Form 497VPU LINCOLN NATIONAL VARIABL

April 29, 2026 11:25 AM EDT
Multi-Fund® 5 Retirement Annuity 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® 5 Retirement Annuity 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® 5 Retirement Annuity contract.
The prospectus for the Multi-Fund® 5 Retirement Annuity 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 1-800-4LINCOLN (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 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 Managed Volatility Fund
LVIP State Street International Managed Volatility Fund
LVIP SSGA Large Cap Managed Volatility Fund
LVIP State Street Large Cap Managed Volatility Fund
LVIP SSGA SMID Cap Managed Volatility Fund
LVIP State Street SMID Cap Managed Volatility Fund
 
 
Fund Reorganizations:
●
The LVIP Invesco Select Equity Income Managed Volatility Fund was reorganized into the LVIP BlackRock Dividend Managed Volatility Fund on August 1, 2025.
The following fund reorganization(s) will take place on or about June 5, 2026. Please consult your registered representative.
●
The LVIP Multi-Manager Global Equity Managed Volatility Fund will be reorganized to merge into the LVIP Global Equity Managed Volatility Fund, subject to shareholders approval.
2
Important Information You Should Consider About the Multi-Fund® 5 Retirement Annuity Individual Variable Annuity Contract 
 
FEES, EXPENSES, AND ADJUSTMENTS
Location in
Prospectus
Are There
Charges or
Adjustments for
Early
Withdrawals?
No:
There are no surrender charges associated with this Contract.
●N/A
Are There
Transaction
Charges?
No:
The Contract does not impose any transaction charges.
●N/A
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 – Guarantee of Principal
Death Benefit
0.75%1
0.75%1
Fund fees and expenses
0.61%2
1.84%2
Optional benefits available for an
additional charge (for a single optional
benefit, if elected)
0.30%1
2.00%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.
Lowest Annual Cost: $1,523
Highest Annual Cost: $5,251
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
●Investment of $100,000
●5% annual appreciation
●Most expensive combination of
optional benefits and fund fees and
expenses
●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
Accounts
3
 
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.
●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 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 limit or restrict the investment options that you may select
under the Contract. We may change these restrictions in the future.
●Optional benefit availability may vary by state of issue or selling broker-dealer.
●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
●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 1-800-4LINCOLN (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
Capital appreciation.
LVIP American Century Select Mid Cap
Managed Volatility Fund - Service Class
advised by Lincoln Financial Investments
Corporation
1.16%2
4.50%
7.23%
8.43%
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%
Capital appreciation. A fund of funds.
LVIP BlackRock Global Allocation Managed
Risk Fund - Service Class
advised by Lincoln Financial Investments
Corporation
1.19%2
16.72%
4.52%
5.52%
A balance between current income and
growth of capital, with a greater emphasis
on growth of capital. A fund of funds.
LVIP BlackRock Global Growth ETF
Allocation Managed Risk Fund - Service
Class
advised by Lincoln Financial Investments
Corporation
0.77%2
10.78%
4.99%
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 balance between current income and
growth of capital, with a greater emphasis
on growth of capital. A fund of funds.
LVIP BlackRock U.S. Growth ETF Allocation
Managed Risk Fund - Service Class
advised by Lincoln Financial Investments
Corporation
0.74%2
8.58%
5.49%
N/A
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%
Capital appreciation.
LVIP ClearBridge Franklin Select Large Cap
Managed Volatility Fund - Service Class
advised by Lincoln Financial Investments
Corporation
1.00%2
10.42%
10.45%
11.00%
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
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. 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%
Capital appreciation. A fund of funds.
LVIP Fidelity Institutional AM® Select Core
Equity Managed Volatility Fund - Service
Class
advised by Lincoln Financial Investments
Corporation
0.95%2
13.87%
13.07%
12.09%
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 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%
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-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 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%
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 growth of capital. A fund of
funds.
LVIP Multi-Manager Global Equity Managed
Volatility Fund - Service Class
advised by Lincoln Financial Investments
Corporation
This fund will be reorganized to merge into
the LVIP Global Equity Managed Volatility
Fund on or about June 5, 2026, subject to
shareholders approval.
1.15%2
15.40%
9.77%
9.77%
Capital appreciation. A fund of funds.
LVIP Multi-Manager International Equity
Managed Volatility Fund - Service Class
advised by Lincoln Financial Investments
Corporation
1.11%2
19.71%
6.53%
7.44%
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%
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%
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%
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-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
Capital appreciation. A fund of funds.
LVIP State Street Large Cap Managed
Volatility Fund - Service Class
advised by Lincoln Financial Investments
Corporation
(formerly LVIP SSGA Large Cap Managed
Volatility Fund)
0.72%2
9.35%
12.30%
11.95%
Capital appreciation. A fund of funds.
LVIP State Street SMID Cap Managed
Volatility Fund - Service Class
advised by Lincoln Financial Investments
Corporation
(formerly LVIP SSGA SMID Cap Managed
Volatility Fund)
0.86%2
4.23%
4.39%
6.65%
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
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%
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
1.50%*
DCA Fixed Account
3 –60 months
1.50%
*State specific variances may apply. Please consult your registered representative with any questions.
A-4
Appendix B — Investment Requirements
As long as either the Guaranteed Benefit rider or i4LIFE® Advantage with the Guaranteed Income Benefit rider is in effect, you will be subject to Investment Requirements. This means you will be limited in how much you can invest in certain Subaccounts of your Contract. You must comply with the Investment Requirements during the period of time you own the rider (the minimum time period for ownership, if any, is specified in the termination section of each rider). After that period, if you no longer comply with the Investment Requirements, the rider will be terminated. We impose Investment Requirements to reduce the risk of investment losses that may require use to use our own assets to make guaranteed payments under a Living Benefit Rider.
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 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.
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. 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.
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.
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 in accordance with 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, change the investment options that are or are not available to you, or change the rebalancing frequency 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.
B-1
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 Franklin Templeton Core Bond Fund
LVIP JPMorgan Core Bond Fund
LVIP Mondrian Global Income Fund
LVIP Nomura Diversified Floating Rate Fund
LVIP Nomura Diversified Income Fund
LVIP Nomura Limited-Term Diversified Income Fund
LVIP PIMCO Low Duration Bond Fund
LVIP State Street Bond Index Fund
LVIP Vanguard Bond Allocation Fund
 
Group 2
Investments cannot exceed 70% of Contract Value or Account Value
LVIP American Century Select Mid Cap Managed Volatility Fund
LVIP BlackRock Dividend Value Managed Volatility Fund
LVIP BlackRock Global Allocation Managed Risk Fund
LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund
LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund
LVIP Blended Large Cap Growth Managed Volatility Fund
LVIP Blended Mid Cap Managed Volatility Fund
LVIP ClearBridge Franklin Select Large Cap Equity Managed Volatility Fund
LVIP ClearBridge Large Cap Managed Volatility Fund
LVIP Dimensional International Equity Managed Volatility Fund
LVIP Dimensional U.S. Equity Managed Volatility Fund
LVIP Fidelity Institutional AM® Select Core Equity Managed Volatility Fund
LVIP Franklin Templeton Global Equity Managed Volatility Fund
LVIP Global Conservative Allocation Managed Risk Fund
LVIP Global Growth Allocation Managed Risk Fund
LVIP Global Moderate Allocation Managed Risk Fund
LVIP Invesco Select Equity Income Managed Volatility Fund
LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund
LVIP MFS International Equity Managed Volatility Fund
LVIP Multi-Manager Global Equity Managed Volatility Fund
LVIP State Street Global Tactical Allocation Managed Volatility Fund
LVIP State Street International Managed Volatility Fund
LVIP State Street Large Cap Managed Volatility Fund
LVIP State Street SMID Cap 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.
The fixed accounts are not available with these riders.
As an alternative to satisfy these Investment Requirements, you may allocate 100% of your Contract Value or i4LIFE® Advantage Account Value among the funds listed below. If you allocate less than 100% of Contract Value or i4LIFE® Advantage Account 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 in Group 1 will fall into Group 2 and be subject to Group 2 restrictions.  
LVIP BlackRock Global Allocation V.I. Managed Volatility Fund
LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund
LVIP BlackRock Inflation Protected Bond Fund
LVIP BlackRock U.S. Growth ETF Allocation Managed Risk 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 Mondrian Global Income Fund
LVIP Nomura Diversified Floating Rate Fund
LVIP Nomura Diversified Income Fund
LVIP Nomura Limited-Term Diversified Income Fund
LVIP PIMCO Low Duration Bond Fund
LVIP State Street Bond Index Fund
LVIP State Street Global Tactical Allocation Managed Volatility Fund
LVIP U.S. Growth Allocation Managed Risk Fund
LVIP Vanguard Bond Allocation Fund
 
B-2
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.:
333-179107; 811-03214
EDGAR Contract Identifier:
C000112132

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