NYLIAC Survivorship Variable Universal Life Product Details

Benefits

• Insures two individuals in one life insurance policy and pays a life insurance benefit after the death of the last surviving insured.
• Serves as a cost-effective tool for estate conservation, business continuation, charitable giving, estate creation, and dependent care needs.
• Available for use on a non-qualified basis or in a qualified profit sharing plan.
• Provides an opportunity for tax-deferred cash value accumulation with tax-free transfers among a variety of investment options.
• Permits access to cash surrender value through loans and/or withdrawals. Surrender charges may apply.
• Enables you to tailor your policy with flexible premium payments and other features to meet your changing needs.
• Offers favorable tax advantages — the policy proceeds may be excludable from the gross income of the beneficiary for federal income tax purposes.

Investment Options¹

The NYLIAC Survivorship Variable Universal Life (SVUL) policy offers permanent life insurance as well as a variety of investment options with different levels of risk tolerance. You choose how to allocate your premium payments to best achieve your personal financial objectives. You can select up to a maximum of twenty-one investment options including the Fixed Account.

Investment Divisions

Low Risk Tolerance
MainStay VP Cash Management

Moderate Risk Tolerance
MainStay VP Bond
MainStay VP Convertible
MainStay VP Government
MainStay VP Equity Income
MainStay VP High Yield Corporate Bond
MainStay VP Total Return
MainStay VP Value
MainStay VP Dreyfus Large Company Value
Calvert Social Balanced
Fidelity VIP Equity-Income (Initial Class)
Janus Aspen Series Balanced
T. Rowe Price Equity Income

High Risk Tolerance
MainStay VP Capital Appreciation
MainStay VP Growth Equity
MainStay VP Indexed Equity
MainStay VP International Equity
MainStay VP Mid-Cap Core
MainStay VP Mid-Cap Growth
MainStay VP Small Cap Growth
MainStay VP American Century Income and Growth
MainStay VP Eagle Asset Management Growth Equity
Alger American Small Capitalization
Dreyfus IP Technology Growth (Initial Shares)
Fidelity VIP Contrafund® (Initial Class)
Janus Aspen Series Worldwide Growth

Highest Risk Tolerance
Van Kampen UIF Emerging Markets Equity

Note: Fidelity ViP refers to Variable Insurance Products Fund

Fixed Account

• Minimum guaranteed interest rate is 4%.
• The current interest rate is set by NYLIAC and is subject to change periodically. All amounts (including amounts applied or transferred to the Fixed Account) receive the current interest rate.

Different rates may be credited to loaned and unloaned amounts in the Fixed Account.

Life Insurance Benefit Options²

Option 1 — The life insurance benefit under this option is equal to the policy's face amount and is generally a fixed amount.

Option 2 — The life insurance benefit under this option is equal to the policy's face amount plus the cash value of the policy. The life insurance benefit under this option is variable and will fluctuate with the cash value of your policy.

Option 3 — The life insurance benefit under this option is equal to the sum of the policy's face amount plus premiums paid less any partial withdrawals.

Transfers

The flexibility of a NYLIAC Survivorship Variable Universal Life policy can accommodate your changing needs. You may transfer all or part of the cash value of your policy (1) between the Investment Divisions, (2) from the Investment Divisions to the Fixed Account, or (3) from the Fixed Account to the Investment Divisions.

• There is no limit to the number of transfers you can make each year among the Investment Divisions or between the Investment Divisions and the Fixed Account.³
• The minimum amount for any transfer is $500 or the balance of the amount you have invested in an Investment Division or the Fixed Account from which the transfer is made, whichever is less.
• The total amount that may be transferred from the Fixed Account to the Investment Divisions during any policy year is 10% of the cash value of the Fixed Account at the beginning of the policy year. There is no limit to the amount that may be transferred into the Fixed Account.

See prospectus for additional limits on transfers.

Expense Allocation

By using this feature, you have the choice of how to allocate the policy expenses. You may instruct NYLIAC, at the time of the application and any time thereafter, to have the expenses withdrawn from: the Mainstay VP Cash Management Investment Division; the Fixed Account; or a combination of both. If you do not indicate how you would like the expenses allocated, these charges will be deducted proportionately from each of the Investment Divisions and/or any unloaned amount in the Fixed Account.

Automatic Asset Reallocation

With Automatic Asset Reallocation, NYLIAC will automatically reallocate the assets among the Investment Divisions to maintain a predetermined percentage invested in the Investment Division(s) you have selected. This feature may be attractive to those wishing to maintain a particular allocation of assets in certain funds with minimum maintenance and without requesting transfers.

Automatic Asset Reallocation can be scheduled quarterly, semi-annually or annually. The cash value of the Separate Account must be at least $2,500 in order to elect this option. This feature cannot be used in conjunction with Dollar Cost Averaging. However, you have the option of alternating between the two policy features.

Dollar Cost Averaging

By using this feature, you may invest money without the added concern of trying to "time the market." Dollar Cost Averaging is a special program of investing where units in the Investment Divisions are purchased at regular intervals in predetermined dollar amounts (minimum $100) so that the cost of the units is averaged over time and over various market cycles.

If you choose this feature, NYLIAC will automatically make transfers from any Investment Division to any other Investment Division(s) and/or the Fixed Account. These automatic transfers are not available from the Fixed Account.

While Dollar Cost Averaging offers some advantages, it does not assure a profit nor does it protect against a loss in a declining market. Since it involves continuous investing regardless of price levels, you should consider your financial ability to continue to make purchases during periods of low price levels.

Dollar Cost Averaging can be scheduled monthly, quarterly, semi-annually or annually. A policy cash value of at least $2,500 is required in order to elect this option. This feature cannot be used in conjunction with Automatic Asset Reallocation. However, you have the option of alternating between the two policy features.

Interest Sweep

You may instruct NYLIAC to periodically transfer the interest earned in the Fixed Account into the Investment Division(s) you specify. You may specify the starting date for this feature, the frequency of the transfers, and the percentages to be transferred to each Investment Division. The cash value of the Fixed Account must be at least $2,500 in order to elect this option. Interest Sweep transfers can be scheduled monthly, quarterly, semi-annually or annually.

Available Riders and Options

Guaranteed Minimum Death Benefit Rider (GMBD)⁴

• Guarantees that the policy will not lapse should the policy's cash surrender value be insufficient to meet the monthly deductions due on a monthly deduction day.
• The cumulative GMDB premium must be met during the benefit period.
• You choose a benefit period of either the younger insured's age 80 or age 100.
• Coverage period must be at least 10 years.
• Rider is optional at an additional cost and is available at issue only.

First-to-Die Monthly Deduction Waiver Rider (FTDMDW)

• After the first death, your policy's monthly deductions from the cash value are waived for the remainder of the policy.
• A death benefit will not be paid out under this rider.
• This rider is available if both insureds qualify for standard or better risk class.
• This rider is optional at an additional cost and is available at issue only.

Level First-to-Die Term Rider (FTD)

• Provides a level term insurance death benefit payable upon the first death.
• This rider is available if both insureds qualify for standard or better risk class.
• This rider is optional at an additional cost and available at issue only.

Living Benefits Rider (LBR)⁵

• After the first death, the surviving insured has the option to accelerate 25%, 50%, 75% or 100% of eligible life insurance proceeds.
• Up to $250,000 of the policy's life insurance benefit proceeds may be accelerated.
• The surviving insured's life expectancy must be 12 months or less.

Life Extension Rider (LER)⁶

• Extends the life insurance benefit beyond the policy anniversary on which the younger insured is age 100.
• The policy's life insurance benefit is based on the Life Insurance Benefit Option in effect at that time.
• Without LER, at age 100 of the younger insured, the life insurance benefit will equal the cash value.
• LER is only available at issue.

Policy Split Option

You may exchange the Survivorship Variable Universal Life policy for two single adjustable life insurance policies that each insures one of the insureds, within 6 months after any of the following events:

• A change in the Federal tax law which results in a reduction or elimination of the unlimited Federal Estate Tax marital deduction;
• A change in the Federal tax law which results in a reduction of at least 50% in the level of the estate tax rate from the 1986 Tax Act payable on death; or
• Insureds are legally divorced for 6 months while the policy is in existence.⁷

No surrender charge will be assessed at the time of the exchange. A schedule of surrender charges for the new policies will begin at the time of the exchange.

Loans

You may borrow any amount up to the loan value of the policy.

• Loans may be taken up to 90% of the cash surrender value.
• At the time of a loan request, an amount equal to 108% of the sum of any outstanding loan plus any new loan must be in the Fixed Account.
• If the amount in the Fixed Account is insufficient when you request a loan, the necessary amount will be transferred from the Investment Divisions on a pro-rata basis to the Fixed Account to meet this requirement.

Policy loans will reduce the policy's cash value and life insurance benefit.

• While there is an outstanding loan balance, partial withdrawals or transfers that would reduce the cash value of the Fixed Account below 108% of the outstanding loan are not permitted.
• The current interest rate earned on any loan during the first ten policy years is 1.0% less than the effective annual loan interest rate, and 0.5% less than the effective annual loan interest rate in subsequent policy years. This rate will never be less than the effective annual loan interest rate minus 2.0%.

Partial Withdrawals

You may make a partial withdrawal at any time while the policy is in force, and as long as the following requirements are satisfied:

• Minimum partial withdrawal: $500.
• The amount available for a partial withdrawal is the policy's cash surrender value.
• NYLIAC may require a full surrender if the partial withdrawal would reduce the policy's face amount below $100,000.
• The fee for the withdrawal will not exceed the lesser of $25 or 2% of the money withdrawn.

Partial withdrawals will reduce the policy's cash value and life insurance benefit. If you make withdrawals before the age of 59 1/ 2, an IRS penalty of 10% of the taxable amount may be imposed. Please contact your tax advisor for more details.

For partial withdrawals on Life Insurance Benefit Option 2: If after a partial withdrawal your policy's cash value remains greater than the face amount, your policy face amount will not be reduced.

Surrender Charges

During the surrender charge period, we will deduct a surrender charge from the cash value of your policy if you: surrender your policy; or decrease the face amount of your policy (including a decrease in the face amount that results from changing the Life Insurance Benefit Option or from a partial withdrawal). Additional information regarding surrender charges can be found in the prospectus.

Policy Charges and Expenses

Deductions From Premiums
(planned and unplanned)

Deductions from Cash Value

Separate Account Charges

Annual Fund Expenses

Consult the prospectus for a breakdown of the Investment Divisions total annual expenses.

Service

Quarterly Statements
You will receive quarterly statements that provide the following information:

• Account activity for the prior quarter;
• Current values for the policy; and
• Current interest rate breakdown of the amount in the Fixed Account.

Virtual Service Center
The Virtual Service Center can be accessed here and is available Monday through Saturday from 7AM until 10PM.

• E-mail your registered representative or the Variable Product Center;
• Obtain current policy values;
• Change the allocation of future premium payments;
• Change your address; and
• Obtain service forms.

Interactive Voice Response System (IVR)
The IVR is available 24 hours a day, seven days a week. We record all calls. The IVR enables you to:

• Obtain current policy values;
• Transfer assets between investment options;
• Change the allocation of future premium payments; and
• Request a loan on your policy.

Toll-Free Number: (800) 598-2019
Through our toll-free customer service line, 7 days a week, 24 hours a day, you have access to the following information and transactions for your policy:

• Accumulation unit values for the Investment Divisions;
• Cash value and cash surrender value;
• Cash value of each of the Investment Divisions and the Fixed Account;
• Current interest rate on the Fixed Account;
• Transfer amounts among Investment Divisions;
• Reallocate future premium payments; and
• Request loans against your policy's cash surrender value.

¹ Investment options offered through SVUL and described therein are different from mutual funds that may have similar names but are available directly to the public. Investment results may differ.
² Under both options, your life insurance benefit may be greater if the minimum percentage of the policy's cash value necessary for the policy to qualify as life insurance under Section 7702 of the Internal Revenue Code is greater than the amount calculated under the option you have chosen. The higher life insurance benefit will be the cash value of your policy on the day the last surviving insured dies multiplied by the minimum percentage required by Section 7702 of the Internal Revenue Code.
³ Transfers from the Fixed Account to the Investment Divisions are subject to some restrictions. Subject to contract limitations, you are permitted 12 free transfers each policy year. NYLIAC reserves the right to charge up to $30 per transfer after the first 12 in any policy year. This offer may be modified or withdrawn at any time. For New York and New Jersey residents only, transfers from the Investment Divisions to the Fixed Account are limited to 12 transfers per policy year after the first two policy years. (Check with your Registered Representative for any state variations regarding transfers.) See the NYLIAC Survivorship Variable Universal Life Prospectus for details on further limitations.
⁴ Not available with Life Insurance Benefit Option 3. In Maryland, known as the Guaranteed No Lapse Benefit Rider.
⁵ Also known as the Accelerated Benefits Rider.
⁶ State variations exist.
⁷ In Pennsylvania, the policy may not be split as a result of a divorce.
⁸ Although there is no stated guaranteed maximum, these rates will reflect changes in tax laws.
⁹ The current monthly COI rates are based on factors such as the sex, underwriting class and issue age of each insured and the duration of the policy.
¹⁰ This Charge Per $1,000 applies to the current face amount of the base policy only and is subject to $10.00/month minimum charge and $100.00/month maximum charge.
¹¹ This charge is deducted on a monthly basis from the policy's cash value allocated to the separate account.

Issued by:
New York Life Insurance and Annuity Corporation (A Delaware Corporation)
51 Madison Avenue
New York, NY 10010
Distributor:
NYLIFE Distributors LLC
Member FINRA
14053 (5/02)R

This material is authorized for use with prospective investors only when preceded or accompanied by an effective NYLIAC Survivorship Variable Universal Life Prospectus. Read it carefully before you invest or send money. In most jurisdictions, NYLIAC SVUL's policy form number is 797-150.

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