Document:

<PAGE>

                   SUN LIFE ASSURANCE COMPANY OF CANADA (U.S.)
        A WHOLLY-OWNED SUBSIDIARY OF SUN LIFE ASSURANCE COMPANY OF CANADA

<TABLE>
<S>                                <C>                      <C>
EXECUTIVE OFFICE:                  HOME OFFICE:             ANNUITY SERVICE MAILING ADDRESS:
[One Sun Life Executive Park       [Wilmington, DE]         Sun Life of Canada (U.S.)
Wellesley Hills, MA  02181]                                 Retirement Products and Services
                                                            P.O. Box [ #]
                                                            Boston, MA  [ Zip Code]
</TABLE>

     Sun Life Assurance Company of Canada (U.S.) ("the Company") will pay an
annuity commencing on the Annuity Commencement Date by applying the adjusted
value of the Participant's Account in accordance with the settlement provisions.
If the Covered Person dies while the Contract is in effect and before the
Annuity Commencement Date, the Company may pay a Death Benefit to the
Beneficiary upon receipt of Due Proof of Death of the Covered Person. Under
certain circumstances, if the Participant dies before the Annuity Commencement
Date, a distribution is required by law. This Contract is the legal Contract. If
there is any conflict between the provisions of this Contract and any
Certificate issued in connection with it, the Contract is the controlling
document.

     All payments will be made to the persons and in the manner set forth in
this Contract. Provisions and endorsements printed or written by the Company on
the following pages form part of the Contract.

     Signed by the Company at its Executive Office, Wellesley Hills,
Massachusetts on the Issue Date.

         /s/  C. James Prieur                           /s/ Ellen B. King
           C. James Prieur                                Ellen B. King
              PRESIDENT                                     SECRETARY

 FLEXIBLE PAYMENT DEFERRED COMBINATION VARIABLE AND FIXED GROUP ANNUITY CONTRACT
                                NONPARTICIPATING

ALL PAYMENTS AND VALUES PROVIDED BY THIS CONTRACT WHEN BASED ON THE INVESTMENT
EXPERIENCE OF THE VARIABLE ACCOUNT ARE VARIABLE AND ARE NOT GUARANTEED AS TO
DOLLAR AMOUNT.

PAYMENTS AND VALUES BASED ON THE FIXED ACCOUNT ARE SUBJECT TO A MARKET VALUE
ADJUSTMENT FORMULA, THE OPERATION OF WHICH MAY RESULT IN UPWARD AND DOWNWARD
ADJUSTMENTS IN AMOUNTS PAYABLE TO A PARTICIPANT, INCLUDING WITHDRAWALS,
TRANSFERS AND AMOUNTS APPLIED TO PURCHASE AN ANNUITY. PAYMENTS FROM GUARANTEE
AMOUNTS WHICH ARE MADE WITHIN 30 DAYS PRIOR TO THE END OF A GUARANTEE PERIOD OR
THE WITHDRAWAL OF INTEREST CREDITED TO GUARANTEE AMOUNTS DURING THE CURRENT
ACCOUNT YEAR ARE NOT SUBJECT TO THE MARKET VALUE ADJUSTMENT.

<PAGE>

                                TABLE OF CONTENTS

                                                                            PAGE

CONTRACT SPECIFICATIONS...................................................... 4

DEFINITIONS.................................................................. 5

FIXED AND VARIABLE ACCOUNTS.................................................. 8

     Fixed Account........................................................... 8

     Variable Account and Sub-Accounts....................................... 8

     Ownership of Assets..................................................... 8

     Investments of the Sub-Accounts......................................... 8

 PURCHASE PAYMENTS........................................................... 8

     Payments                                                                 8

     Purchase Payment interest............................................... 8

     Account Continuation.................................................... 9

     Allocation of Net Purchase Payments..................................... 9

CONTRACT VALUES DURING ACCUMULATION PERIOD..................................  9

     Participant's Account................................................... 9

     Variable Account Value..................................................10

     Crediting Variable Accumulation Units...................................10

     Variable Accumulation Unit Value........................................10

     Variable Accumulation Value.............................................10

     Net Investment Factor...................................................10

     Fixed Account Value.....................................................11

     Guarantee Periods.......................................................11

     Guaranteed Interest Rates...............................................11

     Fixed Accumulation Value................................................11

     Transfer Privilege......................................................12

     Account Fee.............................................................12

CASH WITHDRAWALS, WITHDRAWAL CHARGES AND MARKET VALUE ADJUSTMENT.............

     Cash Withdrawals........................................................13

     Market Value Adjustment.................................................13

DEATH BENEFIT................................................................14

     Death Benefit Provided by the Contract..................................14

     Election and Effective Date of Election.................................14

     Payment of Death Benefit................................................15

     Amount of Death Benefit.................................................15

SETTLEMENT PROVISIONS........................................................16

     General.................................................................16

     Election and Effective Date of Election.................................16

     Determination of Amount.................................................16

     Effect of Annuity Commencement Date on Participant's Account............17

     Annuity Commencement Date...............................................17

                                      -2-
<PAGE>

     Fixed Annuity Payments..................................................17

     Variable Annuity Payments...............................................17

     Annuity Unit Value......................................................18

     Exchange of Variable Annuity Units......................................18

     Account Fee.............................................................18

     Description of Annuity Options..........................................18

     Amounts Payable on Death of Payee.......................................19

     Annuity Payment Rates...................................................19

OWNERSHIP PROVISIONS.........................................................21

     Exercise of Contract Rights.............................................21

     Death of Participant....................................................21

     Voting of Fund Shares...................................................21

     Periodic Reports........................................................22

     Designation and Change of Beneficiary...................................22

GENERAL PROVISIONS...........................................................22

     Age and Sex Misstatement................................................22

     Contract................................................................23

     Currency................................................................23

     Determination of Values.................................................23

     Discontinuance of New Participants......................................23

     Governing Law...........................................................23

     Guarantees..............................................................23

     Incontestability........................................................23

     Modification............................................................23

     Nonparticipating........................................................24

     Payments by the Company.................................................24

     Proof of Age............................................................24

     Proof of Survival.......................................................24

     Splitting Units.........................................................24

     Rights Reserved by the Company..........................................24

QUALIFIED CONTRACT PROVISIONS................................................

                                      -3-
<PAGE>

                             CONTRACT SPECIFICATIONS
<TABLE>
<S>                                                     <C>
OWNER                                                     [Futurity Insurance Trust]

CONTRACT NUMBER                                           [79-7900-111111]

ISSUE DATE                                                [June 21, 1998]

INITIAL PURCHASE PAYMENT                                  [$100,000]

     Minimum Initial Purchase Payment                     [$10,000]

     Minimum Additional Payment                           [$1,000]

     Maximum Purchase Payment (without prior
        approval of the Company)                          [Any Purchase Payment
                                                          that would cause Account Value to exceed $1,000,000]

PURCHASE PAYMENT INTEREST                                 OPTION A:
     [During first Account Year]                            [2% of any Purchase Payment]
     [Each Five Year Anniversary]                           [2% of Participant's Account Value]

         Or                                               OPTION B:

     [Principal is equal to or less than $99,999]           [3% of each Purchase Payment.  An additional 1% will be
                                                            credited to any Principal that received 3% during the first
                                                            Account Year if Principal equal or exceeds $10,000 on the
                                                            first Account Anniversary.]
     [Principal is equal to or more than $100,000]          [4% of each Purchase Payment]

ANNUAL ASSET CHARGES (for the Variable Account only)      [1.40% - Basic Death Benefit]
                                                          [1.65% - Optional Death Benefit where Certificate Owner is 70 or
                                                          younger on Date of Coverage]
                                                          [1.85% - Optional Death Benefit where Certificate Owner is 71-79
                                                          on Date of Coverage]

ANNUITY OPTION                                            [Deferred]
     Minimum Annuity Purchase Amount                      [$5,000]
     Minimum Initial Annuity Payment Amount               [$50]
     Account Fee After Annuity Commencement Date          [$35]

ACCOUNT FEE                                               [$35]

MAXIMUM ACCOUNT FEE                                       [$50]
MINIMUM ACCOUNT VALUE FOR WAIVER OF ACCOUNT               [$100,000]
    FEE

<CAPTION>
                                                                   NUMBER OF COMPLETE
                                                               ACCOUNT YEARS FROM TIME OF              WITHDRAWAL
WITHDRAWAL CHARGES                                                       PAYMENT                         CHARGES
<S>                                                               <C>                                  <C>

                                                                           0-1                             8%
                                                                           2-3                             7%

                                                                            4                              6%
                                                                            5                              5%
                                                                            6                              4%
                                                                            7                              2%
                                                                            8                              1%
                                                                         9 or more                         0%

                                      -4a-
<PAGE>

<S>                                                     <C>
      [INITIAL GUARANTEE PERIOD(S)]                            ["1-10 Year""]

      GUARANTEED INTEREST RATE

      Minimum Guarantee Period Amount                          [$1,000]
      Minimum Guaranteed Interest Rate                         [3%]
      Market Value Adjustment ("b" Factor)                     [0%]     Maximum 0.25%

      CURRENT FEE PER TRANSFER                                 [$0]
      Maximum Fee Per Transfer                                 [$25]
      Maximum Number of Transfers Per Account Year             [12]
      Minimum Transfer Amount                                  [$1,000]
      Minimum Remaining in Sub-Account after Transfer          [$1,000]

      OPTIONAL DEATH BENEFIT                                   [None]

                                                                  or

      [Maximum Anniversary Account Value]                      [The greatest of 1,2 and 3 shown in the "Amount of Death
                                                               Benefit"  provision and the highest Participant's Account
                                                               Value on any Account Anniversary prior to the Participant's
                                                               81st birthday, adjusted for any subsequent Purchase Payments
                                                               and partial withdrawals and charges made between such
                                                               Account Anniversary and the Death Benefit Date]

                                                                  or

      [Earnings Enhancement]                                   [The greatest of 1,2 and 3 shown in the "Amount of Death
                                                               Benefit"  provision  plus 40% of the lesser of  Net Purchase
                                                               Payments and the Participant's Account Value minus Net
                                                               Purchase Payments.  (Net Purchase Payments will be adjusted
                                                               for any partial withdrawals as described in the "Amount of
                                                               Death Benefit" provision.).  This amount will be calculated
                                                               as of the Death Benefit Date unless the Participant's spouse
                                                               is the beneficiary and elects to continue the Certificate,
                                                               in which case this benefit will be determined on the Death
                                                               Benefit Date following the spouse's death.]

                                                               [The greatest of 1,2 and 3 shown in the "Amount of Death
                                                               Benefit" provision plus 25% of the lesser of Net Purchase
                                                               Payments and the Participant's Account Value minus Net
                                                               Purchase Payments. (Net Purchase Payments will be adjusted for
                                                               any partial withdrawals as described in the "Amount of Death
                                                               Benefit" provision.) This amount will be calculated as of the
                                                               Death Benefit Date unless the Participant's spouse is the
                                                               beneficiary and elects to continue the Certificate,
                                                               in which case this benefit will be determined on the Death
                                                               Benefit Date following the spouse's death.]
</TABLE>

                                      -4b-
<PAGE>

                         SUB-ACCOUNTS INVESTED IN FUNDS

AVAILABLE FUND OPTIONS:

AIM VARIABLE INSURANCE FUNDS, INC.
   AIM V.I. Capital Appreciation Fund
   AIM V.I. Growth Fund
   AIM V.I. Growth and Income Fund
   AIM V.I. International Equity Fund

THE ALGER AMERICAN FUND
   Alger American Growth Portfolio
   Alger American Income and Growth Portfolio
   Alger American Small Capitalization Portfolio

GOLDMAN SACHS VARIABLE INSURANCE TRUST
   Goldman Sachs CORE Large Cap Growth Fund
   Goldman Sachs CORE Small Cap Equity Fund
   Goldman Sachs CORE U.S. Equity Fund
   Goldman Sachs Growth and Income Fund
   Goldman Sachs International Equity Fund

J.P. MORGAN SERIES TRUST II
   J.P. Morgan Disciplined Equity Portfolio
   J.P. Morgan International Opportunities Portfolio
   J.P. Morgan Small Company Portfolio

LORD ABBETT SERIES FUND, INC.
   Lord Abbett Growth and Income Portfolio

OCC ACCUMULATION TRUST
   OCC Equity Portfolio
   OCC Mid Cap Portfolio
   OCC Small Cap Portfolio
   OCC Managed Portfolio

SUN CAPITAL ADVISERS, INC.
   Sun Capital Blue Chip Mid Cap Fund
   Sun Capital Investors Foundation Fund
   Sun Capital Money Market Fund
   Sun Capital Investment Grade Bond Fund
   Sun Capital Real Estate Fund
   Sun Capital Select Equity Fund

                                      -4c-
<PAGE>

                                   DEFINITIONS

Any reference in this Contract to "RECEIPT" and "RECEIVED" by the Company means
receipt at the Company's Annuity Service Mailing Address shown on the first page
of this Contract.

ACCOUNT YEARS AND ACCOUNT ANNIVERSARIES: The Account Year shall be the period of
365 days measured from the Date of Coverage.

ACCUMULATION PERIOD: The period before the Annuity Commencement Date and during
the lifetime of the Participant.

ANNUITANT: The person or persons named in the Certificate Specifications page,
and on whose life the first annuity payment is to be made. If the Annuitant dies
prior to the Annuity Commencement Date, the new Annuitant will be the
Co-Annuitant, if any. If the Co-Annuitant dies or if no Co-Annuitant is named,
the Participant becomes the Annuitant upon the Annuitant's death prior to the
Annuity Commencement Date.

ANNUITY COMMENCEMENT DATE: The date on which the first annuity payment is to be
made. This date may not be earlier than the first Account Anniversary.

ANNUITY OPTION: The method for making annuity payments.

ANNUITY UNIT: A unit of measure used in the calculation of the amount of the
second and each subsequent Variable Annuity payment from the Variable Account.

APPLICATION: The document, if any, signed by each Participant that serves as his
or her application for participation under this Contract.

BENEFICIARY: Prior to the Annuity Commencement Date, the person or entity having
the right to receive the Death Benefit set forth in the Certificate, and, for a
Certificate issued under a Non-Qualified Contract, who, in the event of the
Participant's death, is the designated Beneficiary for purposes of Section 72(s)
of the Code. After the Annuity Commencement Date, the person or entity having
the right to receive any payments due under the Annuity Option elected, if
applicable, upon the death of the Payee. The Certificate must be owned by a
natural person or agent for a natural person for the Certificate to receive
favorable income tax treatment as an annuity.

CERTIFICATE: The document for each Participant which evidences the coverage of
the Participant under this Contract.

CODE: The Internal Revenue Code of 1986, as amended.

COMPANY: Sun Life Assurance Company of Canada (U.S.).

CONTRACT APPLICATION: The document, if any, signed by the Owner that evidences
the Owner's application for this Contract.

COVERED PERSON: The person upon whose death the Death Benefit will be paid.

DATE OF COVERAGE: The date on which a Participant's Certificate becomes
effective.

DEATH BENEFIT DATE: The date on which the death benefit election is effective,
which is the date on which the Company receives Due Proof of Death.

DUE PROOF OF DEATH: An original certified copy of an official death certificate,
an original certified copy of a decree of a court of competent jurisdiction as
to the finding of death, or any other proof satisfactory to the Company.

                                      -5-
<PAGE>

EXPIRATION DATE: The last day of a Guarantee Period.

FIXED ACCOUNT: Part of the General Account of the Company, consisting of all
assets of the Company other than those allocated to a separate account of the
Company.

FIXED ANNUITY: An annuity with payments that do not vary as to dollar amount.

FUND(S): One or more open-end management investment companies or "mutual funds"
registered under the Investment Company Act of 1940.

GUARANTEE AMOUNT: Any portion of a Participant's Account Value allocated to a
particular Guarantee Period with a particular Expiration Date (including
interest earned thereon).

GUARANTEE PERIOD: The period for which a Guaranteed Interest Rate is credited.

GUARANTEED INTEREST RATE: The rate of interest credited by the Company on a
compound annual basis during any Guarantee Period.

ISSUE DATE: The date on which the Contract becomes effective.

NET INVESTMENT FACTOR: An index applied by the Company to measure the investment
performance of a Sub-Account from one Valuation Period to the next. The Net
Investment Factor may be greater than, less than, or equal to one.

NET PURCHASE PAYMENT: The portion of a Purchase Payment which remains after the
deduction of any applicable front-end sales load or premium or similar tax, if
any.

NON-QUALIFIED CONTRACT: A contract used in connection with a retirement plan
which does not receive favorable federal income tax treatment under Sections
401, 403, 408 or 408A of the Code. The Participant's interest in the Contract
must be owned by a natural person or agent for a natural person for the Contract
to receive favorable income tax treatment as an annuity.

*OWNER: The person, persons or entity entitled to the ownership rights stated in
the Contract and in whose name or names the Contract is issued. The Owner may
designate a trustee or custodian of a retirement plan which meets the
requirements of Section 401, Section 408(c), Section 408(k), or Section 408(p)
of the Code to serve as legal owner of assets of a retirement plan, but the term
Owner, as used herein, refers to the organization entering into the Contract.

PARTICIPANT: The person named in the Certificate Specifications page who is
entitled to exercise all rights and privileges of ownership under the
Certificate, except as reserved by the Owner.

PARTICIPANT'S ACCOUNT: An account to which Net Purchase Payments are credited.

PARTICIPANT'S ACCOUNT VALUE: The variable accumulation value, if any, plus the
fixed accumulation value, if any, of a Participant's Account for any Valuation
Period.

PAYEE: A recipient of payments under the Contract.

PURCHASE PAYMENT (PAYMENT): The amount paid to the Company as consideration for
the benefits provided by the Contract.

QUALIFIED CONTRACT: A Contract used in connection with a retirement plan which
may receive favorable federal income tax treatment under Sections 401, 403, 408
or 408A of the Code.

                                      -6-
<PAGE>

SUB-ACCOUNT: That portion of the Variable Account that invests in shares of
specific series or sub-series of a Fund.

VALUATION PERIOD: The period of time from one determination of Variable
Accumulation Unit and Annuity Unit values to the next subsequent determination
of these values. Such determination shall be made as of the close of the New
York Stock Exchange on each day that the Exchange is open for trading.

VARIABLE ACCOUNT: A separate account of the Company consisting of assets set
aside by the Company, the investment performance of which is kept separate from
that of the general assets of the Company.

VARIABLE ACCUMULATION UNIT: A unit of measure used in the calculation of the
value of the variable portion of a Participant's Account.

VARIABLE ANNUITY: An annuity with payments which vary as to dollar amount in
relation to the investment performance of specified Sub-Accounts of the Variable
Account.

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

* As Specified in the Contract Specifications page, unless changed.

                                      -7-
<PAGE>

                                      -8-
<PAGE>

                           FIXED AND VARIABLE ACCOUNTS

FIXED ACCOUNT

     The Fixed Account consists of all assets of the Company other than those
allocated to any separate account of the Company. Any portion of a Net Purchase
Payment allocated by a Participant to a Guarantee Period(s) will become part of
the Fixed Account.

VARIABLE ACCOUNT AND SUB-ACCOUNTS

     The Variable Account to which the variable accumulation values and Variable
Annuity payments, if any, under the contract relate was established by the
Company pursuant to a resolution of its Board of Directors. The Company has
registered the Variable Account as a unit investment trust under the Investment
Company Act of 1940. That portion of the assets of the Variable Account equal to
the reserves and other Contract liabilities with respect to the Variable Account
shall not be chargeable with liabilities arising out of any other business the
Company may conduct.

     The assets of the Variable Account are divided into Sub-Accounts. Each
Sub-Account invests exclusively in shares of a designated series or sub-series
of a Fund. The values of the Variable Accumulation Units and the Annuity Units
described in the contract reflect the investment performance of the
Sub-Accounts.

OWNERSHIP OF ASSETS

     The Company shall have exclusive and absolute ownership and control of its
assets, including all assets of the Sub-Accounts. The Company reserves the right
to transfer assets of a Sub-Account, in excess of the reserves and other policy
liabilities with respect to that Sub-Account, to another Sub-Account or to the
Company's General Account.

INVESTMENTS OF THE SUB-ACCOUNTS

     All amounts allocated to a Sub-Account will be used to purchase shares of a
specific series or sub-series of a Fund. The Fund shares available on the Issue
Date are shown on the Contract Specifications page; more series and/or Funds may
be subsequently added or deleted. Each Fund is an open-end management investment
company ("mutual fund") registered under the Investment Company Act of 1940. Any
and all distributions made by a Fund with respect to shares held by a
Sub-Account will be reinvested to purchase additional shares of that Fund at net
asset value. Deductions from the Sub-Accounts will, in effect, be made by
reducing the number of Accumulation Units attributable to a Participant's
Account. Each Sub-Account will be fully invested in Fund shares at all times.

                                PURCHASE PAYMENTS

PAYMENTS

     All Purchase Payments are to be paid to the Company at its Annuity Service
Mailing Address. The amount of Purchase Payments may vary; however, the Company
will not accept an initial Purchase Payment for any Certificate which is less
than the minimum amount set forth on the Certificate Specifications page, and
each additional Purchase Payment must be at least the minimum additional amount
specified on the Certificate Specifications page. In addition, the prior
approval of the Company is required before it will accept a Purchase Payment
which would cause the Participant's Account Value to exceed the maximum Purchase
Payment amount specified on the Certificate Specifications page. If the
Participant's Account Value exceeds such maximum amount,

                                      -9-
<PAGE>

no additional Purchase Payments will be allocated without the prior approval of
the Company.

                                      -10-
<PAGE>

                           PURCHASE PAYMENT INTEREST

     Purchase Payments will be credited with interest at the rate shown on the
Certificate Specifications page. A Participant may choose between two Purchase
Payment Interest options: Option A provides for the crediting of interest at the
rate shown on the Specification Page to each Purchase Payment made during the
first Account Year. On each Five Year Anniversary, additional interest (called
"Five Year Anniversary Interest") will be credited to the Participant's Account
Value at the rate shown on the Specification Page. Option B provides for the
crediting of interest at the rate shown on the Specification Page to all
Purchase Payment accepted by the Company. If no option is elected on or before
the Date of Coverage, Option A will automatically apply.

     Interest under either option will be credited during the same Valuation
Period that the Purchase Payment is received (or on any Five Year Anniversary if
Option A is elected) and allocated to the Sub-Accounts and/or Fixed Account in
the same proportion as the Net Purchase Payment is allocated. If Option A was
elected, any Five Year Anniversary Interest will be proportionally allocated to
the Sub-Accounts and/or the Fixed Account (excluding any Fixed Account if used
to support a dollar cost averaging transfer program) based on their respective
values.

     No interest will be credited if the Certificate is returned pursuant to the
Right To Return provision.

ACCOUNT CONTINUATION

     Account shall be continued automatically in full force during the lifetime
of the Participant until the Annuity Commencement Date A Participant's or until
the Participant's Account is surrendered.

ALLOCATION OF NET PURCHASE PAYMENTS

     The Net Purchase Payment is that portion of a Purchase Payment that remains
after deduction of any applicable front-end sales load and premium tax or
similar tax. Each Net Purchase Payment will, upon receipt by the Company, be
allocated to the Participant's Account, either to the Sub-Accounts or to the
Fixed Account or to both the Sub-Accounts and the Fixed Account in accordance
with the allocation factors specified in the Application, or as subsequently
changed by the Participant

     The allocation factors for new Purchase Payments among the Guarantee
Periods and the Sub-Accounts may be changed by the Participant at any time by
giving notice of the change to the Company, in accordance with the Company's
procedures then in effect. The Participant may effect such change directly, or
through an authorized third party, subject to the Company's approval given in
its sole discretion, and further subject to adherence to such Company procedures
as may be adopted from time to time. Any change will take effect with the first
Purchase Payment received with or after receipt of notice of the change by the
Company and will continue in effect until subsequently changed.

                   CONTRACT VALUES DURING ACCUMULATION PERIOD

PARTICIPANT'S ACCOUNT

     The Company will establish a Participant's Account for each Participant
under this Contract and will maintain the Participant's Account during the
Accumulation Period. The Participant's Account Value for any Valuation Period is
equal to the variable accumulation value, if any, plus the fixed accumulation
value, if any, of the Participant's Account for that Valuation Period.

                                      -11-
<PAGE>

                             VARIABLE ACCOUNT VALUE

CREDITING VARIABLE ACCUMULATION UNITS

     Upon receipt of a Purchase Payment by the Company, all or that portion, if
any, of the Net Purchase Payment to be allocated to the Sub-Accounts will be
credited to the Participant's Account in the form of Variable Accumulation
Units. The number of particular Variable Accumulation Units to be credited is
determined by dividing the dollar amount allocated to the particular Sub-Account
by the Variable Accumulation Unit value of the particular Sub-Account for the
Valuation Period during which the Purchase Payment is received by the Company.

VARIABLE ACCUMULATION UNIT VALUE

     The Variable Accumulation Unit value for each Sub-Account was established
at $10.00 for the first Valuation Period of the particular Sub-Account. The
Variable Accumulation Unit value for the particular Sub-Account for any
subsequent Valuation Period is determined by methodology which is the
mathematical equivalent of multiplying the Variable Accumulation Unit value for
the particular Sub-Account for the immediately preceding Valuation Period by the
Net Investment Factor for the particular Sub-Account for such subsequent
Valuation Period. The Variable Accumulation Unit value for each Sub-Account for
any Valuation Period is the value determined as of the end of the particular
Valuation Period and may increase, decrease or remain constant from Valuation
Period to Valuation Period in accordance with the Net Investment Factor
described below.

VARIABLE ACCUMULATION VALUE

     The variable accumulation value, if any, of a Participant's Account for any
Valuation Period is equal to the sum of the value of all Variable Accumulation
Units of each Sub-Account credited to the Participant's Account for such
Valuation Period. The variable accumulation value of each Sub-Account is
determined by multiplying the number of Variable Accumulation Units, if any,
credited to each Sub-Account by the Variable Accumulation Unit value of the
particular Sub-Account for such Valuation Period.

NET INVESTMENT FACTOR

     The Net Investment Factor is an index applied to measure the investment
performance of a Sub-Account from one Valuation Period to the next. The Net
Investment Factor may be greater than, less than, or equal to one; therefore,
the value of a Variable Accumulation Unit may increase, decrease or remain
unchanged.

     The Net Investment Factor for any Sub-Account for any Valuation Period is
determined by dividing (a) by (b) and then subtracting (c) from the result
where:

         (a)   is the net result of:

                    1)   the net asset value of a Fund share held in the
                         Sub-Account determined as of the end of the Valuation
                         Period, plus

                    2)   the per share amount of any dividend or other
                         distribution declared by the Fund on the shares held in
                         the Sub-Account if the ex-dividend date occurs during
                         the Valuation Period, plus or minus

                    3)   a per share credit or charge with respect to any taxes
                         paid or reserved for by the Company

                                       12
<PAGE>

                         during the Valuation Period which are determined by the
                         Company to be attributable to the operation of the
                         Sub-Account;

         (b)   is the net asset value of a Fund share held in the Sub-Account
               determined as of the end of the preceding Valuation Period; and

         (c)   is the asset charge factor determined by the Company for the
               Valuation Period to reflect the charges for assuming the
               mortality and expense risks and administrative expense risks.

         The asset charge factor for any Valuation Period is equal to the daily
asset charge factor multiplied by the number of 24 hour periods in the Valuation
Period. The daily asset charge factor will be determined by the Company based
upon the Annual Asset Charge shown on the Certificate Specifications Page.

                               FIXED ACCOUNT VALUE

GUARANTEE PERIODS

     The Participant elects one or more Guarantee Period(s) from among those
made available by the Company. The period(s) elected will determine the
Guaranteed Interest Rate(s). A Purchase Payment or the portion (at least equal
to the minimum Guarantee Period amount set forth on the Certificate
Specifications page) thereof (or amount transferred in accordance with the
"Transfer Privilege" provision described below) allocated to a particular
Guarantee Period, less any applicable premium taxes or similar taxes and any
amounts subsequently withdrawn, will earn interest at the Guaranteed Interest
Rate in effect during the Guarantee Period. Initial Guarantee Periods begin on
the date a Net Purchase Payment is applied (or, in the case of a transfer, on
the effective date of the transfer) and end when the number of calendar years in
the Guaranteed Period elected (measured from the end of the calendar month in
which the amount was allocated to the Guaranteed Period) has elapsed. The last
day of a Guarantee Period is the Expiration Date. Subsequent Guarantee Periods
begin on the first day following the Expiration Date.

     Any portion of a Participant's Account Value allocated to a particular
Guarantee Period with a particular Expiration Date (including interest earned
thereon) is referred to as a Guarantee Amount. As a result of additional
Purchase Payments, renewals and transfers of portions of the Participant's
Account Value, Guarantee Amounts allocated to Guarantee Periods of the same
duration may have different Expiration Dates, and each Guarantee Amount will be
treated separately for purposes of determining any market value adjustment.

     The Company will notify the Participant in writing at least 45 and no more
than 75 days prior to the Expiration Date for any Guarantee Amount. A new
Guarantee Period of the same duration as the previous Guarantee Period will
commence automatically at the end of the previous Guarantee Period unless the
Company receives, in writing prior to the end of such Guarantee Period, an
election by the Participant of a different Guarantee Period from among those
being offered by the Company at such time, or instructions to transfer all or a
portion of the Guarantee Amount to one or more Sub-Accounts in accordance with
the "Transfer Privilege" provision. Each new Guarantee Amount must be at least
the amount set forth on the Certificate Specifications page unless it is equal
to the entire Guarantee Amount being transferred.

GUARANTEED INTEREST RATES

     The Company periodically will establish an applicable Guaranteed Interest
Rate for each Guarantee Period offered by the Company. These rates will be
guaranteed for the duration of the respective Guarantee Periods.

     No Guaranteed Interest Rate will be less than the minimum rate per year set
forth on the Certificate

                                       13
<PAGE>

Specifications page, compounded annually.

FIXED ACCUMULATION VALUE

     Upon receipt of a Purchase Payment by the Company, all or that portion, if
any, of the Net Purchase Payment which is allocated to the Fixed Account will be
credited to the Participant's Account and allocated to the Guarantee Period(s)
selected by the Participant. The fixed accumulation value, if any, of a
Participant's Account for any Valuation Period is equal to the sum of the values
of all Guarantee Amounts credited to the Participant's Account for such
Valuation Period.

TRANSFER PRIVILEGE

         At any time during the Accumulation Period the Participant may transfer
all or part of the Participant's Account Value to one or more Sub-Accounts or
Guarantee Periods, subject to the conditions set forth below. Except as
described below, a transfer will generally be effective on the date the request
for transfer is received by the Company.

     Transfers involving Sub-Accounts will reflect the purchase or cancellation
of Variable Accumulation Units having an aggregate value equal to the dollar
amount being transferred to or from a particular Sub-Account. The purchase or
cancellation of such units shall be made using Variable Accumulation Unit values
of the applicable Sub-Account for the Valuation Period during which the transfer
is effective. Transfers to a Guarantee Period will result in a new Guarantee
Period for the amount being transferred. Any such Guarantee Period will begin on
the effective date of the transfer and end on the Expiration Date. The amount
transferred into such Guarantee Period will earn interest at the Guaranteed
Interest Rate declared by the Company for that Guarantee Period as of the
effective date of the transfer.

     Transfers will be subject to the following conditions: (1) not more than 12
transfers may be made in any Account Year; a minimum of 30 calendar days must
elapse between the transfers made to or from the Fixed Account or among
Guarantee periods within the Fixed Account; (2) the amount being transferred
from a Sub-Account may not be less than the amount set forth on the Certificate
Specifications page unless the total Participant's Account Value attributable to
a Sub-Account is being transferred; (3) any Participant's Account Value
remaining in a Sub-Account may not be less than the amount set forth on the
Certificate Specifications page; and (4) the total Participant's Account Value
attributable to the Guarantee Amount must be transferred, except for an
"interest out" transfer (I.E., the entire amount of interest credited to all
Guarantee Amounts during the current Account Year is transferred to one or more
Sub-Accounts). In addition, transfers of a Guarantee Amount (except interest
credited to such Guarantee Amount during the current Account Year) will be
subject to the market value adjustment described below unless the transfer is
effective within 30 days prior to the Expiration Date applicable to the
Guarantee Amount. Transfers involving Variable Accumulation Units shall be
subject to such terms and conditions as may be imposed by the Funds. Similarly,
the Company reserves the right in its sole discretion to delay the effective
date of any transfer involving the Fixed Account for reasons similar to those
underlying delays of transfers among Sub-Accounts. The Company also reserves the
right in its sole discretion to refuse or delay all transfer requests initiated
on behalf of a Participant by any third party authorized by the Participant to
make such requests. Currently, there is no charge for transfers; however, the
Company reserves the right to impose a charge for each transfer as shown on the
Certificate Specifications page. The Company reserves the right to limit the
amount that may be transferred from the Sub-Accounts to the Fixed Account.

ACCOUNT FEE

     Prior to the Annuity Commencement Date, on each Account Anniversary the
Company will deduct from

                                       14
<PAGE>

the value of each Participant's Account an annual account fee to reimburse the
Company for administrative expenses relating to the contract and the
Participant's Account. In Account Years one through five the account fee is
equal to the lesser of the amount specified on the Certificate Specifications
page and 2% of the Participant's Account Value; thereafter the account fee may
be changed annually, but in no event may it exceed the lesser of the maximum
amount specified on the Certificate Specifications page and 2% of the
Participant's Account Value. The account fee will be deducted on a PRO RATA
basis from amounts allocated to each Guarantee Period and each Sub-Account in
which the Participant's Account is invested at the time of such deduction. If a
Participant's Account is surrendered for its full value on other than an Account
Anniversary, the account fee will be deducted in full at the time of such
surrender. The Company will waive the account fee when either (a) the entire
Participant's Account Value has been allocated to the Fixed Account during the
entire previous Account Year, or (b) the Participant's Account Value is greater
than the amount specified on the Certificate Specifications page on the Account
Anniversary. On the Annuity Commencement Date the value of the Participant's
Account will be reduced by a proportionate amount of the account fee to reflect
the time elapsed between the last Account Anniversary and the day before the
Annuity Commencement Date.

     After the Annuity Commencement Date an annual account fee in an amount
specified on the Certificate Specifications page will be deducted in equal
amounts from each Variable Annuity payment made during the year.
No such deduction is made from Fixed Annuity payments.

        CASH WITHDRAWALS, WITHDRAWAL CHARGES AND MARKET VALUE ADJUSTMENT

CASH WITHDRAWALS

     At any time before the Annuity Commencement Date, the Participant may elect
to receive a cash withdrawal payment from the Company by filing with the Company
at its Annuity Service Mailing Address, a written election in such form as the
Company may require. Any such election shall specify the amount of the
withdrawal and will be effective on the date that it is received by the Company.
Any cash withdrawal payment will be paid within seven days from the date the
election becomes effective, except as the Company may be permitted to defer such
payment in accordance with the Investment Company Act of 1940. The Company
reserves the right to defer the payment of amounts withdrawn from the Fixed
Account for a period not to exceed six months from the date written request for
such withdrawal is received by the Company.

     The Participant may request a full surrender or a partial withdrawal. A
full surrender will result in a cash withdrawal payment equal to the value of
the Participant's Account at the end of the Valuation Period during which the
election becomes effective less the account fee, plus or minus any applicable
market value adjustment,. A partial withdrawal (I.E., a payment of an amount
less than that paid under a full surrender) will result in the cancellation of a
portion of the Participant's Account Value with an aggregate dollar value equal
to the dollar amount of the cash withdrawal payment, plus or minus any
applicable market value adjustment.

     In the case of a partial withdrawal, the Participant may instruct the
Company as to the amounts to be withdrawn from each Sub-Account and/or Guarantee
Amount. If not so instructed, the Company will effect the partial withdrawal PRO
RATA from each Sub-Account and Guarantee Amount in which the Participant's
Account Value is invested at the end of the Valuation Period during which the
withdrawal becomes effective. If a partial withdrawal is requested which would
leave a Participant's Account Value less than the account fee, then such partial
withdrawal will be treated as a full surrender.

     Cash withdrawals from a Sub-Account will result in the cancellation of
Variable Accumulation Units attributable to the Participant's Account with an
aggregate value on the effective date of the withdrawal equal to the total
amount by which the Sub-Account is reduced. The cancellation of such units will
be based on the Variable Accumulation Unit value(s) of the Sub-Account(s) for
the Valuation Period during which the cash withdrawal is

                                       15
<PAGE>

effective.

         All cash withdrawals of any Guarantee Amount, except those effective
within 30 days prior to the Expiration Date of such Guarantee Amount or the
withdrawal of interest credited to such Guarantee Amount during the current
Account Year, will be subject to the market value adjustment described below.

MARKET VALUE ADJUSTMENT

     Any cash withdrawal (which for purposes of this section includes transfers
and amounts applied to purchase an annuity) of a Guarantee Amount, other than a
withdrawal effective within 30 days prior to the Expiration Date of the
Guarantee Amount, or the withdrawal of interest credited on such Guarantee
Amount during the current Account Year, will be subject to a market value
adjustment.

     The market value adjustment will reflect the relationship between the
current rate (as described in the formula below) for the amount being withdrawn
and the Guaranteed Interest Rate applicable to the amount being withdrawn. It
also reflects the time remaining in the applicable Guarantee Period.

     The market value adjustment will be determined by multiplying the amount
being withdrawn after the deduction of any applicable account fee by the market
value adjustment factor. The market value adjustment factor is:

                                              N/12
                           [(1 + I)/(1 + J+b)]     -1

     where,

     I is the Guaranteed Interest Rate being credited to the Guarantee Amount
subject to the market value adjustment,

     J is the Guaranteed Interest Rate declared by the Company, as of the
effective date of the application of the market value adjustment, for current
allocations to Guarantee Periods equal to the balance of the Guarantee Period of
the Guarantee Amount subject to the market value adjustment, rounded to the next
higher number of complete years. For any Guarantee Period of less than one year
J is the Guaranteed Interest Rate we declare for a Guarantee Period of the same
length as your Guarantee Period (the current rate),

     b is a factor which the Company will determine for each Certificate and
which is set forth on the Certificate Specifications page and which will not
exceed .25%, and

     N is the number of complete months remaining in the Guarantee Period of the
Guarantee Amount subject to the market value adjustment.

     In the determination of J, if the Company does not currently offer the
applicable Guarantee Period, then the rate will be determined by linear
interpolation of the current rates for Guarantee Periods that are available.

                                  DEATH BENEFIT

DEATH BENEFIT PROVIDED BY THE CONTRACT

     If the Covered Person dies while this Contract and the applicable
Certificate are in effect and before the Annuity Commencement Date, the Company,
upon receipt of Due Proof of Death of the Covered Person may pay a Death Benefit
to the Beneficiary in accordance with this Death Benefit provision. If the
Covered Person is not a

                                       16
<PAGE>

natural person, the Annuitant is considered the Participant for the purpose of
this Death Benefit provision.

     If there is no designated Beneficiary living on the date of death of the
Covered Person, the Company will pay the Death Benefit upon receipt of Due Proof
of Death of the Covered Person or the Beneficiary, if applicable, in one sum to
the estate of the deceased Covered Person. If the death of the Participant
occurs on or after the Annuity Commencement Date, no Death Benefit will be
payable under the Contract except as may be provided under the form of annuity
elected.

ELECTION AND EFFECTIVE DATE OF ELECTION

     During the lifetime of the Participant and prior to the Annuity
Commencement Date, the Participant may elect to have the Death Benefit applied
under one or more of the Annuity Options in accordance with the Contract's
settlement provisions to effect a Variable Annuity or a Fixed Annuity or a
combination of both for the Beneficiary as Payee after the death of the
Participant. This election may be made or subsequently revoked by filing with
the Company at its Annuity Service Mailing Address, a written election or
revocation of an election in such form as the Company may require. Any election
or revocation of an election of a method of settlement of the Death Benefit by
the Participant will become effective on the date it is received by the Company.
For the purposes of the "Payment of Death Benefit" section below, any election
of the method of settlement of the Death Benefit by the Participant which is in
effect on the date of death of the Participant will be deemed effective on the
date Due Proof of Death of the Participant is received by the Company.

     If no election of a method of settlement of the Death Benefit by the
Participant is in effect on the date of death of the Participant, the
Beneficiary may elect (a) to receive the Death Benefit in the form of a cash
payment, in which event the Participant's Account will be canceled; or (b) to
have the Death Benefit applied under one or more of the Annuity Options in
accordance with the settlement provisions to effect, on the Annuity Commencement
Date determined in the "Payment of Death Benefit" section below, a Variable
Annuity or a Fixed Annuity or a combination of both for the Beneficiary as
Payee. In no event shall any method of settlement be exercised which would
violate the mandatory distribution requirements of Section 72(s) of the Code.
For additional options available if the designated Beneficiary is the surviving
spouse, please refer to the section of this Contract entitled "OWNERSHIP
PROVISIONS - Death of Participant."

     The election of a method of settlement may be made by filing with the
Company at its Annuity Service Mailing Address, a written election in such form
as the Company may require. Any written election of a method of settlement of
the Death Benefit by the Beneficiary will become effective on the later of: (a)
the date the election is received by the Company; or (b) the date Due Proof of
Death of the Participant is received by the Company. If a written election by
the Beneficiary is not received by the Company within 60 days following the date
Due Proof of Death of the Participant is received by the Company, the
Beneficiary shall be deemed to have elected a cash payment as of the last day of
such 60 day period.

PAYMENT OF DEATH BENEFIT

     If the Death Benefit is to be paid in cash, payment will be made within
seven days of the Death Benefit Date, except as the Company may be permitted to
defer any such payment in accordance with the Investment Company Act of 1940. If
settlement under one or more of the Annuity Options is elected, the Annuity
Commencement Date will be the first day of the second calendar month following
the effective date of the election and the Participant's Account will be
maintained in effect until the Annuity Commencement Date.

AMOUNT OF DEATH BENEFIT

                                       17
<PAGE>

The Death Benefit is determined as of the Death Benefit Date.

     If the Covered person was age 85 or less on the Date of Coverage, the Death
Benefit is equal to the greatest of:

     (1)   the Participant's Account Value for the Valuation Period in which
           the Death Benefit Date occurs; and

     (2)   the amount which would have been  payable in the event of a full
           surrender of the Participant's Account on the Death Benefit
           Date; and

     (3)   Net Purchase Payments, adjusted for any partial withdrawals, as
           of the Death Benefit Date; and

     (4)   any Optional Death Benefit, if elected on or before the Date of
           Coverage, as shown on the Certificate Specifications page.

     If the Covered Person was age 86 or older on the Date of Coverage, the
Death Benefit will be equal to (2) above.

     A partial withdrawal will affect the amount payable under (3) and (4) on a
basis proportional to the reduction in Participant's Account Value brought about
by such withdrawal. That is, any partial withdrawal will reduce the death
benefit amount to an amount equal to the death benefit amount immediately before
the withdrawal multiplied by the ratio of the Participant's Account Value
immediately after the withdrawal to the Participant's Account Value immediately
before the withdrawal.

     If (2) or (3) is operative, the Participant's Account Value will be
increased by the excess of (2) or (3) over (1) and the increase will be
allocated to the Sub-Accounts based on the respective values of the Sub-Accounts
on the Death Benefit Date. If the "Maximum Account Anniversary Value" or "5%
Premium Rollup Rider" Optional Death Benefit(s) is/are elected and is/are
operative, the Participant's Account Value will be increased by the excess of
(4) over (1) and the increase will be allocated as described above. If no
portion of the Participant's Account is allocated to the Sub-Accounts, the
entire increase will be allocated to the Sub-Account invested in either a money
market Fund, if available, or the Company's General Account.

                              SETTLEMENT PROVISIONS

GENERAL

     On the Annuity Commencement Date, the adjusted value of the Participant's
Account as determined in accordance with the "Determination of Amount" provision
below will be applied, as specified by the Participant, under one or more of the
Annuity Options provided in the Contract or under such other settlement options
as may be agreed to by the Company. However, if the amount to be applied under
any Annuity Option is less than the Minimum Annuity Purchase Amount, set forth
on the Certificate Specifications page, or if the first annuity payment payable
in accordance with such option is less than the Minimum Initial Annuity Payment
Amount set forth on the Certificate Specifications page, the Company will pay
the amount to be applied in a single payment to the Payee.

     After the Annuity Commencement Date, no change of Annuity Option is
permitted and no payments may be requested under the Cash Withdrawals provision
of the Contract. Exchanges of Variable Annuity Units are permitted.

ELECTION AND EFFECTIVE DATE OF ELECTION

                                       18
<PAGE>

     During the lifetime of the Participant and prior to the Annuity
Commencement Date, the Participant may elect to have the adjusted value of the
Participant's Account applied on the Annuity Commencement Date under one or more
of the Annuity Options provided in the Contract. If more than one person is
named as Annuitant, due to the designation of a Co-Annuitant, the Participant
may elect to name one of such persons to be the sole Annuitant as of the Annuity
Commencement Date.

     The Participant may also change any election but any election or change of
election must be effective at least 30 days prior to the Annuity Commencement
Date. This election or change of election may be made by filing with the Company
as its Annuity Service Mailing Address, a written election or change of election
in such form as the Company may require. Any such election or change of election
will become effective on the date it is received by the Company. If no such
election is in effect on the 30th day prior to the Annuity Commencement Date,
the adjusted value of the Participant's Account will be applied under Annuity
Option B, for a life annuity with 120 monthly payments certain. If there is no
election of a sole Annuitant in effect on the 30th day prior to the Annuity
Commencement date, the person designated as Co-Annuitant will be the Payee under
the applicable Annuity Option.

     Any such election may specify the proportion of the adjusted value of the
Participant's Account to be applied to provide a Fixed Annuity and/or a Variable
Annuity. In the event the election does not so specify, then the portion of the
adjusted value of the Participant's Account to be applied to provide a Fixed
Annuity and/or a Variable Annuity will be determined on a PRO RATA basis from
the composition of the Participant's Account on the Annuity Commencement Date.

     The Annuity Options in the Contract may also be elected as provided in the
"Death Benefit" section of the contract.

DETERMINATION OF AMOUNT

     The adjusted value of the Participant's Account is applied to provide a
Variable Annuity or a Fixed Annuity or a combination of both. This value shall
be equal to the Participant's Account Value for the Valuation Period which ends
immediately preceding the Annuity Commencement Date, minus a proportionate
amount of the account fee to reflect the time elapsed between the last Account
Anniversary and the day before the Annuity Commencement Date, plus or minus any
applicable market value adjustment and minus any applicable premium or similar
tax.

EFFECT OF ANNUITY COMMENCEMENT DATE ON PARTICIPANT'S ACCOUNT

     The Participant's Account will be canceled on the Annuity Commencement
Date.

ANNUITY COMMENCEMENT DATE

     The Annuity Commencement Date is set forth on the Certificate
Specifications page. This date may be changed from time to time by the
Participant provided that each change is effective at least 30 days prior to the
then current Annuity Commencement Date and the new Annuity Commencement Date is
a date which is: (1) at least 30 days after the effective date of the change;
(2) the first day of a month; and (3) not later than the first day of the first
month following the Annuitant's 95th birthday, unless otherwise restricted, in
the case of a Qualified Contract, by the retirement plan or by applicable law.
For a Charitable Remainder Trust, the Annuity Commencement Date in (4) is the
Annuitant's 100th Birthday. If more than one person is named as Annuitant, due
to the designation of a Co-Annuitant, the Annuity Commencement Date will not be
later than the first day of the first month following the 95th

                                       19
<PAGE>

birthday of the youngest of those persons so named (or the 100th birthday
in the case of a Charitable Remainder Trust. Any change of the Annuity
Commencement Date may be made by filing with the Company at its Annuity Service
Mailing Address, a written designation of a new Annuity Commencement Date in
such form as the Company may require. Any such change will become effective on
the date the designation is received by the Company.

         The Annuity Commencement Date may also be changed by an election of a
settlement option as provided in the "Death Benefit" section of this Contract.

FIXED ANNUITY PAYMENTS

         The dollar amount of each Fixed Annuity payment shall be determined in
accordance with the annuity payment rates shown on pages 19 and 20, which are
based on the minimum guaranteed interest rate of 3% per year or, if more
favorable to the Payee(s), in accordance with the annuity payment rates
published by the Company and in use on the Annuity Commencement Date.

VARIABLE ANNUITY PAYMENTS

     The dollar amount of the first Variable Annuity payment shall be determined
in accordance with the annuity payment rates shown on pages 19 and 20, which are
based on an assumed interest rate of 3% per year.

     All Variable Annuity payments other than the first are determined by means
of Annuity Units credited with respect to the particular Payee. The number of
Annuity Units to be credited in respect of a particular Sub-Account is
determined by dividing that portion of the first Variable Annuity payment
attributable to that Sub-Account by the Annuity Unit value of that Sub-Account
for the Valuation Period which ends immediately preceding the Annuity
Commencement Date. The resulting number of Annuity Units of each Sub-Account
credited with respect to the Payee remains fixed unless an exchange of Annuity
Units is made pursuant to the Exchange of Variable Annuity Units section below.
The dollar amount of each Variable Annuity payment after the first may increase,
decrease or remain constant, and is equal to the sum of the amounts determined
by multiplying the number of Annuity Units of a particular Sub-Account credited
with respect to the Payee by the Annuity Unit value for the particular
Sub-Account for the Valuation Period which ends immediately preceding the due
date of each subsequent Variable Annuity payment.

ANNUITY UNIT VALUE

     The Annuity Unit value for each Sub-Account was established at $10.00 for
the first Valuation Period of the particular Sub-Account. The Annuity Unit value
for the particular Sub-Account for any subsequent Valuation Period is determined
by multiplying the Annuity Unit value for the particular Sub-Account for the
immediately preceding Valuation Period by the Net Investment Factor for the
particular Sub-Account for the current Valuation Period and then multiplying
that product by a factor to neutralize the assumed interest rate of 3% per year
used to establish the annuity payment rates found in the Contract.

EXCHANGE OF VARIABLE ANNUITY UNITS

     After the Annuity Commencement Date the Payee may, by filing a written
request with the Company at its Annuity Service Mailing Address, exchange the
value of a designated number of Annuity Units of a particular Sub-Account then
credited with respect to such Payee for other Annuity Units, the value of which
would be such that the dollar amount of an annuity payment made on the date of
the exchange would be unaffected by such exchange. The

                                       20
<PAGE>

maximum number of exchanges that may be made in any Account Year is set forth on
the Certificate Specifications page.

     Exchanges may be made among the Sub-Accounts only. Exchange shall be made
using the Annuity Unit values for the Valuation Period during which the request
for exchange is received by the Company.

ACCOUNT FEE

     After the Annuity Commencement Date an annual account fee equal to the
amount specified on the Certificate Specifications page will be deducted in
equal amounts from each Variable Annuity payment made during the year as
provided in the "Contract Values During Accumulation Period" section of this
Contract. No such deduction is made from Fixed Annuity payments.

DESCRIPTION OF ANNUITY OPTIONS

     Annuity Options A, B, C and D are available on either a Fixed Annuity or a
Variable Annuity basis.

     Annuity Option A. Life Annuity: Monthly payments during the lifetime of the
Payee. These payments will terminate at the death of the Payee without any
provision for continuation of payments to a Beneficiary.

     Annuity Option B. Life Annuity with 60, 120, 180 or 240 Monthly Payments
Certain: Monthly payments during the lifetime of the Payee and in any event for
sixty (60), one hundred twenty (120), one hundred eighty (180) or two hundred
forty (240) months certain as elected.

     Annuity Option C. Joint and Survivor Annuity: Monthly payments payable
during the joint lifetime of the Payee and a designated second person and during
the lifetime of the survivor. During the lifetime of the survivor variable
monthly payments, if any, will be determined using the percentage chosen at the
time of the election of this option of the number of each type of Annuity Unit
credited with respect to the Payee, and each fixed monthly payment, if any, will
be equal to the same percentage of the Fixed Monthly payment payable during the
joint lifetime of the Payee and designated second person.

     Annuity Option D. Monthly Payments for a Specified Period Certain: Monthly
payments for any specified period of time (at least (10) years but not exceeding
thirty (30) years), as elected.

AMOUNTS PAYABLE ON DEATH OF PAYEE

     In the event of the death of the Payee on or after the Annuity Commencement
Date, the Company will pay any remaining payments under any Annuity Option then
in effect to the Payee's designated Beneficiary as they become due. If there is
no designated Beneficiary entitled to these remaining payments then living, the
Company will pay the amount specified in the schedule below for any Annuity
Option then in effect in one sum to the deceased Payee's estate. Any Beneficiary
who becomes entitled to any remaining payments under any Annuity Option may
elect to receive the amount specified in the schedule below for such option in
one sum. In the event of the death of a Beneficiary who has become entitled to
receive any remaining payments under any Annuity Option, the Company will pay
the amount specified for such option in the schedule below in one sum to the
deceased Beneficiary's estate. All payments made in one lump sum by the Company,
as provided in this paragraph, are made in lieu of paying any remaining payments
under the Annuity Option then in effect.

                                       21
<PAGE>

<TABLE>
<CAPTION>
    Option    Amount
    ------    ------
    <S>       <C>
    B         The discounted value of the remaining payments, if any, for the
              certain period.
    D         The discounted value of the remaining payments, if any, for the
              certain period.
</TABLE>

     In the case of Options B and D the discounted value will be based, for
payments being made on a variable basis, on interest compounded annually at the
assumed interest rate and on the assumptions that the particular Annuity Unit
values applicable to the remaining payments will be the particular Annuity Unit
values for the Valuation Period which ends on the day before the date of the
determination and that the discounted value will remain unchanged thereafter.

ANNUITY PAYMENT RATES

     The annuity payment rate tables below show, for each $1,000 applied, the
dollar amount of both (a) the first monthly Variable Annuity payment based on
the assumed interest rate of 3% and (b) the monthly Fixed Annuity payment, when
the payment is based on the minimum guaranteed interest rate of 2.5% per year.

     The mortality table used in determining the annuity payment rates for
Annuity Options A, B and C is the 2000 Individual Annuitant Mortality Table A.
In using this mortality table, ages of Annuitants will be reduced by one year
for Annuity Commencement Dates occurring during the years 2010-2019, reduced by
two years for Annuity Commencement Dates occurring during the decade 2020-2029,
and so on.

     The annuity payment rates in the tables shown below reflect rates of
mortality appropriate for Annuity Commencement Dates occurring during the years
2000-2009. Thus, for Annuity Commencement Dates occurring in the decade
2010-2019 the term ADJUSTED AGE as used in the tables below, means actual age
less one year. ADJUSTED AGE shall mean actual age less two years for Annuity
Commencement Dates occurring during the decade 2019-2029, and so on.

     ADJUSTED AGES will be determined based on the actual age(s) of the
Annuitant(s), in completed years and months, as of the Annuity Commencement
Date. The tables below show annuity payment rates for exact ADJUSTED AGES; rates
for ADJUSTED AGES expressed in completed years and months will be based on
straight line interpolation between the appropriate annuity payment rates.

     The dollar amount of each annuity payment for any adjusted age or
combination of adjusted ages not shown

     below or for any other form of Annuity Option agreed to by the Company will
be quoted by the Company on request.

                                       22
<PAGE>

               AMOUNT OF FIRST MONTHLY ANNUITY PAYMENT PER $1,000

                                     SINGLE LIFE ANNUITY(INTEREST AT 3.0%)
<TABLE>
<CAPTION>
                OPTION A                                                     OPTION B
             LIFE ANNUITY                                      LIFE ANNUITY WITH PAYMENTS CERTAIN

   ADJUSTED                              60 PAYMENTS              120 PAYMENTS         180 PAYMENTS           240 PAYMENTS
      AGE         MALE     FEMALE     MALE        FEMALE       MALE       FEMALE   MALE         FEMALE      MALE      FEMALE
  <S>            <C>       <C>       <C>          <C>         <C>         <C>     <C>          <C>        <C>         <C>
      20          2.98      2.91      2.98         2.91        2.98        2.90    2.98         2.90       2.97        2.90
      25          3.08      2.99      3.08         2.99        3.07        2.99    3.07         2.98       3.07        2.98
      30          3.19      3.09      3.19         3.09        3.19        3.09    3.19         3.08       3.18        3.08
      35          3.34      3.21      3.34         3.21        3.34        3.21    3.33         3.21       3.32        3.20
      40          3.53      3.37      3.53         3.37        3.52        3.37    3.51         3.36       3.49        3.35
      45          3.77      3.57      3.77         3.57        3.76        3.56    3.73         3.55       3.70        3.53
      50          4.07      3.82      4.07         3.82        4.04        3.81    4.00         3.79       3.94        3.76
      55          4.46      4.15      4.45         4.14        4.41        4.12    4.34         4.09       4.23        4.03
      60          4.97      4.58      4.95         4.57        4.88        4.53    4.74         4.46       4.55        4.35
      65          5.68      5.17      5.64         5.15        5.48        5.07    5.22         4.92       4.88        4.71
      70          6.67      6.01      6.56         5.95        6.23        5.78    5.73         5.47       5.16        5.05
      75          8.02      7.22      7.77         7.08        7.08        6.67    6.19         6.02       5.36        5.31
      80          9.92      9.02      9.32         8.65        7.95        7.66    6.54         6.47       5.46        5.44
      85         12.56     11.71     11.17        10.68        8.69        8.55    6.75         6.72       5.50        5.49
      90         16.17     15.54     13.14        12.87        9.20        9.15    6.84         6.83       5.51        5.51
</TABLE>

                                                    OPTION C
                                           JOINT AND SURVIVOR ANNUITY

                                       23
<PAGE>
<TABLE>
<CAPTION>
                                        (ASSUMED ELECTION OF JOINT AND TWO-THIRDS SURVIVOR)
    ADJUSTED AGE                                          ADJUSTED AGE OF FEMALE
      OF MALE                55                 60                  65                 70                 75
     <S>                    <C>                <C>                 <C>                <C>                <C>
         55                 4.11               4.31                4.53               4.77               5.04
         60                 4.29               4.52                4.79               5.09               5.42
         65                 4.48               4.76                5.09               5.46               5.88
         70                 4.70               5.02                5.41               5.88               6.41
         75                 4.91               5.28                5.74               6.31               6.99
</TABLE>

<TABLE>
<CAPTION>
                                         OPTION D
                         PAYMENTS FOR A SPECIFIED PERIOD CERTAIN

    YEARS          AMOUNT         YEARS          AMOUNT         YEARS         AMOUNT
   <S>             <C>             <C>           <C>             <C>           <C>
      10            9.61            17            6.22            24            4.84
      11            8.86            18            5.96            25            4.70
      12            8.23            19            5.72            26            4.58
      13            7.71            20            5.51            27            4.47
      14            7.25            21            5.31            28            4.37
      15            6.86            22            5.14            29            4.27
      16            6.52            23            4.98            30            4.18
</TABLE>

<TABLE>
<CAPTION>
                               AMOUNT OF FIRST MONTHLY ANNUITY PAYMENT PER $1,000
                                     SINGLE LIFE ANNUITY(INTEREST AT 2.5%)

              OPTION A                                                                OPTION B
            LIFE ANNUITY                                                LIFE ANNUITY WITH PAYMENTS CERTAIN

    ADJUSTED                             60 PAYMENTS              120 PAYMENTS             180 PAYMENTS           240 PAYMENTS
      AGE         MALE     FEMALE     MALE        FEMALE       MALE       FEMALE       MALE         FEMALE      MALE       FEMALE
   <S>          <C>       <C>       <C>          <C>         <C>         <C>          <C>          <C>        <C>         <C>
      20          2.67      2.59      2.67         2.59        2.67        2.59         2.67         2.59       2.67        2.59
      25          2.77      2.68      2.77         2.68        2.77        2.68         2.77         2.68       2.77        2.68
      30          2.90      2.79      2.90         2.79        2.89        2.79         2.89         2.79       2.89        2.78
      35          3.05      2.92      3.05         2.92        3.05        2.92         3.04         2.91       3.03        2.91
      40          3.24      3.08      3.24         3.08        3.24        3.08         3.23         3.07       3.21        3.06
      45          3.49      3.29      3.48         3.28        3.47        3.28         3.45         3.27       3.42        3.25
      50          3.79      3.54      3.79         3.54        3.77        3.53         3.73         3.51       3.67        3.48
      55          4.18      3.87      4.17         3.87        4.13        3.85         4.08         3.82       3.97        3.76
      60          4.70      4.31      4.67         4.30        4.61        4.26         4.48         4.20       4.30        4.09
      65          5.40      4.90      5.36         4.88        5.22        4.81         4.97         4.67       4.63        4.45
      70          6.38      5.73      6.28         5.68        5.97        5.52         5.48         5.22       4.92        4.81
      75          7.73      6.94      7.49         6.82        6.83        6.41         5.96         5.78       5.12        5.07
      80          9.62      8.74      9.05         8.38        7.71        7.42         6.31         6.23       5.22        5.21
      85         12.25     11.41     10.91        10.42        8.46        8.32         6.52         6.50       5.27        5.26
      90         15.86     15.23     12.89        12.62        8.98        8.93         6.61         6.61       5.27        5.27
</TABLE>

                                                    OPTION C

                                       24
<PAGE>

<TABLE>
<CAPTION>
                                           JOINT AND SURVIVOR ANNUITY
                              (ASSUMED ELECTION OF JOINT AND TWO-THIRDS SURVIVOR)
--------------------- -----------------------------------------------------------------------------------------------
    ADJUSTED AGE                                          ADJUSTED AGE OF FEMALE
      OF MALE                55                 60                  65                 70                 75
--------------------- -----------------------------------------------------------------------------------------------
<S>                       <C>                <C>                 <C>                <C>                <C>
         55                 3.83               4.03                4.25               4.49               4.75
         60                 4.01               4.25                4.52               4.82               5.14
         65                 4.20               4.49                4.82               5.19               5.60
         70                 4.41               4.74                5.14               5.60               6.14
         75                 4.61               4.99                5.46               6.03               6.71
</TABLE>
<TABLE>
<CAPTION>
                                           OPTION D
                             PAYMENTS FOR A SPECIFIED PERIOD CERTAIN
------------------------------------------------------------------------------------------
    YEARS          AMOUNT         YEARS          AMOUNT         YEARS         AMOUNT
------------------------------------------------------------------------------------------
<S>              <C>             <C>           <C>             <C>           <C>
      10            9.39            17            6.00            24            4.60
      11            8.64            18            5.73            25            4.46
      12            8.02            19            5.49            26            4.34
      13            7.49            20            5.27            27            4.22
      14            7.03            21            5.08            28            4.12
      15            6.64            22            4.90            29            4.02
      16            6.30            23            4.74            30            3.93
</TABLE>

                                       25
<PAGE>

                              OWNERSHIP PROVISIONS

EXERCISE OF CONTRACT RIGHTS

     The Contract shall belong to the Owner. Unless any Contract rights and
privileges have been expressly reserved by the Owner, the Participant shall be
entitled to exercise all rights and privileges in connection with such
Participant's Certificate. In any case, such rights and privileges can be
exercised without the consent of the Beneficiary (other than an irrevocable
Beneficiary) or any other person. Such rights and privileges may be exercised
only during the lifetime of the Participant and prior to the Annuity
Commencement Date, except as otherwise provided in the Contract.

     The Annuitant becomes the Payee on and after the Annuity Commencement Date.
The Beneficiary becomes the Payee on the death of the Participant prior to the
Annuity Commencement date, or on the death of the Annuitant after the Annuity
Commencement Date. Such Payees may thereafter exercise such rights and
privileges, if any, of ownership which continue.

DEATH OF PARTICIPANT

     If a Participant under a Non-Qualified Contract dies prior the Annuity
Commencement Date, that Participant's Account must be distributed to the
"designated Beneficiary" (as defined below) either (1) as a lump sum within five
years after the date of death of the Participant, or (2) as an annuity over some
period not greater than the life or expected life of the designated Beneficiary,
with annuity payment beginning within one year after the date of death of the
Participant. For this purpose (and for purposes of Section 72(s) of the Code),
the person named as Beneficiary shall be considered the designated Beneficiary,
and if no person then living has been so named, then the Annuitant shall
automatically be the designated Beneficiary. If the designated Beneficiary is
the surviving spouse of the deceased Participant, the spouse can elect to
continue the Certificate in the spouse's own name as Participant, in which case
the mandatory distribution requirements will apply on the spouse's death. As
designated Beneficiary, the surviving spouse may also choose to have the
Participant's Account distributed as an annuity over some period not greater
than his or her life or expected life, with annuity payments beginning within
one year after the date of death of the Participant.

     If the Payee dies on or after the Annuity Commencement Date and before the
entire accumulation under such Participant's Account has been distributed, the
remaining portion of such Participant's Account, if any, must be distributed as
least as rapidly as the method of distribution then in effect.

     In any case in which a non-natural person constitutes a holder of the
Certificate for the purposes of Section 72(s) of the Code, (1) the distribution
requirements described above shall apply upon the death of any Annuitant, and
(2) a change in any Annuitant shall be treated as the death of such Annuitant.

     In all cases, no Participant or Beneficiary shall be entitled to exercise
any rights that would adversely affect the treatment of the Contract as an
annuity Contract under the Code.

VOTING OF FUND SHARES

     The Company will vote Fund shares held by the Sub-Accounts at meetings of
shareholders of the Funds, but will follow voting instructions received from
persons having the right to give voting instructions. The Owner or Participant,
as the case may be, is the person having the right to give voting instructions
prior to the Annuity Commencement Date. On or after the Annuity Commencement
Date the Payee is the person having such voting rights. Any shares attributable
to the Company and any Fund shares for which no timely voting instructions have
been received will be voted by the Company in the same proportion as the shares
for which instructions are received from persons have such voting rights.

                                       26
<PAGE>

         Neither the Variable Account nor the Company is under any duty to
provide information concerning the voting instruction rights of persons who may
have such rights under retirement or deferred compensation plans, other than
rights afforded by the Investment Company Act of 1940, nor do they have any duty
to inquire as to the instructions received or the authority of Owners,
Participants, or others to instruct on the voting of Fund shares. Except as the
Variable Account or the Company has actual knowledge to the contrary, the
instructions given by Owners, Participants and Payees will be valid as they
affect the Variable Account, the Company and any others having voting
instruction rights with respect to the Variable Account.

     All Fund proxy material, together with an appropriate form to be used to
give voting instructions, will be provided to each Owner, each Participant and
each Payee having the right to give voting instructions at least 10 days prior
to each meeting of the shareholders of the Fund. The number of particular Fund
shares as to which each such person is entitled to give instructions will be
determined by the Company as of a date not more than 90 days prior to each such
meeting. Prior to the Annuity Commencement Date, the number of Fund shares as to
which voting instructions may be given to the Company is determined by dividing
the value of all the Variable Accumulation Units of the particular Sub-Account
credited to the Participant's Account by the net asset value of one Fund share
as of the same date. On or after the Annuity Commencement Date, the number of
Fund shares as to which such instructions may be given by a Payee is determined
by dividing the reserve held by the Company in the particular Sub-Account with
respect to the particular Payee by the net asset value of a Fund share as of the
same date.

PERIODIC REPORTS

     During the Accumulation Period the Company will send to the Participant, or
such other person having voting rights, at least once during each Account Year,
a statement showing the number, type and value of Accumulation Units credited to
the Participant's Account and the fixed accumulation value of such account,
which statement shall be accurate as of a date not more than two months previous
to the date of mailing. In addition, every person having voting rights will
receive such reports or prospectuses concerning the Variable Account and each
Fund as may be required by the Investment Company Act of 1940 and the Securities
Act of 1933. The Company will also send such statements reflecting transactions
in the Participant's Account as may be required by applicable laws, rules and
regulations.

DESIGNATION AND CHANGE OF BENEFICIARY

     The Beneficiary designation contained in any Application will remain in
effect until changed.

     Subject to the rights of an irrevocable Beneficiary, the designation of
Beneficiary may be changed or revoked. Any change or revocation must be filed
with the Company at its Annuity Service Mailing Address in such form as the
Company may require. The change or revocation will not be binding upon the
Company until it is received by the Company. When it is so received the change
or revocation will be effective as of the date on which the Beneficiary
designation or revocation was signed, but the change or revocation will be
without prejudice to the Company on account of any payment made or any action
taken by the Company before the Company receives and acknowledges the change or
revocation.

                               GENERAL PROVISIONS

AGE AND SEX MISSTATEMENT

     If any date of birth or sex, or both, has been misstated in the
Application, if any, or elsewhere, the amounts payable pursuant to the Contract
will be the amounts which would have been provided using the correct age or sex,

                                       27
<PAGE>

or both. Any deficiency in payments already made by the Company shall be paid
promptly and any excess in the payments already made by the Company shall be
charged against the benefits falling due after the adjustment.

CONTRACT

     The Contract is issued in consideration of the Contract Application, if
any, and payment of the initial Purchase Payment. This Contract and the Contract
Application, if any, a copy of which may be attached, constitute the entire
Contract. All statements made in the Contract Application and any Participant's
Application will be deemed representations and not warranties, and no statement
will void the Contract or a Participant's interest therein or be used in defense
to a claim unless it is contained in such Contract Application or Participant's
Application, if any, or in any similar document of that Participant and a copy
is attached to the Contract or Certificate, as applicable, at issue. Only the
President, a Vice President, the Actuary or the Secretary of the Company has
authority to agree on behalf of the Company to any alteration of the Contract or
any Certificate, or to any waiver of the rights or requirements of the Company.

CURRENCY

     All amounts due under the Contract are payable in U.S. dollars, lawful
money of the United States of America.

DETERMINATION OF VALUES

     The method of determination by the Company of the Net Investment Factor and
the number and value of Accumulation Units and Annuity Units shall be conclusive
upon the Owner, the Participant, any Payee and any Beneficiary.

DISCONTINUANCE OF NEW PARTICIPANTS

     The Company, by giving 30 days' prior written notice to the Owner, may
limit or discontinue the acceptance of new Applications and the issuance of new
Certificates under this Contract. Such limitation or discontinuance shall have
no effect on rights or benefits with respect to any Participant's Account
established prior to the effective date of such limitation or discontinuance.

GOVERNING LAW

     This Contract and all Certificates issued in connection with it will be
governed by the laws of the jurisdiction where the Contract Application is
signed.

GUARANTEES

     Subject to the Net Investment Factor provision, the Company guarantees that
the dollar amount of Variable Annuity payments made during the lifetime of the
Payee(s) will not be adversely affected by the actual mortality experience of
the Company or by the actual expenses incurred by the Company in excess of the
expense deductions provided for in the Contract and other Contracts providing
benefits which vary in accordance with the investment performance of the
Sub-Accounts.

                                       28
<PAGE>

INCONTESTABILITY

     This Contract is incontestable, subject to the "Age and Sex Misstatements",
"Proof of Age" and "Proof of Survival" provisions contained herein.

MODIFICATION

     Upon notice to the Owner, the Participant(s) or the Payee(s) during the
annuity period, this Contract may be modified by the Company, but only if such
modification (a) is necessary to make the Contract or the Variable Account
comply with any law or regulation issued by a governmental agency to which the
Company or the Variable Account is subject; or (b) is necessary to assure
continued qualification of the Contract under the Code or other federal or state
laws relating to retirement annuities or annuity contracts; or (c) is necessary
to reflect a change in the operation of the Variable Account or the
Sub-Accounts; (d) provides additional Variable Account and/or Fixed Account
options; or (e) as may otherwise be in the best interests of Owners,
Participants or Payees, as applicable. In the event of any such modification,
the Company may make appropriate endorsement to the Contract to reflect such
modification.

     In addition, upon 60 days' prior written notice to the Owner, the Contract
may be modified by the Company to change the withdrawal charges, account fees,
mortality and expense risk charges, administrative expense charges, the tables
used in determining the amount of the first monthly Variable Annuity and Fixed
Annuity payments and the formula used to calculate the market value adjustment,
provided that any such modification shall apply only to Participant's Accounts
established after the effective date of the modification. All of the charges and
the annuity tables which are provided in the Contract prior to any such
modification will remain in effect permanently, unless improved by the Company,
with respect to Participant's Accounts established prior to the effective date
of such modification.

NONPARTICIPATING

     The Contract is nonparticipating and will not share in any profits or
surplus earnings of the Company and therefore, no dividends are payable.

PAYMENTS BY THE COMPANY

     All sums payable by the Company pursuant to the Contract are payable only
at its Executive Office or such other place as may be designated by the Company.
The Company may require surrender of the Contract upon final payment of all sums
payable by the Company pursuant to the Contract.

PROOF OF AGE

     The Company shall have the right to require evidence of the age of any
Payee under Annuity Options A, B, and C prior to the Annuity Commencement Date.

PROOF OF SURVIVAL

     The Company shall have the right to require evidence of the survival of any
Payee under Annuity Options A, B and C at the time any payment payable to such
Payee is due.

                                       29
<PAGE>

SPLITTING UNITS

     The Company reserves the right to split or combine the value of Variable
Accumulation Units, Annuity Units or any of them. In effecting any such change
of unit values, strict equity will be preserved and no change will have a
material effect on the benefits or other provisions of this Contract.

RIGHTS RESERVED BY THE COMPANY

     The Company reserves the right, to the extent permitted by law, to: (1)
deregister the Variable Account under the Investment Company Act of 1940; (2)
combine any two or more Variable Accounts; (3) operate the Variable Account as a
management investment company or any other form permitted by law; (4) substitute
shares of a Fund for shares of another investment company if shares of such Fund
are not available, or if, in the Company's judgment, further investment in such
Fund's shares is no longer appropriate; (5) add or delete Funds, or series or
sub-series thereof, and corresponding Sub-Accounts; (6) add or remove Guarantee
Periods available at any time for election by a Participant; and (7) restrict or
eliminate any of the voting rights of Participants (or Owners) or other persons
who have voting rights as to the Variable Account.

                                       30
<PAGE>

<TABLE>
<CAPTION>
                                  SUN LIFE ASSURANCE COMPANY OF CANADA (U.S.)
                       A WHOLLY-OWNED SUBSIDIARY OF SUN LIFE ASSURANCE COMPANY OF CANADA

-----------------------------------------------------------------------------------------------------------------------------------
<S>                                          <C>                                         <C>
Executive Office:                            Home Office:                                Annuity Service Mailing Address:
[ONE SUN LIFE EXECUTIVE PARK                 [WILMINGTON, DELAWARE]                      SUN LIFE OF CANADA (U.S.)
WELLESLEY HILLS, MASSACHUSETTS 02181]                                                    RETIREMENT PRODUCTS AND SERVICES
                                                                                         P.O. BOX [ # ]
                                                                                         BOSTON, MASSACHUSETTS [ZIP CODE]
</TABLE>

 FLEXIBLE PAYMENT DEFERRED COMBINATION VARIABLE AND FIXED GROUP ANNUITY CONTRACT
                                NONPARTICIPATING

ALL PAYMENTS AND VALUES PROVIDED BY THIS CONTRACT WHEN BASED ON THE INVESTMENT
EXPERIENCE OF THE VARIABLE ACCOUNT ARE VARIABLE AND ARE NOT GUARANTEED AS TO
DOLLAR AMOUNT.

PAYMENTS AND VALUES BASED ON THE FIXED ACCOUNT ARE SUBJECT TO A MARKET VALUE
ADJUSTMENT FORMULA, THE OPERATION OF WHICH MAY RESULT IN UPWARD AND DOWNWARD
ADJUSTMENTS IN AMOUNTS PAYABLE TO A PARTICIPANT, INCLUDING WITHDRAWALS,
TRANSFERS AND AMOUNTS APPLIED TO PURCHASE AN ANNUITY. PAYMENTS MADE FROM
GUARANTEE AMOUNTS WHICH ARE WITHIN 30 DAYS PRIOR TO THE END OF A GUARANTEE
PERIOD OR THE WITHDRAWAL OF INTEREST CREDITED TO GUARANTEE AMOUNTS DURING THE
CURRENT ACCOUNT YEAR ARE NOT SUBJECT TO THE MARKET VALUE ADJUSTMENT.

                                       31<PAGE>

                   SUN LIFE ASSURANCE COMPANY OF CANADA (U.S.)
        A WHOLLY-OWNED SUBSIDIARY OF SUN LIFE ASSURANCE COMPANY OF CANADA
<TABLE>
<CAPTION>
EXECUTIVE OFFICE:                     HOME OFFICE:                ANNUITY SERVICE MAILING ADDRESS:
<S>                                  <C>                         <C>
[Sun Life Executive Park              [Wilmington, DE]            Sun Life Assurance Company of Canada (U.S.)
Wellesley Hills, MA  02481]                                       Retirement Products and Services
                                                                  P.O. Box [ #]
                                                                  Boston, MA  [Zip Code]
</TABLE>

           This Certificate evidences the interest of the Participant named in
the Certificate Specifications Page in the combination variable and fixed group
annuity Contract ("Contract") issued by Sun Life Assurance Company of Canada
(U.S.) ("the Company").

           The Contract is the legal Contract. This Certificate is merely a
summary of the rights, duties and benefits of that Contract. A copy of the
Contract may be obtained by requesting it in writing from the Company. If there
is any conflict between the provisions of the Contract and those of this
Certificate, the Contract is the controlling document.

           The Company will pay an annuity commencing on the Annuity
Commencement Date by applying the adjusted value of the Participant's Account in
accordance with the settlement provisions.

           If the Covered Person dies while the Contract is in effect and this
Certificate is in force and before the Annuity Commencement Date, the Company
may pay a Death Benefit to the Beneficiary upon receipt of Due Proof of Death of
the Covered Person.

           Under certain circumstances, if the Participant dies prior to the
Annuitant and before the Annuity Commencement Date, a distribution is required
by law.

           All payments will be made to the persons and in the manner set forth
in the Contract.

           Signed by the Company at its Executive Office, Wellesley Hills,
Massachusetts on the Date of Coverage.

            /s/ C. James Prieur              /s/ Ellen B. King
              C. James Prieur                  Ellen B. King
                 PRESIDENT                        SECRETARY

              CERTIFICATE FOR FLEXIBLE PAYMENT DEFERRED COMBINATION
                    VARIABLE AND FIXED GROUP ANNUITY CONTRACT
                                NONPARTICIPATING

ALL PAYMENTS AND VALUES PROVIDED BY THIS CERTIFICATE WHEN BASED ON THE
INVESTMENT EXPERIENCE OF THE VARIABLE ACCOUNT ARE VARIABLE AND ARE NOT
GUARANTEED AS TO DOLLAR AMOUNT.

PAYMENTS AND VALUES BASED ON THE FIXED ACCOUNT ARE SUBJECT TO A MARKET VALUE
ADJUSTMENT FORMULA, THE OPERATION OF WHICH MAY RESULT IN UPWARD AND DOWNWARD
ADJUSTMENTS IN AMOUNTS PAYABLE TO A PARTICIPANT, INCLUDING WITHDRAWALS,
TRANSFERS AND AMOUNTS APPLIED TO PURCHASE AN ANNUITY. PAYMENTS MADE FROM
GUARANTEE AMOUNTS WHICH ARE WITHIN 30 DAYS PRIOR TO THE END OF A GUARANTEE
PERIOD OR THE WITHDRAWAL OF INTEREST CREDITED TO GUARANTEE AMOUNTS DURING THE
CURRENT ACCOUNT YEAR ARE NOT SUBJECT TO THE MARKET VALUE ADJUSTMENT.
RIGHT TO RETURN CERTIFICATE. Please read this Certificate. If not satisfied with
it, the Participant may, within 10 days after its receipt, return it by
delivering or mailing it to the Annuity Service Mailing Address indicated above.
Immediately upon receipt of the Certificate by the Company, the Certificate will
be deemed void as though it had never been applied for, and the Purchase Payment
at the end of the Valuation Period during which the Certificate is received by
the Company, will be refunded to the Participant.
IMPORTANT NOTICE: It is not necessary to employ any person to collect any
payment or benefit provided by the Contract. When you require help or advice,
write directly to the Company at its Annuity Service mailing Address. The
Contract contains many benefits. In your own best interest you should consult
the Company if anyone advises you to surrender this Certificate or replace it
with a new contract.

<PAGE>

                                TABLE OF CONTENTS

                                                                            PAGE
CERTIFICATE SPECIFICATIONS PAGE ........................................      4

DEFINITIONS ............................................................      5

FIXED AND VARIABLE ACCOUNTS ............................................      8
     Fixed Account .....................................................      8
     Variable Account and Sub-Accounts .................................      8
     Ownership of Assets ...............................................      8
     Investments of the Sub-Accounts ...................................      8

PURCHASE PAYMENTS ......................................................      8
     Payments ..........................................................      8
     Account Continuation ..............................................      9
     Allocation of Net Purchase Payments ...............................      9

CONTRACT VALUES DURING ACCUMULATION PERIOD .............................      9
     Participant's Account .............................................      9
     Variable Account Value ............................................      9
     Crediting Variable Accumulation Units .............................      9
     Variable Accumulation Unit Value ..................................      9
     Variable Accumulation Value .......................................     10
     Net Investment Factor .............................................     10
     Fixed Account Value ...............................................     11
     Guarantee Periods .................................................     11
     Guaranteed Interest Rates .........................................     11
     Fixed Accumulation Value ..........................................     11
     Transfer Privilege ................................................     12
     Account Fee .......................................................     12

CASH WITHDRAWALS, WITHDRAWAL CHARGES AND MARKET VALUE ADJUSTMENT .......     13
     Cash Withdrawals ..................................................     13
     Market Value Adjustment ...........................................     13

DEATH BENEFIT ..........................................................     14
     Death Benefit Provided by the Contract ............................     14
     Election and Effective Date of Election ...........................     14
     Payment of Death Benefit ..........................................     15
     Amount of Death Benefit ...........................................     15

SETTLEMENT PROVISIONS ..................................................     16
     General ...........................................................     16
     Election and Effective Date of Election ...........................     16
     Determination of Amount ...........................................     17
     Effect of Annuity Commencement Date on Participant's Account ......     17
     Annuity Commencement Date .........................................     17
     Fixed Annuity Payments ............................................     18
     Variable Annuity Payments .........................................     18
     Annuity Unit Value ................................................     18
     Exchange of Variable Annuity Units ................................     18
     Account Fee .......................................................     18

                                       2
<PAGE>

     Description of Annuity Options ....................................     19
     Amounts Payable on Death of Payee .................................     19
     Annuity Payment Rates .............................................     20

OWNERSHIP PROVISIONS ..................................................      22
     Exercise of Contract Rights ......................................      22
     Death of Participant .............................................      22
     Voting of Fund Shares ............................................      22
     Periodic Reports .................................................      23
     Designation and Change of Beneficiary ............................      24

GENERAL PROVISIONS .....................................................     24
     Age and Sex Misstatement ..........................................     24
     This Certificate ..................................................     24
     Currency ..........................................................     24
     Determination of Values ...........................................     24
     Governing Law .....................................................     24
     Guarantees ........................................................     24
     Incontestability ..................................................     24
     Modification ......................................................     25
     Nonparticipating ..................................................     25
     Payments by the Company ...........................................     25
     Proof of Age ......................................................     25
     Proof of Survival .................................................     25
     Splitting Units ...................................................     25
     Rights Reserved by the Company ....................................     25

QUALIFIED CERTIFICATE PROVISIONS

                                       3
<PAGE>

                           CERTIFICATE SPECIFICATIONS

<TABLE>
<S>                                                        <C>
CERTIFICATE NUMBER                                         [79-7900-123456]
CERTIFICATE TYPE                                           [Non Qualified] or [Qualified plan under IRS
                                                           code section 401, 403(b) or 408A]
OWNER/ANNUITANT                                            [John J. Doe]
                                                           [Mary J. Doe]
AGE OF OWNER                                               [35]
AGE OF ANNUITANT                                           [35]
DATE OF COVERAGE                                            [June 21, 1998]
CERTIFICATE ANNIVERSARY DATE                                [June 21, 1999 ]
INITIAL PURCHASE PAYMENT                                    [$100,000]
MINIMUM INITIAL PURCHASE PAYMENT                            [$20,000]
MINIMUM ADDITIONAL PAYMENT                                  [$ 1,000]
MAXIMUM PURCHASE PAYMENT                                    [Any purchase payment that would NOT cause
(WITHOUT PRIOR APPROVAL OF THE COMPANY)                    Account Value to exceed $2,000,000]
BENEFICIARY (RELATIONSHIP)                                 [Susan J. Doe (Daughter)]
ANNUITY COMMENCEMENT DATE                                  [July 1, 2058] [If Charitable Remainder Trust,
ANNUITY OPTION                                             July 1, 2063]
                                                           [Deferred]
        Minimum Annuity Purchase Amount                    [$5,000]
        Minimum Initial Annuity Payment Amount             [$50]
        Account Fee After Annuity Commencement Date        [$35]
ACCOUNT FEE                                                [$35]
MAXIMUM ACCOUNT FEE                                        [$50]
MINIMUM ACCOUNT VALUE FOR WAIVER OF ACCOUNT FEE            [$100,000]

INITIAL GUARANTEE PERIODS(S)                               ["1-10 Year" or "Non-Elected"]
GUARANTEED INTEREST RATE                                   ["1YR-4.5%, "3YR-5.6%" or "N/A"]
        Minimum Guarantee Period Amount                    [$1,000]
        Minimum Guarantee Interest Rate                    3%
        Market Value Adjustment ("b" Factor)               [0%]                Maximum 0.25%
CURRENT FEE PER TRANSFER                                   [$0]
        Maximum Fee Per Transfer                           [$25]
        Maximum Number of Transfers per Year               [12]

<PAGE>

CURRENT FEE PER TRANSFER (CONTINUED)
        Minimum Transfer Amount                            [$1,000]
        Minimum Remaining in Sub-Account after Transfer    [$1,000]
ANNUAL ASSET CHARGE
       Up to and including $1,000,000                      [ 1.40%] or  [1.55%] or [1.65%] or [1.80%]
                                                           [1.40% after Annuity Commencement Date]
       Over $1,000,000                                     [1.15%] or [1.30%] or 1.40%] or [1.55%]
                                                           [1.15% after Annuity Commencement Date]

BASIC DEATH BENEFIT                                        [The greatest of  1, 2 or 3  shown in the
                                                           "Amount of Death Benefit" provision]
OPTIONAL DEATH BENEFIT (S)

                                                           [None]

                                                           [The Basic Death Benefit plus

[EARNINGS ENHANCEMENT RIDER]                               -   40% of the lesser of Net Purchase Payments and the
                                                               Accumulation Account Value minus Net Purchase Payments if the
                                                               Participant is 69 or younger on the Certificate Date, or
                                                           -   25% of the lesser of Net Purchase Payments and the
                                                               Accumulation Account Value minus Net Purchase Payments if the
                                                               Participant is between 70 and 79 years old on the Date of
                                                               Coverage]

                                                           If the spouse of the Participant chooses to
[WHAT BENEFIT IS PAYABLE IN THE EVENT THE PARTICIPANT'S    continue this Certificate after the Participant's death,
SPOUSE CHOOSES TO CONTINUE THE CERTIFICATE AFTER THE       the amount payable under this Rider will be credited
PARTICIPANT'S DEATH? ]                                     to the Accumulation Account Value as of the Death Benefit
                                                           Date. Thereafter, the Rider will continue in force and
                                                           be payable upon the spouse's death. For purposes of
                                                           calculating this benefit upon the spouse's death, the
                                                           Accumulation Account Value on the Participant's Death
                                                           Benefit Date (inclusive of any Death Benefit Amount
                                                           increases) will be considered the Initial Net Purchase
                                                           Payment. If a benefit is payable on the spouse's Death
                                                           Benefit Date, the percentage payable (40% vs. 25%) will
                                                           be based on the spouse's age on the Date of Coverage.]

                                                                                [and]

[MAXIMUM ANNIVERSARY ACCOUNT VALUE RIDER]                  [The greater of the Basic Death Benefit and the highest
                                                           Accumulation Account Value on any Contract Anniversary
                                                           prior to the Participant's 81st birthday, adjusted for
                                                           any subsequent Purchase Payments and Partial
                                                           Withdrawals and Charges made between such Account
                                                           Anniversary and the Death Benefit Date.

                                                                                [and]

[5% PREMIUM ROLL-UP RIDER]                                 [The greater of the Basic Death Benefit and your
                                                           total purchase payments plus interest accrued as
                                                           follows:

                                                           -  Interest will accrue on Purchase Payments allocated
                                                              to and transfers to the Variable

<PAGE>

                                                              Account while they remain in the Variable Account at 5%
                                                              per year until the first day of the month following the
                                                              Participant's 80th birthday or until the Purchase
                                                              Payment or amount transferred has doubled in amount,
                                                              whichever. is earlier]

[HOW WILL THE BENEFITS OFFERED BY THESE RIDERS BE          [MAXIMUM ANNIVERSARY ACCOUNT VALUE RIDER AND 5%
CALCULATED IF MORE THAN ONE IS ELECTED?]                   PREMIUM ROLL-UP RIDER

                                                           The death benefit will equal the greatest of the
                                                           following values:
                                                           -   Maximum Account Anniversary Account Value
                                                           -   5% Premium Rollup value
                                                           -   The Basic Death Benefit]

                                                           [MAXIMUM ANNIVERSARY ACCOUNT VALUE RIDER AND
                                                           EARNINGS ENHANCEMENT RIDER

                                                           The death benefit will equal the greater of the
                                                           following values:
                                                           -   Maximum Account Anniversary Account Value
                                                           -   The Basic Death Benefit
                                                                                PLUS
                                                           THE AMOUNT CALCULATED UNDER THE EARNINGS ENHANCEMENT
                                                           RIDER USING THE BASIC DEATH BENEFIT AS THE ACCUMULATION
                                                           ACCOUNT VALUE ]

                                                           [5% PREMIUM ROLL-UP RIDER AND EARNINGS ENHANCEMENT
                                                           RIDER

                                                           The death benefit will equal the greater of the
                                                           following values:
                                                           -   5% Premium Rollup value
                                                           -   The Basic Death Benefit
                                                                                PLUS
                                                           THE AMOUNT CALCULATED UNDER THE EARNINGS
                                                           ENHANCEMENT RIDER USING THE BASIC DEATH BENEFIT
                                                           AS THE ACCUMULATION ACCOUNT VALUE.]

                                                           [MAXIMUM ANNIVERSARY ACCOUNT VALUE RIDER,  5%
                                                           PREMIUM ROLL-UP RIDER AND EARNINGS ENHANCEMENT
                                                           RIDER

                                                           The death benefit will equal the greater of the
                                                           following values:
                                                           -   Maximum Account Anniversary Account Value
                                                           -   5% Premium Rollup value
                                                           -   The Basic Death Benefit
                                                                                PLUS
                                                           THE AMOUNT CALCULATED UNDER THE EARNINGS
                                                           ENHANCEMENT RIDER USING  THE BASIC DEATH BENEFIT
                                                           AS THE ACCUMULATION ACCOUNT VALUE.]
</TABLE>

Available Fund Options:

[           ]

                                        4

<PAGE>
                                   DEFINITIONS

Any reference in this Certificate to "RECEIPT" and "RECEIVED" by the Company
means receipt at the Company's Annuity Service Mailing Address shown on the
first page of this Certificate.

ACCOUNT YEARS AND ACCOUNT ANNIVERSARIES: The Account Year shall be the period of
365 days measured from the Date of Coverage.

ACCUMULATION PERIOD: The period before the Annuity Commencement Date and during
the lifetime of the Participant.

ANNUITANT: The person or persons named on the Certificate Specifications page
and on whose life the first annuity payment is to be made. If the Annuitant dies
prior to the Annuity Commencement Date, the new Annuitant will be the
Co-Annuitant, if any. If the Co-Annuitant dies or if no Co-Annuitant is named,
the Participant becomes the Annuitant upon the Annuitant's death prior to the
Annuity Commencement Date.

*ANNUITY COMMENCEMENT DATE: The date on which the first annuity payment is to be
made. This date may not be earlier than the first Account Anniversary.

*ANNUITY OPTION: The method for making annuity payments.

ANNUITY UNIT: A unit of measure used in the calculation of the amount of the
second and each subsequent Variable Annuity payment from the Variable Account.

APPLICATION: The document, if any, signed by each Participant that serves as his
or her Application for participation under the Contract, a copy of which may be
attached to and made part of this Certificate.

*BENEFICIARY: Prior to the Annuity Commencement Date, the person or entity
having the right to receive the Death Benefit set forth in this Certificate and,
for a Certificate issued under a Non-Qualified Contract, who, in the event of
the Participant's death, is the designated Beneficiary for purposes of Section
72(s) of the Code. After the Annuity Commencement date, the person or entity
having the right to receive any payments due under the Annuity Option elected,
if applicable, upon the death of the Payee. This Certificate must be owned by a
natural person or agent for a natural person for the Certificate to receive
favorable income tax treatment as an annuity.

CODE: The Internal Revenue Code of 1986, as amended.

COMPANY: Sun Life Assurance Company of Canada (U.S.).

CONTRACT APPLICATION: The document, if any, signed by the Owner that evidences
the Owner's Application for the Contract.

COVERED PERSON: The person upon whose death the Death Benefit will be paid

DATE OF COVERAGE: The date on which this Certificate becomes effective.

DEATH BENEFIT DATE: The date on which the Death Benefit election is effective,
which is the date on which the Company receives Due Proof of Death.

DUE PROOF OF DEATH: An original certified copy of an official death certificate,
an original certified copy of a decree of a court of competent jurisdiction as
to the finding of death, or any other proof satisfactory to the Company.

                                       5
<PAGE>

EXPIRATION DATE: The last day of a Guarantee Period.

FIXED ACCOUNT: Part of the General Account of the Company, consisting of all
assets of the Company other than those allocated to a separate account of the
Company.

FIXED ANNUITY: An annuity with payments that do not vary as to dollar amount.

FUND(S): One or more open-end management investment companies or "mutual funds"
registered under the Investment Company Act of 1940.

GUARANTEE AMOUNT: Any portion of a Participant's Account Value allocated to a
particular Guarantee Period with a particular Expiration Date (including
interest earned thereon).

GUARANTEE PERIOD: The period for which a Guaranteed Interest Rate is credited.

GUARANTEED INTEREST RATE: The rate of interest credited by the Company on a
compound annual basis during any Guarantee Period.

NET INVESTMENT FACTOR: An index applied by the Company to measure the investment
performance of a Sub-Account from one Valuation Period to the next. The Net
Investment Factor may be greater than, less than, or equal to one.

NET PURCHASE PAYMENT: The portion of a Purchase Payment that remains after the
deduction of any applicable front-end sales load or premium or similar tax, if
any.

NON-QUALIFIED CONTRACT: A Contract used in connection with a retirement plan
which does not receive favorable federal income tax treatment under Sections
401, 403, 408, or 408A of the Code. The Participant's interest in the Contract
evidenced by this Certificate must be owned by a natural person or agent for a
natural person for the Contract to receive favorable income tax treatment as an
annuity.

OWNER: The person, persons or entity entitled to the ownership rights stated in
the Contract and in whose name or names the Contract is issued. The Owner may
designate a trustee or custodian of a retirement plan which meets the
requirements of Section 401, Section 408(c), Section 408(k), or Section 408 (p)
of the Code to serve as legal owner of assets of a retirement plan, but the term
Owner, as used herein, refers to the organization entering into the Contract.

PARTICIPANT: The person named in the Certificate Specifications page who is
entitled to exercise all rights and privileges of ownership under the
Certificate, except as reserved by the Owner.

PARTICIPANT'S ACCOUNT: An account to which Net Purchase Payments are credited.

PARTICIPANT'S ACCOUNT VALUE: The variable accumulation value, if any, plus the
fixed accumulation value, if any, of a Participant's Account for any Valuation
Period.

PAYEE: A recipient of payments relating to this Certificate.

PRINCIPAL: The sum of all Net Purchase Payments less the sum of all withdrawals

PURCHASE PAYMENT (PAYMENT): The amount paid to the Company as consideration for
the benefits provided by the Contract.

QUALIFIED CONTRACT: A Contract used in connection with a retirement plan which
may receive favorable federal income tax treatment under Sections 401, 403, 408
or 408A of the Code.

                                       6
<PAGE>

SUB-ACCOUNT: That portion of the Variable Account that invests in shares of
specific series or sub-series of a Fund.

VALUATION PERIOD: The period of time from one determination of Variable
Accumulation Unit and Annuity Unit values to the next subsequent determination
of these values. Such determination shall be made as of the close of the New
York Stock Exchange on each day that the Exchange is open for trading.

VARIABLE ACCOUNT: A separate account of the Company consisting of assets set
aside by the Company, the investment performance of which is kept separate from
that of the general assets of the Company.

VARIABLE ACCUMULATION UNIT: A unit of measure used in the calculation of the
value of the variable portion of a Participant's Account.

VARIABLE ANNUITY: An annuity with payments which vary as to dollar amount in
relation to the investment performance of specified Sub-Accounts of the Variable
Account.

---------------
*As specified in the Certificate Specifications page, unless changed.

                                       7
<PAGE>

                           FIXED AND VARIABLE ACCOUNTS

FIXED ACCOUNT

           The Fixed Account consists of all assets of the Company other than
those allocated to any separate account of the Company. Any portion of a Net
Purchase Payment allocated by a Participant to a Guarantee Period(s) will become
part of the Fixed Account.

VARIABLE ACCOUNT AND SUB-ACCOUNTS

           The Variable Account to which the variable accumulation values and
Variable Annuity payments, if any, under the Contract relate was established by
the Company pursuant to a resolution of its Board of Directors. The Company has
registered the Variable Account as a unit investment trust under the Investment
Company Act of 1940. That portion of the assets of the Variable Account equal to
the reserves and other contract liabilities with respect to the Variable Account
shall not be chargeable with liabilities arising out of any other business the
Company may conduct.

           The assets of the Variable Account are divided into Sub-Accounts.
Each Sub-Account invests exclusively in shares of a designated series or
sub-series of a Fund. The values of the Variable Accumulation Units and the
Annuity Units described in the Contract reflect the investment performance of
the Sub-Accounts.

OWNERSHIP OF ASSETS

           The Company shall have exclusive and absolute ownership and control
of its assets, including all assets of the Sub-Accounts. The Company reserves
the right to transfer the assets of a Sub-Account, in excess of the reserves and
other policy liabilities with respect to that Sub-Account, to another
Sub-Account or to the Company's General Account.

INVESTMENTS OF THE SUB-ACCOUNTS

           All amounts allocated to a Sub-Account will be used to purchase
shares of a specific series or sub-series of a Fund. The Fund shares available
on the Date of Coverage are shown on the Certificate Specifications page; more
series and/or Funds may be subsequently added or deleted. Each Fund is an
open-end investment company ("mutual fund") registered under the Investment
Company Act of 1940. Any and all distributions made by a Fund with respect to
shares held by a Sub-Account will be reinvested to purchase additional shares of
that series at net asset value. Deductions from the Sub-Accounts will, in
effect, be made by reducing the number of Accumulation Units attributable to a
Participant's Account. Each Sub-Account will be fully invested in Fund shares at
all times.

                                PURCHASE PAYMENTS

PAYMENTS

           All Purchase Payments are to be paid to the Company at its Annuity
Service Mailing Address. The amount of Purchase Payments may vary; however, the
Company will not accept an initial Purchase Payment for any Certificate which is
less than the minimum amount specified on the Certificate Specifications page,
and each additional Purchase Payment must be at least the minimum additional
amount specified on the Certificate Specifications page. In addition, the prior
approval of the Company is required before it will accept a Purchase

                                       8
<PAGE>

Payment which would cause the Participant's Account Value to exceed the maximum
Purchase Payment amount specified on the Certificate Specifications page. If the
Participant's Account Value exceeds such maximum amount, no additional Purchase
Payments will be allocated without the prior approval of the Company.

ACCOUNT CONTINUATION

           A Participant's Account shall be continued automatically in full
force during the lifetime of the Participant until the Annuity Commencement Date
or until the Participant's Account is surrendered.

ALLOCATION OF NET PURCHASE PAYMENTS

           The Net Purchase Payment is that portion of a Purchase Payment that
remains after deduction of any applicable front-end sales load and premium tax
or similar tax. Each Net Purchase Payment will, upon receipt by the Company, be
allocated to the Participant's Account, either to the Sub-Accounts or to the
Fixed Account or to both the Sub-Accounts and the Fixed Account in accordance
with the allocation factors specified in the Application, or as subsequently
changed by the Participant

           The allocation factors for new Purchase Payments among the Guarantee
Periods and the Sub-Accounts may be changed by the Participant at any time by
giving notice of the change to the Company, in accordance with the Company's
procedures then in effect. The Participant may effect such change directly, or
through an authorized third party, subject to the Company's approval given in
its sole discretion, and further subject to adherence to such Company procedures
as may be adopted from time to time. Any change will take effect with the first
Purchase Payment received with or after receipt of notice of the change by the
Company and will continue in effect until subsequently changed.

                   CONTRACT VALUES DURING ACCUMULATION PERIOD

PARTICIPANT'S ACCOUNT

           The Company will establish a Participant's Account for each
Participant under the Contract and will maintain the Participant's Account
during the Accumulation Period. The Participant's Account Value for any
Valuation Period is equal to the variable accumulation value, if any, plus the
fixed accumulation value, if any, of the Participant's Account for that
Valuation Period.

                             VARIABLE ACCOUNT VALUE

CREDITING VARIABLE ACCUMULATION UNITS

           Upon receipt of a Purchase Payment by the Company, all or that
portion, if any, of the Net Purchase Payment to be allocated to the Sub-Accounts
will be credited to the Participant's Account in the form of Variable
Accumulation Units. The number of particular Variable Accumulation Units to be
credited is determined by dividing the dollar amount allocated to the particular
Sub-Account by the Variable Accumulation Unit value of the particular
Sub-Account for the Valuation Period during which the Purchase Payment is
received by the Company.

VARIABLE ACCUMULATION UNIT VALUE

                                       9
<PAGE>

           The Variable Accumulation Unit value for each Sub-Account was
established at $10.00 for the first Valuation Period of the particular
Sub-Account. The Variable Accumulation Unit value for the particular Sub-Account
for any subsequent Valuation Period is determined by methodology which is the
mathematical equivalent of multiplying the Variable Accumulation Unit value for
the particular Sub-Account for the immediately preceding Valuation Period by the
Net Investment Factor for the particular Sub-Account for such subsequent
Valuation Period. The Variable Accumulation Unit value for each Sub-Account for
any Valuation Period is the value determined as of the end of the particular
Valuation Period and may increase, decrease or remain constant from Valuation
Period to Valuation Period in accordance with the Net Investment Factor
described below.

VARIABLE ACCUMULATION VALUE

           The variable accumulation value, if any, of a Participant's Account
for any Valuation Period is equal to the sum of the value of all Variable
Accumulation Units of each Sub-Account credited to the Participant's Account for
such Valuation Period. The variable accumulation value of each Sub-Account is
determined by multiplying the number of Variable Accumulation Units, if any,
credited to each Sub-Account by the Variable Accumulation Unit value of the
particular Sub-Account for such Valuation Period.

NET INVESTMENT FACTOR

           The Net Investment Factor is an index applied to measure the
investment performance of a Sub-Account from one Valuation Period to the next.
The Net Investment Factor may be greater than, less than, or equal to one;
therefore, the value of a Variable Accumulation Unit may increase, decrease or
remain unchanged.

           The Net Investment Factor for any Sub-Account for any Valuation
Period is determined by dividing (a) by (b) and then subtracting (c) from the
result where:

           (a) is the net result of:

                  1)       the net asset value of a Fund share held in the
                     Sub-Account determined as of the end of the Valuation
                     Period, plus

                  2)       the per share amount of any dividend or other
                     distribution declared by the Fund on the shares held
                     in the Sub-Account if the ex-dividend date occurs during
                     the Valuation Period, plus or minus

                  3)       a per share credit or charge with respect to any
                     taxes paid or reserved for by the Company during the
                     Valuation Period which are determined by the Company
                     to be attributable to the operation of the Sub-Account;

            (b) is the net asset value of a Fund share held in the Sub-Account
                determined as of the end of the preceding Valuation Period;
                and

            (c) is the asset charge factor determined by the Company for the
                Valuation Period to reflect the charges for assuming the
                mortality and expense risks and administrative expense risks.

           The asset charge factor for any Valuation Period is equal to the
daily asset charge factor multiplied by the number of 24 hour periods in the
Valuation Period. The daily asset charge factor will be determined by the
Company based upon the Annual Asset Charge shown on the Certificate
Specifications Page.

                                       10
<PAGE>

                               FIXED ACCOUNT VALUE

GUARANTEE PERIODS

           The Participant elects one or more Guarantee Period(s) from among
those made available by the Company. The period(s) elected will determine the
Guaranteed Interest Rate(s). A Purchase Payment or the portion (at least equal
to the minimum Guarantee Period amount set forth on the Certificate
Specifications page) thereof, including any applicable Purchase Payment Interest
(or amount transferred in accordance with the "Transfer Privilege" provision
described below) allocated to a particular Guarantee Period, less any applicable
premium taxes or similar taxes and any amounts subsequently withdrawn, will earn
interest at the Guaranteed Interest Rate in effect during the Guarantee Period.
Initial Guarantee Periods begin on the date a Net Purchase Payment is applied
(or, in the case of a transfer, on the effective date of the transfer) and end
when the number of calendar years in the Guarantee Period elected (measured from
the end of the calendar month in which the amount was allocated to the Guarantee
Period) has elapsed. The last day of a Guarantee Period is the Expiration Date.
Subsequent Guarantee Periods begin on the first day following the Expiration
Date.

           Any portion of a Participant's Account Value allocated to a
particular Guarantee Period with a particular Expiration Date (including
interest earned thereon) is referred to as a Guarantee Amount. As a result of
additional Purchase Payments, renewals and transfers of portions of the
Participant's Account Value, Guarantee Amounts allocated to Guarantee Periods of
the same duration may have different Expiration Dates, and each Guarantee Amount
will be treated separately for purposes of determining any market value
adjustment.

           The Company will notify the Participant in writing at least 45 and no
more than 75 days prior to the Expiration Date for any Guarantee Amount. A new
Guarantee Period of the same duration as the previous Guarantee Period will
commence automatically at the end of the previous Guarantee Period unless the
Company receives, in writing prior to the end of such Guarantee Period, an
election by the Participant of a different Guarantee Period from among those
being offered by the Company at such time, or instructions to transfer all or a
portion of the Guarantee Amount to one or more Sub-Accounts in accordance with
the "Transfer Privilege" provision. Each new Guarantee Amount must be at least
the amount set forth on the Certificate Specifications page unless it is equal
to the entire Guarantee Amount being transferred.

GUARANTEED INTEREST RATES

           The Company periodically will establish an applicable Guaranteed
Interest Rate for each Guarantee Period offered by the Company. These rates will
be guaranteed for the duration of the respective Guarantee Periods.

           No Guaranteed Interest Rate will be less than the minimum rate per
year set forth on the Certificate Specifications page, compounded annually.

FIXED ACCUMULATION VALUE

           Upon receipt of a Purchase Payment by the Company, all or that
portion, if any, of the Net Purchase Payment which is allocated to the Fixed
Account will be credited to the Participant's Account and allocated to the
Guarantee Period(s) selected by the Participant. The fixed accumulation value,
if any, of a Participant's Account for any Valuation Period is equal to the sum
of the values of all Guarantee Amounts credited to the Participant's Account for
such Valuation Period.

                                       11
<PAGE>

TRANSFER PRIVILEGE

           At any time during the Accumulation Period the Participant may
transfer all or part of the Participant's Account Value to one or more
Sub-Accounts or Guarantee Periods, subject to the conditions set forth below.
Except as described below, a transfer will generally be effective on the date
the request for transfer is received by the Company.

           Transfers involving Sub-Accounts will reflect the purchase or
cancellation of Variable Accumulation Units having an aggregate value equal to
the dollar amount being transferred to or from a particular Sub-Account. The
purchase or cancellation of such units shall be made using Variable Accumulation
Unit values of the applicable Sub-Account for the Valuation Period during which
the transfer is effective. Transfers to a Guarantee Period will result in a new
Guarantee Period for the amount being transferred. Any such Guarantee Period
will begin on the effective date of the transfer and end on the Expiration Date.
The amount transferred into such Guarantee Period will earn interest at the
Guaranteed Interest Rate declared by the Company for that Guarantee Period as of
the effective date of the transfer.

           Transfers will be subject to the following conditions: (1) not more
than 12 transfers may be made in any Account Year; a minimum of 30 calendar days
must elapse between transfers made to or from the Fixed Account or among
Guarantee Periods within the Fixed Account; (2) the amount being transferred
from a Sub-Account may not be less than the amount set forth on the Certificate
Specifications page unless the total Participant's Account Value attributable to
a Sub-Account is being transferred; (3) any Participant's Account Value
remaining in a Sub-Account may not be less than the amount set forth on the
Certificate Specifications page; and (4) the total Participant's Account Value
attributable to the Guarantee Amount must be transferred, except for an
"interest out" transfer (I.E. the entire amount of interest credited to all
Guarantee Amounts during the current Account Year is transferred to one or more
Sub-Accounts). In addition, transfers of a Guarantee Amount (except interest
credited to such Guarantee Amount during the current Account Year) will be
subject to the market value adjustment described below unless the transfer is
effective within 30 days prior to the Expiration Date applicable to the
Guarantee Amount. Transfers involving Variable Accumulation Units shall be
subject to such terms and conditions as may be imposed by the Funds. Similarly,
the Company reserves the right in its sole discretion to delay the effective
date of any transfer involving the Fixed Account for reasons similar to those
underlying delays of transfers among Sub-Accounts. The Company also reserves the
right in its sole discretion to refuse or delay all transfer requests initiated
on behalf of a Participant by any third party authorized by the Participant to
make such transfer requests. Currently, there is no charge for transfers;
however, the Company reserves the right to impose a charge for each transfer as
shown on the Certificate Specifications page. The Company reserves the right to
limit the amount that may be transferred from the Sub-Accounts to the Fixed
Account.

ACCOUNT FEE

           Prior to the Annuity Commencement Date, on each Account Anniversary
the Company will deduct from the value of each Participant's Account an annual
account fee to reimburse the Company for administrative expenses relating to the
Contract and the Participant's Account. In Account Years one through five the
account fee is equal to the lesser of the amount specified on the Certificate
Specifications page and 2% of the Participant's Account Value; thereafter the
account fee may be changed annually, but in no event may it exceed the lesser of
the maximum amount specified on the Certificate Specifications page and 2% of
the Participant's Account Value. The account fee will be deducted on a PRO RATA
basis from amounts allocated to each Guarantee Period and each Sub-Account in
which the Participant's Account is invested at the time of such deduction. If a
Participant's Account is surrendered for its full value on other than an Account
Anniversary, the account fee will be deducted in full at the time of such

                                       12
<PAGE>

surrender. The Company will waive the account fee when either (a) the entire
Participant's Account Value has been allocated to the Fixed Account during the
entire previous Account Year, or (b) the Participant's Account Value is greater
than the amount specified on the Certificate Specifications page on the Account
Anniversary. On the Annuity Commencement Date the value of the Participant's
Account will be reduced by a proportionate amount of the account fee to reflect
the time elapsed between the last Account Anniversary and the day before the
Annuity Commencement Date.

           After the Annuity Commencement Date, an annual account fee in an
amount specified on the Certificate Specifications page will be deducted in
equal amounts from each Variable Annuity payment made during the year. No such
deduction is made from Fixed Annuity payments.

CASH WITHDRAWALS, WITHDRAWAL CHARGES AND MARKET VALUE ADJUSTMENT

CASH WITHDRAWALS

           At any time before the Annuity Commencement Date, the Participant may
elect to receive a cash withdrawal payment from the Company by filing with the
Company at its Annuity Service Mailing Address, a written election in such form
as the Company may require. Any such election shall specify the amount of the
withdrawal and will be effective on the date that it is received by the Company.
Any cash withdrawal payment will be paid within seven days from the date the
election becomes effective, except as the Company may be permitted to defer such
payment in accordance with the Investment Company Act of 1940. The Company
reserves the right to defer the payment of amounts withdrawn from the Fixed
Account for a period not to exceed six months from the date written request for
such withdrawal is received by the Company.

           The Participant may request a full surrender or a partial withdrawal.
A full surrender will result in a cash withdrawal payment equal to the value of
the Participant's Account at the end of the Valuation Period during which the
election becomes effective less the account fee, plus or minus any applicable
market value adjustment. A partial withdrawal (I.E., a payment of an amount less
than that paid under a full surrender) will result in the cancellation of a
portion of the Participant's Account Value with an aggregate dollar value equal
to the dollar amount of the cash withdrawal payment, plus or minus any
applicable market value adjustment and plus any
           In the case of a partial withdrawal, the Participant may instruct the
Company as to the amounts to be withdrawn from each Sub-Account and/or Guarantee
Amount. If not so instructed, the Company will effect the partial withdrawal PRO
RATA from each Sub-Account and Guarantee Amount in which the Participant's
Account Value is invested at the end of the Valuation Period during which the
withdrawal becomes effective. If a partial withdrawal is requested which would
leave a Participant's Account Value less than the account fee, then such partial
withdrawal will be treated as a full surrender.

           Cash withdrawals from a Sub-Account will result in the cancellation
of Variable Accumulation Units attributable to the Participant's Account with an
aggregate value on the effective date of the withdrawal equal to the total
amount by which the Sub-Account is reduced. The cancellation of such units will
be based on the Variable Accumulation Unit value(s) of the Sub-Account(s) for
the Valuation Period during which the cash withdrawal is effective.

           All cash withdrawals of any Guarantee Amount, except those effective
within 30 days prior to the Expiration Date of such Guarantee Amount or the
withdrawal of interest credited to such Guarantee Amount during the current
Account Year, will be subject to the market value adjustment described below.

MARKET VALUE ADJUSTMENT

                                       13
<PAGE>

          Any cash withdrawal (which for purposes of this section includes
non-dollar cost averaging program transfers and amounts applied to purchase an
annuity) of a Guarantee Amount, other than a withdrawal effective within 30 days
prior to the Expiration Date of the Guarantee Amount, or the withdrawal of
interest credited on such Guarantee Amount during the current Account Year, will
be subject to a market value adjustment.

          The market value adjustment will reflect the relationship between the
current rate (as described in the formula below) for the amount being withdrawn
and the Guaranteed Interest Rate applicable to the amount being withdrawn. It
also reflects the time remaining in the applicable Guarantee Period.

          The market value adjustment will be determined by multiplying the
amount being withdrawn after the deduction of any applicable account fee by the
market value adjustment factor. The market value adjustment factor is:

                                             N/12
                        [(1 + I)/(1 + J + b)]     - 1

          where,

          I is the Guaranteed Interest Rate being credited to the Guarantee
Amount subject to the market value adjustment,

          J is the Guaranteed Interest Rate declared by the Company, as of the
effective date of the application of the market value adjustment, for current
allocations to Guarantee Periods equal to the balance of the Guarantee Period of
the Guarantee Amount subject to the market value adjustment, rounded to the next
higher number of complete years. For any Guarantee Period of less than one year
J is the Guaranteed Interest Rate we declare for a Guarantee Period of the same
length as your Guarantee Period (the current rate),

          b is a factor which the Company will determine for each Certificate
and which is set forth on the Certificate Specifications page and which will not
exceed .25%, and

          N is the number of complete months remaining in the Guarantee Period
of the Guarantee Amount subject to the market value adjustment.

          In the determination of J, if the Company does not currently offer the
applicable Guarantee Period, then the rate will be determined by linear
interpolation of the current rates for Guarantee Periods that are available.

                                  DEATH BENEFIT

DEATH BENEFIT PROVIDED BY THE CONTRACT

          If the Covered Person dies while the Contract and this Certificate
are in effect and before the Annuity Commencement Date, the Company, upon
receipt of Due Proof of Death of the Covered Person, may pay a Death Benefit to
the Beneficiary in accordance with this Death Benefit provision. If the Covered
Person is not a natural person, the Annuitant is considered the Participant for
the purpose of this Death Benefit provision.

          If there is no Designated Beneficiary living on the date of death of
the Covered Person, the Company will pay the Death Benefit upon receipt of Due
Proof of Death of the Covered Person or the Beneficiary, if applicable, in one
sum to the estate of the deceased Participant. If the death of the Participant
occurs on or after the Annuity Commencement Date, no Death Benefit will be
payable under the Contract except as may be provided under the form of annuity
elected.

                                       14
<PAGE>

ELECTION AND EFFECTIVE DATE OF ELECTION

           During the lifetime of the Participant and prior to the Annuity
Commencement Date, the Participant may elect to have the Death Benefit applied
under one or more of the Annuity Options in accordance with the Contract's
settlement provisions to effect a Variable Annuity or a Fixed Annuity or a
combination of both for the Beneficiary as Payee after the death of the
Participant. This election may be made or subsequently revoked by filing with
the Company at its Annuity Service Mailing Address, a written election or
revocation of an election in such form as the Company may require. Any election
or revocation of an election of a method of settlement of the Death Benefit by
the Participant will become effective on the date it is received by the Company.
For the purposes of the "Payment of Death Benefit" section below, any election
of the method of settlement of the Death Benefit by the Participant which is in
effect on the date of death of the Participant will be deemed effective on the
date Due Proof of Death of the Participant is received by the Company.

           If no election of a method of settlement of the Death Benefit by the
Participant is in effect on the date of death of the Participant, the
Beneficiary may elect (a) to receive the Death Benefit in the form of a cash
payment, in which event the Participant's Account will be canceled; or (b) to
have the Death Benefit applied under one or more of the Annuity Options in
accordance with the settlement provisions to effect, on the Annuity Commencement
Date determined in the "Payment of Death Benefit" section below, a Variable
Annuity or a Fixed Annuity or a combination of both for the Beneficiary as
Payee. In no event shall any method of settlement be exercised which would
violate the mandatory distribution requirements of Section 72(s) of the Code.
For additional options available if the designated Beneficiary is the surviving
spouse, please refer to the section of this Certificate titled "OWNERSHIP
PROVISIONS - DEATH OF PARTICIPANT".

           The election of a method of settlement may be made by filing with the
Company at its Annuity Service Mailing Address, a written election in such form
as the Company may require. Any written election of a method of settlement of
the Death Benefit by the Beneficiary will become effective on the later of: (a)
the date the election is received by the Company; or (b) the date Due Proof of
Death of the Participant is received by the Company. If a written election by
the Beneficiary is not received by the Company within 60 days following the date
Due Proof of Death of the Participant is received by the Company, the
Beneficiary shall be deemed to have elected a cash payment as of the last day of
such 60 day period.

PAYMENT OF DEATH BENEFIT

           If the Death Benefit is to be paid in cash, payment will be made
within seven days of the Death Benefit Date, except as the Company may be
permitted to defer any such payment in accordance with the Investment Company
Act of 1940. If settlement under one or more of the Annuity Options is elected,
the Annuity Commencement Date will be the first day of the second calendar month
following the effective date of the election and the Participant's Account will
be maintained in effect until the Annuity Commencement Date.

AMOUNT OF DEATH BENEFIT

           The Death Benefit is determined as of the Death Benefit Date.

           If the Covered Person was age 85 or less on the Date of Coverage, the
Death Benefit is equal to the greatest of:

           (1)  the Participant's Account Value for the Valuation Period in
which the Death Benefit Date occurs; and

                                       15
<PAGE>

           (2)  the amount which would have been payable in the event of a full
surrender of the Participant's Account on the Death Benefit Date; and

           (3)  Net Purchase Payments, adjusted for any partial withdrawals, as
of the Death Benefit Date; and

           (4)  any Optional Death Benefit, if elected on or before the Date of
Coverage, as shown on the Certificate Specifications page.

           If the Covered Person was age 86 or older on the Date of Coverage,
the Death Benefit will be equal to (2) above.

           A partial withdrawal will affect the amount payable under (3) and (4)
on a basis proportional to the reduction in Participant's Account Value brought
about by such withdrawal. That is, any partial withdrawal will reduce the death
benefit amount to an amount equal to the death benefit amount immediately before
the withdrawal multiplied by the ratio of the Participant's Account Value
immediately after the withdrawal to the Participant's Account Value immediately
before the withdrawal.

           If (2) or (3) is operative, the Participant's Account Value will be
increased by the excess of (2) or (3) over (1) and the increase will be
allocated to the Sub-Accounts based on the respective values of the Sub-Accounts
on the Death Benefit Date. If the "Maximum Account Anniversary Value" or the "5%
Premium Rollup Rider" Optional Death Benefit(s) is/are elected and is/are
operative, the Participant's Account Value will be increased by the excess of
(4) over (1) and the increase will be allocated as described above. If no
portion of the Participant's Account is allocated to the Sub-Accounts, the
entire increase will be allocated to the Sub-Account invested in either a money
market Fund, if available, or the Company's General Account.

                              SETTLEMENT PROVISIONS

GENERAL

           On the Annuity Commencement Date, the adjusted value of the
Participant's Account as determined in accordance with the "Determination of
Amount" provision below will be applied, as specified by the Participant, under
one or more of the Annuity Options provided in the Contract or under such other
settlement options as may be agreed to by the Company. However, if the amount to
be applied under any Annuity Option is less than the Minimum Annuity Purchase
Amount set forth on the Certificate Specifications page, or if the first annuity
payment payable in accordance with such option is less than the Minimum Initial
Annuity Payment Amount set forth on the Certificate Specifications page, the
Company will pay the amount to be applied in a single payment to the Payee.

          After the Annuity Commencement Date, no change of Annuity Option is
permitted and no payments may be requested under the Cash Withdrawals provision
of the Contract. Exchanges of Variable Annuity Units are permitted.

ELECTION AND EFFECTIVE DATE OF ELECTION

           During the lifetime of the Participant and prior to the Annuity
Commencement Date, the Participant may elect to have the adjusted value of the
Participant's Account applied on the Annuity Commencement Date under one or more
of the Annuity Options provided in the Contract. If more than one person is
named as Annuitant, due to the designation of a Co-Annuitant, the Participant
may elect to name one of such persons to be the sole Annuitant as of the Annuity
Commencement Date.

                                       16
<PAGE>

           The Participant may also change any election but any election or
change of election must be effective at least 30 days prior to the Annuity
Commencement Date. This election or change of election may be made by filing
with the Company at its Annuity Service Mailing Address, a written election or
change of election in such form as the Company may require. Any such election or
change of election will become effective on the date it is received by the
Company. If no such election is in effect on the 30th day prior to the Annuity
Commencement Date, the adjusted value of the Participant's Account will be
applied under Annuity Option B, for a life annuity with 120 monthly payments
certain. If there is no election of a sole Annuitant on the 30th day prior to
the Annuity Commencement date, the person designated as Co-Annuitant will be the
Payee under the applicable Annuity Option. Any such election may specify the
proportion of the adjusted value of the Participant's Account to be applied to
provide a Fixed Annuity and/or a Variable Annuity. In the event the election
does not so specify, then the portion of the adjusted value of the Participant's
Account to be applied to provide a Fixed Annuity and/or a Variable Annuity will
be determined on a PRO RATA basis from the composition of the Participant's
Account on the Annuity Commencement Date.

           The Annuity Options in the Contract may also be elected as provided
in the "Death Benefit" section of the Contract.

DETERMINATION OF AMOUNT

           The adjusted value of the Participant's Account is applied to provide
a Variable Annuity or a Fixed Annuity or a combination of both. This value shall
be equal to the Participant's Account Value for the Valuation Period which ends
immediately preceding the Annuity Commencement Date, minus a proportionate
amount of the account fee to reflect the time elapsed between the last Account
Anniversary and the day before the Annuity Commencement Date, plus or minus any
applicable market value adjustment and minus any applicable premium or similar
tax.

EFFECT OF ANNUITY COMMENCEMENT DATE ON PARTICIPANT'S ACCOUNT

           The Participant's Account will be canceled on the Annuity
Commencement Date.

ANNUITY COMMENCEMENT DATE

           The Annuity Commencement Date is set forth on the Certificate
Specifications page. This date may be changed from time to time by the
Participant provided that each change is effective at least 30 days prior to the
then current Annuity Commencement Date and the new Annuity Commencement Date is
a date which is: (1) at least 30 days after the effective date of the change;
(2) the first day of a month; and (3) not earlier than the first Account
Anniversary; and (4) not later than the first day of the first month following
the Annuitant's 95th birthday, unless otherwise restricted, in the case of a
Qualified Certificate, by the particular retirement plan or by applicable law.
For a Charitable Remainder Trust, the Annuity Commencement Date in (4) is the
Annuitant's 100th birthday. If more than one person is named as Annuitant, due
to the designation of a Co-Annuitant, the Annuity Commencement Date will not be
later than the first day of the first month following the 95 th birthday of the
youngest of those persons so named (or 100th birthday in the case of a
Charitable Remainder Trust). Any change of the Annuity Commencement Date may be
made by filing with the Company at its Annuity Service Mailing Address, a
written designation of a new Annuity Commencement Date in such form as the
Company may require. Any such change will become effective on the date the
designation is received by the Company.

           The Annuity Commencement Date may also be changed by an election of a
settlement option as provided in the "Death Benefit" section of the Contract.

                                       17
<PAGE>

FIXED ANNUITY PAYMENTS

           The dollar amount of each Fixed Annuity payment shall be determined
in accordance with the annuity payment rates shown on pages 19 and 20, which are
based on the minimum guaranteed interest rate of 2.5% per year or, if more
favorable to the Payee(s), in accordance with the annuity payment rates
published by the Company and in use on the Annuity Commencement Date.

VARIABLE ANNUITY PAYMENTS

           The dollar amount of the first Variable Annuity payment shall be
determined in accordance with the annuity payment rates shown on pages 19 and
20, which are based on an assumed interest rate of 3% per year.

           All Variable Annuity payments other than the first are determined by
means of Annuity Units credited with respect to the particular Payee. The number
of Annuity Units to be credited in respect of a particular Sub-Account is
determined by dividing that portion of the first Variable Annuity payment
attributable to that Sub-Account by the Annuity Unit value of that Sub-Account
for the Valuation Period which ends immediately preceding the Annuity
Commencement Date. The resulting number of Annuity Units of each Sub-Account
credited with respect to the Payee remains fixed unless an exchange of Annuity
Units is made pursuant to the Exchange of Variable Annuity Units section below.
The dollar amount of each Variable Annuity payment after the first may increase,
decrease or remain constant, and is equal to the sum of the amounts determined
by multiplying the number of Annuity Units of a particular Sub-Account credited
with respect to the Payee by the Annuity Unit value for the particular
Sub-Account for the Valuation Period which ends immediately preceding the due
date of each subsequent Variable Annuity payment.

ANNUITY UNIT VALUE

           The Annuity Unit Value for each Sub-Account was established at $10.00
for the first Valuation Period of the particular Sub-Account. The Annuity Unit
value for the particular Sub-Account for any subsequent Valuation Period is
determined by multiplying the Annuity Unit value for the particular Sub-Account
for the immediately preceding Valuation Period by the Net Investment Factor for
the particular Sub-Account for the current Valuation Period and then multiplying
that product by a factor to neutralize the assumed interest rate of 3% per year
used to establish the annuity payment rates found in the Contract. The factor
for a one day Valuation Period is set forth on the Certificate Specifications
page.

EXCHANGE OF VARIABLE ANNUITY UNITS

           After the Annuity Commencement Date the Payee may, by filing a
written request with the Company at its Annuity Service Mailing Address,
exchange the value of a designated number of Annuity Units of a particular
Sub-Account then credited with respect to such Payee for other Annuity Units,
the value of which would be such that the dollar amount of an annuity payment
made on the date of the exchange would be unaffected by such exchange. The
maximum number of exchanges that may be made in any Account Year is set forth on
the Certificate Specifications page.

           Exchanges may be made among the Sub-Accounts only. Exchanges shall be
made using the Annuity Unit values for the Valuation Period during which the
request for exchange is received by the Company.

                                       18
<PAGE>

ACCOUNT FEE

           After the Annuity Commencement Date an annual account fee equal to
the amount specified on the Certificate Specifications page will be deducted in
equal amounts from each Variable Annuity payment made during the year. No such
deduction is made from Fixed Annuity payments.

DESCRIPTION OF ANNUITY OPTIONS

     -    ANNUITY OPTIONS A, B, C AND D ARE AVAILABLE ON EITHER A FIXED ANNUITY
          OR A VARIABLE ANNUITY BASIS.

     -    ANNUITY OPTION A. Life Annuity: Monthly payments during the lifetime
          of the Payee. These payments will terminate at the death of the Payee
          without any provision for continuation of payments to a Beneficiary.

     -    ANNUITY OPTION B. Life Annuity with 60, 120, 180 or 240 Monthly
          Payments Certain: Monthly payments during the lifetime of the Payee
          and in any event for sixty (60), one hundred twenty (120), one hundred
          eighty (180) or two hundred forty (240) months certain as elected.

     -    ANNUITY OPTION C. Joint and Survivor Annuity: Monthly payments payable
          during the joint lifetime of the Payee and a designated second person
          and during the lifetime of the survivor. During the lifetime of the
          survivor variable monthly payments, if any, will be determined using
          the percentage chosen at the time of the election of this option of
          the number of each type of Annuity Unit credited with respect to the
          Payee, and each fixed monthly payment, if any, will be equal to the
          same percentage of the fixed monthly payment payable during the joint
          lifetime of the Payee and the designated second person.

     -    ANNUITY OPTION D. Monthly Payments for a Specified Period Certain:
          Monthly payments for any specified period of time (at least (5) years
          but not exceeding thirty (30) years), as elected.

AMOUNTS PAYABLE ON DEATH OF PAYEE

           In the event of the death of the Payee on or after the Annuity
Commencement Date, the Company will pay any remaining payments under any Annuity
Option then in effect to the Payee's designated Beneficiary as they become due.
If there is no designated Beneficiary entitled to these remaining payments then
living, the Company will pay the amount specified in the schedule below for any
Annuity Option then in effect, in one sum to the deceased Payee's estate. Any
Beneficiary who becomes entitled to any remaining payments under any Annuity
Option may elect to receive the amount specified in the schedule below for such
option in one sum. In the event of the death of a Beneficiary who has become
entitled to receive any remaining payments under any Annuity Option, the Company
will pay the amount specified for such option in the schedule below in one sum
to the deceased Beneficiary's estate. All payments made in one lump sum by the
Company, as provided in this paragraph, are made in lieu of paying any remaining
payments under the Annuity Option then in effect.
<TABLE>
<CAPTION>
       OPTION     AMOUNT
       ------     ------
       <S>        <C>
         B        The discounted value of the remaining payments, if any, for
                  the certain period.

         D        The discounted value of the remaining payments, if any, for
                  the certain period.
</TABLE>

                                       19
<PAGE>

           In the case of Options B and D the discounted value will be based,
for payments being made on a variable basis, on interest compounded annually at
the assumed interest rate and on the assumptions that the particular Annuity
Unit values applicable to the remaining payments will be the particular Annuity
Unit values for the Valuation Period which ends on the day before the date of
the determination and that the discounted value will remain unchanged
thereafter.

ANNUITY PAYMENT RATES

           The annuity payment rate tables below show, for each $1,000 applied,
the dollar amount of both (a) the first monthly Variable Annuity payment based
on the assumed interest rate of 3% and (b) the monthly Fixed Annuity payment,
when the payment is based on the minimum guaranteed interest rate of 2.5% per
year.

           The mortality table used in determining the annuity payment rates for
Annuity Options A, B and C is the 2000 Individual Annuitant Mortality Table A.
In using this mortality table, ages of Annuitants will be reduced by one year
for Annuity Commencement Dates occurring during the years 2010-2019, reduced by
two years for Annuity Commencement Dates occurring during the decade 2020-2029,
and so on.

           The annuity payment rates in the tables shown below reflect rates of
mortality appropriate for Annuity Commencement Dates occurring during the years
2000-2009. Thus, for Annuity Commencement Dates occurring in the decade
2010-2019 the term ADJUSTED AGE as used in the tables below, means actual age
less one year. ADJUSTED AGE shall mean actual age less two years for Annuity
Commencement Dates occurring in the decade 2020-2029, and so on.

           ADJUSTED AGES will be determined based on the actual age(s) of the
Annuitant(s), in completed years and months, as of the Annuity Commencement
Date. The tables below show annuity payment rates for exact ADJUSTED AGES, rates
for ADJUSTED AGES expressed in completed years and months will be based on
straight line interpolation between the appropriate annuity payment rates.

           The dollar amount of each annuity payment for any adjusted age or
combination of adjusted ages not shown below or for any other form of Annuity
Option agreed to by the Company will be quoted by the Company upon request.

                                       20
<PAGE>
<TABLE>
<CAPTION>
                                  AMOUNT OF FIRST MONTHLY ANNUITY PAYMENT PER $1,000
                                         SINGLE LIFE ANNUITY(INTEREST at 3.0%)

---------------------------------------------------------------------------------------------------------------------------------
               OPTION A                                                    OPTION B
             LIFE ANNUITY                                   LIFE ANNUITY WITH PAYMENTS CERTAIN
---------------------------------------------------------------------------------------------------------------------------------

                                                  60 PAYMENTS          120 PAYMENTS         180 PAYMENTS          240 PAYMENTS
    ADJUSTED                            ------------------------------------------------------------------------------------------
     AGE           MALE      FEMALE            MALE      FEMALE      MALE     FEMALE      MALE      FEMALE       MALE       FEMALE
------------------------------------   ------------------------------------------------------------------------------------------
<S>              <C>        <C>              <C>        <C>        <C>       <C>        <C>        <C>         <C>         <C>
      20           2.98       2.91             2.98       2.91       2.98      2.90       2.98       2.90        2.97        2.90
------------------------------------   ------------------------------------------------------------------------------------------
      25           3.08       2.99             3.08       2.99       3.07      2.99       3.07       2.98        3.07        2.98
------------------------------------   ------------------------------------------------------------------------------------------
      30           3.19       3.09             3.19       3.09       3.19      3.09       3.19       3.08        3.18        3.08
------------------------------------   ------------------------------------------------------------------------------------------
      35           3.34       3.21             3.34       3.21       3.34      3.21       3.33       3.21        3.32        3.20
------------------------------------   ------------------------------------------------------------------------------------------
      40           3.53       3.37             3.53       3.37       3.52      3.37       3.51       3.36        3.49        3.35
------------------------------------   ------------------------------------------------------------------------------------------
      45           3.77       3.57             3.77       3.57       3.76      3.56       3.73       3.55        3.70        3.53
------------------------------------   ------------------------------------------------------------------------------------------
      50           4.07       3.82             4.07       3.82       4.04      3.81       4.00       3.79        3.94        3.76
------------------------------------   ------------------------------------------------------------------------------------------
      55           4.46       4.15             4.45       4.14       4.41      4.12       4.34       4.09        4.23        4.03
------------------------------------   ------------------------------------------------------------------------------------------
      60           4.97       4.58             4.95       4.57       4.88      4.53       4.74       4.46        4.55        4.35
------------------------------------   ------------------------------------------------------------------------------------------
      65           5.68       5.17             5.64       5.15       5.48      5.07       5.22       4.92        4.88        4.71
------------------------------------   ------------------------------------------------------------------------------------------
      70           6.67       6.01             6.56       5.95       6.23      5.78       5.73       5.47        5.16        5.05
------------------------------------   ------------------------------------------------------------------------------------------
      75           8.02       7.22             7.77       7.08       7.08      6.67       6.19       6.02        5.36        5.31
------------------------------------   ------------------------------------------------------------------------------------------
      80           9.92       9.02             9.32       8.65       7.95      7.66       6.54       6.47        5.46        5.44
------------------------------------   ------------------------------------------------------------------------------------------
      85          12.56      11.71            11.17      10.68       8.69      8.55       6.75       6.72        5.50        5.49
------------------------------------   ------------------------------------------------------------------------------------------
      90          16.17      15.54            13.14      12.87       9.20      9.15       6.84       6.83        5.51        5.51
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
                                                         OPTION C
                                                JOINT AND SURVIVOR ANNUITY
                                 (ASSUMED ELECTION OF JOINT AND TWO-THIRDS SURVIVOR)
--------------------------------------------------------------------------------------------------------------------------
    ADJUSTED AGE                                                  ADJUSTED AGE OF FEMALE
      OF MALE
                                55                    60                    65                 70                    75
--------------------------------------------------------------------------------------------------------------------------
<S>                          <C>                  <C>                   <C>                  <C>                  <C>
           55                  4.11                 4.31                  4.53                 4.77                 5.04
--------------------------------------------------------------------------------------------------------------------------
           60                  4.29                 4.52                  4.79                 5.09                 5.42
--------------------------------------------------------------------------------------------------------------------------
           65                  4.48                 4.76                  5.09                  5.46                5.88
--------------------------------------------------------------------------------------------------------------------------
           70                  4.70                 5.02                  5.41                 5.88                 6.41
--------------------------------------------------------------------------------------------------------------------------
           75                  4.91                 5.28                  5.74                 6.31                 6.99
--------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
                                                OPTION D
                               PAYMENTS FOR A SPECIFIED PERIOD CERTAIN
-----------------------------------------------------------------------------------------------

    YEARS            AMOUNT           YEARS            AMOUNT           YEARS           AMOUNT
-----------------------------------------------------------------------------------------------
<S>                <C>               <C>             <C>               <C>            <C>
      10              9.61              17              6.22              24             4.84
-----------------------------------------------------------------------------------------------
      11              8.86              18              5.96              25             4.70
-----------------------------------------------------------------------------------------------
      12              8.23              19              5.72              26             4.58
-----------------------------------------------------------------------------------------------
      13              7.71              20              5.51              27             4.47
-----------------------------------------------------------------------------------------------
      14              7.25              21              5.31              28             4.37
-----------------------------------------------------------------------------------------------

                                       21
<PAGE>

<CAPTION>
                                                OPTION D
                               PAYMENTS FOR A SPECIFIED PERIOD CERTAIN
-----------------------------------------------------------------------------------------------

    YEARS            AMOUNT           YEARS            AMOUNT           YEARS           AMOUNT
-----------------------------------------------------------------------------------------------
<S>                <C>               <C>             <C>               <C>            <C>
      15              6.86              22              5.14              29             4.27
-----------------------------------------------------------------------------------------------
      16              6.52              23              4.98              30             4.18
-----------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
                                  AMOUNT OF FIRST MONTHLY ANNUITY PAYMENT PER $1,000
                                         SINGLE LIFE ANNUITY(INTEREST At 2.5%)
 -----------------------------------------------------------------------------------------------------------------------------------
                 OPTION A                                                                         OPTION B
               LIFE ANNUITY                                                       LIFE ANNUITY WITH PAYMENTS CERTAIN
 -----------------------------------------------------------------------------------------------------------------------------------

                                                  60 PAYMENTS         120 PAYMENTS            180 PAYMENTS           240 PAYMENTS
     ADJUSTED                             ------------------------------------------------------------------------------------------
       AGE        MALE      FEMALE             MALE      FEMALE      MALE     FEMALE      MALE      FEMALE       MALE       FEMALE
 -------------------------------------     -----------------------------------------------------------------------------------------
<S>               <C>        <C>               <C>        <C>        <C>       <C>        <C>        <C>         <C>         <C>
        20          2.67       2.59              2.67       2.59       2.67      2.59       2.67       2.59        2.67        2.59
 -------------------------------------     -----------------------------------------------------------------------------------------
        25          2.77       2.68              2.77       2.68       2.77      2.68       2.77       2.68        2.77        2.68
 -------------------------------------     -----------------------------------------------------------------------------------------
        30          2.90       2.79              2.90       2.79       2.89      2.79       2.89       2.79        2.89        2.78
 -------------------------------------     -----------------------------------------------------------------------------------------
        35          3.05       2.92              3.05       2.92       3.05      2.92       3.04       2.91        3.03        2.91
 -------------------------------------     -----------------------------------------------------------------------------------------
        40          3.24       3.08              3.24       3.08       3.24      3.08       3.23       3.07        3.21        3.06
 -------------------------------------     -----------------------------------------------------------------------------------------
        45          3.49       3.29              3.48       3.28       3.47      3.28       3.45       3.27        3.42        3.25
  ------------------------------------     -----------------------------------------------------------------------------------------
        50          3.79       3.54              3.79       3.54       3.77      3.53       3.73       3.51        3.67        3.48
 -------------------------------------     -----------------------------------------------------------------------------------------
        55          4.18       3.87              4.17       3.87       4.13      3.85       4.08       3.82        3.97        3.76
 -------------------------------------     -----------------------------------------------------------------------------------------
        60          4.70       4.31              4.67       4.30       4.61      4.26       4.48       4.20        4.30        4.09
 -------------------------------------     -----------------------------------------------------------------------------------------
        65          5.40       4.90              5.36       4.88       5.22      4.81       4.97       4.67        4.63        4.45
 -------------------------------------     -----------------------------------------------------------------------------------------
        70          6.38       5.73              6.28       5.68       5.97      5.52       5.48       5.22        4.92        4.81
 -------------------------------------     -----------------------------------------------------------------------------------------
        75          7.73       6.94              7.49       6.82       6.83      6.41       5.96       5.78        5.12        5.07
 -------------------------------------     -----------------------------------------------------------------------------------------
        80          9.62       8.74              9.05       8.38       7.71      7.42       6.31       6.23        5.22        5.21
 -------------------------------------     -----------------------------------------------------------------------------------------
        85         12.25      11.41             10.91      10.42       8.46      8.32       6.52       6.50        5.27        5.26
 -------------------------------------     -----------------------------------------------------------------------------------------
        90         15.86      15.23             12.89      12.62       8.98      8.93       6.61       6.61        5.27        5.27
 -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
                                                      OPTION C
                                            JOINT AND SURVIVOR ANNUITY
                              (ASSUMED ELECTION OF JOINT AND TWO-THIRDS SURVIVOR)
---------------------------------------------------------------------------------------------------------------------
    ADJUSTED AGE                                             ADJUSTED AGE OF FEMALE
      OF MALE
                               55                  60                    65                  70                  75
---------------------------------------------------------------------------------------------------------------------
<S>                       <C>                 <C>                  <C>                 <C>                 <C>
          55                 3.83                4.03                 4.25                4.49                4.75
---------------------------------------------------------------------------------------------------------------------
          60                 4.01                4.25                 4.52                4.82                5.14
---------------------------------------------------------------------------------------------------------------------
          65                 4.20                4.49                 4.82                5.19                5.60
---------------------------------------------------------------------------------------------------------------------
          70                 4.41                4.74                 5.14                5.60                6.14
---------------------------------------------------------------------------------------------------------------------
          75                 4.61                4.99                 5.46                6.03                6.71
---------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
                                            OPTION D
                            PAYMENTS FOR A SPECIFIED PERIOD CERTAIN
------------------------------------------------------------------------------------------

    YEARS           AMOUNT          YEARS           AMOUNT          YEARS          AMOUNT
------------------------------------------------------------------------------------------
<S>                <C>              <C>            <C>              <C>           <C>
      10             9.39             17             6.00             24            4.60
------------------------------------------------------------------------------------------
      11             8.64             18             5.73             25            4.46
------------------------------------------------------------------------------------------
      12             8.02             19             5.49             26            4.34
------------------------------------------------------------------------------------------
      13             7.49             20             5.27             27            4.22
------------------------------------------------------------------------------------------
      14             7.03             21             5.08             28            4.12
------------------------------------------------------------------------------------------

                                       22
<PAGE>

<CAPTION>
                                            OPTION D
                            PAYMENTS FOR A SPECIFIED PERIOD CERTAIN
------------------------------------------------------------------------------------------

    YEARS           AMOUNT          YEARS           AMOUNT          YEARS          AMOUNT
------------------------------------------------------------------------------------------
<S>                <C>              <C>            <C>              <C>           <C>
      15             6.64             22             4.90             29            4.02
------------------------------------------------------------------------------------------
      16             6.30             23             4.74             30            3.93
------------------------------------------------------------------------------------------
</TABLE>

                                       23
<PAGE>

          Neither the Variable Account nor the Company is under any duty to
provide information concerning the voting instruction rights of persons who may
have such rights under retirement or deferred compensation plans, other than
rights afforded by the Investment Company Act of 1940, nor do they have any duty
to inquire as to the instructions received or the authority of Owners,
Participants, or others to instruct on the voting of Fund shares. Except as the
Variable Account or the Company has actual knowledge to the contrary, the
instructions given by Owners, Participants and Payees will be valid as they
affect the Variable Account, the Company and any others having voting
instruction rights with respect to the Variable Account.

          All Fund proxy material, together with an appropriate form to be used
to give voting instructions, will be provided to each Owner, each Participant
and each Payee having the right to give voting instructions at least ten days
prior to each meeting of the shareholders of the Fund. The number of particular
Fund shares as to which each such person Is entitled to give instructions will
be determined by the Company as of a date not more than 90 days prior to each
such meeting. Prior to the Annuity Commencement Date, the number of Fund shares
as to which voting instructions may be given to the Company is determined by
dividing the value of all the Variable Accumulation Units of the particular
Sub-Account credited to the Participant's Account by the net asset value of one
Fund share as of the same date. On or after the Annuity Commencement Date, the
number of Fund shares as to which such instructions may be given by a Payee is
determined by dividing the reserve held by the Company in the particular
Sub-Account with respect to the particular Payee by the net asset value of a
Fund share as of the same date.

PERIODIC REPORTS

          During the Accumulation Period the Company will send to the
Participant, or such other person having voting rights, at least once during
each Account Year, a statement showing the number, type and value of
Accumulation Units credited to the Participant's Account and the fixed
accumulation value of such account, which statement shall be accurate as of a
date not more than two months previous to the date of mailing. In addition,
every person having voting rights will receive such reports or prospectuses
concerning the Variable Account and each Fund as may be required by the
Investment Company Act of 1940 and the Securities Act of 1933. The Company will
also send such statements reflecting transactions in the Participant's Account
as may be required by applicable laws, rules and regulations.

DESIGNATION AND CHANGE OF BENEFICIARY

          The Beneficiary designation contained in any Application will remain
in effect until changed.

          Subject to the rights of an irrevocable Beneficiary, the designation
of Beneficiary may be changed or revoked. Any change or revocation must be filed
with the Company at its Annuity Service Mailing Address in such form as the
Company may require. The change or revocation will not be binding upon the
Company until it is received by the Company. When it is so received the change
or revocation will be effective as of the date on which the Beneficiary
designation or revocation was signed, but the change or revocation will be
without prejudice to the Company on account of any payment made or any action
taken by the Company before the Company receives and acknowledges the change or
revocation.

                                       24
<PAGE>

                               GENERAL PROVISIONS

AGE AND SEX MISSTATEMENT

          If any date of birth or sex, or both, has been misstated in the
Application, if any, or elsewhere, the amounts payable pursuant to the Contract
under this Certificate will be the amounts which would have been provided using
the correct age or sex, or both. Any deficiency in payments already made by the
Company shall be paid promptly and any excess in the payments already made by
the Company shall be charged against the benefits falling due after the
adjustment.

THIS CERTIFICATE

          This Certificate is issued in consideration of the Application, if
any, and payment of the initial Purchase Payment. All statements made in any
Application will be deemed representations and not warranties, and no statement
will void the Certificate or be used in defense to a claim unless it is
contained in such Application, if any, or in a similar document, and a copy is
attached to the Certificate at issue. Only the President, a Vice President, the
Actuary or the Secretary of the Company has authority to agree on behalf of the
Company to any alteration of the Contract or any Certificate, or to any waiver
of the rights or requirements of the Company.

CURRENCY

          All amounts due under the Contract are payable in U.S. dollars, lawful
money of the United States of America.

DETERMINATION OF VALUES

          The method of determination by the Company of the Net Investment
Factor and the number and value of Accumulation Units and Annuity Units shall be
conclusive upon the Owner, the Participant, any Payee and any Beneficiary.

GOVERNING LAW

          The Contract and this Certificate will be governed by the laws of the
jurisdiction where the Contract Application is signed.

GUARANTEES

          Subject to the Net Investment Factor provision, the Company guarantees
that the dollar amount of Variable Annuity payments made during the lifetime of
the Payee(s) will not be adversely affected by the actual mortality experience
of the Company or by the actual expenses incurred by the Company in excess of
the expense deductions provided for in the Contract and other Contracts
providing benefits which vary in accordance with the investment performance of
the Sub-Accounts.

INCONTESTABILITY

                                       25
<PAGE>

          The Contract and this Certificate are incontestable, subject to the
Age and Sex Misstatement, Proof of Age and Proof of Survival provisions
contained herein.

MODIFICATION

          Upon notice to the Owner, the Participant(s) or the Payee(s) during
the annuity period, the Contract and this Certificate may be modified by the
Company, but only if such modification (a) is necessary to make the Contract,
Certificate or the Variable Account comply with any law or regulation issued by
a governmental agency to which the Company or the Variable Account is subject;
or (b) is necessary to assure continued qualification of the Contract and/or
Certificate under the Code or other federal or state laws relating to retirement
annuities or annuity Contracts; or (c) is necessary to reflect a change in the
operation of the Variable Account or the Sub-Accounts; (d) provides additional
Variable Account and/or Fixed Account options; or (e) as may otherwise be in the
best interests of Owners or Participants, as applicable. In the event of any
such modification, the Company may make appropriate endorsement in the Contract
and this Certificate to reflect such modification.

NONPARTICIPATING

          The Contract is nonparticipating and will not share in any profits or
surplus earnings of the Company, and therefore, no dividends are payable.

PAYMENTS BY THE COMPANY

          All sums payable by the Company pursuant to this Certificate are
payable only at its Executive Office or such other place as may be designated by
the Company. The Company may require surrender of the Certificate upon final
payment of all sums payable by the Company pursuant to the Certificate.

PROOF OF AGE

          The Company shall have the right to require evidence of the age of any
Payee under Annuity Options A, B, and C prior to the Annuity Commencement Date.

PROOF OF SURVIVAL

          The Company shall have the right to require evidence of the survival
of any Payee under Annuity Options A, B and C at the time any payment payable to
such Payee is due.

SPLITTING UNITS

          The Company reserves the right to split or combine the value of
Variable Accumulation Units, Annuity Unit or any of them. In effecting any such
change of unit values, strict equity will be preserved and no change will have a
material effect on the benefits or other provisions of this Certificate.

RIGHTS RESERVED BY THE COMPANY

                                       26
<PAGE>

          The Company reserves the right, to the extent permitted by law, to:
(1) deregister the Variable Account under the Investment Company Act of 1940;
(2) combine any two or more Variable Accounts; (3) operate the Variable Account
as a management investment company or any other form permitted by law; (4)
substitute shares of a Fund for shares of another investment company if shares
of such Fund are not available, or if, in the Company's judgment, further
investment in such Fund's shares is no longer appropriate; (5) add or delete
Funds, or series or sub-series thereof, and corresponding Sub-Accounts; (6) add
or remove Guarantee Periods available at any time for election by a Participant;
and (7) restrict or eliminate any of the voting rights of Participants (or
Owners) or other persons who have voting rights as to the Variable Account.

                                       27
<PAGE>

                   SUN LIFE ASSURANCE COMPANY OF CANADA (U.S.)

        A WHOLLY-OWNED SUBSIDIARY OF SUN LIFE ASSURANCE COMPANY OF CANADA

<TABLE>
<CAPTION>
EXECUTIVE OFFICE:                    HOME OFFICE:               ANNUITY SERVICE MAILING ADDRESS:
<S>                                  <C>                        <C>
[Sun Life Executive Park             [Wilmington, DE]           Sun Life Assurance Company of Canada (U.S.)
Wellesley Hills, MA  02481]                                     Retirement Products and Services
                                                                P.O. Box [ # ]
                                                                Boston, MA  [Zip Code]
</TABLE>

              CERTIFICATE FOR FLEXIBLE PAYMENT DEFERRED COMBINATION
                    VARIABLE AND FIXED GROUP ANNUITY CONTRACT
                                NONPARTICIPATING

ALL PAYMENTS AND VALUES PROVIDED BY THIS CERTIFICATE WHEN BASED ON THE
INVESTMENT EXPERIENCE OF THE VARIABLE ACCOUNT ARE VARIABLE AND ARE NOT
GUARANTEED AS TO DOLLAR AMOUNT.

PAYMENTS AND VALUES BASED ON THE FIXED ACCOUNT ARE SUBJECT TO A MARKET VALUE
ADJUSTMENT FORMULA, THE OPERATION OF WHICH MAY RESULT IN UPWARD AND DOWNWARD
ADJUSTMENTS IN AMOUNTS PAYABLE TO A PARTICIPANT, INCLUDING WITHDRAWALS,
TRANSFERS AND AMOUNTS APPLIED TO PURCHASE AN ANNUITY. PAYMENTS MADE FROM
GUARANTEE AMOUNTS WHICH ARE WITHIN 30 DAYS PRIOR TO THE END OF A GUARANTEE
PERIOD OR THE WITHDRAWAL OF INTEREST CREDITED TO GUARANTEE AMOUNTS DURING THE
CURRENT ACCOUNT YEAR ARE NOT SUBJECT TO THE MARKET VALUE ADJUSTMENT.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00010-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00010-of-00352.parquet"}]]