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EXHIBIT 5(y)
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VARIABLE GROUP UNIVERSAL LIFE
MINNESOTA LIFE GUARANTEED ACCOUNT AMENDMENT
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Minnesota Life Insurance Company - ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ - ▇▇. ▇▇▇▇, ▇▇▇▇▇▇▇▇▇
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This amendment is to be attached to and become part of Group Policy No.
issued by Minnesota Life Insurance Company to . This amendment
is effective as of . Continued payment of premiums shall
constitute acceptance of the conditions stated in this amendment.
Under the "SEPARATE ACCOUNT" section of the policy, the provision entitled "HOW
ARE NET PREMIUMS ALLOCATED?" has been amended in its entirety to read:
HOW ARE NET PREMIUMS ALLOCATED?
Initially, the allocation elected is indicated in the application for a
certificate of insurance issued hereunder. As of the effective date of this
amendment, net premiums may be allocated only to the sub-accounts of the
separate account available under this policy. The owner may not allocate net
premiums to the guaranteed account. The owner may change the allocation
instructions for future premiums by giving us a written request or through any
other method made available by us under this policy. A change will not take
effect until it is recorded by us in our home office.
Allocations must be expressed in whole percentages. The allocation to any
sub-account must be at least ten percent of the net premium.
We reserve the right to delay the allocation of net premiums to named
sub-accounts. Such a delay will be for a period of 30 days after issuance of a
certificate under this policy. This right will be exercised by us only when we
believe economic conditions make such a delay necessary to reduce market risk
during the free look period of the certificate. If we exercise this right, net
premiums will be allocated to the money market sub-account until the end of that
period.
Under the "SEPARATE ACCOUNT" section of the policy, the provision entitled "WHAT
IS A TRANSFER?" has been amended in its entirety to read:
WHAT IS A TRANSFER?
A transfer is a reallocation of the net cash value among the sub-accounts of the
separate account or from the guaranteed account to the sub-accounts of the
separate account for a given owner. As of the effective date of this amendment,
the owner may not transfer any amount into the guaranteed account.
Under the "SEPARATE ACCOUNT" section of the policy, the provision entitled "MAY
THE OWNER MAKE TRANSFERS OF AMOUNTS UNDER THE POLICY?" has been amended in its
entirety to read:
MAY THE OWNER MAKE TRANSFERS OF AMOUNTS UNDER THE POLICY?
Yes. Transfers may be requested in writing, by telephone or through any other
method made available by us under this policy. For transfers from the
sub-accounts of the separate account, we will credit and cancel units based on
the sub-account unit values as of the end of the valuation period during which
the owner's request is received at our home office. For transfers out of the
guaranteed account, a dollar amount will be transferred based on the owner's
guaranteed account value at the time of transfer. As of the effective date of
this amendment, the owner may not transfer any amount into the guaranteed
account.
00-30133 Minnesota Life 1
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Under the "SEPARATE ACCOUNT" section of the policy, the provision entitled "ARE
THERE LIMITATIONS ON TRANSFERS?" has been amended in its entirety to read:
ARE THERE LIMITATIONS ON TRANSFERS?
Yes. As of the effective date of this amendment, the owner may not transfer any
amount into the guaranteed account. Only one transfer may be made each
certificate month for each certificate issued hereunder. The amount to be
transferred to or from a sub-account of the separate account or from the
guaranteed account must be at least $250. If the balance in the guaranteed
account or the sub-account from which the transfer is to be made is less than
$250, the entire account value attributable to the guaranteed account or the
sub-account must be transferred. If a transfer would reduce the account value in
the sub-account from which the transfer is to be made to less than $250, we
reserve the right to include that remaining amount in the sub-account with the
amount transferred.
The following restrictions apply to the owner's guaranteed account value as of
the effective date of this amendment. The maximum amount of net cash value to be
transferred out of the guaranteed account to the sub-accounts of the separate
account is limited to twenty percent (or $250 if greater) of the guaranteed
account value. Transfers to or from the guaranteed account are limited to one
such transfer per certificate year. We may further restrict transfers by
requiring that the request is received by us or postmarked in the 30-day period
before or after the last day of the certificate anniversary. Requests for
transfers which meet these conditions would be effective after we approve and
record them at our home office.
Agreed to by Minnesota Life Insurance Company.
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Secretary President