Separate Account N of Reliastar Life
08/09/2024 | Press release | Distributed by Public on 08/09/2024 04:04
Summary Prospectus for New Investors by Investment Company - Form 497VPI
ReliaStar Life Insurance Company
and its
Separate Account N
VOYA ADVANTAGE CENTURYSM
Supplement Dated August 2, 2024 to the Contract Prospectus and
Updating Summary Prospectus, each dated May 1, 2024, as amended
This supplement to the variable annuity account contract prospectus ("contract prospectus") and updating summary prospectus ("summary prospectus"), updates and amends certain information contained in them. Please read this supplement carefully and keep it with the contract prospectus and summary prospectus that you may have received, for future reference. Capitalized terms not defined in this supplement shall have the meaning given to them in the contract prospectus and summary prospectus.
______________________________________________
NOTICE OF IMPORTANT INFORMATION
ABOUT YOUR CONTRACT PROSPECTUS
AND SUMMARY PROSPECTUS
Certain information has been corrected in the CURRENT EXPENSES and AVERAGE ANNUAL TOTAL RETURNS sections of APPENDIX A: FUNDS AVAILABLE UNDER THE CONTRACT ("APPENDIX A"), of the contract prospectus and in APPENDIX: FUNDS AVAILABLE UNDER THE CONTRACT ("APPENDIX"), for the summary prospectus. In that regard, the information APPENDIX A of the contract prospectus and APPENDIX of the summary prospectus is hereby replaced in its entirety, with the following:
|
INVESTMENT OBJECTIVE |
FUND NAME INVESTMENT ADVISER/SUBADVISER |
CURRENT EXPENSES* |
AVERAGE ANNUAL TOTAL RETURNS (as of 12/31/2023) |
||
| 1 Year | 5 Years | 10 Years | |||
| Seeks long-term growth of capital and income. |
American Funds Insurance Series® - Growth-Income Fund (Class 2) Investment Adviser: Capital Research and Management CompanySM |
0.53% |
26.14% |
13.36% |
10.91% |
| Seeks as high a level of current income as is consistent with preservation of capital and liquidity. |
Fidelity® VIP Government Money Market Portfolio (Initial Class) Investment Adviser: Fidelity Management & Research Company LLC ("FMR") Subadvisers: FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited and Fidelity Management & Research (Japan) Limited |
0.26% |
4.89% |
1.72% |
1.11% |
| * | Operating Expenses reflecting applicable waivers or expense limitations as reported in the Fund's expenses. |
| X.100207-24A | August 2024 |
|
INVESTMENT OBJECTIVE |
FUND NAME INVESTMENT ADVISER/SUBADVISER |
CURRENT EXPENSES* |
AVERAGE ANNUAL TOTAL RETURNS (as of 12/31/2023) |
||
| 1 Year | 5 Years | 10 Years | |||
| Seeks investment results that correspond to the total return of common stocks publicly traded in the United States, as represented by the S&P 500® Index. |
Fidelity Ò VIP Index 500 Portfolio (Initial Class) Subadviser: Geode Capital Management, LLC |
0.090%1 |
26.19% | 15.56% | 11.92% |
| Seeks to maximize income while maintaining prospectus for capital appreciation. |
Voya Balanced Income Portfolio (Class I)**
|
0.61% |
11.68% | 5.27% | 4.52% |
| Seeks maximum total return. |
Voya International High Dividend Low Volatility Portfolio (Class I)2 Investment Adviser: Voya Investments, LLC Subadviser: Voya Investment Management Co. LLC |
0.74% |
14.87% |
6.34% |
2.67% |
| Seeks long-term growth of capital and current income. |
Voya Large Cap Value Portfolio (Class I) Investment Adviser: Voya Investments, LLC Subadviser: Voya Investment Management Co. LLC |
0.69% |
13.73% |
13.20% |
8.83% |
| * | Operating Expenses reflecting applicable waivers or expense limitations as reported in the Fund's expenses. |
| ** | Effective July 12, 2024, the Voya Balanced Portfolio merged into the Voya Balanced Income Portfolio (Class I). |
| 1 | Effective June 1, 2024, the current expenses reflect fees for the Fidelity ® VIP Index Portfolio (Initial Class). Prior to June 1, 2024, the fee was 0.10%. |
| 2 | This Fund employs a managed volatility strategy. See "THE INVESTMENT OPTIONS - The Variable Investment Options - Funds with Managed Volatility Strategies" for more information. |
| X.100207-24A | August 2024 |
|
INVESTMENT OBJECTIVE |
FUND NAME INVESTMENT ADVISER/SUBADVISER |
CURRENT EXPENSES* |
AVERAGE ANNUAL TOTAL RETURNS (as of 12/31/2023) |
||
| 1 Year | 5 Years | 10 Years | |||
| Seeks growth of capital. |
Voya Solution Aggressive Portfolio (Class I)**
Investment Adviser: Voya Investments, LLC |
0.89% | 21.21% | 11.21% | 7.69% |
| Seeks to provide capital growth through a diversified asset allocation strategy. |
Voya Solution Balanced Portfolio (Class I)***
Investment Adviser: Voya Investments, LLC |
0.80% | 15.38% | 7.73% | 5.96% |
| Seeks to provide a combination of total return and stability of principal consistent with an asset allocation targeted to retirement |
Voya Solution Conservative Portfolio (Class I)****
Investment Adviser: Voya Investments, LLC |
0.66% | 9.32% | 4.25% | 3.72% |
| Seeks capital appreciation. |
VY® Baron Growth Portfolio (Class I) Investment Adviser: Voya Investments, LLC Subadviser: BAMCO, Inc. |
1.00% |
15.10% |
14.55% |
10.11% |
| * | Operating Expenses reflecting applicable waivers or expense limitations as reported in the Fund's expenses. |
| ** | Effective July 12, 2024, the Voya Strategic Allocation Growth Portfolio (Class I) merged into the Voya Solution Aggressive Portfolio (Class I). |
| *** | Effective July 12, 2024, the Voya Strategic Allocation Moderate Portfolio (Class I) merged into the Voya Solution Balanced Portfolio (Class I). |
| **** | Effective July 12, 2024, the Voya Strategic Allocation Conservative Portfolio merged into the Voya Solution Conservative Portfolio. |
| X.100207-24A | August 2024 |
| INVESTMENT OBJECTIVE |
FUND NAME INVESTMENT ADVISER/SUBADVISER |
CURRENT EXPENSES* |
AVERAGE ANNUAL TOTAL RETURNS (as of 12/31/2023) |
||
| 1 Year | 5 Years | 10 Years | |||
| Seeks capital appreciation. |
Voya Global Insights Portfolio (Class I)** Investment Adviser: Voya Investments, LLC Subadviser: Voya Investment Management Co. LLC*** |
0.75% |
32.69% |
11.91% |
8.30% |
| A non-diversified Fund that seeks long-term growth through investments in stocks. |
VY® T. Rowe Price Growth Equity Portfolio (Class I) Investment Adviser: Voya Investments, LLC Subadviser: T. Rowe Price Associates, Inc. |
0.71% |
46.89% |
13.37% |
11.70% |
****
All references to the Voya High Yield Portfolio (Class I) in the CURRENT EXPENSES and AVERAGE ANNUAL RETURNS section in APPENDIX A, of the contract prospectus and in APPENDIX, of the summary prospectuses are hereby deleted.
MORE INFORMATION IS AVAILABLE
More information about the funds available through your contract, including information about the risks associated with investing in them can be found in the current prospectus and Statement of Additional Information for each fund. You may obtain these documents by contacting us at:
Customer Service
P.O. Box 5050
Minot, ND 58702-5050
1-800-884-5050
Please retain this supplement for future reference.
| * | Operating Expenses reflecting applicable waivers or expense limitations as reported in the Fund's expenses. |
| ** | Effective December 1, 2023, the VY® Invesco Global Portfolio changed its name to Voya Global Insights Portfolio. |
| *** | Effective December 1, 2023, Invesco Advisors, Inc. was replaced as subadviser for the Voya Global Insights Portfolio with Voya Investment Management Co. LLC. |
| X.100207-24A | August 2024 |