Thrivent Flexible Premium Deferred
Variable Annuity
 
Thrivent Variable Annuity Account I
 
Updating Summary Prospectus
April 30, 2024
This updating summary prospectus summarizes key features of the Thrivent Flexible Premium Deferred Variable Annuity Contract (the “Contract”) offered between 2005 and 2022 by Thrivent Financial for Lutherans (“Thrivent,” “we,” “us” or “our”), a fraternal benefit society organized under Wisconsin law. It also describes the flexible premium variable annuity contract we offered between 2002 and 2005. Even though we no longer issue new Contracts, you may continue to allocate premiums among investment options with different investment objectives
The prospectus, which contains more information about the features, benefits and risks of the Contract is available online at dfinview.com/Thrivent/FlexDefVA. You can also request paper copies at no cost by calling 1-800-847-4836, or by sending an email request to mail@thrivent.com.
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.
The Securities and Exchange Commission has not approved or disapproved this contract or passed upon the adequacy of this summary prospectus. Any representation to the contrary is a criminal offense.
Updated Information About Your Contract
The information in this updating summary prospectus is a summary of certain Contract features that have changed since the prospectus dated April 30, 2023. This may not reflect all of the changes that have occurred since you entered into your Contract. 
Content
Description of Changes
Important Information You Should
Consider About the Contract
The Annual Portfolio Company Expenses table was updated to reflect the
new range for the current fees associated with each Portfolio.
Fee Table
The Mortality and Expense Risk charge for Contract Years 8 and longer has
been reduced from 1.00% to 0.90% on the 2005 Contract.
The Mortality and Expense Risk charge has been reduced from 1.10% to
1.00% on the 2002 Contract.
The Fee Table was updated to reflect the new range of fees for Annual
Portfolio Company Expenses.
Charges
The current GLWB Risk Charge has been reduced for all 3 subaccount
options. The current GLWB Risk Charge for contracts with the Thrivent
Moderately Aggressive Allocation and Thrivent Moderate Allocation
subaccounts has been reduced from 1.25% to 0.95%. For contracts with the
Thrivent Moderately Conservative Allocation subaccount, the GLWB Risk
Charge has been reduced from 0.75% to 0.55%.
Benefits Table – Other Benefits
Fixed Period Allocations are now being offered. The Benefits Table has been
updated to include Fixed Period Allocations (not available with Washington
contracts).
Appendix: Portfolios Available
Under the Contract
The Annual Portfolio Company Expenses and performance data have been
updated.
Important Information You Should Consider About the Contract  
FEES AND EXPENSES (Contract W-BC-FPVA (05) Issued from May 2005 through the
December 2022)
Location in
Statutory
Prospectus
Charges for Early
Withdrawals
If you request a full or partial surrender within the first 7 Contract Years, you
may be assessed a Surrender Charge. The maximum Surrender Charge is
7% during the first year and declines by 1% annually. If you make a full or
partial surrender in the first 7 Contract Years, you could pay a Surrender
Charge of up to $7,000 on a $100,000 investment.
In each Contract Year you may surrender without a Surrender Charge up to
10% of the Accumulated Value existing at the time the first surrender is made
Charges –
Surrender Charges
Transaction
Charges
In addition to Surrender Charges, there may also be charges for other
transactions.
You may make 12 free subaccount transfers in each Contract Year. On
subsequent subaccount transfers (other than the Dollar Cost Averaging and
Asset Rebalancing programs), you will incur a $25 transfer charge.
You will also pay a charge if you request a wire transfer of funds from your
Contract to another financial institution. That financial institution may also
charge a fee to receive a wire. You will also pay a charge if you request to
have a check sent to you using an overnight mail service.
Charges – Transfer
Charges
 
2
Ongoing Fees and
Expenses (annual
charges)
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.
Charges
Annual Fee
Minimum
Maximum
Base Contract (as a percentage of
subaccount):
 
 
Contract Years 1-7
0.0%
1.25%
Contract Years 8+
0.0%
1.15%
Investment Options ( Portfolio fees
and expenses as a percentage of
daily net assets)
Expenses may be higher or lower in
future years. More detail is contained
in the prospectus for each Portfolio.
0.23%
1.50%
Optional benefits available for an
additional charge (for a single
optional benefit, if elected)
Minimum
Maximum
Maximum Anniversary Death Benefit
(MADB)
0.0%
0.20%
Premium Accumulation Death Benefit
(PADB)
0.0%
0.40%
Earnings Addition Death Benefit
(EADB)
0.0%
0.25%
MADB and PADB
0.0%
0.50%
MADB and EADB
0.0%
0.35%
PADB and EADB
0.0%
0.55%
MADB and PADB and EADB
0.0%
0.65%
 
Return Protection Allocation (RPA) as
a percentage of assets in the RPA
subaccounts
0.0%
0.75%
 
MADB and RPA
0.0%
0.95%
Guaranteed Lifetime Withdrawal
Benefit (GLWB) Rider Charge
0.0%
1.25%
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, based on current charges. This estimate assumes that you do not take
withdrawals from the Contract, which could add Surrender Charges that
substantially increase costs.
Lowest Annual Cost: $1,506
Highest Annual Cost: $3,427
Assumes:
Assumes:
Investment of $100,000
Investment of $100,000
5% annual appreciation
5% annual appreciation
Least expensive Portfolio fees and
expenses
Most expensive Portfolio fees and
expenses
No optional benefits or riders
All 3 optional death benefits: MADB,
EADB and PADB
No sales charges
No sales charges
No additional purchase payments,
transfers or withdrawals
No additional purchase payments,
transfers or withdrawals
 
3
RISKS
Location in
Statutory
Prospectus
Risk of Loss
You can lose money investing in the Contract.
Principal Risks of
Investing in the
Contract
Not a Short-Term
Investment
The Contract is not a short-term investment and is not appropriate for you if
you need ready access to cash. The Contract has a 7-year Surrender Charge
from the date the Contract was issued that may decrease the surrender value.
Principal Risks of
Investing in the
Contract
Risk Associated
with Investment
Options
An investment in the Contract is subject to the risk of poor investment
performance and can vary depending on the performance of the Portfolios
available under the Contract. Each investment option (including the Fixed
Account) will have its own unique risks, and you should review these
investment options before making an investment decision.
Principal Risks of
Investing in the
Contract
Insurance
Company Risks
Any obligations, guarantees or benefits are subject to the claims-paying ability
of Thrivent. More information about Thrivent, including its financial strength
ratings are available upon request by calling (800) 847-4836 or by sending an
email to mail@thrivent.com.
Principal Risks of
Investing in the
Contract
RESTRICTIONS
Location in
Statutory
Prospectus
Investments
We reserve the right to add, delete, combine or substitute investment options.
If you have money in the Fixed Account, the amount transferred from the
Fixed Account in any Contract Year may not exceed the greater of $500 or
Premium amounts of $1 million or greater require prior approval. We reserve
the right to limit the total of all premiums paid under the Contract to $1 million.
Additional premiums must be at least $50.
Purchases and
Contract Value –
Fixed Account
Optional Benefits
You may only select Optional Living or Optional Death Benefits at the time of
issue.
Benefits Available
Under the Contract
TAXES
Location in
Statutory
Prospectus
Tax Implications
You should consult with a tax professional to determine the tax implications of
an investment in and withdrawals or benefits received under the Contract.
There is no additional tax benefit if the Contract is purchased through a
tax-qualified plan or individual retirement account (IRA). Withdrawals will be
subject to ordinary income tax and may be subject to a 10% federal tax
penalty, if under age 59 1∕2 and no exception applies.
Taxes
CONFLICTS OF INTEREST
Location in
Statutory
Prospectus
Investment
Professional
Compensation
Financial advisors or professionals receive compensation for selling the
Contract s. The financial advisor or professional will receive a base
commission and may also receive trailing compensation based on the
Contract’s Accumulated Value. Financial advisors or professionals may have
an incentive to offer or recommend the Contract over another investment.
They may also have an incentive to recommend you move to a new product.
Distribution of the
Contracts
Exchanges
Some financial advisors or professionals may have a financial incentive to
offer you a new contract in place of the one you already own. You should only
exchange your Contract if you determine, after comparing the features, fees,
and risks of both contracts, that it is preferable for you to purchase the new
Contract rather than continue to own the existing contract.
Taxes –
Exchanges of
Annuity Contracts
 
4
 
FEES AND EXPENSES (Contract W-BB-FPVA (02) Issued between November 2002 & May
2005)
Location in
Statutory
Prospectus
Charges for Early
Withdrawals
This Contract no longer has Surrender Charges applied to full or partial
surrenders.
Charges-Surrender
Charge
Transaction
Charges
There may be charges for other transactions.
You may make 12 free subaccount transfers in each Contract Year. On
subsequent subaccount transfers (other than the Dollar Cost Averaging and
Asset Rebalancing programs), you will incur a $25 transfer charge.
You will also pay a charge if you request a wire transfer of funds from your
Contract to another financial institution. That financial institution may also
charge a fee to receive a wire. You will also pay a charge if you request to
have a check sent to you using an overnight mail service.
Charges-Transfer
Charges
Ongoing Fees and
Expenses (annual
charges)
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.
Charges
Annual Fee
Minimum
Maximum
Base Contract (as a percentage of
daily net assets in the Portfolios)
0%
1.25%
Investment Options ( Portfolio fees
and expenses as a percentage of
daily net assets)
Expenses may be higher or lower in
future years. More detail is contained
in the prospectus for each Portfolio
0.23%
1.50%
Optional benefits available for an
additional charge (as a percentage
of average Contract value)
Minimum
Maximum
Maximum Anniversary Death Benefit
(MADB)
0%
0.10%
Premium Accumulation Death Benefit
(PADB)
0%
0.25%
Earnings Addition Death Benefit
(EADB)
0%
0.20%
MADB and PADB
0%
0.30%
MADB and EADB
0%
0.25%
PADB and EADB
0%
0.40%
MADB and PADB and EADB
0%
0.45%
Return Protection Allocation (RPA) as
a percentage of assets in the RPA
subaccounts
0%
0.75%
MADB and RPA
0%
0.85%
 
5
 
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, based on current charges.
 
Lowest Annual Cost: $1,253
Highest Annual Cost: $2,980
 
Assumes:
Assumes:
Investment of $100,000
Investment of $100,000
5% annual appreciation
5% annual appreciation
Least expensive Portfolio fees and
expenses.
Most expensive Portfolio fees and
expenses
No optional benefits
All 3 optional death benefits: MADB,
EADB and PADB
No sales charges
No sales charges
No additional purchase payments,
transfers or withdrawals
No additional purchase payments,
transfers or withdrawals
RISKS
Location in
Statutory
Prospectus
Risk of Loss
You can lose money investing in the Contract.
Principal Risks of
Investing in the
Contract
Not a Short-Term
Investment
The Contract is not a short-term investment and is not appropriate for you if
you need ready access to cash.
Principal Risks of
Investing in the
Contract
Risk Associated
with Investment
Options
An investment in the Contract is subject to the risk of poor investment
performance and can vary depending on the performance of the Portfolios
available under the Contract. Each investment option (including the Fixed
Account) will have its own unique risks, and you should review these
investment options before making an investment decision.
Principal Risks of
Investing in the
Contract
Insurance
Company Risks
Any obligations, guarantees or benefits are subject to the claims-paying ability
of Thrivent. More information about Thrivent, including its financial strength
ratings are available upon request by calling (800) 847-4836 or by sending an
email to mail@thrivent.com.
Principal Risks of
Investing in the
Contract
RESTRICTIONS
Location in
Statutory
Prospectus
Investments
We reserve the right to add, remove or substitute investment options.
The amount transferred from the Fixed Account in any Contract Year may not
exceed the greater of $500 or 25% of the Accumulated Value in the Fixed
Account.
Purchases and
Contract Value –
Fixed Account
Optional Benefits
Optional death benefits could only be added at the time the Contract was
issued. The optional benefit value is decreased by the same proportion as the
Accumulated Value is decreased by a partial surrender. This may reduce the
benefit value by an amount greater than the value withdrawn or could
terminate the benefit.
Benefits Available
Under the Contract
TAXES
Location in
Statutory
Prospectus
Tax Implications
You should consult with a tax professional to determine the tax implications of
an investment in and withdrawals or benefits received under the Contract.
There is no additional tax benefit if the Contract is purchased through a
tax-qualified plan or individual retirement account (IRA). Withdrawals will be
subject to ordinary income tax and may be subject to a 10% federal tax
penalty, if under age 59 1∕2 and no exception applies.
Taxes
 
6
CONFLICTS OF INTEREST
Location in
Statutory
Prospectus
Investment
Professional
Compensation
Financial advisors or professionals receive compensation for selling the
Contract s. The financial advisor or professional will receive a base
commission and may also receive trailing compensation based on the
Contract’s Accumulated Value. Financial advisors or professionals may have
an incentive to offer or recommend the Contract over another investment.
They may also have an incentive to recommend you move to a new product.
Distribution of the
Contracts
Exchanges
Some financial advisors or professionals may have a financial incentive to
offer you a new contract in place of the one they already own. You should only
exchange your Contract if you determine, after comparing the features, fees,
and risks of both contracts, that it is preferable for you to purchase the new
Contract rather than continue to own the existing contract.
Taxes-Exchanges
of Annuity
Contracts
Special Terms 
The sum of the accumulated values for your Contract in subaccounts, the Fixed Account,
and Fixed Period Allocations on or before the Annuity Date.
The date when annuity income payments will begin if an Annuitant is living on that date.
The flexible premium deferred variable annuity contracts offered by Thrivent and
described in this prospectus.
The same date in each succeeding year as the Date of Issue.
The period from one Contract Anniversary to the next. The first Contract Year will be the
period beginning on the Date of Issue and ending on the first Contract Anniversary.
Part of the general account of Thrivent, which includes all of Thrivent assets other than
those in any Variable Account of Thrivent. For the current interest rate, please call our
Service Center at 1-800-847-4836.
Each subaccount invests exclusively in the shares of a corresponding Portfolio of the
Fund.
A retirement plan that receives favorable tax treatment under Section 401, 403, 408, or
408A or similar provisions of the Internal Revenue Code.
Thrivent, 4321 North Ballard Road, Appleton, Wisconsin 54919-0001, telephone,
1-800-847-4836, or such other office as we may specify in a notice to the Contract
Owner.
A charge that applies to withdrawals that have not met the waiting period.
 
7
Appendix: Portfolios Available Under the Contract
The following is a list of Portfolios that correspond to subaccounts available under the Contract. More information about the Portfolios is available in the prospectuses for the Portfolios, which may be amended from time to time and can be found online at dfinview.com/Thrivent/FlexDefVA. You can also request this information in paper at no cost by calling (800) 847-4836 or by sending an email request to mail@thrivent.com.
The current expenses and performance information below reflect fees and expenses of the Portfolios, but does not reflect the other fees and expenses that your Contract may charge. Expenses would be higher, and performance would be lower if these charges were included. Each Portfolio’s past performance is not necessarily an indication of future performance.  
INVESTMENT
TYPE
PORTFOLIO AND ADVISER/SUBADVISER
CURRENT
EXPENSES
AVERAGE ANNUAL TOTAL RETURNS
(as of 12/31/23)
1 YEAR
5 YEAR
10 YEAR
Allocation -
85%+ Equity
Thrivent Aggressive Allocation Portfolio
0.77%1
19.31%
11.56%
8.61%
Large Growth
Thrivent All Cap Portfolio
0.68%
22.13%
14.75%
10.10%
Allocation -
30% to 50%
Equity
Thrivent Balanced Income Plus Portfolio
0.66%
12.46%
6.86%
5.32%
Allocation -
15% to 30%
Equity
Thrivent Diversified Income Plus Portfolio
0.49%
10.20%
4.73%
4.13%
Diversified
Emerging
Mkts
Thrivent Emerging Markets Equity Portfolio
1.15%1
9.13%
3.32%
1.88%
Large Blend
Thrivent ESG Index Portfolio
0.36%1
28.19%
N/A4
N/A4
Global
Large-Stock
Blend
Thrivent Global Stock Portfolio
0.63%
22.03%
11.08%
7.95%
Intermediate
Government
Thrivent Government Bond Portfolio
0.46%
4.37%
0.90%
1.63%
Health
Thrivent Healthcare Portfolio
0.85%1
4.15%
10.65%
8.88%
High Yield
Bond
Thrivent High Yield Portfolio
0.47%
11.83%
4.25%
3.66%
Corporate
Bond
Thrivent Income Portfolio
0.44%
9.29%
3.04%
3.09%
Foreign Large
Blend
Thrivent International Allocation Portfolio
0.75%
18.11%
6.70%
3.47%
Foreign Large
Blend
Thrivent International Index Portfolio
0.42%
17.76%
N/A4
N/A4
Large Growth
Thrivent Large Cap Growth Portfolio
0.43%
47.07%
17.99%
13.82%
Large Blend
Thrivent Large Cap Index Portfolio
0.23%
26.01%
15.42%
11.74%
Large Value
Thrivent Large Cap Value Portfolio
0.63%
12.87%
13.04%
9.37%
Short-Term
Bond
Thrivent Limited Maturity Bond Portfolio
0.45%
6.38%
2.17%
1.97%
Global
Large-Stock
Blend
Thrivent Low Volatility Equity Portfolio5
0.90%1
8.06%
7.58%
N/A2
Mid-Cap
Growth
Thrivent Mid Cap Growth Portfolio
0.85%1
17.12%
N/A4
N/A4
Mid-Cap
Blend
Thrivent Mid Cap Index Portfolio
0.25%
16.19%
12.36%
8.98%
 
8
INVESTMENT
TYPE
PORTFOLIO AND ADVISER/SUBADVISER
CURRENT
EXPENSES
AVERAGE ANNUAL TOTAL
RETURNS
(as of 12/31/23)
1 YEAR
5 YEAR
10 YEAR
Mid-Cap
Blend
Thrivent Mid Cap Stock Portfolio
0.66%
14.19%
13.12%
10.96%
Mid-Cap
Value
Thrivent Mid Cap Value Portfolio
0.89%1
13.31%
N/A4
N/A4
Allocation -
50% to 70%
Equity
Thrivent Moderate Allocation Portfolio
0.64%1
16.18%
8.15%
6.24%
Allocation -
70% to 85%
Equity
Thrivent Moderately Aggressive Allocation Portfolio
0.71%1
17.60%
9.56%
7.25%
Allocation -
30% to 50%
Equity
Thrivent Moderately Conservative Allocation Portfolio
0.61%1
12.09%
5.42%
4.48%
Money
Market -
Taxable
Thrivent Money Market Portfolio
0.31%
4.88%
1.66%
1.02%
Multisector
Bond
Thrivent Multidimensional Income Portfolio6
0.98%1
8.36%
3.88%
N/A2
Multisector
Bond
Thrivent Opportunity Income Plus Portfolio
0.70%
8.93%
2.37%
2.51%
Real Estate
Thrivent Real Estate Securities Portfolio
0.87%
10.14%
7.12%
7.41%
Small Growth
Thrivent Small Cap Growth Portfolio
0.94%1
9.86%
13.60%
N/A3
Small Blend
Thrivent Small Cap Index Portfolio
0.24%
15.79%
10.78%
8.41%
Small Blend
Thrivent Small Cap Stock Portfolio
0.70%
12.62%
14.55%
10.63%
1Current expenses reflect temporary fee reductions.
2The Fund is not showing Average Annual Total Returns information because the Fund commenced operation on 04/28/2017 and does not have annual returns for the period shown.
3The Fund is not showing Average Annual Total Returns information because the Fund commenced operation on 04/27/2018 and does not have annual returns for the period shown.
4The Fund is not showing Average Annual Total Returns information because the Fund commenced operation on 04/29/2020 and does not have annual returns for the period shown.
5The Thrivent Low Volatility Equity Portfolio will merge into the Thrivent Global Stock Portfolio on or about July 26, 2024. The Low Volatility Equity subaccount will be closed to new money if you don't already have funds in this subaccount at the end of the day on April 30, 2024. If you already have money in this subaccount, you may continue to invest until the merger has been completed.
6The Thrivent Multidimensional Income Portfolio will merge into the Thrivent Opportunity Income Plus Portfolio on or about July 26, 2024. The Multidimensional Income subaccount will be closed to new money if you do not already have funds in this subaccount at the end of the day on April 30, 2024. If you already have money in this subaccount, you may continue to invest until the merger has been completed.
With the Guaranteed Lifetime Withdrawal Benefit Rider, you are limited in your investment options based on the timing of your Contract purchase.
For GLWB Riders added on or after July 24, 2014, you must allocate all of your Accumulated Value to the following investment option:
♦ 
Thrivent Moderately Conservative Allocation subaccount.
For GLWB Riders added on or after January 16, 2014, and on or before July 23, 2014, you must allocate all of your Accumulated Value to only one of the following investment options:
♦ 
Thrivent Moderate Allocation subaccount (as long as you have elected to have premium allocated to this subaccount on or before July 23, 2014, and do not transfer the Accumulated Value out of that subaccount); or
♦ 
Thrivent Moderately Conservative Allocation subaccount.
 
9
If the GLWB Rider was added on or before January 15, 2014, you must allocate all of your Accumulated Value to only one of the following investment options:
♦ 
Thrivent Moderately Aggressive Allocation subaccount (as long as you have elected to have premium allocated to this subaccount on or before January 15, 2014, and do not transfer the Accumulated Value out of that subaccount); or
♦ 
Thrivent Moderate Allocation subaccount (as long as you have elected to have premium allocated to this subaccount on or before July 23, 2014, and do not transfer the Accumulated Value out of that subaccount); or
♦ 
Thrivent Moderately Conservative Allocation subaccount
 
10
[This Page Intentionally Left Blank]
 
 
This updating summary prospectus incorporates by reference the Thrivent Flexible Premium Deferred Variable Annuity prospectus and Statement of Additional Information (SAI), both dated April 30, 2024, as amended and supplemented.
The Statement of Additional Information (SAI) dated April 30, 2024 contains more information about the Contract and the Variable Account. The SAI has been filed with the SEC and is incorporated by reference into the prospectuses. The SAI is available, without charge, upon request. You can view a copy of the SAI online at dfinview.com/Thrivent/FlexDefVA. For a free paper copy of the SAI, to request other information about the Contracts, and to make investor inquiries, you may call our Service Center at 1-800-847-4836, or you may send an email to mail@thrivent.com.
Reports and other information about Thrivent are available on the Securities Exchange Commission Website at http://www.sec.gov. Copies of the information may be obtained, upon payment of a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov.
Thrivent is the marketing name for Thrivent Financial for Lutherans. Insurance products issued by Thrivent. Securities and investment advisory services offered through Thrivent Investment Management Inc., a registered investment adviser, member FINRA and SIPC, and a subsidiary of Thrivent. Licensed agent/producer of Thrivent. Registered representative of Thrivent Investment Management, Inc. Thrivent.com/disclosures.
Insurance products, securities and investment advisory services are provided by appropriately appointed and licensed financial advisors and professionals. Only individuals who are financial advisors are credentialed to provide investment advisory services. Visit Thrivent.com or FINRA’s Broker Check for more information about our financial advisors.
Contract Forms #W-BC-FPVA and state variations
EDGAR Contract No. C000007338 32037SPRU R4-24