Form 497VPU LINCOLN LIFE VARIABLE
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E-mailLincoln ChoicePlus AssuranceSM (A-Class) Individual Variable Annuity Contracts
Updating Summary Prospectus for Current Contractowners
May 1, 2026
May 1, 2026
This updating summary prospectus summarizes certain changes to key features of the
Lincoln ChoicePlus AssuranceSM (A-Class) variable annuity contract issued by The Lincoln National Life Insurance Company (Lincoln
Life or Company).
You should read this updating summary prospectus carefully, particularly the section
titled Important Information You Should Consider about the Lincoln ChoicePlus AssuranceSM (A-Class) contract.
The prospectus for the Lincoln ChoicePlus AssuranceSM (A-Class) variable annuity contract contains more information about the Contract’s features, benefits, and risks. You can find the prospectus and other information
about the Contract online at www.lfg.com/VAprospectus. You can also obtain this information at no cost by calling 1-888-868-2583 or by sending
an email request to [email protected].
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.
All prospectuses and other shareholder reports will be made available on www.lfg.com/VAprospectus.
1
Updated Information About Your Contract
The information in this Updating Summary Prospectus is a summary of certain contract
features that have changed since the Updating Summary Prospectus dated May 1, 2025. This may not reflect all of the changes that
have occurred since you entered into your Contract, and not all changes may be applicable to you.
Summary of Contract Changes:
Purchase Payments. You must obtain our approval for Purchase Payments totaling $5 million or more where
the only optional benefits elected are the Account Value Death Benefit and/or i4LIFE® Advantage without the Guaranteed Income Benefit and $1 million or more for all other contracts. At the Company’s discretion, either amount may consider total Purchase Payments for all annuity contracts issued by the Company (or its affiliates) for the same Contractowner, joint owner,
and/or Annuitant.
Summary of Changes to Benefits Available Under the Contract:
Appendix B – Investment Requirements. This section should be reviewed for any updates to the Investment Requirements that
may be applicable to your Contract.
Summary of Investment Option Changes:
The following is a summary of changes to the investment options available under the
Contract. Additional information including investment objectives, current expenses and average annual total returns is available in Appendix A – Investment Options Available Under The Contract.
The following fund(s) will be available on or about May 18, 2026. Please consult your
registered representative.
●
LVIP American Funds Vanguard Active Passive Growth Fund (Service Class)
Fund Name Changes:
|
Former Fund Name
|
New Fund Name
|
|
LVIP American Century Disciplined Core Value Fund
|
LVIP Avantis Large Cap Value Fund
|
|
LVIP Franklin Templeton Global Equity Managed Volatility Fund
|
LVIP Global Equity Managed Volatility Fund
|
|
LVIP Macquarie Bond Fund
|
LVIP Franklin Templeton Core Bond Fund
|
|
LVIP Macquarie Diversified Floating Rate Fund
|
LVIP Nomura Diversified Floating Rate Fund
|
|
LVIP Macquarie High Yield Fund
|
LVIP Nomura High Yield Fund
|
|
LVIP Macquarie Mid Cap Value Fund
|
LVIP Nomura Mid Cap Value Fund
|
|
LVIP Macquarie SMID Cap Core Fund
|
LVIP Nomura SMID Cap Core Fund
|
|
LVIP Macquarie Social Awareness Fund
|
LVIP Nomura Social Awareness Fund
|
|
LVIP Macquarie U.S. Growth Fund
|
LVIP Nomura U.S. Growth Fund
|
|
LVIP Macquarie U.S. REIT Fund
|
LVIP Nomura U.S. REIT Fund
|
|
LVIP SSGA Bond Index Fund
|
LVIP State Street Bond Index Fund
|
|
LVIP SSGA Conservative Index Allocation Fund
|
LVIP State Street Conservative Index Allocation Fund
|
|
LVIP SSGA Global Tactical Allocation Managed Volatility Fund
|
LVIP State Street Global Tactical Allocation Managed Volatility
Fund
|
|
LVIP SSGA International Index Fund
|
LVIP State Street International Index Fund
|
2
|
Former Fund Name
|
New Fund Name
|
|
LVIP SSGA Moderate Index Allocation Fund
|
LVIP State Street Moderate Index Allocation Fund
|
|
LVIP SSGA Moderately Aggressive Index Allocation Fund
|
LVIP State Street Moderately Aggressive Index Allocation Fund
|
|
LVIP SSGA S&P 500 Index Fund
|
LVIP State Street S&P 500 Index Fund
|
|
LVIP SSGA Short-Term Bond Index Fund
|
LVIP State Street Short-Term Bond Index Fund
|
|
LVIP SSGA Small-Cap Index Fund
|
LVIP State Street Small-Cap Index Fund
|
|
Macquarie VIP Emerging Markets Series
|
Nomura VIP Emerging Markets Series
|
|
Macquarie VIP Small Cap Value Series
|
Nomura VIP Small Cap Value Series
|
Fund Reorganization(s):
●
The LVIP Macquarie Wealth Builder Fund was reorganized into the LVIP Structured Moderate
Allocation Fund on October 31, 2025.
3
Important Information You Should Consider About the Lincoln ChoicePlus AssuranceSM (A-Class) Variable Annuity Contract
|
|
FEES, EXPENSES, AND ADJUSTMENTS
|
Location in
Prospectus
|
||
|
Are There
Charges or
Adjustments for
Early
Withdrawals?
|
Yes:
While there are no surrender charges associated with the Contract an Interest
Adjustment may apply for early withdrawals. This loss will be greater if there is
a
negative Interest Adjustment, taxes, or tax penalties.
If amounts are withdrawn, surrendered, or transferred from the fixed account before
the
expiration of a Guaranteed Period, an Interest Adjustment may apply, which may be
negative. A negative Interest Adjustment will result in the loss of some or all previously-
credited interest in excess of the guaranteed minimum interest rate, if any. Your
loss will
be greater if you also have to pay a surrender charge, taxes, or tax penalties.
|
●Fee Tables
●Charges, Other
Deductions,
and
Adjustments
|
||
|
Are There
Transaction
Charges?
|
Yes:
A front-end load, or sales charge, of up to 5.50% will be applied to all initial and
subsequent Gross Purchase Payments that you make. The sales charge is based on the
Contractowner's investment amount at the time each Gross Purchase Payment is made.
|
●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 – Account Value Death
Benefit
|
0.76%1
|
0.76%1
|
|
|
|
Base Contract – Guarantee of Principal
Death Benefit
|
1.06%1
|
1.06%1
|
|
|
|
Base Contract – Enhanced Guaranteed
Minimum Death Benefit
|
0.81%1
|
0.81%1
|
|
|
|
Base Contract – Estate Enhancement
Benefit
|
1.26%1
|
1.26%1
|
|
|
|
Fund fees and expenses
|
0.48%2
|
3.48%2
|
|
|
|
Optional benefits available for an
additional charge (for a single optional
benefit, if elected)
|
0.40%1
|
2.45%3
|
|
|
|
1 As a percentage of average Contract Value. For the base contract, also includes an
amount attributable
to the Annual Account Fee.
|
|
||
|
|
2 As a percentage of fund net assets, before expense reimbursements or fee waiver arrangements.
|
|
||
|
|
3 As an annualized percentage of the Protected Income Base.
|
|
||
|
|
Lowest and Highest Annual Cost Table. Because your Contract is customizable, the
choices you make affect how much you will pay. To help you understand the cost of
owning your Contract, the following table shows the lowest and highest cost you could
pay each year, based on current charges. This estimate assumes that you do not take
withdrawals from the Contract, which could add negative Interest Adjustments that
substantially increase costs.
|
|
||
4
|
|
FEES, EXPENSES, AND ADJUSTMENTS
|
Location in
Prospectus
|
||
|
|
Lowest Annual Cost: $1,957
|
Highest Annual Cost: $6,906
|
|
|
|
|
Assumes:
|
Assumes:
|
|
|
|
|
●Investment of $100,000
●5% annual appreciation
●Least expensive fund fees and
expenses
●No optional benefits
●No additional Purchase Payments,
transfers, or withdrawals
●No sales charges
|
●Investment of $100,000
●5% annual appreciation
●Most expensive combination of
optional benefits, fund fees and
expenses
●No additional Purchase Payments,
transfers, or withdrawals
●No sales charges
|
|
|
|
|
RISKS
|
Location in
Prospectus
|
||
|
Is There a Risk of
Loss From Poor
Performance?
|
Yes:
●You can lose money by investing in this Contract, including loss of principal.
|
●Principal Risks
●Investments of
the Variable
Annuity
Account
|
||
|
Is This a Short-
Term Investment?
|
No:
●This Contract is not designed for short-term investing and is not appropriate for
the
investor who needs ready access to cash.
●A withdrawal, surrender, or transfer from the fixed account prior to the expiration
date of a Guaranteed Period may result in an Interest Adjustment, which could be
positive or negative.
●At the end of a Guaranteed Period for the fixed account, your Contract Value in the
fixed account will be reallocated according to your instructions. In the absence of
instructions, a new Guaranteed Period will begin if available. State variations exist.
●The benefits of tax deferral, long-term income, and living benefit protections mean
the Contract is more beneficial to investors with a long-term investment horizon.
●Surrenders and withdrawals are subject to ordinary income tax and may be subject
to tax penalties.
|
●Fee Tables
●Principal Risks
●Charges, Other
Deductions,
and
Adjustments
●Surrenders and
Withdrawals
●Benefits
Available
Under the
Contract
●Fixed Side of
the Contract
|
||
|
What are the
Risks Associated
With the
Investment
Options?
|
●An investment in this Contract is subject to the risk of poor investment performance
of the investment options you choose. Performance can vary depending on the
performance of the investment options available under the Contract.
●Each investment option (including the fixed account option) has its own unique risks.
●You should review the available investment options before making an investment
decision.
|
●Principal Risks
●Investments of
the Variable
Annuity
Account
●Fixed Side of
the Contract
|
||
|
What are the
Risks Related to
the Insurance
Company?
|
●An investment in the Contract is subject to the risks related to Lincoln Life. Any
obligations (including under the fixed account option), guarantees, or benefits of
the
Contract are subject to our claims-paying ability. If we experience financial distress,
we may not be able to meet our obligations to you. More information about Lincoln
Life, including our financial strength ratings, is available upon request by calling
1-
888-868-2583 or visiting www.LincolnFinancial.com.
|
●Principal Risks
●Fixed Side of
the Contract
|
||
5
|
|
RESTRICTIONS
|
Location in
Prospectus
|
||
|
Are There
Restrictions on
the Investment
Options?
|
Yes:
●Not all investment options may be available for investment under your Contract.
●The frequency of transfers between investment options is restricted. There are also
restrictions on the minimum amount that may be transferred from a variable option
and the maximum amount that may be transferred from the fixed account option, if
available.
●We reserve the right to remove or substitute any funds as investment options that
are available under the Contract.
●You are generally restricted to no more than 12 transfers between investment options
per Contract Year. Your ability to transfer between investment options may also be
restricted as a result of Investment Requirements if you have elected an optional
benefit.
|
●Principal Risks
●Investments of
the Variable
Annuity
Account
●Fixed Side of
the Contract
●Appendix A –
Investment
Options
Available
Under the
Contract
|
||
|
Are There any
Restrictions on
Contract
Benefits?
|
Yes:
●Optional benefits may have limitations or restrictions, including the investment
options that you may select under the Contract. We may change these restrictions in
the future.
●Excess Withdrawals may reduce the value of an optional benefit by an amount
greater than the value withdrawn or result in termination of the benefit.
●You are required to have a certain level of Contract Value for some new benefit
elections.
●We may modify or stop offering an optional benefit that is currently available at
any
time.
●If you elect certain optional benefits, you may be limited in the amount of Purchase
Payments that you can make (and when).
|
●The Contracts
●Benefits
Available
Under the
Contract
●Appendix B –
Investment
Requirements
●Appendix C –
Discontinued
Living Benefit
Riders
|
||
|
|
TAXES
|
Location in
Prospectus
|
||
|
What are the
Contract’s Tax
Implications?
|
●Consult with a tax professional to determine the tax implications of an investment
in
and payments received under this Contract.
●If you purchase the Contract through a tax-qualified plan or IRA, you do not get any
additional tax benefit under the Contract.
●Earnings on your Contract may be taxed at ordinary income tax rates when you
withdraw them, and you may have to pay a penalty if you take a withdrawal before
age 59½.
|
●Federal Tax
Matters
|
||
|
|
CONFLICTS OF INTEREST
|
Location in
Prospectus
|
||
|
How are
Investment
Professionals
Compensated?
|
●Your registered representative may receive compensation for selling this Contract
to
you, both in the form of commissions and because we may share the revenue it
earns with the professional’s firm. (Your investment professional may be your broker,
investment adviser, insurance agent, or someone else.)
●This potential conflict of interest may influence your investment professional to
recommend this Contract over another investment.
|
●Distribution of
the Contracts
|
||
|
Should I
Exchange My
Contract?
|
●If you already own a contract, some investment professionals may have a financial
incentive to offer you a new contract in place of the one you own. You should only
exchange your contract if you determine, after comparing the features, fees, and
risks of both contracts, that it is better for you to purchase the new contract rather
than continue to own your existing contract.
|
●The Contracts
– Replacement
of Existing
Insurance
|
||
6
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 1-888-868-2583 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 Discovery Value Portfolio - Class B
advised by AllianceBernstein L.P.
|
1.07%
|
2.64%
|
8.48%
|
8.27%
|
|
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%
|
|
Long-term growth of capital.
|
American Funds® IS Global Small
Capitalization Fund - Class 2
advised by Capital Research and
Management Company
|
0.90%2
|
14.64%
|
0.49%
|
7.23%
|
|
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%
|
|
Long-term growth of capital.
|
ClearBridge Variable Mid Cap Portfolio -
Class II
advised by Franklin Templeton Fund
Adviser, LLC
|
1.07%
|
4.08%
|
4.23%
|
7.24%
|
|
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%
|
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
|
|
Income and capital growth consistent with
reasonable risk.
|
Fidelity® VIP Balanced Portfolio - Service
Class 2
|
0.66%
|
14.96%
|
9.24%
|
10.84%
|
|
Long-term capital appreciation.
|
Fidelity® VIP Contrafund® Portfolio -
Service Class 2
|
0.79%
|
21.24%
|
15.08%
|
15.49%
|
|
To achieve capital appreciation.
|
Fidelity® VIP Growth Portfolio - Service
Class 2
|
0.80%
|
14.63%
|
13.42%
|
17.16%
|
|
Long-term growth of capital.
|
Fidelity® VIP Mid Cap Portfolio - Service
Class 2
|
0.80%
|
11.49%
|
9.83%
|
10.31%
|
|
To provide capital appreciation.
|
First Trust Capital Strength Portfolio - Class
I
|
1.10%
|
5.70%
|
7.07%
|
N/A
|
|
To provide long-term capital appreciation.
|
First Trust Growth Strength Portfolio -
Class I
|
1.20%2
|
11.75%
|
N/A
|
N/A
|
|
To provide capital appreciation.
|
First Trust International Developed Capital
Strength Portfolio - Class I
|
1.20%2
|
19.53%
|
6.45%
|
N/A
|
|
Capital appreciation with income as a
secondary objective.
|
Franklin Allocation VIP Fund - Class 4
|
0.92%2
|
12.53%
|
5.59%
|
7.19%
|
|
To maximize income while maintaining
prospects for capital appreciation.
|
Franklin Income VIP Fund - Class 2
|
0.72%
|
12.56%
|
7.66%
|
7.30%
|
|
Capital appreciation; income is a secondary
consideration.
|
Franklin Mutual Shares VIP Fund - Class 2
|
0.94%
|
11.52%
|
9.20%
|
7.53%
|
|
Long-term capital appreciation.
|
Goldman Sachs VIT Large Cap Value Fund -
Service Shares
|
0.93%2
|
10.60%
|
11.00%
|
9.34%
|
|
Long-term growth of capital.
|
Invesco V.I. EQV International Equity Fund -
Series II Shares
|
1.15%
|
16.23%
|
3.42%
|
5.95%
|
|
Capital appreciation.
|
Invesco V.I. Global Fund - Series II Shares
|
1.06%
|
15.05%
|
7.01%
|
10.72%
|
|
Long-term growth of capital and income
without excessive fluctuations in market
value.
|
Lord Abbett Series Fund Fundamental
Equity Portfolio - Class VC
This fund is not available in contracts
issued on or after October 31, 2011.
|
1.08%2
|
14.29%
|
11.36%
|
9.75%
|
|
Long-term growth of capital.
|
LVIP AllianceBernstein Large Cap Growth
Fund - Service Class
advised by Lincoln Financial Investments
Corporation
|
0.88%2
|
13.72%
|
8.18%
|
13.37%
|
|
Long-term capital growth and current
income by investing approximately 60% of
its assets in equity securities and the
remainder in bonds and other fixed-income
securities.
|
LVIP American Century Balanced Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
|
1.02%2
|
9.33%
|
6.23%
|
N/A
|
|
Capital growth.
|
LVIP American Century Capital Appreciation
Fund - Service Class
advised by Lincoln Financial Investments
Corporation
|
0.94%2
|
6.56%
|
5.02%
|
11.31%
|
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 total return using a strategy that
seeks to protect against U.S. inflation.
|
LVIP American Century Inflation Protection
Fund - Service Class
advised by Lincoln Financial Investments
Corporation
|
0.72%2
|
6.33%
|
0.62%
|
2.61%
|
|
Capital growth.
|
LVIP American Century International Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
|
1.10%2
|
15.81%
|
1.71%
|
6.27%
|
|
Long-term capital growth, income is
secondary consideration.
|
LVIP American Century Mid Cap Value Fund
- Service Class
advised by Lincoln Financial Investments
Corporation
|
1.01%2
|
8.83%
|
8.72%
|
8.96%
|
|
Long-term capital growth.
|
LVIP American Century Ultra® Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
|
0.90%2
|
12.67%
|
11.52%
|
17.00%
|
|
Long-term capital growth; income is a
secondary consideration.
|
LVIP American Century Value Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
|
0.86%2
|
15.85%
|
11.47%
|
10.07%
|
|
Long-term capital appreciation. A fund of
funds.
|
LVIP American Funds Vanguard Active
Passive Growth Fund - Service Class
advised by Lincoln Financial Investments
Corporation
This fund will be available on or about May
18, 2026. Please consult your registered
representative.
|
1.02%2
|
N/A
|
N/A
|
N/A
|
|
Capital growth; income is a secondary
consideration.
|
LVIP Avantis Large Cap Value Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
(formerly LVIP American Century
Disciplined Core Value Fund)
|
0.96%2
|
14.56%
|
8.51%
|
10.12%
|
|
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%
|
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
|
|
High total investment return.
|
LVIP BlackRock Global Allocation Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
|
0.97%2
|
18.41%
|
5.84%
|
N/A
|
|
To maximize real return, consistent with
preservation of real capital and prudent
investment management.
|
LVIP BlackRock Inflation Protected Bond
Fund - Service Class
advised by Lincoln Financial Investments
Corporation
|
1.10%
|
5.49%
|
2.36%
|
2.76%
|
|
Total return through a combination of
current income and long-term capital
appreciation.
|
LVIP BlackRock Real Estate Fund - Service
Class
advised by Lincoln Financial Investments
Corporation
|
1.11%2
|
8.63%
|
2.45%
|
3.42%
|
|
Long-term 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 Channing Small Cap Value Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
|
1.13%
|
7.67%
|
N/A
|
N/A
|
|
Long-term capital appreciation. A fund of
funds.
|
LVIP Dimensional International Equity
Managed Volatility Fund - Service Class
advised by Lincoln Financial Investments
Corporation
|
1.00%
|
34.75%
|
10.81%
|
6.89%
|
|
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%
|
|
Long-term capital appreciation. A fund of
funds.
|
LVIP Dimensional U.S. Equity Managed
Volatility Fund - Service Class
advised by Lincoln Financial Investments
Corporation
|
0.87%2
|
8.75%
|
11.53%
|
11.12%
|
|
Maximum long-term total return consistent
with reasonable risk.
|
LVIP Fidelity Institutional AM® Total Bond
Fund - Service Class
advised by Lincoln Financial Investments
Corporation
|
0.81%2
|
6.40%
|
-0.65%
|
2.25%
|
|
Maximum current income (yield) consistent
with a prudent investment strategy.
|
LVIP Franklin Templeton Core Bond Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
|
0.72%
|
6.87%
|
-0.79%
|
1.88%
|
A-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
|
|
To maximize long-term capital appreciation.
|
LVIP Franklin Templeton Multi-Factor
Emerging Markets Equity Fund - Service
Class
advised by Lincoln Financial Investments
Corporation
|
0.71%2
|
33.98%
|
8.80%
|
7.62%
|
|
To maximize long-term capital appreciation.
|
LVIP Franklin Templeton Multi-Factor
International Equity Fund - Service Class
advised by Lincoln Financial Investments
Corporation
|
0.65%2
|
35.26%
|
11.70%
|
8.13%
|
|
To maximize long-term capital appreciation.
|
LVIP Franklin Templeton Multi-Factor Large
Cap Equity Fund - Service Class
advised by Lincoln Financial Investments
Corporation
|
0.61%2
|
18.39%
|
15.89%
|
13.26%
|
|
To maximize long-term capital appreciation.
|
LVIP Franklin Templeton Multi-Factor SMID
Cap Equity Fund - Service Class
advised by Lincoln Financial Investments
Corporation
|
0.62%
|
13.30%
|
11.41%
|
9.93%
|
|
A 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%
|
|
To maximize total return by investing
primarily in a diversified portfolio of
intermediate- and long-term debt
securities.
|
LVIP JPMorgan Core Bond Fund - Service
Class
advised by Lincoln Financial Investments
Corporation
|
0.71%
|
7.15%
|
-0.29%
|
1.85%
|
|
A high level of current income; capital
appreciation is the secondary objective.
|
LVIP JPMorgan High Yield Fund - Service
Class
advised by Lincoln Financial Investments
Corporation
|
0.93%2
|
8.59%
|
4.41%
|
5.55%
|
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
|
|
Capital appreciation with the secondary
goal of achieving current income by
investing in equity securities.
|
LVIP JPMorgan Mid Cap Value Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
|
0.99%
|
4.45%
|
N/A
|
N/A
|
|
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%
|
|
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%
|
|
Maximum total return, consistent with
reasonable risk.
|
LVIP JPMorgan Short Duration Bond Fund
- Service Class
advised by Lincoln Financial Investments
Corporation
|
0.77%2
|
4.87%
|
1.55%
|
2.03%
|
|
Capital growth over the long term.
|
LVIP JPMorgan Small Cap Core Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
|
1.02%
|
10.00%
|
6.13%
|
8.66%
|
|
High total return.
|
LVIP JPMorgan U.S. Equity Fund - Service
Class
advised by Lincoln Financial Investments
Corporation
|
0.88%
|
14.26%
|
13.40%
|
14.56%
|
|
Long-term capital appreciation.
|
LVIP MFS International Growth Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
|
1.04%2
|
18.81%
|
6.82%
|
9.46%
|
|
Capital appreciation.
|
LVIP MFS Value Fund - Service Class
advised by Lincoln Financial Investments
Corporation
|
0.86%2
|
12.78%
|
9.72%
|
9.82%
|
|
Current income consistent with the
preservation of capital.
|
LVIP Mondrian Global Income Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
|
0.91%2
|
6.14%
|
-3.54%
|
0.11%
|
|
Long-term capital appreciation as
measured by the change in the value of
fund shares over a period of three years or
longer.
|
LVIP Mondrian International Value Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
|
0.99%2
|
36.05%
|
10.96%
|
7.63%
|
|
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%
|
A-6
|
Investment Objective
|
Fund and
Adviser/Sub-adviser1
|
Current
Expenses
|
Average Annual Total
Returns (as of 12/31/2025)
|
||
|
|
|
|
1 year
|
5 year
|
10 year
|
|
Total return 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%
|
|
Long-term capital appreciation.
|
LVIP Nomura U.S. Growth Fund - Service
Class
advised by Lincoln Financial Investments
Corporation
|
1.02%
|
22.24%
|
15.46%
|
15.92%
|
|
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 seek a high level of current income
consistent with preservation of capital.
|
LVIP PIMCO Low Duration Bond Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
|
0.85%2
|
5.21%
|
1.65%
|
1.99%
|
|
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
(formerly LVIP SSGA Bond Index Fund)
|
0.62%2
|
6.53%
|
-0.97%
|
1.42%
|
|
A high level of current income, with some
consideration given to growth of capital. A
fund of funds.
|
LVIP State Street Conservative Index
Allocation Fund - Service Class
advised by Lincoln Financial Investments
Corporation
(formerly LVIP SSGA Conservative Index
Allocation Fund)
|
0.75%2
|
12.51%
|
3.45%
|
5.30%
|
|
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
(formerly LVIP SSGA Global Tactical
Allocation Managed Volatility Fund)
|
0.86%2
|
14.09%
|
6.34%
|
6.36%
|
A-7
|
Investment Objective
|
Fund and
Adviser/Sub-adviser1
|
Current
Expenses
|
Average Annual Total
Returns (as of 12/31/2025)
|
||
|
|
|
|
1 year
|
5 year
|
10 year
|
|
To 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
(formerly LVIP SSGA International Index
Fund)
|
0.63%2
|
30.85%
|
8.39%
|
7.73%
|
|
A balance between a high level of current
income and growth of capital, with a
greater emphasis on growth of capital. A
fund of funds.
|
LVIP State Street Moderate Index Allocation
Fund - Service Class
advised by Lincoln Financial Investments
Corporation
(formerly LVIP SSGA Moderate Index
Allocation Fund)
|
0.75%
|
15.35%
|
5.59%
|
7.16%
|
|
A balance between high level of current
income and growth of capital, with a
greater emphasis on growth of capital. A
fund of funds.
|
LVIP State Street Moderately Aggressive
Index Allocation Fund - Service Class
advised by Lincoln Financial Investments
Corporation
(formerly LVIP SSGA Moderately
Aggressive Index Allocation Fund)
|
0.75%
|
17.14%
|
6.39%
|
7.91%
|
|
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
(formerly LVIP SSGA S&P 500 Index Fund)
|
0.48%
|
17.30%
|
13.88%
|
14.26%
|
|
To provide investment results that, before
fees and expenses, correspond generally to
the price and yield performance of an index
that tracks the short-term U.S. corporate
bond market.
|
LVIP State Street Short-Term Bond Index
Fund - Service Class
advised by Lincoln Financial Investments
Corporation
(formerly LVIP SSGA Short-Term Bond
Index Fund)
|
0.61%2
|
5.25%
|
2.00%
|
N/A
|
|
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
(formerly LVIP SSGA Small-Cap Index
Fund)
|
0.63%2
|
12.18%
|
5.47%
|
8.90%
|
|
A high level of current income, with some
consideration given to growth of capital. A
fund of funds.
|
LVIP Structured Conservative Allocation
Fund - Service Class
advised by Lincoln Financial Investments
Corporation
|
0.84%
|
13.44%
|
4.19%
|
5.34%
|
|
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%
|
|
A balance between high level of current
income and growth of capital, with a
greater emphasis on growth of capital. A
fund of funds.
|
LVIP Structured Moderately Aggressive
Allocation Fund - Service Class
advised by Lincoln Financial Investments
Corporation
|
0.84%
|
19.03%
|
8.00%
|
8.05%
|
A-8
|
Investment Objective
|
Fund and
Adviser/Sub-adviser1
|
Current
Expenses
|
Average Annual Total
Returns (as of 12/31/2025)
|
||
|
|
|
|
1 year
|
5 year
|
10 year
|
|
The 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
This fund is not available in contracts
issued on or after June 30, 2009.
|
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
This fund is not available in contracts
issued on or after June 30, 2009.
|
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
This fund is not available in contracts
issued on or after June 30, 2009.
|
0.96%2
|
17.84%
|
8.62%
|
8.94%
|
|
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%
|
|
High level of current income and growth of
capital, with an emphasis on growth of
capital. A fund of funds.
|
LVIP U.S. Growth Allocation Managed Risk
Fund - Service Class
advised by Lincoln Financial Investments
Corporation
This fund is only available in contracts
issued on or after May 18, 2015.
|
1.06%2
|
8.28%
|
5.23%
|
6.36%
|
|
Total return consistent with the
preservation of capital. A fund of funds.
|
LVIP Vanguard Bond Allocation Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
|
0.61%
|
6.06%
|
-0.70%
|
1.29%
|
|
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%
|
|
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%
|
|
Long-term capital appreciation.
|
LVIP Wellington SMID Cap Value Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
|
1.03%2
|
2.16%
|
8.97%
|
8.26%
|
|
Capital appreciation.
|
MFS® VIT Growth Series - Service Class
advised by Massachusetts Financial
Services Company
|
0.98%2
|
11.90%
|
10.82%
|
15.31%
|
|
Total return.
|
MFS® VIT Total Return Series - Service
Class
advised by Massachusetts Financial
Services Company
|
0.86%2
|
10.91%
|
6.16%
|
7.36%
|
A-9
|
Investment Objective
|
Fund and
Adviser/Sub-adviser1
|
Current
Expenses
|
Average Annual Total
Returns (as of 12/31/2025)
|
||
|
|
|
|
1 year
|
5 year
|
10 year
|
|
Total return.
|
MFS® VIT Utilities Series - Service Class
advised by Massachusetts Financial
Services Company
|
1.03%2
|
14.76%
|
7.38%
|
9.22%
|
|
Long-term capital appreciation by investing
primarily in growth-oriented equity
securities of large capitalization companies.
|
Morgan Stanley VIF Growth Portfolio -
Class II
This fund is not available in contracts
issued on or after October 31, 2011.
|
0.82%2
|
35.38%
|
3.15%
|
17.46%
|
|
Long-term capital appreciation.
|
Nomura VIP Emerging Markets Series -
Service Class
|
1.46%2
|
80.77%
|
8.48%
|
11.85%
|
|
Capital appreciation.
|
Nomura VIP Small Cap Value Series -
Service Class
|
1.04%
|
7.83%
|
8.93%
|
8.84%
|
|
Maximum real return, consistent with
prudent investment management.
|
PIMCO VIT CommodityRealReturn®
Strategy Portfolio - Advisor Class
advised by Pacific Investment Management
Company, LLC
|
3.29%2
|
18.85%
|
10.47%
|
6.43%
|
|
Capital growth and current income.
|
Putnam VT Large Cap Value Fund - Class IB
|
0.79%
|
20.35%
|
15.38%
|
13.30%
|
|
Long-term capital appreciation.
|
Putnam VT Sustainable Future Fund - Class
IB
|
1.05%2
|
2.66%
|
1.19%
|
9.60%
|
|
Long-term capital appreciation.
|
Putnam VT Sustainable Leaders Fund -
Class IB
|
0.88%
|
10.69%
|
10.34%
|
14.69%
|
|
High current income consistent with
preservation of capital; capital appreciation
is a secondary objective.
|
Templeton Global Bond VIP Fund - Class 2
advised by Franklin Advisers, Inc.
|
0.75%2
|
15.73%
|
-0.96%
|
-0.15%
|
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
|
|
DCA Fixed Account
|
3 –60 months
|
1.50%
|
A-10
Appendix B — Investment Requirements
If you purchase a Living Benefit Rider (except i4LIFE® Advantage without Guaranteed Income Benefit), you will be subject to Investment Requirements. This requirement means you will be limited in your choice of Subaccount
investments and in how much you can invest in certain Subaccounts. This also means you will not be able to allocate Contract
Value to all of the Subaccounts that are available to Contractowners who have not elected a Living Benefit Rider. We impose Investment
Requirements to reduce the risk of investment losses that may require us to use our own assets to make guaranteed payments under
a Living Benefit Rider.
If you elect a Living Benefit Rider, Investment Requirements apply whether you purchase
the rider at Contract issue or add it to an existing Contract. The Living Benefit Rider you purchase and the date of purchase
will determine which Investment Requirements Option will apply to your Contract. See Option 1, Option 2, and Option 3 below. Currently,
if you purchase i4LIFE® without Guaranteed Income Benefit, you will not be subject to any Investment Requirements, although we
reserve the right to impose Investment Requirements for this rider in the future. If we do exercise our right to do so, you will have
to reallocate your Account Value subject to such requirements.
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 (particularly in the Investment
Requirements for the Managed Risk riders) 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 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.
Under each option, we have divided the Subaccounts of your Contract into groups and
have specified the minimum or maximum percentages of Contract Value that must be in each group at the time you purchased the rider
(or when the rider Investment Requirements are enforced, if later). In addition, depending on when you purchased your Contract,
you may allocate your Contract Value and Purchase Payments in accordance with certain asset allocation models, as noted below.
If you terminate an asset allocation model, you must follow the Investment Requirements applicable to your rider. Some investment
options are not available to you if you purchase certain riders. The Investment Requirements may not be consistent with an aggressive
investment strategy. You should consult with your registered representative to determine if the Investment Requirements are
consistent with your investment objectives.
The chart below is provided to help you determine which option of Investment Requirements,
if any, applies to the Living Benefit Rider you purchased. If you do not elect a Living Benefit Rider, the Investment Requirements
will not apply to your Contract. Different Investment Requirements may apply if you terminate one rider and elect another rider.
|
If you elect...
|
and the date of election is...
|
you will be subject to
Investment Requirements
|
|
Lincoln Lifetime IncomeSM Advantage 2.0 (Managed
Risk)
|
On or after May 21, 2012
|
Option 3 for Managed Risk
riders
|
|
i4LIFE® Advantage Guaranteed Income Benefit
(Managed Risk)
|
On or after May 21, 2012
|
Option 3 for Managed Risk
riders
|
|
Lincoln Lifetime IncomeSM Advantage 2.0
|
On or after November 15, 2010
|
Option 3
|
|
Lincoln Lifetime IncomeSM Advantage
|
February 19, 2008 through January 19, 2009
On or after January 20, 2009
|
Option 2
Option 3
|
|
Lincoln SmartSecurity® Advantage
|
Prior to April 10, 2006
April 10, 2006 through January 19, 2009
On or after January 20, 2009
|
N/A
Option 1
Option 3
|
|
4LATER® Advantage
|
April 10, 2006 through January 19, 2009
On or after January 20, 2009
|
Option 1
Option 3
|
|
i4LIFE® Advantage Guaranteed Income Benefit (v.1)
|
Prior to April 10, 2006
On or after April 10, 2006
|
N/A
Option 1
|
|
i4LIFE® Advantage Guaranteed Income Benefit (v.2)
|
April 10, 2006 through January 19, 2009
On or after January 20, 2009
|
Option 1
Option 3
|
B-1
|
If you elect...
|
and the date of election is...
|
you will be subject to
Investment Requirements
|
|
i4LIFE® Advantage Guaranteed Income Benefit (v.3)
|
October 6, 2008 through January 19, 2009
On or after January 20, 2009
|
Option 2
Option 3
|
|
i4LIFE® Advantage Guaranteed Income Benefit (v.4)
|
On or after November 15, 2010
|
Option 3
|
Investment Requirements – Option 1
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”) (Note: not all Subaccounts are available with all contracts):
AB VPS Discovery Value Portfolio
AB VPS Sustainable Global Thematic Portfolio
American Funds® IS Global Growth Fund
American Funds® IS Global Small Capitalization Fund
American Funds® IS International Fund
Fidelity® VIP Mid Cap Portfolio
Franklin Income VIP Fund
Franklin Mutual Shares VIP Fund
Invesco V.I. EQV International Equity Fund
Invesco V.I. Global Fund
Lord Abbett Series Fund Fundamental Equity Portfolio
LVIP Baron Growth Opportunities Fund
LVIP BlackRock Real Estate Fund
LVIP Blended Mid Cap Managed Volatility Fund
LVIP Channing Small Cap Value Fund
LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund
LVIP Franklin Templeton Multi-Factor International Equity Fund
LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund
LVIP Global Equity Managed Volatility Fund
LVIP JPMorgan High Yield Fund
LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund
LVIP MFS International Growth Fund
LVIP Mondrian International Value Fund
LVIP Nomura High Yield Fund
LVIP Nomura Mid Cap Value Fund
LVIP Nomura SMID Cap Core Fund
LVIP Nomura U.S. REIT Fund
LVIP State Street International Index Fund
LVIP State Street Small-Cap Index Fund
LVIP T. Rowe Price 2040 Fund
LVIP T. Rowe Price Structured Mid-Cap Growth Fund
LVIP Vanguard International Equity ETF Fund
LVIP Wellington SMID Cap Value Fund
MFS® VIT Growth Series
MFS® VIT Utilities Series
Nomura VIP Emerging Markets Series
Nomura VIP Small Cap Value Series
All other Subaccounts will be referred to as “Non-Limited Subaccounts” except ClearBridge Variable Mid Cap Portfolio, DWS Alternative Asset Allocation VIP Portfolio, First Trust Capital Strength Portfolio, PIMCO VIT
Commodity Real Return® Strategy Portfolio and Putnam VT Sustainable Future Fund which are not available.
The Lincoln State Street Aggressive Index Model and the Lincoln State Street Structured
Aggressive Model are also unavailable 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 the rider, 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 you are enrolled in portfolio rebalancing,
the cumulative total investment in all the Limited Subaccounts cannot exceed 35% of total Contract Value. If your current portfolio rebalancing
does not adhere to this requirement, your portfolio rebalancing program will be terminated.
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. Confirmation of the rebalancing will appear on your quarterly statement.
We may move Subaccounts on or off the Limited or Non-Limited Subaccount list, exclude
Subaccounts and asset allocation models from being available for investment, change the number of Limited Subaccount groups,
change the percentages of Contract Value allowed in the Limited or Non-Limited Subaccounts or change the frequency of the Contract
Value rebalancing, at any time, in our sole discretion. 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.
submit your own reallocation instructions for the Contract Value in excess of 35%
in the Limited Subaccounts; or
2.
take no action and be subject to the quarterly rebalancing as described above; or
B-2
3.
terminate the applicable rider immediately, without waiting for a termination event
if you do not wish to be subject to these Investment Requirements.
Investment Requirements – Option 2
You can select the percentages of Contract Value (includes Account Value if i4LIFE® Advantage is in effect) to allocate to individual Subaccounts within each group, but the total investment for all Subaccounts in a group
must comply with the specified minimum or maximum percentages for that group.
If you purchase a Living Benefit Rider (except i4LIFE® Advantage without Guaranteed Income Benefit), you agree to be automatically enrolled in the portfolio rebalancing option under your Contract and thereby authorize
us to automatically rebalance your Contract Value on a periodic basis. On each quarterly anniversary of the effective date of
the rider, we will rebalance your Contract Value, proportionately, based on your allocation instructions in effect at the time of the rebalancing. Any
reallocation of Contract Value among the Subaccounts made by you prior to a rebalancing date will become your allocation
instructions for rebalancing purposes. Confirmation of the rebalancing will appear on your quarterly statement. We reserve the right
to change the rebalancing frequency, at any time, in our sole discretion. 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 in frequency. If we rebalance Contract Value from the Subaccounts
and your allocation instructions do not comply with the Investment Requirements, portfolio rebalancing will be paused, and
any subsequent transfer requests will be considered not in Good Order until updated allocation instructions are received. These investments will become your allocation instructions until you tell us otherwise.
We may change the list of Subaccounts in a group, change the number of groups, change
the minimum or maximum percentages of Contract Value allowed in a group or change the investment options that are or are
not available to you, at any time, in our sole discretion. 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 to the Investment Requirements, you may:
1.
submit your own reallocation instructions for the Contract Value, before the effective
date specified in the notice, so that the Investment Requirements are satisfied;
2.
if you take no action, such changes will apply only to additional Purchase Payments
or to future transfers of Contract Value. You will not be required to change allocations to existing Subaccounts, but you will not
be allowed to add money, by either an additional Purchase Payment or a contract transfer, in excess of the new percentage applicable
to a Subaccount or Subaccount group. This does not apply to Subaccounts added to Investment Requirements on or after June
30, 2009. For Subaccounts added to Investment Requirements on or after June 30, 2009, you may be subject to rebalancing
as described above. If this results in a change to your allocation instructions, then these will be your new allocation instructions
until you tell us otherwise; or
3.
terminate the applicable rider immediately, without waiting for a termination event
if you do not wish to be subject to the new terms of the Investment Requirements.
At this time, the Subaccount groups are as follows:
|
Group 1
Investments must be at least 25% of Contract Value or Account Value
|
LVIP American Century Inflation Protection Fund
LVIP BlackRock Inflation Protected Bond Fund
LVIP Fidelity Institutional AM® Total Bond Fund
LVIP Franklin Templeton Core Bond Fund
LVIP JPMorgan Core Bond Fund
LVIP JPMorgan Short Duration Bond Fund
LVIP Mondrian Global Income Fund
LVIP Nomura Diversified Floating Rate Fund
LVIP PIMCO Low Duration Bond Fund
LVIP State Street Bond Index Fund
LVIP State Street Short-Term Bond Index Fund
LVIP Vanguard Bond Allocation Fund
Templeton Global Bond VIP Fund
|
Group 2
Investments cannot exceed 75% of Contract Value or Account Value
|
All other Subaccounts except those in Group 3 and as discussed below.
|
Group 3
Investments cannot exceed 10% of Contract Value or Account Value
|
DWS Alternative Asset Allocation VIP Portfolio
LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund
LVIP Nomura U.S. REIT Fund
B-3
The ClearBridge Variable Mid Cap Portfolio, First Trust Capital Strength Portfolio,
PIMCO VIT CommodityRealReturn® Strategy Portfolio, and Putnam VT Sustainable Future Fund are not available. The fixed account is only
available for dollar cost averaging.
To satisfy these Investment Requirements, you may allocate 100% of your Contract Value
or i4LIFE® Advantage Account Value among the Subaccounts on the following list, as applicable to your Contract. If you allocate
less than 100% of Contract Value or i4LIFE® Advantage Account Value to or among these Subaccounts, then these Subaccounts will
be considered as part of Group 1 or 2 above,
as applicable, and you will be subject to the Group 1 or 2 restrictions.
Fidelity VIP® Balanced Portfolio
Franklin Allocation VIP Fund
Franklin Income VIP Fund
LVIP American Century Balanced Fund
LVIP American Century Inflation Protection Fund
LVIP American Funds Vanguard Active Passive Growth Fund
LVIP BlackRock Global Allocation Fund
LVIP BlackRock Inflation Protected Bond Fund
LVIP Fidelity Institutional AM® Total Bond Fund
LVIP Franklin Templeton Core Bond Fund
LVIP Global Conservative Allocation Managed Risk Fund
LVIP Global Growth Allocation Managed Risk Fund
LVIP Global Moderate Allocation Managed Risk Fund
LVIP JPMorgan Core Bond Fund
LVIP JPMorgan Retirement Income Fund
LVIP JPMorgan Short Duration Bond Fund
LVIP Mondrian Global Income Fund
LVIP Nomura Diversified Floating Rate Fund
LVIP Nomura High Yield Fund
LVIP PIMCO Low Duration Bond Fund
LVIP State Street Bond Index Fund
LVIP State Street Conservative Index Allocation Fund
LVIP State Street Global Tactical Allocation Managed Volatility Fund
LVIP State Street Moderate Index Allocation Fund
LVIP State Street Moderately Aggressive Index Allocation Fund
LVIP State Street Short-Term Bond Index Fund
LVIP Structured Conservative Allocation Fund
LVIP Structured Moderate Allocation Fund
LVIP Structured Moderately Aggressive Allocation Fund
LVIP T. Rowe Price 2020 Fund
LVIP T. Rowe Price 2030 Fund
LVIP T. Rowe Price 2040 Fund
LVIP U.S. Growth Allocation Managed Risk Fund
LVIP Vanguard Bond Allocation Fund
MFS® VIT Total Return Series
Templeton Global Bond VIP Fund
To satisfy these Investment Requirements, Contract Value can be allocated in accordance
with certain asset allocation models, made available to you by your broker dealer. 100% of the Contract Value can be allocated
to one of the following models: Lincoln State Street Structured Conservative Model, Lincoln State Street Structured Moderate Model,
Lincoln State Street Structured Moderately Aggressive Model, Lincoln State Street Structured Moderately Aggressive Equity Model,
Lincoln State Street Conservative Index Model, Lincoln State Street Moderate Index Model, Lincoln State Street Moderately
Aggressive Index Model and Lincoln State Street Moderately Aggressive Equity Index Model. You may only choose one asset allocation
model at a time, though you may change to a different asset allocation model available in your Contract that meets the Investment
Requirements or reallocate Contract Value among Group 1, Group 2 or Group 3 Subaccounts as described above. If you terminate
an asset allocation model, you must follow the Investment Requirements applicable to your rider.
If you purchased the Lincoln Lifetime IncomeSM Advantage Plus rider, your only investment options until the seventh Benefit Year
anniversary are to allocate 100% of your Contract Value to: the LVIP Global Moderate
Allocation Managed Risk Fund, the LVIP Global Conservative Allocation Managed Risk Fund, the LVIP Structured Conservative Allocation
Fund, the LVIP State Street Conservative Index Allocation Fund (each a fund of funds) or the Franklin Income VIP Fund or to
one of the following models: Lincoln State Street Conservative Index Model, Lincoln State Street Moderate Index Model, Lincoln State
Street Structured Conservative Model, and Lincoln State Street Structured Moderate Model. After the seventh Benefit Year anniversary,
if your rider continues, you may invest in other Subaccounts in your Contract, subject to Investment Requirements applicable
to your purchase date of Lincoln Lifetime IncomeSM Advantage.
Investment Requirements – Option 3
If you elected Lincoln Lifetime IncomeSM Advantage 2.0 (Managed Risk) or i4LIFE® Advantage Guaranteed Income Benefit (Managed Risk), you must allocate your Contract Value in accordance with the Investment Requirements
for Managed Risk Riders section below.
If you elect any other Living Benefit Rider, you must allocate your Contract Value
in accordance with the Investment Requirements for other Living Benefit Riders section below. For all Living Benefit Riders, you can
select the percentages of Contract Value (or Account Value if i4LIFE® Advantage Guaranteed Income Benefit is in effect) to allocate to individual Subaccounts
within each group, but the total investment for all Subaccounts within the group must comply with the specified
minimum or maximum percentages for that group.
You must hold the rider for a minimum period of time after election (the minimum time
is specified under the Termination section of each rider). During this time, you will be required to adhere to the Investment Requirements.
After this time, failure to adhere to the Investment Requirements will result in termination of the rider.
Certain Living Benefit Riders guarantee you the right to transition to a version of
the i4LIFE® Guaranteed Income Benefit even if that version is no longer available for purchase. If you transition to i4LIFE® Guaranteed Income Benefit, the Investment Requirements under your Prior Living Benefit Rider continue to apply. See i4LIFE® Advantage – i4LIFE® Advantage Guaranteed Income Benefit Transitions for a discussion of this transition.
B-4
If you purchase a Living Benefit Rider (except i4LIFE® Advantage without Guaranteed Income Benefit), you agree to be automatically enrolled in the portfolio rebalancing option under your Contract and thereby authorize
us to automatically rebalance your Contract Value on a periodic basis. On each quarterly anniversary of the effective date of
the rider, we will rebalance your Contract Value, proportionately, based on your allocation instructions in effect at the time of the rebalancing. Any
reallocation of Contract Value among the Subaccounts made by you prior to a rebalancing date will become your allocation
instructions for rebalancing purposes. Confirmation of the rebalancing will appear on your quarterly statement. If we rebalance Contract
Value from the Subaccounts and your allocation instructions do not comply with the Investment Requirements, portfolio rebalancing
will be paused, and any subsequent transfer requests will be considered not in Good Order until updated allocation instructions
are received. These investments will become your allocation instructions until you tell us otherwise.
For certain Living Benefit Riders, the Subaccounts of your Contract are divided into
groups and have specified minimum or maximum percentages of Contract Value that must be in each group at the time you purchase
the rider. Please review the Investment Requirements below to determine which Investment Requirements apply to your rider. You can select the percentages of Contract Value to allocate to individual Subaccounts within each group, but the total investment for
all Subaccounts within the group must comply with the specified minimum or maximum percentages for that group. We may change the list
of Subaccounts in a group, change the number of groups, change the minimum or maximum percentages of Contract Value allowed in
a group, change the investment options that are or are not available to you, or change the rebalancing frequency at any time
in our sole discretion. For other Living Benefit Riders, we may only make certain Subaccounts available to you, which are listed below.
For all Living Benefit Riders, we may add or remove Subaccounts at any time in our sole discretion.
You will be notified at least 30 days prior to the date of any change. We may make such modifications at any time when
we believe the modifications are necessary to protect our ability to provide the guarantees under these riders. Our decision
to make modifications will be based on several factors, including the general market conditions and the style and investment objectives of
the subaccount investments.
At the time you receive notice of a change to the Investment Requirements, you may:
1.
submit your own reallocation instructions for the Contract Value, before the effective
date specified in the notice, so that the Investment Requirements are satisfied; or
2.
take no action and be subject to the quarterly rebalancing as described above. If
this results in a change to your allocation instructions, then these will be your new allocation instructions until you tell us
otherwise; or
3.
terminate the applicable rider immediately, without waiting for a termination event,
if you do not wish to be subject to these Investment Requirements.
Option 3 – Investment Requirements for Managed Risk Riders. If you elected Lincoln Lifetime IncomeSM Advantage 2.0 (Managed Risk) or i4LIFE® Advantage Guaranteed Income Benefit (Managed Risk), you must currently allocate your
Contract Value among one or more of the following Subaccounts only. Not all funds may be available; refer Appendix A – Investment Options Available Under The Contract for more information.
|
Group 1
Investments must be at least 20% of Contract Value or Account Value
|
LVIP BlackRock Inflation Protected Bond Fund
LVIP Fidelity Institutional AM® Total Bond Fund
LVIP Franklin Templeton Core Bond Fund
LVIP JPMorgan Core Bond Fund
LVIP JPMorgan Short Duration Bond Fund
LVIP Mondrian Global Income Fund1
LVIP Nomura Diversified Floating Rate Fund
LVIP PIMCO Low Duration Bond Fund
LVIP State Street Bond Index Fund
LVIP State Street Short-Term Bond Index Fund
LVIP Vanguard Bond Allocation Fund
1This fund is not available for riders purchased on or after May 21, 2018.
|
Group 2
Investments cannot exceed 80% of Contract Value or Account Value
|
LVIP BlackRock Dividend Value Managed Volatility Fund
LVIP Blended Large Cap Growth Managed Volatility Fund
LVIP Blended Mid Cap Managed Volatility Fund
LVIP Dimensional International Equity Managed Volatility Fund
LVIP Dimensional U.S. Equity Managed Volatility Fund
LVIP Global Conservative Allocation Managed Risk Fund
LVIP Global Equity Managed Volatility Fund
LVIP Global Growth Allocation Managed Risk Fund
LVIP Global Moderate Allocation Managed Risk Fund
LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund
LVIP State Street Global Tactical Allocation Managed Volatility Fund
LVIP U.S. Growth Allocation Managed Risk Fund
|
Group 3
Investments cannot exceed 10% of Contract Value or Account Value
|
No Subaccounts at this time.
B-5
As an alternative, to satisfy these Investment Requirements, you may allocate 100%
of your Contract Value or i4LIFE® Advantage Account Value among the Subaccounts listed below. If you allocate less than 100% of
Contract Value or i4LIFE® Advantage Account Value to or among these Subaccounts, then the Subaccounts listed below that are also
listed in Group 1 will be subject to Group 1 restrictions. Any remaining Subaccounts listed below that are not listed in Group
1 will fall into Group 2 and will be subject to Group 2
restrictions.
LVIP BlackRock Inflation Protected Bond Fund
LVIP Fidelity Institutional AM® Total Bond Fund
LVIP Franklin Templeton Core Bond Fund
LVIP Global Conservative Allocation Managed Risk Fund
LVIP Global Growth Allocation Managed Risk Fund
LVIP Global Moderate Allocation Managed Risk Fund
LVIP JPMorgan Core Bond Fund
LVIP JPMorgan Short Duration Bond Fund
LVIP Mondrian Global Income Fund1
LVIP Nomura Diversified Floating Rate Fund
LVIP PIMCO Low Duration Bond Fund
LVIP State Street Bond Index Fund
LVIP State Street Global Tactical Allocation Managed Volatility Fund
LVIP State Street Short-Term Bond Index Fund
LVIP U.S. Growth Allocation Managed Risk Fund
LVIP Vanguard Bond Allocation Fund
1This fund is not available for riders purchased on or after May 21, 2018.
Option 3 – Investment Requirements for other Living Benefit Riders. If you elected a Living Benefit Rider other than Lincoln Lifetime IncomeSM Advantage 2.0 (Managed Risk) or i4LIFE® Advantage Guaranteed Income Benefit (Managed Risk), you must currently allocate your Contract Value among one or more of the following Subaccounts only. Not all funds may be available, refer to the “Description of the Funds” section of this prospectus for more information.
|
Group 1
Investments must be at least 30% of Contract Value or Account Value
|
LVIP American Century Inflation Protection Fund
LVIP BlackRock Inflation Protected Bond Fund
LVIP Fidelity Institutional AM® Total Bond Fund
LVIP Franklin Templeton Core Bond Fund
LVIP JPMorgan Core Bond Fund
LVIP JPMorgan Short Duration Bond Fund
LVIP Mondrian Global Income Fund
LVIP Nomura Diversified Floating Rate Fund
LVIP PIMCO Low Duration Bond Fund
LVIP State Street Bond Index Fund
LVIP State Street Short-Term Bond Index Fund
LVIP Vanguard Bond Allocation Fund
Templeton Global Bond VIP Fund
|
Group 2
Investments cannot exceed 70% of Contract Value or Account Value
|
All other Subaccounts except those in Group 3 and as described below.
|
Group 3
Investments cannot exceed 10% of Contract Value or Account Value
|
AB VPS Sustainable Global Thematic Portfolio
American Funds IS Global Small Capitalization Fund
DWS Alternative Asset Allocation VIP Portfolio
LVIP BlackRock Real Estate Fund
LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund
LVIP Nomura U.S. REIT Fund
MFS® VIT Utilities Series
Nomura VIP Emerging Markets Series
The ClearBridge Variable Mid Cap Core Portfolio, First Trust Capital Strength Portfolio,
PIMCO VIT CommodityRealReturn® Strategy Portfolio, and Putnam VT Sustainable Future Fund are not available with these riders.
The fixed account is only available for dollar cost averaging.
As an alternative to satisfy these Investment Requirements, you may allocate 100%
of your Contract Value or i4LIFE® Advantage Account Value among the Subaccounts listed below. If you allocate less than 100% of
Contract Value or i4LIFE® Advantage Account Value among these Subaccounts, then the Subaccounts listed below that are also listed
in Group 1 will be subject to Group 1 restrictions. Any remaining Subaccounts listed below that are not listed in Group 1 will fall into
Group 2 and be subject to Group 2 restric
tions.
Fidelity® VIP Balanced Portfolio
Franklin Allocation VIP Fund
LVIP American Century Balanced Fund
LVIP American Century Inflation Protection Fund
LVIP American Funds Vanguard Active Passive Growth Fund
LVIP BlackRock Global Allocation Fund
LVIP BlackRock Inflation Protected Bond Fund
LVIP Fidelity Institutional AM® Total Bond Fund
LVIP Franklin Templeton Core Bond Fund
LVIP Global Conservative Allocation Managed Risk Fund
LVIP Global Growth Allocation Managed Risk Fund
LVIP Global Moderate Allocation Managed Risk Fund
LVIP JPMorgan Core Bond Fund
LVIP JPMorgan Retirement Income Fund
LVIP JPMorgan Short Duration Bond Fund
LVIP Mondrian Global Income Fund
LVIP Nomura Diversified Floating Rate Fund
LVIP PIMCO Low Duration Bond Fund
LVIP State Street Bond Index Fund
LVIP State Street Conservative Index Allocation Fund
LVIP State Street Global Tactical Allocation Managed Volatility Fund
LVIP State Street Moderate Index Allocation Fund
LVIP State Street Moderately Aggressive Index Allocation Fund
LVIP State Street Short-Term Bond Index Fund
LVIP Structured Conservative Allocation Fund
LVIP Structured Moderate Allocation Fund
B-6
LVIP Structured Moderately Aggressive Allocation Fund
LVIP T. Rowe Price 2020 Fund
LVIP T. Rowe Price 2030 Fund
LVIP T. Rowe Price 2040 Fund
LVIP U.S. Growth Allocation Managed Risk Fund
LVIP Vanguard Bond Allocation Fund
MFS® VIT Total Return Series
Templeton Global Bond VIP Fund
To satisfy these Investment Requirements, Contract Value may be allocated in accordance
with certain asset allocation models (depending on when you purchased your Contract) made available to you by your broker-dealer.
If so, currently 100% of the Contract Value can be allocated to one of the following models: 60/40 Elite Moderate Model,
70/30 Elite Moderate Growth Model, Lincoln State Street Structured Conservative Model, Lincoln State Street Structured Moderate Model,
Lincoln State Street Structured Moderately Aggressive Model, Lincoln State Street Conservative Index Model, Lincoln State Street
Moderate Index Model and Lincoln State Street Moderately Aggressive Index Model. You may only choose one asset allocation model
at a time, though you may change to a different asset allocation model available in your Contract that meets the Investment Requirements
or reallocate Contract Value among Group 1, Group 2 or Group 3 Subaccounts as described above. These models are not available
for contracts issued on or after November 15, 2010. If you terminate an asset allocation model, you must follow the Investment Requirements
applicable to your rider.
If you purchased the Lincoln Lifetime IncomeSM Advantage Plus rider on or after January 20, 2009, your only investment options until
the seventh Benefit Year anniversary are to allocate 100% of your Contract Value to:
the LVIP American Century Inflation Protection Fund, the LVIP Structured Conservative Allocation Fund or the LVIP State Street Conservative
Index Allocation Fund (each a fund of funds), or, if your Contract was purchased prior to November 15, 2010, to one of the
following models: Lincoln State Street Conservative Index Model and the Lincoln State Street Structured Conservative Model. After the
seventh Benefit Year anniversary, if your rider continues, you may invest in other Subaccounts in your Contract, subject to Investment
Requirements applicable to your purchase date of Lincoln Lifetime IncomeSM Advantage.
B-7
This updating 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.
333-138190; 811-08517
EDGAR Contract Identifier:
C000074163
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