Updating Summary Prospectus - Form 497VPU

Definitions

Updated Information about the Accumulation Variable Universal Life Insurance Policy

Important Information You Should Consider About the Accumulation Variable Universal Life Insurance Policy

Appendix A - Portfolios Available Under the Policy

If you fully surrender your Policy within the first 10 years following your purchase of the Policy or within the first 10 years following an increase in the Specified Amount you may be assessed a Surrender Charge of up to 4.50% of your Specified Amount.

For example, if you were to surrender your Policy during the first year after your Policy purchase (and your total premiums paid were $100,000 and your Specified Amount is $500,000), then you could be assessed a Surrender Charge of up to $22,500.

For more detailed information, see the Prospectus: "Table of Fees and Expenses;" "What Are the Fees and Charges Under the Policy?"

You may be assessed a Surrender Charge of up to 4.50% of your Specified Amount upon a decrease in the Specified Amount within the first five years following your purchase of the Policy.

In addition to the Surrender Charge for Policy surrenders, you may be charged for other transactions. These include a Percent of Premium Charge (deducted from each premium) and a partial withdrawal processing fee.

We reserve the right to impose transfer charges (when you transfer Policy Value between Investment Options), but we currently do not impose these charges. We may also impose charges if you exercise certain rider benefits.

For more detailed information, see the Prospectus: "Table of Fees and Expenses;" "What Are the Fees and Charges Under the Policy?"

In addition to Surrender Charges and transaction charges, an investment in the Policy is subject to certain ongoing fees and expenses (usually deducted on a monthly basis). Some of these charges, such as the monthly Cost of Insurance Charge, the monthly Expense Charge per Thousand of Specified Amount, and certain Rider charges (for supplemental benefits), are set based on individual characteristics of the insured (e.g., age, sex, and rating classification).

Other ongoing charges include the monthly Mortality and Expense Risk Asset Charges, loan interest, Per Policy Expense Charge, Asset Charges on certain Indexed Fixed Accounts and certain other Rider charges. Please refer to the Policy Specifications Page for rates and the specific fees applicable to your Policy.

Investors will also bear expenses associated with the Portfolios, as shown in the following table, which shows the minimum and maximum total operating expenses deducted from Portfolio assets (before any fee waiver or expense reimbursement) during the year ended December 31, 2023.

Total Annual Operating Expenses (expenses that are deducted from Portfolio assets)

For more detailed information, see the Prospectus: "Table of Fees and Expenses;" "What Are the Fees and Charges Under the Policy?"

You can lose money by investing in this Policy, including loss of your premiums (principal).

For more detailed information, see the Prospectus: "Summary of Principal Risks of Investing in the Policy;" "What is the Value of My Policy?"

This Policy is not designed for short-term investing and is not appropriate for an investor who needs ready access to cash.

The Policy is designed to provide a life insurance benefit or to help meet other long-term financial objectives. Substantial fees, expenses, and tax implications generally make variable life insurance unsuitable as a short-term savings vehicle. Additionally, the Policy limits your ability to withdraw a portion of the Policy Value (also called cash value) through partial withdrawals or loans; you cannot access more than your Net Cash Surrender Value (the Policy Value less the Surrender Charge and less any outstanding Policy loan).

For more detailed information, see the Prospectus: "Summary of Principal Risks of Investing in the Policy."

•  An investment in this Policy is subject to the risk of poor investment performance of the Portfolios you choose, and the value of an investment can vary depending on the performance of the Portfolios.

•  Each Investment Option (the Portfolios and the Fixed Account Options) has its own unique risks. The performance of the Portfolios will vary among each other, may underperform similar mutual funds not available through the Variable Investment Options, and some are riskier than others.

•  A discussion of the risks of allocating your premiums or Policy Value to one or more Portfolios can be found in the prospectuses for the Portfolios. You should review the prospectuses for the Portfolios before making an investment decision.

•  Premiums and Policy Value allocated to the Fixed Account Options may be kept there for an extended period of time due to restrictions on transfers out of the Fixed Account Options.

•  Amounts you allocate to an Indexed Fixed Account will not earn less than a minimum interest rate. The guaranteed minimum interest rate on all non-loaned Indexed Fixed Account segments is 0.00%. Even with the guaranteed minimum interest rate, the Policy Value in the Indexed Fixed Account may decrease due to the Asset Charge, and you could lose money.

For more detailed information, see the Prospectus: "Summary of Principal Risks of Investing in the Policy;" "Appendix A - Portfolio Companies Available Under the Policy;" "Appendix B - Fixed Account Options and Policy Loan Accounts."

An investment in the Policy is subject to the risks related to the Company, including:

•  Any obligations, guarantees, and benefits of the Policy (including the Fixed Account Options) are subject to the claims-paying ability and financial strength of the Company.

•  There are risks relating to the Company's administration of the Policy, including, among others, cybersecurity and infectious disease outbreak risks.

•  If the Company experiences financial distress, it may not be able to meet its obligations to you.

•  More information about the Company, including its financial strength ratings, is available upon request from the Company at 1-800-523-0650.

For more detailed information, see the Prospectus: "The Penn Insurance and Annuity Company;" "Financial Statements;" "Summary of Principal Risks of Investing in the Policy - Insurance Company Risks;" "Other Information."

The Policy can lapse even if you pay all of the planned premiums on time.

•  When a Policy lapses, it has no value, and no benefits are paid upon the death of the insured. You will also lose the principal invested.

•  A Policy can lapse if the Net Cash Surrender Value is insufficient to pay the Policy charges. This can happen due to insufficient premium payments, poor investment performance, withdrawals, unpaid loans or loan interest, and Policy charges (including increases in those charges).

•  The larger a Policy loan becomes relative to the Policy's Cash Surrender Value, the greater the risk that the Policy's Net Cash Surrender Value will not be sufficient to support the Policy's charges, including any loan interest due, and the greater the risk of the Policy lapsing.

•  A Policy lapse may have tax consequences.

•  If the Policy lapses, there are costs and premium requirements associated with reinstatement of the Policy.

The No-Lapse Feature can prevent the Policy from lapsing if certain provisions are satisfied.

For more detailed information, see the Prospectus: "Summary of Principal Risks of Investing in the Policy;" "What Payments Must I Make Under the Policy? - Lapse and Reinstatement."

•  You can allocate your Net Premiums to Variable Investment Options (that invest in the Portfolios) or Fixed Account Options.

•  The minimum amount that you can transfer generally is $25.

•  If less than the full amount held under an Investment Option is transferred, the amount remaining in the Investment Option must be at least $25.

•  The maximum amount that you can transfer out of the Traditional Fixed Account in any Policy year is the greatest of (a) 25% of the amount in the Traditional Fixed Account at the previous Policy anniversary, (b) $5,000, or (c) the total amount transferred out of that account in the previous Policy year.

•  You may only transfer amounts from the Indexed Fixed Account at the end of its term.

•  Partial withdrawals and loans from an Indexed Fixed Account prior to the end of its term will receive a proportional amount of index credits for the time the amount is in the account before it is withdrawn. An index credit will not be paid if the Policy is surrendered before the end of a segment.

•  The amount that may be transferred excludes any amount held in the Policy loan accounts.

•  A 12 month Lockout Period will begin anytime a Policy loan is taken while any Policy Value is in the Indexed Fixed Accounts. During the Lockout Period, no transfers from the Traditional Fixed Account to the Indexed Fixed Accounts will be allowed.

•  The Company reserves the right to remove or substitute any of the Portfolios as Investment Options that are available under the Policy.

•  In addition, we may limit your ability to make transfers involving the Variable Investment Options if it is believed that a transfer may disadvantage or potentially harm or hurt the rights or interests of other Policy owners.

•  We will also reject or reverse a transfer request if for any reason any of the Portfolios do not accept the purchase of its shares.

For more detailed information, see the Prospectus: "How Are Amounts Credited to the Variable Investment Options of the Separate Account?;" "How Can I Change the Policy's Investment Allocations?;" "Policy Loans;" "Appendix B - Fixed Account Options and Policy Loan Accounts."

•  We offer several optional benefits in the form of a rider to the Policy. Various optional benefits are available and some have an additional charge. Not all riders are available in every state and some riders may only be added when you apply for your Policy.

•  We may stop offering an optional benefit or may stop accepting subsequent premiums for an optional benefit at any time.

•  A change in the Specified Amount, a change in the death benefit option, the addition, deletion, or change of any riders, and/or a change in the insured's rate class may impact the Policy's No-Lapse Feature and may require the payment of additional premiums to maintain the Feature's guarantee.

For more detailed information, see the Prospectus: "What Are the Supplemental Riders And Benefits That Are Available?"

Consult with a tax adviser to determine the tax implications of an investment in and payments received under this Policy.

•  If you purchase the Policy through a tax-qualified plan, you do not get any additional tax benefit.

•  Earnings on your Policy (if any) are taxed when you withdraw them (or if a Policy loan is not repaid), at ordinary income tax rates, and may be subject to a tax penalty before age 59 ¹⁄₂.

For more detailed information, see the Prospectus: "Summary of Principal Risks of Investing in the Policy - Taxes and Tax Risks;" "How Is the Policy Treated Under Federal Income Tax Law?"

Your financial professional may receive compensation for selling this Policy to you, in the form of commissions, asset-based compensation, allowances for expenses, and other compensation programs, and the Company may share the revenue it earns on this Policy with the professional's firm. (Your financial professional may be your broker, investment adviser, insurance agent, or someone else.)

For these reasons, these financial professionals may have a financial incentive to recommend this Policy over another policy or investment.

For more detailed information, see the Prospectus: "Distribution Arrangements."

Some financial professionals may have a financial incentive to offer you a new policy in place of the one you 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 your existing Policy.

For more detailed information, see the Prospectus: "What Payments Must I Make Under the Policy? - Tax-Free 'Section 1035' Insurance Policy Exchanges."

Equity Index Portfolio

The Vanguard Group, Inc. (Adviser)

Total Stock Market Index Portfolio

The Vanguard Group, Inc. (Adviser)

Global Bond Index Portfolio

The Vanguard Group, Inc. (Adviser)

Mid-Cap Index Portfolio

The Vanguard Group, Inc. (Adviser)

Moderate Allocation Portfolio

The Vanguard Group, Inc. (Adviser)

Total Bond Market Index Portfolio

The Vanguard Group, Inc. (Adviser)

Total International Stock Market Index Portfolio

The Vanguard Group, Inc. (Adviser)

Conservative Allocation Portfolio

The Vanguard Group, Inc. (Adviser)

Balanced Portfolio

Wellington Management Company LLP (Adviser)

Since inception (9/7/2017).

Capital Growth Portfolio

PRIMECAP Management Company

(Adviser)

Diversified Value Portfolio

Hotchkis and Wiley Capital Management LLC (Adviser) and Lazard Asset Management LLC (Adviser)

Equity Income Portfolio

Wellington Management Company LLP (Adviser) and The Vanguard Group, Inc. (Adviser)

Growth Portfolio

Wellington Management Company LLP (Adviser)

High Yield Bond Portfolio

Wellington Management Company LLP (Adviser) and The Vanguard Group, Inc. (Adviser)

International Portfolio

Baillie Gifford Overseas Ltd. (Adviser) Schroder Investment Management North America Inc. (Adviser)

Real Estate Index Portfolio

The Vanguard Group, Inc. (Adviser)

Small Company Growth Portfolio

ArrowMark Colorado Holdings, LLC (Adviser) The Vanguard Group, Inc. (Adviser)