The Tax Tamer ® I - First Investors

Purchase Payments less partial withdrawalsor (b) the Accumulated Value. Upon thedeath of the Contractowner, We pay only theAccumulated Value to the Beneficiary.Special Requirements for Payment ofDeath BenefitIf the Contractowner dies before We havedistributed the entire interest in the Contract,we must distribute the value of the Contractto the Beneficiary as provided below.Otherwise, the Contract will not qualify as anannuity under Section 72 of the IRS Code.If the Contractowner dies prior to theAnnuity Commencement Date, the entireinterest in the Contract must be distributedto the Beneficiary (a) within five years, or(b) beginning within one year of death,under an annuity option that provides thatWe will make annuity payments over aperiod not longer than the life or lifeexpectancy of the Beneficiary.If the Contract is payable to (or for thebenefit of) the Contractowner's survivingspouse, We need not make any distribution.The surviving spouse may continue theContract as the new Contractowner. If theContractowner is also the Annuitant, thespouse has the right to become the Annuitantunder the Contract. Likewise, if the Annuitantdies and the Contractowner is not a naturalperson, the Annuitant's surviving spouse hasthe right to become the Contractowner andthe Annuitant. If the Beneficiary wishes totake the death benefit as an annuity payout,then the Beneficiary must make suchelection and payments must begin within 60days of the death. This is necessary to receivetax treatment of annuity payments ratherthan the death benefit being treated for taxpurposes as a lump sum distribution in theyear of the death.Partial Withdrawals and Full SurrendersDuring the Accumulation PeriodYou may make a partial withdrawal or fullsurrender of Your Contract at any timeduring the Accumulation Period if Wereceive Your request in Good Order on Ourform. You will be entitled to receive the Net13Accumulated Value of the Contract or, in thecase of a partial withdrawal, the portionwithdrawn. Your request is effective on thedate it is received in writing on Our form inGood Order at Our Administrative Office andYour Accumulated Value less the requestedamount will be determined based on the nextcomputed value of Accumulation Units. Wemay defer payment of the amount of awithdrawal or surrender for a period of notmore than seven days. We may also delaypayment for the following reasons:• we are unable to determine the amountof the payment because the NYSE is closedfor trading or the SEC determines that a stateof emergency exists, or;• for such other periods as the SEC mayby order permit for the protection of securityholders.In the case of a partial withdrawal, unlessYou direct Us otherwise, the amount Yourequest will be deducted from YourSubaccounts on a pro rata basis in theproportions to which their values bear to theAccumulated Value of Your Contract. We maydeduct an administrative charge of $7.50annually if withdrawals cause the value ofYour Contract to fall below $1,500.THE ANNUITY PERIODAnnuity Commencement DateAnnuity payments begin on the AnnuityCommencement Date You select when Youbuy a Contract. You may elect in writing toadvance or defer the AnnuityCommencement Date, not later than 30 daysbefore the Annuity Commencement Date.We will commence annuity payments on thefirst of the calendar month after theAnnuitant’s 85 th birthday or, if state lawpermits, 90 th birthday unless You select anearlier date.If the Net Accumulated Value on the AnnuityCommencement Date is less than $2,000, Wemay pay such value in one sum in lieu ofannuity payments. If the Net AccumulatedValue is $2,000 or more, but the Variable