Form 497VPI LINCOLN NATIONAL VARIABL

April 29, 2026 11:22 AM EDT
Multi-Fund® Select
Individual Variable Annuity Contracts
Summary Prospectus for New Investors
May 1, 2026
This summary prospectus summarizes key features of the Multi-Fund® Select 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 Multi-Fund® Select 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 1-800-454-6265 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, 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 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 Subaccounts 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 payments are based.
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 Annuity Commencement Date.
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—At any given time before the Annuity Commencement Date, 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.
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.
Investment Requirements—Restrictions in how you may allocate your Subaccount investments if you own i4LIFE® Advantage.
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.
Secondary Life—Under i4LIFE® Advantage, the person designated by the Contractowner upon whose life the annuity payments will also be contingent.
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 Multi-Fund® Select Individual Variable Annuity Contract 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; and
A fixed account option, which guarantees principal and a minimum interest rate.
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 and you will no longer be able 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, please note:
If you previously elected i4LIFE® Advantage, you may continue to withdraw money from your Contract and have a Death Benefit for a limited period of time after you begin receiving income payments.
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 a surrender charge and/or 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) making a withdrawal; (2) receiving a payment from us; or (3) payment of a Death Benefit.
Death Benefits. In general, the Contract includes a standard Death Benefit that will pay your designated beneficiaries the Contract Value at the time of your death (or for periodic premium contracts, total Purchase Payments, less any withdrawals and outstanding loan balance, if greater). Enhanced Death Benefits may be purchased for an additional fee. An enhanced Death Benefit may increase the amount of money payable to your designated beneficiaries upon your death.
Additional Services. The additional services listed below are available under the Contract for no additional charge (unless otherwise indicated).
Dollar-Cost Averaging. Allows you to automatically transfer money between certain investment options on a monthly basis.
Portfolio Rebalancing. Allows you to automatically reallocate your money among investment options on a periodic basis based on your instructions.
Automatic Withdrawal Service. Allows you to automatically take periodic withdrawals from your Contract.
Cross-Reinvestment. When the amount invested in an investment option exceeds a certain amount, this service automatically transfers the excess amount to another investment option.
Loans. If you participate in a retirement plan that allows participant loans and the additional loan set-up fee under the Contract is permitted by law, you may be able to take a loan against your Contract.
4

Important Information You Should Consider About the Multi-Fund® Select Individual 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 Purchase Payment prior
to the 8th 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 two years 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 are also taxes and tax penalties. A surrender charge will not
apply if your withdrawal is made after the 8th anniversary since your Purchase Payment
was invested.
Fee Tables
Fee Tables –
Examples
Charges, Other
Deductions,
and
Adjustments –
Surrender
Charge
Are There
Transaction
Charges?
Yes:
Depending on the state of your residence, a one-time fee of up to $35 may be charged
to set up and process a loan and the outstanding amount of the loan may be subject to a
loan maintenance fee.
Fee Tables
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 (varies by Contract)
1.009%1
Fund fees and expenses
0.48%2
1.40%2
Optional benefits available for an
additional charge (for a single optional
benefit, if elected)
0.48%1
1.50%1
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.
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 that substantially
increase costs.
Lowest Annual Cost: $1,826
Highest Annual Cost: $4,166
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 and fund fees and
expenses
No surrender charges
No additional Purchase Payments,
transfers, or withdrawals
5

 
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 an
investor who needs ready access to cash.
A surrender or withdrawal may result in surrender charges. Any surrender charges
will reduce the value of your Contract or the amount of money that you actually
receive.
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
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-
800-454-6265 or visiting www.LincolnFinancial.com.
Principal Risks
Fixed Side of
the Contract
 
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.
We reserve the right to remove or substitute the funds that are available as
investment options under the Contract.
Principal Risks
Fixed Side of
the Contract
Appendix A –
Investment
Options
Available
Under the
Contract
Are There any
Restrictions on
Contract
Benefits?
Yes:
There are additional restrictions and limitations under the Contract’s optional
benefits.
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.
We may modify or stop offering an optional benefit that is currently available at any
time.
The Contracts
Benefits
Available
Under the
Contract
Appendix B –
Investment
Requirements
6

 
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, 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 registered representative 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?
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 a contract you already own 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
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
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.
Cross-Reinvestment/
Earnings Sweep
Service
When the amount invested in an investment
option exceeds a baseline amount, allows
you to automatically transfer the excess
amount to another investment option.
None
Cannot be used simultaneously with
dollar cost averaging or portfolio
rebalancing.
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, taxes, and tax
penalties.
May result in Excess Withdrawals under
certain optional benefits.
7

Optional Benefits – Available for Election
Name of Benefit
Purpose
Maximum Fee
Brief Description of Restrictions /
Limitations
Loans
You may be eligible to take a loan against
your Contract Value.
One-time fee of up
to $35 to set up and
process loan.
Only available to Participants in a tax
deferred retirement plan that allows
Participant loans.
Loans are subject to a variety of
limitations, including restrictions as to
the loan amount, the loan’s duration, the
rate of interest, and the manner of
repayment.
Loan reserve account does not
participate in the investment experience
of the Sub-Accounts, which can impact
the Contract Value and Death Benefit,
even if the loan is repaid in full.
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 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 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 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, 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.
For additional Purchase Payments the minimum payment to the Contract at any one time is $100 ($25 if transmitted electronically), and the minimum annual amount is $600. 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.
Purchase Payments totaling $250,000 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 Contractowner and/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.
8

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 $100. 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. 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.
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 $100.
Surrender charges and taxes
There may be surrender charges and tax implications
when you take out money.
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.
9

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.
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, and/or the fixed account (if available). State premium taxes may also be deducted.
TRANSACTION EXPENSES
The maximum surrender charge (contingent deferred sales charge)(as a percentage of Contract Value
surrendered / withdrawn):1
6.0%
 
Loan Set-up Fee (if you participate in a group retirement plan that allows for loans and such fee is
permissible by law):
$35.00 (per loan)
 
1
The surrender charge percentage is reduced over time. The later the redemption occurs, the lower the surrender charge with respect to that surrender or withdrawal. We may waive this charge in certain situations. The cumulative surrender charge will never exceed 9% of the Purchase Payments applied to the Contract.
See Charges, Other Deductions, and Adjustments — Surrender Charge.
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
Administrative Expense (Annual Account Fee)1
 
$25.00
 
 
 
Base Contract Expenses (as a percentage of average Contract Value)
 
 
Mortality and Expense Risk Charge
 
1.002%
Loan Interest (annually of the amount held in the loan account):
 
7.0%
1
The Account Fee may be reduced or eliminated for any particular contract.
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
%
1.40
%
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
%
1.31
%
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.
10

EXAMPLES
This Example is 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 Contractowner transaction expenses, contract fees, separate account annual expenses, and fund fees and expenses.
This Example assumes all Contract Value is allocated to the variable investment options. Your costs could differ from those shown below if you invest in the fixed account option (if available).
This 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 you have elected i4LIFE® Advantage and assumes the maximum fees and expenses of the Contract and any of the funds. 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
$10,036
$18,234
$24,498
$41,654
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
$3,973
$12,043
$20,284
$41,654
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 the Contracts – 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.
11

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 1-800-454-6265 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.
AB VPS Sustainable Global Thematic
Portfolio - Class B
advised by AllianceBernstein L.P.
1.19%2
6.02%
3.02%
9.80%
Long-term growth of capital.
American Funds® IS Global Growth Fund -
Class 2
advised by Capital Research and
Management Company
0.65%2
21.62%
8.23%
12.17%
Growth of capital.
American Funds® IS Growth Fund - Class 2
advised by Capital Research and
Management Company
0.58%
20.24%
13.37%
17.97%
Long-term growth of capital and income.
American Funds® IS Growth-Income Fund
- Class 2
advised by Capital Research and
Management Company
0.53%
18.06%
13.90%
13.92%
Long-term growth of capital.
American Funds® IS International Fund -
Class 2
advised by Capital Research and
Management Company
0.72%2
26.77%
3.40%
7.00%
Capital appreciation. A fund of funds.
DWS Alternative Asset Allocation VIP
Portfolio - Class B
advised by DWS Investment Management
Americas, Inc.
1.31%
10.03%
4.88%
4.52%
Long-term capital appreciation.
Fidelity® VIP Contrafund® Portfolio -
Service Class 2
0.79%
21.24%
15.08%
15.49%
High total return with a secondary objective
of principal preservation as the fund
approaches its target date and beyond. A
fund of funds.
Fidelity® VIP Freedom 2020 PortfolioSM -
Service Class 2
0.69%
12.99%
4.57%
7.11%
High total return with a secondary objective
of principal preservation as the fund
approaches its target date and beyond. A
fund of funds.
Fidelity® VIP Freedom 2025 PortfolioSM -
Service Class 2
0.71%
14.23%
5.25%
7.75%
High total return with a secondary objective
of principal preservation as the fund
approaches its target date and beyond. A
fund of funds.
Fidelity® VIP Freedom 2030 PortfolioSM -
Service Class 2
0.74%
15.16%
5.98%
8.61%
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
High total return with a secondary objective
of principal preservation as the fund
approaches its target date and beyond. A
fund of funds.
Fidelity® VIP Freedom 2035 PortfolioSM -
Service Class 2
0.78%
16.42%
7.28%
9.72%
High total return with a secondary objective
of principal preservation as the fund
approaches its target date and beyond. A
fund of funds.
Fidelity® VIP Freedom 2040 PortfolioSM -
Service Class 2
0.82%
18.44%
8.73%
10.59%
High total return with a secondary objective
of principal preservation as the fund
approaches its target date and beyond. A
fund of funds.
Fidelity® VIP Freedom 2045 PortfolioSM -
Service Class 2
0.85%
19.53%
9.16%
10.82%
High total return with a secondary objective
of principal preservation as the fund
approaches its target date and beyond. A
fund of funds.
Fidelity® VIP Freedom 2050 PortfolioSM -
Service Class 2
0.85%
19.50%
9.15%
10.81%
High total return with a secondary objective
of principal preservation as the fund
approaches its target date and beyond. A
fund of funds.
Fidelity® VIP Freedom 2055 PortfolioSM -
Service Class 2
0.85%
19.53%
9.16%
N/A
High total return with a secondary objective
of principal preservation as the fund
approaches its target date and beyond. A
fund of funds.
Fidelity® VIP Freedom 2060 PortfolioSM -
Service Class 2
0.85%
19.53%
9.17%
N/A
To achieve capital appreciation.
Fidelity® VIP Growth Portfolio - Service
Class 2
0.80%
14.63%
13.42%
17.16%
Capital appreciation.
LVIP Baron Growth Opportunities Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
1.15%2
-10.08%
-0.33%
8.78%
Reasonable income.
LVIP BlackRock Dividend Value Managed
Volatility Fund - Service Class
advised by Lincoln Financial Investments
Corporation
0.88%2
11.56%
10.13%
8.70%
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%
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
Long-term growth of capital in a manner
consistent with the preservation of capital.
LVIP Blended Large Cap Growth Managed
Volatility Fund - Service Class
advised by Lincoln Financial Investments
Corporation
0.91%2
5.26%
11.82%
11.81%
Capital appreciation.
LVIP Blended Mid Cap Managed Volatility
Fund - Service Class
advised by Lincoln Financial Investments
Corporation
0.97%2
2.65%
4.32%
9.63%
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%
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%
A high level of current income with some
consideration given to growth of capital. A
fund of funds.
LVIP Global Conservative Allocation
Managed Risk Fund - Service Class
advised by Lincoln Financial Investments
Corporation
1.05%2
9.51%
3.13%
4.64%
Long-term capital growth.
LVIP Global Equity Managed Volatility Fund
- Service Class
advised by Lincoln Financial Investments
Corporation
0.95%2
13.22%
8.82%
8.02%
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 Global Growth Allocation Managed
Risk Fund - Service Class
advised by Lincoln Financial Investments
Corporation
1.04%2
13.26%
5.31%
5.94%
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%
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
Long-term capital appreciation.
LVIP JPMorgan Select Mid Cap Value
Managed Volatility Fund - Service Class
advised by Lincoln Financial Investments
Corporation
1.03%2
1.26%
8.74%
7.06%
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%
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%
Total return and, as a secondary objective,
high current income.
LVIP Nomura High Yield Fund - Service
Class
advised by Lincoln Financial Investments
Corporation
1.02%2
8.94%
3.75%
5.58%
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%
Long-term growth of capital. A fund of
funds.
LVIP State Street Global Tactical Allocation
Managed Volatility Fund - Service Class
advised by Lincoln Financial Investments
Corporation
0.86%2
14.09%
6.34%
6.36%
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-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
Capital appreciation. A fund of funds.
LVIP State Street International Managed
Volatility Fund - Service Class
advised by Lincoln Financial Investments
Corporation
0.87%2
24.69%
6.54%
5.31%
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%
The highest total return over time
consistent with an emphasis on both
capital growth and income. A fund of funds.
LVIP T. Rowe Price 2020 Fund - Service
Class
advised by Lincoln Financial Investments
Corporation
0.89%2
12.74%
5.21%
6.60%
The highest total return over time
consistent with an emphasis on both
capital growth and income. A fund of funds.
LVIP T. Rowe Price 2030 Fund - Service
Class
advised by Lincoln Financial Investments
Corporation
0.92%2
14.71%
6.58%
7.60%
The highest total return over time
consistent with an emphasis on both
capital growth and income. A fund of funds.
LVIP T. Rowe Price 2040 Fund - Service
Class
advised by Lincoln Financial Investments
Corporation
0.96%2
17.84%
8.62%
8.94%
The highest total return over time
consistent with an emphasis on both
capital growth and income. A fund of funds.
LVIP T. Rowe Price 2050 Fund - Service
Class
advised by Lincoln Financial Investments
Corporation
0.98%2
19.35%
9.47%
9.77%
The highest total return over time
consistent with an emphasis on both
capital growth and income. A fund of funds.
LVIP T. Rowe Price 2060 Fund - Service
Class
advised by Lincoln Financial Investments
Corporation
0.98%2
19.48%
9.65%
N/A
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%
Long-term capital appreciation. A fund of
funds.
LVIP Vanguard Domestic Equity ETF Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
0.55%2
16.18%
12.43%
13.50%
A-5

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. A fund of
funds.
LVIP Vanguard International Equity ETF
Fund - Service Class
advised by Lincoln Financial Investments
Corporation
0.57%2
31.23%
7.02%
7.87%
Total return.
MFS® VIT Utilities Series - Service Class
advised by Massachusetts Financial
Services Company
1.03%2
14.76%
7.38%
9.22%
Capital appreciation.
Nomura VIP Small Cap Value Series -
Service Class
1.04%
7.83%
8.93%
8.84%
Maximum total return, consistent with
preservation of capital and prudent
investment management.
PIMCO VIT Total Return Portfolio -
Administrative Class
advised by Pacific Investment Management
Company, LLC
0.73%
8.89%
0.02%
2.36%
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.
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
Fixed Account
N/A
1.75%*
DCA Fixed Account
3 –60 months
1.75%
*State specific variances may apply. Please consult your registered representative with any questions.
A-6

Appendix B — Investment Requirements
Contractowners who have elected i4LIFE® Advantage with the Guaranteed Income Benefit will be subject to the following requirements on variable Subaccount investments. If you do not elect i4LIFE® Advantage, the Investment Requirements will not apply to your Contract. 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.
We do not intend to enforce the Investment Requirements at this time. We will notify you at least 30 days in advance of when the Investment Requirements will be enforced. Our decision to enforce these requirements will be based on our review of the Subaccount investments of the Contractowners who have this rider and market conditions.
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, 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.
No more than 35% of your Contract Value (includes Account Value if i4LIFE® Advantage is in effect) can be invested in the following
Subaccounts (“Limited Subaccounts”):
AB VPS Sustainable Global Thematic Portfolio
American Funds® IS Global Growth Fund
American Funds® IS International Fund
Fidelity® VIP Freedom 2040 PortfolioSM
Fidelity® VIP Freedom 2045 PortfolioSM
Fidelity® VIP Freedom 2050 PortfolioSM
LVIP Baron Growth Opportunities Fund
LVIP BlackRock Real Estate Fund
LVIP Blended Mid Cap Managed Volatility Fund
LVIP Franklin Templeton Global Equity Managed Volatility Fund
LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund
LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund
LVIP Mondrian International Value Fund
LVIP Nomura High Fund
LVIP Nomura Mid Cap Value Fund
LVIP Nomura SMID Cap Core Fund
LVIP Nomura U.S. REIT Fund
LVIP State Street Global Tactical Allocation Managed Volatility Fund
LVIP State Street International Index Fund
LVIP State Street International Managed Volatility Fund
LVIP State Street Small-Cap Index Fund
LVIP T. Rowe Price 2040 Fund
LVIP T. Rowe Price 2050 Fund
LVIP T. Rowe Price Structured Mid-Cap Growth Fund
LVIP Vanguard International Equity ETF Fund
MFS® VIT Utilities Series
Nomura VIP Small Cap Value Series
All other variable Subaccounts will be referred to as “Non-Limited Subaccounts” except for the DWS Alternative Asset Allocation VIP Portfolio which is not available for investment.
You can select the percentages of Contract Value, if any, allocated to the Limited Subaccounts, but the cumulative total investment in all the Limited Subaccounts cannot exceed 35% of the total Contract Value. On each quarterly anniversary of the effective date of i4LIFE® Advantage, if the Contract Value in the Limited Subaccounts exceeds 35%, Lincoln will rebalance your Contract Value so that the Contract Value in the Limited Subaccounts is 30%.
If rebalancing is required, the Contract Value in excess of 30% will be removed from the Limited Subaccounts on a pro rata basis and invested in the remaining Non-Limited Subaccounts on a pro rata basis according to the Contract Value percentages in the Non-Limited Subaccounts at the time of the reallocation. If there is no Contract Value in the Non-Limited Subaccounts at that time, portfolio rebalancing will be paused until updated allocation instructions are received from you. We will provide you with notice of such change.
We may move Subaccounts on or off the Limited Subaccount list, change the percentages of Contract Value allowed in the Limited Subaccounts or change the frequency of the Contract Value rebalancing, at any time, in our sole discretion, but we will not make changes more than once per calendar year. 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 or when you are notified that we will begin enforcing the Investment Requirements, you may:
1.
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

2.
submit your own reallocation instructions for the Contract Value in excess of 35% in the Limited Subaccounts; or
3.
take no action and be subject to the quarterly rebalancing as described above.
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.:
333-112927; 811-03214
EDGAR Contract Identifier:
C000007620



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