Document:

Exhibit 4.(s)

 

	
  Protective
  Life Insurance Company

  	
  P. O. Box
  10648

  	
  Birmingham,
  Alabama 35202-0648

  	
  (800)  456-6330

  

 

RIDER SCHEDULE

 

	
  Contract #

  	
  Rider Effective Date:

  
	
  Owner 1 Name:

  	
  Benefit Cost on the Rider Effective
  Date:

  
	
   

  	
  Benefit Base on the Rider Effective
  Date:

  

 

LIFETIME GUARANTEED MINIMUM WITHDRAWAL BENEFIT RIDER

with SecurePay ANNUAL STEP-UP

 

We are amending the Contract
to which this rider is attached to add a lifetime Guaranteed Minimum Withdrawal
Benefit (“GMWB”, or “the Benefit”). The terms and conditions in this rider
supersede any conflicting provision in the Contract beginning on the Rider
Effective Date and continuing until the rider is terminated. Contract
provisions not expressly modified by this rider remain in full force and
effect.

 

Lifetime
Guaranteed Minimum Withdrawal Benefit:  Subject to the
terms and conditions of this rider, beginning on the Benefit Election Date and
continuing on each Contract Anniversary thereafter during the lifetime of a
Covered Person, you may take aggregate annual withdrawals from the Contract
that do not exceed the Annual Withdrawal Amount regardless of the Contract
Value at that time.

 

DEFINITIONS

 

Annual
Withdrawal Amount - The maximum amount that may be withdrawn from the
Contract each Contract Year after the Benefit Election Date without reducing
the Benefit Base.

 

Benefit
Base - The amount determined according to the terms of this rider and used to
calculate the Annual Withdrawal Amount and the monthly fee. The maximum Benefit
Base is $5,000,000 (5 million dollars).

 

Benefit
Election Date - The date as of which we first calculate the Annual
Withdrawal Amount and the date on which guaranteed withdrawals may begin.

 

Benefit
Period - The period of time between the Benefit Election Date
and the earlier of the Annuity Commencement Date or the rider termination date.

 

Covered
Person - The person or persons upon whose lives the benefits
of this rider are based. There may not be more than two Covered Persons.

 

RightTime®  - The
option to purchase the Benefit after the Contract’s Effective Date, if we are
offering it at that time.

 

SecurePay Anniversary Value - After the Rider
Effective Date, the Contract Value as of each Contract Anniversary minus
Purchase Payments credited to the Contract on or after the 2nd anniversary of the Rider Effective Date.

 

1

 

GMWB COST AND FEES

 

Benefit
Cost - On the Rider Effective Date, the annualized Benefit Cost as a
percentage of the Benefit Base is shown in the ‘Schedule’ of this rider. We
have the right to change the Benefit Cost at any time. The new Benefit Cost
will be the Benefit Cost in effect on that date for that option. The annualized
Benefit Cost will never exceed 0.95% of the Benefit Base. We will notify you of
the new Benefit Cost in writing at the address contained in our records not
less than 30 days prior to the date on which the new Benefit Cost becomes
effective.

 

You may avoid changes in the
Benefit Cost. We must receive your Written Notice declining the change before
the end of the Valuation Period during which the new Benefit Cost becomes
effective. However if you decline a Benefit Cost change, the SecurePay Anniversary Value on all future
Contract Anniversaries will equal $0.

 

Monthly Fee
- Beginning on the Rider Effective Date and continuing monthly until the
Benefit terminates, we will calculate the fee for this rider and deduct that
amount from the Contract Value. The monthly fee is calculated as of the end of
the Valuation Period that includes the same day of the month as the Contract
Effective Date, or the last Valuation Period of the month if that date does not
occur during the month. We calculate the monthly fee using the formula:

 

Monthly Fee = [1 – (1 – Benefit Cost)1/12] x Benefit Base as of the calculation date.

 

Deducting
the Monthly Fee - We deduct the monthly fee as of the Valuation
Period immediately following the Valuation Period during which it was
calculated. The monthly fee is deducted from the Allocation Options in the same
proportion that the value of each bears to the total Contract Value on that
date. Deduction of the monthly fee is a partial surrender for the purpose of
determining the Contract Value, but we will not assess a surrender charge on
these deductions and the monthly fee will not reduce any penalty free surrender
amount available under the Contract.

 

GENERAL PROVISIONS

 

Restrictions
on Allocation, Transfer and Surrender of Contract Value - While this
rider is in force, your Contract allocation is restricted by the Allocation by
Investment Category (“AIC”) program guidelines. The AIC program divides the
Allocation Options into categories and specifies range of percentages that must
be allocated to each category. Within each category, you select the
Sub-Accounts and amounts allocated to them, provided the total percentage in
each category is not less than the minimum required, nor more than the maximum
permitted. The AIC guidelines on the Rider Effective Date were set out on the
application you completed to purchase the rider.

 

We may change the AIC
guidelines from time to time but if we do, we will not require you to
re-allocate your Contract Value. We will continue to apply Purchase Payments
you remit without allocation instructions, and process automatic transfers that
facilitate dollar cost averaging according to the Contract allocation
established before the AIC guidelines changed.

 

Allocation instructions that
accompany a Purchase Payment and instructions to transfer Contract Value among
the Allocation Options change the Contract allocation as of the end of the
Valuation Period during which we receive the instruction, and must meet the AIC
guidelines in effect at that time. Anytime the Contract allocation changes, we
re-allocate the Contract Value according to the new Contract allocation. Purchase
Payments applied to the Contract and transfers that facilitate dollar cost
averaging after that date will be made according to that Contract allocation
until you send a subsequent instruction that changes the Contract allocation
and that satisfies the AIC guidelines then in effect.

 

In addition to the
re-allocation of Contract Value that occurs each time the Contract allocation
is changed, we rebalance the Variable Account Value to the current Contract
semi-annually based on the Rider Effective Date, unless you instruct us to
rebalance quarterly or annually.

 

Partial surrenders and
withdrawals including applicable surrender charges, if any, are deducted from
the Allocation Options in the same proportion that the value of each bears to
the total Contract Value on that date.

 

2

 

Determining
the Benefit Base Prior to the Benefit Election Date - On the Rider
Effective Date, the Benefit Base is equal to the initial Purchase Payment, or
the Contract Value as of the end of the Valuation Period that includes the
Rider Effective Date if you purchased the Benefit by exercising the RightTime®
option. Thereafter, we increase the Benefit Base dollar-for-dollar for Purchase
Payments credited to the Contract within 2 years of the Rider Effective Date,
if any. We reduce the Benefit Base pro-rata for each partial surrender. The
pro-rata reduction for each partial surrender is the amount that reduces the
Benefit Base in the same proportion that the partial surrender including applicable
surrender charges, if any, reduced the Contract Value as of the Valuation
Period during which the partial surrender was deducted.

 

On each Contract Anniversary
following the Rider Effective Date, we calculate a SecurePay® Anniversary Value and compare it to the Benefit
Base. If the SecurePay
Anniversary Value is greater than the Benefit Base, we increase the Benefit
Base to equal the SecurePay
Anniversary Value as of the end of the Valuation Period that contains that
Contract Anniversary.

 

Termination
- This rider, every benefit it provides, and deduction of the monthly fee
terminate at the end of the Valuation Period during which any of the following
first occur.

 

1.               We receive your
instruction to:

 

a)              allocate any
purchase payment; or,

b)             dollar cost
average; or,

c)              transfer any
Contract Value; or,

d)             deduct any
partial surrender or withdrawal;

 

in a manner inconsistent with the AIC guidelines or the provisions of
this rider.

 

2.               We receive your
instruction to stop Portfolio Rebalancing.

3.               We receive your
instruction to terminate this rider more than 10 years after its Rider
Effective Date.

4.               We receive your
instruction to change a Covered Person after the Benefit Election Date.

5.               We receive your
instruction to annuitize the Contract.

6.               We receive any
instruction that terminates the Contract to which this rider is attached.

 

We will notify you in
writing that the rider has terminated and identify the cause. If this rider
terminated as a result of a prohibited instruction described in items 1 or 2 of
this provision, you may reinstate it within 30 days of the rider termination
date unless a Purchase
Payment was applied to the Contract since the rider termination date.

 

We must receive your Written
Notice requesting reinstatement and providing allocation instructions that meet
current AIC guidelines, and/or resume portfolio rebalancing within 30 days of
this rider’s termination date. We will deduct any fees and make any other
adjustments that were scheduled during the period of termination so that after
the reinstatement, the Contract and this rider will be as though the
termination never occurred.

 

Exercising
the RightTime® Option After the
Rider Terminates - If the rider terminates as a result of any of the
reasons in the ‘Terminations’ provision other than annuitization or termination
of the Contract to which it is attached, you may purchase the Benefit using the
RightTime®
option, if:

 

1.               we are offering
the RightTime® option when we receive your request to purchase
it; and,

2.               5 years or more
have elapsed since this rider terminated; and,

3.               the oldest
Owner or Annuitant will not be older than age 85 on the new Rider Effective
Date; and,

4.               the Contract
has not reached the Annuity Commencement Date.

 

If this rider terminates
because you instruct us to change a Covered Person, we will waive the 5-year
waiting period as described in item #2 of this provision.

 

3

 

BENEFIT PERIOD

 

Establishing
the Benefit Election Date - You must establish the
Benefit Election Date to start the Benefit Period and access the guaranteed
withdrawals provided by this rider. To establish the Benefit Election Date, you
must send a Written Notice that instructs us to calculate the Annual Withdrawal
Amount based on either one or two lives, and include proof of age for each
Covered Person. The Benefit Election Date may not be earlier than the date on
which the Covered Person (or the younger of the two Covered Persons) attains
age 591⁄2, nor later than the Annuity Commencement Date.

 

We will not accept
additional Purchase Payments on or after the Benefit Election Date.  Therefore, any Automatic Purchase Payment
Plan in effect on the Benefit Election Date will be terminated as of that date.

 

Partial Automatic
Withdrawals established prior to the Benefit Period terminate as of the Benefit
Election Date.

 

Individuals
Eligible to be a Covered Person - A Covered Person must be a
living person who is either:

 

1.               an Owner of the
Contract; or,

2.               if the spouse
of the sole Owner of the Contract, the sole Primary Beneficiary.

 

If there is one Owner, the
Owner is the Covered Person.

 

If there is one Owner and
the sole Primary Beneficiary is the Owner’s spouse, the Owner is the Covered
Person if the Annual Withdrawal Amount is based on one life. If there is one
Owner and the sole Primary Beneficiary is the Owner’s spouse, both are Covered
Persons if the Annual Withdrawal Amount is based on two lives.

 

If there are two Owners and
they are married to each other, the older of the two is the Covered Person if
the Annual Withdrawal Amount is based on one life. If there are two Owners and
they are married to each other, both are Covered Persons if the Annual
Withdrawal Amount is based on two lives.

 

If there are two Owners and
they are not married to each other, only the older of the two is the Covered
Person.

 

For the purposes of the
GMWB, the terms ‘married’ and ‘spouse’ include bona fide domestic partners in
states that afford legal recognition to same-sex Civil Unions.

 

Calculating
the Annual Withdrawal Amount - We calculate the initial
Annual Withdrawal Amount as of the end of the Valuation Period during which we
receive your Written Notice establishing the Benefit Election Date. The initial
Annual Withdrawal Amount is equal to the Benefit Base on that date multiplied
by the applicable GMWB withdrawal percentage. The GMWB withdrawal percentage
depends upon the number of Covered Person(s) on the Benefit Election Date.
If there is one Covered Person, the GMWB withdrawal percentage is 5.00%. If
there are two Covered Persons, the GMWB withdrawal percentage is 4.50%.

 

During the Benefit Period,
aggregate withdrawals in any Contract Year that do not exceed the Annual
Withdrawal Amount do not reduce the Benefit Base.

 

We re-calculate the Annual
Withdrawal Amount only on a Contract Anniversary and only if the Benefit Base
changed since the prior Contract Anniversary. The new Annual Withdrawal Amount
is equal to the Benefit Base on the Contract Anniversary multiplied by the GMWB
withdrawal percentage established on the Benefit Election Date.

 

4

 

Accessing
the Annual Withdrawal Amount - During the Benefit Period,
you may request withdrawals individually or instruct us to send you specific
amounts periodically. Your Written Notice must include all the information
necessary for us to complete and remit the requested amounts.

 

Withdrawals made during the
Benefit Period reduce the Contract Value in the same manner as partial
surrenders made prior to the Benefit Election Date.  We do not assess surrender charges on
aggregate withdrawals during a Contract Year that do not exceed the Annual
Withdrawal Amount. However, withdrawals count against any penalty free
surrender amounts that would otherwise be available.

 

The Annual Withdrawal Amount
is not cumulative. You may take the entire Annual Withdrawal Amount each
Contract Year, but if you do not, the remaining portion does not carry forward.

 

Excess
Withdrawals - During the Benefit Period any portion of a
withdrawal that, when aggregated with all prior withdrawals during that
Contract Year, exceeds the Annual Withdrawal Amount constitutes an excess
withdrawal. We will not recalculate the Annual Withdrawal Amount until the next
Contract Anniversary, so any subsequent withdrawal taken that Contract Year is
also an excess withdrawal. We assess applicable surrender charges, if any, on
excess withdrawals.

 

Each excess withdrawal
results in an immediate reduction of the Benefit Base. If, immediately after
the excess withdrawal, the Contract Value minus any non-excess portion of the
withdrawal is greater than the Benefit Base, we reduce the Benefit Base by the
amount of the excess withdrawal including applicable surrender charges, if any.
Otherwise, we reduce the Benefit Base by the same proportion that the excess
withdrawal including applicable surrender charges, if any, reduced the Contract
Value as of the Valuation Period during which the excess withdrawal request was
processed. If the excess withdrawal including applicable surrender charges, if
any, reduces the Contract Value to $0, the Contract will terminate as of that
date.

 

If you have instructed us to
send you all or a portion of the Annual Withdrawal Amount periodically in
specific amounts, an excess or unscheduled withdrawal automatically terminates
those periodic withdrawals. If any Contract Value remains after the excess
withdrawal, you may resume periodic withdrawals beginning on the next Contract
Anniversary based on the recalculated Annual Withdrawal Amount by sending us
instructions in a Written Notice.

 

Death of a
Covered Person After the Benefit Election Date - If the Annual
Withdrawal Amount is based on the life of one Covered Person, this rider
terminates upon the Covered Person’s death. 
If the Annual Withdrawal Amount is based on the lives of two Covered
Persons, this rider terminates upon the death of the last surviving Covered
Person.

 

Spousal
Continuation After the Benefit Election Date - The surviving spouse of a
sole Covered Person who, pursuant to the Contract’s ‘Payment of the Death
Benefit’ provision, continues the Contract and becomes the new sole Owner may
purchase a new rider immediately using the RightTime® option, if we are offering it
at that time. If not purchased immediately, we will waive the 5-year waiting period
described in item #2 of the ‘Exercising the RightTime® Option After the Rider
Terminates’ provision. However, regardless of when the RightTime®
option is exercised, only the surviving spouse is eligible to be a Covered
Person under the new rider.

 

Annuity
Commencement Date - You must begin periodic distributions of the
entire interest in the Contract not later than the Annuity Commencement Date.
If the Benefit Period has begun but you are not taking periodic withdrawals, we
will begin monthly withdrawals of the Annual Withdrawal Amount on the Annuity
Commencement Date. You may change the frequency of the withdrawals, but must
take the entire Annual Withdrawal Amount available each Contract Year.

 

5

 

If this rider is in force on
the Maximum Annuity Commencement Date, in addition to the other Annuity Options
available to you under the Contract, you may select the Annuity Option that
will pay monthly payments for life equal to the Annual Withdrawal Amount divided
by 12. If we have not received your Written Notice with the necessary
information and proof of age for the Covered Person(s) by the Maximum
Annuity Commencement Date and you have not selected an Annuity Option, we will
begin monthly payments on that date. The monthly payments will be an amount
equal to the greater of:

 

1.               the Annual
Withdrawal Amount as of the Maximum Annuity Commencement Date divided by 12,
where the Annual Withdrawal Amount is determined by using the withdrawal
percentage associated with One Covered Person and Owner 1’s age (or the younger
of Owner 1 and Owner 2 if there are two Owners of the Contract); or,

 

2.               the results of
applying the Contract Value plus any applicable annuitization bonus to Annuity
Option B with a 10-year Certain Period based on the life of the named
Annuitant.

 

If we have not received your
Written Notice with the information and proof of age for the Covered Person(s) by
the Maximum Annuity Commencement Date but you have previously selected an
Annuity Option, we will begin distributing the entire interest in the Contract
according to the Annuity Option you have selected.

 

Signed for the Company and
made a part of the Contract as of the Rider Effective Date.

 

Protective Life Insurance
Company

 

Secretary

 

6Exhibit 10.(a)

 

[Sutherland Asbill and Brennan LLP letterhead]

 

	
      STEPHEN
  E. ROTH

  
	
    DIRECT
  LINE: 202.383.0158

  
	
      Internet:
  steve.roth@sutherland.com

  

 

April 24, 2009

 

Board
of Directors

Protective
Life Insurance Company

2801
Highway 201 South

Birmingham,
Alabama 35223

 

Directors:

 

We
hereby consent to the reference to our name under the caption “Legal Matters”
in the statement of additional information filed as part of post-effective
amendment number 2 to the registration statement on Form N-4 (File No. 333-153041)
filed by Protective Life Insurance Company and Protective Variable Annuity
Separate Account with the Securities and Exchange Commission.  In giving this consent, we do not admit that
we are in the category of persons whose consent is required under Section 7
of the Securities Act of 1933.

 

	
   

  	
  Sincerely,

  
	
   

  	
   

  
	
   

  	
  SUTHERLAND
  ASBILL & BRENNAN LLP

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Stephen E. Roth

  
	
   

  	
   

  	
  Stephen
  E. Roth

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