Flexible Premium
                                                            Deferred Combination
                                                              Variable and Fixed
                                                                Annuity Contract
RELIASTAR
LIFE INSURANCE COMPANY
OF NEW YORK

A Stock Company
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
   Annuitant                  Owner
   [Thomas J. Doe]            [John Q. Doe]

--------------------------------------------------------------------------------
   Initial Premium          Annuity Option             Annuity Commencement Date
   [$10,000]                [Life 10-Year Certain]     [January 1, 2026]
--------------------------------------------------------------------------------
   Separate Account(s)                                 Contract Number
   Separate Account NY-B and the Fixed Account         [123456]
--------------------------------------------------------------------------------

This is a legal Contract  between you and us. Please read it carefully.  In this
Contract  you or your refers to the Owner shown  above.  We, our or us refers to
Reliastar  Life  Insurance  Company  of New  York.  Our home  office  is at 1000
Woodbury  Rd.,   Woodbury,   N.Y.,  11797.  You  may  allocate  this  Contract's
Accumulation Value among the Variable Separate Account,  the General Account and
the Fixed Account shown in the Schedule.

If this  Contract is in force,  we will make income  payments to you starting on
the Annuity Commencement Date as shown in the Schedule.  If you die prior to the
Annuity  Commencement Date, we will pay a death benefit to the Beneficiary.  The
amount of such benefit is subject to the terms of this Contract.

There will be  deductions  from the Separate  Account for  mortality and expense
risk as well as administrative charges. See the Schedule.

On the Annuity  Commencement  Date, if a Variable Annuity payment is chosen, you
may elect an Assumed  Interest Rate (AIR) of 3.5% or 5.0%. If the portion of any
Variable  Annuity payment for any Variable  Separate  Account Division is not to
decrease, the annuity return factor under the Separate Account for that Division
must be: (a) 4.90% on an annual basis which  includes an annual  return of up to
0.15% to offset  the  administrative  charge  set at the time  Annuity  Payments
commence,  if an AIR of 3.5% is chosen;  or (b) 6.40% on an annual  basis  which
includes an annual return of up to 0.15% to offset the administrative charge set
at the time Annuity Payments commence,  if an AIR of 5.0% is chosen.  Provisions
regarding Annuity Benefits are found at page 25.

All payments and values,  when based on the investment  experience of a Variable
Separate Account Division, may increase or decrease in dollar amount,  depending
on the Contract's  investment results. A Market Value Adjustment will be applied
to a  Fixed  Allocation  of the  Fixed  Account  upon  withdrawal,  transfer  or
application  to an Income Plan if made more than thirty days prior to such Fixed
Allocation's  Maturity  Date.  The operation of the Market Value  Adjustment may
cause  payments and values  based on the Fixed  Account to increase or decrease.
Provisions regarding the Market Value Adjustment are found on page 13.

RIGHT TO EXAMINE THIS CONTRACT:  You may return this Contract to us or the agent
through  whom you  purchased  it within  10 days  after  you  receive  it. If so
returned,  we will  treat the  Contract  as though it were  never  issued.  Upon
receipt we will promptly refund the Accumulation Value,  adjusted for any Market
Value Adjustment,  plus any charges we have deducted as of the effective date of
cancellation.




                                Secretary: /s/Paula Cludrey-Engelke
Customer Service Center
1475 Dunwoody Drive
West Chester, PA  19380         President: /s/James R. Gelder
1-800-366-0066
--------------------------------------------------------------------------------
FLEXIBLE PREMIUM DEFERRED COMBINATION VARIABLE AND FIXED ANNUITY CONTRACT
- NO DIVIDENDS

Variable  Cash  Surrender  Values while the  Annuitant  and Owner are living and
prior to the Annuity  Commencement  Date.  Death  Benefit  subject to guaranteed
minimum.  Partial  Withdrawal  Option.  Non-participating.   Investment  results
reflected in values.

RLNY-IA-1080
<PAGE>


<TABLE>
<CAPTION>
                                                   Contract Contents
------------------------------------------------------------------------------------------------------------------------

<S>                                                             <C>          <C>
The Schedule                                                                 Your Contract Benefits....................16
         Payment and Investment Information.....................3A                Cash Value Benefit
         The General Account....................................3B                Partial Withdrawal Option
         Contract Facts.........................................3C                Proceeds Payable to the Beneficiary
         Charges and Fees.......................................3D
         Income Plan Factors....................................3E           Benefit Option Packages...................18
                                                                                  Election of Benefit Option Packages
                                                                                  Description of Benefit Package I
Important Terms..................................................4                Description of Benefit Package II
                                                                                  Description of Benefit Package III
Introduction to this Contract....................................6
         The Contract                                                        Choosing an Income Plan..................25
         The Owner                                                                Annuity Benefits
         The Annuitant                                                            Annuity Commencement Date Selection
         The Beneficiary                                                          Frequency Selection
         Death of Owner                                                           The Income Plan
         Change of Owner or Beneficiary                                           The Annuity Options
Premium Payments and Allocation Changes .........................8                Payment When Named Person Dies

         Initial Premium Payment                                           Other Important Information................28
         Additional Premium Payments                                              Sending Notice to Us
         Your Right to Change Allocation of                                       Reports to Owner
           Accumulation Value                                                     Assignment - Using this Contract
         What Happens if a Variable Separate Account                              as Collateral Security
           Division is Not Available                                              Changing this Contract
         Restricted Funds                                                         Contract Changes - Applicable Tax Law
         Thresholds                                                               Misstatement of Age or Sex
         Dollar Cap                                                               Non-Participating
         Premium Threshold                                                        Contestability
         Allocation Threshold                                                     Payments We May Defer
         Thresholds - Effect on Withdrawals                                       Authority to Make Agreements
         Threshold Processing                                                     Required Note on Our Computations

How We Measure the Contract's
   Accumulation Value...........................................11
         The Variable Separate Accounts
         The General Account
         Valuation Period
         Accumulation Value
         Accumulation Value in each Division and
           Fixed Allocation
         Fixed Account
         Measurement of Investment Experience
         Charges Deducted from Accumulation Value on
           each Contract Processing Date
</TABLE>

Copies  of any  additional  Riders  and  Endorsements  are at the  back  of this
Contract.

The Schedule

The Schedule gives  specific facts about this Contract and its coverage.  Please
refer to the Schedule while reading this Contract.


RLNY-IA-1080                          2
<PAGE>




                                  The Schedule
                       Payment and Investment Information

--------------------------------------------------------------------------------
   Annuitant               Owner
   [Thomas J. Doe]         [John Q. Doe]
--------------------------------------------------------------------------------
   Annuitant's Issue Age   Annuitant's Sex            Owner's Issue Age
   [55]                    [Male]                     [35]
--------------------------------------------------------------------------------
   Initial Premium         Annuity Option             Annuity Commencement Date
   [$10,000]               [Life 10-Year Certain]     [January 1, 2026]
-------------------------------------------------------------------------------
   Contract Date           Issue Date                 Residence Status
   [January 1, 1996]       [January 1, 1996]          [New York]
--------------------------------------------------------------------------------
   Schedule Date           Benefit Option Package
   [January 1, 1996]       [III]
--------------------------------------------------------------------------------
   Separate Account(s)                                Contract Number
   Separate Account NY-B and the Fixed Account        [123456]

INITIAL INVESTMENT

Initial Premium Payment received:             [$10,000]

Your initial Accumulation Value has been invested as follows:

                                                Percentage of
          Divisions                           Accumulation Value
        [Liquid Asset                                95%
  Fixed Allocation - 1 Year]                         5%]

--------------------------------------- --------------------------------

             Total                                   100%

RLNY-IA-1080                           3A1
<PAGE>



                                  The Schedule
                 Payment and Investment Information (continued)
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
    Annuitant              Owner
    [Thomas J. Doe]        [John Q. Doe]
--------------------------------------------------------------------------------
    Initial Premium        Annuity Option              Annuity Commencement Date
    [$10,000]              [Life 10-Year Certain]      [January 1, 2026]
--------------------------------------------------------------------------------
 Separate Account(s)                                  Contract Number
 Separate Account NY-B and the Fixed Account          [123456]

ADDITIONAL PREMIUM PAYMENT INFORMATION

Except in the case of a Contract  issued as an IRA,  we will  accept  additional
Premium  Payments until either you or the Annuitant  reaches the Attained Age of
86. The minimum additional payment which may be made is $500.00.

If this  Contract  is issued  as an IRA,  no  contributions  may be made for the
taxable year in which you attain age 70 1/2 and thereafter  (except for rollover
contributions).  The minimum  additional payment which may be made to a Contract
issued as an IRA is $50.00

Any additional  payment which would cause the Contract's  Accumulation  Value to
exceed $1,000,000 requires our prior approval.

RLNY-IA-1080                          3A2
<PAGE>


                                  The Schedule
                               The General Account
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
    Annuitant             Owner
    [Thomas J. Doe]       [John Q. Doe]
--------------------------------------------------------------------------------
    Initial Premium        Annuity Option              Annuity Commencement Date
    [$10,000]              [Life 10-Year Certain]      [January 1, 2026]
--------------------------------------------------------------------------------
    Separate Account(s)                                Contract Number
    Separate Account NY-B and the Fixed Account        [123456]

General Account

Guaranteed Interest Division
A Guaranteed  Interest  Division provides an annual minimum interest rate of 3%.
At our sole discretion,  we may  periodically  declare higher interest rates for
specific Guarantee Periods.  Such rates will apply to periods following the date
of declaration. Any declaration will be by class and will be based on our future
expectations.

Limitations of Allocations
We  reserve  the  right to  restrict  allocations  into  and out of the  General
Account.  Such limits may be dollar restrictions on allocations into the General
Account or we may restrict reallocations into the General Account.

Transfers from a Guaranteed Interest Division
We  currently  require  that an amount  allocated  to a Guarantee  Period not be
transferred  until the Maturity Date, except pursuant to our published rules. We
reserve the right not to allow amounts previously  transferred from a Guaranteed
Interest  Division to the  Variable  Separate  Account  Divisions  or to a Fixed
Allocation to be transferred back to a Guaranteed Interest Division for a period
of at least six months from the date of transfer.

RLNY-IA-1080                          3B
<PAGE>



                                  The Schedule
                                 Contract Facts
--------------------------------------------------------------------------------
         Annuitant           Owner
         [Thomas J. Doe]     [John Q. Doe]

--------------------------------------------------------------------------------
         Initial Premium      Annuity Option           Annuity Commencement Date
         [$10,000]           [Life 10-Year Certain]    [January 1, 2026]
--------------------------------------------------------------------------------
         Separate Account(s)                           Contract Number
         Separate Account NY-B and the Fixed Account   [123456]

CONTRACT FACTS

Contract Processing Date
The Contract Processing Date for your Contract is [April 1] of each year.

Specially Designated Division
When a distribution is made from an investment  portfolio  underlying a Separate
Account  Division in which  reinvestment is not available,  we will allocate the
amount of the distribution to the [Liquid Asset Division] unless you specify
otherwise.

PARTIAL WITHDRAWALS
The maximum  amount that can be  withdrawn  each  Contract  Year  without  being
considered an Excess Partial  Withdrawal is described  below.  We will collect a
Surrender Charge for Excess Partial Withdrawals and a charge for any unrecovered
Premium Taxes.  In no event may a Partial  Withdrawal be greater than 90% of the
Cash Surrender Value.  After a Partial  Withdrawal,  the remaining  Accumulation
Value must be at least $100 to keep the Contract in force.

Systematic Partial  Withdrawals and Conventional  Partial Withdrawals may not be
taken in the same Contract Year.

To determine the Surrender Charge on Excess Partial Withdrawals, the withdrawals
will occur in the following order:

    (1)  The Free Amount;
    (2)  Premium Payments made seven or more years prior to the withdrawal;
    (3)  Premium Payments made less than seven years prior to withdrawal; and
    (4)  Any Remaining Accumulation Value.

Free Amounts are not treated as withdrawals of Premium  Payments for purposes of
calculating any Surrender Charge.

Conventional Partial Withdrawals
Minimum Withdrawal Amount: $100.

The maximum amount that can be taken as a Conventional  Partial  Withdrawal each
Contract Year without being considered an Excess Partial  Withdrawal is the Free
Amount, equal to 10% of the Contract's  Accumulation Value, determined as of the
date of withdrawal.  If Benefit Option Package III is elected, any percentage of
the Free  Amount  not  taken in any  Contract  Year,  calculated  as of the last
withdrawal in that year,  will  accumulate to a maximum of 30%. If Option III is
elected after the Contract Date,  this right of  accumulation  will begin on the
date Option III is elected.

Any  Conventional  Partial  Withdrawal  is subject to a Market Value  Adjustment
unless  withdrawn from a Fixed  Allocation  within 30 days prior to the Maturity
Date.

RLNY-IA-1080                         3C1
<PAGE>



                                  The Schedule
                           Contract Facts (continued)

--------------------------------------------------------------------------------
      Annuitant              Owner
      [Thomas J. Doe]        [John Q. Doe]
--------------------------------------------------------------------------------
      Initial Premium        Annuity Option           Annuity Commencement Date
      [$10,000]              [Life 10-Year Certain]   [January 1, 2026]
--------------------------------------------------------------------------------
      Separate Account(s)                             Contract Number
      [Separate Account NY-B and the Fixed Account    [123456]

Systematic Partial Withdrawals
Systematic Partial Withdrawals may be elected to commence after 28 days from the
Contract  Issue Date and may be taken on a monthly,  quarterly or annual  basis.
You select the day  withdrawals  will be made, but no later than the 28th day of
the month.  If you do not elect a day, the same day of the month as the Contract
Date will be used.

<TABLE>
<CAPTION>
Maximum Withdrawal Amounts:

<S>                                                  <C>                                  <C>
     Variable Separate Account Divisions:            .833% of Accumulation Value monthly, 2.5% of Accumulation Value
                                                     quarterly or 10% of Accumulation Value annually.

     Fixed Allocations and                           Interest earned on a Fixed Allocation or Guaranteed Interest
     Guaranteed Interest Divisions                   Division for the prior month, quarter or year (depending on the
                                                     frequency selected).
</TABLE>


The Maximum  Withdrawal Amount available as a Systematic  Partial  Withdrawal is
10%  of  Accumulation  Value  not  previously   withdrawn.   Systematic  Partial
Withdrawals from Fixed Allocations are not subject to a Market Value Adjustment.
A Systematic Partial Withdrawal in excess of the Free Amount may be subject to a
Surrender Charge.

IRA Partial Withdrawals for Qualified Plans Only
Partial  Withdrawals may be taken from a Contract issued as an IRA on a monthly,
quarterly or annual basis.  Such IRA Partial  Withdrawals will not be subject to
Surrender  Charges to the extent  that they do not  exceed  the  maximum  amount
allowed under the Systematic  Partial  Withdrawal  option or the Free Amount.  A
minimum  withdrawal of $100.00 is required.  You select the day the  withdrawals
will be made, but no later than the 28th day of the month. If you do not elect a
day,  the same day of the month as the  Contract  Date will be used.  Systematic
Partial  Withdrawals and Conventional  Partial  Withdrawals are not allowed when
IRA Partial  Withdrawals are being taken. An IRA Partial Withdrawal from a Fixed
Allocation or  Guaranteed  Interest  Division in excess of interest  credited to
such accounts may be subject to a Market Value Adjustment.

Choosing an Income Plan
Required Date of Annuity  Commencement  Distributions  from a Contract funding a
qualified  plan must  commence  no later  than  April 1st of the  calendar  year
following  the  calendar  year in which you  attain age 70 1/2.  Otherwise,  the
Annuity  Commencement  Date may be no later  than the same date as the  Contract
Processing  Date in the  month  following  the  later  of the  Annuitant's  90th
birthday  or  10  years  after  the  last  Premium  Payment.   In  applying  the
Accumulation  Value,  we may first  collect any Premium Taxes due us. If, on the
Annuity  Commencement  Date, a Surrender  Charge  remains,  your elected Annuity
Option must include a period certain of at least five years duration.

Minimum Annuity Income Payment
The minimum initial monthly annuity income payment that we will make is $50. The
minimum  total  income  payments  in any one year is $250.  We have the right to
increase these  minimums  based upon  increases  reflected in the Consumer Price
Index - Urban (CPI-U) since July 1, 1993.

RLNY-IA-1080                         3C2
<PAGE>




                                  The Schedule
                           Contract Facts (continued)
--------------------------------------------------------------------------------
         Annuitant           Owner
         [Thomas J. Doe]     [John Q. Doe]
--------------------------------------------------------------------------------
         Initial Premium      Annuity Option           Annuity Commencement Date
         [$10,000]            [Life 10-Year Certain]   [January 1, 2026]
--------------------------------------------------------------------------------
         Separate Account(s)                           Contract Number
         Separate Account NY-B and the Fixed Account   [123456]

Dollar Cost Averaging

You may elect to participate  in our Dollar Cost  Averaging  (DCA) program which
permits you to systematically transfer amounts from the [Liquid Asset Division],
or from a Fixed  Allocation  of the Fixed  Account  with a six month or one year
Guarantee  Period  (referred  to as  "Source  Accounts"),  to one or more of the
Variable Separate Account Divisions as specified by you subject to the following
provisions:

(a)      The Accumulation Value in the Source Account must be at least $1,200.
(b)      You elect the amount to be transferred.  A minimum monthly transfer
         amount of $100 is required.
(c)      The transfer date will be the same day each month as the Contract Date.
(d)      The maximum that may be transferred each month from the Liquid Asset
         Division or a six month Fixed Allocation is the Accumulation Value in
         the Source Account divided by 6.
(e)      The maximum that may be transferred each month from the Liquid Asset
         Division or a one year Fixed Allocation is the Accumulation Value in
         the Source Account divided by 12.
(f)      If, on any transfer date, the Accumulation Value in a Source Account is
         equal to or less than the amount you elected to have transferred, the
         entire amount will be transferred and the Dollar Cost Averaging program
         will end.
(g)      Amounts transferred from a Fixed Allocation are not subject to a Market
         Value Adjustment.

DCA Six Month Fixed Interest Allocation

You may also elect to participate in our Dollar Cost Averaging program available
exclusively for six month Fixed  Allocations  which permits you to automatically
transfer 100% of the Fixed Allocation's  Accumulation Value over a period not to
exceed six months,  to one or more of the Variable Separate Account Divisions as
specified by you, subject to the following provisions:

(a)      A minimum Premium Payment of $1,200 allocated to the DCA Six Month
         Fixed Allocation is required.
(b)      There is no minimum or maximum transfer amount.  100% of the
         Accumulation Value in such Fixed Allocation will be automatically
         transferred in equal monthly payments  over the six month Guarantee
         period.  During the Guarantee Period, scheduled transfers from the
         Fixed Allocation to the Variable Separate Account Divisions will
         automatically occur.
(c)      Transfers from the Variable Separate Account Divisions to a DCA Six
         Month Fixed Interest Allocation are not allowed.
(d)      A Market Value Adjustment will be applied to a Fixed Allocation upon
         withdrawal, transfer or application to an Income Plan if made more than
         thirty days prior to the Maturity Date of the Fixed Allocation.

You may terminate Dollar Cost Averaging at any time by sending us written notice
in a form satisfactory to us at least 7 days before the next scheduled transfer.

Systematic  Partial  Withdrawals are not allowed from Variable  Separate Account
Divisions or Fixed Allocations participating in Dollar Cost Averaging.

RLNY-IA-1080                          3C3
<PAGE>





                                  The Schedule
                           Contract Facts (continued)
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
    Annuitant           Owner
    [Thomas J. Doe]     [John Q. Doe]
--------------------------------------------------------------------------------
    Initial Premium     Annuity Option            Annuity Commencement Date
    [$10,000]           [Life 10-Year Certain]    [January 1, 2026]
--------------------------------------------------------------------------------
    Separate Account(s)                           Contract Number
    Separate Account NY-B and the Fixed Account   [123456]

Optional Benefit Riders
[None]



Special Funds
[None]


Restricted Funds
[None]


RLNY-IA-1080                            3C4
<PAGE>



                                  The Schedule
                           Contract Facts (continued)
--------------------------------------------------------------------------------
         Annuitant          Owner
         [Thomas J. Doe]    [John Q. Doe]
--------------------------------------------------------------------------------
         Initial Premium    Annuity Option             Annuity Commencement Date
         [$10,000]          Life 10-Year Certain]      [January 1, 2026]
--------------------------------------------------------------------------------
         Separate Account(s)                           Contract Number
         Separate Account NY-B and the Fixed Account   [123456]


FIXED ACCOUNT

Minimum Fixed Allocation
The  minimum  allocation  to the Fixed  Account in any one Fixed  Allocation  is
$250.00.

Minimum Guaranteed Interest Rate - 3%

Guarantee Periods
We currently offer Guarantee  Periods of 6 months and 1, 3, 5, 7 and 10 year(s).
We reserve the right to offer  Guarantee  Periods of durations  other than those
available on the Contract  Date.  We also reserve the right to cease  offering a
particular Guarantee Period or Periods.

Index Rate
The Index Rate is the average of the Ask Yields for the U.S.  Treasury Strips as
reported by a national quoting service for the applicable maturity.  The average
is based on the period from the 22nd day of the calendar  month two months prior
to the  calendar  month  of  Index  Rate  determination  to the  21st day of the
calendar month immediately  prior to the month of determination.  The applicable
maturity date for these U.S.  Treasury  Strips is on or next  following the last
day of the  Guarantee  Period.  If the Ask Yields are no longer  available,  the
Index Rate will be determined using a suitable  replacement  method,  subject to
prior regulatory approval.

We currently set the Index Rate once each calendar  month.  However,  we reserve
the right to set the Index Rate more  frequently  than monthly,  but in no event
will such Index Rate be based on a period less than 28 days.


RLNY-IA-1080                          3C5
<PAGE>




                                  The Schedule
                                Charges and Fees
--------------------------------------------------------------------------------
     Annuitant          Owner
     [Thomas J. Doe]    [John Q. Doe]
--------------------------------------------------------------------------------
     Initial Premium    Annuity Option              Annuity Commencement Date
     [$10,000]         [Life 10-Year Certain]       [January 1, 2026]
--------------------------------------------------------------------------------
     Separate Account(s)                            Contract Number
     Separate Account NY-B and the Fixed Account    [123456]

Deductions from Premiums

None

Deductions from Accumulation Value

Initial Administrative Charge
None

Administrative Charge
We charge a  maximum  of $30 to cover a portion  of our  ongoing  administrative
expenses  for each  Contract  Processing  Period.  The charge is incurred at the
beginning  of the  Contract  Processing  Period  and  deducted  on the  Contract
Processing Date at the end of the period.

At the time of deduction, this charge will be waived if:
(1)      The Accumulation Value is at least $50,000; or
(2)      The sum of premiums paid to date is at least $50,000

Excess Allocation Charge

$25. We reserve the right to waive this  charge.  Any charge will be deducted in
proportion to the amount being transferred from each Division.

Surrender Charge
A  Surrender  Charge is  imposed  as a  percentage  of  premium  not  previously
withdrawn if the Contract is  surrendered  or an Excess  Partial  Withdrawal  is
taken. The percentage  imposed at time of surrender or Excess Partial Withdrawal
depends  on the  number of  complete  years  that have  elapsed  since a Premium
Payment was made. The Surrender Charge expressed as a percentage of each Premium
Payment is as follows:

<TABLE>
<CAPTION>
<S>                                <C>     <C>      <C>      <C>      <C>      <C>     <C>      <C>
Complete Years Elapsed
Since Premium Payment               0       1        2        3        4        5       6        7+
Surrender Charges                   7%      6%       5%       4%       3%       2%      1%       0%
</TABLE>


Waiver of Surrender Charge

We will waive any Surrender Charge incurred due to a surrender or Excess Partial
Withdrawal  in the event you are subject to Qualified  Extended  Medical Care or
suffer from a Qualifying  Terminal  Illness  subject to the provisions  outlined
below:

   Extended Medical Care
   To qualify for this waiver, you must first begin receiving Qualified Extended
   Medical Care on or after the first Contract Anniversary for at least 45 days
   during any continuous sixty-day period, and your request for the surrender
   or withdrawal, together with written proof of such Qualified Extended Medical
   Care, must be received at our Customer Service Center during the term of such
   care or within ninety days after the last day upon which you received such
   care.


RLNY-IA-1080                               3D1
<PAGE>



                                  The Schedule
                          Charges and Fees (continued)

--------------------------------------------------------------------------------
         Annuitant           Owner
         [Thomas J. Doe]     [John Q. Doe]
--------------------------------------------------------------------------------
         Initial Premium     Annuity Option            Annuity Commencement Date
         [$10,000]          [Life 10-Year Certain]     [January 1, 2026]
--------------------------------------------------------------------------------
        Separate Account(s)                            Contract Number
        Separate Account NY-B and the Fixed Account    [123456]

          "Qualified  Extended  Medical Care" means  confinement  in a Qualified
          Licensed Hospital or Nursing Care Facility  prescribed by a Qualifying
          Medical Professional.

          "Qualifying  Licensed  Hospital  or  Nursing  Care  Facility"  means a
          state-licensed hospital or state-licensed skilled or intermediate care
          nursing  facility at which  medical  treatment is available on a daily
          basis;  and daily medical records are kept on each patient.  This does
          not  include a facility  whose  purpose is to provide  accommodations,
          board or personal care services to individuals who do not need medical
          or nursing care; nor a place mainly for rest.

          "Qualifying   Medical    Professional"   means   a   legally-qualified
          practitioner of the healing arts who is acting within the scope of his
          or her  license;  is not a resident of your  household  or that of the
          Annuitant;  and is not  related  to you or the  Annuitant  by blood or
          marriage.

          Terminal Illness
          To  qualify  for  this  waiver,  you  must  be  first  diagnosed  by a
          Qualifying  Medical  Professional,  on or  after  the  first  Contract
          Anniversary, as having a Qualifying Terminal Illness. Written proof of
          terminal  illness  satisfactory to us must be received at our Customer
          Service  Center.  We reserve the right to require an  examination by a
          physician of our choice.

          "Qualifying Terminal Illness" means an illness or accident, the result
          of which  results in a life  expectancy  of twelve  months or less, as
          measured from the date of diagnosis.

          To qualify for Waiver of Surrender Charge,  written proof satisfactory
          to us must be  submitted  to our Customer  Service  Center and,  where
          applicable, be attested to by a Qualified Medical Professional.

Premium Taxes
We deduct the amount of any premium or other state and local taxes levied by any
state or governmental entity when such taxes are incurred.

We reserve the right to defer  collection  of Premium  Taxes until  surrender or
until application of Accumulation  Value to an Annuity Option. An Excess Partial
Withdrawal  will result in the  deduction of any Premium Tax then due us on such
amount.  We reserve  the right to change the  amount we charge for  Premium  Tax
charges on future Premium  Payments to conform with changes in the law or if you
change your state of residence.

RLNY-IA-1080                          3D2
<PAGE>



                                  The Schedule
                          Charges and Fees (continued)
--------------------------------------------------------------------------------
         Annuitant            Owner
         [Thomas J. Doe]      [John Q. Doe]
--------------------------------------------------------------------------------
         Initial Premium      Annuity Option           Annuity Commencement Date
         [$10,000]            [Life 10-Year Certain]    [January 1, 2026]
--------------------------------------------------------------------------------
         Separate Account(s)                           Contract Number
         Separate Account NY-B and the Fixed Account   [123456]


Deductions from the Divisions

Mortality  and Expense  Risk Charge - We deduct a charge from the assets in each
Variable  Separate  Account  Division on a daily basis for mortality and expense
risks.  The charge is not  deducted  from the Fixed  Account or General  Account
values.  Prior to the Annuity  Commencement Date, the Mortality and Expense Risk
Charge varies by Benefit Option Package selected by you, as follows:

<TABLE>
<CAPTION>
             <S>                             <C>                            <C>
              ------------------------------ ------------------------------ ---------------------------------
                     Benefit Option                The Maximum Daily        Equivalent to an Annual Maximum
                    Package Selected:                  Charge Is:                       Rate of:
              ------------------------------ ------------------------------ ---------------------------------
              ------------------------------ ------------------------------ ---------------------------------
                            I                         [0.002892%]                       [1.05%]
              ------------------------------ ------------------------------ ---------------------------------
              ------------------------------ ------------------------------ ---------------------------------
                           II                         [0.003446%]                       [1.25%]
              ------------------------------ ------------------------------ ---------------------------------
              ------------------------------ ------------------------------ ---------------------------------
                           III                        [0.003863%]                       [1.40%]
              ------------------------------ ------------------------------ ---------------------------------
</TABLE>


After the Annuity  Commencement  Date,  the maximum daily  Mortality and Expense
Risk  Charge  will be  [0.004141%]  (equivalent  to an  annual  maximum  rate of
[1.50%]), regardless of Benefit Option Package.

Asset  Based  Administrative  Charge  - We  deduct a  charge  of not  more  than
[0.000411%] of the assets in each Variable  Separate Account Division on a daily
basis  (equivalent  to an annual maximum rate of [0.15%]) to compensate us for a
portion of our ongoing administrative expenses. This charge is not deducted from
the Fixed Account or General Account values.

Charge Deduction Division

If elected by you, all charges against the  Accumulation  Value in this Contract
will be deducted from the [Liquid Asset Division].


RLNY-IA-1080                            3D3
<PAGE>


                                  The Schedule
                               Income Plan Factors
--------------------------------------------------------------------------------
         Annuitant          Owner
         [Thomas J. Doe]    [John Q. Doe]
--------------------------------------------------------------------------------
         Initial Premium    Annuity Option             Annuity Commencement Date
         [$10,000]          [Life 10-Year Certain]             [January 1, 2026]
--------------------------------------------------------------------------------
         Separate Account(s)                           Contract Number
         Separate Account NY-B and the Fixed Account   [123456]

Values for other payment periods,  ages or joint life combinations are available
on request.  Monthly  payments  are shown for each $1,000  applied  based on the
Annuity 2000 Mortality Table.

<TABLE>
<CAPTION>
                                          Option 1: Income for a Fixed Period

---------------------------------------------------------------------------------------------------------------------------
                           Rates for Fixed Annuity Payments with a 3% Guaranteed Interest Rate
---------------------------------------------------------------------------------------------------------------------------
      <S>                    <C>                  <C>                  <C>                  <C>                  <C>
      Years                  Income               Years                Income               Years                Income

        5                    17.95                  14                  7.28                  23                  5.00
        6                    15.18                  15                  6.89                  24                  4.85
        7                    13.20                  16                  6.54                  25                  4.72
        8                    11.71                  17                  6.24                  26                  4.60
        9                    10.56                  18                  5.98                  27                  4.49
        10                     9.64                 19                  5.74                  28                  4.38
        11                     8.88                 20                  5.53                  29                  4.28
        12                     8.26                 21                  5.33                  30                  4.19
        13                     7.73                 22                  5.16
</TABLE>

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------
                       Rates for Variable Annuity Payments with a 3.5% Assumed Interest Rate (AIR)
---------------------------------------------------------------------------------------------------------------------------
      <S>                    <C>                  <C>                  <C>                  <C>                  <C>
      Years                  Income               Years                Income               Years                Income

        5                    18.17                  14                  7.51                  23                  5.25
        6                    15.39                  15                  7.12                  24                  5.11
        7                    13.41                  16                  6.78                  25                  4.98
        8                    11.93                  17                  6.48                  26                  4.86
        9                    10.78                  18                  6.22                  27                  4.75
        10                    9.86                  19                  5.98                  28                  4.64
        11                    9.11                  20                  5.77                  29                  4.55
        12                    8.49                  21                  5.58                  30                  4.46
        13                    7.96                  22                  5.41
</TABLE>

<TABLE>

<CAPTION>
---------------------------------------------------------------------------------------------------------------------------
                        Rates for Variable Annuity Payments with a 5% Assumed Interest Rate (AIR)
---------------------------------------------------------------------------------------------------------------------------
      <S>                    <C>                  <C>                  <C>                  <C>                  <C>
      Years                  Income               Years                Income               Years                Income

        5                    18.82                  14                  8.23                  23                  6.04
        6                    16.05                  15                  7.85                  24                  5.91
        7                    14.08                  16                  7.52                  25                  5.78
        8                    12.61                  17                  7.23                  26                  5.67
        9                    11.46                  18                  6.97                  27                  5.56
        10                   10.55                  19                  6.74                  28                  5.47
        11                    9.81                  20                  6.54                  29                  5.38
        12                    9.19                  21                  6.36                  30                  5.30
        13                    8.67                  22                  6.19

</TABLE>



RLNY-IA-1080                            3E1
<PAGE>



                                  The Schedule
                         Income Plan Factors (continued)
--------------------------------------------------------------------------------
         Annuitant          Owner
         [Thomas J. Doe]    [John Q. Doe]
--------------------------------------------------------------------------------
         Initial Premium    Annuity Option             Annuity Commencement Date
         [$10,000]          [Life 10-Year Certain]             [January 1, 2026]
--------------------------------------------------------------------------------
         Separate Account(s)                           Contract Number
         Separate Account NY-B and the Fixed Account   [123456]

<TABLE>
<CAPTION>
                                      Option 2: Income for Life (Single Annuitant)
----------------------------------------------------------------------------------------------------------------------------
                            Rates for Fixed Annuity Payments with a 3% Guaranteed Interest Rate
----------------------------------------------------------------------------------------------------------------------------
<S>                                       <C>                                 <C>                                <C>
                                   Option 2(b)                         Option 2(b)                        Option 2(c)
  Adjusted Age                   10 Years Certain                   20 Years Certain                    Refund Certain
                                   Male/Female                         Male/Female                        Male/Female

       50                           $4.06/3.83                         $3.96/3.77                         $3.93/3.75
       55                           4.43/4.14                           4.25/4.05                          4.25/4.03
       60                           4.90/4.56                           4.57/4.37                          4.66/4.40
       65                           5.51/5.10                           4.90/4.73                          5.12/4.83
       70                           6.26/5.81                           5.18/5.07                          5.76/5.42
       75                           7.11/6.70                           5.38/5.33                          6.58/6.19
       80                           7.99/7.70                           5.48/5.46                          7.69/7.21
       85                           8.72/8.59                           5.52/5.51                          8.72/8.59
       90                           9.23/9.18                           5.53/5.53                         10.63/10.53
</TABLE>


<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------
                        Rates for Variable Annuity Payments with a 3.5% Assumed Interest Rate (AIR)
----------------------------------------------------------------------------------------------------------------------------
<S>                                       <C>                                 <C>
                                   Option 2(b)                         Option 2(b)
  Adjusted Age                   10 Years Certain                   20 Years Certain
                                   Male/Female                         Male/Female

       50                           4.36/4.12                           4.25/4.06
       55                           4.72/4.43                           4.53/4.33
       60                           5.18/4.84                           4.84/4.64
       65                           5.79/5.37                           5.16/4.99
       70                           6.53/6.08                           5.44/5.33
       75                           7.38/6.96                           5.62/5.58
       80                           8.23/7.95                           5.72/5.71
       85                           8.96/8.83                           5.76/5.76
       90                           9.46/9.41                           5.77/5.77
</TABLE>



<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------
                         Rates for Variable Annuity Payments with a 5% Assumed Interest Rate (AIR)
----------------------------------------------------------------------------------------------------------------------------
<S>                                       <C>                                 <C>
                                   Option 2(b)                         Option 2(b)
  Adjusted Age                   10 Years Certain                   20 Years Certain
                                   Male/Female                         Male/Female

       50                           5.28/5.04                           5.15/4.98
       55                           5.62/5.33                           5.41/5.22
       60                           6.06/5.72                           5.69/5.50
       65                           6.65/6.23                           5.98/5.82
       70                           7.36/6.91                           6.23/6.13
       75                           8.17/7.77                           6.40/6.36
       80                           9.00/8.72                           6.49/6.48
       85                           9.69/9.56                           6.53/6.53
       90                          10.17/10.12                          6.54/6.54
</TABLE>




RLNY-IA-1080                             3E2
<PAGE>





RLNY-IA-1080
<PAGE>




                                 Important Terms
--------------------------------------------------------------------------------

Accumulation Value - The amount that a Contract provides for investment at any
       time.  Initially, this amount is equal to the premium paid.

Annuitant - The person designated by you to be the measuring life in determining
       Annuity Payments.

Annuity Commencement Date - For each Contract, the date on which Annuity
       Payments begin.

Annuity Options - Options you select that determine the form and amount of
       Annuity Payments.

Annuity Payment - The periodic payment you receive.

Attained Age- Your age, or that of the Annuitant, on the Contract Issue Date
       plus the number of full years elapsed since the Contract Date.

Beneficiary - The person designated to receive benefits in the case of your
      death.

Business Day - Any day the New York Stock Exchange ("NYSE") is open for trading,
       exclusive of federal holidays, or any day on which the Securities and
       Exchange Commission ("SEC") requires that mutual funds, unit investment
       trusts or other investment portfolios be valued.

Cash Surrender Value - The amount you receive upon surrender of the Contract.

Contract Anniversary - The anniversary of the Contract Date.

Contract Date - The date we received the initial premium and upon which we begin
      determining the Contract values.  It may not be the same as the Contract
      Issue Date.  This date is used to determine Contract months, processing
      dates, years, and anniversaries.

Contract Issue Date - The date the Contract is issued at our Customer Service
      Center.

Contract Processing Dates - The days when we deduct certain charges from the
     Accumulation Value.  If the Contract Processing Date is not a Valuation
     Date, it will be on the next succeeding Valuation Date.  The Contract
     Processing Date will be on the Contract Anniversary of each year.

Contract Processing Period - The period between successive Contract Processing
     Dates unless it is the first Contract Processing Period.
     In that case, it is the period from the Contract Date to the first Contract
     Processing Date.

Contract Year - The period between Contract Anniversaries.

Charge Deduction Division - The Division from which all charges are deducted
     if so designated or elected by you.

Contingent Annuitant - The person designated by you who, upon the Annuitant's
     death prior to the Annuity Commencement Date, becomes the Annuitant.

Dollar Cost Averaging -  A program that permits systematic transfer of amounts
     from the [Liquid Asset Division] or Fixed Allocations of the Fixed Account
     to one or more of the Variable Separate Account Divisions specified by you.

Experience Factor - The factor which reflects the investment experience of the
     portfolio in which a Variable Separate Account Division invests and also
     reflects the charges assessed against the Division for a Valuation Period.



RLNY-IA-1080                           4
<PAGE>

                           Important Terms (continued)
--------------------------------------------------------------------------------

Fixed Account - This is the Separate Account established to support Fixed
     Allocations.

Fixed Allocation - An amount allocated to the Fixed Account that is credited
      with a Guaranteed Interest Rate for a specified Guarantee Period.

Guarantee Period - The period of years a rate of interest is guaranteed to be
     credited to a Fixed Allocation or allocations to a Guaranteed Interest
     Division.

Guaranteed Interest Division - An investment option available in the General
     Account, an account which contains all of our assets other than those
     held in our Separate Accounts.

Guaranteed Interest Rate - The effective annual interest rate which we will
    credit for a specified Guarantee Period.

Guaranteed Minimum Interest Rate - The minimum interest rate which can be
    declared by us for Fixed Allocations or Guaranteed Interest Divisions.
    The Guaranteed Minimum Interest Rate is an effective annual rate of 3.0%

Index of Investment Experience - The index that measures the performance of a
    Variable Separate Account Division.

Initial Premium - The payment amount required to put each Contract in effect.

Issue Age - Your age, or age of the Annuitant on the last birthday on or before
    the Contract Date.

Market Value Adjustment - A positive or negative adjustment to a Fixed
     Allocation.  It may apply if all or part of a Fixed Allocation is
     withdrawn, transferred, or applied to an Annuity Option prior to the end
     of the Guarantee Period.

Maturity Date - The date on which a Guarantee Period matures.

Owner - The person who owns a Contract and is entitled to exercise all rights of
     the Contract.  This person's death also initiates payment of the Death
     Benefit.  "You" and "Your" refer to the Owner.

Riders - Riders add provisions or change the terms of the Contract.

Schedule Date - The date on which the Benefit Option Package takes effect.
     On the Contract Issue Date, the Schedule Date is the same as the Contract
     Date.  Thereafter, if you elect to replace the then current Benefit Option
     Package with another available Benefit Option Package, the Schedule Date
     will be the effective date of the change.

Specially Designated Division - Distributions from a portfolio underlying a
     Division in which reinvestment is not available will be allocated to
     this Division unless you specify otherwise.

Valuation Date - The day at the end of  a Valuation Period when each Division
     is valued.

Valuation Period - Each business day together with any non-business days before
     it.

Variable Separate Account Division - An investment option available in the
     Variable Separate Account shown in the Schedule.

RLNY-IA-1080                           5
<PAGE>



                          Introduction to this Contract
--------------------------------------------------------------------------------

The Contract

This is a legal  Contract  between you and us. We provide  benefits as stated in
this  Contract.  In  return,  you  supply us with the  Initial  Premium  Payment
required to put this Contract in effect.

This Contract,  together with any attached Application,  Riders or Endorsements,
constitutes  the entire  Contract.  Riders and  Endorsements  add  provisions or
change the terms of the basic Contract.

The Owner

You are the Owner of this  Contract.  You are also the Annuitant  unless another
Annuitant  has been  named by you and is  shown  in the  Schedule.  You have the
rights and options described in this Contract,  including but not limited to the
right to receive the Annuity Benefits on the Annuity Commencement Date.

One or more people may own this  Contract.  If there are multiple  Owners named,
the age of the  oldest  Owner will be used to  determine  the  applicable  Death
Benefit. In the case of a sole Owner who dies prior to the Annuity  Commencement
Date, we will pay the  Beneficiary the Death Benefit then due. If the sole Owner
is not an  individual,  we will treat the  Annuitant as Owner for the purpose of
determining  when the Owner dies under the Death Benefit  provision (if there is
no Contingent Annuitant),  and the Annuitant's age will determine the applicable
Death Benefit  payable to the  Beneficiary.  The sole Owner's estate will be the
Beneficiary  if no Beneficiary  designation  is in effect,  or if the designated
Beneficiary  has  predeceased  the  Owner.  In the case of a joint  Owner of the
Contract dying prior to the Annuity  Commencement  Date, the surviving  Owner(s)
will be deemed to be the  Beneficiary(ies)  and any  other  Beneficiary(ies)  on
record will be treated as the contingent Beneficiary(ies).

The Annuitant

The Annuitant is the measuring life of the Annuity Benefits  provided under this
Contract. You may name a Contingent Annuitant.  The Annuitant may not be changed
during the Annuitant' s lifetime.

If the  Annuitant  dies before the Annuity  Commencement  Date,  the  Contingent
Annuitant becomes the Annuitant. You will be the Contingent Annuitant unless you
name someone else. The Annuitant must be a natural person. If the Annuitant dies
and no  Contingent  Annuitant  has been  named,  we will allow you sixty days to
designate  someone other than  yourself as an  Annuitant.  If all Owners are not
individuals  and,  through the  operation of this  provision,  an Owner  becomes
Annuitant, we will pay the death proceeds to the Beneficiary. If there are joint
Owners,  we will treat the  youngest of the Owners as the  Contingent  Annuitant
designated, unless you elect otherwise.

Death of Owner

Death of Owner On Or After Annuity Commencement Date
If any Owner  dies on or after the  Annuity  Commencement  Date but prior to the
time the entire  interest in the Contract has been  distributed,  the  remaining
portion  will be  distributed  at  least  as  rapidly  as under  the  method  of
distribution being used as of the date of the Owner's death

Death of Owner Prior to Annuity Commencement Date
If any Owner dies prior to the Annuity Commencement Date, the entire interest in
the  Contract  will be  distributed  within five years after the Owner's  death.
However,  this distribution  requirement will be considered  satisfied as to any
portion of the Owner's  interest in the Contract  which is payable to or for the
benefit of a Designated  Beneficiary and which will be distributed over the life
of such  Designated  Beneficiary or over a period not extending  beyond the life
expectancy of that Designated  Beneficiary,  provided such  distributions  begin
within one year of the Owner's death.


RLNY-IA-1080                          6
<PAGE>


--------------------------------------------------------------------------------
                    Introduction to this Contract (continued)
--------------------------------------------------------------------------------

If the Designated Beneficiary is the surviving spouse of the deceased Owner, the
Contract  may be  continued  in the  name  of the  spouse  as  Owner  and  these
distribution rules are applied by treating the spouse as the Owner.  However, on
the death of the surviving spouse,  this provision  regarding spouses may not be
used again

If any Owner is not an individual,  the death or change (where permitted) of the
Annuitant will be treated as the death of an Owner.

The Designated  Beneficiary is the person entitled to ownership rights under the
Contract.  Thus,  where no death  benefit  has become  payable,  the  Designated
Beneficiary,  for the purposes of applying this  section,  will be the Owner(s).
Where a death benefit has become payable,  the Designated  Beneficiary,  for the
purposes  of  applying  this  section,  is the  person(s)  entitled to the death
benefit, generally the Beneficiary or surviving Owners, as appropriate. Upon the
death of any Owner, the Designated  Beneficiary will become the Owner and, if an
individual, will become the Annuitant.

An Owner may notify us as to the manner of payment  under this  section.  If the
Owner has not notified us prior to his or her death, the Designated  Beneficiary
under the Contract may notify us.

If anything in this contract  conflicts  with the  foregoing  Death of the Owner
provisions,  those  provisions  will control.  The foregoing  death of the Owner
provisions  and this  Contract,  will,  in all events,  be construed in a manner
consistent with Section 72(s) of the Internal Revenue Code.

The Beneficiary

The  Beneficiary  is the person to whom we pay death  proceeds if any Owner dies
prior to the Annuity  Commencement Date. See Proceeds Payable to the Beneficiary
for more information.  We pay death proceeds to the primary  Beneficiary (unless
there are joint Owners in which case the Death  Benefit  proceeds are payable to
the surviving  Owner).  If the primary  Beneficiary  dies before the Owner,  the
death  proceeds are paid to the Contingent  Beneficiary,  if any. If there is no
surviving Beneficiary, we pay the death proceeds to the Owner's estate.

One  or  more  persons  may  be  named  as  primary  Beneficiary  or  contingent
Beneficiary.  In the case of more than one Beneficiary, we will assume any death
proceeds are to be paid in equal shares to the surviving Beneficiaries.  You can
specify other than equal shares.

You have the right to change  Beneficiaries,  unless you  designate  the primary
Beneficiary  irrevocable.  When an irrevocable  Beneficiary has been designated,
you and the  irrevocable  Beneficiary  may have to act  together to exercise the
rights and options under this Contract.

When  naming or  changing  the  Beneficiary(ies),  you may  specify  the form of
payments of the Death  Benefits.  We will honor the specified form of payment to
the extent  permitted  under Section 72(s) of the Internal  Revenue Code. If the
form of payment is not specified,  the Beneficiary(ies) may determine the manner
of payment, to the extent allowed by the Code.

Change of Owner or Beneficiary

During  your  lifetime  and while this  Contract  is in effect you can  transfer
ownership  of this  Contract  or change  the  Beneficiary.  To make any of these
changes, you must send us written notice of the change in a form satisfactory to
us. If there are joint  Owners,  both must agree to the change.  The change will
take  effect as of the day the notice is signed.  The change will not affect any
payment made or action taken by us before  recording  the change at our Customer
Service Center. A Change of Owner may affect the amount of Death Benefit payable
under this  Contract.  See Proceeds  Payable to  Beneficiary  and Benefit Option
Packages.

RLNY-IA-1080                             7
<PAGE>



--------------------------------------------------------------------------------
                     Premium Payments and Allocation Changes
--------------------------------------------------------------------------------

Initial Premium Payment

The Initial  Premium  Payment is required  to put this  Contract in effect.  The
amount of the Initial Premium Payment is shown in the Schedule.

Additional Premium Payments

You may make  additional  Premium  Payments under this Contract after the end of
the Right to Examine period.  Restrictions on additional Premium Payments,  such
as the Attained Age of the  Annuitant or Owner and the timing and amount of each
payment, are shown in the Schedule.  We reserve the right to defer acceptance of
or to return any additional Premium Payments.

As of the date we receive and accept your additional Premium Payment:

     (1) The  Accumulation  Value will  increase  by the  amount of the  Premium
         Payment less any premium deductions as shown in the Schedule.

     (2) The  increase in the  Accumulation  Value will be  allocated  among the
     Divisions  of  the  Variable  Separate  Account  and  General  Account  and
     allocations to the Fixed Account in accordance with your  instructions.  If
     you  do not  provide  such  instructions,  allocation  will  be  among  the
     Divisions  of  the  Variable  Separate  Account  and  General  Account  and
     allocations   to  the  Fixed   Account  in  proportion  to  the  amount  of
     Accumulation Value in each Division or Fixed Allocation.

Where to Make Payments
Remit the Premium  Payments to our Customer  Service Center at the address shown
on the  cover  page.  On  request  we will  give  you a  receipt  signed  by our
treasurer.

Your Right to Change Allocation of Accumulation Value

You may change the allocation of the Accumulation Value among the Divisions, the
General  Account  and the Fixed  Account  after the end of the Right to  Examine
period. Prior to the Annuity Commencement Date,  allocation changes in excess of
twelve in any  Contract  Year are  subject  to the Excess  Allocation  Charge as
stated in the Schedule.  To make an allocation  change, you must provide us with
satisfactory  notice at our Customer Service Center. The change will take effect
when we receive the notice.  An allocation from the Fixed Account may be subject
to a Market Value Adjustment.

What Happens if a Variable Separate Account Division is Not Available

When a  distribution  is made from an  investment  portfolio  supporting  a unit
investment  trust  Separate  Account  Division  in  which  reinvestment  is  not
available,  we  will  allocate  the  distribution  to the  Specially  Designated
Division shown in the Schedule unless you specify otherwise.

Such a distribution may occur when an investment  portfolio or Division matures,
when  distribution  from a portfolio  or Division  cannot be  reinvested  in the
portfolio  or Division due to the  unavailability  of  securities,  or for other
reasons.  When this occurs  because of maturity,  we will send written notice to
you thirty days in advance of such date.  To elect an  allocation  to other than
the  Specially  Designated  Division  shown in the  Schedule,  you must  provide
satisfactory  notice to us at least seven days prior to the date the  investment
matures.  Such  allocations  will not be counted as an allocation  change of the
Accumulation Value for purposes of the number of free allocations permitted.


RLNY-IA-1080                               8
<PAGE>




               Premium Payments and Allocation Changes (continued)
--------------------------------------------------------------------------------
Restricted Funds

Restricted  Funds are  subject to limits as to amounts  which may be invested or
transferred  into such Divisions.  The designation of a Division as a Restricted
Fund may be  changed  upon 30 days  notice  to the Owner  with  regard to future
transfers and Premium  Payments into such Division.  When a new Division is made
available it may be designated as a Restricted Fund.  Restricted  Funds, if any,
are  shown  in  the  Schedule.  If  so  designated,   the  rules  regarding  its
restrictions  will be sent to you.  Applicable  total Contract  limits are shown
below.

Restricted Fund Limits

            Maximum
        Allocation % of             Maximum
      Accumulation Value           Premium %          Dollar Cap
              30%                   99.999%           $9,999,999


Thresholds

Each  Restricted  Fund  has one or more  thresholds  at which  point no  further
amounts may be  allocated  to that  Division.  Compliance  with a  threshold  is
verified  whenever  there is a  transaction  initiated  which is subject to such
threshold (Premium Payments, transfers,  withdrawals). A threshold is applied to
the total Accumulation Value of each Restricted Fund.  Thresholds may be changed
by us for new premiums,  transfers or withdrawals by Restricted Fund upon 30 day
notice.

Dollar Cap

The Dollar Cap is the dollar amount at which no further  Accumulation  Value may
be added to Restricted Funds.

Premium Threshold

The threshold  for premium by  Restricted  Fund limits the amount of any premium
which may be allocated to that  Division.  Should a request for  allocation to a
Restricted  Fund  exceed  the  limit  in  effect  for that  Division  or for the
Contract,  any  excess  over  that  amount  shall be  allocated  prorata  to any
non-Restricted  Fund(s)  in which the  Contract  is then  invested.  Should  the
Contract  not be  invested  in other  non-Restricted  Funds,  the excess will be
invested  in  the  Specially  Designated  Division  unless  we  receive  written
instructions  to  do  otherwise.  Premium  allocations  must  also  satisfy  the
Allocation Threshold.

Allocation Threshold

Allocations  into a  Restricted  Fund are  limited to that  amount such that the
Accumulation Value in that Restricted Fund after such allocation does not exceed
the threshold for that Division and does not cause the Contract's total limit on
allocation  to Restricted  Funds to be exceeded.  If the amount of an allocation
would cause either limit to be exceeded, the allocation will only be executed to
the extent the lower limit would allow.

Allocations  from a Restricted Fund will be allowed even if the amount remaining
in the Restricted Fund after an allocation exceeds the Allocation Threshold.  If
a program of  allocations  over time is  authorized by us,  verification  of the
threshold will be performed at the  initiation of such program.  If such program
is modified at a later date, a testing of thresholds will be done at that time.


RLNY-IA-1080                         9
<PAGE>




               Premium Payments and Allocation Changes (continued)
--------------------------------------------------------------------------------

Thresholds - Effect on Withdrawals

If a  withdrawal  is  requested  while any  Accumulation  Value is  allocated to
Restricted Funds and the Allocation  Threshold percentage is currently exceeded,
the percentage for funds  invested in Restricted  Funds for the total  Contract,
after  taking into account the  withdrawal,  may not be higher than prior to the
withdrawal.  Should the  calculated  effect of a withdrawal  result in the total
Contract threshold being exceeded,  the excess portion of the withdrawal will be
processed prorata from all Variable Divisions. Systematic withdrawals, while the
Contract has investments in Restricted  Funds, if not withdrawn prorata from all
Divisions,  shall be monitored annually to assure threshold  compliance.  Should
the effect of such withdrawals  cause a Restricted Fund to exceed its threshold,
the Divisions from which the withdrawals are processed may be adjusted to assure
that the  percentage  of  Accumulation  Value in the  Restricted  Funds does not
increase.

Threshold Processing

For the purpose of calculating any thresholds, the values for the Divisions will
be determined using the prior day's closing Index of Investment Experience.

RLNY-IA-1080                           10
<PAGE>


--------------------------------------------------------------------------------
                How We Measure the Contract's Accumulation Value
--------------------------------------------------------------------------------

The  variable   Annuity  Benefits  under  this  Contract  are  provided  through
investments which may be made in our Separate Accounts.

The Variable Separate Account

The Separate Account is a unit investment trust Separate  Account,  organized in
and governed by the laws of the State of New York,  our state of  Domicile.  The
Separate  Account is divided  into  Divisions,  each of which is  available  for
investment under this Contract.

The Variable  Separate Account is kept separate from our General Account and any
other  Separate  Accounts we may have.  It is used to support  Variable  Annuity
Contracts and may be used for other  purposes  permitted by applicable  laws and
regulations. We own the assets in the Variable Separate Account. Assets equal to
the reserves and other  liabilities of the Variable Separate Account will not be
charged with liabilities  that arise from any other business we conduct.  Income
and realized and unrealized gains or losses from assets in the Variable Separate
Account are credited to or charged  against the account  without regard to other
income, gains or losses in our other investment accounts.

The Variable  Separate  Account  will invest in mutual  funds,  unit  investment
trusts and other  investment  portfolios  which we  determine to be suitable for
this Contract's  purposes.  The Variable  Separate  Account is treated as a unit
investment  trust under  Federal  securities  laws.  It is  registered  with the
Securities and Exchange  Commission  ("SEC") under the Investment Company Act of
1940. The Variable  Separate Account is also governed by state law as designated
above. The trusts may offer non-registered series.

Variable  Separate  Account  Divisions A unit investment  trust Separate Account
includes Divisions,  each investing in a designated  investment  portfolio.  The
Divisions and the investment  portfolios designated may be managed by a separate
investment adviser. Such adviser may be registered under the Investment Advisers
Act of 1940.

Changes within the Variable Separate Account

We may, from time to time, make additional  Variable  Separate Account Divisions
available to you. These  Divisions will invest in investment  portfolios we find
suitable for this Contract. We also have the right to eliminate Divisions from a
Variable Separate  Account,  to combine two or more Divisions or to substitute a
new portfolio for the portfolio in which a Division invests.  A substitution may
become  necessary if, in our  judgment,  a portfolio or Division no longer suits
the  purpose  of this  contract.  This may  happen  due to a  change  in laws or
regulations, or a change in a portfolio's investment objectives or restrictions,
or because the portfolio or Division is no longer  available for investment,  or
for some other reason. We will obtain any required  regulatory  approvals before
making such a substitution.

Subject to any required regulatory  approvals,  we reserve the right to transfer
assets of the Variable Separate Account which we determine to be associated with
the class of  contracts  to which this  contract  belongs,  to another  Variable
Separate Account or Division.

When permitted by law, we reserve the right to:

     (1) deregister a Variable Separate Account under the Investment Company Act
         of 1940;
     (2) operate a Variable Separate Account as a management company under the
         Investment Company Act of 1940, if it is operating as a unit investment
         trust;
     (3) operate a Variable Separate Account as a unit investment trust under
         the Investment Company Act of 1940, if it is operating as a managed
         Variable Separate Account;
     (4) restrict or eliminate any voting rights of Owners, or other persons wh
         have voting rights to a Variable Separate Account; and
     (5) combine a Variable Separate Account with other Variable Separate
         Accounts.

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          How We Measure the Contract's Accumulation Value (continued)
--------------------------------------------------------------------------------

The General Account

The General  Account  contains all assets of the Company other than those in the
Separate Accounts we establish.  The Guaranteed Interest Divisions available for
investment  are shown in the Schedule.  We may,  from time to time,  offer other
Divisions where assets are held in our General Account.

Valuation Period

Each Division and Fixed  Allocation  will be valued at the end of each Valuation
Period on a Valuation  Date.  A Valuation  Period is each  Business Day together
with any  non-Business  Days  before it. A Business  Day is any day the New York
Stock Exchange  (NYSE) is open for trading,  and the SEC requires  mutual funds,
unit  investment   trusts,  or  other  investment   portfolios  to  value  their
securities.

Accumulation Value

The Accumulation Value of this Contract is the sum of the amounts in each of the
Divisions of the Variable  Separate  Account and General Account and allocations
to the Fixed Account.  You select the Divisions of the Variable Separate Account
and General  Account and the Fixed  Allocations of the Fixed Account to which to
allocate the Accumulation Value.

Accumulation Value in each Division and Fixed Allocation

On the Contract Date On the Contract Date, the  Accumulation  Value is allocated
to each  Division  and Fixed  Allocation  as elected by you,  subject to certain
terms and conditions  imposed by us. We reserve the right to allocate premium to
the Specially Designated Division during any Right to Examine period. After such
time,  allocation  will be made  proportionately  in accordance with the initial
allocation(s) as elected by you.

On each Valuation Date

At the end of each subsequent Valuation Period, the amount of Accumulation Value
in each Division and Fixed Allocation will be calculated as follows:

     (1) We take the Accumulation Value in the Division or Fixed Allocation at
         the end of the preceding Valuation Period.
     (2) We multiply (1) by the Variable Separate Account Division's Net Rate
         of Return for the current Valuation Period or we calculate the interest
         to be credited to a Fixed Allocation or to a Guaranteed Interest
         Division for the current Valuation Period.
     (3) We add (1) and (2).
     (4) We add to (3) any additional Premium Payments (less any premium
         deductions as shown in the Schedule) allocated to the Division or
         Fixed Allocation during the current Valuation Period.
     (5) We add or subtract allocations to or from that Division or Fixed
         Allocation during the current Valuation Period.
     (6) We subtract from (5) any Partial Withdrawals which are allocated to the
         Division or Fixed Allocation during the current Valuation Period.
     (7) We subtract from (6) the amounts allocated to that Division or Fixed
         Allocation for:
         (a)  any charges due for the Optional Benefit Riders as shown in the
         Schedule;
         (b)  any deductions from Accumulation Value as shown in the Schedule.

All amounts in (7) are  allocated to each  Division or Fixed  Allocation  in the
proportion that (6) bears to the Accumulation  Value unless the Charge Deduction
Division has been specified (see the Schedule).

RLNY-IA-1080                             12
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          How We Measure the Contract's Accumulation Value (continued)
--------------------------------------------------------------------------------

Fixed Account

The Fixed  Account is a Separate  Account  under state  insurance law and is not
required to be registered with the Securities and Exchange  Commission under the
Investment  Company  Act of 1940.  The  Fixed  Account  includes  various  Fixed
Allocations  which we credit  with fixed  rates of  interest  for the  Guarantee
Period  or  Periods  you  select.  We reset  the  interest  rates  for new Fixed
Allocations periodically based on our sole discretion.

Guarantee Periods
Each Fixed  Allocation  is  guaranteed an interest rate or rates for a Guarantee
Period.  The Guaranteed  Interest Rates for a Fixed Allocation are effective for
the entire period.  The Maturity Date of a Guarantee  Period will be on the last
day of the calendar month in which the Guarantee  Period ends.  Withdrawals  and
transfers  made  during a  Guarantee  Period may be  subject  to a Market  Value
Adjustment unless made within thirty days prior to the Maturity Date.

Upon the expiry of a Guarantee Period,  we will transfer the Accumulation  Value
of the expiring Fixed  Allocation to a Fixed  Allocation with a Guarantee Period
equal in length to the  expiring  Guarantee  Period,  unless you select  another
period prior to a Maturity  Date.  We will notify you at least thirty days prior
to a Maturity Date of your options for renewal. If the period remaining from the
expiry of the previous Guarantee Period to the Annuity Commencement Date is less
than the period  you have  elected or the  period  expiring,  the next  shortest
period then available that will not extend beyond the Annuity  Commencement Date
will be offered to you. If a period is not  available,  the  Accumulation  Value
will be transferred to the Specially Designated Division.

We  will  declare  Guaranteed  Interest  Rates  for  the  then  available  Fixed
Allocation  Guarantee  Periods.  These  interest  rates are based  solely on our
expectation as to our future earnings.  Declared  Guaranteed  Interest Rates are
subject  to  change  at  any  time  prior  to   application  to  specific  Fixed
Allocations,  although  in no event  will the  rates  be less  than the  Minimum
Guaranteed Interest Rate (see the Schedule).

Market Value Adjustments

A Market Value Adjustment will be applied to a Fixed Allocation upon withdrawal,
transfer or application to an Income Plan if made more than thirty days prior to
such Fixed Allocation's  Maturity Date, except on Systematic Partial Withdrawals
and IRA Partial  Withdrawals.  The Market  Value  Adjustment  is applied to each
Fixed Allocation separately.

The Market Value Adjustment  during the Right to Examine This Contract period is
determined by multiplying the amount of the Accumulation  Value withdrawn by the
following factor:

         1  +  I                N/365
          1  +  J                               -   1

The Market Value Adjustment  following the Right to Examine This Contract period
is determined by multiplying  the amount of the  Accumulation  Value  withdrawn,
transferred or applied to an Income Plan by the following factor:

               1  +  I                N/365
           1  +  J  +  .0025                    -   1

Where  I is the  Index  Rate  for a Fixed  Allocation  on the  first  day of the
applicable  Guarantee Period: J is the Index Rate for new Fixed Allocations with
Guarantee  Periods equal to the number of years  (fractional years rounded up to
the  next  full  year)  remaining  in  the  Guarantee  Period  at  the  time  of
calculation;  and N is the remaining  number of days in the Guarantee  Period at
the time of calculation.

RLNY-IA-1080                              13
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          How We Measure the Contract's Accumulation Value (continued)
--------------------------------------------------------------------------------

Market Value Adjustments will be applied as follows:
     (1) The Market Value Adjustment will be applied to the amount withdrawn
         before deduction of any applicable Surrender Charge.
     (2) For a Partial Withdrawal, partial transfer or in the case where a
         portion of an allocation is applied to an Income Plan, the Market Value
         Adjustment will be calculated on the total amount that must be
         withdrawn, transferred or applied to an Income Plan in order to provide
         the amount requested.
     (3) If the Market Value Adjustment is negative, it will be assessed first
         against any remaining Accumulation Value in the particular Fixed
         Allocation.  Any remaining Market Value Adjustment will be applied
         against theamount withdrawn, transferred or applied to an Income Plan.
    (4)  If the Market Value Adjustment is positive, it will be credited to any
         remaining Accumulation Value in the particular Fixed Allocation.
         If a cash surrender, full transfer or full application to an Income
         Plan has been requested, the Market Value Adjustment is added to the
         amount withdrawn, transferred or applied to an Income Plan.

Index Rate
The Index Rate is the average of the Ask Yields for the U.S.  Treasury Strips as
reported by a national quoting service for the applicable maturity.  The average
is based on the period from the 22nd day of the calendar  month two months prior
to the  calendar  month  of  Index  Rate  determination  to the  21st day of the
calendar month immediately  prior to the month of determination.  The applicable
maturity date for these U.S.  Treasury  Strips is on or next  following the last
day of the  Guarantee  Period.  If the Ask Yields are no longer  available,  the
Index Rate will be determined using a suitable  replacement  method,  subject to
prior  regulatory  approval.  We currently set the Index Rate once each calendar
month.  However, we reserve the right to set the Index Rate more frequently than
monthly,  but in no event will such Index Rate be based on a period less than 28
days.

Measurement of Investment Experience

Index of Investment Experience
The Investment  Experience of a Variable Separate Account Division is determined
on each Valuation  Date. We use an Index to measure  changes in each  Division's
experience  during a  Valuation  Period.  We set the Index at $10 when the first
investments  in a Division are made.  The Index for a current  Valuation  Period
equals the Index for the preceding Valuation Period multiplied by the Experience
Factor for the current Valuation Period.

How We Determine the Experience Factor (Net Return Factor)
For Divisions of a unit investment trust Separate Account, the Experience Factor
reflects  the  Investment  Experience  of the  portfolio  in which the  Division
invests as well as the charges  assessed  against the  Division  for a Valuation
Period. The factor is calculated as follows:
     (1) We take the net asset value of the portfolio in which the Division
         invests at the end of the current Valuation Period.
     (2) We add to (1) the amount of any dividend or capital gains distribution
         declared for the investment portfolio and reinvested in such portfolio
         during the current Valuation Period.  We subtract from that amount a
         charge for our taxes, if any.
     (3) We divide (2) by the net asset value of the portfolio at the end of
         the preceding Valuation Period.
     (4) We subtract the daily Mortality and Expense Risk Charge for each
         Division described in the Schedule for each day in the Valuation
         Period.
     (5) We subtract the daily Asset Based Administrative Charge described in
         the Schedule for each day in the Valuation Period.

Calculations for Divisions investing in unit investment trusts are on a per
unit basis.

Net Rate of Return for a Variable Separate Account Division (Net Return Rate)
The Net Rate of Return for a Variable Separate Account Division during a
Valuation Period is the Experience Factor for that Valuation Period minus one.

RLNY-IA-1080                          14
<PAGE>


--------------------------------------------------------------------------------
          How We Measure the Contract's Accumulation Value (continued)
--------------------------------------------------------------------------------

Interest Credited to a Guaranteed Interest Division
Accumulation Value allocated to a Guaranteed  Interest Division will be credited
with the Guaranteed Interest Rate for the Guarantee Period in effect on the date
the  premium  or  reallocation  is  applied.  Once  applied,  such  rate will be
guaranteed  until the Maturity Date of that Guarantee  Period.  Interest will be
credited daily at a rate to yield the declared annual Guaranteed  Interest Rate.
No Guaranteed Interest Rate will be less than the Minimum Interest Rate shown in
the Schedule.

Interest Credited to a Fixed Allocation
A Fixed  Allocation  will be credited with the Guaranteed  Interest Rate for the
Guarantee  Period in effect on the date the premium or  reallocation is applied.
Once  applied,  such rate  will be  guaranteed  until  that  Fixed  Allocation's
Maturity  Date.  Interest will be credited daily at a rate to yield the declared
annual Guaranteed Interest Rate.

We periodically  declare Guaranteed  Interest Rates for then available Guarantee
Periods. No Guaranteed Interest Rate will be less than the Minimum Interest Rate
shown in the Schedule.

Charges Deducted from Accumulation Value on each Contract Processing Date

Expense charges and fees are shown in the Schedule.

Charge Deduction Division Option

We will deduct all charges against the Accumulation  Value of this Contract from
the Charge Deduction Division if you elected this option on the application (see
the  Schedule).  If you did not elect this  Option or if the charges are greater
than the  amount in the Charge  Deduction  Division,  the  charges  against  the
Accumulation Value will be deducted as follows:
     (1) If these charges are less than the Accumulation Value in the Variable
         Separate Account Divisions, they will be deducted proportionately from
         all Divisions.
     (2) If these charges exceed the Accumulation Value in the Variable
         Separate Account Divisions, any excess over such value will be
         deducted proportionately from any Fixed Allocations and Guaranteed
         Interest Divisions.

Any charges  taken from the Fixed  Account or the General  Account will be taken
from the Fixed Allocations or the Guaranteed  Interest  Divisions  starting with
the  Guarantee  Period  nearest its  Maturity  Date until such charges have been
paid.

At any time while this  Contract is in effect,  you may change your  election of
this  Option.  To do this you must send us a  written  request  to our  Customer
Service  Center.  Any change will take effect  within  seven days of the date we
receive your request.


RLNY-IA-1080                          15
<PAGE>



--------------------------------------------------------------------------------
                             Your Contract Benefits
--------------------------------------------------------------------------------

While this Contract is in effect,  there are important  rights and benefits that
are available to you. We discuss these rights and benefits in this section.

Cash Value Benefit

Cash Surrender Value The Cash Surrender Value, while the Annuitant is living and
before the Annuity Commencement Date, is determined as follows:
     (1) We take the Contract's Accumulation Value;
     (2) We adjust for any applicable Market Value Adjustment;
     (3) We deduct any Surrender Charges;
     (4) We deduct any charges shown in the Schedule that have been incurred
         but not yet deducted, including:
         (a)  any administrative charge that has not yet been deducted;
         (b)  the pro rata part of any charges for Optional Benefit Riders; and
         (c)  any applicable premium or other tax.

Cancelling to Receive the Cash Surrender Value
On or before the Annuity  Commencement Date if the Annuitant is living,  you may
surrender  this Contract to us. To do this, you must return this Contract with a
signed request for cancellation to our Customer Service Center.

The Cash Surrender  Value will vary daily.  We will determine the Cash Surrender
Value as of the date we receive  the  Contract  and your  signed  request in our
Customer Service Center. All benefits under this Contract will then end.

We will usually pay the Cash  Surrender  Value  within  seven days;  but, we may
delay payment as described in the Payments We May Defer provision.

Partial Withdrawal Option
After the Contract Date, you may make Partial  Withdrawals.  Partial Withdrawals
may be subject to a Surrender Charge (see the Schedule). The minimum amount that
may be  withdrawn  is shown in the  Schedule.  The  maximum  amount  that may be
withdrawn without  Surrender Charge is shown in the Schedule.  To take a Partial
Withdrawal,  you must provide us  satisfactory  notice at our  Customer  Service
Center.

Proceeds Payable to the Beneficiary

Prior to the Annuity Commencement Date
If you die prior to the Annuity  Commencement  Date, we will pay the Beneficiary
the Death Benefit based on the Benefit Option  Package  elected and in effect on
the date of death. If there are joint Owners and any Owner dies, we will pay the
surviving  Owner(s) the Death Benefit.  We will pay the amount on receipt of due
proof of the Owner's death at our Customer  Service  Center.  Such amount may be
received  in a single  lump sum or applied to any of the  Annuity  Options  (see
Choosing an Income  Plan).  When the Owner (or all Owners  where there are joint
Owners) is not an individual, the Death Benefit will become payable on the death
of the  Annuitant  prior to the Annuity  Commencement  Date (unless a Contingent
Annuitant survived the Annuitant).  Only one Death Benefit is payable under this
Contract.  In all  events,  distributions  under  the  Contract  must be made as
required by applicable law.



RLNY-IA-1080                            16
<PAGE>



--------------------------------------------------------------------------------
                       Your Contract Benefits (continued)
--------------------------------------------------------------------------------

How to Claim Payments to Beneficiary
We must receive proof of the Owner' s (or the Annuitant's)  death before we will
make any payments to the Beneficiary.  We will calculate the Death Benefit as of
the date we receive  due proof of death.  The  Beneficiary  should  contact  our
Customer Service Center for instructions.



RLNY-IA-1080                        17
<PAGE>



--------------------------------------------------------------------------------
                             Benefit Option Packages
--------------------------------------------------------------------------------

This Contract offers three Benefit Option Packages.  The Option Package you
elect is shown in the Schedule.

Election of Benefit Option Packages

On any Contract  Anniversary  prior to and including the date you reach Attained
Age 80, you may elect to replace the Benefit  Option  Package in effect with one
of the other  Benefit  Option  Packages  provided you are the sole Owner and you
meet the eligibility criteria stated below. Such election must be received by us
in  writing  at our  Customer  Service  Center on or during the sixty day period
immediately preceding the Contract Anniversary.

The  effective  date of the newly  elected  Benefit  Option  Package will be the
Contract  Anniversary at the end of the sixty day election period. We will issue
another  Schedule  reflecting the new Benefit Option  Package  Chosen.  This new
Schedule will reflect the new Schedule Date and the revised Charges, if any, for
the Benefit Option Package elected.

Special Funds

The  allocation  of  Accumulation  Value to the Fixed  Account,  the  Guaranteed
Interest  Divisions  and  Divisions  of the  Separate  Account may be subject to
specific  limitations or rules when  calculating the Death Benefits  provided in
each  of  the  Benefit  Option  Packages  described  below.  Collectively,  such
allocations  are called Special Funds.  Special Funds,  if any, are shown in the
Schedule.

We may add newly available Divisions as Special Funds. We may also reclassify an
existing  Division  as a Special  Fund or remove such  designation  upon 30 days
notice to you.  Such  reclassifications  will  apply to amounts  transferred  or
otherwise  allocated to such Division  after the date of date of the change.  We
may reduce any applicable  Mortality and Expense Risk Charge for that portion of
the Contract allocated to a Special Fund.

Description of Benefit Option Package I

Benefit  Option  Package I is not  available  if, at the time of  election,  the
Contract's Accumulation Value is less than $15,000 ($1,500 for Qualified Plans).

Death Benefit
The Death Benefit is the greatest of (i), (ii) and (iii) below, where:
(i)      is the Accumulation Value;
(ii)     is the Guaranteed Death Benefit;
(iii)    is the Cash Surrender Value.

Guaranteed Death Benefit
The Guaranteed Death Benefit for the Contract is equal to the sum of I and II
below.
I.       The Guaranteed Death Benefit Base for non-Special Funds
II.      The Accumulation Value allocated to Special Funds

On the Contract Date, the Guaranteed Death Benefit Base for non-Special Funds is
the initial  premium  allocated to non-Special  Funds.  On subsequent  Valuation
Dates, the Guaranteed Death Benefit Base for non-Special  Funds is calculated as
follows:
(1)      Start with the Guaranteed Death Benefit Base for non-Special Funds from
         the prior Valuation Date.
(2)      Add any additional premiums paid and allocated to non-Special Funds
         during the current Valuation Period to (1).
(3)      Adjust (2) for any transfers to or from Special Funds during the
         current Valuation Period.


RLNY-IA-1080                           18
<PAGE>



                       Benefit Option Packages (continued)
--------------------------------------------------------------------------------

(4)      Subtract from (3) any Prorata Partial Withdrawal Adjustments for any
         Partial Withdrawal made from non-Special Funds during the current
         Valuation Period.

The  Guaranteed  Death  Benefit  Base  for  Special  Funds  has a  corresponding
definition, but with respect to amounts allocated to Special Funds.

Transfers  from Special Funds to  non-Special  Funds will reduce the  Guaranteed
Death Benefit Base for Special Funds on a prorata basis. The resulting  increase
in the Guaranteed Death Benefit Base for non-Special Funds will equal the lesser
of the reduction in the Guaranteed  Death Benefit Base for Special Funds and the
net Accumulation Value transferred.

Transfers  from  non-Special  Funds to Special Funds will reduce the  Guaranteed
Death  Benefit Base for  non-Special  Funds on a prorata  basis.  The  resulting
increase in the  Guaranteed  Death Benefit Base for Special Funds will equal the
reduction in Guaranteed Death Benefit Base for non-Special Funds.

Prorata Partial Withdrawal Adjustments
For any partial  withdrawal,  the Death  Benefit  components  will be reduced by
Prorata  Partial   Withdrawal   Adjustments.   The  Prorata  Partial  Withdrawal
Adjustment to a Death Benefit component for a partial withdrawal is equal to (1)
divided  by  (2)  multiplied  by  (3),  where:  (1) is  the  Accumulation  Value
withdrawn;  (2) is the Accumulation  Value immediately prior to withdrawal;  and
(3) is the amount of the applicable Death Benefit component immediately prior to
the withdrawal.  Separate  adjustments  will apply to amounts in the Special and
non-Special Funds.

Change of Owner
A change of Owner will result in recalculation of the Option I Death Benefit and
the Guaranteed Death Benefit. If the new Owner's Attained Age at the time of the
change is less than 86, the  Guaranteed  Death  Benefit  in effect  prior to the
change will remain in effect and the Death Benefit provision shall apply. If the
new  Owner's  Attained  Age is 86 or  greater  at the  time of the  change,  the
Guaranteed  Death  Benefit will be zero,  and the Death Benefit will then be the
Cash Surrender Value.

Description of Benefit Option Package II

Benefit Option Package II is not available if there are Joint Contract Owners or
if, at the time of  election,  the  Contract's  Accumulation  Value is less than
$5,000 ($1,500 for Qualified Plans).

Death Benefit
The Death Benefit is the greatest of (i), (ii), (iii) and (iv) below, where:
(i)      is the Accumulation Value;
(ii)     is the Guaranteed Death Benefit;
(iii)    is the Cash Surrender Value; and
(iv)     is the Minimum Death Benefit.

Minimum Death Benefit
The Minimum Death Benefit shall be the sum of the following:
         1.       The Accumulation Value allocated to Special Funds; and
     2.  Adjusted Premium for non-Special Funds.

Adjusted  Premium for  non-Special  Funds shall mean all  premium  allocated  to
non-Special Funds, plus an adjustment for any amounts transferred to non-Special
Funds, less a prorata  adjustment for any amounts  transferred or withdrawn from
non-Special Funds. The amount of the prorata adjustment will equal (a) times (b)
divided by (c), where (a) is the Adjusted Premium for non-Special Funds prior to
the transfer or  withdrawal;  (b) is the  Accumulation  Value of the transfer or
withdrawal;  and (c) is the  Accumulation  Value allocated to non-Special  Funds
before the transfer or  withdrawal.  Adjusted  Premium for Special Funds has the
same definition, but with respect to amounts allocated to Special Funds.


RLNY-IA-1080                           19
<PAGE>

                       Benefit Option Packages (continued)
--------------------------------------------------------------------------------

Transfers from Special Funds increase the Adjusted Premium for non-Special Funds
by the lesser of the reduction of the Adjusted Premium for Special Funds and net
Accumulation  Value  transferred.  Transfers from non-Special Funds increase the
Adjusted  Premium for Special Funds by the reduction in the Adjusted Premium for
non-Special Funds

Guaranteed Death Benefit
The Guaranteed Death Benefit for the Contract is equal to the sum of I and II
below.
     I.  The Guaranteed Death Benefit Base for non-Special Funds
     II. The Accumulation Value allocated to Special Funds

On the Contract Date, the Guaranteed Death Benefit Base for non-Special Funds is
the initial  premium  allocated to non-Special  Funds.  On subsequent  Valuation
Dates, the Guaranteed Death Benefit Base for non-Special  Funds is calculated as
follows:
(1)      Start with the Guaranteed Death Benefit Base for non-Special Funds on
         the prior Valuation Date.
(2)      Add to (1) any additional premium allocated to the non-Special Funds
         during the current Valuation Period and adjustments for transfers from
         Special Funds during the current Valuation Period and subtract from (1)
         any adjustment for transfers to Special Funds during the current
         Valuation Period and any Prorata Partial Withdrawal Adjustments for
         any Partial Withdrawals taken from non-Special Funds during the current
         Valuation Period.
(3)      On a Valuation Date that occurs on or prior to the Owner's Attained
         Age 90, which is also a Contract Anniversary, we set the Guaranteed
         Death Benefit Base for non-Special Funds equal to the greater of (2)
         or the Accumulation Value allocated to non-Special Funds.  On all other
         Valuation Dates, the Guaranteed Death Benefit Base for non-Special
         Funds is equal to (2).

The  Guaranteed  Death  Benefit  Base  for  Special  Funds  has a  corresponding
definition, but with respect to amounts allocated to Special Funds.

Transfers  from Special Funds to  non-Special  Funds will reduce the  Guaranteed
Death Benefit Base for Special Funds on a prorata basis. The resulting  increase
in the Guaranteed Death Benefit Base for non-Special Funds will equal the lesser
of the reduction in the Guaranteed  Death Benefit Base for Special Funds and the
net Accumulation Value transferred.

Transfers  from  non-Special  Funds to Special Funds will reduce the  Guaranteed
Death  Benefit Base for  non-Special  Funds on a prorata  basis.  The  resulting
increase in the  Guaranteed  Death Benefit Base for Special Funds will equal the
reduction in Guaranteed Death Benefit Base for non-Special Funds.

Prorata Partial Withdrawal Adjustments
For any partial  withdrawal,  the Death  Benefit  components  will be reduced by
Prorata  Partial   Withdrawal   Adjustments.   The  Prorata  Partial  Withdrawal
Adjustment to a Death Benefit component for a partial withdrawal is equal to (1)
divided  by  (2)  multiplied  by  (3),  where:  (1) is  the  Accumulation  Value
withdrawn;  (2) is the Accumulation  Value immediately prior to withdrawal;  and
(3) is the amount of the applicable Death Benefit component immediately prior to
the withdrawal.  Separate  adjustments  will apply to amounts in the Special and
non-Special Funds.

Change of Owner
If there is a change in ownership  and the new Owner's  Attained Age at the time
of the change is less than 81, the  Guaranteed  Death Benefit in effect prior to
the  change  will  remain in effect and the  provisions  of the  Benefit  Option
Package in effect at the time of the change,  will continue to apply. If the new
Owner's  Attained  Age at the time of the change is 81 or  greater,  or if Joint
Owners are named,  the  provisions of Benefit Option Package I will apply and we
will issue a new Schedule  reflecting the Schedule Date and the revised charges,
if any, applicable to Benefit Option Package I.


RLNY-IA-1080                           21
<PAGE>




                       Benefit Option Packages (continued)
--------------------------------------------------------------------------------

Description of Benefit Option Package III

Benefit Option  Package III is not available if there are Joint Contract  Owners
or if, at the time of election,  the Contract's  Accumulation Value is less than
$5,000 ($1,500 for Qualified Plans).

Partial Withdrawal Option
As  described  in the  Schedule,  the  maximum  amount  that  can be  taken as a
Conventional  Partial  Withdrawal each Contract Year without being considered an
Excess  Partial  Withdrawal is the Free Amount,  equal to 10% of the  Contract's
Accumulation Value,  determined as of the date of withdrawal.  If Benefit Option
Package  III is  elected,  any  percentage  of the Free  Amount not taken in any
Contract  Year,  calculated  as of  the  last  withdrawal  in  that  year,  will
accumulate  to a maximum of 30%.  If Option III is  elected  after the  Contract
Date, this right of accumulation will begin on the date Option III is elected.

Death Benefit
The Death Benefit is the greatest of (i), (ii), (iii) and (iv) below, where:
(i)      is the Accumulation Value;
(ii)     is the Guaranteed Death Benefit;
(iii)    is the Cash Surrender Value; and
(iv)     is the Minimum Death Benefit.

Minimum Death Benefit
The Minimum Death Benefit shall be the sum of the following:
1.       The Accumulation Value allocated to Special Funds; and
2.       Adjusted Premium for non-Special Funds.

Adjusted  Premium for  non-Special  Funds shall mean all  premium  allocated  to
non-Special Funds, plus an adjustment for any amounts transferred to non-Special
Funds, less a prorata  adjustment for any amounts  transferred or withdrawn from
non-Special Funds. The amount of the prorata adjustment will equal (a) times (b)
divided by (c), where: (a) is the Adjusted  Premium for non-Special  Funds prior
to the transfer or withdrawal;  (b) is the Accumulation Value of the transfer or
withdrawal;  and (c) is the  Accumulation  Value allocated to non-Special  Funds
before the transfer or  withdrawal.  Adjusted  Premium for Special Funds has the
same definition, but with respect to amounts allocated to Special Funds.

Transfers from Special Funds increase the Adjusted Premium for non-Special Funds
by the lesser of the reduction of the Adjusted Premium for Special Funds and net
Accumulation  Value  transferred.  Transfers from non-Special Funds increase the
Adjusted  Premium for Special Funds by the reduction in the Adjusted Premium for
non-Special Funds.

Guaranteed Death Benefit
The Guaranteed Death Benefit for the Contract is equal to the sum of I and II
below.
I.       The Guaranteed Death Benefit Base for non-Special Funds
II.      The Accumulation Value allocated to Special Funds

On the Contract Date, the Guaranteed Death Benefit Base for non-Special Funds is
the initial  premium  allocated to non-Special  Funds.  On subsequent  Valuation
Dates, the Guaranteed Death Benefit Base for non-Special  Funds is calculated as
follows:

(1) Start with the Guaranteed  Death Benefit Base for  non-Special  Funds on the
prior Valuation Date.

(2) Add to (1) any additional  premium allocated to the non-Special Funds during
the current  Valuation  Period and  adjustments for transfers from Special Funds
during the current  Valuation  Period and subtract from (1) any  adjustment  for
transfers to Special Funds during the current  Valuation  Period and any Prorata
Partial   Withdrawal   Adjustments  for  any  Partial   Withdrawals  taken  from
non-Special Funds during the current Valuation Period.




RLNY-IA-1080                             22
<PAGE>



                       Benefit Option Packages (continued)
--------------------------------------------------------------------------------

(3) On a Valuation Date that occurs on or prior to the Owner's  Attained Age 90,
which is also a Contract  Anniversary,  we set the Guaranteed Death Benefit Base
for  non-Special  Funds  equal to the greater of (2) or the  Accumulation  Value
allocated to non-Special  Funds.  On all other Valuation  Dates,  the Guaranteed
Death Benefit Base for non-Special Funds is equal to (2).

The  Guaranteed  Death  Benefit  Base  for  Special  Funds  has a  corresponding
definition, but with respect to amounts allocated to Special Funds.

Transfers  from Special Funds to  non-Special  Funds will reduce the  Guaranteed
Death Benefit Base for Special Funds on a prorata basis. The resulting  increase
in the Guaranteed Death Benefit Base for non-Special Funds will equal the lesser
of the reduction in the Guaranteed  Death Benefit Base for Special Funds and the
net Accumulation Value transferred.

Transfers  from  non-Special  Funds to Special Funds will reduce the  Guaranteed
Death  Benefit Base for  non-Special  Funds on a prorata  basis.  The  resulting
increase in the  Guaranteed  Death Benefit Base for Special Funds will equal the
reduction in Guaranteed Death Benefit Base for non-Special Funds.

Prorata Partial Withdrawal Adjustments
For any partial  withdrawal,  the Death  Benefit  components  will be reduced by
Prorata Partial Withdrawal Adjustments The Prorata Partial Withdrawal Adjustment
to a Death Benefit component is equal to (1) divided by (2),  multiplied by (3),
where: (1) is the Accumulation  Value withdrawn;  (2) is the Accumulation  Value
immediately  prior to withdrawal;  and (3) is the amount of the applicable Death
Benefit component immediately prior to the withdrawal. Separate adjustments will
apply to the amounts in the Special and non-Special Funds.

Change of Owner
If there is a change in ownership  and the new Owner's  Attained Age at the time
of the change is less than 81, the  Guaranteed  Death Benefit in effect prior to
the  change  will  remain in effect and the  provisions  of the  Benefit  Option
Package in effect at the time of the change,  will continue to apply. If the new
Owner's  Attained  Age at the time of the change is 81 or  greater,  or if Joint
Owners are named,  the  provisions of Benefit Option Package I will apply and we
will issue a new Schedule  reflecting the Schedule Date and the revised charges,
if any, applicable to Benefit Option Package I.

Continuation Upon Death of Owner - Applicable to All Benefit Option Packages

         Spousal Continuation Upon Death of Owner
If at the Owner's  death,  the  surviving  spouse of the  deceased  Owner is the
Beneficiary  and such surviving  spouse elects to continue the Contract as their
own pursuant to Internal Revenue Code Section 72(s) or the equivalent provisions
of U.S. Treasury Department rules for qualified plans, the following will apply:

(a) If the greater of the Guaranteed  Death Benefit or Minimum  Guaranteed Death
Benefit  as of the date we receive  due proof of death of the  Owner,  minus the
Accumulation Value, also as of that date, is greater than zero, we will add such
difference  to the  Accumulation  Value.  Such addition will be allocated to the
Divisions of the Separate  Account then available in the same  proportion as the
Accumulation Value in each available Division bears to the Accumulation Value in
all such  Divisions.  If there is no  Accumulation  Value in any  Division  then
available,  the addition will be allocated to the Liquid Asset Division,  or its
successor.

(b) The  Guaranteed  Death  Benefit and Minimum  Guaranteed  Death  Benefit will
continue to apply, with all age criteria using the surviving spouse's age as the
determining age.

(c) At subsequent  surrender,  any Surrender Charge  applicable to premiums paid
prior to the date we receive due proof of death of the Owner will be waived. Any
premiums paid later will be subject to any applicable Surrender Charge.

RLNY-IA-1080                            23
<PAGE>





                       Benefit Option Packages (continued)
--------------------------------------------------------------------------------

Non Spousal Continuation upon Death of Owner

If, at the Owner's  death,  the non spouse  beneficiary  of the  deceased  Owner
elects to  continue  the  Certificate  for the  purpose of taking  distributions
pursuant to Internal Revenue Code Section 72(s) or the equivalent  provisions of
U.S. Treasury Department rules for qualified plans, the following will apply:

(a) If the greater of the Guaranteed Death Benefit and Minimum  Guaranteed Death
Benefit  as of the date we receive  due proof of death of the  Owner,  minus the
Accumulation Value, also as of that date, is greater than zero, we will add such
difference  to the  Accumulation  Value.  Such addition will be allocated to the
Divisions of the Separate  Account then available in the same  proportion as the
Accumulation Value in each available Division bears to the Accumulation Value in
all such  Divisions.  If there is no  Accumulation  Value in any  Division  then
available,  the addition will be allocated to the Liquid Asset Division,  or its
successor.

(b)  Thereafter,  the  Guaranteed  Death  Benefit and Minimum  Guaranteed  Death
Benefit will no longer be available under this Contract,  and the amount payable
upon the death of the non spouse  beneficiary,  if such  beneficiary  dies while
receiving  distributions under this Contract,  will be the Accumulation Value as
of the date we receive due proof of such beneficiary's death.

(c) No additional premium payments may be made under this Contract following the
date we receive due proof of death of the Owner.

(d) At subsequent surrender, any applicable Surrender Charges will be waived.

RLNY-IA-1080                            24
<PAGE>



                             Choosing an Income Plan
--------------------------------------------------------------------------------
Annuity Benefits

If you and the  Annuitant are living on the Annuity  Commencement  Date, we will
begin  making  payments  to you. We will make these  payments  under the Annuity
Option (or  Options)  elected by you.  You may elect to apply any portion of the
Accumulation  Value (minus any applicable  premium tax) to any Annuity Option by
making a written  request  at least 30 days  prior to the  Annuity  Commencement
Date. When the Annuity Option is elected,  you must also tell us if payments are
to be made as a Fixed Annuity,  a Variable  Annuity or some combination of Fixed
and Variable  Annuity.  If Variable Annuity payments are elected,  you must also
select  the  Assumed  Interest  Rate  (AIR)  and  specify  the  portion  of  the
Accumulation  Value (less any  applicable  premium  tax) to be  allocated to the
available  Divisions.  If no  Annuity  Option has been  elected by the  Required
Annuity  Commencement  Date shown in the  Schedule,  payments  will be made as a
Fixed Annuity under Option 2 on a 10-year period  certain  basis.  The amount of
the  payments  will be  determined  by applying  the  Accumulation  Value on the
Annuity  Commencement  Date in accordance with the Annuity Options section below
(see  Payments  We May  Defer).  After  payments  begin,  only those  payable as
Variable  Annuity  Payments  under  Option 1 may be commuted to a lump sum.  The
interest  rate used to determine  the commuted  value will be the interest  rate
used to compute the Annuity Payments.

Before we pay any Annuity Benefits,  we require the return of this Contract.  If
this Contract has been lost, we require the applicable lost Contract form.

Fixed Annuity Payments
If Fixed Annuity  payments are chosen,  the payment rate for the option  chosen,
shown in the tables in the Schedule,  reflects the minimum  guaranteed  interest
rate. Interest rates actually paid may be higher.

Variable Annuity Payments
If Variable  Annuity  payments  are chosen,  the initial  payment for the option
chosen,  shown in the Schedule,  reflects the Assumed  Interest Rate selected by
you.  Thereafter,  the  Divisions  must earn this rate plus  enough to cover any
deductions  stated in the  Schedule  if future  Annuity  Payments  are to remain
level.  If earnings  exceed this amount,  Annuity  Payments  will  increase;  if
earnings are less, Annuity Payments will decrease.

Annuity Units

The Number of Annuity Units is based on the amount of the first Variable Annuity
Payment which is equal to:

(1) The  portion of the  Accumulation  Value  applied to pay a Variable  Annuity
Payment (minus any applicable premium tax); divided by

(2)      1,000; multiplied by

(3) The payment rate in the tables shown in the Schedule for the option chosen.

Such amount, or portion,  of the Variable Annuity Payment will be divided by the
appropriate  Annuity Unit Value on the tenth  Valuation Date before the due date
of the first payment to determine the number of Annuity Units.  Thereafter,  the
number of Annuity Units remains  unchanged.  Each future payment is equal to the
sum of the  products of each Annuity Unit Value  multiplied  by the  appropriate
number of Annuity  Units.  The Annuity  Unit Value on the tenth  Valuation  Date
prior to the due date of the payment is used.

Annuity Unit Value
On any Valuation Date, an Annuity Unit Value is equal to:
(1)      The Annuity Unit Value on the previous Valuation Day; multiplied by
(2)      The Annuity Net Return Factor(s) for the Valuation Date; multiplied by
(3)      A Factor to reflect the AIR.

The  Annuity  Unit  Value and  Annuity  Payment  amount may go up or down due to
investment gain or loss.

RLNY-IA-1080                            25
<PAGE>

                       Choosing an Income Plan (continued)
--------------------------------------------------------------------------------

Net Return Factor

The Net Return  Factor(s)  is(are) used to compute all Variable Annuity Payments
for any Division in the Variable  Separate  Account.  The Net Return  Factor for
each Division is equal to 1.0000 plus the Net Rate of Return.

The Net Rate of Return is equal to:

(1) The value of the  shares of the  Division  at the end of a  Valuation  Date;
minus

(2) The value of shares of the Division at the start of the Valuation Date; plus
or minus

(3) Taxes (or reserves for taxes) on the Separate Account (if any); divided by

(4) The value of  shares of the  Division  at the start of the  Valuation  Date;
minus

(5) The daily Asset Based Administrative  Charges and Mortality and Expense Risk
Charges described in the Schedule for each day in the Valuation Period.

A Net Return Rate may be more or less than 0%.

The value of a share in a Division  is equal to the net  assets of the  Division
divided by the number of shares outstanding.

Annuity Payments shall not be changed due to mortality or expense results.

Allocation Changes

You have the right to request allocation changes among Divisions of the Variable
Separate  Account  to any other  Division  then  available.  After  the  Annuity
Commencement Date, allocation changes in excess of four in any Contract Year are
subject to the Excess Allocation Charge as stated in the Schedule. After Annuity
Payments  begin,  allocation  changes are not allowed  between values  providing
Fixed Annuity Payments and Variable Annuity Payments.

Annuity Commencement Date Selection

You select the Annuity  Commencement Date. You may select any date following the
first Contract  Anniversary but before the required date of Annuity Commencement
as shown in the  Schedule.  On the  Annuity  Commencement  Date,  the age of the
Annuitant plus the number of years payments are guaranteed  must not exceed 100.
If you do not select a date, the Annuity  Commencement Date will be in the month
following the required date of Annuity Commencement.

Frequency Selection

You may choose the  frequency  of the  Annuity  Payments.  They may be  monthly,
quarterly,  semi-annually or annually.  If we do not receive written notice from
you, the payments will be made monthly.

The Income Plan

While this Contract is in effect and before the Annuity  Commencement  Date, you
may  choose  one or more  Annuity  Options  for the  payment  of  Death  Benefit
proceeds.  If, at the time of your  death,  no Option has been chosen for paying
the Death  Benefit  proceeds,  the  Beneficiary  may choose an Option within one
year.  You may also elect an Annuity Option on surrender of the Contract for its
Cash Surrender Value. For each Option we will issue a separate written agreement
putting the Option into effect.

Our approval is needed for any Option where:
     (1) the person named to receive payment is other than you or Beneficiary;
         or
     (2) the person named is not a natural person, such as a corporation; or
     (3) any income payment would be less than the minimum annuity income
         payment shown in the Schedule.

RLNY-IA-1080                         26
<PAGE>



                       Choosing an Income Plan (continued)
--------------------------------------------------------------------------------

The Annuity Options

Option 1.  Income for a Fixed Period

Payment is made in equal installments for a fixed number of years. The number of
years must be at least 5 and not more than 30.

Option 2.  Single Life Income

Payment is made to the person named in equal monthly  installments  based on one
of the following, as elected by you:

(a)  Payments  continue  as long as the  Annuitant  is  living  and cease at the
Annuitant's death.

(b) Payments  continue for a period  certain and continue  thereafter as long as
the  Annuitant  is living.  The period  certain may be between 5 and 30 years as
specified by you.

(c) Payments  continue as long as the  Annuitant is living.  At the  Annuitant's
death, the difference  between the sum of the payments made and the Accumulation
Value  applied to this  option is paid to the  Beneficiary  in a lump sum.  This
"Cash  Refund"  feature is  available  only if the total  amount  applied to the
Option is taken as a Fixed Annuity payment.

Option 3.  Joint Life Income

This Option is available if there are two Annuitants,  one of whom is designated
the Primary  Annuitant and the other the Secondary  Annuitant.  Monthly payments
continue as long as at least one of the Annuitants is living based on one of the
following, as elected by you:

(a) Payments continue as long as either Annuitant is living;

(b) Payments  continue for a period  certain and continue  thereafter as long as
either Annuitant is living.  The period certain may be between 5 and 30 years as
specified by you;

(c) Payments  continue as long as either  Annuitant  is living.  At the death of
both  Annuitants,  the  difference  between the sum of the payments made and the
Accumulation  Value applied to this option is paid to the  Beneficiary in a lump
sum. This "Cash Refund" feature is available only if the total amount applied to
the Option is taken as a Fixed Annuity payment.

If Fixed Annuity  Payments are chosen under Options 1, 2(a), 2(b), 3(a) or 3(b),
you may also elect to have payments increase annually at 1%, 2% or 3% compounded
annually.

Payment may be made under any other method mutually agreed upon by you and us.

Betterment of Rates

Annuity  Payments at the time of  commencement  will not be less than those that
would  otherwise  be provided by the  application  of an amount to purchase  any
single premium  immediate annuity offered by us at the time to the same class of
annuitants.  Such amount will be the greater of (1) the Cash Surrender Value; or
(2) ninety-five  percent of what the Cash Surrender Value would be if there were
no Surrender Charge applied.

Payment When Named Person Dies

When the person named to receive payment dies, we will pay any amounts still due
as  provided  by  the  Option  agreement.  For  Option  1 or for  any  remaining
guaranteed  payments in Options 2 or 3, payments will be continued until the end
of the guaranteed period.


RLNY-IA-1080                          27
<PAGE>

--------------------------------------------------------------------------------
                           Other Important Information
--------------------------------------------------------------------------------

Sending Notice to Us

Whenever written notice is required, send it to our Customer Service Center. The
address  of our  Customer  Service  Center  is shown on the cover  page.  Please
include your Contract number in all correspondence.

Reports to Owner

We will send you a report at least once during each  Contract  Year.  The report
will be mailed to your last known address and will show the Accumulation  Value,
Cash Surrender Value and Death Benefit as of the end of the Contract  Processing
Period. The report will also show the allocation of the Accumulation Value as of
such date and the amounts deducted from or added to the Accumulation Value since
the last  report.  The report  will also  include  any  information  that may be
currently required by the insurance  supervisory official of the jurisdiction in
which the Contract is delivered.

We will also send you copies of any  shareholder  reports of the  portfolios  in
which the  Divisions of the Variable  Separate  Account  invest,  as well as any
other reports, notices or documents required by law to be furnished to Owners.

Assignment - Using this Contract as Collateral Security

You can  assign  this  Contract  as  collateral  security  for a loan  or  other
obligation.   This  does  not  change  the   ownership.   Your  rights  and  any
Beneficiary's   right  are  subject  to  the  terms  of  the   assignment.   The
Beneficiary's  rights  may be  subordinate  to those of an  assignee  unless the
Beneficiary  was  designated  as  an  irrevocable   Beneficiary   prior  to  the
assignment.  To make or release an  assignment,  we must receive  written notice
satisfactory to us, at our Customer  Service Center.  We are not responsible for
the validity of any assignment.

Changing this Contract

This Contract or any additional benefit riders may be changed to another annuity
plan according to our rules at the time of the change.

Contract Changes - Applicable Tax Law

We  reserve  the right to make  changes  in this  Contract  or its Riders to the
extent we deem it necessary to continue to qualify this  Contract as an annuity.
Any such changes will apply  uniformly to all Contracts  that are affected.  You
will be given advance written notice of such changes.

Misstatement of Age or Sex

If an age or sex has been misstated, the amounts payable or benefits provided by
this Contract  will be those that the Premium  Payment made would have bought at
the correct age or sex. If we make an underpayment due to the misstatement,  the
underpayment  amount will be paid in one sum with interest  credited at the rate
of 3%. In case of an  overpayment,  the  overpayment  amount plus interest at 3%
will be deducted from the current or succeeding payments

Non-Participating

This Contract does not  participate  in the divisible  surplus of Reliastar Life
Insurance Company of New York.

Contestability

This Contract is incontestable from its date of issue.

RLNY-IA-1080                           28
<PAGE>


--------------------------------------------------------------------------------
                                        Other Important Information (continued)
--------------------------------------------------------------------------------


Payments We May Defer

We may not be able to determine the value of the assets of the Variable Separate
Account Divisions because:
     (1) The NYSE is closed for trading;
     (2) the SEC determines that a state of emergency exists;
     (3) an order or pronouncement of the SEC permits a delay for the protection
         of Owners; or
     (4) the check used to pay the premium has not cleared through the banking
         system.  This may take up to 15 days.

During such times, as to amounts allocated to the Divisions of the Variable
Separate Account, we may delay:
     (1) determination and payment of the Cash Surrender Value;
     (2) determination and payment of any Death Benefit if death occurs before
         the Annuity Commencement Date;
     (3) allocation changes of the Accumulation Value; or
     (4) application of the Accumulation Value under an income plan.

As to the amounts  allocated  to a Guaranteed  Interest  Division in the General
Account and as to amounts  allocated to Fixed  Allocations of the Fixed Account,
we may, at any time,  defer  payment of the Cash  Surrender  Value for up to six
months  after we receive a request  for it. We will allow  interest  of at least
3.00% a year or greater if required by state law,  on any Cash  Surrender  Value
payment derived from the Fixed Allocations or Guaranteed Interest Divisions that
we defer 10 days or more.

Authority to Make Agreements

All  agreements  made by us must be  signed  by one of our  officers.  No  other
person, including an insurance agent or broker, has the authority to:

     (1) change any of this Contract's terms;
     (2) extend the time for Premium Payments; or
     (3) make any agreement binding on us.

Required Note on Our Computations

We have  filed a  detailed  statement  of our  computations  with the  insurance
supervisory  official in the jurisdiction where this Contract is delivered.  The
values  are  not  less  than  those  required  by  the  law  of  that  state  or
jurisdiction.  Any benefit  provided by an attached  Optional Benefit Rider will
not increase these values unless otherwise stated in that Rider.




RLNY-IA-1080                        29
<PAGE>







<PAGE>
RLNY-IA-1080

















































Flexible Premium Deferred Combination Variable and Fixed Annuity Contract
 - No Dividends
--------------------------------------------------------------------------------

Variable  Cash  Surrender  Values while the  Annuitant  and Owner are living and
prior to the Annuity  Commencement  Date.  Death  Benefit  subject to guaranteed
minimum.  Partial  Withdrawal  Option.  Non-participating.   Investment  results
reflected in values.

RLNY-IA-1080