Form 497VPU LINCOLN LIFE VARIABLE

THE LINCOLN NATIONAL LIFE INSURANCE COMPANY

Lincoln Life Variable Annuity Account N

Lincoln ChoicePlus Assurance^SM (Prime)

Supplement dated December 6, 2024 to the

Updating Summary Prospectus for Current Contractowners dated May 1, 2024

This supplement to the summary prospectus for your individual variable annuity contract describes revisions that apply to i4LIFE^® Advantage Select Guaranteed Income Benefit riders elected on and after January 28, 2025, unless otherwise noted. All other provisions in your prospectus remain unchanged. The changes discussed in this supplement do not impact existing Contractowners.

OVERVIEW

The i4LIFE^® Advantage Select Guaranteed Income Benefit rider will re-open on January 28, 2025 and will be available to new Contractowners at the time the Contract is issued, and to existing Contractowners who transition from a prior living benefit rider that was purchased on and after January 28, 2025. This version of i4LIFE^® Advantage Select Guaranteed Income Benefit is different from previous versions of the rider in the following ways:

DESCRIPTION OF CHANGES

The following discussion describes changes that are incorporated into the specified sections of your summary prospectus.

Appendix B – Investment Requirements. The following section outlines the Investment Requirements that apply to elections of i4LIFE^® Advantage Select Guaranteed Income Benefit on and after January 28, 2025, including transitions to i4LIFE^® Advantage Select Guaranteed Income Benefit from another Living Benefit Rider that was elected on and after January 28, 2025. See i4LIFE^® Advantage Guaranteed Income Benefit Transitions and Appendix B in your prospectus for complete details.

Under the current Investment Requirements, you must allocate your Contract Value as follows:

As an alternative, to satisfy these Investment Requirements, you may allocate 100% of your Contract Value among the Subaccounts listed below. If you allocate less than 100% of Contract Value among these Subaccounts, then the Subaccounts listed below that are also listed in Group 1 will be subject to Group 1 restrictions.  Any remaining Subaccounts listed below that are not listed in Group 1 will fall into Group 2 and will be subject to Group 2 restrictions.

The fixed account is only available for dollar cost averaging.

Additionally, Contract Value or i4LIFE^® Advantage Account Value may be allocated in accordance with certain asset allocation models made available to you by your broker-dealer. If so, currently 100% of the Contract Value or i4LIFE^® Advantage Account Value can be allocated to one of the following models, if available: Active Passive Global Allocation Model, American Century Diversified Growth Model, Dimensional/Vanguard Moderate Allocation Model, Dimensional/Vanguard Global Growth Allocation Model, First Trust Defensive Equity Strength Model, JPMorgan U.S. Active Growth Model, Multi-Manager Domestic Growth Allocation Model or Multi-Manager Moderate Allocation Model. You may only choose one asset allocation model at a time, though you may change to a different asset allocation model available in your Contract that meets the Investment Requirements or reallocate Contract Value or i4LIFE^® Advantage Account Value according to the Investment Requirements listed above. If you terminate an asset allocation model, you must follow the Investment Requirements applicable to your rider. We may exclude an asset allocation model from being available for investment at any time, in our sole discretion. You will be notified prior to the date of such a change.

Please keep this supplement for future reference.