New York Life Ins & Annuity Var Univ Life Sep Acc I Corp

04/22/2026 | Press release | Distributed by Public on 04/22/2026 13:12

Updating Summary Prospectus (Form 497VPU)

New York Life Insurance and Annuity Corporation
Market Wealth Plus 
UPDATING SUMMARY PROSPECTUS FOR EXISTING INVESTORS
May 1, 2026
A flexible premium variable universal life insurance contract offered to individuals under NYLIAC Variable Universal Life Separate Account-I
This summary prospectus summarizes significant changes to the Market Wealth Plus policy, an individual, flexible premium variable universal life insurance policy issued by New York Life Insurance and Annuity Corporation ("NYLIAC"), since May 1, 2025, the effective date of last year's update to the prospectus for this policy. The prospectus contains more information about the policy, including its features, benefits and risks. You can find the current prospectus and other information about the policy online at https://dfinview.com/NewYorkLife/TAHD/marketwealthplus, or (also at no cost) by calling us at 1-800-598-2019 or by sending an email request to [email protected] or through the New York Life Insurance Company Mobile Application ("mobile application"), available for download on the Apple App Store or Google Play Store.
Additional information about certain investment products, including variable life insurance, has been prepared by the Securities and Exchange Commission's staff and is available online at Investor.gov.
The words "we," "our" or "us" refer to NYLIAC and the words "you" or "your" refer to the policyowner. Market Wealth Plus policy insures one person and pays a benefit upon that person's death. Policies have risks including risk of loss of the amount invested. Policies are not deposits of, or guaranteed or endorsed by, any bank and are not federally insured by the FDIC, Federal Reserve Board, or any other agency.
The Securities and Exchange Commission ("SEC") has not approved or disapproved of this security or passed upon the accuracy or adequacy of this summary prospectus. Any representation to the contrary is a criminal offense.
Please use one of the following addresses for service requests: 
Regular Mail
Express Mail
 
NYLIAC
Variable Products Service Center
Madison Square Station
P.O. Box 922
New York, NY 10159
NYLIAC
Variable Products Service Center
51 Madison Avenue
Floor 3B, Room 0304
New York, NY 10010
or call our toll-free number: 1-800-598-2019
For submitting death claim forms only, you may also use: 
Regular Mail
 
New York Life
P.O. Box 130539
Dallas, TX 75313-0539
Premium payments and loan repayments should be sent to us at: 
Regular Mail
Express Mail
 
NYLIAC
75 Remittance Drive, Suite 3021
Chicago, IL 60675-3021
NYLIAC
5450 N. Cumberland Avenue, Suite 100
Chicago, IL 60656-1422
Table of Contents 
Page
Definitions
1
Updated Information About Your Policy
4
Important Information You Should Consider About the Policy
6
Appendix: Eligible Portfolios Available Under the Policy
11
i
Definitions
The references in the definitions below, for more information, are to sections of the full statutory prospectus.
More detailed information concerning certain terms defined below is provided in "Definitions" in the full statutory prospectus.
Accumulation Units: An accounting unit we use to calculate the portion of your Policy's Cash Value allocated to the Investment Divisions of the Separate Account.
ACSV Expiry Date: The date shown on the Policy Specifications Pages.
Administrative Charge: A monthly charge that is based on the Insured's class of risk, Issue Age, Policy duration and initial Face Amount.
Alternative Cash Surrender Value or ACSV: During the CVE Period, the Alternative Cash Surrender Value is equal to the Available Cash Value of your Policy plus the Cash Value Enhancement through the date of surrender. At the conclusion of the CVE Period and until the ACSV Expiry Date, the Alternative Cash Surrender Value is equal to the Available Cash Value of your Policy. See "Surrenders - Full Surrenders - Alternative Cash Surrender Value".
Available Cash Value: The Cash Value minus any outstanding loans and accrued loan interest. Any Monthly Deduction Charges in excess of this amount will be deferred under the No Lapse Guarantee. See "Termination and Reinstatement-No Lapse Guarantee" for more information.
Cash Surrender Value:The Cash Value, minus any surrender charges that may apply, minus any outstanding loans and accrued loan interest. This is the amount we will pay you if you surrender your policy. See "Surrenders" for more information.
Cash Surrender Value: The Cash Value, minus any surrender charges that may apply, minus any outstanding loans and accrued loan interest. This is the amount we will pay you if you surrender your policy. See "Surrenders" for more information.
Cash Value: The total value of your policy's accumulation units in the Separate Account Value, plus any amount in the Fixed Investment Options and the Loan Account.
Cash Value Enhancement or CVE: The Cash Value Enhancement is equal to the sum of all Premium Expense Charges, plus the sum of all Administrative Charges and Contract Charges, assessed from the issuance of the Policy, multiplied by the percentage shown in the Policy Specifications Pages.
CVE Period: Period defined in the Policy Specification Pages.
Contract Charge: A monthly charge that is deducted from the Cash Value of your Policy for the costs of providing certain administrative services, including premium collection, record-keeping, processing claims, and communicating with policyowners.
Cost of Insurance Charge: A monthly charge that is deducted from the Cash Value of your Policy for the costs of providing a Life Insurance Benefit.
Dollar-Cost Averaging ("DCA") Accounts: The DCA Plus Account and the DCA Extension Account. The DCA Accounts are supported by the assets in NYLIAC's General Account. Although the DCA Accounts are considered Fixed Investment Options, they are not part of the Fixed Account.
Dollar-Cost Averaging Plus ("DCA Plus") Account: The 12-month dollar-cost averaging account used specifically for the DCA Plus Program. The amount in the DCA Plus Account earns interest at a rate which we declare periodically, but which will never be less than the Guaranteed Minimum Interest Rate. Interest accrues and is credited daily.
Eligible Portfolios ("Portfolios"): The mutual fund portfolios of the Funds that are available for investment through the Investment Divisions of the Separate Account.
Face Amount: The dollar amount of life insurance under the policy. It equals the initial face amount shown on the Policy Specifications Page, minus any decreases to the initial face amount.
1
Fixed Account: An account we credit with a fixed interest rate that we declare periodically in advance, in our sole discretion. This rate can change, but will never be less than the Guaranteed Minimum Interest Rate. The Fixed Account is supported by assets in NYLIAC's General Account. The amount in the Fixed Account earns interest which accrues and is credited on a daily basis.
General Account: An account representing all of NYLIAC's assets, liabilities, capital and surplus, income, gains, or losses that are not included in the Separate Account or any other separate account. These assets are subject to the claims of our general creditors. We allocate any Net Premium payments you make prior to the Initial Premium Transfer Date to this account.
Good Order: A request or transaction is in Good Order if it complies with our administrative procedures, and the required information is complete and correct. This means the actual receipt by us of your request and any instructions related to the request in writing (or, if permitted, by telephone or electronic means), along with all forms, and any other information or documentation necessary to complete the transaction. We may, in our sole discretion, determine whether any particular request or transaction is in Good Order. We may reject or delay a request or transaction if the information needed is not in Good Order. If you have any questions, you should contact us or your registered representative before submitting a form or request.
Guarantee Period: The period of time during which the No Lapse Guarantee is in effect. Please see "Termination and Reinstatement-No-Lapse Guarantees" for more information.
Initial Premium: A required planned minimum premium of $10,000 that must be paid during the first policy year. Funds resulting from an IRC Section 1035 exchange into the policy will not count toward the $10,000 required amount.
Initial Premium Transfer Date: The date on which initial Net Premiums and any accumulated interest is transferred from the General Account to the Investment Divisions, the Fixed Account, and/or the DCA Plus Account. The Initial Premium Transfer Date is generally the later of the Issue Date and the date we receive the full Initial Premium payment in Good Order.
Investment Division: A division of the Separate Account. Each Investment Division invests exclusively in shares of a specified Eligible Portfolio.
Investment Options: Policy investment options that consist of the Investment Divisions and the Fixed Investment Options.
Issue Date: The date we issue the policy as specified on the Policy Specifications Page.
Life Insurance Benefit: The benefit calculated under the Policy.
Life Insurance Proceeds: The benefit we will pay to your beneficiary when we receive proof that the insured died while the policy is in effect. It is equal to the Life Insurance Benefit, plus any additional benefits under any riders you have chosen, minus any outstanding loans (including any accrued loan interest) and any unpaid or deferred Monthly Deduction Charges.
Loan Account: The Loan Account reflects that part of your Cash Value that has been transferred from the Investment Options as collateral for policy loans.
Monthly Deduction Charges: The Contract Charge, the Cost of Insurance Charge, the Mortality and Expense Risk Charge, the Administrative Charge, and any applicable monthly rider charges deducted from your policy's Cash Value.
Mortality and Expense Risk Charge: A monthly charge that is assessed to cover the risk that the group of lives that we have insured under our policies will not live as long as we expect (mortality risk); and the risk that the cost of issuing and administering the policies will be greater than we have anticipated (expense risk).
Net Premium: The balance of a premium payment after the Premium Expense Charge has been deducted.
No Lapse Guarantee Minimum Monthly Premium: An amount listed on the Policy Specifications Page. Although this premium is expressed as a monthly premium, you do not need to pay it on a monthly basis, as long as you pay a sufficient amount to pass the No Lapse Guarantee Premium Test. The No Lapse Guarantee Minimum Monthly Premium is recalculated based on any change in coverage, such as adding or deleting a rider, and/or a change in class of risk.
2
NYLIAC: New York Life Insurance and Annuity Corporation.
Persistency Credit: A credit we may apply to your policy's Available Cash Value as described in the "Description of the Policy - Non-Guaranteed Persistency Credit" section. The payment of the Persistency Credit is not guaranteed and may be discontinued at any time.
Persistency Credit Start Date: The date on which we may begin to apply a persistency credit to your policy's Available Cash Value. The Persistency Credit Start Date is dependent on the Issue Age and is shown on your Policy Specifications Pages.
Policy or Market Wealth Plus: Your Market Wealth Plus variable universal life policy.
Policy Specifications Page: The policy pages that provide information regarding your policy, such as policy Face Amount, premiums due and policy charges. May also be referred to as "Policy Data Pages" in riders or endorsements attached to your policy.
Policy Date: The date we use as the starting point for determining Policy Years and Monthly Deduction Days. You can find your Policy Date on the Policy Specifications Page.
Policy Year: The twelve-month period starting on the Policy Date, and each twelve-month period thereafter.
Request: A signed written request in Good Order received at our VPSC, or any other address that we may indicate to you in writing, which gives us the facts that we need. When you write to us, please include the Policy number, the Insured's full name, and your current address.
Separate Account: NYLIAC Variable Universal Life Separate Account-I, a segregated asset account NYLIAC established to receive and invest Net Premiums that are allocated to the Investment Divisions. The Separate Account is divided into subaccounts that correspond to the Investment Divisions.
Separate Account Value: An amount equal to your policy's Accumulation Units in the Separate Account.
Surrender Charge Period: The period of time during which we may assess a surrender charge. See "Transaction Charges-Surrender Charges" for more information.
Surrender Charge Premium: The amount we use to calculate surrender charges, as set forth on the Policy Specifications Page.
VPSC: The Variable Products Service Center. You may contact the VPSC toll-free by calling 1-800-598-2019, or by sending correspondence to the addresses listed on the first page of this prospectus (or any other address we indicate to you in writing). See "Management and Organization-How to Reach Us for Policy Services" for more information.
3
Updated Information About Your Policy
The information in this updating summary prospectus is a summary of certain policy features that have changed since the full or statutory prospectus dated May 1, 2025. This may not reflect all of the changes that have occurred since you purchased your policy.
Eligible Portfolios:

The following have been added as Eligible Portfolios under the Policy:
●
American Funds IS® Growth-Income-Class 2
●
Columbia Variable Portfolio Small Company Growth-Class 1
●
Fidelity® VIP International Capital Appreciation-Initial Class
●
Franklin Gold and Precious Metals VIP Fund-Class 1
●
Goldman Sachs VIT International Equity Insights Fund-Institutional Class
●
Lord Abbett Series Fund, Inc.-Short Duration Income Portfolio-Class I
●
Voya Intermediate Bond Portfolio-Class I
The names of the following Eligible Portfolio under the Policy have changed:
●
For all NYLI VP Portfolios, all references to "NYLI" in the Portfolio names were deleted and replaced with "NYLIM"
●
NYLI VP American Century Sustainable Equity-Initial Class has been changed to NYLIM VP American Century Large Cap Equity-Initial Class
●
American Funds® IS Global Small Capitalization Fund-Class 2 has been changed to American Funds® IS SMALLCAP World Fund®-Class 2
●
MFS® International Intrinsic Value Portfolio-Initial Class has been changed to MFS® International Intrinsic Equity Portfolio-Initial Class
The following Eligible Portfolio under the Policy has closed:
●
Western Asset Core Plus VIT Portfolio-Class I has been closed to new investments. Premiums or transfers will only be accepted into this Portfolio from policyowners already invested in this Portfolio. Policyowners who remove all Cash Value allocations from this Portfolio will not be permitted to reinvest in this Portfolio.
The following Eligible Portfolios have Reorganized:
●
Macquarie VIP Portfolios:
●
Macquarie VIP Emerging Markets Series-Standard Class has been changed to Nomura VIP Emerging Markets Series-Standard Class
●
Macquarie VIP Small Cap Value Series-Standard Class has been changed to Nomura VIP Small Cap Value Series-Standard Class
●
Delaware Management Company, a series of Macquarie Investment Management Business
Trust, the adviser to the Portfolios listed above, has been replaced with Delaware Management Company, a series of Nomura Investment Management Business Trust
●
Macquarie Investment Management Global Limited, has been removed as the subadviser to the Portfolios listed above
●
ClearBridge Variable Portfolio:
●
ClearBridge Variable Appreciation Portfolio-Class I has been changed to LVIP ClearBridge Appreciation Fund-Standard Class
4
●
Franklin Templeton Fund Adviser, LLC, the adviser to the Portfolio listed above has been replaced with Lincoln Financial Investments Corporation
5
Important Information You Should Consider About the Policy  
Fees and Expenses
Charges for Early
Withdrawals
If you fully surrender your policy for the Cash Surrender Value, partially surrender or
withdraw money from your policy within a maximum of 10 years following your
purchase of the policy, you may be assessed a maximum surrender charge equal to
the lesser of (a) or (b) where (a) equals 50% of the total premiums paid under the
Policy and (b) equals a percentage of the Surrender Charge Premium. Surrender
charges are not applicable on full surrenders of the policy for its ACSV.
For example, if you were to withdraw $100,000 during the first 10 years after your
policy purchase, the ACSV was not available, and your total premiums paid were
$100,000, then you could be assessed a charge of up to $50,000 on the amount
withdrawn.
For more detailed information, see the Prospectus, Table of Fees and Expenses;
Charges Associated with the Policy - Transaction Charges.
Transaction Charges
In addition to surrender charges for early withdrawals, you may be charged for other
transactions. These include surrender charges for Face Amount decreases,
Premium Expense Charges (deducted from each premium payment), and charges if
you exercise the Living Benefits Rider or the Overloan Protection Rider. A conditional
premium payment may be required if you exercise the Insurance Exchange Rider. A
withdrawal fee may apply if you make a withdrawal from the Premium Deposit
Account.
We reserve the right to impose partial surrender fees, transfer charges (when you
transfer Cash Value between Investment Options), and a returned payment (bad
check) fee, but we currently do not impose these charges.
For more detailed information, see the Prospectus, Table of Fees and Expenses;
Charges Associated with the Policy - Deductions From Premium Payments; Charges
Associated with the Policy - Transaction Charges.
Ongoing Fees and
Expenses (annual charges)
In addition to surrender charges and transaction charges, an investment in the policy
is subject to certain ongoing fees and expenses. Some of these charges, such as the
Cost of Insurance Charge, the Administrative Charge, and certain rider charges
(for optional benefits), are set based on individual characteristics of the insured (e.g.,
age, gender, and rating classification). Other ongoing charges include the Contract
Charge, the Mortality and Expense Risk Charge, loan interest, and certain rider
charges. Please refer to your Policy Specifications Page for rates and the specific
fees applicable to your policy.
Investors will also bear expenses associated with the Eligible Portfolios (portfolio
companies), as shown in the following table, which shows the minimum and
maximum total operating expenses deducted from Fund assets (before any fee
waiver or expense reimbursement) during the year ended December 31, 2025 and
which may change from year to year.
6
Fees and Expenses
Portfolios' Annual Operating Expenses (expenses that are deducted from
Portfolio assets)
Annual Fee
Minimum
Maximum
Investment Options
(Eligible Portfolio fees
and expenses)
0.12%
1.31%
For more detailed information, see the Prospectus, Table of Fees and Expenses;
Charges Associated with the Policy; and Appendix: Eligible Portfolios Available Under
the Policy for our list of available Eligible Portfolios, the current expenses for these
Portfolios, and the Average Annual Total Returns.
 
Risks
 
Risk of Loss
You can lose money by investing in this policy, including loss of your premiums
(principal).
For more detailed information, see the Prospectus, Summary of Principal Risks of
Investing in the Policy; Management and Organization - About the Separate Account.
Not a Short-Term
Investment
This policy is not designed for short-term investing and is not appropriate for an
investor who needs ready access to cash.
The policy is designed to provide a Life Insurance Benefit or to help meet other
long-term financial objectives. Substantial fees, expenses, and tax implications in the
early years of the policy make variable life insurance unsuitable as a short-term
savings vehicle. Additionally, the policy may limit your ability to withdraw a portion of
the Cash Value through partial surrenders or loans.
For more detailed information, see the Prospectus, Summary of Principal Risks of
Investing in the Policy; Loans; and Surrenders-Partial Surrenders-Amount Available
for a Partial Surrender.
Risks Associated with
Investment Options
•An investment in this policy is subject to the risk of poor investment performance of
the Eligible Portfolios (portfolio companies) you choose, and the value of an
investment can vary depending on the performance of the Eligible Portfolios.
•Each investment option (the Eligible Portfolios and the Fixed Investment Options)
has its own unique risks. The performance of the Eligible Portfolios will vary, and
some are riskier than others.
•A discussion of the risks of allocating your premiums or Cash Value to one or more
Eligible Portfolios can be found in the prospectuses for the Eligible Portfolios, which
are available at https://dfinview.com/NewYorkLife/TAHD/marketwealthplus. You
should review the prospectuses for the Eligible Portfolios before making an
investment decision.
For more detailed information, see the Prospectus, Summary of Principal Risks of
Investing in the Policy; Management and Organization - About the Separate Account.
7
Insurance Company Risks
An investment in the policy is subject to the risks related to New York Life Insurance
and Annuity Corporation (NYLIAC), including:
 ○Any obligations (including the Fixed Account and the DCA Accounts),
guarantees, and benefits of the policy are subject to the claims-paying ability and
financial strength of NYLIAC.
 ○There are risks relating to NYLIAC's administration of the policy, including
cybersecurity and infectious disease outbreak risks.
 ○If NYLIAC experiences financial distress, it may not be able to meet its
obligations to you. More information about NYLIAC, including its financial
strength ratings, is available upon request from NYLIAC at 1-800-598-2019.
For more detailed information, see the Prospectus, Management and Organization;
Financial Statements; Summary of Principal Risks of Investing in the Policy-
Insurance Company Risks; Risks Affecting Our Administration of the Policy.
Contract Lapse
Your policy can lapse even if you pay all of the planned premiums on time. When a
policy lapses, it has no value, and no benefits are paid upon the death of the insured.
You may also lose the principal invested. A policy can lapse if the Cash Surrender
Value is insufficient to pay the Monthly Deduction Charges and other charges. This
can happen due to insufficient premium payments, poor investment performance,
partial surrenders, unpaid loans or loan interest, and policy charges (including
increases in those charges). The larger a policy loan becomes relative to the policy's
Cash Surrender Value, the greater the risk that the policy's Cash Surrender Value will
not be sufficient to support the policy's charges and expenses, including any loan
interest due, and the greater the risk of the policy lapsing. A policy lapse may have
tax consequences.
A policy that has a Cash Surrender Value just sufficient to cover Monthly Deduction
Charges and other charges, or that is otherwise minimally funded, is less likely to
maintain its Cash Surrender Value due to market fluctuation and other performance
related risks. To continue to keep your policy in force when the Guarantee Period
ends, premium payments significantly higher than the premium necessary to maintain
the No Lapse Guarantee benefit may be required.
If the policy lapses, there are costs and premium requirements associated with
reinstatement of the policy.
For more detailed information, see the Prospectus, Summary of Principal Risks of
Investing in the Policy; Termination and Reinstatement; Premiums - Risk of Minimally
Funded Policies.
8
 
Restrictions
 
Investment Options
•You can select a maximum of 21 Investment Options among the available
Investment Divisions (that invest in the Eligible Portfolios), the Fixed Account and/or
the DCA Accounts.
•The minimum amount that you can transfer is $500. The maximum amount that you
can transfer out of the Fixed Account in any Policy Year is the greater of (a) 20% of
the amount in the Fixed Account at the beginning of the Policy Year, or (b) $5,000.
•NYLIAC reserves the right to remove, substitute or close to investors any Eligible
Portfolios (portfolio companies) as Investment Options that are available under the
policy.
•We set limits on the number of electronic or telephonic transfer requests that can
be made in any period. If these limits are exceeded, any subsequent transfer
requests must be made by U.S. mail or overnight courier.
•In addition, we may limit your ability to make transfers involving the Investment
Divisions if a transfer may disadvantage or potentially harm or hurt the rights of
other policyowners in order to prevent market timing. We will also reject, reverse, or
modify a transfer request if for any reason any of the Eligible Portfolios do not
accept the purchase of its shares.
For more detailed information, see the Prospectus, Descriptions of the Policy -
Investment Divisions, the Fixed Account and the DCA Accounts; Descriptions of the
Policy - Transfers Among the Investment Divisions, the Fixed Account and the DCA
Accounts; Description of the Policy - Limits on Transfers; and Appendix: Eligible
Portfolios Available Under the Policy for our list of available Eligible Portfolios.
Optional Benefits
•We may modify or discontinue offering an optional benefit at any time.
•There are limitations on the benefit amounts associated with some optional
benefits.
•Activation of certain optional benefits may affect the Face Amount, life insurance
proceeds or other rights under the policy.
•Some optional benefits have Policy Year limitations and/or age requirements.
•Some optional benefits may have tax implications.
•Some optional benefits may not be used together.
•We may change these restrictions in the future.
For more detailed information, see the Prospectus, Descriptions of the
Policy-Additional Benefits Through Riders and Options.
 
Taxes
 
Tax Implications
•Consult with a tax professional to determine the tax implications of an investment in
and payments received under this policy.
•Earnings on your policy (if any) are taxed when you withdraw them (or if a policy
loan is not repaid), at ordinary income tax rates, and may be subject to a tax
penalty before age 59 ½.
For more detailed information, see the Prospectus, Summary of Principal Risks of
Investing in the Policy-Tax Risks; Federal Income Tax Considerations.
9
 
Conflicts of Interest
 
Investment Professional
Compensation
Your investment professional may receive compensation for selling this policy to you,
in the form of commissions, asset-based compensation, allowances for expenses,
and other compensation programs, and because NYLIAC may share the revenue it
earns on this policy with the professional's firm. (Your investment professional may be
your registered representative, broker, investment adviser, insurance agent, or
someone else).
These investment professionals may have a financial incentive to recommend this
policy over another policy or investment.
For more detailed information, see the Prospectus, Distribution and Compensation
Arrangements.
Exchanges
Some investment professionals may have a financial incentive to offer you a new
policy in place of the one you own. You should only exchange your policy if you
determine, after comparing the features, fees, and risks of both policies, that it is
preferable for you to purchase the new policy rather than continue to own your
existing policy. The ACSV is not available for IRC Section 1035 exchanges to another
life insurance policy.
For more detailed information, see the Prospectus, Description of the
Policy-Tax-Free "Section 1035" Insurance Policy Exchanges.
10
Appendix: Eligible Portfolios Available Under the Policy
The Eligible Portfolios
The following is a list of the Eligible Portfolios currently available under the policy. Before you invest, you should review the prospectuses for the Portfolios. These prospectuses contain more information about the Portfolios and their risks and may be amended from time to time. You can find the prospectuses and other information about the Portfolios online at https://dfinview.com/NewYorkLife/TAHD/marketwealthplus.You can also request this information at no cost by calling 1-800-598-2019 or sending an email request to [email protected].
The current expenses and performance information below reflects fees and expenses of the Eligible Portfolios, but does not reflect the other fees and expenses that your policy may charge. Expenses would be higher and performance would be lower if these charges were included. Each Portfolio's past performance is not necessarily an indication of future performance.  
Portfolio Type
Portfolio and Adviser/Subadviser
Current
Expenses
Average Annual Total Returns
(as of 12/31/2025)
1 Year
5 Year
10 Year
Large Cap Equity
NYLIM VP American Century Large Cap
Equity (formerly NYLI VP American Century
Sustainable Equity)-Initial Class
 
Adviser: New York Life Investment
Management LLC ("New York Life
Investments")
 
Subadviser: American Century Investment
Management, Inc.
0.68%
11.34%
13.96%
11.86%
Asset Allocation
NYLIM VP Balanced-Initial Class
 
Adviser: New York Life Investments
 
Subadvisers: NYL Investors LLC ("NYLI")
and Wellington Management LLP
("Wellington")
0.72%
11.44%
7.41%
7.30%
Investment Grade Bond
NYLIM VP Bond-Initial Class
 
Adviser: New York Life Investments
 
Subadviser: NYLI
0.55%
6.83%
(0.63) %
1.96%
Sector
NYLIM VP CBRE Global
Infrastructure-Initial Class
 
Adviser: New York Life Investments
 
Subadviser: CBRE Investment Management
Listed Real Assets LLC
0.95%*
15.60%
7.06%
2.64%
Asset Allocation
NYLIM VP Conservative Allocation-Initial
Class
 
Adviser: New York Life Investments
0.55%
9.56%
3.93%
5.40%
-11
Portfolio Type
Portfolio and Adviser/Subadviser
Current
Expenses
Average Annual Total Returns
(as of 12/31/2025)
1 Year
5 Year
10 Year
Large Cap Equity
NYLIM VP Dimensional U.S. Equity-Initial
Class
 
Adviser: New York Life Investments
 
Subadviser: Dimensional Fund Advisors LP
0.54%
13.75%
12.39%
12.68%
Large Cap Equity
NYLIM VP Epoch U.S. Equity Yield-Initial
Class
 
Adviser: New York Life Investments
 
Subadviser: Epoch Investment Partners, Inc.
("Epoch")
0.68%*
14.24%
12.02%
9.96%
Asset Allocation
NYLIM VP Equity Allocation-Initial Class
 
Adviser: New York Life Investments
0.69%
13.98%
8.17%
9.34%
Sector
NYLIM VP Fidelity Institutional AM®
Utilities-Initial Class
 
Adviser: New York Life Investments
 
Subadviser: FIAM LLC
0.68%
13.79%
12.34%
10.97%
Non-Investment Grade
Bond
NYLIM VP Floating Rate-Initial Class
 
Adviser: New York Life Investments
 
Subadviser: NYLI
0.64%
5.13%
5.43%
5.01%
Asset Allocation
NYLIM VP Growth Allocation-Initial Class
 
Adviser: New York Life Investments
0.64%
12.52%
7.33%
8.32%
Alternatives
NYLIM VP Hedge Multi-Strategy-Initial
Class
 
Adviser: New York Life Investments
1.01%*
8.05%
2.92%
2.07%
Asset Allocation
NYLIM VP Income Builder-Initial Class
 
Adviser: New York Life Investments
 
Subadvisers: Epoch and MacKay Shields
LLC ("MacKay")
0.63%*
16.99%
6.56%
7.40%
Asset Allocation
NYLIM VP Janus Henderson
Balanced-Initial Class
 
Adviser: New York Life Investments
 
Subadviser: Janus Henderson Investors US
LLC ("Janus")
0.58%
15.05%
8.58%
10.19%
-12
Portfolio Type
Portfolio and Adviser/Subadviser
Current
Expenses
Average Annual Total Returns
(as of 12/31/2025)
1 Year
5 Year
10 Year
Non-Investment Grade
Bond
NYLIM VP MacKay Convertible-Initial
Class
 
Adviser: New York Life Investments
 
Subadviser: MacKay
0.59%
16.40%
5.60%
10.38%
Non-Investment Grade
Bond
NYLIM VP MacKay High Yield Corporate
Bond-Initial Class
 
Adviser: New York Life Investments
 
Subadviser: MacKay
0.59%*
6.87%
4.44%
6.14%
Non-Investment Grade
Bond
NYLIM VP MacKay Strategic Bond-Initial
Class
 
Adviser: New York Life Investments
 
Subadviser: MacKay
0.65%
8.87%
3.98%
4.40%
Investment Grade Bond
NYLIM VP MacKay U.S. Infrastructure
Bond-Initial Class
 
Adviser: New York Life Investments
 
Subadviser: MacKay
0.57%
8.44%
0.10%
1.38%
Large Cap Equity
NYLIM VP MFS® Investors Trust-Initial
Class
 
Adviser: New York Life Investments
 
Subadviser: Massachusetts Financial
Services Company ("MFS")
0.75%
N/A
N/A
N/A
Large Cap Equity
NYLIM VP MFS® Research-Initial Class
 
Adviser: New York Life Investments
 
Subadviser: MFS
0.76%
N/A
N/A
N/A
Asset Allocation
NYLIM VP Moderate Allocation-Initial
Class
 
Adviser: New York Life Investments
0.58%
11.30%
5.62%
6.88%
Sector
NYLIM VP Natural Resources-Initial Class
 
Adviser: New York Life Investments
 
Subadviser: Newton Investment
Management North America, LLC ("NIMNA")
0.85%
15.20%
17.27%
10.88%
-13
Portfolio Type
Portfolio and Adviser/Subadviser
Current
Expenses
Average Annual Total Returns
(as of 12/31/2025)
1 Year
5 Year
10 Year
Sector
NYLIM VP Newton Technology
Growth-Initial Class
 
Adviser: New York Life Investments
 
Subadviser: NIMNA
0.78%*
N/A
N/A
N/A
Investment Grade Bond
NYLIM VP PIMCO Real Return-Initial
Class
 
Adviser: New York Life Investments
 
Subadviser: Pacific Investment Management
Company LLC ("PIMCO")
1.09%*
8.16%
1.36%
3.29%
International/Global
Equity
NYLIM VP PineStone International
Equity-Initial Class
 
Adviser: New York Life Investments
 
Subadviser: PineStone Asset Management
Inc.
0.86%
12.29%
0.20%
5.44%
Large Cap Equity
NYLIM VP S&P 500 Index-Initial Class
 
Adviser: New York Life Investments
0.12%*
17.72%
14.28%
14.63%
Small/Mid Cap Equity
NYLIM VP Schroders Mid Cap
Opportunities-Initial Class
 
Adviser: New York Life Investments
 
Subadviser: Schroder Investment
Management North America
0.83%*
7.27%
5.05%
7.39%
Small/Mid Cap Equity
NYLIM VP Small Cap Growth-Initial Class
 
Adviser: New York Life Investments
 
Subadvisers: Brown Advisory, LLC and
Segall Bryant & Hamill, LLC
0.86%
4.89%
1.64%
8.95%
Money Market
NYLIM VP U.S. Government Money
Market-Initial Class
 
Adviser: New York Life Investments
 
Subadviser: NYLI
0.28%*
4.05%
3.02%
1.89%
Small/Mid Cap Equity
NYLIM VP Wellington Small Cap-Initial
Class
 
Adviser: New York Life Investments
 
Subadviser: Wellington
0.75%*
9.53%
5.93%
7.41%
-14
Portfolio Type
Portfolio and Adviser/Subadviser
Current
Expenses
Average Annual Total Returns
(as of 12/31/2025)
1 Year
5 Year
10 Year
Large Cap Equity
NYLIM VP Winslow Large Cap
Growth-Initial Class
 
Adviser: New York Life Investments
 
Subadviser: Winslow Capital Management,
Inc.
0.75%
14.35%
12.69%
16.14%
Small/Mid Cap Equity
AB VPS Discovery Value Portfolio-Class A
 
Adviser: AllianceBernstein L.P. ("AB")
0.82%
2.89%
8.75%
8.55%
Large Cap Value
AB VPS Relative Value Portfolio-Class A
 
Adviser: AB
0.60%*
10.47%
11.42%
10.57%
Asset Allocation
American Funds® IS Asset Allocation
Fund-Class 2
 
Adviser: Capital Research and Management
CompanySM ("CRMC")
0.54%
15.85%
8.97%
9.77%
Investment Grade Bond
American Funds® IS The Bond Fund of
America®-Class 2
 
Adviser: CRMC
0.47%*
7.26%
(0.14)%
2.36%
Investment Grade Bond
American Funds® IS Capital World Bond
Fund®-Class 2
 
Adviser: CRMC
0.73%
9.39%
(2.50)%
1.23%
Large Cap Equity
American Funds® IS Growth Fund-Class 2
 
Adviser: CRMC
0.58%
20.24%
13.37%
17.97%
Large Cap Equity
American Funds® IS Growth-Income
Fund-Class 2
 
Adviser: CRMC
0.53%
18.06%
13.90%
13.92%
Sector
American Funds® IS New World
Fund®-Class 2
 
Adviser: CRMC
0.82%*
28.29%
5.33%
9.25%
International/Global
Equity
American Funds® IS SMALLCAP World
Fund® (formerly American Funds® IS Global
Small Capitalization Fund)-Class 2
 
Adviser: CRMC
0.90%*
14.64%
0.49%
7.23%
Investment Grade Bond
American Funds® IS U.S. Government
Securities Fund®-Class 2
 
Adviser: CRMC
0.50%*
7.75%
(0.23)%
1.70%
-15
Portfolio Type
Portfolio and Adviser/Subadviser
Current
Expenses
Average Annual Total Returns
(as of 12/31/2025)
1 Year
5 Year
10 Year
Large Cap Equity
American Funds® IS Washington Mutual
Investors Fund-Class 2
 
Adviser: CRMC
0.50%*
17.21%
13.89%
12.36%
Asset Allocation
BlackRock® Global Allocation V.I.
Fund-Class I
 
Adviser: BlackRock Advisors, LLC
("BlackRock")
 
Subadviser: BlackRock (Singapore) Limited
and BlackRock International Limited
0.76%*
19.80%
5.79%
7.59%
Non-Investment Grade
Bond
BlackRock® High Yield V.I. Fund-Class I
 
Adviser: BlackRock
 
Subadviser: BlackRock International Limited
0.54%*
9.19%
4.79%
6.31%
Large Cap Equity
BNY Mellon Sustainable U.S. Equity
Portfolio-Initial Shares
 
Adviser: BNY Mellon Investment Adviser,
Inc.
 
Subadviser: Newton Investment
Management Limited
0.66%
15.97%
11.93%
13.56%
Non-Investment Grade
Bond
Columbia Variable Portfolio-Emerging
Markets Bond Fund-Class 1
 
Adviser: Columbia Management Investment
Advisers, LLC ("Columbia")
0.75%*
12.78%
1.70%
4.28%
Investment Grade Bond
Columbia Variable Portfolio-Intermediate
Bond Fund-Class 1
 
Adviser: Columbia
0.52%
9.06%
(0.43)%
2.77%
Investment Grade Bond
Columbia Variable Portfolio-Small
Company Growth Fund-Class 1
 
Adviser: Columbia
0.87%*
21.69%
3.59%
15.19%
Alternatives
DWS Alternative Asset Allocation
VIP-Class A
 
Adviser: DWS Investment Management
Americas Inc. ("DIMA")
 
Subadviser: RREEF America LLC
0.93%
10.50%
5.29%
4.89%
-16
Portfolio Type
Portfolio and Adviser/Subadviser
Current
Expenses
Average Annual Total Returns
(as of 12/31/2025)
1 Year
5 Year
10 Year
Small/Mid Cap Equity
DWS Small Cap Index VIP-Class A
 
Adviser: DIMA
 
Subadviser: Northern Trust Investments, Inc.
0.37%*
12.64%
5.84%
9.33%
Small/Mid Cap Equity
DWS Small Mid Cap Value VIP-Class A
 
Adviser: DIMA
0.80%*
18.21%
9.66%
7.57%
Investment Grade Bond
Fidelity® VIP Bond Index Portfolio-Initial
Class
 
Adviser: Fidelity Management & Research
Company ("FMR")
 
Subadvisers: Other investment advisers
0.14%
6.98%
(0.57)%
N/A
Large Cap Equity
Fidelity® VIP ContrafundSM Portfolio-Initial
Class
 
Adviser: FMR
 
Subadvisers: Other investment advisers
0.54%
21.52%
15.37%
15.78%
International/Global
Equity
Fidelity® VIP Emerging Markets
Portfolio-Initial Class
 
Adviser: FMR
 
Subadvisers: Other investment advisers
0.87%
41.20%
5.88%
10.93%
Large Cap Equity
Fidelity® VIP Equity-Income
PortfolioSM-Initial Class
 
Adviser: FMR
 
Subadvisers: Other investment advisers
0.46%
19.02%
12.51%
11.60%
Small/Mid Cap Equity
Fidelity® VIP Extended Market Index
Portfolio-Initial Class
 
Adviser: FMR
 
Subadviser: Geode Capital Management,
LLC ("Geode")
0.12%
12.32%
8.02%
N/A
Asset Allocation
Fidelity® VIP Freedom 2020
PortfolioSM-Initial Class
 
Adviser: FMR
0.44%
13.33%
4.84%
7.38%
Asset Allocation
Fidelity® VIP Freedom 2030
PortfolioSM-Initial Class
 
Adviser: FMR
0.49%
15.52%
6.25%
8.88%
-17
Portfolio Type
Portfolio and Adviser/Subadviser
Current
Expenses
Average Annual Total Returns
(as of 12/31/2025)
1 Year
5 Year
10 Year
Asset Allocation
Fidelity® VIP Freedom 2040
PortfolioSM-Initial Class
 
Adviser: FMR
0.57%
18.79%
9.01%
10.87%
Large Cap Equity
Fidelity® VIP Growth Opportunities
Portfolio-Initial Class
 
Adviser: FMR
 
Subadvisers: Other investment advisers
0.56%
22.02%
11.31%
19.94%
Sector
Fidelity® VIP Health Care Portfolio-Initial
Class
 
Adviser: FMR
 
Subadvisers: Other investment advisers
0.59%
14.39%
4.18%
8.75%
International/Global
Equity
Fidelity® VIP International Capital
Appreciation Portfolio-Initial Class
 
Adviser: FMR
 
Subadviser: FIL Investment Advisors
0.78%
18.69%
6.26%
9.81%
International/Global
Equity
Fidelity® VIP International Index
Portfolio-Initial Class
 
Adviser: FMR
 
Subadviser: Geode
0.16%
33.15%
8.02%
N/A
Investment Grade Bond
Fidelity® VIP Investment Grade Bond
Portfolio-Initial Class
 
Adviser: FMR
 
Subadvisers: Other investment advisers
0.37%
7.22%
0.06%
2.71%
Small/Mid Cap Equity
Fidelity® VIP Mid Cap Portfolio-Initial Class
 
Adviser: FMR
 
Subadvisers: Other investment advisers
0.55%
11.75%
10.10%
10.59%
Sector
Franklin Gold and Precious Metals VIP
Fund-Class 1
 
Adviser: Franklin Advisers, Inc. ("Franklin")
0.70%*
N/A
N/A
N/A
-18
Portfolio Type
Portfolio and Adviser/Subadviser
Current
Expenses
Average Annual Total Returns
(as of 12/31/2025)
1 Year
5 Year
10 Year
Asset Allocation
Franklin Templeton Aggressive Model
Portfolio-Class I
 
Adviser: Franklin Templeton Fund Adviser,
LLC ("FTFA")
 
Subadviser: Franklin
0.63%
17.30%
10.41%
N/A
Asset Allocation
Franklin Templeton Conservative Model
Portfolio-Class I
 
Adviser: FTFA
 
Subadviser: Franklin
0.60%
9.39%
2.92%
N/A
Asset Allocation
Franklin Templeton Moderate Model
Portfolio-Class I
 
Adviser: FTFA
 
Subadviser: Franklin
0.57%
13.56%
6.76%
N/A
Asset Allocation
Franklin Templeton Moderately Aggressive
Model Portfolio-Class I
 
Adviser: FTFA
 
Subadviser: Franklin
0.57%
15.29%
8.12%
N/A
Asset Allocation
Franklin Templeton Moderately Conservative
Model Portfolio-Class I
 
Adviser: FTFA
 
Subadviser: Franklin
0.57%
11.76%
5.17%
N/A
International/Global
Equity
Goldman Sachs VIT International Equity
Insights Fund-Institutional Class
 
Adviser: Goldman Sachs Asset
Management, L.P.
0.80%*
6.12%
5.46%
4.88%
International/Global
Equity
Invesco V.I. EQV International Equity
Fund-Series I Shares
 
Adviser: Invesco Advisers, Inc. ("Invesco")
0.90%
16.50%
3.68%
6.22%
Small/Mid Cap Equity
Invesco V.I. Main Street Small Cap
Fund®-Series I Shares
 
Adviser: Invesco
0.84%
8.70%
8.34%
10.59%
Small/Mid Cap Equity
Janus Henderson Enterprise
Portfolio-Institutional Shares
 
Adviser: Janus
0.72%
7.67%
7.62%
12.79%
-19
Portfolio Type
Portfolio and Adviser/Subadviser
Current
Expenses
Average Annual Total Returns
(as of 12/31/2025)
1 Year
5 Year
10 Year
International/Global
Equity
Janus Henderson Global Research
Portfolio-Institutional Shares
 
Adviser: Janus
0.82%
20.92%
12.51%
12.93%
Investment Grade Bond
Lord Abbett Series Fund, Inc.-Short
Duration Income Portfolio-Class I
 
Adviser: Lord, Abbett & Co. LLC
0.47%*
N/A
N/A
N/A
Large Cap Equity
LVIP ClearBridge Appreciation
Fund-Standard Class (formerly
ClearBridge Variable Appreciation
Portfolio-Class I)
 
Adviser: Lincoln Financial Investments
Corporation ("LFIC")
 
Subadviser: ClearBridge Investments, LLC
0.70%*
14.50%
12.72%
13.34%
Small/Mid Cap Equity
LVIP SSgA Mid-Cap Index Fund-Standard
Class
 
Adviser: LFIC
 
Subadviser: SSgA Funds Management, Inc.
0.35%*
13.55%
9.94%
9.31%
International Equity
MFS® International Intrinsic Equity Portfolio
(formerly MFS® International Intrinsic Value
Portfolio)-Initial Class
 
Adviser: MFS
0.89%*
33.26%
7.28%
9.95%
Mid Cap Equity
MFS® Mid Cap Value Portfolio-Initial Class
 
Adviser: MFS
0.79%*
5.98%
10.18%
9.95%
Small/Mid Cap Equity
MFS® New Discovery Series-Initial Class
 
Adviser: MFS
0.87%*
12.96%
(0.28)%
10.74%
Foreign Large Blend
MFS® Research International
Portfolio-Initial Class
 
Adviser: MFS
0.90%*
22.05%
5.51%
7.54%
Small/Mid Cap Equity
Neuberger Berman AMT Mid Cap Growth
Portfolio-Class I
 
Adviser: Neuberger Berman Investment
Advisers LLC
0.86%*
5.45%
4.47%
10.96%
-20
Portfolio Type
Portfolio and Adviser/Subadviser
Current
Expenses
Average Annual Total Returns
(as of 12/31/2025)
1 Year
5 Year
10 Year
International/Global
Equity
Nomura VIP Emerging Markets Series
(formerly Macquarie VIP Emerging Markets
Series)-Standard Class
 
Adviser: Delaware Management Company, a
series of Nomura Investment Management
Business Trust
1.16%*
81.26%
8.81%
12.17%
Small/Mid Cap Equity
Nomura VIP Small Cap Value Series
(formerly Macquarie VIP Small Cap Value
Series)-Standard Class
 
Adviser: Delaware Management Company, a
series of Nomura Investment Management
Business Trust
0.74%
8.16%
9.26%
9.15%
Investment Grade Bond
PIMCO VIT Income Portfolio-Institutional
Class
 
Adviser: PIMCO
0.77%
10.36%
3.57%
N/A
Investment Grade Bond
PIMCO VIT International Bond Portfolio
(U.S. Dollar-Hedged)-Institutional Class
 
Adviser: PIMCO
0.94%
4.10%
1.18%
3.04%
Investment Grade Bond
PIMCO VIT Low Duration
Portfolio-Institutional Class
 
Adviser: PIMCO
0.51%
5.68%
1.72%
1.94%
Investment Grade Bond
PIMCO VIT Short-Term
Portfolio-Institutional Class
 
Adviser: PIMCO
0.50%
4.83%
3.40%
2.91%
Investment Grade Bond
PIMCO VIT Total Return
Portfolio-Institutional Class
 
Adviser: PIMCO
0.58%
9.05%
0.16%
2.51%
Sector
Principal VC Real Estate Securities
Account-Class 1
 
Adviser: Principal Global Investors, LLC
 
Subadviser: Principal Real Estate Investors,
LLC
0.78%
1.24%
4.88%
5.94%
-21
Portfolio Type
Portfolio and Adviser/Subadviser
Current
Expenses
Average Annual Total Returns
(as of 12/31/2025)
1 Year
5 Year
10 Year
International/Global
Equity
Putnam VT International Value Fund-Class
IA
 
Adviser: Putnam Investment Management,
LLC
 
Subadvisers: Franklin, Franklin Templeton
Investment Management Limited and The
Putnam Advisory Company, LLC
0.81%
35.07%
12.77%
9.13%
Large Cap Equity
Voya Growth and Income Portfolio-Class I
 
Adviser: Voya Investments, LLC
 
Subadviser: Voya Investment Management
Co. LLC ("Voya")
0.67%*
18.21%
15.46%
14.62%
Investment Grade Bond
Voya Intermediate Bond Portfolio - Class I
 
Adviser: Voya
0.55%*
7.71%
0.15%
2.66%
Investment Grade Bond
Western Asset Core Plus VIT
Portfolio-Class I**
 
Adviser: FTFA
 
Subadvisers: Western Asset Management
Company, LLC; Western Asset Management
Company Limited; Western Asset
Management Company Ltd.; and Western
Asset Management Company Pte. Ltd.
0.54%*
7.75%
(1.44)%
2.11%
*
Current Expenses take into account expense reimbursement or fee waiver arrangements in place that are generally expected to continue through April 30, 2027 and may be terminated at any time at the option of the Fund. Annual expenses for the Eligible Portfolios for the year ended December 31, 2025, reflect temporary fee reductions under such an arrangement.
**
Premiums or transfers will only be accepted into this fund from policyowners already invested in this fund. Policyowners who remove all Cash Value allocations from this fund will not be permitted to reinvest in this fund.
-22
This Updating Summary Prospectus incorporates by reference the Policy full (statutory) prospectus and Statement of Additional Information (SAI), both dated May 1, 2026, as amended or supplemented. The full prospectus and SAI for the Policy may be obtained, free of charge, in any manner shown on the front page of this Updating Summary Prospectus.
The SEC EDGAR Contract Identifier for the Policy is C000236402.
New York Life Ins & Annuity Var Univ Life Sep Acc I Corp published this content on April 22, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on April 22, 2026 at 19:12 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]