Document:

Exhibit 10(a)  

[SUTHERLAND,
ASBILL & BRENNAN LLP LETTERHEAD] 

DAVID S. GOLDSTEIN
  DIRECT LINE: 202.383.0606

Internet: dgoldstein@sablaw.com 

May 3,
2004 

Board
of Directors

Protective Life Insurance Company

2801 Highway 280 South

Birmingham, AL 35223 

Directors:

        We
hereby consent to the reference to our name under the caption "Legal Matters" in the statement of additional information filed as part of pre-effective amendment
no. 1 to the registration statement on Form N-4 (File No. 333-112892) filed by Protective Life Insurance Company and the Protective Variable Annuity
Separate Account with the Securities and Exchange Commission. In giving this consent, we do not admit that we are in the category of persons whose consent is required under Section 7 of the
Securities Act of 1933. 

	 	 	Sincerely,
	

 	
 	

SUTHERLAND ASBILL & BRENNAN LLP
	

 	
 	

By:	
 	

/s/  DAVID S. GOLDSTEIN      
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Exhibit 10(b)  

 
 

Consent of Independent Accountants    
    

        We hereby consent to the use in this Registration Statement on Form N-4 (File No. 333-333-112892) of our report dated
March 11, 2004, relating to the consolidated financial statements and financial statement schedules of Protective Life Insurance Company and Subsidiaries, which appears in such Registration
Statement. We also consent to the use in this Registration Statement of our report dated April 15, 2004, relating to the financial statements of The Protective Variable Annuity Separate
Account, which appears in such Registration Statement. We also consent to the reference to us under the heading "Independent Accountants" in such Registration Statement. 

PricewaterhouseCoopers
LLP 

Birmingham,
Alabama

May 3, 2004 

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Exhibit 4(d)  

PROTECTIVE LIFE INSURANCE COMPANY        P. O. BOX 10648        BIRMINGHAM,
ALABAMA        35202-0648  

  
 

    GUARANTEED ACCOUNT ENDORSEMENT    
    

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

	1.
	The
definition for Contract Value is deleted and replaced by the definition below: 

Contract Value:    Prior to the Annuity Commencement Date, the sum of the Variable Account value and the Guaranteed Account value attributable
to a {Contract}{Certificate}. 

	2.
	The
first paragraph of the provision entitled "Variable Account Value" in the "VARIABLE
ACCOUNT" section of your Contract is deleted and replaced by the paragraph below: 

Variable Account Value—At any time prior to the Annuity Commencement Date, the Variable Account value is equal to: 

	(1)
	Net
Purchase Payments allocated to the Variable Account; plus

	(2)
	amounts
transferred into the Variable Account; plus

	(3)
	other
amounts applied to the Variable Account; plus or minus

	(4)
	investment
performance; minus

	(5)
	amounts
transferred out of the Variable Account; minus

	(6)
	the
amount of any surrenders removed from the Variable Account; minus

	(7)
	other
charges, fees and premium taxes deducted from the Variable Account. 

The
Variable Account value equals the total of the Sub-Account values. 

	3.
	The
following provisions are added to your Contract. 

 
 

DEFINITIONS    
    

        Guaranteed Account:    Includes any Allocation Option we may offer with interest rate guarantees. 

 
 

GUARANTEED ACCOUNT    
    

        General Description—The Guaranteed Account includes the Fixed Account and the DCA Fixed Accounts,
which are each a part of the Company's general account. Amounts allocated to an account in the Guaranteed Account earn interest from the date they are credited to the account. 

        We,
in our sole discretion, establish interest rates for each account in the Guaranteed Account. We will not declare a rate that yields values less than those required by the state in
which the Contract is delivered. Because interest rates vary from time to time, allocations made to the same account in the Guaranteed Account at different times may earn interest at different rates. 

        Fixed Account—Generally, you may allocate some or all of your Net Purchase Payments and may transfer some or all of your
Contract Value to the Fixed Account. The interest rates we apply to a Net Purchase Payment or a transfer allocated to the Fixed Account are guaranteed for one year from the date they are credited to
the account. When an interest rate guarantee expires, we will set a new interest rate, which may not be the same as the interest rate then in effect for a subsequent 

1

 

Net
Purchase Payment allocated to the Fixed Account. The new interest rate is also guaranteed for one year. 

        DCA Fixed Accounts—The DCA Fixed Accounts are available only for Net Purchase Payments designated for dollar cost averaging.
You may allocate a Net Purchase Payment to a DCA Fixed Account only when the value of that DCA Fixed Account is $0. The entire value of a DCA Fixed Account must be transferred to the Variable Account
prior to allocating any new Net Purchase Payment to that DCA Fixed Account. Allocations to a DCA Fixed Account must include
instructions regarding transfer frequency and the Sub-Accounts into which the transfers are to be made. 

        We
will systematically transfer Net Purchase Payments allocated to a DCA Fixed Account into the Variable Account in equal amounts over the period we allow for that DCA Fixed Account. The
interest rate we apply to a Net Purchase Payment allocated to a DCA Fixed Account is guaranteed for the period over which transfers are allowed from that DCA Fixed Account. Interest credited to a DCA
Fixed Account will be accumulated and transferred from the DCA Fixed Account after the last dollar cost averaging transfer. 

        Guaranteed Account Value—Prior to the Annuity Commencement Date, the Guaranteed Account value is equal to: 

	(1)
	Net
Purchase Payments allocated to the Guaranteed Account; plus

	(2)
	interest,
and other amounts credited to the Guaranteed Account; minus

	(3)
	amounts
transferred out of the Guaranteed Account; minus

	(4)
	the
amount of any surrenders removed from the Guaranteed Account; minus

	(5)
	other
charges, fees and premium taxes deducted from the Guaranteed Account. 

        For
the purposes of interest crediting, amounts deducted, transferred or withdrawn from accounts in the Guaranteed Account will be separately accounted for on a "first-in,
first-out" (FIFO) basis. 

 
 

TRANSFERS    
    

        Transfers—There are limitations on transfers involving the Guaranteed Account. No transfer is
permitted into any account in the Guaranteed Account until 6 months after the last transfer from an account in the Guaranteed Account. Transfers into a DCA Fixed Account are not permitted. 

        The
maximum amount that may be transferred out of the Fixed Account in any Contract Year is the greater of (a) $2,500; or (b) 25% of the Fixed Account value as of the prior
Contract Anniversary, plus 25% of any Purchase Payments and transfers allocated to the Fixed Account since the prior Contract Anniversary. This restriction does not apply to dollar cost averaging
transfers from the Fixed Account. 

        Dollar Cost Averaging—You may establish dollar cost averaging transfers from any account in the Guaranteed Account but dollar
cost averaging transfers into an account in the Guaranteed Account or the {OppenheimerFunds Money} Sub-Account are not permitted. We will not accept Written Instructions to establish
dollar cost averaging transfers from the Fixed Account over a period less than 12 months. If dollar cost averaging transfers from a DCA Fixed Account are terminated, we will transfer any amount
remaining in that DCA Fixed Account into the Sub-Accounts according to the allocation instruction in effect for that DCA Fixed Account at the time the dollar cost averaging transfers are
terminated, unless you have otherwise instructed us how to allocate the remaining amount. 

2

 

 
 

SURRENDERS    
    

        Surrenders from the Guaranteed Account—The Company may delay payment of a partial or full surrender
from the Guaranteed Account for up to six months where permitted. 

Signed
for the company and made a part of the contract as of the Effective date. 

	PROTECTIVE LIFE INSURANCE COMPANY
	

/s/ Deborah J. Long
	

Secretary

3

 
 
 

MINIMUM GUARANTEED ACCOUNT VALUES    
    

        This table illustrates the accumulation of an annual $10,000 Net Purchase Payment made at the beginning of each Contract Year at the minimum guaranteed interest
rate and annual contract maintenance fee applicable to this Contract.   

	Year
 
	 	Beginning

Contract

Value
	 	Ending

Contract

Value
	 	Surrender

Value
	 	Effective

Rate of

Return
	 
	1	 	$	10,000	 	$	10,120	 	$	10,120	 	1.20	%
	

2	
 	
$	

20,120	
 	
$	

20,392	
 	
$	

20,392	
 	

1.30	
%
	

3	
 	
$	

30,392	
 	
$	

30,818	
 	
$	

30,818	
 	

1.35	
%
	

4	
 	
$	

40,818	
 	
$	

41,400	
 	
$	

41,400	
 	

1.38	
%
	

5	
 	
$	

51,400	
 	
$	

52,171	
 	
$	

52,171	
 	

1.42	
%
	

6	
 	
$	

62,171	
 	
$	

63,104	
 	
$	

63,104	
 	

1.44	
%
	

7	
 	
$	

73,104	
 	
$	

74,200	
 	
$	

74,200	
 	

1.46	
%
	

8	
 	
$	

84,200	
 	
$	

85,463	
 	
$	

85,463	
 	

1.47	
%
	

9	
 	
$	

95,463	
 	
$	

96,895	
 	
$	

96,895	
 	

1.47	
%
	

10	
 	
$	

106,895	
 	
$	

108,498	
 	
$	

108,498	
 	

1.48	
%

4

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GUARANTEED ACCOUNT ENDORSEMENT

DEFINITIONS

GUARANTEED ACCOUNT

TRANSFERS

SURRENDERS

MINIMUM GUARANTEED ACCOUNT VALUESQuickLinks
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Exhibit 4(e)  

PROTECTIVE LIFE INSURANCE COMPANY        P. O. BOX 2606        BIRMINGHAM,
ALABAMA        35202-2606  

  
 

    RETURN OF PURCHASE PAYMENTS
  VARIABLE ANNUITY DEATH BENEFIT RIDER    
    

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

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

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

Death Benefit—The death benefit will be determined as of the end of the Valuation Period during which we receive due proof of death. The
death benefit will equal the greater of: 

	•
	the
Contract Value; or

	•
	aggregate
Purchase Payments less an adjustment for each surrender. 

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

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

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

 Enhanced Spousal Continuation Benefit  

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

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

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

	(a)
	settlement
of a claim for the death benefit; 
	(b)
	the
Contract Anniversary immediately after the oldest Owner attains Age {95}; 
	(c)
	a
cancellation, or full surrender of the Contract; 
	(d)
	annuitization. 

Signed
for the company and made a part of the contract as of the Effective date. 

	PROTECTIVE LIFE INSURANCE COMPANY
	

/s/ Deborah J. Long
	

Secretary

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RETURN OF PURCHASE PAYMENTS VARIABLE ANNUITY DEATH BENEFIT RIDER

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