Form 497VPU LINCOLN LIFE FLEXIBLE
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E-mailLincoln SVULONE 2021
The Lincoln National Life Insurance Company
Updating Summary Prospectus for Existing Owners
May 1, 2025
Lincoln Life Flexible Premium Variable Life Account R
The updating summary prospectus for the Policy contains more information about the
Policy, including its features, benefits, and risks. You can find the current prospectus and other information
about the Policy online at www.lfg.com/VULprospectus. You can also obtain this information at no cost by calling
1-800-487-1485 or by sending an email request to [email protected].
Additional information about certain investment products, including variable life
insurance policies, has been prepared by the Securities and Exchange Commission’s staff and is available at Investor.gov.
The prospectus gives you information about the Policy that you should know before
you decide to buy a Policy and make Premium Payments. You should also review the prospectuses for the funds and
keep all prospectuses for future reference. All prospectuses and other shareholder reports will be made available
on www.lfg.com/VULprospectus.
The Securities and Exchange Commission has not approved or disapproved these securities
or determined this prospectus is accurate or complete. Any representation to the contrary is a criminal
offense.
Updated Information about your Policy
The information in this Updating Summary Prospectus is a summary of certain Policy
features that have changed since the prospectus dated May 1, 2024. This may not reflect all of the changes that
have occurred since you entered into your Policy, and not all changes may be applicable to you.
Summary of Policy Changes:
•
The address of State Street Bank and Trust Company, the accounting services provider
of the Separate Account, changed to 2323 Grand Boulevard, 5th Floor, Kansas City, MO 64108.
•
Effective May 6, 2024, Lincoln Financial Group and Osaic, Inc. entered into an agreement
whereby Osaic acquired Lincoln Financial Advisors Corporation and Lincoln Financial Securities Corporation
(collectively “LFN”).
•
Appendix B should be reviewed for all updates to the Investment Restrictions that
may be applicable to your Policy.
Summary of Fund Changes:
The following is a summary of changes to the list of funds available under the Policy.
Additional information including investment objectives, current expenses and average annual total returns is available in Appendix A – Funds Available Under The Policy.
Fund Additions:
•
LVIP American Century Ultra® Fund (Standard Class)
Fund Name Changes:
|
Former Fund Name
|
New Fund Name
|
|
LVIP Macquarie Diversified Income Fund
|
LVIP Fidelity Institutional AM® Total Bond
Fund
|
|
LVIP Macquarie Limited-Term Diversified
Income Fund
|
LVIP JPMorgan Short Duration Bond Fund
|
|
LVIP Macquarie Value Fund
|
LVIP BlackRock Equity Dividend Fund
Series
|
Fund Reorganizations:
•
On August 23, 2024, the LVIP Wellington Capital Growth Fund was reorganized into the
LVIP American Century Ultra® Fund and is no longer available as an investment option.
1
IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE POLICY
|
|
FEES AND EXPENSES
|
Location in
Prospectus
|
||
|
Charges for
Early
Withdrawals
|
For a Full Surrender or Partial Surrender, for up to 15 years from the date
of the Policy and up to 15 years from each increase in Specified Amount,
you could pay a Surrender Charge of up to $56.29 (5.629%) per $1,000
of the Specified Amount.
For example, if your Policy has a Specified Amount of $100,000 and you
surrender your Policy or take an early withdrawal, you could be assessed
a charge of up to $5,629.
|
•Policy
Charges and
Fees
|
||
|
Transaction
Charges
|
In addition to Surrender Charges, you may also be charged for other
transactions, such as when you make a Premium Payment, transfer
Policy Value between Sub-Accounts, take a Partial Surrender or exercise
certain benefits.
|
•Policy
Charges and
Fees
|
||
|
Ongoing Fees
and Expenses
(annual
charges)
|
•In addition to Surrender Charges and transaction charges, there are
certain ongoing fees and expenses that are charged annually, monthly
or daily.
•These fees include the Cost of Insurance Charge under the Policy,
optional benefit charges, Administrative Fees, Mortality and Expense
Risk Charges and Policy Loan Interest.
•Certain fees are set based on characteristics of the Insured (e.g., age,
gender, and rating classification). You should review your Policy
Specifications page for rates applicable to you.
•Owners will also bear expenses associated with the Underlying Funds
under the Policy, as shown in the following table:
|
•Policy
Charges and
Fees
|
||
|
Annual Fee
|
Minimum
|
Maximum
|
||
|
Underlying Fund Fees and Expenses*
|
0.23%
|
2.44%
|
||
|
*As a percentage of Underlying Fund assets.
|
||||
|
|
RISKS
|
Location in
Prospectus
|
||
|
Risk of Loss
|
You can lose money by investing in the Policy, including loss of
principal.
|
•Principal
Risks of
Investing in
the Policy
|
||
|
Not a Short-
Term Investment
|
•This Policy is not a short-term investment vehicle and is not
appropriate for an investor who needs ready access to cash.
•Surrender Charges apply for 15 years from the Policy Date and 15
years from the date of any increase in your Specified Amount.
•Charges may reduce the value of your Policy and death benefit.
•Tax deferral is more beneficial to investors with a long-time horizon.
|
•Principal
Risks of
Investing in
the Policy
•Policy
Charges and
Fees
|
||
2
|
|
RISKS
|
Location in
Prospectus
|
||
|
Risks
Associated with
Investment
Options
|
•An investment in the Policy is subject to the risk of poor investment
performance of the investment options. Performance can vary
depending on the performance of the investment options available
under the Policy.
•Each investment option (including a Fixed Account investment option)
has its own unique risks. You should review each Underlying Fund’s
prospectus before making an investment decision.
|
•Principal
Risks of
Investing in
the Policy
|
||
|
Insurance
Company Risks
|
•Any obligations, guarantees, and benefits of the contract including the
Fixed Account investment option are subject to the claims-paying
ability of Lincoln Life. If Lincoln Life experiences financial distress, it
may not be able to meet its obligations to you. More information about
Lincoln Life, including its financial strength ratings, is available upon
request from Lincoln Life by calling 1-800-487-1485 or by visiting
https://www.lfg.com/public/aboutus/investorrelations/
financialinformation.
•You may obtain our audited statutory financial statements, any
unaudited statutory financial statements that may be available as well
as ratings information by visiting our website at www.lfg.com/
VULprospectus.
|
•Principal
Risks of
Investing in
the Policy
•Lincoln Life,
the Separate
Account and
the General
Account
|
||
|
Policy Lapse
|
•Sufficient Premiums must be paid to keep your Policy in force. There
is a risk of lapse if Premiums are too small in relation to the insurance
amount and if investment results of the Sub-Accounts you have
chosen are adverse or are less favorable than anticipated.
•Outstanding Policy Loans (plus interest) and Partial Surrenders will
increase the risk of lapse. The death benefit will not be paid if the
Policy has Lapsed.
|
•Principal
Risks of
Investing in
the Policy
•Lapse and
Reinstatement
|
||
3
|
|
RESTRICTIONS
|
Location in
Prospectus
|
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|
Investments
|
•We reserve the right to charge for each transfer between Sub-
Accounts in excess of 24 transfers per year.
•We reserve the right to add, remove, or substitute Sub-Accounts as
investment options under the Policy, subject to state or federal laws
and regulations. An Underlying Fund may be merged into another
Underlying Fund. An Underlying Fund may discontinue offering their
shares to the Sub-Accounts.
•There are significant limitations on your right to transfer amounts in
the Fixed Account and, due to these limitations, if you want to transfer
the entire balance of the Fixed Account to one or more Sub-Accounts,
it may take several years to do so.
•We may impose investment constraints and restrictions on the
standard No-Lapse Enhancement Rider, which is automatically
included with your Policy for no additional charge. For applications
received on or after May 15, 2023, your Policy will be subject to
significant allocation restrictions so long as the standard No-Lapse
Enhancement Rider remains in effect. If you do not wish to be subject
to those restrictions, you must terminate the rider, but terminating the
rider will cause you to lose that standard benefit.
|
•Transfer Fee
•Sub-Account
Availability
and
Substitution of
Funds
•Transfers
•No-Lapse
Enhancement
Rider
|
||
|
Optional
Benefits
|
•Riders may alter the benefits or charges in your Policy. Rider
availability and benefits may vary by state of issue or selling broker-
dealer and their election may have tax consequences. Riders may have
restrictions or limitations, and we may modify or terminate a rider, as
allowed. If you elect a particular rider, it may restrict or enhance the
terms of your policy, or restrict the availability or terms of other riders
or Policy features.
|
•Riders
|
||
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|
TAXES
|
Location in
Prospectus
|
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|
Tax Implications
|
•You should always consult with a tax professional to determine the tax
implications of an investment in and payments received under the
Policy.
•Withdrawals will be subject to ordinary income tax, and may be
subject to tax penalties.
•There is no additional tax benefit to you if the Policy is purchased
through a tax-qualified plan or individual retirement account (IRA).
|
•Tax Issues
|
||
4
|
|
CONFLICTS OF INTEREST
|
Location in
Prospectus
|
||
|
Investment
Professional
Compensation
|
•Investment professionals typically receive compensation for selling the
Policy to investors.
•Registered representatives may have a financial incentive to offer or
recommend the Policy over another investment for which the
investment professional is not compensated (or compensated less).
•Registered representatives may be eligible for certain cash and non-
cash benefits. Cash compensation includes bonuses and allowances
based on factors such as sales, productivity and persistency. Non-
cash compensation includes various recognition items such as prizes
and awards as well as attendance at, and payment of the costs
associated with attendance at, conferences, seminars and recognition
trips, and also includes contributions to certain individual plans such
as pension and medical plans.
|
•Distribution of
the Policies
and
Compensation
|
||
|
Exchanges
|
Some investment 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 Policy if you determine, after comparing the features,
fees, and risks of both policies, that it is preferable for you to purchase
the new policy rather than continue to own the existing policy.
|
•Change of
Plan (located
in the SAI)
|
||
5
APPENDIX A: FUNDS AVAILABLE UNDER THE POLICY
The following is a list of Underlying Funds currently available under the Policy.
Depending on the optional benefits you choose, you may not be able to invest in certain funds. Please see Appendix B:
Current Investment Restrictions for Optional Benefits - No-Lapse Enhancement Rider. More information about the Underlying
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/VULprospectus. You can also request this information at no cost by calling 1-800-487-1485 or by
sending an email request to [email protected].
The current expenses and performance information below reflects fees and expenses
of the funds, but does not reflect the other fees and expenses that your Policy may charge. Expenses would be
higher and performance would be lower if these 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 12/31/2024)
|
||
|
|
|
|
1 year
|
5 year
|
10 year
|
|
Long-term growth of capital.
|
AB VPS Discovery Value
Portfolio - Class A
advised
by AllianceBernstein L.P.
|
0.81%
|
10.02%
|
8.86%
|
7.63%
|
|
Long-term growth of capital.
|
AB VPS Sustainable Global
Thematic Portfolio - Class
A
advised
by AllianceBernstein L.P.
|
0.91%2
|
6.21%
|
9.03%
|
9.72%
|
|
Long-term growth of capital.
|
American Funds® IS
Global Growth Fund - Class
2
advised by Capital
Research and Management
Company
|
0.66%2
|
13.68%
|
9.76%
|
10.74%
|
|
Long-term capital growth.
|
American Funds® IS
Global Small Capitalization
Fund - Class 2
advised by Capital
Research and Management
Company
|
0.90%2
|
2.33%
|
3.01%
|
5.81%
|
|
Growth of capital.
|
American Funds® IS
Growth Fund - Class 2
advised by Capital
Research and Management
Company
|
0.59%
|
31.61%
|
18.83%
|
16.58%
|
|
Long-term growth of capital and
income.
|
American Funds® IS
Growth-Income Fund -
Class 2
advised by Capital
Research and Management
Company
|
0.53%
|
24.23%
|
13.01%
|
12.20%
|
A-1
|
Investment Objective
|
Fund and
Adviser/Sub-adviser1
|
Current Expenses
|
Average Annual Total
Returns (as of 12/31/2024)
|
||
|
|
|
|
1 year
|
5 year
|
10 year
|
|
Long-term growth of capital.
|
American Funds® IS
International Fund - Class
2
advised by Capital
Research and Management
Company
|
0.78%
|
3.16%
|
1.23%
|
4.01%
|
|
Long-term growth of capital.
|
ClearBridge Variable Mid
Cap Portfolio - Class I
advised by Franklin
Templeton Fund Adviser,
LLC
|
0.81%
|
10.01%
|
6.61%
|
7.29%
|
|
Capital Appreciation. A fund of
funds.
|
DWS Alternative Asset
Allocation VIP Portfolio -
Class A
advised by DWS
Investment Management
Americas, Inc.
|
0.88%
|
5.64%
|
4.36%
|
3.17%
|
|
Long-term capital appreciation.
|
Fidelity® VIP Contrafund®
Portfolio - Service Class
|
0.66%
|
33.63%
|
16.92%
|
13.50%
|
|
To achieve capital appreciation.
|
Fidelity® VIP Growth
Portfolio - Service Class
|
0.66%
|
30.27%
|
18.81%
|
16.51%
|
|
Long-term growth of capital.
|
Fidelity® VIP Mid Cap
Portfolio - Service Class
|
0.67%
|
17.35%
|
11.23%
|
9.10%
|
|
To maximize income while
maintaining prospects for capital
appreciation.
|
Franklin Income VIP Fund -
Class 1
|
0.47%2
|
7.46%
|
5.55%
|
5.53%
|
|
Capital appreciation; income is a
secondary consideration.
|
Franklin Mutual Shares VIP
Fund - Class 1
|
0.69%
|
11.50%
|
6.01%
|
6.10%
|
|
Long-term growth of capital.
|
Invesco V.I. EQV
International Equity Fund -
Series I Shares
|
0.90%
|
0.62%
|
3.23%
|
4.36%
|
|
Long-term growth of capital. A fund
of funds.
|
Lincoln Hedged S&P 500
Conservative Fund -
Service Class4
|
1.04%2
|
10.27%
|
N/A
|
N/A
|
|
Long-term growth of capital. A fund
of funds.
|
Lincoln Hedged S&P 500
Fund - Service Class4
|
1.05%2
|
13.91%
|
N/A
|
N/A
|
|
Long-term capital growth.
|
LVIP AllianceBernstein
Large Cap Growth Fund -
Standard Class
advised by Lincoln
Financial Investments
Corporation
|
0.63%2
|
25.93%
|
12.42%
|
13.32%
|
A-2
|
Investment Objective
|
Fund and
Adviser/Sub-adviser1
|
Current Expenses
|
Average Annual Total
Returns (as of 12/31/2024)
|
||
|
|
|
|
1 year
|
5 year
|
10 year
|
|
Long-term capital growth and
current income by investing
approximately 60% of its assets in
equity securities and the remainder
in bonds and other fixed-income
securities.
|
LVIP American Century
Balanced Fund - Standard
Class II
advised by Lincoln
Financial Investments
Corporation
|
0.77%2
|
12.06%
|
7.05%
|
6.76%
|
|
Long-term capital growth.
|
LVIP American Century
Ultra® Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
|
0.65%2
|
N/A
|
N/A
|
N/A
|
|
Capital Appreciation.
|
LVIP Baron Growth
Opportunities Fund -
Service Class
advised by Lincoln
Financial Investments
Corporation
|
1.14%2
|
5.44%
|
7.96%
|
9.41%
|
|
Long-term capital appreciation.
|
LVIP BlackRock Equity
Dividend Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
(formerly LVIP Macquarie
Value Fund)
|
0.65%2
|
7.18%
|
5.69%
|
7.18%
|
|
High total investment return.
|
LVIP BlackRock Global
Allocation Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
|
0.72%2
|
9.51%
|
6.19%
|
N/A
|
|
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 -
Standard Class
advised by Lincoln
Financial Investments
Corporation
|
0.42%2
|
11.17%
|
3.56%
|
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
|
0.88%
|
2.64%
|
2.52%
|
2.15%
|
A-3
|
Investment Objective
|
Fund and
Adviser/Sub-adviser1
|
Current Expenses
|
Average Annual Total
Returns (as of 12/31/2024)
|
||
|
|
|
|
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
|
0.83%2
|
1.61%
|
0.52%
|
2.67%
|
|
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 -
Standard Class
advised by Lincoln
Financial Investments
Corporation
|
0.39%2
|
13.42%
|
4.74%
|
N/A
|
|
Long-term capital appreciation.
|
LVIP Dimensional
International Core Equity
Fund - Standard Class
advised by Lincoln
Financial Investments
Corporation
|
0.62%2
|
3.06%
|
4.61%
|
N/A
|
|
Long-term capital appreciation.
|
LVIP Dimensional U.S.
Core Equity 1 Fund -
Standard Class
advised by Lincoln
Financial Investments
Corporation
|
0.39%2
|
20.77%
|
13.29%
|
11.80%
|
|
Long-term capital appreciation.
|
LVIP Dimensional U.S.
Core Equity 2 Fund -
Standard Class
advised by Lincoln
Financial Investments
Corporation
|
0.49%
|
18.45%
|
12.83%
|
N/A
|
|
Maximum long-term total return
consistent with reasonable risk.
|
LVIP Fidelity Institutional
AM® Total Bond Fund -
Standard Class
advised by Lincoln
Financial Investments
Corporation
(formerly LVIP Macquarie
Diversified Income Fund)
|
0.51%2
|
1.98%
|
0.45%
|
1.77%
|
|
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
|
8.90%
|
3.36%
|
2.82%
|
A-4
|
Investment Objective
|
Fund and
Adviser/Sub-adviser1
|
Current Expenses
|
Average Annual Total
Returns (as of 12/31/2024)
|
||
|
|
|
|
1 year
|
5 year
|
10 year
|
|
To maximize long-term capital
appreciation.
|
LVIP Franklin Templeton
Multi-Factor International
Equity Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
|
0.40%2
|
3.76%
|
4.48%
|
4.69%
|
|
To maximize long-term capital
appreciation.
|
LVIP Franklin Templeton
Multi-Factor Large Cap
Equity Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
|
0.36%2
|
27.99%
|
12.93%
|
11.08%
|
|
To maximize long-term capital
appreciation.
|
LVIP Franklin Templeton
Multi-Factor SMID Cap
Equity Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
|
0.38%
|
13.19%
|
10.15%
|
8.04%
|
|
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
|
0.76%2
|
7.71%
|
2.88%
|
3.71%
|
|
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
|
0.75%2
|
11.15%
|
4.11%
|
4.47%
|
|
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
|
0.76%2
|
10.19%
|
3.66%
|
4.14%
|
|
Current income while (i)maintaining
a stable value of your shares
(providing stability of net asset
value) and (ii) preserving the value
of your initial investment
(preservation of capital).
|
LVIP Government Money
Market Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
|
0.39%2
|
4.94%
|
2.23%
|
1.48%
|
A-5
|
Investment Objective
|
Fund and
Adviser/Sub-adviser1
|
Current Expenses
|
Average Annual Total
Returns (as of 12/31/2024)
|
||
|
|
|
|
1 year
|
5 year
|
10 year
|
|
A high level of current income;
capital appreciation is the
secondary objective.
|
LVIP JPMorgan High Yield
Fund - Standard Class
advised by Lincoln
Financial Investments
Corporation
|
0.68%2
|
8.09%
|
4.03%
|
4.50%
|
|
Maximum total return, consistent
with reasonable risk.
|
LVIP JPMorgan Short
Duration Bond Fund -
Standard Class
advised by Lincoln
Financial Investments
Corporation
(formerly LVIP Macquarie
Limited-Term Diversified
Income Fund)
|
0.47%2
|
4.30%
|
1.70%
|
1.89%
|
|
Maximum current income (yield)
consistent with a prudent
investment strategy.
|
LVIP Macquarie Bond Fund
- Standard Class3
advised by Lincoln
Financial Investments
Corporation
|
0.37%
|
1.61%
|
0.04%
|
1.57%
|
|
Total return.
|
LVIP Macquarie Diversified
Floating Rate Fund -
Standard Class3
advised by Lincoln
Financial Investments
Corporation
|
0.63%2
|
6.07%
|
2.67%
|
2.22%
|
|
To maximize long-term capital
appreciation.
|
LVIP Macquarie Mid Cap
Value Fund - Standard
Class3
advised by Lincoln
Financial Investments
Corporation
|
0.42%
|
14.82%
|
9.07%
|
9.33%
|
|
Long-term capital appreciation.
|
LVIP Macquarie SMID Cap
Core Fund - Standard
Class3
advised by Lincoln
Financial Investments
Corporation
|
0.80%2
|
14.73%
|
9.54%
|
9.52%
|
|
To maximize long-term capital
appreciation.
|
LVIP Macquarie Social
Awareness Fund -
Standard Class3
advised by Lincoln
Financial Investments
Corporation
|
0.43%
|
21.07%
|
13.87%
|
11.87%
|
A-6
|
Investment Objective
|
Fund and
Adviser/Sub-adviser1
|
Current Expenses
|
Average Annual Total
Returns (as of 12/31/2024)
|
||
|
|
|
|
1 year
|
5 year
|
10 year
|
|
Long-term capital appreciation.
|
LVIP Macquarie U.S.
Growth Fund - Standard
Class3
advised by Lincoln
Financial Investments
Corporation
|
0.72%
|
34.07%
|
19.62%
|
14.51%
|
|
Maximum long-term total return,
with capital appreciation as a
secondary objective.
|
LVIP Macquarie U.S. REIT
Fund - Standard Class3
advised by Lincoln
Financial Investments
Corporation
|
0.83%2
|
7.87%
|
3.06%
|
4.31%
|
|
Long-term capital appreciation.
|
LVIP MFS International
Growth Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
|
0.79%2
|
8.10%
|
6.25%
|
7.97%
|
|
Capital Appreciation.
|
LVIP MFS Value Fund -
Standard Class
advised by Lincoln
Financial Investments
Corporation
|
0.61%2
|
11.84%
|
8.10%
|
8.70%
|
|
Current income consistent with the
preservation of capital.
|
LVIP Mondrian Global
Income Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
|
0.66%2
|
-5.15%
|
-3.23%
|
-0.46%
|
|
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
|
4.70%
|
3.48%
|
4.19%
|
|
To match as closely as practicable,
before fees and expenses, the
performance of the Bloomberg U.S.
Aggregate Index.
|
LVIP SSGA Bond Index
Fund - Standard Class
advised by Lincoln
Financial Investments
Corporation
|
0.37%2
|
1.05%
|
-0.60%
|
1.03%
|
|
A high level of current income, with
some consideration given to growth
of capital. A fund of funds.
|
LVIP SSGA Conservative
Index Allocation Fund -
Standard Class
advised by Lincoln
Financial Investments
Corporation
|
0.51%2
|
5.94%
|
3.60%
|
4.21%
|
A-7
|
Investment Objective
|
Fund and
Adviser/Sub-adviser1
|
Current Expenses
|
Average Annual Total
Returns (as of 12/31/2024)
|
||
|
|
|
|
1 year
|
5 year
|
10 year
|
|
To approximate as closely as
practicable, before fees and
expenses, the performance of a
broad market index of non-U.S.
foreign securities.
|
LVIP SSGA International
Index Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
|
0.38%2
|
3.22%
|
4.49%
|
4.98%
|
|
Seek to approximate as closely as
practicable, before fees and
expenses, the performance of a
broad market index that emphasizes
stocks of mid-sized U.S.
companies.
|
LVIP SSGA Mid-Cap Index
Fund - Standard Class
advised by Lincoln
Financial Investments
Corporation
|
0.35%2
|
13.55%
|
9.94%
|
9.31%
|
|
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 SSGA Moderate Index
Allocation Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
|
0.50%
|
8.37%
|
5.52%
|
5.73%
|
|
A balance between high level of
current income and growth of
capital, with a greater emphasis on
growth of capital. A fund of funds.
|
LVIP SSGA Moderately
Aggressive Index
Allocation Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
|
0.50%
|
9.26%
|
6.08%
|
6.24%
|
|
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 SSGA S&P 500 Index
Fund - Standard Class4
advised by Lincoln
Financial Investments
Corporation
|
0.23%
|
24.73%
|
14.24%
|
12.84%
|
|
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 SSGA Small-Cap
Index Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
|
0.38%2
|
11.14%
|
6.97%
|
7.38%
|
|
A high level of current income, with
some consideration given to growth
of capital. A fund of funds.
|
LVIP Structured
Conservative Allocation
Fund - Standard Class
advised by Lincoln
Financial Investments
Corporation
|
0.60%
|
6.46%
|
3.70%
|
4.06%
|
A-8
|
Investment Objective
|
Fund and
Adviser/Sub-adviser1
|
Current Expenses
|
Average Annual Total
Returns (as of 12/31/2024)
|
||
|
|
|
|
1 year
|
5 year
|
10 year
|
|
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%
|
9.41%
|
5.77%
|
5.60%
|
|
A balance between high level of
current income and growth of
capital, with a greater emphasis on
growth of capital. A fund of funds.
|
LVIP Structured
Moderately Aggressive
Allocation Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
|
0.58%
|
10.48%
|
6.38%
|
6.05%
|
|
To maximize capital appreciation.
|
LVIP T. Rowe Price
Structured Mid-Cap
Growth Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
|
0.72%2
|
23.67%
|
11.14%
|
11.96%
|
|
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 - Standard Class
advised by Lincoln
Financial Investments
Corporation
|
0.77%2
|
13.56%
|
5.48%
|
N/A
|
|
Total return consistent with the
preservation of capital. A fund of
funds.
|
LVIP Vanguard Bond
Allocation Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
|
0.36%
|
1.42%
|
-0.57%
|
0.95%
|
|
Long-term capital appreciation. A
fund of funds.
|
LVIP Vanguard Domestic
Equity ETF Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
|
0.32%2
|
22.10%
|
13.36%
|
12.03%
|
|
Long-term capital appreciation. A
fund of funds.
|
LVIP Vanguard
International Equity ETF
Fund - Standard Class
advised by Lincoln
Financial Investments
Corporation
|
0.34%2
|
3.86%
|
3.68%
|
4.90%
|
A-9
|
Investment Objective
|
Fund and
Adviser/Sub-adviser1
|
Current Expenses
|
Average Annual Total
Returns (as of 12/31/2024)
|
||
|
|
|
|
1 year
|
5 year
|
10 year
|
|
Long-term capital appreciation.
|
LVIP Wellington SMID Cap
Value Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
|
0.77%2
|
12.32%
|
9.11%
|
8.10%
|
|
Long-term capital appreciation.
|
Macquarie VIP Emerging
Markets Series - Standard
Class3
advised by Delaware
Management Company
|
1.16%2
|
5.09%
|
1.03%
|
4.05%
|
|
Capital Appreciation.
|
Macquarie VIP Small Cap
Value Series - Standard
Class3
advised by Delaware
Management Company
|
0.74%
|
11.32%
|
7.15%
|
7.60%
|
|
Capital Appreciation.
|
MFS® VIT Growth Series -
Initial Class
advised by Massachusetts
Financial Services
Company
|
0.72%2
|
31.47%
|
14.74%
|
15.11%
|
|
Total return.
|
MFS® VIT Total Return
Series - Initial Class
advised by Massachusetts
Financial Services
Company
|
0.61%2
|
7.75%
|
6.16%
|
6.46%
|
|
Total return.
|
MFS® VIT Utilities Series -
Initial Class
advised by Massachusetts
Financial Services
Company
|
0.79%2
|
11.66%
|
5.88%
|
6.29%
|
|
Maximum real return, consistent
with prudent investment
management.
|
PIMCO VIT
CommodityRealReturn®
Strategy Portfolio -
Administrative Class
advised by Pacific
Investment Management
Company, LLC
|
2.28%2
|
4.16%
|
7.10%
|
1.65%
|
|
High current income consistent
with preservation of capital; capital
appreciation is a secondary
objective.
|
Templeton Global Bond VIP
Fund - Class 1
advised by Franklin
Advisers, Inc.
|
0.50%2
|
-
11.13%
|
-4.60%
|
-1.79%
|
A-10
|
Investment Objective
|
Fund and
Adviser/Sub-adviser1
|
Current Expenses
|
Average Annual Total
Returns (as of 12/31/2024)
|
||
|
|
|
|
1 year
|
5 year
|
10 year
|
|
Income and capital appreciation. A
fund of funds.
|
TOPS® Balanced ETF
Portfolio - Class 2 Shares
advised by Valmark
Advisers, Inc.
|
0.55%
|
6.86%
|
4.68%
|
4.84%
|
|
Capital Appreciation. A fund of
funds.
|
TOPS® Moderate Growth
ETF Portfolio - Class 2
Shares
advised by Valmark
Advisers, Inc.
|
0.54%
|
8.84%
|
6.06%
|
6.11%
|
1
The name of the adviser or sub-adviser is not listed if the name is incorporated into
the name of the Underlying Fund or the fund company.
2
This fund is subject to an expense reimbursement or a fee waiver arrangement. As a result, this fund’s annual expenses reflect temporary expense reductions. See the fund prospectus for additional
information.
3
Investments in Macquarie VIP Series, Macquarie Funds, LVIP Macquarie Funds or Lincoln
Life accounts managed by Macquarie Investment Management Advisers, a series of Macquarie Investments
Management Business Trust, are not and will not be deposits with or liabilities of Macquarie
Bank Limited ABN 46008 583 542 and its holding companies, including their subsidiaries or related companies,
and are subject to investment risk, including possible delays in prepayment and loss of income and capital
invested. No Macquarie Group company guarantees or will guarantee the performance of the series
or funds or accounts, the repayment of capital from the series or funds or account, or any particular rate
of return.
4
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.
A-11
APPENDIX B: CURRENT INVESTMENT RESTRICTIONS FOR OPTIONAL BENEFITS – NO-LAPSE ENHANCEMENT RIDER
In order to avoid termination of this Rider, your allocation of Accumulation Value
to all available Sub-Accounts must comply with all restrictions noted below.
Currently, the following allocation constraints apply to all No-Lapse Enhancement
Riders, regardless of the date the application was received:
When the No-Lapse Enhancement Rider is in effect, you may only allocate Accumulation
Value and Premium Payments to the Lincoln Variable Insurance Products Government Money Market Fund for:
(a)
the purposes described in the “Right to Examine Period” section of this prospectus; and
(b)
as an account from which you may transfer funds for the Dollar Cost Averaging program
as described in the “Optional Sub-Account Allocation Programs” section.
Use of the money market Sub-Account other than as described above will result in the
Rider terminating.
For applications received prior to May 15, 2023, we currently do not impose additional
investment restrictions. However, we reserve the right to do so in the future. For applications received on
or after May 15, 2023, you must comply with the following investment restrictions below. The Sub-Accounts of
your Policy are divided into tiers. You can select the percentages of Accumulation Value to allocate to individual
Sub-Accounts within the tier and/or to the Fixed Account, but the total allocation percentages must comply
with the specified minimum or maximum percentages for that tier.
|
Tier 1
If any amount of the Accumulation Value is
invested in Tier 3 Sub-Accounts, a
minimum of 25% of the Accumulation
Value must be invested in Tier 1 Sub-
Accounts or the Fixed Account.
|
Tier 2
No restrictions or requirements exist on
Tier 2 Sub-Accounts.
|
Tier 3
Only a maximum of 75% of the
Accumulation Value can be invested in this
tier. If any of the Accumulation Value is
invested in this tier, a minimum of 25% of
the Accumulation Value must be invested
in Tier 1 Sub-Accounts or the Fixed
Account.
|
|
•LVIP BlackRock Inflation Protected Bond
Fund
•LVIP Fidelity Institutional AM® Total Bond
Fund
•LVIP JPMorgan High Yield Fund
•LVIP JPMorgan Short Duration Bond
Fund
•LVIP Macquarie Bond Fund
•LVIP Macquarie Diversified Floating Rate
Fund
•LVIP Mondrian Global Income Fund
•LVIP SSGA Bond Index Fund
•LVIP Vanguard Bond Allocation Fund
•Templeton Global Bond VIP Fund
|
•Franklin Income VIP Fund
•Lincoln Hedged S&P 500 Conservative
Fund
•Lincoln Hedged S&P 500 Fund
•LVIP American Century Balanced Fund
•LVIP BlackRock Global Allocation Fund
•LVIP BlackRock Global ETF Allocation
Managed Risk Fund
•LVIP BlackRock US Growth ETF Allocation
Managed Risk Fund
•LVIP Global Conservative Allocation
Managed Risk Fund
•LVIP Global Growth Allocation Managed
Risk Fund
•LVIP Global Moderate Allocation Managed
Risk Fund
•LVIP SSGA Conservative Index Allocation
Fund
•LVIP SSGA Moderate Index Allocation
Fund
|
•AB VPS Discovery Value Portfolio
•AB VPS Sustainable Global Thematic
Portfolio
•American Funds® IS Global Growth Fund
•American Funds® IS Global Small Capital-
ization Fund
•American Funds® IS Growth Fund
•American Funds® IS Growth-Income
Fund
•American Funds® IS International Fund
•ClearBridge Variable Mid Cap Portfolio
•DWS Alternative Asset Allocation VIP
Portfolio
•Fidelity® VIP Contrafund® Portfolio
•Fidelity® VIP Growth Portfolio
•Fidelity® VIP Mid Cap Portfolio
•Franklin Mutual Shares VIP Fund
•Invesco V.I. EQV International Equity Fund
•LVIP AllianceBernstein Large Cap Growth
Fund
|
B-1
|
Tier 1
If any amount of the Accumulation Value is
invested in Tier 3 Sub-Accounts, a
minimum of 25% of the Accumulation
Value must be invested in Tier 1 Sub-
Accounts or the Fixed Account.
|
Tier 2
No restrictions or requirements exist on
Tier 2 Sub-Accounts.
|
Tier 3
Only a maximum of 75% of the
Accumulation Value can be invested in this
tier. If any of the Accumulation Value is
invested in this tier, a minimum of 25% of
the Accumulation Value must be invested
in Tier 1 Sub-Accounts or the Fixed
Account.
|
|
|
•LVIP SSGA Moderately Aggressive Index
Allocation Fund
•LVIP Structured Conservative Allocation
Fund
•LVIP Structured Moderate Allocation Fund
•LVIP Structured Moderately Aggressive
Allocation Fund
•LVIP U.S. Growth Allocation Managed
Risk Fund
•MFS® VIT Total Return Series
•TOPS® Balanced ETF Portfolio
•TOPS® Moderate Growth ETF Portfolio
|
•LVIP American Century® Ultra Fund
•LVIP Baron Growth Opportunities Fund
•LVIP BlackRock Equity Dividend Fund
•LVIP BlackRock Real Estate Fund
•LVIP Dimensional International Core
Equity Fund
•LVIP Dimensional U.S. Core Equity 1
Fund
•LVIP Dimensional U.S. Core Equity 2
Fund
•LVIP Franklin Templeton Multi-Factor
Emerging Markets Equity Fund
•LVIP Franklin Templeton Multi-Factor
International Equity Fund
•LVIP Franklin Templeton Multi-Factor
Large Cap Equity Fund
•LVIP Franklin Templeton Multi-Factor
SMID Cap Equity Fund
•LVIP Macquarie Mid Cap Value Fund
•LVIP Macquarie SMID Cap Core Fund
•LVIP Macquarie Social Awareness Fund
•LVIP Macquarie U.S. Growth Fund
•LVIP Macquarie U.S. REIT Fund
•LVIP MFS International Growth Fund
•LVIP MFS Value Fund
•LVIP Mondrian International Value Fund
•LVIP SSGA International Index Fund
•LVIP SSGA Mid-Cap Index Fund
•LVIP SSGA S&P 500 Index Fund
•LVIP SSGA Small-Cap Index Fund
•LVIP T. Rowe Price Structured Mid-Cap
Growth Fund
•LVIP Vanguard Domestic Equity ETF Fund
•LVIP Vanguard International Equity ETF
Fund
•LVIP Wellington SMID Cap Value Fund
•Macquarie VIP Emerging Markets Series
•Macquarie VIP Small Cap Value Series
•MFS® VIT Growth Series
•MFS® VIT Utilities Series
•PIMCO VIT CommodityRealReturn®
Strategy Portfolio
|
B-2
This updating summary prospectus incorporates by reference the prospectus and Statement
of Additional Information (SAI) for the Policy, both dated May 1, 2025, 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. 333-249920; 811-08579
EDGAR Contract Identifier C000224881
EDGAR Contract Identifier C000224881
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