C.M. Life Electrum SelectSM
Issued by C.M. Life Insurance Company
C.M. Life Variable Life Separate Account I
Updating Summary Prospectus – April 29, 2024
This Summary Prospectus summarizes key features of the C.M. Life Electrum SelectSM policy, a flexible premium, adjustable, variable life insurance policy (policy), issued by C.M. Life Insurance Company.
The prospectus for the C.M. Life Electrum Select policy contains more information about the policy, including its features, benefits, and risks. You can find the current statutory prospectus and other information about the policy online at www.MassMutual.com/Electrum-Select. You can also obtain this information at no cost by calling (800) 665-2654 or by sending an email request to BOLICOLIService@MassMutual.com.
Additional information about certain investment products, including variable life insurance policies, has been prepared by the Securities and Exchange Commission staff and is available at www.investor.gov.
The SEC has not approved or disapproved this policy or determined that this prospectus is accurate or complete. Any representation that it has is a criminal offense.
1
Account Value. The value of your investment in the Separate Account Divisions and the GPA.
Administrative Office. Massachusetts Mutual Life Insurance Company, BOLI/COLI Document Management Hub, 1295 State Street, Springfield, MA 01111-0001, (800) 665-2654, (Fax) (860) 562-6154, BOLICOLIService@MassMutual.com, www.MassMutual.com
Attained Age. The Insured’s age on the Issue Date, plus the number of completed Policy Years.
Fund(s). The investment entities in which the Separate Account Divisions invest.
Good Order. The actual receipt by our Administrative Office of the instructions related to a request or transaction in writing (or, when permitted, by telephone, fax, website, or other electronic means), within the time limits, if any, along with all forms, information and supporting legal documentation we require to effect the request or transaction. This information includes, to the extent applicable: the completed application or instruction form; your policy number; the transaction amount (in dollars or percentage terms); the names and allocations to and/or from the Separate Account Divisions affected by the request or transaction; the signatures of all Policy Owners; if necessary, Social Security Number or Tax Identification number; tax certification; and any other information or supporting documentation we may require including consents, certifications and guarantees. Instructions must be complete and sufficiently clear so that we do not need to exercise any discretion to follow such instructions. We may, in our sole discretion, determine whether any particular request or transaction is in Good Order, and we reserve the right to change or waive any Good Order requirements at any time. If you have any questions, you may contact our Administrative Office before submitting the form or request.
GPA Value. The sum of your values in the GPA.
Grace Period. A period that begins when the Surrender Value is not sufficient to cover monthly charges due and your policy stays In Force, during which you can pay the amount of premium needed to avoid termination.
In Force. Your policy has not terminated.
Insured. The person on whose life the policy is issued.
Issue Date. The date we issue the policy. The Issue Date starts the contestability and suicide periods.
Modified Endowment Contract (MEC). A special type of life insurance under federal income tax law. Specifically, the law prescribes a test that is intended to differentiate between policies that are purchased primarily for certain tax advantages, versus policies that are purchased primarily for death protection. MECs are still life insurance and offer tax-free death benefits and tax-deferred cash value accumulation. However, pre-death distributions (including loans) are taxed as “income first” (not cost basis first), meaning they are taxable to the extent of gain in the policy. In addition, distributions may be subject to a 10% additional tax.
Monthly Calculation Date. The Policy Date and the same day of each succeeding calendar month on which monthly charges are due on the policy.
Net Premium. A premium payment received in Good Order minus the premium load charge and the Cash Surrender Value Enhancement Rider charge, if applicable.
Policy Anniversary. The anniversary of the Policy Date.
Policy Date. The starting point for determining the Policy Anniversaries, Policy Years, and Monthly Calculation Dates. It is also the day we first deduct monthly charges under the policy.
Policy Debt. All outstanding loans plus accrued interest.
2
Policy Owner. The individual, corporation, partnership, trust or other entity who owns the policy, as shown on our records, and will generally make the choices that determine how the policy operates while it is In Force.
Policy Termination. An event where your policy is no longer In Force due to the Surrender Value becoming too low to support your policy’s monthly charges or if total Policy Debt exceeds the Account Value.
Policy Year. The twelve month period beginning with the Policy Date and each successive twelve month period thereafter.
Separate Account Division. A variable investment division offered through our Separate Account that invests in the corresponding underlying Fund.
Surrender Value. Account Value less Policy Debt.
Target Premium. A threshold for your policy premium load charge that we establish on your Issue Date.
3
Updated Information About Your Policy
|
The information in this Updating Summary Prospectus is a summary of certain policy features that have changed since May 1, 2023. This may not reflect all changes that have occurred since you purchased your policy. |
|
|
Fund Name Changes |
Delaware Ivy VIP Asset Strategy was renamed Macquarie VIP Asset Strategy Series. |
|
Fund Additions |
The
following Funds were added as investment options on April 29, 2024: |
|
Fund Reorganizations |
The following Funds reorganized after the close of the New York Stock Exchange on April 26, 2024: |
|
Sub-Adviser Change |
T. Rowe Price Associates, Inc. no longer serves as sub-adviser to the MML Equity Fund. |
4
Important Information You Should Consider About the Policy
|
FEES AND EXPENSES |
LOCATION IN PROSPECTUS |
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|
Charges for Early Withdrawals |
None. |
N/A |
||
|
Transaction Charges |
Premium Load Charge. We deduct the premium load charge from each premium you pay. The current premium load charge is 6.55% of each premium payment up to and including the Target Premium, and 0.50% of premium over the Target Premium. We may increase this charge on all policies to up to 10% of each premium. |
Fee Tables – Transaction Fees |
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|
Ongoing Fees and Expenses |
In addition to transaction charges, an investment in the policy is subject to certain ongoing fees and expenses, including fees and expenses covering the cost of insurance and cost of optional riders. Those fees and expenses are set based on characteristics of the Insured (e.g., age, sex, and risk classification). You should view the policy’s specifications page for rates applicable to your policy. |
Fee Tables – Periodic Charges Other than Annual Fund Operating Expenses |
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|
Annual Fee |
Minimum |
Maximum |
||
|
Fund options (Fund fees and expenses) |
0.03%(1) |
2.28%(1) |
||
| (1) | As a percentage of Fund assets. |
5
|
RISKS |
LOCATION IN PROSPECTUS |
|||
|
Risk of Loss |
You can lose money by investing in the policy. |
Principal Risks – Investment Risks |
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|
Not a Short-Term Investment |
This policy is not a short-term investment and is not appropriate for an investor who needs ready access to cash. |
Overview of the Policy – What is the policy, and what is it designed to do? |
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|
Risks Associated with Investment Options |
An investment in this policy is subject to the risk of poor investment performance and can vary depending upon the performance of the underlying Funds you choose. Each investment option (including any fixed account investment option) has its own unique risks. You should review the prospectuses for the available Funds before making an investment decision. |
Principal Risks – Investment Risks |
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|
Insurance Company Risks |
An investment in this policy is subject to the risks related to the Depositor (C.M. Life). Any obligations (including under any fixed account investment option), guarantees, or benefits of the policy are subject to the claims-paying ability of C.M. Life. If C.M. Life experiences financial distress, it may not be able to meet its obligations to you. More information about C.M. Life, including its financial strength ratings, is available by calling (800) 665-2654 or by visiting www.MassMutual.com/ratings. |
General Information About the Company, the Separate Account and the Underlying Funds – The Guaranteed Principal Account |
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|
Policy Termination |
Your policy could terminate (or lapse) if the Surrender Value of the policy becomes too low to support the policy’s monthly charges, or if total Policy Debt exceeds the Account Value. Factors that may cause your policy to lapse include: insufficient premium payments, poor investment performance, withdrawals, and unpaid loans or loan interest. If your policy lapses, you may be able to reinstate it. To reinstate your policy, you must provide us certain written materials we require as well as a premium payment sufficient to keep the policy In Force for three months after reinstatement. The death benefit will not be paid if the policy has lapsed. |
Principal Risks – Policy Termination |
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6
|
RESTRICTIONS |
LOCATION IN PROSPECTUS |
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|
Investments |
Generally, you may transfer Account Value among the Separate Account Divisions and the Guaranteed Principal Account (GPA), subject to certain limitations. We also offer two automated transfer programs: Automated Account Value Transfer and Automated Account Re-balancing. •
Transfers from the GPA are limited to one per Policy Year and may not exceed 25% of your Account Value in the GPA (less any Policy Debt). •
There is one exception to this rule. If you have transferred 25% of the GPA Value (less any Policy Debt) for three consecutive years and you have not added any Net Premium or transferred amounts to the GPA during these three consecutive years, you may transfer the remainder of the GPA Value (less any Policy Debt) out of the GPA in the succeeding Policy Year. •
Transfers (including transfers through automated programs) cannot be processed during a Grace Period. In addition, we reserve the right to reject or restrict transfers if we determine the transfers reflect frequent trading or a market timing strategy, or we are required to reject or restrict by the applicable Fund. |
Transfers |
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|
Optional Benefits |
Optional benefits, such as riders, may alter the benefits or charges under your policy. Rider availability and benefits may vary by state of issue, and their election may have tax consequences. Riders may have restrictions or limitations. If you elect a particular rider, it may restrict or enhance the terms of your policy, or restrict the availability or terms of other riders. |
Other Benefits Available Under the Policy |
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|
TAXES |
LOCATION IN PROSPECTUS |
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|
Tax Implications |
•
You should consult with a tax professional to determine the tax implications of an investment in and payments received under the policy. •
If you purchase the policy through a qualified retirement plan, you do not receive any additional tax deferral. Withdrawals and partial surrenders are taxed as recovery of cost basis first and income second. Loans and collateral assignments are not taxable when taken. Any gain on your policy is taxed as ordinary income. •
If your policy becomes a Modified Endowment Contract or MEC, loans, collateral assignments, withdrawals, and other pre-death distributions will be taxed as income first and recovery of cost basis second. You may have to pay a penalty tax if you take a distribution before you attain age 59½. |
Federal Income Tax Considerations |
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7
|
CONFLICTS OF INTEREST |
LOCATION IN PROSPECTUS |
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|
Investment Professional Compensation |
Your registered representative may receive compensation in the form of commissions for selling the policy to you. If your registered representative is also a MassMutual insurance agent, they are also eligible for certain cash and non-cash benefits from us. Cash compensation includes bonuses and allowances based on factors such as sales, productivity and persistency (policy retention). Non-cash compensation includes various recognition items such as prizes and awards as well as attendance at, and payment of the costs associated with attendance at, conferences, seminars and recognition trips, and also includes contributions to certain individual plans such as pension and medical plans. Sales of the policy may help these registered representatives and their supervisors qualify for such benefits. |
Other Information – Distribution |
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|
Exchanges |
Some investment professionals may have a financial incentive to offer you the policy in place of the one you own. You should only exchange your current life insurance policy if you determine, after comparing the features, fees, and risks of both policies, that it is preferable for you to purchase the new policy rather than continue to own your existing life insurance policy. |
N/A |
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8
Funds Available Under the Policy
The following is a list of Funds available under the policy. The list of Funds is subject to change, as discussed in the prospectus for the policy. 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.MassMutual.com/Electrum-Select. You can also request this information at no cost by calling (800) 665-2654 or sending an email request to BOLICOLIService@MassMutual.com.
The current expenses and performance information below reflects fees and expenses of the Funds, but do not reflect the other fees and expenses that your policy 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.
|
Fund Type |
Fund and Adviser/Sub-Adviser |
Current Expenses (expenses/ average assets) |
Average Annual Total Returns |
||
|
1 Year |
5 Year |
10 Year |
|||
|
Asset Allocation |
American Funds Insurance Series® Asset Allocation Fund (Class 1) |
0.30
%
|
14.55
%
|
9.47
%
|
7.51
%
|
|
Asset Allocation |
Fidelity® VIP Freedom 2020 PortfolioSM (Service Class)(1) |
0.57
%
|
12.34
%
|
7.38
%
|
5.63
%
|
|
Asset Allocation |
Fidelity® VIP Freedom 2025 PortfolioSM (Service Class)(1) |
0.59
%
|
13.48
%
|
8.14
%
|
6.09
%
|
|
Asset Allocation |
Fidelity® VIP Freedom 2030 PortfolioSM (Service Class)(1) |
0.62
%
|
14.56
%
|
9.17
%
|
6.75
%
|
|
Asset Allocation |
Fidelity® VIP Freedom 2035 PortfolioSM (Service Class)(1) |
0.67
%
|
16.71
%
|
10.74
%
|
7.56
%
|
|
Asset Allocation |
Fidelity® VIP Freedom 2040 PortfolioSM (Service Class)(1) |
0.71
%
|
18.77
%
|
11.81
%
|
8.03
%
|
|
Asset Allocation |
Fidelity® VIP Freedom 2045 PortfolioSM (Service Class)(1) |
0.72
%
|
19.33
%
|
11.92
%
|
8.08
%
|
|
Asset Allocation |
Fidelity® VIP Freedom 2050 PortfolioSM (Service Class)(1) |
0.72
%
|
19.36
%
|
11.91
%
|
8.07
%
|
|
Asset Allocation |
Fidelity® VIP Freedom 2055 PortfolioSM (Service Class)(1) |
0.72
%
|
19.40
%
|
—
|
—
|
|
Asset Allocation |
Fidelity® VIP Freedom 2060 PortfolioSM (Service Class)(1) |
0.72
%
|
19.30
%
|
—
|
—
|
|
Asset Allocation |
Fidelity® VIP Freedom 2065 PortfolioSM (Service Class)(1) |
0.72
%
|
19.29
%
|
—
|
—
|
9
|
Fund Type |
Fund and Adviser/Sub-Adviser |
Current Expenses (expenses/ average assets) |
Average Annual Total Returns |
||
|
1 Year |
5 Year |
10 Year |
|||
|
Asset Allocation |
Fidelity® VIP Freedom Income PortfolioSM (Service Class)(1) |
0.47
%
|
7.81
%
|
3.85
%
|
3.29
%
|
|
Asset Allocation |
MML Aggressive Allocation Fund (Initial Class)(1) |
0.97
%
|
18.32
%
|
10.27
%
|
7.32
%
|
|
Asset Allocation |
MML American Funds Core Allocation Fund (Service Class I)(1) |
1.00
%
|
14.37
%
|
7.94
%
|
6.44
%
|
|
Asset Allocation |
MML Balanced Allocation Fund (Initial Class)(1) |
0.85
%
|
12.47
%
|
6.44
%
|
4.95
%
|
|
Asset Allocation |
MML Conservative Allocation Fund (Initial Class)(1) |
0.82
%
|
11.65
%
|
5.54
%
|
4.37
%
|
|
Asset Allocation |
MML Growth Allocation Fund (Initial Class)(1) |
0.90
%
|
15.98
%
|
8.95
%
|
6.48
%
|
|
Asset Allocation |
MML Moderate Allocation Fund (Initial Class)(1) |
0.86
%
|
13.90
%
|
7.29
%
|
5.50
%
|
|
Asset Allocation |
Schwab® VIT Balanced Portfolio(2) |
0.58
%
|
11.96
%
|
5.02
%
|
3.66
%
|
|
Asset Allocation |
Schwab® VIT Balanced with Growth Portfolio(3) |
0.54
%
|
14.85
%
|
6.91
%
|
4.82
%
|
|
Asset Allocation |
Schwab® VIT Growth Portfolio(4) |
0.55
%
|
17.52
%
|
8.45
%
|
5.77
%
|
|
Money Market |
Invesco V.I. Government Money Market Fund (Series I)(5) |
0.36
%
|
4.86
%
|
2.09
%
|
1.69
%
|
|
Money Market |
MML U.S. Government Money Market Fund (Initial Class)(6) |
0.52
%
|
4.64
%
|
1.54
%
|
0.95
%
|
|
Fixed Income |
American Funds Insurance Series® American High-Income Trust® (Class 1A) |
0.57
%
(*)
|
12.40
%
|
6.09
%
|
4.50
%
|
|
Fixed Income |
American Funds Insurance Series® Capital World Bond Fund® |
0.48
%
|
6.39
%
|
–0.07
%
|
0.62
%
|
10
|
Fund Type |
Fund and Adviser/Sub-Adviser |
Current Expenses (expenses/ average assets) |
Average Annual Total Returns |
||
|
1 Year |
5 Year |
10 Year |
|||
|
Fixed Income |
American Funds Insurance Series® The Bond Fund of America® |
0.48
%
(*)
|
4.89
%
|
1.87
%
|
2.16
%
|
|
Fixed Income |
American Funds Insurance Series® U.S. Government Securities Fund® (Class 1A) |
0.49
%
(*)
|
2.88
%
|
1.04
%
|
1.62
%
|
|
Fixed Income |
BlackRock High Yield V.I. Fund (Class I) |
0.56
%
(*)
|
13.23
%
|
5.76
%
|
4.47
%
|
|
Fixed Income |
BlackRock Total Return V.I. Fund (Class I) |
0.49
%
(*)
|
5.83
%
|
1.35
%
|
1.94
%
|
|
Fixed Income |
DFA VA Global Bond Portfolio (Institutional Class) |
0.21
%
|
5.05
%
|
0.58
%
|
1.29
%
|
|
Fixed Income |
DFA VIT Inflation-Protected Securities Portfolio (Institutional Class) |
0.11
%
|
4.02
%
|
3.10
%
|
—
|
|
Fixed Income |
Eaton Vance VT Floating-Rate Income Fund (ADV Class) |
0.92
%
|
11.52
%
|
4.42
%
|
3.47
%
|
|
Fixed Income |
Fidelity® VIP Bond Index Portfolio (Service Class 2) |
0.39
%
|
5.13
%
|
0.64
%
|
—
|
|
Fixed Income |
Franklin Strategic Income VIP Fund (Class 2) |
1.09
%
(*)
|
8.37
%
|
2.23
%
|
2.02
%
|
|
Fixed Income |
Goldman Sachs Core Fixed Income Fund (Service) |
0.67
%
(*)
|
5.83
%
|
1.13
%
|
1.64
%
|
|
Fixed Income |
Invesco V.I. Global Strategic Income Fund (Series I) |
0.92
%
(*)
|
8.88
%
|
1.30
%
|
1.50
%
|
|
Fixed Income |
LVIP American Century Inflation Protection Fund (Service Class)(7) |
0.77
%
(*)
|
3.40
%
|
2.65
%
|
1.90
%
|
|
Fixed Income |
MFS® Government Securities Portfolio (Initial Class) |
0.58
%
(*)
|
4.15
%
|
0.32
%
|
1.06
%
|
11
|
Fund Type |
Fund and Adviser/Sub-Adviser |
Current Expenses (expenses/ average assets) |
Average Annual Total Returns |
||
|
1 Year |
5 Year |
10 Year |
|||
|
Fixed Income |
MML Dynamic Bond Fund (Class II) |
0.57
%
(*)
|
7.99
%
|
0.97
%
|
—
|
|
Fixed Income |
MML High Yield Fund (Class II) |
0.96
%
(*)
|
13.21
%
|
5.07
%
|
4.53
%
|
|
Fixed Income |
MML Inflation-Protected and Income Fund (Initial Class) |
0.61
%
(*)
|
5.43
%
|
3.19
%
|
2.48
%
|
|
Fixed Income |
MML Managed Bond Fund (Initial Class) |
0.45
%
|
6.70
%
|
1.58
%
|
2.04
%
|
|
Fixed Income |
MML Short-Duration Bond Fund (Class II) |
0.58
%
|
6.94
%
|
1.30
%
|
1.58
%
|
|
Fixed Income |
MML Total Return Bond Fund (Class II) |
0.63
%
|
5.45
%
|
1.04
%
|
1.55
%
|
|
Fixed Income |
PIMCO Emerging Markets Bond Portfolio (Advisor Class) |
1.27
%
|
11.03
%
|
2.15
%
|
2.68
%
|
|
Fixed Income |
PIMCO Global Bond Opportunities Portfolio (Unhedged) (Administrative Class) |
1.01
%
|
5.26
%
|
0.97
%
|
1.09
%
|
|
Fixed Income |
PIMCO High Yield Portfolio (Administrative Class) |
0.77
%
|
12.25
%
|
4.84
%
|
4.15
%
|
|
Fixed Income |
PIMCO Long-Term U.S. Government Portfolio |
2.01
%
|
3.99
%
|
–1.29
%
|
2.07
%
|
|
Fixed Income |
PIMCO Real Return Portfolio (Administrative Class) |
0.84
%
|
3.67
%
|
3.16
%
|
2.26
%
|
|
Fixed Income |
PIMCO Total Return Portfolio (Administrative Class) |
0.75
%
|
5.94
%
|
1.09
%
|
1.71
%
|
|
Fixed Income |
T. Rowe Price Limited-Term Bond Portfolio |
0.50
%
(*)
|
4.95
%
|
1.86
%
|
1.38
%
|
|
Fixed Income |
Templeton Global Bond VIP Fund (Class 1) |
0.50
%
(*)
|
3.19
%
|
–1.89
%
|
–0.41
%
|
12
|
Fund Type |
Fund and Adviser/Sub-Adviser |
Current Expenses (expenses/ average assets) |
Average Annual Total Returns |
||
|
1 Year |
5 Year |
10 Year |
|||
|
Fixed Income |
Vanguard VIF High Yield Bond Portfolio |
0.24
%
|
11.67
%
|
5.10
%
|
4.33
%
|
|
Fixed Income |
Vanguard VIF Short-Term Investment-Grade Portfolio |
0.14
%
|
6.16
%
|
2.13
%
|
1.93
%
|
|
Fixed Income |
Western Asset Long Credit VIT (Class I)(8) |
0.45
%
(*)
|
—
|
—
|
—
|
|
Balanced |
MML Blend Fund (Initial Class)(1) |
0.50
%
|
17.62
%
|
9.10
%
|
7.55
%
|
|
Balanced |
TOPS® Aggressive Growth ETF Portfolio (Class 1)(1) |
0.29
%
|
17.77
%
|
10.83
%
|
7.69
%
|
|
Balanced |
TOPS® Balanced ETF Portfolio (Class 1)(1) |
0.30
%
|
11.75
%
|
6.67
%
|
4.87
%
|
|
Balanced |
TOPS® Conservative ETF Portfolio (Class 1)(1) |
0.31
%
|
9.48
%
|
5.11
%
|
3.64
%
|
|
Balanced |
TOPS® Growth ETF Portfolio (Class 1)(1) |
0.29
%
|
16.41
%
|
9.75
%
|
6.81
%
|
|
Balanced |
TOPS® Moderate Growth ETF Portfolio (Class 1)(1) |
0.29
%
|
13.81
%
|
8.23
%
|
5.86
%
|
|
Balanced |
Vanguard VIF Balanced Portfolio |
0.21
%
|
14.33
%
|
9.59
%
|
7.89
%
|
|
Large Cap Value |
American Funds Insurance Series® Washington Mutual Investors Fund (Class 1A) |
0.57
%
(*)
|
17.29
%
|
12.60
%
|
9.92
%
|
|
Large Cap Value |
BlackRock Basic Value V.I. Fund (Class I) |
0.74
%
(*)
|
16.61
%
|
11.57
%
|
7.74
%
|
|
Large Cap Value |
DFA VA U.S. Large Value Portfolio (Institutional Class) |
0.21
%
|
10.92
%
|
10.71
%
|
8.10
%
|
|
Large Cap Value |
Invesco V.I. Comstock Fund (Series I) |
0.75
%
|
12.36
%
|
13.49
%
|
8.92
%
|
13
|
Fund Type |
Fund and Adviser/Sub-Adviser |
Current Expenses (expenses/ average assets) |
Average Annual Total Returns |
||
|
1 Year |
5 Year |
10 Year |
|||
|
Large Cap Value |
MFS® Value Series (Initial Class) |
0.69
%
(*)
|
7.93
%
|
11.34
%
|
8.52
%
|
|
Large Cap Value |
MML Equity Fund (Initial Class) |
0.44
%
|
9.32
%
|
11.99
%
|
8.34
%
|
|
Large Cap Value |
MML Equity Income Fund (Initial Class) |
0.79
%
|
9.54
%
|
11.20
%
|
7.86
%
|
|
Large Cap Value |
MML Fundamental Value Fund (Class II) |
0.80
%
|
13.69
%
|
12.14
%
|
8.39
%
|
|
Large Cap Value |
MML Income & Growth Fund (Initial Class) |
0.71
%
|
9.19
%
|
12.00
%
|
8.79
%
|
|
Large Cap Value |
Vanguard VIF Diversified Value Portfolio |
0.29
%
|
20.13
%
|
14.28
%
|
9.27
%
|
|
Large Cap Value |
Vanguard VIF Equity Income Portfolio |
0.29
%
|
8.10
%
|
11.57
%
|
9.53
%
|
|
Large Cap Blend |
American Funds Insurance Series® Growth-Income Fund (Class 1A) |
0.53
%
|
26.12
%
|
13.36
%
|
11.00
%
|
|
Large Cap Blend |
Fidelity® VIP Contrafund® Portfolio (Initial Class) |
0.56
%
|
33.45
%
|
16.65
%
|
11.61
%
|
|
Large Cap Blend |
Fidelity® VIP Index 500 Portfolio (Service Class) |
0.20
%
|
26.07
%
|
15.45
%
|
11.81
%
|
|
Large Cap Blend |
Fidelity® VIP Total Market Index Portfolio (Service Class 2) |
0.37
%
|
25.71
%
|
14.73
%
|
—
|
|
Large Cap Blend |
Invesco V.I. Diversified Dividend Fund (Series I) |
0.68
%
|
9.04
%
|
9.81
%
|
7.80
%
|
|
Large Cap Blend |
Invesco V.I. Main Street Fund® (Series I) |
0.80
%
(*)
|
23.22
%
|
13.57
%
|
10.02
%
|
|
Large Cap Blend |
MFS® Blended Research® Core Equity Portfolio (Initial Class) |
0.43
%
(*)
|
28.53
%
|
15.81
%
|
11.10
%
|
14
|
Fund Type |
Fund and Adviser/Sub-Adviser |
Current Expenses (expenses/ average assets) |
Average Annual Total Returns |
||
|
1 Year |
5 Year |
10 Year |
|||
|
Large Cap Blend |
MML Focused Equity Fund (Class II) |
0.87
%
|
9.88
%
|
13.44
%
|
10.83
%
|
|
Large Cap Blend |
MML Fundamental Equity Fund (Class II) |
0.81
%
|
23.00
%
|
14.99
%
|
12.22
%
|
|
Large Cap Blend |
MML Sustainable Equity Fund (Initial Class) |
0.56
%
|
24.51
%
|
14.72
%
|
10.97
%
|
|
Large Cap Blend |
Schwab® S&P 500 Index Portfolio(9) |
0.03
%
|
26.22
%
|
15.64
%
|
11.92
%
|
|
Large Cap Blend |
Vanguard VIF Capital Growth Portfolio |
0.34
%
|
27.98
%
|
14.33
%
|
12.85
%
|
|
Large Cap Growth |
Fidelity® VIP Growth Portfolio (Service Class) |
0.68
%
|
36.09
%
|
19.52
%
|
14.68
%
|
|
Large Cap Growth |
Invesco V.I. American Franchise Fund (Series I) |
0.86
%
|
40.93
%
|
16.16
%
|
11.70
%
|
|
Large Cap Growth |
MFS® Growth Series (Initial Class) |
0.73
%
(*)
|
35.86
%
|
15.89
%
|
12.97
%
|
|
Large Cap Growth |
MML American Funds Growth Fund (Service Class I)(10)(11) |
1.02
%
|
37.96
%
|
18.17
%
|
13.87
%
|
|
Large Cap Growth |
MML Blue Chip Growth Fund (Initial Class) |
0.78
%
|
49.53
%
|
12.93
%
|
12.05
%
|
|
Large Cap Growth |
MML Large Cap Growth Fund (Initial Class) |
0.69
%
|
51.71
%
|
17.75
%
|
12.98
%
|
|
Large Cap Growth |
Vanguard VIF Growth Portfolio |
0.33
%
|
40.13
%
|
16.08
%
|
12.88
%
|
|
Small/Mid-Cap Value |
DFA VA U.S. Targeted Value Portfolio (Institutional Class) |
0.29
%
|
20.03
%
|
15.40
%
|
9.00
%
|
|
Small/Mid-Cap Value |
Franklin Small Cap Value VIP Fund (Class 2) |
0.91
%
(*)
|
13.02
%
|
11.34
%
|
7.31
%
|
|
Small/Mid-Cap Value |
Goldman Sachs Mid Cap Value Fund (Institutional) |
0.84
%
(*)
|
11.42
%
|
13.37
%
|
8.10
%
|
15
|
Fund Type |
Fund and Adviser/Sub-Adviser |
Current Expenses (expenses/ average assets) |
Average Annual Total Returns |
||
|
1 Year |
5 Year |
10 Year |
|||
|
Small/Mid-Cap Value |
Macquarie VIP Small Cap Value Series (Service Class)(12) |
1.08
%
|
9.10
%
|
9.87
%
|
6.77
%
|
|
Small/Mid-Cap Value |
MFS® Mid Cap Value Portfolio (Initial Class) |
0.79
%
(*)
|
12.73
%
|
12.90
%
|
8.73
%
|
|
Small/Mid-Cap Value |
MML Mid Cap Value Fund (Initial Class) |
0.89
%
|
5.97
%
|
11.11
%
|
8.83
%
|
|
Small/Mid-Cap Value |
MML Small Company Value Fund (Class II) |
0.99
%
(*)
|
16.14
%
|
11.22
%
|
7.62
%
|
|
Small/Mid-Cap Value |
MML Small/Mid Cap Value Fund (Initial Class) |
0.82
%
|
17.12
%
|
11.06
%
|
7.75
%
|
|
Small/Mid-Cap Blend |
BlackRock Small Cap Index V.I. Fund (Class III) |
0.47
%
(*)
|
16.43
%
|
—
|
—
|
|
Small/Mid-Cap Blend |
BNY Mellon MidCap Stock Portfolio (Service Shares) |
1.05
%
(*)
|
17.99
%
|
10.42
%
|
7.17
%
|
|
Small/Mid-Cap Blend |
Fidelity® VIP Extended Market Index Portfolio (Service Class 2) |
0.38
%
|
17.11
%
|
11.02
%
|
—
|
|
Small/Mid-Cap Blend |
Goldman Sachs Small Cap Equity Insights Fund (Institutional) |
0.82
%
(*)
|
19.28
%
|
10.04
%
|
7.81
%
|
|
Small/Mid-Cap Blend |
Invesco V.I. Small Cap Equity Fund (Series I) |
0.95
%
|
16.57
%
|
12.44
%
|
6.55
%
|
|
Small/Mid-Cap Blend |
Lord Abbett Mid Cap Stock Portfolio (Class VC) |
1.15
%
|
15.42
%
|
10.64
%
|
6.51
%
|
|
Small/Mid-Cap Blend |
MML Small Cap Equity Fund (Initial Class) |
0.73
%
|
17.81
%
|
13.18
%
|
9.09
%
|
|
Small/Mid-Cap Blend |
Vanguard VIF Mid-Cap Index Portfolio(13) |
0.17
%
|
15.83
%
|
12.56
%
|
9.27
%
|
|
Small/Mid-Cap Growth |
Goldman Sachs Mid Cap Growth Fund (Service) |
0.98
%
(*)
|
18.45
%
|
13.49
%
|
9.34
%
|
|
Small/Mid-Cap Growth |
Invesco V.I. Discovery Mid Cap Growth Fund (Series I) |
0.87
%
|
13.15
%
|
12.77
%
|
9.79
%
|
16
|
Fund Type |
Fund and Adviser/Sub-Adviser |
Current Expenses (expenses/ average assets) |
Average Annual Total Returns |
||
|
1 Year |
5 Year |
10 Year |
|||
|
Small/Mid-Cap Growth |
LVIP American Century Capital Appreciation Fund |
0.79
%
(*)
|
20.69
%
|
13.24
%
|
9.36
%
|
|
Small/Mid-Cap Growth |
MML Mid Cap Growth Fund (Initial Class) |
0.82
%
|
22.64
%
|
11.38
%
|
10.40
%
|
|
Small/Mid-Cap Growth |
MML Small Cap Growth Equity Fund (Initial Class) |
1.08
%
(*)
|
16.84
%
|
11.91
%
|
8.80
%
|
|
International/Global |
American Funds Insurance Series® Capital World Growth and Income Fund (Class 1A) |
0.66
%
(*)
|
20.87
%
|
10.33
%
|
7.73
%
|
|
International/Global |
American Funds Insurance Series® Global Growth Fund (Class 1) |
0.41
%
(*)
|
22.90
%
|
13.94
%
|
9.85
%
|
|
International/Global |
American Funds Insurance Series® Global Small Capitalization Fund (Class 1) |
0.66
%
(*)
|
16.46
%
|
8.57
%
|
6.04
%
|
|
International/Global |
American Funds Insurance Series® International Growth and Income Fund (Class 1) |
0.56
%
|
16.08
%
|
6.38
%
|
3.57
%
|
|
International/Global |
American Funds Insurance Series® New World Fund® (Class 1) |
0.57
%
(*)
|
16.22
%
|
8.90
%
|
4.95
%
|
|
International/Global |
DFA VA International Small Portfolio (Institutional Class) |
0.40
%
|
14.11
%
|
7.86
%
|
4.89
%
|
|
International/Global |
Fidelity® VIP Emerging Markets Portfolio (Initial Class) |
0.89
%
|
9.66
%
|
7.79
%
|
5.18
%
|
|
International/Global |
Fidelity® VIP International Index Portfolio (Service Class 2) |
0.42
%
|
15.88
%
|
6.89
%
|
—
|
|
International/Global |
Fidelity® VIP Overseas Portfolio (Initial Class) |
0.73
%
|
20.51
%
|
9.98
%
|
4.91
%
|
|
International/Global |
Franklin Mutual Global Discovery VIP Fund (Class 2) |
1.15
%
|
20.31
%
|
10.16
%
|
5.98
%
|
17
|
Fund Type |
Fund and Adviser/Sub-Adviser |
Current Expenses (expenses/ average assets) |
Average Annual Total Returns |
||
|
1 Year |
5 Year |
10 Year |
|||
|
International/Global |
Goldman Sachs International Equity Insights Fund (Institutional) |
0.80
%
(*)
|
18.71
%
|
7.81
%
|
3.44
%
|
|
International/Global |
Invesco Oppenheimer V.I. International Growth Fund (Series I) |
1.00
%
(*)
|
21.06
%
|
8.72
%
|
3.80
%
|
|
International/Global |
Invesco V.I. EQV International Equity Fund (Series I) |
0.90
%
|
18.15
%
|
8.42
%
|
4.33
%
|
|
International/Global |
Invesco V.I. Global Fund (Series I) |
0.82
%
|
34.73
%
|
12.30
%
|
8.47
%
|
|
International/Global |
LVIP American Century International Fund (Standard Class II)(15) |
0.95
%
(*)
|
12.57
%
|
8.29
%
|
4.07
%
|
|
International/Global |
Macquarie VIP Emerging Markets Series (Service Class)(16) |
1.48
%
(*)
|
13.45
%
|
3.87
%
|
2.38
%
|
|
International/Global |
MFS® International Intrinsic Value Portfolio (Initial Class) |
0.89
%
(*)
|
17.66
%
|
8.58
%
|
6.92
%
|
|
International/Global |
MML Foreign Fund (Initial Class) |
0.95
%
|
16.22
%
|
6.11
%
|
2.22
%
|
|
International/Global |
MML Global Fund (Service Class I) |
1.08
%
|
14.08
%
|
10.18
%
|
7.09
%
|
|
International/Global |
MML International Equity Fund (Class II) |
0.95
%
(*)
|
18.51
%
|
8.11
%
|
—
|
|
International/Global |
MML Strategic Emerging Markets Fund (Class II) |
1.25
%
(*)
|
10.47
%
|
1.93
%
|
1.11
%
|
|
International/Global |
Vanguard VIF International Portfolio |
0.33
%
|
14.65
%
|
10.28
%
|
6.80
%
|
|
Specialty(17) |
Fidelity® VIP Real Estate Portfolio (Service Class) |
0.70
%
|
11.09
%
|
5.12
%
|
5.93
%
|
|
Specialty(17) |
Invesco V.I. Global Real Estate Fund (Series I) |
1.02
%
|
9.05
%
|
2.11
%
|
3.10
%
|
18
|
Fund Type |
Fund and Adviser/Sub-Adviser |
Current Expenses (expenses/ average assets) |
Average Annual Total Returns |
||
|
1 Year |
5 Year |
10 Year |
|||
|
Specialty(17) |
Macquarie VIP Asset Strategy Series (Service Class)(18) |
0.85
%
(*)
|
13.94
%
|
8.27
%
|
3.48
%
|
|
Specialty(17) |
Macquarie VIP Science and Technology Series (Service Class)(19) |
1.15
%
|
39.06
%
|
17.17
%
|
10.87
%
|
|
Specialty(17) |
MFS® Global Real Estate Portfolio (Initial Class) |
0.90
%
(*)
|
11.46
%
|
6.41
%
|
6.55
%
|
|
Specialty(17) |
MFS® Utilities Series (Initial Class) |
0.79
%
(*)
|
–2.11
%
|
8.31
%
|
6.39
%
|
|
Specialty(17) |
MML Managed Volatility Fund (Initial Class) |
1.06
%
|
12.87
%
|
5.74
%
|
4.36
%
|
|
Specialty(17) |
PIMCO All Asset Portfolio (Administrative Class)(1) |
2.19
%
(*)
|
8.14
%
|
6.02
%
|
4.04
%
|
|
Specialty(17) |
PIMCO CommodityRealReturn® Strategy Portfolio (Advisor Class) |
1.58
%
(*)
|
–7.93
%
|
8.46
%
|
–0.90
%
|
|
Specialty(17) |
Vanguard VIF Real Estate Index Portfolio |
0.26
%
|
11.70
%
|
7.18
%
|
7.29
%
|
| (*) | These Funds and their investment advisers have entered into contractual fee waivers or expense reimbursements. These temporary fee reductions are reflected in their current expenses. Those contractual arrangements are designed to reduce the Fund’s total current expenses for Owners and will continue past the current year. |
| (1) | These are fund-of-funds investment choices. They are known as fund-of-funds because they invest in other underlying funds. A fund offered in a fund-of-funds structure may have higher expenses than a direct investment in its underlying funds because a fund-of-funds bears its own expenses and indirectly bears its proportionate share of expenses of the underlying funds in which it invests. |
| (2) | Schwab VIT Balanced Portfolio was added as an investment option on April 29, 2024. |
| (3) | Schwab VIT Balanced with Growth Portfolio was added as an investment option on April 29, 2024. |
| (4) | Schwab VIT Growth Portfolio was added as an investment option on April 29, 2024. |
| (5) | Invesco V.I. Government Money Market Fund was added as an investment option on April 29, 2024. |
| (6) | You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. The yield of this Fund may become very low during periods of low interest rates. After deduction of Separate Account charges, the yield in the division that invests in this Fund could be negative. |
| (7) | Effective April 26, 2024, American Century VP Inflation Protection Fund reorganized into LVIP American Century Inflation Protection Fund. |
| (8) | Western Asset Long Credit VIT was added as an investment option on April 29, 2024. |
| (9) | Schwab® S&P 500 Index Portfolio was added as an investment option on April 29, 2024. |
| (10) | The Fund is a “feeder” fund, meaning that it does not buy investment securities directly, but instead invests in shares of a corresponding “master” fund, which in turn purchases investment securities. A fund offered in a master feeder structure may have higher expenses than those of a fund which invests directly in securities because the “feeder” fund bears its own expenses in addition to those of the “master” fund. You should read the Fund prospectuses for more information about this “feeder” fund. |
| (11) | The MML American Funds Growth Fund invests all of its assets in the Class 1 shares of the American Funds Insurance Series® – Growth Fund. However, this Fund is not available directly as investment choices under your MassMutual variable product. You should read the prospectus along with the prospectus for the MML American Funds Growth Fund. |
19
| (12) | Macquarie VIP Small Cap Value Series formerly known as Delaware VIP® Small Cap Value Series. |
| (13) | Vanguard VIF Mid-Cap Index Portfolio was added as an investment option on April 29, 2024. |
| (14) | Effective April 26, 2024, American Century VP Capital Appreciation Fund reorganized into LVIP American Century Capital Appreciation Fund. |
| (15) | Effective April 26, 2024, American Century VP International Fund reorganized into LVIP American Century International Fund. |
| (16) | Macquarie VIP Emerging Markets Series formerly known as Delaware VIP® Emerging Markets Series. |
| (17) | Specialty funds are an all-encompassing category that consists of funds that forgo broad diversification to concentrate on a certain segment of the economy or a specific targeted strategy. For example, sector funds are targeted strategy funds aimed at specific sectors of the economy, such as financial, technology, healthcare, and so on. Sector funds can, therefore, be more volatile than a more diversified equity fund since the stocks in a given sector tend to be highly correlated with each other. |
| (18) | Macquarie VIP Asset Strategy Series formerly known as Delaware Ivy VIP Asset Strategy. |
| (19) | Macquarie VIP Science and Technology Series formerly known as Delaware Ivy VIP Science and Technology. |
20
This Summary Prospectus incorporates by reference the C.M. Life Electrum Select policy’s statutory prospectus and Statement of Additional Information (SAI), both dated April 29, 2024, as amended or supplemented. The SAI includes additional information about C.M. Life Variable Life Separate Account I.
You can find the statutory prospectus and SAI at www.MassMutual.com/Electrum-Select. You can also obtain this information at no cost by calling (800) 665-2654 or by sending an email request to BOLICOLIService@MassMutual.com.
EDGAR Contract Identifier: C000232693