NEW ENGLAND LIFE INSURANCE COMPANY
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GUARANTEED MINIMUM ACCUMULATION BENEFIT RIDER - LIVING BENEFIT
This Rider forms a part of the Contract to which it is attached and is effective
upon issuance. In the case of a conflict with any provision of the Contract, the
provisions of this Rider will control. This Rider's provisions will remain part
of the Contract until terminated in accordance with the provisions below. This
Rider amends the Contract as follows:
The following is added to the "Contract Value Provisions" section:
GUARANTEED MINIMUM ACCUMULATION BENEFIT (GMAB)
This Rider guarantees that the Contract Value on the Rider Maturity Date defined
in the Contract Schedule will not be less than the Guaranteed Accumulation
Amount (described in Section 1). If your Contract Value on the Rider Maturity
Date is less than the Guaranteed Accumulation Amount, we will apply an
additional amount, called the Guaranteed Accumulation Payment (described in
Section 2) to increase your Contract Value to equal the Guaranteed Accumulation
Amount.
1. GUARANTEED ACCUMULATION AMOUNT
On the Issue Date, the Guaranteed Accumulation Amount is set equal to
your initial Purchase Payment multiplied by the Adjustment Factor shown
on the Contract Schedule. After the Issue Date, the Guaranteed
Accumulation Amount will equal:
(i) The sum total of each Purchase Payment received during the GMAB
Eligibility Period shown on the Contract Schedule times the applicable
Adjustment Factor, and accumulated, from the date the Purchase Payment
is made, at the Annual Growth Rate, if any, shown on the Contract
Schedule, less
(ii) The sum total of each Withdrawal Adjustment accumulated at the
Annual Growth Rate from the date of withdrawal.
A Withdrawal Adjustment is equal to the value of the Guaranteed
Accumulation Amount immediately prior to the withdrawal, multiplied by
the Percentage Reduction in Contract Value attributable to that partial
withdrawal. The Percentage Reduction in Contract Value attributable to
a partial withdrawal is computed by dividing the dollar amount of the
withdrawal, plus any applicable Withdrawal Charges, by the Contract
Value immediately preceding such withdrawal.
Purchase Payments made after the GMAB Eligibility Period will not
increase the Guaranteed Accumulation Amount.
The Guaranteed Accumulation Amount will not exceed the Maximum
Guaranteed Accumulation Amount shown on the Contract Schedule at any
time, unless we agree otherwise.
2. GUARANTEED ACCUMULATION PAYMENT
At the Rider Maturity Date, after the deduction of the GMAB Rider
Charge described below in Section 3, a comparison will be made between
the Contract Value and the Guaranteed Accumulation Amount.
If the Contract Value is less than the Guaranteed Accumulation Amount
the Company will credit a Guaranteed Accumulation Payment to your
Contract Value in the amount equal to:
(a) The Guaranteed Accumulation Amount as of the Rider Maturity Date,
less
(b) the Contract Value as of the Rider Maturity Date, after the
deduction of the GMAB Rider Charge.
The Guaranteed Accumulation Payment will be added to your Contract
Value on the Rider Maturity Date. This addition will result in the
crediting of Accumulation Units to the applicable Subaccounts (and/or
addition of any portion of the Contract Value allocated to any other
accounts included by Rider) in the ratio that the portion of the
Contract Value in such Subaccounts (and/or other account) bears to the
total Contract Value.
On the Rider Maturity Date, the rider will be terminated and we will no
longer deduct the GMAB Rider Charge described below.
If the Contract Value is greater than the Guaranteed Accumulation
Amount on the Rider Maturity Date, then there will be no payable
Guaranteed Accumulation Payment, the rider will be terminated and we
will no longer deduct the GMAB Rider Charge as described below.
If the Contract Value reduces to zero for any reason other than a full
withdrawal or application of the entire Contract Value to an Annuity
Option, the Contract may be continued through the Rider Maturity Date
at which time we will credit any applicable Guaranteed Accumulation
Payment, and the Rider will be terminated.
3. GMAB RIDER CHARGE
On each Contract Anniversary, the GMAB Rider Charge shall be deducted
from your Contract Value. This charge is equal to the GMAB Fee Rate
shown on the Contract Schedule multiplied by the Guaranteed
Accumulation Amount at the end of the prior Contract Year (before
taking into account any Optional Reset, described in Section 5,
occurring on such Contract Anniversary).
The initial GMAB Fee Rate is shown on the Contract Schedule. The GMAB
Fee Rate may be changed as a result of an Optional Reset.
If you take a full withdrawal or apply any portion of your Contract
Value to an Annuity Option, a pro rata portion of the GMAB Rider Charge
will be assessed based on the number of months from the last Contract
Anniversary to the date of withdrawal/application.
The GMAB Rider Charge will be deducted from your Contract Value,
resulting in the cancellation of Accumulation Units from the applicable
Subaccounts (and/or reduction of any portion of the Contract Value
allocated to any other accounts included by Rider) in the ratio the
portion of the Contract Value in such Subaccounts (and/or other
account) bears to the total Contract Value.
4. INVESTMENT LIMITATIONS
While this Rider is inforce, we limit all Purchase Payment allocations
and Transfers during the Accumulation Period to one of the GMAB
Subaccounts shown on the Contract Schedule. The GMAB Subaccount is to
be selected by you at Issue. You may not allocate Purchase Payments or
transfer money into any other GMAB Subaccount, except upon Optional
Reset as described in Section 5.
You may also allocate money to any other account included by ▇▇▇▇▇.
5. OPTIONAL RESET
On any Contract Anniversary on or after the GMAB First Optional Reset
Date specified on the Contract Schedule, you may elect an Optional
Reset provided the amount of time that has elapsed since the last
Optional Reset is at least equal to the GMAB Optional Reset Waiting
Period specified on the Contract Schedule. You may elect an Optional
Reset provided that your attained age on the Optional Reset Date (or
the age of the oldest Joint Owner, or of the Annuitant if the Owner is
a non-natural person) does not exceed the Maximum Optional Reset Age
specified in the Contract Schedule.
You may elect an Optional Reset in writing to our Administrative Office
or in accordance with our Administrative Procedures within 30 days
preceding the eligible Contract Anniversary. The Optional Reset will
take effect on the Contract Anniversary following receipt of such
Optional Reset notice.
The Optional Reset election will:
a) reset the Guaranteed Accumulation Amount to the Contract
Value on the Contract Anniversary following receipt of an
Optional Reset election. All Purchase Payments and Withdrawal
Adjustments previously used to calculate the Guaranteed
Accumulation Amount will be set equal to zero on the reset
date, and the Contract Value on the reset date will be treated
as a single Purchase Payment received on that date for
purposes of determining the Guaranteed Accumulation Amount.
b) reset the Rider Maturity Date to be measured from the most
recent Optional Reset Date, as described on the Contract
Schedule.
c) reset the GMAB Rider Charge to the charge applicable to
this Rider for this class of Contracts issued at the time of
reset, subject to the Maximum Optional Reset Charge specified
on the Contract Schedule.
d) allow a single transfer, effective on the Optional Reset
Date, of the full Contract Value, if any, in the current GMAB
Subaccount into any one of the other available GMAB
Subaccounts. The Rider Maturity Date, the Adjustment Factor,
and the Annual Growth Rate will be reset to the rates shown on
the Contract Schedule corresponding to the new GMAB
Subaccount.
6. RIDER CANCELLATION
You may elect to cancel this Guaranteed Minimum Accumulation Benefit
Rider in accordance with our Administrative Procedures during the GMAB
Cancellation Window Period specified on the Contract Schedule. Such
cancellation will take effect upon receipt of such cancellation notice
to our Administrative Office or in accordance with our Administrative
Procedures. If cancelled, there will be no payable Guaranteed
Accumulation Payment, we will no longer deduct the GMAB Rider Charge,
and the limitations relating to the GMAB Subaccounts described above in
Section 4 will no longer apply.
7. SPOUSAL CONTINUATION
If the surviving spouse continues the contract under the Spousal
Continuation provisions of the contract, and this rider is in effect at
the time of the continuation, then the same terms and conditions that
applied to the owner under this rider will continue to apply to the
surviving spouse. The Rider Maturity Date will remain the same.
8. TERMINATION OF RIDER
The Guaranteed Minimum Accumulation Benefit Rider will terminate upon
the earliest of:
a) The Rider Maturity Date;
b) The date you make a full withdrawal of your Contract Value;
c) The date you apply all of your Contract Value to an Annuity Option;
d) Death of the Owner or Joint Owner (or Annuitant if the Owner is a
non-natural person) unless the contract is continued under the spousal
continuation provisions of the contract; or
e) The effective date of GMAB Rider cancellation.
New England Life Insurance Company has caused this Rider to be signed by its
President and Secretary.
/s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ / s/ ▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
Secretary President