Form 497VPU LINCOLN NATIONAL VARIABL

April 29, 2026 11:23 AM EDT
Multi-Fund® Select 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® Select 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® Select contract.
The prospectus for the Multi-Fund® Select 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 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® Select Individual Variable Annuity Contract 
 
FEES, EXPENSES, AND ADJUSTMENTS
Location in
Prospectus
Are There
Charges or
Adjustments for
Early
Withdrawals?
Yes:
A surrender charge may apply to a surrender or withdrawal of Purchase Payment prior
to the 8th anniversary since the Purchase Payment was invested, up to 6% of the
amount withdrawn, declining to 0% over that time period. For example, if you make a
withdrawal of $100,000 during the first two years after your Purchase Payment, you
could be assessed a charge of up to $6,000 on the Purchase Payment withdrawn. This
loss will be greater if there are also taxes and tax penalties. A surrender charge will not
apply if your withdrawal is made after the 8th anniversary since your Purchase Payment
was invested.
●Fee Tables
●Fee Tables –
Examples
●Charges, Other
Deductions,
and
Adjustments –
Surrender
Charge
Are There
Transaction
Charges?
Yes:
Depending on the state of your residence, a one-time fee of up to $35 may be charged
to set up and process a loan and the outstanding amount of the loan may be subject to a
loan maintenance fee.
●Fee Tables
●Charges, Other
Deductions,and
Adjustments
Are There
Ongoing Fees and
Expenses?
Yes:
Minimum and Maximum Annual Fee Table. The table below describes the fees and
expenses that you may pay each year, depending on the investment options and
optional benefits you choose. Please refer to your contract specifications page in your
Contract for information about the specific fees and expenses you will pay each year
based on the options you have elected.
●Fee Tables
●Fee Tables –
Examples
●Charges, Other
Deductions,
and
Adjustments
●Appendix A –
Investment
Options
Available
Under the
Contract
Annual Fee
Minimum
Maximum
Base Contract (varies by Contract)
1.009%1
Fund fees and expenses
0.48%2
1.40%2
Optional benefits available for an
additional charge (for a single optional
benefit, if elected)
0.48%1
1.50%1
1 As a percentage of average Contract Value. For the base contract, also includes an amount attributable to the
Annual Account Fee.
2 As a percentage of fund net assets, before expense reimbursements or fee waiver arrangements.
Lowest and Highest Annual Cost Table. Because your Contract is customizable, the
choices you make affect how much you will pay. To help you understand the cost of
owning your Contract, the following table shows the lowest and highest cost you could
pay each year, based on current charges. This estimate assumes that you do not take
withdrawals from the Contract, which could add surrender charges that substantially
increase costs.
Lowest Annual Cost: $1,826
Highest Annual Cost: $4,166
Assumes:
Assumes:
●Investment of $100,000
●5% annual appreciation
●Least expensive fund fees and
expenses
●No optional benefits
●No surrender charges
●No additional Purchase Payments,
transfers, or withdrawals
●Investment of $100,000
●5% annual appreciation
●Most expensive combination of
optional benefits and fund fees and
expenses
●No surrender charges
●No additional Purchase Payments,
transfers, or withdrawals
3
 
RISKS
Location in
Prospectus
Is There a Risk of
Loss From Poor
Performance?
Yes:
●You can lose money by investing in this Contract, including loss of principal.
●Principal Risks
●Investments of
the Variable
Annuity
Account
Is This a Short-
Term Investment?
No:
●This Contract is not designed for short-term investing and is not appropriate for an
investor who needs ready access to cash.
●A surrender or withdrawal may result in surrender charges. Any surrender charges
will reduce the value of your Contract or the amount of money that you actually
receive.
●The benefits of tax deferral, long-term income, and living benefit protections mean
the Contract is more beneficial to investors with a long-term investment horizon.
●Surrenders and withdrawals are subject to ordinary income tax and may be subject
to tax penalties.
●Fee Tables
●Principal Risks
●Surrenders and
Withdrawals
●Fixed Side of
the Contract
What are the
Risks Associated
With the
Investment
Options?
●An investment in this Contract is subject to the risk of poor investment performance
of the investment options you choose. Performance can vary depending on the
performance of the investment options available under the Contract.
●Each investment option (including the fixed account option) has its own unique risks.
●You should review the available investment options before making an investment
decision.
●Principal Risks
●Investments of
the Variable
Annuity
Account
●Fixed Side of
the Contract
What are the
Risks Related to
the Insurance
Company?
●An investment in the Contract is subject to the risks related to Lincoln Life. Any
obligations (including under the fixed account option), guarantees, or benefits of the
Contract are subject to our claims-paying ability. If we experience financial distress,
we may not be able to meet our obligations to you. More information about Lincoln
Life, including our financial strength ratings, is available upon request by calling 1-
800-454-6265 or visiting www.LincolnFinancial.com.
●Principal Risks
●Fixed Side of
the Contract
 
RESTRICTIONS
Location in
Prospectus
Are There
Restrictions on
the Investment
Options?
Yes:
●Not all investment options may be available for investment under your Contract.
●The frequency of transfers between investment options is restricted. There are also
restrictions on the minimum amount that may be transferred from a variable option
and the maximum amount that may be transferred from the fixed account option.
●We reserve the right to remove or substitute the funds that are available as
investment options under the Contract.
●Principal Risks
●Fixed Side of
the Contract
●Appendix A –
Investment
Options
Available
Under the
Contract
Are There any
Restrictions on
Contract
Benefits?
Yes:
●There are additional restrictions and limitations under the Contract’s optional
benefits.
●Optional benefits may have limitations or restrictions, including the investment
options that you may select under the Contract. We may change these restrictions in
the future.
●We may modify or stop offering an optional benefit that is currently available at any
time.
●The Contracts
●Benefits
Available
Under the
Contract
●Appendix B –
Investment
Requirements
4
 
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
5
Appendix A — Investment Options Available Under The Contract
Variable Options
The following is a list of funds currently available under the Contract. Depending on the optional benefits you choose, you may not be able to invest in certain funds. Current performance of the Subaccounts can be found at www.lfg.com/VAprospectus. More information about the funds is available in the prospectuses for the Funds, which may be amended from time to time and can be found online at www.lfg.com/VAprospectus. You can also request this information and current fund performance at no cost by calling 1-800-454-6265 or by sending an email request to [email protected].
The current expenses and performance information below reflect fees and expenses of the Fund, but do not reflect the other fees and expenses that your Contract may charge. Expenses would be higher and performance would be lower if these other charges were included. Each fund’s past performance is not necessarily an indication of future performance. 
Investment Objective
Fund and
Adviser/Sub-adviser1
Current
Expenses
Average Annual Total
Returns (as of 12/31/2025)
 
 
 
1 year
5 year
10 year
Long-term growth of capital.
AB VPS Sustainable Global Thematic
Portfolio - Class B
advised by AllianceBernstein L.P.
1.19%2
6.02%
3.02%
9.80%
Long-term growth of capital.
American Funds® IS Global Growth Fund -
Class 2
advised by Capital Research and
Management Company
0.65%2
21.62%
8.23%
12.17%
Growth of capital.
American Funds® IS Growth Fund - Class 2
advised by Capital Research and
Management Company
0.58%
20.24%
13.37%
17.97%
Long-term growth of capital and income.
American Funds® IS Growth-Income Fund
- Class 2
advised by Capital Research and
Management Company
0.53%
18.06%
13.90%
13.92%
Long-term growth of capital.
American Funds® IS International Fund -
Class 2
advised by Capital Research and
Management Company
0.72%2
26.77%
3.40%
7.00%
Capital appreciation. A fund of funds.
DWS Alternative Asset Allocation VIP
Portfolio - Class B
advised by DWS Investment Management
Americas, Inc.
1.31%
10.03%
4.88%
4.52%
Long-term capital appreciation.
Fidelity® VIP Contrafund® Portfolio -
Service Class 2
0.79%
21.24%
15.08%
15.49%
High total return with a secondary objective
of principal preservation as the fund
approaches its target date and beyond. A
fund of funds.
Fidelity® VIP Freedom 2020 PortfolioSM -
Service Class 2
0.69%
12.99%
4.57%
7.11%
High total return with a secondary objective
of principal preservation as the fund
approaches its target date and beyond. A
fund of funds.
Fidelity® VIP Freedom 2025 PortfolioSM -
Service Class 2
0.71%
14.23%
5.25%
7.75%
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 2
0.74%
15.16%
5.98%
8.61%
High total return with a secondary objective
of principal preservation as the fund
approaches its target date and beyond. A
fund of funds.
Fidelity® VIP Freedom 2035 PortfolioSM -
Service Class 2
0.78%
16.42%
7.28%
9.72%
High total return with a secondary objective
of principal preservation as the fund
approaches its target date and beyond. A
fund of funds.
Fidelity® VIP Freedom 2040 PortfolioSM -
Service Class 2
0.82%
18.44%
8.73%
10.59%
High total return with a secondary objective
of principal preservation as the fund
approaches its target date and beyond. A
fund of funds.
Fidelity® VIP Freedom 2045 PortfolioSM -
Service Class 2
0.85%
19.53%
9.16%
10.82%
High total return with a secondary objective
of principal preservation as the fund
approaches its target date and beyond. A
fund of funds.
Fidelity® VIP Freedom 2050 PortfolioSM -
Service Class 2
0.85%
19.50%
9.15%
10.81%
High total return with a secondary objective
of principal preservation as the fund
approaches its target date and beyond. A
fund of funds.
Fidelity® VIP Freedom 2055 PortfolioSM -
Service Class 2
0.85%
19.53%
9.16%
N/A
High total return with a secondary objective
of principal preservation as the fund
approaches its target date and beyond. A
fund of funds.
Fidelity® VIP Freedom 2060 PortfolioSM -
Service Class 2
0.85%
19.53%
9.17%
N/A
To achieve capital appreciation.
Fidelity® VIP Growth Portfolio - Service
Class 2
0.80%
14.63%
13.42%
17.16%
Capital appreciation.
LVIP Baron Growth Opportunities Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
1.15%2
-10.08%
-0.33%
8.78%
Reasonable income.
LVIP BlackRock Dividend Value Managed
Volatility Fund - Service Class
advised by Lincoln Financial Investments
Corporation
0.88%2
11.56%
10.13%
8.70%
Long-term capital appreciation.
LVIP BlackRock Equity Dividend Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
0.96%2
13.09%
7.97%
8.27%
High total investment return.
LVIP BlackRock Global Allocation Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
0.97%2
18.41%
5.84%
N/A
To maximize real return, consistent with
preservation of real capital and prudent
investment management.
LVIP BlackRock Inflation Protected Bond
Fund - Service Class
advised by Lincoln Financial Investments
Corporation
1.10%
5.49%
2.36%
2.76%
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 - 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 Dimensional U.S. Core Equity 1 Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
0.74%2
15.26%
12.75%
13.27%
Maximum long-term total return consistent
with reasonable risk.
LVIP Fidelity Institutional AM® Total Bond
Fund - Service Class
advised by Lincoln Financial Investments
Corporation
0.81%2
6.40%
-0.65%
2.25%
Maximum current income (yield) consistent
with a prudent investment strategy.
LVIP Franklin Templeton Core Bond Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
0.72%
6.87%
-0.79%
1.88%
To maximize long-term capital appreciation.
LVIP Franklin Templeton Multi-Factor
Emerging Markets Equity Fund - Service
Class
advised by Lincoln Financial Investments
Corporation
0.71%2
33.98%
8.80%
7.62%
A high level of current income with some
consideration given to growth of capital. A
fund of funds.
LVIP Global Conservative Allocation
Managed Risk Fund - Service Class
advised by Lincoln Financial Investments
Corporation
1.05%2
9.51%
3.13%
4.64%
Long-term capital growth.
LVIP Global Equity Managed Volatility Fund
- Service Class
advised by Lincoln Financial Investments
Corporation
0.95%2
13.22%
8.82%
8.02%
A balance between a high level of current
income and growth of capital, with a
greater emphasis on growth of capital. A
fund of funds.
LVIP Global Growth Allocation Managed
Risk Fund - Service Class
advised by Lincoln Financial Investments
Corporation
1.04%2
13.26%
5.31%
5.94%
A balance between a high level of current
income and growth of capital, with an
emphasis on growth of capital. A fund of
funds.
LVIP Global Moderate Allocation Managed
Risk Fund - Service Class
advised by Lincoln Financial Investments
Corporation
1.05%2
11.24%
4.44%
5.38%
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 while maintaining a stable
value of the investors' shares and
preserving the value of the investors' initial
investment.
LVIP Government Money Market Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
0.63%2
3.71%
2.79%
1.70%
Current income and some capital
appreciation. A fund of funds.
LVIP JPMorgan Retirement Income Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
0.93%2
11.82%
4.12%
5.28%
Long-term capital appreciation.
LVIP JPMorgan Select Mid Cap Value
Managed Volatility Fund - Service Class
advised by Lincoln Financial Investments
Corporation
1.03%2
1.26%
8.74%
7.06%
Current income consistent with the
preservation of capital.
LVIP Mondrian Global Income Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
0.91%2
6.14%
-3.54%
0.11%
Long-term capital appreciation as
measured by the change in the value of
fund shares over a period of three years or
longer.
LVIP Mondrian International Value Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
0.99%2
36.05%
10.96%
7.63%
Total return.
LVIP Nomura Diversified Floating Rate Fund
- Service Class
advised by Lincoln Financial Investments
Corporation
0.89%2
4.51%
3.09%
2.51%
Total return and, as a secondary objective,
high current income.
LVIP Nomura High Yield Fund - Service
Class
advised by Lincoln Financial Investments
Corporation
1.02%2
8.94%
3.75%
5.58%
To maximize long-term capital appreciation.
LVIP Nomura Mid Cap Value Fund - Service
Class
advised by Lincoln Financial Investments
Corporation
0.77%
12.95%
11.33%
10.29%
Long-term capital appreciation.
LVIP Nomura SMID Cap Core Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
1.10%2
8.53%
8.77%
9.34%
To maximize long-term capital appreciation.
LVIP Nomura Social Awareness Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
0.79%
14.65%
12.58%
13.13%
Maximum long-term total return, with
capital appreciation as a secondary
objective.
LVIP Nomura U.S. REIT Fund - Service
Class
advised by Lincoln Financial Investments
Corporation
1.13%2
0.72%
5.24%
3.74%
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 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%
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%
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%
Capital appreciation. A fund of funds.
LVIP State Street International Managed
Volatility Fund - Service Class
advised by Lincoln Financial Investments
Corporation
(formerly LVIP SSGA International
Managed Volatility Fund)
0.87%2
24.69%
6.54%
5.31%
A balance between a high level of current
income and growth of capital, with a
greater emphasis on growth of capital. A
fund of funds.
LVIP State Street Moderate Index Allocation
Fund - Service Class
advised by Lincoln Financial Investments
Corporation
(formerly LVIP SSGA Moderate Index
Allocation Fund)
0.75%
15.35%
5.59%
7.16%
To approximate as closely as practicable,
before fees and expenses, the total rate of
return of common stocks publicly traded in
the United States, as represented by the
S&P 500 Index.
LVIP State Street S&P 500 Index Fund -
Service Class3
advised by Lincoln Financial Investments
Corporation
(formerly LVIP SSGA S&P 500 Index Fund)
0.48%
17.30%
13.88%
14.26%
To approximate as closely as practicable,
before fees and expenses, the performance
of the Russell 2000® Index, which
emphasizes stocks of small U.S.
companies.
LVIP State Street Small-Cap Index Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
(formerly LVIP SSGA Small-Cap Index
Fund)
0.63%2
12.18%
5.47%
8.90%
A balance between a high level of current
income and growth of capital, with an
emphasis on growth of capital. A fund of
funds.
LVIP Structured Moderate Allocation Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
0.81%
16.98%
6.90%
7.32%
The highest total return over time
consistent with an emphasis on both
capital growth and income. A fund of funds.
LVIP T. Rowe Price 2020 Fund - Service
Class
advised by Lincoln Financial Investments
Corporation
0.89%2
12.74%
5.21%
6.60%
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 2030 Fund - Service
Class
advised by Lincoln Financial Investments
Corporation
0.92%2
14.71%
6.58%
7.60%
The highest total return over time
consistent with an emphasis on both
capital growth and income. A fund of funds.
LVIP T. Rowe Price 2040 Fund - Service
Class
advised by Lincoln Financial Investments
Corporation
0.96%2
17.84%
8.62%
8.94%
The highest total return over time
consistent with an emphasis on both
capital growth and income. A fund of funds.
LVIP T. Rowe Price 2050 Fund - Service
Class
advised by Lincoln Financial Investments
Corporation
0.98%2
19.35%
9.47%
9.77%
The highest total return over time
consistent with an emphasis on both
capital growth and income. A fund of funds.
LVIP T. Rowe Price 2060 Fund - Service
Class
advised by Lincoln Financial Investments
Corporation
0.98%2
19.48%
9.65%
N/A
To maximize capital appreciation.
LVIP T. Rowe Price Structured Mid-Cap
Growth Fund - Service Class
advised by Lincoln Financial Investments
Corporation
0.96%2
10.76%
7.14%
12.62%
Long-term capital appreciation. A fund of
funds.
LVIP Vanguard Domestic Equity ETF Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
0.55%2
16.18%
12.43%
13.50%
Long-term capital appreciation. A fund of
funds.
LVIP Vanguard International Equity ETF
Fund - Service Class
advised by Lincoln Financial Investments
Corporation
0.57%2
31.23%
7.02%
7.87%
Total return.
MFS® VIT Utilities Series - Service Class
advised by Massachusetts Financial
Services Company
1.03%2
14.76%
7.38%
9.22%
Capital appreciation.
Nomura VIP Small Cap Value Series -
Service Class
1.04%
7.83%
8.93%
8.84%
Maximum total return, consistent with
preservation of capital and prudent
investment management.
PIMCO VIT Total Return Portfolio -
Administrative Class
advised by Pacific Investment Management
Company, LLC
0.73%
8.89%
0.02%
2.36%
1
The name of the adviser or sub-adviser is not listed if the name is incorporated into the name of the fund or the fund company.
2
This fund is subject to an expense reimbursement or fee waiver arrangement. As a result, this fund’s annual expenses reflect temporary expense reductions. See the fund prospectus for additional information.
3
The Index to which this fund is managed to is a product of S&P Dow Jones Indices LLC (SPDJI) and has been licensed for use by one or more of the portfolio’s service providers (licensee). Standard & Poor’s®, S&P®, S&P GSCI® and S&P 500® are registered trademarks of S&P Global, Inc. or its affiliates (S&P) and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones). The trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by the licensee. The licensee’s products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, or their third party licensors, and none of these parties or their respective affiliates or third party licensors make any representation regarding the advisability of investing in such products, nor do they have liability for any errors, omissions, or interruptions of the Index.
4
“Standard & Poor’s®,” “S&P®,” “Standard & Poor’s Equal Weight Index,” “S&P EWI,” “S&P 500®,” “Standard & Poor’s 500” and “500” are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by the Invesco V.I. Equally-Weighted S&P 500 Fund. The fund is not sponsored, endorsed, sold or promoted by S&P, and S&P makes no representation regarding the advisability of investing in the fund.
5
Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). The trademark has been licensed to S&P Dow Jones Indices LLC and has been sublicensed for use for certain purposes by First Trust Advisors L.P. The product is not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of purchasing the product.
A-6
Fixed Options
The following is a list of fixed account options currently available under the Contract. We may change the features of the fixed account options listed below, offer new fixed account options, and terminate existing fixed account options. We will provide you with written notice at least 30 days prior to the date of any change. Depending on the optional benefits you choose, you may not be able to invest in a fixed account option.  
Name
Term
Minimum Guaranteed Interest Rate
Fixed Account
N/A
1.75%*
DCA Fixed Account
3 –60 months
1.75%
*State specific variances may apply. Please consult your registered representative with any questions.
A-7
Appendix B — Investment Requirements
Contractowners who have elected i4LIFE® Advantage with the Guaranteed Income Benefit will be subject to the following requirements on variable Subaccount investments. If you do not elect i4LIFE® Advantage, the Investment Requirements will not apply to your Contract. We impose Investment Requirements to reduce the risk of investment losses that may require us to use our own assets to make guaranteed payments under a Living Benefit Rider.
We do not intend to enforce the Investment Requirements at this time. We will notify you at least 30 days in advance of when the Investment Requirements will be enforced. Our decision to enforce these requirements will be based on our review of the Subaccount investments of the Contractowners who have this rider and market conditions.
Certain of the underlying funds that are included in the Investment Requirements, including funds managed by an adviser affiliated with us, employ risk management strategies that are intended to control the funds’ overall volatility, and for some funds, to also reduce the downside exposure of the funds during significant market downturns.
These funds are included under Investment Requirements in part because the reduction in volatility helps us, to reduce the risk of investment losses that may require us to use our own assets to make guaranteed payments under a Living Benefit Rider. At the same time, risk management strategies in periods of high market volatility or other market conditions, could limit your participation in market gains. This may conflict with your investment objectives by limiting your ability to maximize potential growth of your Contract Value and, in turn, the value of any guaranteed benefit that is tied to investment performance. You should consult with your registered representative to determine whether these funds align with your investment objectives. For more information about the funds and the investment strategies they employ, please refer to the funds’ current prospectuses. Fund prospectuses are available by contacting us.
No more than 35% of your Contract Value (includes Account Value if i4LIFE® Advantage is in effect) can be invested in the following
Subaccounts (“Limited Subaccounts”): 
AB VPS Sustainable Global Thematic Portfolio
American Funds® IS Global Growth Fund
American Funds® IS International Fund
Fidelity® VIP Freedom 2040 PortfolioSM
Fidelity® VIP Freedom 2045 PortfolioSM
Fidelity® VIP Freedom 2050 PortfolioSM
LVIP Baron Growth Opportunities Fund
LVIP BlackRock Real Estate Fund
LVIP Blended Mid Cap Managed Volatility Fund
LVIP Franklin Templeton Global Equity Managed Volatility Fund
LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund
LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund
LVIP Mondrian International Value Fund
LVIP Nomura High Fund
LVIP Nomura Mid Cap Value Fund
LVIP Nomura SMID Cap Core Fund
LVIP Nomura U.S. REIT Fund
LVIP State Street Global Tactical Allocation Managed Volatility Fund
LVIP State Street International Index Fund
LVIP State Street International Managed Volatility Fund
LVIP State Street Small-Cap Index Fund
LVIP T. Rowe Price 2040 Fund
LVIP T. Rowe Price 2050 Fund
LVIP T. Rowe Price Structured Mid-Cap Growth Fund
LVIP Vanguard International Equity ETF Fund
MFS® VIT Utilities Series
Nomura VIP Small Cap Value Series
 
All other variable Subaccounts will be referred to as “Non-Limited Subaccounts” except for the DWS Alternative Asset Allocation VIP Portfolio which is not available for investment.
You can select the percentages of Contract Value, if any, allocated to the Limited Subaccounts, but the cumulative total investment in all the Limited Subaccounts cannot exceed 35% of the total Contract Value. On each quarterly anniversary of the effective date of i4LIFE® Advantage, if the Contract Value in the Limited Subaccounts exceeds 35%, Lincoln will rebalance your Contract Value so that the Contract Value in the Limited Subaccounts is 30%.
If rebalancing is required, the Contract Value in excess of 30% will be removed from the Limited Subaccounts on a pro rata basis and invested in the remaining Non-Limited Subaccounts on a pro rata basis according to the Contract Value percentages in the Non-Limited Subaccounts at the time of the reallocation. If there is no Contract Value in the Non-Limited Subaccounts at that time, portfolio rebalancing will be paused until updated allocation instructions are received from you. We will provide you with notice of such change.
We may move Subaccounts on or off the Limited Subaccount list, change the percentages of Contract Value allowed in the Limited Subaccounts or change the frequency of the Contract Value rebalancing, at any time, in our sole discretion, but we will not make changes more than once per calendar year. You will be notified at least 30 days prior to the date of any change. We may make such modifications at any time when we believe the modifications are necessary to protect our ability to provide the guarantees under these riders. Our decision to make modifications will be based on several factors, including the general market conditions and the style and investment objectives of the Subaccount investments.
At the time you receive notice of a change or when you are notified that we will begin enforcing the Investment Requirements, you may:
1.
terminate the applicable rider immediately, without waiting for a termination event if you do not wish to be subject to these Investment Requirements;
B-1
2.
submit your own reallocation instructions for the Contract Value in excess of 35% in the Limited Subaccounts; or
3.
take no action and be subject to the quarterly rebalancing as described above.
B-2
 
[THIS 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.:
333-112927; 811-03214
EDGAR Contract Identifier:
C000007620

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