04/30/2024 | Press release | Distributed by Public on 04/30/2024 11:16
FEES AND EXPENSES
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Location in
Prospectus
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Charges for Early
Withdrawals
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If you make a withdrawal in excess of the free withdrawal amount before the 7th
anniversary since your last Purchase Payment, you may be assessed a surrender charge
of up to 6% of the amount withdrawn, declining to 0% over that time period. For
example, if you make a withdrawal of $100,000 during the first year after your Purchase
Payment, you could be assessed a charge of up to $6,000 on the Purchase Payment
withdrawn.
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•Fee Tables
•Examples
•Charges and
Other
Deductions -
Surrender
Charge
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Transaction
Charges
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None, other than surrender charges.
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•Charges and
Other
Deductions
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Ongoing Fees and
Expenses (annual
charges)
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Minimum and Maximum Annual Fee Table. 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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•Fee Tables
•Examples
•Charges and
Other
Deductions
|
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Annual Fee
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Minimum
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Maximum
|
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Base Contract - Guarantee of Principal
Death Benefit
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1.37%1
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1.37%1
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Base Contract - Enhanced Guaranteed
Minimum Death Benefit
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1.52%1
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1.52%1
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Investment options (fund fees and
expenses)
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0.28%1
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1.20%1
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Optional benefits available for an
additional charge (for a single optional
benefit, if elected)
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0.45%1
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2.75%2
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1 As a percentage of average Account Value in the Subaccounts.
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2 As an annualized percentage of the Protected Income Base.
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Lowest and Highest Annual Cost Table. Because your Contract is customizable, the
choices you make affect how much you will pay. To help you understand the cost of
owning your Contract, the following table shows the lowest and highest cost you could
pay each year. This estimate assumes that you do not take withdrawals from the
Contract, which could add surrender charges that substantially increase costs.
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Lowest Annual Cost: $1,933
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Highest Annual Cost: $6,097
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Assumes:
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Assumes:
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•Investment of $100,000
•5% annual appreciation
•Least expensive fund fees and
expenses
•No optional benefits
•No surrender charges
•No additional Purchase Payments,
transfers, or withdrawals
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•Investment of $100,000
•5% annual appreciation
•Most expensive combination of
optional benefits, fund fees and
expenses
•No surrender charges
•No additional Purchase Payments,
transfers, or withdrawals
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RISKS
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Location in
Prospectus
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Risk of Loss
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•You can lose money by investing in this Contract, including loss of principal.
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•Principal Risks
•Investments of
the Variable
Annuity
Account
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Not a Short-Term
Investment
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•This Contract is not designed for short-term investing and is not appropriate for the
investor who needs ready access to cash.
•Withdrawals may result in surrender charges. If you take a withdrawal, any surrender
charge will reduce the value of your Contract or the amount of money that you
actually receive.
•The benefits of tax deferral, long-term income, and living benefit protections mean
the Contract is more beneficial to investors with a long-term investment horizon.
•Withdrawals are subject to ordinary income tax and may be subject to tax penalties.
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•Principal Risks
•Surrender and
Withdrawals
•Fee Tables
•Charges and
Other
Deductions
•Living Benefit
Riders
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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
of the investment options you choose. Performance can vary depending on the
performance of the investment options available under the Contract.
•Each investment option (including the fixed account option) has its own unique risks.
•You should review the investment options before making an investment decision.
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•Principal Risks
•Investments of
the Variable
Annuity
Account
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Insurance
Company Risks
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•An investment in the Contract is subject to the risks related to Lincoln Life. Any
obligations (including under the fixed account option), guarantees, or benefits of the
Contract are subject to our claims-paying ability. If we experience financial distress,
we may not be able to meet our obligations to you. More information about Lincoln
Life, including our financial strength ratings, is available upon request by calling 1-
800-942-5500 or visiting www.LincolnFinancial.com.
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•Principal Risks
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RESTRICTIONS
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Location in
Prospectus
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Investments
|
•The frequency of transfers between investment options is restricted. There are also
restrictions on the minimum amount that may be transferred from a variable option
and the maximum amount that may be transferred from the fixed account option.
•We reserve the right to remove or substitute any funds as investment options that
are available under the Contract.
•You are generally restricted to no more than 12 transfers between investment options
per Contract Year. Your ability to transfer between investment options may also be
restricted as a result of Investment Requirements if you have elected an optional
benefit.
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•Principal Risks
•Investments of
the Variable
Annuity
Account
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Optional Benefits
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•Optional benefits may limit or restrict the investment options that you may select
under the Contract. We may change these restrictions in the future.
•Optional benefit availability may vary by state of issue or selling broker-dealer.
•Excess Withdrawals may reduce the value of an optional benefit by an amount
greater than the value withdrawn or result in termination of the benefit.
•You are required to have a certain level of Contract Value for some new rider
elections.
•We may modify or stop offering an optional benefit that is currently available at any
time.
•If you elect certain optional benefits, you may be limited in the amount of Purchase
Payments that you can make (and when).
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•The Contracts
•Living Benefit
Riders
•Appendix B -
Investment
Requirements
•Appendix C -
Discontinued
Living Benefit
Riders
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TAXES
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Location in
Prospectus
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Tax Implications
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•Consult with a tax professional to determine the tax implications of an investment in
and payments received under this Contract.
•If you purchase the Contract through a tax-qualified plan or IRA, you do not get any
additional tax benefit under the Contract.
•Earnings on your Contract are taxed at ordinary income tax rates when you withdraw
them, and you may have to pay a penalty if you take a withdrawal before age 59½.
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•Federal Tax
Matters
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CONFLICTS OF INTEREST
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Location in
Prospectus
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Investment
Professional
Compensation
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•Your registered representative may receive compensation for selling this Contract to
you, both in the form of commissions and because we may share the revenue it
earns on this Contract with the professional's firm. (Your investment professional
may be your broker, investment adviser, insurance agent, or someone else).
•This potential conflict of interest may influence your investment professional to
recommend this Contract over another investment.
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•Distribution of
the Contracts
•Principal Risks
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Exchanges
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•If you already own a contract, some investment professionals may have a financial
incentive to offer you a new Contract in place of the one you own. You should only
exchange your contract if you determine, after comparing the features, fees, and
risks of both contracts, that it is better for you to purchase the new Contract rather
than continue to own your existing contract.
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•The Contracts -
Replacement
of Existing
Insurance
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Investment Objective
|
Fund and
Adviser/Sub-adviser1
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Current Expenses
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Average Annual Total
Returns (as of 12/31/2023)
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1 year
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5 year
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10 year
|
|||
High total return (including income and
capital gains) consistent with
preservation of capital over the long
term.
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American Funds Asset Allocation Fund -
Class 1
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0.30%
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14.55%
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9.47%
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7.51%
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Seeks to provide a level of current
income that exceeds the average yield
on U.S. stocks generally and to provide
a growing stream of income over the
years.
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American Funds Capital Income
Builder® - Class 4
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0.78%2
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8.75%
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7.18%
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N/A
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To provide, over the long term, with a
high level of total return consistent with
prudent investment management.
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American Funds Capital World Bond
Fund - Class 1
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0.48%
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6.39%
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-0.07%
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0.62%
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Long-term growth of capital while
providing current income.
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American Funds Capital World Growth
and Income Fund - Class 1
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0.41%2
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21.22%
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10.60%
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7.90%
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The balanced accomplishment of three
objectives: long-term growth of capital,
conservation of principal and current
income.
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American Funds Global Balanced Fund -
Class 2
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0.77%2
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13.83%
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7.44%
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5.40%
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Long-term growth of capital.
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American Funds Global Growth Fund -
Class 1
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0.41%2
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22.91%
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13.93%
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9.85%
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Long-term growth of capital. A fund of
funds.
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American Funds Global Growth
PortfolioSM - Class 4
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0.97%
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23.03%
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11.36%
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N/A
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Long-term capital growth.
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American Funds Global Small
Capitalization Fund - Class 1
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0.66%2
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16.45%
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8.57%
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6.04%
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To provide long-term growth of capital
while providing current income. A fund
of funds.
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American Funds Growth and Income
PortfolioSM - Class 4
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0.82%
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15.86%
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8.53%
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N/A
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Growth of capital.
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American Funds Growth Fund - Class 1
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0.34%
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38.81%
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18.97%
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14.64%
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Long-term growth of capital and income.
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American Funds Growth-Income Fund -
Class 1
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0.28%
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26.47%
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13.65%
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11.19%
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To provide investors with a high level of
current income; capital appreciation is
the secondary objective.
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American Funds High-Income Trust -
Class 1
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0.32%2
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12.69%
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6.36%
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4.67%
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Long-term growth of capital.
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American Funds International Fund -
Class 1
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0.53%
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16.12%
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5.10%
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3.67%
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Long-term growth of capital while
providing current income.
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American Funds International Growth
and Income Fund - Class 1
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0.56%
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16.08%
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6.38%
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3.57%
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Investment Objective
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Fund and
Adviser/Sub-adviser1
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Current Expenses
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Average Annual Total
Returns (as of 12/31/2023)
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||
1 year
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5 year
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10 year
|
|||
To provide high total return (including
income and capital gains) consistent
with preservation of capital over the long
term while seeking to manage volatility
and provide downside protection. A fund
of funds.
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American Funds Managed Risk Asset
Allocation Fund - Class P2
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0.90%2
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10.23%
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5.91%
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4.74%
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High total return (including income and
capital gains) consistent with
preservation of capital over the long
term while seeking to manage volatility
and provide downside protection. A fund
of funds.
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American Funds Managed Risk Global
Allocation PortfolioSM - Class P2
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1.04%2
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10.52%
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4.56%
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N/A
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Long-term growth of capital and current
income while seeking to manage
volatility and provide downside
protection. A fund of funds.
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American Funds Managed Risk Growth
and Income PortfolioSM - Class P2
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0.91%2
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11.71%
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5.66%
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N/A
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To provide growth of capital while
seeking to manage volatility and provide
downside protection. A fund of funds.
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American Funds Managed Risk Growth
Fund - Class P2
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0.94%2
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23.50%
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10.98%
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8.30%
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Long-term growth of capital while
seeking to manage volatility and provide
downside protection. A fund of funds.
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American Funds Managed Risk Growth
PortfolioSM - Class P2
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0.94%2
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15.57%
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6.73%
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N/A
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To achieve long-term growth of capital
and income while seeking to manage
volatility and provide downside
protection. A fund of funds.
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American Funds Managed Risk Growth-
Income Fund - Class P2
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0.87%2
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15.90%
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7.60%
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6.15%
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To provide long-term growth of capital
while seeking to manage volatility and
provide downside protection. A fund of
funds.
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American Funds Managed Risk
International Fund - Class P2
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1.10%2
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6.22%
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0.79%
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0.24%
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To produce income and to provide an
opportunity for growth of principal
consistent with sound common stock
investing while seeking to manage
volatility and provide downside
protection. A fund of funds.
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American Funds Managed Risk
Washington Mutual Investors Fund -
Class P2
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0.89%2
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9.73%
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5.59%
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4.73%
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To provide current income and
preservation of capital.
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American Funds Mortgage Fund - Class
2
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0.57%2
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3.68%
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0.80%
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1.48%
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Long-term capital appreciation.
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American Funds New World Fund® -
Class 1
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0.57%2
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16.22%
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8.90%
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4.95%
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To provide as high a level of current
income as is consistent with the
preservation of capital.
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American Funds The Bond Fund of
America - Class 1
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0.23%2
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5.21%
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2.14%
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2.33%
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To provide a high level of current income
consistent with prudent investment risk
and preservation of capital.
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American Funds U.S. Government
Securities Fund - Class 1
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0.26%2
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3.21%
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1.31%
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1.78%
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To provide the investors with current
income, consistent with the maturity and
quality standards applicable to the fund,
and preservation of capital and liquidity.
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American Funds Ultra-Short Bond Fund -
Class 1
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0.31%
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4.94%
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1.63%
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1.00%
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Investment Objective
|
Fund and
Adviser/Sub-adviser1
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Current Expenses
|
Average Annual Total
Returns (as of 12/31/2023)
|
||
1 year
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5 year
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10 year
|
|||
To produce income and to provide an
opportunity for growth of principal
consistent with sound common stock
investing.
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American Funds Washington Mutual
Investors Fund - Class 1
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0.27%2
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17.66%
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12.90%
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10.19%
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A balance between a high level of
current income and growth of capital,
with an emphasis on growth of capital. A
fund of funds.
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LVIP American Balanced Allocation Fund
- Standard Class
advised by Lincoln Financial Investments
Corporation
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0.58%2
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13.68%
|
8.01%
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6.09%
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A balance between a high level of
current income and growth of capital. A
fund of funds.
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LVIP American Global Balanced
Allocation Managed Risk Fund - Service
Class
advised by Lincoln Financial Investments
Corporation
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0.95%
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11.41%
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5.39%
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4.14%
|
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.
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LVIP American Global Growth Allocation
Managed Risk Fund - Service Class
advised by Lincoln Financial Investments
Corporation
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0.97%
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13.57%
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5.82%
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4.14%
|
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 American Growth Allocation Fund -
Standard Class
advised by Lincoln Financial Investments
Corporation
|
0.59%2
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14.95%
|
8.55%
|
6.49%
|
A high level of current income with
some consideration given to growth of
capital. A fund of funds.
|
LVIP American Income Allocation Fund -
Standard Class
advised by Lincoln Financial Investments
Corporation
|
0.58%2
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10.77%
|
6.10%
|
4.87%
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Current income, consistent with the
preservation of capital. A fund of funds.
|
LVIP American Preservation Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
|
0.86%2
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3.74%
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0.98%
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1.00%
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If you elect...
|
and the date of election is...
|
you will be subject to
Investment Requirements
|
Lincoln ProtectedPay Secure Core®, Lincoln
ProtectedPay Secure Plus®, Lincoln ProtectedPay
Secure Max®
|
On or after November 28, 2022
|
Option 3 for Managed Risk
riders
|
Lincoln ProtectedPay Select Core®, Lincoln
ProtectedPay Select Plus®, Lincoln ProtectedPay Select
Max®
|
On or after November 28, 2022
|
Option 3
|
Lincoln Lifetime IncomeSM Advantage 2.0 (Managed
Risk)
|
On or after April 2, 2012
|
Option 3 for Managed Risk
riders
|
4LATER® Advantage (Managed Risk)
|
On or after July 16, 2012
|
Option 3 for Managed Risk
riders
|
i4LIFE® Advantage Guaranteed Income Benefit
(Managed Risk)
|
On or after May 21, 2012
|
Option 3 for Managed Risk
riders
|
Lincoln Max 6 SelectSM Advantage
|
On or after May 20, 2019
|
Option 3
|
Lincoln IRA Income PlusSM
|
On or after May 20, 2019
|
Option 3
|
4LATER® Select Advantage
|
On or after January 9, 2017
|
Option 3
|
If you elect...
|
and the date of election is...
|
you will be subject to
Investment Requirements
|
i4LIFE® Advantage Select Guaranteed Income Benefit
|
On or after October 3, 2016
|
Option 3
|
Lincoln Market Select® Advantage
|
On or after October 3, 2016
|
Option 3
|
Lincoln Lifetime IncomeSM Advantage 2.0
|
On or after November 15, 2010
|
Option 3
|
Lincoln Lifetime IncomeSM Advantage
|
February 19, 2008 through January 19, 2009
On or after January 20, 2009
|
Option 2
Option 3
|
Lincoln SmartSecurity® Advantage
|
Prior to April 10, 2006
April 10, 2006 through January 19, 2009
On or after January 20, 2009
|
N/A
Option 1
Option 3
|
4LATER® Advantage
|
April 10, 2006 through January 19, 2009
On or after January 20, 2009
|
Option 1
Option 3
|
i4LIFE® Advantage Guaranteed Income Benefit (v.1)
|
Prior to April 10, 2006
On or after April 10, 2006
|
N/A
Option 1
|
i4LIFE® Advantage Guaranteed Income Benefit (v.2)
|
April 10, 2006 through January 19, 2009
On or after January 20, 2009
|
Option 1
Option 3
|
i4LIFE® Advantage Guaranteed Income Benefit (v.3)
|
October 6, 2008 through January 19, 2009
On or after January 20, 2009
|
Option 2
Option 3
|
i4LIFE® Advantage Guaranteed Income Benefit (v.4)
|
On or after November 15, 2010
|
Option 3
|
Group 1
Investments must be at least 25% of Contract
Value or Account Value
|
Group 2
Investments cannot exceed 75% of Contract
Value or Account Value
|
Group 3
Investments cannot exceed 10% of Contract
Value or Account Value
|
American Funds Capital World Bond Fund
American Funds High-Income Trust
American Funds Mortgage Fund
American Funds The Bond Fund of America
American Funds U.S. Government Securities
LVIP American Preservation Fund
|
All other investment options except as discussed
below.
|
No Subaccounts at this time.
|
Group 1
Investments must be at least 20% of Contract
Value or Account Value
|
Group 2
Investments cannot exceed 80% of Contract
Value or Account Value
|
Group 3
Investments cannot exceed 10% of Contract
Value or Account Value
|
American Funds Mortgage Fund*
American Funds The Bond Fund of America*
American Funds U.S. Government Securities
Fund*
LVIP American Preservation Fund
|
American Funds Managed Risk Asset Allocation
Fund
American Funds Managed Risk Global Allocation
PortfolioSM
American Funds Managed Risk Growth and
Income PortfolioSM
American Funds Managed Risk Growth Fund
American Funds Managed Risk Growth
PortfolioSM
American Funds Managed Risk Growth-Income
Fund
American Funds Managed Risk International
Fund
American Funds Managed Risk Washington
Mutual Investors Fund
LVIP American Global Balanced Allocation
Managed Risk Fund
LVIP American Global Growth Allocation
Managed Risk Fund
|
No Subaccounts at this time.
|
Group 1
Investments must be at least 30% of Contract
Value or Account Value
|
Group 2
Investments cannot exceed 70% of Contract
Value or Account Value
|
Group 3
Investments cannot exceed 10% of Contract
Value or Account Value
|
American Funds Capital World Bond Fund
American Funds Mortgage Fund
American Funds The Bond Fund of America
American Funds U.S. Government Securities
Fund
LVIP American Preservation Fund
|
American Funds Asset Allocation Fund
American Funds Capital Income Builder®
American Funds Capital World Growth and
Income Fund
American Funds Global Balanced Fund
American Funds Global Growth Fund
American Funds Global Growth PortfolioSM
American Funds Growth and Income PortfolioSM
American Funds Growth Fund
American Funds Growth-Income Fund
American Funds High-Income Trust
American Funds International Fund
American Funds International Growth and
Income Fund
American Funds Ultra-Short Bond Fund
American Funds Washington Mutual Investors
Fund
LVIP American Balanced Allocation Fund
LVIP American Growth Allocation Fund
LVIP American Income Allocation Fund
|
American Funds Global Small Capitalization Fund
American Funds New World Fund®
|
Group 1
Investments must be at least 30% of Contract
Value or Account Value
|
Group 2
Investments cannot exceed 70% of Contract
Value or Account Value
|
Group 3
Investments cannot exceed 10% of Contract
Value or Account Value
|
American Funds Capital World Bond Fund
American Funds Mortgage Fund
American Funds The Bond Fund of America
American Funds U.S. Government Securities
Fund
LVIP American Preservation Fund
|
All other Subaccounts, except as described
below.
|
No Subaccounts at this time.
|