05/01/2024 | Press release | Distributed by Public on 05/01/2024 10:34
Contents
|
Page
|
SPECIAL TERMS
|
3
|
IMPORTANT INFORMATION YOU SHOULD
CONSIDER ABOUT THE POLICY
|
6
|
OVERVIEW OF THE POLICY
|
9
|
What is the purpose of the Policy?
|
9
|
When do I have to pay Premiums and how do
they get invested?
|
9
|
What are the primary features and options
that the Policy Offers?
|
9
|
Fee Table
|
10
|
PRINCIPAL RISKS OF INVESTING IN THE
POLICY
|
13
|
LINCOLN LIFE, THE SEPARATE ACCOUNT AND
THE GENERAL ACCOUNT
|
15
|
Fund Participation Agreements
|
17
|
Distribution of the Policies and
Compensation
|
17
|
Sub-Accounts and Funds
|
18
|
Sub-Account Availability and Substitution of
Funds
|
20
|
Voting Rights
|
21
|
POLICY CHARGES AND FEES
|
21
|
Premium Load; Net Premium Payment
|
22
|
Premium Tax
|
22
|
Surrender Charges
|
22
|
Partial Surrender Fee
|
23
|
Transfer Fee
|
23
|
Cost of Insurance Charge
|
24
|
Mortality and Expense Risk Charge
|
24
|
Administrative Fee
|
25
|
Policy Loan Interest
|
25
|
Rider Charges
|
25
|
YOUR INSURANCE POLICY
|
25
|
Application
|
26
|
Owner
|
27
|
Right to Examine Period
|
27
|
Initial Specified Amount
|
27
|
Transfers
|
28
|
Market Timing
|
29
|
OTHER BENEFITS AVAILABLE UNDER THE
POLICY
|
31
|
Optional Sub-Account Allocation Programs
|
42
|
Contents
|
Page
|
Benefit Selection Option
|
43
|
Continuation of Coverage
|
44
|
Termination of Coverage
|
45
|
State Regulation
|
45
|
PREMIUMS
|
45
|
Allocation of Net Premium Payments
|
45
|
Planned Premiums; Additional Premiums
|
46
|
Policy Values
|
46
|
Persistency Bonus
|
47
|
Annual Statement
|
48
|
DEATH BENEFITS
|
48
|
Death Benefit Proceeds
|
48
|
Changes to the Initial Specified Amount
|
48
|
Death Benefit Qualification Test
|
49
|
Payment of Death Benefit Proceeds
|
50
|
POLICY SURRENDERS
|
50
|
Partial Surrender
|
51
|
POLICY LOANS
|
52
|
LAPSE AND REINSTATEMENT
|
52
|
No-Lapse Protection
|
53
|
Reinstatement of a Lapsed Policy
|
53
|
TAX ISSUES
|
54
|
Taxation of Life Insurance Contracts in
General
|
54
|
Policies That Are MECs
|
55
|
Policies That Are Not MECs
|
56
|
Last Survivor Contract
|
56
|
Other Considerations
|
56
|
Fair Market Value of Your Policy
|
58
|
Tax Status of Lincoln Life
|
58
|
RESTRICTIONS ON FINANCIAL TRANSACTIONS
|
58
|
LEGAL PROCEEDINGS
|
59
|
FINANCIAL STATEMENTS
|
59
|
APPENDIX A: FUNDS AVAILABLE UNDER THE
POLICY
|
A-1
|
APPENDIX B: CURRENT INVESTMENT
RESTRICTIONS FOR OPTIONAL BENEFITS -
NO-LAPSE ENHANCEMENT RIDER
|
B-1
|
APPENDIX C
|
C-1
|
FEES AND EXPENSES
|
Location in
Prospectus
|
|
Charges for
Early
Withdrawals
|
For a Full 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 $60.00 (6.000%) per $1,000 of the Specified
Amount.
For example, if your Policy has a Specified Amount of $100,000 and you
surrender your Policy, you could be assessed a charge of up to $6,000.
|
•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 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%
|
1.64%
|
*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
|
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
|
RESTRICTIONS
|
Location in
Prospectus
|
|
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.
•When the No-Lapse Enhancement rider is in effect, we reserve the
right to restrict certain Sub-Account allocations.
|
•Transfer Fee
•Sub-Account
Availability
and
Substitution of
Funds
•No-Lapse
Enhancement
Rider
|
RESTRICTIONS
|
Location in
Prospectus
|
|
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
|
TAXES
|
Location in
Prospectus
|
|
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
|
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)
|
Charge
|
When Charge
is Deducted
|
Amount
Deducted
|
Maximum Sales Charge
Imposed on Premiums
(Load)
|
When you pay a Premium.
|
As a percentage of the Premium
Payment paid:
|
•10% in Policy Years 1-5
|
||
•8% in Policy Years 6-10
|
||
•6% in Policy Years 11+
|
||
Premium Tax
|
When you pay a Premium
|
Up to 3% charge included in the Sales
Charges included in the Premium
(Load)1
|
Maximum Deferred Sales
Charge (Load)*
|
When you take a Full Surrender or
reduce the Specified Amount2,3
|
•Maximum charge: $60.00 per $1,000
of Specified Amount
|
•Maximum Charge for a
Representative Insured (male and
female, age 55, standard non-
tobacco, in year one): $35.19 per
$1,000 of Specified Amount
|
Charge
|
When Charge
is Deducted
|
Amount
Deducted
|
Transfer Fee
|
Applied to any transfer request in
excess of 24 made during any Policy
Year.
|
$25 for each additional transfer
|
Charge
|
When Charge is Deducted
|
Amount Deducted
|
Base Contract Charges
|
||
Cost of Insurance*
|
Monthly
|
As a dollar amount per $1,000 of Net
Amount at Risk1:
|
•Maximum: $83.33 per $1,000
|
||
•Minimum: $0.00 per $1,000
|
||
•Maximum Charge for Representative
Insureds (male and female, both age
55, standard non-tobacco, in year
one): $0.04 per $1,000
|
||
Mortality and Expense Risk
Charge ("M&E")
|
At end of each Valuation Period
|
Maximum of 0.90%, as a percentage of
Separate Account Value, calculated
daily2
|
Administrative Fee*
|
Monthly
|
Maximum of $10, plus an additional
amount up to a maximum of $3.20 per
$1,000 of Initial Specified Amount or
increase in Specified Amount3
|
Charge
|
When Charge is Deducted
|
Amount Deducted
|
Policy Loan Interest
|
Annually
|
As an annualized percentage of amount
held in the Loan Account4
|
6%
|
||
Overloan Protection Rider
|
Upon use of the benefit
|
One-time charge subject to a maximum
of 3%, as a percentage of current
Accumulation Value
|
Optional Benefit Charges
|
||
Enhanced Surrender Value
Rider
|
Monthly (in Policy Years 2-5 only)
|
$0.05 per $1,000 of Initial Specified
Amount
|
Estate Protection Rider*
|
Monthly (in Policy Years 1-4 only)
|
A dollar amount per $1,000 of Death
Benefit5
|
•Maximum: $83.33 per $1,000
|
||
•Minimum: $0.00 per $1,000
|
||
•Maximum Charge for Representative
Insureds (male and female, both age
55, standard non-tobacco, in year
one): $0.01 per $1,000
|
||
Premium Reserve Rider
|
When you allocate a Premium Payment
to this rider
|
As a percentage of the Premium
Payment allocated to this rider6:
|
•10% in Policy Years 1-5
|
||
•8% in Policy Years 6-10
|
||
•6% in Policy Years 11+
|
Annual Fund Expenses
|
Minimum
|
Maximum
|
(expenses are deducted from fund assets, including management fees, distribution,
and/or 12b-1 fees, and other expenses)
|
0.23%
|
1.64%*
|
Policy Years 1 - 5
|
10%
|
Policy Years 6 - 10
|
8%
|
Policy Years 11 and beyond
|
6%
|
Policy Years 1 - 10
|
Guaranteed Maximum: 0.90%
|
Policy Years 11 - 20
|
Guaranteed Maximum: 0.20%
|
Policy Years 21 and beyond
|
Guaranteed Maximum: 0.20%
|
Name of Benefit
|
Purpose
|
Standard or
Optional
|
Brief Description of
Restrictions/Limitations
|
No-Lapse
Enhancement
Rider
|
Prevents lapse if the
Policy's Surrender
Value is insufficient
to cover the Monthly
Deductions.
|
Standard
|
•Automatically issued at Policy purchase.
•You may not allocate Accumulation Value and
Premium Payments to the money market Sub-
Account except for purposes described in the "Right
to Examine Period" section, as an account from which
to transfer funds for the Dollar Cost Averaging
program as described in the section headed "Optional
Sub-Account Allocation Programs", and in the event
of a fund liquidation as described in the section
headed "Sub-Account Availability and Substitution of
Funds".
•Terminating Automatic Rebalancing will terminate
the No-Lapse Enhancement Rider attached to your
Policy.
|
Overloan
Protection Rider
|
Provides that your
Policy will not lapse
solely based on Debt
exceeding the
Surrender Value.
|
Standard
|
•Automatically issued at Policy purchase if Guideline
Premium Test is chosen. Not available if Cash Value
Accumulation Test is chosen.
•Once you exercise the benefit, the following changes
will be made to your Policy:
•We will no longer allow Premium Payments, Partial
Surrenders, or changes to the Specified Amount.
•All other riders will be terminated.
•No additional Monthly Deductions will be taken.
•The Separate Account Value will be transferred to the
Fixed Account.
•The Policy will become paid-up insurance (i.e. no
further payment will be required).
|
Name of Benefit
|
Purpose
|
Standard or
Optional
|
Brief Description of
Restrictions/Limitations
|
Premium Reserve
Rider
|
Allows you to pay
some Premiums that
accumulate in the
same manner as if
they had been
allocated to your
Policy without being
subject to all Policy
charges and
expenses. The
Premium Reserves,
in turn, can be used
to prevent the Policy
from lapsing.
|
Standard
|
•Automatically issued at Policy purchase in states
where it is available.
•Premiums allocated to the Premium Reserve Rider do
not increase the Policy's Accumulation Value and,
therefore, will not decrease the Net Amount at Risk.
•If the entire Premium Reserve is transferred to
prevent a lapse, the rider will terminate, and no future
Premium Payments to the rider are permitted.
|
Enhanced
Surrender Value
Rider
|
Provides an
Enhanced Surrender
Value free of a
Surrender Charge if
you fully surrender
your Policy during
the first five Policy
Years.
|
Optional
|
•Available at Policy purchase only.
|
Supplemental
Survivorship
Term Insurance
Rider (Estate
Protection Rider)
|
Provides term
insurance coverage
in the amount you
select (the "Term
Insurance Benefit
Amount") which
ends on the fourth
anniversary of the
Effective Date of the
rider.
|
Optional
|
•Available at Policy purchase only.
|
Dollar Cost
Averaging
|
An investment
strategy that divides
up the total amount
to be invested in one
or more Sub-
Accounts over a
specified period of
time. This averages
the purchase cost of
the assets over time
and helps to reduce
the potential impact
of market volatility.
|
Optional
|
•Available 1st Policy Year only, at Policy purchase.
•Cannot move money to Fixed Account or money
market.
•Automatically moves to Automatic Rebalancing after
1st Policy Anniversary.
|
Name of Benefit
|
Purpose
|
Standard or
Optional
|
Brief Description of
Restrictions/Limitations
|
Automatic
Rebalancing
|
To periodically
restore Sub-Account
exposure to a pre-
determined level
selected by the
policyholder to
reduce potential risk
of exposure to
market volatility.
|
Optional
|
•Is only available on a quarterly basis.
•Must be maintained on product to keep No-Lapse
Enhancement rider (see Riders).
•Can be terminated; however will terminate No-Lapse
Enhancement rider (see Riders).
|
Benefit Selection
Option
|
Reduces the Monthly
Administrative
Expense Fee
deducted from the
Policy and thereby
reduces the cost of
the death benefit
provided by the
Policy. Provides
opportunity to have a
larger Accumulation
Value allocated to the
Fixed Account and
invested in the Sub-
Accounts.
|
Optional
|
•Available at Policy purchase only.
•Election of this option is made by selecting a
percentage from 1 to 100.
•Election is irrevocable and cannot be changed or
terminated after Policy issue.
•If elected, Benefit Selection Option reduces the
Specified Amount used to calculate Death Benefit
Proceeds under the Continuation of Coverage
provision.
|
Policy Loans
|
Borrow against the
Surrender Value of
your Policy and the
Premium Reserve
Rider.
|
Optional
|
•We may limit the amount of your loan so that total
Debt under the Policy will not exceed 90% of an
amount equal to the Accumulation Value less
Surrender Charge.
•Amounts transferred to the Loan Account do not
participate in the performance of the Sub-Accounts or
the Fixed Account.
|
End of Year
|
Accumulation
Value Without
ESV Rider
|
Surrender
Value Without
ESV Rider
|
Accumulation
Value With
ESV Rider
|
Surrender
Value With
ESV Rider
|
1
|
$7,277.27
|
$0
|
$7,727.27
|
$7,727.27
|
2
|
$14,959.78
|
$0
|
$14,339.01
|
$14,339.01
|
3
|
$23,055.55
|
$0
|
$21,773.88
|
$21,773.88
|
4
|
$31,573.39
|
$0
|
$29,587.95
|
$29,587.95
|
5
|
$40,519.53
|
$6,659.53
|
$37,784.43
|
$37,784.43
|
Male and Female - Both Standard Non-tobacco, age 55
|
|||
Benefit Selection
Option
|
Monthly Administrative
Fee
|
No-Lapse
Monthly Administrative Fee
|
Result
|
Election: None
|
$0.17334 per
thousand of Specified
Amount in Policy
Years 1-10 and
$0.01733 thereafter
(higher)
|
$0.06666 per
thousand of Specified
Amount (lower)
|
This option offers the best No-Lapse
Protection available. The price of the
protection is reflected in the higher
Monthly Administrative Fee.
|
Election: 100%
|
$0.02666 per
thousand of Specified
Amount in years 1-10
and $0.00267
thereafter (lower)
|
$0.15000 per
thousand of Specified
Amount (higher)
|
This option offers the least amount of
No-Lapse Protection. The Monthly
Administrative Fee is reduced in
exchange. Therefore, this option
allows more money to be invested in
the Sub-Accounts or allocated to the
Fixed Account. However, the
Premiums which you must pay in
order to satisfy the No-Lapse
requirements of the rider will
increase.
|
Investment Objective
|
Fund and
Adviser/Sub-adviser1
|
Current Expenses
|
Average Annual Total
Returns (as of 12/31/2023)
|
||
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%
|
17.18%
|
10.78%
|
7.55%
|
Long-term growth of capital.
|
AB VPS Sustainable Global
Thematic Portfolio - Class
A
advised
by AllianceBernstein L.P.
|
0.92%2
|
16.01%
|
13.56%
|
9.60%
|
Long-term growth of capital.
|
American Funds Global
Growth Fund - Class 2
|
0.66%2
|
22.60%
|
13.65%
|
9.58%
|
Long-term capital growth.
|
American Funds Global
Small Capitalization Fund -
Class 2
|
0.91%2
|
16.17%
|
8.31%
|
5.78%
|
Growth of capital.
|
American Funds Growth
Fund - Class 2
|
0.59%
|
38.49%
|
18.68%
|
14.36%
|
Long-term growth of capital and
income.
|
American Funds Growth-
Income Fund - Class 2
|
0.53%
|
26.14%
|
13.36%
|
10.91%
|
Long-term growth of capital.
|
American Funds
International Fund - Class
2
|
0.78%
|
15.84%
|
4.83%
|
3.41%
|
Long-term growth of capital.
|
ClearBridge Variable Mid
Cap Portfolio - Class I
advised by Legg Mason
Partners Fund Advisor, LLC
|
0.83%
|
12.92%
|
10.73%
|
7.10%
|
Capital Appreciation. A fund of
funds.
|
DWS Alternative Asset
Allocation VIP Portfolio -
Class A
advised by DWS
Investment Management
Americas, Inc.
|
0.83%
|
6.19%
|
6.09%
|
2.96%
|
Investment Objective
|
Fund and
Adviser/Sub-adviser1
|
Current Expenses
|
Average Annual Total
Returns (as of 12/31/2023)
|
||
1 year
|
5 year
|
10 year
|
|||
Long-term capital appreciation.
|
Fidelity® VIP Contrafund®
Portfolio - Service Class
|
0.66%
|
33.34%
|
16.54%
|
11.50%
|
To achieve capital appreciation.
|
Fidelity® VIP Growth
Portfolio - Service Class
|
0.68%
|
36.09%
|
19.52%
|
14.68%
|
Long-term growth of capital.
|
Fidelity® VIP Mid Cap
Portfolio - Service Class
|
0.67%
|
15.00%
|
12.34%
|
8.02%
|
To maximize income while
maintaining prospects for capital
appreciation.
|
Franklin Income VIP Fund -
Class 1
|
0.46%2
|
8.87%
|
7.25%
|
5.28%
|
Capital appreciation; income is a
secondary consideration.
|
Franklin Mutual Shares VIP
Fund - Class 1
|
0.68%
|
13.73%
|
8.10%
|
5.70%
|
Long-term growth of capital.
|
Invesco V.I. EQV
International Equity Fund -
Series I Shares
|
0.90%
|
18.15%
|
8.42%
|
4.33%
|
Long-term capital growth.
|
LVIP AllianceBernstein
Large Cap Growth Fund -
Standard Class
(formerly LVIP T. Rowe
Price Growth Stock Fund)
advised by Lincoln
Financial Investments
Corporation
|
0.63%2
|
46.32%
|
13.32%
|
11.67%
|
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
(formerly American
Century VP Balanced Fund)
advised by Lincoln
Financial Investments
Corporation
|
0.77%2
|
16.41%
|
8.50%
|
6.55%
|
Capital Appreciation.
|
LVIP Baron Growth
Opportunities Fund -
Service Class
advised by Lincoln
Financial Investments
Corporation
|
1.15%2
|
17.81%
|
13.66%
|
9.35%
|
High total investment return.
|
LVIP BlackRock Global
Allocation Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
|
0.73%2
|
13.62%
|
N/A
|
N/A
|
Investment Objective
|
Fund and
Adviser/Sub-adviser1
|
Current Expenses
|
Average Annual Total
Returns (as of 12/31/2023)
|
||
1 year
|
5 year
|
10 year
|
|||
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
|
11.68%
|
4.81%
|
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
|
0.63%
|
5.07%
|
3.16%
|
2.19%
|
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
|
0.82%2
|
13.06%
|
4.76%
|
3.85%
|
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
|
12.35%
|
5.73%
|
N/A
|
Long-term capital appreciation.
|
LVIP Dimensional
International Core Equity
Fund - Standard Class
advised by Lincoln
Financial Investments
Corporation
|
0.62%2
|
16.01%
|
7.99%
|
N/A
|
Long-term capital appreciation.
|
LVIP Dimensional U.S.
Core Equity 1 Fund -
Standard Class
advised by Lincoln
Financial Investments
Corporation
|
0.40%2
|
22.78%
|
14.99%
|
11.07%
|
Long-term capital appreciation.
|
LVIP Dimensional U.S.
Core Equity 2 Fund -
Standard Class
advised by Lincoln
Financial Investments
Corporation
|
0.49%
|
21.65%
|
14.73%
|
N/A
|
Investment Objective
|
Fund and
Adviser/Sub-adviser1
|
Current Expenses
|
Average Annual Total
Returns (as of 12/31/2023)
|
||
1 year
|
5 year
|
10 year
|
|||
To maximize long-term capital
appreciation.
|
LVIP Franklin Templeton
Multi-Factor Emerging
Markets Equity Fund -
Standard Class
advised by Lincoln
Financial Investments
Corporation
|
0.50%2
|
10.04%
|
3.12%
|
1.60%
|
To maximize long-term capital
appreciation.
|
LVIP Franklin Templeton
Multi-Factor International
Equity Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
|
0.41%2
|
18.92%
|
6.73%
|
4.40%
|
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
|
17.39%
|
12.81%
|
10.06%
|
To maximize long-term capital
appreciation.
|
LVIP Franklin Templeton
Multi-Factor SMID Cap
Equity Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
|
0.39%2
|
15.54%
|
11.42%
|
7.16%
|
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
|
0.77%2
|
9.72%
|
4.23%
|
3.52%
|
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
|
0.76%2
|
13.33%
|
4.97%
|
3.72%
|
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
|
0.75%2
|
11.84%
|
4.56%
|
3.56%
|
Investment Objective
|
Fund and
Adviser/Sub-adviser1
|
Current Expenses
|
Average Annual Total
Returns (as of 12/31/2023)
|
||
1 year
|
5 year
|
10 year
|
|||
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
Note: The No-Lapse
Enhancement Rider limits
the use of this fund. See
the Allocation
Requirements of the No-
Lapse Enhancement Rider
in the "Riders" section of
the prospectus.
|
0.39%2
|
4.75%
|
1.61%
|
0.99%
|
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
|
11.76%
|
4.95%
|
3.98%
|
Maximum current income (yield)
consistent with a prudent
investment strategy.
|
LVIP Macquarie Bond Fund
- Standard Class3
(formerly LVIP Delaware
Bond Fund)
advised by Lincoln
Financial Investments
Corporation
|
0.37%
|
5.93%
|
1.50%
|
1.99%
|
Total return.
|
LVIP Macquarie Diversified
Floating Rate Fund -
Standard Class3
(formerly LVIP Delaware
Diversified Floating Rate
Fund)
advised by Lincoln
Financial Investments
Corporation
|
0.63%2
|
5.57%
|
2.38%
|
1.68%
|
Maximum long-term total return
consistent with reasonable risk.
|
LVIP Macquarie Diversified
Income Fund - Standard
Class3
(formerly LVIP Delaware
Diversified Income Fund)
advised by Lincoln
Financial Investments
Corporation
|
0.54%2
|
6.24%
|
2.07%
|
2.09%
|
Investment Objective
|
Fund and
Adviser/Sub-adviser1
|
Current Expenses
|
Average Annual Total
Returns (as of 12/31/2023)
|
||
1 year
|
5 year
|
10 year
|
|||
Maximum total return, consistent
with reasonable risk.
|
LVIP Macquarie Limited-
Term Diversified Income
Fund - Standard Class3
(formerly LVIP Delaware
Limited-Term Diversified
Income Fund)
advised by Lincoln
Financial Investments
Corporation
|
0.53%2
|
5.00%
|
1.88%
|
1.63%
|
To maximize long-term capital
appreciation.
|
LVIP Macquarie Mid Cap
Value Fund - Standard
Class3
(formerly LVIP Delaware
Mid Cap Value Fund)
advised by Lincoln
Financial Investments
Corporation
|
0.43%
|
11.24%
|
11.88%
|
8.62%
|
Long-term capital appreciation.
|
LVIP Macquarie SMID Cap
Core Fund - Standard
Class3
(formerly LVIP Delaware
SMID Cap Core Fund)
advised by Lincoln
Financial Investments
Corporation
|
0.80%2
|
16.45%
|
12.25%
|
8.36%
|
To maximize long-term capital
appreciation.
|
LVIP Macquarie Social
Awareness Fund -
Standard Class3
(formerly LVIP Delaware
Social Awareness Fund)
advised by Lincoln
Financial Investments
Corporation
|
0.45%
|
30.17%
|
15.86%
|
11.32%
|
Long-term capital appreciation.
|
LVIP Macquarie U.S.
Growth Fund - Standard
Class3
(formerly LVIP Delaware
U.S. Growth Fund)
advised by Lincoln
Financial Investments
Corporation
|
0.72%
|
48.35%
|
18.38%
|
12.54%
|
Investment Objective
|
Fund and
Adviser/Sub-adviser1
|
Current Expenses
|
Average Annual Total
Returns (as of 12/31/2023)
|
||
1 year
|
5 year
|
10 year
|
|||
Maximum long-term total return,
with capital appreciation as a
secondary objective.
|
LVIP Macquarie U.S. REIT
Fund - Standard Class3
(formerly LVIP Delaware
U.S. REIT Fund)
advised by Lincoln
Financial Investments
Corporation
|
0.83%2
|
12.58%
|
6.45%
|
6.23%
|
Long-term capital appreciation.
|
LVIP Macquarie Value Fund
- Standard Class3
(formerly LVIP Delaware
Value Fund)
advised by Lincoln
Financial Investments
Corporation
|
0.68%
|
3.49%
|
8.10%
|
7.84%
|
Long-term capital appreciation.
|
LVIP MFS International
Growth Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
|
0.80%2
|
14.71%
|
9.83%
|
6.58%
|
Capital Appreciation.
|
LVIP MFS Value Fund -
Standard Class
advised by Lincoln
Financial Investments
Corporation
|
0.62%2
|
8.07%
|
11.38%
|
8.57%
|
Current income consistent with the
preservation of capital.
|
LVIP Mondrian Global
Income Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
|
0.65%2
|
4.02%
|
-0.92%
|
0.26%
|
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
|
0.75%2
|
20.11%
|
6.03%
|
3.45%
|
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
|
5.30%
|
0.78%
|
1.49%
|
Investment Objective
|
Fund and
Adviser/Sub-adviser1
|
Current Expenses
|
Average Annual Total
Returns (as of 12/31/2023)
|
||
1 year
|
5 year
|
10 year
|
|||
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
|
10.73%
|
5.28%
|
4.09%
|
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
|
0.39%2
|
17.57%
|
7.96%
|
4.02%
|
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
|
0.51%
|
13.57%
|
7.38%
|
5.33%
|
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
|
0.51%
|
14.82%
|
8.04%
|
5.72%
|
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%
|
26.01%
|
15.41%
|
11.77%
|
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
|
16.50%
|
9.52%
|
6.74%
|
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%
|
10.27%
|
5.06%
|
3.97%
|
Investment Objective
|
Fund and
Adviser/Sub-adviser1
|
Current Expenses
|
Average Annual Total
Returns (as of 12/31/2023)
|
||
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
|
0.57%
|
13.09%
|
7.12%
|
5.22%
|
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
|
0.59%
|
14.27%
|
7.69%
|
5.54%
|
To maximize capital appreciation.
|
LVIP T. Rowe Price
Structured Mid-Cap
Growth Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
|
0.72%2
|
21.17%
|
13.50%
|
10.81%
|
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
|
0.79%2
|
15.02%
|
6.15%
|
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
|
0.37%
|
6.00%
|
0.59%
|
1.27%
|
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
|
25.22%
|
14.84%
|
11.09%
|
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
|
15.36%
|
7.11%
|
4.00%
|
Investment Objective
|
Fund and
Adviser/Sub-adviser1
|
Current Expenses
|
Average Annual Total
Returns (as of 12/31/2023)
|
||
1 year
|
5 year
|
10 year
|
|||
Capital growth.
|
LVIP Wellington Capital
Growth Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
|
0.70%2
|
38.70%
|
16.98%
|
13.91%
|
Long-term capital appreciation.
|
LVIP Wellington SMID Cap
Value Fund - Standard
Class
advised by Lincoln
Financial Investments
Corporation
|
0.79%2
|
17.24%
|
12.45%
|
7.71%
|
Long-term capital appreciation.
|
Macquarie VIP Emerging
Markets Series - Standard
Class3
(formerly Delaware VIP®
Emerging Markets Series)
advised by Delaware
Management Company
|
1.18%2
|
13.79%
|
4.20%
|
2.67%
|
Capital Appreciation.
|
Macquarie VIP Small Cap
Value Series - Standard
Class3
(formerly Delaware VIP®
Small Cap Value Series)
advised by Delaware
Management Company
|
0.78%
|
9.45%
|
10.21%
|
7.06%
|
Capital Appreciation.
|
MFS® VIT Growth Series -
Initial Class
advised by Massachusetts
Financial Services
Company
|
0.73%2
|
35.86%
|
15.89%
|
12.97%
|
Total return.
|
MFS® VIT Total Return
Series - Initial Class
advised by Massachusetts
Financial Services
Company
|
0.61%2
|
10.44%
|
8.54%
|
6.53%
|
Total return.
|
MFS® VIT Utilities Series -
Initial Class
advised by Massachusetts
Financial Services
Company
|
0.79%2
|
-2.11%
|
8.31%
|
6.39%
|
Investment Objective
|
Fund and
Adviser/Sub-adviser1
|
Current Expenses
|
Average Annual Total
Returns (as of 12/31/2023)
|
||
1 year
|
5 year
|
10 year
|
|||
Maximum real return, consistent
with prudent investment
management.
|
PIMCO VIT
CommodityRealReturn®
Strategy Portfolio -
Administrative Class
advised by Pacific
Investment Management
Company, LLC
|
1.48%2
|
-7.85%
|
8.55%
|
-0.80%
|
High current income consistent
with preservation of capital; capital
appreciation is a secondary
objective.
|
Templeton Global Bond VIP
Fund - Class 1
|
0.50%2
|
3.19%
|
-1.89%
|
-0.41%
|
Income and capital appreciation. A
fund of funds.
|
TOPS® Balanced ETF
Portfolio - Class 2 Shares
advised by Valmark
Advisers, Inc.
|
0.55%
|
11.39%
|
6.39%
|
4.51%
|
Capital Appreciation. A fund of
funds.
|
TOPS® Moderate Growth
ETF Portfolio - Class 2
Shares
advised by Valmark
Advisers, Inc.
|
0.54%
|
13.47%
|
7.96%
|
5.58%
|
Table I: Transaction Fees
|
||
Charge
|
When Charge
is Deducted
|
Amount
Deducted
|
Maximum Sales Charge as a
percentage of Premiums paid
(Premium Load). Note: Includes 3%
charge for state premium and federal
tax obligations.
|
When you pay a Premium.
|
10% in Policy Years
1-5;
8% in Policy Years 6-
10; and
6% in Policy Years 11
and beyond. 1
|
Surrender Charge* 2
|
||
A dollar amount per $1,000 of
Specified Amount.
|
For up to 15 years from the Policy Date
and up to 15 years from the effective date
of each increase in Specified Amount, a
Surrender Charge will be deducted at the
time you effect a Full Surrender of your
Policy. For up to 10 years from the Policy
Date or up to 10 years from the effective
date of each increase in Specified Amount,
a Surrender Charge may be deducted at
the time you effect a Reduction in
Specified Amount.
|
|
Maximum Charge
|
$60.00 (6.000%) per
$1,000.
|
|
Maximum Charge for Representative
Insureds: male and female, both age
55, standard non-tobacco, in year
one.
|
$37.90 per $1,000.
|
|
Transfer Fee
|
Applied to any transfer request in excess
of 24 made during any Policy Year.
|
$25
|
Table II: Periodic Charges Other Than Fund Operating Expenses
|
||
Charge
|
When Charge
is Deducted
|
Amount
Deducted
|
Cost of Insurance*
|
Monthly
|
|
A dollar amount per $1,000 of Net
Amount at Risk.
|
||
Maximum Charge1
|
$83.33 per $1,000.
|
|
Minimum Charge
|
$0.00 per $1,000.
|
|
Maximum Charge for Representative
Insureds: male and female, both age
55, standard non-tobacco, in year
one.
|
$0.03 per month per
$1,000.
|
|
Mortality and Expense Risk Charge
("M&E")
|
At the end of each Valuation Period.
|
|
A percentage of the value of the
Separate Account, calculated daily.
|
||
Maximum Charge
|
0.90%2
|
|
Maximum Administrative Fee*
|
Monthly
|
|
Flat Fee; plus
|
$10 in all years
|
|
A monthly fee per $1,000 of Initial
Specified Amount or increase in
Specified Amount:
|
||
Maximum Charge
|
$3.20 per $1,000 in
Policy Years 1-10; and
$0.32 in Policy Years
11 and beyond.
|
|
Minimum Charge
|
$0.01 per $1,000.
|
|
Maximum Charge for Representative
Insureds: male and female, both age
55, standard non-tobacco.
|
$0.17334 per $1,000 in
Policy Years 1-10; and
$0.1733 in Policy Years
11 and beyond.
|
|
Policy Loan Interest
|
Annually
|
|
A percentage of the amount held in the
Loan Account.
|
6%3
|
|
No-Lapse Enhancement Rider
|
N/A
|
There is no charge for
this rider.4
|
Overloan Protection Rider
|
One-time charge when you elect to use the
benefit
|
|
A percentage of the then current
Accumulation Value.
|
3%
|
Table II: Periodic Charges Other Than Fund Operating Expenses (continued)
|
||
Charge
|
When Charge
is Deducted
|
Amount
Deducted
|
Optional Rider Charges
|
Individualized based
on whether optional
rider(s) selected.
|
|
Enhanced Surrender Value Rider
|
Monthly (in Policy Years 2-5 only)
|
|
A dollar amount per $1,000 of Initial
Specified Amount.
|
$0.05 per $1,000.
|
|
Estate Protection Rider*
|
Monthly (in Policy Years 1-4 only)
|
|
A dollar amount per $1,000 of Death
Benefit.
|
||
Maximum Charge5
|
$83.33 per $1,000.
|
|
Minimum Charge
|
$0.00 per $1,000.
|
|
Maximum Charge for Representative
Insureds: male and female, both age
55, standard non-tobacco, in year
one.
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$0.01 per $1,000.
|
|
Premium Reserve Rider
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When you allocate a Premium Payment to
this rider
|
|
A percentage of each Premium
Payment allocated to the rider.
|
10% in Policy Years
1-5;
8% in Policy Years 6-
10;
6% in Policy Years 11
and beyond.6
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Contents
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Page
|
GENERAL INFORMATION
|
2
|
Lincoln Life
|
2
|
Capital Markets
|
2
|
Registration Statement
|
3
|
Changes of Investment Policy
|
3
|
Principal Underwriter
|
3
|
Disaster Plan
|
3
|
Advertising & Ratings
|
3
|
SERVICES
|
5
|
Independent Registered Public Accounting
Firm
|
5
|
Accounting Services
|
5
|
Checkbook Service for Disbursements
|
5
|
POLICY INFORMATION
|
5
|
Assignment
|
5
|
Contents
|
Page
|
Transfer of Ownership
|
5
|
Beneficiary
|
6
|
Right to Convert Contract
|
6
|
Exchange of Policy
|
6
|
Settlement Options
|
7
|
Deferment of Payments
|
7
|
Incontestability
|
7
|
Misstatement of Age or Gender
|
7
|
Suicide
|
8
|
PERFORMANCE DATA
|
8
|
FINANCIAL STATEMENTS
|
9
|
Separate Account
|
R-1
|
Company
|
S-1
|
Where:
|
P = a hypothetical initial purchase payment of $1,000
|
T = average annual total return for the period in question
|
|
n = number of years
|
ERV = ending redeemable value (as of the end of the period in question) of a hypothetical $1,000 purchase
payment made at the beginning of the 1-year, 3-year, 5-year, or 10-year period in question (or fractional period
thereof)
|