Document:

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

         Sun Life Assurance Company of Canada (U.S.) will pay an annuity
commencing on the Annuity Commencement Date to the Annuitant, if then living, by
applying the adjusted value of the Accumulation Account in accordance with the
settlement provisions.

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

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

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

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

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

                      FLEXIBLE PAYMENT DEFERRED COMBINATION
                       VARIABLE AND FIXED ANNUITY CONTRACT
                                NONPARTICIPATING

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

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

RIGHT TO RETURN CONTRACT. Please read this Contract. If not satisfied with it,
the Owner may, within 10 days after its receipt, return it by delivering or
mailing it to the Annuity Service Mailing Address indicated above. Immediately
upon receipt of the Contract by the Company, the Contract will be deemed void as
though it had never been applied for, and the Contract Value at the end of the
Valuation Period during which the Contract is received by the Company will be
refunded to the Owner.

IMPORTANT NOTICE: It is not necessary to employ any person to collect any
payment or benefit provided by the Contract. When you require help or advice,
write directly to the Company at its Annuity Service Mailing Address. The
Contract contains many benefits. In your own best interest you should consult
the Company if anyone advises you to surrender this Contract or replace it with
a new contract.

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                                TABLE OF CONTENTS

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

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

FIXED AND VARIABLE ACCOUNTS ...........................................      7
     Fixed Account ....................................................      7
     Variable Account and Sub-Accounts ................................      7
     Ownership of Assets ..............................................      7
     Investments of the Sub-Accounts ..................................      7

PURCHASE PAYMENTS .....................................................      7
     Payments .........................................................      7
     Purchase Payment Interest ........................................      7
     Account Continuation .............................................      7
     Allocation of Net Purchase Payments ..............................      8

CONTRACT VALUES DURING ACCUMULATION PERIOD ............................      8
     Accumulation Account .............................................      8
     Variable Account Value ...........................................      8
     Crediting Variable Accumulation Units ............................      8
     Variable Accumulation Unit Value .................................      8
     Variable Accumulation Value ......................................      8
     Net Investment Factor ............................................      8
     Fixed Account Value ..............................................      9
     Guarantee Periods ................................................      9
     Guaranteed Interest Rates ........................................      9
     Fixed Accumulation Value .........................................     10
     Transfer Privilege ...............................................     10
     Account Fee ......................................................     10

CASH WITHDRAWALS, WITHDRAWAL CHARGES AND MARKET VALUE ADJUSTMENT ......     11
     Cash Withdrawals .................................................     11
     Market Value Adjustment ..........................................     11

DEATH BENEFIT .........................................................     12
     Death Benefit Provided by the Contract ...........................     12
     Election and Effective Date of Election ..........................     12
     Payment of Death Benefit .........................................     13
     Amount of Death Benefit ..........................................     13

SETTLEMENT PROVISIONS .................................................     13
     General ..........................................................     13
     Election and Effective Date of Election ..........................     13
     Determination of Amount ..........................................     14
     Effect of Annuity Commencement Date on Owner's Account ...........     14
     Annuity Commencement Date ........................................     14
     Fixed Annuity Payments ...........................................     14
     Variable Annuity Payments ........................................     15
     Annuity Unit Value ...............................................     15
     Exchange of Variable Annuity Units ...............................     15
     Account Fee ......................................................     15
     Description of Annuity Options ...................................     15
     Amounts Payable on Death of Payee ................................     16
     Annuity Payment Rates ............................................     16
OWNERSHIP PROVISIONS ..................................................     18

                                       2
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     Exercise of Contract Rights ......................................     18
     Death of  Owner ..................................................     18
     Voting of Fund Shares ............................................     18
     Periodic Reports .................................................     19
     Designation and Change of Beneficiary ............................     19

GENERAL PROVISIONS ....................................................     19
     Age and Sex Misstatement .........................................     19
     This Contract ....................................................     19
     Currency .........................................................     20
     Determination of Values ..........................................     20
     Governing Law ....................................................     20
     Guarantees .......................................................     20
     Incontestability .................................................     20
     Modification .....................................................     20
     Nonparticipating .................................................     20
     Payments by the Company ..........................................     20
     Proof of Age .....................................................     20
     Proof of Survival ................................................     20
     Splitting Units ..................................................     20
     Rights Reserved by the Company ...................................     20

QUALIFIED CONTRACT PROVISIONS

                                       3
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                             CONTRACT SPECIFICATIONS
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<S>                                                       <C>
CONTRACT NUMBER                                            [79-7900-123456]
CONTRACT TYPE                                              [Non qualified] or [Qualified plan under IRS
OWNER/ANNUITANT                                            code section 401, 403(b) or 408A]
                                                           [John J. Doe]
AGE OF OWNER                                               [Mary J. Doe]
AGE OF ANNUITANT                                           [35]
                                                           [35]
DATE OF COVERAGE                                            [June 21, 1998]
COVERED PERSON                                              [Annuitant]
CONTRACT ANNIVERSARY DATE                                   [June 21, 1999 ]
INITIAL PURCHASE PAYMENT                                    [$100,000]
MINIMUM INITIAL PURCHASE PAYMENT                            [$20,000]
MINIMUM ADDITIONAL PAYMENT                                  [$ 1,000]
MAXIMUM PURCHASE PAYMENT                                    [Any purchase payment that would NOT cause
(WITHOUT PRIOR APPROVAL OF THE COMPANY)                    Account Value to exceed $2,000,000]

BENEFICIARY (RELATIONSHIP)                                 [Susan J. Doe (Daughter)]
ANNUITY COMMENCEMENT DATE                                  [July 1, 2058][ If Charitable Remainder Trust,
                                                           July 1, 2063]
ANNUITY OPTION                                             [Deferred]
        Minimum Annuity Purchase Amount                    [$5,000]
        Minimum Initial Annuity Payment Amount             [$50]
        Account Fee After Annuity Commencement Date        [$50]
ACCOUNT FEE                                                [$50]
MAXIMUM ACCOUNT FEE                                        [$50]
MINIMUM ACCOUNT VALUE FOR WAIVER OF ACCOUNT FEE            [$100,000]
INITIAL GUARANTEE PERIODS(S)                               ["1-10 Year" or "Non-Elected"]
GUARANTEED INTEREST RATE                                   ["1YR-4.5%, "3YR-5.6%" or "N/A"]
        Minimum Guarantee Period Amount                    [$1,000]
        Minimum Guarantee Interest Rate                    3%
        Market Value Adjustment ("b" Factor)               [0%]                Maximum 0.25%
CURRENT FEE PER TRANSFER                                   [$0]
        Maximum Fee Per Transfer                           [$25]
        Maximum Number of Transfers per Year               [12]
        Minimum Transfer Amount                            [$1,000]
        Minimum Remaining in Sub-Account after Transfer    [$1,000]
        ANNUAL ASSET CHARGE
                 Up to  $999,999.99                        [ 1.40%] or  [1.55%] or [1.65%] or [1.80%]
                                                           [1.40% after Annuity Commencement Date]
                 $1,000,000 and over                       [1.15%] or [1.30%] or [1.40%] or [1.55%]
                                                           [1.15 after Annuity Commencement Date]

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BASIC DEATH BENEFIT                                         [The greatest of  1, 2 or 3  shown in the
                                                           "Amount of Death Benefit" provision]
OPTIONAL DEATH BENEFIT (S)
(Only available if Owner is age 79 or younger)              [None]

[EARNINGS ENHANCEMENT RIDER]                               [The Basic Death Benefit plus

                                                           - 40% of the lesser
                                                             of Net Purchase
                                                             Payments and the
                                                             Accumulation
                                                             Account Value minus
                                                             Net Purchase
                                                             Payments if the
                                                             Owner is 69 or
                                                             younger on the
                                                             Contract Date, or

                                                           - 25% of the lesser
                                                             of Net Purchase
                                                             Payments and the
                                                             Accumulation
                                                             Account Value minus
                                                             Net Purchase
                                                             Payments if the
                                                             Owner is between 70
                                                             and 79 years old on
                                                             the Date of
                                                             Coverage]

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

                                                                                [and]

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

                                                                                [and]

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

                                                           -  Interest will accrue on Purchase
                                                              Payments allocated to and transfers to
                                                              the Variable Account while they remain
                                                              in the Variable Account at 5% per year
                                                              until the first day of the month
                                                              following the Owner's 80th birthday or
                                                              until the Purchase Payment or amount
                                                              transferred has doubled in amount,
                                                              whichever. is earlier]

<PAGE>

                                                           [MAXIMUM ANNIVERSARY ACCOUNT VALUE RIDER AND 5%
                                                           PREMIUM ROLL-UP RIDER
[HOW WILL THE BENEFITS OFFERED BY THESE RIDERS BE
CALCULATED IF MORE THAN ONE IS ELECTED?]                   The death benefit will equal the greatest of the
                                                           following values:

                                                           -  Maximum Account Anniversary Account Value
                                                           -  5% Premium Rollup value
                                                           -  The Basic Death Benefit]

                                                           [MAXIMUM ANNIVERSARY ACCOUNT VALUE RIDER AND
                                                           EARNINGS ENHANCEMENT RIDER

                                                           The death benefit will equal the greater of the
                                                           following values:
                                                           -  Maximum Account Anniversary Account Value
                                                           -  The Basic Death Benefit

                                                                                    PLUS

                                                           THE AMOUNT CALCULATED UNDER THE EARNINGS
                                                           ENHANCEMENT RIDER USING THE BASIC DEATH BENEFIT
                                                           AS THE ACCUMULATION ACCOUNT VALUE ]

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

                                                           The death benefit will equal the greater of the
                                                           following values:

                                                           -  5% Premium Rollup value
                                                           -  the  Basic Death Benefit

                                                                                     PLUS

                                                           THE AMOUNT CALCULATED UNDER THE EARNINGS
                                                           ENHANCEMENT RIDER USING THE BASIC DEATH BENEFIT
                                                           AS THE ACCUMULATION ACCOUNT VALUE.]

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

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

                                                                                      PLUS

                                                           THE AMOUNT CALCULATED UNDER THE EARNINGS
                                                           ENHANCEMENT RIDER USING  THE BASIC DEATH BENEFIT
                                                           AS THE ACCUMULATION ACCOUNT VALUE.]
</TABLE>

Available Fund Options
[               ]

                                       4
<PAGE>

                                   DEFINITIONS

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

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

ACCUMULATION ACCOUNT: An account established for this Contract to which Net
Purchase Payments are credited

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

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

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

*ANNUITY OPTION: The method for making annuity payments.

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

APPLICATION: The document, if any, signed by the Owner that serves as his or her
Application for this Contract.

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

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

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

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

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

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

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

EXPIRATION DATE: The last day of a Guarantee Period.

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

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

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

                                       5
<PAGE>

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

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

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

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

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

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

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

PAYEE: A recipient of payments relating to this Contract.

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

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

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

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

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

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

VARIABLE ACCUMULATION UNIT: A unit of measure used in the calculation of the
value of the variable portion of an Accumulation Account.

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

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

                                   6
<PAGE>

                           FIXED AND VARIABLE ACCOUNTS

FIXED ACCOUNT

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

VARIABLE ACCOUNT AND SUB-ACCOUNTS

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

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

OWNERSHIP OF ASSETS

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

INVESTMENTS OF THE SUB-ACCOUNTS

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

                                PURCHASE PAYMENTS

PAYMENTS

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

                                       7
<PAGE>

Specifications page. If the Accumulation Account Value exceeds such maximum
amount, no additional Purchase Payments will be allocated without the prior
approval of the Company.

ACCOUNT CONTINUATION

         An Accumulation Account shall be continued automatically in full force
during the lifetime of the Owner until the Annuity Commencement Date or until
the Accumulation Account is surrendered.

ALLOCATION OF NET PURCHASE PAYMENTS

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

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

                   CONTRACT VALUES DURING ACCUMULATION PERIOD

ACCUMULATION ACCOUNT

         The Company will establish an Accumulation Account for each Owner and
will maintain the Accumulation Account during the Accumulation Period. The
Accumulation Account Value for any Valuation Period is equal to the variable
accumulation value, if any, plus the fixed accumulation value, if any, of the
Accumulation Account for that Valuation Period.

                             VARIABLE ACCOUNT VALUE

CREDITING VARIABLE ACCUMULATION UNITS

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

VARIABLE ACCUMULATION UNIT VALUE

         The Variable Accumulation Unit value for each Sub-Account was
established at $10.00 for the first Valuation Period of the particular
Sub-Account. The Variable Accumulation Unit value for the particular Sub-

                                       8
<PAGE>

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

VARIABLE ACCUMULATION VALUE

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

NET INVESTMENT FACTOR

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

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

          (a)  is the net result of:

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

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

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

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

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

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

                               FIXED ACCOUNT VALUE

GUARANTEE PERIODS

                                       9
<PAGE>

         The Owner elects one or more Guarantee Period(s) from among those made
available by the Company. The period(s) elected will determine the Guaranteed
Interest Rate(s). A Purchase Payment or the portion (at least equal to the
minimum Guarantee Period amount set forth on the Contract Specifications page)
thereof, including any applicable Purchase Payment Interest (or amount
transferred in accordance with the "Transfer Privilege" provision described
below) allocated to a particular Guarantee Period, less any applicable premium
taxes or similar taxes and any amounts subsequently withdrawn, will earn
interest at the Guaranteed Interest Rate in effect during the Guarantee Period.
Initial Guarantee Periods begin on the date a Net Purchase Payment is applied
(or, in the case of a transfer, on the effective date of the transfer) and end
when the number of calendar years in the Guarantee Period elected (measured from
the end of the calendar month in which the amount was allocated to the Guarantee
Period) has elapsed. The last day of a Guarantee Period is the Expiration Date.
Subsequent Guarantee Periods begin on the first day following the Expiration
Date.
         Any portion of an Accumulation Account Value allocated to a particular
Guarantee Period with a particular Expiration Date (including interest earned
thereon) is referred to as a Guarantee Amount. As a result of additional
Purchase Payments, renewals and transfers of portions of the Accumulation
Account Value, Guarantee Amounts allocated to Guarantee Periods of the same
duration may have different Expiration Dates, and each Guarantee Amount will be
treated separately for purposes of determining any market value adjustment.

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

GUARANTEED INTEREST RATES

         The Company periodically will establish an applicable Guaranteed
Interest Rate for each Guarantee Period offered by the Company. These rates will
be guaranteed for the duration of the respective Guarantee Periods. No
Guaranteed Interest Rate will be less than the minimum rate per year set forth
on the Contract Specifications page, compounded annually.

FIXED ACCUMULATION VALUE

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

TRANSFER PRIVILEGE

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

         Transfers involving Sub-Accounts will reflect the purchase or
cancellation of Variable Accumulation Units having an aggregate value equal to
the dollar amount being transferred to or from a particular Sub-Account. The
purchase or cancellation of such units shall be made using Variable Accumulation
Unit values of the applicable Sub-Account for the Valuation Period during which
the transfer is effective. Transfers to a Guarantee Period will

                                       10
<PAGE>

result in a new Guarantee Period for the amount being transferred. Any such
Guarantee Period will begin on the effective date of the transfer and end on the
Expiration Date. The amount transferred into such Guarantee Period will earn
interest at the Guaranteed Interest Rate declared by the Company for that
Guarantee Period as of the effective date of the transfer.

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

ACCOUNT FEE

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

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

        CASH WITHDRAWALS, WITHDRAWAL CHARGES AND MARKET VALUE ADJUSTMENT

CASH WITHDRAWALS

                                       11
<PAGE>

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

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

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

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

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

MARKET VALUE ADJUSTMENT

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

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

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

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

                                       12
<PAGE>

          where,

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

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

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

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

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

                                  DEATH BENEFIT

DEATH BENEFIT PROVIDED BY THE CONTRACT

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

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

ELECTION AND EFFECTIVE DATE OF ELECTION

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

         If no election of a method of settlement of the Death Benefit by the
Owner is in effect on the date of death of the Owner, the Beneficiary may elect
(a) to receive the Death Benefit in the form of a cash payment, in which event
the Accumulation Account will be canceled; or (b) to have the Death Benefit
applied under one or more of the Annuity Options in accordance with the
settlement provisions to effect, on the Annuity Commencement Date

                                       13
<PAGE>

determined in the "Payment of Death Benefit" section below, a Variable Annuity
or a Fixed Annuity or a combination of both for the Beneficiary as Payee. In no
event shall any method of settlement be exercised which would violate the
mandatory distribution requirements of Section 72(s) of the Code. For additional
options available if the designated Beneficiary is the surviving spouse, please
refer to the section of this Contract titled "OWNERSHIP PROVISIONS - Death of
Owner."

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

PAYMENT OF DEATH BENEFIT

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

AMOUNT OF DEATH BENEFIT

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

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

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

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

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

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

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

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

         If (2) or (3) is operative, the Accumulation Account Value will be
increased by the excess of (2) or (3) over (1) and the increase will be
allocated to the Sub-Accounts based on the respective values of the Sub-Accounts
on the Death Benefit Date. If the "Maximum Anniversary Value" or "5% Premium
Rollup Rider" Optional Death Benefit(s) is/are elected and is/are operative, The
Accumulation Account Value will be increased by the excess of

                                       14
<PAGE>

(4) over (1) and the increase will be allocated as described above. If no
portion of the Accumulation Account is allocated to the Sub-Accounts, the entire
increase will be allocated to the Sub-Account invested in either a money market
Fund, if available, or the Company's General Account.

                              SETTLEMENT PROVISIONS
GENERAL

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

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

ELECTION AND EFFECTIVE DATE OF ELECTION

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

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

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

DETERMINATION OF AMOUNT

         The adjusted value of the Accumulation Account is applied to provide a
Variable Annuity or a Fixed Annuity or a combination of both. This value shall
be equal to the Accumulation Account Value for the Valuation Period which ends
immediately preceding the Annuity Commencement Date, minus a proportionate
amount of the account fee to reflect the time elapsed between the last Contract
Anniversary and the day before the Annuity

                                       15
<PAGE>

Commencement Date, plus or minus any applicable market value adjustment and
minus any applicable premium or similar tax.

EFFECT OF ANNUITY COMMENCEMENT DATE ON ACCUMULATION ACCOUNT

          The Accumulation Account will be canceled on the Annuity Commencement
Date.

ANNUITY COMMENCEMENT DATE

         The Annuity Commencement Date is set forth on the Contract
Specifications page. This date may be changed from time to time by the Owner
provided that each change is effective at least 30 days prior to the then
current Annuity Commencement Date and the new Annuity Commencement Date is a
date which is: (1) at least 30 days after the effective date of the change; (2)
the first day of a month; and (3) not earlier than the first Contract
Anniversary; and (4) not later than the first day of the first month following

The Annuitant's 95th birthday, unless otherwise restricted, in the case of a
Qualified Contract, by the particular retirement plan or by applicable law. For
a Charitable Remainder Trust, the Annuity Commencement Date in (4) is the
Annuitant's 100th birthday. If more than one person is named as Annuitant, due
to the designation of a Co-Annuitant, the Annuity Commencement Date will not be
later than the first day of the first month following the 95th birthday of the
youngest of those persons so named (or the 100th birthday in the case of a
Charitable Remainder Trust). Any change of the Annuity Commencement Date may be
made by filing with the Company at its Annuity Service Mailing Address, a
written designation of a new Annuity Commencement Date in such form as the
Company may require. Any such change will become effective on the date the
designation is received by the Company.

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

FIXED ANNUITY PAYMENTS

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

VARIABLE ANNUITY PAYMENTS

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

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

                                       16
<PAGE>

a particular Sub-Account credited with respect to the Payee by the Annuity Unit
value for the particular Sub-Account for the Valuation Period which ends
immediately preceding the due date of each subsequent Variable Annuity payment.

ANNUITY UNIT VALUE

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

EXCHANGE OF VARIABLE ANNUITY UNITS

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

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

ACCOUNT FEE

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

DESCRIPTION OF ANNUITY OPTIONS

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

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

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

    -   ANNUITY OPTION C. Joint and Survivor Annuity: Monthly payments payable
        during the joint lifetime of the Payee and a designated second person
        and during the lifetime of the survivor. During the lifetime of the
        survivor variable monthly payments, if any, will be determined using the
        percentage chosen at the time of the election of this option of the
        number of

                                       17
<PAGE>

        each type of Annuity Unit credited with respect to the Payee, and each
        fixed monthly payment, if any, will be equal to the same percentage of
        the fixed monthly payment payable during the joint lifetime of the Payee
        and the designated second person.

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

AMOUNTS PAYABLE ON DEATH OF PAYEE

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

one sum. In the event of the death of a Beneficiary who has become entitled to
receive any remaining payments under any Annuity Option, the Company will pay
the amount specified for such option in the schedule below in one sum to the
deceased Beneficiary's estate. All payments made in one lump sum by the Company,
as provided in this paragraph, are made in lieu of paying any remaining payments
under the Annuity Option then in effect.

        OPTION  AMOUNT

            B   The discounted value of the remaining payments, if any, for the
                certain period.

            D   The discounted value of the remaining payments, if any, for the
                certain period.

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

ANNUITY PAYMENT RATES

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

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

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

                                       18
<PAGE>

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

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

<TABLE>
<CAPTION>
                               AMOUNT OF FIRST MONTHLY ANNUITY PAYMENT PER $1,000
                                     SINGLE LIFE ANNUITY(INTEREST AT 3.0%)
 -----------------------------------------------------------------------------------------------------------------------------------
               OPTION A                                                            OPTION B
             LIFE ANNUITY                                             LIFE ANNUITY WITH PAYMENTS CERTAIN
 -----------------------------------------------------------------------------------------------------------------------------------

                                                60 PAYMENTS          120 PAYMENTS          180 PAYMENTS           240 PAYMENTS
     ADJUSTED                                ---------------------------------------------------------------------------------------
       AGE        MALE      FEMALE            MALE      FEMALE      MALE     FEMALE      MALE      FEMALE       MALE       FEMALE
 -------------------------------------     -----------------------------------------------------------------------------------------
<S>              <C>        <C>              <C>        <C>        <C>       <C>        <C>        <C>         <C>         <C>
        20         2.98       2.91             2.98       2.91       2.98      2.90       2.98       2.90        2.97        2.90
 -------------------------------------     -----------------------------------------------------------------------------------------

                                       19
<PAGE>
<CAPTION>
                               AMOUNT OF FIRST MONTHLY ANNUITY PAYMENT PER $1,000
                                     SINGLE LIFE ANNUITY(INTEREST AT 3.0%)
 -----------------------------------------------------------------------------------------------------------------------------------
               OPTION A                                                            OPTION B
             LIFE ANNUITY                                             LIFE ANNUITY WITH PAYMENTS CERTAIN
 -----------------------------------------------------------------------------------------------------------------------------------

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

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

    YEARS          AMOUNT         YEARS          AMOUNT         YEARS         AMOUNT
------------------------------------------------------------------------------------------
<S>              <C>             <C>           <C>             <C>          <C>
      10            9.61            17            6.22            24           4.84
------------------------------------------------------------------------------------------
      11            8.86            18            5.96            25           4.70
------------------------------------------------------------------------------------------
      12            8.23            19            5.72            26           4.58
------------------------------------------------------------------------------------------
      13            7.71            20            5.51            27           4.47
------------------------------------------------------------------------------------------
      14            7.25            21            5.31            28           4.37
------------------------------------------------------------------------------------------
      15            6.86            22            5.14            29           4.27
------------------------------------------------------------------------------------------
      16            6.52            23            4.98            30           4.18
------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
                               AMOUNT OF FIRST MONTHLY ANNUITY PAYMENT PER $1,000
                                     SINGLE LIFE ANNUITY(INTEREST AT 2.5%)
 -----------------------------------------------------------------------------------------------------------------------------------
               OPTION A                                                            OPTION B
             LIFE ANNUITY                                             LIFE ANNUITY WITH PAYMENTS CERTAIN
 -----------------------------------------------------------------------------------------------------------------------------------

                                                60 PAYMENTS          120 PAYMENTS          180 PAYMENTS           240 PAYMENTS
    ADJUSTED                            ------------------------------------------------------------------------------------------
       AGE        MALE      FEMALE            MALE      FEMALE      MALE     FEMALE      MALE      FEMALE       MALE       FEMALE
 -------------------------------------     -----------------------------------------------------------------------------------------
<S>              <C>        <C>              <C>        <C>        <C>       <C>        <C>        <C>         <C>         <C>

                                       20
<PAGE>

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

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

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

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

    YEARS          AMOUNT         YEARS          AMOUNT         YEARS         AMOUNT
------------------------------------------------------------------------------------------
<S>               <C>             <C>           <C>             <C>          <C>
      10            9.39            17            6.00            24           4.60
------------------------------------------------------------------------------------------
      11            8.64            18            5.73            25           4.46
------------------------------------------------------------------------------------------
      12            8.02            19            5.49            26           4.34
------------------------------------------------------------------------------------------
      13            7.49            20            5.27            27           4.22
------------------------------------------------------------------------------------------
      14            7.03            21            5.08            28           4.12
------------------------------------------------------------------------------------------
      15            6.64            22            4.90            29           4.02
------------------------------------------------------------------------------------------
      16            6.30            23            4.74            30           3.93
------------------------------------------------------------------------------------------
</TABLE>

                                       21
<PAGE>

                              OWNERSHIP PROVISIONS

EXERCISE OF CONTRACT RIGHTS

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

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

DEATH OF OWNER

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

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

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

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

VOTING OF FUND SHARES

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

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

                                       22
<PAGE>

         All Fund proxy material, together with an appropriate form to be used
to give voting instructions, will be provided to each Owner and each Payee
having the right to give voting instructions at least ten days prior to each
meeting of the shareholders of the

Fund. The number of particular Fund shares as to which each such person Is
entitled to give instructions will be determined by the Company as of a date not
more than 90 days prior to each such meeting. Prior to the Annuity Commencement
Date, the number of Fund shares as to which voting instructions may be given to
the Company is determined by dividing the value of all the Variable Accumulation
Units of the particular Sub-Account credited to the Accumulation Account by the
net asset value of one Fund share as of the same date. On or after the Annuity
Commencement Date, the number of Fund shares as to which such instructions may
be given by a Payee is determined by dividing the reserve held by the Company in
the particular Sub-Account with respect to the particular Payee by the net asset
value of a Fund share as of the same date.

PERIODIC REPORTS

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

DESIGNATION AND CHANGE OF BENEFICIARY

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

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

                               GENERAL PROVISIONS

AGE AND SEX MISSTATEMENT

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

THIS CONTRACT

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

                                       23
<PAGE>

CURRENCY

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

DETERMINATION OF VALUES

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

GOVERNING LAW

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

GUARANTEES

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

INCONTESTABILITY

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

MODIFICATION

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

NONPARTICIPATING

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

PAYMENTS BY THE COMPANY

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

                                       24
<PAGE>

PROOF OF AGE

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

PROOF OF SURVIVAL

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

SPLITTING UNITS

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

RIGHTS RESERVED BY THE COMPANY

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

                                       25
<PAGE>

                   SUN LIFE ASSURANCE COMPANY OF CANADA (U.S.)
        A WHOLLY-OWNED SUBSIDIARY OF SUN LIFE ASSURANCE COMPANY OF CANADA
<TABLE>
<CAPTION>
EXECUTIVE OFFICE:                   HOME OFFICE:               ANNUITY SERVICE MAILING ADDRESS:
<S>                                 <C>                        <C>
One Sun Life Executive Park         Wilmington, DE             Sun Life of Canada (U.S.)
Wellesley Hills, MA  02181                                     Retirement Products and Services
                                                               P.O. Box 9133
                                                               Boston, MA  02103
</TABLE>

                      FLEXIBLE PAYMENT DEFERRED COMBINATION
                       VARIABLE AND FIXED ANNUITY CONTRACT
                                NONPARTICIPATING

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

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

                                       26<PAGE>

                                                                 EXHIBIT 10 (a)

INDEPENDENT AUDITORS' CONSENT

We consent to the use in this Pre-Effective Amendment No. 1 to the
Registration Statement on Form N-4 of Sun Life of Canada (U.S.) Variable
Account F (Reg. No. 333-31248) of our report dated February 10, 2000
accompanying the financial statements of the Futurity, Futurity II, Futurity
Focus and Futurity Accolade Sub-Accounts included in Sun Life of Canada
(U.S.) Variable Account F, to the use of our report dated February 10, 2000
accompanying the financial statements of the Regatta, Regatta Gold, Regatta
Classic and Regatta Platinum Sub-Accounts included in Sun Life of Canada
(U.S.) Variable Account F, and to the use of our report dated March 22, 2000
accompanying the financial statements of Sun Life Assurance Company of Canada
(U.S.), appearing in the MFS Regatta Access Prospectus and the Futurity Focus
II Prospectus, which are part of such Registration Statement, and to the
incorporation by reference of our statutory report dated February 10, 2000
appearing on the Annual Report on Form 10-K of Sun Life Assurance Company of
Canada (U.S.) for the year ended December 31, 1999, which includes
explanatory paragraphs relating to the use of statutory accounting practices
which differ from generally accepted accounting principles.

We also consent to the reference to us under the heading "Accountants" in
each Prospectus and under the heading "Financial Statements" in the
Statement of Additional Information relating to each Prospectus.

DELOITTE & TOUCHE LLP

Boston, Massachusetts
June 14, 2000

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