Encore Lifetime Income – Single and Joint Summary

Beginning at the Benefit Date, guarantees withdrawals up to the Guaranteed Annual Income amount each year for life.

1.10% (Single), or 1.30% (Joint)

Annual charge based on the greater of the contract value or Benefit Base value deducted quarterly from the variable account.

Ages 80 and under (if Joint life, applies to both individuals).

• Single life – If jointly owned contract, benefits based on age of oldest.
• Joint life – Available only to spouses. Benefits based on age of youngest.

• May be selected at annuity purchase or within 30 days prior to contract anniversary.
• Not available with Beneficial or Decedent IRA accounts. Joint life benefit is not available in certain Qualified Retirement Plans. Not offered in combination with other optional living benefits or certain optional death benefits. May not be available in all states or products. Availability subject to change.

Approved Asset Allocation Plan required. Allocation options available for use with this benefit may be limited. Please contact your financial advisor for details of available investment options.

The later of the contract anniversary following your 59th birthday or the date this benefit is added to your contract.

Used in determining your Guaranteed Annual Income and the death benefit available under this benefit.

The Benefit Base is equal to your initial contribution (contract value if added at anniversary). Increased by additional contributions. Decreased by withdrawals as defined below. Maximum Benefit Base is $5 million. We reserve the right to limit the amount of future contributions accepted under this benefit. The Benefit Base provides no minimum contract value.

Annually, your Benefit Base will be reset to the current contract value if higher than your current Benefit Base.

The benefit charge may increase at Reset but will not exceed a maximum of 1.75% (Single), 2.00% (Joint). At such time the cost is increased, you may cancel the automatic Reset feature and resulting cost increase.

Benefit Base will increase by 5% for each year withdrawals are delayed – up to 10 years.

Determined by taking the Benefit Base value from the prior contract anniversary, plus contributions made during the year, and increasing that amount by 5%. In any year where the Reset and Enhancement both apply, the Benefit Base will be increased by the greater of the two, not both.

The amount of income you can withdraw every year beginning on the Benefit Date. The GAI is calculated by multiplying the Benefit Base by the Annual Income Percentage.

The GAI will increase on any contract anniversary where the new Benefit Base multiplied by the Annual Income Percentage is greater than the current GAI. This increase may be the result of a Reset, 5% Enhancement or entering a new age band. Additional contributions will increase the GAI by the contribution amount multiplied by the applicable Annual Income Percentage. The GAI will only decrease due to an excess withdrawal as defined below.

After the Benefit Date, withdrawals in a contract year less than the GAI or Required Minimum Distribution (RMD) reduce the Benefit Base by the amount of the withdrawal. The GAI is unchanged.

Excess withdrawals:

• Before the Benefit Date, any withdrawal reduces the Benefit Base proportionately based on the ratio of the total amount withdrawn to the contract value. The GAI is recalculated.
• After the Benefit Date, withdrawals in a contract year in excess of the GAI or RMD will reduce both the Benefit Base and the GAI proportionately based on the ratio of the excess withdrawal amount to the contract value.

All withdrawals reduce your contract value and the value of any death benefits.

If your contract value reaches zero, we will pay the GAI at least annually until the death of the first owner or, if Joint life benefit, the death of both individuals. All other contract features, benefits and guarantees are terminated. The contract will not enter the automatic payment phase if an excess withdrawal is taken that causes the contract value to be reduced to zero.

The Single life benefit ends at first death. A surviving spouse who assumes the contract may repurchase the benefit at the next anniversary subject to age requirements and availability. Under the Joint life benefit, a surviving spouse who assumes the contract and is the joint designated life may continue the benefit.

At death of the first owner (both if Joint life benefit), the beneficiary may:

• Take withdrawals of the current GAI at least annually until the Benefit Base is reduced to zero, or
• Take the death benefit available under the contract, if any.

Important exception: In selecting the contract beneficiary, it is important to point out that because a beneficiary must receive the remaining benefit base in the form of periodic GAI payments, a non-spouse beneficiary must have a life expectancy long enough to receive the GAI payments. Otherwise, they will automatically receive the contract's standard death benefit.

May be cancelled within 30 days prior to any contract anniversary beginning 7 years after benefit purchase. A change of ownership automatically terminates the benefit. If the benefit is still in effect at the contract's maturity date, you will be able to select an annuity income option with an income payment equivalent to the current GAI for the remainder of your life.