Form 497VPI LINCOLN NATIONAL VARIABL

April 28, 2026 11:45 AM EDT
Lincoln PathBuilder Income® IRA 
Individual Variable Annuity Contract  
Summary Prospectus for New Investors
May 1, 2026
This summary prospectus summarizes key features of the Lincoln PathBuilder Income® IRA variable annuity contract, issued by The Lincoln National Life Insurance Company (Lincoln Life or Company).
This prospectus describes two versions of the Contract: (i) Lincoln PathBuilder Income® IRA, available through registered representatives who are affiliated with us; or (ii) Lincoln PathBuilder Income® IRA – Advisory (“the Advisory version”), available through a third-party financial intermediary who may charge an advisory fee for their services. That fee is in addition to contract fees and expenses. If you elect to pay third-party advisory fees out of your Contract Value, this deduction may reduce the Death Benefit(s) and other guaranteed benefits, and may be subject to federal and state income taxes and a 10% federal penalty tax. For more details, see Advisory Fee Withdrawals.
Before you invest, you should also review the prospectus for the Lincoln PathBuilder Income® IRA 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 1-800-234-3500 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 taxes and tax penalties.
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 financial professional 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 Subaccounts will always be available. Our obligations under the Contract, guarantees, or benefits of the Contract are subject to our financial strength and claims-paying ability.
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Special Terms
In this initial summary prospectus, the following terms have the indicated meanings:
Account or Variable Annuity Account (VAA)—The segregated investment account, Account C, into which we set aside and invest the assets of the Contract offered in this prospectus.
Accumulation Unit—A measure used to calculate Contract Value for the Contract before the Annuity Commencement Date.
Advisory Fee Withdrawal—Withdrawals from your Contract Value to pay the advisory fees associated with your Fee-Based Financial Plan.
Annuitant—The person upon whose life the annuity payments are based. The Annuitant is also the Contractowner.
Annuity Payout— An amount paid at regular intervals after the Annuity Commencement Date under one of several options available to the Annuitant and/or any other payee. This amount is paid on a fixed basis.
Automatic Step-up—A feature that provides an automatic step-up of the Protected Income Base to the Contract Value, subject to certain conditions.
Benefit Year—Under Guaranteed Withdrawal Benefit, the 12-month period starting with the effective date of the rider and starting with each anniversary of the rider effective date after that.
Beneficiary—The person you choose to receive any Death Benefit paid if you die before the Annuity Commencement Date.
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.). The Contractowner must be the Annuitant.
Contract Value—At a given time before the Annuity Commencement Date, the total value of all Accumulation Units for a Contract.
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 Annuity Commencement Date, the amount payable to your designated Beneficiary upon your death.
Excess Withdrawals—Amounts withdrawn from the Contract which may decrease or eliminate guarantees under the Guaranteed Withdrawal Benefit.
Fee-Based Financial Plan—A wrap account, managed account or other investment program whereby an investment firm/professional offers asset allocation and/or investment advice for a fee. Such programs can be offered by broker-dealers, banks and registered investment advisers, trust companies and other firms. Under this arrangement, the Contractowner pays the investment firm/professional directly for services. Deductions made for advisory fees may impact your Contract Value, and may reduce the benefits under your Contract.
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.
Guaranteed Annual Income (GAI)—The guaranteed periodic withdrawal amount available from the Contract each Benefit Year for life under Guaranteed Withdrawal Benefit.
Income Base—A value used to calculate the Guaranteed Annual Income amount.
Investment Requirements—Restrictions in how you may allocate your Subaccount investments.
Lincoln Life (we, us, our, Company)—The Lincoln National Life Insurance Company.
Purchase Payment—The initial investment made by a single premium payment to purchase this Contract.
Rollover Money—An eligible rollover from your former qualified plan.
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.
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Overview of the Contract
Purpose of the Contract
The Lincoln PathBuilder Income® IRA is intended to be used as a rollover product and provides guaranteed periodic withdrawals. It is designed for you to accumulate assets through investments in a variety of investment options during the accumulation phase. Then, during the annuity phase, the Contract is designed to supplement your retirement income by providing a stream of income payments. The Contract also offers a Death Benefit payable to your designated Beneficiaries.
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 that are available under the Contract.
Phases of the Contract
The Contract has two phases: (1) an accumulation phase (for savings) and (2) an annuity phase (for income).
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.
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 from us (sometimes called Annuity Payouts). 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 be fixed or variable. Variable payments will vary based on the performance of the funds you choose.
If you annuitize, your investments will be converted to income payments. You will no longer be able to make withdrawals from your Contract and there won’t be a death benefit. However, please note that certain annuity payout options make an amount payable upon death.
Primary Features and Options of the Contract
Accessing Your Money. Before you annuitize, you can withdraw money from your Contract at any time. If you surrender or take an early withdrawal, you may have to pay income taxes, including a tax penalty if you are younger than age 59½.
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 upon: (1) taking a withdrawal; (2) receiving a payment from us; or (3) payment of a Death Benefit.
Death Benefits. The Contract includes a Death Benefit that will pay your designated Beneficiaries the Contract Value at the time of your death.
Guaranteed Withdrawal Benefit. The Contract includes a Guaranteed Withdrawal Benefit that provides guaranteed lifetime periodic withdrawals, regardless of investment performance of the Contract. This guarantee is subject to certain conditions, as set forth elsewhere in the prospectus.
Additional Services. The additional services listed below are available under the Contract for no additional charge (unless otherwise indicated).
●
Portfolio rebalancing. Allows you to automatically reallocate your money among investment options on a periodic basis based on your instructions.
●
Automatic Withdrawal Service (AWS). Allows you to automatically take periodic withdrawals from your Contract Value.
●
Fees Associated with Fee-Based Financial Plans. You may provide authorization to have your advisory fees paid to your financial professional's investment firm from your Contract Value. Advisory Fee Withdrawals will not impact benefits and values under a Death Benefit or a guaranteed benefit or be treated as a distribution for federal tax purposes under certain conditions. If those conditions are not met, the Advisory Fee Withdrawals will impact benefits and values under a Death Benefit or a guaranteed benefit. See the Death Benefit and Guaranteed Withdrawal Benefit Sections of the prospectus for more information on how withdrawals affect these benefits. Advisory Fee Withdrawals may not be available in all states, and certain firms may not allow withdrawals to pay advisory fees from your Contract Value. Please discuss the impact of Advisory Fee Withdrawals with your financial professional.
Additionally, if you elect to pay a third-party advisory fee out of your Contract Value, this deduction may reduce the Death Benefit(s) and other guaranteed benefits, and may be subject to federal and state income taxes and a 10% federal penalty tax. See Death Benefits, Benefits Available Under the Contract — Advisory Fee Withdrawals for Optional Rider(s), and Federal Tax Matters — Payment of Investment Advisory Fees.
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Important Information You Should Consider About the Lincoln PathBuilder Income® IRA Variable Annuity Contract 
 
FEES, EXPENSES, AND ADJUSTMENTS
Location in
Prospectus
Are There
Charges or
Adjustments for
Early
Withdrawals?
No:
There are no surrender charges associated with this Contract.
●N/A
Are There
Transaction
Charges?
No:
There are no transaction charges associated with this Contract.
●N/A
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 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. These charges do not reflect any advisory fees paid to a financial intermediary
from Contract Value or other assets of the Contractowner. If such charges were
reflected, the ongoing fees and expenses would be higher.
●Fee Tables
●Fee Tables –
Examples
●Charges, Other
Deductions,
and
Adjustments
●Appendix A –
Investment
Options
Available
Under the
Contract
 
Annual Fee
Minimum
Maximum
 
 
Base Contract
0.25%1
0.25%1
 
 
Base Contract – Guaranteed Withdrawal
Benefit
1.00%2
2.00%2
 
 
Fund fees and expenses
0.48%3
1.61%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 the Income Base.
 
 
3As a percentage of fund net assets, before expense reimbursements or fee waiver arrangements.
 
 
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.
 
 
Lowest Annual Cost: $3,031
Highest Annual Cost: $4,072
 
 
Assumes:
Assumes:
 
 
●Investment of $100,000
●5% annual appreciation
●Least expensive fund fees and
expenses
●No additional Purchase Payments,
transfers, or withdrawals
●No sales charges or advisory fees
●Investment of $100,000
●5% annual appreciation
●Most expensive fund fees and expenses
●No additional Purchase Payments,
transfers, or withdrawals
●No sales charges or advisory fees
 
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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.
●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
●Surrenders and
Withdrawals
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 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
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, 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 1-800-454-6265 or visiting
www.LincolnFinancial.com.
●Principal Risks
 
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 availability of investment options may vary depending on the broker-dealer
through which the Contract is sold.
●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.
●Investment Requirements apply to the Guaranteed Withdrawal Benefit.
●Principal Risks
●Investments of
the Variable
Annuity
Account
●Appendix A –
Investment
Options
Available
Under the
Contract
 
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
6
 
CONFLICTS OF INTEREST
Location in
Prospectus
How are
Investment
Professionals
Compensated?
●Your financial professional may receive compensation for selling this Contract to you,
in the form of commissions, additional cash benefits (e.g., bonuses), and non-cash
compensation. We may share the revenue we earn on this Contract with your
investment professional’s firm.
●This potential conflict of interest may influence your financial professional to
recommend this Contract over another investment for which the investment
professional is not compensated or compensated less.
●Distribution of
the Contracts
Should I
Exchange My
Contract?
●You should only exchange a 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.
●N/A
Benefits Available Under the Contract
The following table 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.
●0.25%
(as a percentage of
average Contract
Value)
●Poor investment performance could
significantly reduce the benefit.
●Withdrawals could significantly reduce
the benefit.
Guaranteed
Withdrawal Benefit
●Guaranteed lifetime periodic withdrawals;
●Automatic step-ups of the Income Base..
●2.00%
●Excess Withdrawals could significantly
reduce or terminate the benefit.
●Investment Requirements apply.
Portfolio Rebalancing
Allows you to automatically reallocate your
Contract Value among investment options
on a periodic basis based on your standing
allocation instructions.
None
●N/A.
Automatic Withdrawal
Service
Allows you to take periodic withdrawals
from your Contract automatically.
None
●N/A
●Withdrawals are subject to applicable
surrender charges, taxes, and tax
penalties.
●May result in Excess Withdrawals under
certain optional benefits.
Advisory Fee
Withdrawals
Allows you to take withdrawals from your
Contract to pay the advisory fees.
None
●May not be available in all states.
●You may take Advisory Fee Withdrawals
up to 1.25% annually without negatively
impacting your rider guarantees.
●The deduction of advisory fees from
Contract Value may reduce the Death
Benefit and other guaranteed benefits
(unless the requirements listed above are
met), and may be subject to federal and
state income taxes and a 10% federal
penalty tax.
Buying the Contract
If you wish to purchase a Contract, you must apply for it through a financial professional 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
7
your financial professional. 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 2340, Fort Wayne, IN 46801-2340, 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 financial professional, we will not begin processing your purchase order until we receive the application and initial Purchase Payment from your financial professional’s broker-dealer. While attempting to finish an incomplete application, we may 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
The Purchase Payment for the Contract must be made using Rollover Money from a qualified plan. Additional Purchase Payments are not permitted.
Purchase Payments totaling $5 million or more are subject to Home Office approval. This amount takes into consideration the total Purchase Payments for all variable annuity contracts issued by the Company (or its affiliates) in which you are the Contractowner, joint owner, or Annuitant.
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.
There are tax consequences for surrenders and withdrawals.
There are limitations associated with taking money out of the Contract, including the following:  
Limitations on withdrawal amounts
●The minimum withdrawal amount is $300.
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.
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Additional Information About Fees
Fee Tables
The following tables describe the fees and expenses 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. These charges do not reflect any advisory fees paid to a financial intermediary from Contract Value or other assets of the Contractowner. If such charges were reflected, the ongoing fees and expenses would be higher.
The first table describes the fees and expenses 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. State premium taxes may also be deducted.
 
TRANSACTION EXPENSES
  
There are no sales charges, deferred sales charges, or surrender charges associated with this Contract.
 
 
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).
 
ANNUAL CONTRACT EXPENSES
  
Base Contract Expense (as a percentage of average Contract Value)
 
 
Base Contract Expense
 
0.25%
 
 
 
Guaranteed Withdrawal Benefit:1
 
 
Guaranteed Maximum Annual Charge
 
2.00%
Current Annual Charge
 
1.00%
1
As percentage of the Income Base established at the time of the contract issue, as increased Automatic Step-ups and decreased upon an Excess Withdrawal. This
charge is deducted from the Contract Value on a quarterly basis. 
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.
0.48
%
1.61
%
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
0.48
%
1.46
%
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.
9
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. These examples do not reflect any advisory fees paid to a financial intermediary from the Contract Value or other assets of the Contractowner. If such charges were reflected, the ongoing fees and expenses would be higher. For more details. See Advisory Fee Withdrawals.
The 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 Guaranteed Withdrawal 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
$3,872
$11,745
$19,794
$40,713
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
$3,872
$11,745
$19,794
$40,713
For more information, see Charges, Other Deductions, and Adjustments in this prospectus and the prospectuses for the funds. Premium taxes may also apply, although they do not appear in the examples. Different fees and expenses not reflected in the examples may be imposed during a period in which Annuity Payouts are made. See Annuity Payouts. These examples should not be considered a representation of past or future expenses. Actual expenses may be more or less than those shown.
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Appendix A — Investment Options Available Under The Contract
The following is a list of funds currently available under the Contract. Investment Requirements related to the Guaranteed Withdrawal Benefit limit your ability 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 1-800-234-3500 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
Long-term growth of capital.
Invesco V.I. EQV International Equity Fund -
Series II Shares
1.15%
16.23%
3.42%
5.95%
Long-term growth of capital.
LVIP AllianceBernstein Large Cap Growth
Fund - Service Class
advised by Lincoln Financial Investments
Corporation
0.88%2
13.72%
8.18%
13.37%
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 growth and current
income by investing approximately 60% of
its assets in equity securities and the
remainder in bonds and other fixed-income
securities.
LVIP American Century Balanced Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
1.02%2
9.33%
6.23%
N/A
Long-term capital growth, income is
secondary objective.
LVIP American Century Large Company
Value Fund - Service Class
advised by Lincoln Financial Investments
Corporation
This fund will be reorganized to merge into
the LVIP American Century Value Fund on
or about June 5, 2026, subject to
shareholders approval.
0.85%2
15.23%
9.84%
9.35%
Long-term capital growth.
LVIP American Century Ultra® Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
0.90%2
12.67%
11.52%
17.00%
Long-term capital growth; income is a
secondary consideration.
LVIP American Century Value Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
This fund will be available on or about May
11, 2026. Please consult your financial
professional.
0.86%2
15.85%
11.47%
10.07%
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%
Long-term growth of capital. A master-
feeder fund.
LVIP American Global Growth Fund -
Service Class II
advised by Lincoln Financial Investments
Corporation
1.04%
21.23%
7.85%
11.76%
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
Growth of capital. A master-feeder fund.
LVIP American Growth Fund - Service Class
II
advised by Lincoln Financial Investments
Corporation
0.94%
19.82%
12.98%
17.55%
Long-term growth of capital and income. A
master-feeder fund.
LVIP American Growth-Income Fund -
Service Class II
advised by Lincoln Financial Investments
Corporation
0.88%
17.67%
13.51%
13.52%
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%
Long-term growth of capital. A master-
feeder fund.
LVIP American International Fund - Service
Class II
advised by Lincoln Financial Investments
Corporation
1.15%
26.27%
3.01%
6.60%
Capital appreciation.
LVIP Baron Growth Opportunities Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
1.15%2
-10.08%
-0.33%
8.78%
Long-term capital appreciation.
LVIP BlackRock Equity Dividend Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
0.96%2
13.09%
7.97%
8.27%
High total investment return.
LVIP BlackRock Global Allocation Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
0.97%2
18.41%
5.84%
N/A
To maximize real return, consistent with
preservation of real capital and prudent
investment management.
LVIP BlackRock Inflation Protected Bond
Fund - Service Class
advised by Lincoln Financial Investments
Corporation
1.10%
5.49%
2.36%
2.76%
Total return through a combination of
current income and long-term capital
appreciation.
LVIP BlackRock Real Estate Fund - Service
Class
advised by Lincoln Financial Investments
Corporation
1.11%2
8.63%
2.45%
3.42%
Long-term capital appreciation.
LVIP Dimensional U.S. Core Equity 1 Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
0.74%2
15.26%
12.75%
13.27%
Maximum long-term total return consistent
with reasonable risk.
LVIP Fidelity Institutional AM® Total Bond
Fund - Service Class
advised by Lincoln Financial Investments
Corporation
0.81%2
6.40%
-0.65%
2.25%
Maximum current income (yield) consistent
with a prudent investment strategy.
LVIP Franklin Templeton Core Bond Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
0.72%
6.87%
-0.79%
1.88%
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
To maximize long-term capital appreciation.
LVIP Franklin Templeton Multi-Factor
Emerging Markets Equity Fund - Service
Class
advised by Lincoln Financial Investments
Corporation
0.71%2
33.98%
8.80%
7.62%
To maximize long-term capital appreciation.
LVIP Franklin Templeton Multi-Factor
International Equity Fund - Service Class
advised by Lincoln Financial Investments
Corporation
0.65%2
35.26%
11.70%
8.13%
To maximize long-term capital appreciation.
LVIP Franklin Templeton Multi-Factor Large
Cap Equity Fund - Service Class
advised by Lincoln Financial Investments
Corporation
0.61%2
18.39%
15.89%
13.26%
To maximize long-term capital appreciation.
LVIP Franklin Templeton Multi-Factor SMID
Cap Equity Fund - Service Class
advised by Lincoln Financial Investments
Corporation
0.62%
13.30%
11.41%
9.93%
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 Global Moderate Allocation Managed
Risk Fund - Service Class
advised by Lincoln Financial Investments
Corporation
1.05%2
11.24%
4.44%
5.38%
Current income while maintaining a stable
value of the investors' shares and
preserving the value of the investors' initial
investment.
LVIP Government Money Market Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
0.63%2
3.71%
2.79%
1.70%
Current income and some capital
appreciation. A fund of funds.
LVIP JPMorgan Retirement Income Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
0.93%2
11.82%
4.12%
5.28%
Maximum total return, consistent with
reasonable risk.
LVIP JPMorgan Short Duration Bond Fund
- Service Class
advised by Lincoln Financial Investments
Corporation
0.77%2
4.87%
1.55%
2.03%
Long-term capital appreciation.
LVIP MFS International Growth Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
1.04%2
18.81%
6.82%
9.46%
Capital appreciation.
LVIP MFS Value Fund - Service Class
advised by Lincoln Financial Investments
Corporation
0.86%2
12.78%
9.72%
9.82%
Current income consistent with the
preservation of capital.
LVIP Mondrian Global Income Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
0.91%2
6.14%
-3.54%
0.11%
Long-term capital appreciation as
measured by the change in the value of
fund shares over a period of three years or
longer.
LVIP Mondrian International Value Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
0.99%2
36.05%
10.96%
7.63%
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
Total return.
LVIP Nomura Diversified Floating Rate Fund
- Service Class
advised by Lincoln Financial Investments
Corporation
0.89%2
4.51%
3.09%
2.51%
To maximize long-term capital appreciation.
LVIP Nomura Mid Cap Value Fund - Service
Class
advised by Lincoln Financial Investments
Corporation
0.77%
12.95%
11.33%
10.29%
Long-term capital appreciation.
LVIP Nomura SMID Cap Core Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
1.10%2
8.53%
8.77%
9.34%
To maximize long-term capital appreciation.
LVIP Nomura Social Awareness Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
0.79%
14.65%
12.58%
13.13%
Maximum long-term total return, with
capital appreciation as a secondary
objective.
LVIP Nomura U.S. REIT Fund - Service
Class
advised by Lincoln Financial Investments
Corporation
1.13%2
0.72%
5.24%
3.74%
To match as closely as practicable, before
fees and expenses, the performance of the
Bloomberg U.S. Aggregate Index.
LVIP State Street Bond Index Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
0.62%2
6.53%
-0.97%
1.42%
To approximate as closely as practicable,
before fees and expenses, the performance
of a broad market index of non-U.S. foreign
securities.
LVIP State Street International Index Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
0.63%2
30.85%
8.39%
7.73%
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 State Street Moderate Index Allocation
Fund - Service Class
advised by Lincoln Financial Investments
Corporation
0.75%
15.35%
5.59%
7.16%
To approximate as closely as practicable,
before fees and expenses, the total rate of
return of common stocks publicly traded in
the United States, as represented by the
S&P 500 Index.
LVIP State Street S&P 500 Index Fund -
Service Class3
advised by Lincoln Financial Investments
Corporation
0.48%
17.30%
13.88%
14.26%
To approximate as closely as practicable,
before fees and expenses, the performance
of the Russell 2000® Index, which
emphasizes stocks of small U.S.
companies.
LVIP State Street Small-Cap Index Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
0.63%2
12.18%
5.47%
8.90%
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 Structured Moderate Allocation Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
0.81%
16.98%
6.90%
7.32%
To maximize capital appreciation.
LVIP T. Rowe Price Structured Mid-Cap
Growth Fund - Service Class
advised by Lincoln Financial Investments
Corporation
0.96%2
10.76%
7.14%
12.62%
A-4
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 capital appreciation.
LVIP Wellington SMID Cap Value Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
1.03%2
2.16%
8.97%
8.26%
Total return.
MFS® VIT Utilities Series - Service Class
advised by Massachusetts Financial
Services Company
1.03%2
14.76%
7.38%
9.22%
Long-term capital appreciation.
Nomura VIP Emerging Markets Series -
Service Class
1.46%2
80.77%
8.48%
11.85%
Capital appreciation.
Nomura VIP Small Cap Value Series -
Service Class
1.04%
7.83%
8.93%
8.84%
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.
3
The Index to which this fund is managed to is a product of S&P Dow Jones Indices LLC (SPDJI) and has been licensed for use by one or more of the portfolio’s service providers (licensee). Standard & Poor’s®, S&P®, S&P GSCI® and S&P 500® are registered trademarks of S&P Global, Inc. or its affiliates (S&P) and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones). The trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by the licensee. The licensee’s products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, or their third party licensors, and none of these parties or their respective affiliates or third party licensors make any representation regarding the advisability of investing in such products, nor do they have liability for any errors, omissions, or interruptions of the Index.
4
“Standard & Poor’s®,” “S&P®,” “Standard & Poor’s Equal Weight Index,” “S&P EWI,” “S&P 500®,” “Standard & Poor’s 500” and “500” are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by the Invesco V.I. Equally-Weighted S&P 500 Fund. The fund is not sponsored, endorsed, sold or promoted by S&P, and S&P makes no representation regarding the advisability of investing in the fund.
5
Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). The trademark has been licensed to S&P Dow Jones Indices LLC and has been sublicensed for use for certain purposes by First Trust Advisors L.P. The product is not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of purchasing the product.
A-5
Appendix B — Investment Requirements
As long as the Guaranteed Withdrawal Benefit rider is in effect, you will be subject to Investment Requirements. This means you will be limited in how much you can invest in certain Subaccounts of your Contract. You must comply with the Investment Requirements during the period of time you own the rider (the minimum time period for ownership, if any, is specified in the termination section). After that period, if you no longer comply with the Investment Requirements, the rider will be terminated. We impose Investment Requirements to reduce the risk of investment losses that may require use to use our own assets to make guaranteed payments under the rider.
Certain of the 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 reduce the risk of investment losses that may require us to use our own assets to make guaranteed payments under the 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 financial professional 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.
We have divided the Subaccounts of your Contract into groups and have specified the minimum or maximum percentages of Contract Value that must be in each group at the time you purchase the rider. The Investment Requirements may not be consistent with an aggressive investment strategy. You should consult with your financial professional to determine if the Investment Requirements are consistent with your investment objectives.
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.
In accordance with these Investment Requirements, 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. 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. If 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. Confirmation of the rebalancing will appear on your quarterly statement and you will not receive an individual confirmation after each reallocation.
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. 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:
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.
B-1
At this time, the Subaccount groups are as follows: 
Group 1
Investments must be at least 40% of Contract Value or Account Value.
LVIP BlackRock Inflation Protected Bond Fund
LVIP Fidelity Institutional AM® Total Bond Fund
LVIP Franklin Templeton Core Bond Fund
LVIP Government Money Market Fund
LVIP JPMorgan Short Duration Bond Fund
LVIP Mondrian Global Income Fund
LVIP Nomura Diversified Floating Rate Fund
LVIP State Street Bond Index Fund
 
Group 2
Investments cannot exceed 60% of Contract Value or Account Value.
Invesco V.I. EQV International Equity Fund
LVIP AllianceBernstein Large Cap Growth Fund
LVIP American Century Large Company Value Fund
LVIP American Century Ultra Fund
LVIP American Global Growth Fund
LVIP American Growth Fund
LVIP American Growth-Income Fund
LVIP American International Fund
LVIP Baron Growth Opportunities Fund
LVIP BlackRock Equity Dividend Fund
LVIP BlackRock Real Estate Fund
LVIP Dimensional U.S. Core Equity 1 Fund
LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund
LVIP Franklin Templeton Multi-Factor International Equity Fund
LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund
LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund
LVIP MFS International Growth Fund
LVIP MFS Value Fund
LVIP Mondrian International Value Fund
LVIP Nomura Mid Cap Value Fund
LVIP Nomura SMID Cap Core Fund
LVIP Nomura Social Awareness Fund
LVIP Nomura U.S. REIT Fund
LVIP State Street International Index Fund
LVIP State Street S&P 500 Index Fund
LVIP State Street Small-Cap Index Fund
LVIP T. Rowe Price Structured Mid-Cap Growth Fund
LVIP Wellington SMID Cap Value Fund
MFS VIT Utilities Series
Nomura VIP Emerging Markets Series
Nomura VIP Small Cap Value Series
The fixed accounts are not available with these riders.
As an alternative to satisfy these Investment Requirements, you may allocate 100% of your Contract Value among the funds listed below. If you allocate less than 100% of Contract Value among these funds, then the funds listed below that are also listed in Group 1 will be subject to Group 1 restrictions. Any remaining funds listed below that are not listed in Group 1 will fall into Group 2 and be
subject to Group 2 restrictions.  
LVIP American Balanced Allocation Fund
LVIP American Century Balanced Fund
LVIP American Global Balanced Allocation Managed Risk Fund
LVIP American Income Allocation Fund
LVIP BlackRock Global Allocation Fund
LVIP BlackRock Inflation Protected Bond Fund
LVIP Fidelity Institutional AM® Total Bond Fund
LVIP Franklin Templeton Core Bond Fund
LVIP Global Moderate Allocation Managed Risk Fund
LVIP Government Money Market Fund
LVIP JPMorgan Retirement Income Fund
LVIP JPMorgan Short Duration Bond Fund
LVIP Mondrian Global Income Fund
LVIP Nomura Diversified Floating Rate Fund
LVIP State Street Bond Index Fund
LVIP State Street Moderate Index Allocation Fund
LVIP Structured Moderate Allocation Fund
 
B-2
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.:
333-267957; 811-03214
EDGAR Contract Identifier:
C000240383

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