Document:

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                                 EXHIBIT (4)(a)

                                 FORM OF POLICY

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[LOGO]
Transamerica Life Insurance Company                    Home Office:
A Stock Company (Hereafter called the                  4333 Edgewood Road N.E.
Company, we,our or us)                                 Cedar Rapids, Iowa 52499
                                                       (319)398-8511

                           ANNUITANT:      [John Doe]
                            OWNER(S):      [John Doe]

                       POLICY NUMBER:      [07 - 12345]
                         POLICY DATE:      [November 14, 2001]

                                    WE AGREE

..   To provide annuity payments as set forth in Section 10 of this policy,

..   Or to pay Withdrawal benefits in accordance with Section 5 of this policy,

..   Or to pay death proceeds in accordance with Section 9 of this policy.

Withdrawals may be subject to surrender charges and / or an Excess Interest
Adjustment reflecting changes in interest rates in accordance with Section 5 of
this policy. Transfers and amounts applied to a Payment Option may also be
subject to an Excess Interest Adjustment in accordance with Sections 5, 8 and
10, respectively, of this policy.

These agreements are subject to the provisions of this policy. This policy is
issued in consideration of the payment of the initial premium.

This policy may be applied for and issued to qualify as a tax-qualified annuity
under the applicable sections of the Internal Revenue Code.

                             20 DAY RIGHT TO CANCEL

You may cancel this policy by delivering or mailing a written notice or sending
a telegram to us. You must return the policy before midnight of the twentieth
day after the day You receive it. Notice given by mail and return of the policy
by mail are effective on being postmarked, properly addressed and postage
prepaid.

We will pay You an amount equal to the sum of:

..   the premiums paid; and

..   the accumulated gains or losses, if any, in the Separate Account on the date
    of cancellation;

unless otherwise required by law.

                        Signed for us at our home office.

     /s/ Craig D. Vermie                               /s/ Larry N. Norman

          SECRETARY                                          PRESIDENT

    This policy is a legal contract between the policyowner and the Company.
                           READ YOUR POLICY CAREFULLY

                        Flexible Premium Variable Annuity
                   Income Payable At Annuity Commencement Date
         Benefits Based On The Performance Of The Separate Account Are
  Variable And Are Not Guaranteed As To Dollar Amount (See Sections 6 and 10C)
                                Non-Participating

AV721 101 149 1001

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                             SECTION 1 - DEFINITIONS

ADJUSTED POLICY VALUE - The Policy Value increased or decreased by any Excess
Interest Adjustment.

ANNUITANT - The person whose life annuity payments will be based on.

ANNUITY COMMENCEMENT DATE - The Date the Annuitant begins receiving payments
from this policy. In no event can this date be later than the last day of the
month in which the Annuitant attains age 98.

CASH VALUE - Amount, defined in Section 5 that can be withdrawn if the annuity
is surrendered.

CUMULATIVE FREE PERCENTAGE (CFP) - The percentage (as applied to the Policy
Value) which is available to You free of any surrender charge. The CFP is 10% as
of the Policy Date and accumulates at 10% on each successive Policy Anniversary
up to a maximum of 100%. The unused portion of the CFP in any Policy Year will
be carried forward at each successive Policy Anniversary. Any portion of the CFP
previously taken will reduce the CFP currently available.

CUSTODIAL CARE - Care designed essentially to help a person with the activities
of daily living which does not require the continuous attention of trained
medical or paramedical personnel.

DISTRIBUTION - A Withdrawal or disbursement of funds from the Policy Value or
Cash Value. Policy Value and Cash Value will be reduced by any Distribution.

EARNINGS - The gains, if any, in the Policy Value.

HOSPITAL - An institution which 1) is operated pursuant to the laws of the
jurisdiction in which it is located, 2) operates primarily for the care and
treatment of sick and injured persons on an inpatient basis, 3) provides 24-hour
nursing service by or under the supervision of registered graduate professional
nurses, 4) is supervised by a staff of one or more licensed Physicians, and 5)
has medical, surgical and diagnostic facilities or access to such facilities.

INVESTMENT OPTIONS - Any of the Guaranteed Period Options of the Fixed Account,
the Dollar Cost Averaging Fixed Account Option, and any of the Subaccounts of
the Separate Account.

NURSING FACILITY - A facility which 1) is operated pursuant to the laws of the
jurisdiction in which it is located, 2) provides Nursing Care or Custodial Care,
3) primarily provides Nursing Care under the direction of a licensed Physician,
registered graduate professional nurse, or licensed vocational nurse, except
when receiving Custodial Care, and 4) is not other than incidentally a Hospital,
a home for the aged, a retirement home, a rest home, a community living center
or a place mainly for the treatment of alcoholism, mental illness or drug abuse.

NURSING CARE - Care prescribed by a Physician and performed or supervised by a
registered graduate nurse. Such care includes nursing and rehabilitation
services available 24 hours.

PAYEE - The person to whom annuity payments will be made.

PAYMENT OPTIONS - Options through which the distribution of the Adjusted Policy
Value can be directed.

PHYSICIAN - Doctor of Medicine or Doctor of Osteopathy who is licensed as such
and operating within the scope of the license.

POLICY ANNIVERSARY - The anniversary of the Policy Date for each year the policy
remains in force.

POLICY DATE - The date shown on the Policy Data page of this policy and the date
on which this policy becomes effective.

POLICY MONTHIVERSARY - The same date each month as the Policy Date. If there is
no day in the calendar month, which coincides with the Policy Date, the Policy
Monthiversary will be the next business day on which the New York Stock Exchange
is open for trading.

POLICY YEAR - The 12-month period following the Policy Date shown on the Policy
Data page. The first Policy Year starts on the Policy Date. Each subsequent year
starts on the anniversary of the Policy Date.

SEPARATE ACCOUNT - The separate investment account(s) established by us, as
described in Section 6.

SUBACCOUNT - A division of the Separate Account, as described in Section 6.

SURRENDER - A partial or full withdrawal of funds from the Policy Value or Cash
Value.

TERMINAL CONDITION - A condition resulting from an accident or illness which, as
determined by a Physician, has reduced life expectancy to not more than 12
months, despite appropriate medical care.

WITHDRAWAL - A distribution of funds from the Policy Value or Cash Value.

YOU, YOUR - The owner of this policy. Unless otherwise specified on the Policy
Data page, the Annuitant and the owner shall be one and the same person.

                                     Page 2

AVB721

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                             SECTION 2 - POLICY DATA

POLICY NUMBER:   [07 - 12345]                ANNUITANT:    [John Doe]

INITIAL PREMIUM
PAYMENT:         [$2,000.00]            ISSUE AGE/SEX:     [35 / Male]

POLICY DATE:     [February 14, 2064]         OWNER(S):     [John Doe]

ANNUITY
COMMENCEMENT                               GUARANTEED
DATE:            [February 14, 2064]          MINIMUM
                                        DEATH BENEFIT
                                               OPTION:     [P]
BENEFICIARY:     [Jane Doe]

Fixed Account Guaranteed Minimum Effective Annual Interest Rate:           3%

Before the Annuity Commencement Date:

    Option P - Return of Premium Death Benefit
        Mortality and Expense Risk Fee and Administrative Charge:          1.25%

    Option C - Annual Step-Up Death Benefit
        Mortality and Expense Risk Fee and Administrative Charge:          1.40%

    Option N - Enhanced Death Benefit
        Mortality and Expense Risk Fee and Administrative Charge:          1.50%

After the Annuity Commencement Date:

    Mortality and Expense Risk Fee and Administrative Charge:              1.25%

                                     Page 3

AV721 101 149 1001SP

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                          SECTION 3 - PREMIUM PAYMENTS

PAYMENT OF PREMIUMS
Premium payments may be made any time while this policy is in force before the
Annuity Commencement Date. You may start or stop, increase or decrease, or skip
any Premium Payments.

MAXIMUM AND MINIMUM PREMIUM PAYMENT
The premium payments may not be more than the amount permitted by law if this is
a tax-qualified annuity. The minimum initial premium payment is $2,000. No
minimum initial premium payment will be required for 403(b) annuities. The
minimum subsequent premium payment we will accept is $50. The maximum total
premium payments which we will accept without prior Company approval is
$1,000,000.

PREMIUM PAYMENT DATE
The premium payment date is the date on which the premium payment is credited to
the policy. The initial premium payment less any applicable premium taxes will
be credited to the policy within two business days of receipt of the premium
payment and the information needed. Subsequent additional premium payments will
be credited to the policy as of the business day when the premium payment and
required information are received. A business day is any day that the New York
Stock Exchange is open for trading.

ALLOCATION OF PREMIUM PAYMENTS
Premium payments may be applied to various Investment Options, which we make
available. You must indicate what percent of each premium payment to allocate to
various Investment Options. Each percent may be either zero or any whole number;
however, the allocation among all accounts must total 100%.

CHANGE OF ALLOCATION
You may change the allocation of premium payments to various Investment Options,
by providing Us notice containing the facts that we need. Premium payments
received after the date on which we receive Your notice will be applied on the
basis of the new allocation.

PREMIUM TAXES
Your state may impose a premium tax. It may be imposed either when a premium
payment is made, on the Annuity Commencement Date, on the date of death or on
the date of full Surrender. When permitted by state law, we will not deduct the
premium tax until the Annuity Commencement Date, date of death, or date of full
Surrender.

                            SECTION 4 - POLICY VALUE

POLICY VALUE
On or before the Annuity Commencement Date, the Policy Value is equal to Your:

(a)  premium payments; minus
(b)  Gross Partial Withdrawals (as defined in Section 5); plus
(c)  interest credited to the Fixed Account (see Section 7); plus
(d)  accumulated gains in the Separate Account (see Section 6); minus
(e)  accumulated losses in the Separate Account (see Section 6); minus
(f)  service charges, premium taxes, rider fees and transfer fees, if any.

ADJUSTED POLICY VALUE
The Adjusted Policy Value is the Policy Value increased or decreased by any
Excess Interest Adjustment. You may use the Adjusted Policy Value on the Annuity
Commencement Date to provide lifetime income or income for a period certain
under the Payment Options in Section 10.

SERVICE CHARGE
On each Policy Anniversary and at the time of full Surrender during any Policy
Year before the Annuity Commencement Date, we reserve the right to assess a
service charge up to $30 for policy administration expenses. The Service Charge
will be deducted from each Investment Option in proportion to the portion of
Policy Value (prior to such charge) in each Investment Option. In no event will
the Service Charge exceed 2% of the Policy Value on the Policy Anniversary or at
the time of full Surrender.

The Service Charge will not be deducted on a Policy Anniversary or at the time
of full Surrender if, at either of these times, (1) the sum of all premium
payments less the sum of all Withdrawals taken equals or exceeds $50,000; or (2)
the Policy Value equals or exceeds $50,000.

                                     Page 4

M1256

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                 SECTION 5 - CASH VALUE AND PARTIAL WITHDRAWALS

CASH VALUE
On or before the Annuity Commencement Date, the Cash Value is equal to the
Adjusted Policy Value less any surrender charges. Information on the current
amount of Your policy's Cash Value is available upon request. The Cash Value may
be partially withdrawn or will be paid in the event of a full Surrender of the
policy. We must receive Your written partial Withdrawal or Surrender request
before the Annuity Commencement Date.

There is no Cash Value once an annuity Payment Option has been selected.

EXCESS INTEREST ADJUSTMENT
Full Surrenders, Partial Withdrawals, transfers, and amounts applied to a
Payment Option (prior to the end of any Guaranteed Payment Option) from
Guaranteed Period Options of the Fixed Account described in Section 7 will be
subject to an Excess Interest Adjustment except as provided for in the Partial
Withdrawals provision below.

An Excess Interest Adjustment applies in the following situations:

1)  When You withdraw all or any portion of Your Cash Value,
2)  When You exercise annuity Payment Options,
3)  When death proceeds are calculated. However, death proceeds will not be
    reduced if the Excess Interest Adjustment is negative.

The Excess Interest Adjustment is only applied to transactions affecting the
Guaranteed Period Options of the Fixed Account (see Section 7) and is based on
any change in interest rates from the time the affected Guaranteed Period(s)
started until the time the Excess Interest Adjustment occurs. The Excess
Interest Adjustment is applied as follows:

1)  The Excess Interest Adjustment is only applied when the transactions occur
    prior to the end of any Guaranteed Period Option;
2)  Transfers to the Guaranteed Period Options of the Fixed Account are
    considered Premium Payments for purposes of determining the Excess
    Interest Adjustment;
3)  The Excess Interest Adjustment is distinct from, and is applied prior to,
    the surrender charge;
4)  The Excess Interest Adjustment may affect the death proceeds defined in
    Section 9;
5)  If interest rates have decreased from the time the affected Guaranteed
    Period(s) started until the time the transaction occurs, the Excess
    Interest Adjustment will result in additional funds available to You;
6)  If interest rates have increased from the time the affected Guaranteed
    Period(s) started until the time the transaction occurs, the Excess
    Interest Adjustment will result in a decrease in the funds available to
    You;
7)  Certain amounts are not subject to the Excess Interest Adjustment as
    provided in Sections 5, 7 and 8.

The formula for determining the amount of the Excess Interest Adjustment is as
follows:

Excess Interest Adjustment = S x (G-C) x (M/12)
where:   S     is the gross (that is, before surrender charges and premium
               taxes, if any) amount being Surrendered, partially withdrawn,
               transferred, or applied to a Payment Option that is subject to
               the Excess Interest Adjustment.
         G     is the guaranteed interest rate for the Guaranteed Period
               applicable to "S".
         C     is the current guaranteed interest rate then being offered on new
               Premium Payments for the next longer Guaranteed Period than "M".
               If this policy form or such a Guaranteed Period Option is no
               longer offered, "C" will be the U.S. Treasury rate for the next
               longer maturity (in whole years) than "M" on the 25th day of the
               previous calendar month, plus up to 2%.
         M     is the number of months remaining in the Guaranteed Period for
               "S", rounded up to the next higher whole number of months.

Upon full Surrender, the Excess Interest Adjustment (EIA) for each Guaranteed
Period Option will not reduce the Adjusted Policy Value for that Guaranteed
Period Option below the amount paid into, less any prior Withdrawals and
transfers from, that Guaranteed Period Option, plus interest at the 3%
guaranteed effective annual interest rate. Upon full surrender, the cumulative
interest in the Guaranteed Period Options at the time of surrender will not be
subject to an EIA.

                                     Page 5

U1256

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                              SECTION 5 - CONTINUED

PARTIAL WITHDRAWALS
We will pay You a portion of the Cash Value as a Partial Withdrawal provided we
receive Your written request while the policy is in effect and before the
Annuity Commencement Date. When You request a Partial Withdrawal You must tell
us how it is to be allocated from among the Investment Options. If Your request
for a Partial Withdrawal from any Investment Option is less than or equal to the
Cash Value in that option, we will pay the amount of Your request. However, if
Your request for a Partial Withdrawal from any Investment Option is greater than
the Cash Value in that option, we will pay You the Cash Value of that Investment
Option.

The Gross Partial Withdrawal is the total amount which will be deducted from
Your Policy Value as a result of each Partial Withdrawal. The Gross Partial
Withdrawal may be more or less than Your requested Partial Withdrawal amount,
depending on whether surrender charges and/or Excess Interest Adjustments apply
at the time You request the Partial Withdrawal.

The Excess Partial Withdrawal amount is the portion of the requested Partial
Withdrawal that is subject to surrender charge (that is, the portion which is in
excess of the surrender charge-free portion). For example, if the requested
withdrawal amount is $1,000, and the surrender charge-free amount is $200, then
the Excess Partial Withdrawal would be $800. Excess Partial Withdrawals will
reduce the Policy Value by an amount equal to (X-Y+Z) where:

X = Excess Partial Withdrawal
A = Amount of Partial Withdrawal subject to Excess Interest Adjustment
Y = Excess Interest Adjustment = (A) x (G-C) x (M/12) where G, C and M are
    defined in the Excess Interest Adjustment provision above, with "A"
    substituted for "S" in the definitions of G and M.
Z = surrender charge on X minus Y.

The formula for determining the Gross Partial Withdrawal is as follows:

Gross Partial Withdrawal = R - EIA + SC, where:

R      is the requested Partial Withdrawal;
EIA    is the Excess Interest Adjustment; and
SC     is the surrender charge on (EPW - EIA); where
EPW    is the Excess Partial Withdrawal Amount (the portion of the requested
       Partial Withdrawal that is subject to surrender charge).

If any Partial Withdrawal reduces the Cash Value below $500, we reserve the
right to pay the full Cash Value and terminate the policy.

We may delay payment of the Cash Value from the Fixed Account for up to 6 months
after we receive the request. If the owner dies after we receive the request,
but before the request is processed, the request will be processed before the
death proceeds are determined.

Each Partial Withdrawal consists of a portion that is subject to a surrender
charge (that is, the Excess Partial Withdrawal) and a remaining portion that is
free from surrender charge (that is, the surrender charge-free amount). Either
portion may be zero (0) depending on the Partial Withdrawal requested and prior
amounts withdrawn.

Partial Withdrawals in the amount of the cumulative interest in the Guaranteed
Period Option(s) of the Fixed Account at the time of withdrawal may be withdrawn
from the GPO(s) of the Fixed Account free of any Excess Interest Adjustment.

Amounts withdrawn under one of the options below may reduce the amount available
free of surrender charges under another option. Surrender charges and/or EIA may
be waived as described below:

LUMP SUM
Beginning in the first Policy Year, You may withdraw, free from surrender
charges an amount ($500 minimum) up to the Cumulative Free Percentage (CFP)
times the Policy Value at the time of, but prior to, the withdrawal. On the
Policy Date the CFP is 10%. Thereafter, 10% will be added to the CFP on each
Policy Anniversary. Any partial Withdrawals will reduce the CFP by the ratio of
the amount withdrawn to the Policy Value at the time of, but prior to, the
partial Withdrawal. The CFP will not be in excess of 100% nor less than zero.

                                     Page 6

P1243

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                              SECTION 5 - CONTINUED

SYSTEMATIC PAYOUT OPTION
Beginning in the first Policy Year, a Systematic Payout Option (SPO) is
available on a monthly, quarterly, semi-annual or annual basis. At the time a
SPO payout is made, such payout must be at least $50 and may not exceed 10% of
the Policy Value at the time a SPO payout is made divided by the number of
payouts made per year (e.g. 12 for monthly).

No surrender charges will apply to the SPO payout. SPO payouts from the
Guaranteed Period Options of the Fixed Account which are in excess of the
cumulative interest in the applicable Guaranteed Period Options at the time of
the SPO payout will be subject to an EIA. Monthly and quarterly payouts must be
sent through electronic funds transfer directly to a checking or savings
account. You may start or stop SPO payouts at any time; however, 30 days'
written notice is required to stop SPO payouts.

Once You have elected a SPO, You must wait a minimum time before the first SPO
payment: 1 month for a monthly SPO, 3 months for quarterly, 6 months for
semi-annual, or 12 months for annual.

MINIMUM REQUIRED DISTRIBUTION
For tax-qualified plans, Partial Withdrawals taken to satisfy minimum
distribution requirements under Section 401(a)(9) of the Internal Revenue Code
(IRC) are available with no surrender charges and no Excess Interest
Adjustments. The amount available from this policy with respect to the minimum
distribution requirement is based solely on this policy.

The owner must be at least 70 1/2 years old in the calendar year of
distribution, must submit a written request to us and must take the distribution
before year-end. If the owner attains age 70 1/2 in the calendar year of
distribution, a written request, which is postmarked no later than the end of
the current calendar year, must be submitted to us.

Systematic minimum distributions must be at least $50 or a lump sum distribution
is available if minimum required distributions are less than $50.

Any amount requested in excess of the IRC minimum required distribution will
have the appropriate surrender charges and Excess Interest Adjustments applied,
unless the excess Distribution qualifies as surrender charge-free or Excess
Interest Adjustment-free under any additional options provided.

NURSING CARE AND TERMINAL CONDITION WITHDRAWAL OPTION
Beginning in the first Policy Year, if the owner or owner's spouse (Annuitant or
Annuitant's spouse if the owner is not a natural person) has been 1) confined in
a Hospital or Nursing Facility for 30 consecutive days or 2) diagnosed as having
a Terminal Condition, You may elect to withdraw all or a portion of the Policy
Value without surrender charges and without an Excess Interest Adjustment. The
minimum Withdrawal under this option is $1000. This option is available even
during the Policy Years in which other partial withdrawal options were exercised
prior to Nursing Care.

For Nursing Care, we must receive each Withdrawal request and proof of
eligibility with each request no later than 90 days following the date that
confinement has ceased, unless it can be shown that it was not reasonably
possible to provide the notice and proof within the above time period and that
the notice and proof were given as soon as reasonably possible. However, in no
event, except the absence of legal capacity, shall the notice and proof be
provided later than one year following the date that confinement has ceased.
Proof of confinement may be a Physician's statement or a statement from a
Hospital or Nursing Facility administrator. For a Terminal Condition, we must
receive each Withdrawal request and the applicable proof of eligibility no later
than one year following diagnosis of the Terminal Condition. Proof of a Terminal
Condition is required only with the initial Withdrawal request and must be
furnished by the owner's, owner's spouse's, Annuitant's, or Annuitant's spouse's
Physician.

UNEMPLOYMENT WAIVER
Beginning in the first Policy Year, You may withdraw all or a portion of the
Policy Value free of any surrender charges and free of any Excess Interest
Adjustment if the owner or owner's spouse (Annuitant or Annuitant's spouse, if
the owner is not a natural person) becomes unemployed. In order to qualify, the
owner or owner's spouse (Annuitant or Annuitant's spouse, if the owner is not a
natural person) 1) must have been employed full-time for at least two years
prior to their becoming unemployed, 2) must have been employed full-time on the
Policy Date, 3) must have been unemployed for at least 60 consecutive days at
the time of Withdrawal and 4) must have a minimum Cash Value at the time of
Withdrawal of $5000. Proof of unemployment will consist of providing us with a
determination letter from the applicable State's Department of Labor, which
verifies that the owner or owner's spouse (Annuitant or Annuitant's spouse, if
the owner is not a natural person) qualify for and are receiving unemployment
benefits at the time of Withdrawal. We must receive the determination
letter no later than 15 days following the date of the Withdrawal request.

                                     Page 7

PB1243

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                              SECTION 5 - CONTINUED

SURRENDER CHARGES
Amounts withdrawn in excess of the surrender charge - free amount specified in
the withdrawal provisions above are subject to a surrender charge. The amount of
this charge, if any, will be a percentage, as shown in the table below, of the
amount of premium withdrawn:

Number of Years                             Percentage of
 Since Premium                           Premium Withdrawn
 Payment Date

      0-1                                       6%
      1-2                                       6%
      2-3                                       6%
      3-4                                       4%
      4-5                                       2%
      5 or more                                 0%

In any event, surrender charges will be waived after the tenth Policy Year.

For surrender charge purposes, all earnings are considered to be withdrawn
first. After all earnings are withdrawn then the oldest premium payment is the
first premium payment considered to be withdrawn. If the amount withdrawn
exceeds this, the next oldest premium payment is considered to be withdrawn, and
so on until the most recent premium payments are deemed to be withdrawn (the
procedure being applied to Withdrawals of premium is a "First-In, First-Out" or
FIFO procedure).

GUARANTEED RETURN OF FIXED ACCOUNT PREMIUM PAYMENTS
Upon full Surrender of the policy, You will always receive at least the premium
payments made to, less prior Withdrawals and transfers from, the Fixed Account.

MINIMUM VALUES
Benefits available under this policy, including any paid up annuity or death
benefits that may be available, are not less than those required by any statute
of the state in which the policy is delivered.

                          SECTION 6 - SEPARATE ACCOUNT

SEPARATE ACCOUNT
We have established and will maintain one or more Separate Account(s), under the
laws of the state of Iowa. Any realized or unrealized income, net gains and
losses from the assets of the Separate Account are credited to or charged
against it without regard to our other income, gains or losses. Assets are put
in the Separate Account for this policy, as well as for other variable annuity
policies. Any Separate Account may invest assets in shares of one or more mutual
fund portfolio, or in the case of a managed Separate Account, direct investments
in stocks or other securities as permitted by law. Fund shares refer to shares
of underlying mutual funds or prorata ownership of the assets held in a
Subaccount of a managed Separate Account. Fund shares are purchased, redeemed
and valued on behalf of the Separate Account.

The Separate Account is divided into Subaccounts. Each Subaccount invests
exclusively in shares of one of the portfolios of an underlying fund. We reserve
the right to add or remove any Subaccount of the Separate Account.

The assets of the Separate Account are our property. These assets will equal or
exceed the reserves and other contract liabilities of the Separate Account.
These assets will not be chargeable with liabilities arising out of any other
business we conduct. We reserve the right, subject to regulations governing the
Separate Account, to transfer assets of a Subaccount, in excess of the reserves
and other contract liabilities with respect to that Subaccount, to another
Subaccount or to our General Account.

We will determine the fair market value of the assets of the Separate Account in
accordance with a method of valuation, which we establish in good faith.
Valuation Period means the period of time from one determination of the value of
each Subaccount to the next. Such determinations are made when the value of the
assets and liabilities of each Subaccount is calculated. This is generally the
close of business on each day on which the New York Stock Exchange is open.

We also reserve the right to transfer assets of the Separate Account, which we
determine to be associated with the class of policies to which this policy
belongs, to another Separate Account. If this type of transfer is made, the term
"Separate Account", as used in the policy, shall then mean the Separate Account
to which the assets were transferred.

We also reserve the right, when permitted by law to:

(a) deregister the Separate Account under the Investment Company Act of 1940;
(b) manage the Separate Account under the direction of a committee at any time;
(c) restrict or eliminate any voting rights of policy owners or other persons
    who have voting rights as to the Separate Account;
(d) combine the Separate Account with one or more other Separate Accounts;
(e) create new Separate Accounts;
(f) add new Subaccounts to or remove existing Subaccounts from the Separate
    Account, or combine subaccounts; and
(g) add new underlying mutual funds, remove existing mutual funds, or
    substitute a new fund for an existing fund.

                                     Page 8

V1263

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                              SECTION 6 - CONTINUED

The Net Asset Value of a fund share is the per-share value calculated by the
mutual fund or, in the case of a managed Separate Account, by the Company. The
Net Asset Value is computed by adding the value of the Subaccount's investments,
cash and other assets, subtracting its liabilities, and then dividing by the
number of shares outstanding. Net Asset Values of fund shares reflect investment
advisory fees and other expenses incurred in managing a mutual fund or a managed
Separate Account.

CHANGE IN INVESTMENT OBJECTIVE OR POLICY OF A MUTUAL FUND
If required by law or regulation, an investment policy of the Separate Account
will only be changed if approved by the appropriate insurance official of the
state of Iowa or deemed approved in accordance with such law or regulation. If
so required, the process for obtaining such approval is filed with the insurance
official of the state or district in which this policy is delivered.

CHARGES AND DEDUCTIONS
The Mortality and Expense Risk Fee and the Administrative Charge are each
deducted both before and after the Annuity Commencement Date to compensate for
changes in mortality and expenses not anticipated by the mortality and
administration charges guaranteed in the policy.

The Service Charge is deducted prior to the Annuity Commencement Date only.

If the Mortality and Expense Risk Fee is more than sufficient, the Company will
retain the balance as profit or may reduce this fee in the future.

ACCUMULATION UNITS
The Policy Value in the Separate Account before the Annuity Commencement Date is
represented by accumulation units. The dollar value of accumulation units for
each Subaccount will change from day to day reflecting the investment experience
of the Subaccount.

Premium Payments allocated to and any amounts transferred to the Subaccounts
will be applied to provide accumulation units in those Subaccounts. The number
of accumulation units purchased in a Subaccount will be determined by dividing
the amount allocated to or transferred to that Subaccount, by the value of an
accumulation unit for that Subaccount on the premium payment or transfer date.

The number of accumulation units withdrawn or transferred from the Subaccounts
will be determined by dividing the amount withdrawn or transferred by the value
of an accumulation unit for that Subaccount on the Withdrawal or transfer date.

The value of an accumulation unit on any business day is determined by
multiplying the value of that unit at the end of the immediately preceding
valuation period by the net investment factor for the valuation period.

The net investment factor used to calculate the value of an accumulation unit in
each Subaccount for the Valuation Period is determined by dividing (a) by (b)
and subtracting (c) from the result, where:

(a)     is the result of:
        (1)  the net asset value of a fund share held in that Subaccount
             determined as of the end of the current Valuation Period; plus
        (2)  the per share amount of any dividend or capital gain Distributions
             made by the fund for shares held in that Subaccount if the
             ex-dividend date occurs during the Valuation Period; plus or minus
        (3)  a per share credit or charge for any taxes reserved for, which we
             determine to have resulted from the investment operations of that
             Subaccount.
(b)     is the Net Asset Value of a fund share held in that Subaccount
        determined as of the end of the immediately preceding Valuation Period.
(c)     is a factor representing the Mortality and Expense Risk Fee and
        Administrative Charge before the Annuity Commencement Date. This factor
        is less than or equal to, on an annual basis, the percentage shown on
        the Policy Data Page of the daily net asset value of a fund share held
        in that Subaccount.

Since the net investment factor may be greater or less than one, the
accumulation unit value may increase or decrease.

                                     Page 9

VB1263

<PAGE>

                            SECTION 7 - FIXED ACCOUNT

FIXED ACCOUNT
Premium payments applied to and any amounts transferred to the Fixed Account
will reflect a fixed interest rate. The interest rates we set will be credited
for increments of at least one year measured from each premium payment or
transfer date. These rates will never be less than an effective annual interest
rate of 3%.

GUARANTEED PERIODS
We may offer optional Guaranteed Period Options, into which premium payments may
be paid or amounts transferred. The current interest rate we set for funds
entering each Guaranteed Period Option (GPO) is guaranteed until the end of that
option's Guaranteed Period. At that time, the premium payment made or amount
transferred into the GPO, less any Withdrawals or transfers from that GPO, plus
accrued interest, will be rolled into a new GPO or may be transferred to any
Subaccount(s) within the Separate Account(s).

You may choose the Investment Option(s) You want the funds rolled into by giving
us a written notice within 30 days before the end of the expiring option's
Guaranteed Period. However, any Guaranteed Period elected may not extend beyond
the maximum Annuity Commencement Date defined in Section 11. In the absence of
such election, the funds will be rolled into a new GPO which is the same as the
expiring GPO unless that GPO is no longer offered, in which case, the next
shorter GPO offered will be used. You will be mailed a notice of completion of
the rollover with the new interest rate applicable. The new GPO will be deemed
as accepted if we do not receive a written rejection within 30 days from the
postmark date of the completion notice.

We reserve the right for new premium payments, transfers, or rollovers to offer
or not to offer any GPO, except that we will always offer at least a one-year
GPO.

When funds are withdrawn or transferred from a GPO, the policy value associated
with the oldest premium payment or rollover is considered to be
withdrawn/transferred first. If the amount withdrawn/transferred exceeds the
policy value associated with the oldest premium, the policy value associated
with the next oldest premium payment or rollover is considered to be
withdrawn/transferred next, and so on until the policy value associated with the
most recent premium payment or rollover is considered to be
withdrawn/transferred (this is a "First-In, First-Out" or FIFO basis).

Partial Withdrawals, Surrenders, transfers, and amounts applied to a Payment
Option from the Guaranteed Period Option(s) are subject to an Excess Interest
Adjustment as described in Section 5.

DOLLAR COST AVERAGING FIXED ACCOUNT OPTION
We may offer one or more Dollar Cost Averaging (DCA) Fixed Account Options
separate from the Guaranteed Period Options. These options will have a one-year
interest rate guarantee. The current interest rate we set for the DCA Fixed
Account may differ from the rates credited on the one-year GPO in the Fixed
Account. In addition, the current interest rate we credit may vary on different
portions of the DCA Fixed Account. The credited interest rate will never be less
than the minimum effective annual interest rate of 3%. The DCA Fixed Account
Option will only be available under a Dollar Cost Averaging program as described
in Section 8.

                              SECTION 8 - TRANSFERS

A.    TRANSFERS BEFORE THE ANNUITY COMMENCEMENT DATE
Prior to the Annuity Commencement Date, You may transfer the value of the
accumulation units from one Investment Option to another by providing Us notice
containing the facts that we need.

Transfers of Policy Value from a GPO of the Fixed Account are only allowed at
the end of the applicable Guaranteed Period. However, prior to the end of the
applicable Guaranteed Period, we may at our discretion, offer You the option to
transfer an amount equal to the interest credited in the GPOs to other
Investment Options on a "First-In, First-Out" basis. Such transfers may be made
monthly, quarterly, semi-annually, or annually. Each such transfer must be at
least $50 and will not be subject to an Excess Interest Adjustment. The maximum
transfer permitted from any GPO before the end of the Guaranteed Period will be
the cumulative interest for that GPO at the time of, but prior to, the transfer.
No Excess Interest Adjustment will apply to Policy Value transfers at the end of
the applicable Guaranteed Period.

Transfers of Policy Value from the Separate Account are subject to a minimum of
$500 or the entire Subaccount Policy Value, if less. However, if the remaining
Subaccount Policy Value is less than $500, we reserve the right to include that
amount as part of the transfer.

You may choose which GPO to transfer to or from; however, any GPO elected may
not extend beyond the maximum Annuity Commencement Date defined in Section 11.

No transfers will be allowed out of the Dollar Cost Averaging Fixed Account
Option except through the Dollar Cost Averaging Option.

                                     Page 10

L997

<PAGE>

                              SECTION 8 - CONTINUED

We reserve the right to limit transfers to no more than 12 in any one Policy
Year. Any transfers in excess of 12 per Policy Year may be charged a $10 per
transfer fee. Transfers among multiple Investment Options will be treated as one
transfer in determining the number of transfers that have occurred. We also
reserve the right to prohibit transfers to the Fixed Account if we are crediting
an effective annual interest rate of 3%.

The policy was not designed for professional market timing organizations or
other persons that use programmed, large, or frequent transfers. The use of such
transfers may be disruptive to an underlying portfolio. We reserve the right to
reject any transfer request from any person in the interest of overall fund
management or, if, in our judgment, an underlying fund would be unable to invest
effectively in accordance with its investment objectives and policies or would
otherwise be potentially adversely affected or if an underlying fund would
reject our purchase order. We also reserve the right to revoke Your telephone,
fax, and electronic transfer privileges at any time without revoking all owner's
telephone, fax and electronic transfer privileges.

DOLLAR COST AVERAGING OPTION
Prior to the Annuity Commencement Date, You may instruct us to automatically
transfer a specified amount from the Money Market Subaccount or out of the
Dollar Cost Averaging (DCA) Fixed Account Option to any other Subaccount(s) of
the Separate Account. The automatic transfers can occur monthly or quarterly.

Prior to the Annuity Commencement Date, no transfers, (except through Dollar
Cost Averaging) will be allowed from a DCA Fixed Account. Transfers will
continue until the elected Subaccount or DCA Fixed Account value is depleted.
The amount transferred each time must be at least $500. All transfers from the
DCA account will be the same amount as the initial transfer. Changes to the
Subaccounts to which these transfers are allocated are not restricted. Transfers
must be scheduled for at least 6, but not more than 24 months or for at least 4,
but not more than 8 quarters each time the Dollar Cost Averaging program is
started or restarted following termination of the program for any reason.

Dollar Cost Averaging results in the purchase of more accumulation units when
the value of the accumulation unit is low, and fewer accumulation units when the
value of the accumulation unit is high. However, there is no guarantee that the
Dollar Cost Averaging program will result in higher Policy Values or will
otherwise be successful.

Dollar Cost Averaging may be discontinued after satisfying the minimum number of
required transfers by sending written notice to us. While Dollar Cost Averaging
is in effect, Asset Rebalancing is not available.

ASSET REBALANCING
Prior to the Annuity Commencement Date, You may instruct us to automatically
transfer amounts among the Subaccounts of the Separate Account on a regular
basis to maintain a desired allocation of the Policy Value among the various
Subaccounts offered. Rebalancing will occur on a monthly, quarterly, semi-annual
or annual basis, beginning on a date selected by You. You must select the
percentage of the Policy Value desired in each of the various Subaccounts
offered (totaling 100%). Any amounts in the Fixed Account are ignored for the
purposes of Asset Rebalancing. Rebalancing can be started, stopped or changed at
any time. Asset Rebalancing is not available while Dollar Cost Averaging is in
effect. Rebalancing will cease as soon as we receive a request for any other
transfer.

B.    TRANSFERS AFTER THE ANNUITY COMMENCEMENT DATE
After the Annuity Commencement Date, You may transfer the value of the variable
annuity units from one Subaccount to another within the Separate Account or to
the Fixed Account. If You want to transfer the value of the variable annuity
units, You must provide a notice containing the facts that we need. We reserve
the right to limit transfers between the Subaccounts or to the Fixed Accounts to
once per Policy Year.

The minimum amount which may be transferred is the lesser of $10 monthly income
or the entire monthly income of the variable annuity units in the Subaccount
from which the transfer is being made. If the monthly income of the remaining
units in a Subaccount is less than $10, we have the right to include the value
of those variable annuity units as part of the transfer.

After the Annuity Commencement Date, no transfers may be made from the Fixed
Account to any other Investment Options.

                                     Page 11

LB997

<PAGE>

                           SECTION 9 - DEATH PROCEEDS

A.   DEATH PROCEEDS PRIOR TO ANNUITY COMMENCEMENT DATE
The amount of death proceeds will be the greatest of (a), (b) or (c) where:

(a)  is the Policy Value on the date we receive due proof of death and an
     election of a method of settlement;
(b)  is the Cash Value on the date we receive due proof of death and an election
     of a method of settlement, and;
(c)  is the Guaranteed Minimum Death Benefit (GMDB), if any, plus any additional
     premium payments received, less any Gross Partial Withdrawals from the date
     of death to the date of payment of death proceeds.

If You have not selected a Payment Option by the date of death, the beneficiary
may make such election within one year of the date we receive due proof of the
Annuitant's death as described in C below. The beneficiary may elect to receive
the death proceeds as a lump sum payment or may use the death proceeds to
provide any of the annuity Payment Options described in Section 10. Interest on
death proceeds will be paid as required by law.

B.   GUARANTEED MINIMUM DEATH BENEFIT
The amount of the Guaranteed Minimum Death Benefit (GMDB) is based on the death
benefit option shown on the Policy Data Page. You may not change the GMDB option
after the policy is issued.

Option P: Return of Premium Death Benefit

    This GMDB is equal to the total premiums paid for this policy, less any
    Adjusted Partial Withdrawals (as described below), as of the date of death.

Option C:  Annual Step-Up Death Benefit

    This GMDB is equal to:

    (1)  the largest Policy Value on the Policy Date or on any Policy
         Anniversary prior to the earlier of the date of death or the
         Annuitant's 81st birthday; plus
    (2)  any premium payments subsequent to the date of the Policy Anniversary
         with the largest Policy Value; minus
    (3)  any Adjusted Partial Withdrawals (as described below), subsequent to
         the date of the Policy Anniversary with the largest Policy Value.

Option N:  Enhanced Death Benefit

    This GMDB is equal to the greater of (1) and (2) where:

    (1)  is a 6% Annually Compounding through age 80 Death Benefit, equal to:

         a)   the total Premium Payments; minus Adjusted Partial Withdrawals,
              (as described below); plus
         b)   interest accumulated at 6% per annum from the payment or
              withdrawal date to the earlier of the date of death or the
              Annuitant's 81st birthday.

    (2)  is a Monthly Step-Up through age 80 Death Benefit, equal to:

         a)   the largest Policy Value on the Policy Date or on any Policy
              Monthiversary prior to the earlier of the date of death or the
              Annuitant's 81st birthday; plus
         b)   any Premium Payments subsequent to the date of any Policy
              Monthiversary with the largest Policy Value; minus
         c)   any Adjusted Partial Withdrawals (as described below), subsequent
              to the date of the Policy Monthiversary with the largest Policy
              Value.

A Partial Withdrawal taken as provided in Section 5 will reduce the Guaranteed
Minimum Death Benefit by an amount referred to as the "Adjusted Partial
Withdrawal". The Adjusted Partial Withdrawal may be a different amount than the
Gross Partial Withdrawal described in Section 5. The Adjusted Partial Withdrawal
is the total amount deducted from the GMDB as a result of a Partial Withdrawal
as used in the GMDB provision. It is equal to the Gross Partial Withdrawal
described in Section 5, multiplied by an Adjustment Factor. The Adjustment
Factor is equal to the amount of the death proceeds prior to the Partial
Withdrawal divided by the Policy Value prior to the Partial Withdrawal.

                                     Page 12

D420

<PAGE>

                              SECTION 9 - CONTINUED

C.   DEATH PRIOR TO ANNUITY COMMENCEMENT DATE

Death proceeds are payable contingent upon the relationships between the owner,
Annuitant, and beneficiary as outlined below. The policy must be Surrendered
upon settlement or on proof of death.

If there is a surviving owner(s), the surviving owner(s) automatically takes the
place of any beneficiary designation.

I.   Annuitant Death

     When we have due proof that the Annuitant died before the Annuity
     Commencement Date, we will provide the death proceeds to the beneficiary.

     a)   Beneficiary is the deceased Annuitant's surviving spouse. The
          beneficiary may elect to continue this policy as owner and Annuitant
          rather than receiving the death proceeds. If the policy is continued,
          an amount equal to the excess, if any, of the Guaranteed Minimum Death
          Benefit over the Policy Value will then be added to the Policy Value.
          This is a one-time only Policy Value adjustment applied at the time
          the policy is continued, and the Guaranteed Minimum Death Benefit will
          continue on as applicable. If the policy is continued, all current
          surrender charges will be waived.

          If this beneficiary elects to have the death proceeds paid, the death
          proceeds must be distributed:

          (1)  by the end of 5 years after the date of the deceased Annuitant's
               death, or

          (2)  payments must begin no later than one year after the deceased
               Annuitant's death and must be made for a period certain or for
               this beneficiary's lifetime, so long as any period certain does
               not exceed this beneficiary's life expectancy.

     b)   Beneficiary is not the deceased Annuitant's surviving spouse. The
          death proceeds must be distributed as provided in I.a)(1) or I.a)(2)
          above.

     c)   Death proceeds which are not paid to or for the benefit of a natural
          person must be distributed by the end of 5 years after the date of the
          deceased Annuitant's death.

II.  Owner Death

     If the deceased owner is also the Annuitant, section C.I. Annuitant Death
     applies.

     If the deceased owner is not the Annuitant, the deceased owner's estate
     will become the new owner (or the estate may name a new owner). The
     Executor or Administrator must be named in a form acceptable to us. All
     current surrender charges are waived. The Adjusted Policy Value must be
     distributed by the end of 5 years after the date of the deceased owner's
     death.

III. More than one Owner.

     If there is more than one owner, then the death of any owner will be
     treated as the death of the owner. If the deceased owner is not the
     Annuitant, the surviving owner(s) will continue as owner(s) of the
     contract. Only surviving spouses can continue the contract tax deferred.
     All current surrender charges will be waived. The deceased owner's estate
     does not become an owner.

     In cases where there are more than one owner and the Annuitant who is not
     an owner dies, the death proceeds will be paid to the surviving owners as
     beneficiaries in equal percentages.

                                     Page 13

DB420

<PAGE>

                              SECTION 9 - CONTINUED

D.   DEATH ON OR AFTER THE ANNUITY COMMENCEMENT DATE

The death proceeds on or after the Annuity Commencement Date depend on the
Payment Option selected. If any owner dies on or after the Annuity Commencement
Date, but before the entire interest in the policy is distributed, the remaining
portion of such interest in the policy will be distributed to the owner's
beneficiary at least as rapidly as under the method of distribution being used
as of the date of that owner's death.

E.   AN OWNER IS NOT AN INDIVIDUAL

In the case of a non tax-qualified annuity, if any owner or beneficial owner is
not an individual, then for purposes of the federal income tax mandatory
distribution provisions in subsection C or D above, (1) the primary Annuitant
will be treated as the owner of the policy, and (2) if there is any change in
the primary Annuitant, such a change will be treated as the death of the owner.

                          SECTION 10 - ANNUITY PAYMENTS

A.   GENERAL PAYMENT PROVISIONS

Payment
If this policy is in force on the Annuity Commencement Date, we will use the
Fixed Account portion and/or the Separate Account portion of the Adjusted Policy
Value to make annuity payments to the Payee under Option 3 and/or 3-V,
respectively, with 10 years certain, or if elected, under one or more of the
other options described in this section. However, the option(s) elected must
provide for lifetime income or income for a period of at least 60 months. You
will become the Annuitant at the Annuity Commencement Date. Payments will be
made at 1, 3, 6 or 12-month intervals. We reserve the right to change the
frequency of payments to avoid making payments of less than $50.00.

Before the Annuity Commencement Date, if the death proceeds become payable or if
You Surrender this policy, we will pay any proceeds in one sum, or if elected,
all or part of these proceeds may be placed under one or more of the options
described in this section. If we agree, the proceeds may be placed under some
other method of payment instead.

Adjusted Age
Payments under Options 3 and 5 and the first payment under Options 3-V and 5-V
are determined based on the adjusted age of the Annuitant. The adjusted age is
the Annuitant's actual age on the Annuitant's nearest birthday, at the Annuity
Commencement Date, adjusted as follows:

        Annuity
   Commencement Date                   Adjusted Age
   -----------------            -----------------------
      Before 2010               Actual Age
      2010 - 2019               Actual Age minus      1
      2020 - 2026               Actual Age minus      2
      2027 - 2033               Actual Age minus      3
      2034 - 2040               Actual Age minus      4
      After 2040                Determined by us

Election of Optional Method of Payment
Before the Annuity Commencement Date You can elect or change a Payment Option.
You may elect, in a notice You sign which gives us the facts that we need,
annuity payments that may be either variable, fixed, or a combination of both.
If You elect a combination, You must also tell us what part of the policy
proceeds on the Annuity Commencement Date are to be applied to provide each type
of payment. (You must also specify which Subaccounts.) The amount of a combined
payment will be the sum of the variable and fixed payments. Payments under a
variable Payment Option will reflect the investment performance of the selected
Subaccount of the Separate Account.

                                     Page 14

S1093

<PAGE>

                             SECTION 10 - CONTINUED

Payee
Unless You specify otherwise, the Payee shall be the Annuitant, or the
beneficiary as defined in the Beneficiary provision in Section 11.

Proof of Age
We may require proof of the age of any person who has an annuity purchased under
Options 3, 3-V, 5 and 5 -V of this section before we make the first payment.

Minimum Proceeds
If the proceeds are less than $2,000, we reserve the right to pay them out as a
lump sum instead of applying them to a Payment Option.

Premium Tax
We may be required by law to pay premium tax on the amount applied to a Payment
Option. If so, we will deduct the premium tax before applying the proceeds.

Supplementary Contract
Once proceeds become payable and a Payment Option has been selected, we will
issue a supplementary contract to reflect the terms of the selected option. The
contract will name the Payee(s) and will describe the payment schedule.

B.   FIXED ACCOUNT PAYMENTS
Guaranteed Payment Options
The fixed account payment is determined by multiplying each $1,000 of policy
proceeds allocated to a fixed Payment Option by the amounts shown on page 18 for
the option You select. Options 1, 2 and 4 are based on a guaranteed interest
rate of 3%. Options 3 and 5 are based on a guaranteed interest rate of 3% and
the "Annuity 2000" (male, female, and unisex if required by law) mortality table
projected for improvement using projection scale G. The "Annuity 2000" mortality
rates are adjusted based on improvements in mortality since 2000 to more
appropriately reflect increased longevity. This is accomplished using a set of
improvement factors referred to as projection scale G.

Option 1 - Interest Payments
We will pay the interest on the amount we use to provide annuity payments in
equal payments or this amount may be left to accumulate for a period of time we
and You agree to. We and You will agree on Withdrawal rights when You elect this
option. The interest rate we declare for this option may be different than the
interest rate(s) credited prior to the Annuity Commencement Date.

Option 2 - Income for a Specified Period
We will make level payments only for the fixed period You choose. In the event
of the death of the person receiving payments prior to the end of the fixed
period elected, payments will be continued to that person's beneficiary or their
present value may be paid in a single sum. No funds will remain at the end.

Option 3 - Life Income - You may choose between:
1.   No Period Certain - We will make level payments only during the Annuitant's
     lifetime.
2.   10 Years Certain - We will make level payments for the longer of the
     Annuitant's lifetime or ten years.
3.   Guaranteed Return of Policy Proceeds - We will make level payments for the
     longer of the Annuitant's lifetime or until the total dollar amount of
     payments we made to You equals the amount applied to this option.
4.   Life with Emergency Cash - We will make level payments during the
     Annuitant's lifetime, but the annuity may be surrendered (in full or part).
     The cash value is equal to a multiple of the payment where that multiple
     reduces over time to zero at age 101. A surrender charge will be applied.
     Should the Annuitant die before age 101 (or IRS Age Limitation Date if
     earlier and the contract is qualified), the same cash value would be
     payable, but without the surrender charge.

Option 4 - Income of a Specified Amount
Payments are made for any specified amount until the amount applied to this
option, with interest, is exhausted. This will be a series of level payments
followed by a smaller final payment. In the event of the death of the person
receiving payments prior to the time proceeds with interest are exhausted,
payments will be continued to that person's beneficiary or their present value
may be paid in a single sum.

                                     Page 15

SB1093

<PAGE>

                             SECTION 10 - CONTINUED

Option 5 - Joint and Survivor Annuity - You may choose between:

1.   No Period Certain - Payments are made during the joint lifetime of the
     Payee and a joint Payee of Your selection. Payments will be made as long as
     either person is living.

2.   Life with Emergency Cash - Level payments will be made during the joint
     lifetime of the Payee and a joint Payee of Your selection. Payments will be
     made as long as either person is living, but the annuity may be surrendered
     (in full or part). The cash value is equal to a multiple of the payment,
     where that multiple reduces over time to zero at age 101 of the younger
     Annuitant. A surrender charge will be applied. Should the last surviving
     Annuitant die before age 101 (or IRS Age Limitation Date if earlier and the
     contract is qualified), the same cash value would be payable, but without
     the surrender charge.

Current Payment Options
The amounts shown in the tables on page 18 are the guaranteed amounts. Current
amounts offered to individuals of the same class may be obtained from us.

C.   VARIABLE ACCOUNT PAYMENT OPTIONS
Variable Annuity Units
The policy proceeds You tell us to apply to a variable Payment Option will be
used to purchase variable annuity units in Your chosen Subaccounts. The dollar
value of variable annuity units in Your chosen Subaccounts will increase or
decrease reflecting the investment experience of Your chosen Subaccounts. The
value of a variable annuity unit in a particular Subaccount on any business day
is equal to (a) multiplied by (b) multiplied by (c), where:

(a)  is the variable annuity unit value for that Subaccount on the immediately
     preceding business day;
(b)  is the net investment factor for that Subaccount for the Valuation Period;
     and
(c)  is the Assumed Investment Return adjustment factor for the Valuation
     Period.

The Assumed Investment Return adjustment factor for the valuation period is the
product of discount factors of .99986634 per day to recognize the 5.0% effective
annual Assumed Investment Return.

The net investment factor used to calculate the value of a variable annuity unit
in each Subaccount for the Valuation Period is determined by dividing (a) by (b)
and subtracting (c) from the result, where:

(a)  is the net result of:
     (1)  the net asset value of a fund share held in that Subaccount determined
          as of the end of the current valuation period; plus
     (2)  the per share amount of any dividend or capital gain Distributions
          made by the fund for shares held in that Subaccount if the ex-dividend
          date occurs during the Valuation Period; plus or minus
     (3)  a per share credit or charge for any taxes reserved for, which we
          determine to have resulted from the investment operations of the
          Subaccount.
(b)  is the net asset value of a fund share held in that Subaccount determined
     as of the end of the immediately preceding Valuation Period.
(c)  is a factor representing the Mortality and Expense Risk Fee and
     Administrative Charge applicable after the Annuity Commencement Date. This
     factor is less than or equal to, on an annual basis, the percentage shown
     on the Policy Data Page of the daily net asset value of a fund share held
     in the Separate Account for that Subaccount.

Determination of the First Variable Payment
The amount of the first variable payment is determined by multiplying each
$1,000 of policy proceeds allocated to a variable Payment Option by the amounts
shown on page 20 for the variable option You select. The tables are based on a
5% effective annual Assumed Investment Return and the "Annuity 2000" (male,
female, and unisex if required by law) mortality table projected for improvement
using projection scale G. The "Annuity 2000" mortality rates are adjusted based
on improvements in mortality since 2000 to more appropriately reflect increased
longevity. This is accomplished using a set of improvement factors referred to
as projection scale G.

                                     Page 16

C851

<PAGE>

                             SECTION 10 - CONTINUED

Option 3-V - Life Income - You may choose between:

1.   No Period Certain - Payments will be made during the lifetime of the
     Annuitant.
2.   10 Years Certain - Payments will be made for the longer of the Annuitant's
     lifetime or ten years. In the event of the death of the person receiving
     payments prior to the end of the guarantee period for which the election
     was made, payments will be continued to that person's beneficiary or their
     present value may be paid in a single sum.
3.   Life with Emergency Cash - We will make payments during the Annuitant's
     lifetime, but the annuity may be surrendered (in full or part). The cash
     value is equal to a multiple of the Supportable Payment (see definition
     below), where that multiple reduces over time to zero at age 101. A
     surrender charge will be applied. Should the Annuitant die before age 101
     (or IRS Age Limitation Date if earlier and the contract is qualified), the
     same cash value would be payable, but without the surrender charge.

Option 5-V - Joint and Survivor Annuity - You may choose between:

1.   No Period Certain - Payments are made as long as either the Annuitant or
     the joint Annuitant is living.

2.   Life with Emergency Cash - Payments will be made during the joint lifetime
     of the Payee and a joint Payee of Your selection. Payments will be made as
     long as either person is living, but the annuity may be surrendered (in
     full or part). The cash value is equal to a multiple of the Supportable
     Payment (see definition below), where that multiple reduces over time to
     zero at age 101 of the younger Annuitant. A surrender charge will be
     applied. Should the last surviving Annuitant die before age 101 (or IRS Age
     Limitation Date if earlier and the contract is qualified), the same cash
     value would be payable, but without the surrender charge.

Optional Initial Payment Guarantee
Upon annuitization, You may elect an option that guarantees Your variable
annuity payments will never be less than a percentage of the initial variable
annuity payment. You cannot terminate the payment guarantee after You have
selected the option. The percentage applicable to the initial payment and the
fee for the option will be those currently applicable at the time of
annuitization.

Supportable Payment
The Supportable Payment is the sum of each selected Subaccount's variable
annuity unit value times the number of variable annuity units. The variable
annuity units are adjusted to reflect the year-to-date difference between the
stabilized payment and the payment had they not been stabilized. Supportable
Payments are used to determine surrender values, death benefits and transfers.

Determination of Subsequent Variable Payments
The amount of each variable annuity payment after the first will increase or
decrease according to the value of the variable annuity units which reflect the
investment experience of the selected Subaccounts. Each variable annuity payment
after the first will be equal to the number of variable annuity units in the
selected Subaccounts multiplied by the variable annuity unit value on the date
the payment is made. The number of variable annuity units in each selected
Subaccount is determined by dividing the first variable annuity payment
allocated to the Subaccount by the variable annuity unit value of that
Subaccount on the Annuity Commencement Date. If "Life with Emergency Cash" is
chosen (Option 3-V(3) or 5-V(2)), or if the Optional Initial Payment Guarantee
Rider is chosen, payments would be "stabilized" (would change only once per
year) but "value adjustments" would be made to ensure full value would be
received.

                                     Page 17

CB851

<PAGE>

                    GUARANTEED FIXED ACCOUNT PAYMENT OPTIONS

 The amounts shown in these tables are the guaranteed amounts for each 1,000 of
the proceeds. Higher current amounts may be available at the time of settlement.

<TABLE>
<CAPTION>
 -----------------------------------------------------------------------------------------------------------------
          Option 2, Table I         Option 3, Table II         Option 3, Table III          Option 3, Table IV
 -----------------------------------------------------------------------------------------------------------------
 Number of    Amount of
   Years       Monthly            Monthly Installment For    Monthly Installment For    Monthly Installment For
  Payable    Installment         Life No Period Certain              Life              Life Guaranteed Return Of
                                                               10 Years Certain                Proceeds
 ----------- ----------- ----- --------------------------- -------------------------- ---------------------------
                         Age*     Male    Female   Unisex     Male    Female   Unisex    Male   Female   Unisex
 ----------- ----------- ----- -------- --------- -------- --------- -------- ------- -------- --------- --------
<S>           <C>        <C>     <C>       <C>     <C>       <C>      <C>      <C>      <C>     <C>       <C>
                          50     $3.82     $3.70   $3.74     $3.80    $3.69    $3.72    $3.70   $3.62     $3.65
                          51      3.89      3.76    3.80      3.86     3.74     3.78     3.75    3.67      3.70
                          52      3.95      3.81    3.86      3.92     3.80     3.84     3.81    3.72      3.75
                          53      4.02      3.88    3.92      3.99     3.86     3.90     3.87    3.78      3.80
     5         17.91      54      4.10      3.94    3.99      4.06     3.92     3.96     3.93    3.83      3.86
     6         15.14      55      4.18      4.01    4.06      4.13     3.99     4.03     3.99    3.89      3.92
     7         13.16      56      4.26      4.08    4.14      4.21     4.06     4.10     4.06    3.95      3.98
     8         11.68      57      4.35      4.16    4.22      4.29     4.13     4.18     4.13    4.02      4.05
     9         10.53      58      4.44      4.24    4.30      4.38     4.21     4.26     4.20    4.08      4.12
     10         9.61      59      4.54      4.33    4.39      4.47     4.29     4.35     4.27    4.16      4.19
     11         8.86      60      4.64      4.42    4.49      4.57     4.38     4.44     4.36    4.23      4.27
     12         8.24      61      4.76      4.52    4.59      4.67     4.47     4.53     4.44    4.31      4.35
     13         7.71      62      4.88      4.63    4.70      4.78     4.57     4.63     4.53    4.39      4.43
     14         7.26      63      5.01      4.74    4.82      4.89     4.67     4.74     4.62    4.48      4.52
     15         6.87      64      5.15      4.86    4.94      5.01     4.78     4.85     4.72    4.57      4.62
     16         6.53      65      5.30      4.98    5.08      5.14     4.89     4.97     4.83    4.67      4.72
     17         6.23      66      5.46      5.12    5.22      5.27     5.02     5.09     4.94    4.78      4.82
     18         5.96      67      5.63      5.27    5.37      5.41     5.14     5.22     5.05    4.89      4.94
     19         5.73      68      5.81      5.42    5.54      5.55     5.28     5.36     5.17    5.00      5.05
     20         5.51      69      6.00      5.59    5.71      5.70     5.42     5.51     5.30    5.13      5.18
                          70      6.21      5.78    5.90      5.86     5.58     5.66     5.43    5.26      5.31
                          71      6.43      5.97    6.11      6.02     5.74     5.82     5.58    5.39      5.45
                          72      6.66      6.19    6.33      6.18     5.90     5.99     5.72    5.54      5.59
                          73      6.91      6.42    6.56      6.35     6.08     6.16     5.88    5.70      5.75
                          74      7.18      6.67    6.82      6.53     6.26     6.34     6.05    5.86      5.92
                          75      7.46      6.94    7.09      6.70     6.45     6.53     6.22    6.04      6.09
                          76      7.77      7.23    7.39      6.88     6.65     6.72     6.40    6.22      6.27
                          77      8.10      7.55    7.71      7.07     6.85     6.91     6.60    6.42      6.47
                          78      8.45      7.89    8.05      7.25     7.05     7.11     6.80    6.63      6.68
                          79      8.83      8.26    8.43      7.43     7.26     7.31     7.01    6.85      6.90
                          80      9.23      8.66    8.83      7.61     7.46     7.51     7.24    7.08      7.13
                          81      9.66      9.10    9.27      7.79     7.66     7.70     7.47    7.33      7.37
                          82     10.13      9.57    9.74      7.97     7.86     7.89     7.72    7.59      7.63
                          83     10.62     10.09   10.24      8.13     8.05     8.07     7.98    7.86      7.90
                          84     11.15     10.64   10.79      8.29     8.23     8.25     8.26    8.15      8.18
                          85     11.72     11.24   11.38      8.44     8.40     8.41     8.55    8.45      8.48
                          86     12.32     11.89   12.02      8.59     8.56     8.56     8.85    8.77      8.80
                          87     12.97     12.59   12.70      8.72     8.70     8.71     9.17    9.11      9.12
                          88     13.65     13.33   13.42      8.84     8.83     8.83     9.50    9.45      9.47
                          89     14.38     14.11   14.19      8.95     8.95     8.95     9.85    9.82      9.83
                          90     15.16     14.94   15.00      9.06     9.05     9.05    10.22   10.19     10.20
                          91     15.97     15.80   15.85      9.15     9.15     9.15    10.61   10.59     10.59
                          92     16.84     16.70   16.74      9.23     9.23     9.23    11.01   11.00     11.00
                          93     17.75     17.63   17.67      9.31     9.31     9.31    11.45   11.42     11.43
                          94     18.72     18.60   18.64      9.37     9.37     9.37    11.92   11.88     11.89
                          95     19.77     19.62   19.66      9.43     9.43     9.43    12.42   12.36     12.38
 ----------- ----------- ----- -------- --------- -------- --------- -------- ------- -------- --------- --------
</TABLE>

<TABLE>
<CAPTION>
---------------------------------
            Option 3, Table IV
-----  --------------------------

        Monthly Installment for
                Life
         With Emergency Cash
----- ---------------------------
Age*     Male    Female  Unisex
----- ---------- ------- --------
<S>     <C>      <C>      <C>
 50     $3.57    $3.52    $3.54
 51      3.62     3.56     3.58
 52      3.67     3.61     3.63
 53      3.72     3.65     3.67
 54      3.77     3.70     3.73
 55      3.83     3.76     3.78
 56      3.89     3.81     3.83
 57      3.95     3.87     3.89
 58      4.01     3.93     3.96
 59      4.08     4.00     4.02
 60      4.15     4.06     4.09
 61      4.23     4.14     4.16
 62      4.31     4.21     4.24
 63      4.39     4.29     4.32
 64      4.48     4.38     4.41
 65      4.57     4.47     4.50
 66      4.67     4.56     4.59
 67      4.77     4.66     4.69
 68      4.88     4.77     4.80
 69      4.99     4.88     4.91
 70      5.12     5.00     5.03
 71      5.24     5.13     5.16
 72      5.37     5.26     5.29
 73      5.51     5.40     5.43
 74      5.65     5.55     5.58
 75      5.81     5.70     5.73
 76      5.97     5.87     5.90
 77      6.14     6.05     6.08
 78      6.33     6.24     6.25
 79      6.52     6.43     6.45
 80      6.71     6.62     6.65
 81      6.92     6.84     6.85
 82      7.13     7.07     7.08
 83      7.34     7.29     7.30
 84      7.57     7.55     7.56
 85      7.81     7.80     7.80
 86      8.10     8.06     8.06
 87      8.38     8.37     8.37
 88      8.67     8.67     8.67
 89      8.99     8.99     8.99
 90      9.33     9.33     9.33
 91      9.76     9.76     9.76
 92      10.18   10.18    10.18
 93      10.62   10.61    10.61
 94      11.07   11.06    11.07
 95      11.57   11.46    11.47
----- ---------- ------- --------
</TABLE>

*Adjusted Age as defined in Section 10.A.

Dollar amounts of monthly, quarterly, semi-annual, and annual installments not
shown in the above tables will be calculated on the same basis as those shown
and may be obtained from the Company.

                                     Page 18

T890

<PAGE>

                               Option 5, Table VI
                               ------------------

<TABLE>
<CAPTION>
                                       Monthly Installment For Joint and Full Survivor

-------------------------------------------------------------------------------------------------------------------------------
     Age of                                                        Age of Female Annuitant*
                   ------------------------------------------------------------------------------------------------------------
      Male            15 Years        12 Years        9 Years         6 Years         3 Years        Same As         3 Years
                     Less Than       Less Than       Less Than      Less Than        Less Than         Male         More Than
   Annuitant*          Male            Male            Male           Male             Male                          Male
-------------------------------------------------------------------------------------------------------------------------------
<S>                    <C>             <C>             <C>            <C>              <C>            <C>            <C>
       50              $3.06           $3.12           $3.19          $3.25            $3.31          $3.38          $3.44
       55               3.20            3.27            3.35           3.44             3.52           3.61           3.69
       60               3.37            3.47            3.57           3.68             3.79           3.91           4.02
       65               3.59            3.72            3.86           4.01             4.16           4.32           4.47
       70               3.88            4.06            4.25           4.45             4.67           4.89           5.11
-------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
                                    Monthly Installment For Unisex Joint and Full Survivor
-------------------------------------------------------------------------------------------------------------------------------
     Age of                                                        Age of Joint Annuitant
                   ------------------------------------------------------------------------------------------------------------
      First           15 Years        12 Years        9 Years        6 Years          3 Years        Same As        3 Years
                     Less Than       Less Than       Less Than      Less Than        Less Than        First        More Than
    Annuitant*         First           First           First          First            First                         First
-------------------------------------------------------------------------------------------------------------------------------
<S>                    <C>             <C>             <C>            <C>              <C>            <C>            <C>
       50              $3.07           $3.13           $3.19          $3.25            $3.31          $3.37          $3.43
       55               3.20            3.28            3.36           3.44             3.52           3.60           3.67
       60               3.38            3.48            3.58           3.68             3.79           3.89           4.00
       65               3.61            3.73            3.87           4.01             4.16           4.30           4.44
       70               3.90            4.07            4.26           4.46             4.66           4.86           5.05
-------------------------------------------------------------------------------------------------------------------------------
*Adjusted Age as defined in Section 10.A.
-------------------------------------------------------------------------------------------------------------------------------
</TABLE>

                               Option 5, Table VII

<TABLE>
<CAPTION>
                           Monthly Installment for Joint & Full Survivor (Life with Emergency Cash)
-------------------------------------------------------------------------------------------------------------------------------
     Age of                                                        Age of Female Annuitant*
                   ------------------------------------------------------------------------------------------------------------
      Male            15 Years        12 Years        9 Years         6 Years         3 Years        Same As         3 Years
                     Less Than       Less Than       Less Than      Less Than        Less Than         Male         More Than
    Annuitant*          Male            Male            Male           Male             Male                          Male
-------------------------------------------------------------------------------------------------------------------------------
<S>                    <C>             <C>             <C>            <C>              <C>            <C>            <C>

       50             $3.02           $3.08           $3.13           $3.20           $3.26          $3.32          $3.37
       55              3.14            3.21            3.29            3.36            3.45           3.53           3.59
       60              3.29            3.38            3.48            3.58            3.69           3.80           3.88
       65              3.48            3.60            3.72            3.86            4.00           4.15           4.26
       70              3.72            3.88            4.05            4.23            4.42           4.62           4.77
-------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
                        Monthly Installment for Unisex Joint & Full Survivor (Life with Emergency Cash)
-------------------------------------------------------------------------------------------------------------------------------
     Age of                                                        Age of Joint Annuitant*
                   ------------------------------------------------------------------------------------------------------------
      First           15 Years        12 Years        9 Years        6 Years          3 Years        Same As        3 Years
                     Less Than       Less Than       Less Than      Less Than        Less Than        First        More Than
    Annuitant*         First           First           First          First            First                         First
-------------------------------------------------------------------------------------------------------------------------------
<S>                    <C>             <C>             <C>            <C>              <C>            <C>           <C>

       50             $3.02           $3.08           $3.14           $3.20           $3.26          $3.32          $3.36
       55              3.14            3.21            3.29            3.37            3.44           3.52           3.58
       60              3.30            3.39            3.48            3.58            3.68           3.79           3.86
       65              3.49            3.61            3.73            3.86            4.00           4.14           4.24
       70              3.74            3.89            4.06            4.24            4.42           4.60           4.74
-------------------------------------------------------------------------------------------------------------------------------
*Adjusted Age as defined in Section 10.A.
-------------------------------------------------------------------------------------------------------------------------------
</TABLE>

Dollar amounts of monthly, quarterly, semi-annual, and annual installments not
shown in the above tables will be calculated on the same basis as those shown
and may be obtained from the Company.

                                     Page 19

TB890

<PAGE>

                            VARIABLE PAYMENT OPTIONS
                       BASED ON ASSUMED INVESTMENT RETURN

     The amounts shown in these tables are the initial payment amounts based
      on a 5.0% Assumed Investment Return for each $1,000 of the proceeds.

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
                      Option 3-V, Table II                     Option 3-V, Table III                  Option 3-V, Table IV
------------ ---------------------------------------- ---------------------------------------- ------------------------------------
                  Monthly Installment for Life             Monthly Installment for Life           Monthly Installment for Life
                        No Period Certain                        10 Years Certain                      With Emergency Cash
------------ ---------------------------------------- ---------------------------------------- ------------------------------------
   Age*         Male         Female        Unisex        Male         Female        Unisex        Male       Female       Unisex
<S>              <C>         <C>           <C>            <C>          <C>          <C>          <C>          <C>         <C>
    50           $5.07       $4.93         $4.98          $5.04        $4.92        $4.95        $4.83        $4.76       $4.78
    51            5.13        4.99          5.03           5.09         4.96         5.00         4.87         4.80        4.82
    52            5.19        5.04          5.08           5.15         5.01         5.05         4.92         4.84        4.86
    53            5.26        5.10          5.14           5.21         5.07         5.11         4.96         4.88        4.91
    54            5.33        5.16          5.21           5.27         5.12         5.17         5.01         4.93        4.95
    55            5.40        5.22          5.27           5.34         5.18         5.23         5.06         4.98        5.00
    56            5.48        5.29          5.35           5.41         5.25         5.30         5.12         5.03        5.05
    57            5.57        5.36          5.42           5.49         5.32         5.37         5.18         5.08        5.11
    58            5.66        5.44          5.50           5.57         5.39         5.44         5.24         5.14        5.17
    59            5.75        5.52          5.59           5.66         5.47         5.52         5.31         5.20        5.23
    60            5.85        5.61          5.68           5.75         5.55         5.61         5.37         5.26        5.29
    61            5.97        5.70          5.78           5.85         5.63         5.70         5.45         5.33        5.37
    62            6.09        5.81          5.89           5.95         5.72         5.79         5.53         5.40        5.44
    63            6.21        5.91          6.00           6.06         5.82         5.89         5.61         5.48        5.52
    64            6.35        6.03          6.13           6.17         5.92         6.00         5.70         5.56        5.60
    65            6.50        6.16          6.26           6.29         6.03         6.11         5.79         5.65        5.69
    66            6.66        6.29          6.40           6.42         6.15         6.23         5.89         5.75        5.79
    67            6.83        6.43          6.55           6.55         6.27         6.36         6.00         5.85        5.89
    68            7.01        6.59          6.71           6.69         6.40         6.49         6.11         5.96        6.00
    69            7.21        6.76          6.89           6.83         6.54         6.63         6.23         6.07        6.12
    70            7.41        6.94          7.08           6.98         6.69         6.77         6.36         6.20        6.25
    71            7.63        7.14          7.28           7.13         6.84         6.93         6.49         6.33        6.38
    72            7.87        7.35          7.50           7.28         7.00         7.09         6.63         6.46        6.52
    73            8.12        7.58          7.74           7.45         7.17         7.25         6.78         6.62        6.66
    74            8.39        7.83          8.00           7.61         7.34         7.42         6.94         6.78        6.83
    75            8.68        8.11          8.28           7.78         7.52         7.60         7.11         6.95        7.00
    76            8.99        8.40          8.58           7.95         7.71         7.78         7.29         7.13        7.18
    77            9.32        8.72          8.90           8.12         7.90         7.97         7.47         7.33        7.36
    78            9.68        9.07          9.25           8.29         8.09         8.16         7.68         7.52        7.57
    79           10.06        9.45          9.63           8.47         8.29         8.34         7.88         7.74        7.79
    80           10.47        9.85         10.04           8.64         8.48         8.53         8.11         7.98        8.01
    81           10.91       10.30         10.48           8.80         8.67         8.71         8.34         8.23        8.26
    82           11.38       10.78         10.96           8.97         8.86         8.89         8.60         8.48        8.53
    83           11.88       11.30         11.47           9.12         9.04         9.06         8.84         8.75        8.77
    84           12.42       11.87         12.03           9.27         9.21         9.23         9.09         9.01        9.05
    85           12.99       12.48         12.63           9.41         9.37         9.38         9.35         9.31        9.32
    86           13.60       13.13         13.27           9.54         9.51         9.52         9.67         9.60        9.61
    87           14.26       13.84         13.96           9.67         9.65         9.65         9.96         9.90        9.91
    88           14.95       14.59         14.70           9.78         9.77         9.77        10.28        10.27       10.27
    89           15.69       15.39         15.48           9.89         9.88         9.88        10.61        10.61       10.61
    90           16.47       16.23         16.30           9.98         9.98         9.98        10.97        10.97       10.97
    91           17.29       17.10         17.16          10.07        10.07        10.07        11.36        11.36       11.36
    92           18.16       18.01         18.05          10.15        10.15        10.15        11.86        11.85       11.85
    93           19.07       18.95         18.98          10.22        10.22        10.22        12.33        12.32       12.32
    94           20.05       19.92         19.96          10.28        10.28        10.28        12.94        12.93       12.93
    95           21.09       20.94         20.99          10.34        10.33        10.33        13.47        13.45       13.46
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>

*Adjusted Age as defined in Section 10.A.

Dollar amounts of monthly, quarterly, semi-annual, and annual installments not
shown in the above tables will be calculated on the same basis as those shown
and may be obtained from the Company.

                                     Page 20

H994

<PAGE>

                               Option 5V, Table V
                               ------------------
<TABLE>
<CAPTION>
                                       Monthly Installment For Joint and Full Survivor
-------------------------------------------------------------------------------------------------------------------------------
     Age of                                                 Age of Female Annuitant*
                   ------------------------------------------------------------------------------------------------------------
      Male             15 Years        12 Years        9 Years         6 Years         3 Years        Same As         3 Years
                      Less Than       Less Than       Less Than      Less Than        Less Than         Male         More Than
   Annuitant*            Male            Male            Male           Male             Male                          Male
-------------------------------------------------------------------------------------------------------------------------------
<S>                    <C>             <C>             <C>            <C>              <C>            <C>            <C>
       50              $4.37           $4.42           $4.46          $4.51            $4.56          $4.62            $4.67
       55               4.48            4.54            4.60           4.67             4.74           4.81             4.88
       60               4.62            4.70            4.79           4.88             4.98           5.08             5.18
       65               4.81            4.92            5.04           5.17             5.31           5.46             5.61
       70               5.07            5.23            5.40           5.59             5.79           6.00             6.22
-------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
                                    Monthly Installment For Unisex Joint and Full Survivor
-------------------------------------------------------------------------------------------------------------------------------
     Age of                                                       Age of Joint Annuitant*
                   ------------------------------------------------------------------------------------------------------------
      First            15 Years        12 Years        9 Years        6 Years          3 Years        Same As        3 Years
                      Less Than       Less Than       Less Than      Less Than        Less Than        First        More Than
    Annuitant*          First           First           First          First            First                         First
-------------------------------------------------------------------------------------------------------------------------------
<S>                    <C>             <C>             <C>            <C>              <C>            <C>            <C>
       50              $4.38           $4.42           $4.47          $4.51            $4.56          $4.61            $4.66
       55               4.48            4.54            4.60           4.67             4.73           4.80             4.87
       60               4.63            4.70            4.79           4.88             4.97           5.07             5.16
       65               4.82            4.93            5.05           5.17             5.30           5.44             5.57
       70               5.09            5.24            5.41           5.59             5.78           5.97             6.16
-------------------------------------------------------------------------------------------------------------------------------
*Adjusted Age as defined in Section 10.A
-------------------------------------------------------------------------------------------------------------------------------
</TABLE>

                               Option 5V, Table VI
<TABLE>
<CAPTION>
                          Monthly Installment For Joint and Full Survivor (Life with Emergency Cash)
-------------------------------------------------------------------------------------------------------------------------------
     Age of                                                 Age of Female Annuitant*
                   ------------------------------------------------------------------------------------------------------------
      Male            15 Years        12 Years        9 Years         6 Years         3 Years        Same As         3 Years
                     Less Than       Less Than       Less Than      Less Than        Less Than         Male         More Than
    Annuitant*          Male            Male            Male           Male             Male                          Male
-------------------------------------------------------------------------------------------------------------------------------
<S>                    <C>             <C>             <C>            <C>              <C>            <C>            <C>
       50              $4.34           $4.38           $4.42          $4.47            $4.51          $4.57            $4.61
       55               4.43            4.48            4.54           4.60             4.67           4.74             4.79
       60               4.55            4.62            4.70           4.78             4.88           4.97             5.05
       65               4.71            4.80            4.91           5.03             5.16           5.30             5.41
       70               4.92            5.05            5.21           5.38             5.56           5.76             5.91
-------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
                      Monthly Installment For Unisex Joint and Full Survivor (Life with emergency Cash)
-------------------------------------------------------------------------------------------------------------------------------
     Age of                                                       Age of Joint Annuitant*
                   ------------------------------------------------------------------------------------------------------------
      First           15 Years        12 Years        9 Years        6 Years          3 Years        Same As        3 Years
                     Less Than       Less Than       Less Than      Less Than        Less Than        First        More Than
    Annuitant*         First           First           First          First            First                         First
-------------------------------------------------------------------------------------------------------------------------------
<S>                    <C>             <C>             <C>            <C>              <C>            <C>            <C>

       50              $4.34           $4.38           $4.42          $4.47            $4.51          $4.56            $4.60
       55               4.43            4.48            4.54           4.60             4.67           4.73             4.78
       60               4.55            4.62            4.70           4.78             4.87           4.96             5.03
       65               4.71            4.81            4.92           5.03             5.16           5.29             5.38
       70               4.93            5.07            5.22           5.38             5.56           5.74             5.87
-------------------------------------------------------------------------------------------------------------------------------
*Adjusted Age as defined in Section 10.A
-------------------------------------------------------------------------------------------------------------------------------
</TABLE>

Dollar amounts of monthly, quarterly, semi-annual, and annual installments not
shown in the above tables will be calculated on the same basis as those shown
and may be obtained from the Company.

                                     Page 21

J994

<PAGE>

                         SECTION 11 - GENERAL PROVISIONS

THE CONTRACT
The entire contract consists of this policy, and endorsements, if any.

MODIFICATION OF POLICY
No change in this policy is valid unless made in writing by us and approved by
one of our officers. No Registered Representative has authority to change or
waive any provision of Your policy.

TAX QUALIFICATION
This policy is intended to qualify as an annuity contract for federal income tax
purposes. The provisions of this policy are to be interpreted to maintain such
qualification, notwithstanding any other provisions to the contrary. To maintain
such tax qualification, we reserve the right to amend this policy to reflect any
clarifications that may be needed or are appropriate to maintain such tax
qualification or to conform this policy to any applicable changes in the tax
qualification requirements. We will send You a copy in the event of any such
amendment. If You refuse such an amendment it must be by giving us written
notice, and Your refusal may result in adverse tax consequences.

NON-PARTICIPATING
This policy will not share in our surplus earnings.

AGE OR SEX CORRECTIONS
If the age or sex of the Annuitant has been misstated, the benefits will be
those, which the premiums paid, would have purchased for the correct age and
sex. If required by law to ignore differences in the sex of the Annuitant, the
annuity payments will be determined using the unisex factors in Section 10.

Any underpayment made by us will be paid with the next payment. Any overpayment
made by us will be deducted from future payments. Any underpayment or
overpayment, will include interest at 5% per year, from the date of the wrong
payment to the date of the adjustment.

INCONTESTABILITY
This policy shall be incontestable from the Policy Date.

EVIDENCE OF SURVIVAL
We have the right to require satisfactory evidence that a person was alive if a
payment is based on that person being alive. No payment will be made until we
receive the evidence.

SETTLEMENT
Any payment by us under this policy is payable at our Home Office.

RIGHTS OF OWNER
The owner may, while the Annuitant is living:
1.   Assign this policy.
2.   Surrender the policy to us.
3.   Amend or modify the policy with our consent.
4.   Receive annuity payments or name a Payee to receive the payments.
5.   Exercise, receive and enjoy every other right and benefit contained in the
     policy.

The use of these rights may be subject to the consent of any assignee or
irrevocable beneficiary; and of the spouse in a community or marital property
state.

Unless we have been notified of a community or marital property interest in this
policy, we will rely on our good faith belief that no such interest exists and
will assume no responsibility for inquiry.

CHANGE OF OWNERSHIP
In the case of a non-tax-qualified annuity, You can change the owner of this
policy, from yourself to a new owner, in a notice You sign which gives us the
facts that we need. When this change takes effect, all rights of ownership in
this policy will pass to the new owner.

A change of owner will not be effective until it is recorded in our records.
After it has been so recorded, the change will take effect as of the date You
signed the notice. However, if the Annuitant dies before the notice has been so
recorded, it will not be effective as to those proceeds we have paid before the
change was recorded in our records.

We may require that the change be endorsed in the policy. Changing the owner
does not change the beneficiary or the Annuitant.

A change of ownership may result in adverse tax consequences.

ANNUITY COMMENCEMENT DATE
The Annuity Commencement Date is the date annuity payments begin. In no event
can this date be later than the last day of the policy month following the month
in which the Annuitant attains age 98. You may change the Annuity Commencement
Date at any time before the Annuity Commencement Date by giving us 30 days'
written notice.

                                     Page 22

R140

<PAGE>

                             SECTION 11 - CONTINUED

ASSIGNMENT

(a)  In the case of a non tax-qualified annuity, this Policy may be assigned.
     The assignment must be in writing and filed with us.
(b)  We assume no responsibility for the validity of any assignment. Any claim
     made under an assignment shall be subject to proof of interest and the
     extent of the assignment.
(c)  This policy may be applied for and issued to qualify as a tax-qualified
     annuity under certain sections of the Internal Revenue Code. Ownership of
     this policy is then restricted so that it will comply with provisions of
     the Internal Revenue Code.

Assignment of this policy may result in adverse tax consequences.

BENEFICIARY
Death proceeds, when payable in accordance with Section 9, are payable to the
designated beneficiary or beneficiaries. However, if there is a surviving
owner(s), the surviving owner(s) automatically takes the place of any
beneficiary designation. Such beneficiary(ies) must be named and may be changed
without consent (unless irrevocably designated or required by law) by notifying
us in writing on a form acceptable to us. The change will take effect upon the
date You sign it, whether or not You are living when we receive it. The notice
must have been postmarked (or show other evidence of delivery that is acceptable
to us) on or before the date of death. Your most recent change of beneficiary
notice will replace any prior beneficiary designations. No change will apply to
any payment we made before the written notice was received. If an irrevocable
beneficiary dies, You may designate a new beneficiary.

You may direct that the beneficiary shall not have the right to withdraw, assign
or commute any sum payable under an option. In the absence of such election or
direction, the beneficiary may change the manner of payment or make an election
of any option.

If any primary or contingent beneficiary dies before the Annuitant, that
beneficiary's interest in this policy ends with that beneficiary's death. Only
those beneficiaries living at the time of the Annuitant's death will be eligible
to receive their share of the Death Proceeds. In the event no contingent
beneficiaries have been named and all primary beneficiaries have died before the
death proceeds become payable, the owner(s) will become the beneficiary(ies)
unless elected otherwise in accordance with Section 9. If both primary and
contingent beneficiaries have been named, payment will be made to the named
primary beneficiaries living at the time the death proceeds become payable. If
there is more than one beneficiary and You failed to specify their interest,
they will share equally. Payment will be made to the named contingent
beneficiary(ies) only, if all primary beneficiaries have died before the death
proceeds become payable. If any primary beneficiary is alive at the time the
death proceeds become payable, but dies before receiving their payment, their
share will be paid to their estate.

PROTECTION OF PROCEEDS
Unless You so direct by filing written notice with us, no beneficiary may assign
any payments under this policy before the same are due. To the extent permitted
by law, no payments under this policy will be subject to the claims of creditors
of any beneficiary.

DEFERMENT
We will pay any Partial Withdrawals or Surrender proceeds from the Separate
Account within 7 days after we receive all requirements that we need. However,
it may happen that the New York Stock Exchange is closed for trading (other than
the usual weekend or holiday closings), or the Securities and Exchange
Commission restricts trading or determines that an emergency exists. If so, it
may not be practical for us to determine the investment experience of the
Separate Account. In that case, we may defer transfers among the Subaccounts and
to the Fixed Account, and determination or payment of Partial Withdrawals or
Surrender proceeds.

When permitted by law, we may defer paying any Partial Withdrawals or Surrender
proceeds from the Fixed Account for up to 6 months from the date we receive Your
request. If the owner dies after the request is received, but before the request
is processed, the request will be processed before the death proceeds are
determined. Interest will be paid on any amount deferred for 30 days or more.
This rate will be 3% per year unless otherwise required by law.

REPORTS TO OWNER
We will give You an annual report at least once each Policy Year. This report
will show the number and value of the accumulation units held in each of the
Subaccounts as well as the value of the Fixed Account. It will also give You the
Death Benefit, Cash Value, and any other facts required by law or regulation.

                                     Page 23

RB140

<PAGE>

[LOGO]                                                  Home Office:
TRANSAMERICA LIFE                                       4333 Edgewood Road N.E.
INSURANCE COMPANY                                       Cedar Rapids, Iowa 52499
                                                        (319)398-8511
A Stock Company  (Hereafter called the Company, we, our or us)

                             INDEX

                                                           Page

Accumulation Units ...........................                9
Age or Sex Corrections .......................               22
Annuity Commencement Date ....................               22
Annuity Payments .............................               14
Adjusted Policy Value ........................                4
Assignment ...................................               23
Beneficiary ..................................               23
Cash Value ...................................                5
Contract .....................................               22
Death Proceeds ...............................               12
Definitions ..................................                2
Dollar Cost Averaging Option .................               11
Evidence of Survival .........................               22
Excess Interest Adjustment ...................                5
Fixed Account ................................               10
Guaranteed Minimum Death Benefit .............               12
Guaranteed Return of Fixed Account
    Premium Payments .........................                8
Guaranteed Periods ...........................               10

Incontestability .............................               22
Modification of Policy .......................               22
Non-participating ............................               22
Option to Change Annuity Commencement Date ...               22
Partial Withdrawals ..........................                6
Payee ........................................               15
Payment of Premiums ..........................                4
Payment Option Tables ........................   18, 19, 20, 21
Policy Data Page .............................                3
Policy Value .................................                4
Proof of Age .................................               15
Protection of Proceeds .......................               23
Right to Cancel ..............................                1
Rights of Owner ..............................               22
Separate Account .............................                8
Service Charge ...............................                4
Settlement ...................................               22
Surrender Charges ............................                8
Transfers ....................................               10

                        Flexible Premium Variable Annuity
                   Income Payable At Annuity Commencement Date
            Benefits Based On The Performance Of The Separate Account
             Are Variable And Are Not Guaranteed As To Dollar Amount
                   (See Sections 6 and 10C) Non-Participating

Y731<PAGE>

                                 EXHIBIT (4)(d)

                              FORM OF POLICY RIDER
                   (BENEFICIARY EARNINGS ENHANCEMENT - EXTRA)

<PAGE>

[LOGO]
Transamerica Life Insurance Company                     Home Office:
A Stock Company (Hereafter called the Company, we,      4333 Edgewood Road N.E.
our or us)                                              Cedar Rapids, Iowa 52499
                                                        (319)398-8511

                         ADDITIONAL DEATH BENEFIT RIDER

We issued this rider as a part of the policy to which it is attached.

This rider will pay an Additional Death Benefit Amount equal to a percentage of
the gains accumulated in the policy since the rider was added plus a percentage
of any remaining death proceeds from the day the rider was added. This
Additional Death Benefit, if any, will be paid whenever death proceeds are
payable on the base policy to which this rider is attached.

This rider will be considered terminated when the policy is annuitized or
surrendered, or an Additional Death Benefit is paid or added to the policy under
spousal continuation under the terms of this rider. You may also cancel this
benefit at any time by notifying us at our service center. However, if the rider
is terminated it can not be re-elected within a year after it was last
terminated. Once re-elected, a new rider will be issued and the Additional Death
Benefit amount will be re-determined.

Policy Number:
Rider Date:
Rider Benefit Percentage:
Initial Death Benefit Option:
Rider Fee Percentage:

DEFINITIONS

Future Growth
The policy gains accrued and not previously withdrawn since the Rider Date. On a
given date, this amount is equal to: the death proceeds of the base policy on
that date; minus the death proceeds of the base policy on the Rider Date; minus
premiums paid after the rider date; plus amounts withdrawn from the Policy Value
after the Rider Date that exceed the Future Growth immediately prior to the
withdrawal. This amount may be zero, but will never be less than zero.

Rider Anniversary
The anniversary of the Rider Date for each year the rider remains in force.

Rider Benefit Base
This amount is equal to the Future Growth plus a remaining amount of initial
death proceeds. The remaining amount of initial death proceeds is defined as the
Initial Death Benefit Option, as shown above, multiplied by the death proceeds
of the base policy on the Rider Date; minus amounts withdrawn from the Policy
Value after the Rider Date that exceed the Future Growth immediately prior to
the withdrawal. This amount may be zero, but will never be less than zero.

Rider Date
The date that this rider is added to the policy.

Rider Fee
A Rider Fee is deducted annually on each Rider Anniversary prior to
annuitization. The Rider Fee amount is equal to the Rider Fee Percentage above
multiplied by the Policy Value on the date the fee is deducted. We will also
deduct this fee upon full surrender of the policy or other termination of the
rider. The Rider Fee is deducted pro rata from each Investment Option. The fee
is deducted even during periods when the Additional Death Benefit rider would
not pay any benefit.

RTP13 1101

<PAGE>

ADDITIONAL DEATH BENEFIT AMOUNT

If death proceeds are payable under the terms of the base policy to which this
rider is attached, this rider will pay an Additional Death Benefit. If death
occurs prior to the fifth Rider Anniversary, the rider will pay an Additional
Death Benefit equal to the sum of all Rider Fees paid since the Rider Date. If
death occurs on or after the fifth Rider Anniversary, the rider will pay an
Additional Death Benefit equal to the rider Benefit Percentage multiplied by the
Rider Benefit Base on the date used to calculate the death proceeds.

SPOUSAL CONTINUATION

If a death occurs and the base contract gives the spouse the right to continue
the contract, and the deceased's spouse, if any, is continuing the base policy
in lieu of receiving the death proceeds, the continuing spouse will receive a
one-time Policy Value increase equal to the amount of the Additional Death
Benefit. At this time the rider would terminate.

RTP13 1101(2)

<PAGE>

Additional Death Benefit Example:

The Additional Death Benefit rider is added to a new policy opened with $100,000
initial premium. The Rider Benefit is 40%. The client chose a 75% Initial Death
Benefit Option with a Rider Fee of 0.60%. On the first and second Rider
Anniversaries, the Policy Value is $110,000 and $95,000 respectively when the
Rider Fees are deducted. The client adds $25,000 premium in the third Rider Year
when the Death Proceeds are equal to $115,000 and then takes a withdrawal of
$35,000 during the fourth Rider Year when the Death Proceeds are equal to
$145,000. After five years, the Death Proceeds have grown to $130,000.

<TABLE>
<CAPTION>

------------------------------------------------------------------------------------------------------------------------------------
Additional Death Benefit Example Calculations:
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                                                       <C>
Death Proceeds on Rider Date                                                                                              $  100,000
Additional Death Benefit during first Rider Year                                                                          $        0
Rider Fee on first Rider Anniversary (= Rider Fee * Policy Value = 0.60% * $110,000)                                      $      660
Additional Death Benefit during 2nd Rider Year (= sum of total Rider Fees paid)                                           $      660
Rider Fee on second Rider Anniversary (= Rider Fee * Policy Value = 0.60% * $95,000)                                      $      570
Additional Death Benefit during 3rd Rider Year (= sum of total Rider Fees paid = $660 + $570)                             $    1,230

Rider Fees will continue to be deducted each Rider Anniversary.

Future Growth prior to premium payment in 3rd year (= Current Death Proceeds - Death Proceeds on Rider Date -
Premiums paid after Rider Date + Withdrawal amounts that exceed Future Growth prior to withdrawal = $115,000 -
$100,000 - $0 + $0)                                                                                                       $   15,000

Amount of Initial Death Proceeds remaining (= Initial Death Benefit Option * Death Proceeds on Rider Date -
withdrawal amounts that exceed Future Growth prior to withdrawal = 75% * $100,000 - $0)                                   $   75,000

Rider Benefit Base (= Future Growth + Amount of Initial Death Proceeds remaining = $15,000 + $75,000)                     $   90,000

Death Proceeds after premium payment in 3rd year                                                                          $  140,000

Future Growth after premium payment ($140,000 - $100,000 - $25,000 + $0)                                                  $   15,000

Amount of Initial Death Proceeds remaining (= 75% * $100,000 - $0)                                                        $   75,000

Rider Benefit Base (= $15,000 + $75,000)                                                                                  $   90,000

Future Growth prior to withdrawal in 4th Rider Year (= $145,000 - $100,000 - $25,000 + $0)                                $   20,000

Amount of Withdrawal that exceeds Future Growth prior to withdrawal (= $35,000 - $20,000)                                 $   15,000

Death Proceeds after withdrawal (assumes no withdrawal adjustments)                                                       $  110,000

Future Growth just after withdrawal in 4th Rider Year (= $110,000 - $100,000 - $25,000 + $15,000)                         $        0

Amount of Initial Death Proceeds remaining after withdrawal (= 75% * $100,000 - $15,000)                                  $   60,000

Rider Benefit Base (= $0 + $60,000)                                                                                       $   60,000

Future Growth after 5 Rider Years (= $130,000 - $100,000 - $25,000 + $15,000)                                             $   20,000

Amount of Initial Death Proceeds remaining (= 75% * $100,000 - $15,000)                                                   $   60,000

Rider Benefit Base (= $20,000 + $60,000)                                                                                  $   80,000

Additional Death Benefit after 5 Rider Years = Rider Benefit Percentage * Rider Benefit Base = 40% * $80,000              $   32,000

Total Death Proceeds  (* base policy Death Proceeds + Additional Death Benefit Amount = $130,000 + $32,000)               $  162,000
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

                               Signed for Us at our Home Office.

          /s/ Craig D. Vermie                           /s/ Larry N. Norman
          -------------------                           -------------------
               SECRETARY                                     PRESIDENT

RTP 1101(3)

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