Document:

Exhibit 10.1

                             THE VALSPAR CORPORATION
                             1991 STOCK OPTION PLAN
                      AS AMENDED THROUGH DECEMBER 11, 2002

1.   PURPOSES OF THE PLAN
     --------------------

The purposes of the 1991 Stock Option Plan (the "Plan") are (i) to enhance the
ability of The Valspar Corporation (the "Company") and its subsidiary companies
to attract and retain superior personnel and (ii) to stimulate and reward their
interest and initiative. The Plan is designed to enable key officers and
employees, and certain other key individuals who perform services for the
Company, to contribute to the Company's strategic performance objectives by
making such individuals eligible to receive options to purchase common stock of
the Company as provided herein. Subject to the provisions of the Plan, options
may contain such terms and conditions as shall be required so as to be either
nonqualified stock options or incentive stock options as defined in Section 422
of the Internal Revenue Code of 1986, as amended (the "Code"). Subject to such
limits as may be imposed by existing or future laws or by the Plan, nonqualified
stock options or incentive stock options or both may be granted to eligible
individuals.

2.   STOCK SUBJECT TO THE PLAN
     -------------------------

Shares to be issued under the Plan shall be common stock of the Company (par
value $.50 per share) ("common stock"), not to exceed a maximum of 10,000,000
shares, and may be unissued shares or reacquired shares. If any options granted
under the Plan expire or terminate without having been exercised in full, such
unpurchased shares shall be available for other option grants. If shares of
common stock are delivered as full or partial payment upon exercise of an
option, the number of shares so delivered shall again be available for other
option grants.

3.   ADMINISTRATION
     --------------

The Plan shall be administered by a committee (the "Committee"), appointed from
time to time by the Company's Board of Directors (the "Board"), consisting of
not less than two members of the Board. Each Committee member shall be (a)
non-employee director within the meaning of Rule 16b-3 under the Securities
Exchange Act of 1934 (the "Exchange Act") or any successor Rule and (b) an
outside director within the meaning of Section 162(m) of the Internal Revenue
Code of 1986, as amended, and the rules and regulations thereunder. Except as
provided below, the Committee shall determine from time to time (i) the
individuals to whom grants will be made; (ii) the number of shares to be
granted; and (iii) the terms and provisions of each option (which need not be
identical). Except as provided below, each grant shall be in such form and
content as the Committee shall determine.

The Committee may from time to time adopt rules for carrying out the Plan and
for its interpretation and construction which rules shall be final, conclusive
and binding on all parties. All determinations of the Committee shall be made by
a majority of the Committee. Any determination reduced to writing and signed by
all members shall be as effective as if it had been made by a majority vote at a
duly constituted meeting.

The Company's Chief Executive Officer may, on a discretionary basis and
without Committee review or approval, grant options to purchase up to 5,000
shares each to new employees of the Company who are not officers of the Company.
Such discretionary option grants shall not exceed 25,000 shares in total in any
fiscal year. Subject to the foregoing limitations, the Chief Executive Office
shall determine from time to time (i) the new employees to whom grants will be
made,

<PAGE>

(ii) the number of shares to be granted, and (iii) the terms and provisions of
each option (which need not be identical).

4.   ELIGIBILITY
     -----------

Options will be granted only to salaried officers and employees of the Company
or of a subsidiary (as defined in Section 425 of the Code) and to any other
individual who performs services for the Company and contributes to its
strategic performance objectives, including, without limitation, members of the
Board of Directors, consultants and advisors ("Optionee"); provided, however,
that a consultant or advisor shall not be eligible to receive stock options
hereunder unless such consultant or advisor renders bona fide services to the
Company or a subsidiary and such services are not in connection with the offer
or sale of securities in a capital-raising transaction.

Notwithstanding any other provisions of the Plan, the maximum number of shares
of Common Stock that may be covered by option grants to a person covered by
Section 162(m) of the Code during any fiscal year shall be 500,000 shares.

5.   OPTION PRICE
     ------------

The exercise price of each option shall be not less than 100% of the fair market
value of the common stock at the closing price on the day preceding the date
that such option is granted.

6.   EXERCISE OF OPTION
     ------------------

The Committee may prescribe at the time of grant that the option will be
exercisable in full or in installments at any time or from time to time.
Optionee is not required to exercise options in the sequential order that the
options were granted. An option shall be exercised by written notice in a form
designated by the Company accompanied by full payment of the purchase price. All
or part of the purchase price may be paid by surrender (or deemed surrender
through attestation) of previously acquired shares of common stock which has
been owned for more than six months on the date of surrender valued at the fair
market value at the closing price on the day preceding the date of exercise.
Until an option is exercised and the stock certificate issued, the Optionee
shall have no rights as a stockholder with respect to such option.

7.   WITHHOLDING OF TAXES
     --------------------

Upon exercise of an option, the Optionee shall (i) pay cash, (ii) surrender
previously acquired shares of common stock or (iii) authorize the withholding of
shares from the shares issued upon exercise of an option for all taxes required
to be withheld.

8.   NON-TRANSFERABILITY
     -------------------

Except as otherwise provided by the Committee, Options shall not be
transferable, voluntarily or involuntarily, except by will or applicable laws of
descent and distribution. Only the Optionee or Optionee's legal representative
or guardian or a permitted transferee may exercise the option.

9.   DILUTION OR OTHER ADJUSTMENTS
     -----------------------------

The number of shares subject to the Plan, the outstanding options and the
exercise price may be adjusted by the Committee as it deems equitable in the
event of stock split, stock dividend, recapitalization, reclassification or
similar event to prevent dilution or enhancement of option rights.

10.  MERGERS, ACQUISITION OR OTHER REORGANIZATION
     --------------------------------------------

The Committee may make provision, as it deems equitable, for the protection of
Optionees with grants of outstanding options in the event of (a) merger of the
Company into, or the acquisition of substantially all of the stock or assets of
the Company by, another entity; or (b) liquidation; or (c) other reorganization
of the Company.

<PAGE>

11.  CHANGE OF CONTROL
     -----------------

Upon any Change of Control, each outstanding option shall immediately become
exercisable in full for the remainder of its term without regard to any vesting
or installment exercise provisions then applicable to the option. This section
applies to all options outstanding under this Plan as of June 16, 1999, as well
as to all options granted under this Plan thereafter. For purposes of this Plan,
the term "Change of Control" means any of the following:

A.   Any individual, entity or group becomes a beneficial owner (as defined in
     Rule 13d-3 of the Securities Exchange Act of 1934), directly or indirectly,
     of 20% or more of the voting stock of the Company;

B.   The persons who were directors of the Company immediately prior to any
     contested election or series of contested elections, tender offer, exchange
     offer, merger, consolidation, other business combinations, or any
     combination of the foregoing cease to constitute a majority of the members
     of the Board of Directors of the Company immediately following such
     occurrence;

C.   Any merger, consolidation, reorganization or other business combination
     where the individuals or entities who constituted the Company's
     shareholders immediately prior to the combination will not immediately
     after the combination own at least 50% of the voting securities of the
     business resulting from the combination;

D.   The sale, lease, exchange or other transfer of all or substantially all the
     assets of the Company to any individual, entity or group not affiliated
     with the Company;

E.   The liquidation or dissolution of the Company; or

F.   The occurrence of any other event by which the Company no longer operates
     as an independent public company.

12.  AMENDMENT OF THE PLAN
     ---------------------

The Plan may be amended, suspended or discontinued in whole or in part at any
time and from time to time by the Board, provided, however, that no amendment to
increase the number of shares with respect to which options may be granted, or
to increase materially the benefits accruing to Optionees, or to materially
modify the requirements as to eligibility, shall be effective without
stockholder approval where the failure to obtain such approval would adversely
affect the compliance of the Plan with Rule 16b-3 under the Exchange Act or
successor rule and with other applicable law, including the Code. No amendment
of the Plan shall adversely affect in a material manner any right of any
Optionee with respect to a prior grant without such Optionee's written consent.

13.  DURATION OF THE PLAN
     --------------------

The Amended Plan shall become effective as of December 11, 2002, subject to
stockholder approval, to increase the total number of shares reserved for
issuance upon exercise of options to be granted under the Plan. Incentive Stock
Options may be granted from time to time during a period of ten (10) years from
the effective date of the Amended Plan. Nonqualified stock options may be
granted from time to time from the effective date until the Plan is discontinued
or terminated by the Board.THE TRAVELERS LIFE AND ANNUITY COMPANY o ONE CITYPLACE o
                       HARTFORD, CONNECTICUT o 06103-3415
                                 A STOCK COMPANY

                                              Mailing Address:  P.O. Box 990009
                                                        Hartford, CT 06199-0009

  We are pleased to provide You the benefits of this Variable Annuity Contract.
          Please read Your Contract and all attached forms carefully.

                         RIGHT TO EXAMINE THIS CONTRACT

IN ORDER TO CANCEL THIS  CONTRACT,  YOU MUST PROVIDE A WRITTEN  REQUEST AND THIS
CONTRACT TO US AT OUR MAILING  ADDRESS OR TO OUR AGENT  WITHIN 10 CALENDAR  DAYS
AFTER ITS DELIVERY TO YOU. WE WILL PAY YOU THE CONTRACT  VALUE  DETERMINED AS OF
THE NEXT VALUATION DATE AFTER WE RECEIVE THE WRITTEN REQUEST AT OUR OFFICE, PLUS
ANY PREMIUM TAX, AND CONTRACT CHARGES PAID.  AFTER THE CONTRACT IS RETURNED,  IT
WILL BE CONSIDERED AS NEVER IN EFFECT.

This Contract is issued in consideration of the Purchase Payments. It is subject
to the terms and conditions stated on the attached pages, all of which are parts
of it.

                        Executed at Hartford, Connecticut

  /s/ George C. Kokules                              /s/ Ernest J. Wright

         President                                         Secretary

This is a legal Contract between You and Us.       READ YOUR CONTRACT CAREFULLY.

         FLEXIBLE PREMIUM INDIVIDUAL DEFERRED VARIABLE ANNUITY CONTRACT
                    LIFE ANNUITY COMMENCING AT MATURITY DATE

ELECTIVE OPTIONS                                               NON-PARTICIPATING

         VALUES PROVIDED BY THIS CONTRACT, WHEN BASED ON THE INVESTMENT
            EXPERIENCE OF THE SEPARATE ACCOUNT, ARE VARIABLE AND MAY
     INCREASE OR DECREASE AND ARE NOT GUARANTEED AS TO FIXED DOLLAR AMOUNT.

                                       1
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                                TABLE OF CONTENTS
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Right to Examine this Contract                                       Cover Page

Contract Specifications                                                  Page 3

Definitions                                                              Page 5

Ownership, Beneficiary and Annuitant Provisions                          Page 7

Purchase Payment and Valuation Provisions                                Page 8

Death Benefit Provision                                                  Page 12

Settlement Provisions                                                    Page 13

General Provisions                                                       Page 15

Annuity Tables                                                           Page 17

        Any Amendments, Riders or Endorsements follow the Annuity Tables.

                                       2
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                             CONTRACT SPECIFICATIONS
--------------------------------------------------------------------------------

CONTRACT NUMBER

MARKET TYPE

OWNER

JOINT OWNER

ANNUITANT

CONTINGENT ANNUITANT

CONTRACT DATE

MATURITY DATE

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PURCHASE PAYMENTS:
     MINIMUM INITIAL PURCHASE PAYMENT:  $5,000
     MINIMUM SUBSEQUENT PURCHASE PAYMENT: $500
     MAXIMUM SUM OF INITIAL AND SUBSEQUENT PURCHASE PAYMENTS:  $1,000,000 unless
     We consent to a larger amount.

FIXED ACCOUNT:

MINIMUM GUARANTEED  INTEREST RATE: The Minimum Guaranteed  Interest Rate for the
Fixed Account is 3%.

GUARANTEED INTEREST PERIODS:  The initial interest rate for any Purchase Payment
allocated to the Fixed  Account is  guaranteed  for one year from the date it is
credited to Your  Contract.  Subsequent  renewal rates will be guaranteed  for a
calendar  quarter.  These  guarantees do not apply to any dollar cost  averaging
program offered by Us, or to any other administrative program.

TRANSFERS:  You may transfer up to 15% of the Fixed  Account value to any of the
Funding  Options  twice a year  during  the 30 days  following  the  semi-annual
Contract Date anniversary.

SEPARATE ACCOUNT:

THE TRAVELERS SEPARATE ACCOUNT TEN FOR VARIABLE ANNUITIES
Information  about the Separate  Account and the Funding  Options is provided in
the prospectus for The Travelers Separate Account Ten for Variable Annuities.

FUNDING OPTIONS DEDUCTIONS:
The Administrative  Charge and the Mortality and Expense Risk Charge result in a
daily deduction of [.00004658]  per Funding Option.  When expressed on an annual
basis, assuming a 365-day year, the deduction equals [1.70%] per Funding Option.

    Administrative Charge:  .15% on an annual basis
    Mortality and Expense Risk Charge:  [1.55%] on an annual basis

ANNUAL CONTRACT CHARGE: $30.00
This charge will be assessed annually on the fourth Friday of August.

This charge will not be assessed under the following situations:
     (a) if Your Contract  value is $40,000 or greater on the date the charge is
         assessed;
     (b) from any amount in the Fixed Account;
     (c) distribution of proceeds due to death; or
     (d) after an Annuity payout has begun.

                                       3
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                             CONTRACT SPECIFICATIONS
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WITHDRAWAL  CHARGE:  The Withdrawal  Charge is calculated as a percentage of the
Purchase Payments  withdrawn on a first-in,  first-out basis. For the purpose of
determining the withdrawal  charge, the order of withdrawal will be deemed to be
taken from (a) any  Purchase  Payments  that are not  subject to the  withdrawal
charge;  (b) next from any  remaining  free  withdrawal  allowance (as described
below) after the reduction by the amount of (a); (c) next from Purchase Payments
still subject to a withdrawal charge (on a first-in,  first-out basis); and then
from (d) from  Contract  earnings.  Any free  withdrawals  taken will not reduce
Purchase Payments still subject to the withdrawal charge.

       NUMBER OF YEARS SINCE A
       PURCHASE PAYMENT WAS APPLIED                WITHDRAWAL CHARGE PERCENTAGE

    GREATER THAN OR EQUAL TO        BUT LESS THAN

             [0 years                  4 years                  6.0%
             4 years                   6 years                  5.0%
             6 years                   7 years                  4.0%
             7 years                   8 years                  3.0%
             7+ years                                           0.0%]

DEDUCTIONS NOT SUBJECT TO A WITHDRAWAL CHARGE:
We will not deduct a withdrawal charge under this Contract due to:
     (a)  death  of the  Contract  owner  or the  Annuitant  with no  Contingent
          Annuitant surviving; or
     (b)  Minimum  Distributions (as defined by the Internal Revenue Code) taken
          under Our managed  distribution  program  then in effect if elected by
          the owner by a Written Request; or
     (c)  a Life Annuity option has begun; or
     (d)  Payments for a Fixed Period of at least 5 year duration has begun.

FREE WITHDRAWAL ALLOWANCE: After the first Contract Year, You may withdraw up to
10 % of Your  Contract  value  annually  without  imposition  of the  withdrawal
charge.  If You have  Purchase  Payments  no longer  subject  to the  withdrawal
charge,  the  maximum You may  withdraw  without  the  withdrawal  charge is the
greater  of:  (a) the free  withdrawal  allowance;  or (b) the  total  amount of
Purchase Payments no longer subject to a withdrawal charge.

NOTE: Any free withdrawal taken will reduce Purchase  Payments no longer subject
to a withdrawal charge. The available amount will be calculated as of the end of
the previous  Contract Year. The free  withdrawal  amount is not cumulative from
year to year. The free withdrawal  allowance  applies to any partial  withdrawal
and to full withdrawals,  except those transferred directly to annuity contracts
issued by unaffiliated carriers and financial institutions.`

TRANSFER  CHARGE:  We  reserve  the right to assess a  transfer  charge of up to
$10.00 on transfers exceeding 12 per year. We will notify You In Writing at Your
last known address at least 31 days prior to the imposition of any such Transfer
Charge.

TERMINATION:  We reserve the right to terminate  this Contract when the Contract
value is less than $2,000 and Purchase  Payments have not been made for at least
two years.

ASSUMED DAILY NET INVESTMENT FACTOR: Upon  annuitization,  the Assumed Daily Net
Investment  Factor for variable payments is 1.000081 for each Funding Option and
1.000041 for fixed  payments.  When  expressed on an annual basis this equals 3%
for variable payments and 1.5% for fixed payments, assuming a 365-day year.

                                       4
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                                   DEFINITIONS
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ACCUMULATION UNIT - an accounting unit of measure used to calculate the value of
this Contract before annuity payments begin.

AGE - age last birthday.

ANNUITANT  - the person on whose life the  Maturity  Date and  annuity  payments
depend.

ANNUITY  UNIT(S) - an accounting  unit of measure used to calculate the value of
annuity payments.

CODE - the Internal  Revenue Code of 1986, as amended,  and all related laws and
regulations, which are in effect during the term of this Contract.

CONTRACT - a Contract that describes the benefits,  rights,  and  obligations of
the owner and Us.

CONTRACT DATE - the date on which the Contract is issued.

CONTRACT YEARS - twelve-month periods beginning with the Contract Date.

DEATH REPORT DATE - the Valuation Date coincident with or next following the day
on which We have received 1) Due Proof of Death and 2) a Written  Request for an
election of a single sum payment or an alternate  Settlement Option as described
in the Contract.

DUE PROOF OF DEATH - 1) a copy of a certified death certificate;  2) a copy of a
certified  decree of a court of  competent  jurisdiction  as to the  finding  of
death; 3) a written statement by a medical doctor who attended the deceased;  or
4) any other proof satisfactory to Us.

FIXED ACCOUNT(S) - an account that consists of the assets (other than those in a
Separate Account) that are part of the General Account of the Company. The Fixed
Account may not always be available under this Contract.

FUNDING  OPTION(S) - that  portion of the assets of a division  of the  Separate
Account,  which is allocated to a particular  Underlying  Fund;  also known as a
Sub-Account.

MATURITY DATE - the date on which the annuity payments are to begin.

MINIMUM  DISTRIBUTIONS - Minimum  amounts that must be distributed  each year in
relation to certain qualified plans under the Code.

NONQUALIFIED  CONTRACT - a Contract other than a Qualified  Contract,  funded by
after-tax contributions.

OUR OFFICE - the Home Office of The  Travelers  Life and Annuity  Company or any
other  office  which We may  designate  for the  purpose of  administering  this
Contract.  All  correspondence  regarding  this  Contract  should be sent to Our
mailing address stated on the cover page of this Contract.

PREMIUM TAX - the amount of tax, if any, charged by a state or municipality.  We
will deduct any  applicable  Premium  Tax from the  Contract  value  either upon
surrender,  annuitization, death, or at the time a Purchase Payment is made, but
no earlier than when We have the liability under state law.

PURCHASE PAYMENT(S) - payments of premium You make to Us under this Contract.

QUALIFIED  CONTRACT - a Contract used in a retirement  plan or program,  whereby
the Purchase  Payments and any gains are intended to qualify under sections 401,
403, 408, and 457 of the Code.

SETTLEMENT OPTION(S) - an annuity option elected under this Contract.

                                       5

<PAGE>

SEPARATE  ACCOUNT(S)  -  the  Separate  Account(s)  indicated  in  the  Contract
Specifications,  which We  established  for this class of Contracts  and certain
other Contracts.

TERMINATION - discontinuance of this Contract by Us or by Your Written Request.

UNDERLYING  FUND(S) - an open-end  diversified  management  investment  company,
which serves as a Funding Option under the Separate Account.

VALUATION DATE(S) - a date on which a Funding Option is valued, generally at the
close of  business  on each day the New York Stock  Exchange is open for trading
(except for when  trading is  restricted  due to an  emergency as defined by the
Securities and Exchange Commission).

VALUATION PERIOD(S) - the period of time between successive Valuation Dates.

WE, US, OUR - The Travelers Life and Annuity Company

WRITTEN  REQUEST  -  written   information   including  requests  for  Contract,
beneficiary,  ownership,  transfers, surrenders or other changes sent to Us in a
form and content  satisfactory  to Us and  received in good order at Our Office.
Requests for changes are subject to any action taken prior to our receipt of the
written information.

YOU, YOUR - the owner, including any joint owner.

                                       6
<PAGE>

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                 OWNERSHIP, BENEFICIARY AND ANNUITANT PROVISIONS
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OWNERSHIP
This Contract  belongs to the owner shown in the Contract  Specifications  or to
any person subsequently named in a Written Request of "Transfer of Ownership" as
provided below. As owner, You have sole power during the Annuitant's lifetime to
exercise any rights and to receive all benefits given in this Contract, provided
You have not named an irrevocable  beneficiary  and provided the Contract is not
assigned.

You will be the  recipient of all payments  while the  Annuitant is alive unless
You direct them to an  alternate  recipient  by Written  Request.  An  alternate
recipient does not become the owner. An alternate payment directive is revocable
by You at any time by giving Us 30 days advance notice by Written Request.

JOINT OWNERS
Joint owners may be named in a Written Request prior to the Contract Date. Joint
owners may independently  exercise transfers between Funding Options.  All other
rights of ownership  must be exercised by joint  action.  Joint owners own equal
shares of any benefits  accruing or payments made to them. All rights of a joint
owner end at death if another joint owner  survives.  The entire interest of the
deceased  joint owner in this Contract  will pass to the surviving  joint owner,
unless the deceased joint owner was also the Annuitant.

If a joint owner dies before payment of an annuity option begins and is survived
by the  Annuitant,  any surviving  joint owner is the  "designated  beneficiary"
referred to in Section 72(s) of the Code,  and his or her rights  pre-empt those
of the beneficiary  named in a Written Request.  Upon the death of a joint owner
who is the Annuitant, the entire interest will pass to the beneficiary(ies).

TRANSFER OF OWNERSHIP
You may transfer ownership by Written Request,  subject to Our approval. You may
not revoke any transfer of ownership  after We receive the Written  Request.  It
will take  effect  subject to any  payments  made or other  actions  taken by Us
before the Written Request is received.

Until a new  beneficiary is designated,  a transfer of ownership does not affect
the interest of any  beneficiary  designated  prior to the effective date of the
transfer.

A transfer of ownership may have tax  consequences  to You;  please consult Your
tax advisor.

ASSIGNMENT
To the extent permitted by law, You may collaterally  assign ownership of all or
a portion of this  Contract  by Written  Request  without  the  approval  of any
beneficiary  unless  irrevocably  named.  You may not  exercise  any  rights  of
ownership  while the  assignment  remains in effect  without the approval of the
collateral assignee.  We are not responsible for the validity of any assignment.
Once We record the  collateral  assignment,  it will take effect  subject to any
payments  made or other  actions  taken by Us  before  the  Written  Request  is
recorded.

If a claim is made based on an  assignment,  We may require proof of interest of
the claimant.  An assignment  takes precedence over any rights of a beneficiary.
Any amounts due under an assignment will be paid in a single sum.

An assignment may have adverse tax  consequences to You; please consult Your tax
advisor.

CREDITOR CLAIMS
To the extent  permitted by law, no right or benefit of the owner or beneficiary
under this  Contract  shall be subject to the claims of  creditors  or any legal
process except as may be provided by an assignment.

BENEFICIARY
The  beneficiary  is the party  named by You in a Written  Request  prior to the
Annuitant's  death.  If the  beneficiary has been  irrevocably  designated,  the
beneficiary cannot be changed without such beneficiary's written consent.

The beneficiary has the right to receive any remaining contractual benefits upon
the death of the Annuitant,  or under certain  circumstances,  upon the death of
the owner. If there is more than one beneficiary  surviving,  the  beneficiaries
will share equally in benefits unless You have indicated  different  shares in a
Written Request. When the Annuitant dies, if You have not named a beneficiary or
if the named  beneficiary is not living, We will pay the death benefit to You or
Your estate.

If a joint  owner dies and is  survived by the  Annuitant  before  payment of an
annuity option begins, any surviving joint owner is the "designated beneficiary"
referred to in Section 72(s) of the Code,  and his or her rights  pre-empt those
of the beneficiary named in a Written Request.

                                       7
<PAGE>

ANNUITANT
The Annuitant is the individual  shown in the Contract  Specifications  on whose
life  annuity  payments are made.  The  Annuitant  may not be changed  after the
Contract Date.

CONTINGENT ANNUITANT
You may name one individual as a contingent  Annuitant by Written  Request prior
to the Contract Date, provided the owner is not a trust. A contingent  Annuitant
may not be changed, deleted or added to the Contract after the Contract Date.

If the  Annuitant  (who is not the owner) dies prior to the Maturity  Date while
this Contract is in effect and while the contingent Annuitant is living:
     a.   the death benefit will not be payable upon the Annuitant's death;
     b.   the contingent Annuitant becomes the Annuitant; and
     c.   all other rights and benefits  provided by this Contract will continue
          in effect.

When a contingent Annuitant becomes the Annuitant, the Maturity Date remains the
same as previously in effect, unless otherwise provided.

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                    PURCHASE PAYMENT AND VALUATION PROVISIONS
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PURCHASE PAYMENT

PURCHASE PAYMENT
A Purchase  Payment is any payment You make to this Contract for the benefits it
provides.  An initial lump sum Purchase Payment must be made to the Contract and
is due and payable before the Contract becomes effective.  Each Purchase Payment
is payable to Us at Our Office;  the minimum and maximum  initial and subsequent
Purchase Payment amounts are shown in the Contract Specifications. No additional
Purchase  Payment  after the initial  Purchase  Payment is required to keep this
Contract in force, except as provided in the "Termination" provision.

A net  Purchase  Payment is that part of each  Purchase  Payment  applied to the
Contract value. A net Purchase Payment is equal to the Purchase Payment less any
applicable Premium Tax charge.

ALLOCATION OF PURCHASE PAYMENT
We will apply any net Purchase Payment to provide Accumulation Units of selected
Funding Options and/or the Fixed Account (if  applicable) of this Contract.  The
initial net Purchase  Payment will be applied within two business days following
its  receipt  at Our  Office,  if the  information  received  is in good  order.
Subsequent  net Purchase  Payments  will be applied on the same  business day if
received  in good order at Our Office on or before 4:00 p.m.,  Eastern  Standard
Time. The net Purchase  Payment will be allocated to the Funding  Options and/or
the Fixed Account (if  applicable) in the  proportion  specified by You for this
Contract.

FUNDING OPTION VALUATION

NUMBER OF ACCUMULATION UNITS
The number of  Accumulation  Units to be credited to each Funding  Option once a
Purchase  Payment has been received by Us will be determined by dividing the net
Purchase  Payment applied to that Funding Option by the then  Accumulation  Unit
Value of that Funding Option.

ACCUMULATION UNIT VALUE
We determine the value of an  Accumulation  Unit in each Funding  Option on each
Valuation Date by multiplying  the value on the preceding  Valuation Date by the
net  investment  factor for that Funding  Option for the  Valuation  Period just
ended.

The value of an  Accumulation  Unit on any date other than a Valuation Date will
be equal to its value as of the next Valuation Date.

                                       8
<PAGE>

NET INVESTMENT FACTOR
The net  investment  factor  is a  factor  applied  to  measure  the  investment
performance of a Funding  Option from one Valuation  Period to the next. The net
investment factor for a Funding Option for any Valuation Period is determined by
dividing A by B and subtracting C where:

     A is
        1.   the Net Asset  Value per share of the  Underlying  Fund held in the
             Funding Option as of the Valuation Date; plus
        2.   the per-share  amount of any dividend or capital gain  distribution
             on shares of the Underlying  Fund held by the Funding Option if the
             ex-dividend date occurs in the Valuation Period just ended; plus or
             minus
        3.   a per-share charge or credit,  as We may determine on the Valuation
             Date for tax reserves; and

     B is
        1.   the Net Asset  Value per share of the  Underlying  Fund held in the
             Funding Option as of the last prior Valuation Date; plus or minus
        2.   the  per-share or per-unit  charge or credit for tax reserves as of
             the end of the last prior Valuation Date; and

     C  is the applicable Funding Option  deduction for the Valuation Period.

Assets in each Funding  Option will be valued at fair market value in accordance
with accepted accounting practices and applicable laws and regulations.

All Funding Option deductions related to this Contract are shown in the Contract
Specifications.

FIXED ACCOUNT VALUATION

FIXED ACCOUNT VALUE
Net Purchase  Payments  are applied to increase the value of the Fixed  Account.
The  initial  value  of the  Fixed  Account  will  be the net  Purchase  Payment
allocated  to the  Fixed  Account,  or  amounts  transferred  from  the  Funding
Option(s) to the Fixed Account.  On any subsequent  valuation date, the value of
the Fixed Account will equal:
     1.   the value of the Fixed Account on the preceding Valuation Date; plus
     2.   any net  Purchase  Payments  or amounts  transferred  from the Funding
          Option(s) applied on that Valuation Date; minus
     3.   the dollar value of any transfers,  withdrawals,  charges or taxes, if
          any deducted from the Fixed Account; plus
     4.   any interest earned.

NUMBER OF ACCUMULATION UNITS
For accounting purposes,  upon receipt of each net Purchase Payment allocated to
the Fixed Account,  We will convert each Purchase Payment to Accumulation Units.
We will determine the number of  Accumulation  Units to be credited to the Fixed
Account by dividing the net Purchase  Payment  allocated to the Fixed Account by
the then dollar value of one Accumulation Unit of the Fixed Account.

ACCUMULATION UNIT VALUE
We determine the value of an  Accumulation  Unit in the Fixed Account on any day
by multiplying  the value on the  immediately  preceding day by the net interest
factor for the day on which the value is being determined.

NET INTEREST FACTOR
The net interest factor for any day is the guaranteed net interest rate as shown
in the Contract Specifications, plus any additional amounts credited by Us, plus
1.0000.  Interest is credited daily. The method of crediting additional interest
will be at Our discretion.

TRANSFERS AMONG FUNDING OPTIONS AND THE FIXED ACCOUNT

You may transfer all or any part of the Contract  value from one Funding  Option
to any other Funding  Option at any time up to 30 days before the Maturity Date.
Additionally, You may transfer a part of the Fixed Account value (if applicable)
to any of the Funding Options  available under the Separate  Account as shown in
the Contract Specifications.

Amounts may  generally  be  transferred  from the  Funding  Options to the Fixed
Account  (if  applicable)  at any time up to 30 days before the  Maturity  Date.
Amounts previously transferred from the Fixed Account to the Funding Options may
not be transferred back to the Fixed Account for a period of at least six months
from the date of transfer. We reserve the right to limit the number of transfers
from one Funding Option to any other Funding Option or to the Fixed Account.  We
will always allow at least one transfer in any six month period.

Transfers  between Funding Options and/or the Fixed Account (if applicable) will
result in the  addition or deletion of  Accumulation  Units having a total value
equal to the dollar  amount being  transferred  to or from a particular  Funding
Option

                                       9
<PAGE>

and/or the Fixed Account. The number of Accumulation Units will be determined by
using the  Accumulation  Unit Value of the Funding  Options  involved and/or the
Fixed Account as of the next valuation after We receive  notification of request
for  transfer.  Transfers  will be subject  to any  applicable  Transfer  charge
described in the Contract Specifications.

We reserve the right to restrict transfers between Funding Options by any market
timing firm or any other third party authorized to initiate  transfers on behalf
of multiple Contract owners. We may not accept,  among other things; 1) transfer
instructions  of any agent  acting  under a power of  attorney on behalf of more
than one owner, or 2) transfer or exchange instructions of individual owners who
have executed pre-authorized transfer forms which are submitted by market timing
firms or other  third  parties  on  behalf of more than one  owner.  We  further
reserve the right to limit transfers by Contract owners,  any market timing firm
or any other third party authorized to initiate  transfers on behalf of multiple
Contract  owners,  that  We  may  determine,   in  Our  sole  discretion,   will
disadvantage other Contract owners.

CONTRACT VALUES

CONTRACT VALUE
The Contract value on any date equals the sum of the  accumulated  values in the
Funding Options and the Fixed Account (if applicable).  The accumulated value in
a Funding Option equals the number of outstanding Accumulation Units credited to
that Funding Option,  multiplied by the then current Accumulation Unit Value for
that Funding Option.

The  Accumulation  value of the Fixed Account  equals the number of  outstanding
Accumulation  Units  credited  to the Fixed  Account  multiplied  by the current
Accumulation Unit Value of the Fixed Account.

The Guaranteed  value of the Fixed Account equals the  accumulated  value of the
Fixed Account calculated by using the guaranteed net interest factor.

CONTRACT CHARGE
A  Contract  charge  in the  amount  and for the  period  shown in the  Contract
Specifications  will be deducted  from the  Contract  value to  reimburse Us for
administrative  expenses  relating to the Contract.  The Contract charge will be
deducted by surrendering,  on a pro rata basis,  Accumulation Units from amounts
allocated to the Funding Options.  The Contract charge will not be deducted from
the Fixed Account.

We will deduct the Contract  charge on a pro rata basis if the Contract has been
in effect for less than a full  period on the date the charge is  deducted.  The
Contract  charge will also be prorated upon full surrender or Termination of the
Contract.

CASH SURRENDER VALUE
The cash  surrender  value is equal to the  Contract  value less any  applicable
withdrawal  charges and fees as shown in the Contract  Specifications,  less any
applicable Premium Tax and less any outstanding loan balance.

The guaranteed  cash surrender  value of the Fixed Account equals the guaranteed
value of the Fixed Account less any applicable  charges and fees as shown in the
Contract   Specifications,   less  any  applicable  Premium  Tax  and  less  any
outstanding loan balance.

                                       10
<PAGE>

CASH SURRENDER
You may elect by Written  Request to receive the cash surrender value before the
Maturity  Date and  without the consent of any  beneficiary  unless  irrevocably
named.  You may elect either a full or partial  surrender of the cash  surrender
value. In the case of a full surrender,  this Contract will be canceled.  In the
case of a partial surrender,  We will reduce Your Contract value by surrendering
Accumulation  Units on a pro rata basis from  amounts  allocated  to the Funding
Options  and from  the  Fixed  Account  (if  applicable),  unless  You  instruct
otherwise. A partial surrender will result in a reduction of Your Contract value
and death benefit proceeds.

The cash  surrender  value  will be  determined  as of the next  Valuation  Date
following  receipt of Your  Written  Request.  We may delay  payment of the cash
surrender  value of the  Funding  Options  for a period  of not more  than  five
business  days after Your Written  Request is recorded.  We may delay payment of
the cash surrender  value of the Fixed Account for a period of not more than six
months after We receive Your Written Request.

CONTRACT CONTINUATION

Except as provided in the Termination Provision,  this Contract does not require
continuing  Purchase  Payments  and will  automatically  continue  as a  paid-up
Contract during the lifetime of the Annuitant, until the Maturity Date, until it
is surrendered or when a death benefit becomes due.

                                       11
<PAGE>

--------------------------------------------------------------------------------
                            DEATH BENEFIT PROVISION
--------------------------------------------------------------------------------

DEATH OF ANNUITANT
A death  benefit is payable to the  beneficiary  upon the death of the Annuitant
before the  Maturity  Date,  unless  there is a  contingent  Annuitant.  A death
benefit is also payable under those  Settlement  Options which provide for death
benefits.  We will pay the beneficiary  the death benefit,  determined as of the
Death  Report  Date,  in a  single  sum or apply it to a  Settlement  Option.  A
beneficiary  may request that a death  benefit  payable  under this  Contract be
applied to a Settlement  Option  subject to the  provisions of this Contract and
the current tax laws.

DEATH OF OWNER WITH ANNUITANT SURVIVING
If the owner is not the  Annuitant,  and the owner dies  (including the first of
joint owners)  before the Maturity  Date, We will  recalculate  the value of the
death benefit  proceeds under the provisions of Death Benefit  Proceeds Prior To
The Maturity  Date below,  by  replacing  all  references  to  "Annuitant"  with
"owner."  The value of the death  benefit,  as  recalculated,  will be paid in a
single lump sum or by other  election  to the party  taking  proceeds  under the
current tax laws.

DEATH BENEFIT PROCEEDS PRIOR TO THE MATURITY DATE
If the Annuitant dies before the Maturity Date, the death benefit  payable as of
the Death Report Date will be the greater of a) or b) below, less any applicable
premium tax or outstanding loan balance:

     a) the Contract value on the Death Report Date; or
     b) the Adjusted Purchase Payment;

           ADJUSTED PURCHASE PAYMENT:
           The  initial  Adjusted  Purchase  Payment  is  equal  to the  initial
           Purchase  Payment.  Whenever any additional  Purchase  Payment(s) are
           made, the Adjusted Purchase Payment is increased by the amount of the
           Purchase Payment. Whenever a partial surrender is taken, the Adjusted
           Purchase  Payment  is  reduced  by  a  Partial Surrender Reduction as
           described below.

PARTIAL SURRENDER REDUCTION
The  Partial  Surrender  Reduction  for (b)  above is  equal to 1) the  Adjusted
Purchase  Payment in effect  immediately  prior to the reduction for the partial
surrender,  multiplied by 2) the amount of the partial  surrender  divided by 3)
the Contract value.

INTEREST ON DEATH BENEFIT PROCEEDS
Any interest on death  proceeds will be paid in accordance  with rules in effect
in Your state at the time of death.

DEATH PROCEEDS AFTER THE MATURITY DATE
If the Annuitant dies on or after the Maturity Date, We will pay the Beneficiary
a death benefit  consisting of any benefit  remaining  under the Annuity  option
then in effect.

                                       12
<PAGE>
--------------------------------------------------------------------------------
                              SETTLEMENT PROVISIONS
--------------------------------------------------------------------------------

MATURITY DATE

The Maturity Date is shown in the Contract  Specifications  and must be at least
thirteen months after the Contract Date.  Annuity payments will begin under this
Contract on the Maturity Date unless the Contract has been fully  surrendered or
the  proceeds  have  been paid to the  beneficiary  prior to that  date.  We may
require proof that the Annuitant is alive before  annuity  payments are made. If
no Maturity Date is specified,  the automatic  Maturity Date will be the greater
of when the Annuitant reaches age 90 or ten years after the Contract Date, or to
a later date with Our consent.

Additionally,  to the  extent  permitted  by law,  at least 30 days  before  the
original  Maturity Date, You may change the Maturity Date by Written  Request to
any time prior to the Annuitant's 90th birthday, or ten years after the Contract
Date, unless You elect a later annuity  commencement  date,  subject to laws and
regulations then in effect and approved by the Company.

ELECTION OF SETTLEMENT OPTIONS

On the Maturity  Date, or other agreed upon date, We will pay the amount payable
under  this  Contract  to You in one lump sum or in  accordance  with an annuity
Option  elected  by You.  While the  Annuitant  is alive,  You may  change  Your
Settlement  Option  election by Written  Request,  but only before the  Maturity
Date.  We  reserve  the right to  require  satisfactory  proof of the Age of any
person on whose life annuity  payments are based before making the first payment
under any annuity Option.

During the  Annuitant's  lifetime,  if no election has been made by the Maturity
Date, We will pay You the first of a series of periodic  annuity  payments based
on the life of the  Annuitant,  in  accordance  with annuity  Option 2, with 120
monthly payments assured.

Once annuity payments have commenced, no election changes are allowed.

MINIMUM AMOUNTS

The minimum amount that can be placed under a Settlement Option is $2,000 unless
We consent to a lesser amount.  If any periodic payments due are less than $100,
We reserve the right to make payments at less frequent intervals, resulting in a
payment of at least $100 per year.

ALLOCATION OF ANNUITY

At the time an  election  of one of the  annuity  options  is made,  the  person
electing  the  option  may elect to have the cash  surrender  value  applied  to
provide a variable annuity, a fixed annuity or a combination of both.

Unless You elect otherwise, the cash surrender value of a Funding Option will be
applied to provide an annuity,  which varies with the  investment  experience of
that same Funding Option. The value of the Fixed Account(if  applicable) will be
applied to provide a Fixed Annuity.

You may elect to transfer Contract value from one Funding Option to another,  as
described  in the  provision  "Transfers  Among  Funding  Options  And The Fixed
Account" in order to  reallocate  the basis on which  annuity  payments  will be
determined.  Once annuity payments start, You may, with Our consent,  change the
allocation of Your values in each Funding Option.

VARIABLE ANNUITY

ANNUITY UNIT VALUE
On any Valuation  Date,  the Annuity Unit Value for a Funding  Option equals the
Funding Option Annuity Unit Value on the preceding Valuation Date, multiplied by
the net investment  factor for that Funding Option for the Valuation Period just
ended, divided by the Assumed Daily Net Investment Factor. The Assumed Daily Net
Investment  Factor  is shown in the  Contract  Specifications.  The  value of an
Annuity Unit on any date other than a Valuation  Date will be equal to its value
as of the next Valuation Date.

NUMBER OF ANNUITY UNITS
We  determine  the number of Annuity  Units  credited  to this  Contract in each
Funding  Option by  dividing  the amount of the first  monthly  annuity  payment
attributable to that Funding Option by the Funding  Option's Unit Value as of 14
days before the Maturity Date.

                                       13
<PAGE>

AMOUNT OF FIRST PAYMENT
The Life Annuity  Tables for Variable  Payments are used to determine  the first
monthly  annuity  payment.  They show the  dollar  amount  of the first  monthly
annuity  payment  which can be purchased  with each $1,000  applied.  The amount
applied to a variable  annuity will be the cash surrender value allocated to the
variable  annuity as of 14 days prior to the Maturity  Date.  The first  monthly
annuity payment is allocated among the Funding Options in the same proportion as
the cash surrender value is allocated among the Funding Options.  We reserve the
right to  require  the  satisfactory  proof of age of any  person on whose  life
annuity  Payments are based before  making the first  payment under any of these
options.

AMOUNT OF SECOND AND SUBSEQUENT PAYMENTS
The dollar amount of the second and subsequent payments may change from month to
month.  The amount of the annuity  payment for each  Funding  Option is found by
multiplying  the number of Annuity Units for that Funding  Option by the Annuity
Unit Value for that Funding  Option.  The total  amount of each annuity  payment
will be equal to the sum of the payments in each Funding Option.

FIXED ANNUITY

A fixed  annuity is an annuity  with  payments,  which remain fixed as to dollar
amount throughout the payment period. The Life Annuity Tables for Fixed Payments
are used to determine the monthly annuity  payment.  They show the dollar amount
of monthly annuity payment which can be purchased with each $1,000 applied.  The
amount  applied to the fixed annuity will be equal to the cash  surrender  value
allocated to the fixed annuity  determined as of the date fixed annuity payments
start. If it would produce a larger  payment,  the fixed annuity payment will be
determined using the Life Annuity Tables in effect on the Maturity Date.

ANNUITY OPTIONS

Subject to  conditions  stated in  Elections Of  Settlement  Options and Minimum
Amounts,  all or any part of the Cash  Surrender  Value of this  Contract may be
paid under one or more of the Annuity  Options  below.  We may offer  additional
options.

OPTION 1. LIFE ANNUITY - NO REFUND
We will make monthly annuity  payments during
the lifetime of the person on whose life the payments are based, ending with the
last payment preceding death.

OPTION 2. LIFE ANNUITY WITH 120, 180 OR 240 MONTHLY PAYMENTS ASSURED
We will make monthly annuity payments during the lifetime of the person on whose
life the payments are based. If at the death of that person,  payments have been
made for less than 120, 180, or 240 months, as elected, We will continue to make
payments to the designated beneficiary during the remainder of the period.

OPTION 3. JOINT AND LAST SURVIVOR LIFE ANNUITY
We will make monthly  annuity  payments during the Joint lifetime of two persons
on whose lives  payments are based and during the lifetime of the  survivor.  No
more payments will be made after the death of the survivor.

OPTION 4. JOINT AND LAST  SURVIVOR  LIFE  ANNUITY - ANNUITY  REDUCED ON DEATH OF
PRIMARY PAYEE
We will make monthly  annuity  payments during the Joint lifetime of two persons
on whose lives payments are based.  One of the two persons will be designated as
the primary payee.  The other will be designated as the secondary  payee. On the
death of the secondary payee, if survived by the primary payee, We will continue
to make monthly  annuity  payments to the primary  payee in the same amount that
would have been payable  during the Joint  lifetime of the two  persons.  On the
death of the primary payee, if survived by the secondary payee, We will continue
to make monthly  annuity  payments to the secondary  payee in an amount equal to
50% of the  payments,  which  would have been made  during the  lifetime  of the
primary  payee.  No further  payments  will be made  following  the death of the
survivor.

OPTION 5. PAYMENTS FOR A FIXED PERIOD
We will make monthly payments for the period selected.

OPTION 6. OTHER ANNUITY OPTIONS
We will make any other  arrangements  for  annuity  payments  as may be mutually
agreed by You and Us.

                                       14
<PAGE>

--------------------------------------------------------------------------------
                               GENERAL PROVISIONS
-------------------------------------------------------------------------------

CONTRACT
The  entire  Contract  between  You and Us  consists  of the  Contract,  and any
attached amendments, riders, or endorsements.

CONTRACT CHANGES
Upon receiving appropriate state approval, if necessary, We may at any time make
any changes,  including  retroactive changes to this Contract to the extent that
the change is required to meet the  requirements  of any federal or state law or
regulation. All Contract changes will be made by a written amendment,  rider, or
endorsement and will be signed by Our President, Our Chairman or one of Our home
office authorized officers.  Agents do not have authority to alter or modify any
of the terms or conditions of this Contract, or to waive any of its provisions.

Any  Contract  change  will not affect the amount or term of any  annuity  begun
prior to the change,  unless the change is  required to conform the  Contract to
any  federal  or state  statute  and will not  affect  the  method  by which the
Contract value is determined.

MINIMUM VALUE
Any paid-up annuity,  cash surrender value, or death benefits that are available
under this Contract will not be less than the minimum  benefits  required by the
statutes of the state in which this Contract is delivered.

INCONTESTABILITY
We will not contest this Contract from the Contract Date.

MISSTATEMENT
If this Contract is issued as a Nonqualified  Contract, and the Annuitant's (or,
if applicable,  the owner's) sex or date of birth was  misstated,  the amount of
the  annuity  payable by Us will be adjusted  based on the  correct  information
without changing the date of the first payment

If this Contract is issued as a Qualified  Contract and the Annuitant's  date of
birth was  misstated,  the amount of the annuity  payable by Us will be adjusted
based on the correct information without changing the date of the first payment.

If an  underpayment  has been made under this Contract due to a misstatement  as
described  above,  We will pay the portion due promptly.  If an overpayment  has
occurred,  the amount due Us will be deducted from subsequent  annuity payments,
as  necessary.  No  interest  will be  credited  or  charged  in the event of an
underpayment  or  overpayment.  Proof of the  Annuitant's and owner's Age may be
filed at any time at Our Office.

If the age of the Annuitant or owner has been misstated, the amount of any death
benefit  payable will be determined  based upon the correct age of the Annuitant
or owner.

ADDITION OR DELETION OF SEPARATE ACCOUNT OR FUNDING OPTIONS
If it is not possible to continue to offer a Separate  Account or Funding Option
or in Our judgment becomes  inappropriate for the purposes of this Contract,  We
may substitute another Separate Account or Funding Option without Your consent.

Substitution  may  be  made  with  respect  to  both  existing  investments  and
investment of future Purchase  Payments.  However,  no such substitution will be
made without  notice to You and without  prior  approval of the  Securities  and
Exchange  Commission,  to the extent required by law. New Funding Options may be
added at any time.

TERMINATION
Prior to annuitization, We reserve the right to terminate this Contract on any
Valuation Date if the Contract value is less than the Termination amount stated
in the Contract Specifications and Purchase Payments have not been made to this
Contract for at least two-years. Termination will not occur until 31 day's after
We have mailed notice of termination to You at Your last known address. If we
terminate this Contract we will pay you the cash surrender value, if any.

REQUIRED  REPORTS
We will furnish a report to the Contract  owner as often as required by law, but
at least once in each  Contract  Year before the Maturity  Date,  reporting  the
status of the  Contract as of a date not more than four  months  previous to the
date of the  mailing.  The  report  will show the number of  Accumulation  Units
credited  to the  Contract  in each  Funding  Option and the Fixed  Account  (if
applicable) and the corresponding  Accumulation Unit Value as of the date of the
report. The report will also show any other information  required under state or
federal law.

                                       15
<PAGE>

VOTING RIGHTS
If required by federal law, You may have the right to vote at the shareholder
meetings of the Underlying Funds. If You have voting rights, We will send a
notice to You telling You the time and place of a meeting. The notice will also
explain matters to be voted upon and how many votes You may exercise.

If You have voting rights, We will send proxy materials and instructions for You
to vote the shares held for Your  account.  We will arrange for the handling and
tallying of proxies received from Contract  owners.  We will vote the Underlying
Fund  shares  held by Us in  accordance  with  the  instructions  received  from
Contract owners.

In the  event  that You give no  instructions  or leave  the  manner  of  voting
discretionary,  We will vote such shares of the  appropriate  Underlying Fund in
the same proportion as shares of the Underlying Fund for which instructions have
been  received.   Also,  We  will  vote  the  Underlying  Fund  shares  in  this
proportionate manner, which are held by Us for Our own account.

If federal law does not  require Us to comply  with the above,  we will vote all
shares in our own right.

MORTALITY AND EXPENSES
Our actual  mortality and expense  experience  will not affect the amount of any
annuity payments or any other values under this Contract.

NON-PARTICIPATING
This  Contract  does not share in Our surplus  earnings,  so You will receive no
dividends under it.

CHANGES IN TAXES BASED UPON PREMIUM OR VALUE
If there is a law or change in law  assessing  taxes  against  Us based upon the
premium  or  value  of this  Contract,  We  reserve  the  right  to  charge  You
proportionately  for that tax. This would include,  but is not limited to, a tax
based upon Our realized net capital gains in the Funding Options and on earnings
in the Fixed Account, on which We are not currently taxed.

EMERGENCY PROCEDURE FOR SUSPENSION OF PAYMENTS
We  reserve  the right to  suspend or  postpone  the date of any  payment of any
benefit or values for the Funding Options for any Valuation  Period (1) when the
New  York  Stock  Exchange  is  closed;  (2) when  trading  on the  Exchange  is
restricted;  (3) when an emergency  exists as determined by the  Securities  and
Exchange  Commission  so that  disposal  of the  securities  held in the Funding
Options is not reasonably  practicable  or it is not  reasonably  practicable to
determine the value of the Funding Option's net assets,  or (4) during any other
period when the Securities and Exchange Commission, by order, so permits for the
protection of security holders. Any provision of this Contract which specifies a
Valuation Date will be superseded by this Emergency Procedure.

RELATION OF THIS CONTRACT TO THE SEPARATE ACCOUNT AND FUNDING OPTIONS
We will have  exclusive and absolute  ownership and control of the assets of Our
Separate  Account  and the  Funding  Options.  That  portion  of the assets of a
Separate  Account or Funding  Option equal to the  reserves  and other  Contract
liabilities with respect to such Separate Account or Funding Option shall not be
chargeable with  liabilities  arising out of any other business We conduct.  Our
determination  of the value of an  Accumulation  Unit and an Annuity Unit by the
method described in this Contract will be conclusive.

REDUCTION OR ELIMINATION OF CONTRACT CHARGES
All  charges  and fees under the  Contract  may be reduced  or  eliminated  when
certain sales or  administration  of the Contract result in savings or reduction
of expenses and/or risks.

TRANSFERS TO OTHER CONTRACTS ISSUED BY US
Under  specific  conditions,  We may allow You to transfer  funds held by You to
another  Contract  issued  by Us or  one of Our  affiliates,  without  incurring
charges  deducted upon surrender as shown in the Contract  Specifications.  Once
the  transfer  is  complete  and We  have  established  a new  Contract  at Your
direction,  new  withdrawal  charges or  surrender  charges may apply to the new
Contract in accordance with the provisions of such Contract.

                                       16
<PAGE>

                    LIFE ANNUITY TABLES FOR VARIABLE PAYMENTS

                 GUARANTEED AMOUNT OF MONTHLY ANNUITY PAYMENTS
                 PURCHASED WITH EACH $1,000 OF PROCEEDS APPLIED

              THIS TABLE WILL BE USED FOR NONQUALIFIED CONTRACTS.

                      OPTIONS 1 AND 2-SINGLE LIFE ANNUITIES

<TABLE>
<CAPTION>
        MALE                           NUMBER OF MONTHLY PAYMENTS GUARANTEED
      ADJUSTED              NONE               120                 180                240
        AGE
<S>      <C>                <C>                <C>                <C>                 <C>
         45                 3.59               3.57               3.56                3.53
         46                 3.64               3.62               3.60                3.57
         47                 3.69               3.67               3.65                3.62
         48                 3.75               3.73               3.70                3.67
         49                 3.81               3.78               3.76                3.71
         50                 3.87               3.84               3.81                3.77
         51                 3.93               3.90               3.87                3.82
         52                 4.00               3.97               3.93                3.87
         53                 4.07               4.04               3.99                3.93
         54                 4.15               4.11               4.06                3.99
         55                 4.23               4.19               4.13                4.05
         56                 4.32               4.27               4.20                4.11
         57                 4.41               4.35               4.28                4.17
         58                 4.50               4.44               4.36                4.24
         59                 4.61               4.53               4.44                4.31
         60                 4.72               4.63               4.53                4.37
         61                 4.83               4.74               4.62                4.44
         62                 4.96               4.85               4.71                4.51
         63                 5.09               4.97               4.81                4.58
         64                 5.24               5.09               4.90                4.65
         65                 5.39               5.22               5.01                4.72
         66                 5.56               5.36               5.11                4.79
         67                 5.73               5.50               5.21                4.86
         68                 5.92               5.64               5.32                4.93
         69                 6.12               5.80               5.43                4.99
         70                 6.34               5.96               5.53                5.05
         71                 6.56               6.12               5.64                5.11
         72                 6.81               6.29               5.75                5.16
         73                 7.07               6.46               5.85                5.21
         74                 7.35               6.64               5.95                5.26
         75                 7.64               6.82               6.05                5.30
</TABLE>

Dollar amounts of the monthly annuity payments in the above table assumes a year
2000 issue, and are based on the Annuity 2000 Table with mortality  improvements
based on Projection  Scale G. This table assumes a net investment rate of 3% per
Annum, assuming a 365-day year.

Calendar Year in which 1st payment is due:
Adjusted Age is Actual Age:

2003-2005         2006-2010        2011-2015         2016-2020
minus 1           minus 2          minus 3           minus 4

2021-2025         2026-2030        2031-2035         2036 AND LATER
minus 5           minus 6          minus 7           minus 8

                                       17
<PAGE>

                    LIFE ANNUITY TABLES FOR VARIABLE PAYMENTS

                  GUARANTEED AMOUNT OF MONTHLY ANNUITY PAYMENTS
                 PURCHASED WITH EACH $1,000 OF PROCEEDS APPLIED

               THIS TABLE WILL BE USED FOR NONQUALIFIED CONTRACTS.

                     OPTIONS 1 AND 2- SINGLE LIFE ANNUITIES

<TABLE>
<CAPTION>
       FEMALE                           NUMBER OF MONTHLY PAYMENTS GUARANTEED
      ADJUSTED              NONE               120                 180                240
        AGE
<S>      <C>                <C>                <C>                <C>                 <C>
         45                 3.39               3.39               3.38                3.37
         46                 3.43               3.43               3.42                3.40
         47                 3.48               3.47               3.46                3.44
         48                 3.52               3.52               3.50                3.48
         49                 3.57               3.56               3.55                3.53
         50                 3.62               3.61               3.60                3.57
         51                 3.68               3.66               3.65                3.62
         52                 3.74               3.72               3.70                3.67
         53                 3.80               3.78               3.76                3.72
         54                 3.86               3.84               3.81                3.78
         55                 3.93               3.90               3.88                3.83
         56                 4.00               3.97               3.94                3.89
         57                 4.07               4.05               4.01                3.95
         58                 4.15               4.12               4.08                4.01
         59                 4.24               4.20               4.15                4.08
         60                 4.33               4.29               4.23                4.15
         61                 4.43               4.38               4.32                4.22
         62                 4.53               4.48               4.40                4.29
         63                 4.64               4.58               4.49                4.36
         64                 4.76               4.69               4.59                4.44
         65                 4.89               4.80               4.69                4.52
         66                 5.02               4.92               4.79                4.59
         67                 5.17               5.05               4.89                4.67
         68                 5.32               5.19               5.00                4.75
         69                 5.49               5.33               5.12                4.82
         70                 5.68               5.48               5.23                4.90
         71                 5.87               5.64               5.35                4.97
         72                 6.09               5.81               5.47                5.04
         73                 6.32               5.99               5.59                5.10
         74                 6.57               6.18               5.71                5.16
         75                 6.84               6.37               5.83                5.22
</TABLE>

Dollar amounts of the monthly annuity payments in the above table assumes a year
2000 issue, and are based on the Annuity 2000 Table with mortality  improvements
based on Projection  Scale G. This table assumes a net investment rate of 3% per
Annum, assuming a 365-day year.

Calendar Year in which 1st payment is due:
Adjusted Age is Actual Age:

2003-2005         2006-2010        2011-2015         2016-2020
minus 1           minus 2          minus 3           minus 4

2021-2025         2026-2030        2031-2035         2036 AND LATER
minus 5           minus 6          minus 7           minus 8

                                       18
<PAGE>

                    LIFE ANNUITY TABLES FOR VARIABLE PAYMENTS

                  GUARANTEED AMOUNT OF MONTHLY ANNUITY PAYMENTS
                 PURCHASED WITH EACH $1,000 OF PROCEEDS APPLIED

                THIS TABLE WILL BE USED FOR QUALIFIED CONTRACTS.

                     OPTIONS 1 AND 2- SINGLE LIFE ANNUITIES

<TABLE>
<CAPTION>
      UNISEX                            NUMBER OF MONTHLY PAYMENTS GUARANTEED
     ADJUSTED              NONE                120                 180                240
       AGE
<S>     <C>                <C>                 <C>                <C>                 <C>
        45                 3.49                3.48               3.47                3.45
        46                 3.54                3.53               3.51                3.49
        47                 3.59                3.57               3.56                3.53
        48                 3.64                3.62               3.60                3.58
        49                 3.69                3.68               3.65                3.62
        50                 3.75                3.73               3.71                3.67
        51                 3.81                3.79               3.76                3.72
        52                 3.87                3.85               3.82                3.77
        53                 3.94                3.91               3.88                3.83
        54                 4.01                3.98               3.94                3.88
        55                 4.08                4.05               4.01                3.94
        56                 4.16                4.12               4.07                4.00
        57                 4.24                4.20               4.15                4.07
        58                 4.33                4.28               4.22                4.13
        59                 4.42                4.37               4.30                4.20
        60                 4.52                4.46               4.38                4.27
        61                 4.63                4.56               4.47                4.34
        62                 4.75                4.67               4.56                4.41
        63                 4.87                4.78               4.65                4.48
        64                 5.00                4.89               4.75                4.55
        65                 5.14                5.01               4.85                4.62
        66                 5.29                5.14               4.95                4.70
        67                 5.45                5.28               5.06                4.77
        68                 5.62                5.42               5.17                4.84
        69                 5.81                5.57               5.28                4.91
        70                 6.00                5.72               5.39                4.98
        71                 6.22                5.89               5.50                5.04
        72                 6.44                6.06               5.62                5.10
        73                 6.69                6.23               5.73                5.16
        74                 6.95                6.41               5.84                5.21
        75                 7.24                6.60               5.95                5.26
</TABLE>

Dollar amounts of the monthly annuity payments in the above table assumes a year
2000  issue,  and are  based  upon  the  Annuity  2000  Table  (blended  50%/50%
female/male) with mortality improvements based on Projection Scale G. This table
assumes a net investment rate of 3% per Annum, assuming a 365-day year.

Calendar Year in which 1st payment is due:
Adjusted Age is Actual Age:

2003-2005         2006-2010        2011-2015         2016-2020
minus 1           minus 2          minus 3           minus 4

2021-2025         2026-2030        2031-2035         2036 AND LATER
minus 5           minus 6          minus 7           minus 8

                                       19
<PAGE>

                    LIFE ANNUITY TABLES FOR VARIABLE PAYMENTS

                  GUARANTEED AMOUNT OF MONTHLY ANNUITY PAYMENTS
                 PURCHASED WITH EACH $1,000 OF PROCEEDS APPLIED

              THESE TABLES WILL BE USED FOR NONQUALIFIED CONTRACTS.

                 OPTION 3 - JOINT AND LAST SURVIVOR LIFE ANNUITY

<TABLE>
<CAPTION>
      MALE
    ADJUSTED                                                   FEMALE ADJUSTED AGE
       AGE              45             50              55              60              65              70              75
<S>    <C>             <C>            <C>             <C>             <C>             <C>             <C>             <C>
       45              3.18           3.27            3.35            3.42            3.47            3.51            3.54
       50              3.24           3.36            3.47            3.58            3.66            3.73            3.78
       55              3.29           3.43            3.59            3.74            3.87            3.99            4.08
       60              3.32           3.49            3.69            3.89            4.09            4.28            4.43
       65              3.35           3.54            3.76            4.02            4.31            4.59            4.84
       70              3.36           3.57            3.82            4.13            4.49            4.89            5.29
       75              3.37           3.59            3.86            4.21            4.63            5.14            5.71
</TABLE>

                 OPTION 4 - JOINT AND LAST SURVIVOR LIFE ANNUITY
                    REDUCED BY 50% ON DEATH OF PRIMARY PAYEE

       AGE OF PRIMARY MALE                  DOLLAR AMOUNT
      AND SECONDARY FEMALE

               45                               3.37
               50                               3.60
               55                               3.88
               60                               4.26
               65                               4.79
               70                               5.52
               75                               6.54

Dollar amounts of the monthly annuity  payments in the above table and assumes a
year  2000  issue  and are  based  on the  Annuity  2000  Table  with  mortality
improvements  based on Projection  Scale G. This table assumes a net  investment
rate of 3% per Annum, assuming a 365-day year.

Calendar Year in which 1st payment is due:
Adjusted Age is Actual Age:

2003-2005         2006-2010        2011-2015         2016-2020
minus 1           minus 2          minus 3           minus 4

2021-2025         2026-2030        2031-2035         2036 AND LATER
minus 5           minus 6          minus 7           minus 8

                                       20
<PAGE>

                    LIFE ANNUITY TABLES FOR VARIABLE PAYMENTS

                  GUARANTEED AMOUNT OF MONTHLY ANNUITY PAYMENTS
                 PURCHASED WITH EACH $1,000 OF PROCEEDS APPLIED

               THESE TABLES WILL BE USED FOR QUALIFIED CONTRACTS.

                 OPTION 3 - JOINT AND LAST SURVIVOR LIFE ANNUITY

<TABLE>
<CAPTION>
     UNISEX
    ADJUSTED                                                   UNISEX ADJUSTED AGE
       AGE              45             50              55              60              65              70              75
<S>    <C>             <C>            <C>             <C>             <C>             <C>             <C>             <C>
       45              3.19           3.26            3.33            3.38            3.41            3.44            3.46
       50              3.26           3.37            3.46            3.54            3.61            3.66            3.69
       55              3.33           3.46            3.60            3.72            3.83            3.91            3.98
       60              3.38           3.54            3.72            3.90            4.07            4.22            4.33
       65              3.41           3.61            3.83            4.07            4.32            4.56            4.75
       70              3.44           3.66            3.91            4.22            4.56            4.91            5.23
       75              3.46           3.69            3.98            4.33            4.75            5.23            5.74
</TABLE>

                 OPTION 4 - JOINT AND LAST SURVIVOR LIFE ANNUITY
                    REDUCED BY 50% ON DEATH OF PRIMARY PAYEE

         AGE OF PRIMARY
      AND SECONDARY UNISEX                  DOLLAR AMOUNT

               45                               3.34
               50                               3.55
               55                               3.82
               60                               4.19
               65                               4.70
               70                               5.40
               75                               6.40

Dollar amounts of the monthly annuity payments in the above table assumes a year
2000  issue,   and  are  based  on  the  Annuity  2000  Table  (blended  50%/50%
female/male) with mortality improvements based on Projection Scale G. This table
assumes a net investment rate of 3% per Annum, assuming a 365-day year.

Calendar Year in which 1st payment is due:
Adjusted Age is Actual Age:

2003-2005         2006-2010        2011-2015         2016-2020
minus 1           minus 2          minus 3           minus 4

2021-2025         2026-2030        2031-2035         2036 AND LATER
minus 5           minus 6          minus 7           minus 8

                                       21
<PAGE>

                    LIFE ANNUITY TABLES FOR VARIABLE PAYMENTS

                  GUARANTEED AMOUNT OF MONTHLY ANNUITY PAYMENTS
                 PURCHASED WITH EACH $1,000 OF PROCEEDS APPLIED

        THIS TABLE WILL BE USED FOR NONQUALIFIED AND QUALIFIED CONTRACTS.

                     OPTION 5 - PAYMENTS FOR A FIXED PERIOD

                      MONTHLY                                        MONTHLY
    NUMBER OF         PAYMENT                       NUMBER OF        PAYMENT
      YEARS           AMOUNT                          YEARS          AMOUNT

        5              17.91                            18            5.96
        6              15.14                            19            5.73
        7              13.16                            20            5.51
        8              11.68                            21            5.32
        9              10.53                            22            5.15
       10              9.61                             23            4.99
       11              8.86                             24            4.84
       12              8.24                             25            4.71
       13              7.71                             26            4.59
       14              7.26                             27            4.47
       15              6.87                             28            4.37
       16              6.53                             29            4.27
       17              6.23                             30            4.18

The dollar  amounts of the monthly  annuity  payments  for the fifth  option are
based on a net investment rate of 3% per annum, assuming a 365-day year.

                                       22
<PAGE>

                     LIFE ANNUITY TABLES FOR FIXED PAYMENTS

                  GUARANTEED AMOUNT OF MONTHLY ANNUITY PAYMENTS
                 PURCHASED WITH EACH $1,000 OF PROCEEDS APPLIED

               THIS TABLE WILL BE USED FOR NONQUALIFIED CONTRACTS.

                     OPTIONS 1 AND 2- SINGLE LIFE ANNUITIES

<TABLE>
<CAPTION>
       FEMALE                           NUMBER OF MONTHLY PAYMENTS GUARANTEED
      ADJUSTED              NONE               120                 180                240
        AGE
<S>      <C>                <C>                <C>                <C>                 <C>
         45                 2.54               2.54               2.53                2.52
         46                 2.59               2.58               2.58                2.56
         47                 2.63               2.63               2.62                2.61
         48                 2.68               2.68               2.67                2.65
         49                 2.73               2.73               2.72                2.70
         50                 2.79               2.78               2.77                2.75
         51                 2.84               2.83               2.82                2.80
         52                 2.90               2.89               2.88                2.85
         53                 2.96               2.95               2.93                2.91
         54                 3.03               3.01               3.00                2.96
         55                 3.10               3.08               3.06                3.03
         56                 3.17               3.15               3.13                3.09
         57                 3.25               3.23               3.20                3.15
         58                 3.33               3.31               3.27                3.22
         59                 3.42               3.39               3.35                3.29
         60                 3.51               3.48               3.43                3.36
         61                 3.61               3.57               3.52                3.44
         62                 3.71               3.67               3.61                3.51
         63                 3.82               3.77               3.70                3.59
         64                 3.94               3.88               3.80                3.67
         65                 4.07               4.00               3.90                3.75
         66                 4.20               4.12               4.01                3.83
         67                 4.35               4.26               4.12                3.92
         68                 4.50               4.39               4.24                4.00
         69                 4.67               4.54               4.36                4.08
         70                 4.85               4.70               4.48                4.16
         71                 5.05               4.86               4.60                4.24
         72                 5.26               5.03               4.73                4.31
         73                 5.49               5.21               4.85                4.38
         74                 5.74               5.40               4.98                4.44
         75                 6.00               5.60               5.10                4.50
</TABLE>

Dollar amounts of the monthly annuity payments in the above table assumes a year
2000 issue, and are based on the Annuity 2000 Table with mortality  improvements
based on Projection  Scale G. This table assumes a net  investment  rate of 1.5%
per Annum, assuming a 365-day year.

Calendar Year in which 1st payment is due:
Adjusted Age is Actual Age:

2003-2005         2006-2010        2011-2015         2016-2020
minus 1           minus 2          minus 3           minus 4

2021-2025         2026-2030        2031-2035         2036 AND LATER
minus 5           minus 6          minus 7           minus

                                       23

<PAGE>

                     LIFE ANNUITY TABLES FOR FIXED PAYMENTS

                  GUARANTEED AMOUNT OF MONTHLY ANNUITY PAYMENTS
                 PURCHASED WITH EACH $1,000 OF PROCEEDS APPLIED

               THIS TABLE WILL BE USED FOR NONQUALIFIED CONTRACTS.

                     OPTIONS 1 AND 2- SINGLE LIFE ANNUITIES

<TABLE>
<CAPTION>
        MALE                            NUMBER OF MONTHLY PAYMENTS GUARANTEED
      ADJUSTED              NONE               120                 180                240
        AGE
<S>      <C>                <C>                <C>                <C>                 <C>
         45                 2.73               2.72               2.71                2.69
         46                 2.79               2.78               2.76                2.74
         47                 2.84               2.83               2.81                2.79
         48                 2.90               2.88               2.87                2.84
         49                 2.96               2.94               2.92                2.89
         50                 3.02               3.00               2.98                2.94
         51                 3.09               3.07               3.04                3.00
         52                 3.16               3.14               3.11                3.06
         53                 3.23               3.21               3.17                3.12
         54                 3.31               3.28               3.24                3.18
         55                 3.39               3.36               3.31                3.25
         56                 3.48               3.44               3.39                3.31
         57                 3.57               3.53               3.47                3.38
         58                 3.66               3.62               3.55                3.45
         59                 3.77               3.71               3.64                3.52
         60                 3.88               3.82               3.73                3.59
         61                 3.99               3.92               3.82                3.67
         62                 4.12               4.04               3.92                3.74
         63                 4.25               4.16               4.02                3.82
         64                 4.40               4.28               4.12                3.89
         65                 4.55               4.41               4.23                3.97
         66                 4.71               4.55               4.34                4.04
         67                 4.89               4.70               4.45                4.12
         68                 5.07               4.85               4.56                4.19
         69                 5.27               5.00               4.67                4.25
         70                 5.48               5.16               4.78                4.32
         71                 5.70               5.33               4.90                4.38
         72                 5.95               5.51               5.01                4.44
         73                 6.20               5.68               5.12                4.49
         74                 6.48               5.87               5.23                4.54
         75                 6.77               6.05               5.33                4.59
</TABLE>

Dollar amounts of the monthly annuity payments in the above table assumes a year
2000 issue, and are based on the Annuity 2000 Table with mortality  improvements
based on Projection  Scale G. This table assumes a net  investment  rate of 1.5%
per Annum, assuming a 365-day year.

Calendar Year in which 1st payment is due:
Adjusted Age is Actual Age:

2003-2005         2006-2010        2011-2015         2016-2020
minus 1           minus 2          minus 3           minus 4

2021-2025         2026-2030        2031-2035         2036 AND LATER
minus 5           minus 6          minus 7           minus 8

                                       24
<PAGE>

                     LIFE ANNUITY TABLES FOR FIXED PAYMENTS

                  GUARANTEED AMOUNT OF MONTHLY ANNUITY PAYMENTS
                 PURCHASED WITH EACH $1,000 OF PROCEEDS APPLIED

                THIS TABLE WILL BE USED FOR QUALIFIED CONTRACTS.

                     OPTIONS 1 AND 2- SINGLE LIFE ANNUITIES

<TABLE>
<CAPTION>
      UNISEX                            NUMBER OF MONTHLY PAYMENTS GUARANTEED
     ADJUSTED              NONE                120                 180                240
       AGE
<S>     <C>                <C>                 <C>                <C>                 <C>
        45                 2.64                2.63               2.62                2.61
        46                 2.68                2.68               2.67                2.65
        47                 2.73                2.73               2.71                2.70
        48                 2.79                2.78               2.76                2.74
        49                 2.84                2.83               2.82                2.79
        50                 2.90                2.89               2.87                2.85
        51                 2.96                2.95               2.93                2.90
        52                 3.03                3.01               2.99                2.95
        53                 3.09                3.08               3.05                3.01
        54                 3.17                3.15               3.12                3.07
        55                 3.24                3.22               3.19                3.14
        56                 3.32                3.29               3.26                3.20
        57                 3.40                3.37               3.33                3.27
        58                 3.49                3.46               3.41                3.34
        59                 3.59                3.55               3.49                3.41
        60                 3.69                3.64               3.58                3.48
        61                 3.80                3.74               3.67                3.55
        62                 3.91                3.85               3.76                3.63
        63                 4.03                3.96               3.86                3.71
        64                 4.16                4.08               3.96                3.78
        65                 4.30                4.20               4.07                3.86
        66                 4.45                4.34               4.17                3.94
        67                 4.61                4.47               4.29                4.02
        68                 4.78                4.62               4.40                4.10
        69                 4.96                4.77               4.52                4.17
        70                 5.16                4.93               4.63                4.24
        71                 5.37                5.10               4.75                4.31
        72                 5.59                5.27               4.87                4.38
        73                 5.84                5.45               4.99                4.44
        74                 6.10                5.64               5.11                4.50
        75                 6.38                5.83               5.22                4.55
</TABLE>

Dollar amounts of the monthly annuity payments in the above table assumes a year
2000  issue,  and are  based  upon  the  Annuity  2000  Table  (blended  50%/50%
female/male) with mortality improvements based on Projection Scale G. This table
assumes a net investment rate of 1.5% per Annum, assuming a 365-day year.

Calendar Year in which 1st payment is due:
Adjusted Age is Actual Age:

2003-2005         2006-2010        2011-2015         2016-2020
minus 1           minus 2          minus 3           minus 4

2021-2025         2026-2030        2031-2035         2036 AND LATER
minus 5           minus 6          minus 7           minus 8

                                       25
<PAGE>

                     LIFE ANNUITY TABLES FOR FIXED PAYMENTS

                  GUARANTEED AMOUNT OF MONTHLY ANNUITY PAYMENTS
                 PURCHASED WITH EACH $1,000 OF PROCEEDS APPLIED

              THESE TABLES WILL BE USED FOR NONQUALIFIED CONTRACTS.

                 OPTION 3 - JOINT AND LAST SURVIVOR LIFE ANNUITY

<TABLE>
<CAPTION>
      MALE
    ADJUSTED                                                   FEMALE ADJUSTED AGE
       AGE              45             50              55              60              65              70              75
<S>    <C>             <C>            <C>             <C>             <C>             <C>             <C>             <C>
       45              2.34           2.44            2.52            2.59            2.64            2.67            2.70
       50              2.40           2.53            2.66            2.76            2.85            2.91            2.96
       55              2.45           2.61            2.78            2.94            3.07            3.19            3.27
       60              2.48           2.67            2.88            3.10            3.31            3.49            3.64
       65              2.51           2.71            2.96            3.23            3.53            3.81            4.06
       70              2.52           2.74            3.01            3.33            3.71            4.11            4.51
       75              2.53           2.76            3.05            3.40            3.85            4.37            4.94
</TABLE>

                 OPTION 4 - JOINT AND LAST SURVIVOR LIFE ANNUITY
                    REDUCED BY 50% ON DEATH OF PRIMARY PAYEE

       AGE OF PRIMARY MALE                  DOLLAR AMOUNT
      AND SECONDARY FEMALE

               45                               2.52
               50                               2.76
               55                               3.05
               60                               3.44
               65                               3.97
               70                               4.70
               75                               5.72

Dollar amounts of the monthly annuity  payments in the above table and assumes a
year  2000  issue  and are  based  on the  Annuity  2000  Table  with  mortality
improvements  based on Projection  Scale G. This table assumes a net  investment
rate of 1.5% per Annum, assuming a 365-day year.

Calendar Year in which 1st payment is due:
Adjusted Age is Actual Age:

2003-2005         2006-2010        2011-2015         2016-2020
minus 1           minus 2          minus 3           minus 4

2021-2025         2026-2030        2031-2035         2036 AND LATER
minus 5           minus 6          minus 7           minus 8

                                       26
<PAGE>

                     LIFE ANNUITY TABLES FOR FIXED PAYMENTS

                  GUARANTEED AMOUNT OF MONTHLY ANNUITY PAYMENTS
                 PURCHASED WITH EACH $1,000 OF PROCEEDS APPLIED

               THESE TABLES WILL BE USED FOR QUALIFIED CONTRACTS.

                 OPTION 3 - JOINT AND LAST SURVIVOR LIFE ANNUITY

<TABLE>
<CAPTION>
     UNISEX
    ADJUSTED                                                   UNISEX ADJUSTED AGE
       AGE              45             50              55              60              65              70              75
<S>    <C>             <C>            <C>             <C>             <C>             <C>             <C>             <C>
       45              2.35           2.43            2.49            2.54            2.57            2.60            2.61
       50              2.43           2.54            2.64            2.72            2.79            2.83            2.86
       55              2.49           2.64            2.79            2.92            3.02            3.10            3.16
       60              2.54           2.72            2.92            3.11            3.28            3.42            3.53
       65              2.57           2.79            3.02            3.28            3.54            3.77            3.96
       70              2.60           2.83            3.10            3.42            3.77            4.13            4.46
       75              2.61           2.86            3.16            3.53            3.96            4.46            4.96
</TABLE>

                 OPTION 4 - JOINT AND LAST SURVIVOR LIFE ANNUITY
                    REDUCED BY 50% ON DEATH OF PRIMARY PAYEE

         AGE OF PRIMARY
      AND SECONDARY UNISEX                  DOLLAR AMOUNT

               45                               2.48
               50                               2.71
               55                               3.00
               60                               3.37
               65                               3.88
               70                               4.59
               75                               5.58

Dollar amounts of the monthly annuity payments in the above table assumes a year
2000  issue,   and  are  based  on  the  Annuity  2000  Table  (blended  50%/50%
female/male) with mortality improvements based on Projection Scale G. This table
assumes a net investment rate of 1.5% per Annum, assuming a 365-day year.

Calendar Year in which 1st payment is due:
Adjusted Age is Actual Age:

2003-2005         2006-2010        2011-2015         2016-2020
minus 1           minus 2          minus 3           minus 4

2021-2025         2026-2030        2031-2035         2036 AND LATER
minus 5           minus 6          minus 7           minus 8

                                       27
<PAGE>

                     LIFE ANNUITY TABLES FOR FIXED PAYMENTS

                  GUARANTEED AMOUNT OF MONTHLY ANNUITY PAYMENTS
                 PURCHASED WITH EACH $1,000 OF PROCEEDS APPLIED

        THIS TABLE WILL BE USED FOR NONQUALIFIED AND QUALIFIED CONTRACTS.

                     OPTION 5 - PAYMENTS FOR A FIXED PERIOD

                      MONTHLY                                        MONTHLY
    NUMBER OF         PAYMENT                       NUMBER OF        PAYMENT
      YEARS           AMOUNT                          YEARS          AMOUNT

        5              17.28                            18            5.27
        6              14.51                            19            5.03
        7              12.53                            20            4.81
        8              11.04                            21            4.62
        9              9.89                             22            4.44
       10              8.96                             23            4.28
       11              8.21                             24            4.13
       12              7.58                             25            3.99
       13              7.05                             26            3.86
       14              6.59                             27            3.75
       15              6.20                             28            3.64
       16              5.85                             29            3.54
       17              5.55                             30            3.44

The dollar  amounts of the monthly  annuity  payments  for the fifth  option are
based on a net investment rate of 1.5% per annum, assuming a 365-day year.

                                       28
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                                       29
<PAGE>

         FLEXIBLE PREMIUM INDIVIDUAL DEFERRED VARIABLE ANNUITY CONTRACT
                    LIFE ANNUITY COMMENCING AT MATURITY DATE

   ELECTIVE OPTIONS                                         NON-PARTICIPATING

                                       30

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