Protective Variable Annuity Separate Account
04/19/2024 | Press release | Distributed by Public on 04/19/2024 10:37
Updating Summary Prospectus - Form 497VPU
out - none - 4.852s
TABLE OF CONTENTS
Updating Summary Prospectus for Existing Investors
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Protective Variable Annuity II B Series
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Protective Life Insurance Company
Protective Variable Annuity Separate Account P.O. Box 10648 Birmingham, Alabama 35202-0648 Telephone: 1-800-456-6330 Fax: 205-268-6479 www.protective.com |
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This Updating Summary Prospectus summarizes key features of the Protective Variable Annuity II B Series Variable Annuity Contract (the "Contract"). You should read this Updating Summary Prospectus carefully, particularly the section titled Important Information You Should Consider About the Contract.
The Prospectus for the Protective Variable Annuity II B Series Variable Annuity Contract contains more information about the Contract, including its features, benefits, and risks. You can find the current Prospectus and other information about the Contract online at www.protective.com/productprospectus. You can also obtain this information at no cost by calling 1-800-456-6330 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 SEC has not approved or disapproved these securities or passed upon the adequacy of this Summary Prospectus. Any representation to the contrary is a criminal offense.
May 1, 2024
TABLE OF CONTENTS
TABLE OF CONTENTS
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SPECIAL TERMS
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3
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UPDATED INFORMATION ABOUT YOUR CONTRACT
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4
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IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE CONTRACT
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5
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FUND APPENDIX: FUNDS AVAILABLE UNDER THE CONTRACT
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FUND-1
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2
TABLE OF CONTENTS
SPECIAL TERMS
"We", "us", "our", "Protective Life", and "Company" refer to Protective Life Insurance Company. "You", "your" and "Owner" refer to the person(s) who has been issued a Contract.
Administrative Office Protective Life Insurance Company, P.O. Box 10648, Birmingham, Alabama 35202-0648 (for Written Notice sent by U.S. postal service) or Protective Life Insurance Company, 2801 Highway 280 South, Birmingham, Alabama 35223 (for Written Notice sent by a nationally recognized overnight delivery service).
Annual Withdrawal Amount or AWA The maximum amount that may be withdrawn from the Contract under the SecurePay 5 rider each Contract Year after the Benefit Election Date without reducing the Benefit Base.
Annuity Date The date as of which the Annuity Value is applied to an Annuity Option.
Benefit Base If you select a SecurePay rider, the Benefit Base is used to determine the amount available to withdraw under the rider.
Benefit Election Date The date you choose to start your SecurePay Withdrawals.
Contract Value Before the Annuity Date, the sum of the Variable Account value and the Guaranteed Account value.
Contract Year Any period of 12 months commencing with the Issue Date or any Contract Anniversary.
Death Benefit The amount we pay to the beneficiary if an Owner dies before the Annuity Date.
Fixed Account A part of the Guaranteed Account, but separate from the DCA Accounts. Amounts allocated or transferred to the Fixed Account earn interest from the date the funds are credited to the account.
Fund Any investment portfolio in which a corresponding Sub-Account invests.
Investment Option Any account to which you may allocate Purchase Payments or transfer Contract Value under this Contract. The Investment Options are the Sub-Accounts of the Variable Account and the Guaranteed Account available in this Contract.
Monthly Anniversary Date The same day each month as the Issue Date, or the last day of any month that does not have the same day as the Issue Date.
Owner The person or persons who own the Contract and are entitled to exercise all rights and privileges provided in the Contract.
Purchase Payment The amount(s) paid by the Owner and accepted by the Company as consideration for this Contract.
Qualified Contracts Contracts issued in connection with retirement plans that receive favorable tax treatment under Sections 401, 408, 408A or 457 of the Code.
Rider Issue Date The date a Protected Lifetime Income Benefit rider is issued.
Sub-Account A separate division of the Variable Account.
Surrender Charge A declining charge that is deducted from the Contract Value each time a withdrawal or partial surrender is made during the first 7 years following each purchase payment.
Variable Account The Protective Variable Annuity Separate Account, a separate investment account of Protective Life.
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UPDATED INFORMATION ABOUT YOUR CONTRACT
The information in this section of the Updating Summary Prospectus is a summary of certain Contract features that have changed since the Prospectus dated May 1, 2023. This may not reflect all of the changes that have occurred since you entered into your Contract.
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The Invesco V.I. Conservative Balanced Fund was reorganized into the Invesco V.I. Equity and Income Fund.
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For updated Fund performance and fee information please see the FUND APPENDIX.
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TABLE OF CONTENTS
IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE CONTRACT
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FEES AND EXPENSES
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Charges for Early Withdrawals
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If you surrender or make a withdrawal from your Contract within seven (7) years following your last Purchase Payment and before the Annuity Date, you will be assessed a surrender charge of up to 7% on the amount of the withdrawal minus the annual free withdrawal amount. The surrender charge starts at 7% and declines to 0% over seven (7) years.
For example, assume you purchased a Contract with a single Purchase Payment of $100,000 and surrendered the Contract during the first Contract Year. Your free withdrawal amount is $10,000 (10% x $100,000) and is not subject to a surrender charge. You will be assessed a surrender charge of up to $6,300 (7% x $90,000) on the remaining amount of your surrender request.
For additional information about charges for surrenders and early withdrawals, see "CHARGES AND DEDUCTIONS - Surrender Charge (Contingent Deferred Sales Charge)" and "FEE TABLE -- Transactions Expenses" in the Prospectus.
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Transaction Charges
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In addition to surrender charges, you may also be assessed a fee for each transfer after the first 12 transfers in a Contract Year, and a SecurePay Medical Evaluation Fee if you request an increase in the Annual Withdrawal Amount under a SecurePay rider. Currently, we do not assess a charge for transfers.
For additional information about transaction charges, see "FEE TABLE - Transaction Expenses" and "CHARGES AND DEDUCTIONS" in the Prospectus.
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Ongoing Fees and Expenses (annual charges)
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| | The table below describes the fees and expenses that you may pay each year, depending on the 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. | |
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Annual Fee
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Minimum
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Maximum
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1.32%
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1.32%
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| | Investment options (Fund fees and expenses) (2) | | |
0.35%
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2.38%
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| | Optional benefits available for an additional charge | | | | | | | |
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Maximum Anniversary Value Death Benefit Fee (3)
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0.20%
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0.20%
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Maximum Quarterly Value Death Benefit Fee (for Contracts issued on or after May 1, 2016) (3)
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0.25%
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0.25%
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SecurePay 5 rider (4)
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At Contract Purchase
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1.20%
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2.00%
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Under RightTime Option
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1.30%
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2.20%
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Protective Income Manager rider (5)
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At Contract Purchase
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1.20%
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2.00%
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Under RightTime Option
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1.30%
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2.20%
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(1)
We calculate the Base Contract fee by dividing the total amount we receive from the annual contract maintenance fee, the mortality and expense risk charge and the administration charge for the last fiscal year by the total average net assets attributable to the Contracts for that year.
(2)
As a percentage of Fund assets.
(3)
As an annualized percentage of the death benefit value on each Monthly Anniversary Date, beginning on the 1st Monthly Anniversary Date.
(4)
As an annualized percentage of the Benefit Base on each Monthly Anniversary Date, beginning on the 1st Monthly Anniversary Date following election of the rider.
(5)
As an annualized percentage of Contract Value, beginning on the 1st Monthly Anniversary Date following election of the rider.
Because your Contract is customizable, the options and benefits you choose can 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
5
TABLE OF CONTENTS
on current charges. These estimates assume that you do not take any withdrawals from the Contract, which could add surrender charges, that substantially increase costs.
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Lowest Annual Cost:
$1,708 |
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Highest Annual Cost:
$5,194 |
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| | Assumes: | | | Assumes: | |
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Investment of $100,000
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5% annual appreciation
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Least expensive combination of Fund fees and expenses
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No optional benefits
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No additional Purchase Payments, transfers or withdrawals
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Investment of $100,000
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5% annual appreciation
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Most expensive combination of optional benefits and Fund fees and expenses
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No additional Purchase Payments, transfers, or withdrawals
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For additional information about annual charges, see "FEE TABLE" and "CHARGES AND DEDUCTIONS" in the Prospectus.
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RISKS
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Risk of Loss
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You can lose money by investing in this Contract, including loss of principal.
For additional information about the risk of loss, see "PRINCIPAL RISKS OF INVESTING IN THE CONTRACT" in the Prospectus.
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Not a Short-Term Investment
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This Contract is not a short-term investment and is not appropriate for an investor who needs ready access to cash. Although you are permitted to take withdrawals or surrender the Contract, surrender charges and federal and state income taxes may apply.
Surrender charges may apply for up to seven (7) years following your last Purchase Payment. Withdrawals will reduce your Contract Value and death benefit.
The benefits of tax deferral and living benefit protections also mean the Contract is less beneficial to investors with a short time horizon.
For additional information about the investment profile of the Contract, see "PRINCIPAL RISKS OF INVESTING IN THE CONTRACT," "CHARGES AND DEDUCTIONS," "FEDERAL TAX MATTERS," and "TAXATION OF ANNUITIES IN GENERAL" in the Prospectus.
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Risks Associated with Investment Options
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An investment in this Contract is subject to the risk of poor investment performance and can vary depending on the performance of the Investment Options available under the Contract.
Each Investment Option (including the Guaranteed Account) has its own unique risks.
You should review the prospectuses for the available Funds and consult with your financial professional before making an investment decision.
For additional information about the risks associated with Investment Options, see "PRINCIPAL RISKS OF INVESTING IN THE CONTRACT" in the Prospectus.
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Insurance Company Risks
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An investment in the Contract is subject to the risks related to the Company. Any obligations (including under the Guaranteed Account), guarantees, or benefits under the Contract are subject to the claims-paying ability of the Company. More information about the Company, including its financial strength ratings, is available upon request at no charge by calling us at 1-800-456-6330 or writing us at the address shown on the cover page.
For additional information about Company risks, see "PRINCIPAL RISKS OF INVESTING IN THE CONTRACT," and "THE COMPANY, VARIABLE ACCOUNT AND FUNDS" in the Prospectus.
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6
TABLE OF CONTENTS
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RESTRICTIONS
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Investments
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Currently, there is no charge when you transfer Contract Value among Investment Options. However, we reserve the right to charge $25 for each transfer after the first 12 transfers in any Contract Year in the future.
We reserve the right to remove or substitute Funds as Investment Options that are available under the Contract. We also reserve the right to restrict the allocation of additional Purchase Payments and/or transfers of Contract Value to a Fund if we determine the Fund no longer meets one or more of our Fund selection criteria and/or if a Fund has not attracted significant contract owner assets.
For additional information about Investment Options, see "CHARGES AND DEDUCTIONS - Transfer Fee" and "THE COMPANY, VARIABLE ACCOUNT AND FUNDS - Selection of Funds - Addition, Deletion or Substitution of Investments" in the Prospectus.
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Optional Benefits
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If you select a Protected Lifetime Income Benefit rider:
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The Investment Options available to you under the Contract will be limited.
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You may not make additional Purchase Payments two years or more after the Rider Issue Date or on or after the Benefit Election Date, whichever comes first.
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Withdrawals from Contract Value that exceed the Annual Withdrawal Amount under the rider may significantly reduce or eliminate the rider benefits.
We may stop offering an optional benefit rider at any time.
If you purchase an optional death benefit, withdrawals may reduce the benefit by an amount greater than the value withdrawn.
For additional information about the optional benefits, see "PROTECTED LIFETIME INCOME BENEFITS" and "DEATH BENEFIT - Selecting a Death Benefit" in the Prospectus.
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TAXES
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Tax Implications
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You should consult with a qualified tax advisor regarding the federal tax implications of an investment in, payments received under, and other transactions in connection with this Contract.
If you purchase the Contract through a tax-qualified plan or individual retirement arrangement (IRA), you do not get any additional tax deferral. Generally, all earnings on the investments underlying the Contract are tax-deferred until distributed or deemed distributed. A distribution from a non-Qualified Contract, which includes a surrender, withdrawal, payment of a death benefit, or annuity income payments, will generally result in taxable income if there has been an increase in the Contract Value. In the case of a Qualified Contract, a distribution generally will result in taxable income even if there has not been an increase in the Contract Value. In certain circumstances, a 10% additional tax may also apply if the Owner takes a withdrawal before age 59½. All amounts includable in income with respect to the Contract are taxed as ordinary income; no amounts are taxed at the special lower rates applicable to long term capital gains and corporate dividends.
For additional information about tax implications, see "FEDERAL TAX MATTERS" and "TAXATION OF ANNUITIES IN GENERAL" in the Prospectus.
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7
TABLE OF CONTENTS
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CONFLICTS OF INTEREST
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Investment Professional Compensation
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We pay compensation, in the form of commissions, non-cash compensation, and asset-based compensation, to broker-dealers in connection with the promotion and sale of the Contracts. A portion of any payments made to the broker-dealers may be passed on to their registered representatives in accordance with their internal compensation programs. The prospect of receiving, or the receipt of, asset-based compensation may provide broker-dealers and/or their registered representatives with an incentive to recommend initial or continued investment in the Contracts over other variable insurance products (or other investments). You may wish to take such compensation arrangements into account when considering and evaluating any recommendation relating to the Contracts.
For additional information about compensation, see "DISTRIBUTION OF THE CONTRACTS" in the Prospectus.
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Exchanges
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Some investment professionals may have a financial incentive to offer you a new contract in place of the contract you already own. You should only exchange your current 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.
For additional information about exchanges, see "TAXATION OF ANNUITIES IN GENERAL - Exchanges of Annuity Contracts" in the Prospectus.
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8
TABLE OF CONTENTS
FUND APPENDIX
FUNDS AVAILABLE UNDER THE CONTRACT
The following is a list of Funds available under the Contract. 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.protective.com/eprospectus. You can also request this information at no cost by calling 855-920-9713 or by sending an email request to [email protected]. Depending on the optional benefits you choose, you may not be able to invest in certain Funds.
The current expenses and performance information below reflects fee and expenses of the Funds, 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.
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Asset
Allocation Type |
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Portfolio Company - Investment Adviser;
Sub-Adviser(s), as applicable |
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Current
Expenses |
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Average Annual Total Returns
(as of 12/31/2023) |
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SecurePay 5 Rider
and Protective Income Manager Rider Allocation Investment Category(2) |
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1 Year
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5 Year
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10 Year
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U.S. Equity
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AB Variable Products Series Fund, Inc. - Discovery Value Portfolio - Class B
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1.06%
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16.86%
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10.51%
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7.29%
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4
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U.S. Equity
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AB Variable Products Series Fund, Inc. - Large Cap Growth Portfolio - Class B(1)
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0.91%
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34.78%
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17.56%
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14.60%
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3
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U.S. Equity
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AB Variable Products Series Fund, Inc. - Relative Value Portfolio - Class B(1)
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0.86%
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11.72%
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11.57%
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9.05%
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3
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U.S. Equity
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AB Variable Products Series Fund, Inc. - Small Cap Growth Portfolio - Class B(1)
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1.15%
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17.72%
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10.29%
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8.26%
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4
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Allocation
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American Funds Insurance Series® Asset Allocation Fund - Class 4
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0.80%
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14.02%
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8.92%
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6.98%
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2
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Allocation
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American Funds Insurance Series® Capital Income Builder® - Class 4(1)
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0.78%
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8.75%
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7.18%
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-
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2
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International
Equity |
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American Funds Insurance Series® Capital World Growth and Income Fund® - Class 4(1)
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0.91%
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20.65%
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10.07%
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7.36%
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3
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International
Equity |
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American Funds Insurance Series® Global Growth Fund - Class 4(1)
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0.91%
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22.29%
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13.36%
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9.30%
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3
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International
Equity |
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American Funds Insurance Series® Global Small Capitalization Fund - Class 4(1)
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1.16%
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15.79%
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8.03%
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5.51%
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4
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U.S. Equity
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American Funds Insurance Series® Growth Fund - Class 4
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0.84%
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38.13%
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18.38%
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14.07%
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3
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U.S. Equity
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American Funds Insurance Series® Growth-Income Fund - Class 4
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0.78%
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25.82%
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13.08%
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10.63%
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3
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International
Equity |
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American Funds Insurance Series® International Fund - Class 4
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1.03%
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15.56%
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4.58%
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3.15%
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4
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International
Equity |
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American Funds Insurance Series® New World Fund® - Class 4(1)
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1.07%
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15.67%
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8.37%
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4.43%
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4
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Taxable Bond
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American Funds Insurance Series® The Bond Fund of America® - Class 4(1)
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0.73%
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4.72%
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1.62%
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1.83%
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1
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Taxable Bond
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American Funds Insurance Series® U.S. Government Securities Fund® - Class 4(1)
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0.76%
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2.62%
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0.79%
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1.27%
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1
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U.S. Equity
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American Funds Insurance Series® Washington Mutual Investors Fund℠ - Class 4(1)
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0.77%
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16.97%
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12.33%
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9.64%
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3
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Allocation
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BlackRock 60/40 Target Allocation ETF V.I. Fund - Class III(1)
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0.56%
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15.32%
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8.69%
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-
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2
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Allocation
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BlackRock Global Allocation V.I. Fund - Class III - BlackRock (Singapore) Limited; BlackRock International Limited(1)
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1.02%
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12.49%
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7.39%
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4.63%
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2
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U.S. Equity
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ClearBridge Variable Dividend Strategy Portfolio - Class II - ClearBridge Investments, LLC
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1.00%
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14.01%
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13.35%
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10.17%
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3
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U.S. Equity
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ClearBridge Variable Large Cap Growth Portfolio - Class II - ClearBridge Investments, LLC
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1.01%
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43.66%
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15.22%
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-
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3
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FUND-1
TABLE OF CONTENTS
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Asset
Allocation Type |
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Portfolio Company - Investment Adviser;
Sub-Adviser(s), as applicable |
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Current
Expenses |
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Average Annual Total Returns
(as of 12/31/2023) |
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SecurePay 5 Rider
and Protective Income Manager Rider Allocation Investment Category(2) |
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1 Year
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5 Year
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10 Year
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U.S. Equity
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ClearBridge Variable Mid Cap Portfolio - Class II - ClearBridge Investments, LLC
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1.08%
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12.62%
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10.46%
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6.83%
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4
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U.S. Equity
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ClearBridge Variable Small Cap Growth Portfolio - Class II - ClearBridge Investments, LLC
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1.05%
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8.12%
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9.29%
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7.62%
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4
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Allocation
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Columbia Variable Portfolio - Balanced Fund - Class 2
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1.01%
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21.10%
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10.71%
|
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7.83%
|
| | |
2
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Taxable Bond
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| | |
Columbia Variable Portfolio - Intermediate Bond Fund - Class 2
|
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0.76%
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5.96%
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1.34%
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1.99%
|
| | |
1
|
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| | |
Taxable Bond
|
| | |
Columbia Variable Portfolio - Limited Duration Credit Fund - Class 2(1)
|
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0.66%
|
| | |
6.66%
|
| | |
2.36%
|
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1.65%
|
| | |
1
|
| |
| | |
U.S. Equity
|
| | |
Columbia Variable Portfolio - Select Mid Cap Value Fund - Class 2(1)
|
| | |
1.07%
|
| | |
10.05%
|
| | |
13.05%
|
| | |
8.16%
|
| | |
4
|
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| | |
Taxable Bond
|
| | |
Columbia Variable Portfolio - Strategic Income Fund - Class 2(1)
|
| | |
0.94%
|
| | |
9.20%
|
| | |
2.91%
|
| | |
2.99%
|
| | |
2
|
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| | |
Allocation
|
| | |
Fidelity® VIP Asset Manager Portfolio - Service Class 2 - FMR Investment Management (U.K.) Limited; Fidelity Management & Research (Japan) Limited; Fidelity Management & Research (HK) Ltd
|
| | |
0.78%
|
| | |
12.65%
|
| | |
7.22%
|
| | |
5.14%
|
| | |
2
|
| |
| | |
Allocation
|
| | |
Fidelity® VIP Balanced Portfolio - Service Class 2 - FMR Investment Management (U.K.) Limited; Fidelity Management & Research (Japan) Limited; Fidelity Management & Research (HK) Ltd
|
| | |
0.69%
|
| | |
21.29%
|
| | |
12.16%
|
| | |
8.81%
|
| | |
2
|
| |
| | |
U.S. Equity
|
| | |
Fidelity® VIP Contrafund® Portfolio - Service Class 2 - FMR Investment Management (U.K.) Limited; Fidelity Management & Research (Japan) Limited; Fidelity Management & Research (HK) Ltd
|
| | |
0.81%
|
| | |
33.12%
|
| | |
16.36%
|
| | |
11.33%
|
| | |
3
|
| |
| | |
Sector Equity
|
| | |
Fidelity® VIP Energy Portfolio - Service Class 2 - FMR Investment Management (U.K.) Limited; Fidelity Management & Research (Japan) Limited; Fidelity Management & Research (HK) Ltd
|
| | |
0.86%
|
| | |
0.70%
|
| | |
13.36%
|
| | |
2.37%
|
| | |
4
|
| |
| | |
Allocation
|
| | |
Fidelity® VIP FundsManager 20% Portfolio - Service Class 2(1)
|
| | |
0.70%
|
| | |
7.91%
|
| | |
3.74%
|
| | |
3.03%
|
| | |
1
|
| |
| | |
Allocation
|
| | |
Fidelity® VIP FundsManager 85% Portfolio - Service Class 2(1)
|
| | |
0.93%
|
| | |
17.48%
|
| | |
11.10%
|
| | |
7.72%
|
| | |
3
|
| |
| | |
Sector Equity
|
| | |
Fidelity® VIP Health Care Portfolio - Service Class 2 - FMR Investment Management (U.K.) Limited; Fidelity Management & Research (Japan) Limited; Fidelity Management & Research (HK) Ltd
|
| | |
0.84%
|
| | |
4.01%
|
| | |
9.50%
|
| | |
10.39%
|
| | |
3
|
| |
| | |
U.S. Equity
|
| | |
Fidelity® VIP Index 500 Portfolio - Service Class 2 - Geode Capital Management, LLC
|
| | |
0.35%
|
| | |
25.88%
|
| | |
15.27%
|
| | |
11.64%
|
| | |
3
|
| |
| | |
Taxable Bond
|
| | |
Fidelity® VIP Investment Grade Bond Portfolio - Service Class 2 - FMR Investment Management (U.K.) Limited; Fidelity Management & Research (Japan) Limited; Fidelity Management & Research (HK) Ltd
|
| | |
0.63%
|
| | |
6.00%
|
| | |
1.72%
|
| | |
2.08%
|
| | |
1
|
| |
| | |
U.S. Equity
|
| | |
Fidelity® VIP Mid Cap Portfolio - Service Class 2 - FMR Investment Management (U.K.) Limited; Fidelity Management & Research (Japan) Limited; Fidelity Management & Research (HK) Ltd
|
| | |
0.82%
|
| | |
14.80%
|
| | |
12.17%
|
| | |
7.85%
|
| | |
3
|
| |
| | |
Allocation
|
| | |
Fidelity® VIP Target Volatility Portfolio - Service Class 2(1)
|
| | |
0.80%
|
| | |
13.93%
|
| | |
6.84%
|
| | |
5.25%
|
| | |
2
|
| |
| | |
U.S. Equity
|
| | |
Franklin DynaTech VIP Fund - Class 2 - Franklin Advisers, Inc.(1)
|
| | |
0.90%
|
| | |
43.77%
|
| | |
13.76%
|
| | |
10.37%
|
| | |
4
|
| |
| | |
Allocation
|
| | |
Franklin Income VIP Fund - Class 2 - Franklin Advisers, Inc.(1)
|
| | |
0.71%
|
| | |
8.62%
|
| | |
6.98%
|
| | |
5.01%
|
| | |
2
|
| |
| | |
International
Equity |
| | |
Franklin Mutual Global Discovery VIP Fund - Class 2 - Franklin Mutual Advisers, LLC(3)
|
| | |
1.15%
|
| | |
20.31%
|
| | |
10.16%
|
| | |
5.98%
|
| | |
3
|
| |
FUND-2
TABLE OF CONTENTS
| | |
Asset
Allocation Type |
| | |
Portfolio Company - Investment Adviser;
Sub-Adviser(s), as applicable |
| | |
Current
Expenses |
| | |
Average Annual Total Returns
(as of 12/31/2023) |
| | |
SecurePay 5 Rider
and Protective Income Manager Rider Allocation Investment Category(2) |
| | ||||||||
| |
1 Year
|
| | |
5 Year
|
| | |
10 Year
|
| | |||||||||||||||||
| | |
Allocation
|
| | |
Franklin Mutual Shares VIP Fund - Class 2 - Franklin Mutual Advisers, LLC(3)
|
| | |
0.93%
|
| | |
13.46%
|
| | |
7.82%
|
| | |
5.43%
|
| | |
3
|
| |
| | |
U.S. Equity
|
| | |
Franklin Rising Dividends VIP Fund - Class 2 - Franklin Advisers, Inc.(1)
|
| | |
0.90%
|
| | |
12.08%
|
| | |
13.75%
|
| | |
10.23%
|
| | |
3
|
| |
| | |
U.S. Equity
|
| | |
Franklin Small Cap Value VIP Fund - Class 2 - Franklin Mutual Advisers, LLC(1)
|
| | |
0.91%
|
| | |
12.75%
|
| | |
11.06%
|
| | |
7.04%
|
| | |
4
|
| |
| | |
U.S. Equity
|
| | |
Franklin Small-Mid Cap Growth VIP Fund - Class 2 - Franklin Advisers, Inc.(1)
|
| | |
1.08%
|
| | |
26.74%
|
| | |
13.51%
|
| | |
8.96%
|
| | |
4
|
| |
| | |
Taxable Bond
|
| | |
Franklin Strategic Income VIP Fund - Class 2 - Franklin Advisers, Inc.(1)
|
| | |
1.09%
|
| | |
8.18%
|
| | |
1.96%
|
| | |
1.77%
|
| | |
2
|
| |
| | |
Taxable Bond
|
| | |
Franklin U.S. Government Securities VIP Fund - Class 2 - Franklin Advisers, Inc.
|
| | |
0.77%
|
| | |
4.47%
|
| | |
0.22%
|
| | |
0.73%
|
| | |
1
|
| |
| | |
Taxable Bond
|
| | |
Goldman Sachs VIT Core Fixed Income Fund - Service Class(1)
|
| | |
0.67%
|
| | |
5.83%
|
| | |
1.13%
|
| | |
1.64%
|
| | |
1
|
| |
| | |
International
Equity |
| | |
Goldman Sachs VIT International Equity Insights Fund - Service Class(1)
|
| | |
1.07%
|
| | |
18.43%
|
| | |
7.55%
|
| | |
3.19%
|
| | |
4
|
| |
| | |
U.S. Equity
|
| | |
Goldman Sachs VIT Mid Cap Growth Fund - Service Class(1)
|
| | |
0.99%
|
| | |
18.45%
|
| | |
13.48%
|
| | |
9.33%
|
| | |
4
|
| |
| | |
U.S. Equity
|
| | |
Goldman Sachs VIT Mid Cap Value Fund - Service Class(1)(3)
|
| | |
1.09%
|
| | |
11.11%
|
| | |
13.06%
|
| | |
7.82%
|
| | |
4
|
| |
| | |
U.S. Equity
|
| | |
Goldman Sachs VIT Small Cap Equity Insights Fund - Service Class(1)
|
| | |
1.06%
|
| | |
18.95%
|
| | |
9.76%
|
| | |
7.53%
|
| | |
4
|
| |
| | |
U.S. Equity
|
| | |
Goldman Sachs VIT Strategic Growth Fund - Service Class(1)
|
| | |
1.00%
|
| | |
41.65%
|
| | |
17.05%
|
| | |
12.88%
|
| | |
3
|
| |
| | |
Allocation
|
| | |
Goldman Sachs VIT Trend Driven Allocation Fund - Service Class(1)
|
| | |
0.97%
|
| | |
15.57%
|
| | |
4.81%
|
| | |
3.41%
|
| | |
2
|
| |
| | |
U.S. Equity
|
| | | Invesco® V.I. American Value Fund - Series II | | | |
1.14%
|
| | |
15.29%
|
| | |
12.45%
|
| | |
6.98%
|
| | |
3
|
| |
| | |
Allocation
|
| | |
Invesco® V.I. Balanced-Risk Allocation Fund - Series II(1)
|
| | |
1.13%
|
| | |
6.40%
|
| | |
4.66%
|
| | |
3.79%
|
| | |
2
|
| |
| | |
U.S. Equity
|
| | | Invesco® V.I. Capital Appreciation Fund - Series II(1) | | | |
1.05%
|
| | |
35.03%
|
| | |
16.10%
|
| | |
11.28%
|
| | |
3
|
| |
| | |
U.S. Equity
|
| | | Invesco® V.I. Comstock Fund - Series II | | | |
1.00%
|
| | |
12.10%
|
| | |
13.20%
|
| | |
8.65%
|
| | |
3
|
| |
| | |
U.S. Equity
|
| | |
Invesco® V.I. Discovery Mid Cap Growth Fund - Series II
|
| | |
1.12%
|
| | |
12.85%
|
| | |
12.47%
|
| | |
9.52%
|
| | |
4
|
| |
| | |
Allocation
|
| | | Invesco® V.I. Equity and Income Fund - Series II | | | |
0.82%
|
| | |
10.24%
|
| | |
9.64%
|
| | |
6.78%
|
| | |
2
|
| |
| | |
International
Equity |
| | |
Invesco® V.I. EQV International Equity Fund - Series II
|
| | |
1.15%
|
| | |
17.86%
|
| | |
8.15%
|
| | |
4.07%
|
| | |
3
|
| |
| | |
International
Equity |
| | | Invesco® V.I. Global Fund - Series II | | | |
1.07%
|
| | |
34.45%
|
| | |
12.02%
|
| | |
8.21%
|
| | |
4
|
| |
| | |
Sector Equity
|
| | |
Invesco® V.I. Global Real Estate Fund - Series II - Invesco Asset Management Limited
|
| | |
1.27%
|
| | |
8.82%
|
| | |
1.85%
|
| | |
2.84%
|
| | |
4
|
| |
| | |
Taxable Bond
|
| | |
Invesco® V.I. Global Strategic Income Fund - Series II(1)(3)
|
| | |
1.17%
|
| | |
8.60%
|
| | |
1.04%
|
| | |
1.25%
|
| | |
2
|
| |
| | |
Taxable Bond
|
| | | Invesco® V.I. Government Securities Fund - Series II | | | |
0.94%
|
| | |
4.46%
|
| | |
0.42%
|
| | |
0.90%
|
| | |
1
|
| |
| | |
U.S. Equity
|
| | | Invesco® V.I. Growth and Income Fund - Series II | | | |
1.00%
|
| | |
12.41%
|
| | |
11.49%
|
| | |
7.98%
|
| | |
3
|
| |
| | |
U.S. Equity
|
| | | Invesco® V.I. Main Street Fund® - Series II(1) | | | |
1.05%
|
| | |
22.83%
|
| | |
13.28%
|
| | |
9.74%
|
| | |
3
|
| |
| | |
U.S. Equity
|
| | |
Invesco® V.I. Main Street Small Cap Fund® - Series II
|
| | |
1.13%
|
| | |
17.82%
|
| | |
12.79%
|
| | |
8.66%
|
| | |
4
|
| |
| | |
U.S. Equity
|
| | | Invesco® V.I. Small Cap Equity Fund - Series II | | | |
1.20%
|
| | |
16.26%
|
| | |
12.14%
|
| | |
6.28%
|
| | |
4
|
| |
| | |
Money Market
|
| | |
Invesco® V.I. U.S. Government Money Portfolio - Series I
|
| | |
0.63%
|
| | |
4.53%
|
| | |
1.53%
|
| | |
0.94%
|
| | |
1
|
| |
| | |
Taxable Bond
|
| | |
Lord Abbett Series Fund - Bond Debenture Portfolio - Class VC
|
| | |
0.90%
|
| | |
6.34%
|
| | |
3.20%
|
| | |
3.51%
|
| | |
2
|
| |
| | |
U.S. Equity
|
| | |
Lord Abbett Series Fund - Dividend Growth Portfolio - Class VC(1)
|
| | |
0.99%
|
| | |
15.94%
|
| | |
13.20%
|
| | |
10.20%
|
| | |
3
|
| |
FUND-3
TABLE OF CONTENTS
| | |
Asset
Allocation Type |
| | |
Portfolio Company - Investment Adviser;
Sub-Adviser(s), as applicable |
| | |
Current
Expenses |
| | |
Average Annual Total Returns
(as of 12/31/2023) |
| | |
SecurePay 5 Rider
and Protective Income Manager Rider Allocation Investment Category(2) |
| | ||||||||
| |
1 Year
|
| | |
5 Year
|
| | |
10 Year
|
| | |||||||||||||||||
| | |
U.S. Equity
|
| | |
Lord Abbett Series Fund - Fundamental Equity Portfolio - Class VC(1)
|
| | |
1.08%
|
| | |
14.33%
|
| | |
9.90%
|
| | |
7.06%
|
| | |
3
|
| |
| | |
U.S. Equity
|
| | |
Lord Abbett Series Fund - Growth Opportunities Portfolio - Class VC
|
| | |
1.16%
|
| | |
10.40%
|
| | |
8.85%
|
| | |
7.20%
|
| | |
4
|
| |
| | |
U.S. Equity
|
| | |
Lord Abbett Series Fund - Mid Cap Stock Portfolio - Class VC(3)
|
| | |
1.15%
|
| | |
14.97%
|
| | |
10.87%
|
| | |
6.57%
|
| | |
4
|
| |
| | |
Taxable Bond
|
| | |
Lord Abbett Series Fund - Short Duration Income Portfolio - Class VC
|
| | |
0.85%
|
| | |
4.97%
|
| | |
1.70%
|
| | |
-
|
| | |
1
|
| |
| | |
Allocation
|
| | |
PIMCO VIT All Asset Portfolio - Advisor Class - Research Affiliates LLC(1)
|
| | |
2.29%
|
| | |
8.02%
|
| | |
5.90%
|
| | |
3.93%
|
| | |
2
|
| |
| | |
Allocation
|
| | |
PIMCO VIT Global Diversified Allocation Portfolio - Advisor Class(1)
|
| | |
1.31%
|
| | |
13.64%
|
| | |
5.40%
|
| | |
4.03%
|
| | |
2
|
| |
| | |
Taxable Bond
|
| | | PIMCO VIT High Yield Portfolio - Advisor Class | | | |
0.87%
|
| | |
12.11%
|
| | |
4.72%
|
| | |
4.04%
|
| | |
2
|
| |
| | |
Taxable Bond
|
| | | PIMCO VIT Income Portfolio - Advisor Class | | | |
1.13%
|
| | |
8.14%
|
| | |
3.22%
|
| | |
-
|
| | |
2
|
| |
| | |
Taxable Bond
|
| | |
PIMCO VIT Long-Term U.S. Government Portfolio - Advisor Class
|
| | |
2.11%
|
| | |
3.88%
|
| | |
-1.40%
|
| | |
1.96%
|
| | |
2
|
| |
| | |
Taxable Bond
|
| | | PIMCO VIT Low Duration Portfolio - Advisor Class | | | |
0.79%
|
| | |
4.87%
|
| | |
0.88%
|
| | |
0.82%
|
| | |
1
|
| |
| | |
Taxable Bond
|
| | | PIMCO VIT Real Return Portfolio - Advisor Class | | | |
0.94%
|
| | |
3.57%
|
| | |
3.05%
|
| | |
2.15%
|
| | |
2
|
| |
| | |
Taxable Bond
|
| | | PIMCO VIT Short-Term Portfolio - Advisor Class | | | |
0.76%
|
| | |
5.80%
|
| | |
2.02%
|
| | |
1.76%
|
| | |
1
|
| |
| | |
Taxable Bond
|
| | | PIMCO VIT Total Return Portfolio - Advisor Class | | | |
0.85%
|
| | |
5.83%
|
| | |
0.98%
|
| | |
1.60%
|
| | |
1
|
| |
| | |
Allocation
|
| | |
Protective Life Dynamic Allocation Series - Conservative Portfolio(1)
|
| | |
0.90%
|
| | |
11.44%
|
| | |
2.81%
|
| | |
-
|
| | |
1
|
| |
| | |
Allocation
|
| | |
Protective Life Dynamic Allocation Series - Growth Portfolio(1)
|
| | |
0.90%
|
| | |
18.34%
|
| | |
4.73%
|
| | |
-
|
| | |
3
|
| |
| | |
Allocation
|
| | |
Protective Life Dynamic Allocation Series - Moderate Portfolio(1)
|
| | |
0.90%
|
| | |
13.52%
|
| | |
3.46%
|
| | |
-
|
| | |
2
|
| |
| | |
U.S. Equity
|
| | | Royce Capital Small-Cap Portfolio - Service Class(3) | | | |
1.39%
|
| | |
25.53%
|
| | |
9.90%
|
| | |
5.35%
|
| | |
4
|
| |
| | |
U.S. Equity
|
| | | T. Rowe Price® Blue Chip Growth Portfolio-II Class(1) | | | |
1.00%
|
| | |
48.96%
|
| | |
13.22%
|
| | |
12.03%
|
| | |
3
|
| |
| | |
Sector Equity
|
| | | T. Rowe Price® Health Sciences Portfolio-II Class | | | |
1.11%
|
| | |
2.68%
|
| | |
10.96%
|
| | |
11.03%
|
| | |
3
|
| |
| | |
International
Equity |
| | |
Templeton Developing Markets VIP Fund - Class 2 - Franklin Templeton Investment Management, Ltd(1)
|
| | |
1.35%
|
| | |
12.62%
|
| | |
4.22%
|
| | |
2.32%
|
| | |
4
|
| |
| | |
International
Equity |
| | |
Templeton Foreign VIP Fund - Class 2 - Templeton Investment Counsel, LLC(1)(3)
|
| | |
1.07%
|
| | |
20.76%
|
| | |
5.27%
|
| | |
1.28%
|
| | |
4
|
| |
| | |
Taxable Bond
|
| | |
Templeton Global Bond VIP Fund - Class 2 - Franklin Advisers, Inc.(1)
|
| | |
0.75%
|
| | |
2.88%
|
| | |
-2.13%
|
| | |
-0.66%
|
| | |
2
|
| |
| | |
International
Equity |
| | |
Templeton Growth VIP Fund - Class 2 - Templeton Global Advisors Limited; Templeton Asset Management Ltd.(1)(3)
|
| | |
1.12%
|
| | |
21.01%
|
| | |
6.47%
|
| | |
3.24%
|
| | |
4
|
| |
| | |
Taxable Bond
|
| | |
Western Asset Core Plus VIT Portfolio - Class II - Western Asset Management Company Pte Ltd. - Singapore; Western Asset Management Company, LLC; Western Asset Management Company Ltd. - Japan; Western Asset Management Company Limited - UK
|
| | |
0.76%
|
| | |
6.44%
|
| | |
0.98%
|
| | |
-
|
| | |
1
|
| |
(1)
These Funds and their investment advisers have entered into contractual fee waivers or expense reimbursement arrangements. These temporary fee reductions are reflected in their annual expenses. Those contractual arrangements are designed to reduce total annual Fund operating expenses for Contract Owners and will continue past the current year.
(2)
If you have purchased the SecurePay 5 rider or the Protective Income Manager rider, you must allocate your Purchase Payments and Contract Value in accordance with the Allocation Guidelines and Restrictions that we have established. The following table specifies the minimum and maximum percentages of your Contract Value that must be allocated to each of the four Investment Categories during the accumulation phase in order for you to remain eligible for benefits under the Protected Lifetime Income Benefit riders (unless you are fully invested in a Benefit Allocation Model or a permissible single investment option). You can select the percentage of Contract Value
FUND-4
TABLE OF CONTENTS
to allocate to individual Funds within each group, but the total investment for all Funds in a group must comply with the specified minimum and maximum percentages for that group. See "ALLOCATION GUIDELINES AND RESTRICTIONS FOR PROTECTED LIFETIME INCOME BENEFITS" in the Prospectus.
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Investment Category
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Minimum Allocation
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Maximum Allocation
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| | | | 1 | | | | | | 40% | | | | | | 100% | | |
| | | | 2 | | | | | | 0% | | | | | | 60% | | |
| | | | 3 | | | | | | 0% | | | | | | 25% | | |
| | | | 4 | | | |
Not Permitted
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Not Permitted
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(3)
This Fund is not available to Contracts issued on or after May 1, 2021.
FUND-5
TABLE OF CONTENTS
This Updating Summary Prospectus incorporates by reference the Protective Variable Annuity II B Series Contract's Prospectus and Statement of Additional Information (SAI), both dated May 1, 2024, as amended or supplemented. The SAI may be obtained, free of charge, in the same manner as the Prospectus.
EDGAR Contract Identifier: C000154621