LIFE SERIES FUND - First Investors

Special Requirements for Payment ofDeath BenefitIf the Contractowner dies before We havedistributed the entire interest in theContract, We must distribute the value ofthe Contract to the Beneficiary as providedbelow. Otherwise, the Contract will notqualify as an annuity under Section 72 ofthe Internal Revenue Code.Generally, if the Contractowner dies beforethe Maturity Date, the death benefit may betaken immediately, after which theContract will terminate, or the Beneficiarymay become the Contractowner and theContract will continue, subject to thefollowing conditions:If the Beneficiary elects to continue theContract and is not the deceasedContractowner’s spouse, he or she maynot make additional Purchase Payments,and the entire interest in the Contract mustbe distributed to the Beneficiary (a) withinfive years, or (b) beginning within oneyear of death, under an annuity option thatprovides that We will make annuitypayments over a period not longer thanthe life or life expectancy of theBeneficiary.If the Beneficiary is the deceasedContractowner’s spouse, he or she maycontinue the Contract and name a newBeneficiary, subject to additionalconditions in the Contract.If the Beneficiary wishes to take the deathbenefit as an annuity payout, then theBeneficiary must make such election andpayments must begin within 60 days of theContractowner’s death. This is necessaryto receive federal tax treatment of annuitypayments rather than the federal deathbenefit being treated for tax purposes as alump sum distribution in the year of thedeath.Partial and Full Surrenders During theAccumulation PhaseYou may make a partial or full surrenderof Your Contract at any time during the17Accumulation Phase, provided that anypartial surrenders must be for at least$500. You will be entitled to receive theAccumulation Value less any surrendercharge or, in the case of a partialsurrender, the portion surrendered, lessany surrender charge. Your request iseffective on the date it is received inwriting on Our form in Good Order at OurAdministrative Office. Your AccumulationValue less the requested amount will bedetermined based on the next computedvalue of Accumulation Units.We may defer payment of amountssurrendered from a Subaccount for nomore than seven days, except that We maydefer payment of amounts surrendered forany period during which:• the NYSE is closed for trading ortrading is restricted on the NYSE;• an emergency exists as a result ofwhich disposal of securities held inSeparate Account C is not reasonablypracticable or it is not reasonablypracticable to determine the value ofSeparate Account C’s net assets; or• the SEC by order permits Us to deferpayments for the protection ofContractowners.In addition, We may defer for up to sixmonths the payment of any full or partialsurrender of amounts allocated to theFixed Account. If We postpone thepayment of any full or partial surrenderfor more than ten days, We will pay Youinterest on the amounts surrendered, asspecified in the Contract. In the case of apartial surrender, unless You direct Usotherwise, the amount You request will bededucted from Your Subaccounts and/orthe Fixed Account in the same proportionas the Subaccount Accumulation Value ineach Subaccount and/or the Fixed AccountAccumulation Value bears to theAccumulation Value. Your AccumulationValue must be at least $5,000 after anypartial surrender.