Notice Document by Insurance Company - Form N-VP

ANNUAL NOTICE

May 1, 2024

This Annual Notice for the ProtectiveRewards® Elite Variable Annuity Contract, a group and individual flexible premium deferred variable and fixed annuity contract (the "Contract") issued by Protective Life Insurance Company, provides certain updated information about your Contract since May 1, 2023. In addition, this Annual Notice provides key information about your Contract that you should review, including a current list of Funds available under your Contract. Please read this Annual Notice carefully and retain it with your Contract prospectus for future reference.

The most recent prospectus for the Contract, dated November 24, 2014, (the "Prospectus") and supplements to the Prospectus contain more information about the Contract, including its features, benefits, and risks. You can find updated financial statements for Protective Variable Annity Separate Account and for Protective Life Insurance Company, prospectuses for the Funds listed in the appendix, 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 Annual

Notice. Any representation to the contrary is a criminal offense.

​	SPECIAL TERMS	​	​	3	​
​	UPDATED INFORMATION ABOUT YOUR CONTRACT	​	​	4	​
​	IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE CONTRACT	​	​	5	​

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FUND APPENDIX: FUNDS AVAILABLE UNDER THE CONTRACT

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FUND-1

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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).

Allocation Option Any account to which you may allocate Purchase Payments or transfer Contract Value under this Contract. The Allocation Options are the Sub-Accounts of the Variable Account and the Guaranteed Accounts available in this Contract. An Allocation Option is also referred to as an "Investment Option."

Annual Withdrawal Amount or AWA The maximum amount that may be withdrawn from the Contract each Contract Year after the Benefit Election Date without reducing the Benefit Base.

Annuity Commencement Date The date as of which the Annuity Value is applied to an Annuity Option.

Annuity Option The payout option under which the Company makes annuity income payments.

Annuity Value The amount we apply to the Annuity Option you have selected.

Code The Internal Revenue Code of 1986, as amended.

Contract  The ProtectiveRewards®​ Elite Variable Annuity, a flexible premium, deferred, variable and fixed annuity contract.

Contract Anniversary The same month and day as the Effective Date in each subsequent year of the Contract.

Contract Value  Prior the Annuity Commencement Date, the sum of the Variable Account value and the Guaranteed Account value.

Contract Year Any period of 12 months commencing with the Effective Date or any Contract Anniversary.

Covered Person The person or persons upon whose lives the benefits of a SecurePay rider or Protective Income Manager rider, as applicable, are based. There may not be more than two Covered Persons.

DCA Dollar cost averaging.

Death Benefit The amount we pay to the beneficiary if an Owner dies before the Annuity Commencement Date.

Effective Date The date as of which we credit the initial Purchase Payment to the Contract and the date the Contract takes effect.

Fund Any investment portfolio in which a corresponding Sub-Account invests.

Guaranteed Account The Fixed Account, the DCA Fixed Accounts and any other Allocation Option we may offer with interest rate guarantees.

Monthly Anniversary Date The same day each month as the Effective Date, or the last day of any month that does not have the same day as the Effective Date.

Net Amount at Risk The value of the death benefit minus the Contract Value.

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 Plans Retirement plans that receive favorable tax treatment under Sections 401, 403, 408, 408A or 457 of the Code.

Sub-Account A separate division of the Variable Account.

Variable Account Protective Variable Annuity Separate Account, a separate investment account of Protective Life.

Written Notice A notice or request submitted in writing in a form satisfactory to the Company that we receive at the Administrative Office via U.S. postal service or nationally recognized overnight delivery service.

UPDATED INFORMATION ABOUT YOUR CONTRACT

The information in this section of the Annual Notice is a summary of certain Contract features that have changed since May 1, 2023. This may not reflect all of the changes that have occurred since you entered into your Contract.

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For updated Fund performance and fee information please see the FUND APPENDIX.

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IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE CONTRACT

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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.

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(2)

As a percentage of Fund assets.

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(3)

There are two death benefits available under the Contract: (1) the Return of Purchase Payments Death Benefit; and (2) the Maximum Anniversary Value Death Benefit. If you purchased your Contract before October 1, 2011, you elected either the CoverPay Fee or the ValuPay Fee if you purchased the Maximum Anniversary Value Death Benefit. There is no death benefit fee for the Return of Purchase Payments Death Benefit. The Maximum Anniversary Value Death Benefit is not available if you purchase the Protective Income Manager rider. For more information on these death benefit values and how they are calculated, please see the "Death Benefit" section of the prospectus as well as "Charges and Deductions, Death Benefit Fee."

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(4)

As an annualized percentage of the death benefit value on each Monthly Anniversary Date, beginning on the 1st Monthly Anniversary Date.

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(5)

The ValuPay fee, only available on Contracts issued before October 1, 2011, is based on the Net Amount at Risk and the oldest Owner's age. If the Net Amount at Risk remains the same, the ValuPay fee will increase over time as the age of the oldest Owner increases. (See "CHARGES AND DEDUCTIONS, ValuPay Fee.")

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(6)

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.The SecurePay Fee will vary depending

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on when you purchase the rider and whether or not you have selected an optional SecurePay feature. For additional information see "FEES AND EXPENSES - PERIODIC CHARGES (other than Fund expenses)" and "CHARGES AND DEDUCTIONS - SecurePay Fee" in the prospectus.

(7)

As an annualized percentage of Contract Value, beginning with the 1st Monthly Anniversary Day following election of the rider. The Protective Income Manager rider is not available with Contracts purchased before May 1, 2011. There are two versions of the Protective Income Manager rider depending on when the rider was purchased. The fee is the same under both versions of the rider, but we calculate the rider's benefit differently under each version if joint life coverage is selected. In some cases, this difference may be substantial. See "PROTECTIVE INCOME MANAGER WITH RightTime OPTION" in the prospectus. The Protective Income Manager fee is a percentage of the greatest of: (a) the Contract Value on the fee calculation date; (b) the Contract Value on the later of the Rider Effective Date or the most recent Reset Date and, (c) if the rider is purchased on the Contract Effective Date, the sum of all Purchase Payments made within the first 120 days following the Contract Effective Date (this does not apply to fee calculations occurring during the 120-day period). If we increase the Protective Income Manager Fee, we will give you at least 30 days' notice prior to the increase. You may elect not to pay the increase in your Protective Income Manager Fee, and your Protective Income Manager rider will not terminate, but we will "lock in" your most recent Protective Income Manager Payment Factor and will use this factor when we calculate your Optimal Withdrawal Amount on all future Contract Anniversaries (meaning your Protective Income Manager Payment Factor will never change, even if there is a Reset following the date you elect not to pay the fee increase). You will continue to be assessed your current Protective Income Manager Fee.

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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 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.

For additional information about annual charges, please see "FEES AND EXPENSES - Periodic Charges" and "CHARGES AND DEDUCTIONS" in the Prospectus.

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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(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.

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(2)

If you have purchased the SecurePay rider or 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 SecurePay Life rider (unless you are fully invested in a Benefit Allocation Model or a permissible single investment option). You can select the percentage of Contract Value 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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(3)

Please contact us if you any have questions about fund/portfolio availability.

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