Form 497VPU LINCOLN NATIONAL VARIABL

April 29, 2026 11:21 AM EDT
Multi-Fund® 
Individual Variable Annuity Contracts  
Updating Summary Prospectus for Current Contractowners
May 1, 2026
This updating summary prospectus summarizes certain changes to key features of the Multi-Fund® 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 Multi-Fund® contract.
The prospectus for the Multi-Fund® 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 1-800-454-6265 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 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.
Fund Addition(s):
●
LVIP Structured Moderate Allocation Fund (Standard Class)
Fund Name Changes:
  
Former Fund Name
New Fund Name
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. REIT Fund
LVIP Nomura U.S. REIT Fund
LVIP SSGA Bond Index Fund
LVIP State Street Bond Index 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
LVIP SSGA International Managed Volatility Fund
LVIP State Street International Managed Volatility Fund
LVIP SSGA S&P 500 Index Fund
LVIP State Street S&P 500 Index Fund
LVIP SSGA Small-Cap Index Fund
LVIP State Street Small-Cap Index Fund
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.
2
Important Information You Should Consider About the Multi-Fund® Individual Variable Annuity Contract 
 
FEES, EXPENSES, AND ADJUSTMENTS
Location in
Prospectus
Are There
Charges or
Adjustments for
Early
Withdrawals?
Yes:
A surrender charges may apply to your Contract depending on the version of the
Contract that you own.
●Single premium contract (Multi-Fund® 1). A surrender charge may apply to a
surrender or withdrawal of Purchase Payment during the first 7 full Contract Years,
up to 7% of the amount withdrawn, declining to 0% over that time period. For
example, if you make a withdrawal of $100,000 during the first 7 full Contract Years,
you could be assessed a charge of up to $7,000 on the Purchase Payment
withdrawn. This loss will be greater if there are also taxes or tax penalties. A
surrender charge will not apply if your withdrawal is made after the first 7 full
Contract Years.
●Flexible premium contract (Multi-Fund® 2, 3, 4). A surrender charge may apply to a
surrender or withdrawal of Purchase Payment prior to the 7th anniversary since the
Purchase Payment was invested, up to 7% of the amount withdrawn, declining to 0%
over that time period. For example, if you make a withdrawal of $100,000 during the
first year after your Purchase Payment, you could be assessed a charge of up to
$7,000 on the Purchase Payment withdrawn. This loss will be greater if there are also
taxes or tax penalties. A surrender charge will not apply if your withdrawal is made
after the 7th anniversary since a Purchase Payment was invested.
●Periodic premium contract (Multi-Fund® 1). A surrender charge may to a surrender
or withdrawal of Purchase Payment during the first 10 full Contract Years, up to 8%
of the amount withdrawn, declining to 0% over that time period. For example, if you
make a withdrawal of $100,000 during the first 10 full Contract Years, you could be
assessed a charge of up to $8,000 on the Purchase Payment withdrawn. This loss
will be greater if there are also taxes or tax penalties. A surrender charge will not
apply if your withdrawal is made after the first 10 full Contract Years.
●Fee Tables
●Fee Tables –
Examples
●Charges, Other
Deductions,
and
Adjustments –
Surrender
Charge
Are There
Transaction
Charges?
Yes:
If you participate in a tax deferred retirement plan that allows participant loans, you may
be eligible to take a loan against your Contract Value. Depending on your state of
residence, a one-time fee of up to $35 may be charged to set up and process a loan. The
loan maintenance fee is an annual rate of 2.5%.
●Fee Tables
●Charges, Other
Deductions,
and
Adjustments
3
 
FEES, EXPENSES, AND ADJUSTMENTS
Location in
Prospectus
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
1.005%1, 2
Base Contract with Enhanced Guaranteed
Minimum Death Benefit
1.302%1, 2
Fund fees and expenses
0.23%3
1.32%3
Optional benefits available for an
additional charge (for a single optional
benefit, if elected)
0.30%1
2.00%4
1 As a percentage of average Contract Value. For the base contract, also includes an amount attributable
to the Annual Account Fee.
2A charge of 0.952% applies only for assets invested in the LVIP BlackRock Equity Dividend Fund on and after May 1, 2009.
3As a percentage of fund net assets, before expense reimbursements or fee waiver arrangements.
4 As a 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 surrender charges that substantially
increase costs.
Lowest Annual Cost: $1,548
Highest Annual Cost: $6,258
Assumes:
Assumes:
●Investment of $100,000
●5% annual appreciation
●Least expensive fund fees and
expenses
●No optional benefits
●No surrender charges
●No additional Purchase Payments,
transfers, or withdrawals
●Investment of $100,000
●5% annual appreciation
●Most expensive combination of
optional benefits and fund fees and
expenses
●No surrender charges
●No additional Purchase Payments,
transfers, or withdrawals
 
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
4
 
RISKS
Location in
Prospectus
Is This a Short-
Term Investment?
No:
●This Contract is not designed for short-term investing and is not appropriate for an
investor who needs ready access to cash.
●A surrender or withdrawal may result in surrender charges. Any surrender charges
will reduce the value of your Contract or the amount of money that you actually
receive.
●The benefits of tax deferral, long-term income, and living benefit protections mean
the Contract is more beneficial to investors with a long-term investment horizon.
●Surrenders or withdrawals are subject to ordinary income tax and may be subject to
tax penalties.
●Fee Tables
●Principal Risks
●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 us, Lincoln Life. Any
obligations (including under the fixed account option), guarantees, or benefits of the
Contract are subject to our claims-paying ability. If we experience financial distress,
we may not be able to meet our obligations to you. More information about Lincoln
Life, including our financial strength ratings, is available upon request by calling 1-
800-454-6265 or visiting www.LincolnFinancial.com.
●Principal Risks
●Fixed Side of
the Contract
 
RESTRICTIONS
Location in
Prospectus
Are There
Restrictions on
the Investment
Options?
Yes:
●Not all investment options may be available for investment under your Contract.
●The availability of investment options may vary depending on the broker-dealer
through which the Contract is sold.
●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.
●Currently, there is no charge for transfers. We may impose a $10 charge for transfers
in excess of the maximum number of transfers allowed in a Contract Year.
●We reserve the right to remove or substitute the funds that are available as
investment options 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 option 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
●Transfers On or
Before the
Annuity
Commencement
Date
●Fixed Side of
the Contract
●Appendix A –
Investment
Options
Available
Under the
Contract
Are There any
Restrictions on
Contract
Benefits?
Yes:
●There are additional restrictions and limitations under the Contract’s optional
benefits.
●Optional benefits may limit or restrict 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.
●We may modify or stop offering an optional benefit that is currently available at any
time.
●The Contracts
●Benefits
Available
Under the
Contract
●Appendix B –
Investment
Requirements
5
 
TAXES
Location in
Prospectus
What are the
Contract’s Tax
Implications?
●Consult with a tax professional to determine the tax implications of an investment in
and payments received under this Contract.
●If you purchase the Contract through a tax-qualified plan or IRA, you do not get any
additional tax benefit under the Contract.
●Earnings on your Contract may be taxed at ordinary income tax rates when you
withdraw them, and you may have to pay a penalty if you take a withdrawal before
age 59½.
●Federal Tax
Matters
 
CONFLICTS OF INTEREST
Location in
Prospectus
How are
Investment
Professionals
Compensated?
●Your registered representative may receive compensation for selling this Contract to
you, in the form of commissions, additional cash benefits (e.g., bonuses), and non-
cash compensation. We may share the revenue we earn on this Contract with your
investment professional’s firm.
●This potential conflict of interest may influence your registered representative to
recommend this Contract over another investment for which the investment
professional is not compensated or compensated less.
●Distribution of
the Contracts
Should I
Exchange My
Contract?
●If you already own a contract, some investment professionals may have a financial
incentive to offer you a new contract in place of the one you own. You should only
exchange a contract you already own if you determine, after comparing the features,
fees, and risks of both contracts, that it is better for you to purchase the new contract
rather than continue to own your existing contract.
●The Contracts
– Replacement
of Existing
Insurance
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 1-800-454-6265 or by sending an email request to [email protected].
The current expenses and performance information below reflect fees and expenses of the Fund, but do not reflect the other fees and expenses that your Contract may charge. Expenses would be higher and performance would be lower if these other charges were included. Each fund’s past performance is not necessarily an indication of future performance. 
Investment Objective
Fund and
Adviser/Sub-adviser1
Current
Expenses
Average Annual Total
Returns (as of 12/31/2025)
 
 
 
1 year
5 year
10 year
Long-term growth of capital.
AB VPS Sustainable Global Thematic
Portfolio - Class B
advised by AllianceBernstein L.P.
1.19%2
6.02%
3.02%
9.80%
Long-term growth of capital.
American Funds® IS Global Growth Fund -
Class 2
advised by Capital Research and
Management Company
0.65%2
21.62%
8.23%
12.17%
Growth of capital.
American Funds® IS Growth Fund - Class 2
advised by Capital Research and
Management Company
0.58%
20.24%
13.37%
17.97%
Long-term growth of capital and income.
American Funds® IS Growth-Income Fund
- Class 2
advised by Capital Research and
Management Company
0.53%
18.06%
13.90%
13.92%
Long-term growth of capital.
American Funds® IS International Fund -
Class 2
advised by Capital Research and
Management Company
0.72%2
26.77%
3.40%
7.00%
Capital appreciation. A fund of funds.
DWS Alternative Asset Allocation VIP
Portfolio - Class A
advised by DWS Investment Management
Americas, Inc.
0.93%
10.50%
5.29%
4.89%
Long-term capital appreciation.
Fidelity® VIP Contrafund® Portfolio -
Service Class
0.64%
21.42%
15.26%
15.66%
High total return with a secondary objective
of principal preservation as the fund
approaches its target date and beyond. A
fund of funds.
Fidelity® VIP Freedom 2020 PortfolioSM -
Service Class
0.54%
13.18%
4.73%
7.27%
High total return with a secondary objective
of principal preservation as the fund
approaches its target date and beyond. A
fund of funds.
Fidelity® VIP Freedom 2025 PortfolioSM -
Service Class
0.56%
14.47%
5.41%
7.92%
A-1
Investment Objective
Fund and
Adviser/Sub-adviser1
Current
Expenses
Average Annual Total
Returns (as of 12/31/2025)
 
 
 
1 year
5 year
10 year
High total return with a secondary objective
of principal preservation as the fund
approaches its target date and beyond. A
fund of funds.
Fidelity® VIP Freedom 2030 PortfolioSM -
Service Class
0.59%
15.33%
6.13%
8.77%
High total return with a secondary objective
of principal preservation as the fund
approaches its target date and beyond. A
fund of funds.
Fidelity® VIP Freedom 2035 PortfolioSM -
Service Class
0.63%
16.58%
7.44%
9.89%
High total return with a secondary objective
of principal preservation as the fund
approaches its target date and beyond. A
fund of funds.
Fidelity® VIP Freedom 2040 PortfolioSM -
Service Class
0.67%
18.66%
8.89%
10.76%
High total return with a secondary objective
of principal preservation as the fund
approaches its target date and beyond. A
fund of funds.
Fidelity® VIP Freedom 2045 PortfolioSM -
Service Class
0.70%
19.73%
9.33%
10.98%
High total return with a secondary objective
of principal preservation as the fund
approaches its target date and beyond. A
fund of funds.
Fidelity® VIP Freedom 2050 PortfolioSM -
Service Class
0.70%
19.68%
9.33%
10.98%
High total return with a secondary objective
of principal preservation as the fund
approaches its target date and beyond. A
fund of funds.
Fidelity® VIP Freedom 2055 PortfolioSM -
Service Class
0.70%
19.71%
9.33%
N/A
High total return with a secondary objective
of principal preservation as the fund
approaches its target date and beyond. A
fund of funds.
Fidelity® VIP Freedom 2060 PortfolioSM -
Service Class
0.70%
19.75%
9.33%
N/A
To achieve capital appreciation.
Fidelity® VIP Growth Portfolio - Service
Class
0.65%
14.80%
13.59%
17.33%
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 - Standard Class
advised by Lincoln Financial Investments
Corporation
0.63%2
11.84%
10.41%
8.97%
Long-term capital appreciation.
LVIP BlackRock Equity Dividend Fund -
Standard Class
advised by Lincoln Financial Investments
Corporation
0.66%2
13.43%
8.30%
8.58%
High total investment return.
LVIP BlackRock Global Allocation Fund -
Standard Class
advised by Lincoln Financial Investments
Corporation
0.72%2
18.71%
6.10%
N/A
To maximize real return, consistent with
preservation of real capital and prudent
investment management.
LVIP BlackRock Inflation Protected Bond
Fund - Standard Class
advised by Lincoln Financial Investments
Corporation
0.85%
5.76%
2.61%
3.01%
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
Total return through a combination of
current income and long-term capital
appreciation.
LVIP BlackRock Real Estate Fund -
Standard Class
advised by Lincoln Financial Investments
Corporation
0.86%2
8.92%
2.71%
3.68%
Long-term growth of capital in a manner
consistent with the preservation of capital.
LVIP Blended Large Cap Growth Managed
Volatility Fund - Standard Class
advised by Lincoln Financial Investments
Corporation
0.66%2
5.52%
12.10%
12.09%
Capital appreciation.
LVIP Blended Mid Cap Managed Volatility
Fund - Standard Class
advised by Lincoln Financial Investments
Corporation
0.72%2
2.90%
4.58%
9.91%
Long-term capital appreciation.
LVIP Dimensional U.S. Core Equity 1 Fund -
Standard Class
advised by Lincoln Financial Investments
Corporation
0.39%2
15.66%
13.14%
13.67%
Maximum long-term total return consistent
with reasonable risk.
LVIP Fidelity Institutional AM® Total Bond
Fund - Standard Class
advised by Lincoln Financial Investments
Corporation
0.51%2
6.72%
-0.34%
2.54%
Maximum current income (yield) consistent
with a prudent investment strategy.
LVIP Franklin Templeton Core Bond Fund -
Standard Class
advised by Lincoln Financial Investments
Corporation
0.37%
7.25%
-0.44%
2.24%
To maximize long-term capital appreciation.
LVIP Franklin Templeton Multi-Factor
Emerging Markets Equity Fund - Standard
Class
advised by Lincoln Financial Investments
Corporation
0.46%2
34.31%
9.07%
7.89%
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 - Standard Class
advised by Lincoln Financial Investments
Corporation
0.80%2
9.79%
3.39%
4.90%
Long-term capital growth.
LVIP Global Equity Managed Volatility Fund
- Standard Class
advised by Lincoln Financial Investments
Corporation
0.70%2
13.51%
9.09%
8.29%
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 - Standard Class
advised by Lincoln Financial Investments
Corporation
0.79%2
13.54%
5.57%
6.20%
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 - Standard Class
advised by Lincoln Financial Investments
Corporation
0.80%2
11.52%
4.70%
5.65%
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 -
Standard Class
advised by Lincoln Financial Investments
Corporation
0.38%2
3.97%
2.98%
1.87%
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
Current income and some capital
appreciation. A fund of funds.
LVIP JPMorgan Retirement Income Fund -
Standard Class
advised by Lincoln Financial Investments
Corporation
0.68%2
12.10%
4.39%
5.54%
Long-term capital appreciation.
LVIP JPMorgan Select Mid Cap Value
Managed Volatility Fund - Standard Class
advised by Lincoln Financial Investments
Corporation
0.78%2
1.51%
9.02%
7.33%
Current income consistent with the
preservation of capital.
LVIP Mondrian Global Income Fund -
Standard Class
advised by Lincoln Financial Investments
Corporation
0.66%2
6.39%
-3.30%
0.36%
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 -
Standard Class
advised by Lincoln Financial Investments
Corporation
0.74%2
36.38%
11.24%
7.90%
Total return.
LVIP Nomura Diversified Floating Rate Fund
- Service Class
advised by Lincoln Financial Investments
Corporation
0.89%2
4.51%
3.09%
2.51%
Total return and, as a secondary objective,
high current income.
LVIP Nomura High Yield Fund - Standard
Class
advised by Lincoln Financial Investments
Corporation
0.72%2
9.26%
4.07%
5.88%
Maximize long-term capital appreciation.
LVIP Nomura Mid Cap Value Fund -
Standard Class
advised by Lincoln Financial Investments
Corporation
0.42%
13.35%
11.72%
10.68%
Long-term capital appreciation.
LVIP Nomura SMID Cap Core Fund -
Standard Class
advised by Lincoln Financial Investments
Corporation
0.80%2
8.85%
9.10%
9.65%
Maximize long-term capital appreciation.
LVIP Nomura Social Awareness Fund -
Standard Class
advised by Lincoln Financial Investments
Corporation
0.44%
15.06%
12.98%
13.53%
Maximum long-term total return, with
capital appreciation as a secondary
objective.
LVIP Nomura U.S. REIT Fund - Standard
Class
advised by Lincoln Financial Investments
Corporation
0.83%2
1.02%
5.57%
4.04%
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 -
Standard Class
advised by Lincoln Financial Investments
Corporation
(formerly LVIP SSGA Bond Index Fund)
0.37%2
6.80%
-0.73%
1.67%
A-4
Investment Objective
Fund and
Adviser/Sub-adviser1
Current
Expenses
Average Annual Total
Returns (as of 12/31/2025)
 
 
 
1 year
5 year
10 year
Long-term growth of capital. A fund of
funds.
LVIP State Street Global Tactical Allocation
Managed Volatility Fund - Standard Class
advised by Lincoln Financial Investments
Corporation
(formerly LVIP SSGA Global Tactical
Allocation Managed Volatility Fund)
0.61%2
14.37%
6.61%
6.63%
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 -
Standard Class
advised by Lincoln Financial Investments
Corporation
(formerly LVIP SSGA International Index
Fund)
0.38%2
31.18%
8.66%
8.00%
Capital appreciation. A fund of funds.
LVIP State Street International Managed
Volatility Fund - Standard Class
advised by Lincoln Financial Investments
Corporation
(formerly LVIP SSGA International
Managed Volatility Fund)
0.62%2
25.00%
6.81%
5.57%
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 -
Standard Class3
advised by Lincoln Financial Investments
Corporation
(formerly LVIP SSGA S&P 500 Index Fund)
0.23%
17.60%
14.16%
14.55%
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 -
Standard Class
advised by Lincoln Financial Investments
Corporation
(formerly LVIP SSGA Small-Cap Index
Fund)
0.38%2
12.46%
5.73%
9.18%
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 -
Standard Class
advised by Lincoln Financial Investments
Corporation
0.56%
17.28%
7.16%
7.59%
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 - Standard
Class
advised by Lincoln Financial Investments
Corporation
0.64%2
13.02%
5.48%
6.87%
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 - Standard
Class
advised by Lincoln Financial Investments
Corporation
0.67%2
14.99%
6.85%
7.87%
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 - Standard
Class
advised by Lincoln Financial Investments
Corporation
0.71%2
18.14%
8.89%
9.21%
The highest total return over time
consistent with an emphasis on both
capital growth and income. A fund of funds.
LVIP T. Rowe Price 2050 Fund - Standard
Class
advised by Lincoln Financial Investments
Corporation
0.73%2
19.65%
9.74%
10.05%
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
The highest total return over time
consistent with an emphasis on both
capital growth and income. A fund of funds.
LVIP T. Rowe Price 2060 Fund - Standard
Class
advised by Lincoln Financial Investments
Corporation
0.73%2
19.77%
9.93%
N/A
To maximize capital appreciation.
LVIP T. Rowe Price Structured Mid-Cap
Growth Fund - Standard Class
advised by Lincoln Financial Investments
Corporation
0.71%2
11.04%
7.41%
12.90%
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%
Total return.
MFS® VIT Utilities Series - Initial Class
advised by Massachusetts Financial
Services Company
0.78%2
15.01%
7.64%
9.49%
Capital appreciation.
Nomura VIP Small Cap Value Series -
Service Class
1.04%
7.83%
8.93%
8.84%
Maximum total return, consistent with
preservation of capital and prudent
investment management.
PIMCO VIT Total Return Portfolio -
Administrative Class
advised by Pacific Investment Management
Company, LLC
0.73%
8.89%
0.02%
2.36%
1
The name of the adviser or sub-adviser is not listed if the name is incorporated into the name of the fund or the fund company.
2
This fund is subject to an expense reimbursement or fee waiver arrangement. As a result, this fund’s annual expenses reflect temporary expense reductions. See the fund prospectus for additional information.
3
The Index to which this fund is managed to is a product of S&P Dow Jones Indices LLC (SPDJI) and has been licensed for use by one or more of the portfolio’s service providers (licensee). Standard & Poor’s®, S&P®, S&P GSCI® and S&P 500® are registered trademarks of S&P Global, Inc. or its affiliates (S&P) and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones). The trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by the licensee. The licensee’s products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, or their third party licensors, and none of these parties or their respective affiliates or third party licensors make any representation regarding the advisability of investing in such products, nor do they have liability for any errors, omissions, or interruptions of the Index.
4
“Standard & Poor’s®,” “S&P®,” “Standard & Poor’s Equal Weight Index,” “S&P EWI,” “S&P 500®,” “Standard & Poor’s 500” and “500” are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by the Invesco V.I. Equally-Weighted S&P 500 Fund. The fund is not sponsored, endorsed, sold or promoted by S&P, and S&P makes no representation regarding the advisability of investing in the fund.
5
Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). The trademark has been licensed to S&P Dow Jones Indices LLC and has been sublicensed for use for certain purposes by First Trust Advisors L.P. The product is not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of purchasing the product.
Fixed Options
The following is a list of fixed account options currently available under the Contract. We may change the features of the fixed account options listed below, offer new fixed account options, and terminate existing fixed account options. We will provide you with written notice at least 30 days prior to the date of any change. Depending on the optional benefits you choose, you may not be able to invest in a fixed account option.  
Name
Term
Minimum Guaranteed Interest Rate
Fixed Account
N/A
3.00%*
DCA Fixed Account
3 –60 months
3.00%
*State specific variances may apply. Please consult your registered representative with any questions.
A-6
Appendix B — Investment Requirements
If you purchase a Living Benefit Rider (except i4LIFE® Advantage without the 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® Advantage without the 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 Contract 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 in part because the reduction in volatility helps us, to reduce the risk of investment losses that may require us to use our own assets to make guaranteed payments under a Living Benefit Rider. At the same time, risk management strategies in periods of high market volatility or other market conditions, could limit your participation in market gains. This may conflict with your investment objectives by limiting your ability to maximize potential growth of your Contract Value and, in turn, the value of any guaranteed benefit that is tied to investment performance. You should consult with your registered representative to determine whether these funds align with your investment objectives. For more information about the funds and the investment strategies they employ, please refer to the funds’ current prospectuses. Fund prospectuses are available by contacting us.
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 purchase 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. 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 purchase. 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
i4LIFE® Advantage (Qualified Contracts only)
After May 4, 2007
Option 1
Lincoln Lifetime IncomeSM Advantage 2.0
On or After November 15, 2010
Option 3
Lincoln Lifetime IncomeSM Advantage
Between February 19, 2008 and January 20, 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 with Guaranteed Income Benefit (v.1)
(for Nonqualified Contracts or IRAs only)
Prior to April 10, 2006
On or after April 10, 2006
N/A
Option 1
i4LIFE® Advantage with Guaranteed Income Benefit (v.2)
(for Nonqualified Contracts or IRAs only)
April 10, 2006 through January 19, 2009
On or after January 20, 2009
Option 1
Option 3
i4LIFE® Advantage with Guaranteed Income Benefit (v.3)
(for Nonqualified Contracts or IRAs only)
Between October 6, 2008 and January 20, 2009
On or after January 20, 2009
Option 2
Option 3
B-1
If you elect...
and the date of election is...
you will be subject to
Investment Requirements
i4LIFE® Advantage with Guaranteed Income Benefit (v.4)
(for Nonqualified Contracts or IRAs only)
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 Sustainable Global Thematic Growth Portfolio
American Funds® IS Global Growth Fund
American Funds® IS International Fund
Fidelity® VIP Freedom 2040 PortfolioSM
Fidelity® VIP Freedom 2045 PortfolioSM
Fidelity® VIP Freedom 2050 PortfolioSM
LVIP BlackRock Real Estate Fund
LVIP Blended Mid Cap Managed Volatility Fund
LVIP Franklin Templeton Global Equity Managed Volatility Fund
LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund
LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund
LVIP Mondrian International Value Fund
LVIP Nomura High Yield Fund
LVIP Nomura Mid Cap Value Fund
LVIP Nomura SMID Cap Core Fund
LVIP Nomura U.S. REIT Fund
LVIP State Street Global Tactical Managed Volatility Allocation
LVIP State Street International Index Fund
LVIP State Street International Managed Volatility Fund
LVIP State Street Small-Cap Index Fund
LVIP T. Rowe Price 2040 Fund
LVIP T. Rowe Price 2050 Fund
LVIP T. Rowe Price Structured Mid-Cap Growth Fund
LVIP Vanguard International Equity ETF Fund
MFS® VIT Utilities Series
Nomura VIP Small Cap Value Series
 
All other Subaccounts will be referred to as “Non-Limited Subaccounts” except the DWS Alternative Asset Allocation VIP Portfolio, which is unavailable to any contract holder with a Living Benefit Rider.
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 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
3.
terminate the applicable rider immediately, without waiting for a termination event if you do not wish to be subject to these Investment Requirements.
B-2
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.
In accordance with these Investment Requirements, you agree to be automatically enrolled in the portfolio rebalancing option under your Contract and thereby authorize us to automatically rebalance your Contract Value on a periodic basis. On each quarterly anniversary of the effective date of the rider, we will rebalance your Contract Value, 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 and you will not receive an individual confirmation after each reallocation. 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 BlackRock Inflation Protected Bond Fund
LVIP Fidelity Institutional AM® Total Bond Fund
LVIP Mondrian Global Income Fund
LVIP Nomura Diversified Floating Rate Fund
LVIP Nomura High Yield Fund
LVIP State Street Bond Index Fund
PIMCO VIT Total Return Portfolio
 
Group 2
Investments cannot exceed 75% of Contract Value or Account Value
All other investment options except those in Group 3. 
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
The fixed account is only available for dollar cost averaging.
To satisfy the Investment Requirements, you may allocate 100% of your Contract Value or i4LIFE® Advantage Account Value to or among the funds listed below. If you allocate less than 100% of Contract Value among these funds, then the funds listed below that are also listed in Group 1 will be subject to Group 1 restrictions. Any remaining funds listed below that are not listed will fall into Group 2 and will be subject to Group 2 restrictions. These funds 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.  
B-3
Fidelity® VIP Freedom 2020 PortfolioSM
Fidelity® VIP Freedom 2025 PortfolioSM
Fidelity® VIP Freedom 2030 PortfolioSM
Fidelity® VIP Freedom 2040 PortfolioSM
LVIP BlackRock Advantage Allocation Fund
LVIP BlackRock Advantage Global Allocation Fund
LVIP BlackRock Inflation Protected Bond Fund
LVIP Fidelity Institutional AM® Total 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 Retirement Income Fund
LVIP Mondrian Global Income Fund
LVIP Nomura High Yield Fund
LVIP State Street Bond Index Fund
LVIP T. Rowe Price 2020 Fund
LVIP T. Rowe Price 2030 Fund
LVIP T. Rowe Price 2040 Fund
 
As discussed in the Lincoln Lifetime IncomeSM Advantage Plus section, if you purchased the Lincoln Lifetime IncomeSM Advantage Plus rider before January 20, 2009, 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 or the LVIP JPMorgan Retirement Income Fund.
Investment Requirements – Option 3
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 within the group must comply with the specified minimum or maximum percentages for that group.
In accordance with these Investment Requirements, you agree to be automatically enrolled in the portfolio rebalancing option under your Contract and thereby authorize us to automatically rebalance your Contract Value on a periodic basis. On each quarterly anniversary of the effective date of the rider, we will rebalance your Contract Value, 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 and you will not receive an individual confirmation after each reallocation. 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. 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, before the effective date specified in the notice, so that the Investment Requirements are satisfied;
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 become 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.
At this time, the Subaccount groups are as follows:  
Group 1
Investments must be at least 30% of Contract Value or Account Value
LVIP BlackRock Inflation Protected Bond Fund
LVIP Fidelity Institutional AM® Total Bond Fund
LVIP Mondrian Global Income Fund
LVIP Nomura Diversified Floating Rate Fund
LVIP State Street Bond Index Fund
PIMCO VIT Total Return Portfolio
 
Group 2
Investments cannot exceed 70% of Contract Value or Account Value
All other funds except those in Group 3 and as discussed below. 
B-4
Group 3
Investments cannot exceed 10% of Contract Value or Account Value
AB VPS Sustainable Global Thematic Portfolio
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
The fixed accounts are not available with these riders.
To satisfy these Investment Requirements, you may allocate 100% of your Contract Value or i4LIFE® Advantage Account Value among the funds on the following list; however, if you allocate less than 100% of Contract Value to or among these funds, then the funds listed below that are in Group 1 will be subject to Group 1 restrictions. Any remaining funds listed below will fall into Group 2 and will
be subject to Group 2 restrictions.  
BlackRock Global Allocation V.I. Fund
Fidelity® VIP Freedom 2020 PortfolioSM
LVIP BlackRock Global Allocation Fund
LVIP BlackRock Inflation Protected Bond Fund
LVIP Fidelity Institutional AM® Total 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 Retirement Income Fund
LVIP Mondrian Global Income Fund
LVIP State Street Bond Index Fund
LVIP T. Rowe Price 2020 Fund
 
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 JPMorgan Retirement Income Fund and the LVIP Global Conservative Allocation Managed Risk Fund.
B-5
 
[THIS PAGE INTENTIONALLY LEFT BLANK]
 
[THIS PAGE INTENTIONALLY LEFT BLANK]
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.
 
SEC File Nos.:
033-25990; 811-03214
EDGAR Contract Identifier:
C000007618

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