Form 497VPI THRIVENT VARIABLE ANNUIT

April 29, 2026 1:58 PM EDT
 
 
Thrivent AdvisorFlex Variable AnnuityTM
Thrivent Variable Annuity Account I
 
Summary Prospectus for New Investors
April 30, 2026
This summary prospectus summarizes key features of the Thrivent AdvisorFlex Variable Annuity Contract (the “ Contract”) offered by Thrivent Financial for Lutherans (“Thrivent,” “we,” “us” or “our”), a fraternal benefit society organized under Wisconsin law. Before you invest, you should review the statutory prospectus for the Contract, which contains more information about the features, benefits and risks. You can find this document and other information about the Contract online at dfinview.com/Thrivent/AdvisorFlex. You can also obtain this information in paper at no cost by calling 1-800-847-4836, or by sending an email request to [email protected].
The Contract is sold by a broker-dealer through their registered investment advisors. The Contract is intended to be used by investors who have engaged a financial advisor to manage their Contracts’ Accumulated Value for a fee, which is charged in addition to the Contract fees and expenses. If you elect to have the investment advisor fee deducted from the Contract, this deduction may reduce the death benefit or the optional death benefit (if elected) and may be subject to federal and state income taxes and a 10% federal tax penalty. Pursuant to guidance provided by the Internal Revenue Service in a series of Private Letter Rulings, we will only permit the automatic deduction of investment advisor fees from the Contract to be directly paid to the registered investment advisor, if certain requirements are met.  If the requirements are met through you completing our form in good order, we will not treat the deduction of fees as taxable distributions.
This Contract has Variable Options and a Fixed Account option. Additional information about each Variable Option can be found in the Appendix. This Contract is a complex investment and involves risks, including loss of principal. The Contract is not a short-term investment and is not appropriate for an investor who needs ready access to cash. Withdrawals could result in surrender charges, taxes, and tax penalties, as applicable. Thrivent’s obligations under the Contract are subject to its financial strength and claims-paying ability.
Your financial advisor may offer other variable annuity with different products features, benefits, and charges. Ask your financial advisor about availability and the details. This prospectus also describes certain optional features, not all of which may be available at the time you are interested in purchasing your Contract ; we reserve the right to prospectively restrict availability of certain optional features. We reserve the right to reject any applications, subject to any applicable nondiscrimination laws and to our own standards and guidelines.
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IF YOU ARE A NEW INVESTOR IN THE CONTRACT, YOU MAY CANCEL YOUR CONTRACT
WITHIN 10 DAYS OF RECEIVING IT WITHOUT PAYING FEES OR PENALTIES.
In some states, this cancellation period may be longer. 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 statutory prospectus, or consult with your financial professional, for additional information about the specific cancellation terms that apply.
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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.
The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.
Special Terms 
The sum of the values for your Contract in Subaccounts and the Fixed Account.
Age
The Annuitant’s Issue Age increased by one on each Contract Anniversary.
The person(s) named in the Contract whose life is used to determine the duration of
annuity payments involving life contingencies.
A date when annuity income payments begin.
The flexible premium deferred variable annuity contract offered by Thrivent Financial and
described in this prospectus.
The same date in each succeeding year as the Date of Issue.
The person who controls all the rights under the Contract while the Annuitant is alive. The
Annuitant is the Contract Owner, unless another owner is named in the Contract
application or the Contract is assigned to another person.
The period from one Contract Anniversary to the next. The first Contract Year will be the
period beginning on the Date of Issue and ending on the first Contract Anniversary.
The date on which the application is signed.
An investment allocation option that credits an interest rate. The Fixed Account is part of
our General Account. The Fixed Account is not a Subaccount. For the current interest
rate, please call our Service Center at 1-800-847-4836.
General Account
The General Account is the general account of Thrivent Financial, which consists of all
assets of Thrivent Financial other than those allocated to a Separate Account. Insurance
benefits are paid from the General Account and are subject to Thrivent’s claims-paying
ability.
A Variable Option or the Fixed Account available in this Contract.
The age of the Annuitant on his or her birthday nearest the Date of Issue.
Notice
A request signed by you or provided in another manner acceptable to us and received in
good order by us at our Service Center.
Each Subaccount invests exclusively in the shares of a corresponding Portfolio of the
Fund.
A retirement plan that receives favorable tax treatment under Section 408, 408A or similar
provisions of the Internal Revenue Code.
Service Center
Thrivent Financial for Lutherans, 4321 North Ballard Road, Appleton, Wisconsin
54919-0001, telephone, 1-800-847-4836, or such other office as we may specify in a
notice to the Contract Owner.
You may elect to convert all or some of your Accumulated Value into guaranteed annuity
payments from us. A death benefit, if any, would then depend on the option selected.
A subdivision of the Variable Account. Each Subaccount invests exclusively in the shares
of a corresponding Portfolio.
A charge that applies to withdrawals that have not met the waiting period. Each premium
payment has its own 3-year Surrender Charge period.
Thrivent Variable Annuity Account I, which is a Separate Account of Thrivent.
An Investment Option under the Contract of which the value of the contract during the
accumulation phase varies according to the investment experience of a Subaccount.
 
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Overview of the Contract
What is the Contract, and what is it designed to do?
The Contract is an individual flexible premium deferred variable annuity contract intended to help you accumulate assets for retirement or other long-term goals, through an investment in one or more Portfolios and the Fixed Account.
When you are ready to take money out of the annuity, the Contract offers withdrawals on an ad hoc or systematic basis. Annuities also provide you the option of electing from several types of annuity payments (settlement options), that can be guaranteed for a set timeframe or for your lifetime.
For whom is the Contract appropriate?
The Contract may be appropriate if you have a long-term investment horizon and desire ongoing investment advice for an additional fee. It is not appropriate for people who may need to make early or frequent withdrawals or who intend to engage in frequent trading. If you elect to have the advisory fee deducted from the Contract, this deduction may reduce the death benefit or the optional death benefit (if elected) and may be subject to federal and state income taxes and a 10% federal penalty tax. See Charges-Investment Advisor Fees for more information.
What are the phases of the Contract?
The Contract has two phases, the accumulation phase and the income phase.
During the accumulation phase, you may make premium payments and transfer Accumulated Value between the various investment options and the Fixed Account, subject to some limitations. Additional information about the available investment options can be found in the Appendix at the end of this document.
The income phase begins when we begin to make payments to you. If you elect to annuitize, you may have all or part of your Contract’s Accumulated Value converted into guaranteed annuity payments (a settlement option). Once you move to a settlement option, you may or may not have a death benefit or be able to take additional withdrawals, depending on the settlement option you choose.
What are the Contract’s primary features?
Investment Options: The Contract provides the opportunity for tax-deferred growth by allocating the Accumulated Value to a variety of investment options and the Fixed Account. For the current interest rate, please call our Service Center at 1-800-847-4836.
Tax Treatment: The premium payments you put into the Contract have the potential to accumulate on a tax-deferred basis. This means earnings are not taxed until money is paid out of the Contract.
Dollar Cost Averaging: You may choose one of two different dollar cost averaging programs that allow you to have automatic periodic transfers made to one or more of the variable investment options. Either dollar cost averaging program allows such investments to be made in installments over time.
Asset Rebalancing: You may choose the Asset Rebalancing program, which transfers your Accumulated Value among variable Portfolios on a regular basis according to your instructions. This can help you select a specific asset allocation and maintain it over time.
Death Benefits: The Contract offers a standard death benefit during the accumulation phase for your beneficiaries. There is also an optional death benefit rider, which you may add for an additional charge, that may increase the death benefit.
Settlement Options: You may elect to convert all or some of your Accumulated Value into guaranteed annuity payments from us. A death benefit, if any, would then depend on the option selected.
 
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What is the Member Dispute Resolution Program (MDRP)?
The MDRP provisions in Thrivent’s Articles of Incorporation and Bylaws apply to you as a member of Thrivent, including with respect to the purchase of the variable annuity described in this Prospectus. That means any claims regarding the variable annuity must be pursued exclusively through the MDRP, to the extent permitted by applicable law, and therefore neither Thrivent, nor its members, insureds, certificate owners, or beneficiaries, can pursue such claims against one another in other forums, such as state or federal court, even if they might later believe those forums are preferable. Claims submitted through MDRP that go to arbitration will be decided by an arbitrator, as opposed to being decided in court by a judge or jury. See General Description of the Registrant, Depositor and Portfolios.
 
5
Important Information You Should Consider About the Contract  
FEES AND EXPENSES
Location in
Statutory
Prospectus
Are There Charges
or Adjustments for
Early Withdrawals?
Yes. If you withdraw money from the Contract within 3 years of your last
premium payment, you may be assessed a Surrender Charge. The maximum
Surrender Charge is 2% during the first year after a premium payment and is
1% in years two and three. If you make an early withdrawal, you could pay a
Surrender Charge of up to $2,000 on a $100,000 investment.
You may surrender a free amount each Contract Year. In the first Contract
Year, the amount is 10% of the Accumulated Value existing at the time the
first surrender is made in that Contract Year. In subsequent years, the amount
is 10% of the Accumulated Value existing at the start of that Contract Year.
Fee Table
Are There
Transaction
Charges?
Yes. In addition to Surrender Charges , there may also be charges for other
transactions.
You may make 24 free Subaccount transfers in each Contract Year. On
subsequent Subaccount transfers (other than the Dollar Cost Averaging and
Automatic Asset Rebalancing Programs), you will incur a $25 transfer charge.
You will also pay a charge if you request a wire transfer of funds from your
Contract to another financial institution. That financial institution may also
charge a fee to receive a wire. You will also pay a charge if you request to
have a check sent to you using an overnight mail service.
Fee Table
Are There Ongoing
Fees and
Expenses?
Yes. 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 for information about the specific fees you
will pay each year based on the options you have elected. The fees and
expenses do not reflect any investment advisor fees paid from the Contract or
from other assets of the Contract Owner. If the investment advisor fees were
reflected, the fees and expenses would be higher.
Fee Table
Annual Fee
Minimum
Maximum
Base Contract (as a percentage of
daily net assets of each Portfolio)
0%
0.50%
Portfolio Company fees and
expenses (With Fund Facilitation Fee
added. Expenses that you pay as a
percentage of your investment.
Expenses may be higher or lower in
future years. More detail is contained
in the prospectus for each Portfolio )
0.22%
2.675%
Fund Facilitation Fees
Minimum
Maximum
These fees may be charged to make
certain external Portfolios available
as investment options under the
Contract (as a percentage of daily
net assets in the specified Portfolios )
0%
0.40%
Optional benefit available for an
additional charge (if elected)
Minimum
Maximum
Maximum Anniversary Death Benefit
(MADB) Rider Charge (as a
percentage of the MADB value)
0%
0.40%
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.
 
6
 
Lowest Annual Cost: $634
Highest Annual Cost: $3,255
 
Assumes:
Assumes:
Investment of $100,000
Investment of $100,000
5% annual appreciation
5% annual appreciation
Least expensive Portfolio fees
Most expensive combination of
optional benefits, Portfolio fees and
expenses including a 0.35% fund
facilitation fee.
No optional benefits
Maximum Anniversary Death Benefit
(MADB) Rider 0.20%
No sales charges or investment
advisor fees. Investment advisor fees
are in addition to the Contract
charges illustrated here.
No sales charges or investment
advisor fees. Investment advisor fees
are in addition to the Contract charges
illustrated here.
No additional premium payments,
transfers or withdrawals
No additional premium payments,
transfers or withdrawals
RISKS
Location in
Statutory
Prospectus
Is There a Risk of
Loss from Poor
Performance?
Yes. You can lose money investing in the Contract.
Principal Risks of
Investing in the
Contract
Is This a
Short-Term
Investment?
No. The Contract is not a short-term investment and is not appropriate for you
if you need ready access to cash. Each premium payment has a separate
3-year Surrender Charge that may decrease the surrender value.
Amounts withdrawn from the Contract may result in surrender charges, taxes,
and tax penalties.
Principal Risks of
Investing in the
Contract
What Are the Risks
Associated with the
Investment
Options?
An investment in the Contract is subject to the risk of poor investment
performance and can vary depending on the performance of the Investment
Options available under the Contract. Each Investment Option (including the
Fixed Account) will have its own unique risks, and you should review these
investment options before making an investment decision.
Principal Risks of
Investing in the
Contract
What are the Risks
Related to the
Insurance
Company?
An investment in the Contract is subject to the risks related to Thrivent. Any
obligations (including those under the Fixed Account), guarantees or benefits
are subject to the claims-paying ability of Thrivent. More information about
Thrivent, including its financial strength ratings are available upon request
bycalling 1-800-847-4836 or by sending an email to [email protected].
Principal Risks of
Investing in the
Contract
RESTRICTIONS
Location in
Statutory
Prospectus
Are There Limits
on the Investment
Options?
Yes. We reserve the right to add, delete, combine or substitute investment
options.
The total amount transferred from a Subaccount or the Fixed Account must
be at least $200. However, if the total value in a Subaccount or the Fixed
Account is less than $200, the entire amount may be transferred.
The amount transferred from the Fixed Account in any Contract Year may not
exceed the greater of $10,000 or 50% of the Accumulated Value in the Fixed
Account, excluding any Accumulated Value in the DCA Fixed Account, at the
time the first transfer is made in that Contract Year.
Purchases and
Contract Value –
 
7
Are There Any
Restrictions on
Contract Benefits?
Yes. You may only select the Maximum Anniversary Death Benefit (MADB)
Rider at the time of Contract application for an additional charge.
The MADB is decreased by the same proportion as the Accumulated Value
was decreased by a partial surrender. This may reduce the rider value by an
amount greater than the value withdrawn or could terminate the benefit.
Premium amounts of $1 million or greater will require prior approval, and we
reserve the right to limit the total amount of all premiums paid on the Contract
to $1 million
If you elect to pay the investment advisor fee from the Accumulated Value of
the Contract, this deduction will reduce the value of the death benefit and
optional death benefit (if elected), and may be subject to federal and state
income taxes and a 10% federal penalty tax. See Charges – Investment
Advisor Fees in the statutory prospectus for additional information.
Benefits Available
Under the Contract
TAXES
Location in
Statutory
Prospectus
Taxes – What are
the Contract’s Tax
Implications?
You should consult with a tax professional to determine the tax implications of
an investment in and withdrawals or benefits received under the Contract.
There is no additional tax benefit if the Contract is purchased through a
tax-qualified plan or individual retirement account (IRA). Withdrawals may be
subject to ordinary income tax and may be subject to a 10% federal tax
penalty, if under age 59 1∕2 and no exception applies.
Taxes
CONFLICTS OF INTEREST
Location in
Statutory
Prospectus
How are
Investment
Professionals
Compensated?
Financial advisors receive compensation for selling the Contracts. Pursuant to
guidance provided by the Internal Revenue Service in a series of Private
Letter Rulings, we will only permit the automatic deduction of investment
advisor fees from the Contract to be directly paid to the registered investment
advisor, if certain requirements are met. If the requirements are met through
you completing our form in good order, we will not treat the deduction of fees
as taxable distributions.
Financial advisors may have a financial incentive to offer or recommend the
Contract over another investment.
Distribution of the
Contracts
Should I Exchange
My Contract?
Financial advisors may have a financial incentive to offer you a new contract
in place of the one you already own. You should only exchange your contract
if you determine, after comparing the features, fees, and risks of both
contracts, and any fees or penalties to terminate the existing contract, that it
is preferable for you to purchase the new Contract rather than continue to
own the existing contract.
Taxes –
Exchanges of
Annuity
Contracts
 
8
Benefits Available Under the Contract
The following tables summarize information about the benefits under the Contract.
Death Benefits 
Name of Benefit
Purpose
Is Benefit
Standard or
Optional
Maximum Fee
Current Fee
Brief Description
of Restrictions
and Limitations
Standard
Death Benefit
A Standard Death
Benefit is payable
if an Annuitant
dies before the
Annuity Date. It is
equal to the
greater of the
Accumulated
Value or the
premiums
adjusted for
withdrawals.
Withdrawals
decrease the
Standard Death
Benefit by the
same proportion
as the
Accumulated
Value was
decreased by the
amount taken.
Standard
No
additional
charge
No
additional
charge
♦  Withdrawals,
including
investment advisor
fees (if elected),
reduce the benefit
by the same
proportion as they
reduce the
Value.
Maximum Anniversary
Death Benefit
(MADB) Rider
The MADB Rider
provides for a
death benefit
calculation that
takes into
account the
highest
Accumulated
Value on any
Contract
Anniversary up to
Contract Age 85,
adjusted for any
premiums or
withdrawals
made after the
anniversary.
Optional
0.40%1
(as a percentage
of MADB)
0.20%1
(as a percentage
of MADB)
♦  Only available at
issue if no more
than Issue Age
nearest 75.
♦  Benefit terminates
upon annuitization.
♦  Withdrawals,
including
investment advisor
fees (if elected),
reduce the benefit
by the same
proportion as they
reduce the
Value.
1See Charges-MADB Rider Charge in the statutory prospectus for more information.
 
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Other Benefits 
Name of Benefit
Purpose
Is Benefit
Standard or
Optional
Maximum Fee
Current Fee
Brief Description
of Restrictions
and Limitations
Annuity Income
Payments
Allows the Owner to elect
an annuity payout option
specified in the Contract.
Standard
None
None
♦  Depending on the
option(s) selected,
you may not be
able to request
surrenders.
Automatic Asset
Rebalancing
Asset Rebalancing allows
you to elect a specific
asset allocation to
maintain over time.
Standard
None
None
♦  You may not
include the Fixed
Account.
Dollar Cost Averaging
Dollar Cost Averaging
allows you to have
automatic periodic
transfers to one or more
Subaccounts other than
Standard
None
None
♦  You may not Dollar
Cost Average into
Systematic Partial
Surrenders
Allows for ongoing
withdrawals from your
investment options during
the Accumulation Phase.
Standard
None
None
♦  Surrender Charges
may apply to
amounts in excess
of the free amount.
Taxes or penalties
may apply.
10% Free Surrender
10% of the Accumulated
Value existing at the time
the first surrender is made
Standard
None
None
♦  10% free amount is
not cumulative.
Confinement of the
Annuitant or the
Annuitant’s Spouse in
a Hospital, Nursing
Home, or Hospice
Surrender Charges are
waived during or within 90
days after the end of
confinement of the
Annuitant or the
Annuitant’s Spouse.
Standard
None
None
♦  Confinement must
begin after the
Contract has been
issued and must
continue at least 30
days.
Terminal Illness of the
Annuitant or
Annuitant’s Spouse
Surrender Charges are
waived if the Annuitant or
the Annuitant’s Spouse
has a life expectancy of
12 months or less.
Standard
None
None
♦  Certification from a
licensed physician
acting within the
scope of his or her
license will be
required.
 
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Buying the Contract
How do I buy the Contract?
In order to purchase a Contract, you must submit an application to us through a financial advisor. We only offer the Contract to a Thrivent member or to a person eligible for Thrivent membership who is also applying for membership.
What are the requirements to buy a Contract?
The minimum acceptable initial premium is $100,000. We may, at our discretion, waive this initial premium requirement. You may pay additional premiums under the Contract, but we may choose not to accept any additional premium less than $50. We also reserve the right to limit all premiums paid on the Contract to a total of $1 million.
We will allocate your initial premium among the Subaccount(s) and/or the Fixed Account according to your application. Any amount of your initial premium which you allocate to a Subaccount will be credited to your Contract with a number of Accumulation Units of that Subaccount based on the Subaccount’s Accumulation Unit Value at the end of that Valuation Period. Subsequent allocations to a Subaccount will be credited with a number of Accumulation Units of that Subaccount based on the Subaccount’s Accumulation Unit Value at the end of the Valuation Period when the allocation is made. Absent further instructions, subsequent premiums will be allocated according to your application. You may change the allocation percentages for future premiums without charge and at any time by giving us Notice. Unless specifically designated otherwise, any change will apply to all future premiums unless you request another change.
Making Withdrawals: Accessing the Money In Your Contract
What should I know about surrenders and withdrawals?
If you request a surrender on or before the Annuity Date, we will pay to you all or part of the Accumulated Value of a Contract after deducting any applicable surrender charge or tax withholding. Partial surrenders must be for at least $200 and must not reduce the remaining Accumulated Value in the Contract to less than $10,000. Under certain circumstances the Contract Owner may make surrenders after the Annuity Date.
When will you process my request?
Your request will be processed when we receive it at our Service Center in good order. If we receive your surrender request before the close of regular trading on the New York Stock Exchange, usually 4:00 p.m. Eastern Time, it will receive that day’s valuation. Your request will be processed at the end of the Valuation Period during which the requirements are completed. We will pay you the proceeds within seven days after your request is received in good order.
What are the negative impacts of a withdrawal on other benefits and guarantees of your Contract?
Partial withdrawals reduce the amount of the death benefit payable to your designated beneficiaries during the accumulation phase. If you have the optional death benefit (MADB Rider), withdrawals decrease the MADB benefit by the same proportion as the Accumulated Value is decreased by the withdrawal. This may reduce the MADB benefit by an amount greater than the value withdrawn or could terminate the benefit.
Are there tax consequences if I take a surrender or withdrawal?
You should consult with a tax professional to determine the tax implications of an investment in or a surrender or withdrawal from the Contract. There is no additional tax benefit if the Contract is purchased through an IRA. The taxable portion of withdrawals will be subject to ordinary income tax and may be subject to a 10% federal tax penalty if under age 59 1∕2 and an exception does not apply.
 
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Additional Information About Fees
The following tables describe the fees and expenses that you will pay when buying, owning, and surrendering or making withdrawals from an Investment Option or 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 an Investment Option or from the Contract, or transfer Accumulated Value between Investment Options. The fees and expenses do not reflect any payment of investment advisor fees. If the investment advisor fees were included, the fees and expenses would be higher. State premium taxes do not apply. 
Transaction Expenses
Sales Load Imposed on Purchases (as a percentage of purchase payments)
0%
Surrender Charge (as a percentage of amount surrendered)1
2%
Transfer Charge2
$25
1In the first Contract Year, you may surrender without a Surrender Charge up to 10% of the Accumulated Value existing at the time the first surrender is made in the Contract Year. For subsequent Contract Years, the 10% free amount is based on the prior contract anniversary value. Only the amount in excess of that amount (the “Excess Amount”) will be subject to a Surrender Charge. A Surrender Charge is deducted if a full or partial surrender occurs during the first three years after each premium payment has been allocated. The Surrender Charge is 2% during the first Contract Year and 1% for the second and third Contract Years.
2You are allowed 24 free transfers per Contract Year. Subsequent transfers will incur a $25 transfer charge. Be advised additional transfers may be subject to our frequent trading policies.
The next table describes the fees and expenses that you will pay each year during the time that you own the Contract (not including Portfolio Company fees and expenses).
If you choose to purchase the optional benefit, you will pay additional charges, as shown below.
You may only add the optional benefit at the time of application. 
Annual Contract Expenses
Maximum
Current
Base Contract Expenses (as a percentage of the daily Accumulated Value in each
0.50%
0.40%
Optional Benefit Expenses
 
 
Maximum Anniversary Death Benefit (MADB) Rider Charge (as a percentage of MADB)3
0.40%
0.20%
Different fees and charges may apply after the Contract has been annuitized.  
Commuted Value Charge (for Settlement Options that can be surrendered)
0.25%
As a fraternal benefit society, Thrivent is also required to have a Maintenance of Solvency provision. For a complete discussion of the Maintenance of Solvency provision, see Maintenance of Solvency in the statutory prospectus. 
 
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The next item shows the minimum and maximum total operating expenses charged by the Portfolio Companies that you may pay periodically during the time that you own the Contract. Expenses shown may change over time and may be higher or lower in the future. These amounts also include applicable fund facilitation fees if you choose to invest in certain Portfolio Companies. A complete list of the Portfolio Companies available under the Contract, including their annual expenses, may be found at the back of this document in the Appendix .  
Annual Portfolio Company Expenses
Minimum
Maximum
Expenses that are deducted from Portfolio Company assets, including management fees,
distribution and/or service (12b-1) fees, and other expenses
0.22%
2.675%
Expenses after reimbursements and/or fee waivers
0.22%
2.675%4
4The “Expenses after reimbursements and/or fee waivers” line in the above table shows the minimum and maximum fees and expenses charged by all of the Portfolios after taking into account contractual fee waiver or reimbursement arrangements in place. Those contractual arrangements are designed to reduce Annual Portfolio Company Expenses and will continue for at least one year from the date of this prospectus.
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 transaction expenses, annual Contract expenses and Annual Portfolio Company Expenses.
The Example assumes all Contract value is allocated to the Variable Options. Your costs could differ from those shown if you invest in the Fixed Account.
Example: Contract with the MADB Rider
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 and assumes the most expensive combination of Annual Portfolio Company Expenses and optional benefits available for an additional charge. The example does not reflect the payment of investment advisor fees. If the fees were reflected, the costs would be higher. Although your costs may be higher or lower, based on these assumptions, your costs would be5: 
 
 
 
 
 
 
Years
 
 
 
1
3
5
10
 
 
If you surrender your Contract at the end of the
applicable time period:
 
 
 
 
 
 
 
$5,331
$11,815
$18,456
$38,375
 
If you annuitize at the end of the applicable time period:
 
 
$5,331
$11,815
$18,456
$38,375
 
If you do not surrender your Contract:
 
 
$3,504
$10,874
$18,456
$38,375
 
 
5For this example, the following assumptions are used: 0.50% mortality and expense risk charge, 0.40% MADB Rider charge,
Portfolio operating expense of 2.675% (2.325% plus 0.35% Fund Facilitation Fee).
 
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Appendix: Investment Options Available Under the Contract
(a) Variable Options Available Under the Contract
The following is a list of Portfolios that correspond to the Subaccounts available under the Contract. More information about the Portfolios is available in the prospectuses for the Portfolios, which may be amended from time to time and can be found online at dfinview.com/Thrivent/AdvisorFlex. You can also request this information in paper at no cost by calling (800) 847-4836 or by sending an email request to [email protected].
The current expenses and performance information below reflects fees and expenses of the Portfolios but does not reflect the other fees and expenses (including fund facilitation fees) that your Contract may charge. Expenses would be higher and performance would be lower if these charges were included. The current fund facilitation fee and current expenses plus the fund facilitation fee are shown in separate columns. Each Portfolio’s past performance is not necessarily an indication of future performance. 
INVESTMENT
TYPE
PORTFOLIO COMPANY; ADVISER
(SUBADVISER)
CURRENT
EXPENSES
CURRENT
FUND
FACILITATION
FEE1
CURRENT
EXPENSES
PLUS FUND
FACILITATION
FEE
AVERAGE ANNUAL TOTAL
RETURNS
(as of 12/31/25)
1 YEAR
5 YEAR
10 YEAR
Global
Large-Stock
Growth
American Funds IS® Global Growth
Portfolio - Class 1; Capital Research
and Management Company
0.40%2
0.35%
0.75%
21.98%
8.51%
12.46%
Large Blend
American Funds IS®
Growth-Income Portfolio - Class 1;
Capital Research and Management
Company
0.28%
0.35%
0.63%
18.37%
14.19%
14.20%
Foreign Large
Growth
American Funds IS® International
Portfolio - Class 1; Capital Research
and Management Company
0.47%2
0.35%
0.82%
27.04%
3.66%
7.26%
Intermediate
Core-Plus
Bond
BlackRock Total Return V.I.
Portfolio - Class I; BlackRock
Advisors, LLC
0.43%2
0.35%
0.78%
8.00%
-0.37%
2.18%
Foreign
Small/Mid
Blend
Dimensonal VA International Small
Portfolio5 - Institutional Class;
Dimensional Fund Advisors LP
0.39%
0.35%
0.74%
36.99%
8.89%
8.68%
Small Value
Dimensional VA U.S. Targeted
Value Portfolio6 - Institutional
Class; Dimensional Fund Advisors LP
0.29%
0.35%
0.64%
8.95%
13.60%
11.00%
Diversified
Emerging
Mkts
Fidelity® VIP Emerging Markets
Portfolio - Initial Class; Fidelity
Management and Research
Company LLC
0.87%
0.20%
1.07%
41.20%
5.88%
10.93%
Foreign Large
Growth
Fidelity® VIP International Capital
Appreciation Portfolio - Initial
Class; Fidelity Management and
Research Company LLC
0.78%
0.20%
0.98%
18.69%
6.26%
9.81%
Mid-Cap
Value
Fidelity® VIP Value Portfolio - Initial
Class; Fidelity Management and
Research Company LLC
0.60%
0.20%
0.80%
11.23%
13.10%
11.24%
Mid-Cap
Growth
Janus Henderson Enterprise
Portfolio - Institutional Class; Janus
Henderson Investors, US LLC
0.72%
0.20%
0.92%
7.67%
7.62%
12.79%
 
14
INVESTMENT
TYPE
PORTFOLIO COMPANY; ADVISER
(SUBADVISER)
CURRENT
EXPENSES
CURRENT
FUND
FACILITATION
FEE1
CURRENT
EXPENSES
PLUS FUND
FACILITATION
FEE
AVERAGE ANNUAL TOTAL
RETURNS
(as of 12/31/25)
1 YEAR
5 YEAR
10 YEAR
Intermediate
Core Bond
John Hancock Core Bond Trust
Portfolio - Series NAV; John
Hancock Variable Trust Advisers LLC
(Allspring Global Investments, LLC)
0.62%2
0.10%
0.72%
7.03%
-0.52%
1.96%
Foreign Large
Blend
John Hancock International Equity
Index Trust Portfolio - Series NAV;
John Hancock Variable Trust
Advisers LLC (SSGA Funds
Management, Inc.)
0.34%2
0.10%
0.44%
32.57%
7.68%
8.33%
Multisector
Bond
John Hancock Strategic Income
Opportunities Trust Portfolio -
Series NAV; John Hancock Variable
Trust Advisers LLC (Manulife
Investment Management (US) LLC
0.74%2
0.10%
0.84%
7.51%
1.61%
3.26%
Large Blend
MFS® VIT II Blended Research
Core Equity Portfolio - Initial Class
0.30%2
0.10%
0.40%
16.10%
15.30%
13.88%
Corporate
Bond
MFS® VIT II Corporate Bond
Portfolio - Initial Class
0.63%2
0.10%
0.73%
7.56%
-0.06%
3.32%
Foreign Large
Blend
MFS® VIT II International Intrinsic
Equity Portfolio7 - Initial Class
0.89%2
0.10%
0.99%
33.26%
7.28%
9.95%
Technology
MFS® VIT II Technology Portfolio -
Initial Class
0.82%2
0.10%
0.92%
16.57%
12.45%
18.64%
Global Real
Estate
MFS® VIT III Global Real Estate
Portfolio - Initial Class
0.90%2
0.10%
1.00%
3.53%
1.32%
5.01%
Mid-Cap
Value
MFS® VIT III Mid Cap Value
Portfolio - Initial Class
0.79%2
0.10%
0.89%
5.98%
10.18%
9.95%
Large Value
MFS® VIT Value Series Portfolio -
Initial Class
0.69%2
0.10%
0.79%
13.01%
9.95%
10.05%
Global Bond
PIMCO VIT Global Bond
Opportunities (Unhedged) -
Institutional Class
1.00%
0.35%
1.35%
13.04%
0.32%
2.62%
Emerging
Markets Bond
PIMCO VIT Emerging Markets Bond
Portfolio - Institutional Class
1.02%
0.35%
1.37%
15.15%
2.60%
5.22%
Long
Government
PIMCO VIT Long-Term US
Government Portfolio - Institutional
Class
2.325%
0.35%
2.675%
6.31%
-6.68%
0.16%
Inflation-
Protected
Bond
PIMCO VIT Real Return Portfolio -
Institutional Class
1.24%
0.35%
1.59%
8.01%
1.36%
3.37%
Foreign Large
Blend
Principal Diversified International
Portfolio - Class 1; Principal Global
Investors, LLC
0.86%
0.35%
1.21%
32.36%
7.40%
8.08%
Intermediate
Government
Principal Government & High
Quality Bond Portfolio - Class 1;
Principal Global Investors, LLC
0.50%
0.35%
0.85%
7.91%
-0.23%
1.26%
Small Blend
Principal SmallCap Portfolio -
Class 1; Principal Global Investors,
LLC
0.84%
0.35%
1.19%
15.10%
6.29%
9.57%
Global Bond
Templeton Global Bond VIP
Portfolio - Class 1; Franklin
Advisers, Inc.
0.50%2
0.20%
0.70%
16.09%
-0.69%
0.11%
 
15
INVESTMENT
TYPE
PORTFOLIO COMPANY; ADVISER
(SUBADVISER)
CURRENT
EXPENSES
CURRENT
FUND
FACILITATION
FEE1
CURRENT
EXPENSES
PLUS FUND
FACILITATION
FEE
AVERAGE ANNUAL TOTAL
RETURNS
(as of 12/31/25)
1 YEAR
5 YEAR
10 YEAR
Large Blend
Thrivent All Cap Portfolio
0.66%
N/A
0.66%
18.05%
11.90%
12.43%
Conservative
Allocation
Thrivent Conservative Allocation
Portfolio
0.50%
N/A
0.50%
10.17%
4.03%
5.42%
Moderately
Conservative
Allocation
Thrivent Dynamic Allocation
Portfolio
0.68%
N/A
0.68%
12.62%
5.92%
6.84%
Diversified
Emerging
Mkts
Thrivent Emerging Markets Equity
Portfolio
1.15%2
N/A
1.15%
32.20%
2.10%
7.47%
Large Blend
Thrivent ESG Index Portfolio
0.36%2
N/A
0.36%
17.78%
13.56%
N/A4
Global
Large-Stock
Blend
Thrivent Global Stock Portfolio
0.60%
N/A
0.60%
20.82%
10.69%
10.67%
Health
Thrivent Healthcare Portfolio
0.92%
N/A
0.92%
13.07%
4.62%
7.37%
High Yield
Bond
Thrivent High Yield Portfolio
0.45%
N/A
0.45%
8.78%
4.06%
5.32%
Corporate
Bond
Thrivent Income Portfolio
0.44%
N/A
0.44%
7.93%
0.38%
3.60%
Foreign Large
Blend
Thrivent International Equity
Portfolio
0.72%
N/A
0.72%
30.87%
8.54%
7.41%
Foreign Large
Blend
Thrivent International Index
Portfolio
0.37%
N/A
0.37%
31.15%
8.61%
N/A4
Large Growth
Thrivent Large Cap Growth
Portfolio
0.43%
N/A
0.43%
16.95%
12.89%
16.35%
Large Blend
Thrivent Large Cap Index Portfolio
0.22%
N/A
0.22%
17.62%
14.17%
14.54%
Large Value
Thrivent Large Cap Value Portfolio
0.62%
N/A
0.62%
19.65%
13.96%
12.16%
Mid-Cap
Growth
Thrivent Mid Cap Growth Portfolio
0.89%2
N/A
0.89%
2.50%
1.10%
N/A4
Mid-Cap
Blend
Thrivent Mid Cap Index Portfolio
0.25%
N/A
0.25%
7.23%
8.86%
10.46%
Mid-Cap
Blend
Thrivent Mid Cap Stock Portfolio
0.66%
N/A
0.66%
4.73%
6.86%
11.30%
Mid-Cap
Value
Thrivent Mid Cap Value Portfolio
0.87%2
N/A
0.87%
10.82%
11.31%
N/A4
Money
Market -
Taxable
Thrivent Money Market Portfolio
0.31%
N/A
0.31%
4.06%
3.05%
1.93%
Multisector
Bond
Thrivent Multisector Bond Portfolio
0.74%
N/A
0.74%
7.93%
2.43%
3.47%
Real Estate
Thrivent Real Estate Securities
Portfolio
0.90%
N/A
0.90%
0.67%
3.89%
4.68%
Short-Term
Bond
Thrivent Short-Term Bond Portfolio
0.45%
N/A
0.45%
6.06%
2.75%
2.89%
Small Growth
Thrivent Small Cap Growth
Portfolio
0.94%2
N/A
0.94%
1.87%
1.37%
N/A3
Small Blend
Thrivent Small Cap Index Portfolio
0.24%
N/A
0.24%
5.80%
7.06%
9.57%
Small Blend
Thrivent Small Cap Stock Portfolio
0.70%
N/A
0.70%
2.45%
7.50%
11.93%
Large Blend
Vanguard® VIF PRIMECAP
Portfolio8; PRIMECAP Management
Company
0.34%
0.35%
0.69%
28.98%
13.97%
14.96%
 
16
INVESTMENT
TYPE
PORTFOLIO COMPANY; ADVISER
(SUBADVISER)
CURRENT
EXPENSES
CURRENT
FUND
FACILITATION
FEE1
CURRENT
EXPENSES
PLUS FUND
FACILITATION
FEE
AVERAGE ANNUAL TOTAL
RETURNS
(as of 12/31/25)
1 YEAR
5 YEAR
10 YEAR
Foreign Large
Growth
Vanguard® VIF International
Portfolio; Baillie Gifford Overseas
Ltd. and Schroeder Investment
Management North America Inc.
0.32%
0.35%
0.67%
19.97%
0.62%
10.48%
Short-Term
Bond
Vanguard® VIF Short-Term
Investment-Grade Portfolio; The
Vanguard Group, Inc.
0.14%
0.35%
0.49%
6.85%
2.23%
2.81%
Small Growth
Vanguard® VIF Small Company
Growth Portfolio9; ArrowMark
Colorado Holdings, LLC and The
Vanguard Group, Inc.
0.29%
0.35%
0.64%
6.11%
3.81%
9.61%
Intermediate
Core Bond
Vanguard® VIF Total Bond Market
Index Portfolio; The Vanguard
Group, Inc.
0.14%
0.10%
0.24%
6.94%
-0.51%
1.90%
Large Blend
Vanguard® VIF Total Stock Market
Index Portfolio; The Vanguard
Group, Inc.
0.13%
0.10%
0.23%
16.93%
12.98%
14.10%
1
The maximum Fund Facilitation Fee is 0.40%
2
Current expenses reflect temporary fee reductions.
3
The Fund is not showing Average Annual Total Returns information because the Fund commenced operation on 4/27/2018 and does not have annual returns for the period shown.
4
The Fund is not showing Average Annual Total Returns information because the Fund commenced operation on 4/29/2020 and does not have annual returns for the period shown.
5
Formerly known as DFA VA International Small Portfolio
6
Formerly known as DFA US Targeted Value Portfolio
7
Formerly known as MFS® VIT II International Intrinsic Value Portoflio
8
Formerly known as Vanguard® VIF Capital Growth Portfolio. Name change will become effective on or about May 12, 2026.
9
Contracts with premium allocated to this portfolio as of April 29, 2020 may continue to add premium, as long as you do not transfer
all of the Accumulated Value out of this portfolio. New contracts issued on or after April 30, 2020 may not invest in this portfolio.
(b) Fixed Account Investment Option Available Under the Contract
On or before the Annuity Date, you may allocate the premiums paid under the Contract and transfers from the Accumulated Value in other investment options to the Fixed Account. Any amounts allocated to the Fixed Account are invested with our General Account assets. Interest will be credited on premiums allocated to the Fixed Account and on amounts transferred to the Fixed Account from the date of allocation or transfer. The initial interest rate for each such allocation or transfer is guaranteed for 12 months, and subsequent interest rates will not change more frequently than every 12 months. Interest will be compounded daily and will never be less than the Fixed Account Guaranteed Interest Rate shown in your Contract. Interest guarantees are subject to Thrivent’s claims-paying ability. For the current interest rate, please call our Service Center at 1-800-847-4836.The last-in, first-out accounting method will be used for partial surrenders, transfers, and transfer charges.The amount transferred from the Fixed Account in any Contract Year may not exceed the greater of $10,000 or 50% of the Accumulated Value in the Fixed Account, excluding any Accumulated Value in the DCA Fixed Account, at the time the first transfer is made in that Contract Year. 
Name
Term
Minimum Guaranteed
Interest Rate
Fixed Account
Life of the Contract
0.50%
 
17
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This initial summary prospectus incorporates by reference the Thrivent AdvisorFlex Variable Annuity prospectus and Statement of Additional Information (SAI), both dated April 30, 2026, as amended and supplemented.
The Statement of Additional Information (SAI) dated April 30, 2026 contains more information about the Contract and the Variable Account. The SAI has been filed with the SEC and is incorporated by reference into the prospectuses. The SAI is available, without charge, upon request. You can view a copy of the SAI online at dfinview.com/Thrivent/AdvisorFlex
For a free paper copy of the SAI, to request other information about the Contract, and to make investor inquiries, you may call our Service Center at 1-800-847-4836, or you may send an email to [email protected].
Reports and other information about Thrivent are available on the Securities Exchange Commission website at http://www.sec.gov. Copies of the information may be obtained, upon payment of a duplicating fee, by electronic request at the following email address: [email protected].
Thrivent is the marketing name for Thrivent Financial for Lutherans. Insurance products issued by Thrivent. Securities and investment advisory services offered through Thrivent Investment Management Inc., a registered investment adviser, member FINRA and SIPC, and a subsidiary of Thrivent. Licensed agent/producer of Thrivent. Registered representative of Thrivent Investment Management, Inc. Thrivent.com/disclosures.
Insurance products, securities and investment advisory services are provided by appropriately appointed and licensed financial advisors and professionals. Only individuals who are financial advisors are credentialed to provide investment advisory services. Visit Thrivent.com or FINRA’s Broker Check for more information about our financial advisors.
Contract Form #ICC16-WR-FPVA and state variations
EDGAR Contract No.C000211448 32094SPR R4-26

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