Document:

----- GOLDEN                         SINGLE PREMIUM
      -------- AMERICAN                       DEFERRED MODIFIED
    ---------- LIFE INSURANCE                 GUARANTEED
       ------- COMPANY                        ANNUITY CONTRACT

Golden American is a stock company domiciled in Delaware.
--------------------------------------------------------------------------------

|------------------------------------------------------------------------------|
|Annuitant                  Owner(s)                                           |
|[THOMAS J. DOE]            [JOHN Q. DOE]                                      |
|------------------------------------------------------------------------------|
|Initial Premium            Annuity Option           Annuity Commencement Date |
|[$10,000]                  [LIFE 10-YEAR CERTAIN]   [JANUARY 1, 2026]         |
|------------------------------------------------------------------------------|
|Separate Account(s)                                 Contract Number           |
|[THE MVA FIXED ACCOUNT]                             [123456]                  |
--------------------------------------------------------------------------------

This is a legal Contract  between you and us. Please read it carefully.  In this
Contract  you or your refers to the Owner shown  above.  We, our or us refers to
Golden  American  Life  Insurance  Company.  You may  allocate  this  Contract's
Accumulation  Value among the Divisions offered under the Separate  Account,  as
shown in the Schedule.

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

ALL  PAYMENTS  AND  VALUES  MAY BE SUBJECT  TO A MARKET  VALUE  ADJUSTMENT,  THE
OPERATION OF WHICH MAY CAUSE SUCH PAYMENTS AND VALUES TO INCREASE OR DECREASE.

RIGHT TO EXAMINE THIS CONTRACT:  YOU MAY RETURN THIS CONTRACT TO US OR THE AGENT
THROUGH  WHOM YOU  PURCHASED  IT WITHIN  10 DAYS  AFTER  YOU  RECEIVE  IT. IF SO
RETURNED,  WE WILL  TREAT THE  CONTRACT  AS THOUGH IT WERE  NEVER  ISSUED.  UPON
RECEIPT WE WILL PROMPTLY REFUND THE ACCUMULATION VALUE,  ADJUSTED FOR ANY MARKET
VALUE ADJUSTMENT, PLUS ANY CHARGES WE HAVE DEDUCTED, AS OF THE DATE THE RETURNED
CONTRACT IS RECEIVED BY US.

                                     Secretary:  /S/  Paula Cludray-Engelke

Customer Service Center
1475 Dunwoody Drive                   President:  /S/  Chris Schreier
West Chester, PA  19380
1-800-366-0066

--------------------------------------------------------------------------------
SINGLE PREMIUM  DEFERRED  MODIFIED  GUARANTEED  ANNUITY  CONTRACT - NO DIVIDENDS
Annuity Benefit payable at Annuity  Commencement  Date. Death Benefit payable in
the event of the Owner's death prior to the  Commencement  Date.  Cash Surrender
Values are based on a Market  Value  Adjustment  formula if the Contract is held
for a period less than the currently elected  Guarantee  Period.  Cash Surrender
Values may increase or decrease  based on the Market Value  Adjustment  Formula.
Equity Index premium allocation option.

GA-IA-1100
<PAGE>

                                                   CONTRACT CONTENTS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S>                                                                         <C>
THE SCHEDULE                                                           YOUR CONTRACT BENEFITS.....................13
  Contract Facts.......................................3A                Cash Surrender Value Benefit
  Charges and Fees.....................................3B                Partial Withdrawal Option
  Income Plan Factors..................................3C                Proceeds Payable to the Beneficiary

IMPORTANT TERMS........................................4               CHOOSING AN INCOME PLAN....................16
                                                                         Annuity Benefits
INTRODUCTION TO THIS CONTRACT..........................6                 Annuity Commencement Date Selection
         The Contract                                                    Frequency Selection
         The Owner                                                       The Annuity Options
         The Annuitant                                                   Payment When Named Person Dies
         The Beneficiary
         Change of Owner or Beneficiary                                OTHER IMPORTANT INFORMATION................18
                                                                         Sending Notice to Us
HOW WE MEASURE THE CONTRACT'S..........................8                 Reports to Owner
   ACCUMULATION VALUE                                                    Assignment - Using this Contract as
         Single Premium Payment                                             Collateral Security
         Premium Payment Allocation                                      Changing this Contract
         Guarantee Periods                                               Contract Changes - Applicable Tax Law
         Contract Accumulation Value                                     Misstatement of Age or Sex
         Interest Division Accumulation Value                            Non-Participating
         Term Indexed Division Accumulation Value                        Contestability
         Annual Indexed Division Accumulation Value                      Payments We May Defer
         Market Value Adjustment                                         Authority to Make Agreements
         MVA Index Rate                                                  Required Note on Our Computations

</TABLE>

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

       THE SCHEDULE

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

GA-IA-1100                             2
<PAGE>

                                  THE SCHEDULE
                                 CONTRACT FACTS
--------------------------------------------------------------------------------

|------------------------------------------------------------------------------|
| Annuitant                  Owner(s)                                          |
| [THOMAS J. DOE]            [JOHN Q. DOE]                                     |
|------------------------------------------------------------------------------|
| Annuitant's Issue Age      Annuitant's Sex          Owner's Issue Age        |
| [55]                       [MALE]                   [35]                     |
|------------------------------------------------------------------------------|
| Initial Premium            Annuity Option           Annuity Commencement Date|
| [$10,000]                  [LIFE 10-YEAR CERTAIN]   [JANUARY 1, 2026]        |
|------------------------------------------------------------------------------|
|Contract Date               Issue Date               Residence Status         |
| [JANUARY 1, 1996]          [JANUARY 1, 1996]        [DELAWARE]               |
|------------------------------------------------------------------------------|
| Initial Guarantee Period                                                     |
| [5 YEARS]                                                                    |
|------------------------------------------------------------------------------|
| Separate Account(s)                                 Contract Number          |
| [THE MVA FIXED ACCOUNT]                             [123456]                 |
--------------------------------------------------------------------------------

INITIAL INVESTMENT

Initial Premium Payment received:                    [$10,000]

Your initial Accumulation Value has been invested for the as follows:
<TABLE>
<CAPTION>
              <S>                        <C>                 <C>            <C>                       <C>

                                          Participation      Index Return    Initial Interest          Percentage of
               Divisions                       Rate            Maximum             Rate*            Accumulation Value
               ---------                       ----            -------             ----             ------------------
               Interest                        N/A               N/A               [4.0%]                  [60%]
             Term Indexed                     [90%]              N/A              [3.25%]                  [20%]
            Annual Indexed                    [90%]             [12%]             [3.50%]                  [20%]

---------------------------------------- ----------------- ----------------- ------------------- --------------------------
                 Total                                                                                     100%
</TABLE>

For the Interest Division,  the Initial Interest Rate reflected above applies to
the Initial  Guarantee Period and, if the premium is paid in  installments,  the
initial  installment  payment only.  Different  interest rates may apply to each
subsequent  Guarantee  Period or premium  installment  as  declared by us at the
beginning  of the  Guarantee  Period or at the time the  installment  payment is
received by us.

For the Term Indexed Division, the Participation Rate reflected above applies to
the Initial  Guarantee Period and, if the premium is paid in  installments,  the
initial  installment payment only.  Different  Participation Rates may apply for
each subsequent Guarantee Period or premium installment as declared by us at the
beginning  of the  Guarantee  Period or at the time the  installment  payment is
received by us.

For the Annual Indexed Division, the Participation Rate and Index Return Maximum
reflected above apply to the first Contract Year, and, if the premium is paid in
installments,  the initial  installment  payment only.  Different  Participation
Rates and Interest Rates may apply to each  subsequent  Contract Year or premium
installment  as declared by us at the  beginning of the Contract  Year or at the
time the installment payment is received by us. However,  the Participation Rate
will never be less than 50% and the Index Return Maximum will never be less than
8%.

*The  interest  rates  specified  above for the Term Indexed and Annual  Indexed
Divisions are used in calculating the Divisions'  Minimum  Guaranteed  Value and
are guaranteed for all premium  installments and all Guarantee Periods. See "How
We Measure the Contract's Accumulation Value," pp. 8-12.

OPTIONAL BENEFIT RIDERS
[NONE]

GA-IA-1100                             3A
<PAGE>

                                  THE SCHEDULE
                                CHARGES AND FEES

|------------------------------------------------------------------------------|
| Annuitant                  Owner(s)                                          |
| [THOMAS J. DOE]            [JOHN Q. DOE]                                     |
|                                                                              |
|------------------------------------------------------------------------------|
| Initial Premium            Annuity Option           Annuity Commencement Date|
| [$10,000]                  [LIFE 10-YEAR CERTAIN]   [JANUARY 1, 2026]        |
|------------------------------------------------------------------------------|
| Separate Account(s)                                 Contract Number          |
| [THE MVA FIXED ACCOUNT]                             [123456]                 |
|------------------------------------------------------------------------------|

SURRENDER CHARGE

A  Surrender  Charge is  imposed if the  Contract  is  surrendered  or an Excess
Partial  Withdrawal  is taken at any time  other than  during the 30-day  period
immediately  prior to the Maturity  Date of a Guarantee  Period.  The  Surrender
Charge is calculated as a percentage of the  Accumulation  Value  surrendered or
withdrawn,  adjusted by the Market  Value  Adjustment.  Surrender  Charges  vary
according to the duration of the Guarantee Period.  The Surrender Charges are 8%
in the first Contract Year and decrease by 1% per Contract Year thereafter until
the end of the Guarantee Period as shown in the following table.

<TABLE>
<CAPTION>
<S>                                       <C>     <C>      <C>      <C>      <C>     <C>     <C>      <C>     <C>
YEAR IN GUARANTEE PERIOD                  1       2        3        4        5        6       7        8       9+
-------------------------------------- -------- ------- -------- -------- -------- -------- ------- -------- --------
                  %                      8.0     7.0      6.0      5.0      4.0      3.0     2.0      1.0      0.0
</TABLE>

Surrender Charges restart at the beginning of each Guarantee Period for the life
of the  Contract.  Surrender is permitted on or before the Annuity  Commencement
Date.  Surrender  Charges are not assessed if the Contract is surrendered on the
Annuity Commencement Date.

PREMIUM TAXES

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

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

GA-IA-1100                             3B
<PAGE>

                                  THE SCHEDULE
                               INCOME PLAN FACTORS
--------------------------------------------------------------------------------
 Annuitant                  Owner(s)
 [THOMAS J. DOE]            [JOHN Q. DOE]

--------------------------------------------------------------------------------
 Initial Premium            Annuity Option           Annuity Commencement Date
 [$10,000]                  [LIFE 10-YEAR CERTAIN]   [JANUARY 1, 2026]
--------------------------------------------------------------------------------
 Separate Account(s)                                 Contract Number
 [THE MVA FIXED ACCOUNT]                             [123456]
--------------------------------------------------------------------------------
Values for other payment periods,  ages or joint life combinations are available
on request.  Monthly  payments are shown for each $1,000 applied.  The basis for
determining such values is the Annuity 2000 Mortality Table at 3.0% interest. We
may pay a higher rate at our discretion.

                                          TABLE FOR INCOME FOR A FIXED PERIOD
<TABLE>
<CAPTION>
     <S>                     <C>               <C>                      <C>              <C>                      <C>
      Fixed Period            Monthly           Fixed Period             Monthly          Fixed Period             Monthly
          of Years             Income               of Years              Income              of Years              Income

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

                                               TABLE FOR INCOME FOR LIFE
<TABLE>
<CAPTION>
   <S>                                 <C>                                  <C>                                <C>
                                        Male/Female                         Male/Female                        Male/Female
   Age                             10 Years Certain                    20 Years Certain                     Refund Certain

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

</TABLE>

GA-IA-1100                             3C
<PAGE>

                                 IMPORTANT TERMS
--------------------------------------------------------------------------------

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

ANNUAL INDEXED DIVISION - An investment option available in the Separate
     Account.

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

ANNUITY COMMENCEMENT DATE - The date on which Annuity Payments begin.

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

ANNUITY PAYMENT - The periodic payment you receive.

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

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

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

CASH SURRENDER VALUE - The amount you receive upon surrender of the Contract.

CONTRACT ANNIVERSARY - The anniversary of the Contract Date.

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

CONTRACT YEAR - The period between Contract Anniversaries.

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

CONTRACT ISSUE DATE - The date the Contract is issued at our Customer Service
     Center.

GROSS WITHDRAWAL - The total amount of Accumulation Value withdrawn.

GUARANTEE PERIOD - A period for which the Contract's return is determined by a
     declared interest rate (for values in the Interest Division) and the
     greater of a Minimum Guaranteed Value or changes to the S&P 500 Index
     during the period (for values in the Term and Annual Indexed Divisions).

INITIAL PREMIUM - The payment amount required to put this Contract in effect.

INTEREST DIVISION - An investment option available in the Separate Account.

ISSUE AGE - Your age, or age of the Annuitant, on the last birthday on or before
     the Contract Date.

MARKET VALUE ADJUSTMENT - A positive or negative adjustment.  It may apply if
     all or part of the Accumulation Value is withdrawn or applied to an Annuity
     Option at any time other than during the 30-day period immediately prior
     to the end of a Guarantee Period.

GA-IA-1100                             4
<PAGE>

                           IMPORTANT TERMS (continued)
--------------------------------------------------------------------------------

MATURITY DATE - The date on which a Guarantee Period ends.  The Maturity Date is
     the last day of the last Contract Year in the Guarantee Period.

NET WITHDRAWAL - The Gross Withdrawal amount, adjusted by any Market Value
     Adjustment minus any Surrender Charges.

OWNER - The person (persons if there are Joint Owners or entity if the Owner is
     not an individual) who owns a Contract and is entitled to exercise all
     rights of the Contract.  This person's death also initiates payment of
     the Death Benefit.  "You" and "Your" refer to the Owner.

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

SEPARATE ACCOUNT - A non-unitized Separate Account established by us under
     Delaware Statutes, that holds assets for guaranteed terms.  There are no
     discrete units for this account.

TERM INDEXED DIVISION - An investment option available in the Separate Account.

GA-IA-1100                             5
<PAGE>

                          INTRODUCTION TO THIS CONTRACT
--------------------------------------------------------------------------------

THE CONTRACT

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

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

THE OWNER

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

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

THE ANNUITANT

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

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

THE BENEFICIARY

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

Unless otherwise provided, the Death Benefit will be paid as though the
Beneficiary died before the Owner if:
(1)      The Beneficiary dies at the same time as the Owner; or
(2)      The Beneficiary dies within 24 hours of the Owner's death.

 .

GA-IA-1100                             6
<PAGE>

--------------------------------------------------------------------------------
                    INTRODUCTION TO THIS CONTRACT (continued)
--------------------------------------------------------------------------------

THE BENEFICIARY (CONT'D)

One  or  more  persons  may  be  named  as  primary  Beneficiary  or  Contingent
Beneficiary.  In the case of more than one Beneficiary, we will assume any Death
Benefit is to be paid in equal shares to the  surviving  Beneficiaries.  You may
specify other than equal shares.

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

CHANGE OF OWNER OR BENEFICIARY

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

GA-IA-1100                             7
<PAGE>

--------------------------------------------------------------------------------
                HOW WE MEASURE THE CONTRACT'S ACCUMULATION VALUE
--------------------------------------------------------------------------------

SINGLE PREMIUM PAYMENT

This is a single premium annuity. However, the single premium may be paid in one
lump sum or in  installments  during the first  Contract  Year. Any such planned
installments  must be  identified  at the time the  Contract  is  issued  and be
received by us at our Customer  Service Center within 60 days after the Contract
Date. There is no penalty if a planned installment is not paid.

PREMIUM PAYMENT ALLOCATION

Premium will be allocated among the Divisions of the Separate Account as elected
by you. Any premium  installments  will be allocated in the same manner,  unless
you specify otherwise.

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

TRANSFERS

You may transfer  Accumulation  Value between  Divisions of the Separate Account
only  during the 30-day  period  immediately  prior to the expiry of a Guarantee
Period.  Such transfers will occur on the Maturity Date of the ending  Guarantee
Period.  Surrender  Charges and Market Value  Adjustments will not apply to such
transfers.

GUARANTEE PERIODS

We offer Guarantee Periods of 5, 7 and 10 years. From time to time, we may offer
Guarantee  Periods of durations other than those available on the Contract Date.
We also  reserve the right to cease  offering a particular  Guarantee  Period or
Periods.

At the time the Contract is issued,  you elect an Initial  Guarantee Period from
among the  durations  then being  offered by us. The  Guarantee  Period  elected
applies to all Divisions of the Separate Account. Only one Guarantee Period will
be in effect at any one time.

Upon the expiry of a Guarantee  Period (the Guarantee  Period  Maturity Date), a
subsequent  Guarantee  Period will begin.  Guarantee  Period Maturity Dates will
always  coincide  with a Contract  Anniversary.  The  Initial  Guarantee  Period
Maturity Date applies to all  installment  payments  received.  Each  subsequent
Guarantee  Period  will be the same  length as the  previous  Guarantee  Period,
unless: a) you elect a different duration from among those then being offered by
us; or b) the new Guarantee Period would extend beyond the Annuity  Commencement
Date then in effect.  If the period  remaining  from the expiry of the  previous
Guarantee  Period to the Annuity  Commencement  Date is less than the period you
have elected or the period  expiring,  the next shortest  period then  available
that will not extend  beyond the  Annuity  Commencement  Date will be offered to
you.

We will notify you prior to the Guarantee  Period  Maturity Date of your options
for renewal.  In order to elect a different Guarantee Period, you must notify us
in writing before the Maturity Date of the Guarantee Period then ending. You may
not select a Guarantee Period that would extend beyond the Annuity  Commencement
Date then in effect.

CONTRACT ACCUMULATION VALUE

The Contract's  Accumulation  Value is the sum of the Accumulation Value in each
of the Separate Account Divisions.

GA-IA-1100                             8
<PAGE>

          HOW WE MEASURE THE CONTRACT'S ACCUMULATION VALUE (continued)
--------------------------------------------------------------------------------

INTEREST DIVISION ACCUMULATION VALUE

The  Accumulation  Value in the Interest  Division on the  Contract  Date is the
premium   allocated  to  the  Division.   Thereafter,   the  Interest   Division
Accumulation  Value equals the Accumulation Value on the Contract Date, plus any
premium  installments  allocated to the Division,  plus or minus any  transfers,
less Gross Withdrawals, accumulated with interest.

The rate of interest  will be as we declare.  An Initial  Interest  Rate will be
declared at the time the Contract is issued and applies to the Initial Guarantee
Period  and, if the premium is paid in  installments,  to the first  installment
only.  Different interest rates may apply to each subsequent Guarantee Period or
premium  installment as declared by us at the beginning of the Guarantee  Period
or at the time the  installment  payment is  received  by us.  Interest  will be
credited daily at a rate to yield the declared annual Interest Rate.

In case of surrender,  withdrawal or transfer,  interest will be credited on the
portion of the Accumulation  Value  surrendered,  withdrawn or transferred up to
the date the surrender, withdrawal or transfer is requested.  Accumulation Value
at any date within a Contract Year will be  determined by us with  allowance for
the time elapsed in the Contract Year.

TERM INDEXED DIVISION ACCUMULATION VALUE

Accumulation  Value at the  Beginning  of Each  Guarantee  Period In the Initial
Guarantee Period, the beginning  Accumulation Value equals the premium allocated
to the Division. In all subsequent Guarantee Periods, the beginning Accumulation
Value equals the Accumulation Value as of the end of the prior Guarantee Period,
less Gross Withdrawals taken on the Maturity Date of the prior Guarantee Period,
plus or minus any transfers.

Accumulation Value During Each Guarantee Period

During the Initial  Guarantee Period,  the Accumulation  Value equals the sum of
all premium  installments  allocated to the  Division,  less Gross  Withdrawals.
During subsequent Guarantee Periods, the Accumulation Value equals the beginning
Accumulation Value less Gross Withdrawals

Accumulation Value at the End of Each Guarantee Period

At the end of the Initial Guarantee Period, the Accumulation  Value,  calculated
on the Maturity Date equals the greater
of:
(1)      The sum of all premium installments allocated to the Division, less
         Gross Withdrawals, multiplied by (1 + the Index Return) calculated
         separately for each premium installment; or
(2)      The Minimum Guaranteed Value.

At  the  end  of all  subsequent  Guarantee  Periods,  the  Accumulation  Value,
calculated on the Maturity Date, equals the greater of:
(1)      The beginning Accumulation Value, less Gross Withdrawals, multiplied by
         (1 + the Index Return); or
(2)      The Minimum Guaranteed Value.

Amounts surrendered or withdrawn prior to the end of the Guarantee Period do not
participate in the Index Return during that Guarantee Period.

Minimum Guaranteed Value
During the Initial Guarantee Period, the Term Indexed Division Minimum
Guaranteed Value equals:
(1)      90% of the premium allocated to the Division; plus
(2)      Accrued interest as declared by us; minus
(3)      Net Withdrawals.

For  any  subsequent   Guarantee  Period,  the  Term  Indexed  Division  Minimum
Guaranteed Value equals:
(1)      90% of the Division's beginning Accumulation Value for that Guarantee
         Period; plus
(2)      Accrued interest as declared by us; minus
(3)      Net Withdrawals.

GA-IA-1100                             9
<PAGE>

          HOW WE MEASURE THE CONTRACT'S ACCUMULATION VALUE (continued)
--------------------------------------------------------------------------------

TERM INDEXED DIVISION ACCUMULATION VALUE (CONT'D)

The  interest  rate  used in  calculating  the  Term  Indexed  Division  Minimum
Guaranteed  Value  is  declared  at the  time  the  Contract  is  issued  and is
guaranteed for all premium installments and all Guarantee Periods.

Index Return
The Index Return for the Term Indexed Division is equal to (a x b) where:
     a is the Division's Index Growth, as described below, but not less than 0;
     and
     b is the Participation Rate for the Guarantee Period elected.

The  Participation  Rate declared at the time the Contract is issued  applies to
the Initial Guarantee Period and, if the premium is paid in installments, to the
first installment payment only. Different  Participation Rates may apply to each
subsequent  Guarantee  Period or premium  installment  as  declared by us at the
beginning  of the  Guarantee  Period or at the time the  installment  payment is
received by us.

Index Growth For the Initial  Guarantee  Period,  the Division's Index Growth is
calculated on the Guarantee  Period  Maturity Date  separately  for each premium
installment and equals a minus b divided by b where:
     a is the average of the S & P 500 Index Values determined on the same date
       in each month of the last Contract Year
       in the Guarantee Period as the Contract Date; and
     b is the S & P 500 Index Value on the date the premium installment is
       received by us

For all subsequent  Guarantee Periods, the Division's Index Growth is calculated
on the Guarantee Period Maturity Date and equals a minus b divided by b where:
     a is the average of the S & P 500 Index Values determined on the same date
       in each month of the last Contract Year in the Guarantee Period as the
       Contract Date; and
     b is the S & P 500 Index Value on first day of the Guarantee Period.

If there is no such  corresponding  date,  the last day of the month is used. If
any date falls on a day the New York  Stock  Exchange  is not open,  the S&P 500
Index will be determined as of the next business day.

ANNUAL INDEXED DIVISION ACCUMULATION VALUE

Accumulation Value at the Beginning of Each Contract Year
In the first Contract Year, the beginning  Accumulation Value equals the premium
allocated to the  Division.  In all  subsequent  Contract  Years,  the beginning
Accumulation  Value  equals  the  Accumulation  Value as of the end of the prior
Contract Year, less Gross  Withdrawals as of the Contract  Anniversary,  plus or
minus any transfers, if applicable. (See "Transfers," p. 8.)

Accumulation Value During Each Contract Year
During the first  Contract Year,  the  Accumulation  Value equals the sum of all
premium installments allocated to the Division,  less Gross Withdrawals.  During
subsequent   Contract  Years,  the  Accumulation   Value  equals  the  beginning
Accumulation Value, less Gross Withdrawals.

Accumulation Value at the End of Each Contract Year
At the end of the first Contract Year, the Accumulation Value, calculated on the
Contract  Anniversary,  equals the sum of all premium installments  allocated to
the Division,  multiplied by (1 + the Index Return),  calculated  separately for
each premium  installment.  At the end of all  subsequent  Contract  Years,  the
Accumulation Value calculated on the Contract Anniversary,  equals the beginning
Accumulation  Value,  less  Gross  Withdrawals,  multiplied  by (1 +  the  Index
Return).  However,  if on  the  Guarantee  Period  Maturity  Date,  the  Minimum
Guaranteed Value exceeds the Accumulation  Value, the ending  Accumulation Value
for that Contract  Year/Guarantee  Period is set equal to the Minimum Guaranteed
Value.

Amounts  surrendered or withdrawn  prior to the end of each Contract Year do not
participate in the Index Return during that Contract Year.

GA-IA-1100                             10
<PAGE>

          HOW WE MEASURE THE CONTRACT'S ACCUMULATION VALUE (continued)
--------------------------------------------------------------------------------

ANNUAL INDEXED DIVISION ACCUMULATION VALUE (CONT'D)

Minimum Guaranteed Value During the Initial Guarantee Period, the Annual Indexed
Division Minimum Guaranteed Value equals:
(1)      90% of the premium allocated to the Division; plus
(2)      Accrued interest as declared by us; minus
(3)      Net Withdrawals.

For any  subsequent  Guarantee  Period,  the  Annual  Indexed  Division  Minimum
Guaranteed Value equals:
(1)      90% of the Division's beginning Accumulation Value for that Guarantee
         Period; plus
(2)      Accrued interest as declared by us; minus
(3)      Net Withdrawals.

The  interest  rate used in  calculating  the Annual  Indexed  Division  Minimum
Guaranteed  Value  is  declared  at the  time  the  Contract  is  issued  and is
guaranteed for all premium installments and all Guarantee Periods.

Index Return

The Index Return for the Annual Indexed  Division is calculated  annually on the
Contract Anniversary and is equal to the lesser of (a x b) or c where:
     a is the Division's Index Growth, as described below, but not less than 0;
     b is the Guaranteed Period Participation Rate for the Contract Year then
       ending; and
     c is Guarantee Period Index Return Maximum for the Contract Year then
       ending.

The  Participation  Rate and the Index Return  Maximum  declared at the time the
Contract  is issued  applies to the first  Contract  Year and, if the premium is
paid  in  installments,   to  the  first  installment  payment  only.  Different
Participation  Rates  and Index  Return  Maximums  may apply to each  subsequent
Contract Year or premium  installment  as declared by us at the beginning of the
Contract Year or at the time the installment payment is received by us. However,
the Annual Indexed Division's Participation Rate will never be less than 50% and
the Index Return Maximum will never be less than 8%.

Index Growth

For  the  first  Contract  Year,  the  Division's  Index  Growth  is  calculated
separately for each premium payment, and equals a minus b divided by b where:

     a is the average of the S & P 500 Index Values determined on the same date
       in each month of the Contract Year as the Contract Date; and
     b is the S & P 500 Index Value on the date the premium payment is received
       by us

For all subsequent Contract Years, the Division's Index Growth is calculated for
the Contract Year and equals a minus b divided by b where:
     a is the average of the S & P 500 Index Values determined on the same date
       in each month of the Contract Year as the Contract Date; and
     b is the S & P 500 Index Value on first day of the Contract Year.

If there is no such  corresponding  date,  the last day of the month is used. If
any date falls on a day the New York  Stock  Exchange  is not open,  the S&P 500
Index will be determined as of the next business day.

MARKET VALUE ADJUSTMENT

A Market Value Adjustment  (MVA) will be applied to Excess Partial  Withdrawals,
Surrenders  and  Accumulation  Value applied to an Income Plan other than on, or
during the 30-day period immediately prior to, a Guarantee Period Maturity Date.
During the Initial Guarantee Period,  the MVA applies to, and will be calculated
separately for, each premium installment payment, if any.

GA-IA-1100                             11
<PAGE>

          HOW WE MEASURE THE CONTRACT'S ACCUMULATION VALUE (continued)
--------------------------------------------------------------------------------

MARKET VALUE ADJUSTMENT (CONT'D)

Market Value Adjustments will be applied as follows:
(1)      The Market Value Adjustment will be applied to the amount withdrawn or
         applied before deduction of any applicable Surrender Charge.
(2)      For a Partial Withdrawal, or in the case where a portion of an
         allocation is applied to an Income Plan, the Market Value Adjustment
         will be calculated on the total amount that must be withdrawn or
         applied to an Income Plan in order to provide the amount requested.

The Market Value  Adjustment  is  determined  by  multiplying  the amount of the
Accumulation  Value  withdrawn  or  applied to an Income  Plan by the  following
factor:

                 (       1  +  I           )     N/365
                  ------------------------
                 (   1  +  J  +  .0050     )               -   1

Where I is the MVA  Index  Rate on the  first  day of the  applicable  Guarantee
Period,  or during the Initial  Guarantee  Period only,  on the date the premium
installment  payment,  if any,  is  received  by us:  J is the  Index  Rate  for
Guarantee  Periods equal to the number of years  (fractional years rounded up to
the  next  full  year)  remaining  in  the  Guarantee  Period  at  the  time  of
calculation;  and N is the remaining  number of days in the Guarantee  Period at
the time of calculation.

MVA INDEX RATE

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

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

GA-IA-1100                             12
<PAGE>

--------------------------------------------------------------------------------
                             YOUR CONTRACT BENEFITS
--------------------------------------------------------------------------------

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

NO SURRENDER  CHARGE OR MARKET VALUE  ADJUSTMENT  IS ASSESSED ON  SURRENDERS  OR
WITHDRAWALS  DURING THE 30-DAY PERIOD  IMMEDIATELY PRIOR TO THE MATURITY DATE OF
ANY  GUARANTEE  PERIOD,  PROVIDED  WRITTEN  NOTICE OF SURRENDER OR WITHDRAWAL IS
RECEIVED IN OUR CUSTOMER  SERVICE  CENTER BEFORE THE END OF SUCH 30-DAY  PERIOD.
SURRENDER  CHARGES  AND THE MARKET  VALUE  ADJUSTMENT  APPLY TO EACH  SUBSEQUENT
GUARANTEE PERIOD.  SURRENDER CHARGES FOR EACH SUBSEQUENT  GUARANTEE PERIOD START
AT 8% FOR THE FIRST YEAR, THEN DECREASE BY 1% PER YEAR BEGINNING IN YEAR 2 UNTIL
THE MATURITY DATE OF THAT GUARANTEE PERIOD.

CASH SURRENDER VALUE BENEFIT

On or prior to the  commencement  of Annuity Income Payments if the Annuitant is
living,  you may surrender this Contract to us. To do this, you must return this
Contract with a signed request for  cancellation to our Customer Service Center.
We will usually pay the Cash  Surrender  Value  within  seven days;  but, we may
delay payment as described in the "Payments We May Defer" provision.

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

The  Contract's  Cash Surrender  Value,  while the Annuitant is living and on or
before the Annuity  Commencement Date, is equal to the sum of the Cash Surrender
Value in each of the Divisions of the Separate Account.

In lieu of a lump sum payment,  at the time of  surrender  you may elect to have
the Cash Surrender Value paid under an Annuity Option.

Interest Division Cash Surrender Value
The Cash  Surrender  Value for the Interest  Division is equal to the Division's
Accumulation  Value,  adjusted for any applicable Market Value Adjustment,  less
any  Surrender  Charges or other  charges  that have been  incurred  but not yet
deducted, including any applicable Premium Tax.

Term Indexed Division Cash Surrender Value
The Cash Surrender Value for the Term Indexed Division is equal to the
greater of a and b minus c where:
     a is the Division's Accumulation Value, adjusted for any applicable Market
       Value Adjustment less any Surrender Charges;
     b is the Division's Minimum Guaranteed Value, adjusted for any applicable
       Market Value Adjustment; and
     c is any other charges that have been incurred but not yet deducted,
       including any applicable Premium Tax.

Amounts surrendered or withdrawn prior to the end of the Guarantee Period do not
participate in the Index Return during the Guarantee Period.

GA-IA-1100                             13
<PAGE>

                       YOUR CONTRACT BENEFITS (continued)
--------------------------------------------------------------------------------

CASH SURRENDER VALUE BENEFIT (CONT'D)

Annual Indexed Division Cash Surrender Value
The Cash Surrender Value for the Annual Indexed Division is equal to the greater
of a and b minus c where:
     a is the Division's Accumulation Value, adjusted for any applicable Market
       Value Adjustment less any Surrender Charges;
     b is the Division's Minimum Guaranteed Value, adjusted for any applicable
       Market Value Adjustment; and
     c is any other charges that have been incurred but not yet deducted,
       including any applicable Premium Tax.

Amounts  surrendered or withdrawn  prior to the end of each Contract Year do not
participate in the Index Return during that Contract Year.

PARTIAL WITHDRAWAL OPTION

You may make a Partial  Withdrawal at any time by giving  written  notice to us.
Unless otherwise  specified by you, any withdrawals will be taken first from the
Interest  Division,  then the Annual  Interest  Division and then the Term Index
Division.  The maximum  amount that can be withdrawn  each Contract Year without
being considered an Excess Partial Withdrawal is described below. Excess Partial
Withdrawals  taken at any time other than during the 30-day  period  immediately
prior to a Guarantee  Period Maturity Date are subject to a Surrender Charge and
Market  Value  Adjustment,  as well as a  deduction  of any  Premium  Taxes  not
previously paid. The minimum Partial  Withdrawal amount is $100. In no event may
a Partial Withdrawal be greater than 90% of the Contract's Cash Surrender Value.
After a Partial Withdrawal,  the remaining Cash Surrender Value must be at least
$1000 to keep the Contract in force.

To determine the Surrender Charge on Excess Partial Withdrawals, the withdrawals
will occur in the following order:
(1)      The Free Amount.
(2)      Any remaining Accumulation Value.

The Free Amount
If the Contract is  surrendered  at any time other than during the 30-day period
immediately  preceding a Guarantee  Period Maturity Date, any withdrawal  during
the same Contract Year will be considered an Excess Partial Withdrawal.  Subject
to  this  limitation,   during  the  first  Contract  Year,  Systematic  Partial
Withdrawals  of interest  earned in the Interest  Division may be taken  without
being considered an Excess Partial Withdrawal. In each Contract Year thereafter,
up to 10% of the Contract's total Accumulation Value,  determined as of the date
of withdrawal, may be withdrawn from any one or any combination of the Divisions
without being considered an Excess Partial Withdrawal.

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

 .

GA-IA-1100                             14
<PAGE>

                       YOUR CONTRACT BENEFITS (continued)
--------------------------------------------------------------------------------

PARTIAL WITHDRAWAL OPTION (CONT'D)

Partial Withdrawals to Meet Minimum Distribution Requirements for
 Qualified Plans
Partial  Withdrawals  may be taken from a Contract issued as a Qualified Plan to
meet  Required  Minimum  Distribution  Requirements  on a monthly,  quarterly or
annual basis.  A minimum  withdrawal of $100.00 is required.  You select the day
the  withdrawals  will be made, but no later than the 28th day of the month.  If
you do not elect a day, the Contract Date will be used. No Surrender Charge will
be assessed on Required Minimum Distribution Withdrawals;  however,  withdrawals
in excess of the Free Amount will be subject to a Market Value Adjustment.

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

Systematic  Partial  Withdrawals and  Conventional  Partial  Withdrawals are not
allowed when Required Minimum Distribution Withdrawals are being taken.

PROCEEDS PAYABLE TO THE BENEFICIARY

If you die prior to the Annuity  Commencement  Date, we will pay the Beneficiary
the Death Benefit,  calculated as of the date of death. The Death Benefit varies
by Division.  The Death Benefit for the Interest Division and the Annual Indexed
Division is equal to the Division  Accumulation Value. The Death Benefit for the
Term Indexed Division is equal to the greater of:

(1)      The Term Indexed Division's Minimum Guaranteed Value; and
(2)      The Term Indexed Division's Accumulation Value calculated using the
         Index Return as of the prior Contract Anniversary.  For purposes of
         this calculation, the S&P 500 Index Value as of the prior Contract
         Anniversary is used as the ending value in determining the Index
         Growth.

The Contract Death Benefit is equal to the sum of each Division's Death Benefit.
No Surrender  Charge or Market Value  Adjustment  will be applied.  If there are
Joint Owners and any Owner dies,  we will pay the  surviving  Owner(s) the Death
Benefit.  We will pay the amount on receipt of due proof of the Owner's death at
our Customer  Service  Center.  Such amount may be received in a single lump sum
or, while this Contract is in effect and before the Annuity  Commencement  Date,
you may choose one or more  Annuity  Options  for the  payment of Death  Benefit
proceeds.  If, at the time of your  death,  no Option has been chosen for paying
the Death  Benefit  proceeds,  the  Beneficiary  may choose an Option within one
year.

When  the  Owner  (or  all  Owners  where  there  are  Joint  Owners)  is not an
individual,  the Death Benefit will become payable on the death of the Annuitant
prior to the Annuity  Commencement Date (unless a Contingent  Annuitant survived
the  Annuitant).  Only one Death Benefit is payable under this Contract.  In all
events,  distributions under the Contract must be made as required by applicable
law

Spousal Continuation upon Death of Owner
If at the Owner's  death,  the  surviving  spouse of the  deceased  Owner is the
Beneficiary,  then such  surviving  spouse may elect to continue the Contract as
their own,  pursuant to Internal  Revenue Code Section  72(s) or the  equivalent
provisions of the U.S. Treasury Department rules for Qualified Plans.

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

GA-IA-1100                             15
<PAGE>

--------------------------------------------------------------------------------
                             CHOOSING AN INCOME PLAN
--------------------------------------------------------------------------------

ANNUITY BENEFITS

If you and the  Annuitant are living on the Annuity  Commencement  Date, we will
begin  making  payments  to you. We will make these  payments  under the Annuity
Option (or  Options)  elected by you.  You may elect to apply any portion of the
Accumulation  Value (minus any applicable  premium tax) to any Annuity Option by
making a written  request  at least 30 days  prior to the  Annuity  Commencement
Date. If, on the Annuity  Commencement  Date, a Surrender  Charge remains,  your
elected  Annuity  Option  must  include a Period  Certain of at least five years
duration.  If no  Annuity  Option  has  been  elected  by the  Required  Annuity
Commencement Date shown in the Schedule, payments will be made under Option 2 on
a 10-year Period Certain basis. The amount of the payments will be determined by
applying  the  Accumulation  Value  adjusted by a Market  Value  Adjustment,  if
applicable,  on the Annuity  Commencement  Date in  accordance  with the Annuity
Options section below.  (see "Payments We May Defer") A Market Value  Adjustment
may apply if the  Annuity  Commencement  Date is other  than on,  or during  the
30-day period prior to, a Guarantee Period Maturity Date. Any Surrender  Charges
otherwise applicable will be waived.

For each Option we will issue a separate  written  agreement  putting the Option
into effect.

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

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

ANNUITY COMMENCEMENT DATE SELECTION

You select the Annuity  Commencement Date. You may select any date following the
first Contract  Anniversary.  Distributions  from a Contract funding a Qualified
Plan must  commence no later than April 1st of the calendar  year  following the
calendar  year  in  which  you  attain  age  70  1/2.  Otherwise,   the  Annuity
Commencement Date may be no later than the same date as the Contract Date in the
month following the later of the Annuitant's  90th birthday or the 10th Contract
Anniversary.  In  applying  the  Accumulation  Value,  we may first  collect any
Premium Taxes due us.

On the Annuity  Commencement  Date,  the age of the Annuitant plus the number of
years payments are guaranteed  must not exceed 100. If you do not select a date,
the Annuity  Commencement  Date will be in the month  following the later of the
Annuitant's 90th birthday or the 10th Contract Anniversary.

FREQUENCY SELECTION

You may choose the  frequency  of the  Annuity  Payments.  They may be  monthly,
quarterly,  semi-annually or annually.  If we do not receive written notice from
you, the payments will be made monthly.  However,  the minimum  monthly  annuity
income  payment that we will make is $50. The minimum  total income  payments in
any one year is $250. We have the right to increase  these  minimums  based upon
increases  reflected in the Consumer  Price Index - Urban  (CPI-U) since July 1,
1993. If the Annuity  Option or frequency of payments  elected do not meet these
minimums,  we have the right to make payments at such  frequency as necessary to
meet these minimum requirements.

GA-IA-1100                             16
<PAGE>

                       CHOOSING AN INCOME PLAN (continued)
--------------------------------------------------------------------------------

THE ANNUITY OPTIONS

There are four Options to choose from.  They are:

Option 1.  Income for a Fixed Period
Payment is made in equal  installments for a fixed number of years. We guarantee
each monthly  payment will be at least the Income for Fixed Period  amount shown
in the  Schedule.  Values for  annual,  semiannual  or  quarterly  payments  are
available on request.

Option 2.  Income for Life
Payment is made to the person named in equal monthly installments and guaranteed
for at least a period certain.  The period certain can be 10 or 20 years.  Other
periods  certain  are  available  on  request.  A refund  certain  may be chosen
instead.  Under this arrangement,  income is guaranteed until payments equal the
amount applied. If the person named lives beyond the guaranteed period, payments
continue until his or her death.

We guarantee each payment will be at least the amount shown in the Schedule.  By
age, we mean the named  person's age on his or her nearest  birthday  before the
Option's effective date. Amounts for ages not shown are available on request.

Option 3.  Joint Life Income
This Option is available if there are two persons named to receive payments.  At
least one of the persons named must be either the Owner or  Beneficiary  of this
Contract.  Monthly  payments are guaranteed and are made as long as at least one
of the named persons is living.  The monthly  payment amounts are available upon
request. Such amounts are guaranteed and will be calculated on the same basis as
the Table for Income for Life, however, the amounts will be based on two lives.

Option 4.  Annuity Plan
Payment may be made under any other method mutually agreed upon by you and us.

PAYMENT WHEN NAMED PERSON DIES

When the person named to receive payment dies, we will pay any amounts still due
as provided by the Option  agreement.  The amounts  still due are  determined as
follows:
     (1) For Option 1 or for any remaining guaranteed payments in Option 2,
         payments will be continued.
     (2) For Option 3, no amounts are payable after both named persons have
         died.

GA-IA-1100                             17
<PAGE>

--------------------------------------------------------------------------------
                           OTHER IMPORTANT INFORMATION
--------------------------------------------------------------------------------

SENDING NOTICE TO US

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

REPORTS TO OWNER

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

ASSIGNMENT - USING THIS CONTRACT AS COLLATERAL SECURITY

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

CHANGING THIS CONTRACT

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

CONTRACT CHANGES - APPLICABLE TAX LAW

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

MISSTATEMENT OF AGE OR SEX

If an age or sex has been misstated, the amounts payable or benefits provided by
this Contract  will be those that the Premium  Payment made would have bought at
the correct age or sex.

GA-IA-1100                             18
<PAGE>

--------------------------------------------------------------------------------
                     OTHER IMPORTANT INFORMATION (continued)
--------------------------------------------------------------------------------

NON-PARTICIPATING

This Contract does not participate in our divisible surplus.

CONTESTABILITY

This Contract is incontestable from its date of issue.

PAYMENTS WE MAY DEFER

We may, at any time, defer payment of the Contract's Cash Surrender Value for up
to six months  after we receive a request  for it. We will allow  interest of at
least 3.00% a year or greater if  required  by state law, on any Cash  Surrender
deferred 30 days or more.

AUTHORITY TO MAKE AGREEMENTS

All agreements made by us must be signed by one of our officers.  No other
person, including an insurance agent or broker, has the authority to:
     (1) Change any of this Contract's terms;
     (2) Extend the time for Premium Payments; or
     (3) Make any agreement binding on us.

REQUIRED NOTE ON OUR COMPUTATIONS

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

GA-IA-1100                             19
<PAGE>

SINGLE PREMIUM  DEFERRED  MODIFIED  GUARANTEED  ANNUITY  CONTRACT - NO DIVIDENDS
--------------------------------------------------------------------------------
Annuity Benefit payable at Annuity  Commencement  Date. Death Benefit payable in
the event of the Owner's death prior to the  Commencement  Date.  Cash Surrender
Values are based on a Market  Value  Adjustment  formula if the Contract is held
for a period less than the currently elected  Guarantee  Period.  Cash Surrender
Values may increase or decrease  based on the Market Value  Adjustment  Formula.
Equity Index premium allocation option.

GA-IA-1100|||GOLDEN                                               SINGLE PREMIUM
  ||||AMERICAN                                             DEFERRED MODIFIED
 |||||LIFE INSURANCE                                       GUARANTEED ANNUITY
   |||COMPANY                                              GROUP MASTER
                                                           CONTRACT

Golden American is a stock company domiciled in Delaware.
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   Offices: 1475 Dunwoody Drive, West Chester, Pennsylvania 19380

 CONTRACTHOLDER: Golden Investor Trust, Inc.   GROUP CONTRACT NUMBER: G000025-OE

 ISSUED IN:      Delaware                 CONTRACT ISSUE DATE: [January 1, 1996]

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In this Contract, we, our and us refer to Golden American Life Insurance
Company.

In consideration of application for this Contract and the payment of premiums,
we agree, subject to the terms and conditions of this Contract, to provide the
benefits described on this and the following pages to the persons eligible,
herein called "Annuitant(s).

If this Contract is in force, we will make income payments to the Certificate
Owner starting on the Annuity Commencement Date shown in each Certificate. If
the Certificate Owner or the Annuitant (if the Owner is other than a natural
person) dies prior to the Annuity Commencement Date shown in each Certificate,
we will pay a death benefit to the Beneficiary. The amounts of such benefits are
subject to the terms of this Contract.

All death proceeds due under this Contract will be paid according to the
Beneficiary designation and the provisions of this Contract. Payment of such
death proceeds by us will completely discharge our liability with respect to the
amounts so paid.

Signed for Golden American Life Insurance Company on the Contract Issue Date.

President: /s/Chris Schreier              Secretary: /s/Paula Cludray-Engelke

All payments and values may be subject to a Market Value Adjustment, the
operation of which may cause such payments and values to increase or decrease.

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SINGLE PREMIUM DEFERRED MODIFIED GUARANTEED ANNUITY GROUP MASTER CONTRACT - NO
DIVIDENDS

Annuity Benefit payable at Annuity Commencement Date. Death Benefit payable in
the event of the Certificate Owner's death prior to the Commencement Date. Cash
Surrender Values are based on a Market Value Adjustment formula if the
Certificate is held for a period less than the currently elected Guarantee
Period. Cash Surrender Values may increase or decrease based on the Market Value
Adjustment Formula. Equity Index premium allocation option.

GA-MA-1100                             2

<PAGE>

                                TABLE OF CONTENTS
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<TABLE>
<CAPTION>
<S>                                                         <C>

THE SCHEDULE.......................................   3     CERTIFICATE OWNER BENEFITS..............13
         The Separate Account                                    Cash Surrender Value Benefit
         Surrender Charges                                       Partial Withdrawal Option
         Income Plan Factors                                     Proceeds Payable to the Beneficiary
         Premium Taxes
                                                            CHOOSING AN INCOME PLAN.................16
IMPORTANT TERMS....................................   4          Annuity Benefits
                                                                 Annuity Commencement Date Selection
INTRODUCTION TO THIS CONTRACT......................   6          Frequency Selection
         Eligibility                                             The Annuity Options
         The Certificate Owner                                   Payment When Named Person Dies
         The Annuitant
         The Beneficiary                                    OTHER IMPORTANT INFORMATION.............18
         Change of Certificate Owner or Beneficiary              Entire Contract
                                                                 Sending Notice to Us
HOW WE MEASURE A CERTIFICATE'S.....................   8          Reports to Certificate Owners
    ACCUMULATION VALUE                                           Assignment - Using a Certificate as
         Single Premium Payment                                        Collateral Security
         Premium Payment Allocation                              Changing this Contract
         Transfers                                               Contract Changes - Applicable Tax Law
         Guarantee Periods                                       Misstatement of Age or Sex
         Certificate Accumulation Value                          Non-Participating
         Interest Division Accumulation Value                    Contestability
         Term Indexed Division Accumulation Value                Payments We May Defer
         Annual Indexed Division Accumulation Value              Authority to Make Agreements
         Market Value Adjustment                                 Required Note on Our Computations
         MVA Index Rate                                          Facility of Payment
                                                                 Conformity with Law
                                                                 Records
                                                                 Certificate Owner's Right to Examine the
                                                                       Certificate

</TABLE>

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

           THE SCHEDULE

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

GA-MA-1100                             2

<PAGE>

                                  THE SCHEDULE
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THE SEPARATE ACCOUNT

THE SEPARATE ACCOUNT (THE MVA SEPARATE ACCOUNT) IS A NON-UNITIZED SEPARATE
ACCOUNT ESTABLISHED BY US UNDER DELAWARE STATUTES, THAT HOLDS ASSETS FOR
GUARANTEED TERMS. THERE ARE NO DISCRETE UNITS FOR THIS ACCOUNT

Surrender Charges

A Surrender Charge is imposed if a Certificate is surrendered or an Excess
Partial Withdrawal is taken at any time other than during the 30-day period
immediately prior to the Maturity Date of a Guarantee Period. The Surrender
Charge is calculated as a percentage of the Accumulation Value surrendered or
withdrawn, adjusted by the Market Value Adjustment. Surrender Charges vary
according to the duration of the Guarantee Period. The Surrender Charges are 8%
in the first Certificate Year and decrease by 1% per Certificate Year thereafter
until the end of the Guarantee Period as shown in the following table.

<TABLE>
<CAPTION>
<S>                                      <C>     <C>      <C>      <C>      <C>      <C>     <C>      <C>     <C>
Year in Guarantee Period                  1       2        3        4        5        6       7        8       9+
-------------------------------------- -------- ------- -------- -------- -------- -------- ------- -------- --------
                  %                      8.0     7.0      6.0      5.0      4.0      3.0     2.0      1.0      0.0

</TABLE>

Surrender Charges restart at the beginning of each Guarantee Period for the life
of the Certificate. Surrender is permitted on or before the Annuity Commencement
Date. Surrender Charges are not assessed if the Certificate is surrendered on
the Annuity Commencement Date.

PREMIUM TAXES

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

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

If the charge for Premium Taxes is incurred when premiums are received, we
advance the amount of the charge to the Accumulation Value and deduct it in
equal installments on each Certificate Processing Date. Currently, we will waive
the deduction of the applicable installment on each Certificate Processing Date.
However, we deduct the applicable unrecovered portion of the charge for Premium
Taxes (not including installments which were waived) when determining the Cash
Surrender Value payable if the Certificate is surrendered.

GA-MA-1100                             3

<PAGE>

                                THE SCHEDULE (continued)
--------------------------------------------------------------------------------
INCOME PLAN FACTORS

Values for other payment periods, ages or joint life combinations are available
on request. Monthly payments are shown for each $1,000 applied. The basis for
determining such values is the Annuity 2000 Mortality Table at 3.0% interest. We
may pay a higher rate at our discretion.

                                          Table for Income for a Fixed Period

<TABLE>
<CAPTION>
      <S>                  <C>               <C>                    <C>              <C>                   <C>
      Fixed Period         Monthly           Fixed Period           Monthly          Fixed Period          Monthly
      of Years             Income             of Years              Income            of Years             Income

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

</TABLE>

                                             Table for Income for Life
<TABLE>
<CAPTION>
<S>                                  <C>                                 <C>                            <C>
                                     Male/Female                         Male/Female                    Male/Female
   Age                             10 Years Certain                    20 Years Certain                Refund Certain

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

</TABLE>

GA-MA-1100                             3(Cont'd)

<PAGE>

                                 IMPORTANT TERMS
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ACCUMULATION VALUE - The amount that a Certificate provides for investment at
any time. Initially, this amount is equal to the premium paid.

ANNUAL INDEXED DIVISION - An investment option available in the Separate
Account.

ANNUITANT - The person designated by a Certificate Owner to be the measuring
life in determining Annuity Payments.

ANNUITY COMMENCEMENT DATE - For each Certificate, the date on which Annuity
Payments begin.

ANNUITY OPTIONS - Options the Certificate Owner selects that determine the form
and amount of Annuity Payments.

ANNUITY PAYMENT - The periodic payment a Certificate Owner receives.

ATTAINED AGE - The age of a Certificate Owner, or that of the Annuitant, on the
Certificate Issue Date plus the number of full years elapsed since the
Certificate Date.

BENEFICIARY - The person designated to receive benefits in the case of the death
of a Certificate Owner.

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

CASH SURRENDER VALUE - The amount a Certificate Owner receives upon surrender of
the Certificate.

CERTIFICATE - A summary of the provisions of, and benefits provided by, this
Contract,

CERTIFICATE ANNIVERSARY - The anniversary of the Certificate Date.

CERTIFICATE DATE - The date we receive the initial premium and upon which we
begin determining the Certificate values. It may not be the same as the
Certificate Issue Date. This date is used to determine Certificate months, years
and anniversaries.

CERTIFICATE ISSUE DATE - The date a Certificate is issued at our Customer
Service Center.

CERTIFICATE OWNER - The person who owns a Certificate and is entitled to
exercise all rights of the Certificate. This person's death also initiates
payment of the Death Benefit.

CERTIFICATE YEAR - The period between Certificate Anniversaries.

CONTINGENT ANNUITANT - The person designated by a Certificate Owner who, upon
the Annuitant's death prior to the Annuity Commencement Date, becomes the
Annuitant.

CONTRACT ISSUE DATE - The date this group Contract is issued at our Customer
Service Center.

CONTRACTHOLDER - The entity to whom this Contract is issued.

GROSS WITHDRAWAL - The total amount of Accumulation Value withdrawn.

GUARANTEE PERIOD - A period for which a Certificate's return is determined by a
declared interest rate (for values in the Interest Division) and the greater of
a Minimum Guaranteed Value or changes to the S&P 500 Index during the period
(for values in the Term and Annual Indexed Divisions).

GA-MA-1100                             4

<PAGE>

                           IMPORTANT TERMS (continued)
--------------------------------------------------------------------------------

INITIAL PREMIUM - The payment amount required to put a Certificate in effect.

INTEREST DIVISION - An investment option available in the Separate Account.

ISSUE AGE - The age of a Certificate Owner, or that of the Annuitant, on the
last birthday on or before the Certificate Date.

MARKET VALUE ADJUSTMENT - A positive or negative adjustment. It may apply if all
or part of the Accumulation Value is withdrawn or applied to an Annuity Option
at any time other than during the 30-day period immediately prior to the end of
a Guarantee Period.

MATURITY DATE - The date on which a Guarantee Period ends. The Maturity Date is
the last day of the last Certificate Year in the Guarantee Period.

NET WITHDRAWAL - The Gross Withdrawal amount, adjusted by any Market Value
Adjustment minus any Surrender Charges.

RIDERS - Riders add provisions or change the terms of this Contract or a
Certificate.

TERM INDEXED DIVISION - An investment option available in the Separate Account.

GA-MA-1100                             5

<PAGE>

                          INTRODUCTION TO THIS CONTRACT
--------------------------------------------------------------------------------

ELIGIBILITY

Eligible persons as stated in the application for this Contract and who have
enrolled and for whom the Initial Premium has been paid are eligible to receive
the benefits under this Contract.

THE CERTIFICATE OWNER

The Certificate Owner is also the Annuitant unless another Annuitant has been
named and is shown in the Certificate. The Certificate Owner has the rights and
options described in this Contract, including but not limited to the right to
receive the Annuity Benefits on the Annuity Commencement Date.

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

THE ANNUITANT

The Annuitant is the measuring life of the Annuity Benefits provided under a
Certificate. A Certificate Owner may name a Contingent Annuitant. The Annuitant
may not be changed during the Annuitant's lifetime.

If the Annuitant dies before the Annuity Commencement Date, the Contingent
Annuitant becomes the Annuitant. The Certificate Owner will be the Contingent
Annuitant unless the Certificate Owner names someone else. The Annuitant must be
a natural person. If the Annuitant dies and no Contingent Annuitant has been
named, we will allow the Certificate Owner sixty days to designate someone else
as the Annuitant. If all Owners of a Certificate are not individuals and,
through the operation of this provision, a Certificate Owner becomes Annuitant,
we will pay the Death Benefit to the Beneficiary. If there are Joint Certificate
Owners, we will treat the youngest of the Certificate Owners as the Contingent
Annuitant designated, unless we are notified otherwise.

THE BENEFICIARY

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

Unless otherwise provided, the Death Benefit will be paid as though the
Beneficiary died before the Certificate Owner if:

  (1)   The Beneficiary dies at the same time as the Certificate Owner; or
  (2)   The Beneficiary dies within 24 hours of the Certificate Owner's death.

GA-MA-1100                             6

<PAGE>

                    INTRODUCTION TO THIS CONTRACT (continued)
--------------------------------------------------------------------------------

THE BENEFICIARY (CONT'D)

One or more persons may be named as primary Beneficiary or contingent
Beneficiary. In the case of more than one Beneficiary, we will assume any Death
Benefit is to be paid in equal shares to the surviving Beneficiaries. A
Certificate Owner may specify other than equal shares.

A Certificate Owner has the right to change Beneficiaries, unless the primary
Beneficiary is designated as irrevocable. When an irrevocable Beneficiary has
been designated, the Certificate Owner and the irrevocable Beneficiary may have
to act together to exercise the rights and options under a Certificate.

CHANGE OF CERTIFICATE OWNER OR BENEFICIARY

During the Certificate Owner's lifetime and while the Certificate is in effect,
the Certificate Owner may transfer ownership of the Certificate or change the
Beneficiary. To make any of these changes, we require written notice of the
change in a form satisfactory to us. If there are Joint Certificate Owners, both
must agree to the change. The change will take effect as of the day the notice
is signed. The change will not affect any payment made or action taken by us
before recording the change at our Customer Service Center. See "Proceeds
Payable to Beneficiary."

GA-MA-1100                             7

<PAGE>

                HOW WE MEASURE A CERTIFICATE'S ACCUMULATION VALUE
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SINGLE PREMIUM PAYMENT

This is a single premium annuity. However, a Certificate's single premium may be
paid in one lump sum or in installments during the first Certificate Year. Any
such planned installments must be identified at the time the Certificate is
issued and be received by us at our Customer Service Center within 60 days after
the Certificate Date. There is no penalty if a planned installment is not paid.

PREMIUM PAYMENT ALLOCATION

Premium will be allocated among the Divisions of the Separate Account as elected
by the Certificate Owner. Any premium installments will be allocated in the same
manner, unless the Certificate Owner specifies otherwise.

Where to Make Payments Premium Payments are to be remitted to our Customer
Service Center. On request, a receipt signed by our treasurer will be provided.

TRANSFERS

A Certificate Owner may transfer Accumulation Value between Divisions of the
Separate Account only during the 30 day period immediately prior to the expiry
of a Guarantee Period. Such transfers will occur on the Maturity Date of the
ending Guarantee Period. Surrender Charges and Market Value Adjustments will not
apply to such transfers.

GUARANTEE PERIODS

We offer Guarantee Periods of 5, 7 and 10 years. From time to time, we may offer
Guarantee Periods of other durations. We also reserve the right to cease
offering a particular Guarantee Period or Periods.

At the time the Certificate is issued, the Certificate Owner elects an Initial
Guarantee Period from among the durations then being offered by us. The
Guarantee Period elected applies to all Divisions of the Separate Account for a
Certificate. Only one Guarantee Period will be in effect at any one time for any
Certificate.

Upon the expiry of a Guarantee Period (the Guarantee Period Maturity Date), a
subsequent Guarantee Period will begin. Guarantee Period Maturity Dates will
always coincide with a Certificate Anniversary. A Certificate's Initial
Guarantee Period Maturity Date applies to all installment payments received for
that Certificate. Each subsequent Guarantee Period will be the same length as
the previous Guarantee Period, unless: a) the Certificate Owner elects a
different duration from among those then being offered by us; or b) the new
Guarantee Period would extend beyond the Annuity Commencement Date then in
effect. If the period remaining from the expiry of the previous Guarantee Period
to the Annuity Commencement Date is less than the period elected or the period
expiring, the next shortest period then available that will not extend beyond
the Annuity Commencement Date will be offered.

We will notify each Certificate Owner prior to the Guarantee Period Maturity
Date of the options for renewal. In order to elect a different Guarantee Period,
the Certificate Owner must notify us in writing before the Maturity Date of the
Guarantee Period then ending. A Certificate Owner may not select a Guarantee
Period that would extend beyond the Annuity Commencement Date then in effect.

CERTIFICATE ACCUMULATION VALUE

A Certificate's Accumulation Value is the sum of the Accumulation Value in each
of the Separate Account Divisions.

GA-MA-1100                             8

<PAGE>

          HOW WE MEASURE A CERTIFICATE'S ACCUMULATION VALUE (continued)
--------------------------------------------------------------------------------

INTEREST DIVISION ACCUMULATION VALUE

The Accumulation Value in the Interest Division on the Certificate Date is the
premium allocated to the Division. Thereafter, the Interest Division
Accumulation Value equals the Accumulation Value on the Certificate Date, plus
any premium installments allocated to the Division, plus or minus any transfers,
less Gross Withdrawals, accumulated with interest.

The rate of interest will be as we declare. An Initial Interest Rate will be
declared at the time a Certificate is issued and applies to the Initial
Guarantee Period and, if the premium is paid in installments, to the first
installment only. Different interest rates may apply to each subsequent
Guarantee Period or premium installment as declared by us at the beginning of
the Guarantee Period or at the time the installment payment is received by us.
Interest will be credited daily at a rate to yield the declared annual Interest
Rate.

In case of surrender, withdrawal or transfer, interest will be credited on the
portion of the Accumulation Value surrendered, withdrawn or transferred up to
the date the surrender, withdrawal or transfer is requested. Accumulation Value
at any date within a Certificate Year will be determined by us with allowance
for the time elapsed in the Certificate Year.

TERM INDEXED DIVISION ACCUMULATION VALUE

Accumulation Value at the Beginning of Each Guarantee Period
In the Initial Guarantee Period, the beginning Accumulation Value equals the
premium allocated to the Division. In all subsequent Guarantee Periods, the
beginning Accumulation Value equals the Accumulation Value as of the end of the
prior Guarantee Period, less Gross Withdrawals taken on the Maturity Date of
the prior Guarantee Period, plus or minus any transfers.

Accumulation Value During Each Guarantee Period
During the Initial Guarantee Period, the Accumulation Value equals the sum of
all premium installments allocated to the Division, less Gross Withdrawals.
During subsequent Guarantee Periods, the Accumulation Value equals the
beginning Accumulation Value less Gross Withdrawals

Accumulation Value at the End of Each Guarantee Period
At the end of the Initial Guarantee Period, the Accumulation Value, calculated
on the Maturity Date equals the greater of:
 (1) The sum of all premium installments allocated to the Division, less Gross
     Withdrawals, multiplied by (1 + the Index Return) calculated separately
     for each premium installment; or
 (2) he Minimum Guaranteed Value.

At the end of all subsequent Guarantee Periods, the Accumulation Value,
calculated on the Maturity Date, equals the greater of:

 (1) The beginning Accumulation Value, less Gross Withdrawals, multiplied
     by (1 + the Index Return); or
 (2) The Minimum Guaranteed Value.

Amounts surrendered or withdrawn prior to the end of the Guarantee Period do not
participate in the Index Return during that Guarantee Period.

Minimum Guaranteed Value
During the Initial Guarantee Period, the Term Indexed Division Minimum
 Guaranteed Value equals:

 (1) 90% of the premium allocated to the Division; plus
 (2) Accrued interest as declared by us; minus
 (3) Net Withdrawals.

For any subsequent Guarantee Period, the Term Indexed Division Minimum
Guaranteed Value equals:

 (1) 90% of the Division's beginning Accumulation Value for that Guarantee
     Period; plus
 (2) Accrued interest as declared by us; minus
 (3) Net Withdrawals.

GA-MA-1100                             9

<PAGE>

          HOW WE MEASURE A CERTIFICATE'S ACCUMULATION VALUE (continued)
--------------------------------------------------------------------------------

TERM INDEXED DIVISION ACCUMULATION VALUE (CONT'D)

The interest rate used in calculating the Term Indexed Division Minimum
Guaranteed Value is declared at the time a Certificate is issued and is
guaranteed for all premium installments and all Guarantee Periods.

Index Return
The Index Return for the Term Indexed Division is equal to (a x b) where:

a is the Division's Index Growth, as described below, but not less than 0; and
b is the Participation Rate for the Guarantee Period elected.

The Participation Rate declared at the time a Certificate is issued applies to
the Initial Guarantee Period and, if the premium is paid in installments, to the
first installment payment only. Different Participation Rates may apply to each
subsequent Guarantee Period or premium installment as declared by us at the
beginning of the Guarantee Period or at the time the installment payment is
received by us.

Index Growth
For the Initial Guarantee Period, the Division's Index Growth is calculated on
the Guarantee Period Maturity Date separately for each premium installment and
equals a minus b divided by b where:

a is the average of the S & P 500 Index Values determined on the same date in
  each month of the last Certificate Year in the Guarantee Period as the
  Certificate Date; and
b is the S & P 500 Index Value on the date the premium installment is received
  by us.

For all subsequent Guarantee Periods, the Division's Index Growth is calculated
on the Guarantee Period Maturity Date and equals a minus b divided by b where:
a is the average of the S & P 500 Index Values determined on the same date in
  each month of the last Certificate Year in the Guarantee Period as the
  Certificate Date; and
b is the S & P 500 Index Value on first day of the Guarantee Period.

If there is no such corresponding date, the last day of the month is used. If
any date falls on a day the New York Stock Exchange is not open, the S&P 500
Index will be determined as of the next business day.

ANNUAL INDEXED DIVISION ACCUMULATION VALUE

Accumulation Value at the Beginning of Each Certificate Year
In the first Certificate Year, the beginning Accumulation Value equals the
premium allocated to the Division. In all subsequent Certificate Years, the
beginning Accumulation Value equals the Accumulation Value as of the end of
the prior Certificate Year, less Gross Withdrawals as of the Certificate
Anniversary, plus or minus any transfers, if applicable.
(See "Transfers," p. 8.)

Accumulation Value During Each Certificate Year
During the first Certificate Year, the Accumulation Value equals the sum of
all premium installments allocated to the Division, less Gross Withdrawals.
During subsequent Certificate Years, the Accumulation Value equals the
beginning Accumulation Value, less Gross Withdrawals.

Accumulation Value at the End of Each Certificate Year
At the end of the first Certificate Year, the Accumulation Value, calculated
on the Certificate Anniversary, equals the sum of all premium installments
allocated to the Division, multiplied by (1 + the Index Return), calculated
separately for each premium installment. At the end of all subsequent
Certificate Years, the Accumulation Value calculated on the Certificate
Anniversary, equals the beginning Accumulation Value, less Gross Withdrawals,
multiplied by (1 + the Index Return). However, if on the Guarantee Period
Maturity Date, the Minimum Guaranteed Value exceeds the Accumulation Value,
the ending Accumulation Value for that Certificate Year/Guarantee Period is
set equal to the Minimum Guaranteed Value.

Amounts surrendered or withdrawn prior to the end of each Certificate Year do
not participate in the Index Return during that Certificate Year.

GA-MA-1100                             10

<PAGE>

          HOW WE MEASURE A CERTIFICATE'S ACCUMULATION VALUE (continued)
--------------------------------------------------------------------------------

ANNUAL INDEXED DIVISION ACCUMULATION VALUE (CONT'D)

Minimum Guaranteed Value

During the Initial Guarantee Period, the Annual Indexed Division Minimum
Guaranteed Value equals:

  (1)  90% of the premium allocated to the Division; plus
  (2)  Accrued interest as declared by us; minus
  (3)  Net Withdrawals.

For any subsequent Guarantee Period, the Annual Indexed Division Minimum
Guaranteed Value equals:

  (1)  90% of the Division's beginning Accumulation Value for that Guarantee
       Period; plus

  (2)  Accrued interest as declared by us; minus
  (3)  Net Withdrawals.

The interest rate used in calculating the Annual Indexed Division Minimum
Guaranteed Value is declared at the time a Certificate is issued and is
guaranteed for all premium installments and all Guarantee Periods.

Index Return
The Index Return for the Annual Indexed Division is calculated
annually on the Certificate Anniversary and is equal to the lesser of
(a x b) or c where:

   a is the Division's Index Growth, as described below, but not less than 0;
   b is the Participation Rate for the Certificate Year then ending; and
   c is Index Return Maximum for the Certificate Year then ending.

The Participation Rate and the Index Return Maximum declared at the time a
Certificate is issued applies to the first Certificate Year and, if the premium
is paid in installments, to the first installment payment only. Different
Participation Rates and Index Return Maximums may apply to each subsequent
Certificate Year or premium installment as declared by us at the beginning of
the Certificate Year or at the time the installment payment is received by us.
However, the Annual Indexed Division's Participation Rate will never be less
than 50% and the Index Return Maximum will never be less than 8%.

Index Growth
For the first Certificate Year, the Division's Index Growth is calculated
separately for each premium payment, and equals a minus b divided by b where:
  a is the average of the S & P 500 Index Values determined on the same date
    in each month of the Certificate Year as the Certificate Date; and
  b is the S & P 500 Index Value on the date the premium payment is received
    by us.

For all subsequent Certificate Years, the Division's Index Growth is calculated
for the Certificate Year and equals a minus b divided by b where:
  a is the average of the S & P 500 Index Values determined on the same date
    in each month of the Certificate Year as the Certificate Date; and
  b is the S & P 500 Index Value on first day of the Certificate Year.

If there is no such corresponding date, the last day of the month is used. If
any date falls on a day the New York Stock Exchange is not open, the S&P 500
Index will be determined as of the next business day.

MARKET VALUE ADJUSTMENT

A Market Value Adjustment (MVA) will be applied to Excess Partial Withdrawals,
Surrenders and Accumulation Value applied to an Income Plan other than on, or
during the 30-day period immediately prior to, a Guarantee Period Maturity Date.
During the Initial Guarantee Period, the MVA applies to, and will be calculated
separately for, each premium installment payment, if any.

GA-MA-1100                             11

<PAGE>

          HOW WE MEASURE A CERTIFICATE'S ACCUMULATION VALUE (continued)
--------------------------------------------------------------------------------

MARKET VALUE ADJUSTMENT (CONT'D)

Market Value Adjustments will be applied as follows:

  (1) The Market Value Adjustment will be applied to the amount withdrawn or
      applied before deduction of any applicable Surrender Charge.

  (2) For a Partial Withdrawal, or in the case where a portion of an allocation
      is applied to an Income Plan, the Market Value Adjustment will be
      calculated on the total amount that must be withdrawn or applied to an
      Income Plan in order to provide the amount requested.

The Market Value Adjustment is determined by multiplying the amount of the
Accumulation Value withdrawn or applied to an Income Plan by the following
factor:

                            (    1  +  I     )     N/365
                             ----------------
                            ( 1  +  J + .0050)           - 1

Where I is the MVA Index Rate on the first day of the applicable Guarantee
Period, or during the Initial Guarantee Period only, on the date the premium
installment payment, if any, is received by us: J is the Index Rate for
Guarantee Periods equal to the number of years (fractional years rounded up to
the next full year) remaining in the Guarantee Period at the time of
calculation; and N is the remaining number of days in the Guarantee Period at
the time of calculation.

MVA INDEX RATE

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

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

GA-MA-1100                             12

<PAGE>

                           CERTIFICATE OWNER BENEFITS
--------------------------------------------------------------------------------

While a Certificate is in effect, the Certificate Owner has important rights and
benefits. We discuss these rights and benefits in this section.

NO SURRENDER CHARGE OR MARKET VALUE ADJUSTMENT IS ASSESSED ON SURRENDERS OR
WITHDRAWALS DURING THE 30-DAY PERIOD IMMEDIATELY PRIOR TO THE MATURITY DATE OF
ANY GUARANTEE PERIOD, PROVIDED WRITTEN NOTICE OF SURRENDER OR WITHDRAWAL IS
RECEIVED IN OUR CUSTOMER SERVICE CENTER BEFORE THE END OF SUCH 30-DAY PERIOD.
SURRENDER CHARGES AND THE MARKET VALUE ADJUSTMENT APPLY TO EACH SUBSEQUENT
GUARANTEE PERIOD. SURRENDER CHARGES FOR EACH SUBSEQUENT GUARANTEE PERIOD START
AT 8% FOR THE FIRST YEAR, THEN DECREASE BY 1% PER YEAR BEGINNING IN YEAR 2 UNTIL
THE MATURITY DATE OF THAT GUARANTEE PERIOD.

CASH SURRENDER VALUE BENEFIT

On or prior to the commencement of Annuity Income Payments if the Annuitant is
living, a Certificate Owner may surrender the Certificate to us. To do this, the
Certificate must be returned with a signed request for cancellation to our
Customer Service Center. We will usually pay the Cash Surrender Value within
seven days; but, we may delay payment as described in the "Payments We May
Defer" provision.

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

A Certificate's Cash Surrender Value, while the Annuitant is living and on or
before the Annuity Commencement Date, is equal to the sum of the Cash Surrender
Value in each of the Divisions of the Separate Account.

In lieu of a lump sum payment, at the time of surrender, a Certificate Owner may
elect to have the Cash Surrender Value paid under an Annuity Option.

Interest Division Cash Surrender Value
The Cash Surrender Value for the Interest Division is equal to the Division's
Accumulation Value, adjusted for any applicable Market Value Adjustment, less
any Surrender Charges or other charges that have been incurred but not yet
deducted, including any applicable Premium Tax.

Term Indexed Division Cash Surrender Value
The Cash Surrender Value for the Term Indexed Division is equal to the greater
of a and b minus c where:

 a is the Division's Accumulation Value, adjusted for any applicable Market
   Value Adjustment less any Surrender Charges;
 b is the Division's Minimum Guaranteed Value, adjusted for any applicable
   Market Value Adjustment; and
 c is any other charges that have been incurred but not yet deducted, including
   any applicable Premium Tax.

Amounts surrendered or withdrawn prior to the end of the Guarantee Period do not
participate in the Index Return during the Guarantee Period.

GA-MA-1100                             13

<PAGE>

                     CERTIFICATE OWNER BENEFITS (continued)
--------------------------------------------------------------------------------

CASH SURRENDER VALUE BENEFIT (CONT'D)

Annual Indexed Division Cash Surrender Value
The Cash Surrender Value for the Annual Indexed Division is equal to the
greater of a and b minus c where:

  a is the Division's Accumulation Value, adjusted for any applicable Market
    Value Adjustment less any Surrender Charges;

  b s the Division's Minimum Guaranteed Value, adjusted for any applicable
    Market Value Adjustment; and

  c is any other charges that have been incurred but not yet deducted,
    including any applicable Premium Tax.

Amounts surrendered or withdrawn prior to the end of each Certificate Year do
not participate in the Index Return during that Certificate Year.

PARTIAL WITHDRAWAL OPTION

A Certificate Owner may make a Partial Withdrawal at any time by giving written
notice to us. Unless otherwise specified, any withdrawals will be taken first
from the Interest Division, then the Annual Interest Division and then the Term
Index Division. The maximum amount that can be withdrawn each Certificate Year
without being considered an Excess Partial Withdrawal is described below. Excess
Partial Withdrawals taken at any time other than during the 30-day period
immediately prior to a Guarantee Period Maturity Date are subject to a Surrender
Charge and Market Value Adjustment, as well as a deduction of any Premium Taxes
not previously paid. The minimum Partial Withdrawal amount is $100. In no event
may a Partial Withdrawal be greater than 90% of the Certificate's Cash Surrender
Value. After a Partial Withdrawal, the remaining Cash Surrender Value must be at
least $1000 to keep the Certificate in force.

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

  (1)  The Free Amount.
  (2)  Any remaining Accumulation Value.

The Free Amount
If a Certificate is surrendered at any time other than during
the 30-day period immediately preceding a Guarantee Period Maturity Date, any
withdrawal during the same Certificate Year will be considered an Excess Partial
Withdrawal. Subject to this limitation, during the first Certificate Year,
Systematic Partial Withdrawals of interest earned in the Interest Division may
be taken without being considered an Excess Partial Withdrawal. In each
Certificate Year thereafter, up to 10% of the Certificate's total Accumulation
Value, determined as of the date of withdrawal, may be withdrawn from any one or
any combination of the Divisions without being considered an Excess Partial
Withdrawal.

Systematic Partial Withdrawals
Systematic Partial Withdrawals may be elected to commence after 28 days from
the Certificate Issue Date and may be taken on a monthly, quarterly or annual
basis. The Certificate Owner selects the day withdrawals will be made, but no
later than the 28th day of the month. If a day is not elected, the Certificate
Date will be used.

GA-MA-1100                             14

<PAGE>

                     CERTIFICATE OWNER BENEFITS (continued)
--------------------------------------------------------------------------------

PARTIAL WITHDRAWAL OPTION (CONT'D)

Partial Withdrawals to Meet Minimum Distribution Requirements for Qualified
Plans Partial Withdrawals may be taken from a Certificate issued as a Qualified
Plan to meet Required Minimum Distribution Requirements on a monthly, quarterly
or annual basis. A minimum withdrawal of $100.00 is required. The Certificate
Owner selects the day the withdrawals will be made, but no later than the 28th
day of the month. If a day is not elected, the Certificate Date will be used. No
Surrender Charge will be assessed on Required Minimum Distribution Withdrawals;
however, withdrawals in excess of the Free Amount will be subject to a Market
Value Adjustment.

Systematic Partial Withdrawals and Conventional Partial Withdrawals may not be
taken in the same Certificate Year. Systematic Partial Withdrawals and
Conventional Partial Withdrawals are not allowed when Required Minimum
Distribution Withdrawals are being taken.

PROCEEDS PAYABLE TO THE BENEFICIARY

If a Certificate Owner dies prior to the Annuity Commencement Date, we will pay
the Beneficiary the Death Benefit, calculated as of the date of death. The Death
Benefit varies by Division. The Death Benefit for the Interest Division and the
Annual Indexed Division is equal to the Division Accumulation Value. The Death
Benefit for the Term Indexed Division is equal to the greater of:

  (1) The Term Indexed Division's Minimum Guaranteed Value; and

  (2) The Term Indexed Division's Accumulation Value calculated using the Index
      Return as of the prior certificate Anniversary. For purposes of this
      calculation, the S&P 500 Index Value as of the prior Certificate
      Anniversary is used as the ending value in determining the Index Growth.

The Certificate Death Benefit is equal to the sum of each Division's Death
Benefit. No Surrender Charge or Market Value Adjustment will be applied. If
there are Joint Certificate Owners and any Certificate Owner dies, we will pay
the surviving Certificate Owner(s) the Death Benefit. We will pay the amount on
receipt of due proof of the Certificate Owner's death at our Customer Service
Center. Such amount may be received in a single lump sum or, while the
Certificate is in effect and before the Annuity Commencement Date, the
Certificate Owner may choose one or more Annuity Options for the payment of
Death Benefit proceeds. If, at the time of the Certificate Owners death, no
Option has been chosen for paying the Death Benefit proceeds, the Beneficiary
may choose an Option within one year.

When the Certificate Owner (or all Certificate Owners where there are Joint
Certificate Owners) is not an individual, the Death Benefit will become payable
on the death of the Annuitant prior to the Annuity Commencement Date (unless a
Contingent Annuitant survived the Annuitant). Only one Death Benefit is payable
under a Certificate. In all events, distributions under the Certificate must be
made as required by applicable law

Spousal Continuation upon Death of Certificate Owner
If at the Certificate Owner's death, the surviving spouse of the deceased
Certificate Owner is the Beneficiary, then such surviving spouse may elect to
continue the Certificate as their own, pursuant to Internal Revenue Code
Section 72(s) or the equivalent provisions of the U.S. Treasury Department
rules for Qualified Plans.

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

GA-MA-1100                             15

<PAGE>

                             CHOOSING AN INCOME PLAN
--------------------------------------------------------------------------------

ANNUITY BENEFITS

If the Certificate Owner and the Annuitant are living on the Annuity
Commencement Date, we will begin making payments to the Certificate Owner. We
will make these payments under the Annuity Option (or Options) elected by the
Certificate Owner. The Certificate Owner may elect to apply any portion of the
Accumulation Value (minus any applicable premium tax) to any Annuity Option by
making a written request at least 30 days prior to the Annuity Commencement
Date. If, on the Annuity Commencement Date, a Surrender Charge remains, the
elected Annuity Option must include a Period Certain of at least five years
duration. If no Annuity Option has been elected by the Required Annuity
Commencement Date shown in the Schedule, payments will be made under Option 2 on
a 10-year Period Certain basis. The amount of the payments will be determined by
applying the Accumulation Value adjusted by a Market Value Adjustment, if
applicable, on the Annuity Commencement Date in accordance with the Annuity
Options section below (see "Payments We May Defer"). A Market Value Adjustment
may apply if the Annuity Commencement Date is other than on, or during the
30-day period prior to, a Guarantee Period Maturity Date. Any Surrender Charges
otherwise applicable will be waived.

For each Option we will issue a separate written agreement putting the Option
into effect.

Our approval is needed for any Option where:

   (1) the person named to receive payment is other than the Certificate Owner
       or the Beneficiary; or

   (2) the person named is not a natural person, such as a corporation; or

   (3) any income payment would be less than the minimum annuity income
       payment stated below (See "Frequency Selection").

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

ANNUITY COMMENCEMENT DATE SELECTION

The Certificate Owner selects the Annuity Commencement Date. Any date following
the first Certificate Anniversary may be elected. Distributions from a
Certificate funding a Qualified Plan must commence no later than April 1st of
the calendar year following the calendar year in which the Certificate Owner
attains age 70 1/2. Otherwise, the Annuity Commencement Date may be no later
than the same date as the Certificate Date in the month following the later of
the Annuitant's 90th birthday or the 10th Certificate Anniversary. In applying
the Accumulation Value, we may first collect any Premium Taxes due us.

On the Annuity Commencement Date, the age of the Annuitant plus the number of
years payments are guaranteed must not exceed 100. If the Certificate Owner does
not select a date, the Annuity Commencement Date will be in the month following
the later of the Annuitant's 90th birthday or the 10th Certificate Anniversary.

FREQUENCY SELECTION

The Certificate Owner may choose the frequency of the Annuity Payments. They may
be monthly, quarterly, semi-annually or annually. If we do not receive written
notice, the payments will be made monthly. However, the minimum monthly annuity
income payment that we will make is $50. The minimum total income payments in
any one year is $250. We have the right to increase these minimums based upon
increases reflected in the Consumer Price Index - Urban (CPI-U) since July 1,
1993. If the Annuity Option or frequency of payments elected do not meet these
minimums, we have the right to make payments at such frequency as necessary to
meet these minimum requirements.

GA-MA-1100                             16

<PAGE>

                       CHOOSING AN INCOME PLAN (continued)
--------------------------------------------------------------------------------

THE ANNUITY OPTIONS

There are four Options to choose from.  They are:

Option 1. Income for a Fixed Period
Payment is made in equal installments for a fixed number of years. We guarantee
each monthly payment will be at least the Income for Fixed Period amount shown
in the Schedule. Values for annual, semiannual or quarterly payments are
available on request.

Option 2. Income for Life
Payment is made to the person named in equal monthly installments and
guaranteed for at least a period certain. The period certain can be 10 or
20 years. Other periods certain are available on request. A refund certain may
be chosen instead. Under this arrangement, income is guaranteed until payments
equal the amount applied. If the person named lives beyond the guaranteed
period, payments continue until his or her death.

We guarantee each payment will be at least the amount shown in the Schedule. By
age, we mean the named person's age on his or her nearest birthday before the
Option's effective date. Amounts for ages not shown are available on request.

Option 3. Joint Life Income
This Option is available if there are two persons named to receive payments.
At least one of the persons named must be either the Certificate Owner or
Beneficiary. Monthly payments are guaranteed and are made as long as at least
one of the named persons is living. The monthly payment amounts are available
upon request. Such amounts are guaranteed and will be calculated on the same
basis as the Table for Income for Life, however, the amounts will be based on
two lives.

Option 4. Annuity Plan
Payment may be made under any other method mutually agreed upon by the
Certificate Owner and us.

PAYMENT WHEN NAMED PERSON DIES

When the person named to receive payment dies, we will pay any amounts still due
as provided by the Option agreement. The amounts still due are determined as
follows:

   (1) For Option 1 or for any remaining guaranteed payments in Option 2,
         payments will be continued.
   (2) For Option 3, no amounts are payable after both named persons have died.

GA-MA-1100                              17

<PAGE>

                           OTHER IMPORTANT INFORMATION
--------------------------------------------------------------------------------

ENTIRE CONTRACT

This Contract, including any attached Riders, endorsements, amendments and the
application of the Contractholder, constitute the entire contract between the
Contractholder and us. All statements made by the Contractholder, any
Certificate Owner or any Annuitant will be deemed representations and not
warranties.

SENDING NOTICE TO US

Any written notice or request should be sent to our Customer Service Center.

REPORTS TO CERTIFICATE OWNERS

We will send each Certificate Owner a report at least once during each
Certificate Year. The report will show the Certificate's Accumulation Value and
the Cash Surrender Value as of the Report Date. The report will also show the
allocation of the Accumulation Value as of such date and the amounts deducted
from or added to the Accumulation Value since the last report. The report will
also include any information that may be currently required by the insurance
supervisory official of the jurisdiction in which the Certificate is delivered.

ASSIGNMENT - USING A CERTIFICATE AS COLLATERAL SECURITY

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

CHANGING THIS CONTRACT

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

CONTRACT CHANGES - APPLICABLE TAX LAW

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

MISSTATEMENT OF AGE OR SEX

If an age or sex has been misstated, the amounts payable or benefits provided by
this Contract will be those that the Premium Payment made would have bought at
the correct age or sex.

GA-MA-1100                             18

<PAGE>

                    OTHER IMPORTANT INFORMATION (continued)
--------------------------------------------------------------------------------

NON-PARTICIPATING

Neither this Contract, nor Certificates issued hereunder, participate in our
divisible surplus.

CONTESTABILITY

Certificates issued under this Contract are incontestable from their date of
issue.

PAYMENTS WE MAY DEFER

We may, at any time, defer payment of a Certificate's Cash Surrender Value for
up to six months after we receive a request for it. We will allow interest of at
least 3.00% a year or greater if required by state law, on any Cash Surrender
deferred 30 days or more.

AUTHORITY TO MAKE AGREEMENTS

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

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

REQUIRED NOTE ON OUR COMPUTATIONS

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

FACILITY OF PAYMENT

If no Beneficiary is named, we reserve the right to pay an amount not to exceed
$2,000 to any person we determine to be entitled to such amount by reason of
incurred expenses incident to the last illness or death of a Certificate Owner.

CONFORMITY WITH LAW

If any provision of this Contract is contrary to any law to which it is subject,
such provision is considered amended to conform to such law.

RECORDS

The Contractholder will furnish us information relative to this Contract as we
may require to administer it. Such records, which in our opinion have a bearing
on this Contract, will be open to us for inspection at all reasonable times.

CERTIFICATE OWNER'S RIGHT TO EXAMINE THE CERTIFICATE

A Certificate Owner may return the Certificate to us or the agent through whom
it was purchased within 10 days of receipt (or other period provided by law). If
so returned, we will promptly refund the Accumulation Value, adjusted for any
Market Value Adjustment, plus any charges deducted (or other amount as provided
by law) as of the date the returned Certificate is received by us.

GA-MA-1100                             19

<PAGE>

<PAGE>

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

SINGLE PREMIUM DEFERRED MODIFIED GUARANTEED ANNUITY GROUP MASTER CONTRACT - NO
DIVIDENDS

Annuity Benefit payable at Annuity Commencement Date. Death Benefit payable in
the event of the Certificate Owner's death prior to the Commencement Date. Cash
Surrender Values are based on a Market Value Adjustment formula if the
Certificate is held for a period less than the currently elected Guarantee
Period. Cash Surrender Values may increase or decrease based on the Market Value
Adjustment Formula. Equity Index premium allocation option.

GA-MA-1100

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