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Lincoln ChoicePlus AssuranceSM (B-Share) Individual Variable Annuity Contracts

Updating Summary Prospectus for Current Contractowners

May 1, 2024

This updating summary prospectus summarizes certain changes to key features of the Lincoln ChoicePlus AssuranceSM (B-Share) 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 Lincoln ChoicePlus AssuranceSM (B-Share) contract.

The prospectus for the Lincoln ChoicePlus AssuranceSM (B-Share) 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 1-888-868-2583 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.

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, 2023. This may not reflect all of the changes that have occurred since you entered into your Contract.

Summary of Recent Contract Changes:

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For Lincoln Lifetime IncomeSM Advantage 2.0 (Managed Risk) riders elected prior to May 21, 2018, and for all 4LATER® Advantage (Managed Risk) riders, the current initial annual charge will be increased from 1.05% to 1.25% (single life option) and from 1.25% to 1.50% (joint life option). The fee increase was effective February 20, 2024, and is only applicable: (a) if the Protected Income Base increases as a result of an Enhancement after the tenth Benefit Year anniversary; or (b) upon the earlier of (1) the next Account Value Step-up of the Protected income Base or (2) the next Benefit Year anniversary if cumulative Purchase Payments received after the first Benefit Year anniversary equal or exceed $100,000. You may be able to opt out of the event that causes the fee increase by contacting us in writing or by telephone. Opt out details are discussed in your prospectus.

•

The following riders are no longer available for election:

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Lincoln Lifetime IncomeSM Advantage 2.0 (Managed Risk);

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Lincoln Market Select® Advantage; and

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Lincoln Max 6 Select® Advantage

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The following changes apply to all elections of i4LIFE® Advantage on and after November 20, 2023:

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The minimum Access Period selected must be no less than 10 years;

•

The available Assumed Investment Return (AIR) rates are limited to 3% and 4%;

•

The annuity factor used to calculate the Regular Income Payment no longer includes gender as a component; and

•

An i4LIFE® Advantage Credit will be applied to the Account Value on a quarterly basis if certain criteria are met (subject to state approval).

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The following change applies to Lincoln ProtectedPay® Lifetime Income Suite rider availability:

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In the state of Maryland, the Contractowner/Annuitant as well as the spouse under the joint life option must be at least age 58 at the time this rider is elected.

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Appendix B should be reviewed for all updates to the Investment Requirements that may be applicable to your Contract.

Fund Additions:

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First Trust Capital Strength Hedged Equity Portfolio (Class I): To provide long-term capital appreciation.
This fund was made available on or about August 21, 2023.

•

Lincoln Hedged Nasdaq-100 Fund (Service Class): To seek long-term growth of capital.
This fund will be available on or about May 20, 2024. Please consult your registered representative.

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Lincoln Hedged S&P 500 Conservative Fund (Service Class): To seek long-term growth of capital.
This fund will be available on or about May 20, 2024. Please consult your registered representative.

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Lincoln Hedged S&P 500 Fund (Service Class): To seek long-term growth of capital.
This fund will be available on or about May 20, 2024. Please consult your registered representative.

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Lincoln Opportunistic Hedged Equity Fund (Service Class): To seek long-term growth of capital.
This fund was made available on or about December 18, 2023.

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LVIP American Century Capital Appreciation Fund (Service Class): Capital growth.
This fund will be available on or about May 20, 2024. Please consult your registered representative.

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LVIP American Century Disciplined Core Value Fund (Service Class): Capital growth; income is a secondary consideration.
This fund will be available on or about May 20, 2024. Please consult your registered representative.

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LVIP American Century Inflation Protection Fund (Service Class): Long-term total return using a strategy that seeks to protect against U.S. inflation.
This fund will be available on or about May 20, 2024. Please consult your registered representative.

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LVIP American Century International Fund (Service Class): Capital growth.
This fund will be available on or about May 20, 2024. Please consult your registered representative.

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LVIP American Century Mid Cap Value Fund (Service Class): Long-term growth of capital, income is secondary objective.
This fund will be available on or about May 20, 2024. Please consult your registered representative.

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LVIP American Century Ultra Fund (Service Class): Long-term capital growth.
This fund will be available on or about May 20, 2024. Please consult your registered representative.

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LVIP American Century Value Fund (Service Class): Long-term capital growth; income is a secondary consideration.
This fund will be available on or about May 20, 2024. Please consult your registered representative.

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Putnam VT Sustainable Future Fund (Class IB): Long-term capital appreciation.
This fund was made available on or about August 21, 2023.

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Putnam VT Sustainable Leaders Fund (Class IB): Long-term capital appreciation.
This fund was made available on or about August 21, 2023.

Fund Reorganizations:

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The Board of Trustees of American Century Variable Portfolios, Inc. has approved an agreement and plan of reorganization of each Fund into and with a substantially similar series and class of Lincoln Variable Insurance Products (“LVIP”) Trust. The reorganization was effective on or about April 26, 2024.

The following fund will be reorganized into…	...the following acquiring Fund.*
American Century VP Balanced Fund	LVIP American Century Balanced Fund
American Century VP Large Company Value Fund	LVIP American Century Large Company Value Fund

*Please review Appendix A for additional Fund Information.

Fund Name Changes:

Former Fund Name	New Fund Name*
Delaware VIP® Emerging Markets Series	Macquarie VIP Emerging Markets Series
Delaware VIP® Small Cap Value Series	Macquarie VIP Small Cap Value Series
LVIP Delaware Bond Fund	LVIP Macquarie Bond Fund
LVIP Delaware Diversified Floating Rate Fund	LVIP Macquarie Diversified Floating Rate Fund
LVIP Delaware Diversified Income Fund	LVIP Macquarie Diversified Income Fund
LVIP Delaware High Yield Fund	LVIP Macquarie High Yield Fund
LVIP Delaware Limited-Term Diversified Income Fund	LVIP Macquarie Limited-Term Diversified Income Fund
LVIP Delaware Mid Cap Value Fund	LVIP Macquarie Mid Cap Value Fund
LVIP Delaware SMID Cap Core Fund	LVIP Macquarie SMID Cap Core Fund
LVIP Delaware Social Awareness Fund	LVIP Macquarie Social Awareness Fund
LVIP Delaware U.S. Growth Fund	LVIP Macquarie U.S. Growth Fund
LVIP Delaware U.S. REIT Fund	LVIP Macquarie U.S. REIT Fund
LVIP Delaware Value Fund	LVIP Macquarie Value Fund
LVIP Delaware Wealth Builder Fund	LVIP Macquarie Wealth Builder Fund
LVIP T. Rowe Price Growth Stock Fund	LVIP AllianceBernstein Large Cap Growth Fund

*Please review Appendix A for additional fund information.

Important Information You Should Consider About the Lincoln ChoicePlus AssuranceSM (B-Share) Variable Annuity Contract

	FEES AND EXPENSES			Location in Prospectus
Charges for Early Withdrawals	If you make a withdrawal in excess of the free withdrawal amount before the 7th anniversary since your last Purchase Payment, you may be assessed a surrender charge of up to 7% of the amount withdrawn, declining to 0% over that time period. For example, if you make a withdrawal of $100,000 during the first year after your Purchase Payment, you could be assessed a charge of up to $7,000 on the Purchase Payment withdrawn.			•Fee Tables •Examples •Charges and Other Deductions – Surrender Charge
Transaction Charges	None, other than surrender charges.			•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.			•Fee Tables •Examples •Charges and Other Deductions
Ongoing Fees and Expenses (annual charges)	Annual Fee	Minimum	Maximum	•Fee Tables •Examples •Charges and Other Deductions
	Base Contract – Account Value Death Benefit	1.27%1	1.27%1
	Base Contract – Guarantee of Principal Death Benefit	1.32%1	1.32%1
	Base Contract – Enhanced Guaranteed Minimum Death Benefit	1.57%1	1.57%1
	Base Contract – Estate Enhancement Benefit	1.77%1	1.77%1
	Investment options (fund fees and expenses)	0.48%1	4.08%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, which could add surrender charges that substantially increase costs.
	Lowest Annual Cost: $2,041	Highest Annual Cost: $8,221
	Assumes:	Assumes:
	•Investment of $100,000 •5% annual appreciation •Least expensive fund fees and expenses •No optional benefits •No surrender charges •No additional Purchase Payments, transfers, or withdrawals	•Investment of $100,000 •5% annual appreciation •Most expensive combination of optional benefits, fund fees and expenses •No surrender charges •No additional Purchase Payments, transfers, or withdrawals

	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. •Withdrawals may result in surrender charges. If you take a withdrawal, any surrender charge will reduce the value of your Contract or the amount of money that you actually receive. •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- 888-868-2583 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).	•The Contracts •Living Benefit Riders •Appendix B – Investment Requirements •Appendix C – Discontinued Death Benefit and Living Benefit Riders

	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
Investment Professional Compensation	•Your registered representative may receive compensation for selling this Contract to you, both in the form of commissions and because we may share the revenue it earns on this Contract with the professional’s firm. (Your investment professional may be your broker, investment adviser, insurance agent, or someone else). •This potential conflict of interest may influence your investment professional to recommend this Contract over another investment.	•Distribution of the Contracts •Principal Risks
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

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 1-888-868-2583 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 12/31/2023)
			1 year	5 year	10 year
Long-term growth of capital.	AB VPS Discovery Value Portfolio - Class B advised by AllianceBernstein L.P.	1.06%	16.86%	10.51%	7.29%
Long-term growth of capital.	AB VPS Large Cap Growth Portfolio - Class B advised by AllianceBernstein L.P. This fund is not available in contracts issued on or after June 6, 2005.	0.91%2	34.78%	17.56%	14.60%
Long-term growth of capital.	AB VPS Sustainable Global Thematic Portfolio - Class B advised by AllianceBernstein L.P.	1.17%2	15.70%	13.27%	9.33%
Long-term growth of capital.	American Funds Global Growth Fund - Class 2 This fund is not available in contracts issued on or after November 15, 2010.	0.66%2	22.60%	13.65%	9.58%
Long-term capital growth.	American Funds Global Small Capitalization Fund - Class 2 This fund is not available in contracts issued on or after November 15, 2010.	0.91%2	16.17%	8.31%	5.78%
Growth of capital.	American Funds Growth Fund - Class 2 This fund is not available in contracts issued on or after November 15, 2010.	0.59%	38.49%	18.68%	14.36%
Long-term growth of capital and income.	American Funds Growth-Income Fund - Class 2 This fund is not available in contracts issued on or after November 15, 2010.	0.53%	26.14%	13.36%	10.91%
Long-term growth of capital.	American Funds International Fund - Class 2 This fund is not available in contracts issued on or after November 15, 2010.	0.78%	15.84%	4.83%	3.41%
Long-term growth of capital.	ClearBridge Variable Large Cap Growth Portfolio - Class II advised by Legg Mason Partners Fund Advisor, LLC	1.01%	43.66%	15.22%	N/A
Long-term growth of capital.	ClearBridge Variable Mid Cap Portfolio - Class II advised by Legg Mason Partners Fund Advisor, LLC	1.08%	12.62%	10.46%	6.83%

A-1

Investment Objective	Fund and Adviser/Sub-adviser1	Current Expenses	Average Annual Total Returns (as of 12/31/2023)
			1 year	5 year	10 year
Capital Appreciation. A fund of funds.	DWS Alternative Asset Allocation VIP Portfolio - Class B advised by DWS Investment Management Americas, Inc.	1.21%	5.67%	5.70%	2.63%
Income and capital growth consistent with reasonable risk.	Fidelity® VIP Balanced Portfolio - Service Class 2	0.69%	21.29%	12.16%	8.81%
Long-term capital appreciation.	Fidelity® VIP Contrafund® Portfolio - Service Class 2	0.81%	33.12%	16.36%	11.33%
High total return. A fund of funds.	Fidelity® VIP FundsManager® 50% Portfolio - Service Class 2	0.85%2	12.65%	7.36%	5.35%
To achieve capital appreciation.	Fidelity® VIP Growth Portfolio - Service Class 2	0.83%	35.89%	19.34%	14.51%
Long-term growth of capital.	Fidelity® VIP Mid Cap Portfolio - Service Class 2	0.82%	14.80%	12.17%	7.85%
To provide long-term capital appreciation.	First Trust Capital Strength Hedged Equity Portfolio – Class I	1.25%2	N/A	N/A	N/A
To provide capital appreciation.	First Trust Capital Strength Portfolio – Class I	1.10%2	7.75%	N/A	N/A
To provide long-term capital appreciation.	First Trust Growth Strength Portfolio – Class I	1.20%2	N/A	N/A	N/A
To provide capital appreciation.	First Trust International Developed Capital Strength Portfolio – Class I	1.20%2	16.90%	N/A	N/A
To provide total return by allocating among dividend-paying stocks and investment grade bonds.	First Trust/Dow Jones Dividend & Income Allocation Portfolio - Class I6	1.19%	10.51%	7.23%	6.53%
Capital appreciation with income as a secondary objective.	Franklin Allocation VIP Fund - Class 4	0.92%2	14.62%	7.44%	4.64%
To maximize income while maintaining prospects for capital appreciation.	Franklin Income VIP Fund - Class 2	0.71%2	8.62%	6.98%	5.01%
Balance of growth of capital and income. A fund of funds.	Franklin Multi-Asset Variable Conservative Growth - Class II advised by Legg Mason Partners Fund Advisor, LLC	0.97%	14.28%	7.10%	N/A
Capital appreciation; income is a secondary consideration.	Franklin Mutual Shares VIP Fund - Class 2	0.93%	13.46%	7.81%	5.43%
Capital growth.	Invesco V.I. American Franchise Fund - Series II Shares This fund is not available in contracts issued on or after May 24, 2004.	1.11%	40.60%	15.88%	11.42%

A-2

Investment Objective	Fund and Adviser/Sub-adviser1	Current Expenses	Average Annual Total Returns (as of 12/31/2023)
			1 year	5 year	10 year
Long-term growth of capital.	Invesco V.I. Core Equity Fund - Series II Shares This fund is not available in contracts issued on or after May 24, 2004.	1.05%	23.08%	12.67%	7.53%
To seek to achieve a high level of total return on its assets through a combination of capital appreciation and current income.	Invesco V.I. Equally-Weighted S&P 500 Fund - Series II Shares5	0.59%	13.43%	13.17%	9.76%
Long-term growth of capital.	Invesco V.I. EQV International Equity Fund - Series II Shares	1.15%	17.86%	8.15%	4.07%
Long-term capital growth, consistent with preservation of capital and balanced by current income.	Janus Henderson Balanced Portfolio - Service Shares This fund is not available in contracts issued on or after June 6, 2005.	0.87%	15.13%	9.37%	7.73%
Long-term growth of capital.	Janus Henderson Enterprise Portfolio - Service Shares This fund is not available in contracts issued on or after June 6, 2005.	0.97%	17.78%	13.14%	11.82%
Long-term growth of capital.	Janus Henderson Global Research Portfolio - Service Shares This fund is not available in contracts issued on or after May 24, 2004.	0.86%	26.47%	13.05%	8.74%
Seeks, over a specified annual period (an “Outcome Period”), to provide returns that track those of the Invesco QQQ TrustSM , Series 1 up to a cap, while providing a buffer against losses. A fund of funds.	Lincoln Hedged Nasdaq-100 Fund - Service Class This fund will be available on or about May 20, 2024. Please consult your registered representative.	1.20%2	36.33%	N/A	N/A
Over a specified annual period (an “Outcome Period”), to provide returns that track those of the S&P 500 Price Return Index (“Index”) up to a cap, while providing a buffer against losses. A fund of funds.	Lincoln Hedged S&P 500 Conservative Fund - Service Class4 This fund will be available on or about May 20, 2024. Please consult your registered representative.	1.05%2	13.00%	N/A	N/A
Over a specified annual period (an “Outcome Period”), to provide returns that track those of the S&P 500 Price Return Index (“Index”) up to a cap, while providing a buffer against losses. A fund of funds.	Lincoln Hedged S&P 500 Fund - Service Class4 This fund will be available on or about May 20, 2024. Please consult your registered representative.	1.05%2	16.63%	N/A	N/A
Seeks, over a specified annual period (an “Outcome Period”), to provide returns that track those of the Invesco QQQ TrustSM , Series 1 up to a cap, while providing a buffer against losses. A fund of funds.	Lincoln Opportunistic Hedged Equity Fund - Service Class	1.05%2	N/A	N/A	N/A
Long-term capital growth.	LVIP AllianceBernstein Large Cap Growth Fund - Service Class (formerly LVIP T. Rowe Price Growth Stock Fund) advised by Lincoln Financial Investments Corporation	0.88%2	45.95%	13.04%	11.39%

A-3

Investment Objective	Fund and Adviser/Sub-adviser1	Current Expenses	Average Annual Total Returns (as of 12/31/2023)
			1 year	5 year	10 year
Long-term capital growth and current income by investing approximately 60% of its assets in equity securities and the remainder in bonds and other fixed- income securities.	LVIP American Century Balanced Fund - Service Class (formerly American Century VP Balanced Fund) advised by Lincoln Financial Investments Corporation	1.02%2	16.12%	8.20%	N/A
Capital growth.	LVIP American Century Capital Appreciation Fund - Service Class advised by Lincoln Financial Investments Corporation This fund will be available on or about May 20, 2024. Please consult your registered representative.	0.94%2	20.55%	13.09%	N/A
Capital growth; income is a secondary consideration.	LVIP American Century Disciplined Core Value Fund - Service Class advised by Lincoln Financial Investments Corporation This fund will be available on or about May 20, 2024. Please consult your registered representative.	0.96%2	8.24%	9.92%	7.92%
Long-term total return using a strategy that seeks to protect against U.S. inflation.	LVIP American Century Inflation Protection Fund - Service Class advised by Lincoln Financial Investments Corporation This fund will be available on or about May 20, 2024. Please consult your registered representative.	0.77%2	3.40%	2.65%	1.90%
Capital growth.	LVIP American Century International Fund - Service Class advised by Lincoln Financial Investments Corporation This fund will be available on or about May 20, 2024. Please consult your registered representative.	1.10%2	12.43%	8.12%	3.91%
Long-term capital growth, income is secondary objective.	LVIP American Century Large Company Value Fund - Service Class (formerly American Century VP Large Company Value Fund) advised by Lincoln Financial Investments Corporation	0.85%2	3.78%	10.37%	7.58%
Long-term capital growth, income is secondary objective.	LVIP American Century Mid Cap Value Fund - Service Class advised by Lincoln Financial Investments Corporation This fund will be available on or about May 20, 2024. Please consult your registered representative.	1.01%2	6.03%	10.90%	8.61%
Capital Appreciation.	LVIP American Century Select Mid Cap Managed Volatility Fund - Service Class advised by Lincoln Financial Investments Corporation	1.17%2	9.13%	10.18%	N/A

A-4

Investment Objective	Fund and Adviser/Sub-adviser1	Current Expenses	Average Annual Total Returns (as of 12/31/2023)
			1 year	5 year	10 year
Long-term capital growth.	LVIP American Century Ultra Fund - Service Class advised by Lincoln Financial Investments Corporation This fund will be available on or about May 20, 2024. Please consult your registered representative.	0.90%2	43.27%	19.07%	14.47%
Long-term capital growth; income is a secondary consideration.	LVIP American Century Value Fund - Service Class advised by Lincoln Financial Investments Corporation This fund will be available on or about May 20, 2024. Please consult your registered representative.	0.86%2	9.02%	11.71%	8.36%
Long-term growth of capital. A master- feeder fund.	LVIP American Global Growth Fund - Service Class II advised by Lincoln Financial Investments Corporation This fund is not available in contracts issued before November 15, 2010.	1.03%	22.16%	13.24%	9.17%
Long-term growth of capital. A master- feeder fund.	LVIP American Global Small Capitalization Fund - Service Class II advised by Lincoln Financial Investments Corporation This fund is not available in contracts issued before November 15, 2010.	1.30%2	15.72%	7.88%	5.36%
Growth of capital. A master-feeder fund.	LVIP American Growth Fund - Service Class II advised by Lincoln Financial Investments Corporation This fund is not available in contracts issued before November 15, 2010.	0.95%	37.99%	18.26%	13.94%
Long-term growth of capital and income. A master-feeder fund.	LVIP American Growth-Income Fund - Service Class II advised by Lincoln Financial Investments Corporation This fund is not available in contracts issued before November 15, 2010.	0.89%	25.72%	12.97%	10.53%
Long-term growth of capital. A master- feeder fund.	LVIP American International Fund - Service Class II advised by Lincoln Financial Investments Corporation This fund is not available in contracts issued before November 15, 2010.	1.15%	15.41%	4.45%	3.03%
Capital Appreciation.	LVIP Baron Growth Opportunities Fund - Service Class advised by Lincoln Financial Investments Corporation	1.15%2	17.81%	13.66%	9.35%
Reasonable income.	LVIP BlackRock Dividend Value Managed Volatility Fund - Service Class advised by Lincoln Financial Investments Corporation	0.91%2	9.12%	9.27%	6.16%

A-5

Investment Objective	Fund and Adviser/Sub-adviser1	Current Expenses	Average Annual Total Returns (as of 12/31/2023)
			1 year	5 year	10 year
High total investment return.	LVIP BlackRock Global Allocation Fund - Service Class advised by Lincoln Financial Investments Corporation	0.98%2	13.35%	N/A	N/A
Capital Appreciation. A fund of funds.	LVIP BlackRock Global Allocation Managed Risk Fund - Service Class advised by Lincoln Financial Investments Corporation	1.18%2	11.25%	4.66%	2.44%
A balance between current income and growth of capital, with a greater emphasis on growth of capital. A fund of funds.	LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund - Service Class advised by Lincoln Financial Investments Corporation	0.77%2	11.29%	4.45%	N/A
To maximize real return, consistent with preservation of real capital and prudent investment management.	LVIP BlackRock Inflation Protected Bond Fund - Service Class advised by Lincoln Financial Investments Corporation	0.88%	4.81%	2.90%	1.93%
Total return through a combination of current income and long-term capital appreciation.	LVIP BlackRock Real Estate Fund - Service Class advised by Lincoln Financial Investments Corporation	1.07%2	12.79%	4.50%	3.59%
A balance between current income and growth of capital, with a greater emphasis on growth of capital. A fund of funds.	LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund - Service Class advised by Lincoln Financial Investments Corporation	0.74%2	11.96%	5.36%	N/A
Long-term growth of capital in a manner consistent with the preservation of capital.	LVIP Blended Large Cap Growth Managed Volatility Fund - Service Class advised by Lincoln Financial Investments Corporation	0.92%2	33.81%	13.53%	9.01%
Capital Appreciation.	LVIP Blended Mid Cap Managed Volatility Fund - Service Class advised by Lincoln Financial Investments Corporation	0.98%2	17.46%	9.94%	6.14%
Seeks long-term capital appreciation.	LVIP Channing Small Cap Value Fund - Service Class advised by Lincoln Financial Investments Corporation	1.13%	19.65%	N/A	N/A
Capital Appreciation.	LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund - Service Class advised by Lincoln Financial Investments Corporation	1.01%2	22.11%	10.71%	N/A
Long-term capital appreciation.	LVIP Dimensional International Core Equity Fund - Service Class advised by Lincoln Financial Investments Corporation	0.87%2	15.72%	7.72%	N/A

A-6

Investment Objective	Fund and Adviser/Sub-adviser1	Current Expenses	Average Annual Total Returns (as of 12/31/2023)
			1 year	5 year	10 year
Long-term capital appreciation. A fund of funds.	LVIP Dimensional International Equity Managed Volatility Fund - Service Class advised by Lincoln Financial Investments Corporation	1.01%	16.40%	5.24%	2.03%
Long-term capital appreciation.	LVIP Dimensional U.S. Core Equity 1 Fund - Service Class advised by Lincoln Financial Investments Corporation	0.75%2	22.36%	14.59%	10.69%
Long-term capital appreciation.	LVIP Dimensional U.S. Core Equity 2 Fund - Service Class advised by Lincoln Financial Investments Corporation	0.74%	21.35%	14.45%	N/A
Long-term capital appreciation. A fund of funds.	LVIP Dimensional U.S. Equity Managed Volatility Fund - Service Class advised by Lincoln Financial Investments Corporation	0.86%2	21.64%	12.58%	7.75%
Capital Appreciation. A fund of funds.	LVIP Fidelity Institutional AM® Select Core Equity Managed Volatility Fund - Service Class advised by Lincoln Financial Investments Corporation	0.99%2	24.81%	12.84%	8.06%
Long-term capital growth.	LVIP Franklin Templeton Global Equity Managed Volatility Fund - Service Class advised by Lincoln Financial Investments Corporation	0.98%2	16.95%	8.71%	4.32%
To maximize long-term capital appreciation.	LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund - Service Class advised by Lincoln Financial Investments Corporation	0.75%2	9.76%	2.86%	1.34%
To maximize long-term capital appreciation.	LVIP Franklin Templeton Multi-Factor International Equity Fund - Service Class advised by Lincoln Financial Investments Corporation	0.66%2	18.62%	6.47%	4.13%
To maximize long-term capital appreciation.	LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund - Service Class advised by Lincoln Financial Investments Corporation	0.61%2	17.09%	12.53%	9.79%
To maximize long-term capital appreciation.	LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund - Service Class advised by Lincoln Financial Investments Corporation	0.64%2	15.25%	11.14%	6.89%
Capital appreciation. A fund of funds.	LVIP Global Aggressive Growth Allocation Managed Risk Fund - Service Class advised by Lincoln Financial Investments Corporation	1.04%2	13.80%	5.40%	N/A

A-7

Investment Objective	Fund and Adviser/Sub-adviser1	Current Expenses	Average Annual Total Returns (as of 12/31/2023)
			1 year	5 year	10 year
A high level of current income with some consideration given to growth of capital. A fund of funds.	LVIP Global Conservative Allocation Managed Risk Fund - Service Class advised by Lincoln Financial Investments Corporation	1.02%2	9.45%	3.97%	3.26%
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 Global Growth Allocation Managed Risk Fund - Service Class advised by Lincoln Financial Investments Corporation	1.01%2	13.05%	4.71%	3.46%
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 Global Moderate Allocation Managed Risk Fund - Service Class advised by Lincoln Financial Investments Corporation	1.00%2	11.56%	4.30%	3.30%
Current income while (i)maintaining a stable value of your shares (providing stability of net asset value) and (ii) preserving the value of your initial investment (preservation of capital).	LVIP Government Money Market Fund - Service Class advised by Lincoln Financial Investments Corporation	0.64%2	4.48%	1.46%	0.87%
Capital Appreciation.	LVIP Invesco Select Equity Income Managed Volatility Fund - Service Class advised by Lincoln Financial Investments Corporation	0.93%2	11.79%	9.71%	N/A
To maximize total return by investing primarily in a diversified portfolio of intermediate- and long-term debt securities.	LVIP JPMorgan Core Bond Fund - Service Class advised by Lincoln Financial Investments Corporation	0.74%	5.66%	1.04%	1.56%
A high level of current income; capital appreciation is the secondary objective.	LVIP JPMorgan High Yield Fund - Service Class advised by Lincoln Financial Investments Corporation	0.93%2	11.49%	4.69%	3.73%
Capital appreciation with the secondary goal of achieving current income by investing in equity securities.	LVIP JPMorgan Mid Cap Value Fund - Service Class advised by Lincoln Financial Investments Corporation	0.99%	N/A	N/A	N/A
Current income and some capital appreciation. A fund of funds.	LVIP JPMorgan Retirement Income Fund - Service Class advised by Lincoln Financial Investments Corporation	0.93%2	11.32%	4.75%	3.68%
Long-term capital appreciation.	LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund - Service Class advised by Lincoln Financial Investments Corporation	1.03%2	11.80%	8.97%	5.35%
Capital growth over the long term.	LVIP JPMorgan Small Cap Core Fund - Service Class advised by Lincoln Financial Investments Corporation	1.03%	12.80%	9.12%	6.81%

A-8

Investment Objective	Fund and Adviser/Sub-adviser1	Current Expenses	Average Annual Total Returns (as of 12/31/2023)
			1 year	5 year	10 year
High total return.	LVIP JPMorgan U.S. Equity Fund - Service Class advised by Lincoln Financial Investments Corporation	0.94%	26.84%	16.86%	12.15%
Maximum current income (yield) consistent with a prudent investment strategy.	LVIP Macquarie Bond Fund - Service Class3 (formerly LVIP Delaware Bond Fund) advised by Lincoln Financial Investments Corporation	0.72%	5.57%	1.14%	1.64%
Total return.	LVIP Macquarie Diversified Floating Rate Fund - Service Class3 (formerly LVIP Delaware Diversified Floating Rate Fund) advised by Lincoln Financial Investments Corporation	0.88%2	5.31%	2.13%	1.43%
Maximum long-term total return consistent with reasonable risk.	LVIP Macquarie Diversified Income Fund - Service Class3 (formerly LVIP Delaware Diversified Income Fund) advised by Lincoln Financial Investments Corporation	0.84%2	5.94%	1.75%	1.80%
Total return and, as a secondary objective, high current income.	LVIP Macquarie High Yield Fund - Service Class3 (formerly LVIP Delaware High Yield Fund) advised by Lincoln Financial Investments Corporation	1.04%2	12.34%	5.19%	3.25%
Maximum total return, consistent with reasonable risk.	LVIP Macquarie Limited-Term Diversified Income Fund - Service Class3 (formerly LVIP Delaware Limited-Term Diversified Income Fund) advised by Lincoln Financial Investments Corporation	0.83%2	4.68%	1.56%	1.36%
To maximize long-term capital appreciation.	LVIP Macquarie Mid Cap Value Fund - Service Class3 (formerly LVIP Delaware Mid Cap Value Fund) advised by Lincoln Financial Investments Corporation	0.78%	10.86%	11.49%	8.24%
Long-term capital appreciation.	LVIP Macquarie SMID Cap Core Fund - Service Class3 (formerly LVIP Delaware SMID Cap Core Fund) advised by Lincoln Financial Investments Corporation	1.10%2	16.10%	11.91%	8.06%

A-9

Investment Objective	Fund and Adviser/Sub-adviser1	Current Expenses	Average Annual Total Returns (as of 12/31/2023)
			1 year	5 year	10 year
To maximize long-term capital appreciation.	LVIP Macquarie Social Awareness Fund - Service Class3 (formerly LVIP Delaware Social Awareness Fund) advised by Lincoln Financial Investments Corporation	0.80%	29.72%	15.45%	10.93%
Long-term capital appreciation.	LVIP Macquarie U.S. Growth Fund - Service Class3 (formerly LVIP Delaware U.S. Growth Fund) advised by Lincoln Financial Investments Corporation	1.02%	47.90%	18.02%	12.22%
Maximum long-term total return, with capital appreciation as a secondary objective.	LVIP Macquarie U.S. REIT Fund - Service Class3 (formerly LVIP Delaware U.S. REIT Fund) advised by Lincoln Financial Investments Corporation	1.13%2	12.24%	6.14%	5.94%
Long-term capital appreciation.	LVIP Macquarie Value Fund - Service Class3 (formerly LVIP Delaware Value Fund) advised by Lincoln Financial Investments Corporation	0.98%	3.18%	7.78%	7.54%
To provide a responsible level of income and the potential for capital appreciation.	LVIP Macquarie Wealth Builder Fund - Service Class3 (formerly LVIP Delaware Wealth Builder Fund) advised by Lincoln Financial Investments Corporation	0.96%2	9.64%	5.69%	4.19%
Capital Appreciation. A fund of funds.	LVIP MFS International Equity Managed Volatility Fund - Service Class advised by Lincoln Financial Investments Corporation	1.18%2	13.59%	6.52%	3.94%
Long-term capital appreciation.	LVIP MFS International Growth Fund - Service Class advised by Lincoln Financial Investments Corporation	1.05%2	14.42%	9.55%	6.31%
Capital Appreciation.	LVIP MFS Value Fund - Service Class advised by Lincoln Financial Investments Corporation	0.87%2	7.80%	11.10%	8.30%
Current income consistent with the preservation of capital.	LVIP Mondrian Global Income Fund - Service Class advised by Lincoln Financial Investments Corporation	0.90%2	3.76%	-1.16%	0.01%
Long-term capital appreciation as measured by the change in the value of fund shares over a period of three years or longer.	LVIP Mondrian International Value Fund - Service Class advised by Lincoln Financial Investments Corporation	1.00%2	19.81%	5.77%	3.19%

A-10

Investment Objective	Fund and Adviser/Sub-adviser1	Current Expenses	Average Annual Total Returns (as of 12/31/2023)
			1 year	5 year	10 year
Long-term growth of capital. A fund of funds.	LVIP Multi-Manager Global Equity Managed Volatility Fund - Service Class advised by Lincoln Financial Investments Corporation	1.14%2	25.58%	10.25%	N/A
To seek a high level of current income consistent with preservation of capital.	LVIP PIMCO Low Duration Bond Fund - Service Class advised by Lincoln Financial Investments Corporation	0.93%2	4.61%	1.04%	N/A
To match as closely as practicable, before fees and expenses, the performance of the Bloomberg U.S. Aggregate Index.	LVIP SSGA Bond Index Fund - Service Class advised by Lincoln Financial Investments Corporation	0.62%2	5.03%	0.52%	1.23%
A high level of current income, with some consideration given to growth of capital. A fund of funds.	LVIP SSGA Conservative Index Allocation Fund - Service Class advised by Lincoln Financial Investments Corporation	0.76%2	10.46%	5.02%	3.83%
To provide investment results that, before fees and expenses, correspond generally to the total return of the MSCI Emerging Markets Index that tracks performance of emerging market equity securities.	LVIP SSGA Emerging Markets Equity Index Fund - Service Class advised by Lincoln Financial Investments Corporation	0.75%2	8.56%	2.48%	N/A
Long-term growth of capital. A fund of funds.	LVIP SSGA Global Tactical Allocation Managed Volatility Fund - Service Class advised by Lincoln Financial Investments Corporation	0.84%2	13.22%	6.02%	3.65%
To approximate as closely as practicable, before fees and expenses, the performance of a broad market index of non-U.S. foreign securities.	LVIP SSGA International Index Fund - Service Class advised by Lincoln Financial Investments Corporation	0.64%2	17.27%	7.70%	3.76%
Capital Appreciation. A fund of funds.	LVIP SSGA International Managed Volatility Fund - Service Class advised by Lincoln Financial Investments Corporation	0.88%2	17.15%	4.68%	N/A
Capital Appreciation. A fund of funds.	LVIP SSGA Large Cap Managed Volatility Fund - Service Class advised by Lincoln Financial Investments Corporation	0.72%2	24.13%	12.94%	8.64%
Seek to approximate as closely as practicable, before fees and expenses, the performance of a broad market index that emphasizes stocks of mid-sized U.S. companies.	LVIP SSGA Mid-Cap Index Fund - Service Class advised by Lincoln Financial Investments Corporation	0.60%2	15.75%	11.94%	N/A
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 SSGA Moderate Index Allocation Fund - Service Class advised by Lincoln Financial Investments Corporation	0.76%	13.28%	7.11%	5.07%

A-11

Investment Objective	Fund and Adviser/Sub-adviser1	Current Expenses	Average Annual Total Returns (as of 12/31/2023)
			1 year	5 year	10 year
A balance between high level of current income and growth of capital, with a greater emphasis on growth of capital. A fund of funds.	LVIP SSGA Moderately Aggressive Index Allocation Fund - Service Class advised by Lincoln Financial Investments Corporation	0.76%	14.54%	7.77%	5.45%
To approximate as closely as practicable, before fees and expenses, the total rate of return of common stocks publicly traded in the United States, as represented by the S&P 500 Index.	LVIP SSGA S&P 500 Index Fund - Service Class4 advised by Lincoln Financial Investments Corporation	0.48%	25.70%	15.12%	11.49%
To provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the short-term U.S. corporate bond market.	LVIP SSGA Short-Term Bond Index Fund - Service Class advised by Lincoln Financial Investments Corporation	0.61%2	4.91%	1.62%	N/A
To approximate as closely as practicable, before fees and expenses, the performance of the Russell 2000® Index, which emphasizes stocks of small U.S. companies.	LVIP SSGA Small-Cap Index Fund - Service Class advised by Lincoln Financial Investments Corporation	0.63%2	16.21%	9.25%	6.47%
Capital Appreciation. A fund of funds.	LVIP SSGA SMID Cap Managed Volatility Fund - Service Class advised by Lincoln Financial Investments Corporation	0.86%2	13.41%	6.71%	3.95%
A high level of current income, with some consideration given to growth of capital. A fund of funds.	LVIP Structured Conservative Allocation Fund - Service Class advised by Lincoln Financial Investments Corporation	0.85%	9.99%	4.80%	3.71%
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 Structured Moderate Allocation Fund - Service Class advised by Lincoln Financial Investments Corporation	0.82%	12.81%	6.86%	4.96%
A balance between high level of current income and growth of capital, with a greater emphasis on growth of capital. A fund of funds.	LVIP Structured Moderately Aggressive Allocation Fund - Service Class advised by Lincoln Financial Investments Corporation	0.84%	13.98%	7.42%	5.28%
The highest total return over time consistent with an emphasis on both capital growth and income. A fund of funds.	LVIP T. Rowe Price 2020 Fund - Service Class advised by Lincoln Financial Investments Corporation This fund is not available in contracts issued on or after June 30, 2009.	0.91%2	13.27%	7.15%	4.64%
The highest total return over time consistent with an emphasis on both capital growth and income. A fund of funds.	LVIP T. Rowe Price 2030 Fund - Service Class advised by Lincoln Financial Investments Corporation This fund is not available in contracts issued on or after June 30, 2009.	0.93%2	15.84%	8.80%	5.20%

A-12

Investment Objective	Fund and Adviser/Sub-adviser1	Current Expenses	Average Annual Total Returns (as of 12/31/2023)
			1 year	5 year	10 year
The highest total return over time consistent with an emphasis on both capital growth and income. A fund of funds.	LVIP T. Rowe Price 2040 Fund - Service Class advised by Lincoln Financial Investments Corporation This fund is not available in contracts issued on or after June 30, 2009.	0.95%2	18.89%	10.44%	5.85%
To maximize capital appreciation.	LVIP T. Rowe Price Structured Mid-Cap Growth Fund - Service Class advised by Lincoln Financial Investments Corporation	0.97%2	20.87%	13.22%	10.54%
Capital appreciation. A fund of funds.	LVIP U.S. Aggressive Growth Allocation Managed Risk Fund - Service Class advised by Lincoln Financial Investments Corporation	1.06%2	15.52%	6.37%	N/A
High level of current income and growth of capital, with an emphasis on growth of capital. A fund of funds.	LVIP U.S. Growth Allocation Managed Risk Fund - Service Class advised by Lincoln Financial Investments Corporation	1.04%2	14.72%	5.88%	N/A
Total return consistent with the preservation of capital. A fund of funds.	LVIP Vanguard Bond Allocation Fund - Service Class advised by Lincoln Financial Investments Corporation	0.62%	5.73%	0.33%	1.02%
Long-term capital appreciation. A fund of funds.	LVIP Vanguard Domestic Equity ETF Fund - Service Class advised by Lincoln Financial Investments Corporation	0.57%2	24.91%	14.55%	10.81%
Long-term capital appreciation. A fund of funds.	LVIP Vanguard International Equity ETF Fund - Service Class advised by Lincoln Financial Investments Corporation	0.59%2	15.07%	6.84%	3.74%
Capital growth.	LVIP Wellington Capital Growth Fund - Service Class advised by Lincoln Financial Investments Corporation	0.95%2	38.35%	16.68%	13.63%
Long-term capital appreciation.	LVIP Wellington SMID Cap Value Fund - Service Class advised by Lincoln Financial Investments Corporation	1.04%2	16.95%	12.17%	7.44%
Maximize total return.	LVIP Western Asset Core Bond Fund - Service Class advised by Lincoln Financial Investments Corporation	0.78%	6.19%	0.79%	N/A
Long-term capital appreciation.	Macquarie VIP Emerging Markets Series - Service Class3 (formerly Delaware VIP® Emerging Markets Series) advised by Delaware Management Company	1.48%2	13.45%	3.87%	2.38%

A-13

Investment Objective	Fund and Adviser/Sub-adviser1	Current Expenses	Average Annual Total Returns (as of 12/31/2023)
			1 year	5 year	10 year
Capital Appreciation.	Macquarie VIP Small Cap Value Series - Service Class3 (formerly Delaware VIP® Small Cap Value Series) advised by Delaware Management Company	1.08%	9.10%	9.87%	6.77%
Capital Appreciation.	MFS® VIT Growth Series - Service Class advised by Massachusetts Financial Services Company	0.98%2	35.51%	15.59%	12.69%
Capital Appreciation.	MFS® VIT II Core Equity Portfolio - Service Class advised by Massachusetts Financial Services Company This fund is not available in contracts issued on or after June 6, 2005.	1.06%2	22.79%	14.79%	11.33%
Total return.	MFS® VIT Total Return Series - Service Class advised by Massachusetts Financial Services Company	0.86%2	10.22%	8.27%	6.27%
Total return.	MFS® VIT Utilities Series - Service Class advised by Massachusetts Financial Services Company	1.04%2	-2.33%	8.05%	6.13%
Growth of capital.	Neuberger Berman AMT Mid Cap Intrinsic Value Portfolio - I Class This fund is not available in contracts issued on or after June 4, 2007.	1.02%	11.00%	8.63%	6.13%
Maximum real return, consistent with prudent investment management.	PIMCO VIT CommodityRealReturn® Strategy Portfolio - Advisor Class advised by Pacific Investment Management Company, LLC	1.58%2	-7.93%	8.46%	-0.90%
Balanced investment composed of a well-diversified portfolio of stocks and bonds which produce both capital growth and current income.	Putnam VT George Putnam Balanced Fund - Class IB	0.92%	19.90%	10.43%	8.03%
Capital Appreciation.	Putnam VT Global Health Care Fund - Class IB This fund is not available in contracts issued on or after May 24, 2004.	1.01%	9.13%	13.48%	10.16%
Capital growth and current income.	Putnam VT Large Cap Value Fund - Class IB	0.82%	15.67%	14.50%	10.26%
Long-term capital appreciation.	Putnam VT Sustainable Future Fund - Class IB	1.07%2	28.52%	12.28%	8.44%
Long-term capital appreciation.	Putnam VT Sustainable Leaders Fund - Class IB	0.90%	26.11%	16.09%	12.59%
High current income consistent with preservation of capital; capital appreciation is a secondary objective.	Templeton Global Bond VIP Fund - Class 2	0.75%2	2.88%	-2.13%	-0.66%

A-14

Investment Objective	Fund and Adviser/Sub-adviser1	Current Expenses	Average Annual Total Returns (as of 12/31/2023)
			1 year	5 year	10 year
Long-term capital growth.	Templeton Growth VIP Fund - Class 2 This fund is not available in contracts issued on or after June 4, 2007.	1.12%2	21.01%	6.47%	3.24%

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.

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.

Investments in Macquarie VIP Series, Delaware Funds, Ivy Funds, LVIP Macquarie Funds or Lincoln Life accounts managed by Macquarie Investment Management Advisers, a series of Macquarie Investments Management Business Trust, are not and will not be deposits with or liabilities of Macquarie Bank Limited ABN 46008 583 542 and its holding companies, including their subsidiaries or related companies, and are subject to investment risk, including possible delays in prepayment and loss of income and capital invested. No Macquarie Group company guarantees or will guarantee the performance of the series or funds or accounts, the repayment of capital from the series or funds or account, or any particular rate of return.

The Index to which this fund is managed to is a product of S&P Dow Jones Indices LLC (SPDJI) and has been licensed for use by one or more of the portfolio’s service providers (licensee). Standard & Poor’s®, S&P®, S&P GSCI® and S&P 500® are registered trademarks of S&P Global, Inc. or its affiliates (S&P) and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones). The trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by the licensee. The licensee’s products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, or their third party licensors, and none of these parties or their respective affiliates or third party licensors make any representation regarding the advisability of investing in such products, nor do they have liability for any errors, omissions, or interruptions of the Index.

Standard & Poor’s®,” “S&P®,” “Standard & Poor’s Equal Weight Index,” “S&P EWI,” “S&P 500®,” “Standard & Poor’s 500” and “500” are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by the Invesco V.I. Equally-Weighted S&P 500 Fund. The fund is not sponsored, endorsed, sold or promoted by S&P, and S&P makes no representation regarding the advisability of investing in the fund.

Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). The trademark has been licensed to S&P Dow Jones Indices LLC and has been sublicensed for use for certain purposes by First Trust Advisors L.P. The product is not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of purchasing the product.

A-15

Appendix B — Investment Requirements

If you purchase a Living Benefit Rider (except i4LIFE® Advantage without Guaranteed Income Benefit), you will be subject to Investment Requirements. This requirement means you will be limited in your choice of Subaccount investments and 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 a Living Benefit Rider, Investment Requirements apply whether you purchase the rider at Contract issue or add it to an existing Contract. The Living Benefit Rider you purchase and the date of purchase will determine which Investment Requirements Option will apply to your Contract. See Option 1, Option 2, and Option 3 below. Currently, if you purchase i4LIFE® without 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.

Certain of the 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 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 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.

Under each option, we have divided the Subaccounts of your Contract into groups and have specified the minimum or maximum percentages of Contract Value that must be in each group at the time you purchased the rider (or when the rider Investment Requirements are enforced, if later). In addition, depending on when you purchased your Contract, you may allocate your Contract Value and Purchase Payments in accordance with certain asset allocation models, as noted below. If you terminate an asset allocation model, you must follow the Investment Requirements applicable to your rider. 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.

The chart below is provided to help you determine which option of Investment Requirements, if any, applies to the Living Benefit Rider you purchased. If you do not elect a Living Benefit Rider, the Investment Requirements will not apply to your Contract. Different Investment Requirements may apply if you terminate one rider and elect another rider.

If you elect...	and the date of election is...	you will be subject to Investment Requirements
Lincoln ProtectedPay Secure Core®, Lincoln ProtectedPay Secure Plus®, Lincoln ProtectedPay Secure Max®	On or after November 28, 2022	Option 3 for Managed Risk riders
Lincoln ProtectedPay Select Core®, Lincoln ProtectedPay Select Plus®, Lincoln ProtectedPay Select Max®	On or after November 28, 2022	Option 3
Lincoln Lifetime IncomeSM Advantage 2.0 (Managed Risk)	On or after April 2, 2012	Option 3 for Managed Risk riders
4LATER® Advantage (Managed Risk)	On or after July 16, 2012	Option 3 for Managed Risk riders
i4LIFE® Advantage Guaranteed Income Benefit (Managed Risk)	On or after May 21, 2012	Option 3 for Managed Risk riders
Lincoln Max 6 SelectSM Advantage	On or after May 20, 2019	Option 3
Lincoln IRA Income PlusSM	On or after May 20, 2019	Option 3
4LATER® Select Advantage	On or after January 9, 2017	Option 3

B-1

If you elect...	and the date of election is...	you will be subject to Investment Requirements
i4LIFE® Advantage Select Guaranteed Income Benefit	On or after October 3, 2016	Option 3
Lincoln Market Select® Advantage	On or after October 5, 2015	Option 3
Lincoln Long-Term CareSM Advantage	On or after April 11, 2011	Option 3
Lincoln Lifetime IncomeSM Advantage 2.0	On or after November 15, 2010	Option 3
Lincoln Lifetime IncomeSM Advantage	February 19, 2008 through January 19, 2009 On or after January 20, 2009	Option 2 Option 3
Lincoln SmartSecurity® Advantage	Prior to April 10, 2006 April 10, 2006 through January 19, 2009 On or after January 20, 2009	N/A Option 1 Option 3
4LATER® Advantage	April 10, 2006 through January 19, 2009 On or after January 20, 2009	Option 1 Option 3
i4LIFE® Advantage Guaranteed Income Benefit (v.1)	Prior to April 10, 2006 On or after April 10, 2006	N/A Option 1
i4LIFE® Advantage Guaranteed Income Benefit (v.2)	April 10, 2006 through January 19, 2009 On or after January 20, 2009	Option 1 Option 3
i4LIFE® Advantage Guaranteed Income Benefit (v.3)	October 6, 2008 through January 19, 2009 On or after January 20, 2009	Option 2 Option 3
i4LIFE® Advantage Guaranteed Income Benefit (v.4)	On or after November 15, 2010	Option 3

Investment Requirements – Option 1

No more than 35% of your Contract Value (includes Account Value if i4LIFE® Advantage is in effect) can be invested in the following Subaccounts (“Limited Subaccounts”) (Note: not all Subaccounts are available with all contracts):

•

AB VPS Discovery Value Portfolio

•

AB VPS Sustainable Global Thematic Growth Portfolio

•

American Funds Global Growth Fund

•

American Funds Global Small Capitalization Fund

•

American Funds International Fund

•

Fidelity® VIP Mid-Cap Portfolio

•

Franklin Income VIP Fund

•

Franklin Mutual Shares VIP Fund

•

Invesco V.I. EQV International Equity Fund

•

Janus Henderson Enterprise Portfolio

•

Janus Henderson Global Research Portfolio

•

LVIP Baron Growth Opportunities Fund

•

LVIP BlackRock Real Estate Fund

•

LVIP Blended Mid Cap Managed Volatility Fund

•

LVIP Channing Small Cap Value Fund

•

LVIP Dimensional International Equity Managed Volatility Fund

•

LVIP Franklin Templeton Global Equity Managed Volatility Fund

•

LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund

•

LVIP Franklin Templeton Multi-Factor International Equity Fund

•

LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund

•

LVIP JPMorgan High Yield Fund

•

LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund

•

LVIP Macquarie High Yield Fund

•

LVIP Macquarie Mid Cap Value Fund

•

LVIP Macquarie SMID Cap Core Fund

•

LVIP Macquarie U.S. REIT Fund

•

LVIP MFS International Growth Fund

•

LVIP Mondrian International Value Fund

•

LVIP Multi-Manager Global Equity Managed Volatility Fund

•

LVIP SSGA Emerging Markets Equity Index Fund

•

LVIP SSGA International Index Fund

•

LVIP SSGA Small-Cap Index Fund

•

LVIP T. Rowe Price 2040 Fund

•

LVIP T. Rowe Price Structured Mid-Cap Growth Fund

•

LVIP Vanguard International Equity ETF Fund

•

LVIP Wellington SMID Cap Value Fund

•

Macquarie VIP Emerging Markets Series

•

Macquarie VIP Small Cap Value Series

•

MFS® VIT Growth Series

•

MFS® VIT Utilities Series

•

Neuberger Berman AMT Mid Cap Intrinsic Value Portfolio

•

Putnam VT Global Health Care Fund

•

Templeton Growth VIP Fund

B-2

All other Subaccounts will be referred to as “Non-Limited Subaccounts” except ClearBridge Variable Mid Cap Portfolio, DWS Alternative Asset Allocation VIP Portfolio, First Trust Capital Strength Hedged Equity Portfolio, First Trust Captial Strength Portfolio, Lincoln Hedged Nasdaq-100 Fund, Lincoln Hedged S&P 500 Conservative Fund, Lincoln Hedged S&P 500 Fund, Lincoln Opportunistic Hedged Equity Fund, LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund, LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund, PIMCO VIT Commodity Real Return® Strategy Portfolio, and Putnam VT Sustainable Future Fund which are not available. The Lincoln SSGA Aggressive Index Model, the Lincoln SSGA Structured Aggressive Model and the Franklin Templeton Founding Investment Strategy are also unavailable for investment.

You can select the percentages of Contract Value, if any, allocated to the Limited Subaccounts, but the cumulative total investment in all the Limited Subaccounts cannot exceed 35% of the total Contract Value. On each quarterly anniversary of the effective date of the rider, if the Contract Value in the Limited Subaccounts exceeds 35%, Lincoln will rebalance your Contract Value so that the Contract Value in the Limited Subaccounts is 30%. If you are enrolled in portfolio rebalancing, the cumulative total investment in all the Limited Subaccounts cannot exceed 35% of total Contract Value. If your current portfolio rebalancing does not adhere to this requirement, your portfolio rebalancing program will be terminated.

If rebalancing is required, the Contract Value in excess of 30% will be removed from the Limited Subaccounts on a pro rata basis and invested in the remaining Non-Limited Subaccounts on a pro rata basis according to the Contract Value percentages in the Non-Limited Subaccounts at the time of the reallocation. If there is no Contract Value in the Non-Limited Subaccounts at that time, portfolio rebalancing will be paused until updated allocation instructions are received from you. We will provide you with notice of such change. Confirmation of the rebalancing will appear on your quarterly statement.

We may move Subaccounts on or off the Limited or Non-Limited Subaccount list, exclude Subaccounts and asset allocation models from being available for investment, change the number of Limited Subaccount groups, change the percentages of Contract Value allowed in the Limited or Non-Limited Subaccounts or change the frequency of the Contract Value rebalancing, at any time, in our sole discretion. We will not make changes more than once per calendar year. 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 or when you are notified that we will begin enforcing the Investment Requirements, you may:

submit your own reallocation instructions for the Contract Value in excess of 35% in the Limited Subaccounts; or

take no action and be subject to the quarterly rebalancing as described above; or

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 – Option 2

You can select the percentages of Contract Value (includes Account Value if i4LIFE® Advantage is in effect) to allocate to individual Subaccounts within each group, but the total investment for all Subaccounts in a group must comply with the specified minimum or maximum percentages for that group.

In accordance with these Investment Requirements, 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. On each quarterly anniversary of the effective date of the rider, we will rebalance your Contract Value, proportionately, based on 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. We reserve the right to change the rebalancing frequency, at any time, in our sole discretion. We will not make changes more than once per calendar year. You will be notified at least 30 days prior to the date of any change in frequency. 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.

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 or change the investment options that are or are not available to you, at any time, in our sole discretion. We will not make changes more than once per calendar year. 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:

B-3

submit your own reallocation instructions for the Contract Value, before the effective date specified in the notice, so that the Investment Requirements are satisfied;

if you take no action, such changes will apply only to additional Purchase Payments or to future transfers of Contract Value. You will not be required to change allocations to existing Subaccounts, but you will not be allowed to add money, by either an additional Purchase Payment or a contract transfer, in excess of the new percentage applicable to a Subaccount or Subaccount group. This does not apply to Subaccounts added to Investment Requirements on or after June 30, 2009. For Subaccounts added to Investment Requirements on or after June 30, 2009, you may be subject to 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

terminate the applicable rider immediately, without waiting for a termination event if you do not wish to be subject to the new terms of the Investment Requirements.

At this time, the Subaccount groups are as follows:

Group 1 Investments must be at least 25% of Contract Value or Account Value	Group 2 Investments cannot exceed 75% of Contract Value or Account Value	Group 3 Investments cannot exceed 10% of Contract Value or Account Value
LVIP American Century Inflation Protection Fund LVIP BlackRock Inflation Protected Bond Fund LVIP JPMorgan Core Bond Fund LVIP Macquarie Bond Fund LVIP Macquarie Diversified Floating Rate Fund LVIP Macquarie Diversified Income Fund LVIP Macquarie Limited-Term Diversified Income Fund LVIP Mondrian Global Income Fund LVIP PIMCO Low Duration Bond Fund LVIP SSGA Bond Index Fund LVIP SSGA Short-Term Bond Index Fund LVIP Vanguard Bond Allocation Fund LVIP Western Asset Core Bond Fund Templeton Global Bond VIP Fund	All other Subaccounts except those in Group 3 and as discussed below.	DWS Alternative Asset Allocation VIP Portfolio LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund LVIP Macquarie U.S. REIT Fund

The ClearBridge Variable Mid Cap Portfolio, First Trust Capital Strength Portfolio, First Trust Capital Strength Hedged Equity Portfolio, Lincoln Hedged Nasdaq-100 Fund, Lincoln Hedged S&P 500 Conservative Fund, Lincoln Hedged S&P 500 Fund, Lincoln Opportunistic Hedged Equity Fund, LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund, LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund, Putnam VT Sustainable Future Fund, and PIMCO VIT CommodityRealReturn® Strategy Portfolio are not available. The fixed account is only available for dollar cost averaging.

To satisfy these Investment Requirements, you may allocate 100% of your Contract Value or i4LIFE® Advantage Account Value among the Subaccounts on the following list, as applicable to your Contract. If you allocate less than 100% of Contract Value or i4LIFE® Advantage Account Value to or among these Subaccounts, then these Subaccounts will be considered as part of Group 1 or 2 above, as applicable, and you will be subject to the Group 1 or 2 restrictions. In addition, you can allocate 100% of your Contract Value to the Franklin Templeton Founding Investment Strategy (Franklin Income VIP Fund 34%, LVIP Franklin Templeton Global Equity Managed Volatility Fund 33% and Franklin Mutual Shares VIP Fund 33%).

•

Fidelity® VIP Balanced Portfolio

•

Fidelity® VIP FundsManager® 50% Portfolio

•

First Trust/Dow Jones Dividend & Income Allocation Portfolio

•

Franklin Allocation VIP Fund

•

Franklin Income VIP Fund

•

Franklin Multi-Asset Variable Conservative Growth Fund

•

LVIP American Century Balanced Fund

•

LVIP American Century Inflation Protection Fund

•

LVIP BlackRock Global Allocation Managed Risk Fund

•

LVIP BlackRock Global Allocation Fund

•

LVIP BlackRock Inflation Protected Bond Fund

•

LVIP Global Aggressive Growth Allocation Managed Risk Fund

•

LVIP Global Conservative Allocation Managed Risk Fund

•

LVIP Global Growth Allocation Managed Risk Fund

•

LVIP Global Moderate Allocation Managed Risk Fund

•

LVIP JPMorgan Core Bond Fund

•

LVIP JPMorgan Retirement Income Fund

•

LVIP Macquarie Bond Fund

•

LVIP Macquarie Diversified Floating Rate Fund

•

LVIP Macquarie Diversified Income Fund

•

LVIP Macquarie High Yield Fund

•

LVIP Macquarie Limited-Term Diversified Income Fund

•

LVIP Macquarie Wealth Builder Fund

•

LVIP Mondrian Global Income Fund

•

LVIP PIMCO Low Duration Bond Fund

•

LVIP SSGA Bond Index Fund

•

LVIP SSGA Conservative Index Allocation Fund

B-4

•

LVIP SSGA Global Tactical Allocation Managed Volatility Fund

•

LVIP SSGA Moderate Index Allocation Fund

•

LVIP SSGA Moderately Aggressive Index Allocation Fund

•

LVIP SSGA Short-Term Bond Index Fund

•

LVIP Structured Conservative Allocation Fund

•

LVIP Structured Moderate Allocation Fund

•

LVIP Structured Moderately Aggressive Allocation Fund

•

LVIP T. Rowe Price 2020 Fund

•

LVIP T. Rowe Price 2030 Fund

•

LVIP T. Rowe Price 2040 Fund

•

LVIP U.S. Aggressive Growth Allocation Managed Risk Fund

•

LVIP U.S. Growth Allocation Managed Risk Fund

•

LVIP Vanguard Bond Allocation Fund

•

LVIP Western Asset Core Bond Fund

•

MFS® VIT Total Return Series

•

Putnam VT George Putnam Balanced Fund

•

Templeton Global Bond VIP Fund

To satisfy these Investment Requirements, Contract Value can be allocated in accordance with certain asset allocation models, made available to you by your broker dealer. 100% of the Contract Value can be allocated to one of the following models: Lincoln SSGA Structured Conservative Model, Lincoln SSGA Structured Moderate Model, Lincoln SSGA Structured Moderately Aggressive Model, Lincoln SSGA Structured Moderately Aggressive Equity Model, Lincoln SSGA Conservative Index Model, Lincoln SSGA Moderate Index Model, Lincoln SSGA Moderately Aggressive Index Model and Lincoln SSGA Moderately Aggressive Equity Index 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 among Group 1, Group 2 or Group 3 Subaccounts as described above. If you terminate an asset allocation model, you must follow the Investment Requirements applicable to your rider.

If you purchased the Lincoln Lifetime IncomeSM Advantage Plus rider, your only investment options until the seventh Benefit Year anniversary are to allocate 100% of your Contract Value to: the LVIP Global Moderate Allocation Managed Risk Fund, the LVIP Global Conservative Allocation Managed Risk Fund, the LVIP Structured Conservative Allocation Fund, the LVIP SSGA Conservative Index Allocation Fund (each a fund of funds) or the Franklin Income VIP Fund or to one of the following models: Lincoln SSGA Conservative Index Model, Lincoln SSGA Moderate Index Model, Lincoln SSGA Structured Conservative Model, and Lincoln SSGA Structured Moderate Model. After the seventh Benefit Year anniversary, if your rider continues, you may invest in other Subaccounts in your Contract, subject to Investment Requirements applicable to your purchase date of Lincoln Lifetime IncomeSM Advantage.

Investment Requirements – Option 3

If you elect Lincoln ProtectedPay Secure Core®, Lincoln ProtectedPay Secure Plus®, Lincoln ProtectedPay Secure Max®, Lincoln Lifetime IncomeSM Advantage 2.0 (Managed Risk), i4LIFE® Advantage Guaranteed Income Benefit (Managed Risk) or 4LATER® Advantage (Managed Risk), you must allocate your Contract Value in accordance with 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 the Lincoln IRA Income PlusSM section below.

If you elect any other Living Benefit Rider, you must allocate your Contract Value in accordance with 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. For all Living Benefit Riders, you can select the percentages of Contract Value (or Account Value if i4LIFE® Advantage Guaranteed Income Benefit is in effect) to allocate to individual Subaccounts within each group, but the total investment for all Subaccounts within the group must comply with the specified minimum or maximum percentages for that group.

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 the i4LIFE® Guaranteed Income Benefit even if that version is no longer available for purchase. If you transition to i4LIFE® 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.

If you purchase a Living Benefit Rider (except i4LIFE® Advantage without 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. On each quarterly anniversary of the effective date of the rider, we will rebalance your Contract Value, proportionately, based on 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.

B-5

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 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 add or remove Subaccounts 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:

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

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

terminate the applicable rider immediately, without waiting for a termination event, if you do not wish to be subject to these Investment Requirements.

Option 3 – Investment Requirements for i4LIFE® Advantage Guaranteed Income Benefit (Managed Risk) purchased on or after May 21, 2018 and prior to May 18, 2020. If you elect i4LIFE® Advantage Guaranteed Income Benefit (Managed Risk) on or after May 21, 2018 and prior to May 18, 2020, you must allocate 100% of your Account Value among one or more of the following Subaccounts only. Not all funds may be available, refer to the “Description of the Funds” section of this prospectus for more information.

•

LVIP American Century Inflation Protection Fund

•

LVIP American Century Select Mid Cap Managed Volatility Fund

•

LVIP BlackRock Dividend Value Managed Volatility Fund

•

LVIP BlackRock Global Allocation Managed Risk Fund

•

LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund

•

LVIP BlackRock Inflation Protected Bond Fund

•

LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund

•

LVIP Blended Large Cap Growth Managed Volatility Fund

•

LVIP Blended Mid Cap Managed Volatility Fund

•

LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund

•

LVIP Dimensional International Equity Managed Volatility Fund

•

LVIP Dimensional U.S. Equity Managed Volatility Fund

•

LVIP Fidelity Institutional AM® Select Core Equity Managed Volatility Fund

•

LVIP Franklin Templeton Global Equity Managed Volatility Fund

•

LVIP Global Aggressive Growth Allocation Managed Risk Fund

•

LVIP Global Conservative Allocation Managed Risk Fund

•

LVIP Global Growth Allocation Managed Risk Fund

•

LVIP Global Moderate Allocation Managed Risk Fund

•

LVIP Invesco Select Equity Income Managed Volatility Fund

•

LVIP JPMorgan Core Bond Fund

•

LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund

•

LVIP Macquarie Bond Fund

•

LVIP Macquarie Diversified Floating Rate Fund

•

LVIP Macquarie Diversified Income Fund

•

LVIP Macquarie Limited-Term Diversified Income Fund

•

LVIP MFS International Equity Managed Volatility Fund

•

LVIP Multi-Manager Global Equity Managed Volatility Fund

•

LVIP PIMCO Low Duration Bond Fund

•

LVIP SSGA Bond Index Fund

•

LVIP SSGA Global Tactical Allocation Managed Volatility Fund

•

LVIP SSGA International Managed Volatility Fund

•

LVIP SSGA Large Cap Managed Volatility Fund

•

LVIP SSGA Short-Term Bond Index Fund

•

LVIP SSGA SMID Cap Managed Volatility Fund

•

LVIP U.S. Aggressive Growth Allocation Managed Risk Fund

•

LVIP U.S. Growth Allocation Managed Risk Fund

•

LVIP Vanguard Bond Allocation Fund

•

LVIP Western Asset Core Bond Fund

The fixed account is only available for dollar cost averaging.

B-6

asset allocation model available in your Contract. If you terminate an asset allocation model, you must follow the Investment Requirements. 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.

Option 3 – Investment Requirements for Managed Risk Riders. If you elect Lincoln ProtectedPay Secure Core®, Lincoln ProtectedPay Secure Plus®, Lincoln ProtectedPay Secure Max®, Lincoln Lifetime IncomeSM Advantage 2.0 (Managed Risk), 4LATER® Advantage (Managed Risk), 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) prior to May 21, 2018 or on or after May 18, 2020, you must currently allocate your Contract Value or Account Value among one or more of the following Subaccounts only. Not all funds may be available in your Contract; refer to the “Description of the Funds” section of this prospectus for more information.

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
LVIP American Century Inflation Protection Fund LVIP BlackRock Inflation Protected Bond Fund LVIP JPMorgan Core Bond Fund LVIP Macquarie Bond Fund LVIP Macquarie Diversified Floating Rate Fund LVIP Macquarie Diversified Income Fund LVIP Macquarie Limited-Term Diversified Income Fund LVIP Mondrian Global Income Fund (not available for riders purchased on or after May 21, 2018) LVIP PIMCO Low Duration Bond Fund LVIP SSGA Bond Index Fund LVIP SSGA Short-Term Bond Index Fund LVIP Vanguard Bond Allocation Fund LVIP Western Asset Core Bond Fund	LVIP American Century Select Mid Cap Managed Volatility Fund LVIP BlackRock Dividend Value Managed Volatility Fund LVIP BlackRock Global Allocation Managed Risk Fund LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund LVIP Blended Large Cap Growth Managed Volatility Fund LVIP Blended Mid Cap Managed Volatility Fund LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund LVIP Dimensional International Equity Managed Volatility Fund LVIP Dimensional U.S. Equity Managed Volatility Fund LVIP Fidelity Institutional AM® Select Core Equity Managed Volatility Fund LVIP Franklin Templeton Global Equity Managed Volatility Fund LVIP Global Aggressive Growth Allocation Managed Risk Fund LVIP Global Conservative Allocation Managed Risk Fund LVIP Global Growth Allocation Managed Risk Fund LVIP Global Moderate Allocation Managed Risk Fund LVIP Invesco Select Equity Income Managed Volatility Fund LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund LVIP MFS International Equity Managed Volatility Fund LVIP Multi-Manager Global Equity Managed Volatility Fund LVIP SSGA Global Tactical Allocation Managed Volatility Fund LVIP SSGA International Managed Volatility Fund LVIP SSGA Large Cap Managed Volatility Fund LVIP SSGA SMID Cap Managed Volatility Fund LVIP U.S. Aggressive Growth Allocation Managed Risk Fund LVIP U.S. Growth Allocation Managed Risk Fund	No subaccounts at this time.

The fixed account is only available for dollar cost averaging.

B-7

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.

•

LVIP American Century Inflation Protection Fund

•

LVIP BlackRock Global Allocation Managed Risk Fund

•

LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund

•

LVIP BlackRock Inflation Protected Bond Fund

•

LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund

•

LVIP Global Aggressive Growth Allocation Managed Risk Fund

•

LVIP Global Conservative Allocation Managed Risk Fund

•

LVIP Global Growth Allocation Managed Risk Fund

•

LVIP Global Moderate Allocation Managed Risk Fund

•

LVIP JPMorgan Core Bond Fund

•

LVIP Macquarie Bond Fund

•

LVIP Macquarie Diversified Floating Rate Fund

•

LVIP Macquarie Diversified Income Fund

•

LVIP Macquarie Limited-Term Diversified Income Fund

•

LVIP Mondrian Global Income Fund (not available for riders purchased on or after May 21, 2018)

•

LVIP PIMCO Low Duration Bond Fund

•

LVIP SSGA Bond Index Fund

•

LVIP SSGA Global Tactical Allocation Managed Volatility Fund

•

LVIP SSGA Short-Term Bond Index Fund

•

LVIP U.S. Aggressive Growth Allocation Managed Risk Fund

•

LVIP U.S. Growth Allocation Managed Risk Fund

•

LVIP Vanguard Bond Allocation Fund

•

LVIP Western Asset Core Bond Fund

The fixed account, if available, is only available for dollar cost averaging.

Additionally, Contract 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 can be allocated to one of the following models: 80/20 Global Allocation Managed Volatility Model, 80/20 U.S. Allocation Managed Volatility Model or 70/30 Global Allocation Managed Volatility 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. 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.

Option 3—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:

•

LVIP Global Aggressive Growth Allocation Managed Risk Fund

•

LVIP Global Conservative Allocation Managed Risk Fund

•

LVIP Global Growth Allocation Managed Risk Fund

•

LVIP Global Moderate Allocation Managed Risk Fund

•

LVIP U.S. Aggressive Growth Allocation Managed Risk Fund

•

LVIP U.S. Growth Allocation Managed Risk Fund

Option 3 – Investment Requirements for i4LIFE® Advantage Select Guaranteed Income Benefit purchased on or after May 21, 2018. If you elect i4LIFE® Advantage Select Guaranteed Income Benefit on or after May 21, 2018, you may allocate 100% of your Account Value among all Subaccounts except those listed below.

•

AB VPS Large Cap Growth Portfolio

•

AB VPS Sustainable Global Thematic Portfolio

•

American Funds Global Growth Fund

•

American Funds Global Small Capitalization Fund

•

American Funds Growth Fund

•

American Funds Growth-Income Fund

•

American Funds International Fund

•

ClearBridge Variable Mid Cap Portfolio

•

DWS Alternative Asset Allocation VIP Portfolio

•

Fidelity® VIP Growth Portfolio

•

First Trust Capital Strength Hedged Equity Portfolio

•

Invesco V.I. American Franchise Fund

•

Invesco V.I. Core Equity Fund

•

Janus Henderson Balanced Portfolio

•

Janus Henderson Enterprise Portfolio

•

Janus Henderson Global Research Portfolio

•

Lincoln Hedged Nasdaq-100 Fund

•

LVIP American Global Small Capitalization Fund

•

LVIP BlackRock Real Estate Fund

•

LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund

•

LVIP Macquarie U.S. REIT Fund

•

LVIP Mondrian Global Income Fund

•

LVIP SSGA Emerging Markets Equity Index Fund

•

LVIP T. Rowe Price 2020 Fund

•

LVIP T. Rowe Price 2030 Fund

•

LVIP T. Rowe Price 2040 Fund

•

Macquarie VIP Emerging Markets Series

•

MFS®VIT Utilities Series

•

MFS® VIT II Core Equity Portfolio

B-8

•

PIMCO VIT CommodityRealReturn® Strategy Portfolio

•

Putnam VT Global Health Care Fund

•

Putnam VT Sustainable Future Fund

•

Templeton Global Bond VIP Fund

•

Templeton Growth VIP 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: Active Passive Global Growth Allocation Model Dimensional/Vanguard Moderate Allocation Model, Dimensional/Vanguard Global Growth Allocation Model, First Trust Defensive Equity Strength Model, Multi-Manager Domestic Growth Allocation Model or Multi-Manager Moderate Allocation 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.

Option 3 – Investment Requirements for other Living Benefit Riders purchased on or after October 3, 2016. If you elect 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 or Lincoln Long-Term CareSM Advantage on or after October 3, 2016, i4LIFE® Advantage Select Guaranteed Income Benefit on or after October 3, 2016 but prior to May 21, 2018, or you are transitioning to i4LIFE® Advantage Select Guaranteed Income Benefit from one of these riders, you must currently allocate 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.

LVIP American Century Inflation Protection Fund

LVIP BlackRock Inflation Protected Bond Fund

LVIP JPMorgan Core Bond Fund

LVIP Macquarie Bond Fund

LVIP Macquarie Diversified Floating Rate Fund

LVIP Macquarie Diversified Income Fund

LVIP Macquarie Limited-Term Diversified Income Fund

LVIP PIMCO Low Duration Bond Fund

LVIP SSGA Bond Index Fund

LVIP SSGA Short-Term Bond Index Fund

LVIP Vanguard Bond Allocation Fund

LVIP Western Asset Core Bond Fund

AB VPS Discovery Value Portfolio

American Funds Global Growth Fund

American Funds Growth Fund

American Funds Growth-Income Fund

American Funds International Fund

ClearBridge Variable Large Cap Growth Portfolio

Fidelity® VIP Balanced Portfolio

Fidelity® VIP Contrafund® Portfolio

Fidelity® VIP FundsManager® 50% Portfolio

Fidelity® VIP Mid Cap Portfolio

First Trust Capital Strength Portfolio

First Trust Growth Strength Portfolio

First Trust International Developed Capital Strength Portfolio

First Trust/Dow Jones Dividend & Income Allocation Portfolio

Franklin Allocation VIP Fund

Franklin Income VIP Fund

Franklin Multi-Asset Variable Conservative Growth Fund

Franklin Mutual Shares VIP Fund

Invesco V.I. Equally-Weighted S&P 500 Fund

Invesco V.I. EQV International Equity Fund

Lincoln Hedged S&P 500 Conservative Fund

Lincoln Hedged S&P 500 Fund

Lincoln Opportunistic Hedged Equity Fund

LVIP AllianceBernstein Large Cap Growth Fund

LVIP American Century Balanced Fund

LVIP American Century Capital Appreciation Fund

LVIP American Century Disciplined Core Value Fund

LVIP American Century International Fund

LVIP American Century Large Company Value Fund

LVIP American Century Mid Cap Value Fund

LVIP American Century Ultra Fund

LVIP American Century Value Fund

LVIP American Global Growth Fund

LVIP American Growth Fund

LVIP American Growth-Income Fund

LVIP American International Fund

LVIP Baron Growth Opportunities Fund

LVIP BlackRock Global Allocation Fund

LVIP BlackRock Global Allocation Managed Risk Fund

LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund

LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund

LVIP Channing Small Cap Value Fund

B-9

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.

LVIP Dimensional International Core Equity Fund

LVIP Dimensional U.S. Core Equity 1 Fund

LVIP Dimensional U.S. Core Equity 2 Fund

LVIP Franklin Templeton Multi-Factor International Equity Fund

LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund

LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund

LVIP Global Aggressive Growth Allocation Managed Risk Fund

LVIP Global Conservative Allocation Managed Risk Fund

LVIP Global Growth Allocation Managed Risk Fund

LVIP Global Moderate Allocation Managed Risk Fund

LVIP Government Money Market Fund

LVIP JPMorgan High Yield Fund

LVIP JPMorgan Mid Cap Value Fund

LVIP JPMorgan Retirement Income Fund

LVIP JPMorgan Small Cap Core Fund

LVIP JPMorgan U.S. Equity Fund

LVIP Macquarie High Yield Fund

LVIP Macquarie Mid Cap Value Fund

LVIP Macquarie SMID Cap Core Fund

LVIP Macquarie Social Awareness Fund

LVIP Macquarie U.S. Growth Fund

LVIP Macquarie Value Fund

LVIP Macquarie Wealth Builder Fund

LVIP MFS International Growth Fund

LVIP MFS Value Fund

LVIP Mondrian International Value Fund

LVIP SSGA Conservative Index Allocation Fund

LVIP SSGA Global Tactical Allocation Managed Volatility Fund

LVIP SSGA International Index Fund

LVIP SSGA Mid-Cap Index Fund

LVIP SSGA Moderate Index Allocation Fund

LVIP SSGA Moderately Aggressive Index Allocation Fund

LVIP SSGA S&P 500 Index Fund

LVIP SSGA Small-Cap Index Fund

LVIP Structured Conservative Allocation Fund

LVIP Structured Moderate Allocation Fund

LVIP Structured Moderately Aggressive Allocation Fund

LVIP T. Rowe Price Structured Mid-Cap Growth Fund

LVIP U.S. Aggressive Growth Allocation Managed Risk Fund

LVIP U.S. Growth Allocation Managed Risk Fund

LVIP Vanguard Domestic Equity ETF Fund

LVIP Vanguard International Equity ETF Fund

LVIP Wellington Capital Growth Fund

LVIP Wellington SMID Cap Value Fund

Macquarie VIP Small Cap Value Series

MFS® VIT Growth Series

MFS® VIT Total Return Series

Putnam VT George Putnam Balanced Fund

Putnam VT Large Cap Value Fund

Putnam VT Sustainable Leaders Fund

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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Fidelity® VIP Balanced Portfolio

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Fidelity® VIP FundsManager® 50% Portfolio

•

First Trust/Dow Jones Dividend & Income Allocation Portfolio

•

Franklin Allocation VIP Fund

•

Franklin Multi-Asset Variable Conservative Growth Fund

•

Lincoln Hedged S&P 500 Conservative Fund

•

Lincoln Hedged S&P 500 Fund

•

Lincoln Opportunistic Hedged Equity Fund

•

LVIP American Century Balanced Fund

•

LVIP American Century Inflation Protection Fund

•

LVIP BlackRock Global Allocation Fund

•

LVIP BlackRock Global Allocation Managed Risk Fund

•

LVIP BlackRock Global Growth ETF Allocation Managed Risk Fund

•

LVIP BlackRock Inflation Protected Bond Fund

B-10

•

LVIP BlackRock U.S. Growth ETF Allocation Managed Risk Fund

•

LVIP Global Aggressive Growth Allocation Managed Risk Fund

•

LVIP Global Conservative Allocation Managed Risk Fund

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LVIP Global Growth Allocation Managed Risk Fund

•

LVIP Global Moderate Allocation Managed Risk Fund

•

LVIP JPMorgan Core Bond Fund

•

LVIP JPMorgan Retirement Income Fund

•

LVIP Macquarie Bond Fund

•

LVIP Macquarie Diversified Floating Rate Fund

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LVIP Macquarie Diversified Income Fund

•

LVIP Macquarie Limited-Term Diversified Income Fund

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LVIP Macquarie Wealth Builder Fund

•

LVIP PIMCO Low Duration Bond Fund

•

LVIP SSGA Bond Index Fund

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LVIP SSGA Conservative Index Allocation Fund

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LVIP SSGA Global Tactical Allocation Managed Volatility Fund

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LVIP SSGA Moderate Index Allocation Fund

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LVIP SSGA Moderately Aggressive Index Allocation Fund

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LVIP SSGA Short-Term Bond Index Fund

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LVIP Structured Conservative Allocation Fund

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LVIP Structured Moderate Allocation Fund

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LVIP Structured Moderately Aggressive Allocation Fund

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LVIP U.S. Aggressive Growth Allocation Managed Risk Fund

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LVIP U.S. Growth Allocation Managed Risk Fund

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LVIP Vanguard Bond Allocation Fund

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LVIP Western Asset Core Bond Fund

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MFS® VIT Total Return Series

•

Putnam VT George Putnam Balanced Fund

The fixed account 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: Active Passive Global Growth Allocation Model, Dimensional/Vanguard Moderate Allocation Model, Dimensional/Vanguard Global Growth Allocation Model, First Trust Defensive Equity Strength Model, Multi-Manager Domestic Growth Allocation Model or Multi-Manager Moderate Allocation 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.

Option 3 – Investment Requirements for other Living Benefit Riders purchased on or after October 5, 2015 and prior to October 3, 2016. For Lincoln Market Select® Advantage riders, and for i4LIFE® Advantage Guaranteed Income Benefit (version 4) and Lincoln Long-Term CareSM Advantage riders purchased on or after October 5, 2015 and prior to October 3, 2016, you must currently allocate your Contract Value or Account Value among one or more of the following Subaccounts.

Group 1 Investments must be at least 30% of Contract Value or Account Value	Group 2 Investments cannot exceed 70% of Contract Value or Account Value	Group 3 Investments cannot exceed 10% of Contract Value or Account Value
LVIP American Century Inflation Protection Fund LVIP BlackRock Inflation Protected Bond Fund LVIP JPMorgan Core Bond Fund LVIP Macquarie Bond Fund LVIP Macquarie Diversified Floating Rate Fund LVIP Macquarie Diversified Income Fund LVIP Macquarie Limited-Term Diversified Income Fund LVIP Mondrian Global Income Fund LVIP PIMCO Low Duration Bond Fund LVIP SSGA Bond Index Fund LVIP SSGA Short-Term Bond Index Fund LVIP Vanguard Bond Allocation Fund LVIP Western Asset Core Bond Fund	AB VPS Discovery Value Portfolio American Funds Global Growth Fund American Funds Growth Fund American Funds Growth-Income Fund American Funds International Fund ClearBridge Variable Large Cap Growth Portfolio Fidelity® VIP Balanced Portfolio Fidelity® VIP Contrafund® Portfolio Fidelity® VIP FundsManager® 50% Portfolio Fidelity® VIP Mid Cap Portfolio First Trust Capital Strength Portfolio First Trust Growth Strength Portfolio First Trust International Developed Capital Strength Portfolio First Trust/Dow Jones Dividend & Income Allocation Portfolio Franklin Allocation VIP Fund Franklin Income VIP Fund Franklin Multi-Asset Variable Conservative Growth Fund Franklin Mutual Shares VIP Fund Invesco V.I. Equally-Weighted S&P 500 Fund Invesco V.I. EQV International Equity Fund LVIP AllianceBernstein Large Cap Growth Fund LVIP American Century Balanced Fund	AB VPS Sustainable Global Thematic Portfolio American Funds Global Small Capitalization Fund DWS Alternative Asset Allocation VIP Portfolio LVIP American Global Small Capitalization Fund LVIP BlackRock Real Estate Fund LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund LVIP Macquarie U.S. REIT Fund LVIP SSGA Emerging Markets Equity Index Fund Macquarie VIP Emerging Markets Series MFS® VIT Utilities Series

B-11

Group 1 Investments must be at least 30% of Contract Value or Account Value	Group 2 Investments cannot exceed 70% of Contract Value or Account Value	Group 3 Investments cannot exceed 10% of Contract Value or Account Value
	LVIP American Century Capital Appreciation Fund LVIP American Century Disciplined Core Value Fund LVIP American Century International Fund LVIP American Century Large Company Value Fund LVIP American Century Mid Cap Value Fund LVIP American Century Ultra Fund LVIP American Century Value Fund LVIP American Global Growth Fund LVIP American Growth Fund LVIP American Growth-Income Fund LVIP American International Fund LVIP Baron Growth Opportunities Fund LVIP BlackRock Global Allocation Fund LVIP Channing Small Cap Value Fund LVIP Dimensional International Core Equity Fund LVIP Dimensional U.S. Core Equity 1 Fund LVIP Dimensional U.S. Core Equity 2 Fund LVIP Franklin Templeton Multi-Factor International Equity Fund LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund LVIP Government Money Market Fund LVIP JPMorgan High Yield Fund LVIP JPMorgan Mid Cap Value Fund LVIP JPMorgan Retirement Income Fund LVIP JPMorgan Small Cap Core Fund LVIP JPMorgan U.S. Equity Fund LVIP Macquarie High Yield Fund LVIP Macquarie Mid Cap Value Fund LVIP Macquarie SMID Cap Core Fund LVIP Macquarie Social Awareness Fund LVIP Macquarie U.S. Growth Fund LVIP Macquarie Value Fund LVIP Macquarie Wealth Builder Fund LVIP MFS International Growth Fund LVIP MFS Value Fund LVIP Mondrian International Value Fund LVIP SSGA Conservative Index Allocation Fund LVIP SSGA International Index Fund LVIP SSGA Mid-Cap Index Fund LVIP SSGA Moderate Index Allocation Fund LVIP SSGA Moderately Aggressive Index Allocation Fund LVIP SSGA S&P 500 Index Fund LVIP SSGA Small-Cap Index Fund LVIP Structured Conservative Allocation Fund LVIP Structured Moderate Allocation Fund LVIP Structured Moderately Aggressive Allocation Fund LVIP T. Rowe Price Structured Mid-Cap Growth Fund LVIP Vanguard Domestic Equity ETF Fund LVIP Vanguard International Equity ETF Fund LVIP Wellington Capital Growth Fund LVIP Wellington SMID Cap Value Fund Macquarie VIP Small Cap Value Series MFS® VIT Growth Series MFS® VIT Total Return Series Putnam VT George Putnam Balanced Fund Putnam VT Large Cap Value Fund Putnam VT Sustainable Leaders Fund

The fixed account is only available for dollar cost averaging.

B-12

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Fidelity® VIP Balanced Portfolio

•

Fidelity® VIP FundsManager® 50% Portfolio

•

First Trust/Dow Jones Dividend & Income Allocation Portfolio

•

Franklin Allocation VIP Fund

•

Franklin Multi-Asset Variable Conservative Growth Fund

•

LVIP American Century Balanced Fund

•

LVIP American Century Inflation Protection Fund

•

LVIP BlackRock Global Allocation Fund

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LVIP BlackRock Inflation Protected Bond Fund

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LVIP JPMorgan Core Bond Fund

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LVIP JPMorgan Retirement Income Fund

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LVIP Macquarie Bond Fund

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LVIP Macquarie Diversified Floating Rate Fund

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LVIP Macquarie Diversified Income Fund

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LVIP Macquarie Limited-Term Diversified Income Fund

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LVIP Macquarie Wealth Builder Fund

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LVIP Mondrian Global Income Fund

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LVIP PIMCO Low Duration Bond Fund

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LVIP SSGA Bond Index Fund

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LVIP SSGA Conservative Index Allocation Fund

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LVIP SSGA Moderate Index Allocation Fund

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LVIP SSGA Moderately Aggressive Index Allocation Fund

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LVIP SSGA Short-Term Bond Index Fund

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LVIP Structured Conservative Allocation Fund

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LVIP Structured Moderate Allocation Fund

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LVIP Structured Moderately Aggressive Allocation Fund

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LVIP Vanguard Bond Allocation Fund

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LVIP Western Asset Core Bond Fund

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MFS® VIT Total Return Series

•

Putnam VT George Putnam Balanced Fund

Option 3 – Investment Requirements for other Living Benefit Riders purchased prior to October 5, 2015. If you elected a Living Benefit Rider other than Lincoln Lifetime IncomeSM Advantage 2.0 (Managed Risk), i4LIFE® Advantage Guaranteed Income Benefit (Managed Risk) or 4LATER® Advantage (Managed Risk), prior to October 5, 2015, you must currently allocate your Contract Value among one or more of the following Subaccounts only.

Group 1 Investments must be at least 30% of Contract Value or Account Value	Group 2 Investments cannot exceed 70% of Contract Value or Account Value	Group 3 Investments cannot exceed 10% of Contract Value or Account Value
LVIP American Century Inflation Protection Fund LVIP BlackRock Inflation Protected Bond Fund LVIP JPMorgan Core Bond Fund LVIP Macquarie Bond Fund LVIP Macquarie Diversified Floating Rate Fund LVIP Macquarie Diversified Income Fund LVIP Macquarie Limited-Term Diversified Income Fund LVIP Mondrian Global Income Fund LVIP PIMCO Low Duration Bond Fund LVIP SSGA Bond Index Fund LVIP SSGA Short-Term Bond Index Fund LVIP Vanguard Bond Allocation Fund LVIP Western Asset Core Bond Fund	All other Subaccounts offered under the Contract, except for Subaccounts in Group 3, and as described below.	AB VPS Sustainable Global Thematic Portfolio DWS Alternative Asset Allocation VIP Portfolio LVIP BlackRock Real Estate Fund LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund LVIP Macquarie U.S. REIT Fund LVIP SSGA Emerging Markets Equity Index Fund Macquarie VIP Emerging Markets Series MFS® VIT Utilities Series

The ClearBridge Variable Mid Cap Portfolio, First Trust Capital Strength Hedged Equity Portfolio, Lincoln Hedged Nasdaq-100 Fund, Lincoln Hedged S&P 500 Conservative Fund, Lincoln Hedged S&P 500 Fund, Lincoln Opportunistic Hedged Equity Fund, PIMCO VIT CommodityRealReturn Strategy Portfolio, and Putnam VT Sustainable Future Fund are not available. The fixed account is only available for dollar cost averaging.

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Fidelity® VIP Balanced Portfolio

•

Fidelity® VIP FundsManager® 50% Portfolio

•

First Trust/Dow Jones Dividend & Income Allocation Portfolio

•

Franklin Allocation VIP Fund

•

Franklin Income VIP Fund

•

Franklin Multi-Asset Variable Conservative Growth Fund

B-13

•

LVIP American Century Balanced Fund

•

LVIP American Century Inflation Protection Fund

•

LVIP BlackRock Global Allocation Fund

•

LVIP BlackRock Global Allocation Managed Risk Fund

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LVIP BlackRock Inflation Protected Bond Fund

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LVIP Global Aggressive Growth Allocation Managed Risk Fund

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LVIP Global Conservative Allocation Managed Risk Fund

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LVIP Global Growth Allocation Managed Risk Fund

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LVIP Global Moderate Allocation Managed Risk Fund

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LVIP JPMorgan Core Bond Fund

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LVIP JPMorgan Retirement Income Fund

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LVIP Macquarie Bond Fund

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LVIP Macquarie Diversified Floating Rate Fund

•

LVIP Macquarie Diversified Income Fund

•

LVIP Macquarie High Yield Fund

•

LVIP Macquarie Limited-Term Diversified Income Fund

•

LVIP Macquarie Wealth Builder Fund

•

LVIP Mondrian Global Income Fund

•

LVIP PIMCO Low Duration Bond Fund

•

LVIP SSGA Bond Index Fund

•

LVIP SSGA Conservative Index Allocation Fund

•

LVIP SSGA Global Tactical Allocation Managed Volatility Fund

•

LVIP SSGA Moderate Index Allocation Fund

•

LVIP SSGA Moderately Aggressive Index Allocation Fund

•

LVIP SSGA Short-Term Bond Index Fund

•

LVIP Structured Conservative Allocation Fund

•

LVIP Structured Moderate Allocation Fund

•

LVIP Structured Moderately Aggressive Allocation Fund

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LVIP T. Rowe Price 2020 Fund

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LVIP T. Rowe Price 2030 Fund

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LVIP T. Rowe Price 2040 Fund

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LVIP U.S. Aggressive Growth Allocation Managed Risk Fund

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LVIP U.S. Growth Allocation Managed Risk Fund

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LVIP Vanguard Bond Allocation Fund

•

LVIP Western Asset Core Bond Fund

•

MFS® VIT Total Return Series

•

Putnam VT George Putnam Balanced Fund

To satisfy these Investment Requirements, Contract Value may be allocated in accordance with certain asset allocation models (depending on when you purchased your Contract) made available to you by your broker-dealer. If so, currently 100% of the Contract Value can be allocated to one of the following models: Lincoln SSGA Structured Conservative Model, Lincoln SSGA Structured Moderate Model, Lincoln SSGA Structured Moderately Aggressive Model, Lincoln SSGA Conservative Index Model, Lincoln SSGA Moderate Index Model and Lincoln SSGA Moderately Aggressive Index 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 among Group 1, Group 2 or Group 3 Subaccounts as described above. These models are not available for contracts issued on or after November 15, 2010. If you terminate an asset allocation model, you must follow the Investment Requirements applicable to your rider.

If you purchased the Lincoln Lifetime IncomeSM Advantage Plus rider on or after January 20, 2009, your only investment options until the seventh Benefit Year anniversary are to allocate 100% of your Contract Value to: the LVIP Global Conservative Allocation Managed Risk Fund, the LVIP Conservative Structured Allocation Fund or the LVIP SSGA Conservative Index Allocation Fund (each a fund of funds), or, if your Contract was purchased prior to November 15, 2010, to one of the following models: Lincoln SSGA Conservative Index Model and the Lincoln SSGA Structured Conservative Model. After the seventh Benefit Year anniversary, if your rider continues, you may invest in other Subaccounts in your Contract, subject to Investment Requirements applicable to your purchase date of Lincoln Lifetime IncomeSM Advantage.

B-14