Form 497VPU THRIVENT VARIABLE ANNUIT

April 29, 2026 1:58 PM EDT
 
 
Thrivent Single Premium Immediate
Variable Annuity
 
Thrivent Variable Annuity Account II
 
Updating Summary Prospectus
April 30, 2026
This updating summary prospectus summarizes key features of the Thrivent Single Premium Immediate Variable Annuity Contract which was issued by Thrivent Financial for Lutherans (“Thrivent,” “we,” “us,” or “our”), a fraternal benefit society organized under Wisconsin law.
The Contract is a complex investment and involves risks, including potential loss of principal. The Contract is not a short-term investment and is not appropriate for an investor who does not want Annuity Payments. Annuity Payments and any additional withdrawals could result in taxes.
Thrivent’s obligations under the Contract are subject to its financial strength and claims-paying ability.
The statutory prospectus for the Contract contains more information about the Contract, including its features, benefits and risks. You can find the current statutory prospectus and other information about the Contract online at dfinview.com/Thrivent/SingleImmdVA. You can also obtain this information at no cost by calling 1-800-847-4836, or by sending an email request to [email protected].
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.
The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.
Special Terms 
The person on whose life or life expectancy the Contract is based.
One of a series of guaranteed periodic payments made to you by Thrivent.
The amount expressed as a lump sum payment which represents the present value of future
payments for the remaining guaranteed period. We calculate the Commuted Value received
using an interest rate up to 2% greater than the rate used to determine the Annuity
Payments. When the Commuted Value calculation uses an interest rate that is greater than
the rate used to determine the Annuity Payments, that results in a Commuted Value charge.
The Contract between you and us providing the single premium immediate variable annuity.
An Investment Option that credits an interest rate. The Fixed Account is part of our General
Account. The Fixed Account is not a Subaccount. For the current interest rate, please call
our Service Center at 1-800-847-4836.
A Variable Option or the Fixed Account available in this Contract.
Each subaccount invests exclusively in the shares of a corresponding Portfolio.
Thrivent, 4321 North Ballard Road, Appleton, Wisconsin 54919-0001, telephone,
1-800-847-4836, or such other office as we may specify in a notice to the Contract Owner.
A subdivision of the Variable Account. Each Subaccount invests exclusively in the shares of
a corresponding Portfolio.
An Investment Option under the Contract of which the value of the contract varies according
to the investment experience of a Subaccount.
Updated Information About Your Contract
The information in this updating summary prospectus is a summary of certain Contract features that have changed since the prospectus dated April 30, 2025. This may not reflect all of the changes that have occurred since you entered into your Contract. 
Content
Description of Changes
Important Information You Should
Consider About the Contract
The Annual Portfolio expenses table was updated to reflect the new range.
The lowest and highest annual cost examples have been revised to reflect
the new range.
Fee Table
The Fee Table has been updated with the new range of Portfolio Expenses.
Other Changes
The Appendix has been revised to reflect the updated performance
information and the current expenses for the Portfolios.
 
3
Important Information You Should Consider About the Contract  
FEES AND EXPENSES
Location in
Statutory
Prospectus
Are There Charges
or Adjustments for
Early Withdrawals?
Yes. You may make withdrawals (other than your ongoing Annuity Payments)
only if your annuity is still within a guaranteed payment period you elected at
the time of issue of the Contract. We will pay you the Commuted Value.
Fee Table
Are There
Transaction
Charges?
Yes. There may be charges for other transactions.
You may make 12 free Subaccount transfers in each Contract Year. On
subsequent Subaccount transfers (other than the Dollar Cost Averaging and
Asset Rebalancing programs), you will incur a $25 transfer charge.
You will also pay a charge if you request a wire transfer of funds from your
Contract to another financial institution. The other financial institution may also
charge a fee to receive a wire. You will also pay a charge if you request to
have a check sent to you using an overnight mail service.
Fee Table
Are There Ongoing
Fees and
Expenses?
Yes. The table below describes the fees and expenses that you may pay each
year, depending on the Investment Options you choose. Please refer to your
Contract specifications page for information about the specific fees you will pay
each year based on the options you have elected.
Fee Table
Annual Fee
Minimum
Maximum
Base Contract (as a percentage of
average daily assets of each
0%
1.25%
Portfolio Company fees and expenses
(Expenses that you pay as a
percentage of your investment.
Expenses may be higher or lower in
future years. More detail is contained
in the prospectus for each Portfolio .)
0.22%
1.52%
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, and a 20-year fixed period payout. This estimate
assumes that you do not take additional withdrawals from the Contract, which
could be subject to Commuted Value Charges.
Lowest Annual Cost: $1,315
Highest Annual Cost: $2,566
Assumes:
Assumes:
Investment of $100,000
Investment of $100,000
5% annual appreciation
5% annual appreciation
Least expensive Portfolio fees and
expenses
Most expensive Portfolio fees and
expenses
No optional benefits or riders
No optional benefits or riders
No sales charges
No sales charges
No withdrawals other than your
No withdrawals other than your
ongoing Annuity Payments
 
4
RISKS
Location in
Statutory
Prospectus
Is There a Risk of
Loss from Poor
Performance?
Yes. You can lose money investing in the Contract.
Principal Risks of
Investing in the
Contract
Is This a
Short-Term
Investment?
No. The Contract is not a short-term investment and is not appropriate for you
if you need ready access to cash. Amounts withdrawn from the Contract may
result in taxes and tax penalties.
Principal Risks of
Investing in the
Contract
What Are the Risks
Associated with the
Investment
Options?
An investment in the Contract is subject to the risk of poor investment
performance and can vary depending on the performance of the variable
Investment Options available under the Contract. Each investment option
(including the Fixed Account) will have its own unique risks, and you should
review these investment options before making an investment decision.
Principal Risks of
Investing in the
Contract
What are the Risks
Related to the
Insurance
Company?
An investment in the Contract is subject to the risks related to Thrivent. Any
obligations (including those under the Fixed Account), guarantees or benefits
are subject to the claims-paying ability of Thrivent. More information about
Thrivent, including its financial strength ratings are available upon request by
calling (800) 847-4836 or by sending an email to [email protected].
Principal Risks of
Investing in the
Contract
RESTRICTIONS
Location in
Statutory
Prospectus
Are There
Restrictions on the
Investment
Options?
Yes. We reserve the right to add, delete, combine or substitute investment
options.
You may transfer all or a part of your Contract’s value among the Subaccounts
or from the Subaccounts to the Fixed Account subject to certain limitations.
Transfers out of the Fixed Account are not allowed.
Purchases and
Contract Value
Are There any
Restrictions on
Contract Benefits?
Yes. You may make withdrawals (other than your ongoing Annuity Payments)
only if your annuity is still within a guaranteed payment period you elected at
the time of issue of the Contract. We will pay you the Commuted Value.
Surrenders and
Withdrawals
TAXES
Location in
Statutory
Prospectus
What are the
Contract’s Tax
Implications?
You should consult with a tax professional to determine the tax implications of
an investment in and withdrawals or benefits received under the Contract.
There is no additional tax benefit if the Contract is purchased through a
tax-qualified plan or individual retirement account (IRA). Withdrawals may be
subject to ordinary income tax and may be subject to tax penalties.
Taxes
CONFLICTS OF INTEREST
Location in
Statutory
Prospectus
How are
Investment
Professionals
Compensated?
Financial advisors or professionals no longer receive compensation on the
Not Applicable
Should I Exchange
My Contract?
Some financial advisors or professionals may have a financial incentive to offer
you a new contract in place of the one you already own. You should only
exchange your Contract if you determine, after comparing the features, fees,
and risks of both contracts, and any fees or penalties to terminate the existing
contract, that it is preferable for you to purchase the new Contract rather than
continue to own the existing contract.
Taxes-Exchanges
of Annuity
Contracts
 
5
Appendix: Investment Options Available Under the Contract
(a) Variable Options Available Under the Contract
The following is a list of Portfolio Companies that correspond to Subaccounts available under the Contract. More information about the Portfolio Companies is available in the prospectuses for the Portfolios, which may be amended from time to time and can be found online at dfinview.com/Thrivent/SingleImmdVA. You can also request this information in paper at no cost by calling (800) 847-4836 or by sending an email request to [email protected].
The current expenses and performance information below reflects fees and expenses of the Portfolio Companies, but does not reflect the other fees and expenses that your Contract may charge. Expenses would be higher and performance would be lower if these charges were included. Each Portfolio Company’s past performance is not necessarily an indication of future performance.  
INVESTMENT
TYPE
PORTFOLIO AND ADVISER/SUBADVISER
CURRENT
EXPENSES
AVERAGE ANNUAL TOTAL RETURNS
(as of 12/31/25)
1 YEAR
5 YEAR
10 YEAR
Aggressive
Allocation
Thrivent Aggressive Allocation Portfolio
0.85%1
15.81%
9.61%
11.26%
Large Blend
Thrivent All Cap Portfolio
0.66%
18.05%
11.90%
12.43%
Conservative
Allocation
Thrivent Conservative Allocation Portfolio
0.50%
10.17%
4.03%
5.42%
Moderately
Conservative
Allocation
Thrivent Dynamic Allocation Portfolio
0.68%
12.62%
5.92%
6.84%
Diversified
Emerging
Mkts
Thrivent Emerging Markets Equity Portfolio
1.15%1
32.20%
2.10%
7.47%
Large Blend
Thrivent ESG Index Portfolio
0.36%1
17.78%
13.56%
N/A3
Global
Large-Stock
Blend
Thrivent Global Stock Portfolio
0.60%
20.82%
10.69%
10.67%
Intermediate
Government
Thrivent Government Bond Portfolio
0.49%
7.32%
0.01%
1.74%
Health
Thrivent Healthcare Portfolio
0.92%
13.07%
4.62%
7.37%
High Yield
Bond
Thrivent High Yield Portfolio
0.45%
8.78%
4.06%
5.32%
Corporate
Bond
Thrivent Income Portfolio
0.44%
7.93%
0.38%
3.60%
Foreign Large
Blend
Thrivent International Equity Portfolio
0.72%
30.87%
8.54%
7.41%
Foreign Large
Blend
Thrivent International Index Portfolio
0.37%
31.15%
8.61%
N/A3
Large Growth
Thrivent Large Cap Growth Portfolio
0.43%
16.95%
12.89%
16.35%
Large Blend
Thrivent Large Cap Index Portfolio
0.22%
17.62%
14.17%
14.54%
Large Value
Thrivent Large Cap Value Portfolio
0.62%
19.65%
13.96%
12.16%
Mid-Cap
Growth
Thrivent Mid Cap Growth Portfolio
0.89%1
2.50%
1.10%
N/A3
Mid-Cap
Blend
Thrivent Mid Cap Index Portfolio
0.25%
7.23%
8.86%
10.46%
Mid-Cap
Blend
Thrivent Mid Cap Stock Portfolio
0.66%
4.73%
6.86%
11.30%
Mid-Cap
Value
Thrivent Mid Cap Value Portfolio
0.87%1
10.82%
11.31%
N/A3
 
6
INVESTMENT
TYPE
PORTFOLIO AND ADVISER/SUBADVISER
CURRENT
EXPENSES
AVERAGE ANNUAL TOTAL
RETURNS
(as of 12/31/25)
1 YEAR
5 YEAR
10 YEAR
Moderate
Allocation
Thrivent Moderate Allocation Portfolio
0.70%1
13.63%
7.13%
8.38%
Moderately
Aggressive
Allocation
Thrivent Moderately Aggressive Allocation Portfolio
0.76%1
15.46%
8.30%
9.69%
Moderately
Conservative
Allocation
Thrivent Moderately Conservative Allocation Portfolio
0.65%1
12.10%
4.49%
6.04%
Money
Market -
Taxable
Thrivent Money Market Portfolio
0.31%
4.06%
3.05%
1.93%
Multisector
Bond
Thrivent Multisector Bond Portfolio
0.74%
7.93%
2.43%
3.47%
Real Estate
Thrivent Real Estate Securities Portfolio
0.90%
0.67%
3.89%
4.68%
Short-Term
Bond
Thrivent Short-Term Bond Portfolio
0.45%
6.06%
2.75%
2.89%
Small Growth
Thrivent Small Cap Growth Portfolio
0.94%1
1.87%
1.37%
N/A2
Small Blend
Thrivent Small Cap Index Portfolio
0.24%
5.80%
7.06%
9.57%
Small Blend
Thrivent Small Cap Stock Portfolio
0.70%
2.45%
7.50%
11.93%
1
Current expenses reflect temporary fee reductions.
2
The Fund is not showing Average Annual Total Returns information because the Fund commenced operation on 04/27/2018 and does not have annual returns for the period shown.
3
The Fund is not showing Average Annual Total Returns information because the Fund commenced operation on 04/29/2020 and does not have annual returns for the period shown.
(b) Fixed Account Investment Option Available Under the Contract
You may transfer from the Subaccount s to the Fixed Account. Transfers out of the Fixed Account are not allowed. For the current interest rate, please call our Service Center at 1-800-847-4836. 
Name
Term
Minimum Guaranteed
Interest Rate
Fixed Account
N/A
0%
 
7
 
 
This updating summary prospectus incorporates by reference the Thrivent Single Premium Immediate Variable Annuity prospectus and Statement of Additional Information (SAI), both dated April 30, 2026 as amended and supplemented.
The Statement of Additional Information (SAI) dated April 30, 2026 contains more information about the Contract and the Variable Account. The SAI has been filed with the SEC and is incorporated by reference into the prospectuses. The SAI is available, without charge, upon request. You can view a copy of the SAI online at dfinview.com/Thrivent/SingleImmdVA. For a free paper copy of the SAI, to request other information about the Contracts, and to make investor inquiries, you may call our Service Center at 1-800-847-4836, or you may send an email to [email protected].
Reports and other information about Thrivent are available on the Securities Exchange Commission Website at http://www.sec.gov. Copies of the information may be obtained, upon payment of a duplicating fee, by electronic request at the following email address: [email protected].
Thrivent is the marketing name for Thrivent Financial for Lutherans. Insurance products issued by Thrivent. Securities and investment advisory services offered through Thrivent Investment Management Inc., a registered investment adviser, member FINRA and SIPC, and a subsidiary of Thrivent. Licensed agent/producer of Thrivent. Registered representative of Thrivent Investment Management, Inc. Thrivent.com/disclosures.
Insurance products, securities and investment advisory services are provided by appropriately appointed and licensed financial advisors and professionals. Only individuals who are financial advisors are credentialed to provide investment advisory services. Visit Thrivent.com or FINRA’s Broker Check for more information about our financial advisors.
Contract Form 4470 and state variations
EDGAR Contract No. C000007339 32076SPRU R4-26

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