| FEES AND EXPENSES | LOCATION IN EXPANDED PROSPECTUS | |||||||||||||||||||||||||
| Charges for Early Withdrawals | If you withdraw money from your Contract within 7 years following your last premium payment, you will be assessed a surrender charge. The maximum surrender charge is 6% of the amount withdrawn during the first three contract years, declining down to 0% over the 7-year time period. For example, if you make an early withdrawal within the first three contract years, you could pay a surrender charge of up to $6,000 on a $100,000 investment. | 7. CHARGES – Deferred Sales Load (“Surrender Charge”) | ||||||||||||||||||||||||
| Transaction Charges | In addition to surrender charges, you may also be charged for other transactions, such as when you exceed more than 12 unscheduled partial surrenders in a contract year or you make more than one unscheduled transfer in a contract year. | 7. CHARGES – Transaction Fees | ||||||||||||||||||||||||
Ongoing Fees and Expenses (annual charges) | ||||||||||||||||||||||||||
| The following part of the table describes the fees and expenses that you may pay each year, depending on the options you choose. Please refer to your data page for information about the specific fees you will pay each year based on the options you have selected. | ||||||||||||||||||||||||||
| ANNUAL FEE | MINIMUM | MAXIMUM | LOCATION IN EXPANDED PROSPECTUS | |||||||||||||||||||||||
1. Base contract1 | 1.40% | 1.40% | 7. CHARGES – Base Contract Annual Expenses | |||||||||||||||||||||||
2. Investment options (underlying mutual fund fees and expenses)2 | 0.48% | 0.58% | APPENDIX A in this Updating Summary Prospectus - INVESTMENT OPTIONS AVAILABLE UNDER THE CONTRACT | |||||||||||||||||||||||
3. Guaranteed Minimum Withdrawal Benefit (“GMWB”).3 For applications signed on or after August 1, 2015 4 | 1.05% | 1.05% | 7. CHARGES – GMWB Charges for Rider Benefits | |||||||||||||||||||||||
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, this table shows the lowest and highest cost you could pay each year, based on current charges. This estimate assumes that you do not take withdrawals from the Contract, which could add surrender charges that substantially increase costs. | |||||||||||||||||
LOWEST ANNUAL COST $2,483 | HIGHEST ANNUAL COST $2,557 | ||||||||||||||||
| Assumes: | Assumes: | ||||||||||||||||
● Investment of $100,000 ● 5% annual appreciation ● Least expensive Base Contract charge, underlying mutual fund fees and expenses, and GMWB charge ● No optional benefits ● No sales charges ● No additional purchase payments, transfers or withdrawals | ● Investment of $100,000 ● 5% annual appreciation ● Most expensive Base Contract charge, underlying mutual fund fees and expenses, and GMWB charge ● No sales charges ● No additional purchase payments, transfers or withdrawals | ||||||||||||||||
| RISKS | LOCATION IN EXPANDED PROSPECTUS | ||||||||||||||||
| Risk of Loss | You can lose money by investing in this Contract. | 5. PRINCIPAL RISKS OF INVESTING IN THE CONTRACT – Poor Investment Performance | |||||||||||||||
| Not a Short-Term Investment | This Contract is not designed for short-term investing and is not appropriate for an investor who needs ready access to cash. Surrender charges apply for up to 7 years following your last premium payment. These charges will reduce the value of your Contract if you withdraw money during that time. | 5. PRINCIPAL RISKS OF INVESTING IN THE CONTRACT – Liquidity Risk | |||||||||||||||
| Risks Associated with Investment Options | • An investment in this Contract is subject to the risk of poor investment performance and can vary depending on the performance of the investment options available under the Contract. • Each investment option (including the Fixed Account) has its own unique risks. • You should review the prospectuses for the available underlying mutual funds before making an investment decision. | 5. PRINCIPAL RISKS OF INVESTING IN THE CONTRACT | |||||||||||||||
| Insurance Company Risks | An investment in the Contract is subject to the risks related to the Company. Any obligations (including under the Fixed Account), guarantees, or benefits are subject to the claims-paying ability of the Company. More information about the Company, including its financial strength ratings, is available upon request by calling the following toll-free telephone number: 1-800-852-4450. | 5. PRINCIPAL RISKS OF INVESTING IN THE CONTRACT – Insurance Company Risks | |||||||||||||||
| RESTRICTIONS | LOCATION IN EXPANDED PROSPECTUS | ||||||||||||||||
| Investments | •Investment Limitations – In purchasing the Contract, the underlying mutual funds available to you as investment options under the Contract are limited to those investment options included in Appendix A. Having the GMWB rider restricts your investment options to one underlying mutual fund. •Limitations on Transfers – We reserve the right to charge you for each unscheduled transfer after the first unscheduled transfer in a contract year. We also reserve the right to limit transfers in circumstances where frequent transfers have been made. •Removal or Substitution of Underlying Mutual Funds – We reserve the right to remove, close or substitute the underlying mutual funds that are available as investment options under the Contract. | 10. BENEFITS AVAILABLE UNDER THE CONTRACT 8. GENERAL DESCRIPTION OF THE CONTRACT – Frequent Transfers among Divisions 8. GENERAL DESCRIPTION OF THE CONTRACT – Contract or Registrant Changes | |||||||||||||||
| Optional Benefits | No optional benefits are available with the Contract. | ||||||||||||||||
| TAXES | LOCATION IN EXPANDED PROSPECTUS | |||||||||||||||||||
| Tax Implications | • You should consult with a tax professional to determine the tax implications of an investment in, withdrawals from and surrenders of this Contract. • If you purchase the Contract through a tax-qualified plan or individual retirement account (IRA), such plan or IRA already provides tax deferral under the Code and there are fees and charges in an annuity that may not be included in such other investments. The tax deferral of the annuity does not provide any additional tax benefits for such a plan or IRA. • Premiums that are made on a pre-tax basis and earnings on your Contract are taxed at ordinary income tax rates when you withdraw them. You also may have to pay a 10% penalty tax if you take a withdrawal before age 59½. | 13. TAXES | ||||||||||||||||||
| CONFLICTS OF INTEREST | LOCATION IN EXPANDED PROSPECTUS | |||||||||||||||||||
| Financial Professional Compensation | Your financial professional may receive compensation in the form of commissions for selling this Contract to you. Your financial professional may have a financial incentive to offer or recommend this Contract over another investment. | 16. ADDITIONAL INFORMATION ABOUT THE CONTRACT – Payments to Financial Intermediaries | ||||||||||||||||||
| Exchanges | Your financial professional may have a financial incentive to offer you a new contract in place of the one you own. You should only consider exchanging your Contract if you determine, after comparing the features, fees, and risks of both contracts, that it is in your best interest to purchase the new contract rather than continuing to own your existing Contract. | 16. ADDITIONAL INFORMATION ABOUT THE CONTRACT – Payments to Financial | ||||||||||||||||||
| Type | Portfolio (4) Advisor/Sub-advisor | Current Expenses (Net) | Average Annual Total Returns (as of 12/31/23) | ||||||||||||||
| 1 year | 5 year | 10 year | |||||||||||||||
| Asset Allocation | Principal VCF Diversified Balanced Account (1)(2)(3) – Class 2 Principal Global Investors, LLC | 0.48% | 13.86% | 7.37% | 5.85% | ||||||||||||
| Asset Allocation | Principal VCF Diversified Balanced Strategic Allocation Account (1)(2)(5) – Class 2 Principal Global Investors, LLC | 0.55% | 13.09% | 5.92% | 5.49% | ||||||||||||
| Asset Allocation | Principal VCF Diversified Growth Account (1)(2)(3) – Class 2 Principal Global Investors, LLC | 0.49% | 16.60% | 9.24% | 7.08% | ||||||||||||
| Asset Allocation | Principal VCF Diversified Growth Strategic Allocation Account (1)(2)(6) – Class 2 Principal Global Investors, LLC | 0.58% | 15.60% | 8.68% | 6.62% | ||||||||||||
| Asset Allocation | Principal VCF Diversified Income Account (1)(2) – Class 2 Principal Global Investors, LLC | 0.48% | 11.20% | 5.43% | 4.57% | ||||||||||||
(1) This underlying mutual fund is a fund of funds. The fund of funds expenses may be higher than other fund types because the expenses of the selected fund include the expenses of the funds it holds. (2) This underlying mutual fund pays 12b-1 fees to PSI. (3) Effective December 1, 2013, this account is not available to customers with an application signature date on or after December 1, 2013 (4) In California, we allocate initial premium payments to the Fidelity VIP Government Money Market Division during the examination offer period unless you elect to immediately invest in the allocations you selected. This division is not available under the Contract at any other time or in any other state. (5) Effective June 1, 2024, the Principal VCF Diversified Balanced Managed Volatility Account will be known as the Principal VCF Diversified Balanced Strategic Allocation Account. (6) Effective June 1, 2024, the Principal VCF Diversified Growth Managed Volatility Account will be known as the Principal VCF Diversified Growth Strategic Allocation Account. | |||||||||||||||||