Updating Summary Prospectus (Form 497VPU)

Special Terms Used in this Summary Prospectus

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Updated Information About Your Contract

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Important Information You Should Know About Your Contract

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Appendix A - Investment Options Available Under the Contract

APP A-1

A fixed interest option under the Contract that guarantees the declared Guarantee Rate (i.e, the declared annual interest rate) for the duration of the Guarantee Period.

Yes.

Surrender Charges. If you withdraw money from a Guarantee Period prior to its expiration or after the first 30 days of the following Guarantee Period, you may be assessed a surrender charge based on a seven-year surrender charge schedule. The maximum surrender charge is 7%, as a percentage of the amount withdrawn. For example, if you were to withdraw $100,000 from a Guarantee Period, you could be assessed a surrender charge of up to $7,000. This loss will be greater if there is a negative MVA, or you are subject to taxes or tax penalties. If the Contract (not residence) State is New York or Pennsylvania, the contract is issued prior to November 1, 1996 and the client is at least 85, but not yet 90, we will waive the surrender charge, but an MVA will apply. 

Market Value Adjustments. If you withdraw or otherwise remove amounts from a Guarantee Period before the end of the Guarantee Period, we may apply an MVA, which may be negative. In extreme circumstances, you could lose up to 100% of the amount withdrawn or otherwise removed due to a negative MVA. For example, if you were to withdraw $100,000 from a Guarantee Period prior to its expiration, you could lose up to $100,000 of the amount withdrawn. This loss will be greater if you also have to pay a surrender charge, taxes, or tax penalties. An MVA may apply to withdrawals (including full withdrawals and partial withdrawals), transfers, and annuitization from the Guarantee Periods.

No. Other than surrender charges and MVAs, there are no charges for other contract transactions.

No. There are no ongoing fees or expenses under the Contract.

Yes. You can lose money by investing in this contract, including loss of principal.

Principal Risks of Investing in the Contract

No.

•This contract is not designed for short-term investing and is not appropriate for an investor who needs ready access to cash.

•Surrender charges and negative MVAs may apply to withdrawals from a Guarantee Period.

•The benefits of tax deferral and long-term income are generally more beneficial to investors with a long-time horizon.

•Withdrawals may be subject to taxes, and a 10% penalty tax may be applied to withdrawals before age 591/2.

•Withdrawals could result in significant reductions to account value, the death benefit, and contract benefits, and perhaps by more than the amount withdrawn.

•Upon maturity of an investment option -

◦At the end of a Guarantee Period, your Contract Value in the matured Guarantee Period will be reallocated, Surrendered, or annuitized according to your instructions. In the absence of instructions, the Contract Value will be automatically reallocated to a new Guarantee Period of the same duration as the matured Guarantee Period, if available.

◦If a Guarantee Period of the same duration is not available, the Contract Value will be automatically reallocated to a new Guarantee Period with a duration equal to the shortest of (a) the next-longer available Guarantee Period, or (b) the longest Guarantee Period duration that will expire prior to the Annuity Commencement Date.

•An investment in this contract is subject to risk and can vary depending on the investment options available under the contract.

•Each investment option (including any Guarantee Period) has its own unique risks.

•You should review the available investment options before making an investment decision.

Yes.

•There are restrictions that may limit the investment options you may choose, as well as limitations on the transfer of contract value among investment options.

•Certain Guarantee Periods may not be available under your contract.

•Contract Value may be allocated to only one Guarantee Period at any time during the Accumulation Period.

•Transfers from a Guarantee Period may be subject to a negative MVA.

•We reserve the right to add or eliminate Guarantee Periods as investment options.

•We will not accept additional Premium Payments.

Principal Risks of Investing in the Contract

The Contract - B. Fixed Interest Investment Options, C. Transfers Between Investment Options

Appendix A - Investment Options Available under the Contract

•There are restrictions and limitations relating to the benefits offered under the contract (e.g., death benefits).

•Except as otherwise provided, contract benefits may not be modified or terminated by us.

•Partial withdrawals (including surrender charges, taxes, and negative MVAs) may significantly reduce the death benefit. Additionally, withdrawals that exceed certain limits may reduce the benefit by more than the amount withdrawn and may even terminate the benefit.

•Consult with a tax professional to determine the tax implications of an investment in and payments received under the contract.

•If you purchased the contract through a tax-qualified plan or IRA, you do not get any additional tax deferral under the contract.

•Earnings on your contract are taxed at ordinary income rates when withdrawn them and you may have to pay a penalty if you take a withdrawal before age 59½.