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EX-99.4.L
4
w45887ex99-4_l.txt
DEATH BENEFIT ENDORSEMENT ML045
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EXHIBIT 4(l)
MERRILL LYNCH LIFE INSURANCE COMPANY
DEATH BENEFIT ENDORSEMENT
Section 7.1.1 of the Contract is replaced in its entirety by the following:
7.1.1 DEATH PRIOR TO ANNUITY DATE: On the death of an Owner prior to the Annuity
Date, we will pay the beneficiary the death benefit representing the
entire interest in the Contract, unless Section 7.1.3 is chosen. The death
benefit is determined as of the date we receive Due Proof of Death of the
Owner at our Service Center.
(a) The death benefit is the greater of:
(i) the Contract Value; or
(ii) the Guaranteed Minimum Death Benefit for Variable
Account A plus the value of Variable Account B.
(b) The Guaranteed Minimum Death Benefit for Variable Account A is
the greatest of:
(i) "premiums compounded at 5%," or
(ii) the "maximum 7th anniversary value compounded at 5%"; or
(iii) the "attained age 80 anniversary value."
(c) "Premiums compounded at 5%" equals:
(i) premiums paid into Variable Account A with interest on
them from the date received at an interest rate
compounded daily to yield 5% annually, less
(ii) "adjusted transfers" to Variable Account B and "adjusted
withdrawals" from Variable Account A, both with an
interest rate on them to yield 5% annually when
compounded daily from the date of transfer or
withdrawal.
(d) The "maximum 7th anniversary value compounded at 5%" is equal
to the greatest "7th anniversary value" of Variable Account A.
Each "7th anniversary value" of Variable Account A equals:
(i) the value of Variable Account A at the end of its
respective seven Contract Year period (i.e., at the end
of Contract Years 7, 14, 21, etc., but not beyond the
date the Owner attains age 80 or the date of the Owner's
death), with interest from such 7th anniversary at an
interest rate compounded daily to yield 5% annually,
plus
(ii) premiums paid into Variable Account A since such 7th
anniversary with interest on them from the date received
at an interest rate compounded daily to yield 5%
annually, less
(iii) "adjusted transfers" to Variable Account B and "adjusted
withdrawals" from Variable Account A since such 7th
anniversary, both with an interest rate on them to yield
5% annually when compounded daily from the date of
transfer or withdrawal.
(e) The "attained age 80 anniversary value" equals the value of
Variable Account A on the Contract Anniversary on which the
Owner reaches attained age 80 plus premiums paid into Variable
Account A since that Contract Anniversary less "adjusted"
transfers to Variable Account B and "adjusted" withdrawals
from Variable Account A since that Contract Anniversary.
(f) Each "adjusted transfer" or "adjusted withdrawal" is equal to
the amount by which such transfer or withdrawal from Variable
Account A reduces the value of Variable Account A times {(A)
divided by (B)} but not less than 1.0 where:
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(A) is the Guaranteed Minimum Death Benefit of
Variable Account A prior to the transfer or
withdrawal; and
(B) is the value of Variable Account A prior to the
transfer or withdrawal.
(g) For purposes of compounding interest at 5% in (c) and (d)
above, such interest shall accrue only until the earliest of
the last day of the 20th Contract Year, the last day of the
Contract Year in which the Owner attains age 80 or the date of
the Owner's death. No interest shall accrue thereafter.
(h) If the Owner is a non-natural person, then the Annuitant's age
rather than the Owner's age will be used for purposes of
determining the period for compounding interest as described
in (g) above and calculating the maximum 7th anniversary value
under (d)(i) above.
(i) Unless Section 7.1.2 or Section 7.1.3 is chosen within 60 days
following our receipt of the Owner's certified death
certificate, Due Proof of Death will be deemed to have been
received by us on the 60th day, and payment will be made in
lump sum.
MERRILL LYNCH LIFE INSURANCE COMPANY
By: /s/ BARRY G. SKOLNICK
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Secretary
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