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Form 497VPU LINCOLN NATIONAL VARIABL

April 27, 2026 12:35 PM EDT
American Legacy® Target Date Income B-Share 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 American Legacy® Target Date Income B-Share 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 American Legacy® Target Date Income B-Share contract.
The prospectus for the American Legacy® Target Date Income B-Share 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 1-800-942-5500 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 Contract Changes:
Purchase Payments. You must obtain our approval for Purchase Payments totaling $5 million or more where the only optional benefits elected are the Account Value Death Benefit and/or i4LIFE® Advantage without the Guaranteed Income Benefit and $1 million or more for all other contracts. At the Company’s discretion, either amount may consider total Purchase Payments for all annuity contracts issued by the Company (or its affiliates) for the same Contractowner, joint owner, and/or Annuitant.
Summary of Changes to Benefits Available Under the Contract:
Benefits Available Under the Contract. The Target Date Income Benefit rider is no longer available for purchase.
Appendix B – Investment Requirements. This section should be reviewed for any updates to the Investment Requirements that may be applicable to your Contract.
2
Important Information You Should Consider About the American Legacy® Target Date Income B-Share 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 a Purchase Payment prior
to the 5th anniversary since the Purchase Payment was invested, up to 7% of the
amount withdrawn, declining to 0% over that time period. For example, if you make a
withdrawal of $100,000 during the first year after your Purchase Payment, you could be
assessed a charge of up to $7,000 on the Purchase Payment withdrawn. This loss may
be greater if there are taxes or tax penalties. A surrender charge will not apply if your
withdrawal is made after the 5th anniversary since a Purchase Payment was invested.
●Fee Tables
●Fee Tables –
Examples
●Charges, Other
Deductions,
and
Adjustments –
Surrender
Charge
Are There
Transaction
Charges?
No:
The Contract does not impose any transaction charges other than surrender charges.
●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
Annual Fee
Minimum
Maximum
Base Contract – Contract Value Death
Benefit
0.92%1
0.92%1
Base Contract – Guarantee of Principal
Death Benefit
1.12%1
1.12%1
Fund fees and expenses
0.83%2
0.89%2
Optional benefits available for an
additional charge (for a single optional
benefit, if elected)
0.40%1
2.45%3
 
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.
 
 
3 As an annualized percentage of the Protected Income Base.
 
 
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: $2,041
Highest Annual Cost: $5,128
 
 
Assumes:
Assumes:
 
3
 
FEES, EXPENSES, AND ADJUSTMENTS
Location in
Prospectus
 
●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, fund fees and
expenses
●No surrender charges
●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
Account
Is This a Short-
Term Investment?
No:
●This Contract is not designed for short-term investing and is not appropriate for the
investor who needs ready access to cash.
●A surrender or withdrawal may result in surrender charges. Any surrender charge 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
●Charges, Other
Deductions,
and
Adjustments
●Surrenders and
Withdrawals
●Benefits
Available
Under the
Contract
●Fixed Side of
the Contract
●Appendix C –
Discontinued
Living Benefit
Riders
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-
800-942-5500 or visiting www.LincolnFinancial.com.
●Principal Risks
●Fixed Side of
the Contract
4
 
RESTRICTIONS
Location in
Prospectus
Are There
Restrictions on
the Investment
Options?
Yes:
●Not all investment options may be available for investment under your Contract.
●We reserve the right to remove or substitute any funds as investment options that
are available under the Contract.
●You are generally restricted to no more than 12 transfers between investment options
per Contract Year. Your ability to transfer between investment options may also be
restricted as a result of Investment Requirements if you have elected an optional
benefit.
●Principal Risks
●Investments of
the Variable
Annuity
Account
●Fixed Side of
the Contract
●Appendix A –
Investment
Options
Available
Under the
Contract
Are There any
Restrictions on
Contract
Benefits?
Yes:
●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.
●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.
●You are required to have a certain level of Contract Value for some new benefit
elections.
●We may modify or stop offering an optional benefit that is currently available at any
time.
●If you elect certain optional benefits, you may be limited in the amount of Purchase
Payments that you can make (and when).
●The Contracts
●Benefits
Available
Under the
Contract
●Appendix B –
Investment
Requirements
●Appendix C –
Discontinued
Living Benefit
Riders
 
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, both in the form of commissions and because we may share the revenue it
earns with the professional’s firm. (Your investment professional may be your broker,
investment adviser, insurance agent, or someone else.)
●This potential conflict of interest may influence your investment professional to
recommend this Contract over another investment.
●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 your contract 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 1-800-942-5500 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
To achieve the following objectives to varying
degrees: growth, income and conservation of
capital, depending on the proximity to its
target date. A fund of funds.
American Funds® IS 2010 Target Date Fund -
Class 4
advised by Capital Research and
Management Company
0.83%
12.42%
5.16%
N/A
To achieve the following objectives to varying
degrees: growth, income and conservation of
capital, depending on the proximity to its
target date. A fund of funds.
American Funds® IS 2015 Target Date Fund -
Class 4
advised by Capital Research and
Management Company
0.85%2
12.83%
5.41%
N/A
To achieve the following objectives to varying
degrees: growth, income and conservation of
capital, depending on the proximity to its
target date. A fund of funds.
American Funds® IS 2020 Target Date Fund -
Class 4
advised by Capital Research and
Management Company
0.85%
13.64%
5.70%
N/A
To achieve the following objectives to varying
degrees: growth, income and conservation of
capital, depending on the proximity to its
target date. A fund of funds.
American Funds® IS 2025 Target Date Fund -
Class 4
advised by Capital Research and
Management Company
0.85%
14.20%
5.82%
N/A
To achieve the following objectives to varying
degrees: growth, income and conservation of
capital, depending on the proximity to its
target date. A fund of funds.
American Funds® IS 2030 Target Date Fund -
Class 4
advised by Capital Research and
Management Company
0.84%
15.62%
6.81%
N/A
To achieve the following objectives to varying
degrees: growth, income and conservation of
capital, depending on the proximity to its
target date. A fund of funds.
American Funds® IS 2035 Target Date Fund -
Class 4
advised by Capital Research and
Management Company
0.89%
17.13%
7.91%
N/A
To achieve the following objectives to varying
degrees: growth, income and conservation of
capital, depending on the proximity to its
target date. A fund of funds.
American Funds® IS 2040 Target Date Fund -
Class 4
advised by Capital Research and
Management Company
0.88%
20.10%
N/A
N/A
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.
A-1
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
DCA Fixed Account
3 –60 months
1.50%
A-2
Appendix B — Investment Requirements
If you elect the Target Date Income Benefit, you will be subject to Investment Requirements that will apply during the time this benefit is in effect. This means you will be limited in your choice of Subaccount investments, and that you will not be able to allocate Contract Value to all of the Subaccounts that are available to Contractowners who have not elected this rider. 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.
Certain investment options are not available to you if you purchase this 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.
We may change the list of Subaccounts in a group, change the number of groups, change the age brackets, or change the investment options that are or are not available to you 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 these 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 submit your own reallocation instructions for the Contract Value, before the effective date specified in the notice, so that the Investment Requirements are satisfied. These will be your new allocation instructions until you tell us otherwise.
Investment Requirements for Contracts issued on or after May 20, 2024. The Investment Requirements for the Target Date Income Benefit are based on your year of birth (earliest year for joint life) at the time you elect the rider. You must allocate 100% of your Contract Value to the appropriate fund in the chart below, which applies for the entire duration of the rider. All other funds are unavailable. 
Year of Birth
Target Date Fund
1978 – 1982
American Funds® IS 2040 Target Date Fund
1973 – 1977
American Funds® IS 2035 Target Date Fund
1968 – 1972
American Funds® IS 2030 Target Date Fund
1963 – 1967
American Funds® IS 2025 Target Date Fund
1958 – 1962
American Funds® IS 2020 Target Date Fund
Prior to 1958
American Funds® IS 2015 Target Date Fund
 
Investment Requirements for Contracts issued prior to May 20, 2024. The Investment Requirements for the Target Date Income Benefit are based on your year of birth (earliest year for joint life) at the time you elect the rider. You must allocate 100% of your Contract Value to the appropriate fund in the chart below, which applies for the entire duration of the rider. All other funds are unavailable. 
Year of Birth
Target Date Fund
1978 – 1982
American Funds® IS 2035 Target Date Fund
1973 – 1977
American Funds® IS 2030 Target Date Fund
1968 – 1972
American Funds® IS 2025 Target Date Fund
1963 – 1967
American Funds® IS 2020 Target Date Fund
1958 – 1962
American Funds® IS 2015 Target Date Fund
Prior to 1958
American Funds® IS 2010 Target Date Fund
 
B-1
 
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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.:
333-233764; 811-05721
EDGAR Contract Identifier:
C000216183

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