American Legacy Shareholder's Advantage® Individual Variable Annuity Contracts  
Updating Summary Prospectus for Current Contractowners
For contracts issued on and after May 21, 2018
May 1, 2025
This updating summary prospectus summarizes certain changes to key features of the American Legacy Shareholder's Advantage® variable annuity contract issued by The Lincoln National Life Insurance Company (Lincoln Life or Company).
You should read this updating summary prospectus carefully, particularly the section titled Important Information You Should Consider about the American Legacy Shareholder's Advantage® contract.
The prospectus for the American Legacy Shareholder's Advantage® variable annuity contract contains more information about the Contract’s features, benefits, and risks. You can find the prospectus and other information about the Contract online at www.lfg.com/VAprospectus. You can also obtain this information at no cost by calling 1-800-942-5500 or by sending an email request to CustServSupportTeam@lfg.com.
The Securities and Exchange Commission has not approved or disapproved the Contract or determined if this Summary Prospectus is accurate or complete. Any representation to the contrary is a criminal offense.
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.
All prospectuses and other shareholder reports, will be made available on www.lfg.com/VAprospectus.
1
Updated Information About Your Contract
The information in this Updating Summary Prospectus is a summary of certain contract features that have changed since the Updating Summary Prospectus dated May 1, 2024. This may not reflect all of the changes that have occurred since you entered into your Contract, and not all changes may be applicable to you.
Summary of Contract Changes:
●
The address of State Street Bank and Trust Company, the accounting services provider of the Variable Annuity Account, changed to 2323 Grand Boulevard, 5th Floor, Kansas City, MO 64108.
●
Effective May 6, 2024, Lincoln Financial Group and Osaic, Inc. entered into an agreement whereby Osaic acquired Lincoln Financial Advisors Corporation and Lincoln Financial Securities Corporation (collectively “LFN”).
●
Beginning May 19, 2025, Purchase Payments totaling $5 million or more are subject to Home Office approval ($2 million or more where a Living Benefit or Death Benefit rider was elected excluding the Account Value Death Benefit and/or i4LIFE® Advantage without the Guaranteed Income Benefit). Both amounts take into consideration the total Purchase Payments for all variable annuity contracts issued by the Company (or its affiliates) (excluding all Lincoln Level Advantage® and Lincoln Level Advantage 2® contracts) for the same Contractowner, joint owner, and/or Annuitant.
Summary of Changes to Benefits Available Under the Contract:
Lincoln ProtectedPay® and Estate LockSM, an optional combination Living Benefit and Death Benefit rider is available for purchase, subject to state and broker-dealer availability. The rider provides:
●
Guaranteed lifetime periodic withdrawals up to the Protected Annual Income amount which is based upon a Protected Income Base;
●
An Enhancement amount added to the Protected Income Base if certain criteria are met;
●
Account Value Step-ups of the Protected Income Base to the Contract Value if the Contract Value is equal to or greater than the Protected Income Base after the Enhancement;
●
Age-based increases to the Protected Annual Income amount (after reaching a higher age-band and after an Account Value Step-up); and
●
A Death Benefit payable to the Beneficiary of your Contract upon the death of the Annuitant.
●
Lincoln ProtectedPay® and Estate LockSM may be elected only at the time the Contract is issued (subject to state approval) and only if the Contractowner/Annuitant is 35 to 75 years of age at the time the Contract is issued. The initial Purchase Payment must be at least $25,000. Rider elections are subject to Home Office approval if Purchase Payments total $2 million or more. You may not voluntarily terminate the Lincoln ProtectedPay® and Estate LockSM rider.
The following changes apply to i4LIFE® Advantage Select Guaranteed Income Benefit rider:
●
The i4LIFE® Advantage Select Guaranteed Income Benefit rider re-opened on August 19, 2024 and is available with all new elections of i4LIFE® Advantage, 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:
●
a higher current annual charge;
●
a change in the Access Period requirements;
●
a lower Guaranteed Income Benefit step-up percentage;
●
a higher AIR for transitions to Select Guaranteed Income Benefit; and
●
higher Select Guaranteed Income Benefit percentages.
●
Appendix B should be reviewed for all updates to the Investment Requirements that may be applicable to your Contract.
2
Important Information You Should Consider About the American Legacy Shareholder's Advantage® Variable Annuity Contract 
 
FEES AND EXPENSES
Location in
Prospectus
Charges for Early
Withdrawals
There are no surrender charges associated with this Contract.
●N/A
Transaction
Charges
A front-end load, or sales charge, of up to 5.50% will be applied to all initial and
subsequent Gross Purchase Payments that you make. The sales charge is based on the
Contractowner's investment amount at the time each Gross Purchase Payment is made.
●Charges and
Other
Deductions
Ongoing Fees and
Expenses (annual
charges)
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. For contracts purchased as part of
a Fee-Based Financial Plan, these charges do not reflect any advisory fees paid to a
financial intermediary from Contract Value or other assets of the Contractowner. If such
charges were reflected, the ongoing fees and expenses would be higher.
●Fee Tables
●Examples
●Charges and
Other
Deductions
Annual Fee
Minimum
Maximum
Base Contract – Account Value Death
Benefit
0.22%1
0.76%1
Base Contract – Guarantee of Principal
Death Benefit
0.32%1
0.81%1
Base Contract – Enhanced Guaranteed
Minimum Death Benefit
0.57%1
1.06%1
Investment options (fund fees and
expenses)
0.78%1
1.20%1
Optional benefits available for an
additional charge (for a single optional
benefit, if elected)
0.40% 1
2.75% 2
1 As a percentage of average Account Value in the Subaccounts.
2 As an annualized percentage of the Protected Income Base.
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.
Lowest Annual Cost: $2,274
Highest Annual Cost: $7,288
 
Assumes:
Assumes:
 
 
●Investment of $100,000
●5% annual appreciation
●Least expensive fund fees and
expenses
●No optional benefits
●No additional Purchase Payments,
transfers, or withdrawals
●No sales charges or advisory fees
●Investment of $100,000
●5% annual appreciation
●Most expensive combination of
optional benefits, fund fees and
expenses
●No additional Purchase Payments,
transfers, or withdrawals
●No sales charges or advisory fees
 
3
 
RISKS
Location in
Prospectus
Risk of Loss
●You can lose money by investing in this Contract, including loss of principal.
●Principal Risks
●Investments of
the Variable
Annuity
Account
Not a Short-Term
Investment
●This Contract is not designed for short-term investing and is not appropriate for the
investor who needs ready access to cash.
●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.
●Principal Risks
●Surrender and
Withdrawals
●Fee Tables
●Charges and
Other
Deductions
●Living Benefit
Riders
Risks Associated
with Investment
Options
●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.
●Principal Risks
●Investments of
the Variable
Annuity
Account
Insurance
Company Risks
●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.
●Principal Risks
 
RESTRICTIONS
Location in
Prospectus
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.
●Principal Risks
●Investments of
the Variable
Annuity
Account
Optional Benefits
●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).
●If you purchase your Contract as part of a Fee-Based Financial Plan and you elect to
pay third-party advisory fees out of your Contract Value, this deduction may reduce
the Death Benefit(s) and other guaranteed benefits, and may be subject to federal and
state income taxes and a 10% federal penalty tax.
●The Contracts
●Living Benefit
Riders
●Appendix B –
Investment
Requirements
●Appendix C –
Discontinued
Living Benefit
Riders
4
 
TAXES
Location in
Prospectus
Tax Implications
●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.
●Federal Tax
Matters
 
CONFLICTS OF INTEREST
Location in
Prospectus
Exchanges
●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.
●The Contracts -
Replacement
of Existing
Insurance
5
Appendix A — Funds Available Under The Contract
The following is a list of funds currently available under the Contract. Depending on the optional benefits you choose, you may not be able to invest in certain funds. Current performance of the Subaccounts can be found at www.lfg.com/VAprospectus. 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.lfg.com/VAprospectus. You can also request this information and current fund performance at no cost by calling 1-800-942-5500 or by sending an email request to CustServSupportTeam@lfg.com.
The current expenses and performance information below reflects fees and expenses of the Fund, 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. 
Investment Objective
Fund and
Adviser/Sub-adviser1
Current Expenses
Average Annual Total
Returns (as of 12/31/2024)
 
 
 
1 year
5 year
10 year
The balanced accomplishment of three
objectives: long-term growth of capital,
conservation of principal and current
income.
American Funds® IS American Funds
Global Balanced Fund - Class 4
advised by Capital Research and
Management Company
1.01%2
6.32%
4.56%
5.65%
To provide current income and
preservation of capital.
American Funds® IS American Funds
Mortgage Fund - Class 4
advised by Capital Research and
Management Company
0.81%2
0.35%
-0.30%
0.78%
To provide investors with a high level of
current income; capital appreciation is
the secondary objective.
American Funds® IS American High-
Income Trust - Class 4
advised by Capital Research and
Management Company
0.83%2
9.39%
5.29%
5.06%
High total return (including income and
capital gains) consistent with
preservation of capital over the long
term.
American Funds® IS Asset Allocation
Fund - Class 4
advised by Capital Research and
Management Company
0.79%
16.11%
8.04%
8.05%
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.
American Funds® IS Capital Income
Builder - Class 4
advised by Capital Research and
Management Company
0.78%2
9.93%
5.75%
5.17%
To provide, over the long term, with a
high level of total return consistent with
prudent investment management.
American Funds® IS Capital World Bond
Fund - Class 4
advised by Capital Research and
Management Company
0.98%
-3.32%
-2.65%
-0.33%
Long-term growth of capital while
providing current income.
American Funds® IS Capital World
Growth and Income Fund - Class 4
advised by Capital Research and
Management Company
0.92%2
13.70%
7.04%
8.17%
Long-term growth of capital.
American Funds® IS Global Growth
Fund - Class 4
advised by Capital Research and
Management Company
0.91%2
13.39%
9.49%
10.46%
A-1
Investment Objective
Fund and
Adviser/Sub-adviser1
Current Expenses
Average Annual Total
Returns (as of 12/31/2024)
 
 
 
1 year
5 year
10 year
Long-term capital growth.
American Funds® IS Global Small
Capitalization Fund - Class 4
advised by Capital Research and
Management Company
1.15%2
2.12%
2.74%
5.54%
Growth of capital.
American Funds® IS Growth Fund -
Class 4
advised by Capital Research and
Management Company
0.84%
31.29%
18.53%
16.29%
Long-term growth of capital and income.
American Funds® IS Growth-Income
Fund - Class 4
advised by Capital Research and
Management Company
0.78%
23.93%
12.73%
11.93%
Long-term growth of capital.
American Funds® IS International Fund -
Class 4
advised by Capital Research and
Management Company
1.03%
2.93%
0.97%
3.75%
Long-term growth of capital while
providing current income.
American Funds® IS International
Growth and Income Fund - Class 4
advised by Capital Research and
Management Company
1.06%
3.11%
2.28%
3.73%
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.
American Funds® IS Managed Risk
Asset Allocation Fund - Class P2
advised by Capital Research and
Management Company
0.90%
14.63%
5.30%
5.88%
To provide growth of capital while
seeking to manage volatility and provide
downside protection. A fund of funds.
American Funds® IS Managed Risk
Growth Fund - Class P2
advised by Capital Research and
Management Company
0.94%
23.50%
11.30%
10.42%
To achieve long-term growth of capital
and income while seeking to manage
volatility and provide downside
protection. A fund of funds.
American Funds® IS Managed Risk
Growth-Income Fund - Class P2
advised by Capital Research and
Management Company
0.88%
17.69%
7.39%
7.43%
To provide long-term growth of capital
while seeking to manage volatility and
provide downside protection. A fund of
funds.
American Funds® IS Managed Risk
International Fund - Class P2
advised by Capital Research and
Management Company
1.10%2
-0.45%
-2.52%
0.78%
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.
American Funds® IS Managed Risk
Washington Mutual Investors Fund -
Class P2
advised by Capital Research and
Management Company
0.88%
13.99%
5.61%
5.28%
A-2
Investment Objective
Fund and
Adviser/Sub-adviser1
Current Expenses
Average Annual Total
Returns (as of 12/31/2024)
 
 
 
1 year
5 year
10 year
Long-term capital appreciation.
American Funds® IS New World Fund -
Class 4
advised by Capital Research and
Management Company
1.07%2
6.33%
4.29%
5.96%
Long-term growth of capital. A fund of
funds.
American Funds® IS Portfolio Series -
American Funds Global Growth Portfolio
- Class 4
advised by Capital Research and
Management Company
0.96%
13.64%
8.13%
N/A
To provide long-term growth of capital
while providing current income. A fund
of funds.
American Funds® IS Portfolio Series -
American Funds Growth and Income
Portfolio - Class 4
advised by Capital Research and
Management Company
0.82%
12.37%
7.19%
N/A
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.
American Funds® IS Portfolio Series -
American Funds Managed Risk Global
Allocation Portfolio - Class P2
advised by Capital Research and
Management Company
1.03%
8.05%
2.31%
N/A
Long-term growth of capital and current
income while seeking to manage
volatility and provide downside
protection. A fund of funds.
American Funds® IS Portfolio Series -
American Funds Managed Risk Growth
and Income Portfolio - Class P2
advised by Capital Research and
Management Company
0.91%
12.26%
4.39%
N/A
Long-term growth of capital while
seeking to manage volatility and provide
downside protection. A fund of funds.
American Funds® IS Portfolio Series -
American Funds Managed Risk Growth
Portfolio - Class P2
advised by Capital Research and
Management Company
0.95%
13.84%
5.74%
N/A
To provide as high a level of current
income as is consistent with the
preservation of capital.
American Funds® IS The Bond Fund of
America - Class 4
advised by Capital Research and
Management Company
0.73%2
0.98%
0.07%
1.42%
To provide a high level of current income
consistent with prudent investment risk
and preservation of capital.
American Funds® IS U.S. Government
Securities Fund - Class 4
advised by Capital Research and
Management Company
0.75%2
0.44%
-0.13%
0.84%
To provide the investors with current
income, consistent with the maturity and
quality standards applicable to the fund,
and preservation of capital and liquidity.
American Funds® IS Ultra-Short Bond
Fund - Class 4
advised by Capital Research and
Management Company
0.81%
4.62%
1.76%
1.03%
A-3
Investment Objective
Fund and
Adviser/Sub-adviser1
Current Expenses
Average Annual Total
Returns (as of 12/31/2024)
 
 
 
1 year
5 year
10 year
To produce income and to provide an
opportunity for growth of principal
consistent with sound common stock
investing.
American Funds® IS Washington Mutual
Investors Fund - Class 4
advised by Capital Research and
Management Company
0.75%2
18.85%
11.92%
9.99%
A balance between a high level of
current income and growth of capital,
with an emphasis on growth of capital. A
fund of funds.
LVIP American Balanced Allocation Fund
- Service Class
advised by Lincoln Financial Investments
Corporation
0.92%2
10.74%
6.41%
6.24%
A balance between a high level of
current income and growth of capital. A
fund of funds.
LVIP American Global Balanced
Allocation Managed Risk Fund - Service
Class
advised by Lincoln Financial Investments
Corporation
0.94%
9.49%
4.19%
4.56%
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 Global Growth Allocation
Managed Risk Fund - Service Class
advised by Lincoln Financial Investments
Corporation
0.98%
11.87%
4.88%
5.08%
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 -
Service Class
advised by Lincoln Financial Investments
Corporation
0.94%2
11.61%
6.76%
6.74%
A high level of current income with
some consideration given to growth of
capital. A fund of funds.
LVIP American Income Allocation Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
0.92%2
8.09%
4.63%
4.73%
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
2.88%
0.75%
1.11%
1
The name of the adviser or sub-adviser is not listed if the name is incorporated into the name of the fund or the fund company.
2
This fund is subject to an expense reimbursement or fee waiver arrangement. As a result, this fund’s annual expenses reflect temporary expense reductions. See the fund prospectus for additional information.
A-4
Appendix B — Investment Requirements
If you purchase a Living Benefit Rider (except i4LIFE® Advantage without the Guaranteed Income Benefit), you will be subject to Investment Requirements. This means you will be limited in your choice of Subaccount investments and may be limited in how much you can invest in certain Subaccounts. This also means you will not be able to allocate Contract Value to all of the Subaccounts that are available to Contractowners who have not elected a Living Benefit Rider. We impose Investment Requirements to reduce the risk of investment losses that may require us to use our own assets to make guaranteed payments under a Living Benefit Rider.
If you elect Lincoln ProtectedPay Secure Core®, Lincoln ProtectedPay Secure Plus®, Lincoln ProtectedPay Secure Max®, Lifetime IncomeSM Advantage 2.0 (Managed Risk) or i4LIFE® Advantage Guaranteed Income Benefit (Managed Risk) you must allocate your Contract Value or Account Value among one or more of the Subaccounts listed in the Investment Requirements for Managed Risk Riders section below.
If you elect Lincoln IRA Income PlusSM, you must allocate your Contract Value in accordance with the Investment Requirements for Lincoln IRA Income PlusSM section below.
If you elect any other Living Benefit Rider, you must allocate your Contract Value or Account Value among one or more of the Subaccounts listed in the Investment Requirements for i4LIFE Advantage Select Guaranteed Income Benefit or other Living Benefit Riders sections below, according to which rider you purchased and the date of purchase. Currently, if you purchase i4LIFE® Advantage without the Guaranteed Income Benefit, you will not be subject to any Investment Requirements, although we reserve the right to impose Investment Requirements for this rider in the future. If we do exercise our right to do so, you will have to reallocate your Account Value subject to such requirements.
If you elect a Living Benefit Rider, Investment Requirements apply whether you purchase the rider at contract issue, or add it to an existing Contract. You must hold the rider for a minimum period of time after election (the minimum time is specified under the Termination section of each rider). During this time, you will be required to adhere to the Investment Requirements. After this time, failure to adhere to the Investment Requirements will result in termination of the rider.
Certain Living Benefit Riders guarantee you the right to transition to a version of i4LIFE® Advantage Guaranteed Income Benefit even if that version is no longer available for purchase. If you transition to i4LIFE® Advantage Guaranteed Income Benefit, the Investment Requirements under your Prior Living Benefit Rider continue to apply. See i4LIFE® Advantage – i4LIFE® Advantage Guaranteed Income Benefit Transitions for a discussion of this transition.
Certain underlying funds that are included in the Investment Requirements, including funds managed by an adviser affiliated with us, employ risk management strategies that are intended to control the funds’ overall volatility, and for some funds, to also reduce the downside exposure of the funds during significant market downturns. These funds are included under Investment Requirements (particularly in the Investment Requirements for the Managed Risk and Secure riders) in part because the reduction in volatility helps us to reduce the risk of investment losses that may require us to use our own assets to make guaranteed payments under a Living Benefit Rider. At the same time, risk management strategies in periods of high market volatility or other market conditions, could limit your participation in market gains. This may conflict with your investment objectives by limiting your ability to maximize potential growth of your Contract Value and, in turn, the value of any guaranteed benefit that is tied to investment performance. You should consult with your registered representative to determine whether these funds align with your investment objectives. For more information about the funds and the investment strategies they employ, please refer to the funds’ current prospectuses. Fund prospectuses are available by contacting us.
If you purchase a Living Benefit Rider (except i4LIFE® Advantage without the Guaranteed Income Benefit), you agree to be automatically enrolled in the portfolio rebalancing option under your Contract and thereby authorize us to automatically rebalance your Contract Value on a periodic basis. (This portfolio rebalancing will continue while a death claim is being settled, if the Living Benefit Rider could continue on an additional measuring life.) On each quarterly anniversary of the effective date of the rider, we will rebalance your Contract Value in accordance with your allocation instructions in effect at the time of the rebalancing. Any reallocation of Contract Value among the Subaccounts made by you prior to a rebalancing date will become your allocation instructions for rebalancing purposes. Confirmation of the rebalancing will appear on your quarterly statement. If we rebalance Contract Value from the Subaccounts and your allocation instructions do not comply with the Investment Requirements, portfolio rebalancing will be paused, and any subsequent transfer requests will be considered not in Good Order until updated allocation instructions are received. These investments will become your allocation instructions until you tell us otherwise.
Some investment options are not available to you if you purchase certain riders. The Investment Requirements may not be consistent with an aggressive investment strategy. You should consult with your registered representative to determine if the Investment Requirements are consistent with your investment objectives.
For certain Living Benefit Riders, the Subaccounts of your Contract are divided into groups and have specified minimum or maximum percentages of Contract Value that must be in each group at the time you purchase the rider. Please review the Investment Requirements below to determine which Investment Requirements apply to your rider. You can select the percentages of Contract Value to allocate to individual Subaccounts within each group, but the total investment for all Subaccounts within the group must comply with
B-1
the specified minimum or maximum percentages for that group. We may change the list of Subaccounts in a group, change the number of groups, change the minimum or maximum percentages of Contract Value allowed in a group, change the investment options that are or are not available to you, or change the rebalancing frequency at any time in our sole discretion. For other Living Benefit Riders, we may only make certain Subaccounts available to you, which are listed below.
For all Living Benefit Riders, we may make Subaccounts unavailable to you at any time in our sole discretion. You will be notified at least 30 days prior to the date of any change. We may make such modifications at any time when we believe the modifications are necessary to protect our ability to provide the guarantees under these riders. Our decision to make modifications will be based on several factors including the general market conditions and the style and investment objectives of the subaccount investments.
At the time you receive notice of a change to the Investment Requirements, you may:
1.
submit your own reallocation instructions for the Contract Value, before the effective date specified in the notice, so that the Investment Requirements are satisfied; or
2.
take no action and be subject to the quarterly rebalancing as described above. If this results in a change to your allocation instructions, then these will be your new allocation instructions until you tell us otherwise; or
3.
terminate the applicable rider immediately, without waiting for a termination event, if you do not wish to be subject to these Investment Requirements.
Investment Requirements for Managed Risk Riders. If you elected Lincoln ProtectedPay Secure Core® and Estate LockSM, Lincoln ProtectedPay Secure Core®, Lincoln ProtectedPay Secure Plus®, Lincoln Lifetime IncomeSM Advantage 2.0 (Managed Risk), or are transitioning to i4LIFE® Advantage Guaranteed Income Benefit (Managed Risk) from one of these riders (if applicable), or elect i4LIFE® Advantage Guaranteed Income Benefit (Managed Risk) on or after May 18, 2020, you must currently allocate your Contract Value among one or more of the following Subaccounts only. 
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® IS American Funds Mortgage
Fund
American Funds® IS The Bond Fund of America
American Funds® IS U.S. Government Securities
Fund
LVIP American Preservation Fund
American Funds® IS Managed Risk Asset
Allocation Fund
American Funds® IS Managed Risk Growth Fund
American Funds® IS Managed Risk
Growth-Income Fund
American Funds® IS Managed Risk International
Fund
American Funds® IS Managed Risk Washington
Mutual Investors Fund
American Funds® IS Portfolio Series – American
Funds Managed Risk Global Allocation Portfolio
American Funds® IS Portfolio Series – American
Funds Managed Risk Growth and Income
Portfolio
American Funds® IS Portfolio Series – American
Funds Managed Risk Growth Portfolio
LVIP American Global Balanced Allocation
Managed Risk Fund
LVIP American Global Growth Allocation
Managed Risk Fund
No Subaccounts at this time.
The fixed account, if available, is only available for dollar cost averaging.
As an alternative, to satisfy these Investment Requirements, you may allocate 100% of your Contract Value or i4LIFE® Advantage Account Value among the Subaccounts listed below. If you allocate less than 100% of Contract Value or i4LIFE® Advantage Account Value among these Subaccounts, then the Subaccounts listed below that are also listed in Group 1 will be subject to the Group 1 restrictions. Any remaining Subaccounts listed below that are not listed in Group 1 will fall into Group 2 and be subject to Group 2 restrictions.
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American Funds® IS American Funds Mortgage Fund
●
American Funds® IS Managed Risk Asset Allocation Fund
●
American Funds® IS Portfolio Series – American Funds Managed Risk Global Allocation Portfolio
●
American Funds® IS Portfolio Series – American Funds Managed Risk Growth and Income Portfolio
●
American Funds® IS Portfolio Series – American Funds Managed Risk Growth Portfolio
●
American Funds® IS The Bond Fund of America
●
American Funds® IS U.S. Government Securities Fund
●
LVIP American Global Balanced Allocation Managed Risk Fund
●
LVIP American Global Growth Allocation Managed Risk Fund
●
LVIP American Preservation Fund
B-2
Investment Requirements for Lincoln IRA Income PlusSM. If you elect Lincoln IRA Income PlusSM, you must allocate 100% of your Contract Value among the following Subaccounts:
●
American Funds® IS Managed Risk Asset Allocation Fund
●
American Funds® IS Portfolio Series — American Funds Managed Risk Global Allocation Portfolio
●
American Funds® IS Portfolio Series — American Funds Managed Risk Growth and Income Portfolio
●
American Funds® IS Portfolio Series — American Funds Managed Risk Growth Portfolio
●
LVIP American Global Balanced Allocation Managed Risk Fund
●
LVIP American Global Growth Allocation Managed Risk Fund
Investment Requirements for other Living Benefit Riders. If you elect Lincoln ProtectedPay Select Core® and Estate LockSM, Lincoln ProtectedPay Select Core®, Lincoln ProtectedPay Select Plus®, Lincoln ProtectedPay Select Max®, Lincoln Market Select® Advantage, Lincoln Max 6 SelectSM Advantage, Lincoln Wealth PassSM, 4LATER® Select Advantage, Lincoln Long-Term CareSM Advantage, or you are transitioning to i4LIFE® Advantage Select Guaranteed Income Benefit from one of these riders (if applicable), or you elect i4LIFE® Advantage Select Guaranteed Income Benefit, you must currently allocate 100% of your Contract Value or i4LIFE® Advantage Account Value among one or more of the following Subaccounts. 
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
American Funds® IS American Funds Mortgage Fund
American Funds® IS The Bond Fund of America
American Funds® IS U.S. Government Securities Fund
LVIP American Preservation Fund
American Funds® IS American High-Income Trust
American Funds® IS Asset Allocation Fund
American Funds® IS Capital Income Builder
American Funds® IS Capital World Growth and Income Fund
American Funds® IS Global Balanced Fund
American Funds® IS Global Growth Fund
American Funds® IS American Funds Global Growth Portfolio
American Funds® IS American Funds Growth and Income Portfolio
American Funds® IS Growth Fund
American Funds® IS Growth-Income Fund
American Funds® IS International Fund
American Funds® IS International Growth and Income Fund
American Funds® IS Managed Risk Asset Allocation Fund
American Funds® IS Portfolio Series – American Managed Risk Global
Allocation Portfolio
American Funds® IS Portfolio Series – American Funds Managed Risk Growth
and Income Portfolio
American Funds® IS Portfolio Series – American Funds Managed Risk Growth
Portfolio
American Funds® IS Ultra-Short Bond Fund
American Funds® IS Washington Mutual Investors Fund
LVIP American Balanced Allocation Fund
LVIP American Global Balanced Allocation Managed Risk Fund
LVIP American Global Growth Allocation Managed Risk Fund
LVIP American Growth Allocation Fund
LVIP American Income Allocation Fund
The fixed account is only available for dollar cost averaging.
As an alternative, to satisfy these Investment Requirements, you may allocate 100% of your Contract Value or i4LIFE® Advantage Account Value among the Subaccounts listed below. If you allocate less than 100% of Contract Value or i4LIFE® Advantage Account Value among these Subaccounts, then the Subaccounts listed below that are also listed in Group 1 will be subject to the Group 1 restrictions. Any remaining Subaccounts listed below that are not listed in Group 1 will fall into Group 2 and be subject to Group 2 restrictions.
●
American Funds® IS American Funds Mortgage Fund
●
American Funds® IS Asset Allocation Fund
●
American Funds® IS Global Balanced Fund
●
American Funds® IS Managed Risk Asset Allocation Fund
●
American Funds® IS Portfolio Series – American Funds Growth and Income Portfolio
●
American Funds® IS Portfolio Series – American Funds Managed Risk Global Allocation Portfolio
●
American Funds® IS Portfolio Series – American Funds Managed Risk Growth and Income Portfolio
●
American Funds® IS Portfolio Series – American Funds Managed Risk Growth Portfolio
●
American Funds® IS The Bond Fund of America
●
American Funds® IS U.S. Government Securities Fund
●
LVIP American Balanced Allocation Fund
●
LVIP American Global Balanced Allocation Managed Risk Fund
●
LVIP American Global Growth Allocation Managed Risk Fund
●
LVIP American Growth Allocation Fund
B-3
●
LVIP American Income Allocation Fund
●
LVIP American Preservation Fund
The fixed account, if available, is only available for dollar cost averaging.
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:
●
American Funds Balanced Model Portfolio
●
American Funds Conservative Model Portfolio
●
American Funds Asset Allocation Fund & American Funds U.S. Government/AAA-Rated Securities Fund Model
●
American Funds IS TRICAP Global Moderate Growth Portfolio
●
American Funds IS TRICAP Moderate Growth Portfolio
●
American Funds Select Growth 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.
Investment Requirements for i4LIFE® Advantage Guaranteed Income Benefit (Managed Risk) prior to May 18, 2020. If you elected i4LIFE® Advantage Guaranteed Income Benefit (Managed Risk)prior to May 18, 2020, you must allocate 100% of your i4LIFE® Advantage Account Value among one or more of the following Subaccounts only.
●
American Funds® IS American Funds Mortgage Fund
●
American Funds® IS Managed Risk Asset Allocation Fund
●
American Funds® IS Managed Risk Growth Fund
●
American Funds® IS Managed Risk Growth-Income Fund
●
American Funds® IS Managed Risk International Fund
●
American Funds® IS Managed Risk Washington Mutual Investors Fund
●
American Funds® IS Portfolio Series – American Funds Managed Risk Global Allocation Portfolio
●
American Funds® IS Portfolio Series – American Funds Managed Risk Growth and Income Portfolio
●
American Funds® IS Portfolio Series – American Funds Managed Risk Growth Portfolio
●
American Funds® IS The Bond Fund of America
●
American Funds® IS U.S. Government Securities Fund
●
LVIP American Global Balanced Allocation Managed Risk Fund
●
LVIP American Global Growth Allocation Managed Risk Fund
●
LVIP American Preservation Fund
The fixed account is only available for dollar cost averaging.
Investment Requirements for i4LIFE® Advantage Select Guaranteed Income Benefit elected prior to May 18, 2020. If you elect i4LIFE® Advantage Select Guaranteed Income Benefit prior to May 18, 2020, you may allocate 100% of your Account Value among all Subaccounts except those listed below.
●
American Funds® IS Capital World Bond Fund
●
American Funds® IS Global Small Capitalization Fund
●
American Funds® IS New World Fund
The fixed account, if available, is only available for dollar cost averaging.
As an alternative, to satisfy these Investment Requirements, 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 Account Value can be allocated to one of the following models, if available:
●
American Funds Asset Allocation Fund & American Funds U.S. Government/AAA-Rated Securities Fund Model
●
American Funds Balanced Model Portfolio
●
American Funds Conservative Model Portfolio
●
American Funds IS TRICAP Global Moderate Growth Portfolio
●
American Funds IS TRICAP Moderate Growth Portfolio
●
American Funds Select Growth 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 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.
B-4
 
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This updating summary prospectus incorporates by reference the prospectus and statement of additional information (SAI) for the Contract, both dated May 1, 2025, as may be amended or supplemented from time to time. The SAI may be obtained, free of charge, in the same manner as the prospectus.
 
SEC File Nos. 333-63505; 811-05721
EDGAR Contract Identifier C000201576