Form 497VPI VARIABLE ANNUITY ACCOUNT
EliteDesigns® Variable Annuity
EliteDesigns® II Variable Annuity
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EliteDesigns® Variable Annuity
EliteDesigns® II Variable Annuity
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Issued by:
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Issued by:
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Security Benefit Life Insurance Company
One Security Benefit Place
Topeka, Kansas 66636-0001
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First Security Benefit Life Insurance
and Annuity Company of New York
121 State Street
Albany, NY 12207
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Supplement Dated May 18, 2022
To Prospectus Dated May 1, 2022
Effective June 3, 2022, the Class S shares of the Alger Large
Cap Growth Subaccount will be converted into Class I‑2 shares. All references to the former share class are hereby changed to reflect the new share class effective June 3, 2022. After the share class conversion, the Alger Large Cap Growth Subaccount
will be open to investment. All references to the Alger Large Cap Growth Subaccount being closed are hereby deleted.
The following sections are changed as noted in the Statutory Prospectus:
“The Contract – Allocation of Purchase Payments – Closed Subaccounts”
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Alger Large Cap Growth is hereby deleted from the Closed Subaccounts table
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“The Contract – Allocation of Purchase Payments – Closed Subaccounts – Existing Contracts”
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The following language in the second bullet point is hereby deleted:
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If you had Contract Value allocated to the Alger Large Cap Growth Subaccount on April 30, 2021, your Contract Value will remain
invested in that Subaccount and you may continue to allocate Purchase Payments or transfer Contract Value to or from that Subaccount, subject to transfer restrictions. Automatic allocation instructions involving the Alger Large Cap Growth Subaccount
pursuant to an Automatic Allocation Program will remain in effect.
“The Contract – Transfers of Contract Value – Frequent Transfer Restrictions.”
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The footnote reference next to Alger Large Cap Growth in the table is hereby deleted.
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Footnote 1 in the table is deleted and replaced with the following:
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1 |
You may transfer Contract Value to the Alger Capital Appreciation Subaccount only if you had Contract Value allocated to that Subaccount on April 30, 2021.
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The following change is made to the table in the Statutory Prospectus and the Summary Prospectus:
“Appendix A – Underlying Fund Available Under the Contract”
EliteDesigns Variable Annuity
Investment Type
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Fund
Adviser/Sub-Adviser
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Current Expenses1
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Average Annual Total Returns
(as of 12/31/2021)
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1 Year
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5 Year
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10 Year
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Large Cap Growth
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Alger Large Cap Growth – Class I-2
Adviser: Fred Alger Management, LLC
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0.84%
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11.84%
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25.60%
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17.91%
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EliteDesigns II Variable Annuity
Investment Type
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Fund
Adviser/Sub-Adviser
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Current Expenses1
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Platform Charge
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Current Expenses +
Platform Charge
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Average Annual Total Returns
(as of 12/31/2021)
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1 Year
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5 Year
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10 Year
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Large Cap Growth
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Alger Large Cap Growth – Class I-2
Adviser: Fred Alger Management, LLC
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0.84%
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N/A
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0.84%
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11.84%
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25.60%
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17.91%
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Please Retain This Supplement For Future Reference
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