<PAGE>
                                                                    EXHIBIT 4(d)

                       MAXIMUM ANNIVERSARY VALUE OPTIONAL
                            DEATH BENEFIT ENDORSEMENT

This Endorsement is made a part of, and subject to, the other terms and
conditions of the Contract to which it is attached.

This Endorsement modifies the AMOUNT OF DEATH BENEFIT under the DEATH OF OWNER
BEFORE THE ANNUITY DATE and is effective on the Contract Date.

The following are added under the DEFINITIONS section of the Contract:

       CONTINUATION DATE

       The Date on which We receive, in Our Service Center: (a) the Spousal
       Beneficiary's written request to continue the Contract in force, and (b)
       Due Proof of Death of the Owner. If We receive (a) and (b) on different
       dates, the Continuation Date will be the later date.

       CONTINUATION YEAR

       A year starting from the Continuation Date in one calendar year and
       ending on the day preceding the anniversary of such date in the
       succeeding calendar year.

       NET PURCHASE PAYMENT

       The sum of all Purchase Payments, reduced proportionately on the date of
       each partial withdrawal by the percentage at which the Contract Value is
       reduced by such withdrawal (including any fees or charges applicable to
       the withdrawal).

       SPOUSAL BENEFICIARY

       The Owner's spouse who: (a) is designated as the primary Beneficiary; (b)
       is age 80 or younger at the time of the Owner's death; and (c) elects to
       continue the Contract as the Owner.

AMOUNT OF DEATH BENEFIT

If You are age 80 or younger on the Contract Date, and You die prior to the
Annuity Date, the amount of the Death Benefit will be determined based upon the
Death Benefit option You selected on the Application Form. Once a Death Benefit
option is selected it cannot be changed or terminated. However, Your Spousal
Beneficiary can terminate this benefit on the Continuation Date.

MAXIMUM ANNIVERSARY OPTIONAL DEATH BENEFIT CHARGE

On an annual basis, this charge equals [0.00%-1.00%] of Your average daily
ending value of the assets attributable to the Accumulation Units of the
Subaccount(s) to which the Contract is allocated. We deduct this charge daily.
This charge is in addition to the charges in Your Contract.

MAXIMUM ANNIVERSARY VALUE OPTIONAL DEATH BENEFIT

If upon Our receipt of Due Proof of Death of the Owner prior to the Annuity Date
and prior to the Owner attaining age 90, the Beneficiary will receive the
greatest of:

(a)    Purchase Payments reduced for any partial withdrawals (and any fees or
       charges applicable to such withdrawals) in the same proportion that the
       Contract Value was reduced on the date of such withdrawal; or

(b)    Contract Value; or



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<PAGE>

(c)    The Maximum Anniversary Value.

If the deceased Owner has attained age 90, then the death benefit will be the
Contract Value.

We will calculate the Maximum Anniversary Value, by determining the Contract
Value for each Contract anniversary prior to the Owner's 81st birthday. The
anniversary value is equal to the Contract Value at each Contract anniversary
increased by the dollar amount of any Purchase Payment(s) made since that
anniversary and reduced proportionately for any partial withdrawals (and any
fees or charges applicable to such withdrawals) in the same proportion that the
Contract Value was reduced on the date of such withdrawal. If any of those
anniversary values is greater than Your Contract Value, You will receive that
amount as the Maximum Anniversary Value.

DEATH BENEFIT ENHANCEMENT BEFORE THE CONTINUATION DATE

Earnings, for purposes of calculating the Death Benefit Enhancement amount,
equal the amount by which Your Contract Value exceeds Net Purchase Payment(s) as
of the date of Your death. If You have earnings as defined above in Your
Contract at the time We receive Your Due Proof of Death, We will add any
applicable Death Benefit Enhancement to the amount of Your Death Benefit. The
Percentage of Earnings that will be added to Your Death Benefit as a Death
Benefit Enhancement depends on how long Your Contract was in force prior to the
date of Your death. This benefit is in addition to the Maximum Anniversary Value
Death Benefit. The Death Benefit Enhancement terminates upon the Latest Annuity
Date.

<TABLE>
<CAPTION>
                      DEATH BENEFIT ENHANCEMENT
---------------------------------------------------------------------
                                  Percentage          Maximum Benefit
Number of Years Elapsed*         of Earnings            Percentage
------------------------         -----------          ---------------
<S>                              <C>                  <C>
        [0-4]                       [0-100%]               [0-100%]
        [5-9]                      [0-100%*]              [0-100%*]
        [10+]                      [0-100%*]              [0-100%*]
</TABLE>

[*Does not apply on Spousal Continuation if Spousal Beneficiary is age 70 or
older on the Continuation Date.]

For purposes of determining any Death Benefit Enhancement payable upon Your
death the following items in the Death Benefit Enhancement table are described
as follows:

       NUMBER OF YEARS ELAPSED is the number of full Contract Years from the
       Contract Date to the date of Your death.

       PERCENTAGE OF EARNINGS is a percentage applied to the earnings in Your
       Contract from the Contract Date to the date of Your death.

       MAXIMUM BENEFIT PERCENTAGE is a percentage that when applied to the Net
       Purchase Payment(s) defines the maximum amount of the Death Benefit
       Enhancement. Net Purchase Payments received by Us after the [0-10th]
       Contract Anniversary, must remain in Your Contract for at least [0-12]
       full months to be included in the calculation of the maximum amount of
       the Death Benefit Enhancement.



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DEATH BENEFIT ENHANCEMENT AFTER THE CONTINUATION DATE

Upon receipt of Due Proof of Death of the Spousal Beneficiary, We will add any
applicable Death Benefit Enhancement to the amount of the Spousal Beneficiary's
Death Benefit.

For purposes of determining any Death Benefit Enhancement amount payable upon
the Spousal Beneficiary's death, the following items in the Death Benefit
Enhancement table are described as follows:

       NUMBER OF YEARS ELAPSED is the number of full Continuation Years from the
       Continuation Date to the date of death of the Spousal Beneficiary.

       PERCENTAGE OF EARNINGS is a percentage applied to the earnings in the
       Contract from the Continuation Date to the Spousal Beneficiary's date of
       death. For purposes of this calculation, earnings are defined as (a)
       minus (b) where:

              (a)    is the Contract Value on the Spousal Beneficiary's date of
                     death; and

              (b)    is the sum of the Contract Value on the Continuation Date
                     (including any amount added to the Contract Value by Us),
                     and any Net Purchase Payment(s) received on or after the
                     Continuation Date.

       MAXIMUM BENEFIT PERCENTAGE is a percentage, that when applied to the sum
       of (a) plus (b) below, defines the maximum amount of the Death Benefit
       Enhancement, where:

              (a)    is the Contract Value on the Continuation Date (including
                     any amount added to the Contract Value by Us on the
                     Continuation Date), reduced proportionately on the date of
                     each partial withdrawal occurring on or after the
                     Continuation Date, by the percentage at which the Contract
                     Value is reduced by such withdrawal (including any fees or
                     charges applicable to the withdrawal) on that date;

              (b)    is any Net Purchase Payment(s) made on or after the
                     Continuation Date until the Spousal Beneficiary's date of
                     death. Purchase Payments received by Us after [0-10th]
                     Continuation Years, must remain in Your Contract for at
                     least [0-12] full months to be included in the calculation
                     of the maximum amount of the Death Benefit Enhancement.

Signed for the Company to be effective on the Contract Date.

ANCHOR NATIONAL LIFE INSURANCE COMPANY




    /s/ CHRISTINE A. NIXON                             /s/ JAY S. WINTROB
    ----------------------                             ------------------
      Christine A. Nixon                                 Jay S. Wintrob
         Secretary                                          President




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<PAGE>

                       MAXIMUM ANNIVERSARY VALUE OPTIONAL
                            DEATH BENEFIT ENDORSEMENT

This Endorsement is made a part of, and subject to, the other terms and
conditions of the Contract to which it is attached.

This Endorsement modifies the AMOUNT OF DEATH BENEFIT under the DEATH OF OWNER
BEFORE THE ANNUITY DATE in the Contract.

The following are added under the DEFINITIONS section of the Contract:

       NET PURCHASE PAYMENT

       The sum of all Purchase Payments, reduced proportionately on the date of
       each partial withdrawal by the percentage at which the Contract Value is
       reduced by such withdrawal (including any charges applicable to the
       withdrawal).

AMOUNT OF DEATH BENEFIT

If, upon the death of the Owner and prior to the Annuity Date, the Owner has not
attained age 90, the amount of the Death Benefit will be as described under the
Maximum Anniversary Value Optional Death Benefit. If the deceased Owner has
attained age 90, then the Death Benefit will be the Contract Value. This Death
Benefit option cannot be changed or terminated.

MAXIMUM ANNIVERSARY VALUE OPTIONAL DEATH BENEFIT

As of the date We receive Your Due Proof of Death and prior to the Owner
attaining age 90, the Death Benefit will be the greatest of:

(a)    Net Purchase Payments; or

(b)    Contract Value; or

(c)    The Maximum Anniversary Value.

We will calculate the Maximum Anniversary Value, by determining the Contract
Value for each Contract anniversary prior to the Owner's 81st birthday. An
anniversary value is equal to the Contract Value at a Contract anniversary
increased by the dollar amount of any Purchase Payment(s) made since that
anniversary and reduced for any partial withdrawals since that anniversary (and
any charges applicable to such withdrawals) in the same proportion that the
Contract Value was reduced on the date of such withdrawal. If any of those
anniversary values is greater than Your Contract Value, You will receive that
amount as the Maximum Anniversary Value.

MAXIMUM ANNIVERSARY OPTIONAL DEATH BENEFIT CHARGE

On an annual basis, this charge equals [0.15%] of Your average daily ending
value of the assets attributable to the Accumulation Units of the Subaccount(s)
to which the Contract is allocated. We deduct this charge daily. This charge is
in addition to the charges in Your Contract.



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<PAGE>

Signed for the Company to be effective on the Contract Date.

ANCHOR NATIONAL LIFE INSURANCE COMPANY



    /s/ CHRISTINE A. NIXON                             /s/ JAY S. WINTROB
    ----------------------                             ------------------
      Christine A. Nixon                                 Jay S. Wintrob
         Secretary                                          President





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