Lincoln National Variable Annuity Acct L

04/28/2026 | Press release | Distributed by Public on 04/28/2026 09:58

Updating Summary Prospectus (Form 497VPU)

Group Variable Annuity Contracts I, II, & III  
Updating Summary Prospectus for Current Contractowners
May 1, 2026
This updating summary prospectus summarizes certain changes to key features of the Group Variable Annuity Contracts I, II, & III 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 Group Variable Annuity Contracts I, II, & III contract.
The prospectus for the Group Variable Annuity Contracts I, II, & III 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 1-800-341-0441 or by sending an email request to
[email protected].
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.
1
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, 2025. This may not reflect all of the changes that have occurred since you entered into your Contract, and not all changes may be applicable to you.
Summary of Investment Option Changes:
The following is a summary of changes to the investment options available under the Contract. Additional information including investment objectives, current expenses and average annual total returns is available in Appendix A - Investment Options Available Under The Contract.
Fund Name Changes:
  
Former Fund Name
New Fund Name
LVIP Franklin Templeton Global Equity Managed Volatility Fund
LVIP Global Equity Managed Volatility Fund
LVIP Macquarie Bond Fund
LVIP Franklin Templeton Core Bond Fund
LVIP Macquarie Diversified Floating Rate Fund
LVIP Nomura Diversified Floating Rate Fund
LVIP Macquarie High Yield Fund
LVIP Nomura High Yield Fund
LVIP Macquarie SMID Cap Core Fund
LVIP Nomura SMID Cap Core Fund
LVIP Macquarie Social Awareness Fund
LVIP Nomura Social Awareness Fund
LVIP Macquarie U.S. REIT Fund
LVIP Nomura U.S. REIT Fund
LVIP SSGA Bond Index Fund
LVIP State Street Bond Index Fund
LVIP SSGA Global Tactical Allocation Managed Volatility Fund
LVIP State Street Global Tactical Allocation Managed Volatility
Fund
LVIP SSGA International Index Fund
LVIP State Street International Index Fund
LVIP SSGA International Managed Volatility Fund
LVIP State Street International Managed Volatility Fund
LVIP SSGA S&P 500 Index Fund
LVIP State Street S&P 500 Index Fund
LVIP SSGA Small-Cap Index Fund
LVIP State Street Small-Cap Index Fund
Macquarie VIP Small Cap Value Series
Nomura VIP Small Cap Value Series
Neuberger Berman AMT Sustainable Equity Portfolio
Neuberger Berman AMT Quality Equity Portfolio
 
 
Fund Reorganization(s):
●
The LVIP Macquarie Wealth Builder Fund was reorganized into the LVIP Structured Moderate Allocation Fund on October 31, 2025.
2
Important Information You Should Consider About the Group Variable Annuity Contract 
FEES, EXPENSES, AND ADJUSTMENTS
Location in
Prospectus
Are There
Charges or
Adjustments for
Early
Withdrawals?
Yes:
A surrender charge may apply to your Contract depending on the version of the Contract
that you own. The surrender charge is imposed on the gross withdrawal amount.
●GVA I contract. A surrender charge may apply to a surrender or withdrawal of
Purchase Payment during the first 15 Participation Years, up to 5% 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 up to $5,000 on the Purchase Payment withdrawn. This charge
will be greater if there are also taxes or tax penalties. A surrender charge will not
apply if your withdrawal is made after 15 Participation Years.
●GVA II contract. A surrender charge may apply to a surrender or withdrawal of
Purchase Payment during the first 15 Participation Years, up to 6% 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 up to $6,000 on the Purchase Payment withdrawn. This charge
will be greater if there are also taxes or tax penalties. A surrender charge will not
apply if your withdrawal is made after 15 Participation Years.
●GVA III contract. There are no surrender charges for this Contract.
●Fee Tables
●Fee Tables -
Examples
●Charges, Other
Deductions,
and
Adjustments -
Surrender
Charge
Are There
Transaction
Charges?
Yes:
If you participate in a tax deferred retirement plan that allows Participant loans, you may
be eligible to take a loan against your Contract Value. Depending on your state of
residence, a one-time fee of up to $50 may be charged to set up and process a loan and
the outstanding amount of the loan is subject to loan interest and a loan maintenance
fee. A one-time fee of up to $30 will be charged to set up the Systematic Withdrawal
Option.
●Fee Tables
●Charges, Other
Deductions,
and
Adjustments
Are There
Ongoing Fees and
Expenses?
Yes:
Minimum and Maximum Annual Fee Table. The table below describes the fees and
expenses that you may pay each year, depending on the investment options and
optional benefits you choose. Please refer to your contract specifications page in your
Contract for information about the specific fees and expenses you will pay each year
based on the options you have elected.
●Fee Tables
●Fee Tables -
Examples
●Charges, Other
Deductions,
and
Adjustments
●Appendix A -
Investment
Options
Available
Under the
Contract
Annual Fee
Minimum
Maximum
Base Contract (varies by Contract)
1.05%1
Fund fees and expenses
0.23%2
1.32%2
1 As a percentage of average Contract Value. For the base contract, also includes an amount attributable to the
Annual Account Fee. Certain contracts or plans may be eligible for a breakpoint charge of 0.75%
2 As a percentage of fund net assets, before expense reimbursements or fee waiver arrangements.
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, 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.
3
FEES, EXPENSES, AND ADJUSTMENTS
Location in
Prospectus
Lowest Annual Cost: $1,500
Highest Annual Cost: $3,076
Assumes:
Assumes:
●Investment of $100,000
●5% annual appreciation
●Least expensive fund fees and
expenses
●No surrender charges
●No additional Purchase Payments,
transfers, or withdrawals
●Investment of $100,000
●5% annual appreciation
●Most expensive fund fees and expenses
●No surrender charges
●No additional Purchase Payments,
transfers, or withdrawals
RISKS
Location in
Prospectus
Is There a Risk of
Loss From Poor
Performance?
Yes:
●You can lose money by investing in this Contract, including loss of principal.
●Principal Risks
●Investments of
the Variable
Annuity
Account
Is This a Short-
Term Investment?
No:
●This Contract is not designed for short-term investing and is not appropriate for an
investor who needs ready access to cash.
●A surrender or withdrawal from GVA I and GVA II contracts may result in surrender
charges. Any surrender charges will reduce the value of your Contract or the amount
of money that you actually receive.
●The benefits of tax deferral and long-term income also mean the
Contract is more beneficial to investors with a long-term investment horizon.
●Surrenders and withdrawals are subject to ordinary income tax and may be subject
to tax penalties.
●Fee Tables
●Principal Risks
●Withdrawals
●Fixed Side of
the Contract
What are the
Risks Associated
With the
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 available investment options before making an investment
decision.
●Principal Risks
●Investments of
the Variable
Annuity
Account
●Fixed Side of
the Contract
What are the
Risks Related to
the Insurance
Company?
●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-
800-341-0441 or visiting www.LincolnFinancial.com.
●Principal Risks
●Fixed Side of
the Contract
4
RESTRICTIONS
Location in
Prospectus
Are There
Restrictions on
the Investment
Options?
Yes:
●Not all investment options may be available for investment under your Contract.
●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.
●Currently, there is no charge for transfers.
●We reserve the right to remove or substitute the funds that are available as
investment options under the Contract.
●Principal Risks
●Investments of
the Variable
Annuity
Account
●Transfers On or
Before the
Annuity
Commencement
Date
●Fixed Side of
the Contract
●Appendix A -
Investment
Options
Available
Under the
Contract
TAXES
Location in
Prospectus
What are the
Contract's 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 may be 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
How are
Investment
Professionals
Compensated?
●Your registered representative may receive compensation for selling this Contract to
you, in the form of commissions, additional cash benefits (e.g., bonuses), and non-
cash compensation. We may share the revenue we earn on this Contract with your
investment professional's firm.
●This potential conflict of interest may influence your registered representative to
recommend this Contract over another investment for which the investment
professional is not compensated or compensated less.
●Distribution of
the Contracts
Should I
Exchange My
Contract?
●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 a contract you already own 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
5
Appendix A - Investment Options Available Under The Contract
Variable Options
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 1-800-341-0441 or by sending an email request to [email protected].
The current expenses and performance information below reflect 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 12/31/2025)
1 year
5 year
10 year
Long-term growth of capital.
AB VPS Large Cap Growth Portfolio - Class
B
advised by AllianceBernstein L.P.
0.90%
12.85%
11.76%
15.88%
Long-term growth of capital.
AB VPS Sustainable Global Thematic
Portfolio - Class B
advised by AllianceBernstein L.P.
1.19%2
6.02%
3.02%
9.80%
Long-term growth of capital.
American Funds® IS Global Growth Fund -
Class 2
advised by Capital Research and
Management Company
0.65%2
21.62%
8.23%
12.17%
Growth of capital.
American Funds® IS Growth Fund - Class 2
advised by Capital Research and
Management Company
0.58%
20.24%
13.37%
17.97%
Long-term growth of capital and income.
American Funds® IS Growth-Income Fund
- Class 2
advised by Capital Research and
Management Company
0.53%
18.06%
13.90%
13.92%
Long-term growth of capital.
American Funds® IS International Fund -
Class 2
advised by Capital Research and
Management Company
0.72%2
26.77%
3.40%
7.00%
Capital appreciation. A fund of funds.
DWS Alternative Asset Allocation VIP
Portfolio - Class A
advised by DWS Investment Management
Americas, Inc.
0.93%
10.50%
5.29%
4.89%
To obtain high total return with reduced risk
over the long term by allocating its assets
among stocks, bonds, and short-term
instruments.
Fidelity® VIP Asset Manager 50% Portfolio
- Initial Class
0.51%2
14.98%
5.67%
7.13%
Long-term capital appreciation.
Fidelity® VIP Contrafund® Portfolio -
Service Class 2
0.79%
21.24%
15.08%
15.49%
A-1
Investment Objective
Fund and
Adviser/Sub-adviser1
Current
Expenses
Average Annual Total
Returns (as of 12/31/2025)
1 year
5 year
10 year
High total return with a secondary objective
of principal preservation as the fund
approaches its target date and beyond. A
fund of funds.
Fidelity® VIP Freedom 2020 PortfolioSM -
Service Class 2
0.69%
12.99%
4.57%
7.11%
High total return with a secondary objective
of principal preservation as the fund
approaches its target date and beyond. A
fund of funds.
Fidelity® VIP Freedom 2025 PortfolioSM -
Service Class 2
0.71%
14.23%
5.25%
7.75%
High total return with a secondary objective
of principal preservation as the fund
approaches its target date and beyond. A
fund of funds.
Fidelity® VIP Freedom 2030 PortfolioSM -
Service Class 2
0.74%
15.16%
5.98%
8.61%
High total return with a secondary objective
of principal preservation as the fund
approaches its target date and beyond. A
fund of funds.
Fidelity® VIP Freedom 2035 PortfolioSM -
Service Class 2
0.78%
16.42%
7.28%
9.72%
High total return with a secondary objective
of principal preservation as the fund
approaches its target date and beyond. A
fund of funds.
Fidelity® VIP Freedom 2040 PortfolioSM -
Service Class 2
0.82%
18.44%
8.73%
10.59%
High total return with a secondary objective
of principal preservation as the fund
approaches its target date and beyond. A
fund of funds.
Fidelity® VIP Freedom 2045 PortfolioSM -
Service Class 2
0.85%
19.53%
9.16%
10.82%
High total return with a secondary objective
of principal preservation as the fund
approaches its target date and beyond. A
fund of funds.
Fidelity® VIP Freedom 2050 PortfolioSM -
Service Class 2
0.85%
19.50%
9.15%
10.81%
High total return with a secondary objective
of principal preservation as the fund
approaches its target date and beyond. A
fund of funds.
Fidelity® VIP Freedom 2055 PortfolioSM -
Service Class 2
0.85%
19.53%
9.16%
N/A
High total return with a secondary objective
of principal preservation as the fund
approaches its target date and beyond. A
fund of funds.
Fidelity® VIP Freedom 2060 PortfolioSM -
Service Class 2
0.85%
19.53%
9.17%
N/A
To achieve capital appreciation.
Fidelity® VIP Growth Portfolio - Initial Class
0.55%
14.92%
13.70%
17.45%
Long-term growth of capital.
Janus Henderson Global Research Portfolio
- Institutional Shares
0.82%
20.92%
12.51%
12.93%
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 -
Standard Class II
advised by Lincoln Financial Investments
Corporation
0.77%2
9.62%
6.49%
8.03%
Capital appreciation.
LVIP Baron Growth Opportunities Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
1.15%2
-10.08%
-0.33%
8.78%
A-2
Investment Objective
Fund and
Adviser/Sub-adviser1
Current
Expenses
Average Annual Total
Returns (as of 12/31/2025)
1 year
5 year
10 year
High total investment return.
LVIP BlackRock Global Allocation Fund -
Standard Class
advised by Lincoln Financial Investments
Corporation
0.72%2
18.71%
6.10%
N/A
To maximize real return, consistent with
preservation of real capital and prudent
investment management.
LVIP BlackRock Inflation Protected Bond
Fund - Standard Class
advised by Lincoln Financial Investments
Corporation
0.85%
5.76%
2.61%
3.01%
Total return through a combination of
current income and long-term capital
appreciation.
LVIP BlackRock Real Estate Fund -
Standard Class
advised by Lincoln Financial Investments
Corporation
0.86%2
8.92%
2.71%
3.68%
Long-term growth of capital in a manner
consistent with the preservation of capital.
LVIP Blended Large Cap Growth Managed
Volatility Fund - Standard Class
advised by Lincoln Financial Investments
Corporation
0.66%2
5.52%
12.10%
12.09%
Capital appreciation.
LVIP Blended Mid Cap Managed Volatility
Fund - Standard Class
advised by Lincoln Financial Investments
Corporation
0.72%2
2.90%
4.58%
9.91%
Long-term capital appreciation.
LVIP Dimensional U.S. Core Equity 1 Fund -
Standard Class
advised by Lincoln Financial Investments
Corporation
0.39%2
15.66%
13.14%
13.67%
Maximum long-term total return consistent
with reasonable risk.
LVIP Fidelity Institutional AM® Total Bond
Fund - Standard Class
advised by Lincoln Financial Investments
Corporation
0.51%2
6.72%
-0.34%
2.54%
Maximum current income (yield) consistent
with a prudent investment strategy.
LVIP Franklin Templeton Core Bond Fund -
Standard Class
advised by Lincoln Financial Investments
Corporation
0.37%
7.25%
-0.44%
2.24%
To maximize long-term capital appreciation.
LVIP Franklin Templeton Multi-Factor
Emerging Markets Equity Fund - Standard
Class
advised by Lincoln Financial Investments
Corporation
0.46%2
34.31%
9.07%
7.89%
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 - Standard Class
advised by Lincoln Financial Investments
Corporation
0.80%2
9.79%
3.39%
4.90%
Long-term capital growth.
LVIP Global Equity Managed Volatility Fund
- Standard Class
advised by Lincoln Financial Investments
Corporation
0.70%2
13.51%
9.09%
8.29%
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 - Standard Class
advised by Lincoln Financial Investments
Corporation
0.79%2
13.54%
5.57%
6.20%
A-3
Investment Objective
Fund and
Adviser/Sub-adviser1
Current
Expenses
Average Annual Total
Returns (as of 12/31/2025)
1 year
5 year
10 year
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 - Standard Class
advised by Lincoln Financial Investments
Corporation
0.80%2
11.52%
4.70%
5.65%
Current income and some capital
appreciation. A fund of funds.
LVIP JPMorgan Retirement Income Fund -
Standard Class
advised by Lincoln Financial Investments
Corporation
0.68%2
12.10%
4.39%
5.54%
Long-term capital appreciation.
LVIP JPMorgan Select Mid Cap Value
Managed Volatility Fund - Standard Class
advised by Lincoln Financial Investments
Corporation
0.78%2
1.51%
9.02%
7.33%
Current income consistent with the
preservation of capital.
LVIP Mondrian Global Income Fund -
Standard Class
advised by Lincoln Financial Investments
Corporation
0.66%2
6.39%
-3.30%
0.36%
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 -
Standard Class
advised by Lincoln Financial Investments
Corporation
0.74%2
36.38%
11.24%
7.90%
Total return.
LVIP Nomura Diversified Floating Rate Fund
- Service Class
advised by Lincoln Financial Investments
Corporation
0.89%2
4.51%
3.09%
2.51%
Total return and, as a secondary objective,
high current income.
LVIP Nomura High Yield Fund - Standard
Class
advised by Lincoln Financial Investments
Corporation
0.72%2
9.26%
4.07%
5.88%
Long-term capital appreciation.
LVIP Nomura SMID Cap Core Fund -
Service Class
advised by Lincoln Financial Investments
Corporation
1.10%2
8.53%
8.77%
9.34%
Maximize long-term capital appreciation.
LVIP Nomura Social Awareness Fund -
Standard Class
advised by Lincoln Financial Investments
Corporation
0.44%
15.06%
12.98%
13.53%
Maximum long-term total return, with
capital appreciation as a secondary
objective.
LVIP Nomura U.S. REIT Fund - Service
Class
advised by Lincoln Financial Investments
Corporation
1.13%2
0.72%
5.24%
3.74%
To match as closely as practicable, before
fees and expenses, the performance of the
Bloomberg U.S. Aggregate Index.
LVIP State Street Bond Index Fund -
Standard Class
advised by Lincoln Financial Investments
Corporation
(formerly LVIP SSGA Bond Index Fund)
0.37%2
6.80%
-0.73%
1.67%
A-4
Investment Objective
Fund and
Adviser/Sub-adviser1
Current
Expenses
Average Annual Total
Returns (as of 12/31/2025)
1 year
5 year
10 year
Long-term growth of capital. A fund of
funds.
LVIP State Street Global Tactical Allocation
Managed Volatility Fund - Standard Class
advised by Lincoln Financial Investments
Corporation
(formerly LVIP SSGA Global Tactical
Allocation Managed Volatility Fund)
0.61%2
14.37%
6.61%
6.63%
To approximate as closely as practicable,
before fees and expenses, the performance
of a broad market index of non-U.S. foreign
securities.
LVIP State Street International Index Fund -
Standard Class
advised by Lincoln Financial Investments
Corporation
(formerly LVIP SSGA International Index
Fund)
0.38%2
31.18%
8.66%
8.00%
Capital appreciation. A fund of funds.
LVIP State Street International Managed
Volatility Fund - Standard Class
advised by Lincoln Financial Investments
Corporation
(formerly LVIP SSGA International
Managed Volatility Fund)
0.62%2
25.00%
6.81%
5.57%
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 State Street S&P 500 Index Fund -
Standard Class3
advised by Lincoln Financial Investments
Corporation
(formerly LVIP SSGA S&P 500 Index Fund)
0.23%
17.60%
14.16%
14.55%
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 State Street Small-Cap Index Fund -
Standard Class
advised by Lincoln Financial Investments
Corporation
(formerly LVIP SSGA Small-Cap Index
Fund)
0.38%2
12.46%
5.73%
9.18%
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 -
Standard Class
advised by Lincoln Financial Investments
Corporation
0.56%
17.28%
7.16%
7.59%
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 - Standard
Class
advised by Lincoln Financial Investments
Corporation
0.64%2
13.02%
5.48%
6.87%
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 - Standard
Class
advised by Lincoln Financial Investments
Corporation
0.67%2
14.99%
6.85%
7.87%
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 - Standard
Class
advised by Lincoln Financial Investments
Corporation
0.71%2
18.14%
8.89%
9.21%
The highest total return over time
consistent with an emphasis on both
capital growth and income. A fund of funds.
LVIP T. Rowe Price 2050 Fund - Standard
Class
advised by Lincoln Financial Investments
Corporation
0.73%2
19.65%
9.74%
10.05%
A-5
Investment Objective
Fund and
Adviser/Sub-adviser1
Current
Expenses
Average Annual Total
Returns (as of 12/31/2025)
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 2060 Fund - Standard
Class
advised by Lincoln Financial Investments
Corporation
0.73%2
19.77%
9.93%
N/A
To maximize capital appreciation.
LVIP T. Rowe Price Structured Mid-Cap
Growth Fund - Standard Class
advised by Lincoln Financial Investments
Corporation
0.71%2
11.04%
7.41%
12.90%
Long-term growth of capital by investing
primarily in securities of companies that
meet the Fund's environmental, social and
governance (ESG) criteria.
Neuberger Berman AMT Quality Equity
Portfolio - I Class
0.87%
13.71%
12.83%
12.94%
Capital appreciation.
Nomura VIP Small Cap Value Series -
Service Class
1.04%
7.83%
8.93%
8.84%
Long-term growth of capital through
investments primarily in the common
stocks of established, non-U.S. companies.
T. Rowe Price International Stock Portfolio
0.95%2
18.41%
3.92%
7.10%
1
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.
2
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.
3
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.
4
"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.
5
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.
Fixed Options
The following is a list of fixed account options currently available under the Contract. We may change the features of the fixed account options listed below, offer new fixed account options, and terminate existing fixed account options. We will provide you with written notice at least 30 days prior to the date of any change. Depending on the optional benefits you choose, you may not be able to invest in a fixed account option.  
Name
Term
Minimum Guaranteed Interest Rate
Fixed Account
N/A
3.00%
DCA Fixed Account
3 -60 months
3.00%
A-6
This updating summary prospectus incorporates by reference the prospectus and statement of additional information (SAI) for the Contract, both dated May 1, 2026, as may be amended or supplemented from time to time. The SAI may be obtained, free of charge, in the same manner as the prospectus.
  SEC File Nos.:
333-04999; 811-07645
EDGAR Contract Identifier:
C000030965
Lincoln National Variable Annuity Acct L published this content on April 28, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on April 28, 2026 at 15:58 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]