in termination as described under
            Change of Annuitant on the GMIB Rider Schedule; or

      (ii)  exercise of GMIB under this Rider; or

      (iii) application of all of the Annuity Value to an Annuity Option on the
            Annuity Date; or

      (iv)  the expiration of the GMIB Exercise Period; or

      (v)   receipt of Due Proof of Death (unless from an Eligible Spousal
            Beneficiary who continues the Base Contract and qualifies for
            continuation of this Rider); or

      (vi)  termination of the Base Contract.

                                          MERRILL LYNCH LIFE INSURANCE COMPANY

                                          By: /s/ Lori M. Salvo
                                              ---------------------------------
                                                         Secretary

                                     - 2 -

<PAGE>

                      MERRILL LYNCH LIFE INSURANCE COMPANY

                        GMIB ANNUITY OPTION PAYOUT RATES
                        --------------------------------
                AMOUNT OF MONTHLY PAYMENT PER $1000 OF GMIB BASE

Annuity payout rates are based on the Annuity 2000 Table with a 5-year age
setback and interest at an annual rate of 2-1/2%. Information for ages not shown
will be furnished upon request.

OPTION 1: LIFE ANNUITY

<TABLE>
<CAPTION>
 AGE OF
ANNUITANT    FEMALE      MALE
---------    ------      ----
<S>          <C>         <C>
   50         3.28       3.49
   51         3.33       3.54
   52         3.38       3.60
   53         3.43       3.66
   54         3.49       3.72
   55         3.54       3.79
   56         3.60       3.86
   57         3.66       3.93
   58         3.73       4.01
   59         3.80       4.09
   60         3.87       4.18
   61         3.95       4.27
   62         4.03       4.37
   63         4.12       4.47
   64         4.21       4.58
   65         4.31       4.69
   66         4.41       4.82
   67         4.52       4.95
   68         4.64       5.09
   69         4.77       5.24
   70         4.90       5.40
   71         5.04       5.57
   72         5.20       5.76
   73         5.36       5.95
   74         5.54       6.16
   75         5.73       6.38
   76         5.94       6.62
   77         6.16       6.87
   78         6.40       7.14
   79         6.66       7.42
   80         6.94       7.73
   81         7.24       8.05
   82         7.57       8.40
   83         7.93       8.78
   84         8.31       9.18
   85         8.73       9.61
</TABLE>

OPTION 2: LIFE ANNUITY WITH PAYMENTS GUARANTEED FOR 10 YEARS

<TABLE>
<CAPTION>
 AGE OF
ANNUITANT    FEMALE      MALE
---------    ------      ----
<S>          <C>         <C>
   50         3.28       3.47
   51         3.32       3.53
   52         3.37       3.58
   53         3.42       3.64
   54         3.47       3.70
   55         3.53       3.76
   56         3.59       3.83
   57         3.65       3.90
   58         3.71       3.97
   59         3.78       4.05
   60         3.85       4.13
   61         3.92       4.22
   62         4.00       4.31
   63         4.08       4.40
   64         4.17       4.50
   65         4.26       4.61
   66         4.36       4.72
   67         4.46       4.83
   68         4.57       4.95
   69         4.68       5.08
   70         4.80       5.21
   71         4.93       5.35
   72         5.07       5.50
   73         5.21       5.65
   74         5.36       5.80
   75         5.51       5.96
   76         5.68       6.13
   77         5.85       6.30
   78         6.03       6.47
   79         6.22       6.65
   80         6.41       6.82
   81         6.61       7.00
   82         6.81       7.18
   83         7.01       7.36
   84         7.21       7.53
   85         7.42       7.70
</TABLE>

                                     - 3 -

<PAGE>

OPTION 3: JOINT AND SURVIVOR LIFE ANNUITY

<TABLE>
<CAPTION>
FEMALE                                                     MALE AGE
 AGE           50            55           60           65           70           75           80            85
------        ----          ----         ----         ----         ----         ----         ----          ----
<S>           <C>           <C>          <C>          <C>          <C>          <C>          <C>           <C>
  50          3.05          3.11         3.16         3.20         3.23         3.25         3.26          3.27
  55          3.15          3.24         3.33         3.40         3.45         3.48         3.51          3.52
  60          3.23          3.37         3.50         3.61         3.70         3.76         3.80          3.83
  65          3.31          3.49         3.66         3.83         3.98         4.09         4.18          4.23
  70          3.37          3.58         3.81         4.05         4.28         4.48         4.63          4.74
  75          3.41          3.65         3.93         4.25         4.58         4.90         5.17          5.38
  80          3.44          3.70         4.03         4.41         4.84         5.31         5.76          6.15
  85          3.46          3.74         4.09         4.52         5.05         5.67         6.34          6.99
</TABLE>

OPTION 4: JOINT AND SURVIVOR LIFE ANNUITY WITH PAYMENTS GUARANTEED FOR 10 YEARS

<TABLE>
<CAPTION>
FEMALE                                                     MALE AGE
 AGE           50            55           60           65           70           75           80            85
------        ----          ----         ----         ----         ----         ----         ----          ----
<S>           <C>           <C>          <C>          <C>          <C>          <C>          <C>           <C>
  50          3.05          3.11         3.16         3.20         3.23         3.25         3.26          3.27
  55          3.15          3.24         3.33         3.40         3.45         3.48         3.50          3.52
  60          3.23          3.37         3.50         3.61         3.70         3.76         3.80          3.82
  65          3.31          3.48         3.66         3.83         3.98         4.09         4.17          4.21
  70          3.36          3.58         3.81         4.05         4.27         4.47         4.61          4.71
  75          3.41          3.65         3.93         4.24         4.56         4.87         5.12          5.31
  80          3.44          3.70         4.02         4.39         4.82         5.26         5.67          5.99
  85          3.45          3.73         4.08         4.50         5.01         5.58         6.15          6.66
</TABLE>

                                     - 4 -

<PAGE>
GMIB RIDER SCHEDULE
--------------------------------------------------------------------------------

GMIB EFFECTIVE DATE:                    [January 3, 2005]

MAXIMUM AGE FOR GMIB RIDER:             [75]

GMIB BASE:

     THE GMIB BASE IS USED SOLELY TO DETERMINE THE GUARANTEED MINIMUM INCOME
     BENEFIT AND DOES NOT ESTABLISH OR GUARANTEE A CONTRACT VALUE, CASH VALUE,
     MINIMUM DEATH BENEFIT OR MINIMUM RETURN FOR ANY INVESTMENT OPTION.

          The GMIB Base is the greater of the GMIB Maximum Anniversary Value
          (MAV)Base and the GMIB Roll-Up Base.

          GMIB MAV BASE: The GMIB MAV Base is equal to the greatest of the
          anniversary values. [The GMIB MAV Base is limited to [[200]% of
          Premium payments allocated to and all amounts transferred into, any
          [subaccounts] other than Excluded Accounts, less "adjusted"
          withdrawals from, and all amounts transferred from any [subaccounts]
          other than Excluded Accounts].]

          An anniversary value is equal to (a) plus (b) minus (c), but not less
          than zero, where:

               (a)  is the Contract Value less the value of Your interest in
                    Excluded Accounts on the GMIB Effective Date or on a
                    Contract Anniversary;

               (b)  is the sum of all Additional Premiums allocated to, and all
                    amounts transferred into, any [subaccounts] other than
                    Excluded Accounts since that date; and

               (c)  is the sum of all "adjusted" withdrawals from, and all
                    amounts transferred from, any [subaccounts] other than
                    Excluded Accounts, since that date.

          We will calculate an anniversary value on the GMIB Effective Date and
          on each Contract Anniversary thereafter through the earlier of the
          GMIB MAV Base Limitation Date and the date You exercise GMIB.

          Each "adjusted" withdrawal is equal to the amount of such withdrawal
          from any [subaccounts] other than Excluded Accounts multiplied by (a)
          and divided by (b), where:

               (a)  is the GMIB MAV Base immediately prior to the withdrawal;
                    and

               (b)  is the [Account Value] less any amounts in Excluded Accounts
                    immediately prior to the withdrawal.

          The GMIB MAV BASE LIMITATION DATE is [the Contract Anniversary on or
          following the oldest Annuitant's [80th] birthday.]

          If there is a change of Annuitant and this Rider continues in effect,
          the GMIB MAV Base Limitation Date will be reset based on the new
          Annuitant's age if the following two conditions apply:

               (i)  on the GMIB Effective Date the new Annuitant was older than
                    the Annuitant whose age was used to determine the GMIB MAV
                    Base Limitation Date immediately prior to the change of
                    Annuitant; and

               (ii) the GMIB MAV Base Limitation Date immediately prior to the
                    change of Annuitant is later than the date of the change of
                    Annuitant.

          The GMIB MAV Base Limitation Date will not be reset to a date which is
          earlier than the date of the change of Annuitant.

<PAGE>

GMIB RIDER SCHEDULE (CONTINUED)
--------------------------------------------------------------------------------

          GMIB ROLL-UP BASE: The GMIB Roll-Up Base is equal to the sum of GMIB
          Roll-Up Base A and GMIB Roll-Up Base B.

          GMIB ROLL-UP BASE A: GMIB Roll-Up Base A is equal to (a) plus (b)
          minus (c), but not less than zero, where:

               (a)  is the amount of [Initial Premium] allocated to any of the
                    [subaccounts], other than Restricted Accounts or Excluded
                    Accounts shown below, with interest compounded daily from
                    the GMIB Effective Date at an annual rate of [5]%; and

               (b)  is the sum of all Additional Premiums allocated to, and all
                    amounts transferred into, any [subaccounts], other than
                    Restricted Accounts or Excluded Accounts, since the GMIB
                    Effective Date, with interest compounded daily from the
                    Contract Anniversary on or following the effective date of
                    each Additional Premium payment or transfer at an annual
                    rate of [5]%; and

               (c)  is the sum of all "adjusted" withdrawals from, and all
                    amounts transferred from any [subaccounts], other than
                    Restricted Accounts or Excluded Accounts, since the GMIB
                    Effective Date, with interest compounded daily from the
                    Contract Anniversary on or following the effective date of
                    each withdrawal or transfer at an annual rate of [5]%.

          Each "adjusted" withdrawal is equal to the amount of such withdrawal
          from any [subaccounts], other than Restricted Accounts or Excluded
          Accounts, multiplied by an adjustment factor:

               (1)  if the total of all withdrawals from any [subaccounts],
                    other than Restricted Accounts or Excluded Accounts, during
                    the Contract Year, including the amount of the requested
                    withdrawal, is less than or equal to [5]% times GMIB Roll-Up
                    Base A as of the beginning of the Contract Year, the
                    adjustment factor is 1.0; or

               (2)  if the total of all withdrawals from [subaccounts], other
                    than Restricted Accounts or Excluded Accounts, including the
                    amount of the requested withdrawal, is greater than [5]%
                    times GMIB Roll-Up Base A as of the beginning of the
                    Contract Year, the adjustment factor is (a) divided by (b)
                    where:

                    (a)  is GMIB Roll-Up Base A immediately prior to such
                         withdrawal; and

                    (b)  is the [Account Value] less any amounts in Restricted
                         Accounts or Excluded Accounts, immediately prior to
                         such withdrawal.

          GMIB ROLL-UP BASE B: GMIB Roll-Up Base B is equal to (a) plus (b)
          minus (c), but not less than zero, where:

               (a)  is the amount of [Initial Premium] allocated to any
                    Restricted Accounts with interest compounded daily from the
                    GMIB Effective Date at an annual rate of [3]%; and

               (b)  is the sum of all Additional Premiums allocated to, and all
                    amounts transferred into, any Restricted Accounts since the
                    GMIB Effective Date, with interest compounded daily from the
                    Contract Anniversary on or following the effective date of
                    each Additional Premium payment or transfer at an annual
                    rate of [3]%; and


<PAGE>

GMIB RIDER SCHEDULE (CONTINUED)
--------------------------------------------------------------------------------

               (c)  is the sum of all "adjusted" withdrawals from, and all
                    amounts transferred from any Restricted Accounts since the
                    GMIB Effective Date, with interest compounded daily from the
                    Contract Anniversary on or following the effective date of
                    each withdrawal or transfer at an annual rate of [3]%.

          Each "adjusted" withdrawal is equal to the amount of such withdrawal
          from any Restricted Accounts, multiplied by an adjustment factor:

               (1)  if the total of all withdrawals from any Restricted Accounts
                    during the Contract Year, including the amount of the
                    requested withdrawal, is less than or equal to [3]% times
                    GMIB Roll-Up Base B as of the beginning of the Contract
                    Year, the adjustment factor is 1.0; or

               (2)  if the total of all withdrawals from any Restricted
                    Accounts, including the amount of the requested withdrawal,
                    is greater than [3]% times GMIB Roll-Up Base B as of the
                    beginning of the Contract Year, the adjustment factor is (a)
                    divided by (b) where:

                    (a)  is GMIB Roll-Up Base B immediately prior to such
                         withdrawal; and

                    (b)  is the [Account Value] in any Restricted Accounts,
                         immediately prior to such withdrawal.

          For purposes of compounding interest in GMIB Roll-up Base A and GMIB
          Roll-up Base B above, such interest shall accrue until the earlier of
          the GMIB Roll-Up Base Limitation Date or the date You exercise GMIB.
          No interest shall accrue thereafter.

          The GMIB ROLL-UP BASE LIMITATION DATE is [the earlier of the [15th]
          Contract Anniversary or the Contract Anniversary on or following the
          oldest Annuitant's [80th] birthday.]

          If there is a change of Annuitant and this Rider continues in effect,
          the GMIB Roll-Up Base Limitation Date will be reset based on the new
          Annuitant's age if the following two conditions apply:

               (a)  on the GMIB Effective Date the new Annuitant was older than
                    the Annuitant whose age was used to determine the GMIB
                    Roll-Up Base Limitation Date immediately prior to the change
                    of Annuitant; and

               (b)  the GMIB Roll-Up Base Limitation Date immediately prior to
                    the change of Annuitant is later than the date of the change
                    of Annuitant.

          The GMIB Roll-Up Base Limitation Date will not be reset to a date
          which is earlier than the date of the change of Annuitant.

     GMIB EXERCISE PERIOD:

          You may exercise GMIB on or during the [30 day] period following each
          Contract Anniversary beginning with the First Exercise Anniversary
          Date and ending with the Last Exercise Anniversary Date.

          FIRST EXERCISE ANNIVERSARY DATE:        [January 3, 2015]

               The [10th] Contract Anniversary.

          LAST EXERCISE ANNIVERSARY DATE:         [January 3, 2025]

               The Contract Anniversary on or following the oldest Annuitant's
               [85th] birthday.


<PAGE>

GMIB RIDER SCHEDULE (CONTINUED)
--------------------------------------------------------------------------------

          LAST EXERCISE DATE:                     [February 2, 2025]

               The [30th day] following the Last Exercise Anniversary Date.

         ANNUITY OPTIONS AVAILABLE ON EXERCISE OF GMIB:

               [Life Annuity]
               [Joint and Survivor Life Annuity]
               [Life Annuity with Payments Guaranteed for [10] Years]
               [Joint and Survivor Life Annuity with Payments Guaranteed for
               [10] Years]

RESTRICTED ACCOUNTS:

          [All subaccounts in the Fixed Income Investment Category]
          [All subaccounts in the Money Market Investment Category]

          We reserve the right to add or delete a [subaccount] from the list of
          Restricted Accounts if such [subaccount] is added or deleted as an
          investment option.

EXCLUDED ACCOUNTS:

          [None]

          We reserve the right to add or delete a [subaccount] from the list of
          Excluded Accounts if such [subaccount] is added or deleted as an
          investment option.

CHANGE OF ANNUITANT:

          If there is a change of Annuitant, this Rider will terminate unless
          the Annuitant is changed under any of the circumstances described
          below:

               [(i) the Annuitant is changed to a person who, on the GMIB
                    Effective Date, was not older than the Maximum Age for GMIB
                    Rider; or

               (ii) the Annuitant is changed to an Eligible Spousal Beneficiary
                    who, on the Spousal Continuation Date, was not older than
                    the Maximum Age for GMIB Rider.]

          [If there is a change of Annuitant, this Rider will terminate if the
          recalculated Last Exercise Date is earlier than the date of the change
          of Annuitant.]

ALLOCATION GUIDELINES AND RESTRICTIONS:

          [There are currently no additional Allocation Guidelines and
          Restrictions applicable to this Rider.

          However, We reserve the right to require the following:

               (1)  You must participate in a [quarterly] Rebalancing Program.
                    Under this program, We allocate Your Premiums in accordance
                    with the subaccounts and percentages You select which must
                    meet the requirements specified in (2) below. On each
                    [Quarterversary] We automatically reallocate Your Account
                    Value to maintain the percentage allocation among the
                    subaccounts You select.


<PAGE>

GMIB RIDER SCHEDULE (CONTINUED)
--------------------------------------------------------------------------------


               (2)  The [subaccounts] and corresponding percentages must meet
                    the following allocation guidelines:

                    You may not allocate less than [35]%, or more than [85]% to
                    subaccounts in any one or more of the following Investment
                    Categories:

                         [Large Cap Value]
                         [Large Cap Growth]
                         [Mid & Small Cap]
                         [International]

                    If You make a transfer and We determine that as a result of
                    such transfer the allocation of Your [Account Value] does
                    not comply with these requirements, We will, at the end of
                    the Valuation Period that We make such determination,
                    rebalance Your [Account Value] in accordance with Your
                    [quarterly] rebalancing allocations.

               (3)  We will provide [90 days] advance notice of Our intent to
                    impose these requirements. If by the end of such [90 day]
                    period You do not provide the information necessary to
                    participate in the Rebalancing Program which meets the
                    allocation requirements described above, We will increase
                    your current GMIB Charge Percentage. The current GMIB Charge
                    Percentage cannot exceed the maximum GMIB Charge Percentage
                    shown below.]

GMIB CHARGE:

                                        Current                 Maximum
                                        -------                 -------
          GMIB Charge Percentage:      [0.50% annually]        [0.90% annually]

          [The  GMIB Charge is calculated on each Monthaversary as follows:

               (i)   the GMIB Base is determined on the Monthaversary;

               (ii)  that amount is multiplied by the current GMIB Charge
                     Percentage;

               (iii) the resulting amount is divided by 12.

          The sum of the GMIB Charges calculated on each of the three preceding
          Monthaversaries is deducted from the Contract Value on each
          Quarterversary.

          If the GMIB Rider is terminated other than on a Quarterversary, We
          will deduct from the Contract Value any GMIB Charges calculated on any
          prior Monthaversary but not yet collected.]

          [The GMIB Charge is deducted from each [subaccount] in the ratio of
          Your interest in each [subaccount] to Your [Account Value] on the date
          the charge is collected.]

          The [Contract Value] and Surrender Value are reduced by any GMIB
          Charges calculated but not yet collected.