JANUS ASPEN SERIES



                         FUND PARTICIPATION AGREEMENT

                               (SERVICE SHARES)





         THIS AGREEMENT is made this 26th day of October, between JANUS ASPEN

SERIES, an open-end management investment company organized as a Delaware

business trust (the "Trust"), and Peoples Benefit Life Insurance Company, a

life insurance company organized under the laws of the State of Iowa (the

"Company"), on its own behalf and on behalf of each segregated asset account

of the Company set forth on Schedule A, as may be amended from time to time

(the "Accounts").



                             W I T N E S S E T H:



         WHEREAS, the Trust has registered with the Securities and Exchange

Commission as an open-end management investment company under the Investment

Company Act of 1940, as amended (the "1940 Act"), and the beneficial interest

in the Trust is divided into several series of shares, each series

representing an interest in a particular managed portfolio of securities and

other assets (the "Portfolios"); and



         WHEREAS, the Trust has registered the offer and sale of a class of

shares designated the Service Shares ("Shares") of each of its Portfolios

under the Securities Act of 1933, as amended (the "1933 Act"); and



         WHEREAS, the Trust desires to act as an investment vehicle for

separate accounts established for variable life insurance policies and

variable annuity contracts to be offered by insurance companies that have

entered into participation agreements with the Trust (the "Participating

Insurance Companies"); and



         WHEREAS, the Trust has received an order from the Securities and

Exchange Commission granting Participating Insurance Companies and their

separate accounts exemptions from the provisions of Sections 9(a), 13(a),

15(a) and 15(b) of the 1940 Act, and Rules 6e-2(b)(15) and 6e-3(T)(b)(15)

thereunder, to the extent necessary to permit shares of the Trust to be sold

to and held by variable annuity and variable life insurance separate accounts

of both affiliated and unaffiliated life insurance companies and certain

qualified pension and retirement plans (the "Exemptive Order"); and



         WHEREAS, the Company has registered or will register (unless

registration is not required under applicable law) certain variable life

insurance policies and/or variable annuity contracts under the 1933 Act (the

"Contracts"); and



         WHEREAS, the Company has registered or will register each Account as

a unit investment trust under the 1940 Act; and



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         WHEREAS, the Company desires to utilize the Shares of one or more

Portfolios as an investment vehicle of the Accounts;



         NOW, THEREFORE, in consideration of their mutual promises, the

parties agree as follows:



                                  ARTICLE I

                             Sale of Trust Shares



         1.1      The Trust shall make Shares of its Portfolios listed on

Schedule B available to the Accounts at the net asset value next computed

after receipt of such purchase order by the Trust (or its agent), as

established in accordance with the provisions of the then current prospectus

of the Trust. Shares of a particular Portfolio of the Trust shall be ordered

in such quantities and at such times as determined by the Company to be

necessary to meet the requirements of the Contracts. The Trustees of the Trust

(the "Trustees") may refuse to sell Shares of any Portfolio to any person, or

suspend or terminate the offering of Shares of any Portfolio if such action is

required by law or by regulatory authorities having jurisdiction or is, in the

sole discretion of the Trustees acting in good faith and in light of their

fiduciary duties under federal and any applicable state laws, necessary in the

best interests of the shareholders of such Portfolio.



         1.2      The Trust will redeem any full or fractional Shares of any

Portfolio when requested by the Company on behalf of an Account at the net

asset value next computed after receipt by the Trust (or its agent) of the

request for redemption, as established in accordance with the provisions of

the then current prospectus of the Trust. The Trust shall make payment for

such shares in the manner established from time to time by the Trust, but in

no event shall payment be delayed for a greater period than is permitted by

the 1940 Act.



         1.3      For the purposes of Sections 1.1 and 1.2, the Trust hereby

appoints the Company as its agent for the limited purpose of receiving and

accepting purchase and redemption orders resulting from investment in and

payments under the Contracts. Receipt by the Company shall constitute receipt

by the Trust provided that i) such orders are received by the Company in good

order prior to the time the net asset value of each Portfolio is priced in

accordance with its prospectus and ii) the Trust receives notice of such

orders by 10:00 a.m. New York time on the next following Business Day.

"Business Day" shall mean any day on which the New York Stock Exchange is open

for trading and on which the Trust calculates its net asset value pursuant to

the rules of the Securities and Exchange Commission.



         1.4      Purchase orders that are transmitted to the Trust in

accordance with Section 1.3 shall be paid for no later than 12:00 noon New

York time on the same Business Day that the Trust receives notice of the

order. Payments shall be made in federal funds transmitted by wire.



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         1.5      Issuance and transfer of the Trust's Shares will be by book

entry only. Stock certificates will not be issued to the Company or the

Account. Shares ordered from the Trust will be recorded in the appropriate

title for each Account or the appropriate subaccount of each Account.



         1.6      The Trust shall furnish prompt notice to the Company of any

income dividends or capital gain distributions payable on the Trust's Shares.

The Company hereby elects to receive all such income dividends and capital

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