Pursuant to Rule 424(c), Registration Statement No. 33-89676
                   Supplement to Prospectus Dated May 1, 1996
                          Supplement Dated May 1, 1996*


         The Guaranteed  Maturity  Annuity being offered to you pursuant to this
Prospectus has the following charges and features:

Sales  Charge/Surrender  Charge:  A sales  charge is  assessed  when  premium is
submitted.  The  amount of the sales  charge  depends  on the  amount of premium
submitted  at the time,  irrespective  of the number of  Contracts  issued  (see
"Application  and Premium  Payment").  The sales charge is as shown in the chart
below.  There is no surrender charge on either a full or partial  surrender (see
"Sales Charge" and "Surrender Charge").

Breakpoints:  While we reserve the right to make additions to the Interim Values
of Contracts of Participants  submitting large amounts of premium,  we currently
do not make such  additions  in relation  to large  premiums  submitted  for the
Guaranteed  Maturity  Annuity being offered to you pursuant to this  Prospectus.
However,  the sales charges noted below do decrease as shown for larger premiums
(see "Breakpoints").

            Sales Charges for All Contracts Offered Pursuant to this
                                   Prospectus

Premium Received                                             Sales Charge

Less than $50,000                                               3.75%
At least $50,000 but less than $100,000                         3.25%
At least $100,000 but less than $250,000                        2.70%
At least $250,000 but less than $500,000                        2.40%
At least $500,000 but less than $1,000,000                      2.00%
At least $1,000,000 or more                                     1.00%


     Guarantee  Periods:  As of the date shown above, we offer Guarantee Periods
of five, ten and fifteen years. We may change the Guarantee  Periods we offer at
some future date (see "Guarantee Periods")

Interest Rate Minimums:  Interest rates are subject to a minimum. We may declare
higher rates.  The minimum for each  Guarantee  Period is based on both an index
and a reduction  to the interest  rate  determined  according to the index.  The
index is based on certificates  of  indebtedness of the United States  Treasury.
The  reduction  for  Guarantee  Periods  of ten  years  or less is 1.35  percent
(0.0135) and 1.75 percent  (0.0175) for the fifteen year  Guarantee  Period (see
"Interest Rates").

*When this Supplement  accompanies  the Prospectus,  it supplants the Supplement
"GMA-SUPP (5/96)" printed on page 2 of the Prospectus.
CATS-SUPP (5/96)