Form 497VPI LINCOLN NATIONAL VARIABL

April 27, 2026 12:07 PM EDT
American Legacy® Design 1 
Individual Variable Annuity Contracts  
Summary Prospectus for New Investors
May 1, 2026
This summary prospectus summarizes key features of the American Legacy® Design 1 variable annuity contract, issued by The Lincoln National Life Insurance Company (Lincoln Life or Company).
Before you invest, you should also review the prospectus for the American Legacy® Design 1 variable annuity contract, which contains more information about the Contract’s features, benefits, and risks. You can find this prospectus and other information about the Contract online at www.lfg.com/VAprospectus. You can also obtain this information at no cost by calling 1-800-942-5500 or by sending an email request to [email protected].
This Contract is a complex investment and involves risks, including potential loss of principal.
YOU MAY CANCEL YOUR CONTRACT WITHIN THE FREE LOOK PERIOD WITHOUT PAYING FEES OR PENALTIES.
If you are a new investor in the Contract, you may cancel your Contract within ten days of receiving it without paying fees or penalties. In some states, this “free look” or cancellation period may be longer if you are replacing an existing Contract. Upon cancellation, you will receive either a full refund of the amount you paid with your application or your total Contract Value. You should review the prospectus, or consult with your investment professional, for additional information about the specific cancellation terms that apply.
This Contract is not designed for short-term investing and is not appropriate for the investor who needs ready access to cash. Withdrawals could result in surrender charges, negative Interest Adjustments, taxes and tax penalties. An Interest Adjustment, which may be positive or negative, may be applied to any withdrawal, surrender, or transfer from the fixed account before the expiration date of a Guaranteed Period. A negative Interest Adjustment will result in the loss of some or all previously-credited interest in excess of the guaranteed minimum interest rate, if any.
The Securities and Exchange Commission has not approved or disapproved the Contract or determined if this Summary Prospectus is accurate or complete. Any representation to the contrary is a criminal offense.
Additional information about certain investment products, including variable annuities, has been prepared by the Securities and Exchange Commission’s staff and is available at Investor.gov.
Investors should consult a registered representative about the Contract’s features, benefits, risks, and fees and whether the Contract is appropriate for them based upon their financial situation and objectives. We do not guarantee that all of the variable or fixed investment options will always be available. Our obligations under the Contract (including under the fixed account option, if available), guarantees, or benefits of the Contract are subject to our financial strength and claims-paying ability.
1
Special Terms
In this initial summary prospectus, the following terms have the indicated meanings:
Access Period—Under i4LIFE® Advantage, a defined period of time during which we make Regular Income Payments to you while you still have access to your Account Value. This means that you may make withdrawals, surrender the Contract, and have a Death Benefit.
Account Value—Under i4LIFE® Advantage, the initial Account Value is the Contract Value on the Valuation Date that i4LIFE® Advantage is effective (or initial Purchase Payment if i4LIFE® Advantage is purchased at contract issue), less any applicable premium taxes. During the Access Period, the Account Value on a Valuation Date equals the total value of all of the Contractowner's Accumulation Units plus the Contractowner's value in the fixed account, if any, reduced by Regular Income Payments, Guaranteed Income Benefit payments and withdrawals.
Annuitant—The person upon whose life the annuity benefit payments are based, and upon whose death a Death Benefit may be paid.
Annuity Payout—A regularly scheduled payment (under any of the available annuity options). Payments may be variable or fixed, or a combination of both.
Beneficiary—The person you choose to receive any Death Benefit paid if you die before the selection of an Annuity Payout option.
Contract—The variable annuity contract you have entered into with Lincoln Life.
Contractowner (you, your, owner)—The person who can exercise the rights within the Contract (decides on investment allocations, transfers, payout option, designates the Beneficiary, etc.). Usually, but not always, the Contractowner is the Annuitant.
Contract Value (may be referred to as Account Value in marketing materials)—At any given time before the selection of an Annuity Payout option, the total value of all Accumulation Units of a Contract, plus the value of the fixed side of the contract, if any.
Contract Year—Each 12-month period starting with the effective date of the Contract and starting with each contract anniversary after that.
Death Benefit—Before the selection of an Annuity Payout option, the amount payable to your designated Beneficiary if the Contractowner dies. As an alternative, the Contractowner may receive a Death Benefit on the death of the Annuitant prior to the selection of an Annuity Payout option.
Enhancement—A feature under certain Living Benefit Riders in which the Guaranteed Amount or Protected Income Base will be increased, subject to certain conditions and limitations.
Fee Basis Amount—Under the Lincoln ProtectedPay® and Estate LockSM rider, a value multiplied by the quarterly pro
tected lifetime income fee rate to calculate the amount of the quarterly protected lifetime income charge.
Good Order—The actual receipt at our Home Office of the requested transaction in writing or by other means we accept, along with all information and supporting legal documentation necessary to complete the transaction. The forms we provide will identify the necessary documentation. We may, in our sole discretion, determine whether any particular transaction request is in Good Order, and we reserve the right to change or waive any Good Order requirements at any time.
Interest Adjustment—An upward or downward adjustment, based on fluctuations in interest rates, imposed upon a transfer, withdrawal or surrender of Contract Value from the fixed account prior to the expiration of a Guaranteed Period, subject to certain exceptions.
Investment Requirements—Restrictions in how you may allocate your Subaccount investments if you own certain Living Benefit Riders.
Lifetime Income Period—Under i4LIFE® Advantage, the period of time following the Access Period during which we make Regular Income Payments to you for the rest of your life (and Secondary Life, if applicable). During the Lifetime Income Period, you will no longer have access to your Account Value or receive a Death Benefit.
Lincoln Life (we, us, our, Company)—The Lincoln National Life Insurance Company.
Living Benefit Rider—A general reference to optional riders that provide some type of a minimum income guarantee while you are alive. If you select a Living Benefit Rider, Excess Withdrawals may have adverse effects on the benefit, and you may be subject to Investment Requirements.
Purchase Payments—Amounts paid into the Contract.
Rate Sheet—A prospectus supplement, that will be filed periodically, where we declare the current protected lifetime income fee, Enhancement rate, withdrawal rates and, if applicable, Guaranteed Income Benefit percentages under certain Living Benefit Riders.
Subaccount—Each portion of the VAA that reflects investments in Accumulation and Annuity Units of a class of a particular fund available under the contracts. There is a separate Subaccount which corresponds to each class of a fund.
Valuation Date—Each day the New York Stock Exchange (NYSE) is open for trading.
Valuation Period—The period starting at the close of trading (normally 4:00 p.m., Eastern Time) on each day that the NYSE is open for trading (Valuation Date) and ending at the close of such trading on the next Valuation Date.
3
Overview of the Contract
Purpose of the Contract
The American Legacy® Design 1 variable annuity contract is designed to accumulate Contract Value and to provide income over a certain period of time or for life, subject to certain conditions. The Contract can supplement your retirement income by providing a stream of income payments during the payout phase. The Contract also offers a Death Benefit payable to your designated Beneficiaries upon the death of the Contractowner or Annuitant.
This Contract may be appropriate if you have a long-term investment horizon. It is not intended for people who may need to make early or frequent withdrawals or intend to engage in frequent trading in the Subaccounts.
Phases of the Contract
Your Contract has two phases: (1) an accumulation (savings) phase, prior to the selection of an Annuity Payout option; and (2) a payout (income) phase, after the selection of an Annuity Payout option.
Accumulation (Savings) Phase. To help you accumulate assets during the accumulation phase, you can invest your payments and earnings in:
●
The variable options available under the Contract, each of which has an underlying mutual fund with its own investment objective, strategies, and risks; investment adviser(s); expense ratio; and performance history; and
●
A fixed account option, if available, which guarantees principal and a minimum interest rate. Currently, the fixed account option is available for dollar cost averaging (DCA) purposes only.
Additional information about each investment option is provided in Appendix A – Investment Options Available Under The Contract.
Annuity (Income) Phase. You can elect to annuitize your Contract and turn your Contract Value into a stream of income payments (sometimes called Annuity Payouts), at which time the accumulation phase of the Contract ends. These payments may continue for a set period of years, for as long as you live, or for the longer of the two. The payments may also be fixed or variable. Variable payments will vary based on the performance of the funds that you choose.
If you annuitize, your investments will be converted to income payments and you may no longer be able to choose to make withdrawals from your Contract. All benefits during the accumulation phase (including guaranteed minimum Death Benefits and Living Benefit Riders) terminate upon annuitization.
However, several optional Living Benefit Riders offered under the Contract provide lifetime income payments that may be guaranteed, and still allow you to make withdrawals and be eligible for a Death Benefit. Withdrawals that exceed a Protected Income Amount are Excess Withdrawals that will reduce and could eliminate the income payments and other benefits of the rider, including access to a Death Benefit.
Primary Features and Options of the Contract
Contracts. This summary prospectus describes the Design 1 class of the Contract, which is the only class of the Contract available for sale. In deciding whether to elect any of the optional Living Benefit Riders or Death Benefits, you should consider the desirability of the benefit relative to its costs and to your needs, as well as all applicable restrictions and Investment Requirements.
Accessing your money. During the accumulation phase you can surrender the Contract or withdraw part of the Contract Value. If you surrender or take an early withdrawal, you may have to pay a surrender charge and/or you may incur taxes as well as a tax penalty if you are younger than 59½. In addition, if you select the fixed account for investment (with the exception of the DCA fixed account), an Interest Adjustment, which could be positive or negative, may apply to a withdrawal, surrender, or transfer from the fixed account prior to the expiration date of a Guaranteed Period. A negative Interest Adjustment will result in the loss of some or all previously-credited interest in excess of the guaranteed minimum interest rate, if any.
Tax treatment. You can transfer money between investment options without tax implications, and earnings (if any) on your investments are generally tax-deferred. You are taxed only when: (1) you make a surrender or withdrawal; (2) you receive an income payment from the Contract; or (3) upon payment of a Death Benefit.
Death Benefits. Your Contract includes a Death Benefit that will be paid upon the death of either the Contractowner or the Annuitant. Optional Death Benefits that pay different amounts and have different fees may be available. You will incur an additional fee if you select an optional Death Benefit. There is no guarantee that any optional Death Benefit will be available in the future, as we reserve the right to discontinue them at any time.
Optional Living Benefit Riders. For an additional fee, you may be able to purchase one of the Living Benefit Riders listed below. The availability of each rider is subject to state availability. Each rider offers one of the following:
●
a minimum withdrawal benefit:
4
●
Lincoln ProtectedPay Select Core® and Estate LockSM,
●
Lincoln ProtectedPay Select Core®*,
●
Lincoln ProtectedPay Select Plus®*; and
●
Lincoln ProtectedPay Select Max®*.
●
a minimum Annuity Payout:
●
4LATER® Select Advantage*,
●
i4LIFE® Advantage,
●
i4LIFE® Advantage Select Guaranteed Income Benefit*; and
●
i4LIFE® Advantage Guaranteed Income Benefit (other versions available for applicable transitions only).
*Beginning May 18, 2026, this rider will only be available for election at the time the Contract is purchased.
Living Benefit Riders provide different methods to take income from your Contract Value or receive lifetime payments and provide certain guarantees, regardless of the investment performance of the Contract. These guarantees are subject to certain conditions, as set forth elsewhere in the prospectus.
There is no guarantee that any Living Benefit Rider (except i4LIFE® Advantage) will be available in the future, as we reserve the right to discontinue them at any time. Certain Living Benefit Riders guarantee a transition to the applicable version of i4LIFE® Advantage Guaranteed Income Benefit, even if that version is no longer available for election. Excess Withdrawals under certain Living Benefit Riders may result in a reduction or premature termination of those benefits or riders. If you purchase a Living Benefit Rider (except i4LIFE® Advantage without the Guaranteed Income Benefit), you will be required to adhere to Investment Requirements, which will limit your ability to invest in certain Subaccounts offered in your Contract. (These Investment Requirements are explained in Appendix B – Investment Requirements.)
Additional Services. The additional services listed below are available under the Contract for no additional charge (unless otherwise indicated).
●
Dollar-cost averaging (DCA) allows you to transfer amounts from the DCA fixed account, if available, or certain Subaccounts into other Subaccounts on a monthly basis or in accordance with other terms we make available. Interest Adjustments do not apply to transfers or withdrawals from the DCA fixed account.
●
Portfolio rebalancing is an option that restores to a pre-determined level the percentage of Contract Value allocated to each Subaccount.
●
Automatic Withdrawal Service (AWS) provides for an automatic periodic withdrawal of your Contract Value. Withdrawals under AWS are subject to applicable surrender charges and applicable Interest Adjustments (as well as taxes and tax penalties).
5
Important Information You Should Consider About the American Legacy® Design 1 Variable Annuity Contract 
 
FEES, EXPENSES, AND ADJUSTMENTS
Location in
Prospectus
Are There
Charges or
Adjustments for
Early
Withdrawals?
Yes:
A surrender charge may apply to a surrender or withdrawal of a Purchase Payment prior
to the 7th anniversary since the Purchase Payment was invested, up to 6% of the
amount withdrawn, declining to 0% over that time period. For example, if you make a
withdrawal of $100,000 during the first year after your Purchase Payment, you could be
assessed a charge of up to $6,000 on the Purchase Payment withdrawn. This loss will
be greater if there is also a negative Interest Adjustment, taxes, or tax penalties. A
surrender charge will not apply if your withdrawal is made after the 7th anniversary
since a Purchase Payment was invested.
If amounts are withdrawn, surrendered, or transferred from the fixed account before the
expiration of a Guaranteed Period, an Interest Adjustment may apply, which may be
negative. A negative Interest Adjustment will result in the loss of some or all previously-
credited interest in excess of the guaranteed minimum interest rate, if any. Your loss will
be greater if you also have to pay a surrender charge, taxes, or tax penalties.
●Fee Tables
●Fee Tables –
Examples
●Charges, Other
Deductions,
and
Adjustments –
Surrender
Charge
Are There
Transaction
Charges?
No:
The Contract does not impose any transaction charges other than surrender charges
and Interest Adjustments.
●Charges, Other
Deductions,
and
Adjustments
Are There
Ongoing Fees and
Expenses?
Yes:
Minimum and Maximum Annual Fee Table. The table below describes the fees and
expenses that you may pay each year, depending on the investment options and
optional benefits you choose. Please refer to your contract specifications page in your
Contract for information about the specific fees and expenses you will pay each year
based on the options you have elected.
●Fee Tables
●Fee Tables –
Examples
●Charges, Other
Deductions,
and
Adjustments
●Appendix A –
Investment
Options
Available
Under the
Contract
Annual Fee
Minimum
Maximum
Base Contract – Account Value Death
Benefit
1.12%1
1.12%1
Base Contract – Guarantee of Principal
Death Benefit
1.17%1
1.17%1
Base Contract – Enhanced Guaranteed
Minimum Death Benefit
1.42%1
1.42%1
Fund fees and expenses
0.78%2
2.76%2
Optional benefits available for an
additional charge (for a single optional
benefit, if elected)
0.40%1
2.75%3
1 As a percentage of average Contract Value. For the base contract, also includes an amount attributable
to the Annual Account Fee.
2 As a percentage of fund net assets, before expense reimbursements or fee waiver arrangements.
3 As an annualized percentage of the Protected Income Base.
Lowest and Highest Annual Cost Table. Because your Contract is customizable, the
choices you make affect how much you will pay. To help you understand the cost of
owning your Contract, the following table shows the lowest and highest cost you could
pay each year, based on current charges. This estimate assumes that you do not take
withdrawals from the Contract, which could add surrender charges and negative
Interest Adjustments that substantially increase costs.
Lowest Annual Cost: $2,138
Highest Annual Cost: $8,267
6
 
FEES, EXPENSES, AND ADJUSTMENTS
Location in
Prospectus
 
Assumes:
Assumes:
 
 
●Investment of $100,000
●5% annual appreciation
●Least expensive fund fees and
expenses
●No optional benefits
●No surrender charges
●No additional Purchase Payments,
transfers, or withdrawals
●Investment of $100,000
●5% annual appreciation
●Most expensive combination of
optional benefits, fund fees and
expenses
●No surrender charges
●No additional Purchase Payments,
transfers, or withdrawals
 
 
RISKS
Location in
Prospectus
Is There a Risk of
Loss From Poor
Performance?
Yes:
●You can lose money by investing in this Contract, including loss of principal.
●Principal Risks
●Investments of
the Variable
Annuity
Account
Is This a Short-
Term Investment?
No:
●This Contract is not designed for short-term investing and is not appropriate for the
investor who needs ready access to cash.
●Withdrawals may result in surrender charges. If you take a withdrawal, any surrender
charge will reduce the value of your Contract or the amount of money that you
actually receive.
●A withdrawal, surrender, or transfer from the fixed account prior to the expiration
date of a Guaranteed Period may result in an Interest Adjustment, which could be
positive or negative.
●At the end of a Guaranteed Period for the fixed account, your Contract Value in the
fixed account will be reallocated according to your instructions. In the absence of
instructions, a new Guaranteed Period will begin if available. State variations exist.
●The benefits of tax deferral, long-term income, and living benefit protections mean
the Contract is more beneficial to investors with a long-term investment horizon.
●Surrenders and withdrawals are subject to ordinary income tax and may be subject
to tax penalties.
●Fee Tables
●Principal Risks
●Charges, Other
Deductions,
and
Adjustments
●Surrenders and
Withdrawals
●Benefits
Available
Under the
Contract
●Fixed Side of
the Contract
What are the
Risks Associated
With the
Investment
Options?
●An investment in this Contract is subject to the risk of poor investment performance
of the investment options you choose. Performance can vary depending on the
performance of the investment options available under the Contract.
●Each investment option (including the fixed account option) has its own unique risks.
●You should review the available investment options before making an investment
decision.
●Principal Risks
●Investments of
the Variable
Annuity
Account
●Fixed Side of
the Contract
What are the
Risks Related to
the Insurance
Company?
●An investment in the Contract is subject to the risks related to Lincoln Life. Any
obligations (including under the fixed account option), guarantees, or benefits of the
Contract are subject to our claims-paying ability. If we experience financial distress,
we may not be able to meet our obligations to you. More information about Lincoln
Life, including our financial strength ratings, is available upon request by calling 1-
800-942-5500 or visiting www.LincolnFinancial.com.
●Principal Risks
●Fixed Side of
the Contract
7
 
RESTRICTIONS
Location in
Prospectus
Are There
Restrictions on
the Investment
Options?
Yes:
●Not all investment options may be available for investment under your Contract.
●The frequency of transfers between investment options is restricted. There are also
restrictions on the minimum amount that may be transferred from a variable option
and the maximum amount that may be transferred from the fixed account option, if
available.
●We reserve the right to remove or substitute any funds as investment options that
are available under the Contract.
●You are generally restricted to no more than 12 transfers between investment options
per Contract Year. Your ability to transfer between investment options may also be
restricted as a result of Investment Requirements if you have elected an optional
benefit.
●Principal Risks
●Investments of
the Variable
Annuity
Account
●Fixed Side of
the Contract
●Appendix A –
Investment
Options
Available
Under the
Contract
Are There any
Restrictions on
Contract
Benefits?
Yes:
●Optional benefits may have limitations or restrictions, including the investment
options that you may select under the Contract. We may change these restrictions in
the future.
●Excess Withdrawals may reduce the value of an optional benefit by an amount
greater than the value withdrawn or result in termination of the benefit.
●You are required to have a certain level of Contract Value for some new benefit
elections.
●We may modify or stop offering an optional benefit that is currently available at any
time.
●If you elect certain optional benefits, you may be limited in the amount of Purchase
Payments that you can make (and when).
●The Contracts
●Benefits
Available
Under the
Contract
●Appendix B –
Investment
Requirements
●Appendix C –
Discontinued
Living Benefit
Riders
 
TAXES
Location in
Prospectus
What are the
Contract’s Tax
Implications?
●Consult with a tax professional to determine the tax implications of an investment in
and payments received under this Contract.
●If you purchase the Contract through a tax-qualified plan or IRA, you do not get any
additional tax benefit under the Contract.
●Earnings on your Contract may be taxed at ordinary income tax rates when you
withdraw them, and you may have to pay a penalty if you take a withdrawal before
age 59½.
●Federal Tax
Matters
 
CONFLICTS OF INTEREST
Location in
Prospectus
How are
Investment
Professionals
Compensated?
●Your registered representative may receive compensation for selling this Contract to
you, both in the form of commissions and because we may share the revenue it
earns with the professional’s firm. (Your investment professional may be your broker,
investment adviser, insurance agent, or someone else.)
●This potential conflict of interest may influence your investment professional to
recommend this Contract over another investment.
●Distribution of
the Contracts
Should I
Exchange My
Contract?
●If you already own a contract, some investment professionals may have a financial
incentive to offer you a new contract in place of the one you own. You should only
exchange your contract if you determine, after comparing the features, fees, and
risks of both contracts, that it is better for you to purchase the new contract rather
than continue to own your existing contract.
●The Contracts
– Replacement
of Existing
Insurance
8
Benefits Available Under the Contract
The following tables summarize information about the benefits available under the Contract. A detailed description of each benefit is available in the prospectus.  
Standard Benefits
Name of Benefit
Purpose
Maximum Fee
Brief Description of Restrictions /
Limitations
Account Value Death
Benefit
Provides a Death Benefit equal to the
Contract Value.
●1.10%
(as a percentage of
average Contract
Value)
●Poor investment performance could
significantly reduce the benefit.
●Withdrawals could significantly reduce
the benefit.
Guarantee of Principal
Death Benefit
Provides a Death Benefit equal to the
greatest of (1) Contract Value; (2) all
Purchase Payments, adjusted for
withdrawals.
●1.15%
(as a percentage of
average Contract
Value)
●Withdrawals could significantly reduce
the benefit.
Enhanced Guaranteed
Minimum Death
Benefit (EGMDB)
Provides a Death Benefit equal to the
greatest of (1) Contract Value; (2) all
Purchase Payments, adjusted for
withdrawals; (3) the highest Contract Value
on any contract anniversary prior to age 81
as adjusted for withdrawals.
●1.40%
(as a percentage of
average Contract
Value)
●Not available if age 80 or older at the
time of issuance.
●Withdrawals could significantly reduce
the benefit.
●Poor investment performance could
significantly reduce and limit potential
increases to the highest Contract Value.
Dollar-Cost Averaging
Allows you to automatically transfer
amounts between certain investment
options on a monthly basis.
None
●Minimum amount to be dollar cost
averaged is $1,500 over any time period
between 3 and 60 months.
●Cannot be used simultaneously with
portfolio rebalancing or cross
reinvestment.
Portfolio Rebalancing
Allows you to automatically reallocate your
Contract Value among investment options
on a periodic basis based on your standing
allocation instructions.
None
●Cannot be used simultaneously with
dollar cost averaging or cross
reinvestment.
●Only available for the Subaccounts.
●Rebalancing may take place on a
monthly, quarterly, semi-annual, or
annual basis.
Automatic Withdrawal
Service
Allows you to take periodic withdrawals
from your Contract automatically.
None
●Automatically terminates once i4LIFE®
Advantage begins.
●Withdrawals are subject to applicable
surrender charges, Interest Adjustments,
taxes, and tax penalties.
●May result in Excess Withdrawals under
certain optional benefits.
 
9
Optional Benefits – Available for Election
Name of Benefit
Purpose
Maximum Fee
Brief Description of Restrictions /
Limitations
Estate LockSM Death
Benefit
Works in conjunction with the Lincoln
ProtectedPay® and Estate LockSM rider to
provide a Death Benefit equal to the greatest
of (1) Contract Value; (2) all Purchase
Payments, as adjusted for Excess
Withdrawals
●1.60%
(as a percentage of
the Purchase
Payments portion of
the Death Benefit)
●Available only at issue, and only in
conjunction with the Lincoln
ProtectedPay® and Estate LockSM rider.
●Available only if 35 to 75 years of age at
the time of issuance.
●Joint life option is not available.
●Excess Withdrawals could significantly
reduce or terminate the benefit.
●The fee rate may increase at any time
after ten years from the rider effective
date.
●Additional Purchase Payments may be
limited.
Lincoln ProtectedPay®
Select Core and Estate
LockSM
Provides:
●A combination Death Benefit and Living
Benefit Rider;
●Varying income options;
●Guaranteed lifetime periodic withdrawals
up to the Protected Annual Income
amount;
●An Enhancement to the Protected
Income Base;
●Account Value Step-ups of the Protected
Income Base; and
●Age-based increases to the Protected
Annual Income amount.
●2.75% Single Life
Option
(as a percentage of
the Fee Basis
Amount)
●Available only at issue, and only in
conjunction with the Estate LockSM
Death Benefit.
●Investment Requirements apply.
●Excess Withdrawals could significantly
reduce or terminate the benefit.
●Any withdrawal may negatively impact or
eliminate the potential for enhancements
or step-ups.
●Subject to a $10 million maximum,
which includes the total guaranteed
amounts across all Living Benefit Riders.
●The fee rate may increase with additional
Purchase Payments, step-ups, and at any
time after ten years from the rider
effective date.
●Additional Purchase Payments may be
limited.
Lincoln ProtectedPay®
lifetime income suite
options:
●Lincoln
ProtectedPay
Select Core®
●Lincoln
ProtectedPay
Select Plus®
●Lincoln
ProtectedPay
Select Max®
Beginning May 18,
2026, the Lincoln
ProtectedPay®
Select riders will
only be available
for election at the
time the Contract is
purchased.
Provides:
●Varying income options;
●Guaranteed lifetime periodic withdrawals
up to the Protected Annual Income
amount;
●An Enhancement that may increase the
Protected Income Base;
●Account Value Step-ups of the Protected
Income Base; and
●Age-based increases to the Protected
Annual Income amount.
●2.75% Single and
Joint Life Options
(as a percentage of
the Protected
Income Base)
●Investment Requirements apply.
●Excess Withdrawals could significantly
reduce or terminate the benefit.
●Any withdrawal may negatively impact or
eliminate the potential for enhancements
or step-ups.
●Subject to a $10 million maximum,
which includes the total guaranteed
amounts across all Living Benefit Riders.
●The fee rate may increase with additional
Purchase Payments, step-ups, and at any
time after ten years from the rider
effective date.
●Additional Purchase Payments may be
limited.
10
Optional Benefits – Available for Election
Name of Benefit
Purpose
Maximum Fee
Brief Description of Restrictions /
Limitations
4LATER® Select
Advantage
Beginning May 18,
2026, this rider will
only be available for
election at the time
the Contract is
purchased.
Provides:
●Protected Income Base which will be
used to establish the amount of the
Guaranteed Income Benefit upon the
election of i4LIFE® Advantage;
●An Enhancement to the Protected
Income Base;
●Account Value Step-ups of the Protected
Income Base.
Must later transition to i4LIFE®
Advantage Select Guaranteed Income
Benefit in order to receive a benefit from
4LATER® Select Advantage.
●2.75% Single and
Joint Life Options
(as a percentage of
the Protected
Income Base)
●Investment Requirements apply.
●Withdrawals could significantly reduce or
terminate the benefit.
●Not available for purchase with a
qualified contract.
●Subject to a $10 million maximum,
which includes the total guaranteed
amounts across all Living Benefit Riders.
●The fee rate may increase with additional
Purchase Payments, step-ups, and at any
time after ten years from the rider
effective date.
●Additional Purchase Payments may be
limited.
i4LIFE® Advantage
Provides:
●Variable periodic Regular Income
Payments for life.
●The ability to make additional
withdrawals and surrender the Contract
during the Access Period.
●0.40%
(as an annualized
percentage of
average Account
Value)
●Withdrawals could significantly reduce or
terminate the benefit.
●Restrictions apply to the length of the
Access Period.
●Additional Purchase Payments may be
limited.
Select Guaranteed
Income Benefit
Beginning May 18,
2026, this rider will
only be available for
election at the time
the Contract is
purchased.
Provides a minimum payout floor for
Regular Income Payments under i4LIFE®
Advantage.
●2.75%* Single and
Joint Life Options
*The Guaranteed
Income Benefit
charge is in addition
to the i4LIFE®
Advantage charge
and your base
contract expense.
●Only available with i4LIFE® Advantage.
●Investment Requirements apply.
●Withdrawals could significantly reduce or
terminate the benefit.
●Restrictions apply to the length of the
Access Period.
●Additional Purchase Payments may be
limited.
Rate Sheets
The current Enhancement rate, Protected Annual Income rates, and Guaranteed Income Benefit percentages available under certain Living Benefit Riders are declared in a Rate Sheet prospectus supplement. The Rate Sheet indicates the current rates and/or current percentages and the date by which your application or rider election form must be signed and dated for a rider to be issued with those rates and/or percentages. The rates and/or percentages may be superseded at any time, in our sole discretion, and may be higher or lower than the rates and/or percentages on the previous Rate Sheet.
The effective date of a subsequent Rate Sheet will be at least 10 days after it is filed. In order to get the rate and/or percentage indicated in a Rate Sheet, your application or rider election form must be sent to us, and must be signed and dated on or after the effective date of the Rate Sheet. Current Rate Sheets will be included with the prospectus. You can also obtain the most current Rate Sheet by contacting your registered representative, online at www.lfg.com/VAprospectus or by calling us at 1-800-942-5500.
Buying the Contract
If you wish to purchase a Contract, you must apply for it through a registered representative authorized by us. The completed application is sent to us and we decide whether to accept or reject it. If the application is accepted, a Contract is prepared and executed by our legally authorized officers. The Contract (and a statement confirming your investments) is then sent to you either directly or through your registered representative. The purchase of multiple contracts with identical Contractowners, Annuitants and Beneficiaries will be allowed only upon Home Office approval.
When a completed application and all other information necessary for processing a purchase order is received in Good Order at our Home Office at The Lincoln National Life Insurance Company, PO Box 2348, Fort Wayne, IN 46801-2348, an initial Purchase Payment will be priced no later than two business days after we receive the order. If you submit your application and/or initial Purchase Payment to your registered representative, we will not begin processing your purchase order until we receive the application and initial Purchase Payment from your registered representative’s broker-dealer. While attempting to finish an incomplete application, we may
11
hold the initial Purchase Payment for no more than five business days unless we receive your consent to our retaining the payment until the application is completed. If the incomplete application cannot be completed within those five days and we have not received your consent, you will be informed of the reasons, and the Purchase Payment will be returned immediately. Once the application is complete, we will allocate your initial Purchase Payment within two business days.
Purchase Payments – Investing in the Contract
You may make Purchase Payments to the Contract at any time, prior to the Annuity Commencement Date, subject to certain conditions. You are not required to make any additional Purchase Payments after the initial Purchase Payment. If we receive an additional Purchase Payment before the close of the New York Stock Exchange (typically 4:00 p.m., Eastern Time), we will credit your Purchase Payment that day. If we receive your additional Purchase Payment after the close of the New York Stock Exchange, your payment will be applied on the next business day.
The minimum initial Purchase Payment is $10,000. Minimum additional Purchase Payments must be at least $100 ($25 if transmitted electronically) each, with an annual minimum amount of $300. Please check with your registered representative about making additional Purchase Payments since the requirements of your state may vary. If a Purchase Payment is submitted that does not meet the minimum amount, we will contact you to ask whether additional money will be sent, or whether we should return the Purchase Payment to you.
You must obtain our approval for Purchase Payments totaling $5 million or more where the only optional benefits elected are the Account Value Death Benefit and/or i4LIFE® Advantage without the Guaranteed Income Benefit and $1 million or more for all other contracts. At the Company’s discretion, either amount may consider total Purchase Payments for all annuity contracts issued by the Company (or its affiliates) for the same Contractowner, joint owner, and/or Annuitant.
Additionally, if you elect a Living Benefit Rider, you may be subject to further restrictions on your ability to make additional Purchase Payments, as described in the prospectus. These restrictions and limitations will limit your ability to increase your Contract Value (or Account Value under i4LIFE® Advantage with any version of Guaranteed Income Benefit) and/or increase the amount of any guaranteed benefit under a Living Benefit Rider by making additional Purchase Payments to the Contract.
Making Withdrawals: Accessing the Money in Your Contract
Before the Annuity Commencement Date – During the Accumulation (Savings) Phase
You can access the money in your Contract by making a withdrawal, which will reduce the value of your Contract (including the amount of the Death Benefit and certain living benefits). You may withdraw all or a portion of the Contract Value (minus applicable charges and other adjustments, discussed below). However, withdrawing the entire cash value of your Contract will terminate your Contract.
Before the Annuity Commencement Date, you can completely surrender the Contract or withdraw part of the Contract Value upon your written request on an approved Lincoln distribution request form (available from the Home Office), fax, or other electronic means. Withdrawal requests may also be made by telephone or our website, subject to certain restrictions. All surrenders and withdrawals must be made in accordance with the rules discussed in the prospectus. The amount available upon surrender or withdrawal is the Contract Value less any applicable charges, fees, and taxes at the end of the Valuation Period during which the written request for surrender or withdrawal is received in Good Order at the Home Office.
If we receive a surrender or withdrawal request in Good Order at our Home Office before the close of regular trading on the New York Stock Exchange (normally 4:00 p.m., Eastern Time), we will process the request using the Accumulation Unit value computed on that Valuation Date. If we receive a surrender or withdrawal request in Good Order at our Home Office after New York Stock Exchange regular market close, we will process the request using the Accumulation Unit value computed on the next Valuation Date.
The minimum amount which can be withdrawn is $300. Unless a request for withdrawal specifies otherwise, withdrawals will be made from all Subaccounts within the VAA and from the fixed account in the same proportion that the amount of withdrawal bears to the total Contract Value. Surrenders and withdrawals from the fixed account may be subject to an Interest Adjustment. Unless prohibited, surrender and withdrawal payments will be mailed within seven days after we receive a valid written request at the Home Office. The payment may be postponed as permitted by applicable law.
There may be charges associated with surrender of a Contract or withdrawal of Contract Value. You may specify whether these charges are deducted from the amount you request to be withdrawn or from the remaining Contract Value. If the charges are deducted from the remaining Contract Value, the amount of the total withdrawal will increase according to the impact of the applicable surrender charge percentage; consequently, the dollar amount of the surrender charge associated with the withdrawal will also increase. In other words, the dollar amount deducted to cover the surrender charge is also subject to a surrender charge.
There are tax consequences for surrenders and withdrawals.
Certain withdrawals may reduce the value of any optional living benefits you elected or even terminate the benefit.
12
Some optional living benefits provide withdrawal options.
There are limitations associated with taking money out of the Contract, including the following:  
Limitations on withdrawal amounts
●The minimum withdrawal amount is $300.
Surrender charges and taxes
●There may be surrender charges and tax implications
when you take out money.
Interest Adjustment
●An Interest Adjustment, which could be positive or
negative, may apply to a withdrawal, surrender, or
transfer from the fixed account prior to the expiration
date of a Guaranteed Period.
●A negative Interest Adjustment will result in the loss of
some or all previously-credited interest in excess of the
guaranteed minimum interest rate, if any.
●Currently, the fixed account option is available for
dollar cost averaging (DCA) purposes only. Interest
Adjustments do not apply to DCA transfers from the
fixed account.
Negative impact on benefits and guarantees of your
Contract
●A withdrawal may have a negative impact on certain
optional benefits that you may elect. It may reduce the
value of or even terminate certain benefits.
Internal Revenue Code or Retirement Plan
●Depending on the circumstances, the Internal Revenue
Code or your retirement plan may restrict your ability
to take withdrawals.
 
After the Annuity Commencement Date – During the Annuity (Income) Phase
After the Annuity Commencement Date, you will receive payments under the annuity payment option you select, but generally you may not take any other withdrawals or surrender your Contract. Surrender or withdrawal rights after the Annuity Commencement Date, if any, depend on the Annuity Payout option selected.
Additional Information About Fees
Fee Tables
The following tables describe the fees, expenses, and adjustments that you will pay when buying, owning, and surrendering or making withdrawals from the Contract. Please refer to your Contract Specifications page for information about the specific fees you will pay each year based on the options you have elected.
The first table describes the fees, expenses, and adjustments that you will pay at the time that you buy the Contract, surrender or make withdrawals from the Contract, or transfer Contract Value between investment options, and/or the fixed account (if available). State premium taxes may also be deducted.
 
TRANSACTION EXPENSES
  
Surrender charge (as a percentage of Purchase Payments surrendered/withdrawn):1
 
 
6.0%
We may also apply an Interest Adjustment to amounts being withdrawn, surrendered or transferred from the fixed account prior to the expiration date of a Guaranteed Period.2 A negative Interest Adjustment will result in the loss of some or all previously credited interest in excess of the guaranteed minimum interest rate, if any.
1
The surrender charge percentage is reduced over a 7-year period at the following rates: 6%, 6%, 5%, 5%, 4%, 3%, 2%. We may reduce or waive this charge in certain situations. See Charges, Other Deductions, and Adjustments — Surrender Charge.
2
An Interest Adjustment will not apply to dollar cost averaging, cross-reinvestment, and Regular Income Payments under i4LIFE® Advantage or certain other
transactions under the Contract. See Charges, Other Deductions, and Adjustments — Interest Adjustment. 
13
The next table describes the fees and expenses that you will pay each year during the time that you own the Contract (not including fund fees and expenses). If you choose to purchase an optional benefit, you will pay additional charges, as shown below.
 
ANNUAL CONTRACT EXPENSES
  
 
 
 
 
Design 1
Administrative Expense (Annual Account Fee):1
 
 
 
$35
 
 
 
 
 
Base Contract Expense (as a percentage of average Contract Value)2
 
 
 
 
Account Value Death Benefit
 
 
 
1.10%
Guarantee of Principal Death Benefit
 
 
 
1.15%
Enhanced Guaranteed Minimum Death Benefit (EGMDB)
 
 
 
1.40%
 
 
 
 
 
Optional Benefit Expenses (Death Benefit Charges)
 
 
 
 
Estate LockSM Death Benefit:3, 4
 
 
 
 
Guaranteed Maximum Annual Charge
 
 
 
1.60%
 
Optional Benefit Expenses (Protected Lifetime Income Fees)
Single
Life
Joint
Life
Lincoln ProtectedPay® and Estate LockSM:3, 5
 
 
Guaranteed Maximum Annual Charge
2.75%
N/A
Lincoln ProtectedPay® lifetime income suite:3, 6
 
 
Guaranteed Maximum Annual Charge
2.75%
2.75%
4LATER® Select Advantage:3, 7
 
 
Guaranteed Maximum Annual Charge
2.75%
2.75%
i4LIFE® Advantage:8
 
 
Current Charge
0.40%
0.40%
i4LIFE® Advantage Select Guaranteed Income Benefit:3, 9
 
 
Guaranteed Maximum Annual Charge
2.75%
2.75%
1
During the accumulation phase, the account fee will be deducted from your Contract Value on each contract anniversary, or upon surrender of the Contract. The account fee will be waived if your Contract Value is $100,000 or more on the contract anniversary (or date of surrender). This account fee may be less in some states and will be waived after the fifteenth Contract Year, regardless of your Contract Value.
2
Each base contract expense includes an administrative charge of 0.10%.
3
The current charge for new elections of this rider is disclosed in a Rate Sheet.
4
As an annualized percentage of the sum of all Purchase Payments portion of the death benefit amount at the time of the charge. We will deduct this charge from the Contract Value on a quarterly basis, with the first deduction occurring on the Valuation Date on or next following the three-month anniversary of the rider effective date.
5
As an annualized percentage of the Fee Basis Amount, as increased by subsequent Purchase Payments, Account Value Step-ups and Enhancements, and decreased by withdrawals. This charge is deducted from the Contract Value on a quarterly basis.
6
As an annualized percentage of the Protected Income Base, as increased for subsequent Purchase Payments, any Bonus Credits, Account Value Step-ups and Enhancements, and decreased by Excess Withdrawals. This fee is deducted from the Contract Value proportionately on a quarterly basis. This same fee applies when transitioning to the appropriate version of i4LIFE® Advantage Guaranteed Income Benefit (if available).
7
As an annualized percentage of the Protected Income Base, as increased for subsequent Purchase Payments and any Bonus Credit, Account Value Step-ups and Enhancements, and decreased by withdrawals. This fee is deducted from the Contract Value on a quarterly basis. This same fee applies when transitioning to the appropriate version of i4LIFE® Advantage Guaranteed Income Benefit (if available).
8
As an annualized percentage of average Account Value, computed daily. This charge is assessed only on and after the effective date of i4LIFE® Advantage and is added to your base contract expense. These charges continue during the Access Period. During the Lifetime Income Period, the i4LIFE® Advantage charge rate of 0.40% is added to the Account Value Death Benefit base contract expense.
9
These charges are added to the i4LIFE® Advantage charge to comprise the total charges reflected. During the Lifetime Income Period, the Guaranteed Income
Benefit charge rate is added to the base contract expense plus the i4LIFE® Advantage charge. 
14
The next item shows the minimum and maximum total annual operating expenses charged by the funds that you may pay periodically during the time that you own the Contract. A complete list of funds available under the Contract, including their annual expenses, may be found in Appendix A – Investment Options Available Under the Contract. 
Annual Fund Expenses
Minimum
Maximum
Expenses that are deducted from the fund assets, including
management fees, distribution and/or service (12b-1) fees, and other
expenses before any fee waivers or expense reimbursements.
0.78
%
2.76
%
Expenses that are deducted from the fund assets, including
management fees, distribution and/or service (12b-1) fees, and other
expenses after any fee waivers or expense reimbursements.1
0.72
%
1.15
%
1
Any fee waivers or expense reimbursements will remain in effect until at least April 30, 2027, and can only be terminated early with approval by the fund’s board of directors.
EXAMPLES
The following Examples are intended to help you compare the cost of investing in the variable options with the cost of investing in other annuity contracts that offer variable options. These costs include transaction expenses, contract fees, annual contract expenses, and annual fund fees and expenses.
The Examples assume all Contract Value is allocated to the variable investment options. The Examples do not reflect any Interest Adjustment. Your costs could differ from those shown below if you invest in the fixed account option (if available).
The first Example assumes that you invest $100,000 in the variable options for the time periods indicated. The Example also assumes that your investment has a 5% return each year, the maximum fees and expenses of any of the funds, and that Lincoln ProtectedPay® and Estate LockSM at the guaranteed maximum charge are in effect. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
1) If you surrender your Contract at the end of the applicable time period: 
1 year
3 years
5 years
10 years
$14,169
$29,678
$45,267
$82,663
2) If you annuitize or do not surrender your Contract at the end of the applicable time period: 
1 year
3 years
5 years
10 years
$8,169
$24,678
$41,267
$82,663
The next Example assumes that you invest $100,000 in the variable options for the time periods indicated. The Example also assumes that your investment has a 5% return each year, the maximum fees and expenses of any of the funds, and that i4LIFE® Advantage with the EGMDB Death Benefit and i4LIFE® Advantage Select Guaranteed Income Benefit at the guaranteed maximum charge are in effect. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
1) If you surrender your Contract at the end of the applicable time period: 
1 year
3 years
5 years
10 years
$13,225
$26,245
$38,617
$65,407
2) If you annuitize or do not surrender your Contract at the end of the applicable time period: 
1 year
3 years
5 years
10 years
$7,225
$21,245
$34,617
$65,407
15
Appendix A — Investment Options Available Under The Contract
Variable Options
The following is a list of funds currently available under the Contract. Depending on the optional benefits you choose, you may not be able to invest in certain funds. Current performance of the Subaccounts can be found at www.lfg.com/VAprospectus. More information about the funds is available in the prospectuses for the Funds, which may be amended from time to time and can be found online at www.lfg.com/VAprospectus. You can also request this information and current fund performance at no cost by calling 1-800-942-5500 or by sending an email request to [email protected].
The current expenses and performance information below reflect fees and expenses of the Fund, but do not reflect the other fees and expenses that your Contract may charge. Expenses would be higher and performance would be lower if these other charges were included. Each fund’s past performance is not necessarily an indication of future performance. 
Investment Objective
Fund and
Adviser/Sub-adviser1
Current
Expenses
Average Annual Total
Returns (as of 12/31/2025)
 
 
 
1 year
5 year
10 year
The balanced accomplishment of three
objectives: long-term growth of capital,
conservation of principal and current
income.
American Funds® IS American Funds
Global Balanced Fund - Class 4
advised by Capital Research and
Management Company
1.01%2
16.96%
5.85%
7.43%
To provide current income and preservation
of capital.
American Funds® IS American Funds
Mortgage Fund - Class 4
advised by Capital Research and
Management Company
0.81%2
8.32%
0.06%
1.43%
To provide a high level of current income;
capital appreciation is the secondary
consideration.
American Funds® IS American High-
Income Trust - Class 4
advised by Capital Research and
Management Company
0.87%2
7.93%
5.33%
6.68%
High total return (including income and
capital gains) consistent with preservation
of capital over the long term.
American Funds® IS Asset Allocation Fund
- Class 4
advised by Capital Research and
Management Company
0.79%
15.59%
8.70%
9.50%
To provide a level of current income that
exceeds the average yield on U.S. stocks
generally and a growing stream of income
over the years.
American Funds® IS Capital Income Builder
- Class 4
advised by Capital Research and
Management Company
0.77%2
20.16%
8.82%
7.32%
To provide a high level of total return
consistent with prudent investment
management.
American Funds® IS Capital World Bond
Fund - Class 4
advised by Capital Research and
Management Company
0.98%
9.03%
-2.76%
0.97%
Long-term growth of capital while providing
current income.
American Funds® IS Capital World Growth
and Income Fund - Class 4
advised by Capital Research and
Management Company
0.91%2
24.46%
10.01%
10.74%
Long-term growth of capital.
American Funds® IS Global Growth Fund -
Class 4
advised by Capital Research and
Management Company
0.90%2
21.34%
7.97%
11.89%
Long-term growth of capital.
American Funds® IS Global Small
Capitalization Fund - Class 4
advised by Capital Research and
Management Company
1.15%2
14.33%
0.23%
6.96%
Growth of capital.
American Funds® IS Growth Fund - Class 4
advised by Capital Research and
Management Company
0.83%
19.93%
13.09%
17.67%
A-1
Investment Objective
Fund and
Adviser/Sub-adviser1
Current
Expenses
Average Annual Total
Returns (as of 12/31/2025)
 
 
 
1 year
5 year
10 year
Long-term growth of capital and income.
American Funds® IS Growth-Income Fund -
Class 4
advised by Capital Research and
Management Company
0.78%
17.77%
13.62%
13.63%
Long-term growth of capital.
American Funds® IS International Fund -
Class 4
advised by Capital Research and
Management Company
0.97%2
26.41%
3.14%
6.73%
Long-term growth of capital while providing
current income.
American Funds® IS International Growth
and Income Fund - Class 4
advised by Capital Research and
Management Company
1.06%
35.09%
7.42%
7.54%
To provide high total return (including
income and capital gains) consistent with
preservation of capital over the long term
while seeking to manage volatility and
provide downside protection. A fund of
funds.
American Funds® IS Managed Risk Asset
Allocation Fund - Class P2
advised by Capital Research and
Management Company
0.90%
11.67%
6.43%
7.17%
To provide growth of capital while seeking
to manage volatility and provide downside
protection. A fund of funds.
American Funds® IS Managed Risk Growth
Fund - Class P2
advised by Capital Research and
Management Company
0.93%
13.41%
7.96%
11.74%
To achieve long-term growth of capital and
income while seeking to manage volatility
and provide downside protection. A fund of
funds.
American Funds® IS Managed Risk
Growth-Income Fund - Class P2
advised by Capital Research and
Management Company
0.88%
11.17%
7.70%
8.98%
To provide long-term growth of capital
while seeking to manage volatility and
provide downside protection. A fund of
funds.
American Funds® IS Managed Risk
International Fund - Class P2
advised by Capital Research and
Management Company
1.06%2
15.09%
-0.29%
2.90%
To produce income and to provide an
opportunity for growth of principal
consistent with sound common stock
investing while seeking to manage volatility
and provide downside protection. A fund of
funds.
American Funds® IS Managed Risk
Washington Mutual Investors Fund - Class
P2
advised by Capital Research and
Management Company
0.88%
10.65%
8.04%
7.18%
Long-term capital appreciation.
American Funds® IS New World Fund -
Class 4
advised by Capital Research and
Management Company
1.07%2
27.92%
5.06%
8.98%
Long-term growth of capital. A fund of
funds.
American Funds® IS Portfolio Series -
American Funds Global Growth Portfolio -
Class 4
advised by Capital Research and
Management Company
0.95%
21.55%
7.74%
11.06%
To provide long-term growth of capital
while providing current income. A fund of
funds.
American Funds® IS Portfolio Series -
American Funds Growth and Income
Portfolio - Class 4
advised by Capital Research and
Management Company
0.82%
16.12%
7.43%
8.82%
A-2
Investment Objective
Fund and
Adviser/Sub-adviser1
Current
Expenses
Average Annual Total
Returns (as of 12/31/2025)
 
 
 
1 year
5 year
10 year
High total return (including income and
capital gains) consistent with preservation
of capital over the long term while seeking
to manage volatility and provide downside
protection. A fund of funds.
American Funds® IS Portfolio Series -
American Funds Managed Risk Global
Allocation Portfolio - Class P2
advised by Capital Research and
Management Company
1.03%
14.08%
3.90%
5.61%
Long-term growth of capital and current
income. A fund of funds.
American Funds® IS Portfolio Series -
American Funds Managed Risk Growth and
Income Portfolio - Class P2
advised by Capital Research and
Management Company
0.91%
12.81%
5.91%
6.75%
To provide long-term growth of capital
while seeking to manage volatility and
provide downside protection. A fund of
funds.
American Funds® IS Portfolio Series -
American Funds Managed Risk Growth
Portfolio - Class P2
advised by Capital Research and
Management Company
0.93%
11.27%
5.35%
7.53%
To provide as high a level of current income
as is consistent with the preservation of
capital.
American Funds® IS The Bond Fund of
America - Class 4
advised by Capital Research and
Management Company
0.72%2
6.98%
-0.38%
2.11%
To provide a high level of current income
consistent with prudent investment risk and
preservation of capital.
American Funds® IS U.S. Government
Securities Fund - Class 4
advised by Capital Research and
Management Company
0.75%2
7.54%
-0.49%
1.45%
Capital appreciation.
American Funds® IS U.S. Small and Mid
Cap Equity Fund - Class 4
advised by Capital Research and
Management Company
1.04%2
15.88%
N/A
N/A
To provide the investors with current
income, consistent with the maturity and
quality standards applicable to the fund, and
preservation of capital and liquidity.
American Funds® IS Ultra-Short Bond Fund
- Class 4
advised by Capital Research and
Management Company
0.81%
3.59%
2.53%
1.46%
To produce income and to provide an
opportunity for growth of principal
consistent with sound common stock
investing.
American Funds® IS Washington Mutual
Investors Fund - Class 4
advised by Capital Research and
Management Company
0.75%2
16.90%
13.60%
12.08%
A balance between a high level of current
income and growth of capital, with an
emphasis on growth of capital. A fund of
funds.
LVIP American Balanced Allocation Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
0.92%2
15.07%
6.24%
7.86%
Long-term capital appreciation. A fund of
funds.
LVIP American Funds Vanguard Active
Passive Growth Fund - Service Class
advised by Lincoln Financial Investments
Corporation
1.02%2
N/A
N/A
N/A
A balance between a high level of current
income and growth of capital. A fund of
funds.
LVIP American Global Balanced Allocation
Managed Risk Fund - Service Class
advised by Lincoln Financial Investments
Corporation
0.94%
12.43%
4.70%
6.06%
A balance between a high level of current
income and growth of capital, with a greater
emphasis on growth of capital. A fund of
funds.
LVIP American Global Growth Allocation
Managed Risk Fund - Service Class
advised by Lincoln Financial Investments
Corporation
0.96%
14.51%
5.63%
6.90%
A-3
Investment Objective
Fund and
Adviser/Sub-adviser1
Current
Expenses
Average Annual Total
Returns (as of 12/31/2025)
 
 
 
1 year
5 year
10 year
A balance between a high level of current
income and growth of capital, with a greater
emphasis on growth of capital. A fund of
funds.
LVIP American Growth Allocation Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
0.94%2
16.67%
6.74%
8.54%
A high level of current income with some
consideration given to growth of capital. A
fund of funds.
LVIP American Income Allocation Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
0.92%2
12.16%
4.33%
6.05%
Current income, consistent with the
preservation of capital. A fund of funds.
LVIP American Preservation Fund - Service
Class
advised by Lincoln Financial Investments
Corporation
0.86%2
5.80%
0.81%
1.69%
1
The name of the adviser or sub-adviser is not listed if the name is incorporated into the name of the fund or the fund company.
2
This fund is subject to an expense reimbursement or fee waiver arrangement. As a result, this fund’s annual expenses reflect temporary expense reductions. See the fund prospectus for additional information.
Fixed Options
The following is a list of fixed account options currently available under the Contract. We may change the features of the fixed account options listed below, offer new fixed account options, and terminate existing fixed account options. We will provide you with written notice at least 30 days prior to the date of any change. Depending on the optional benefits you choose, you may not be able to invest in a fixed account option.  
Name
Term
Minimum Guaranteed Interest Rate
DCA Fixed Account
3 –60 months
1.50%
A-4
Appendix B — Investment Requirements
If you purchase a Living Benefit Rider (except i4LIFE® Advantage without the Guaranteed Income Benefit), you will be subject to Investment Requirements. This means you will be limited in your choice of Subaccount investments and may be limited in how much you can invest in certain Subaccounts. This also means you will not be able to allocate Contract Value to all of the Subaccounts that are available to Contractowners who have not elected a Living Benefit Rider. We impose Investment Requirements to reduce the risk of investment losses that may require us to use our own assets to make guaranteed payments under a Living Benefit Rider.
If you elect a Living Benefit Rider, you must allocate your Contract Value in accordance with the Investment Requirements below. Currently, if you purchase i4LIFE® Advantage without the Guaranteed Income Benefit, you will not be subject to any Investment Requirements, although we reserve the right to impose Investment Requirements for this rider in the future. If we do exercise our right to do so, you will have to reallocate your Account Value subject to such requirements.
If you elect a Living Benefit Rider, Investment Requirements apply whether you purchase the rider at contract issue, or add it to an existing Contract. You must hold the rider for a minimum period of time after election (the minimum time is specified under the Termination section of each rider). During this time, you will be required to adhere to the Investment Requirements. After this time, failure to adhere to the Investment Requirements will result in termination of the rider.
Certain Living Benefit Riders guarantee you the right to transition to a version of i4LIFE® Advantage Guaranteed Income Benefit even if that version is no longer available for purchase. If you transition to i4LIFE® Advantage Guaranteed Income Benefit, the Investment Requirements under your Prior Living Benefit Rider continue to apply. See i4LIFE® Advantage – i4LIFE® Advantage Guaranteed Income Benefit Transitions in the prospectus for a discussion of this transition.
Certain underlying funds that are included in the Investment Requirements, including funds managed by an adviser affiliated with us, employ risk management strategies that are intended to control the funds’ overall volatility, and for some funds, to also reduce the downside exposure of the funds during significant market downturns. These funds are included under Investment Requirements in part because the reduction in volatility helps us to reduce the risk of investment losses that may require us to use our own assets to make guaranteed payments under a Living Benefit Rider. At the same time, risk management strategies in periods of high market volatility or other market conditions, could limit your participation in market gains. This may conflict with your investment objectives by limiting your ability to maximize potential growth of your Contract Value and, in turn, the value of any guaranteed benefit that is tied to investment performance. You should consult with your registered representative to determine whether these funds align with your investment objectives. For more information about the funds and the investment strategies they employ, please refer to the funds’ current prospectuses. Fund prospectuses are available by contacting us.
If you purchase a Living Benefit Rider (except i4LIFE® Advantage without the Guaranteed Income Benefit), you agree to be automatically enrolled in the portfolio rebalancing option under your Contract and thereby authorize us to automatically rebalance your Contract Value on a periodic basis. (This portfolio rebalancing will continue while a death claim is being settled, if the Living Benefit Rider could continue on an additional measuring life.) On each quarterly anniversary of the effective date of the rider, we will rebalance your Contract Value in accordance with your allocation instructions in effect at the time of the rebalancing. Any reallocation of Contract Value among the Subaccounts made by you prior to a rebalancing date will become your allocation instructions for rebalancing purposes. Confirmation of the rebalancing will appear on your quarterly statement. If we rebalance Contract Value from the Subaccounts and your allocation instructions do not comply with the Investment Requirements, portfolio rebalancing will be paused, and any subsequent transfer requests will be considered not in Good Order until updated allocation instructions are received. These investments will become your allocation instructions until you tell us otherwise.
Some investment options are not available to you if you purchase certain riders. The Investment Requirements may not be consistent with an aggressive investment strategy. You should consult with your registered representative to determine if the Investment Requirements are consistent with your investment objectives.
For certain Living Benefit Riders, the Subaccounts of your Contract are divided into groups and have specified minimum or maximum percentages of Contract Value that must be in each group at the time you purchase the rider. Please review the Investment Requirements below to determine which Investment Requirements apply to your rider. You can select the percentages of Contract Value to allocate to individual Subaccounts within each group, but the total investment for all Subaccounts within the group must comply with the specified minimum or maximum percentages for that group. We may change the list of Subaccounts in a group, change the number of groups, change the minimum or maximum percentages of Contract Value allowed in a group, change the investment options that are or are not available to you, or change the rebalancing frequency at any time in our sole discretion. For other Living Benefit Riders, we may only make certain Subaccounts available to you which are listed below.
For all Living Benefit Riders, we may make Subaccounts unavailable to you at any time in our sole discretion. You will be notified at least 30 days prior to the date of any change. We may make such modifications at any time when we believe the modifications are necessary to protect our ability to provide the guarantees under these riders. Our decision to make modifications will be based on several factors, including the general market conditions and the style and investment objectives of the subaccount investments.
At the time you receive notice of a change to the Investment Requirements, you may:
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1.
submit your own reallocation instructions for the Contract Value, before the effective date specified in the notice, so that the Investment Requirements are satisfied; or
2.
take no action and be subject to the quarterly rebalancing as described above. If this results in a change to your allocation instructions, then these will be your new allocation instructions until you tell us otherwise; or
3.
terminate the applicable rider immediately, without waiting for a termination event, if you do not wish to be subject to these Investment Requirements.
Investment Requirements for other Living Benefit Riders. If you elect Lincoln ProtectedPay Select Core® and Estate LockSM, Lincoln ProtectedPay Select Core®, Lincoln ProtectedPay Select Plus®, Lincoln ProtectedPay Select Max®, 4LATER® Select Advantage, or i4LIFE® Advantage Select Guaranteed Income Benefit, or you are transitioning to i4LIFE® Advantage Select Guaranteed Income Benefit from Lincoln ProtectedPay Select Core®, Lincoln Market Select® Advantage or 4LATER® Select Advantage, you must currently allocate 100% of your Contract Value or i4LIFE® Advantage Account Value among one or more of the following Subaccounts.  
Group 1
Investments must be at least 20% of Contract Value or Account Value.
American Funds® IS American Funds Mortgage Fund
American Funds® IS The Bond Fund of America
American Funds® IS U.S. Government Securities Fund
LVIP American Preservation Fund
 
Group 2
Investments cannot exceed 80% of Contract Value or Account Value.
American Funds® IS American High-Income Trust
American Funds® IS Asset Allocation Fund
American Funds® IS Capital Income Builder
American Funds® IS Capital World Growth and Income Fund
American Funds® IS Global Balanced Fund
American Funds® IS Global Growth Fund
American Funds® IS Growth Fund
American Funds® IS Growth-Income Fund
American Funds® IS International Fund
American Funds® IS International Growth and Income Fund
American Funds® IS Managed Risk Asset Allocation Fund
American Funds® IS Portfolio Series – American Funds Global Growth Portfolio
American Funds® IS Portfolio Series – American Funds Growth and Income Portfolio
American Funds® IS Portfolio Series – American Funds Managed Risk Global Allocation Portfolio
American Funds® IS Portfolio Series – American Funds Managed Risk Growth and Income Portfolio
American Funds® IS Portfolio Series – American Funds Managed Risk Growth Portfolio
American Funds® IS Ultra-Short Bond Fund
American Funds® IS U.S. Small and Mid Cap Equity Fund
American Funds® IS Washington Mutual Investors Fund
LVIP American Balanced Allocation Fund
LVIP American Funds Vanguard Active Passive Growth Fund
LVIP American Global Balanced Allocation Managed Risk Fund
LVIP American Global Growth Allocation Managed Risk Fund
LVIP American Growth Allocation Fund
LVIP American Income Allocation Fund
The fixed account, if available, is only available for dollar cost averaging.
As an alternative, to satisfy these Investment Requirements, you may allocate 100% of your Contract Value or i4LIFE® Advantage Account Value among the Subaccounts listed below. If you allocate less than 100% of Contract Value or i4LIFE® Advantage Account Value among these Subaccounts, then the Subaccounts listed below that are also listed in Group 1 will be subject to the Group 1 restrictions. Any remaining Subaccounts listed below that are not listed in Group 1 will fall into Group 2 and be subject to Group 2
restrictions.  
American Funds® IS American Funds Mortgage Fund
American Funds® IS Asset Allocation Fund
American Funds® IS Global Balanced Fund
American Funds® IS Managed Risk Asset Allocation Fund
American Funds® IS Portfolio Series – American Funds Growth and Income Portfolio
American Funds® IS Portfolio Series – American Funds Managed Risk Global Allocation Portfolio
American Funds® IS Portfolio Series – American Funds Managed Risk Growth and Income Portfolio
American Funds® IS Portfolio Series – American Funds Managed Risk Growth Portfolio
American Funds® IS The Bond Fund of America
American Funds® IS U.S. Government Securities Fund
LVIP American Balanced Allocation Fund
LVIP American Funds Vanguard Active Passive Growth Fund
LVIP American Global Balanced Allocation Managed Risk Fund
LVIP American Global Growth Allocation Managed Risk Fund
LVIP American Growth Allocation Fund
LVIP American Income Allocation Fund
LVIP American Preservation Fund
 
The fixed account, if available, is only available for dollar cost averaging.
B-2
Additionally, Contract Value may be allocated in accordance with certain asset allocation models made available to you by your broker-dealer. If so, currently 100% of the Contract Value can be allocated to one of the following models, if available:
●
American Funds Balanced Model Portfolio
●
American Funds Conservative Model Portfolio
●
American Funds® IS Asset Allocation Fund & American Funds® IS U.S. Government Securities Fund Model
●
American Funds IS TRICAP Global Moderate Growth Portfolio
●
American Funds IS TRICAP Moderate Growth Portfolio
●
American Funds Select Growth Model
You may choose only one asset allocation model at a time, though you may change to a different asset allocation model available in your Contract that meets the Investment Requirements or reallocate Contract Value according to the Investment Requirements listed above. If you terminate an asset allocation model, you must follow the Investment Requirements applicable to your rider. We may exclude an asset allocation model from being available for investment at any time, in our sole discretion. You will be notified prior to the date of such a change.
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This initial summary prospectus incorporates by reference the prospectus and Statement of Additional Information (SAI) for the Contract, both dated May 1, 2026, as may be amended or supplemented from time to time. The SAI may be obtained, free of charge, in the same manner as the prospectus.
 
SEC File Nos.:
333-135219; 811-05721
EDGAR Contract Identifier:
C000035632

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