Exhibit 99.4(a)
[SYMETRA(SM) FINANCIAL LOGO] Symetra Life Insurance Company
▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇
▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇-▇▇▇▇
This is a legal Contract between the Owner (referred to in this Contract as
"you" and "your") and Symetra Life Insurance Company (referred to in this
Contract as "Symetra", "our", "us", and "we"). Symetra is a stock company with
its Home Office in Redmond, Washington.
This Contract is issued in consideration of the application and payment of the
initial Purchase Payment. Symetra will make annuity payments, beginning on the
Annuity Date, or pay a death benefit, subject to the terms of this Contract.
▇▇▇▇▇▇▇ has executed and attested this Contract as of the contract date at our
Home Office in Redmond, Washington.
IF YOU HAVE QUESTIONS, COMMENTS, OR COMPLAINTS, PLEASE CONTACT SYMETRA AT
877-SYMETRA (877-796-3872).
READ YOUR CONTRACT CAREFULLY
RIGHT TO EXAMINE THE CONTRACT: IF FOR ANY REASON YOU ARE NOT SATISFIED WITH THIS
CONTRACT, YOU MAY RETURN IT WITHIN 10 DAYS FROM THE DATE YOU RECEIVED IT TO
SYMETRA OR TO THE REGISTERED REPRESENTATIVE WHO SOLD YOU THIS CONTRACT. WHEN WE
RECEIVE THIS CONTRACT, WE WILL REFUND YOUR CONTRACT VALUE, YOUR PURCHASE
PAYMENTS, OR THE GREATER OF THE TWO, DEPENDING ON YOUR STATE'S REQUIREMENTS. IN
STATES WHERE WE ARE REQUIRED TO RETURN PURCHASE PAYMENTS, WE RESERVE THE RIGHT
TO ALLOCATE ALL PURCHASE PAYMENTS DESIGNATED FOR THE VARIOUS PORTFOLIOS TO THE
FIDELITY VIP MONEY MARKET PORTFOLIO - SERVICE CLASS 2 UNTIL THE CONTRACT IS 15
DAYS OLD.
Signed for Symetra Life Insurance Company by:
/s/ ▇▇▇▇▇▇ ▇▇▇▇▇ /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
Secretary President
INDIVIDUAL FLEXIBLE PREMIUM DEFERRED VARIABLE ANNUITY
NON-PARTICIPATING
THIS IS A VARIABLE ANNUITY CONTRACT. WHEN YOUR CONTRACT VALUE AND ANNUITY
PAYMENTS ARE BASED ON THE INVESTMENT EXPERIENCE OF THE PORTFOLIOS, THE DOLLAR
AMOUNTS ARE NOT GUARANTEED AND WILL INCREASE OR DECREASE. ALL VALUES AND
PAYMENTS BASED ON THE GUARANTEED INTEREST PERIOD FIXED ACCOUNT OPTION, WHEN
TAKEN BEFORE THE END OF A GUARANTEED PERIOD, MAY BE SUBJECT TO A MARKET VALUE
ADJUSTMENT. THE MARKET VALUE ADJUSTMENT MAY CAUSE SUCH VALUES AND PAYMENTS TO
INCREASE OR DECREASE. SEE "PURCHASE PAYMENT PROVISIONS", "INVESTMENT OPTIONS",
AND "ANNUITY PAYMENT PROVISIONS" FOR DETAILS.
Symetra(SM) and the Symetra Financial logo are service marks of Symetra Life
Insurance Company.
LPC-1509 5/05
TABLE OF CONTENTS
CONTRACT DATA PAGE Insert
DEFINITIONS
Accumulation Phase 1
Accumulation Unit 1
Annuitant 1
Annuity Date 1
Annuity Unit 1
Beneficiary 1
Contract 1
Contract Year 1
Fixed Account Options 1
General Account 1
Guaranteed Period 1
Income Phase 1
IRC 1
Market Value Adjustment (MVA) 1
Owner 1
Portfolios 1
Purchase Payment 2
Separate Account 2
THE ANNUITY CONTRACT
ABOUT THE CONTRACT 3
OWNER 3
ANNUITANT 3
BENEFICIARY 3
Change of Beneficiary 3
PURCHASE PAYMENT PROVISIONS
PURCHASE PAYMENTS 4
ALLOCATION OF PURCHASE PAYMENTS 4
ACCUMULATION UNITS 4
INVESTMENT OPTIONS
VARIABLE INVESTMENT OPTIONS 6
Substitution of Shares 6
FIXED ACCOUNT OPTIONS 6
Dollar Cost Averaging Fixed Account Option 6
Enhanced Fixed Account Option 6
Guaranteed Interest Period Fixed Account Option 7
CONTRACT VALUE 8
TRANSFERS 8
Limits on Excessive Transfers 9
i
CHARGES
INSURANCE CHARGES 10
Mortality and Expense Risk Charge 10
Asset-Related Administration Charge 10
DISTRIBUTION CHARGE 10
WITHDRAWAL CHARGE 11
TRANSFER CHARGE 11
PREMIUM TAXES 11
INCOME OR OTHER TAXES 11
WITHDRAWAL PROVISIONS
WITHDRAWALS 12
Repetitive Withdrawals 12
ANNUITY PAYMENT PROVISIONS
ANNUITY OPTIONS 13
Life Annuity 13
Life Annuity with Guaranteed Period 13
Joint and Survivor Life Annuity 13
Payments Based on a Number of Years 13
Automatic Option 14
ANNUITY PAYMENTS 14
Fixed Annuity Payments 14
Variable Annuity Payments 14
Changing Portfolio Elections after the Annuity Date 15
DEATH BENEFIT PROVISIONS
DEATH OF ANNUITANT Prior to the Annuity Date 16
DEATH OF OWNER ▇▇▇▇▇ to the Annuity Date 16
Calculation of Death Benefit 16
Limitation on Death Benefit 17
Payment of Death Benefit 17
DEATH OF ANNUITANT On or After the Annuity Date 18
DEATH OF OWNER On or After the Annuity Date 18
GENERAL PROVISIONS
ACCOUNT STATEMENTS 19
ASSIGNMENT OF BENEFITS 19
COMMUNICATIONS 19
ESSENTIAL DATA 19
EVIDENCE OF SURVIVAL 19
JURISDICTION 19
MISSTATEMENT OF AGE OR SEX 19
NONPARTICIPATION 19
SEPARATE ACCOUNT 20
STATE REQUIRED BENEFITS 20
SUSPENSION OF ANNUITY PAYMENTS, WITHDRAWALS, OR TRANSFERS 20
TERMINATION OF CONTRACT 20
THE CONTRACT 20
VOTING RIGHTS 20
ANNUITY PURCHASE RATE TABLES
VARIABLE ANNUITY PURCHASE RATE TABLE 21
FIXED ANNUITY PURCHASE RATE TABLE 22
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CONTRACT DATA PAGE
PRODUCT: SPINNAKER(R) ADVISOR VARIABLE ANNUITY - [NON-QUALIFIED ANNUITY]
OWNER: [▇▇▇▇ ▇▇▇] JOINT OWNER: [▇▇▇▇ ▇▇▇]
Address: [▇▇▇▇ ▇▇▇▇ ▇▇.] Address: [▇▇▇▇ ▇▇▇▇ ▇▇.]
[▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇-▇▇▇▇] [Any City, ST ▇▇▇▇▇-▇▇▇▇]
Date of Birth: [1/01/1970] Date of Birth: [2/01/1970]
Age: [35] Sex: [Male] Age: [35] Sex: [Female]
ANNUITANT: [▇▇▇▇ ▇▇▇] JOINT ANNUITANT: [▇▇▇▇ ▇▇▇]
Address: [▇▇▇▇ ▇▇▇▇ ▇▇.] Address: [▇▇▇▇ ▇▇▇▇ ▇▇.]
[▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇-▇▇▇▇] [Any ▇▇▇▇, ▇▇ ▇▇▇▇▇-▇▇▇▇]
Date of Birth: [1/01/1970] Date of Birth: [2/01/1970]
Age: [35] Sex: [Male] Age: [35] Sex: [Female]
CONTRACT NUMBER: [LP12345678]
CONTRACT DATE: [5/01/2005]
ANNUITY DATE: Before [1/01/2061]
INITIAL PURCHASE PAYMENT: [$50,000]
DELIVERED IN THE STATE OF [ANY STATE] AND GOVERNED BY ITS LAWS.
MAXIMUM ISSUE AGE: 85. The contract date must be prior to the Owner's and
Annuitant's (including any Joint Owner's and Joint Annuitant's) 86th birthday.
MAXIMUM ANNUITIZATION AGE: 90. Annuity payments must begin prior to the
Annuitant's (including any Joint Annuitant's) 91st birthday.
MINIMUM INITIAL PURCHASE PAYMENT: $10,000
MINIMUM SUBSEQUENT PURCHASE PAYMENT: $30
MINIMUM ALLOCATIONS TO THE FIXED ACCOUNT OPTIONS:
Dollar Cost Averaging Fixed Account Option - $5,000.
Enhanced Fixed Account Option - No minimum.
Guaranteed Interest Period Fixed Account Option - $1,000 for each selected
Guaranteed Period.
MINIMUM GUARANTEED INTEREST RATE: 1.50%
MINIMUM GUARANTEED VALUE FOR THE FIXED ACCOUNT OPTIONS: Upon annuitization,
death of the Owner, or a total withdrawal from a Fixed Account Option, the
minimum value that will be applied toward annuity payments or paid to the
Beneficiary or Owner will not be less than 90% of your Purchase Payments and
transfers allocated to that Fixed Account Option accumulated at an annual
effective interest rate of 3% each year, less prior withdrawals and transfers
from that Fixed Account Option accumulated at an annual effective interest rate
of 3% each year. If necessary to meet this minimum, any MVA will be adjusted or
charges will be waived.
Symetra is a service mark of Symetra Life Insurance Company.
Spinnaker(R) is a registered trademark of Symetra Life Insurance Company.
1
INSURANCE CHARGES:
MORTALITY AND EXPENSE RISK CHARGE: Equal on an annual basis to 1.25% of the
average daily net assets of each Portfolio.
ASSET-RELATED ADMINISTRATION CHARGE: Equal on an annual basis to 0.20% of
the average daily net assets of each Portfolio.
MINIMUM WITHDRAWAL: $250 ($100 if withdrawals made by electronic funds
transfer), or the contract value if less. You must withdraw the entire amount
out of an investment option if, after a withdrawal, the remaining balance in the
investment option would be less than $500. You must withdraw the entire contract
value and your Contract will terminate if, after a withdrawal, the remaining
contract value would be less than $1,000.
DISTRIBUTION CHARGE: May be assessed on a withdrawal from the Enhanced Fixed
Account Option if the withdrawal, together with prior withdrawals and transfers
taken from the Enhanced Fixed Account Option during the Contract Year, exceed
15% of the Enhanced Fixed Account value. The distribution charge is stated as a
percentage of the amount withdrawn from the Enhanced Fixed Account Option that
exceeds the 15% free withdrawal amount.
CONTRACT YEAR DISTRIBUTION CHARGE
------------- -------------------
1 5% of amount withdrawn
2 5% of amount withdrawn
3 5% of amount withdrawn
4 5% of amount withdrawn
5 5% of amount withdrawn
6 4% of amount withdrawn
7 3% of amount withdrawn
8 2% of amount withdrawn
After 8 0% of amount withdrawn
WITHDRAWAL CHARGE: $25 or 2% of the amount withdrawn, whichever is less, for
each withdrawal after the first withdrawal in a Contract Year.
TRANSFERS: The minimum amount you can transfer out of an investment option at
one time is:
- $500, or the entire value of the investment option if less, for transfers
from any Portfolio or Guaranteed Period under the Guaranteed Interest
Period Fixed Account Option. You must transfer the entire amount of the
investment option if, after a transfer, the remaining balance would be less
than $500.
- $500, or the available transfer amount if less, for transfers from the
Enhanced Fixed Account Option. The available transfer amount is 15% of the
Enhanced Fixed Account Option value per Contract Year. The available
transfer amount is reduced by previous transfers or withdrawals from the
Enhanced Fixed Account Option made in the Contract Year.
The minimum amount you can transfer into an investment option is:
- $50 for transfers into any Portfolio or the Enhanced Fixed Account Option;
and
- $1,000 for transfers into any new Guaranteed Period under the Guaranteed
Period Fixed Account Option.
TRANSFER CHARGE: Each Contract Year, 12 transfers are free of charge. For each
transfer after the 12th transfer in a Contract Year, the transfer charge is $10
or 2% of the amount transferred, whichever is less.
2
MARKET VALUE ADJUSTMENT: MVA = W X (I SUB(c) - I SUB(n)) X F SUB(s) where
W = the amount withdrawn, transferred, or annuitized from a
Guaranteed Period under the Guaranteed Interest Period Fixed
Account Option;
I SUB(c) = the interest rate, in decimal form, credited on the money
withdrawn, transferred, or annuitized;
I SUB(n) = the interest rate, in decimal form, that would be credited on
new money allocated to a Guaranteed Period of the same duration
as the Guaranteed Period from which money is being taken;
F SUB(s) = the adjustment factor, which varies by the length of time
remaining in the Guaranteed Period and the interest rate
credited on the money withdrawn, transferred, or annuitized;
s = number of years remaining until the end of the Guaranteed
Period from which money is being taken. The adjustment factor
for partial years will be interpolated between whole-year
adjustment factors.
ADJUSTMENT FACTORS (F SUB(s))
NUMBER OF YEARS
REMAINING IN THE WHERE WHERE
GUARANTEED PERIOD I SUB(c) LESS THAN 6% I SUB(c) GREATER THAN OR EQUAL TO 6%
----------------- --------------------- ------------------------------------
0 0.00 0.00
1 0.90 0.90
2 1.80 1.75
3 2.60 2.50
4 3.40 3.15
5 4.10 3.80
6 4.80 4.35
7 5.40 4.85
8 6.00 5.35
9 6.50 5.75
10 7.00 6.15
PREMIUM TAXES: As of the contract date, premium taxes are not charged in your
state. However, if we ever incur such taxes, we reserve the right to make a
deduction from your Contract for the payment of the premium taxes assessed in
connection with your Contract.
3
SEPARATE ACCOUNT:
Symetra Separate Account C
ELIGIBLE INVESTMENTS:
AIM V.I. Capital Appreciation Fund (Series II Shares)
AIM V.I. Capital Development Fund (Series II Shares)
AIM V.I. International Growth Fund (Series II Shares)
AIM V.I. Real Estate Fund (Series I Shares)
American Century Investments VP Balanced Fund
American Century Investments VP Inflation Protection
Bond Class II Fund
American Century Investments VP International Fund
American Century Investments VP Large Company Value
Class II Fund
American Century Investments VP Ultra Class II Fund
American Century Investments VP Value Fund
Dreyfus IP-MidCap Stock Portfolio-Initial Shares
Dreyfus IP-Technology Growth Portfolio-Initial Shares
The Dreyfus Socially Responsible Growth Fund, Inc.-Initial
Shares
Dreyfus Stock Index Fund, Inc.-Service Shares
Dreyfus VIF-Appreciation Portfolio-Initial Shares
Federated High Income Bond Fund II
Fidelity VIP Contrafund Portfolio-Initial Class
Fidelity VIP Equity-Income Portfolio-Initial Class
Fidelity VIP Growth & Income Portfolio-Initial Class
Fidelity VIP Growth Portfolio-Initial Class
Fidelity VIP Mid Cap Portfolio-Service Class 2
Fidelity VIP Money Market Portfolio-Service Class 2
Franklin Flex Cap Growth Securities Fund-Class 2
Franklin Income Securities Fund-Class 2
Franklin Small Cap Value Securities Fund-Class 2
Franklin Small-Mid Cap Growth Securities Fund-Class 2
Franklin U.S. Government Fund-Class 2
JPMorgan International Equity Portfolio
JPMorgan Mid Cap Value Portfolio
Mutual Shares Securities Fund-Class 2
PIMCO All Asset Portfolio-Advisor Class
PIMCO CommodityRealReturn Strategy Portfolio-
Administrative Class
Pioneer Emerging Markets VCT Portfolio-Class II
Pioneer Equity Income VCT Portfolio-Class II
Pioneer High Yield VCT Portfolio-Class II
Pioneer Small Cap Value VCT Portfolio-Class II
Pioneer Strategic Income VCT Portfolio-Class II
▇▇▇▇▇▇▇▇▇ Developing Markets Securities Fund-Class 2
▇▇▇▇▇▇▇▇▇ Global Income Securities Fund-Class 2
▇▇▇▇▇▇▇▇▇ Growth Securities Fund-Class 2
Symetra Life Dollar Cost Averaging Fixed Account Option
[6-month period]
[12-month period]
Symetra Life Enhanced Fixed Account Option
Symetra Life Guaranteed Interest Period Fixed Account
Option
[1-Year Guaranteed Period]
[2-Year Guaranteed Period]
[3-Year Guaranteed Period]
[4-Year Guaranteed Period]
(LONGER GUARANTEED PERIODS MAY BE AVAILABLE.
CONTACT YOUR REGISTERED REPRESENTATIVE OR SYMETRA FOR DETAILS.)
ANNUITY SERVICE OFFICE:
HOME OFFICE: MAILING ADDRESS: TELEPHONE: 877-SYMETRA
Symetra Life Insurance Company Symetra Life Insurance Company ▇▇▇-▇▇▇-▇▇▇▇
Retirement Services Retirement Services FAX: ▇▇▇-▇▇▇-▇▇▇▇
▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇ P.O. Box 3882
Redmond, WA 98052-9669 Seattle, WA 98124-3882
4
DEFINITIONS
ACCUMULATION PHASE The period between the date we allocate your first
Purchase Payment and the Annuity Date.
ACCUMULATION UNIT A measurement used to calculate the value of a
Portfolio during the Accumulation Phase and variable
annuity payments made under the Payments Based on a
Number of Years annuity option.
ANNUITANT The natural person(s) on whose life/lives annuity
payments are based. You are the Annuitant unless you
designate someone else before the Annuity Date.
ANNUITY DATE The date annuity payments begin under an annuity
option.
ANNUITY UNIT A measurement used to calculate variable annuity
payments during the Income Phase, except for the
Payments Based on a Number of Years annuity option.
BENEFICIARY The person(s) named by the Owner and joint Owner, if
any, to receive any death benefit payable in accordance
with the provisions of this Contract.
CONTRACT This Flexible Premium Deferred Variable Annuity.
CONTRACT YEAR A 12-month period starting on the contract date shown
on your contract data page and each anniversary of that
date.
FIXED ACCOUNT OPTIONS The investment options of this Contract that provide
for guaranteed interest. Purchase Payments allocated to
the Fixed Account Options become part of Symetra's
General Account.
GENERAL ACCOUNT The assets of Symetra other than those attributable to
Separate Accounts.
GUARANTEED PERIOD A period of years for which we have guaranteed a
specific annual effective interest rate on a Purchase
Payment allocated to the Guaranteed Interest Period
Fixed Account Option.
INCOME PHASE The period beginning on the Annuity Date during which
the payee receives annuity payments.
IRC The Internal Revenue Code of 1986, as amended.
MARKET VALUE A positive or negative adjustment that may apply
ADJUSTMENT (MVA) whenever money is moved from the Guaranteed Interest
Period Fixed Account Option before the end of a
Guaranteed Period.
OWNER The person(s) or entity(ies) named on the contract
application. The Owner has all ownership rights under
this Contract.
PORTFOLIOS The variable investment options available under the
Contract.
1
PURCHASE PAYMENT An amount paid to Symetra for allocation under this
Contract, less any premium tax due at the time this
payment is made.
SEPARATE ACCOUNT A segregated asset account established under Washington
law and shown on the contract data page.
2
THE
ANNUITY CONTRACT
ABOUT THE This Contract is an agreement between Symetra and you,
CONTRACT the Owner, where we promise to pay an income in the
form of annuity payments, beginning on the date you
select, or a death benefit. When you are investing
money, your Contract is in the Accumulation Phase. Once
you begin receiving annuity payments, your Contract is
in the Income Phase.
You purchased this Contract with the initial Purchase
Payment you paid, and the Contract became effective on
the contract date, shown on your contract data page.
The Contract is called a variable annuity because you
can allocate money among variable investment Portfolios
available within the Separate Account. The investment
performance of the Portfolio(s) you select may be
positive or negative and affects the value of your
Contract and the amount of any variable annuity
payments. You may also allocate money to the Fixed
Account Options which credit guaranteed interest rates.
OWNER The Owner is shown on the contract application, unless
changed. On the contract date, the Owner must not have
been older than the maximum issue age shown on the
contract data page. The Owner may exercise all
ownership rights under this Contract.
If this Contract is owned by joint Owners, they must
jointly exercise their ownership rights, unless we are
directed otherwise by both joint Owners in writing. On
the contract date, each joint Owner must not have been
older than the maximum issue age shown on the contract
data page. An Owner who is a non-natural person (for
example, a corporation or a trust) may not name a joint
Owner.
ANNUITANT The Annuitant is/are the person(s) on whose life/lives
annuity payments are based. You are the Annuitant
unless you designate someone else before the Annuity
Date. If you designate someone else as Annuitant, that
person must not be older than the maximum issue age on
the contract date and the maximum annuitization age
when annuity payments begin. The maximum issue age and
the maximum annuitization age are shown on the contract
data page.
An Owner who is a non-natural person may not change the
Annuitant.
BENEFICIARY The Beneficiary receives any death benefit payable in
accordance with the provisions of this Contract. You
initially name your Beneficiaries on the contract
application.
CHANGE OF You may change your Beneficiary designation at any time
BENEFICIARY by sending us a signed and dated request. However, if a
Beneficiary designation is irrevocable, that
Beneficiary must consent in writing to any change. A
new Beneficiary designation revokes any prior
designation and is not effective until we record the
change. We are not responsible for the validity of any
Beneficiary designation nor for any actions we may take
prior to receiving and recording a Beneficiary change.
3
PURCHASE PAYMENT PROVISIONS
PURCHASE During the Accumulation Phase, you may make additional
PAYMENTS Purchase Payments. You may change the amount and
frequency of Purchase Payments. The minimum dollar
amounts are shown on the contract data page. If you
stop making Purchase Payments, all benefits under this
Contract continue until the contract value is
completely withdrawn.
Purchase Payments must be in lawful currency of the
United States and submitted to our Home Office at ▇▇▇▇
▇▇▇▇▇ ▇▇▇▇▇ ▇▇, ▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇-▇▇▇▇, or P.O. Box
3882, Seattle, WA 98124-3882, or in a manner agreed to
by ▇▇▇▇▇▇▇.
We reserve the right to refuse any Purchase Payment. If
we do not accept a Purchase Payment, we will return it
within five business days.
ALLOCATION OF Your initial and subsequent Purchase Payment will be
PURCHASE allocated according to your instructions on your
PAYMENTS contract application. You may change the way subsequent
Purchase Payments are allocated by providing us with
new instructions.
Once we receive your Purchase Payment, the portion to
be allocated to a Fixed Account Option is credited as
of the day it is received. The portion to be allocated
to the Portfolios is effective and valued as of the
next close of the New York Stock Exchange (NYSE). If
for any reason the NYSE is closed when we receive your
Purchase Payment, it will be valued as of the close of
the NYSE on its next regular business day.
When we are required to guarantee a return of Purchase
Payments during the Right to Examine period, we reserve
the right to initially apply amounts designated for the
Portfolios to the Fidelity VIP Money Market Portfolio -
Service Class 2 as shown on the cover page of this
Contract. These amounts will then be allocated in the
manner you selected, unless you have canceled the
Contract.
ACCUMULATION When you make Purchase Payments or transfers into a
UNITS Portfolio, we credit your Contract with Accumulation
Units. Similarly, when you request a withdrawal or a
transfer of money from a Portfolio, Accumulation Units
are liquidated. In either case, the increase or
decrease in the number of your Accumulation Units is
determined by taking the dollar amount of the Purchase
Payment, transfer, or withdrawal and dividing it by the
value of an Accumulation Unit on the date the
transaction occurs.
We calculate the value of an Accumulation Unit for each
Portfolio after the NYSE closes each day. To determine
the current Accumulation Unit value, we take the prior
day's Accumulation Unit value and multiply it by the
Net Investment Factor for the current day.
4
The Net Investment Factor is used to measure the daily
change in Accumulation Unit value for each Portfolio.
The Net Investment Factor equals:
- the net asset value per share of a Portfolio at
the end of the current day plus the per share
amount of any dividend or income distributions
made by the Portfolio that day; divided by
- the net asset value per share of a Portfolio at
the end of the prior day plus the per share amount
of any dividend or income distributions made by
the Portfolio that day; minus
- the daily insurance charges, expressed as a
percentage of the total net assets of the
Portfolio.
The value of an Accumulation Unit will usually go up or
down from day to day.
5
INVESTMENT OPTIONS
VARIABLE You may allocate money to the Portfolios shown on the
INVESTMENT contract data page. We reserve the right to add,
OPTIONS combine, restrict, or remove any Portfolio as an
investment option of this Contract. Portfolios have
different investment objectives. Investment performance
of a Portfolio may be positive or negative.
SUBSTITUTION OF If any shares of the Portfolios are no longer
SHARES available, or if in our view no longer meet the purpose
of the Contract, it may be necessary to substitute
shares of another Portfolio. We will seek prior
approval of the Securities and Exchange Commission
(SEC) to the extent required by law and give you notice
before doing this.
FIXED ACCOUNT The Fixed Account Options are part of Symetra's General
OPTIONS Account and provide for guaranteed interest rates as
follows.
We establish the annual effective interest rates that
apply to Purchase Payments allocated to the Fixed
Account Options. The annual effective interest rate
will be at least the minimum guaranteed interest rate
shown on the contract data page.
We credit interest daily from the date the money is
allocated to the specific Fixed Account Option up to,
but not including, the date the money is withdrawn or
transferred. We credit interest at a rate that
compounds over one year to the annual effective
interest rate we guaranteed when the money was
allocated.
DOLLAR COST If you allocate all or part of a Purchase Payment to
AVERAGING (DCA) the Dollar Cost Averaging Fixed Account Option, we will
FIXED ACCOUNT credit interest at a specified rate on amounts prior to
OPTION their being transferred to Portfolios you select.
Monthly transfers are made over the period that you
select. You may not make another Purchase Payment to
this option until the entire value in this option has
been transferred out, and you may not transfer money
into this option. You may not choose this option within
12 months of the Annuity Date.
Upon death of the Owner or surrender of the Contract,
the minimum value that will be paid to the Beneficiary
or Owner will not be less than 90% of your Purchase
Payments allocated to the Dollar Cost Averaging Fixed
Account Option accumulated at an annual effective
interest rate of 3% each year, less prior transfers
from the Dollar Cost Averaging Fixed Account Option
accumulated at an annual effective interest rate of 3%
each year. If necessary to meet this minimum, charges
will be waived.
ENHANCED FIXED Each Purchase Payment allocated to the Enhanced Fixed
ACCOUNT OPTION Account Option will be credited with the interest rate
established for the date that we receive the Purchase
Payment. This rate will apply to the Purchase Payment
for an initial period of at least 12 months from the
date we receive it.
6
We can adjust the interest rate after the completion of
that initial period. The adjusted rate will apply to
that Purchase Payment and its credited interest for at
least 12 months, when the rate can again be adjusted.
From then on, we cannot adjust the interest rate more
often than every 12 months.
Different interest rates may apply to each of your
Purchase Payments depending on the interest rate
established for the date that we received the Purchase
Payment and any subsequent rate adjustments.
For the purpose of crediting interest, when you take a
withdrawal or make a transfer from the Enhanced Fixed
Account Option, the Purchase Payment you last made, and
the interest credited to it, is considered to be
withdrawn first. If you take a withdrawal while a
distribution charge applies, your withdrawal may be
less than your Purchase Payment(s).
Upon annuitization, death of the Owner, or a total
withdrawal from the Enhanced Fixed Account Option, the
minimum value that will be applied toward annuity
payments or paid to the Beneficiary or Owner will not
be less than 90% of your Purchase Payments and
transfers allocated to the Enhanced Fixed Account
Option accumulated at an annual effective interest rate
of 3% each year, less prior withdrawals and transfers
from the Enhanced Fixed Account Option accumulated at
an annual effective interest rate of 3% each year. If
necessary to meet this minimum, charges will be waived.
GUARANTEED If you allocate money to the Guaranteed Interest Period
INTEREST PERIOD Fixed Account Option, we will credit interest at a
FIXED ACCOUNT specified rate for a Guaranteed Period. You may select
OPTION different Guaranteed Periods for each amount you
allocate to this option, and each allocation starts a
new Guaranteed Period. Each Guaranteed Period we offer
may have a different interest rate. We may change the
rates we offer for new Guaranteed Periods at any time.
In the future we may offer Guaranteed Periods of
different lengths or stop offering some Guaranteed
Periods.
Money allocated to a Guaranteed Period under this
option matures the day after the Guaranteed Period
ends. Within 30 days after the end of the Guaranteed
Period, you may:
- take no action and we will automatically apply
your value to a new Guaranteed Period of the same
or next shorter duration. The next shorter
duration will be used if the prior Guaranteed
Period is not currently available. The new
Guaranteed Period earns interest at the then
current interest rate for that Guaranteed Period
and begins the day after the prior Guaranteed
Period ended; or
- notify us to allocate all or a portion of your
value to one or more new Guaranteed Periods
beginning the day after the prior Guaranteed
Period ended; or
- notify us to allocate all or a portion of your
value to one or more of the Portfolios on the day
we receive the notification; or
- withdraw all or a portion of your value.
7
If you select one of the last two alternatives, we will
credit interest at the rate we are currently offering
for Guaranteed Periods of the same or next shorter
duration from the day after the Guaranteed Period ended
until the day we receive your instructions.
If you move money out before the end of a Guaranteed
Period, either as a transfer, withdrawal, or to
purchase annuity payments, there will be a Market Value
Adjustment (MVA). The formula used to calculate the MVA
is shown on the contract data page. The MVA is based
primarily on the difference between the interest rate
being credited to the money you move and the current
interest rate offered for a Guaranteed Period of the
same duration. In general, if interest rates have
dropped, the MVA will be positive and if interest rates
have risen, it will be negative. Unless you tell us
otherwise, the MVA will be applied to your remaining
contract value. If amounts are taken from more than one
Guaranteed Period at the same time, the MVA is
calculated individually for each Guaranteed Period. We
will not apply an MVA if you move money within 30 days
after the end of a Guaranteed Period.
Upon annuitization, death of the Owner, or a total
withdrawal from a Guaranteed Period, the minimum value
that will be applied toward annuity payments or paid to
the Beneficiary or Owner will not be less than 90% of
the original amount allocated to that Guaranteed Period
accumulated at an annual effective interest rate of 3%,
less prior withdrawals and transfers from that
Guaranteed Period accumulated at an annual effective
interest rate of 3% each year. If necessary to meet
this minimum, the MVA will be adjusted or charges will
be waived.
CONTRACT VALUE Your contract value is the sum of the values in the
Portfolios and the Fixed Account Options attributable
to your Contract. We calculate this by:
- adding all the Purchase Payments you invested;
- subtracting the charges which have been deducted;
- subtracting the withdrawals you have made
(adjusted for any MVA);
- adjusting for any MVA on amounts that were
transferred to the Portfolios;
- adjusting for each Portfolio's gain or loss;
- adding the interest we credit to each Fixed
Account Option while any of your contract value is
in that option;
- subtracting the amounts withdrawn for an annuity
option; and
- subtracting the amounts withdrawn to pay the death
benefit.
TRANSFERS During the Accumulation Phase, you can transfer money
between investment options. (For purposes of these
transfer provisions, "investment options" does not
include the Dollar Cost Averaging Fixed Account
Option.) The minimum amounts that can be transferred
are shown on the contract data page. In each Contract
Year a specified number of transfers are free of
charge. Each additional transfer in a Contract Year may
have a transfer charge. The number of free transfers
and the transfer charge are shown on the contract data
page.
8
We reserve the right to modify, suspend, or terminate
transfer privileges at any time. In addition, if we
receive a transfer request that is to be allocated to a
Fixed Account Option and we are not able to invest the
money such that we can credit at least the minimum
guaranteed interest rate, we reserve the right to
reject the portion of the transfer request that was to
be allocated to that option.
LIMITS ON We may restrict or eliminate the right to make
EXCESSIVE transfers among Portfolios if such rights are executed
TRANSFERS by you, a market timing firm, or other third party
authorized to initiate transfers or exchange
transactions on your behalf. For example, we reserve
the right to reject any transfer request if, in our
judgment, you are engaging in a pattern of transfer
that may disadvantage other contract owners or would
cause a Portfolio to be unable to invest effectively in
accordance with its investment objectives and policies
or would otherwise be potentially adversely affected.
In addition, if we or any affected Portfolio believes
you are engaging in activity as described above or
similar activity which will potentially hurt the rights
or interests of other contract owners, we have the
right to restrict the number of transfers you make.
We will continue to monitor the transfer activity
occurring among the Portfolios and may modify these
transfer restrictions at any time if we deem it
necessary to protect the interest of all contract
owners. These modifications may include curtailing or
eliminating, without notice, the ability to use the
Internet or telephone in making transfers.
9
CHARGES
The following charges apply to your Contract:
INSURANCE Each day we make deductions for our insurance charges.
CHARGES We do this as part of our calculation of the value of
Accumulation Units and Annuity Units. The insurance
charges are as follows:
MORTALITY AND The mortality and expense risk charge is equal, on an
EXPENSE RISK annual basis, to a percentage of the average daily net
CHARGE assets of each Portfolio. The percentage is shown on
the contract data page.
ASSET-RELATED The asset-related administration charge is equal, on an
ADMINISTRATION annual basis, to a percentage of the average daily net
CHARGE assets of each Portfolio. The percentage is shown on
the contract data page.
DISTRIBUTION A distribution charge may be assessed on a withdrawal
CHARGE from the Enhanced Fixed Account Option if the
withdrawal, together with prior withdrawals and
transfers from the Enhanced Fixed Account Option during
the Contract Year, exceed 15% of the value of the
Enhanced Fixed Account Option. The charge is stated as
a percentage of the amount withdrawn from the Enhanced
Fixed Account Option that exceeds the 15% free
withdrawal amount and is shown on the contract data
page. When the withdrawal is for only part of your
contract value, the charge will be deducted from the
amount withdrawn, unless you tell us otherwise.
The determination of whether more than 15% of the
Enhanced Fixed Account Option value has been withdrawn
or transferred is made at the time of withdrawal or
transfer. If you take more than one withdrawal and/or
transfer from the Enhanced Fixed Account Option in a
Contract Year, the previous withdrawals and transfers
from the Enhanced Fixed Account Option in the Contract
Year are added to the current value in the Enhanced
Fixed Account Option to determine whether more than 15%
of the value has been withdrawn or transferred in that
Contract Year.
Distribution charges will not be assessed on the
following:
- withdrawals from the Enhanced Fixed Account
Option, if the total amount withdrawn or
transferred from the Enhanced Fixed Account Option
during the Contract Year does not exceed 15% of
the Enhanced Fixed Account value;
- withdrawals taken for payment of withdrawal
charges, transfer charges, or premium taxes;
- repetitive withdrawals, if the withdrawals are
equal or substantially equal and are expected to
deplete the contract value over your life
expectancy or the joint life expectancy of you and
your Beneficiary;
- annuity payments;
- withdrawals taken on account of your death; and
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- withdrawals taken after you have been confined to
a hospital or nursing home for 30 consecutive days
if the withdrawal is taken:
- during confinement; or
- within 60 days after confinement ends.
If you are confined to a hospital or nursing home
on the contract date, you are not eligible for
this waiver of distribution charges until after
the first Contract Year.
We may require proof of confinement.
Hospital may be defined in one of two ways:
(1) a lawfully operated institution that is
licensed as a hospital by the Joint
Commission of Accreditation of Hospitals; or
(2) a lawfully operated institution that provides
in-patient treatment under the direction of a
staff of physicians and has 24-hour per day
nursing services.
Nursing home is defined as a facility operated
pursuant to state law that provides convalescent
or chronic care for in-patients who, by reason of
illness or infirmity, are unable to properly care
for themselves.
WITHDRAWAL The withdrawal charge, shown on the contract data page,
CHARGE is deducted for each withdrawal after the first
withdrawal in a Contract Year. This charge will be
deducted from your remaining contract value, unless you
tell us otherwise.
We will not deduct this charge for annuity payments,
repetitive withdrawals, or if you withdraw the entire
contract value.
TRANSFER CHARGE The transfer charge is deducted from your Contract for
each transfer in excess of the number of free transfers
allowed in a Contract Year. The transfer charge and the
number of free transfers are shown on the contract data
page.
Scheduled transfers authorized by us as part of an
investment strategy such as dollar cost averaging,
appreciation or interest sweep, portfolio rebalancing,
or asset allocation programs do not count against your
free transfers.
PREMIUM TAXES The contract data page shows whether or not premium tax
is charged in your state as of the contract date.
INCOME OR OTHER Currently we do not pay income or other taxes on
TAXES earnings attributable to your Contract. However, if we
ever incur such taxes, we reserve the right to deduct
them from your Contract.
11
WITHDRAWAL PROVISIONS
WITHDRAWALS Before the commencement of annuity payments, you may
withdraw part or all of your contract value. The
minimum amount that can be withdrawn is shown on the
contract data page. Withdrawals are not allowed from
the Dollar Cost Averaging Fixed Account Option except
upon surrender of the Contract.
To take withdrawals, you must send a written request to
our Home Office. If you take a partial withdrawal, you
must tell us from which investment option we are to
take the withdrawal and we will not process the
withdrawal until we receive those instructions. Once we
receive your valid instructions, withdrawals from the
Portfolios will be effective as of the next close of
the NYSE.
A withdrawal may have a distribution charge and a
withdrawal charge. If you move money out before the end
of a Guaranteed Period under the Guaranteed Interest
Period Fixed Account Option, an MVA will apply.
REPETITIVE You may request repetitive withdrawals of a
WITHDRAWALS predetermined amount on a monthly, quarterly, or annual
basis by completing the appropriate form.
12
ANNUITY PAYMENT PROVISIONS
ANNUITY OPTIONS The Income Phase will start no later than the maximum
annuitization age shown on the contract data page, or
an earlier date if required by law. During the Income
Phase, the payee (you or someone you choose) receives
regular annuity payments beginning on the Annuity Date.
To start the Income Phase, you must notify us in
writing at least 30 days prior to the date that you
want annuity payments to begin. You may choose annuity
payments under an annuity option described in this
Contract or another annuity option that you want and
that we agree to provide. You cannot start the Income
Phase until the Contract has been in effect for at
least one year (eight years for the Payments Based on a
Number of Years annuity option). If the amount applied
to an annuity option is less than $5,000, we may pay
you in a lump sum where permitted by state law. We
reserve the right to change the payment frequency if
payment amounts would be less than $250.
Switching to the Income Phase is irrevocable. Once you
begin receiving annuity payments, you cannot switch
back to the Accumulation Phase. You cannot add Purchase
Payments, change or add an Annuitant, change the
annuity option, or change between fixed and variable
annuity payments. When the Contract switches to the
Income Phase, the guaranteed minimum death benefit will
no longer be applicable.
LIFE ANNUITY The payee receives monthly annuity payments as long as
the Annuitant is living. Annuity payments stop when the
Annuitant dies.
LIFE ANNUITY WITH The payee receives monthly annuity payments for the
GUARANTEED longer of the Annuitant's life or a guaranteed period
PERIOD of five or more years as selected by you and agreed to
by us. If the Annuitant dies before all guaranteed
payments have been made, the rest will be made to the
payee designated by the Owner. Annuity payments stop
the later of the date the Annuitant dies or the date
the last guaranteed payment is made.
As an alternative to monthly payments, the payee may
elect to have the present value of the guaranteed
variable annuity payments remaining as of the date the
notice of death is received by us commuted at the
assumed investment return of 4% and paid in a single
payment.
JOINT AND The payee receives monthly annuity payments as long as
SURVIVOR LIFE the Annuitant is living. After the Annuitant dies, the
ANNUITY payee receives a specified percentage of each annuity
payment as long as the second Annuitant is living. You
name the second Annuitant and payment percentage at the
time you elect this option. Annuity payments stop the
later of the date the Annuitant dies or the date the
second Annuitant dies.
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PAYMENTS BASED The payee receives annuity payments based on a number
ON A NUMBER OF of years as selected by you and agreed to by us. You
YEARS must select a period of at least five years. You may
select monthly, quarterly, or annual annuity payments.
Each annuity payment reduces the number of Accumulation
Units and/or value of the Fixed Account Options in the
Contract. Each annuity payment made from the Guaranteed
Interest Period Fixed Account Option may be subject to
an MVA. Annuity payments continue until the entire
value in the Portfolios and/or the Fixed Account
Options has been paid out. You can stop these annuity
payments at any time and receive a lump sum equal to
the remaining contract value and plus or minus any MVA
if applicable. This option does not promise to make
payments for the Annuitant's life. If the Owner dies
before all annuity payments have been made, there will
be a death benefit payable in accordance with the
"DEATH OF OWNER On or After the Annuity Date"
provision.
This annuity option is only available after the eighth
Contract Year and if your contract value is $25,000 or
more at the time this option is selected.
AUTOMATIC OPTION If you do not choose an annuity option at least 30 days
before the latest Annuity Date allowed under this
Contract and if your contract value is at least
$25,000, we will make annuity payments under the
Payments Based on a Number of Years annuity option. The
number of years will be equal to the Annuitant's life
expectancy. If your contract value is less than
$25,000, we will make annuity payments under the Life
Annuity with Guaranteed Period annuity option. The
guaranteed period will be equal to 10 years.
ANNUITY You can choose whether annuity payments will be made on
PAYMENTS a fixed basis, variable basis, or both. If you don't
tell us otherwise, annuity payments will be based on
the investment allocations in place on the Annuity
Date. After the Annuity Date, you may not switch
between fixed annuity payments and variable annuity
payments.
FIXED ANNUITY The dollar amount of each fixed annuity payment will
PAYMENTS stay the same. Annuity payments under the Payments
Based on a Number of Years annuity option will be based
on the minimum guaranteed interest rate and the number
of annuity payments you selected. Annuity payments
under all other annuity options will be determined by
applying the contract value that you want to use to
purchase fixed annuity payments, adjusted for any MVA,
to the Fixed Annuity Purchase Rate Table of this
Contract, or the current rates at that time if more
favorable to you. If premium taxes are required by
state law, these taxes will be deducted before the
annuity payments are calculated.
VARIABLE ANNUITY The dollar amount of each variable annuity payment will
PAYMENTS vary depending on the investment performance of the
Portfolios that you selected. Annuity payments under
the Payments Based on a Number of Years annuity option
will be based on a reasonable rate of return and the
number of annuity payments you selected. Annuity
payments under all other annuity options will be
determined as described below.
14
FIRST VARIABLE ANNUITY PAYMENT: The dollar amount of
the first variable annuity payment is the sum of the
payments from each Portfolio determined by applying the
contract value used to purchase variable annuity
payments, as of the 15th day of the preceding month, to
the Variable Annuity Purchase Rate Table of this
Contract. If the NYSE is not open on that date, the
calculation will be made on the next day that the NYSE
is open. If premium taxes are required by state law,
these taxes will be deducted before the annuity payment
is calculated.
SUBSEQUENT VARIABLE ANNUITY PAYMENTS: The dollar amount
of each subsequent variable annuity payment is the sum
of the payments from each Portfolio, which are
determined by multiplying the number of Annuity Units
credited for that Portfolio by the Annuity Unit value
of that Portfolio as of the 15th of the month preceding
the annuity payment. If the NYSE is not open on that
date, the calculation will be made on the next day that
the NYSE is open.
NUMBER OF VARIABLE ANNUITY UNITS: The number of
Annuity Units credited for each Portfolio is the
amount of the first annuity payment attributable
to that Portfolio divided by the value of the
applicable Annuity Unit for that Portfolio as of
the 15th day of the month preceding the Annuity
Date. The number of Annuity Units used to
calculate the variable annuity payment each month
remains constant unless you change Portfolio
elections.
VALUE OF VARIABLE ANNUITY UNITS: The value of an
Annuity Unit will usually increase or decrease
from one month to the next. For each month after
the first month, the value of an Annuity Unit of a
particular Portfolio is:
- the value of that Annuity Unit as of the 15th
day of the preceding month (or the next day
that the NYSE is open);
- multiplied by the Net Investment Factors for
that Portfolio; and
- divided by the Assumed Investment Factor for
the period.
The Net Investment Factor is a number that
represents the change in the Accumulation Unit
value of a Portfolio on successive days when the
NYSE is open. The Net Investment Factor for any
Portfolio for any valuation day is determined by
dividing the current Accumulation Unit value by
the prior day's Accumulation Unit value. The Net
Investment Factor will likely be different than
the Assumed Investment Factor, and therefore the
Annuity Unit value will usually increase or
decrease.
The Assumed Investment Factor for a one-day
valuation period is 1.00010746. This factor
neutralizes the assumed investment return of 4% in
the Variable Annuity Purchase Rate Table.
We guarantee that the dollar amount of each variable
annuity payment made after the first payment will not
be adversely affected by variations in actual mortality
experience or actual expenses incurred in excess of the
expense deductions provided for in the Contract.
CHANGING If you have selected variable annuity payments, after
PORTFOLIO the Annuity Date you may request to change Portfolio
ELECTIONS AFTER elections once a month. Transfers are not allowed to or
THE ANNUITY DATE from the Fixed Account Options. Changes will affect the
number of units used to calculate annuity payments.
15
DEATH BENEFIT PROVISIONS
DEATH OF If the Annuitant is not an Owner and the Annuitant dies
ANNUITANT before the Annuity Date, you must designate a new
PRIOR TO THE ANNUITY Annuitant. If no designation is made within 30 days
DATE after we are notified of the Annuitant's death, you
will become the Annuitant.
If this Contract is owned by a non-natural person (for
example, a corporation or trust), the death of the
Annuitant will be treated as the death of the Owner. In
this case, all references to "Owner" and "joint Owner"
in these provisions are replaced by "Annuitant" and
"joint Annuitant".
DEATH OF OWNER If any Owner dies before the Annuity Date, we will pay
PRIOR TO THE ANNUITY a death benefit to the:
DATE - surviving Owner; or if none, then
- surviving primary Beneficiary(ies); or if none,
then
- surviving contingent Beneficiary(ies); or if none,
then
- the estate of the last Owner to die.
If the death benefit is payable to the Owner's spouse,
the spouse will have the option to continue the
Contract and will then be the Owner of the Contract.
CALCULATION OF The death benefit is the higher of:
DEATH BENEFIT (1) the current contract value; or
(2) if the death benefit is payable upon the sole
Owner's or older joint Owner's death, the
guaranteed minimum death benefit.
The guaranteed minimum death benefit is always
calculated on the life of the oldest original Owner, as
shown on the original application for this Contract.
The amount payable on the death of any Owner other than
the oldest original Owner will be the current contract
value. If the oldest original Owner ceases to be an
Owner of the Contract, the guaranteed minimum death
benefit will be terminated.
When determining the higher of (1) or (2) above, the
calculations are based on the earlier of:
- the date we receive proof of death and the first
election of how to take the death benefit payment;
or
- six months from the date of death.
For the purpose of comparing these amounts to determine
which is higher, we will not adjust the current
contract value for any applicable MVA. However, if we
determine that the current contract value is the higher
amount and if the death benefit is withdrawn within 60
days after we receive proof of death, we will increase
the death benefit for a positive MVA but we will not
decrease it for a negative MVA. If the death benefit is
withdrawn more than 60 days after we receive proof of
death, any MVA, whether positive or negative, will
apply.
16
IF WE RECEIVE DUE PROOF OF DEATH AND THE FIRST
DEATH BENEFIT PAYMENT ELECTION WITHIN 6 MONTHS OF
THE DATE OF DEATH: If the guaranteed minimum death
benefit exceeds the contract value, we will add
the difference to the contract value on the date
we receive the required information so that the
contract value will equal the guaranteed minimum
death benefit. This additional amount will be
allocated to the investment options in the same
proportion that Purchase Payments were last
allocated. Thereafter, the contract value will be
subject to investment performance and applicable
charges until the date the death benefit is paid.
IF WE RECEIVE DUE PROOF OF DEATH AND THE FIRST
DEATH BENEFIT PAYMENT ELECTION MORE THAN 6 MONTHS
AFTER THE DATE OF DEATH: If the guaranteed minimum
death benefit exceeds the contract value on the
6-month anniversary of the date of death, we will
credit the difference with interest at the
prevailing money market rates from the 6-month
anniversary until the date we receive the required
information. At that time we will allocate this
additional amount, with the credited interest, to
the investment options in the same proportion that
Purchase Payments were last allocated. Thereafter,
the contract value will be subject to investment
performance and applicable contract charges until
the date payment is made.
GUARANTEED MINIMUM DEATH BENEFIT: The guaranteed
minimum death benefit is initially equal to the first
Purchase Payment. It is immediately increased by
additional Purchase Payments and adjusted for
withdrawals. After such withdrawals, the guaranteed
minimum death benefit will be recalculated by
multiplying the prior guaranteed minimum death benefit
by the ratio of the contract value after the withdrawal
to the contract value before the withdrawal.
GUARANTEED MINIMUM DEATH BENEFIT RESET: The guaranteed
minimum death benefit will be reset on each 5-year
contract anniversary until the older Owner attains age
75. The reset benefit is equal to the immediately
preceding guaranteed minimum death benefit or the
contract value on that date, if higher.
LIMITATION ON At most, one guaranteed minimum death benefit will be
DEATH BENEFIT paid during the life of the Contract. In addition, the
maximum amount that we will add to the contract value
is limited to $1 million. This limitation applies to
any amount added to the contract value so that the
contract value equals the guaranteed minimum death
benefit. All subsequently issued contracts will be
aggregated for this limitation if your death triggers
payment of a death benefit under such contracts.
PAYMENT OF DEATH To pay the death benefit, we need proof of death
BENEFIT acceptable to us, such as a certified copy of a death
certificate, plus written direction regarding how to
pay the death benefit payment. If the death benefit is
payable to an Owner's estate, we will pay it in a
single payment.
17
The death benefit may be paid as:
- a lump sum payment or series of withdrawals that
are completed within five years from the date of
death; or
- annuity payments made over life or life
expectancy. To receive annuity payments, this
election must be made within 60 days from our
receipt of proof of death. Annuity payments must
begin within one year from the date of death. Once
annuity payments begin, they cannot be changed.
If a person entitled to receive a death benefit dies
before the death benefit is distributed, we will pay
the death benefit to that person's named beneficiary
or, if none, to that person's estate.
DEATH OF If the Annuitant is not the Owner and dies after the
ANNUITANT Annuity Date, then we will continue paying any
ON OR AFTER THE remaining annuity payments to the payee designated by
ANNUITY DATE the Owner.
DEATH OF OWNER If the Owner dies after the Annuity Date, then any
ON OR AFTER THE amounts paid after the death of the Owner will depend
ANNUITY DATE on which annuity option was selected. If the Owner dies
while annuity payments are being paid under the
Payments Based on a Number of Years annuity option, we
will pay a death benefit equal to the contract value as
of the date we receive proof of death and the first
election of how to take the death benefit payment. If
the Owner dies while annuity payments are being paid
under another option, we will pay any remaining annuity
payments in accordance with that option. We will pay
remaining annuity payments at least as rapidly as under
the annuity option then in effect. The right to receive
the death benefit under the Payments Based on a Number
of Years annuity option or to change the payee for
remaining annuity payments under another annuity option
is determined as follows:
- the surviving Owner; or if none, then
- the surviving primary Beneficiary(ies); or if
none, then
- the surviving contingent Beneficiary(ies); or if
none, then
- the estate of the last Owner to die.
18
GENERAL PROVISIONS
ACCOUNT At least once each calendar year we will furnish you
STATEMENTS with a statement showing your contract value or, if
applicable and required by law, your Annuity Units and
the Annuity Unit values.
ASSIGNMENT OF You may assign your rights under this Contract unless
BENEFITS restricted by applicable law. If this Contract is
assigned, we will treat it as a change of ownership and
all rights will be transferred. The new Owner must not
have been older than the maximum issue age on the
contract date. We are not bound by any assignment
unless it is in writing and until it is recorded at our
Home Office. We are not responsible for the validity of
any assignment. Assignments will be subject to all
payments made and actions taken by us before a signed
copy of the assignment form is received by us at our
Home Office.
COMMUNICATIONS All written communications to you will be addressed to
you at your last known address on file with Symetra.
All written communications to Symetra must be addressed
to Symetra at its Home Office at ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇,
▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇-▇▇▇▇ or P.O. Box 3882,
Seattle, Washington 98124-3882.
ESSENTIAL DATA You and each person entitled to receive benefits under
this Contract must provide us with any information we
need to administer this Contract. We are entitled to
rely exclusively on the completeness and accuracy of
data furnished by you, and we will not be liable with
respect to any omission or inaccuracy.
EVIDENCE OF When any payments under this Contract depend upon any
SURVIVAL person being alive on a given date, we may require
satisfactory proof that the person is living before
making such payments.
JURISDICTION In the event of a dispute, the laws of the jurisdiction
in which the Contract is delivered will apply.
MISSTATEMENT OF We may require satisfactory proof of correct age or sex
AGE OR SEX at any time.
- If annuity payments are based on life or life
expectancy and the age or sex of any Annuitant has
been misstated, annuity payments will be based on
the corrected information. Underpayments will be
made up in a lump sum with the next scheduled
payment. Overpayments will be deducted from future
payments until the total is repaid. We will not
credit interest on underpayments or charge
interest on overpayments.
- If the age of any Annuitant or Owner has been
misstated, the amount of any death benefit payable
will be determined based on the correct age of the
Annuitant or Owner.
NONPARTICIPATION This Contract is nonparticipating, which means it will
not share in any distribution of profits, losses, or
surplus of Symetra.
19
SEPARATE ACCOUNT The Separate Account holds the assets that underlie the
contract values invested in the Portfolios. The assets
in the Separate Account are the property of Symetra.
However, assets in the Separate Account that are
attributable to Contracts are not chargeable with
liabilities arising out of any other business we may
conduct. Income, gains and losses (realized and
unrealized), resulting from assets in the Separate
Account are credited to or charged against the Separate
Account without regard to other income, gains or losses
of Symetra.
STATE REQUIRED The benefits of this Contract will not be less than the
BENEFITS minimum benefits required by any statute of any state
in which this Contract is delivered.
SUSPENSION OF We may be required to suspend or postpone payment of
ANNUITY PAYMENTS, annuity payments, withdrawals, or transfers from the
WITHDRAWALS, OR Portfolios for any period of time when:
TRANSFERS - the NYSE is closed (other than customary weekend
or holiday closings);
- trading on the NYSE is restricted;
- an emergency exists such that disposal of or
determination of the value of the Portfolio shares
is not reasonably practicable; or
- the SEC, by order, so permits for your protection.
In addition, we retain the right to defer payment of
withdrawals or transfers from the Fixed Account Options
for a period of 6 months after receiving the request.
The interest rates credited to the Fixed Account
Options during this period will not be less than the
rate required under state law.
TERMINATION OF This Contract will terminate when Symetra has completed
CONTRACT all of its duties and obligations under the Contract.
THE CONTRACT The Contract, contract data page, and contract
application, as may be amended, and any endorsements
are the entire Contract. Only an authorized officer of
Symetra may change this Contract. Any change must be in
writing. Symetra reserves the right to change the
provisions of this Contract to conform to any
applicable law, regulation, or ruling issued by a
government agency.
VOTING RIGHTS Symetra is the legal owner of the Portfolios' shares.
However, when a Portfolio solicits proxies in
connection with a shareholder vote, we are required to
ask you for instructions as to how to vote those
shares. All shares are voted in the same proportion as
the instructions we received. Should we determine that
we are no longer required to comply with the above, we
will vote the shares in our own right.
20
ANNUITY PURCHASE RATE TABLES
VARIABLE ANNUITY PURCHASE RATE TABLE
MORTALITY TABLE USED: The rates in the Variable Annuity Purchase Rate Table are
based upon the Annuity 2000 Mortality Table projected using a generational
approach with an initial projection of 20 years. An age setback of 1 year will
be used if the annuity payments begin in the year 2013-2022, 2 years if the
annuity payments begin in the year 2023-2032, and an additional 1-year setback
for each additional 10 years. The assumed investment return in the table is
4.00%.
Age is to be taken for the exact number of years and completed months. Values
for fractional ages are obtained by simple interpolation. Consideration for ages
or combination of lives not shown will be furnished by Symetra upon request.
CONSIDERATION REQUIRED TO PURCHASE $1 OF MONTHLY VARIABLE ANNUITY*
JOINT & SURVIVOR**
LIFE ANNUITY LIFE ANNUITY LIFE ANNUITY 5 YEARS
NO PERIOD CERTAIN 5 YEARS CERTAIN 10 YEARS CERTAIN LIFE CERTAIN
AGE MALE FEMALE MALE FEMALE MALE FEMALE ANNUITY AND LIFE
60 $ 197.53 $ 212.16 $ 198.19 $ 212.54 $ 200.20 $ 213.72 $ 230.94 $ 230.94
61 193.64 208.52 194.37 208.94 196.57 210.24 227.76 227.76
62 189.65 204.77 190.44 205.23 192.88 206.66 224.45 224.46
63 185.55 200.90 186.42 201.42 189.13 202.98 221.03 221.04
64 181.35 196.93 182.31 197.50 185.33 199.22 217.48 217.50
65 177.06 192.84 178.12 193.47 181.50 195.37 213.81 213.83
66 172.68 188.65 173.87 189.33 177.63 191.43 210.02 210.04
67 168.23 184.34 169.56 185.09 173.76 187.42 206.09 206.12
68 163.72 179.91 165.22 180.74 169.88 183.34 202.05 202.08
69 159.18 175.37 160.85 176.29 166.01 179.20 197.88 197.92
70 154.60 170.71 156.48 171.73 162.17 175.01 193.59 193.64
71 150.02 165.94 152.11 167.08 158.37 170.78 189.18 189.24
72 145.44 161.07 147.76 162.36 154.62 166.52 184.66 184.74
73 140.86 156.11 143.42 157.57 150.93 162.26 180.03 180.13
74 136.27 151.08 139.09 152.73 147.30 158.01 175.30 175.43
75 131.68 145.99 134.77 147.87 143.74 153.79 170.48 170.63
76 127.09 140.88 130.49 143.00 140.26 149.63 165.58 165.76
77 122.51 135.74 126.25 138.13 136.87 145.54 160.59 160.83
78 117.95 130.59 122.05 133.29 133.58 141.54 155.55 155.83
79 113.42 125.44 117.92 128.46 130.42 137.65 150.44 150.79
80 108.93 120.28 113.85 123.67 127.38 133.89 145.29 145.72
81 104.49 115.13 109.87 118.94 124.48 130.28 140.10 140.62
82 100.10 110.01 105.98 114.28 121.74 126.86 134.89 135.53
83 95.78 104.94 102.19 109.72 119.16 123.63 129.67 130.45
84 91.53 99.92 98.50 105.28 116.75 120.62 124.46 125.41
85 87.36 94.99 94.94 100.98 114.50 117.82 119.27 120.42
86 83.26 90.15 91.50 96.85 112.41 115.23 114.12 115.52
87 79.24 85.43 88.21 92.92 110.47 112.85 109.02 110.72
88 75.30 80.83 85.06 89.19 108.68 110.66 103.99 106.04
89 71.50 76.43 82.09 85.70 107.04 108.66 99.07 101.53
90 67.84 72.24 79.28 82.44 105.56 106.88 94.29 97.19
* The consideration shown refers to the net value of the Portfolios used to
purchase a variable annuity after premium taxes or other applicable charges
are deducted. For example, if the Annuitant is a 65-year old male, a Life
Annuity initially equivalent to a monthly income of $1,000 will cost
$177,060. However, because this is a variable annuity, the dollar amount of
this monthly income is not guaranteed and may increase or decrease.
** Annuitant and second Annuitant are assumed to be the same age.
21
FIXED ANNUITY PURCHASE RATE TABLE
MORTALITY TABLE USED: The rates in the Fixed Annuity Purchase Rate Table are
based upon the Annuity 2000 Mortality Table projected using a generational
approach with an initial projection of 20 years. The effective interest rate
assumed in the table is 2.00%.
Age is to be taken for the exact number of years and completed months. Values
for fractional ages are obtained by simple interpolation. Consideration for ages
or combination of lives not shown will be furnished by Symetra upon request.
CONSIDERATION REQUIRED TO PURCHASE $1 OF MONTHLY FIXED ANNUITY*
JOINT & SURVIVOR**
LIFE ANNUITY LIFE ANNUITY LIFE ANNUITY 5 YEARS
NO PERIOD CERTAIN 5 YEARS CERTAIN 10 YEARS CERTAIN LIFE CERTAIN
AGE MALE FEMALE MALE FEMALE MALE FEMALE ANNUITY AND LIFE
60 $ 255.94 $ 279.92 $ 256.65 $ 280.33 $ 258.98 $ 281.70 $ 311.12 $ 311.13
61 249.36 273.38 250.13 273.83 252.70 275.34 304.87 304.88
62 242.72 266.76 243.56 267.26 246.40 268.91 298.51 298.52
63 236.01 260.05 236.93 260.60 240.09 262.42 292.04 292.05
64 229.25 253.27 230.27 253.88 233.78 255.88 285.46 285.48
65 222.44 246.42 223.57 247.09 227.50 249.29 278.79 278.81
66 215.61 239.50 216.87 240.23 221.25 242.67 272.02 272.04
67 208.76 232.51 210.18 233.31 215.06 236.02 265.15 265.18
68 201.92 225.45 203.52 226.33 208.93 229.36 258.20 258.23
69 195.12 218.32 196.91 219.30 202.90 222.69 251.16 251.21
70 188.37 211.14 190.37 212.22 196.98 216.04 244.06 244.11
71 181.68 203.90 183.91 205.12 191.19 209.41 236.88 236.95
72 175.07 196.62 177.54 198.00 185.53 202.84 229.66 229.74
73 168.55 189.33 171.28 190.88 180.01 196.34 222.38 222.49
74 162.10 182.04 165.10 183.81 174.64 189.94 215.08 215.21
75 155.71 174.78 159.01 176.79 169.43 183.67 207.75 207.91
76 149.41 167.58 153.04 169.85 164.39 177.55 200.41 200.61
77 143.20 160.44 147.18 163.00 159.52 171.61 193.08 193.33
78 137.08 153.39 141.45 156.26 154.85 165.86 185.77 186.08
79 131.07 146.41 135.87 149.64 150.39 160.32 178.49 178.87
80 125.19 139.52 130.43 143.14 146.14 155.02 171.25 171.71
81 119.42 132.74 125.16 136.80 142.13 149.99 164.06 164.63
82 113.80 126.08 120.06 130.63 138.35 145.25 156.95 157.64
83 108.31 119.55 115.13 124.65 134.83 140.82 149.93 150.77
84 102.96 113.18 110.38 118.89 131.56 136.71 143.01 144.03
85 97.76 106.98 105.83 113.37 128.54 132.93 136.21 137.45
86 92.70 100.97 101.48 108.12 125.74 129.45 129.54 131.05
87 87.79 95.16 97.34 103.14 123.18 126.28 123.02 124.85
88 83.02 89.57 93.42 98.48 120.82 123.38 116.67 118.88
89 78.46 84.26 89.74 94.14 118.68 120.77 110.53 113.17
90 74.10 79.24 86.28 90.11 116.76 118.46 104.61 107.73
* The consideration shown refers to the net value of the Fixed Account
Options used to purchase a fixed annuity adjusted for any MVA and after
premium taxes or other applicable charges are deducted. For example, if the
Annuitant is a 65-year old male, a Life Annuity which provides a guaranteed
monthly income of $1,000 will cost $222,440.
** Annuitant and second Annuitant are assumed to be the same age.
22
INDIVIDUAL FLEXIBLE PREMIUM DEFERRED VARIABLE ANNUITY
NON-PARTICIPATING