<PAGE>

                                  Exhibit 4(e)
                           Living Benefits Rider (GPS)

<PAGE>

WESTERN RESERVE LIFE                                 Home Office: Columbus, Ohio
ASSURANCE CO. OF OHIO                                     Administrative Office:
A Stock Company                                                    P.O. Box 5068
(Hereafter called the Company, We, Our or Us)    Clearwater, Florida  33758-5068
                                                                  (727) 299-1800

                              LIVING BENEFITS RIDER

This rider is issued as a part of the policy (contract) to which it is attached.
Policy refers to the individual policy if the rider is attached to an individual
annuity or the group certificate if the rider is attached to a group annuity.

                            Rider Data Specification
                            ------------------------

Policy Number:                                   07-12345
Rider Date:                                      07-01-2003
"Principal Back" Withdrawal Percentage:          7.00%
"For Life" Withdrawal Percentage:*               5.00%
Rider Fee Percentage:                            0.75%
Guaranteed Future Value Date:                    07-01-2013

*Percentage will be zero until the Rider Anniversary that occurs after the
Annuitant's 59th birthday.

                                   ----------

ARTICLE I
---------

We provide a combination of two separate guarantees in this rider: a Guaranteed
Minimum Accumulation Benefit and a Guaranteed Minimum Withdrawal Benefit.

You can terminate this rider any time after the [fifth] Rider Anniversary. This
rider will also terminate if You Surrender Your policy or on the Annuity
Commencement Date.

A Rider Fee will be deducted on each Rider Anniversary and upon rider
termination as described below.

DEFINITIONS:

Terms used that are not defined in this rider shall have the same meaning as
those in Your policy.

Gross Partial Withdrawal
The amount which will be deducted from Your Policy Value as a result of each
Partial Withdrawal.

Investment Options
One or more Subaccounts of the Separate Account available under Your policy
which we designate.

Portfolio Allocation Method Investment Options
One or more Fixed Account options, Guaranteed Period options, or Separate
Account options that we will use to provide rider guarantees.

Rider Anniversary
The anniversary of the Rider Date.

Rider Fee
The Rider Fee is the Rider Fee Percentage referenced above, multiplied by the
Total Withdrawal Base at the time the fee is deducted. For purposes of
calculating this fee, we will use the Total Withdrawal Base for the "Principal
Back" withdrawal guarantee. This fee will be deducted from each Investment
Option and Fixed Account option in proportion to the amount of Policy Value in
that Investment Option or Fixed Account option on each Rider Anniversary. A
portion of this fee will also be deducted when the rider is terminated based on
the number of months that have elapsed since it was last deducted.

Rider Year
Each twelve-month period following the Rider Date.

Total Withdrawal Base
The amount as defined in Article IV of this rider.

Valuation Period
The period of time from one determination of the value of a Subaccount to the
next. Such determinations are made when the value of the assets and liabilities
of each Subaccount is calculated. This is generally the close of business on
each day on which the New York Stock Exchange is open.

RGMB 2 0703

<PAGE>

ARTICLE II
----------

When this rider is attached to Your policy, we require the Portfolio Allocation
Method to be used. Under the Portfolio Allocation Method we compare Your Policy
Value to the rider guarantees once per Valuation Period.

Based on the relationship of the rider guarantees to Your Policy Value, we will
determine how much Policy Value to transfer out of Your Investment Options to
one or more Portfolio Allocation Method Investment Options. Transfers out of
Your Investment Options will be pro rata. We will continue to transfer Policy
Value to and/or among the Portfolio Allocation Method Investment Options to the
extent necessary to maintain the rider guarantees.

Likewise, we will determine how much Policy Value to transfer out of the
Portfolio Allocation Method Investment Options into Your Investment Options.
Transfers into Your Investment Options will be pro rata.

You cannot allocate premiums to or transfer Policy Value to or from the
Portfolio Allocation Method Investment Options.

Transfers pursuant to this Article will be subject to any provisions of the
policy concerning transfers of Policy Value.

ARTICLE III
-----------

GUARANTEED MINIMUM ACCUMULATION BENEFIT
We guarantee that Your Policy Value will be at least as great as the Guaranteed
Future Value on the Guaranteed Future Value Date shown on page one of this
rider.

On the Guaranteed Future Value Date, if Your Policy Value is less than the
Guaranteed Future Value, we will add the difference to Your Policy Value pro
rata at the end of the next Valuation Period. This addition will not be
considered premium. We will provide no benefit under the Guaranteed Minimum
Accumulation Benefit after the Guaranteed Future Value Date.

Guaranteed Future Value
The Guaranteed Future Value on the Rider Date is equal to Your Policy Value
(less any premium enhancements if this rider is added in the first Policy Year).
The Guaranteed Future Value after the Rider Date and before the Guaranteed
Future Value Date, is equal to the Guaranteed Future Value on the Rider Date,
plus a percentage of premiums added after the Rider Date as shown in the table
below, (not including premium enhancements, if any} less any adjustments for
withdrawals described below.

------------------------------------
During       Percent of Subsequent
Rider        Premiums added to
Year         Guaranteed Future Value
------------------------------------
1                                100%
------------------------------------
2                                 90%
------------------------------------
3                                 80%
------------------------------------
4                                 70%
------------------------------------
5                                 60%
------------------------------------
6                                 50%
------------------------------------
7                                 50%
------------------------------------
8                                 50%
------------------------------------
9                                 50%
------------------------------------
10                                 0%
------------------------------------

The Guaranteed Future Value after the Guaranteed Future Value Date is zero.

Guaranteed Minimum Accumulation Benefit Adjustments
Gross Partial Withdrawals will reduce the Guaranteed Future Value pro rata. The
amount of the reduction is equal to the greater of:
1)  the Gross Partial Withdrawal amount; and
2)  the result of (A divided by B), multiplied by C, where:

     A    is the amount of Gross Partial Withdrawal;
     B    is the Policy Value immediately prior to the Gross Partial Withdrawal;
          and
     C    is the Guaranteed Future Value immediately prior to the Gross Partial
          Withdrawal.

RGMB 2 0703 (2)

<PAGE>

ARTICLE IV
----------

GUARANTEED MINIMUM WITHDRAWAL BENEFIT
We guarantee that You may take a specified annual withdrawal amount regardless
of the Policy Value under the Guaranteed Minimum Withdrawal Benefit. The two
withdrawal guarantees under this rider are:

     "Principal Back" Withdrawal Guarantee
     You can withdraw up to the Maximum Annual Withdrawal Amount each Rider Year
     until the Minimum Remaining Withdrawal Amount is zero.

     "For Life" Withdrawal Guarantee
     Starting with the Rider Anniversary following the Annuitant's 59th
     birthday, You can withdraw up to the Maximum Annual Withdrawal Amount each
     Rider Year until the later of:
     (i)  the Annuitant's death, or
     (ii) the Minimum Remaining Withdrawal Amount is zero.

We will calculate a Maximum Annual Withdrawal Amount, Minimum Remaining
Withdrawal Amount, and Total Withdrawal Base as described below, for each of the
two withdrawal guarantees we provide and the amounts may differ.

Withdrawals will reduce the Policy Value. Once the Policy Value equals zero, You
cannot make subsequent premium payments and all other policy features, benefits
and guarantees are terminated except those provided by this rider. Withdrawals
guaranteed by this rider can be continued by selecting an amount and frequency
of payment in a manner acceptable to Us. Once the payment amount and frequency
are established, they cannot be changed.

Maximum Annual Withdrawal Amount
The Maximum Annual Withdrawal Amount that can be withdrawn each Rider Year under
this rider is equal to the sum of the Total Withdrawal Base on the most recent
Rider Anniversary plus any premiums added after that Rider Anniversary (not
including premium enhancements, if any), multiplied by the withdrawal percentage
shown on page one of this rider.

Minimum Remaining Withdrawal Amount
The Minimum Remaining Withdrawal Amount is the total minimum dollar amount of
guaranteed withdrawals You have remaining, provided withdrawals do not exceed
the Maximum Annual Withdrawal Amount each Rider Year. The Minimum Remaining
Withdrawal Amount on the Rider Date is equal to the Policy Value (less any
premium enhancements, if the rider is added in the first Policy Year). After the
Rider Date, the Minimum Remaining Withdrawal Amount is equal to the Minimum
Remaining Withdrawal Amount on the Rider Date, plus any premiums added after the
Rider Date (not including premium enhancements, if any), less any adjustments
for withdrawals described below.

Minimum Remaining Withdrawal Amount Adjustments
Gross Partial Withdrawals up to the Maximum Annual Withdrawal Amount will reduce
the Minimum Remaining Withdrawal Amount by the same amount (dollar for dollar).
Gross Partial Withdrawals in excess of the Maximum Annual Withdrawal Amount will
reduce the Minimum Remaining Withdrawal Amount pro rata. The amount of the
reduction is equal to the greater of:

     1)   the excess Gross Partial Withdrawal amount; and
     2)   the result of (A divided by B), multiplied by C, where:

          A    is the excess Gross Partial Withdrawal (the amount in excess of
               the Maximum Annual Withdrawal Amount remaining prior to the
               withdrawal);
          B    is the Policy Value after the Maximum Annual Withdrawal Amount
               has been withdrawn, but prior to the withdrawal of the excess
               amount; and
          C    is the Minimum Remaining Withdrawal Amount after the Maximum
               Annual Withdrawal Amount has been withdrawn, but prior to the
               withdrawal of the excess amount.

RGMB 2 0703 (3)

<PAGE>

ARTICLE IV CONTINUED
--------------------

Total Withdrawal Base
The Total Withdrawal Base on the Rider Date is equal to the Policy Value (less
any premium enhancements, if the rider is added within the first Policy Year).
After the Rider Date, the Total Withdrawal Base is equal to the Total Withdrawal
Base on the Rider Date, plus the full amount of any premiums added after the
Rider Date (not including premium enhancements, if any), less any adjustments
for withdrawals described below.

Total Withdrawal Base Adjustments
Gross Partial Withdrawals up to the Maximum Annual Withdrawal Amount will not
reduce the Total Withdrawal Base. Gross Partial Withdrawals in excess of the
Maximum Annual Withdrawal Amount will reduce the Total Withdrawal Base pro rata.
The amount of the reduction is equal to the greater of:

     1)   the excess Gross Partial Withdrawal amount; and
     2)   the result of (A divided by B), multiplied by C, where:

          A    is the excess Gross Partial Withdrawal (the amount in excess of
               the Maximum Annual Withdrawal Amount remaining prior to the
               withdrawal);
          B    is the Policy Value after the Maximum Annual Withdrawal Amount
               has been withdrawn, but prior to the withdrawal of the excess
               amount; and
          C    is the Total Withdrawal Base prior to the withdrawal of the
               excess amount.


                        Signed for us at Our home office.


        /s/ William H. Geiger                    /s/ Jerome C. Vahl
              SECRETARY                               PRESIDENT


RGMB 2 0703 (4)