T. Rowe Price Introduces Innovative Immediate Variable Annuity Featuring Income for Life and Guaranteed Minimum Payment

May 17, 1999, 01:00 ET from T. Rowe Price Associates, Inc.

    BALTIMORE, May 17 /PRNewswire/ -- T. Rowe Price Associates (Nasdaq:   TROW)
 today introduced a no-load immediate variable annuity that offers the unique
 advantages of liquidity and a minimum guaranteed monthly income for life
 regardless of the performance of the underlying investments.  In addition, the
 annuity offers a death benefit for beneficiaries throughout the first
 15 years.
     Based on extensive feedback from investors, the T. Rowe Price Immediate
 Variable Annuity Income Account is designed so that investors can make
 withdrawals within the first five years of ownership based on the account
 value.  The annuity also offers a guarantee that the monthly lifetime payments
 can never fall below 80% of the initial monthly payment.*  Payments could
 increase, however, with favorable market performance.  An immediate variable
 annuity provides guaranteed income regardless of how long the owner lives, but
 monthly payments can fluctuate based on the performance of the underlying
 investment options.
     Due to longer lifespans, retirees are growing increasingly concerned that
 they will outlive their savings.  While they like the guaranteed income
 offered by immediate variable annuities, retirees have generally shunned these
 annuities because they typically cannot withdraw their assets if needed and
 because the income level could drop sharply after a sustained period of poor
 market performance, according to research done by T. Rowe Price.  The Income
 Account overcomes these and other concerns by offering several innovative
    -- Liquidity
       Many immediate variable annuities do not allow withdrawals once the
        contract is in effect, limiting investors' access to their money.  The
        Income Account allows investors to withdraw some or all of their
        assets for the first five years, subject to a withdrawal charge to
        cover the investment costs of the policy (not sales charges).
    -- Investment Protection
       Most variable annuities do not protect the investor in the event of a
        declining market.  Since monthly payments are based on the performance
        of the underlying investments, a market downturn could result in
        significantly lower income. The Income Account guarantees that the
        monthly payment will never fall below 80% of the initial payment,
        regardless of market performance.
    -- Estate Protection
       The Income Account pays out a death benefit during the first 15 years
        of the contract life.
    -- Growth Potential
       Fixed immediate annuities do not offer the opportunity to increase
        their payouts over time to protect against inflation.  The Income
        Account does so by offering a selection of investment choices, some of
        which have growth as their primary objective.
    "An immediate variable annuity can be an important part of an individual's
 retirement income strategy, especially for those who are concerned about
 outliving their assets," said James Riepe, Chairman of T. Rowe Price
 Investment Services.  "With an increasing number of investors relying on
 401(k)s and other defined contribution plans instead of traditional pension
 plans, securing some kind of guaranteed income for life is becoming more
 important.  We designed our annuity to provide this security yet also address
 the obstacles that have discouraged investors from enjoying this benefit."
     The Income Account could be an appropriate investment option for:  part or
 all of a company retirement plan distribution; married couples organizing
 their resources to provide income for as long as either spouse is alive;
 converting the current value of some retirement assets, such as an IRA, to a
 guaranteed lifetime income; or by any investor who has little or no guaranteed
 retirement income, such as from a pension or other retirement plan.  For more
 information, investors can contact T. Rowe Price at 1-800-469-5304.
     The Income Account is issued by Security Benefit Life Insurance Company.
 Founded more than 100 years ago, Security Benefit Life is a Kansas-based
 insurer with more than a quarter century of experience in providing variable
 annuities.  Security Benefit Life is a member of the Security Benefit Group of
 Companies, which has approximately $9 billion in assets under management.
 T. Rowe Price and its affiliates manage about $150 billion in assets for more
 than seven million individual and institutional accounts.  The company,
 investment adviser to the T. Rowe Price family of funds, is one of the
 nation's leading providers of no-load mutual funds.
     *This guaranteed minimum is subject to the claims-paying ability of
 Security Benefit Life Insurance Company.
     For more complete information about the immediate variable annuity, or the
 T. Rowe Price mutual funds, including management fees and other charges and
 expenses, call 1-800-469-5304 and request a prospectus.  Read the prospectus
 carefully before investing.  The immediate variable annuity may not be
 available in all states.
     T. Rowe Price Investment Services, Inc.
    -- Minimum investment:  $25,000 (There is no maximum, but investments over
        $1 million are subject to the approval of Security Benefit Life.)
    -- Access to Investment:  During the first five years you own the Income
        Account, you may withdraw any part or all of your investment.  The
        amount you withdraw is subject to a withdrawal fee of 5% in year 1,
        declining to 1% in year 5, to cover the cost of the guaranteed
        features.  Withdrawals are not permitted after year 5.  (Note:
        "withdrawal" does not refer to your regular monthly annuity payments.)
    -- Monthly payment:  ...is guaranteed at 80% of your initial monthly
        payment for as long as you live;*  ...is recalculated once a year,
        based primarily on the performance of your investment portfolio, as
        measured against the benchmark interest rate.
    -- Investment flexibility:  Choose from six T. Rowe Price-managed
        portfolios, investing in one, a combination, or all six.  You are free
        to exchange among these portfolios up to six times a year at no
    -- Death Benefit:  Years 1 through 5.  During the first five years of
        ownership, the death benefit equals the sum of all current balances in
        your investment portfolio.  Any withdrawals made during the first five
        years will reduce your death benefit, your current monthly payment,
        your guaranteed minimum payment amount, and the amount of income
        available to you in the future.
                      Years 6 through 15.  During these years, the death
                       benefit equals the present value of your future monthly
                       payments, through year 15, paid as a lump sum -- OR --
                       your beneficiary may continue to receive monthly
                       payments through year 15.
                      After Year 15.  If you die after year 15, there is no
                       death benefit and no future monthly payments will be
     *This guaranteed minimum is subject to the claims-paying ability of
 Security Benefit Life Insurance Company.

SOURCE T. Rowe Price Associates, Inc.