Lincoln Life Variable Annuity Account N
08/09/2024 | Press release | Distributed by Public on 08/09/2024 10:37
Updating Summary Prospectus - Form 497VPU
THE LINCOLN NATIONAL LIFE INSURANCE COMPANY
Lincoln Life Variable Annuity Account N
ChoicePlusSM Select B Share
Supplement dated August 9, 2024 to the
Updating Summary Prospectus for Current Contractowners dated May 1, 2024
This supplement to the summary prospectus for your individual variable annuity contract describes revisions that apply to i4LIFE®Advantage Select Guaranteed Income Benefit riders elected on and after August 19, 2024. All other provisions in your prospectus remain unchanged. The changes discussed in this supplement do not impact existing Contractowners.
OVERVIEW
The i4LIFE®Advantage Select Guaranteed Income Benefit rider will re-open on August 19, 2024 and will be available to new Contractowners at the time the Contract is issued, and to existing Contractowners who transition from a prior Living Benefit Rider. This version of i4LIFE®Advantage Select Guaranteed Income Benefit is different from previous versions of the rider in the following ways:
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a higher current annual charge;
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a change in the Access Period requirements;
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a lower Guaranteed Income Benefit step-up percentage;
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a higher AIR for transitions to Select Guaranteed Income Benefit; and
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higher Select Guaranteed Income Benefit percentages.
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DESCRIPTION OF CHANGES
The following discussion describes changes that are incorporated into the specified sections of your summary prospectus.
Appendix B - Investment Requirements. The following section outlines the Investment Requirements that apply to elections of i4LIFE®Advantage Select Guaranteed Income Benefit on and after August 19, 2024, including transitions to i4LIFE®AdvantageSelect Guaranteed Income Benefit from another Living Benefit Rider that was elected on and after August 19, 2024. See i4LIFE® Advantage Guaranteed Income Benefit Transitions and Appendix B in your prospectus for complete details.
Under the current Investment Requirements, you must allocate your Contract Value as follows:
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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 |
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LVIP American Century Inflation Protection Fund
LVIP BlackRock Inflation Protected Bond Fund LVIP JPMorgan Core Bond Fund
LVIP Macquarie Bond Fund
LVIP Macquarie Diversified Floating Rate Fund LVIP Macquarie Diversified Income Fund LVIP Macquarie Limited-Term Diversified Income Fund LVIP PIMCO Low Duration Bond Fund LVIP SSGA Bond Index Fund LVIP Western Asset Core Bond Fund |
ClearBridge Variable Large Cap Growth Portfolio
Fidelity® VIP BalancedPortfolio
Fidelity® VIP Contrafund® Portfolio
Fidelity® VIP FundsManager® 50% Portfolio Fidelity® VIP Mid Cap Portfolio First Trust Capital Strength Portfolio First Trust/Dow Jones Dividend & Income Allocation Portfolio Franklin Allocation VIP Fund Franklin Income VIP Fund Franklin Multi-Asset Variable Conservative Growth Fund Franklin Mutual Shares VIP Fund Invesco V.I. EQV International Equity Fund Lincoln Hedged S&P 500 Conservative Fund
Lincoln Hedged S&P 500 Fund
Lincoln Opportunistic Hedged Equity Fund
LVIP AllianceBernstein Large Cap Growth Fund
LVIP American Century Balanced Fund
LVIP American Century Capital Appreciation Fund
LVIP American Century Disciplined Core Value Fund
LVIP American Century International Fund
LVIP American Century Large Company Value Fund
LVIP American Century Mid Cap Value Fund
LVIP American Century Ultra Fund
LVIP American Century Value Fund
LVIP American Global Growth Fund
LVIP American Growth Fund LVIP American Growth-Income Fund LVIP American International Fund LVIP Baron Growth Opportunities Fund LVIP BlackRock Global Allocation Fund LVIP BlackRock Global Allocation Managed Risk Fund LVIP Channing Small Cap Value Fund LVIP Dimensional International Core Equity Fund LVIP Dimensional U.S. Core Equity 1 Fund LVIP Dimensional U.S. Core Equity 2 Fund LVIP Franklin Templeton Multi-Factor International Equity Fund
LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund
LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund
LVIP Global Aggressive Growth Allocation Managed Risk Fund
LVIP Global Conservative Allocation Managed Risk Fund
LVIP Global Growth Allocation Managed Risk Fund LVIP Global Moderate Allocation Managed Risk Fund LVIP Government Money Market Fund LVIP JPMorgan High Yield Fund
LVIP JPMorgan Mid Cap Value Fund
LVIP JPMorgan Small Cap Core Fund
LVIP JPMorgan U.S. Equity Fund
LVIP JPMorgan Retirement Income Fund
LVIP Macquarie High Yield Fund LVIP Macquarie Mid Cap Value Fund LVIP Macquarie SMID Cap Core Fund LVIP Macquarie Social Awareness Fund LVIP Macquarie U.S. Growth Fund LVIP Macquarie Value Fund LVIP Macquarie Wealth Builder Fund
LVIP MFS International Growth Fund
LVIP MFS Value Fund LVIP Mondrian International Value Fund LVIP SSGA Conservative Index Allocation Fund LVIP SSGA Global Tactical Allocation Managed Volatility Fund LVIP SSGA International Index Fund LVIP SSGA Mid-Cap Index Fund LVIP SSGA Moderate Index Allocation Fund LVIP SSGA Moderately Aggressive Index Allocation Fund LVIP SSGA S&P 500 Index Fund LVIP SSGA Small-Cap Index Fund
LVIP Structured Conservative Allocation Fund
LVIP Structured Moderate Allocation Fund
LVIP Structured Moderately Aggressive Allocation Fund
LVIP U.S. Aggressive Growth Allocation Managed Risk Fund
LVIP U.S. Growth Allocation Managed Risk Fund
LVIP Vanguard Domestic Equity ETF Fund LVIP Wellington SMID Cap Value Fund Macquarie VIP Small Cap Value Series
MFS® VIT Growth Series
MFS® VIT Total Return Series Putnam VT George Putnam Balanced Fund
Putnam VT Large Cap Value Fund
Putnam VT Sustainable Leaders Fund |
As an alternative, to satisfy these Investment Requirements, you may allocate 100% of your Contract Value among the Subaccounts listed below. If you allocate less than 100% of Contract Value among these Subaccounts, then the Subaccounts listed below that are also listed in Group 1 will be subject to Group 1 restrictions. Any remaining Subaccounts listed below that are not listed in Group 1 will fall into Group 2 and will be subject to Group 2 restrictions.
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Fidelity® VIP Balanced Portfolio
Fidelity® VIP FundsManager® 50% Portfolio
First Trust/Dow Jones Dividend & Income Allocation Portfolio
Franklin Allocation VIP Fund
Franklin Multi-Asset Variable Conservative Growth Fund
Lincoln Hedged S&P 500 Conservative Fund
Lincoln Hedged S&P 500 Fund
Lincoln Opportunistic Hedged Equity Fund
LVIP American Century Balanced Fund
LVIP American Century Inflation Protection Fund
LVIP BlackRock Global Allocation Fund
LVIP BlackRock Global Allocation Managed Risk Fund
LVIP BlackRock Inflation Protected Bond Fund
LVIP Global Aggressive Growth Allocation Managed Risk Fund
LVIP Global Conservative Allocation Managed Risk Fund
LVIP Global Growth Allocation Managed Risk Fund
LVIP Global Moderate Allocation Managed Risk Fund
LVIP JPMorgan Core Bond Fund
LVIP JPMorgan Retirement Income Fund
LVIP Macquarie Bond Fund
LVIP Macquarie Diversified Floating Rate Fund
LVIP Macquarie Diversified Income Fund
LVIP Macquarie Limited-Term Diversified Income Fund
LVIP Macquarie Wealth Builder Fund
LVIP PIMCO Low Duration Bond Fund
LVIP SSGA Bond Index Fund
LVIP SSGA Conservative Index Allocation Fund
LVIP SSGA Global Tactical Allocation Managed Volatility Fund
LVIP SSGA Moderate Index Allocation Fund
LVIP SSGA Moderately Aggressive Index Allocation Fund
LVIP Structured Conservative Allocation Fund
LVIP Structured Moderate Allocation Fund
LVIP Structured Moderately Aggressive Allocation Fund
LVIP U.S. Aggressive Growth Allocation Managed Risk Fund
LVIP U.S. Growth Allocation Managed Risk Fund
LVIP Western Asset Core Bond Fund
MFS® VIT Total Return Series
Putnam VT George Putnam Balanced Fund
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The fixed account is not available.
Additionally, Contract Value or i4LIFE® Advantage Account Value may be allocated in accordance with certain asset allocation models made available to you by your broker-dealer. If so, currently 100% of the Contract Value or i4LIFE® Advantage Account Value can be allocated to one of the following models, if available: Active Passive Global Allocation Model, Dimensional/Vanguard Moderate Allocation Model, Multi-Manager Domestic Growth Allocation Model or Multi-Manager Moderate Allocation Model. You may only choose one asset allocation model at a time, though you may change to a different asset allocation model available in your Contract that meets the Investment Requirements or reallocate Contract Value or i4LIFE® Advantage Account Value according to the Investment Requirements listed above. If you terminate an asset allocation model, you must follow the Investment Requirements applicable to your rider. We may exclude an asset allocation model from being available for investment at any time, in our sole discretion. You will be notified prior to the date of such a change.
Please keep this supplement for future reference.