Strategic Group Variable Universal Life®
Issued by Massachusetts Mutual Life Insurance Company
Massachusetts Mutual Variable Life Separate Account I
Updating Summary Prospectus – April 29, 2024
This Summary Prospectus summarizes key features of the Strategic Group Variable Universal Life® policy, a variable rider issued in connection with policies issued to individuals participating under a group, flexible premium, adjustable, variable life insurance policy (policy), issued by Massachusetts Mutual Life Insurance Company.
The prospectus for the Strategic Group Variable Universal Life 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/SGVUL. You can also obtain this information at no cost by calling (800) 548-0073 or by sending an email request to LCMClientServices@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.
Fund(s). The investment entities in which the Separate Account Divisions invest.
In Force. Your policy has not terminated.
Insured. The person on whose life the policy is issued.
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.
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.
Policy Owner. The person who will generally make the choices that determine how the policy operates while it is In Force.
Policy Year. The twelve-month period beginning with the Policy Date, and each successive twelve-month period thereafter.
Selected Face Amount. An amount used to determine the insurance coverage provided by the policy while it is In Force.
Separate Account Division. A variable investment division offered through our Separate Account that invests in the corresponding underlying Fund.
2
Updated Information About Your Policy
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The information in this Updating Summary Prospectus is a summary of certain certificate features that have changed since May 1, 2023. This may not reflect all changes that have occurred since you purchased your certificate. |
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Fund Addition |
Invesco V.I. Equity and Income Fund was added as an investment option on April 29, 2024. |
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Fund Merger |
Invesco V.I. Conservative Balanced Fund merged into Invesco V.I. Equity and Income Fund after the close of the New York Stock Exchange on April 26, 2024. |
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Fund Reorganizations |
The following Funds reorganized after the close of the New York Stock Exchange on April 26, 2024: |
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Sub-Adviser Change |
T. Rowe Price Associates, Inc. no longer serves as sub-adviser to the MML Equity Fund. |
3
Important Information You Should Consider About the Policy
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FEES AND EXPENSES |
LOCATION IN PROSPECTUS |
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Charges for Early Withdrawals |
When you withdraw a portion of your Account Value from the policy, we deduct a withdrawal charge of up to 2% of the amount you withdraw, but not more than $25. Please note that this charge applies to any withdrawal – whether it is taken early in your holding of the policy or later. |
Fee Tables – Transaction |
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Transaction Charges |
In addition to withdrawal charges, you also may be charged for other transactions. These charges are as follows: |
Fee Tables – Transaction |
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Ongoing Fees and Expenses |
In addition to withdrawal charges and transaction charges, an investment in the policy is subject to certain ongoing fees and expenses, including fees and expenses covering the cost of insurance under the policy and the cost of optional benefits available under the policy. These fees and expenses are set based on characteristics of the Insured under the policy (e.g., age, sex, and underwriting class). You should view the policy specifications pages for rates applicable to your policy. |
Fee Tables – Periodic Charges Other than Annual Fund |
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Annual Fee |
Minimum |
Maximum |
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Fund options (Fund fees and expenses)(1) |
0.28%(1) |
1.49%(1) |
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| (1) | As a percentage of Fund assets. |
4
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RISKS |
LOCATION IN PROSPECTUS |
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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 |
A policy is not a short-term investment vehicle 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. |
Principal Risks – Investment Risks |
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Insurance Company Risks |
An investment in the policy is subject to the risks related to the Depositor (MassMutual). Any obligations (including under any fixed account investment option), guarantees, or benefits of the policy are subject to the claims-paying ability of MassMutual. If MassMutual experiences financial distress, it may not be able to meet its obligations to you. More information about MassMutual, 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 Lapse |
Your policy could terminate (or lapse) if the Cash Surrender Value becomes too low to support the policy’s monthly charges. 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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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. •
Transfers from the GPA to the Separate Account are limited to one per Policy Year, and generally 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 the transfer 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 (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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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 policy rather than continue to own your existing life insurance policy. |
N/A |
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7
Funds Available Under the Policy
The following is a list of Funds currently available under the policy. This list of Funds is subject to change, as discussed in the prospectus for the policy. Before you invest, you should review the prospectuses for the Funds. These prospectuses contain more information about the Funds and their risks and may be amended from time to time. You can find the prospectuses and other information about the Funds online at www.MassMutual.com/SGVUL. You can also request this information at no cost by calling (800) 548-0073 or sending an email request to LCMClientServices@MassMutual.com.
The current expenses and performance information below reflects fees and expenses of the Funds, but does not reflect the other fees and expenses that your policy may charge. Expenses would be higher and performance would be lower if these charges were included. Each Fund’s past performance is not necessarily an indication of future performance.
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Fund Type |
Fund and Adviser/Sub-Adviser |
Current Expenses (expenses/ average assets) |
Average Annual Total Returns |
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|
1 Year |
5 Year |
10 Year |
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Asset Allocation |
MML Aggressive Allocation Fund (Initial Class)(1) |
0.97
%
|
18.32
%
|
10.27
%
|
7.32
%
|
|
Asset Allocation |
MML Balanced Allocation Fund (Initial Class)(1) |
0.85
%
|
12.47
%
|
6.44
%
|
4.95
%
|
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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
%
|
|
Money Market |
Invesco V.I. U.S. Government Money Portfolio (Series I)(2) |
0.63
%
|
4.54
%
|
1.54
%
|
0.94
%
|
|
Fixed Income |
Invesco V.I. Core Plus Bond Fund (Series I) |
0.61
%
(*)
|
6.14
%
|
–3.41
%
|
1.89
%
|
|
Fixed Income |
Invesco V.I. Global Strategic Income Fund (Series I) |
0.92
%
(*)
|
8.88
%
|
1.30
%
|
1.50
%
|
|
Fixed Income |
MML Managed Bond Fund (Initial Class) |
0.45
%
|
6.70
%
|
1.58
%
|
2.04
%
|
|
Balanced |
Invesco V.I. Equity and Income Fund (Series I)(3)(4) |
0.57
%
|
10.56
%
|
9.93
%
|
7.06
%
|
|
Large Cap Value |
LVIP American Century Disciplined Core Value Fund |
0.71
%
(*)
|
8.65
%
|
10.19
%
|
8.19
%
|
8
|
Fund Type |
Fund and Adviser/Sub-Adviser |
Current Expenses (expenses/ average assets) |
Average Annual Total Returns |
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|
1 Year |
5 Year |
10 Year |
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|
Large Cap Value |
LVIP American Century Value Fund (Standard Class II)(6) |
0.71
%
(*)
|
9.10
%
|
11.87
%
|
8.53
%
|
|
Large Cap Value |
MML Equity Fund (Initial Class) |
0.44
%
|
9.32
%
|
11.99
%
|
8.34
%
|
|
Large Cap Blend |
Fidelity® VIP Contrafund® Portfolio (Service Class) |
0.66
%
|
33.34
%
|
16.54
%
|
11.50
%
|
|
Large Cap Blend |
Invesco V.I. Main Street Fund® (Series I) |
0.80
%
(*)
|
23.22
%
|
13.57
%
|
10.02
%
|
|
Large Cap Blend |
MFS® Research Series (Initial Class) |
0.79
%
(*)
|
22.42
%
|
14.41
%
|
10.82
%
|
|
Large Cap Blend |
MML Equity Index Fund (Class II) |
0.28
%
|
25.93
%
|
15.38
%
|
11.73
%
|
|
Large Cap Growth |
Invesco V.I. Capital Appreciation Fund (Series I) |
0.80
%
(*)
|
35.38
%
|
16.40
%
|
11.56
%
|
|
Large Cap Growth |
MFS® Growth Series (Initial Class) |
0.73
%
(*)
|
35.86
%
|
15.89
%
|
12.97
%
|
|
Large Cap Growth |
MML Blue Chip Growth Fund (Initial Class) |
0.78
%
|
49.53
%
|
12.93
%
|
12.05
%
|
|
Large Cap Growth |
T. Rowe Price All-Cap Opportunities Portfolio |
0.80
%
(*)
|
28.96
%
|
18.96
%
|
14.57
%
|
|
Small/Mid-Cap Blend |
Invesco V.I. Main Street Small Cap Fund® (Series I) |
0.88
%
|
18.13
%
|
13.07
%
|
8.93
%
|
|
Small/Mid-Cap Blend |
MML Small Cap Equity Fund (Initial Class) |
0.73
%
|
17.81
%
|
13.18
%
|
9.09
%
|
|
Small/Mid-Cap Growth |
Invesco V.I. Discovery Mid Cap Growth Fund (Series I) |
0.87
%
|
13.15
%
|
12.77
%
|
9.79
%
|
|
Small/Mid-Cap Growth |
MFS® New Discovery Series (Initial Class) |
0.87
%
(*)
|
14.41
%
|
11.08
%
|
7.67
%
|
|
Small/Mid-Cap Growth |
T. Rowe Price Mid-Cap Growth Portfolio(7) |
0.84
%
|
19.96
%
|
11.63
%
|
10.50
%
|
9
|
Fund Type |
Fund and Adviser/Sub-Adviser |
Current Expenses (expenses/ average assets) |
Average Annual Total Returns |
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|
1 Year |
5 Year |
10 Year |
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|
International/Global |
Invesco Oppenheimer V.I. International Growth Fund (Series I) |
1.00
%
(*)
|
21.06
%
|
8.72
%
|
3.80
%
|
|
International/Global |
Invesco V.I. Global Fund (Series I) |
0.82
%
|
34.73
%
|
12.30
%
|
8.47
%
|
|
International/Global |
MML Strategic Emerging Markets Fund (Class II) |
1.25
%
(*)
|
10.47
%
|
1.93
%
|
1.11
%
|
| (*) | 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) | 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. |
| (3) | Invesco V.I. Equity and Income Fund was added as an investment option on April 29, 2024. |
| (4) | Invesco V.I. Conservative Balanced Fund merged into Invesco V.I. Equity and Income Fund after the close of the New York Stock Exchange on April 26, 2024. |
| (5) | Effective April 26, 2024, American Century VP Disciplined Core Value Fund reorganized into LVIP American Century Disciplined Core Value Fund. |
| (6) | Effective April 26, 2024, American Century VP Value Fund reorganized into LVIP American Century Value Fund. |
| (7) | The T. Rowe Price Mid-Cap Growth Portfolio is not available as an investment choice for policies issued on May 1, 2004, or later. |
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This Summary Prospectus incorporates by reference the Strategic Group Variable Universal Life 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 Massachusetts Mutual Variable Life Separate Account I.
You can find the statutory prospectus and SAI at www.MassMutual.com/SGVUL. You can also obtain this information at no cost by calling (800) 548-0073 or by sending an email request to LCMClientServices@MassMutual.com.
EDGAR Contract Identifier: C000027261