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EXHIBIT (4)
COMBINATION ANNUITY CONTRACT, FORM 96-VA-3
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WE WILL PAY the benefits of this contract subject to its terms.
WITHIN TWENTY DAYS OF THE DAY YOU RECEIVE THIS CONTRACT, YOU MAY RETURN IT
TO OUR HOME OFFICE OR TO OUR AGENT. WE WILL THEN VOID THE CONTRACT AND
REFUND ALL PURCHASE PAYMENTS PAID ON IT.
Our home office is at ▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇.
/s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇ /s/ illegible
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▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇
Secretary President
COMBINATION ANNUITY CONTRACT
(Variable-Fixed)
Multiple Funding
Flexible Purchase Payments
Nonparticipating
Benefits Nontransferable
ANNUITY PAYMENTS AND OTHER VALUES PROVIDED BY THIS CONTRACT, WHEN BASED ON
THE INVESTMENT EXPERIENCE OF A SEPARATE ACCOUNT, ARE VARIABLE AND NOT
GUARANTEED AS TO FIXED-DOLLAR AMOUNT.
ANNUITANT CONRACT NUMBER
OWNER
ANNUITY PAYOUT DATE First Day of CONRACT DATE
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POLICY CONTENTS
PAGE
DEFINITIONS 3
1940 Act 3
Annuitant 3
Annuity Payout Date 3
Beneficiary 3
Code 3
IRA 3
Subaccount 3
VAA 3
Valuation Period 4
We and You 4
GENERAL PROVISIONS 4
Contract 4
Misstatement of Age or Sex 4
Ownership 4
Nontransferability 4
Beneficiary 5
Change of Beneficiary 5
General Account and VAA 5
Investments of VAA 5
Nonparticipating 5
Evidence of Sex, Age or Survival 5
Incontestability 5
Contract Payments 5
Supplementary Agreement 6
Voting Rights 6
Reports 6
Notice 6
Individual Retirement Annuities 6
PURCHASE PROVISIONS 6
Purchase Payments 6
Allocation of Purchase Payments 6
VALUATION PROVISIONS 7
Contract Value 7
Fixed Accumulation Account 7
Variable Accumulation Account 7
Net Investment Factor 7
Splitting Units 8
Taxes 8
ACCUMULATION PERIOD PROVISIONS 8
Transfers Among Subaccounts and
General Account 8
Surrender 8
Partial Withdrawal 9
Contingent Deferred Sales Charge 9
Death Benefit During Accumulation
Period 9
Contract Administration Charge 10
SETTLEMENT PROVISIONS 10
General 10
Elections 10
Pension Plan 10
IRA Restrictions 11
Determination of Amount To Be
Applied 11
Effect of Settlement on Accumulation
Units 11
Change of Annuity Payout Date 11
Annuity Payment Amounts 11
Variable Annuities 11
Fixed Annuities 12
Annuity Unit Value 12
Change in Subaccount 12
Limitation on Availability of Options 12
Alternate Annuity Option 12
Death Benefit After the Annuity
Payout Date 13
Spendthrift Provision 13
Description of Annuity Options 13
Life Annuity 13
Joint and Survivor Life Annuity 14
ANNUITY OPTION TABLES 15
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We will pay an annuity starting on the annuity payout date if the Annuitant is
then living. We will then apply the contract value under the SETTLEMENT
PROVISIONS of this contract.
We will pay this contract's death benefit to the Beneficiary if the Annuitant
dies while this contract is in effect and before the annuity payout date.
This contract provides accumulation values and annuity payments on a variable
and/or fixed basis under one or more options as selected by you. The dollar
amount of the variable annuity payments and the variable part of the contract
value will vary with the investment results of a separate account (VAA) which we
have established. However, we guarantee that the dollar amount of annuity
payments will not be affected by mortality experience. We also guarantee that
the expense charges will not be more than the charges provided for in this
contract. The dollar amount of fixed annuity payments and the fixed part of the
contract value are also guaranteed.
DEFINITIONS
1940 ACT
The Investment Company Act of 1940, as amended, or any similar successor
federal legislation.
ANNUITANT
The person so named in the application or any other natural person whose
length of life measures annuity payments that involve life contingencies.
ANNUITY PAYOUT DATE
The date shown on Page 1 or the date you later choose but under the
provisions of this contract for Change of Annuity Payout Date; or any other
date on which annuity payments are to start.
BENEFICIARY
The person entitled to receive the Contract Value of this contract if the
Annuitant dies before the annuity payout date.
CODE
The Internal Revenue Code as in effect on the Contract Date.
IRA
An Individual Retirement Annuity as defined in the Code.
SUBACCOUNT
The Bond Subaccount, Equity Subaccount, Money Market Subaccount, Omni
Subaccount, International Subaccount, Capital Appreciation Subaccount,
Small Cap Subaccount, Global Contrarian Subaccount, S & P 500 Index
Subaccount, Aggressive Growth Subaccount, Social Awareness Subaccount, Core
Growth Subaccount, Growth Subaccount, Equity Income Subaccount, High Income
Bond Subaccount, Growth & Income Subaccount, Emerging Markets Subaccount,
or such other subaccounts as may be established within VAA.
VAA
An account (Ohio National Variable Account A) that consists of assets we
have set aside so that their investment results are kept separate from
those of our general assets.
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VALUATION PERIOD
That period of time from one determination of accumulation unit and annuity
unit values to their next determination. Such values will be determined as
often as we choose to do so. This will occur at least once each week or as
often as require` by the 1940 Act.
WE AND YOU
"We", "us" and "our" means The Ohio National Life Insurance Company. "You"
means the Owner of this contract.
GENERAL PROVISIONS
CONTRACT
Your application and purchase payment(s) are the consideration for this
contract. A copy of the application is attached. The contract, any riders
or endorsements, if applicable, and the application are the entire
agreement.
We are not a party to, nor are we bound by, any plan or trust in
conjunction with this contract. This contract is intended to qualify under
the Code for tax favored status. Any reference in this contract to tax laws
or rules is for your information and instruction and is not subject to
approval or disapproval by the state in which the contract is issued for
delivery. Your qualifying status, and not the contract, controls whether or
not your funds will have tax favored status. You should ask your tax
advisor if you have any questions as to whether or not you qualify.
This contract cannot be changed nor our rights waived except in a writing
signed by our president, vice president or secretary and attached to the
contract.
MISSTATEMENT OF AGE OR SEX
If the Annuitant's birth date or sex has been misstated, the benefits shall
be such as would have been provided based on the correct birth date and
sex. The amount of any over payments shall be charged against benefits to
be paid after we learn of a misstatement. The amount of any under payments
accumulated at an annual effective interest rate of 6% shall be added to
benefits to be paid after we learn of a misstatement.
OWNERSHIP
During the Annuitant's lifetime and prior to the annuity payout date, the
Owner of this contract shall be the person so named in the application or
the heirs, successors or transferees of such person. On and after the
annuity payout date, the Annuitant is the Owner. After the Annuitant's
death, the Beneficiary is the Owner.
If this contract is an IRA, the Annuitant shall be the Owner while living.
The Annuitant's interest may not then be forfeited. The contract, if an
IRA, is for the sole benefit of the Annuitant and Beneficiaries.
You have the sole right, without the consent of the Beneficiary or any
other person, to exercise all contract rights. You can transfer ownership
to a successor Owner only if such successor Owner is (1) the Annuitant, (2)
a trustee or successor trustee of a pension or profit-sharing trust which
is qualified under Section 401 of the Code, or (3) the employer of the
Annuitant provided that the contract after transfer is maintained under the
terms of a retirement plan qualified under Section 403(a) of the Code for
the benefit of the Annuitant. Exercise of any ownership rights under this
contract shall not take effect until we receive notice.
NONTRANSFERABILITY
You may not sell, assign, discount or pledge this contract as collateral
for a loan or to secure the performance of any obligation or for any
purpose to any person other than to us, to the Annuitant, or to a trustee
or other person exercising ownership rights solely by reason of the terms
of a pension or profit-sharing plan or trust qualified under the Code.
You may not transfer this contract if it is an IRA.
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BENEFICIARY
The Beneficiary and any Contingent Beneficiary are named in the
application, unless changed. If the Beneficiary dies prior the Annuitant,
the Contingent Beneficiary becomes the Beneficiary. Unless you have
provided otherwise, if there are two or more Beneficiaries, they will
receive equal shares. If there is no named Beneficiary or Contingent
Beneficiary when the Annuitant has died, you will be deemed to be the
Beneficiary.
CHANGE OF BENEFICIARY
Subject to the terms of any assignment, you may name a new Beneficiary or a
new Contingent Beneficiary by notice to us at any time during the lifetime
of the Annuitant. Any new choice of Beneficiary or Contingent Beneficiary
will automatically revoke any prior choice of Beneficiary or Contingent
Beneficiary.
GENERAL ACCOUNT AND VAA
The General Account consists of all our assets other than those we allocate
to separate accounts.
The separate account to which the variable part of contract values and
variable annuity payments under this contract relate is VAA, which we have
established under Ohio law to provide variable benefits. We shall have sole
and complete ownership and control of all assets in VAA.
INVESTMENTS OF VAA
All amounts credited to VAA will be used to purchase shares at net asset
value of Ohio National Fund, Inc., an open-end investment company
registered under the 1940 Act, or substitute shares of another investment
company. Ohio National Fund, Inc. and such other investment companies are
referred to as the "Fund" and shares of either are referred to as "Fund
shares". Any and all distributions made by the Fund in respect to Fund
shares held by VAA will be reinvested to purchase more Fund shares in the
same subaccount at net asset value. Deductions and redemptions from VAA may
be made by redeeming a number of Fund Shares, at net asset value, equal in
total value to the amount to be deducted or redeemed. If deemed by us to be
in the best interest of all contract owners, VAA may be operated as a
management company under the 1940 Act or it may be deregistered under the
1940 Act if such registration is no longer required.
If there is such a substitution of Fund shares or change in operation of
VAA, we may issue such endorsement for the contract and take such other
action as may be necessary and appropriate to make the substitution or
change.
NONPARTICIPATING
This contract is nonparticipating. It will not share in our divisible
surplus.
EVIDENCE OF SEX, AGE OR SURVIVAL
Where any payment under this contract depends on the payee's sex, age or
survival on a given date, we may require proof thereof prior to making such
payment.
INCONTESTABILITY
After two years, we will not contest this contract, based on any
misstatement in the application, except for fraud.
CONTRACT PAYMENTS
All sums to be paid by us under this contract are payable at our home
office. We may require you to send us this contract as a condition to any
payment.
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SUPPLEMENTARY AGREEMENT
As of the annuity payout date, we may issue a supplementary agreement that
sets forth the terms of your annuity option.
VOTING RIGHTS
We will seek instructions for the voting of Fund shares held on account of
the variable part of your contract value or held in VAA which represent the
actuarial liability for variable annuity payments being made. From time to
time, we will send you reports on the Fund, proxy material and a form with
which you may instruct us how to vote Fund shares.
After this contract has been effect for one year, you may also vote at our
annual meeting of policyholders as provided in our code of regulations and
Ohio law.
REPORTS
At least once each year after the first contract year and before the
annuity payout date, we shall send you a report of your contract values.
NOTICE
A notice required by this contract must be in writing signed by you. The
notice will take effect when signed, subject to any payment made or action
taken by us before we receive the notice at our home office.
INDIVIDUAL RETIREMENT ANNUITIES
The Internal Revenue Service has approved the form of this contract as
meeting the Code requirements for an IRA. If this contract is an IRA, we
can change the contract in its approved form so as to keep its approval
under the Code or to comply with any change in the Code or rules under the
Code. Any such change shall be in writing, signed by us and mailed to you
at your address of record in our files. Any terms that relate to this
contract as an IRA shall be of no further effect if the contract is no
longer kept as a qualified IRA under the Code.
PURCHASE PROVISIONS
PURCHASE PAYMENTS
Purchase payments are payable to us at our home office or, with respect
only to the first purchase payment, to one of our authorized agents in
exchange for a receipt signed by such agent.
The initial purchase payment may not be less than $100. Each subsequent
purchase payment must be at least $100. No more than $100,000 may be paid
in any contract year without our consent. If this is an IRA, purchase
payments may not be more than the lesser of $2,000 or 100% of your
compensation in any calendar year. But, this limit does not apply to
"rollover" or employer contributions as defined in the Code.
ALLOCATION OF PURCHASE PAYMENTS
Each purchase payment, less an amount for any applicable premium or similar
tax (net purchase payment), will be allocated to one or more subaccounts
and/or the General Account in accordance with the allocation percentage
specified in the application or as later changed by you.
Such change shall take effect with the first purchase payment received
after the date you ask such change to take effect or, if later, as of the
end of the valuation period during which we receive such change request at
our home office.
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VALUATION PROVISIONS
CONTRACT VALUE
The contract value for any valuation period equals the sum of the fixed
accumulation account value as of the end of the valuation period and the
variable accumulation account value for the valuation period.
FIXED ACCUMULATION ACCOUNT
Prior to the annuity payout date, the fixed accumulation account value will
be
(1) The net purchase payment allocated to the General Account; plus
(2) any amounts, net of fees, transferred from VAA to the fixed
accumulation account; plus
(3) accumulated interest; less
(4) any amounts withdrawn from the fixed accumulation account (along
with any applicable contingent deferred sales charge) to pay
benefits or contract administration charge; less
(5) any amounts, plus any associated fees, transferred from the fixed
accumulation account to the variable accumulation account; less
(6) any amounts applied to affect an annuity option under the
SETTLEMENT PROVISIONS.
We will declare annual effective interest rates to be applied to the fixed
accumulation account from time to time. No annual effective interest rate
declared by us will be less than 3.00%. We may increase an interest rate at
any time, but we may not decrease the rates on any existing funds in the
fixed accumulation account more often than once in any given twelve month
period.
VARIABLE ACCUMULATION ACCOUNT
We will credit this contract's variable accumulation account with variable
accumulation units in relation to the amount of each net purchase payment
allocated to each subaccount. To find the number of variable accumulation
units credited to each subaccount, divide the amount allocated to that
subaccount by the variable accumulation unit value of that subaccount for
the valuation period during which the purchase payment is received at our
home office.
The value of each variable accumulation unit was set when the first
purchase payment was allocated to each subaccount. The value of a variable
accumulation unit for each subaccount varies for each later valuation
period. Such value is found by multiplying the value of a variable
accumulation unit of that subaccount for the immediately preceding
valuation period by the net investment factor for the subaccount for the
valuation period for which the variable accumulation unit value is being
determined. The value of a variable accumulation unit for any valuation
period is determined as of the end of such valuation period.
The variable accumulation account value for a valuation period equals
number of variable accumulation units credited to the variable accumulation
account multiplied by the value of each such accumulation unit for that
valuation period.
NET INVESTMENT FACTOR
The net investment factor for a subaccount is found by dividing (a) by (b),
then subtracting (c) from the result, where
(a) is
(1) the net asset value of a Fund share in that subaccount determined
as of the end of a valuation period, plus
(2) the per share amount of any dividends or other distribution
declared by the Fund (as of the ex-dividend date) during the
valuation period, adjusted by
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(3) a per share charge or credit with respect to any taxes paid or
reserved for, which we determine to be attributable to the
maintenance or operation of the subaccount;
(b) is the net asset value of a Fund share in that subaccount, adjusted by
a per share credit or charge for any taxes reserved for or paid,
determined as of the end of the prior valuation period; and
(c) is
(1) a charge for mortality and expenses risk assumptions at an
effective rate of not more than 1.55% per year, plus
(2) an administration expense charge of 0.25% per year for the number
of days in such valuation period.
Although we cannot identify that part of the current risk charge that
applies to each of the risks involved, we estimate that a reasonable
allocation would be 0.55% for the mortality risk, and 0.5% for the expense
risk. The total charge for risks and administration expenses is now at the
effective rate of 1.30%. Although we may change the risk charges from time
to time, the total of the risk charges and the administration charge shall
not exceed 1.80% annually. The actual risk charges to be made will be
determined by our Board of Directors and shall not be increased more often
than once a year.
SPLITTING UNITS
We reserve the right to split the value of the variable accumulation units
or the annuity units. In any such split of unit values, strict equity will
be preserved. Such a split will have no material effect on the benefits or
other terms of this contract. A split may either increase or decrease the
number of such units.
TAXES
Any taxes that pertain to this contract or VAA will be charged against the
contract value when incurred or reserved for by us.
ACCUMULATION PERIOD PROVISIONS
TRANSFERS AMONG SUBACCOUNTS AND GENERAL ACCOUNT
By notice to us, you may transfer the value of any number of accumulation
units from one subaccount to another subaccount or to the General Account
at any time. Not more than 20% of the fixed accumulation account value as
of the beginning of any contract year may be transferred to one or more
subaccounts during that contract year. The dollar amount of a transfer must
be at least $300, but the entire value of a subaccount or the General
Account may be transferred if less than $300. No transfer of variable
accumulation units may be made after the annuity payout date or the date we
receive notice of the Annuitant's death. Such transfers shall be made as of
the end of the valuation period during which we receive the request at our
home office or at the end of any later valuation period as you may request.
A fee of not more than $5 will be charged for each transfer. The first four
transfers within a contract year will not be assessed a transfer fee.
SURRENDER
You may surrender this contract and receive its surrender value upon notice
received by us at any time prior to the annuity payout date. The surrender
value is the contract value less: (1) a charge for any applicable premium
taxes not previously deducted, (2) the contract administration charge and
(3) the contingent deferred sales charge, if any. For this purpose, the
contract value will be that for the valuation period during which the
surrender request is received at our home office. The surrender value shall
be paid within 7 days of receipt of your notice (or later if allowed by
law). After this contract is surrendered, all variable accumulation units
will be cancelled.
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PARTIAL WITHDRAWAL
You can take up to 12 partial withdrawals within a contract year. The
withdrawn amount cannot be less than $100 and cannot be greater than the
amount that would cause the contract value to fall below $1,000. We will
pay to you the amount of a partial withdrawal less the appropriate
contingent deferred sales charge. Partial withdrawals will reduce the
contract value by the amount withdrawn including any applicable contingent
deferred sales charges.
Withdrawals from this contract will be taken on a "first-in-first-out"
basis. That is, partial withdrawals will be taken first from any remaining
portion of the total contract value resulting from the earliest purchase
payment. Once the value resulting from any purchase payment has been
reduced to zero, remaining amounts withdrawn shall reduce the value
resulting from the earliest of the remaining purchase payments. This
process shall continue until the withdrawal is completed. The amount so
withdrawn shall be paid within 7 days of receipt of your notice (or later
if allowed by law). For amounts withdrawn from VAA, we will cancel the
number of variable accumulation units from the appropriate subaccount
which, when multiplied by the corresponding variable accumulation unit
values for the valuation period during which the notice was received by us,
equals that portion of the dollar amount of the partial withdrawal, plus
any applicable contingent deferred sales charge taken from that deposit.
After the first contract year, no contingent deferred sales charge will be
assessed against partial withdrawals made in a contract year that total up
to 10% of the contract value as of the most recent anniversary.
CONTINGENT DEFERRED SALES CHARGE
We can make a contingent deferred sales charge if this contract is
surrendered or a partial withdrawal is made. Such charge will be a
percentage of the amount withdrawn. The percentage will vary with the
number of years since the purchase payments (that are related to the amount
withdrawn) were made. Charges made against the amount withdrawn will be on
a first-in-first-out basis. The charge for an amount related to a given
purchase payment will equal the percentage from the following table
multiplied by that amount.
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Time elapsed since Percentage of
Purchase Payment resulting value charged
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1 year or less 7.0%
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more than 1 year but not more than 2 7.0%
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more than 2 years but not more than 3 6.0%
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more than 3 years but not more than 4 5.0%
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more than 4 years but not more than 5 4.0%
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more than 5 years but not more than 6 2.0%
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more than 6 years but not more than 7 1.0%
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more than 7 years 0.0%
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In no event shall the total of contingent deferred sales charges made
exceed 9% of all purchase payments.
DEATH BENEFIT DURING ACCUMULATION PERIOD
If the Annuitant dies before the annuity payout date, we will pay a death
benefit to the Beneficiary in one sum or by such other settlement method to
which we may agree. The single sum payment will be made within 7 days after
we receive proof of the Annuitant's death (or later if allowed by law). Any
variable accumulation units will then be cancelled.
If (a) on the date of death of the Annuitant or (b) on any contract
anniversary prior to the date of death, the sum of all withdrawals made
from the contract exceeds the contract value on that date, we will pay to
the named Beneficiary the contract value as of the date of death.
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Otherwise, the death benefit payable to the Beneficiary shall be the
greater of:
(a) The contract value as of the date of death;
(b) the total of all net purchase payemnts made to, less withdrawals
(including any contingent deferred sales charges) taken from the
contract.
(c) the Stepped-up Death Benefit Amount defined as follows.
The Stepped-up Death Benefit Amount during the first five contract years
shall be the total of all net purchase payments made to, less withdrawals
(including contingent deferred sales charges) taken from the contract. On
the fifth anniversary, the Stepped-up Death Benefit Amount shall be
increased to the contract value at that time if it is greater and if the
Annuitant has not yet attained age 70.
The Stepped-up Death Benefit Amount in subsequent five year periods shall
equal the Stepped-up Death Benefit Amount as of the end of the previous
five year period plus any net purchase payments made to, and less any
withdrawals (including contingent deferred sales charges) taken from the
contract during the five year period. The Stepped-up Death Benefit Amount
shall be increased at the end of each five year period to the contract
value if it is greater and if the Annuitant has not yet attained age 70.
CONTRACT ADMINISTRATION CHARGE
Prior to the annuity payout date, on each contract anniversary and upon
surrender, we will deduct from the contract value an annual contract
administration charge of $35 to defray our administrative expenses for this
contract if the contract value at that time is less than $50,000. We will
make this charge from the contract value on a "first-in-first-out" basis.
If, on the anniversary, the contract value equals or exceeds $50,000, we
will not deduct the contract administration charge.
We will cancel the number of variable accumulation units from the
appropriate subaccounts which, when multiplied by the corresponding
variable accumulation unit values for the valuation period in which the
charge is taken, equals that portion of the charge taken from VAA.
SETTLEMENT PROVISIONS
GENERAL
On the annuity payout date, the contract value shall be applied under one
or more of the annuity options shown below or under such other option to
which we may agree.
Unless otherwise specified, the first annuity payment will be apportioned
to the General Account and each subaccount in the same proportions that
each bears to the total contract value as of the day we credit your annuity
units.
ELECTIONS
You must give us notice in order to elect an annuity option or revoke or
change such an election. If no such election is in effect on the annuity
payout date, and if the Annuitant is then living, the contract value will
be applied under Option 1(c) as an annuity payable to the Annuitant. The
variable part of the contract value will be used to provide a variable
annuity and the fixed part will provide a fixed annuity unless you elect
otherwise. The Beneficiary will be the payee for any remaining period
certain installments to be paid after the Annuitant's death unless this
contract is issued pursuant to a tax qualified pension plan.
PENSION PLAN
If: (a) this contract is issued pursuant to a tax qualified pension plan;
(b) no election is in effect on the annuity payout date; and (c) the
Annuitant is living on the annuity payout date, then the contract value
will be applied as follows:
(1) If the Annuitant is married as of the annuity payout date, the
contract value will be applied to provide equal payments under
Options 1 (a) and 2 (a) with the Annuitant's spouse as the
contingent annuitant.
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(2) If the Annuitant is not married as of the annuity payout date, the
contract value will be applied under Option 1 (c) and paid to the
Annuitant with the Beneficiary as payee for any period certain
payments to be made after the Annuitant's death.
IRA RESTRICTIONS
If this contract is an IRA, the Annuitant's entire interest will be paid to
him or her (a) not later than the close of the tax year in which the
Annuitant attains age seventy and one half years, or (b) in installments
that are equal except for any increment due to operation of the contract.
Such installments will be made (a) for the life of the Annuitant or the
lives of the Annuitant and his or her spouse, or (b) for a term certain
period that does not last past the life expectancy of the Annuitant or the
life expectancy of the Annuitant and his or her spouse. If the Annuitant's
entire interest is to be distributed in installments beginning in the year
the Annuitant attains age seventy and one half years, then the annual
payments must be at least the lesser of: (a) the balance of the Annuitant's
interest, or (b) an amount determined by dividing (i) the Annuitant's
entire interest at the beginning of each year (including amounts not in the
IRA at the beginning of the year because they have been withdrawn so as to
make a rollover contribution to another IRA) by (ii) the life expectancy of
the Annuitant (or of the Annuitant and his or her spouse, if applicable) as
of the date the Annuitant attains age seventy, such expectancy being
reduced by the number of whole years that have elapsed since the Annuitant
attained age seventy and one half years.
If the Annuitant dies before the entire interest has been paid, or if
payments have begun to the Annuitant's surviving spouse and such spouse
dies before the entire interest has been paid, the entire interest (or any
such interest that is left if payments have begun) will, within 5 years
after the Annuitant's death (or the death of the surviving spouse), be paid
or be applied to purchase an immediate annuity for the Beneficiary or
Beneficiaries. Such an immediate annuity will be payable for the life of
the Beneficiary or Beneficiaries (or for a term that does not last beyond
their life expectancy). This paragraph does not apply if term certain
payments began before the Annuitant's death and the term certain is for a
period allowed in the prior paragraph.
DETERMINATION OF AMOUNT TO BE APPLIED
The contract value to be applied to provide an annuity shall be determined
at the end of a valuation period, selected by us and uniformly applied,
which is not more than 10 valuation periods before the annuity payout date.
The fixed part of the contract value used to provide a fixed annuity will
be determined as of the annuity payout date. Any applicable premium tax
will be deducted at this time.
EFFECT OF SETTLEMENT ON ACCUMULATION UNITS
When this contract is settled, its Variable Accumulation Units will be
cancelled.
CHANGE OF ANNUITY PAYOUT DATE
You may change the annuity payout date at any time prior to the Annuitant's
death by notice to us. But, unless we agree, the annuity payout date may
not be later than the first of the month following the Annuitant's 90th
birthday. In any event, the annuity payout date must be the first day of a
month and must be at least 30 days after the date we receive notice of a
change of date.
ANNUITY PAYMENT AMOUNTS
VARIABLE ANNUITIES
The dollar amount of the first periodic variable annuity payment shall
be derived from the annuity option tables for the sex(es) and age(s) of
the Annuitant and contingent annuitant, if any, on the annuity payout
date. The dollar amount of each variable annuity payment after the
first will be measured by annuity units. The number of annuity units of
each subaccount to be credited to this contract is determined by
dividing that part of the first variable annuity payment apportioned to
each subaccount by the annuity unit value of
--------------------------------------------------------------------------------
THE OHIO NATIONAL LIFE INSURANCE COMPANY PAGE 11
13
that subaccount for the valuation period used to determine the contract
value for settlement of this contract under these SETTLEMENT
PROVISIONS. The dollar amount of each variable annuity payment after
the first is equal to the number of annuity units credited to this
contract multiplied by the annuity unit value of the applicable
subaccount for the valuation period, selected by us and uniformly
applied, which is not more than 10 valuation periods before the due
date of each such payment.
FIXED ANNUITIES
The dollar amount of the each periodic fixed annuity payment shall be
derived from the annuity option tables for the sex(es) and age(s) of
the Annuitant and contingent annuitant, if any, on the annuity payout
date.
ANNUITY UNIT VALUE
The value of an Annuity Unit for each subaccount was set when the first
annuity payment was made from each subaccount for this class of contracts.
To determine the Annuity Unit value for each later valuation period, (a)
multiply the Annuity Unit value for that subaccount for the immediately
prior valuation period by the Net Investment Factor for that subaccount for
such later valuation period, and then (b) multiply the product by a factor
to neutralize the interest rate of 3% per year assumed in the annuity
option tables. Such factor is 0.9999190 for a one-day valuation period.
CHANGE IN SUBACCOUNT
After variable annuity payments have been made for at least 12 months, you
may, no more than once each 12 months, change all or part of the investment
upon which your variable annuity payments are based from one subaccount to
another. To do this, we will convert the number of Annuity Units being
changed to the number of Annuity Units of the Subaccount to which you are
changing so as to result in the next variable annuity payment being of the
same amount that it would have been without the change. After that,
variable annuity payments will reflect changes in the values of your new
Annuity Units. You must give us notice at least 30 days before the due date
of the first variable annuity payment to which the change will apply.
LIMITATION ON AVAILABILITY OF OPTIONS
If the contingent annuitant is not related to the Annuitant, you may not
elect Option 2 unless we consent and then only if, based upon life
expectancies, less than 50% of the amount so applied would accrue to the
contingent annuitant.
If the amount to be applied under any annuity option is less than $5,000,
such option shall not be available. Settlement shall than be in a single
sum. If the first periodic payment to a payee would be less than $25, we
may pay less often so that such payment will be at least $25.
ALTERNATE ANNUITY OPTION
Instead of the variable annuities provided under this contract, you may
choose an alternate amount and type of periodic installments for fixed
annuity payments. Such alternate annuity options shall be based on the
rates for fixed dollar single premium immediate annuities being issued by
us on the annuity payout date. They may only be elected within 30 days
before that date.
Any withdrawal of part or all of the contract value for settlement under an
alternate annuity option will be exempt from any otherwise applicable
contingent deferred sales charge if at least one of the following
conditions is met:
(a) If withdrawal is before the end of the second contract year, the
annuity income must be payable for the lifetime of the annuitant
and contingent annuitant, if any.
(b) If withdrawal is during the third through fifth contract years,
the annuity income must be payable over a period of not less than
ten years or payable over the lifetime of the annuitant and
contingent annuitant, if any.
--------------------------------------------------------------------------------
THE OHIO NATIONAL LIFE INSURANCE COMPANY PAGE 12
14
(c) If withdrawal is after the fifth contract year, the annuity income
must be payable over a period of not less than five years or
payable over the lifetime of the annuitant and contingent
annuitant, if any.
DEATH BENEFIT AFTER THE ANNUITY PAYOUT DATE
If the Annuitant dies after the annuity payout date, any death benefit
payable will be in accordance with the annuity option chosen.
SPENDTHRIFT PROVISION
Except as otherwise provided in this contract (or in any supplementary
contract issued in exchange for it), an Annuitant or Beneficiary may not
commute, anticipate, assign or otherwise encumber any amounts to be paid in
settlement of this contract. To the extent allowed by law, no such amount
shall be subject to any legal process in payment of any claim against an
Annuitant or Beneficiary.
DESCRIPTION OF ANNUITY OPTIONS
All of these options may be on a fixed or variable annuity basis or both.
LIFE ANNUITY
OPTION 1
(a) NONREFUND. We will make payments during the lifetime of the
Annuitant. No payments are due after the death of the Annuitant.
(b) 5-YEARS CERTAIN. We will make payments for 5 years and after that
during the lifetime of the Annuitant. No payments are due after
the death of the Annuitant or, if later, the end of the 5-year
period certain.
(c) 10-YEARS CERTAIN. We will make payments for 10 years and after
that during the lifetime of the Annuitant. No payments are due
after the death of the Annuitant or, if later, the end of the
10-year period certain.
(d) INSTALLMENT REFUND. We will make payments for a period certain
and after that during the lifetime of the Annuitant. No payments
are due after the death of the Annuitant or, if later, the end of
the period certain. The number of period certain payments is
equal to the amount applied under this installment refund option
divided by the amount of the first annuity payment; provided,
however, that the amount of the final period certain payment
shall be multiplied by that part of the preceding quotient which
is not an integer.
--------------------------------------------------------------------------------
THE OHIO NATIONAL LIFE INSURANCE COMPANY PAGE 13
15
JOINT AND SURVIVOR LIFE ANNUITY
OPTION 2
(a) JOINT AND SURVIVOR NONREFUND. We will make payments during the
joint lifetime of the Annuitant and contingent annuitant. Payments
will then continue during the remaining lifetime of the survivor
of them. No payments are due after the death of the last survivor
of the Annuitant and contingent annuitant.
(b) JOINT AND SURVIVOR WITH 10-YEARS CERTAIN. We will make payments
for 10 years and after that during the joint lifetime of the
Annuitant and contingent annuitant. Payments will then continue
during the remaining lifetime of the survivor of them. No payments
are due after the death of the survivor of the Annuitant and
contingent annuitant or, if later, the end of the 10-year period
certain.
--------------------------------------------------------------------------------
THE OHIO NATIONAL LIFE INSURANCE COMPANY PAGE 14
16
ANNUITY OPTION TABLES
Date of Birth
(1939 and Before)
Installments shown are for a monthly payment for each $1,000 of contract value
applied under an option. Age, as used in these tables, is age as of nearest
birthday. Rates of monthly payments for ages and periods certain not shown, if
allowed by us, will be based on an actuarially equivalent basis. To determine
annual, semi-annual, or quarterly installments, multiply the amounts shown by
11.65, 5.92 or 2.98; respectively.
OPTION 1: LIFE INCOME
----------------------------------------------------------------------------------------------------------------------------------
AGE AND SEX AGE AND SEX
OF ANNUITANT NON- 5 YEARS 10 YEARS INSTALLMENT OF ANNUITANT NON- 5 YEARS 10 YEARS INSTALLMENT
MALE REFUND CERTAIN CERTAIN REFUND FEMALE REFUND CERTAIN CERTAIN REFUND
----------------------------------------------------------------------------------------------------------------------------------
51 $4.14 $4.13 $4.10 $3.97 51 $3.80 $3.79 $3.78 $3.71
52 4.21 4.20 4.17 4.03 52 3.86 3.85 3.84 3.76
53 4.29 4.28 4.24 4.09 53 3.92 3.91 3.90 3.81
54 4.37 4.36 4.32 4.16 54 3.98 3.98 3.96 3.87
55 4.46 4.45 4.40 4.23 55 4.05 4.05 4.03 3.93
56 4.55 4.54 4.49 4.30 56 4.13 4.12 4.10 3.99
57 4.65 4.63 4.58 4.37 57 4.20 4.20 4.17 4.05
58 4.75 4.73 4.67 4.45 58 4.29 4.28 4.25 4.12
59 4.86 4.84 4.77 4.53 59 4.37 4.36 4.33 4.19
60 4.98 4.96 4.88 4.62 60 4.47 4.46 4.42 4.27
61 5.11 5.08 4.99 4.71 61 4.57 4.55 4.51 4.35
62 5.24 5.21 5.11 4.81 62 4.67 4.66 4.61 4.43
63 5.39 5.35 5.23 4.92 63 4.78 4.77 4.71 4.52
64 5.54 5.50 5.36 5.02 64 4.90 4.88 4.82 4.61
65 5.71 5.66 5.49 5.14 65 5.03 5.01 4.94 4.70
66 5.88 5.82 5.63 5.25 66 5.17 5.14 5.06 4.81
67 6.07 6.00 5.78 5.37 67 5.31 5.28 5.18 4.92
68 6.27 6.19 5.93 5.51 68 5.47 5.43 5.32 5.03
69 6.49 6.39 6.08 5.64 69 5.63 5.59 5.46 5.15
70 6.72 6.60 6.24 5.79 70 5.82 5.77 5.61 5.28
71 6.96 6.82 6.41 5.93 71 6.01 5.96 5.77 5.41
72 7.22 7.05 6.58 6.10 72 6.22 6.16 5.93 5.56
73 7.50 7.30 6.75 6.27 73 6.45 6.37 6.11 5.71
74 7.79 7.56 6.92 6.43 74 6.70 6.60 6.29 5.87
75 8.11 7.83 7.09 6.62 75 6.97 6.85 6.47 6.05
76 8.45 8.12 7.27 6.83 76 7.26 7.11 6.66 6.23
77 8.82 8.42 7.44 7.03 77 7.57 7.39 6.86 6.41
78 9.21 8.74 7.61 7.24 78 7.90 7.69 7.05 6.62
79 9.62 9.07 7.78 7.46 79 8.27 8.00 7.25 6.83
80 10.07 9.41 7.95 7.66 80 8.66 8.34 7.45 7.05
81 10.55 9.77 8.11 7.94 81 9.09 8.69 7.64 7.29
82 11.06 10.13 8.26 8.19 82 9.55 9.06 7.83 7.55
83 11.60 10.50 8.40 8.43 83 10.06 9.45 8.02 7.78
84 12.18 10.89 8.53 8.76 84 10.60 9.86 8.19 8.07
85 12.80 11.27 8.66 9.07 85 11.19 10.28 8.35 8.38
86 13.45 11.66 8.77 9.40 86 11.82 10.72 8.50 8.65
87 14.14 12.06 8.88 9.70 87 12.50 11.15 8.64 9.00
88 14.89 12.45 8.97 10.07 88 13.24 11.59 8.76 9.29
89 15.69 12.85 9.06 10.34 89 14.02 12.03 8.87 9.69
90 16.56 13.24 9.14 10.83 90 14.86 12.45 8.97 10.07
----------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------
THE OHIO NATIONAL LIFE INSURANCE COMPANY PAGE 15
17
OPTION 2: JOINT & SURVIVOR LIFE INCOME
(a) Nonrefund
---------------------------------------------------------------------------------------------------------
AGE AGE OF
OF MALE FEMALE CONTINGENT ANNUITANT
-----------------------------------------------------------------------------------------
ANNUITANT 50 55 60 65 70 75 80 85 90
---------------------------------------------------------------------------------------------------------
55 $3.55 $3.72 $3.89 $4.04 $4.17 $4.27 $4.35 $4.40 $4.42
60 3.61 3.82 4.04 4.26 4.47 4.64 4.77 4.86 4.92
65 3.65 3.90 4.17 4.47 4.78 5.06 5.30 5.46 5.57
70 3.69 3.95 4.27 4.65 5.07 5.51 5.90 6.21 6.42
75 3.71 3.99 4.35 4.79 5.32 5.92 6.53 7.07 7.47
80 3.72 4.02 4.40 4.88 5.51 6.27 7.13 7.99 8.71
85 3.73 4.03 4.43 4.95 5.63 6.54 7.64 8.88 10.04
90 3.73 4.04 4.44 4.98 5.71 6.72 8.03 9.63 11.33
---------------------------------------------------------------------------------------------------------
(b) With 10 Years Certain
---------------------------------------------------------------------------------------------------------
AGE AGE OF
OF MALE FEMALE CONTINGENT ANNUITANT
-----------------------------------------------------------------------------------------
ANNUITANT 50 55 60 65 70 75 80 85 90
---------------------------------------------------------------------------------------------------------
55 $3.55 $3.72 $3.88 $4.04 $4.17 $4.27 $4.33 $4.37 $4.39
60 3.61 3.82 4.04 4.26 4.46 4.63 4.75 4.82 4.86
65 3.65 3.89 4.17 4.47 4.77 5.04 5.25 5.38 5.45
70 3.68 3.95 4.27 4.64 5.05 5.45 5.80 6.03 6.16
75 3.70 3.99 4.34 4.77 5.28 5.83 6.34 6.72 6.94
80 3.72 4.01 4.38 4.85 5.44 6.12 6.80 7.36 7.70
85 3.72 4.02 4.40 4.90 5.53 6.31 7.14 7.85 8.31
90 3.72 4.03 4.41 4.92 5.58 6.41 7.33 8.15 8.70
---------------------------------------------------------------------------------------------------------
Actuarial Basis - Installments shown in these tables are based on the 1983(a)
Mortality Table Projected to 1996 under Scale G with compound interest at the
effective rate of 3% per year.
--------------------------------------------------------------------------------
THE OHIO NATIONAL LIFE INSURANCE COMPANY PAGE 16
18
ANNUITY OPTION TABLES
(1940-1959)
Installments shown are for a monthly payment for each $1,000 of contract value
applied under an option. Age, as used in these tables, is age as of nearest
birthday. Rates of monthly payments for ages and periods certain not shown, if
allowed by us, will be based on an actuarially equivalent basis. To determine
annual, semi-annual, or quarterly installments, multiply the amounts shown by
11.65, 5.92 or 2.98; respectively.
OPTION 1: LIFE INCOME
----------------------------------------------------------------------------------------------------------------------------------
AGE AND SEX AGE AND SEX
OF ANNUITANT NON- 5 YEARS 10 YEARS INSTALLMENT OF ANNUITANT NON- 5 YEARS 10 YEARS INSTALLMENT
------------------ -----------------
MALE REFUND CERTAIN CERTAIN REFUND FEMALE REFUND CERTAIN CERTAIN REFUND
----------------------------------------------------------------------------------------------------------------------------------
51 $4.07 $4.06 $4.03 $3.91 51 $3.74 $3.74 $3.73 $3.66
52 4.14 4.13 4.10 3.97 52 3.80 3.79 3.78 3.71
53 4.21 4.20 4.17 4.03 53 3.86 3.85 3.84 3.76
54 4.29 4.28 4.24 4.09 54 3.92 3.91 3.90 3.81
55 4.37 4.36 4.32 4.16 55 3.98 3.98 3.96 3.87
56 4.46 4.45 4.40 4.23 56 4.05 4.05 4.03 3.93
57 4.55 4.54 4.49 4.30 57 4.13 4.12 4.10 3.99
58 4.65 4.63 4.58 4.37 58 4.20 4.20 4.17 4.05
59 4.75 4.73 4.67 4.45 59 4.29 4.28 4.25 4.12
60 4.86 4.84 4.77 4.53 60 4.37 4.36 4.33 4.19
61 4.98 4.96 4.88 4.62 61 4.47 4.46 4.42 4.27
62 5.11 5.08 4.99 4.71 62 4.57 4.55 4.51 4.35
63 5.24 5.21 5.11 4.81 63 4.67 4.66 4.61 4.43
64 5.39 5.35 5.23 4.92 64 4.78 4.77 4.71 4.52
65 5.54 5.50 5.36 5.02 65 4.90 4.88 4.82 4.61
66 5.71 5.66 5.49 5.14 66 5.03 5.01 4.94 4.70
67 5.88 5.82 5.63 5.25 67 5.17 5.14 5.06 4.81
68 6.07 6.00 5.78 5.37 68 5.31 5.28 5.18 4.92
69 6.27 6.19 5.93 5.51 69 5.47 5.43 5.32 5.03
70 6.49 6.39 6.08 5.64 70 5.63 5.59 5.46 5.15
71 6.72 6.60 6.24 5.79 71 5.82 5.77 5.61 5.28
72 6.96 6.82 6.41 5.93 72 6.01 5.96 5.77 5.41
73 7.22 7.05 6.58 6.10 73 6.22 6.16 5.93 5.56
74 7.50 7.30 6.75 6.27 74 6.45 6.37 6.11 5.71
75 7.79 7.56 6.92 6.43 75 6.70 6.60 6.29 5.87
76 8.11 7.83 7.09 6.62 76 6.97 6.85 6.47 6.05
77 8.45 8.12 7.27 6.83 77 7.26 7.11 6.66 6.23
78 8.82 8.42 7.44 7.03 78 7.57 7.39 6.86 6.41
79 9.21 8.74 7.61 7.24 79 7.90 7.69 7.05 6.62
80 9.62 9.07 7.78 7.46 80 8.27 8.00 7.25 6.83
81 10.07 9.41 7.95 7.66 81 8.66 8.34 7.45 7.05
82 10.55 9.77 8.11 7.94 82 9.09 8.69 7.64 7.29
83 11.06 10.13 8.26 8.19 83 9.55 9.06 7.83 7.35
84 11.60 10.50 8.40 8.43 84 10.06 9.45 8.02 7.78
85 12.18 10.89 8.53 8.76 85 10.60 9.86 8.19 8.07
86 12.80 11.27 8.66 9.07 86 11.19 10.28 8.35 8.38
87 13.45 11.66 8.77 9.40 87 11.82 10.72 8.50 8.65
88 14.14 12.06 8.88 9.70 88 12.50 11.15 8.64 9.00
89 14.89 12.45 8.97 10.07 89 13.24 11.59 8.76 9.29
90 15.69 12.85 9.06 10.34 90 14.02 12.03 8.87 9.69
----------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------
THE OHIO NATIONAL LIFE INSURANCE COMPANY PAGE 15
19
OPTION 2: JOINT & SURVIVOR LIFE INCOME
(a) Nonrefund
-----------------------------------------------------------------------------------------------
AGE AGE OF
OF MALE FEMALE CONTINGENT ANNUITANT
-------------------------------------------------------------------------------
ANNUITANT 55 60 65 70 75 80 85 90
-----------------------------------------------------------------------------------------------
55 $3.66 $3.82 $3.97 $4.09 $4.19 $4.26 $4.31 $4.34
60 3.76 3.97 4.18 4.37 4.54 4.66 4.75 4.80
65 3.83 4.09 4.38 4.66 4.93 5.15 5.31 5.41
70 3.89 4.19 4.54 4.94 5.34 5.71 6.00 6.20
75 3.92 4.26 4.67 5.17 5.73 6.29 6.80 7.18
80 3.95 4.30 4.76 5.34 6.05 6.85 7.66 8.34
85 3.96 4.33 4.82 5.46 6.30 7.33 8.48 9.58
90 3.97 4.35 4.86 5.54 6.46 7.68 9.17 10.77
-----------------------------------------------------------------------------------------------
(b) With 10 Years Certain
-----------------------------------------------------------------------------------------------
AGE AGE OF
OF MALE FEMALE CONTINGENT ANNUITANT
-------------------------------------------------------------------------------
ANNUITANT 55 60 65 70 75 80 85 90
-----------------------------------------------------------------------------------------------
55 $3.66 $3.82 $3.97 $4.09 $4.18 $4.25 $4.29 $4.31
60 3.76 3.97 4.18 4.37 4.53 4.64 4.71 4.75
65 3.83 4.09 4.37 4.65 4.91 5.11 5.24 5.31
70 3.88 4.18 4.53 4.92 5.30 5.63 5.86 5.99
75 3.92 4.25 4.66 5.13 5.65 6.15 6.53 6.75
80 3.94 4.29 4.74 5.29 5.93 6.60 7.15 7.51
85 3.95 4.31 4.78 5.38 6.12 6.92 7.65 8.13
90 3.96 4.33 4.81 5.43 6.22 7.12 7.96 8.55
-----------------------------------------------------------------------------------------------
Actuarial Basis - Installments shown in these tables are based on the 1983(a)
Mortality Table Projected to 1996 under Scale G (set back one year) with
compound interest at the effective rate of 3% per year.
--------------------------------------------------------------------------------
THE OHIO NATIONAL LIFE INSURANCE COMPANY PAGE 16
20
ANNUITY OPTION TABLES
(1960-1979)
Installments shown are for a monthly payment for each $1,000 of contract value
applied under an option. Age, as used in these tables, is age as of nearest
birthday. Rates of monthly payments for ages and periods certain not shown, if
allowed by us, will be based on an actuarially equivalent basis. To determine
annual, semi-annual, or quarterly installments, multiply the amounts shown by
11.65, 5.92 or 2.98; respectively.
OPTION 1: LIFE INCOME
----------------------------------------------------------------------------------------------------------------------------------
AGE AND SEX AGE AND SEX
OF ANNUITANT NON- 5 YEARS 10 YEARS INSTALLMENT OF ANNUITANT NON- 5 YEARS 10 YEARS INSTALLMENT
------------------ -----------------
MALE REFUND CERTAIN CERTAIN REFUND FEMALE REFUND CERTAIN CERTAIN REFUND
----------------------------------------------------------------------------------------------------------------------------------
52 $4.07 $4.06 $4.03 $3.91 52 $3.74 $3.74 $3.73 $3.66
53 4.14 4.13 4.10 3.97 53 3.80 3.79 3.78 3.71
54 4.21 4.20 4.17 4.03 54 3.86 3.85 3.84 3.76
55 4.29 4.28 4.24 4.09 55 3.92 3.91 3.90 3.81
56 4.37 4.36 4.32 4.16 56 3.98 3.98 3.96 3.87
57 4.46 4.45 4.40 4.23 57 4.05 4.05 4.03 3.93
58 4.55 4.54 4.49 4.30 58 4.13 4.12 4.10 3.99
59 4.65 4.63 4.58 4.37 59 4.20 4.20 4.17 4.05
60 4.75 4.73 4.67 4.45 60 4.29 4.28 4.25 4.12
61 4.86 4.84 4.77 4.53 61 4.37 4.36 4.33 4.19
62 4.98 4.96 4.88 4.62 62 4.47 4.46 4.42 4.27
63 5.11 5.08 4.99 4.71 63 4.57 4.55 4.51 4.35
64 5.24 5.21 5.11 4.81 64 4.67 4.66 4.61 4.43
65 5.39 5.35 5.23 4.92 65 4.78 4.77 4.71 4.52
66 5.54 5.50 5.36 5.02 66 4.90 4.88 4.82 4.61
67 5.71 5.66 5.49 5.14 67 5.03 5.01 4.94 4.70
68 5.88 5.82 5.63 5.25 68 5.17 5.14 5.06 4.81
69 6.07 6.00 5.78 5.37 69 5.31 5.28 5.18 4.92
70 6.27 6.19 5.93 5.51 70 5.47 5.43 5.32 5.03
71 6.49 6.39 6.08 5.64 71 5.63 5.59 5.46 5.15
72 6.72 6.60 6.24 5.79 72 5.82 5.77 5.61 5.28
73 6.96 6.82 6.41 5.93 73 6.01 5.96 5.77 5.41
74 7.22 7.05 6.58 6.10 74 6.22 6.16 5.93 5.56
75 7.50 7.30 6.75 6.27 75 6.45 6.37 6.11 5.71
76 7.79 7.56 6.92 6.43 76 6.70 6.60 6.29 5.87
77 8.11 7.83 7.09 6.62 77 6.97 6.85 6.47 6.05
78 8.45 8.12 7.27 6.83 78 7.26 7.11 6.66 6.23
79 8.82 8.42 7.44 7.03 79 7.57 7.39 6.86 6.41
80 9.21 8.74 7.61 7.24 80 7.90 7.69 7.05 6.62
81 9.62 9.07 7.78 7.46 81 8.27 8.00 7.25 6.83
82 10.07 9.41 7.95 7.66 82 8.66 8.34 7.45 7.05
83 10.55 9.77 8.11 7.94 83 9.09 8.69 7.64 7.29
84 11.06 10.13 8.26 8.19 84 9.55 9.06 7.83 7.55
85 11.60 10.50 8.40 8.43 85 10.06 9.45 8.02 7.78
86 12.18 10.89 8.53 8.76 86 10.60 9.86 8.19 8.07
87 12.80 11.27 8.66 9.07 87 11.19 10.28 8.35 8.38
88 13.45 11.66 8.77 9.40 88 11.82 10.72 8.50 8.65
89 14.14 12.06 8.88 9.70 89 12.50 11.15 8.64 9.00
90 14.89 12.45 8.97 10.07 90 13.24 11.59 8.76 9.29
----------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------
THE OHIO NATIONAL LIFE INSURANCE COMPANY PAGE 15
21
OPTION 2: JOINT & SURVIVOR LIFE INCOME
(a) Nonrefund
-----------------------------------------------------------------------------------------------
AGE AGE OF
OF MALE FEMALE CONTINGENT ANNUITANT
-------------------------------------------------------------------------------
ANNUITANT 55 60 65 70 75 80 85 90
-----------------------------------------------------------------------------------------------
55 $3.61 $3.76 $3.90 $4.02 $4.11 $4.18 $4.23 $4.25
60 3.70 3.90 4.10 4.28 4.44 4.56 4.64 4.69
65 3.77 4.02 4.28 4.55 4.80 5.01 5.16 5.26
70 3.82 4.11 4.44 4.81 5.19 5.53 5.81 6.00
75 3.86 4.18 4.56 5.02 5.55 6.08 6.55 6.91
80 3.88 4.22 4.65 5.19 5.85 6.59 7.34 7.99
85 3.90 4.25 4.70 5.30 6.08 7.03 8.10 9.14
90 3.91 4.26 4.74 5.37 6.23 7.36 8.75 10.25
-----------------------------------------------------------------------------------------------
(b) With 10 Years Certain
-----------------------------------------------------------------------------------------------
AGE AGE OF
OF MALE FEMALE CONTINGENT ANNUITANT
-------------------------------------------------------------------------------
ANNUITANT 55 60 65 70 75 80 85 90
-----------------------------------------------------------------------------------------------
55 $3.61 $3.76 $3.90 $4.02 $4.11 $4.17 $4.21 $4.23
60 3.70 3.90 4.10 4.28 4.43 4.54 4.61 4.65
65 3.77 4.01 4.28 4.54 4.79 4.98 5.11 5.18
70 3.82 4.10 4.43 4.79 5.15 5.47 5.70 5.83
75 3.85 4.17 4.55 5.00 5.49 5.96 6.34 6.57
80 3.88 4.21 4.63 5.15 5.76 6.39 6.95 7.31
85 3.89 4.23 4.67 5.24 5.94 6.71 7.44 7.95
90 3.89 4.24 4.70 5.29 6.04 6.91 7.76 8.39
-----------------------------------------------------------------------------------------------
Actuarial Basis - Installments shown in these tables are based on the 1983(a)
Mortality Table Projected to 1996 under Scale G (set back two years) with
compound interest at the effective rate of 3% per year.
--------------------------------------------------------------------------------
THE OHIO NATIONAL LIFE INSURANCE COMPANY PAGE 16
22
ANNUITY OPTION TABLES
(1980-1999)
Installments shown are for a monthly payment for each $1,000 of contract value
applied under an option. Age, as used in these tables, is age as of nearest
birthday. Rates of monthly payments for ages and periods certain not shown, if
allowed by us, will be based on an actuarially equivalent basis. To determine
annual, semi-annual, or quarterly installments, multiply the amounts shown by
11.65, 5.92 or 2.98; respectively.
OPTION 1: LIFE INCOME
----------------------------------------------------------------------------------------------------------------------------------
AGE AND SEX AGE AND SEX
OF ANNUITANT NON- 5 YEARS 10 YEARS INSTALLMENT OF ANNUITANT NON- 5 YEARS 10 YEARS INSTALLMENT
------------------ -----------------
MALE REFUND CERTAIN CERTAIN REFUND FEMALE REFUND CERTAIN CERTAIN REFUND
----------------------------------------------------------------------------------------------------------------------------------
53 $4.07 $4.06 $4.03 $3.91 53 $3.74 $3.74 $3.73 $3.66
54 4.14 4.13 4.10 3.97 54 3.80 3.79 3.78 3.71
55 4.21 4.20 4.17 4.03 55 3.86 3.85 3.84 3.76
56 4.29 4.28 4.24 4.09 56 3.92 3.91 3.90 3.81
57 4.37 4.36 4.32 4.16 57 3.98 3.98 3.96 3.87
58 4.46 4.45 4.40 4.23 58 4.05 4.05 4.03 3.93
59 4.55 4.54 4.49 4.30 59 4.13 4.12 4.10 3.99
60 4.65 4.63 4.58 4.37 60 4.20 4.20 4.17 4.05
61 4.75 4.73 4.67 4.45 61 4.29 4.28 4.25 4.12
62 4.86 4.84 4.77 4.53 62 4.37 4.36 4.33 4.19
63 4.98 4.96 4.88 4.62 63 4.47 4.46 4.42 4.27
64 5.11 5.08 4.99 4.71 64 4.57 4.55 4.51 4.35
65 5.24 5.21 5.11 4.81 65 4.67 4.66 4.61 4.43
66 5.39 5.35 5.23 4.92 66 4.78 4.77 4.71 4.52
67 5.54 5.50 5.36 5.02 67 4.90 4.88 4.82 4.61
68 5.71 5.66 5.49 5.14 68 5.03 5.01 4.94 4.70
69 5.88 5.82 5.63 5.25 69 5.17 5.14 5.06 4.81
70 6.07 6.00 5.78 5.37 70 5.31 5.28 5.18 4.92
71 6.27 6.19 5.93 5.51 71 5.47 5.43 5.32 5.03
72 6.49 6.39 6.08 5.64 72 5.63 5.59 5.46 5.15
73 6.72 6.60 6.24 5.79 73 5.82 5.77 5.61 5.28
74 6.96 6.82 6.41 5.93 74 6.01 5.96 5.77 5.41
75 7.22 7.05 6.58 6.10 75 6.22 6.16 5.93 5.56
76 7.50 7.30 6.75 6.27 76 6.45 6.37 6.11 5.71
77 7.79 7.56 6.92 6.43 77 6.70 6.60 6.29 5.87
78 8.11 7.83 7.09 6.62 78 6.97 6.85 6.47 6.05
79 8.45 8.12 7.27 6.83 79 7.26 7.11 6.66 6.23
80 8.82 8.42 7.44 7.03 80 7.57 7.39 6.86 6.41
81 9.21 8.74 7.61 7.24 81 7.90 7.69 7.05 6.62
82 9.62 9.07 7.78 7.46 82 8.27 8.00 7.25 6.83
83 10.07 9.41 7.95 7.66 83 8.66 8.34 7.45 7.05
84 10.55 9.77 8.11 7.94 84 9.09 8.69 7.64 7.29
85 11.06 10.13 8.26 8.19 85 9.55 9.06 7.83 7.55
86 11.60 10.50 8.40 8.43 86 10.06 9.45 8.02 7.78
87 12.18 10.89 8.53 8.76 87 10.60 9.86 8.19 8.07
88 12.80 11.27 8.66 9.07 88 11.19 10.28 8.35 8.38
89 13.45 11.66 8.77 9.40 89 11.89 10.72 8.50 8.65
90 14.14 12.06 8.88 9.70 90 12.50 11.15 8.64 9.00
----------------------------------------------------------------------------------------------------------------------------------
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THE OHIO NATIONAL LIFE INSURANCE COMPANY PAGE 15
23
OPTION 2: JOINT & SURVIVOR LIFE INCOME
(a) Nonrefund
-----------------------------------------------------------------------------------------------
AGE AGE OF
OF MALE FEMALE CONTINGENT ANNUITANT
-------------------------------------------------------------------------------
ANNUITANT 55 60 65 70 75 80 85 90
-----------------------------------------------------------------------------------------------
55 $3.56 $3.71 $3.84 $3.95 $4.04 $4.10 $4.15 $4.18
60 3.65 3.84 4.02 4.20 4.34 4.46 4.54 4.59
65 3.71 3.95 4.20 4.45 4.68 4.88 5.02 5.12
70 3.76 4.03 4.35 4.69 5.04 5.36 5.62 5.81
75 3.80 4.10 4.46 4.89 5.38 5.87 6.32 6.66
80 3.82 4.14 4.54 5.05 5.66 6.35 7.05 7.66
85 3.83 4.17 4.59 5.15 5.87 6.76 7.76 8.73
90 3.84 4.18 4.63 5.22 6.02 7.07 8.35 9.76
-----------------------------------------------------------------------------------------------
(b) With 10 Years Certain
-----------------------------------------------------------------------------------------------
AGE AGE OF
OF MALE FEMALE CONTINGENT ANNUITANT
-------------------------------------------------------------------------------
ANNUITANT 55 60 65 70 75 80 85 90
-----------------------------------------------------------------------------------------------
55 $3.56 $3.71 $3.84 $3.95 $4.03 $4.10 $4.14 $4.16
60 3.65 3.83 4.02 4.19 4.34 4.44 4.51 4.55
65 3.71 3.94 4.19 4.44 4.67 4.86 4.98 5.05
70 3.76 4.03 4.34 4.68 5.02 5.32 5.54 5.67
75 3.79 4.09 4.45 4.87 5.33 5.78 6.15 6.39
80 3.82 4.13 4.53 5.01 5.59 6.20 6.74 7.12
85 3.83 4.15 4.57 5.10 5.76 6.51 7.23 7.76
90 3.83 4.16 4.59 5.15 5.86 6.71 7.56 8.22
-----------------------------------------------------------------------------------------------
Actuarial Basis - Installments shown in these tables are based on the 1983(a)
Mortality Table Projected to 1996 under Scale G (set back three years) with
compound interest at the effective rate of 3% per year.
--------------------------------------------------------------------------------
THE OHIO NATIONAL LIFE INSURANCE COMPANY PAGE 16
24
-------------------------------------------
ANNUITY OPTION TABLES
(2000 +)
Installments shown are for a monthly payment for each $1,000 of contract value
applied under an option. Age, as used in these tables, is age as of nearest
birthday. Rates of monthly payments for ages and periods certain not shown, if
allowed by us, will be based on an actuarially equivalent basis. To determine
annual, semi-annual, or quarterly installments, multiply the amounts shown by
11.65, 5.92 or 2.98; respectively.
OPTION 1: LIFE INCOME
----------------------------------------------------------------------------------------------------------------------------------
AGE AND SEX AGE AND SEX
OF ANNUITANT NON- 5 YEARS 10 YEARS INSTALLMENT OF ANNUITANT NON- 5 YEARS 10 YEARS INSTALLMENT
------------------ -----------------
MALE REFUND CERTAIN CERTAIN REFUND FEMALE REFUND CERTAIN CERTAIN REFUND
----------------------------------------------------------------------------------------------------------------------------------
54 $4.07 $4.06 $4.03 $3.91 54 $3.74 $3.74 $3.73 $3.66
55 4.14 4.13 4.10 3.97 55 3.80 3.79 3.78 3.71
56 4.21 4.20 4.17 4.03 56 3.86 3.85 3.84 3.76
57 4.29 4.28 4.24 4.09 57 3.92 3.91 3.90 3.81
58 4.37 4.36 4.32 4.16 58 3.98 3.98 3.96 3.87
59 4.46 4.45 4.40 4.23 59 4.05 4.05 4.03 3.93
60 4.55 4.54 4.49 4.30 60 4.13 4.12 4.10 3.99
61 4.65 4.63 4.58 4.37 61 4.20 4.20 4.17 4.05
62 4.75 4.73 4.67 4.45 62 4.29 4.28 4.25 4.12
63 4.86 4.84 4.77 4.53 63 4.37 4.36 4.33 4.19
64 4.98 4.96 4.88 4.62 64 4.47 4.46 4.42 4.27
65 5.11 5.08 4.99 4.71 65 4.57 4.55 4.51 4.35
66 5.24 5.21 5.11 4.81 66 4.67 4.66 4.61 4.43
67 5.39 5.35 5.23 4.92 67 4.78 4.77 4.71 4.52
68 5.54 5.50 5.36 5.02 68 4.90 4.88 4.82 4.61
69 5.71 5.66 5.49 5.14 69 5.03 5.01 4.94 4.70
70 5.88 5.82 5.63 5.25 70 5.17 5.14 5.06 4.81
71 6.07 6.00 5.78 5.37 71 5.31 5.28 5.18 4.92
72 6.27 6.19 5.93 5.51 72 5.47 5.43 5.32 5.03
73 6.49 6.39 6.08 5.64 73 5.63 5.59 5.46 5.15
74 6.72 6.60 6.24 5.79 74 5.82 5.77 5.61 5.28
75 6.96 6.82 6.41 5.93 75 6.01 5.96 5.77 5.41
76 7.22 7.05 6.58 6.10 76 6.22 6.16 5.93 5.56
77 7.50 7.30 6.75 6.27 77 6.45 6.37 6.11 5.71
78 7.79 7.56 6.92 6.43 78 6.70 6.60 6.29 5.87
79 8.11 7.83 7.09 6.62 79 6.97 6.85 6.47 6.05
80 8.45 8.12 7.27 6.83 80 7.26 7.11 6.66 6.23
81 8.82 8.42 7.44 7.03 81 7.57 7.39 6.86 6.41
82 9.21 8.74 7.61 7.24 82 7.90 7.69 7.05 6.62
83 9.62 9.07 7.78 7.46 83 8.27 8.00 7.25 6.83
84 10.07 9.41 7.95 7.66 84 8.66 8.34 7.45 7.05
85 10.55 9.77 8.11 7.94 85 9.09 8.69 7.64 7.29
86 11.06 10.13 8.26 8.19 86 9.55 9.06 7.83 7.55
87 11.60 10.50 8.40 8.43 87 10.06 9.45 8.02 7.78
88 12.18 10.89 8.53 8.76 88 10.60 9.86 8.19 8.07
89 12.80 11.27 8.66 9.07 89 11.19 10.28 8.35 8.38
90 13.45 11.66 8.77 9.40 90 11.82 10.72 8.50 8.65
----------------------------------------------------------------------------------------------------------------------------------
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THE OHIO NATIONAL LIFE INSURANCE COMPANY PAGE 15
25
OPTION 2: JOINT & SURVIVOR LIFE INCOME
(a) Nonrefund
-----------------------------------------------------------------------------------------------
AGE AGE OF
OF MALE FEMALE CONTINGENT ANNUITANT
-------------------------------------------------------------------------------
ANNUITANT 55 60 65 70 75 80 85 90
-----------------------------------------------------------------------------------------------
55 $3.52 $3.65 $3.78 $3.88 $3.97 $4.03 $4.07 $4.10
60 3.60 3.78 3.95 4.12 4.25 4.36 4.44 4.49
65 3.66 3.88 4.12 4.35 4.57 4.76 4.90 4.99
70 3.71 3.96 4.26 4.58 4.91 5.21 5.46 5.63
75 3.74 4.02 4.36 4.77 5.22 5.68 6.10 6.43
80 3.76 4.06 4.44 4.91 5.48 6.13 6.78 7.35
85 3.78 4.09 4.49 5.01 5.68 6.51 7.43 8.35
90 3.78 4.10 4.52 5.08 5.82 6.79 7.99 9.30
-----------------------------------------------------------------------------------------------
(b) With 10 Years Certain
-----------------------------------------------------------------------------------------------
AGE AGE OF
OF MALE FEMALE CONTINGENT ANNUITANT
-------------------------------------------------------------------------------
ANNUITANT 55 60 65 70 75 80 85 90
-----------------------------------------------------------------------------------------------
55 $3.52 $3.65 $3.78 $3.88 $3.96 $4.03 $4.06 $4.09
60 3.60 3.77 3.95 4.11 4.25 4.35 4.42 4.46
65 3.66 3.88 4.11 4.35 4.56 4.74 4.86 4.93
70 3.71 3.96 4.25 4.57 4.89 5.17 5.39 5.52
75 3.74 4.02 4.36 4.75 5.19 5.61 5.97 6.21
80 3.76 4.06 4.43 4.89 5.43 6.01 6.54 6.92
85 3.77 4.08 4.47 4.97 5.60 6.31 7.02 7.56
90 3.78 4.09 4.50 5.02 5.69 6.50 7.35 8.04
-----------------------------------------------------------------------------------------------
Actuarial Basis - Installments shown in these tables are based on the 1983(a)
Mortality Table Projected to 1996 under Scale G (set back four years) with
compound interest at the effective rate of 3% per year.
--------------------------------------------------------------------------------
THE OHIO NATIONAL LIFE INSURANCE COMPANY PAGE 16