# EDGAR Filing Document

**Accession Number:** 0001048606
**File Stem:** 0001104659-26-053690
**Filing Date:** 2026-5
**Character Count:** 1100965
**Document Hash:** 620e1836a6b867006d6fc74729871fb1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-053690.hdr.sgml**: 20260501

**ACCESSION NUMBER**: 0001104659-26-053690

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 9

**FILED AS OF DATE**: 20260501

**DATE AS OF CHANGE**: 20260501

**EFFECTIVENESS DATE**: 20260501

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LINCOLN LIFE VARIABLE ANNUITY ACCOUNT N
- **CENTRAL INDEX KEY:** 0001048606

**ORGANIZATION NAME:**
- **EIN:** 350472300
- **STATE OF INCORPORATION:** IN
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-181612
- **FILM NUMBER:** 26929961

**BUSINESS ADDRESS:**
- **STREET 1:** 1300 S CLINTON ST
- **STREET 2:** PO BOX 1110
- **CITY:** FORT WAYNE
- **STATE:** IN
- **ZIP:** 46801
- **BUSINESS PHONE:** 2604552000

**MAIL ADDRESS:**
- **STREET 1:** PO BOX 1110
- **CITY:** FORT WAYNE
- **STATE:** IN
- **ZIP:** 46801

## Series and Classes Contracts Data

### LINCOLN LIFE VARIABLE ANNUITY ACCOUNT N (Series ID: S000002797)

---

|  |  |
|:---|:---|
| Class Name                          | Class ID   |
| Lincoln ChoicePlus Assurance Series | C000116834 |

---

## Series and Classes Contracts Data

### LINCOLN LIFE VARIABLE ANNUITY ACCOUNT N (Series ID: S000002797)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000116834 | Lincoln ChoicePlus Assurance Series |  |

?xml version='1.0' encoding='ASCII'? EDGAR HTML

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The Lincoln National Life Insurance Company**

**Lincoln National Variable Annuity Account H**

American Legacy<sup>®</sup> Signature, American Legacy<sup>®</sup> Series, American Legacy<sup>®</sup> Design, American Legacy<sup>®</sup> Advisory

**Lincoln Life Variable Annuity Account N**

*Lincoln ChoicePlus Assurance*<sup>SM</sup> (Prime), *Lincoln ChoicePlus Assurance*<sup>SM</sup> Series, *Lincoln ChoicePlus*<sup>SM</sup> Design, *Lincoln ChoicePlus*<sup>SM</sup> Signature, *Lincoln ChoicePlus*<sup>SM</sup> Select B-Share, *Lincoln ChoicePlus*<sup>SM</sup> Advisory, *Lincoln InvestmentSolutions*<sup>SM</sup> RIA

**Rate Sheet Prospectus Supplement dated May 1, 2026**

This Rate Sheet Prospectus Supplement ("Rate Sheet") provides the rates and percentages for ***Lincoln ProtectedPay Select Core***<sup>®</sup> **and *Estate Lock***<sup>SM</sup>. This Rate Sheet must be retained with the current prospectus.

**The rates below apply for applications signed on or after May 1, 2026.** 

**The rates in this Rate Sheet can be superseded at any time.** In the event we change our rates, the new rate sheet will become effective at least 10 days after it is filed. Current Rate Sheets will be included with the prospectus. You can also obtain the most current Rate Sheet by contacting your financial professional, or online at www.lfg.com/VAprospectus. This Rate Sheet has been filed with the Securities and Exchange Commission and can be viewed at www.sec.gov.

**Current Initial Annual Charges** 

---

| | |
|:---|:---|
| *Estate Lock*<sup>SM</sup> Death Benefit Rider Charge Rate  | 0.45% |
| *Lincoln ProtectedPay*<sup>®</sup> and *Estate Lock*<sup>SM</sup> Protected Lifetime Income Fee Rate | 1.50% |

---

**Enhancement Rate**

6%

**Protected Annual Income Rates for *Lincoln ProtectedPay Select Core***<sup>®</sup> **and *Estate Lock***<sup>SM</sup>

The Protected Annual Income amount is calculated when you elect the rider. Upon the first Protected Annual Income withdrawal, the Protected Annual Income rate will be based on your age as of the date of that withdrawal, and thereafter may not change unless an Account Value Step-up occurs after reaching a new age band.

***Lincoln ProtectedPay Select Core***<sup>®</sup> **and *Estate Lock***<sup>SM</sup>

---

| | |
|:---|:---|
| **Age** | **PAI Rate** |
| 59 – 64 | 4.20% |
| 65 – 69 | 5.60% |
| 70 – 74 | 5.80% |
| 75 – 79 | 6.00% |
| 80+ | 6.25% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

In order to receive the percentages and rates indicated in this Rate Sheet, your application must be signed on and after May 1, 2026. We must receive your application in Good Order within 10 days from the date you sign your application, and the annuity must be funded within 60 calendar days. Good Order means the actual receipt by Lincoln at its Home Office of the requested transaction in writing, or by other means accepted by Lincoln, along with all the information and supporting legal documentation necessary to complete the transaction. Additional paperwork may be required if these conditions are not met and you still wish to purchase the annuity in order to receive the applicable rates in effect at that time.

------

**The Lincoln National Life Insurance Company**

**Lincoln National Variable Annuity Account E**

The American Legacy<sup>®</sup>

**Lincoln National Variable Annuity Account H**

American Legacy<sup>®</sup> II, American Legacy<sup>®</sup> III, American Legacy<sup>®</sup> III C-Share, American Legacy<sup>®</sup> III View, American Legacy Shareholder's Advantage<sup>®</sup>, American Legacy<sup>®</sup> Signature, American Legacy<sup>®</sup> Series, American Legacy<sup>®</sup> Design, American Legacy<sup>®</sup> Advisory

**Lincoln Life Variable Annuity Account N**

*Lincoln ChoicePlus*<sup>SM</sup>, *Lincoln ChoicePlus*<sup>SM</sup> Access, *Lincoln ChoicePlus*<sup>SM</sup> II, *Lincoln ChoicePlus*<sup>SM</sup> II Access, *Lincoln ChoicePlus*<sup>SM</sup> II Advance, *Lincoln ChoicePlus Assurance*<sup>SM</sup> (A-Share), *Lincoln ChoicePlus Assurance*<sup>SM</sup> (B-Share), *Lincoln ChoicePlus Assurance*<sup>SM</sup> (C-Share), *Lincoln ChoicePlus Assurance*<sup>SM</sup> (L-Share), *Lincoln ChoicePlus Assurance*<sup>SM</sup> (Prime), *Lincoln ChoicePlus Assurance*<sup>SM</sup> Series, *Lincoln ChoicePlus*<sup>SM</sup> Design, *Lincoln ChoicePlus*<sup>SM</sup> Rollover, *Lincoln ChoicePlus*<sup>SM</sup> Signature, *Lincoln ChoicePlus*<sup>SM</sup> Advisory, *Lincoln InvestmentSolutions*<sup>SM</sup> RIA

**Rate Sheet Prospectus Supplement dated May 1, 2026**

This Rate Sheet Prospectus Supplement ("Rate Sheet") provides the rates and percentages for the ***Lincoln ProtectedPay***<sup>®</sup> lifetime income suite. This Rate Sheet must be retained with the current prospectus.

**The rates below apply for applications and/or election forms signed on or after May 1, 2026.** 

The rates in this Rate Sheet can be superseded at any time. In the event we change our rates, the new rate sheet will become effective at least 10 days after it is filed. Current Rate Sheets will be included with the prospectus. You can also obtain the most current Rate Sheet by contacting your financial professional, or online at www.lfg.com/VAprospectus. This Rate Sheet has been filed with the Securities and Exchange Commission and can be viewed at www.sec.gov.

**Current Initial Protected Lifetime Income Fee Rate** 

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Single**<br> **Life**<br>| &nbsp;&nbsp; **Joint**<br> **Life**<br>|
| Current Initial Annual Charge | 1.50% | 1.60% |

---

**Enhancement Rate**

6%

**Protected Annual Income Rates for *Lincoln ProtectedPay Select Core***<sup>®</sup>

The Protected Annual Income amount is calculated when you elect the rider. Upon the first Protected Annual Income withdrawal, the Protected Annual Income rate will be based on your age (or the younger of you and your spouse under the joint life option) as of the date of that withdrawal, and thereafter may not change unless an Account Value Step-up occurs after reaching a new age band.

***Lincoln ProtectedPay Select Core***<sup>®</sup>

---

| | | | |
|:---|:---|:---|:---|
| **Single Life PAI Rate** | **Single Life PAI Rate** | **Joint Life PAI Rate** | **Joint Life PAI Rate** |
| **Age** | **PAI Rate** | **Age** | **PAI Rate** |
| 59 – 64 | 4.40% | 59 – 64 | 4.15% |
| 65 – 69 | 6.05% | 65 – 69 | 5.50% |
| 70 – 74 | 6.25% | 70 – 74 | 5.70% |
| 75 – 79 | 6.45% | 75 – 79 | 5.90% |
| 80+ | 6.60% | 80+ | 6.00% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Protected Annual Income Rates for *Lincoln ProtectedPay Select Plus***<sup>®</sup> **and *Lincoln ProtectedPay Select Max***<sup>®</sup>

The initial Protected Annual Income rate is based on your age as of the date of the first Protected Annual Income withdrawal. Under the joint life option, the age of the younger of you or your spouse will be used. Thereafter the Protected Annual Income rate will only increase upon an Account Value Step-up after reaching a new age band and will decrease once the Contract Value reaches zero.

The rates in Table A apply prior to the Contract Value reaching zero. When the Contract Value reaches zero, Table B will always be used and, the Protected Annual Income amount will be immediately recalculated to equal the Protected Income Base multiplied by the applicable rate shown in Table B. The rate in Table B will be based on the later of (a) your age at the time the first Protected Annual

------

Income withdrawal occurred, or (b) your age as of the Valuation Date of the most recent Account Value Step-up. If no withdrawals have been taken prior to the Contract Value reaching zero, then your current age (single life option) or the younger of you and your spouse (joint life option) will be used to determine the Protected Annual Income rate in Table B.

***Lincoln ProtectedPay Select Plus***<sup>®</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TABLE A** | **TABLE A** | **TABLE A** | **TABLE B** | **TABLE B** | **TABLE B** |
| **Age** | **Single Life**<br> **Option**<br>| **Joint Life**<br> **Option**<br>| **Age** | **Single Life**<br> **Option**<br>| **Joint Life**<br> **Option**<br>|
| 59 – 64 | 5.60% | 5.10% | 59 – 64 | 3.00% | 3.00% |
| 65 – 69 | 7.55% | 7.00% | 65 – 69 | 4.50% | 4.25% |
| 70 – 74 | 7.80% | 7.30% | 70 – 74 | 4.50% | 4.25% |
| 75 – 79 | 7.90% | 7.40% | 75 – 79 | 4.50% | 4.25% |
| 80+ | 8.00% | 7.50% | 80+ | 4.50% | 4.25% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***Lincoln ProtectedPay Select Max***<sup>®</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TABLE A** | **TABLE A** | **TABLE A** | **TABLE B** | **TABLE B** | **TABLE B** |
| **Age** | **Single Life**<br> **Option**<br>| **Joint Life**<br> **Option**<br>| **Age** | **Single Life**<br> **Option**<br>| **Joint Life**<br> **Option**<br>|
| 59 – 64 | 5.60% | 5.10% | 59 – 64 | 3.00% | 3.00% |
| 65 – 69 | 8.55% | 8.15% | 65 – 69 | 3.50% | 3.25% |
| 70 – 74 | 8.75% | 8.30% | 70 – 74 | 3.50% | 3.25% |
| 75 – 79 | 8.90% | 8.50% | 75 – 79 | 3.50% | 3.25% |
| 80+ | 9.00% | 8.60% | 80+ | 3.50% | 3.25% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***i4LIFE***<sup>®</sup> **Advantage Guaranteed Income Benefit Charge Rate** 

---

| | | |
|:---|:---|:---|
| *i4LIFE*<sup>®</sup> Advantage Select Guaranteed Income Benefit for Contractowners who transition from *Lincoln* <br> *ProtectedPay Select Core*<sup>®</sup><br>| &nbsp;&nbsp; **Single**<br> **Life**<br>| &nbsp;&nbsp; **Joint**<br> **Life**<br>|
| Current Initial Annual Charge | 1.50% | 1.60% |

---

**Guaranteed Income Benefit Percentages**

The Guaranteed Income Benefit will be an amount equal to a specified percentage of your Account Value or Protected Income Base, based on your age (or the age of the youngest life under a joint life option) at the time the Guaranteed Income Benefit is elected. The following rates apply to *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit elections for Contractowners who transition from *Lincoln ProtectedPay Select Core*<sup>®</sup>.

***i4LIFE***<sup>®</sup> **Advantage Select Guaranteed Income Benefit Percentages For Contractowners Who Transition From *Lincoln ProtectedPay Select Core***<sup>®</sup>

---

| | | | |
|:---|:---|:---|:---|
| **Single Life GIB %** | **Single Life GIB %** | **Joint Life GIB %** | **Joint Life GIB %** |
| **Age** | **GIB %** | **Age** | **GIB %** |
| Under 40 | 2.25% | Under 40 | 2.00% |
| 40 – 54 | 3.00% | 40 – 54 | 2.50% |
| 55 – 58 | 3.25% | 55 – 58 | 2.75% |
| 59 – 64 | 4.00% | 59 – 64 | 3.50% |
| 65 – 69 | 5.00% | 65 – 69 | 4.50% |
| 70 – 79 | 5.25% | 70 – 79 | 4.75% |
| 80+ | 5.25% | 80+ | 4.75% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

In order to receive the percentages and rates indicated in this Rate Sheet, your application or rider election form must be signed on and after May 1, 2026. We must receive your application or rider election form in Good Order within 10 days from the date you sign

------

your application or rider election form, and the annuity must be funded within 60 calendar days. Good Order means the actual receipt by Lincoln at its Home Office of the requested transaction in writing, or by other means accepted by Lincoln, along with all the information and supporting legal documentation necessary to complete the transaction. Additional paperwork may be required if these conditions are not met and you still wish to purchase the annuity in order to receive the applicable rates in effect at that time.

------

**The Lincoln National Life Insurance Company**

**Lincoln National Variable Annuity Account E**

The American Legacy<sup>®</sup>

**Lincoln National Variable Annuity Account H**

American Legacy<sup>®</sup> II, American Legacy<sup>®</sup> III, American Legacy<sup>®</sup> III C-Share, American Legacy<sup>®</sup> III View, American Legacy Shareholder's Advantage<sup>®</sup>, American Legacy<sup>®</sup> Signature, American Legacy<sup>®</sup> Series, American Legacy<sup>®</sup> Design, American Legacy<sup>®</sup> Advisory

**Lincoln Life Variable Annuity Account N**

*Lincoln ChoicePlus*<sup>SM</sup>, *Lincoln ChoicePlus*<sup>SM</sup> Access, *Lincoln ChoicePlus*<sup>SM</sup> II, *Lincoln ChoicePlus*<sup>SM</sup> II Access, *Lincoln ChoicePlus*<sup>SM</sup> II Advance, *Lincoln ChoicePlus Assurance*<sup>SM</sup> (A-Share), *Lincoln ChoicePlus Assurance*<sup>SM</sup> (B-Share), *Lincoln ChoicePlus Assurance*<sup>SM</sup> (C-Share), *Lincoln ChoicePlus Assurance*<sup>SM</sup> (L-Share), *Lincoln ChoicePlus*<sup>SM</sup> Select B-Share, *Lincoln ChoicePlus Assurance*<sup>SM</sup> Series, *Lincoln ChoicePlus*<sup>SM</sup> Design, *Lincoln ChoicePlus*<sup>SM</sup> Signature, *Lincoln ChoicePlus*<sup>SM</sup> Advisory, *Lincoln InvestmentSolutions*<sup>SM</sup> RIA

**Rate Sheet Prospectus Supplement dated May 1, 2026**

This Rate Sheet Prospectus Supplement ("Rate Sheet") provides the rates and percentages for the ***4LATER***<sup>®</sup> **Select Advantage** rider. This Rate Sheet must be retained with the current prospectus.

**The rates below apply for applications and/or election forms signed on and after May 1, 2026.** 

The rates in this Rate Sheet can be superseded at any time. In the event we change our rates, the new rate sheet will become effective at least 10 days after it is filed. Current Rate Sheets will be included with the prospectus. You can also obtain the most current Rate Sheet by contacting your financial professional, or online at www.lfg.com/VAprospectus. This Rate Sheet has been filed with the Securities and Exchange Commission and can be viewed at www.sec.gov.

**Current Initial Protected Lifetime Income Fee Rate** 

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Single**<br> **Life**<br>| &nbsp;&nbsp; **Joint**<br> **Life**<br>|
| Current Initial Annual Charge | 1.50% | 1.60% |

---

**Enhancement Rate**

6%

***i4LIFE***<sup>®</sup> **Advantage Select Guaranteed Income Benefit Charge Rate** 

---

| | | |
|:---|:---|:---|
| *i4LIFE*<sup>®</sup> Advantage Select Guaranteed Income Benefit for Contractowners who transition from *4LATER*<sup>®</sup> <br>Select Advantage<br>| &nbsp;&nbsp; **Single**<br> **Life**<br>| &nbsp;&nbsp; **Joint**<br> **Life**<br>|
| Current Initial Annual Charge | 1.50% | 1.60% |

---

***i4LIFE***<sup>®</sup> **Advantage Select Guaranteed Income Benefit** 

---

| | | | |
|:---|:---|:---|:---|
| **Single Life GIB Percentage** | **Single Life GIB Percentage** | **Joint Life GIB Percentage** | **Joint Life GIB Percentage** |
| **Age** | **GIB Percentage** | **Age** | **GIB Percentage** |
| Under 40 | 2.25% | Under 40 | 2.00% |
| 40 – 54 | 3.00% | 40 – 54 | 2.50% |
| 55 – 58 | 3.25% | 55 – 58 | 2.75% |
| 59 – 64 | 4.00% | 59 – 64 | 3.50% |
| 65 – 69 | 5.00% | 65 – 69 | 4.50% |
| 70 – 79 | 5.25% | 70 – 79 | 4.75% |
| 80+ | 5.25% | 80+ | 4.75% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

In order to receive the rate indicated in this Rate Sheet, your *4LATER*<sup>®</sup> Select Advantage application or rider election form must be signed and dated on and after May 1, 2026. We must receive your application or rider election form in Good Order within 10 days from the date you sign your application or rider election form and the annuity must be funded within 60 calendar days. Good Order means the actual receipt by Lincoln at its Home Office of the requested transaction in writing, or by other means accepted by Lincoln,

------

along with all the information and supporting legal documentation necessary to complete the transaction. Additional paperwork may be required if these conditions are not met and you still wish to purchase the annuity in order to receive the applicable rates in effect at that time.

------

**The Lincoln National Life Insurance Company**

**Lincoln National Variable Annuity Account E**

The American Legacy<sup>®</sup>

**Lincoln National Variable Annuity Account H**

American Legacy<sup>®</sup> II, American Legacy<sup>®</sup> III, American Legacy<sup>®</sup> III C-Share, American Legacy<sup>®</sup> III Plus, American Legacy<sup>®</sup> III View, American Legacy<sup>®</sup> Advisory, American Legacy<sup>®</sup> Design, American Legacy Shareholder's Advantage<sup>®</sup>, American Legacy<sup>®</sup> Series, American Legacy<sup>®</sup> Signature

**Lincoln Life Variable Annuity Account N**

*Lincoln ChoicePlus*<sup>SM</sup>, *Lincoln ChoicePlus*<sup>SM</sup> Access, *Lincoln ChoicePlus*<sup>SM</sup> Bonus, *Lincoln ChoicePlus*<sup>SM</sup> II, *Lincoln ChoicePlus*<sup>SM</sup> II Access, *Lincoln ChoicePlus*<sup>SM</sup> II Advance, *Lincoln ChoicePlus*<sup>SM</sup> II Bonus, *Lincoln ChoicePlus Assurance*<sup>SM</sup> (A-Share), *Lincoln ChoicePlus Assurance*<sup>SM</sup> (B-Share), *Lincoln ChoicePlus Assurance*<sup>SM</sup> Bonus, *Lincoln ChoicePlus Assurance*<sup>SM</sup> (C-Share), *Lincoln ChoicePlus Assurance*<sup>SM</sup> (L-Share), *Lincoln ChoicePlus Assurance*<sup>SM</sup> (Prime), *Lincoln ChoicePlus Assurance*<sup>SM</sup> Series, *Lincoln ChoicePlus*<sup>SM</sup> Advisory, *Lincoln ChoicePlus*<sup>SM</sup> Design, *Lincoln ChoicePlus*<sup>SM</sup> Rollover, *Lincoln ChoicePlus*<sup>SM</sup> Signature, *Lincoln ChoicePlus*<sup>SM</sup> Select B-Share, *Lincoln InvestmentSolutions*<sup>SM</sup>, *Lincoln InvestmentSolutions*<sup>SM</sup> RIA

**Rate Sheet Prospectus Supplement dated May 1, 2026**

This Rate Sheet Prospectus Supplement ("Rate Sheet") provides the ***i4LIFE***<sup>®</sup> **Advantage Guaranteed Income Benefit** rates and percentages that we are currently offering. This Rate Sheet must be retained with the current prospectus.

**The rates below apply for applications and/or election forms signed on and after May 1, 2026.** 

The rates in this Rate Sheet can be superseded at any time. In the event we change our rates, the new rate sheet will become effective at least 10 days after it is filed. Current Rate Sheets will be included with the prospectus. You can also obtain the most current Rate Sheet by contacting your financial professional, or online at www.lfg.com/VAprospectus. This Rate Sheet has been filed with the Securities and Exchange Commission and can be viewed at www.sec.gov.

***i4LIFE***<sup>®</sup> **Advantage Select Guaranteed Income Benefit Charge Rate** 

---

| | | |
|:---|:---|:---|
|  | **Single Life** | **Joint Life** |
| Current Initial Annual Charge\* | 1.55% | 1.75% |

---

\*The charge is added to the product charge which included the mortality and expense risk charge for the death benefit you have elected.

***i4LIFE***<sup>®</sup> **Advantage Select Guaranteed Income Benefit** 

---

| | | | |
|:---|:---|:---|:---|
| **Single Life GIB Percentage** | **Single Life GIB Percentage** | **Joint Life GIB Percentage** | **Joint Life GIB Percentage** |
| **Age** | **GIB Percentage** | **Age** | **GIB Percentage** |
| Under 40 | 2.25% | Under 40 | 2.00% |
| 40 – 54 | 3.00% | 40 – 54 | 2.50% |
| 55 – 58 | 3.25% | 55 – 58 | 2.75% |
| 59 – 64 | 4.00% | 59 – 64 | 3.50% |
| 65 – 69 | 5.00% | 65 – 69 | 4.50% |
| 70 – 79 | 5.25% | 70 – 79 | 4.75% |
| 80+ | 5.25% | 80+ | 4.75% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

In order to receive the rate indicated in this Rate Sheet, your application or rider election form must be signed and dated on and after May 1, 2026. We must receive your application or rider election form in Good Order within 10 days from the date you sign your application or rider election form and the annuity must be funded within 60 calendar days. Good Order means the actual receipt by Lincoln at its Home Office of the requested transaction in writing, or by other means accepted by Lincoln, along with all the information and supporting legal documentation necessary to complete the transaction. Additional paperwork may be required if these conditions are not met and you still wish to purchase the annuity in order to receive the applicable rates in effect at that time.

\*Purchasers of *Lincoln SmartSecurity*<sup>®</sup> Advantage (regardless of the rider effective date) may use any remaining Guaranteed Amount (if greater than the Account Value) to calculate the initial Guaranteed Income Benefit.

------

***Lincoln ChoicePlus Assurance***<sup>SM</sup> **Series**

**Individual Variable Annuity Contracts**

**Lincoln Life Variable Annuity Account N** 

May 1, 2026

Home Office:

The Lincoln National Life Insurance Company

1301 South Harrison Street

Fort Wayne, IN 46802

1-888-868-2583

www.LincolnFinancial.com

This prospectus describes an individual flexible premium deferred variable annuity contract issued by The Lincoln National Life Insurance Company (Lincoln Life or Company). Three separate share classes are described in this prospectus:

● ***Lincoln ChoicePlus Assurance***<sup>SM</sup> **Series B-Share**

● ***Lincoln ChoicePlus Assurance***<sup>SM</sup> **Series C-Share**

● ***Lincoln ChoicePlus Assurance***<sup>SM</sup> **Series L-Share**

The *Lincoln ChoicePlus Assurance*<sup>SM</sup> Series C-Share and *Lincoln ChoicePlus Assurance*<sup>SM</sup> Series L-Share contracts are no longer sold.

The Contract can be purchased as either a nonqualified annuity or qualified retirement annuity under Sections 408 (IRAs) and 408A (Roth IRAs) of the tax code. Generally, you do not pay federal income tax on the Contract's growth until it is paid out. You receive tax deferral for an IRA whether or not the funds are invested in an annuity contract. Further, if your Contract is a Roth IRA, you generally will not pay income tax on a distribution, provided certain conditions are met. Therefore, there should be reasons other than tax deferral for purchasing a qualified annuity contract.

**This Contract is a complex investment and involves risks, including potential loss of principal.**

The types of investment options offered under the Contract may include variable and fixed options. See Appendix A – Investment Options Available Under The Contract. The Contract is designed to accumulate Contract Value and to provide income over a certain period of time or for life subject to certain conditions. The benefits offered under these contracts may be a variable or fixed amount, if available, or a combination of both. The Contract also offers a Death Benefit payable upon the death of the Contractowner or Annuitant. This prospectus is used by both new purchasers and current Contractowners. Certain benefits described in this prospectus are no longer available.

**If you are a new investor in the Contract, you may cancel your Contract within ten days of receiving it without paying fees or penalties. In some states, or if you are replacing an existing contract, this free look or cancellation period may be longer. Upon cancellation, you will receive either a full refund of the amount you paid with your application or your total Contract Value. You should review this prospectus and consult with your registered representative for additional information about the specific cancellation terms that may apply.**

The state in which your Contract is issued will govern whether or not certain features, riders, restrictions, limitations, charges and fees will apply to your Contract. All material state variations are discussed in this prospectus, however, non-material variations may not be discussed. You should refer to your Contract regarding state-specific features. Please check with your registered representative regarding availability. The availability of Contract benefits or other Contract features described in this prospectus may vary depending on the broker-dealer/financial intermediary through which the Contract is sold. See Appendix H — Broker-Dealer Material Variations for additional information.

The minimum initial Purchase Payment for the Contract is $10,000. The minimum initial Purchase Payment for the nonqualified *Lincoln ChoicePlus Assurance*<sup>SM</sup> Series C-Share where *i4LIFE*<sup>®</sup> Advantage is elected, and where the Contractowner, joint owner and/or Annuitant are ages 86 to 90 (subject to additional terms and limitations, and Home Office approval) is $50,000. Minimum additional Purchase Payments must be at least $100 ($25 if transmitted electronically) each, with an annual minimum amount of $300. We reserve the right to limit, restrict, or suspend Purchase Payments made to the Contract upon advance written notice.

Except as noted below, you choose whether your Contract Value accumulates on a variable or a fixed (guaranteed) basis or both. Your Contract may not offer a fixed account or if permitted by your Contract, we may discontinue accepting Purchase Payments or transfers into the fixed side of the Contract at any time. If any portion of your Contract Value is in the fixed account, we promise to pay you your principal and a minimum interest rate. We may impose restrictions on the fixed account for the life of your Contract or during

------

certain periods. A positive or negative Interest Adjustment may be applied to any withdrawal, surrender, or transfer from the fixed account before the expiration date of a Guaranteed Period. A negative Interest Adjustment will result in the loss of some or all previously-credited interest in excess of the guaranteed minimum interest rate, if any. Currently, the fixed account option is available (B-Share and L-Share contracts only) for dollar-cost averaging (DCA) purposes only.

**This Contract is not designed for short-term investing and is not appropriate for the investor who needs ready access to cash. Withdrawals could result in surrender charges (B-Share and L-Share contracts only), negative Interest Adjustments, taxes and tax penalties.** We offer variable annuity contracts that have lower fees and that may offer different investment options, features, and optional benefits. You should carefully consider whether or not this Contract is the best product for you.

All Purchase Payments and Persistency Credits, if applicable, for benefits on a variable basis will be placed in Lincoln Life Variable Annuity Account N (Variable Annuity Account [VAA]). The VAA supports the Contract's variable investment options ("Subaccounts"). Each Subaccount invests in an underlying fund. See Appendix A – Investment Options Available Under the Contract. If the Subaccounts you select make money, your Contract Value goes up; if they lose money, it goes down. How much it goes up or down depends on the performance of the Subaccounts you select. **We do not guarantee how any of the Subaccounts or their funds will perform.** 

Investors should consult a registered representative about the Contract's features, benefits, risks, and fees and whether the Contract is appropriate for them based upon their financial situation and objectives. We do not guarantee that all of the variable or fixed investment options will always be available. Our obligations under the Contract (including under the fixed account option, if available), guarantees, or benefits of the Contract are subject to our financial strength and claims-paying ability.

**Neither the U.S. Government nor any federal agency insures or guarantees your investment in the Contract. The Contracts are not bank deposits and are not endorsed by any bank or government agency. The Securities and Exchange Commission (SEC) has not approved or disapproved these securities or determined if this prospectus is truthful 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 SEC's staff and is available online at Investor.gov.

------

**Table of Contents** 

---

| | |
|:---|:---|
| Item | Page |
| [Special Terms](#xx_67d9a032-0fc0-4b03-bd3d-f75503b7d07c_1) | 4  |
| [Overview of the Contract](#xx_7c42ffe6-f300-49fd-92c8-d564ead81a72_1) | 6  |
| [Important Information You Should Consider About the](#xx_9a572955-44a4-4139-9225-07505159d0a4_1)*[Lincoln ChoicePlus Assurance](#xx_9a572955-44a4-4139-9225-07505159d0a4_1)*<sup>SM</sup>[Series Variable Annuity Contract](#xx_9a572955-44a4-4139-9225-07505159d0a4_1) | 8  |
| [Fee Tables](#xx_fc180e87-fe2f-41aa-8876-9ae7126751c3_1) | 12  |
| [Principal Risks](#xx_fc180e87-fe2f-41aa-8876-9ae7126751c3_5) | 16  |
| [Investments of the Variable Annuity Account](#xx_fc180e87-fe2f-41aa-8876-9ae7126751c3_7) | 18  |
| [Charges, Other Deductions, and Adjustments](#xx_fc180e87-fe2f-41aa-8876-9ae7126751c3_9) | 20  |
| [The Contracts](#xx_fc180e87-fe2f-41aa-8876-9ae7126751c3_18) | 29  |
| [Lincoln Life and the Variable Annuity Account (VAA)](#xx_fc180e87-fe2f-41aa-8876-9ae7126751c3_18) | 29  |
| [Contracts Offered in this Prospectus](#xx_fc180e87-fe2f-41aa-8876-9ae7126751c3_18) | 29  |
| [Purchase Payments](#xx_fc180e87-fe2f-41aa-8876-9ae7126751c3_20) | 31  |
| [Persistency Credits](#xx_fc180e87-fe2f-41aa-8876-9ae7126751c3_21) | 32  |
| [Transfers On or Before the Selection of an Annuity Payout Option](#xx_fc180e87-fe2f-41aa-8876-9ae7126751c3_22) | 33  |
| [Surrenders and Withdrawals](#xx_fc180e87-fe2f-41aa-8876-9ae7126751c3_25) | 36  |
| [Benefits Available Under the Contract](#xx_fc180e87-fe2f-41aa-8876-9ae7126751c3_26) | 37  |
| [Death Benefits](#xx_fc180e87-fe2f-41aa-8876-9ae7126751c3_32) | 43  |
| [Living Benefit Riders](#xx_fc180e87-fe2f-41aa-8876-9ae7126751c3_37) | 48  |
| *[Lincoln ProtectedPay](#xx_fc180e87-fe2f-41aa-8876-9ae7126751c3_38)*<sup>®</sup>[and](#xx_fc180e87-fe2f-41aa-8876-9ae7126751c3_38)*[Estate Lock](#xx_fc180e87-fe2f-41aa-8876-9ae7126751c3_38)*<sup>SM</sup> <br>| 49  |
| *[Lincoln ProtectedPay](#xx_fc180e87-fe2f-41aa-8876-9ae7126751c3_44)*<sup>®</sup>[Lifetime Income Suite](#xx_fc180e87-fe2f-41aa-8876-9ae7126751c3_44) | 55  |
| *[4LATER](#xx_fc180e87-fe2f-41aa-8876-9ae7126751c3_51)*<sup>®</sup> [Select](#xx_fc180e87-fe2f-41aa-8876-9ae7126751c3_51) [Advantage](#xx_fc180e87-fe2f-41aa-8876-9ae7126751c3_51) | 62  |
| *[i4LIFE](#xx_fc180e87-fe2f-41aa-8876-9ae7126751c3_56)*<sup>®</sup>[Advantage](#xx_fc180e87-fe2f-41aa-8876-9ae7126751c3_56) | 67  |
| [Guaranteed Income Benefit](#xx_fc180e87-fe2f-41aa-8876-9ae7126751c3_61) | 72  |
| [Annuity Payouts](#xx_fc180e87-fe2f-41aa-8876-9ae7126751c3_67) | 78  |
| [Fixed Side of the Contract](#xx_fc180e87-fe2f-41aa-8876-9ae7126751c3_69) | 80  |
| [Distribution of the Contracts](#xx_fc180e87-fe2f-41aa-8876-9ae7126751c3_71) | 82  |
| [Federal Tax Matters](#xx_fc180e87-fe2f-41aa-8876-9ae7126751c3_72) | 83  |
| [Additional Information](#xx_fc180e87-fe2f-41aa-8876-9ae7126751c3_78) | 89  |
| [Voting Rights](#xx_fc180e87-fe2f-41aa-8876-9ae7126751c3_78) | 89  |
| [Return Privilege](#xx_fc180e87-fe2f-41aa-8876-9ae7126751c3_78) | 89  |
| [State Regulation](#xx_fc180e87-fe2f-41aa-8876-9ae7126751c3_79) | 90  |
| [Records and Reports](#xx_fc180e87-fe2f-41aa-8876-9ae7126751c3_79) | 90  |
| [Legal Proceedings](#xx_fc180e87-fe2f-41aa-8876-9ae7126751c3_79) | 90  |
| [Appendix A — Investment Options Available Under The Contract](#xx_b9c6654e-dfea-45e4-844e-4453b48ccc4c_1) | A-1  |
| [Appendix B — Investment Requirements](#xx_fc68933c-e589-4f89-94bd-036cb5db3925_1) | B-1  |
| [Appendix C — Discontinued Death Benefit and Living Benefit Riders](#xx_735a229b-0123-41f2-b9be-e7f5c51254b9_1) | C-1  |
| [Appendix D — Protected Annual Income Rates for Previous Rider Elections](#xx_f7084e89-b248-4fa4-b387-6853640eb8b4_1) | D-1  |
| [Appendix E — Guaranteed Income Benefit Percentages for Previous Rider Elections](#xx_e8e58732-a7b7-4b4e-b8ff-9c5564e7c96e_1) | E-1  |
| [Appendix F — Enhancement Rates for Previous Rider Elections](#xx_4475d6f6-1fd9-4a6f-8659-02d74f4d60f5_1) | F-1  |
| [Appendix G — Current Rider Charges for Previous Elections](#xx_f06010bf-d515-4dd7-b0dc-bb7ab72a9466_1) | G-1  |
| [Appendix H — Broker-Dealer Material Variations](#xx_2c23d182-8ca3-4424-a041-1b430c5cdba7_1) | H-1  |

---

------

**Special Terms**

In this prospectus, the following terms have the indicated meanings:

**Access Period**—Under *i4LIFE*<sup>®</sup> Advantage, a defined period of time during which we make Regular Income Payments to you while you still have access to your Account Value. This means that you may make withdrawals, surrender the Contract, and have a Death Benefit.

**Account or Variable Annuity Account (VAA**)—The segregated investment account, Account N, into which we set aside and invest the assets for the variable side of the contract offered in this prospectus.

**Account Value**—Under *i4LIFE*<sup>®</sup> Advantage, the initial Account Value is the Contract Value on the Valuation Date that *i4LIFE*<sup>®</sup> Advantage is effective (or initial Purchase Payment if *i4LIFE*<sup>®</sup> Advantage is purchased at Contract issue), less any applicable premium taxes. During the Access Period, the Account Value on a Valuation Date equals the total value of all of the Contractowner's Accumulation Units plus the Contractowner's value in the fixed account, if any, reduced by Regular Income Payments, Guaranteed Income Benefit payments and withdrawals.

**Account Value Step-up**—(may be referred to as Account Value lock-in in marketing materials)—Under certain Living Benefit Riders, the Protected Income Base and/or Enhancement Base will automatically step up to the Contract Value on each Benefit Year anniversary, subject to certain conditions.

**Accumulation Unit**—A measure used to calculate Contract Value for the variable side of the contract before the selection of an Annuity Payout option and to calculate the *i4LIFE*<sup>®</sup> Advantage Account Value during the Access Period.

**Annuitant**—The person upon whose life the annuity benefit payments are based, and upon whose death a Death Benefit may be paid.

**Annuity Commencement Date**—The Valuation Date when funds are withdrawn or converted into Annuity Units or fixed dollar payout for payment of retirement income benefits under the Annuity Payout option you select (other than *i4LIFE*<sup>®</sup> Advantage) or upon beginning irrevocable withdrawals through an Automatic Withdrawal Service (state variations apply).

**Annuity Payout**—A regularly scheduled payment (under any of the available annuity options). Payments may be variable or fixed, or a combination of both.

**Annuity Unit**—A measure used to calculate the amount of Annuity Payouts for the variable side of the contract after the selection of an Annuity Payout option.

**Beneficiary**—The person you choose to receive any Death Benefit paid if you die before the selection of an Annuity Payout option.

**Benefit Year**—Under certain Living Benefit Riders, the 12-month period starting with the effective date of the rider and starting with each anniversary of the rider effective date after

that. Under *Lincoln SmartSecurity*<sup>®</sup> Advantage, if the Contractowner elects a step-up, the Benefit Year will begin on the effective date of the step-up and each anniversary of the step-up after that.

**Contract**—The variable annuity contract you have entered into with Lincoln Life.

**Contractowner** (you, your, owner)—The person who can exercise the rights within the Contract (decides on investment allocations, transfers, payout option, designates the Beneficiary, etc.). Usually, but not always, the Contractowner is the Annuitant.

**Contract Value** (may be referred to as Account Value in marketing materials)—At any given time before the selection of an Annuity Payout option, the total value of all Accumulation Units of a Contract, plus the value of the fixed side of the contract, if any.

**Contract Year**—Each 12-month period starting with the effective date of the Contract and starting with each contract anniversary after that.

**Death Benefit**—Before the selection of an Annuity Payout option, the amount payable to your designated Beneficiary if the Contractowner dies. As an alternative, the Contractowner may receive a Death Benefit on the death of the Annuitant prior to the selection of an Annuity Payout option.

**Enhancement**—A feature under certain Living Benefit Riders in which the Protected Income Base will be increased, subject to certain conditions and limitations.

**Enhancement Base**—The Enhancement Base is equal to the Contract Value on the effective date of the rider, and is adjusted as set forth in this prospectus. Under the *Lincoln ProtectedPay*<sup>®</sup> lifetime income suite, the Enhancement Base is the value used to calculate the amount that may be added to the Enhancement Value. Under certain other Living Benefit Riders, a value used to calculate the amount added to the Protected Income Base when an Enhancement occurs.

**Enhancement Period**—The period of time during which an Enhancement is in effect.

**Enhancement Value**—Under the *Lincoln ProtectedPay*<sup>®</sup> lifetime income suite, a value to which the Protected Income Base will increase, subject to certain conditions and limitations.

**Excess Withdrawals**—Amounts withdrawn during a Benefit Year, in excess of specified limits under certain Living Benefit Riders, which decrease or eliminate the guarantees under the rider.

**Fee Basis Amount**—Under the *Lincoln ProtectedPay*<sup>®</sup> and *Estate Lock*<sup>SM</sup> rider, a value multiplied by the quarterly protected lifetime income fee rate to calculate the amount of the quarterly protected lifetime income charge.

------

**Good Order**—The actual receipt at our Home Office of the requested transaction in writing or by other means we accept, along with all information and supporting legal documentation necessary to complete the transaction. The forms we provide will identify the necessary documentation. We may, in our sole discretion, determine whether any particular transaction request is in Good Order, and we reserve the right to change or waive any Good Order requirements at any time.

**Guaranteed Amount**—The value used to calculate your withdrawal benefit under *Lincoln SmartSecurity*<sup>®</sup> Advantage.

**Guaranteed Amount Annuity Payment Option**—A fixed Annuity Payout option available under *Lincoln SmartSecurity*<sup>®</sup> Advantage under which the Contractowner (and spouse if applicable) will receive annual annuity payments equal to the Maximum Annual Withdrawal amount for life.

**Guaranteed Period**—The period during which Contract Value in a fixed account will be credited a guaranteed interest rate.

***i4LIFE***<sup>®</sup> **Advantage Credit**—Under *i4LIFE*<sup>®</sup> Advantage, the additional amount credited to the Contract if both the minimum Access Period requirement and threshold value are met.

**Interest Adjustment**—An upward or downward adjustment, based on fluctuations in interest rates, imposed upon a transfer, withdrawal or surrender of Contract Value from the fixed account prior to the expiration of a Guaranteed Period, subject to certain exceptions.

**Investment Requirements**—Restrictions in how you may allocate your Subaccount investments if you own certain Living Benefit Riders.

**Lifetime Income Period**—Under *i4LIFE*<sup>®</sup> Advantage, the period of time following the Access Period during which we make Regular Income Payments to you for the rest of your life (and Secondary Life, if applicable). During the Lifetime Income Period, you will no longer have access to your Account Value or receive a Death Benefit.

**Lincoln Life** (we, us, our, Company)—The Lincoln National Life Insurance Company.

**Living Benefit Rider**—A general reference to optional riders that provide some type of a minimum income guarantee while you are alive. If you select a Living Benefit Rider, Excess Withdrawals may have adverse effects on the benefit, and you may be subject to Investment Requirements.

**Maximum Annual Withdrawal**—The guaranteed periodic withdrawal available under *Lincoln SmartSecurity*<sup>®</sup> Advantage.

**Nursing Home Enhancement**—A feature that will increase the Protected Annual Income amount under *Lincoln Lifetime Income*<sup>SM</sup> Advantage 2.0 (Managed Risk) and *Lincoln Lifetime Income*<sup>SM</sup> Advantage 2.0 upon admittance to an approved nursing care facility, subject to certain conditions.

**Periodic Income Commencement Date**—The Valuation Date on which the amount of *i4LIFE*<sup>®</sup> Advantage Regular Income Payments are determined.

**Persistency Credit**—The additional amount credited to a C-Share or L-Share Contract after a specified contract anniversary.

**Protected Amount**—The value used to calculate your Protected Annual Income under the *Lincoln Wealth Pass*<sup>SM</sup> rider, as adjusted by additional Purchase Payments and all withdrawals.

**Protected Annual Income**—(may be referred to as Guaranteed Annual Income in your Contract)—The guaranteed periodic withdrawal amount available from the Contract each Benefit Year for life under certain Living Benefit Riders.

**Protected Annual Income Payout Option**—(may be referred to as Guaranteed Annual Income Amount Annuity Payout Option in your Contract)—A payout option available under certain Living Benefit Riders in which the Contractowner (and spouse if applicable) will receive annual annuity payments equal to the Protected Annual Income amount for life.

**Protected Income Base**—(may be referred to as Income Base or Guaranteed Amount in your Contract)—Under certain Living Benefit Riders, the Protected Income Base is a value used to calculate your Protected Annual Income amount or the minimum payouts under your Contract at a later date.

**Purchase Payments**—Amounts paid into the Contract other than Persistency Credits.

**Rate Sheet**—A prospectus supplement, that will be filed periodically, where we declare the current protected lifetime income fee, Enhancement rate, withdrawal rates and, if applicable, Guaranteed Income Benefit percentages under certain Living Benefit Riders.

**Regular Income Payments**—The variable, periodic income payments paid under *i4LIFE*<sup>®</sup> Advantage.

**Secondary Life**—Under certain Living Benefit Riders, the person designated by the Contractowner upon whose life the annuity payments will also be contingent.

**Subaccount**—Each portion of the VAA that reflects investments in Accumulation and Annuity Units of a class of a particular fund available under the contracts. There is a separate Subaccount which corresponds to each class of a fund.

**Valuation Date**—Each day the New York Stock Exchange (NYSE) is open for trading.

**Valuation Period**—The period starting at the close of trading (normally 4:00 p.m., Eastern Time) on each day that the NYSE is open for trading (Valuation Date) and ending at the close of such trading on the next Valuation Date.

------

**Overview of the Contract**

**Purpose of the Contract**

The *Lincoln ChoicePlus Assurance*<sup>SM</sup> Series variable annuity contract is designed to accumulate Contract Value and to provide income over a certain period of time or for life, subject to certain conditions. The Contract can supplement your retirement income by providing a stream of income payments during the payout phase. The Contract also offers a Death Benefit payable to your designated Beneficiaries upon the death of the Contractowner or Annuitant.

This Contract may be appropriate if you have a long-term investment horizon. It is not intended for people who may need to make early or frequent withdrawals or intend to engage in frequent trading in the Subaccounts.

**Phases of the Contract**

Your Contract has two phases: (1) an accumulation (savings) phase, prior to the selection of an Annuity Payout option; and (2) a payout (income) phase, after the selection of an Annuity Payout option.

**Accumulation (Savings) Phase.** To help you accumulate assets during the accumulation phase, you can invest your payments and earnings in:

● The variable options available under the Contract, each of which has an underlying mutual fund with its own investment objective, strategies, and risks; investment adviser(s); expense ratio; and performance history; and

● A fixed account option, if available, which guarantees principal and a minimum interest rate. Currently, the fixed account option is available (B-Share and L-Share contracts only) for dollar-cost averaging (DCA) purposes only.

**Additional information about each investment option is provided in Appendix A – Investment Options Available Under the Contract.** 

**Annuity (Income) Phase.** You can elect to annuitize your Contract and turn your Contract Value into a stream of income payments (sometimes called Annuity Payouts), at which time the accumulation phase of the Contract ends. These payments may continue for a set period of years, for as long as you live, or for the longer of the two. The payments may also be fixed or variable. Variable payments will vary based on the performance of the funds that you choose.

If you annuitize, your investments will be converted to income payments and you may no longer be able to choose to make withdrawals from your Contract. All benefits during the accumulation phase (including guaranteed minimum Death Benefits and Living Benefit Riders) terminate upon annuitization.

However, several optional Living Benefit Riders offered under the Contract provide lifetime income payments that may be guaranteed, and still allow you to make withdrawals and be eligible for a Death Benefit. Withdrawals that exceed a Protected Income Amount are Excess Withdrawals that will reduce and could eliminate the income payments and other benefits of the rider, including access to a Death Benefit.

**Primary Features and Options of the Contract**

**Contracts.** This prospectus describes three share classes that have different ongoing fees and surrender charges. Each share class offers the same Death Benefits, Living Benefit Riders, and payout (income) options. Each share class has its own base contract expense and applicable surrender charge schedule. In deciding whether to elect any of the optional Living Benefit Riders or Death Benefits, you should consider the desirability of the benefit relative to its costs and to your needs, as well as all applicable restrictions and Investment Requirements.

**Accessing your money.** During the accumulation phase you can surrender the Contract or withdraw part of the Contract Value. If you surrender or take an early withdrawal, you may have to pay a surrender charge and/or you may incur taxes as well as a tax penalty if you are younger than 59½. In addition, if you select the fixed account for investment (with the exception of the DCA fixed account), an Interest Adjustment, which could be positive or negative, may apply to a withdrawal, surrender, or transfer from the fixed account prior to the expiration date of a Guaranteed Period. A negative Interest Adjustment will result in the loss of some or all previously-credited interest in excess of the guaranteed minimum interest rate, if any.

**Tax treatment*.*** You can transfer money between investment options without tax implications, and earnings (if any) on your investments are generally tax-deferred. You are taxed only when: (1) you take a withdrawal or surrender; (2) you receive an income payment from the Contract; or (3) upon payment of a Death Benefit.

**Death Benefits.** Your Contract includes a Death Benefit that will be paid upon the death of either the Contractowner or the Annuitant. Optional Death Benefits that pay different amounts and have different fees may be available. You will incur an additional fee if you select an optional Death Benefit. There is no guarantee that any optional Death Benefit will be available in the future, as we reserve the right to discontinue them at any time.

------

**Optional Living Benefit Riders*.*** For an additional fee, you may be able to purchase one of the Living Benefit Riders listed below. The availability of each rider is subject to state availability and broker-dealer approval. Each rider offers one of the following:

● a minimum withdrawal benefit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Lincoln ProtectedPay Select Core*<sup>®</sup> and *Estate Lock*<sup>SM</sup>,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Lincoln ProtectedPay Select Core*<sup>®</sup>\*,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Lincoln ProtectedPay Select Plus*<sup>®</sup>\*; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Lincoln ProtectedPay Select Max*<sup>®</sup>\*.

● a minimum Annuity Payout:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *4LATER*<sup>®</sup> Select Advantage\*,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *i4LIFE*<sup>®</sup> Advantage,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *i4LIFE*<sup>®</sup> Advantage Select Guaranteed Income Benefit\*; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit (other versions available for applicable transitions only).

\*Beginning May 18, 2026, this rider will only be available for election at the time the Contract is purchased.

The following Living Benefit Riders are no longer available:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Lincoln ProtectedPay Secure Core*<sup>®</sup> and *Estate Lock*<sup>SM</sup>,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Lincoln ProtectedPay Secure Core*<sup>®</sup>,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Lincoln ProtectedPay Secure Plus*<sup>®</sup>,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Lincoln ProtectedPay Secure Max*<sup>®</sup>,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Lincoln Lifetime Income*<sup>SM</sup> Advantage 2.0 (Managed Risk),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Lincoln Lifetime Income*<sup>SM</sup> Advantage 2.0,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Lincoln *Market Select*<sup>®</sup> Advantage,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Lincoln *Max 6 Select*<sup>SM</sup> Advantage,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Lincoln IRA Income Plus*<sup>SM</sup>,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Lincoln Wealth Pass*<sup>SM</sup>,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Lincoln SmartSecurity*<sup>®</sup> Advantage,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *4LATER*<sup>®</sup> Advantage (Managed Risk),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit (Managed Risk),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit (version 4), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Lincoln Long-Term Care*<sup>SM</sup> Advantage.

Living Benefit Riders provide different methods to take income from your Contract Value or receive lifetime payments and provide certain guarantees, regardless of the investment performance of the Contract. These guarantees are subject to certain conditions, as set forth elsewhere in the prospectus.

There is no guarantee that any Living Benefit Rider (except *i4LIFE*<sup>®</sup> Advantage) will be available in the future, as we reserve the right to discontinue them at any time. Certain Living Benefit Riders guarantee a transition to the applicable version of *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit, even if that version is no longer available for election. Excess Withdrawals under certain Living Benefit Riders may result in a reduction or premature termination of those benefits or riders. If you purchase a Living Benefit Rider (except *i4LIFE*<sup>®</sup> Advantage without the Guaranteed Income Benefit), you will be required to adhere to Investment Requirements, which will limit your ability to invest in certain Subaccounts offered in your Contract. (These Investment Requirements are explained in **Appendix B – Investment Requirements.**)

**Additional Services*.*** The additional services listed below are available under the Contract for no additional charge (unless otherwise indicated).

● **Dollar-cost averaging (DCA)** allows you to transfer amounts from the DCA fixed account, if available, or certain Subaccounts into other Subaccounts on a monthly basis or in accordance with other terms we make available. Interest Adjustments do not apply to transfers or withdrawals from the DCA fixed account.

● **Portfolio rebalancing** is an option that restores to a pre-determined level the percentage of Contract Value allocated to each Subaccount.

● **Automatic Withdrawal Service (AWS)** provides for an automatic periodic withdrawal of your Contract Value. Withdrawals under AWS are subject to applicable surrender charges and applicable Interest Adjustments (as well as taxes and tax penalties).

------

**Important Information You Should Consider About the *Lincoln ChoicePlus Assurance***<sup>SM</sup> **Series Variable Annuity Contract** 

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| **FEES, EXPENSES, AND ADJUSTMENTS** | &nbsp;&nbsp; **Location in**<br> **Prospectus**<br>|

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| | | |
|:---|:---|:---|
| **Are There** <br> **Charges or** <br> **Adjustments for** <br> **Early** <br> **Withdrawals?**<br>| &nbsp;&nbsp; **Yes:**<br> A surrender charge may apply to a surrender or withdrawal of a Purchase Payment prior <br> to the 7<sup>th</sup> anniversary (B-Share) or 4<sup>th</sup> anniversary (L-Share) since the Purchase <br> Payment was invested, up to 7% of the amount withdrawn, declining to 0% over that <br> time period. For example, if you purchase a B-Share or L-Share contract and make a <br> withdrawal of $100,000 during the first year after your Purchase Payment, you could be <br> assessed a charge of up to $7,000 on the Purchase Payment withdrawn. This loss will <br> be greater if there is also a negative Interest Adjustment, taxes, or tax penalties. A <br> surrender charge will not apply if your withdrawal is made after the 7<sup>th</sup> anniversary (B-<br> Share) or 4<sup>th</sup> anniversary (L-Share) since a Purchase Payment was invested. <br>The C-Share contract does not have surrender charges.<br> If amounts are withdrawn, surrendered, or transferred from the fixed account before the <br> expiration of a Guaranteed Period, an Interest Adjustment may apply, which may be <br> negative. A negative Interest Adjustment will result in the loss of some or all previously-<br> credited interest in excess of the guaranteed minimum interest rate, if any. Your loss will <br> be greater if you also have to pay a surrender charge, taxes, or tax penalties. | &nbsp;&nbsp; **●Fee Tables**<br> **●Fee Tables –** <br> **Examples**<br>**●Charges, Other** <br> **Deductions,** <br> **and** <br> **Adjustments –** <br> **Surrender** <br> **Charge**<br>|

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| | | |
|:---|:---|:---|
| **Are There** <br> **Transaction** <br> **Charges?**<br>| &nbsp;&nbsp; **No:**<br> The Contract does not impose any transaction charges other than surrender charges <br> (B-Share and L-Share contracts only) and Interest Adjustments. | &nbsp;&nbsp; **●Fee Tables**<br> **●Charges, Other** <br> **Deductions,** <br> **and** <br> **Adjustments**<br>|

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<sup>1</sup>As a percentage of average Contract Value. For the base contract, also includes an amount attributableto the Annual Account Fee. 

<sup>2</sup>As a percentage of fund net assets, before expense reimbursements or fee waiver arrangements. 

<sup>3</sup>As an annualized percentage of the Protected Income Base. 

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| | |
|:---|:---|
| **FEES, EXPENSES, AND ADJUSTMENTS** | &nbsp;&nbsp; **Location in**<br> **Prospectus**<br>|

---

**Lowest and Highest Annual Cost Table.**Because your Contract is customizable, thechoices you make affect how much you will pay. To help you understand the cost ofowning your Contract, the following table shows the lowest and highest cost you couldpay*each year*, based on current charges. This estimate assumes that you do not takewithdrawals from the Contract,**which could add surrender charges and negative** **Interest Adjustments that substantially increase costs**. 

**RISKS** **Location in** **Prospectus** 

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| | |
|:---|:---|
| **RISKS** | &nbsp;&nbsp; **Location in**<br> **Prospectus**<br>|

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| | | |
|:---|:---|:---|
| **What are the** <br> **Risks Related to** <br> **the Insurance** <br> **Company?**<br>| &nbsp;&nbsp; ●An investment in the Contract is subject to the risks related to Lincoln Life. Any <br> obligations (including under the fixed account option), guarantees, or benefits of the <br> Contract are subject to our claims-paying ability. If we experience financial distress, <br> we may not be able to meet our obligations to you. More information about Lincoln <br> Life, including our financial strength ratings, is available upon request by calling 1-<br> 888-868-2583 or visiting www.LincolnFinancial.com. | &nbsp;&nbsp; **●Principal Risks**<br> **●Fixed Side of** <br> **the Contract**<br>|

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**RESTRICTIONS** **Location in** **Prospectus** 

**TAXES** **Location in** **Prospectus** 

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**CONFLICTS OF INTEREST** **Location in** **Prospectus** 

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**Fee Tables**

**The following tables describe the fees, expenses, and adjustments that you will pay when buying, owning, and surrendering or making withdrawals from the Contract. Please refer to your Contract Specifications page for information about the specific fees you will pay each year based on the options you have elected.** 

**The first table describes the fees, expenses, and adjustments that you will pay at the time that you buy the Contract, surrender or make withdrawals from the Contract, or transfer Contract Value between investment options, and/or the fixed account (if available). State premium taxes may also be deducted.** 

**TRANSACTION EXPENSES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
|  | **B-Share** | **C-Share** | **L-Share** |
| Surrender charge (as a percentage of Purchase Payments surrendered/withdrawn):<sup>1</sup> | 7.0% |  | 7.0% |

---

We may also apply an Interest Adjustment to amounts being withdrawn, surrendered or transferred from the fixed account prior to the expiration date of a Guaranteed Period.<sup>2</sup> A negative Interest Adjustment will result in the loss of some or all previously credited interest in excess of the guaranteed minimum interest rate, if any.

For B-Share, the surrender charge percentage is reduced over a 7-year period at the following rates: 7%, 7%, 6%, 6%, 5%, 4%, 3%. For L-Share, the surrender charge percentage is reduced over a 4-year period at the following rates: 7%, 7%, 6%, 6%. We may reduce or waive this charge in certain situations. There is no surrender charge for C-Share. See Charges, Other Deductions, and Adjustments — Surrender Charge.

An Interest Adjustment will not apply to dollar cost averaging, withdrawals up to the Maximum Annual Withdrawal amount under Lincoln SmartSecurity® Advantage and Regular Income Payments under i4LIFE® Advantage or certain other transactions under the Contract. See Charges, Other Deductions, and Adjustments — Interest Adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The next table describes the fees and expenses that you will pay *each year* during the time that you own the Contract (not including fund fees and expenses). If you choose to purchase an optional benefit, you will pay additional charges, as shown below.** 

**ANNUAL CONTRACT EXPENSES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Administrative Expense (Annual Account Fee):**<sup>1</sup> |  |  | $35 |
| **Base Contract Expenses** (as a percentage of average Contract Value)<sup>2</sup> <br>| **B-Share** | **C-Share** | **L-Share** |
| Account Value Death Benefit | 1.25% | 1.65% | 1.65% |
| Guarantee of Principal Death Benefit | 1.30% | 1.70% | 1.70% |
| Enhanced Guaranteed Minimum Death Benefit (EGMDB) | 1.55% | 1.95% | 1.95% |
| Estate Enhancement Benefit (EEB) | 1.75% | 2.15% | 2.15% |
| **Optional Benefit Expenses (Death Benefit Charges)** |  |  |  |
| *Estate Lock*<sup>SM</sup> Death Benefit:<sup>3, 4</sup> <br>|  |  |  |
| Guaranteed Maximum Annual Charge | 1.60% | 1.60% | 1.60% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| **Optional Benefit Expenses (Protected Lifetime Income Fees)** | &nbsp;&nbsp; **Single**<br> **Life**<br>| &nbsp;&nbsp; **Joint**<br> **Life**<br>|
| *Lincoln ProtectedPay*<sup>®</sup> and *Estate Lock*<sup>SM</sup>:<sup>3, 5</sup> <br>|  |  |
| Guaranteed Maximum Annual Charge | 2.75% | N/A |
| *Lincoln ProtectedPay*<sup>®</sup> lifetime income suite:<sup>3, 6</sup> <br>|  |  |
| Guaranteed Maximum Annual Charge | 2.75% | 2.75% |
| *Lincoln Lifetime Income*<sup>SM</sup> Advantage 2.0 (Managed Risk) riders elected on and after May 21, 2018:<sup>6</sup> <br>|  |  |
| Guaranteed Maximum Annual Charge | 2.25% | 2.45% |
| *Lincoln Lifetime Income*<sup>SM</sup> Advantage 2.0 (Managed Risk) riders elected prior to May 21, 2018:<sup>6, 10</sup> <br>|  |  |
| Guaranteed Maximum Annual Charge | 2.00% | 2.00% |
| Current Initial Annual Charge | 1.25% | 1.50% |

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| | | |
|:---|:---|:---|
| Lincoln *Market Select*<sup>®</sup> Advantage riders elected on and after August 29, 2016 (October 3, 2016 for existing <br> Contractowners):<sup>6</sup> <br>|  |  |
| Guaranteed Maximum Annual Charge | 2.25% | 2.45% |
| Lincoln *Market Select*<sup>®</sup> Advantage riders elected on and after May 16, 2016 and prior to August 29, 2016 <br> (October 3, 2016 for existing Contractowners):<sup>6</sup> <br>|  |  |
| Guaranteed Maximum Annual Charge | 2.25% | 2.45% |
| Current Initial Annual Charge | 0.95% | 1.15% |
| Lincoln *Market Select*<sup>®</sup> Advantage riders elected prior to May 16, 2016:<sup>7</sup> <br>|  |  |
| Guaranteed Maximum Annual Charge | 2.25% | 2.45% |
| Guaranteed Minimum Annual Charge | 0.75% | 0.95% |
| Lincoln *Max 6 Select*<sup>SM</sup> Advantage:<sup>6</sup> <br>|  |  |
| Guaranteed Maximum Annual Charge | 2.25% | 2.45% |
| *Lincoln IRA Income Plus*<sup>SM</sup>:<sup>6</sup> <br>|  |  |
| Guaranteed Maximum Annual Charge | 2.25% | N/A |
| *Lincoln Wealth Pass*<sup>SM</sup>:<sup>8</sup> <br>|  |  |
| Guaranteed Maximum Annual Charge |  |  |
| Age at Issue 0 – 65 | 2.25% | N/A |
| Age at Issue 66 – 80 | 2.25% | N/A |
| *4LATER*<sup>®</sup> Select Advantage riders elected on and after November 28, 2022:<sup>3, 9</sup> <br>|  |  |
| Guaranteed Maximum Annual Charge | 2.75% | 2.75% |
| *4LATER*<sup>®</sup> Select Advantage riders elected prior to November 28, 2022:<sup>9</sup> <br>|  |  |
| Guaranteed Maximum Annual Charge | 2.25% | 2.45% |
| *Lincoln Lifetime Income*<sup>SM</sup> Advantage 2.0:<sup>6, 11</sup> <br>|  |  |
| Guaranteed Maximum Annual Charge | 2.00% | 2.00% |
| Current Charge | 1.25% | 1.50% |
| *Lincoln SmartSecurity*<sup>®</sup> Advantage:<sup>12</sup> <br>|  |  |
| Guaranteed Maximum Annual Charge | 1.50% | 1.50% |
| Current Charge | 1.00% | 1.25% |
| *4LATER*<sup>®</sup> Advantage (Managed Risk):<sup>9, 10</sup> <br>|  |  |
| Guaranteed Maximum Annual Charge | 2.00% | 2.00% |
| Current Charge | 1.25% | 1.50% |
| *Lincoln Long-Term Care*<sup>SM</sup> Advantage: |  |  |
| *Acceleration Benefit Charge*:<sup>13</sup> <br>|  |  |
| Guaranteed Maximum Charge Level Benefit or Growth Benefit | 1.50% | N/A |
| Current Charge Growth Benefit | 0.50% | N/A |
| Current Charge Level Benefit | 0.35% | N/A |
| *Extension Benefit Charge*:<sup>14</sup> <br>|  |  |
| Guaranteed Maximum Charge | N/A | N/A |
| Current Charge (Contractowners ages 70-74) | 0.76% | N/A |
| *Optional Nonforfeiture Benefit Charge*:<sup>15</sup> <br>|  |  |
| Guaranteed Maximum Charge | N/A | N/A |
| Current Charge (Contractowners ages 70-74) | 0.14% | N/A |
| *i4LIFE*<sup>®</sup> Advantage:<sup>16</sup> <br>|  |  |
| Current Charge | 0.40% | 0.40% |
| *i4LIFE*<sup>®</sup> Advantage Select Guaranteed Income Benefit riders elected on and after August 19, 2024:<sup>3, 17</sup> <br>|  |  |
| Guaranteed Maximum Annual Charge | 2.75% | 2.75% |
| *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit (Managed Risk) riders elected on and after May 21, 2018:<sup>3, 17</sup> <br>|  |  |
| Guaranteed Maximum Annual Charge | 2.25% | 2.45% |
| *i4LIFE*<sup>®</sup> Advantage Select Guaranteed Income Benefit riders elected prior to August 19, 2024:<sup>17</sup> <br>|  |  |
| Guaranteed Maximum Annual Charge | 2.25% | 2.45% |
| Current Charge | 1.10% | 1.30% |
| *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit (Managed Risk) riders elected prior to May 21, 2018 and <br> *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit (version 4):<sup>17</sup> <br>|  |  |
| Guaranteed Maximum Annual Charge | 2.00% | 2.00% |
| Current Charge | 0.95% | 1.15% |

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During the accumulation phase, the account fee will be deducted from your Contract Value on each contract anniversary, or upon surrender of the Contract. The account fee will be waived if your Contract Value is $100,000 or more on the contract anniversary (or date of surrender). This account fee may be less in some states and will be waived after the fifteenth Contract Year, regardless of your Contract Value.

Each base contract expense includes an administrative charge of 0.10%.

The current charge for new elections of this rider is disclosed in a Rate Sheet. The rates and/or percentages from previous effective periods are included in an Appendix to this prospectus.

As an annualized percentage of the sum of all Purchase Payments portion of the death benefit amount at the time of the charge. We will deduct this charge from the Contract Value on a quarterly basis, with the first deduction occurring on the Valuation Date on or next following the three-month anniversary of the rider effective date. See the Charges, Other Deductions, and Adjustments section for a discussion of how the charge is calculated.

As an annualized percentage of the Fee Basis Amount, as increased by subsequent Purchase Payments, Account Value Step-ups and Enhancements, and decreased by withdrawals. This charge is deducted from the Contract Value on a quarterly basis.

As an annualized percentage of the Protected Income Base, as increased for subsequent Purchase Payments, Account Value Step-ups and Enhancements, and decreased by Excess Withdrawals. This fee is deducted from the Contract Value proportionately on a quarterly basis. This same fee applies when transitioning to the appropriate version of i4LIFE® Advantage Guaranteed Income Benefit (if available). See Charges, Other Deductions, and Adjustments — Protected Lifetime Income Fees for more information about the Lincoln ProtectedPay® lifetime income suite. A discussion of the charges for Lincoln Lifetime IncomeSM Advantage 2.0 (Managed Risk), Lincoln Market Select® Advantage and Lincoln Max 6 SelectSM Advantage can be found in an Appendix to this prospectus.

As an annualized percentage of the Protected Income Base as increased by subsequent Purchase Payments and/or Account Value Step-ups, and decreased by Excess Withdrawals. The initial annual charge rate (deducted quarterly) is guaranteed not to change prior to the fifth quarterly anniversary of the rider. Beginning on the fifth quarterly anniversary, the quarterly charge rate may increase or decrease. The increase or decrease is based on a formula that is tied to any change in the Volatility Index (VIX). In addition, an excess volatility charge rate of 0.25% for both single and joint life options will also apply during times when the average VIX equals or exceeds 50 over a three-month period. See Appendix C for more information.

As an annualized percentage of the Protected Amount, as increased by subsequent Purchase Payments and decreased by Excess Withdrawals. This charge is deducted from the Contract Value on a quarterly basis. The current protected lifetime income fee rate will be less than or equal to the stated maximum charge rate. A discussion of the charges for this closed rider can be found in an Appendix to this prospectus.

As an annualized percentage of the Protected Income Base, as increased for subsequent Purchase Payments, Account Value Step-ups and Enhancements, and decreased by withdrawals. This fee is deducted from the Contract Value on a quarterly basis. This same fee applies when transitioning to the appropriate version of i4LIFE® Advantage Guaranteed Income Benefit. See Charges, Other Deductions, and Adjustments — Protected Lifetime Income Fees for more information about your Living Benefit Rider. A discussion of the charges for 4LATER® Advantage (Managed Risk) can be found in an Appendix to this prospectus.

The current annual charge rate may increase periodically to the rate listed above (a) if the Protected Income Base increases as a result of an Enhancement after the tenth Benefit Year anniversary; or (b) upon the earlier of (1) the next Account Value Step-up of the Protected Income Base or (2) the next Benefit Year anniversary if cumulative Purchase Payments received after the first Benefit Year anniversary equal or exceed $100,000.

The current annual charge rate may increase periodically to the rate listed above upon the earlier of (a) the next Account Value Step-up of the Protected Income Base or (b) the next Benefit Year anniversary if cumulative Purchase Payments received after the first Benefit Year anniversary equal or exceed $100,000 or (c) if the Protected Income Base increases as a result of an Enhancement after the tenth Benefit Year anniversary.

As an annualized percentage of the Guaranteed Amount, as increased for subsequent Purchase Payments and step-ups and decreased for withdrawals. This charge is deducted from the Contract Value on a quarterly basis. The current annual charge rate may increase periodically to the rate listed above upon the next election of a step-up of the Guaranteed Amount. A discussion of the charges for this closed rider can be found in an Appendix to this prospectus.

The Acceleration Benefit Charge rate is assessed against the LTC Guaranteed Amount as of the date the charge is deducted up to the maximum allowable charge rate of 1.50% of the LTC Guaranteed Amount. The Acceleration Benefit Charge percentage rates are different for the Level Benefit and Growth Benefit. A discussion of the charges for this closed rider can be found in an Appendix to this prospectus.

The Extension Benefit Charge rate is assessed against the Extension Benefit as of the date the charge is deducted. The charge varies based upon your age as of the contract date. There is no maximum guaranteed charge for the Extension Benefit. The current Extension Benefit Charge rate may increase after the contract date subject to prior state regulatory approval, although it will be increased for all Contractowners in the same class as determined in a nondiscriminatory manner. The highest current charge rate will be 0.68% (0.17% quarterly) for contracts issued in the following states: AK, AL, AR, AZ, DC, DE, GA, IA, KY, LA, MD, ME, MI, MO, MS, MT, NC, ND, NE, NM, OK, OR, RI, SC, SD, WV, WY. For all other states, the highest charge rate will be 0.76% (0.19% quarterly). A discussion of the charges for this closed rider can be found in an Appendix to this prospectus.

The Optional Nonforfeiture Benefit Charge rate is assessed against the Extension Benefit as of the date the charge is deducted. The charge varies based upon your age as of the contract date. There is no maximum guaranteed charge for the Optional Nonforfeiture Benefit. The current Optional Nonforfeiture Benefit Charge rate may increase after the contract date subject to prior state regulatory approval, although it will be the same for all Contractowners in the same class as determined in a nondiscriminatory manner. The highest current charge rate will be 0.14% (0.035% quarterly) for the state of Texas, 0.13% (0.0325% quarterly) for the state of California, and 0.11% (0.0275% quarterly) for contracts issued in the following states: AK, AL, AR, AZ, DC, DE, GA, IA, KY, LA, MD, ME, MI, MO, MS, MT, NC, ND, NE, NM, OK, OR, RI, SC, SD, WV, WY. For all other states, the highest charge rate will be 0.12% (0.03% quarterly). A discussion of the charges for this closed rider can be found in an Appendix to this prospectus.

As an annualized percentage of average Account Value, computed daily. This charge is assessed only on and after the effective date of i4LIFE® Advantage and is added to your base contract expense. These charges continue during the Access Period. During the Lifetime Income Period, the i4LIFE® Advantage charge rate of 0.40% is added to the Account Value Death Benefit base contract expense. See Charges, Other Deductions, and Adjustments — i4LIFE® Advantage Charge for more information.

These charges are added to the i4LIFE® Advantage charge to comprise the total charges. During the Lifetime Income Period, the Guaranteed Income Benefit charge rate is added to the Account Value Death Benefit base contract expense plus the i4LIFE® Advantage charge. The current annual charge rate for Select Guaranteed Income Benefit, Guaranteed Income Benefit (Managed Risk) riders elected prior to 5/21/2018, and Guaranteed Income Benefit (version 4) may increase periodically to the rate listed above upon the next automatic step-up of the Guaranteed Income Benefit. See Charges, Other Deductions, and Adjustments

— *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit Charge for more information.

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**The next item shows the minimum and maximum total annual operating expenses charged by the funds that you may pay periodically during the time that you own the Contract. Expenses shown may change over time and may be higher or lower in the future. A complete list of funds available under the Contract, including their annual expenses, may be found in an appendix to this prospectus. See Appendix A – Investment Options Available Under the Contract.** 

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| | | |
|:---|:---|:---|
| **Annual Fund Expenses** | **Minimum** | **Maximum** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses that are deducted from the fund assets, including <br> management fees, distribution and/or service (12b-1) fees, and other <br> expenses before any fee waivers or expense reimbursements.<br>| 0.48<br> %<br>| 3.48<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses that are deducted from the fund assets, including <br> management fees, distribution and/or service (12b-1) fees, and other <br> expenses after any fee waivers or expense reimbursements.<sup>1</sup><br>| 0.48<br> %<br>| 3.29<br> %<br>|

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Any fee waivers or expense reimbursements will remain in effect until at least April 30, 2027, and can only be terminated early with approval by the fund's board of directors.

**EXAMPLES**

**The following Examples are intended to help you compare the cost of investing in the variable options with the cost of investing in other annuity contracts that offer variable options. These costs include transaction expenses, contract fees, annual contract expenses, and annual fund fees and expenses.** 

**The Examples assume all Contract Value is allocated to the variable investment options. The Examples do not reflect any Interest Adjustment. Your costs could differ from those shown below if you invest in the fixed account option (if available).**

**The first Example assumes that you invest $100,000 in the variable options for the time periods indicated. The Example also assumes that your investment has a 5% return each year, the maximum fees and expenses of any of the funds, and that *Lincoln ProtectedPay***<sup>®</sup> **and *Estate Lock***<sup>SM</sup> **at the guaranteed maximum charge are in effect. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:**

1) If you surrender your Contract at the end of the applicable time period:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| **B-Share** | &nbsp;&nbsp; $16009 | &nbsp;&nbsp; $32992 | &nbsp;&nbsp; $49776 | &nbsp;&nbsp; $87923 |
| **C-Share** | &nbsp;&nbsp; $9393 | &nbsp;&nbsp; $28035 | &nbsp;&nbsp; $46333 | &nbsp;&nbsp; $90150 |
| **L-Share** | &nbsp;&nbsp; $16393 | &nbsp;&nbsp; $34035 | &nbsp;&nbsp; $46333 | &nbsp;&nbsp; $90150 |

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2) If you annuitize or do not surrender your Contract at the end of the applicable time period:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| **B-Share** | &nbsp;&nbsp; $9009 | &nbsp;&nbsp; $26992 | &nbsp;&nbsp; $44776 | &nbsp;&nbsp; $87923 |
| **C-Share** | &nbsp;&nbsp; $9393 | &nbsp;&nbsp; $28035 | &nbsp;&nbsp; $46333 | &nbsp;&nbsp; $90150 |
| **L-Share** | &nbsp;&nbsp; $9393 | &nbsp;&nbsp; $28035 | &nbsp;&nbsp; $46333 | &nbsp;&nbsp; $90150 |

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**The next Example assumes that you invest $100,000 in the variable options for the time periods indicated. The Example also assumes that your investment has a 5% return each year, the maximum fees and expenses of any of the funds, and that *i4LIFE***<sup>®</sup> **Advantage with the EGMDB Death Benefit and *i4LIFE***<sup>®</sup> **Advantage Select Guaranteed Income Benefit at the guaranteed maximum charge are in effect. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:**

1) If you surrender your Contract at the end of the applicable time period:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| **B-Share** | &nbsp;&nbsp; $15049 | &nbsp;&nbsp; $29453 | &nbsp;&nbsp; $42886 | &nbsp;&nbsp; $70111 |
| **C-Share** | &nbsp;&nbsp; $8426 | &nbsp;&nbsp; $24447 | &nbsp;&nbsp; $39336 | &nbsp;&nbsp; $72108 |
| **L-Share** | &nbsp;&nbsp; $15426 | &nbsp;&nbsp; $30447 | &nbsp;&nbsp; $39336 | &nbsp;&nbsp; $72108 |

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2) If you annuitize or do not surrender your Contract at the end of the applicable time period:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| **B-Share** | &nbsp;&nbsp; $8049 | &nbsp;&nbsp; $23453 | &nbsp;&nbsp; $37886 | &nbsp;&nbsp; $70111 |
| **C-Share** | &nbsp;&nbsp; $8426 | &nbsp;&nbsp; $24447 | &nbsp;&nbsp; $39336 | &nbsp;&nbsp; $72108 |
| **L-Share** | &nbsp;&nbsp; $8426 | &nbsp;&nbsp; $24447 | &nbsp;&nbsp; $39336 | &nbsp;&nbsp; $72108 |

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For more information, see Charges, Other Deductions, and Adjustments in this prospectus, and the prospectuses for the funds. Premium taxes may also apply, although they do not appear in the examples. The Examples do not reflect any Persistency Credits or *i4LIFE*<sup>®</sup> Advantage Credits. Different fees and expenses not reflected in the examples may be imposed during a period in which Annuity Payouts are made. See Annuity Payouts. **These examples should not be considered a representation of past or future expenses. Actual expenses may be more or less than those shown.**

**Principal Risks**

The principal risks of investing in the Contract include:

***Risk of Loss.*** You can lose money by investing in this Contract, including loss of principal. Neither the U.S. Government nor any federal agency insures or guarantees your investment in the Contract.

***Short-Term Investment Risk.*** This Contract is not designed for short-term investing and is not appropriate for an investor who needs ready access to cash. The benefits of tax deferral, long-term income, and living benefit protections also mean that the Contract is more beneficial to investors with a long-term horizon.

***Variable Option Risk.*** You take all the investment risk on the Contract Value and the retirement income for amounts placed into one or more of the Subaccounts, which invest in corresponding underlying funds. If the Subaccounts you select make money, your Contract Value goes up; if they lose money, your Contract Value goes down. How much it goes up or down depends on the performance of the Subaccounts you select. Each underlying fund is subject to its own investment risks. When you invest in a Subaccount, you are exposed to the investment risks of the underlying fund. We reserve the right to remove or substitute any funds as investment options that are available under the Contract.

***Investment Requirements Risk.*** If you elect an optional benefit, you may be subject to Investment Requirements. This means you may not be permitted to invest in certain investment options or you may be permitted to invest in certain investment options only to a limited extent. Failing to satisfy applicable Investment Requirements may result in the termination of your optional benefit. We impose Investment Requirements to reduce the risk of investment losses that may require us to use our own assets to make guaranteed payments under an optional benefit. In turn, your compliance with the Investment Requirements could limit your participation in market gains. This may conflict with your investment objectives by limiting your ability to maximize potential growth of your Contract Value and the value of your guaranteed benefits.

***Managed Volatility Fund Risk.*** Certain underlying funds may employ risk management strategies to provide for downside protection during sharp downward movements in equity markets. These funds usually, but not always, have "Managed Risk" or "Managed Volatility" in the name of the fund. These strategies could limit the upside participation of the fund in rising equity markets relative to other funds. The optional Death Benefits and Living Benefit Riders offered under the Contract also provide protection in the event of a market downturn. Likewise, there are additional costs associated with these Death Benefits and Living Benefit Riders, which can limit the Contract's upside participation in the markets. Many of these funds are included in the Investment Requirements associated with certain Living Benefit Riders. Risk management strategies, in periods of high market volatility, could limit your participation in market gains. This may conflict with your investment objectives by limiting your ability to maximize potential growth of your Contract Value and the value of your guaranteed benefits. For more information on these funds and their risk management strategies, please see the funds' prospectuses.

***Withdrawal Risk (Illiquidity Risk).*** You should carefully consider the risks associated with taking a withdrawal or surrender under the Contract. If you take a withdrawal or surrender the Contract, any applicable surrender charges will reduce the value of your Contract or the amount of money that you ultimately receive. The proceeds of your withdrawal or surrender may be subject to ordinary income taxes, including a tax penalty if you are younger than age 59½.

You should also consider the impact that a withdrawal may have on the standard and optional benefits under your Contract. For example, under certain Living Benefit Riders, excess or early withdrawals may reduce the value of the guaranteed benefit by an amount greater than the amount withdrawn and could result in termination of the benefit.

A withdrawal or surrender from the fixed account prior to the expiration date of a Guaranteed Period may result in a negative Interest Adjustment. A negative Interest Adjustment will result in the loss of some or all previously-credited interest in excess of the guaranteed minimum interest rate, if any.

***Transfer Risk.*** Your ability to transfer amounts between investment options is subject to restrictions. You are generally restricted to no more than 12 transfers per Contract Year. 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. If permitted by your Contract, we may discontinue accepting transfers into the fixed side of the contract at any time. A transfer from the fixed account prior to the expiration date of a Guaranteed Period may result in a negative Interest Adjustment. A negative Interest Adjustment will result in the loss of some or all previously-credited interest in excess of the guaranteed minimum interest rate, if any. Your ability to transfer between investment options may also be restricted as a result of Investment Requirements if you have elected an optional benefit.

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***Purchase Payment Risk.*** Your ability to make additional Purchase Payments may be restricted under the Contract, depending on the version of the Contract that you own, the optional benefits that you have elected, and other factors.

You must obtain our approval for Purchase Payments totaling $5 million or more where the only optional benefits elected are the Account Value Death Benefit and/or *i4LIFE*<sup>®</sup> Advantage without the Guaranteed Income Benefit and $1 million or more for all other contracts. At the Company's discretion, either amount may consider total Purchase Payments for all contracts issued by the Company (or its affiliates) for the same Contractowner, joint owner, and/or Annuitant.

Additionally, if you elect a Living Benefit Rider (other than any version of *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit), after the first anniversary of the rider effective date, once cumulative additional Purchase Payments exceed $100,000, additional Purchase Payments will be limited to $50,000 per Benefit Year.

If you elect any version of *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit, no additional Purchase Payments will be allowed at any time after the Periodic Income Commencement Date. If you elect *i4LIFE*<sup>®</sup> Advantage without Guaranteed Income Benefit, no additional Purchase Payments will be allowed after the Periodic Income Commencement Date for nonqualified contracts. If you elected *Lincoln Long-Term Care*<sup>SM</sup> Advantage rider, no additional Purchase Payments can be made. For more information about these restrictions and limitations, see The Contracts – Purchase Payments.

***Election of Optional Benefit Risk.*** There are a variety of optional benefits under the Contract that are designed for different financial goals and to protect against different financial risks. There is a risk that you may not choose the benefit or benefits that are best suited for you based on your present or future needs and circumstances. In addition, if you elect an optional benefit and do not use it, or if the contingencies upon which the benefit depend never occur, you will have paid for a benefit that did not provide a financial return. There is also a risk that a financial return of an optional benefit, if any, will ultimately be less than the amount you paid for the benefit. You should consult with your registered representative to determine which optional benefits (if any) are appropriate for you.

***Fee and Expense Risk.*** You are subject to the risk that we may increase certain contract fees and charges, and that underlying fund expenses may increase.

***Financial Strength and Claims-Paying Ability Risk.*** An investment in the Contract is subject to the risks related to us, 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.

***Cybersecurity and Business Interruption Risks.*** We rely heavily on our computer systems and those of our business partners and service providers to conduct our business. As such, our business is vulnerable to cybersecurity risks and business interruption risks. These risks include, among other things, the theft, loss, misuse, corruption and destruction of data; interference with or denial of service; attacks on websites or systems; operational disruptions; and unauthorized release of confidential customer or business information. Cybersecurity risks affecting us, any third-party administrators, underlying funds, index providers, intermediaries, and service providers may adversely affect us and/or your Contract. For instance, systems failures and cyberattacks may interfere with our processing of Contract transactions, including order processing; impact our ability to calculate Accumulation Unit values or other Contract values; cause the release and possible destruction of confidential customer or business information; and/or subject us to regulatory fines, litigation, financial losses or reputational damage. Cybersecurity risks may also impact the issuers of securities in which the underlying funds invest (or the securities that compose an Index), which may cause your Contract to lose value. There can be no assurance that systems disruptions, cyberattacks and information security breaches will always be detected, prevented, or avoided in the future.

In addition to cybersecurity risks, we are exposed to risks related to natural and man-made disasters, such as (but not limited to) storms, fires, floods, earthquakes, public health crises, malicious acts, and terrorist acts. Any such disasters could interfere with our business and our ability to administer the Contract. For example, they could lead to delays in our processing of Contract transactions, including orders from Contractowners, or could negatively impact our ability to calculate Accumulation Unit values or other Contract Values. They may also impact the issuers of securities in which the underlying funds invest (or the securities that compose an Index), which may cause your Contract to lose value. There can be no assurance that negative impacts associated with natural and man-made disasters will always be avoided.

**Financial Statements**

The December 31, 2025 financial statements of the VAA and the December 31, 2025 consolidated financial statements of Lincoln Life are located in the Statement of Additional Information (SAI). Instructions on how to obtain a free copy of the SAI are provided on the last page of this prospectus.

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**Investments of the Variable Annuity Account**

You decide the Subaccount(s) to which you allocate Purchase Payments. There is a separate Subaccount which corresponds to each class of each fund available under the Contract. Contract Value allocated to a Subaccount will vary based on the investment experience of the corresponding fund in which the Subaccount invests. There is a risk of loss of the entire amount invested. You may change your allocation without penalty or charges. Shares of the funds will be sold at net asset value with no initial sales charge to the VAA in order to fund the contracts. The funds are required to redeem fund shares at net asset value upon our request.

**Descriptions of the Funds**

Information regarding each fund, including (1) its name, (2) its type or investment objective, (3) its investment adviser and any sub-investment adviser, (4) current expenses, and (5) performance is available in Appendix A – Investment Options Available Under the Contract. Each fund has issued a prospectus that contains more detailed information about the fund. Paper or electronic copies of the fund prospectuses may be obtained by contacting our Home Office or visiting www.lfg.com/VAprospectus.

**Certain Payments We Receive with Regard to the Funds**

We (and/or our affiliates) incur expenses in promoting, marketing, and administering the contracts and the underlying funds. With respect to a fund, including affiliated funds, the adviser and/or distributor, or an affiliate thereof, may make payments to us (or an affiliate) for certain services we provide on behalf of the funds. Such services include, but are not limited to, recordkeeping; aggregating and processing purchase and redemption orders; providing Contractowners with statements showing their positions within the funds; processing dividend payments; providing subaccounting services for shares held by Contractowners; and forwarding shareholder communications, such as proxies, shareholder reports, dividend and tax notices, and printing and delivering prospectuses and updates to Contractowners. It is anticipated that such payments will be based on a percentage of assets of the particular fund attributable to the contracts along with certain other variable contracts issued or administered by us (or an affiliate). These percentages are negotiated and vary with each fund. Some advisers and/or distributors may pay us significantly more than other advisers and/or distributors and the amount we receive may be substantial. These percentages currently range up to 0.30%, and as of the date of this prospectus, we were receiving payments from most fund families. We (or our affiliates) may profit from these payments. These payments may be derived, in whole or in part, from the investment advisory fee deducted from fund assets. Contractowners, through their indirect investment in the funds, bear the costs of these investment advisory fees (see the funds' prospectuses for more information). Additionally, a fund's adviser and/or distributor or its affiliates may provide us with certain services that assist us in the distribution of the contracts and may pay us and/or certain affiliates amounts for marketing programs and sales support, as well as amounts to participate in training and sales meetings.

In addition to the payments described above, all of the funds offered as part of this Contract make payments to us under their distribution plans (12b-1 plans) for the marketing and distribution of fund shares. The payment rates range up to 0.55% based on the amount of assets invested in those funds. Payments made out of the assets of the fund will reduce the amount of assets that otherwise would be available for investment, and will reduce the fund's investment return. The dollar amount of future asset-based fees is not predictable because these fees are a percentage of the fund's average net assets, which can fluctuate over time. If, however, the value of the fund goes up, then so would the payment to us (or our affiliates). Conversely, if the value of the funds goes down, payments to us or our affiliates would decrease.

**Selection of the Funds**

We select the funds offered through the Contract based on several factors, including, without limitation, asset class coverage, the strength of the manager's reputation and tenure, brand recognition, performance, the capability and qualification of each sponsoring investment firm, and whether the fund is affiliated with us.

As noted above, a factor we may consider during the initial selection process is whether the fund (or an affiliate, investment adviser or distributor of the fund) being evaluated is an affiliate of ours and whether we are compensated for providing administrative, marketing, and/or support services that would otherwise be provided by the fund, its investment adviser or its distributor.

Some funds pay us significantly more than others and the amount we receive may be substantial. We often receive more revenue from an affiliated fund than one that is not affiliated with us. These factors give us an incentive to select a fund that yields more revenue for us or our affiliates, and this is often an affiliated fund.

We may also consider the ability of the fund to help manage volatility and our risks associated with the guarantees we provide under the Contract and under optional riders, especially the Living Benefit Riders.

We review each fund periodically after it is selected. We reserve the right to remove a fund or restrict allocation of additional Purchase Payments to a fund if we determine the fund no longer meets one or more of the factors and/or if the fund has not attracted significant Contractowner assets.

Finally, when we develop a variable annuity product in cooperation with a fund family or distributor (e.g., a "private label" product), we generally will include funds based on recommendations made by the fund family or distributor, whose selection criteria may differ

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from our selection criteria. Certain funds offered as part of this Contract have similar investment objectives and policies to other portfolios managed by the adviser. The investment results of the funds, however, may be higher or lower than the other portfolios that are managed by the adviser or sub-adviser. There can be no assurance, and no representation is made, that the investment results of any of the funds will be comparable to the investment results of any other portfolio managed by the adviser or sub-adviser, if applicable.

Certain funds invest their assets in other funds. As a result, you will pay fees and expenses at both fund levels. This will reduce your investment return. These arrangements are referred to as funds of funds or master-feeder funds, which may have higher expenses than funds that invest directly in debt or equity securities. An adviser affiliated with us manages some of the available funds of funds. Our affiliates may promote the benefits of such funds to Contractowners and/or suggest that Contractowners consider whether allocating some or all of their Contract Value to such portfolios is consistent with their desired investment objectives. In doing so, we may be subject to conflicts of interest insofar as we may derive greater revenues from the affiliated fund of funds than certain other funds available to you under your Contract.

Certain funds may employ risk management strategies to provide for downside protection during sharp downward movements in equity markets. These funds usually, but not always, have "Managed Risk" or "Managed Volatility" in the name of the fund. These strategies could limit the upside participation of the fund in rising equity markets relative to other funds. The Death Benefits and Living Benefit Riders offered under the Contract also provide protection in the event of a market downturn. Risk management strategies, in periods of high market volatility, could limit your participation in market gains; this may conflict with your investment objectives by limiting your ability to maximize potential growth of your Contract Value and, in turn, the value of any guaranteed benefit that is tied to investment performance.

For more information on these funds and their risk management strategies, please see the Investment Requirements section of this prospectus. You should consult with your registered representative to determine which combination of investment choices are appropriate for you.

**Fund Shares**

We will purchase shares of the funds at net asset value and direct them to the appropriate Subaccounts of the VAA. We will redeem sufficient shares of the appropriate funds to pay Annuity Payouts, Death Benefits, surrender/withdrawal proceeds or for other purposes described in the Contract. If you want to transfer all or part of your investment from one Subaccount to another, we may redeem shares held in the first Subaccount and purchase shares of the other. Redeemed shares are retired, but they may be reissued later.

Shares of the funds are not sold directly to the general public. They are sold to us, and may be sold to other insurance companies, for investment of the assets of the Subaccounts established by those insurance companies to fund variable annuity and variable life insurance contracts.

**Reinvestment of Dividends and Capital Gain Distributions**

All dividends and capital gain distributions of the funds are automatically reinvested in shares of the distributing funds at their net asset value on the date of distribution. Dividends are not paid out to Contractowners as additional units, but are reflected as changes in unit values.

**Addition, Deletion or Substitution of Investments**

**We reserve the right, within the law, to make certain changes to the structure and operation of the VAA at our discretion and without your consent.** We may add, delete, or substitute funds for all Contractowners or only for certain classes of Contractowners. New or substitute funds may have different fees and expenses, and may only be offered to certain classes of Contractowners.

Substitutions may be made with respect to existing investments or the investment of future Purchase Payments, or both. In the event of a substitution, the Contract Value allocated to the existing fund will be allocated to the substitute fund. Any future allocations to the substitute fund will automatically be allocated according to the instructions we have on file for you unless otherwise instructed by you. If we don't have instructions from you on file, your Purchase Payments will be allocated to the substitute fund.

We may close Subaccounts to allocations of Purchase Payments or Contract Value, or both, at any time in our sole discretion. The funds, which sell their shares to the Subaccounts pursuant to participation agreements, also may terminate these agreements and discontinue offering their shares to the Subaccounts. In the event of a fund closure, any Contract Value you have invested in the closed fund will remain in that fund until you transfer it elsewhere. Any future allocation to the closed fund will be allocated in accordance with the instructions we have on file for you unless you instruct us otherwise.

In addition, a Subaccount may become unavailable due to the liquidation of its underlying fund portfolio. To the extent permitted by applicable law, upon notice to you and unless you otherwise instruct us, we will re-allocate any Contract Value in the liquidated fund to the money market subaccount. Any future allocations to the liquidated fund will automatically be allocated according to the instructions we have on file for you unless you instruct us otherwise.

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From time to time, certain underlying funds may merge with other funds. If a merger of an underlying fund occurs, the Contract Value allocated to the existing fund will be merged into the surviving underlying fund. Any future allocations, including future Purchase Payments, to the merged fund will automatically be allocated to the surviving underlying fund unless you instruct us otherwise.

We may also:

● remove, combine, or add Subaccounts and make the new Subaccounts available to you at our discretion;

● transfer assets supporting the contracts from one Subaccount to another or from the VAA to another separate account;

● combine the VAA with other separate accounts and/or create new separate accounts;

● deregister the VAA under the 1940 Act; and

● operate the VAA as a management investment company under the 1940 Act or as any other form permitted by law.

We may modify the provisions of the contracts to reflect changes to the Subaccounts and the VAA and to comply with applicable law. We will not make any changes without any necessary approval by the SEC. We will also provide you written notice.

**Charges, Other Deductions, and Adjustments**

We will deduct the charges described below to cover our costs and expenses, services provided and risks assumed under the contracts. We incur certain costs and expenses for the distribution and administration of the contracts and for providing the benefits payable thereunder.

**Our administrative services include:**

● processing applications for and issuing the contracts;

● processing purchases and redemptions of fund shares as required (including dollar cost averaging, portfolio rebalancing, and automatic withdrawal services – See Additional Services and the SAI for more information on these programs);

● maintaining records;

● administering Annuity Payouts;

● furnishing accounting and valuation services (including the calculation and monitoring of daily Subaccount values);

● reconciling and depositing cash receipts;

● providing contract confirmations;

● providing toll-free inquiry services; and

● furnishing telephone and other electronic surrenders, withdrawals and fund transfer services.

**The risks we assume include:**

● the risk that lifetime payments from Living Benefit Riders will exceed the Contract Value;

● the risk that Death Benefits paid will exceed the actual Contract Value;

● the risk that, if a Guaranteed Income Benefit rider is in effect, the required Regular Income Payments will exceed the Account Value;

● the risk that Annuitants upon which Annuity Payouts are based live longer than we assumed when we calculated our guaranteed rates (these rates are incorporated in the Contract and cannot be changed);

● the risk that more Contractowners than expected will qualify for waivers of the surrender charge;

● the risk that our costs in providing the services will exceed our revenues from contract charges (which we cannot change);

● the risk that the payments of the Acceleration and Growth Benefit under the Lincoln *Long-Term Care*<sup>SM</sup> Advantage rider exceed the Contract Value;

● the risk the Covered Life under the Lincoln *Long-Term Care*<sup>SM</sup> Advantage rider will live longer while receiving benefits than we assumed in the rate setting process (these rates may change subject to state insurance department approval); and

● the risk that the actual number of claims under the Lincoln *Long-Term Care*<sup>SM</sup> Advantage rider exceeds the number of claims we assumed in the rate setting process (these rates may change subject to state insurance department approval).

The amount of a charge may not necessarily correspond to the costs associated with providing the services or benefits indicated by the description of the charge. For example, the surrender charge collected may not fully cover all of the sales and distribution expenses actually incurred by us. Any remaining expenses will be paid from our general account which may consist, among other things, of proceeds derived from base contract expenses deducted from the account. We may profit from one or more of the fees and charges deducted under the Contract. We may use these profits for any corporate purpose, including financing the distribution of the contracts.

Obligations under the Contracts that are funded by our general account include 1) the obligation to make lifetime benefit payments under Living Benefit Riders that exceed the Contract Value; 2) the obligation to pay Death Benefits that exceed the Contract Value; 3) the obligation to pay Annuity Payouts that exceed the Contract Value; and 4) guarantees of principal and interest under the fixed

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account (if available). Payment of these benefits and obligations is subject to our claims-paying ability and financial strength. We are also responsible for providing for all of the administrative services necessary in connection with the contracts (and bearing all of the associated expenses).

**Deductions from the VAA** 

A charge is applied to the average daily net asset value of the Subaccounts based on which share class and Death Benefit you choose. Those charges are equal to an annual rate of:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Estate**<br> **Enhancement**<br> **Benefit (EEB)\***<br>| **Enhanced Guaranteed**<br> **Minimum Death**<br> **Benefit (EGMDB)**<br>| **Guarantee of**<br> **Principal Death**<br> **Benefit**<br>| **Account Value**<br> **Death Benefit**<br>|
| **B-Share:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk <br> charge<br>| 1.65<br> %<br>| 1.45<br> %<br>| 1.20<br> %<br>| 1.15<br> %<br>|
| Administrative charge | 0.10<br> %<br>| 0.10<br> %<br>| 0.10<br> %<br>| 0.10<br> %<br>|
| Total Base Contract Expenses | 1.75<br> %<br>| 1.55<br> %<br>| 1.30<br> %<br>| 1.25<br> %<br>|
| **C-Share:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk <br> charge<br>| 2.05<br> %<br>| 1.85<br> %<br>| 1.60<br> %<br>| 1.55<br> %<br>|
| Administrative charge | 0.10<br> %<br>| 0.10<br> %<br>| 0.10<br> %<br>| 0.10<br> %<br>|
| Total Base Contract Expenses | 2.15<br> %<br>| 1.95<br> %<br>| 1.70<br> %<br>| 1.65<br> %<br>|
| **L-Share:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortality and expense risk <br> charge<br>| 2.05<br> %<br>| 1.85<br> %<br>| 1.60<br> %<br>| 1.55<br> %<br>|
| Administrative charge | 0.10<br> %<br>| 0.10<br> %<br>| 0.10<br> %<br>| 0.10<br> %<br>|
| Total Base Contract Expenses | 2.15<br> %<br>| 1.95<br> %<br>| 1.70<br> %<br>| 1.65<br> %<br>|

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\*This Death Benefit is no longer available for purchase.

**Surrender Charge**

For B-Share and L-Share contracts only, a surrender charge applies (except as described below) to surrenders and withdrawals of Purchase Payments that have been invested for the period below. The surrender charge is calculated separately for each Purchase Payment. The contract anniversary is the annually occurring date beginning with the effective date of the Contract. For example, if the effective date of your Contract is January 2<sup>nd</sup>, your contract anniversary would be on January 2<sup>nd</sup> of each subsequent year.

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| | | |
|:---|:---|:---|
|  | **Surrender charge as a percentage of**<br> **the surrendered or withdrawn**<br> **Purchase Payments** | **Surrender charge as a percentage of**<br> **the surrendered or withdrawn**<br> **Purchase Payments** |
| **Number of contract anniversaries since Purchase Payment was invested** | **B-Share** | **L-Share** |
| 0 | 7.0<br> %<br>| 7.0<br> %<br>|
| 1 | 7.0<br> %<br>| 7.0<br> %<br>|
| 2 | 6.0<br> %<br>| 6.0<br> %<br>|
| 3 | 6.0<br> %<br>| 6.0<br> %<br>|
| 4 | 5.0<br> %<br>| 0.0<br> %<br>|
| 5 | 4.0<br> %<br>| 0.0<br> %<br>|
| 6 | 3.0<br> %<br>| 0.0<br> %<br>|
| 7 | 0.0<br> %<br>| 0.0<br> %<br>|

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A surrender charge does not apply to:

● A surrender or withdrawal of a Purchase Payment beyond the seventh anniversary (B-Share) or fourth anniversary (L-Share), since the Purchase Payment was invested;

● Withdrawals of Contract Value during a Contract Year to the extent that the total Contract Value withdrawn during the current Contract Year does not exceed the greater of 10% of the current Contract Value or of the total Purchase Payments ("free amount"). This exception does not apply upon surrender of the Contract;

● Purchase Payments used in the calculation of the initial benefit payment to be made under an Annuity Payout option, other than the *i4LIFE*<sup>®</sup> Advantage option;

● A surrender or withdrawal of any Purchase Payments, as a result of permanent and total disability of the Contractowner as

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defined in Section 22(e)(3) of the tax code, if the disability occurred after the effective date of the Contract and before the 65<sup>th</sup> birthday of the Contractowner. For contracts issued in the state of New Jersey, a different definition of permanent and total disability applies;

● A surviving spouse, at the time he or she assumes ownership of the Contract as a result of the death of the original owner (however, the surrender charge schedule of the original Contract will continue to apply to the spouse's Contract);

● A surrender or withdrawal of any Purchase Payments, as a result of the admittance of the Contractowner to an accredited nursing home or equivalent health care facility, where the admittance into the facility occurs after the effective date of the Contract and the owner has been confined for at least 90 consecutive days;

● A surrender or withdrawal of any Purchase Payments as a result of the diagnosis of a terminal illness of the Contractowner. Diagnosis of a terminal illness must be after the effective date of the Contract and results in a life expectancy of less than one year as determined by a qualified professional medical practitioner;

● A surrender of the Contract as a result of the death of the Contractowner, joint owner, or Annuitant;

● A surrender or annuitization of any applicable Persistency Credits;

● Purchase Payments when used in the calculation of the initial Account Value under the *i4LIFE*<sup>®</sup> Advantage option;

● Regular Income Payments made under *i4LIFE*<sup>®</sup> Advantage, including any payments to provide the Guaranteed Income Benefit, or periodic payments made under any Annuity Payout option made available by us;

● A surrender of the Contract or a withdrawal of Contract Value from contracts previously issued to individuals who were members of a selling group (applicable to B-Share contracts only);

● Withdrawals up to the Protected Annual Income amount or the Maximum Annual Withdrawal amount under applicable Living Benefit Riders, subject to certain conditions; and

● Long-Term Care Benefit payments under the *Lincoln Long-Term Care*<sup>SM</sup> Advantage rider.

**For purposes of calculating the surrender charge on withdrawals, we assume that:**

1. The free amount will be withdrawn from Purchase Payments on a first in-first out ("FIFO") basis.

2. Prior to the seventh anniversary (B-Share), and the fourth anniversary (L-Share), any amount withdrawn above the free amount during a Contract Year will be withdrawn in the following order:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● from Purchase Payments (on a FIFO basis) until exhausted; then

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● from earnings until exhausted.

3. On or after the seventh anniversary (B-Share), and the fourth anniversary (L-Share), any amount withdrawn above the free amount during a Contract Year will be withdrawn in the following order:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● from Purchase Payments (on a FIFO basis) to which a surrender charge no longer applies until exhausted; then

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● from earnings and Persistency Credits, if any, or until exhausted; then

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● from Purchase Payments (on a FIFO basis) to which a surrender charge still applies until exhausted.

We apply the surrender charge as a percentage of Purchase Payments, which means that you would pay the same surrender charge at the time of surrender regardless of whether your Contract Value has increased or decreased. The surrender charge is calculated separately for each Purchase Payment. The surrender charges associated with surrender or withdrawal are paid to us to compensate us for the loss we experience on contract distribution costs when Contractowners surrender or withdraw before distribution costs have been recovered.

There are charges associated with surrender of a Contract or withdrawal of Contract Value. You may specify whether these charges are deducted from the amount you request to be withdrawn or from the remaining Contract Value. If the charges are deducted from the remaining Contract Value, the amount of the total withdrawal will increase according to the impact of the applicable surrender charge percentage; consequently, the dollar amount of the surrender charge associated with the withdrawal will also increase. In other words, the dollar amount deducted to cover the surrender charge is also subject to a surrender charge.

If the Contractowner is a corporation or other non-individual (non-natural person), the Annuitant or joint Annuitant will be considered the Contractowner or joint owner for purposes of determining when a surrender charge does not apply.

**Administrative Expense (Annual Account Fee)**

During the accumulation period, we will deduct an account fee of $35 from the Contract Value on each contract anniversary to compensate us for the administrative services provided to you; this account fee will also be deducted from the Contract Value upon surrender. This fee may be lower in certain states, if required, and will be waived after the fifteenth Contract Year. The account fee will be waived for any Contract with a Contract Value that is equal to or greater than $100,000 on the contract anniversary (or date of surrender). There is no account fee on those contracts previously issued to members of a selling group.

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***Estate Lock***<sup>SM</sup> **Death Benefit Charge**

The *Estate Lock*<sup>SM</sup> Death Benefit is only available in conjunction with the *Lincoln ProtectedPay*<sup>®</sup> and *Estate Lock*<sup>SM</sup> rider, and you will pay two separate charges for the combined benefit. **The charge for the *Estate Lock***<sup>SM</sup> **Death Benefit is based on the sum of all Purchase Payments portion of the current Death Benefit amount.** See Protected Lifetime Income Fee - *Lincoln ProtectedPay*<sup>®</sup> and *Estate Lock*<sup>SM</sup> Fee and Death Benefits - *Estate Lock*<sup>SM</sup> Death Benefit. These fees are combined and added to your base contract expense. The fee will apply as long as the rider is in effect.

The initial annual charge for the Death Benefit is disclosed in a Rate Sheet prospectus supplement. The Rate Sheet indicates the current charge and the date by which your application must be signed and dated for a rider to be issued with that charge. The charge may be superseded at any time in our sole discretion and may be higher or lower than the charge on the previous Rate Sheet but will never exceed the stated guaranteed maximum annual charge stated on the Fee Table of this prospectus. Rate information for previous effective periods is included in an Appendix to this prospectus.

Any change to the charge will be disclosed in a new rate sheet at least ten days before that charge becomes effective. Current Rate Sheets will be included with the prospectus. You can also obtain the most current Rate Sheet by contacting your registered representative, online at www.lfg.com/VAprospectus or by calling us at 1-888-868-2583.

We will deduct this charge from the Contract Value on a quarterly basis, with the first deduction occurring on the Valuation Date on or next following the three-month anniversary of the rider effective date. The quarterly charge equals the quarterly charge rate multiplied by the sum of all Purchase Payments portion of the Death Benefit on the Valuation Date the charge is deducted, prior to any additional Purchase Payments or withdrawals that may occur on that day. The deduction of the charge will be made in proportion to the value in each Subaccount and any fixed account of the Contract on the Valuation Date the charge is assessed.

The charge rate may not change prior to the 10<sup>th</sup> rider date anniversary; thereafter, the charge rate may change every year. Any increase or decrease will be effective on the rider anniversary date, but the rate will never exceed the guaranteed maximum annual charge rate. We will notify you in writing of such an increase or decrease. You may not opt out of this increase. A portion of the charge, based on the number of days the death benefit was in effect that quarter, will be deducted upon surrender of the Contract or the election of any Annuity Payout option (except *i4LIFE*<sup>®</sup> Advantage). The charge will not be deducted upon death.

**Protected Lifetime Income Fee**

A fee or expense may also be deducted in connection with any benefits added to the Contract by rider or endorsement. The deduction of a protected lifetime income fee will be noted on your quarterly statement.

The protected lifetime income fee rate for new rider elections is disclosed in a Rate Sheet prospectus supplement (except *i4LIFE*<sup>®</sup> Advantage without the Guaranteed Income Benefit). The Rate Sheet indicates the current rates and the date by which your application or rider election form must be signed and dated for a rider to be issued with those rates. The rates may be superseded at any time in our sole discretion and may be higher or lower than the charge rate on the previous Rate Sheet. Rate information for previous effective periods is included in an Appendix to this prospectus.

Any change to the protected lifetime income fee rate will be disclosed in a new Rate Sheet at least ten days before that rate becomes effective. Current Rate Sheets will be included with the prospectus. You can also obtain the most current Rate Sheet by contacting your registered representative, online at www.lfg.com/VAprospectus or by calling us at 1-888-868-2583.

A discussion of the charges for closed riders can be found in an Appendix to this prospectus.

***Lincoln ProtectedPay***<sup>®</sup> **and *Estate Lock***<sup>SM</sup> **Fee.** The Living Benefit portion of the *Lincoln ProtectedPay*<sup>®</sup> and *Estate Lock*<sup>SM</sup> rider (*Lincoln ProtectedPay Select Core*<sup>®</sup> and *Lincoln ProtectedPay Secure Core*<sup>®</sup>) is only available when electing the *Estate Lock*<sup>SM</sup> Death Benefit, and you will pay two separate charges for the combined benefit. **The protected lifetime income fee for the *Lincoln ProtectedPay***<sup>®</sup> **and *Estate Lock***<sup>SM</sup> **rider is based on the current Fee Basis Amount and is separate from and in addition to the charge for the *Estate Lock***<sup>SM</sup> **rider.** The fee will apply as long as the rider is in effect.

The fee:

● is based on the Fee Basis Amount (initial Purchase Payment) as increased for subsequent Purchase Payments, Account Value Step-ups, Enhancements, and as decreased for withdrawals. Withdrawals less than or equal to the Protected Annual Income amount will reduce the sum of all Purchase Payment amounts on a dollar for dollar basis. Excess Withdrawals will reduce the Fee Basis Amount in the same proportion that they reduced the Contract Value. On each Contract anniversary, the Fee Basis Amount will be increased by the amount of the Protected Income Base increase or up to the current Contract Value, whichever is greater;

● is based on the Fee Basis Amount prior to being increased to the Contract Value, if applicable; and

● rate may increase every year upon an Account Value Step-up or annually on the Benefit Year anniversary, after ten years from the rider effective date. (You may opt out of this increase – see details below.)

The charge will be deducted from the Contract Value on a quarterly basis. The first deduction of the charge will occur on the Valuation Date on or next following the three-month anniversary of the rider's effective date. This deduction will be made in proportion to the

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value in each Subaccount and the fixed account, if any, on the Valuation Date the rider charge is assessed. The amount we deduct will increase or decrease as the Fee Basis Amount increases or decreases.

*Opting out of Fee Rate Increases*

The protected lifetime income fee rate can change each time there is an Account Value Step-up. Since the Account Value Step-up could increase your Protected Income Base every Benefit Year, the fee rate could also increase every Benefit Year, but the rate will never exceed the stated guaranteed maximum annual fee rate. If your fee rate is increased, you may opt out of the Account Value Step-up by giving us notice within 30 days after the Benefit Year anniversary if you do not want your rate to change. If you opt out of the step-up, the fee rate, the Fee Basis Amount, and the Protected Income Base will be lowered to the value they were immediately prior to the step-up, adjusted for any additional Purchase Payments or Excess Withdrawals. This opt-out will apply only to this single Account Value Step-up, and not to any subsequent Account Value Step-ups. You will need to notify us each time thereafter (if an Account Value Step-up would cause your fee rate to increase) if you do not want the Account Value Step-up. If you opt out of an Account Value Step-up, you are still eligible for an Enhancement, if applicable, through the end of the Enhancement Period, including in the year you declined the Account Value Step-up.

After ten years from the rider effective date, the protected lifetime income fee rate may increase annually on the Benefit Year anniversary at Lincoln's sole discretion, up to the stated guaranteed maximum charge rate. You may opt out of this fee rate increase by giving us notice within 30 days after the increase. If you opt out of this fee rate increase, you will no longer be eligible for Account Value Step-ups or Enhancements.

To opt out of any of the events discussed above, you may contact us in writing or by telephone (if you have proper authorization for telephone transactions in place).

*No Opt Out of Fee Rate Increases Resulting from Purchase Payments*

The protected lifetime income fee rate will increase to the then current rate not to exceed the guaranteed maximum annual fee rate, if after the first Benefit Year anniversary, cumulative Purchase Payments added to the Contract equal or exceed $100,000. You may not opt out of this protected lifetime income fee rate increase.

The charge will be discontinued upon termination of the rider. However, a portion of the rider charge, based on the number of days the rider was in effect that quarter, will be deducted upon termination of the rider (except for death), surrender of the contract, or the election of an Annuity Payout option, including *i4LIFE*<sup>®</sup> Advantage. If the Contract Value is reduced to zero, no further charge will be deducted.

***Lincoln ProtectedPay***<sup>®</sup> **lifetime income suite and *4LATER***<sup>®</sup> **Select Advantage riders (elected on and after November 28, 2022, subject to state availability) Fee.** If you elect *Lincoln ProtectedPay*<sup>®</sup> or *4LATER*<sup>®</sup> Select Advantage (elected on and after November 28, 2022), there is a fee associated with the rider for as long as it is in effect.

The fee:

● is based on the Protected Income Base (initial Purchase Payment if purchased at contract issue, or Contract Value at the time of election) as increased for subsequent Purchase Payments, Account Value Step-ups, Enhancements, and as decreased for Excess Withdrawals. (The Protected Income Base is decreased by <u>all</u> withdrawals under *4LATER*<sup>®</sup> Select Advantage.); and

● may increase every year upon an Account Value Step-up or annually on the Benefit Year anniversary, after ten years from the rider effective date. (You may opt out of this increase – see details below.)

The fee will be deducted from the Contract Value proportionately on a quarterly basis. The first deduction of the charge will occur on the Valuation Date on or next following the three-month anniversary of the rider's effective date. This deduction will be made in proportion to the value in each Subaccount and the fixed account, if any, on the Valuation Date the rider charge is assessed. The amount we deduct will increase or decrease as the Protected Income Base increases or decreases.

The protected lifetime income fee rate can change each time there is an Account Value Step-up. Since the Account Value Step-up could increase your Protected Income Base every Benefit Year (if all conditions are met), the fee rate could also increase every Benefit Year, but the rate will never exceed the stated guaranteed maximum annual fee rate. See Fee Tables. If your fee rate is increased, you may opt out of the Account Value Step-up by giving us notice within 30 days after the Benefit Year anniversary if you do not want your rate to change. If you opt out of the step-up, the fee rate and the Protected Income Base will be lowered to the value they were immediately prior to the step-up, adjusted for any additional Purchase Payments or Excess Withdrawals (or all withdrawals under *4LATER*<sup>®</sup> Select Advantage). This opt-out will only apply for this single Account Value Step-up, and not to any subsequent Account Value Step-ups. You will need to notify us each time the fee rate increases if you want to opt out of subsequent Account Value Step-ups. If you opt out of an Account Value Step-up, you are still eligible for an Enhancement, if applicable, through the end of the Enhancement Period, including in the year you declined the Account Value Step-up.

**The protected lifetime income fee rate will increase to the then current rate not to exceed the guaranteed maximum annual fee rate if, after the first Benefit Year anniversary, cumulative Purchase Payments added to the Contract equal or exceed $100,000. You may not opt out of this protected lifetime income fee rate increase.**

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After ten years from the rider effective date, the protected lifetime income fee rate may increase annually on the Benefit Year anniversary at Lincoln's sole discretion, up to the stated guaranteed maximum charge rate. You may opt out of this fee rate increase by giving us notice within 30 days after the increase. If you opt out of this fee rate increase, you may not opt in again and you will no longer be eligible for Account Value Step-ups.

The charge will be discontinued upon termination of the rider. However, a portion of the rider charge, based on the number of days the rider was in effect that quarter, will be deducted upon termination of the rider (except for death), surrender of the contract, or the election of an Annuity Payout option, including *i4LIFE*<sup>®</sup> Advantage. If the Contract Value is reduced to zero, no further charge will be deducted.

***4LATER***<sup>®</sup> **Select Advantage riders (elected prior to November 28, 2022, subject to state availability) Fees.** If you elect a Living Benefit Rider, there is a fee associated with that rider for as long as the rider is in effect.

The fee:

● is based on the Protected Income Base (initial Purchase Payment if purchased at contract issue, or Contract Value at the time of election) as increased for subsequent Purchase Payments, Account Value Step-ups, Enhancements, and as decreased for Excess Withdrawals. (The Protected Income Base is decreased by <u>all</u> withdrawals under *4LATER*<sup>®</sup> Select Advantage.); and

● may increase every Benefit Year upon an Enhancement that occurs after the tenth Benefit Year anniversary, or upon an Account Value Step-up. (You may opt out of this increase – see details below.)

The fee will be deducted from the Contract Value on a quarterly basis. The first deduction of the fee will occur on the Valuation Date on or next following the three-month anniversary of the rider's effective date. This deduction will be made in proportion to the value in each Subaccount and fixed account, if any, of the Contract on the Valuation Date the protected lifetime income fee is assessed. The amount we deduct will increase or decrease as the Protected Income Base increases or decreases, because the fee is based on the Protected Income Base. Refer to Living Benefit Riders for a discussion and example of the impact of the changes to the Protected Income Base.

The fee rate can change each time there is an Account Value Step-up. Since the Account Value Step-up could increase your Protected Income Base every Benefit Year (if all conditions are met), the fee rate could also increase every Benefit Year, but the rate will never exceed the stated guaranteed maximum annual fee rate. See Fee Tables. If your fee rate is increased, you may opt out of the Account Value Step-up by giving us notice within 30 days after the Benefit Year anniversary if you do not want your rate to change. If you opt out of the step-up, the fee rate and the Protected Income Base and Enhancement Base, if applicable, will be lowered to the value they were immediately prior to the step-up, adjusted for any additional Purchase Payments or withdrawals. This opt out will only apply for this single Account Value Step-up, and not to any subsequent Account Value Step-ups. You will need to notify us each time the fee rate increases if you want to opt out of subsequent Account Value Step-ups. If you opt out of an Account Value Step-up, you are still eligible for an Enhancement, if applicable, through the end of the Enhancement Period, including in the year you declined the Account Value Step-up.

**The annual protected lifetime income fee rate will increase to the then current rate not to exceed the guaranteed maximum annual fee rate if, after the first Benefit Year anniversary, cumulative Purchase Payments added to the Contract equal or exceed $100,000. You may not opt out of this protected lifetime income fee rate increase.** See Living Benefit Riders.

**The following paragraph does not apply to *4LATER***<sup>®</sup> **Select Advantage riders elected prior to June 11, 2018 (subject to state approval).**

An Enhancement to the Protected Income Base (less Purchase Payments received in the preceding Benefit Year) occurs if a 10-year Enhancement Period is in effect (as described further in the Living Benefit Rider section). During the first ten Benefit Years, an increase in the Protected Income Base as a result of the Enhancement will not cause an increase in the annual protected lifetime income fee rate but will increase the dollar amount of the fee. After the tenth Benefit Year anniversary, if the Enhancement Period has renewed, the protected lifetime income fee may increase each time the Protected Income Base increases as a result of the Enhancement. Since the Enhancement could increase your Protected Income Base each Benefit Year, your fee rate could increase each Benefit Year, but the fee rate will never exceed the stated guaranteed maximum annual fee rate. If your fee rate is increased, you may opt out of the Enhancement by giving us notice within 30 days after the Benefit Year anniversary if you do not want your fee rate to change. If you opt out of the Enhancement, the fee rate and the Protected Income Base will be lowered to the value they were immediately prior to the Enhancement, adjusted for additional Purchase Payments or withdrawals, if any, and the Enhancement will not be applied. This opt out will only apply for this single Enhancement, and not to any subsequent Enhancements. You will need to notify us each time thereafter (if an Enhancement would cause your fee rate to increase) if you do not want the Enhancement.

The fee will be discontinued upon termination of the rider. However, a portion of the protected lifetime income fee, based on the number of days the rider was in effect that quarter, will be deducted upon termination of the rider (except for death), surrender of the Contract, or the election of an Annuity Payout option, including *i4LIFE*<sup>®</sup> Advantage. If the Contract Value is reduced to zero, no further fee will be deducted.

***i4LIFE***<sup>®</sup> **Advantage Charge.** While this rider is in effect, there is a daily charge for *i4LIFE*<sup>®</sup> Advantage that is based on your Account Value. The annual *i4LIFE*<sup>®</sup> Advantage charge rate is 0.40% and is added to your base contract expense.

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The initial Account Value is your Contract Value on the Valuation Date *i4LIFE*<sup>®</sup> Advantage is effective (or your initial Purchase Payment if *i4LIFE*<sup>®</sup> Advantage is purchased at contract issue), less any applicable premium taxes. During the Access Period, your Account Value equals the total value of all of the Contractowner's Accumulation Units plus the Contractowner's value in the fixed account, and will be reduced by Regular Income Payments, Guaranteed Income Benefit payments, and any withdrawals.

If *i4LIFE*<sup>®</sup> Advantage is elected at the time the Contract is issued, *i4LIFE*<sup>®</sup> Advantage and the charge will begin on the Contract's effective date. Otherwise, *i4LIFE*<sup>®</sup> Advantage and the charge will begin on the Periodic Income Commencement Date which is the Valuation Date on which the Regular Income Payment is determined and the beginning of the Access Period. Refer to the *i4LIFE*<sup>®</sup> Advantage section for explanations of the Account Value, the Access Period, the Lifetime Income Period, and the Periodic Income Commencement Date.

***i4LIFE***<sup>®</sup> **Advantage Guaranteed Income Benefit Charge.** If you elect *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit, there is a fee associated with that rider for as long as the rider is in effect.

The Guaranteed Income Benefit charge rate is based on your Account Value and is added to the *i4LIFE*<sup>®</sup> Advantage charge rate.

The Guaranteed Income Benefit annual charge rate may change upon an automatic step-up of the Guaranteed Income Benefit (described later in the *i4LIFE*<sup>®</sup> Advantage section of this prospectus). At the time of the step-up, the Guaranteed Income Benefit charge rate will change to the current charge rate in effect at that time (if the current charge rate has changed) up to the guaranteed maximum annual charge rate. See Fee Tables.

If we automatically administer the step-up for you and your charge rate is increased, you may ask us to reverse the step-up by giving us notice within 30 days after the date on which the step-up occurred. If we receive notice of your request to reverse the step-up, on a going forward basis we will decrease the charge rate to the charge rate in effect before the step-up occurred. **Any increased charges paid between the time of the step-up and the date we receive your notice to reverse the step-up will not be reimbursed.** Future step-ups will continue even after you decline a current step-up. We will provide you with written notice when a step-up has resulted in an increase to the current charge rate so that you may give us timely notice if you wish to reverse a step-up.

After the Periodic Income Commencement Date, if the Guaranteed Income Benefit is terminated, the Guaranteed Income Benefit annual charge will also terminate, but the *i4LIFE*<sup>®</sup> Advantage charge will continue.

***i4LIFE***<sup>®</sup> **Advantage Guaranteed Income Benefit Charge for Contractowners who transition from a Prior Rider.** If you have elected *Lincoln ProtectedPay Secure Core*<sup>®</sup>, *Lincoln ProtectedPay Select Core*<sup>®</sup>, or *4LATER*<sup>®</sup> Select Advantage (all "Prior Riders") you may carry over certain features of that Prior Rider to transition to the applicable version of *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit. If you make this transition, your protected lifetime income fee of the Prior Rider will be the initial charge rate for your *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit rider.

This section applies to all of the transitions listed in the following chart. The charges and calculations described earlier in the i*4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit Charge section will not apply. If you are transitioning to *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit from a closed rider (not shown below), see Appendix C for a discussion of the fees.

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| |
|:---|
| **If your Prior Rider is...** |
| *Lincoln ProtectedPay Secure Core*<sup>®</sup> <br> *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit (Managed Risk) |
| *Lincoln ProtectedPay Select Core*<sup>®</sup> or<br> *4LATER*<sup>®</sup> Select Advantage<br>*i4LIFE*<sup>®</sup> Advantage Select Guaranteed Income Benefit |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The initial charge is a percentage of the greater of the Protected Income Base carried over from the Prior Rider or the Account Value. The charge for *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit is deducted quarterly, starting with the first three-month anniversary of the effective date of *i4LIFE*<sup>®</sup> Advantage and every three months thereafter. **Your base contract expense also applies**. Contractowners are guaranteed that in the future the guaranteed maximum charge rate for *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit will be the guaranteed maximum charge rate that was in effect at the time they purchased the Prior Rider.

If your Prior Rider is *Lincoln ProtectedPay Secure Core*<sup>®</sup>, *Lincoln ProtectedPay Select Core*<sup>®</sup>, or *4LATER*<sup>®</sup> Select Advantage, the charge may increase upon an automatic step-up of the Guaranteed Income Benefit (described in the *i4LIFE*<sup>®</sup> Advantage section of this prospectus).

You may opt out of a rate increase by giving us notice within 30 days after an increase. If you opt out of a fee rate increase, you will no longer be eligible for Guaranteed Income Benefit step-ups.

For all Prior Riders, at such time, the dollar amount of the charge will increase by a two part formula: 1) the charge will increase by the same percentage that the Guaranteed Income Benefit payment increased and 2) the charge will also increase by the percentage of any increase to the Prior Rider current charge rate. (The Prior Rider charge rate continues to be used as a factor in determining the *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit charge.) This means that the charge may change annually. The charge may also be reduced if a withdrawal above the Regular Income Payment is taken. The dollar amount of the protected lifetime income fee will be

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reduced in the same proportion that the withdrawal reduced the Account Value. The annual dollar amount is divided by four (4) to determine the quarterly charge.

The following example is intended to show how the initial *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit charge for purchasers of a Prior Rider could be calculated for a representative Contractowner, as well as the impact to the charge due to increases to the Guaranteed Income Benefit and the Prior Rider fee rate. For illustration purposes, we will assume that the example is a nonqualified contract and the initial Guaranteed Income Benefit is set at 4% of the Protected Income Base based upon the Contractowner's age (see Guaranteed Income Benefit for a more detailed description). The example also assumes that the protected lifetime income fee for the Prior Rider is 1.50% (single life option). The first example demonstrates how the initial charge may be determined for an existing Contract with an Account Value and Protected Income Base. This calculation method applies to the purchase of any Prior Rider, except the initial Guaranteed Income Benefit rates and charges may vary, as set forth in the Guaranteed Income Benefit description later in this prospectus. The charges and rates shown here may be different from those that apply to your Contract. The calculation of the charge for your Contract will be based on the specific factors applicable to your Contract.

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| | |
|:---|:---|
| 1/1/2026 Initial *i4LIFE*<sup>®</sup> Advantage Account Value | &nbsp;&nbsp; $100000 |
| 1/1/2026 Protected Income Base as of the last Valuation Date under the Prior Rider | &nbsp;&nbsp; $125000<br>|
| 1/1/2026 Initial Annual Charge for *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit ($125,000 x 1.50%). The protected <br> lifetime income fee for the Prior Rider is assessed against the Protected Income Base since it is larger than the <br> Account Value<br>| &nbsp;&nbsp; $1875 |
| 1/2/2026 Amount of initial *i4LIFE*<sup>®</sup> Advantage Regular Income Payment (an example of how the Regular Income Payment <br> is calculated is shown in the SAI)<br>| &nbsp;&nbsp; $5173 |
| 1/2/2026 Initial Guaranteed Income Benefit (4% x $125,000 Protected Income Base) | &nbsp;&nbsp; $5000 |

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The next example shows how the charge will increase if the Guaranteed Income Benefit is stepped up to 65% of the Regular Income Payment.

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| | |
|:---|:---|
| 1/2/2027 Recalculated Regular Income Payment (due to market gain in Account Value) | &nbsp;&nbsp; $8000 |
| 1/2/2027 New Guaranteed Income Benefit (65% x $8,000 Regular Income Payment) | &nbsp;&nbsp; $5200 |
| 1/2/2027 Annual Charge for *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit ($1,875 x ($5,200/$5,000)) Prior charge x [ratio <br> of increased Guaranteed Income Benefit to prior Guaranteed Income Benefit]<br>| &nbsp;&nbsp; $1950 |

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Continuing the above example:

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| | |
|:---|:---|
| 1/2/2027 Annual Charge for *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit | &nbsp;&nbsp; $1950 |
| 1/2/2028 Recalculated Regular Income Payment (due to Account Value increase) | &nbsp;&nbsp; $8200 |
| 1/2/2028 New Guaranteed Income Benefit (65% x $8,200 Regular Income Payment) | &nbsp;&nbsp; $5330 |
| Assume the Prior Rider fee rate increases from 1.50% to 1.60%. |  |
| 1/2/2028 Annual Charge for *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit ($1,950 x ($5,330/$5,200) x (1.60%/1.50%)) | &nbsp;&nbsp; $2132 |

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The new annual charge for *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit is $2,132, which is equal to the current annual charge of $1,950 multiplied by the percentage increase of the Guaranteed Income Benefit ($5,330/$5,200) and then multiplied by the percentage increase to the Prior Rider protected lifetime income fee (1.60%/1.50%).

If the fee rate of your Prior Rider is increased, we will notify you in writing. You may contact us in writing or at the telephone number listed on the first page of this prospectus to reverse the step-up within 30 days after the date on which the step-up occurred. If we receive this notice, we will decrease the charge rate, on a going forward basis, to the charge rate in effect before the step-up occurred. **Any increased charges paid between the time of the step-up and the date we receive your notice to reverse the step-up will not be reimbursed.** If the Guaranteed Income Benefit increased due to the step-up we would decrease the Guaranteed Income Benefit to the Guaranteed Income Benefit in effect before the step-up occurred, reduced by any additional withdrawals. Future step-ups as described in the rider would continue.

After the Periodic Income Commencement Date, if the Guaranteed Income Benefit is terminated, *i4LIFE*<sup>®</sup> Advantage will also be terminated and the *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit charge will cease. A portion of the *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit charge, based on the number of days the rider was in effect that quarter, will be deducted upon termination of the rider.

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**Deductions for Premium Taxes** 

Any premium tax or other tax levied by any governmental entity as a result of the existence of the contracts or the VAA will be deducted from the Contract Value, unless the governmental entity dictates otherwise, when incurred, or at another time of our choosing.

The applicable premium tax rates that states and other governmental entities impose on the purchase of an annuity are subject to change by legislation, by administrative interpretation or by judicial action. These premium tax rates generally depend upon the law of your state of residence. The tax rates generally range from zero to 5%.

**Interest Adjustment**

Subject to certain exceptions (e.g., dollar cost averaging or Regular Income Payments under *i4LIFE*<sup>®</sup> Advantage), a surrender, withdrawal or transfer of amounts in the fixed account before the end of a Guaranteed Period will be subject to an Interest Adjustment, which may be negative. A negative Interest Adjustment will result in the loss of some or all previously-credited interest in excess of the guaranteed minimum interest rate, if any.

A surrender, withdrawal or transfer effective upon the expiration date of the Guaranteed Period will not be subject to the Interest Adjustment. The Interest Adjustment will be applied to the amount being surrendered, withdrawn or transferred. The Interest Adjustment will be applied after the deduction of any applicable fees or charges. Any transfer, withdrawal, or surrender of Contract Value from the fixed account (if available), will be increased or decreased by an Interest Adjustment, unless the transfer, withdrawal or surrender is effective:

● during the free look period (See Return Privilege).

● on the expiration date of a Guaranteed Period.

● as a result of the death of the Contractowner or Annuitant.

● subsequent to the diagnosis of a terminal illness of the Contractowner. Diagnosis of the terminal illness must be after the effective date of the Contract and result in a life expectancy of less than one year, as determined by a qualified professional medical practitioner.

● subsequent to the admittance of the Contractowner into an accredited nursing home or equivalent health care facility. Admittance into such facility must be after the effective date of the Contract and continue for 90 consecutive days prior to the surrender or withdrawal.

● subsequent to the permanent and total disability of the Contractowner if such disability begins after the effective date of the Contract and prior to the 65<sup>th</sup> birthday of the Contractowner.

● upon annuitization of the Contract.

● for transfers under a dollar cost averaging program.

● to Regular Income Payments under *i4LIFE*<sup>®</sup> Advantage.

These provisions may not be applicable to your Contract or available in your state. Please check with your registered representative regarding the availability of these provisions.

An Interest Adjustment may be positive or negative. A positive Interest Adjustment will result in gain by increasing the proceeds of a surrender, withdrawal, or transfer. A negative Interest Adjustment will result in loss by reducing the amount payable upon surrender, withdrawal, or transfer, but will not reduce the amount below the value it would have had if 1.50% (or the guaranteed minimum interest rate for your Contract) interest had been credited to the fixed account. In no event will a negative Interest Adjustment result in the loss of principal or guaranteed minimum interest.

Interest Adjustments are calculated pursuant to a formula. In general, the Interest Adjustment reflects the relationship between the yield rate in effect at the time a Purchase Payment or Contract Value is allocated to a fixed Guaranteed Period under the Contract and the yield rate in effect at the time of the Purchase Payment's surrender, withdrawal or transfer. It also reflects the time remaining in the Guaranteed Period. If the yield rate at the time of the surrender, withdrawal or transfer is lower than the yield rate at the time the Purchase Payment or Contract Value was allocated, then the application of the Interest Adjustment will generally result in a higher payment at the time of the surrender, withdrawal or transfer. Similarly, if the yield rate at the time of surrender, withdrawal or transfer is higher than the yield rate at the time of the allocation of the Purchase Payment or Contract Value, then the application of the Interest Adjustment will generally result in a lower payment at the time of the surrender, withdrawal or transfer. The yield rate is published by the Federal Reserve Board.

See the SAI for more information about the Interest Adjustment, including the method of calculation and examples. You may obtain information about the current value of the Interest Adjustment by contacting our Home Office at 1-888-868-2583. Please note that Interest Adjustments fluctuate daily, and the current value quoted to you may differ from the actual value calculated at the time of an Interest Adjustment.

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**Other Charges and Deductions**

Base contract expenses of 1.40% (for all contracts) of the value in the VAA will be assessed on all variable Annuity Payouts, including options that may be offered that do not have a life contingency and therefore no mortality risk. This charge includes the mortality and expense risk and administrative charge. The expense risk is the risk that our costs in providing the services will exceed our revenues from contract charges.

There are additional deductions from and expenses paid out of the assets of the underlying funds that are more fully described in the prospectuses for the funds. Among these deductions and expenses are 12b-1 fees which reimburse us or an affiliate for certain expenses incurred in connection with certain administrative and distribution support services provided to the funds.

**Additional Information**

The charges described previously may be reduced or eliminated for any particular contract. However, these reductions may be available only to the extent that we anticipate lower distribution and/or administrative expenses, or that we perform fewer sales or administrative services than those originally contemplated in establishing the level of those charges, or when required by law. Lower distribution and administrative expenses may be the result of economies associated with:

● the use of mass enrollment procedures,

● the performance of administrative or sales functions by the employer,

● the use by an employer of automated techniques in submitting deposits or information related to deposits on behalf of its employees,

● for B-Share contracts only, the issue of a new Lincoln variable annuity contract with proceeds from the surrender of an existing Lincoln variable annuity contract (no longer available), or

● any other circumstances which reduce distribution or administrative expenses.

The exact amount of charges and fees applicable to a particular contract will be stated in that contract.

**The Contracts**

**Lincoln Life and the Variable Annuity Account (VAA)**

The Lincoln National Life Insurance Company (Lincoln Life or Company), organized in 1905, is an Indiana-domiciled insurance company, engaged primarily in the direct issuance of life insurance contracts and annuities. The address of Lincoln Life's Home Office is 1301 South Harrison Street, Fort Wayne, IN 46802. Lincoln Life is wholly owned by Lincoln National Corporation (LNC), a publicly held insurance and financial services holding company incorporated in Indiana. Lincoln Life is obligated to pay all amounts promised to Contractowners under the contracts, subject to its financial strength and claims-paying ability.

On November 3, 1997, the VAA was established as an insurance company separate account under Indiana law. It is registered with the SEC as a unit investment trust under the provisions of the Investment Company Act of 1940 (1940 Act). The VAA is a segregated investment account. Income, gains and losses credited to, or charged against, the VAA reflect the VAA's own investment experience and not the investment experience of Lincoln Life's other assets. The assets of the VAA may not be used to pay any liabilities of Lincoln Life other than those arising from the contracts supported by the VAA.

**Contracts Offered in this Prospectus**

This prospectus describes three share classes:

● *Lincoln ChoicePlus Assurance*<sup>SM</sup> Series B-Share

● *Lincoln ChoicePlus Assurance*<sup>SM</sup> Series C-Share

● *Lincoln ChoicePlus Assurance*<sup>SM</sup> Series L-Share

Each share class offers you the ability to choose any of the Death Benefits, Living Benefit Riders, and payout options described in this prospectus, as long as they are currently available. An enhanced Death Benefit and optional Living Benefit Riders may be available for an additional charge, and are described later in this prospectus. You should check with your registered representative regarding availability.

***Lincoln ChoicePlus Assurance***<sup>SM</sup> **Series B-Share**

The B-Share contract has ongoing fees and expenses ranging from 1.25% to 1.75%, depending on which Death Benefit you have elected. It has a declining seven-year surrender charge on each Purchase Payment.

***Lincoln ChoicePlus Assurance***<sup>SM</sup> **Series C-Share** (no longer available for purchase)

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The C-Share contract has ongoing fees and expenses ranging from 1.65% to 2.15%, depending on which Death Benefit you have elected. Contractowners will receive Persistency Credits on a quarterly basis after the twelfth contract anniversary. See The Contracts – Persistency Credits.

***Lincoln ChoicePlus Assurance***<sup>SM</sup> **Series L-Share** (no longer available for purchase)

The L-Share contract has ongoing fees and expenses ranging from 1.65% to 2.15%, depending on which Death Benefit you have elected. It has a declining four-year surrender charge on each Purchase Payment. Contractowners will receive Persistency Credits on a quarterly basis after the seventh contract anniversary. See The Contracts - Persistency Credits.

In deciding whether to purchase any of the enhanced Death Benefits or other optional benefits, you should consider the desirability of the benefit relative to its additional cost and to your needs.

The B-Share contract has a longer surrender charge period than the L-Share. This means that it offers less liquidity than the L-Share but it has lower ongoing fees and expenses. The C-Share contract has no surrender charge, and offers greater liquidity than both the B-Share and the L-Share, but has higher ongoing fees and expenses. The L-Share contract offers greater liquidity than the B-Share but has higher ongoing fees and expenses. Quarterly Persistency Credits apply to the C-Share contract after the twelfth anniversary and to the L-Share contract after the seventh anniversary. The B-Share contract may be more appropriate for someone with a longer investment time horizon, who does not intend to withdraw Contract Value in excess of the free withdrawal amount during the surrender charge period, and who seeks a lower cost Contract. The C-Share contract may be more appropriate for someone who may want to withdraw Contract Value in excess of the free withdrawal amount soon after purchasing the Contract, and is willing to pay higher ongoing fees and expenses. The L-Share contract may be more appropriate for someone who may want to withdraw Contract Value in excess of the free withdrawal amount four years after purchasing the Contract and is willing to pay higher ongoing fees and expenses.

Purchasing an optional Living Benefit Rider under a C-Share or an L-Share contract and paying a higher separate account charge, in order to have more liquidity earlier in the Contract, may not always be compatible. This is because you should typically own your Contract over the long term in order to get the maximum benefit from these types of Living Benefit Riders. For example, the longer you wait to make a withdrawal, the greater your withdrawal percentage may be, or there may be a certain number of years before you can use the benefit.

You should determine the appropriate balance among (a) more liquidity earlier in the Contract; (b) the impact of the separate account charge on your Contract Value; and (c) the period of time that you must own the Contract to receive the desired benefit from any optional Living Benefit Rider you purchase.

**Purchase of Contracts**

If you wish to purchase a Contract, you must apply for it through a registered representative authorized by us. The completed application is sent to us and we decide whether to accept or reject it. If the application is accepted, a Contract is prepared and executed by our legally authorized officers. The Contract is then sent to you either directly or through your registered representative. See Distribution of the Contracts. The purchase of multiple contracts with identical Contractowners, Annuitants and Beneficiaries will be allowed only upon Home Office approval.

When a completed application and all other information necessary for processing a purchase order is received in Good Order at our Home Office, an initial Purchase Payment will be priced no later than two business days after we receive the order. If you submit your application and/or initial Purchase Payment to your registered representative, we will not begin processing your purchase order until we receive the application and initial Purchase Payment from your registered representative's broker-dealer. While attempting to finish an incomplete application, we may hold the initial Purchase Payment for no more than five business days unless we receive your consent to retain the payment until the application is completed. If the incomplete application cannot be completed within those five days and we have not received your consent, you will be informed of the reasons, and the Purchase Payment will be returned immediately. Once the application is complete, we will allocate your initial Purchase Payment within two business days.

**Who Can Invest**

To apply for a Contract, you must be of legal age in a state where the contracts may be lawfully sold and also be eligible to participate in any of the qualified or nonqualified plans for which the contracts are designed. At the time of issue, the Contractowner, joint owner and Annuitant must be under age 86 (or for C-Share nonqualified contracts only, under age 91, subject to additional terms and limitations and Home Office approval). Certain Death Benefit options may not be available at all ages. **Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account in an effort to help the government fight the funding of terrorism and money laundering activities. When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver's license, photo i.d., or other identifying documents.**

In accordance with anti-money laundering laws and federal economic sanction policy, the Company may be required in a given instance to reject a Purchase Payment and/or freeze a Contractowner's account. This means we could refuse to honor requests for transfers, withdrawals, surrenders or Death Benefits. Once frozen, monies would be moved from the VAA and fixed account, if any, to

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an interest-bearing account maintained solely for the Contractowner, and held in that account until instructions are received from the appropriate regulator.

Do not purchase this Contract if you plan to use it, or any of its riders, for speculation, arbitrage, viatical arrangement, or other similar investment scheme. The Contract may not be resold, traded on any stock exchange, or sold on any secondary market.

If you are purchasing the Contract through a tax-favored arrangement, including traditional IRAs and Roth IRAs, you should consider carefully the costs and benefits of the Contract (including annuity income benefits) before purchasing the Contract, since the tax-favored arrangement itself provides tax-deferred growth.

**Replacement of Existing Insurance** 

Careful consideration should be given prior to surrendering or withdrawing money from an existing insurance contract to purchase a Contract described in this prospectus. Surrender charges may be imposed on your existing contract and/or a new surrender charge period may be imposed with the purchase of, or transfer into, this Contract. The benefits offered under this Contract may be less favorable or more favorable than the benefits offered under your current contract. It also may have different charges. You should also consult with your registered representative and/or your tax advisor prior to making an exchange. Cash surrenders from an existing contract may be subject to tax and tax penalties.

**Purchase Payments**

You may make Purchase Payments to the Contract at any time, prior to the selection of an Annuity Payout option, subject to certain conditions. You are not required to make any additional Purchase Payments after the initial Purchase Payment. The minimum initial Purchase Payment is $10,000. The minimum initial Purchase Payment for nonqualified C-Share contracts where *i4LIFE*<sup>®</sup> Advantage is elected, and where the Contractowner, joint owner and/or Annuitant are ages 86 to 90 (subject to additional terms and limitations and Home Office approval) is $50,000. Minimum additional Purchase Payments must be at least $100 ($25 if transmitted electronically) each, with an annual minimum amount of $300. Please check with your registered representative about making additional Purchase Payments since the requirements of your state may vary.

You must obtain our approval for Purchase Payments totaling $5 million or more where the only optional benefits elected are the Account Value Death Benefit and/or *i4LIFE*<sup>®</sup> Advantage without the Guaranteed Income Benefit and $1 million or more for all other contracts. At the Company's discretion, either amount may consider total Purchase Payments for all annuity contracts issued by the Company (or its affiliates) for the same Contractowner, joint owner, and/or Annuitant.

Additionally, if you elect a Living Benefit Rider, you may be subject to further restrictions in terms of your ability to make additional Purchase Payments, as more fully described below. If you stop making Purchase Payments, the Contract will remain in force, however, we may terminate the Contract as allowed by your state's non-forfeiture law for individual deferred annuities. We will not surrender your Contract if you are receiving guaranteed payments from us under one of the Living Benefit Riders. Purchase Payments may be made or, if stopped, resumed at any time until the selection of an Annuity Payout option, the surrender of the Contract, or the death of the Contractowner, whichever comes first.

After the first anniversary of a Living Benefit Rider effective date, once cumulative additional Purchase Payments exceed $100,000, additional Purchase Payments may not exceed $50,000 per Benefit Year without Home Office approval. No additional Purchase Payments are allowed:

● at any time after the Periodic Income Commencement Date if you elect any version of *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit;

● at any time after the Periodic Income Commencement Date if you elect *i4LIFE*<sup>®</sup> Advantage without Guaranteed Income Benefit on a nonqualified contract; or

● if you elected the *Lincoln Long-Term Care*<sup>SM</sup> Advantage rider.

In addition to the specific Purchase Payment restrictions and limitations immediately above, upon advance written notice, we reserve the right to further limit, restrict, or suspend Purchase Payments made to the Contract. State variations may also apply.

These restrictions and limitations will limit your ability to increase your Contract Value (or Account Value under *i4LIFE*<sup>®</sup> Advantage with any version of Guaranteed Income Benefit) and/or increase the amount of any guaranteed benefit under a Living Benefit Rider by making additional Purchase Payments to the Contract. You should carefully consider these limitations and restrictions, and any other limitations and restrictions of the Contract, and how they may impact your long-term investment plans, especially if you intend to increase Contract Value (or Account Value under any version of *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit) by making additional Purchase Payments over a long period of time. Please contact your registered representative and refer to the Benefits Available Under the Contract section of this prospectus for additional information on any restrictions that may apply to your Living Benefit Rider. State variations may apply.

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**Persistency Credits**

Contractowners of the C-Share contract will receive a Persistency Credit on a quarterly basis after the twelfth contract anniversary. The amount of the Persistency Credit is calculated by multiplying the Contract Value, less any Purchase Payments that have not been invested in the Contract for at least twelve years, by 0.10%. Contractowners of the L-Share contract will receive a Persistency Credit on a quarterly basis after the seventh contract anniversary. The amount of the Persistency Credit is calculated by multiplying the Contract Value, less any Purchase Payments that have not been invested in the Contract for at least seven years, by 0.10%. This Persistency Credit will be allocated to the variable Subaccounts and the DCA fixed account, if available, in proportion to the Contract Value in each variable Subaccount and fixed account at the time the Persistency Credit is paid into the Contract.

There is no additional charge to receive this Persistency Credit, and in no case will the Persistency Credit be less than zero. The amount of any Persistency Credit received will be noted on your quarterly statement.

**Valuation Date**

Accumulation and Annuity Units will be valued once daily at the close of regular trading (normally 4:00 p.m., Eastern Time) on each day the New York Stock Exchange is open (Valuation Date). On any date other than a Valuation Date, the Accumulation Unit value and the Annuity Unit value will not change.

**Allocation of Purchase Payments** 

Purchase Payments allocated to the variable side of the contract are placed into the VAA's Subaccounts, according to your instructions. You may also allocate Purchase Payments to the fixed account, if available. In the absence of instructions accompanying a Purchase Payment or otherwise not being in Good Order, we will allocate a Purchase Payment in the same manner as your last Purchase Payment or, if not possible, contact you or your registered representative for additional information.

The minimum amount of any Purchase Payment which can be put into any one Subaccount is $20. The minimum amount of any Purchase Payment which can be put into a Guaranteed Period of the fixed account is $2,000, subject to state approval.

Purchase Payments received from you or your broker-dealer in Good Order at our Home Office prior to the close of the New York Stock Exchange (normally 4:00 p.m., Eastern Time), will be processed using the Accumulation Unit value computed on that Valuation Date. Purchase Payments received in Good Order after market close will be processed using the Accumulation Unit value computed on the next Valuation Date. Purchase Payments submitted to your registered representative will generally not be processed by us until they are received from your registered representative's broker-dealer. If your broker-dealer submits your Purchase Payment to us through the Depository Trust and Clearing Corporation (DTCC) or, pursuant to terms agreeable to us, uses a proprietary order placement system to submit your Purchase Payment to us, and your Purchase Payment was placed with your broker-dealer prior to market close, then we will use the Accumulation Unit value computed on that Valuation Date when processing your Purchase Payment. Purchase Payments placed with your broker-dealer after market close will be processed using the Accumulation Unit value computed on the next Valuation Date. There may be circumstances under which the New York Stock Exchange may close early (prior to 4:00 p.m., Eastern Time). In such instances, Purchase Payments received after such early market close will be processed using the Accumulation Unit value computed on the next Valuation Date.

The number of Accumulation Units determined in this way is not impacted by any subsequent change in the value of an Accumulation Unit. However, the dollar value of an Accumulation Unit will vary depending not only upon how well the underlying fund's investments perform, but also upon the expenses of the VAA and the underlying funds.

If an underlying fund imposes restrictions with respect to the acceptance of Purchase Payments, allocations or transfers, we reserve the right to reject an allocation or transfer request at any time the underlying fund notifies us of such a restriction. We will notify you if your allocation request is or becomes subject to such restrictions.

**Valuation of Accumulation Units**

Purchase Payments allocated to the VAA are converted into Accumulation Units. This is done by dividing the amount allocated by the value of an Accumulation Unit for the Valuation Period during which the Purchase Payments are allocated to the VAA. The Accumulation Unit value for each Subaccount was or will be established at the inception of the Subaccount. It may increase or decrease from Valuation Period to Valuation Period. Accumulation Unit values are affected by investment performance of the funds, fund expenses, and the contract charges. The Accumulation Unit value for a Subaccount for a later Valuation Period is determined as follows:

1. The total value of the fund shares held in the Subaccount is calculated by multiplying the number of fund shares owned by the Subaccount at the beginning of the Valuation Period by the net asset value per share of the fund at the end of the Valuation Period, and adding any dividend or other distribution of the fund if an ex-dividend date occurs during the Valuation Period; minus

2. The liabilities of the Subaccount at the end of the Valuation Period; these liabilities include daily charges imposed on the Subaccount, and may include a charge or credit with respect to any taxes paid or reserved for by us that we determine result from the operations of the VAA; and

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3. The result is divided by the number of Subaccount units outstanding at the beginning of the Valuation Period.

The daily charges imposed on a Subaccount for any Valuation Period are equal to the daily base contract expense multiplied by the number of calendar days in the Valuation Period. Contracts with different features have different daily charges, and therefore, will have different corresponding Accumulation Unit values on any given day. In certain circumstances (for example, when separate account assets are less than $1,000), and when permitted by law, it may be prudent for us to use a different standard industry method for this calculation, called the Net Investment Factor method. We will achieve substantially the same result using either method.

**Transfers On or Before the Selection of an Annuity Payout Option** 

After the first 30 days from the effective date of your Contract, you may transfer all or a portion of your investment from one Subaccount to another. A transfer among Subaccounts involves the surrender of Accumulation Units in one Subaccount and the purchase of Accumulation Units in the other Subaccount. A transfer will be done using the respective Accumulation Unit values determined at the end of the Valuation Date on which the transfer request is received.

Transfers (among the Subaccounts and as permitted between the variable and fixed accounts) are limited to 12 per Contract Year unless otherwise authorized by us. This limit does not apply to transfers made under the automatic transfer programs of dollar cost averaging or portfolio rebalancing. See Additional Services and the SAI for more information on these programs. These transfer rights and restrictions also apply during the *i4LIFE*<sup>®</sup> Advantage Access Period (the time period during which you may make withdrawals from the *i4LIFE*<sup>®</sup> Advantage Account Value). See *i4LIFE*<sup>®</sup> Advantage.

The minimum amount which may be transferred between Subaccounts is $300 (or the entire amount in the Subaccount, if less than $300). If the transfer from a Subaccount would leave you with less than $300 in the Subaccount, we may transfer the total balance of the Subaccount.

A transfer request may be made to our Home Office in writing or by fax. A transfer request may also be made by telephone or other electronic means, provided the appropriate authorization is on file with us. Our address, telephone number, and Internet address are on the first page of this prospectus. Requests for transfers will be processed on the Valuation Date that they are received when they are received in Good Order at our Home Office before the close of the New York Stock Exchange (normally 4:00 p.m., Eastern Time). If we receive a transfer request in Good Order after market close, we will process the request using the Accumulation Unit value computed on the next Valuation Date.

There may be circumstances under which the New York Stock Exchange may close early (prior to 4:00 p.m., Eastern Time). In such instances transfers received after such early market close will be processed using the Accumulation Unit value computed on the next Valuation Date.

We may defer or reject a transfer request that is subject to a restriction imposed by an underlying fund.

After the first 30 days from the effective date of your Contract, if your Contract offers a fixed account, you may also transfer all or any part of the Contract Value from the Subaccount(s) to the fixed side of the contract, except during periods when (if permitted by your Contract) we have discontinued accepting transfers into the fixed side of the contract. The minimum amount which can be transferred to a fixed account is $2,000 or the total amount in the Subaccount if less than $2,000. However, if a transfer from a Subaccount would leave you with less than $300 in the Subaccount, we may transfer the total amount to the fixed side of the contract.

You may also transfer part of the Contract Value from a fixed account to the Subaccount(s) subject to the following restrictions:

● total fixed account transfers are limited to 25% of the value of that fixed account in any 12-month period; and

● the minimum amount that can be transferred is $300 or, if less, the amount in the fixed account.

Because of these restrictions, it may take several years to transfer all of the Contract Value in the fixed accounts to the Subaccounts. You should carefully consider whether the fixed account meets your investment criteria. Transfers of all or a portion of a fixed account (other than automatic transfer programs and *i4LIFE*<sup>®</sup> Advantage transfers) may be subject to Interest Adjustments, if applicable. For a description of the Interest Adjustment, see Charges, Other Deductions, and Adjustments – Interest Adjustment.

Transfers may be delayed as permitted by the 1940 Act. See Delay of Payments.

**Telephone and Electronic Transactions**

A surrender, withdrawal, or transfer request may be made to our Home Office in writing or by fax. These transactions may also be made by telephone or other electronic means, provided the appropriate authorization is on file with us. In order to prevent unauthorized or fraudulent transfers, we may require certain identifying information before we will act upon instructions. We may also assign the Contractowner a Personal Identification Number (PIN) to serve as identification. We will not be liable for following instructions we reasonably believe are genuine. Telephone and other electronic requests will be recorded and written confirmation of all transactions will be mailed or sent electronically to the Contractowner on the next Valuation Date.

Please note that the telephone and/or electronic devices may not always be available. Any telephone, fax machine, or other electronic device, whether it is yours, your service provider's, or your registered representative's, can experience outages or slowdowns for a

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variety of reasons. These outages or slowdowns may delay or prevent our processing of your request. Although we have taken precautions to limit these problems, we cannot promise complete reliability under all circumstances. If you are experiencing problems, you should make your request by writing to our Home Office.

**Market Timing**

Frequent, large, or short-term transfers among Subaccounts and the fixed account, such as those associated with "market timing" transactions, can affect the funds and their investment returns. Such transfers may dilute the value of the fund shares, interfere with the efficient management of the fund's portfolio, and increase brokerage and administrative costs of the funds. As an effort to protect our Contractowners and the funds from potentially harmful trading activity, we utilize certain market timing policies and procedures (the "Market Timing Procedures"). Our Market Timing Procedures are designed to detect and prevent such transfer activity among the Subaccounts and the fixed account that may affect other Contractowners or fund shareholders.

In addition, the funds may have adopted their own policies and procedures with respect to frequent purchases and redemptions of their respective shares. The prospectuses for the funds describe any such policies and procedures, which may be more or less restrictive than the frequent trading policies and procedures of other funds and the Market Timing Procedures we have adopted to discourage frequent transfers among Subaccounts. While we reserve the right to enforce these policies and procedures, Contractowners and other persons with interests under the Contract should be aware that we may not have the contractual authority or the operational capacity to apply the frequent trading policies and procedures of the funds. However, under SEC rules, we are required to: (1) enter into a written agreement with each fund or its principal underwriter that obligates us to provide to the fund promptly upon request certain information about the trading activity of individual Contractowners, and (2) execute instructions from the fund to restrict or prohibit further purchases or transfers by specific Contractowners who violate the excessive trading policies established by the fund.

You should be aware that the purchase and redemption orders received by the funds generally are "omnibus" orders from intermediaries such as retirement plans or separate accounts funding variable insurance contracts. Omnibus orders reflect the aggregation and netting of multiple orders from individual retirement plan participants and/or individual owners of variable insurance contracts. The omnibus nature of these orders may limit the funds' ability to apply their respective disruptive trading policies and procedures. We cannot guarantee that the funds (and thus our Contractowners) will not be harmed by transfer activity relating to the retirement plans and/or other insurance companies that may invest in the funds. In addition, if a fund believes that an omnibus order we submit may reflect one or more transfer requests from Contractowners engaged in disruptive trading activity, the fund may reject the entire omnibus order.

Our Market Timing Procedures detect potential "market timers" by examining the number of transfers made by Contractowners within given periods of time. In addition, managers of the funds might contact us if they believe or suspect that there is market timing. If requested by a fund company, we may vary our Market Timing Procedures from Subaccount to Subaccount to comply with specific fund policies and procedures.

We may increase our monitoring of Contractowners who we have previously identified as market timers. When applying the parameters used to detect market timers, we will consider multiple contracts owned by the same Contractowner if that Contractowner has been identified as a market timer. For each Contractowner, we will investigate the transfer patterns that meet the parameters being used to detect potential market timers. We will also investigate any patterns of trading behavior identified by the funds that may not have been captured by our Market Timing Procedures.

Once a Contractowner has been identified as a market timer under our Market Timing Procedures, we will notify the Contractowner in writing that future transfers (among the Subaccounts and/or the fixed account) will be temporarily permitted to be made only by original signature sent to us by U.S. mail, first-class delivery for the remainder of the Contract Year (or calendar year if the Contract is an individual contract that was sold in connection with an employer sponsored plan). Overnight delivery or electronic instructions (which may include telephone, facsimile, or Internet instructions) submitted during this period will not be accepted. If overnight delivery or electronic instructions are inadvertently accepted from a Contractowner that has been identified as a market timer, upon discovery, we will reverse the transaction within 1 or 2 business days. We will impose this "original signature" restriction on that Contractowner even if we cannot identify, in the particular circumstances, any harmful effect from that Contractowner's particular transfers.

Contractowners seeking to engage in frequent, large, or short-term transfer activity may deploy a variety of strategies to avoid detection. Our ability to detect such transfer activity may be limited by operational systems and technological limitations. The identification of Contractowners determined to be engaged in such transfer activity that may adversely affect other Contractowners or fund shareholders involves judgments that are inherently subjective. We cannot guarantee that our Market Timing Procedures will detect every potential market timer. If we are unable to detect market timers, you may experience dilution in the value of your fund shares and increased brokerage and administrative costs in the funds. This may result in lower long-term returns for your investments.

Our Market Timing Procedures are applied consistently to all Contractowners. An exception for any Contractowner will be made only in the event we are required to do so by a court of law. In addition, certain funds available as investment options in your Contract may also be available as investment options for owners of other, older life insurance policies issued by us. Some of these older life insurance policies do not provide a contractual basis for us to restrict or refuse transfers which are suspected to be market timing activity.

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In addition, because other insurance companies and/or retirement plans may invest in the funds, we cannot guarantee that the funds will not suffer harm from frequent, large, or short-term transfer activity among Subaccounts and the fixed accounts of variable contracts issued by other insurance companies or among investment options available to retirement plan participants.

In our sole discretion, we may revise our Market Timing Procedures at any time without prior notice as necessary to better detect and deter frequent, large, or short-term transfer activity to comply with state or federal regulatory requirements, and/or to impose additional or alternate restrictions on market timers (such as dollar or percentage limits on transfers). If we modify our Market Timing Procedures, they will be applied uniformly to all Contractowners or as applicable to all Contractowners investing in underlying funds.

Some of the funds have reserved the right to temporarily or permanently refuse payments or transfer requests from us if, in the judgment of the fund's investment adviser, the fund would be unable to invest effectively in accordance with its investment objective or policies, or would otherwise potentially be adversely affected. To the extent permitted by applicable law, we reserve the right to defer or reject a transfer request at any time that we are unable to purchase or redeem shares of any of the funds available through the VAA, including any refusal or restriction on purchases or redemptions of the fund shares as a result of the funds' own policies and procedures on market timing activities. If a fund refuses to accept a transfer request we have already processed, we will reverse the transaction within 1 or 2 business days. We will notify you in writing if we have reversed, restricted or refused any of your transfer requests. Some funds also may impose redemption fees on short-term trading (i.e., redemptions of mutual fund shares within a certain number of business days after purchase). We reserve the right to administer and collect any such redemption fees on behalf of the funds. You should read the funds' prospectuses for more details on their redemption fees and their ability to refuse or restrict purchases or redemptions of their shares.

**Transfers After the Selection of an Annuity Payout Option** 

You may transfer all or a portion of your investment in one Subaccount to another Subaccount or to the fixed side of the contract, as permitted under your Contract. Those transfers will be limited to three times per Contract Year. You may also switch from a variable Annuity Payout to a fixed Annuity Payout. **You may not switch from a fixed Annuity Payout to a variable Annuity Payout.** Once elected, the fixed Annuity Payout is irrevocable.

These provisions also apply during the *i4LIFE*<sup>®</sup> Advantage Lifetime Income Period. See *i4LIFE*<sup>®</sup> Advantage.

**Ownership**

The Contractowner on the date of issue will be the person or entity designated in the contract specifications. The Contractowner of a nonqualified contract may name a joint owner.

As Contractowner, you have all rights under the Contract. According to Indiana law, the assets of the VAA are held for the exclusive benefit of all Contractowners and their designated Beneficiaries; and the assets of the VAA are not chargeable with liabilities arising from any other business that we may conduct. We reserve the right to approve all ownership and Annuitant changes. Nonqualified contracts may not be sold, discounted, or pledged as collateral for a loan or for any other purpose. Qualified contracts are not transferable unless allowed under applicable law. Nonqualified contracts may not be collaterally assigned. Assignments may have an adverse impact on any Death Benefits or benefits offered under Living Benefit Riders in this product and may be prohibited under the terms of a particular feature. We assume no responsibility for the validity or effect of any assignment. Consult your tax advisor about the tax consequences of an assignment.

**Joint Ownership**

If a Contract has joint owners, the joint owners shall be treated as having equal undivided interests in the Contract. Either owner, independently of the other, may exercise any ownership rights in this Contract. Not more than two owners (an owner and joint owner) may be named and contingent owners are not permitted.

**Annuitant**

The following rules apply prior to the selection of an Annuity Payout option. You may name only one Annuitant (unless you are a tax-exempt entity, then you can name two joint Annuitants). You (if the Contractowner is a natural person) have the right to change the Annuitant at any time by notifying us in writing of the change. However, we reserve the right to approve all Annuitant changes. This may not be allowed if certain riders are in effect. The new Annuitant must be under age 86 (or for C-Share nonqualified contracts only, for Annuitant changes made to contracts issued on and after January 20, 2015, under age 91) as of the effective date of the change. This change may cause a reduction in the Death Benefits or benefits offered under Living Benefit Riders. See Benefits Available Under the Contract – Death Benefit and Living Benefit Riders. A contingent Annuitant may be named or changed by notifying us in writing. Contingent Annuitants are not allowed on contracts owned by non-natural owners. On or after the selection of an Annuity Payout option, the Annuitant or joint Annuitants may not be changed and contingent Annuitant designations are no longer applicable.

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**Surrenders and Withdrawals**

Before the selection of an Annuity Payout option, we will allow the surrender of the Contract or a withdrawal of the Contract Value upon your written request on an approved Lincoln distribution request form (available from the Home Office), by fax, or other electronic means. Withdrawal requests may be made by telephone or our website, subject to certain restrictions. All surrenders and withdrawals may be made in accordance with the rules discussed below. Surrender or withdrawal rights after the selection of an Annuity Payout option depend on the Annuity Payout option selected.

The amount available upon surrender/withdrawal is the Contract Value less any applicable charges, fees, and taxes at the end of the Valuation Period during which the written request for surrender/withdrawal is received in Good Order at the Home Office. If we receive a surrender or withdrawal request in Good Order at our Home Office before the close of the NYSE (normally 4:00 p.m., Eastern Time), we will process the request using the Accumulation Unit value computed on that Valuation Date. If we receive a surrender or withdrawal request in Good Order at our Home Office after market close, we will process the request using the Accumulation Unit value computed on the next Valuation Date. There may be circumstances under which the NYSE may close early (prior to 4:00 p.m., Eastern Time). In such instances, surrender or withdrawal requests received after such early market close will be processed using the Accumulation Unit value computed on the next Valuation Date. The minimum amount which can be withdrawn is $300. Unless a request for withdrawal specifies otherwise, withdrawals will be made from all Subaccounts within the VAA and from the fixed account in the same proportion that the amount of withdrawal bears to the total Contract Value. Surrenders and withdrawals from the fixed account may be subject to the Interest Adjustment. See Charges, Other Deductions, and Adjustments – Interest Adjustment. Unless prohibited, surrender/withdrawal payments will be mailed within seven days after we receive a valid written request at the Home Office. The payment may be postponed as permitted by the 1940 Act.

There are charges associated with surrender of a Contract or withdrawal of Contract Value. You may specify whether these charges are deducted from the amount you request to be withdrawn or from the remaining Contract Value. If the charges are deducted from the remaining Contract Value, the amount of the total withdrawal will increase according to the impact of the applicable surrender charge percentage; consequently, the dollar amount of the surrender charge associated with the withdrawal will also increase. In other words, the dollar amount deducted to cover the surrender charge is also subject to a surrender charge.

Surrenders and withdrawals may be taxable and, prior to age 59½, subject to a tax penalty. The tax consequences of a surrender/withdrawal are discussed later in this prospectus. See Federal Tax Matters – Taxation of Withdrawals and Surrenders.

If the Contract Value is greater than zero, withdrawals are taken from the Contractowner's own money and may have a negative impact on certain optional living benefits and on certain death benefits, and the impact could be significant. A withdrawal may reduce or even terminate certain benefits.

In addition to surrender charges, withdrawals from the fixed account may be subject to an Interest Adjustment, which could have a significant negative impact.

**Asset Allocation Models**

You may allocate your Purchase Payment among a group of Subaccounts within an asset allocation model. Each model invests different percentages of the Contract Value in some or all of the Subaccounts currently available within your annuity contract. If you select an asset allocation model, 100% of your Contract Value (and any additional Purchase Payments you make) will be allocated among certain Subaccounts in accordance with the model's asset allocation strategy. You may not make transfers among the Subaccounts. We will proportionately deduct any withdrawals you make from the Subaccounts in the asset allocation model. You may only choose one asset allocation model at a time, though you may change to a different asset allocation model at any time.

Your registered representative may discuss asset allocation models with you to assist in deciding to allocate your Purchase Payments among the various Subaccounts and/or the fixed account, if available. You should consult with your registered representative as to whether a model is appropriate for you.

Each of the asset allocation models seeks to meet its investment objective while avoiding excessive risk. The models also strive to achieve diversification among asset classes in order to help provide returns commensurate with a given level of risk over the long-term. There can be no assurance, however, that any of the asset allocation models will achieve its investment objective. If you are seeking a more aggressive strategy, these models may not be appropriate for you.

The asset allocation models are intended to provide a diversified investment portfolio by combining different asset classes to help it reach its stated investment goal. While diversification may help reduce overall risk, it does not eliminate the risk of loss and it does not protect against loss in a declining market.

In order to maintain the model's specified Subaccount allocation percentages, you agree to be automatically enrolled in the portfolio rebalancing option and you thereby authorize us to automatically rebalance your Contract Value on a quarterly basis based upon your allocation instructions in effect at the time of the rebalancing. Confirmation of the rebalancing will appear on your quarterly statement. We reserve the right to change the rebalancing frequency at any time, in our sole discretion, but will not make changes more than once per calendar year. You will be notified at least 30 days prior to the date of any change in frequency.

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The models are static asset allocation models. This means that they have fixed allocations made up of underlying funds that are offered within your Contract and the percentage allocations will not change over time. Once you have selected an asset allocation model, we will not make any changes to the fund allocations within the model except for the rebalancing described above. If you wish to change your fund allocations either to new funds or to a different model, you must submit new allocation instructions to us. You may terminate a model at any time. There is no additional charge from Lincoln for participating in a model.

The election of certain Living Benefit Riders may require that you allocate Purchase Payments in accordance with Investment Requirements that may be satisfied by choosing an asset allocation model. Different requirements and/or restrictions may apply under the individual rider. See Appendix B – Investment Requirements. To the extent you are using a model to satisfy your Investment Requirements, the model is intended, in part, to reduce the risk of investment loss that may require us to use our own assets to make guaranteed payments under the Living Benefit Riders.

The models were designed and prepared by Lincoln Financial Investments Corporation (LFIC), which is an affiliate of ours, for use by Lincoln Financial Distributors, Inc. (LFD), the principal underwriter of the contracts. LFD provides models to broker-dealers who may offer the models to their own clients. In making these models and Subaccounts available as investment options under your Contract, LFIC, LFD and the Company are not providing you with investment advice, nor are they recommending to you any particular model or Subaccount. You should consult with your registered representative to determine whether you should utilize or invest in any model or Subaccount, or whether it is suitable for you based upon your goals, risk tolerance, and time horizon.

If a fund within a model closes to new investors, investors that have been invested before the fund closed may remain in the model. However, the model would no longer be offered to new investors. If a fund within a model liquidates, we may transfer assets from that Subaccount to another Subaccount after providing notice to you. If this transfer occurs, and you own a Living Benefit Rider and are subject to Investment Requirements, you may no longer comply with the Investment Requirements. See the Investment Requirements section of this prospectus for more information. If a fund within a model merges with another fund, we will add the surviving fund to the model.

**Benefits Available Under the Contract**

**The following tables summarize information about the benefits available under the Contract.** A detailed description of each benefit follows the table.

The availability of Contract benefits may vary depending on the broker-dealer through which the Contract is sold. See Appendix H — Broker-Dealer Material Variations for additional information.

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| **Standard Benefits** | **Standard Benefits** | **Standard Benefits** | **Standard Benefits** |
| **Name of Benefit** | **Purpose** | **Maximum Fee** | &nbsp;&nbsp; **Brief Description of Restrictions /** <br> **Limitations**<br>|
| **Account Value Death** <br> **Benefit**<br>| &nbsp;&nbsp; Provides a Death Benefit equal to the <br> Contract Value.<br>| &nbsp;&nbsp; ●1.25% (B-Share)<br> ●1.65% (C-Share and <br> L-Share)<br>(as a percentage of <br> average Contract <br> Value)<br>| &nbsp;&nbsp; ●Poor investment performance could <br> significantly reduce the benefit.<br>●Withdrawals could significantly reduce <br> the benefit.<br>|
| **Guarantee of Principal** <br> **Death Benefit**<br>| &nbsp;&nbsp; Provides a Death Benefit equal to the <br> greatest of (1) Contract Value; (2) all <br> Purchase Payments, adjusted for <br> withdrawals.<br>| &nbsp;&nbsp; ●1.30% (B-Share)<br> ●1.70% (C-Share and <br> L-Share)<br>(as a percentage of <br> average Contract <br> Value)<br>| &nbsp;&nbsp; ●Withdrawals could significantly reduce <br> the benefit.<br>|
| **Enhanced Guaranteed** <br> **Minimum Death** <br> **Benefit (EGMDB)**<br>| &nbsp;&nbsp; Provides a Death Benefit equal to the <br> greatest of (1) Contract Value; (2) all <br> Purchase Payments, adjusted for <br> withdrawals; (3) the highest Contract Value <br> on any contract anniversary prior to age 81 <br> as adjusted for withdrawals.<br>| &nbsp;&nbsp; ●1.55% (B-Share)<br> ●1.95% (C-Share and <br> L-Share)<br>(as a percentage of <br> average Contract <br> Value)<br>| &nbsp;&nbsp; ●Not available if age 80 or older at the <br> time of issuance.<br>●Withdrawals could significantly reduce <br> the benefit.<br>●Poor investment performance could <br> significantly reduce and limit potential <br> increases to the highest Contract Value.<br>|

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|:---|:---|:---|:---|
| **Standard Benefits** | **Standard Benefits** | **Standard Benefits** | **Standard Benefits** |
| **Name of Benefit** | **Purpose** | **Maximum Fee** | &nbsp;&nbsp; **Brief Description of Restrictions /** <br> **Limitations**<br>|
| **Dollar-Cost Averaging** <br> **(DCA)**<br>| &nbsp;&nbsp; Allows you to automatically transfer <br> amounts between certain investment <br> options on a monthly basis.<br>|  | &nbsp;&nbsp; ●Minimum amount to be dollar cost <br> averaged is $1,500 over any time period <br> between 3 and 60 months.<br>●Cannot be used simultaneously with <br> portfolio rebalancing.<br>|
| **Portfolio Rebalancing** | &nbsp;&nbsp; Allows you to automatically reallocate your <br> Contract Value among investment options <br> on a periodic basis based on your standing <br> allocation instructions.<br>|  | &nbsp;&nbsp; ●Cannot be used simultaneously with <br> dollar cost averaging.<br>●Only available for the Subaccounts.<br> ●Rebalancing may take place on a <br> monthly, quarterly, semi-annual, or <br> annual basis.<br>|
| **Automatic Withdrawal** <br> **Service (AWS)**<br>| &nbsp;&nbsp; Allows you to take periodic withdrawals <br> from your Contract automatically.<br>|  | &nbsp;&nbsp; ●Automatically terminates once *i4LIFE*<sup>®</sup> <br>Advantage begins.<br>●Withdrawals are subject to applicable <br> surrender charges, Interest Adjustments, <br> taxes, and tax penalties.<br>●May result in Excess Withdrawals under <br> certain optional benefits.<br>|

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| **Optional Benefits – Available for Election** | **Optional Benefits – Available for Election** | **Optional Benefits – Available for Election** |
| **Name of Benefit** | **Purpose** | **Maximum Fee** |
| ***Estate Lock***<sup>SM</sup> **Death** <br> **Benefit**<br>| &nbsp;&nbsp; Works in conjunction with the *Lincoln* <br> *ProtectedPay*<sup>®</sup> and *Estate Lock*<sup>SM</sup> rider to <br> provide a Death Benefit equal to the greatest <br> of (1) Contract Value; (2) all Purchase <br> Payments, as adjusted for Excess <br> Withdrawals<br>| &nbsp;&nbsp; ●1.60%<br> (as a percentage of <br> the Purchase <br> Payments portion of <br> the Death Benefit)<br>&nbsp;&nbsp; ●Available only at issue, and only in <br> conjunction with the *Lincoln* <br> *ProtectedPay*<sup>®</sup> and *Estate Lock*<sup>SM</sup> rider.<br>●Available only if 35 to 75 years of age at <br> the time of issuance.<br>●Joint life option is not available.<br> ●Excess Withdrawals could significantly <br> reduce or terminate the benefit.<br>●The fee rate may increase at any time <br> after ten years from the rider effective <br> date.<br>●Additional Purchase Payments may be <br> limited.<br>|
| ***Lincoln ProtectedPay*** <br> ***Select Core***<sup>®</sup> **and** <br> ***Estate Lock***<sup>SM</sup> <br>| &nbsp;&nbsp; Provides:<br> ●A combination Death Benefit and Living <br> Benefit Rider;<br>●Varying income options;<br> ●Guaranteed lifetime periodic withdrawals <br> up to the Protected Annual Income <br> amount;<br>●An Enhancement to the Protected <br> Income Base;<br>●Account Value Step-ups of the Protected <br> Income Base; and<br>●Age-based increases to the Protected <br> Annual Income amount.<br>| &nbsp;&nbsp; ●2.75% Single Life <br> Option<br>(as a percentage of <br> the Fee Basis <br> Amount)<br>&nbsp;&nbsp; ●Available only at issue, and only in <br> conjunction with the *Estate Lock*<sup>SM</sup> <br>Death Benefit.<br>●Investment Requirements apply.<br> ●Excess Withdrawals could significantly <br> reduce or terminate the benefit.<br>●Any withdrawal may negatively impact or <br> eliminate the potential for enhancements <br> or step-ups.<br>●Subject to a $10 million maximum, <br> which includes the total guaranteed <br> amounts across all Living Benefit Riders.<br>●The fee rate may increase with additional <br> Purchase Payments, step-ups, and at any <br> time after ten years from the rider <br> effective date.<br>●Additional Purchase Payments may be <br> limited.<br>|

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|:---|:---|:---|:---|
| **Optional Benefits – Available for Election** | **Optional Benefits – Available for Election** | **Optional Benefits – Available for Election** | **Optional Benefits – Available for Election** |
| **Name of Benefit** | **Purpose** | **Maximum Fee** | &nbsp;&nbsp; **Brief Description of Restrictions /** <br> **Limitations**<br>|
| ***Lincoln ProtectedPay***<sup>®</sup> <br>**lifetime income suite** <br> **options:**<br>**●*Lincoln*** <br> ***ProtectedPay*** <br> ***Select Core***<sup>®</sup> <br>**●*Lincoln*** <br> ***ProtectedPay*** <br> ***Select Plus***<sup>®</sup> <br>**●*Lincoln*** <br> ***ProtectedPay*** <br> ***Select Max***<sup>®</sup> <br>**Beginning May 18,** <br> **2026, the *Lincoln*** <br> ***ProtectedPay***<sup>®</sup> <br>**Select riders will** <br> **only be available** <br> **for election at the** <br> **time the Contract is** <br> **purchased.**<br>| &nbsp;&nbsp; Provides:<br> ●Varying income options;<br> ●Guaranteed lifetime periodic withdrawals <br> up to the Protected Annual Income <br> amount;<br>●An Enhancement that may increase the <br> Protected Income Base;<br>●Account Value Step-ups of the Protected <br> Income Base; and<br>●Age-based increases to the Protected <br> Annual Income amount.<br>| &nbsp;&nbsp; ●2.75% Single and <br> Joint Life Options<br>(as a percentage of <br> the Protected <br> Income Base)<br>| &nbsp;&nbsp; ●Investment Requirements apply.<br> ●Excess Withdrawals could significantly <br> reduce or terminate the benefit.<br>●Any withdrawal may negatively impact or <br> eliminate the potential for enhancements <br> or step-ups.<br>●Subject to a $10 million maximum, <br> which includes the total guaranteed <br> amounts across all Living Benefit Riders.<br>●The fee rate may increase with additional <br> Purchase Payments, step-ups, and at any <br> time after ten years from the rider <br> effective date.<br>●Additional Purchase Payments may be <br> limited.<br>|
| ***4LATER***<sup>®</sup> **Select** <br> **Advantage**<br>***Beginning May 18,*** <br> ***2026, this rider will*** <br> ***only be available for*** <br> ***election at the time*** <br> ***the Contract is*** <br> ***purchased.*** <br>| &nbsp;&nbsp; Provides:<br> ●Protected Income Base which will be <br> used to establish the amount of the <br> Guaranteed Income Benefit upon the <br> election of *i4LIFE*<sup>®</sup> Advantage;<br>●An Enhancement to the Protected <br> Income Base;<br>●Account Value Step-ups of the Protected <br> Income Base.<br>Must later transition to *i4LIFE*<sup>®</sup> <br>Advantage Select Guaranteed Income <br> Benefit in order to receive a benefit from <br> *4LATER*<sup>®</sup> Select Advantage. <br>| &nbsp;&nbsp; ●2.75% Single and <br> Joint Life Options<br>(as a percentage of <br> the Protected <br> Income Base)<br>| &nbsp;&nbsp; ●Investment Requirements apply.<br> ●Withdrawals could significantly reduce or <br> terminate the benefit.<br>●Not available for purchase with a <br> qualified contract.<br>●Subject to a $10 million maximum, <br> which includes the total guaranteed <br> amounts across all Living Benefit Riders.<br>●The fee rate may increase with additional <br> Purchase Payments, step-ups, and at any <br> time after ten years from the rider <br> effective date.<br>●Additional Purchase Payments may be <br> limited.<br>|
| ***i4LIFE***<sup>®</sup> **Advantage** | &nbsp;&nbsp; Provides:<br> ●Variable periodic Regular Income <br> Payments for life.<br>●The ability to make additional <br> withdrawals and surrender the Contract <br> during the Access Period. <br>| &nbsp;&nbsp; ●0.40%<br> (as an annualized <br> percentage of <br> average Account <br> Value)<br>| &nbsp;&nbsp; ●Withdrawals could significantly reduce or <br> terminate the benefit.<br>●Restrictions apply to the length of the <br> Access Period.<br>●Additional Purchase Payments may be <br> limited. <br>|
| **Select Guaranteed** <br> **Income Benefit**<br>***Beginning May 18,*** <br> ***2026, this rider will*** <br> ***only be available for*** <br> ***election at the time*** <br> ***the Contract is*** <br> ***purchased.*** <br>| &nbsp;&nbsp; Provides a minimum payout floor for <br> Regular Income Payments under *i4LIFE*<sup>®</sup> <br>Advantage.<br>| &nbsp;&nbsp; ●2.75%\* Single and <br> Joint Life Options<br>*\*The Guaranteed* <br> *Income Benefit* <br> *charge is in addition* <br> *to the i4LIFE*<sup>®</sup> <br>*Advantage charge* <br> *and your base* <br> *contract expense.*<br>| &nbsp;&nbsp; ●Only available with *i4LIFE*<sup>®</sup> Advantage.<br> ●Investment Requirements apply.<br> ●Withdrawals could significantly reduce or <br> terminate the benefit.<br>●Restrictions apply to the length of the <br> Access Period.<br>●Additional Purchase Payments may be <br> limited.<br>|

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|:---|:---|:---|:---|
| **Optional Benefits – No Longer Available for Election** | **Optional Benefits – No Longer Available for Election** | **Optional Benefits – No Longer Available for Election** | **Optional Benefits – No Longer Available for Election** |
| **Name of Benefit** | **Purpose** | **Maximum Fee** | &nbsp;&nbsp; **Brief Description of Restrictions /** <br> **Limitations**<br>|
| **Estate Enhancement** <br> **Benefit Rider**<br>| &nbsp;&nbsp; Provides a Death Benefit equal to the <br> greatest of: (1) Contract Value; (2) all <br> Purchase Payments, adjusted for <br> withdrawals; (3) the highest Contract Value <br> on any contract anniversary prior to age 81 <br> (decreased proportionately by subsequent <br> withdrawals); (4) current Contract Value <br> plus an amount based on earnings under the <br> Contract. <br>| &nbsp;&nbsp; ●1.75% (B-Share)<br> ●2.15% (C-Share and <br> L-Share)<br>(as a percentage of <br> average Contract <br> Value)<br>| &nbsp;&nbsp; ●If there are no contract earnings, the <br> calculations of the Death Benefit using <br> contract earnings will not be available. <br>●Withdrawals could significantly reduce <br> the benefit.<br>|
| ***Lincoln ProtectedPay*** <br> ***Secure Core***<sup>®</sup> **and** <br> ***Estate Lock***<sup>SM</sup> <br>| &nbsp;&nbsp; Provides:<br> ●A combination Death Benefit and Living <br> Benefit Rider;<br>●Varying income options;<br> ●Guaranteed lifetime periodic withdrawals <br> up to the Protected Annual Income <br> amount;<br>●An Enhancement to the Protected <br> Income Base;<br>●Account Value Step-ups of the Protected <br> Income Base; and<br>●Age-based increases to the Protected <br> Annual Income amount.<br>| &nbsp;&nbsp; ●2.75% Single Life <br> Option<br>(as a percentage of <br> the Fee Basis <br> Amount)<br>| &nbsp;&nbsp; ●Available only in conjunction with the <br> *Estate Lock*<sup>SM</sup> Death Benefit.<br>●Investment Requirements apply.<br> ●Excess Withdrawals could significantly <br> reduce or terminate the benefit.<br>●Any withdrawal may negatively impact or <br> eliminate the potential for enhancements <br> or step-ups.<br>●Subject to a $10 million maximum, <br> which includes the total guaranteed <br> amounts across all Living Benefit Riders.<br>●The fee rate may increase with additional <br> Purchase Payments, step-ups, and at any <br> time after ten years from the rider <br> effective date.<br>●Additional Purchase Payments may be <br> limited.<br>|
| ***Lincoln ProtectedPay***<sup>®</sup> <br>**lifetime income suite** <br> **options:**<br>**●*Lincoln*** <br> ***ProtectedPay*** <br> ***Secure Core***<sup>®</sup> <br>**●*Lincoln*** <br> ***ProtectedPay*** <br> ***Secure Plus***<sup>®</sup> <br>**●*Lincoln*** <br> ***ProtectedPay*** <br> ***Secure Max***<sup>®</sup> <br>| &nbsp;&nbsp; Provides:<br> ●Varying income options;<br> ●Guaranteed lifetime periodic withdrawals <br> up to the Protected Annual Income <br> amount;<br>●An Enhancement that may increase the <br> Protected Income Base;<br>●Account Value Step-ups of the Protected <br> Income Base; and<br>●Age-based increases to the Protected <br> Annual Income amount.<br>| &nbsp;&nbsp; ●2.75% Single and <br> Joint Life Options<br>(as a percentage of <br> the Protected <br> Income Base)<br>| &nbsp;&nbsp; ●Investment Requirements apply.<br> ●Excess Withdrawals could significantly <br> reduce or terminate the benefit.<br>●Any withdrawal may negatively impact or <br> eliminate the potential for enhancements <br> or step-ups.<br>●Subject to a $10 million maximum, <br> which includes the total guaranteed <br> amounts across all Living Benefit Riders.<br>●The fee rate may increase with additional <br> Purchase Payments, step-ups, and at any <br> time after ten years from the rider <br> effective date.<br>●Additional Purchase Payments may be <br> limited. <br>|
| ***Lincoln Lifetime*** <br> ***Income***<sup>SM</sup> **Advantage** <br> **2.0 (Managed Risk)**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>| &nbsp;&nbsp; Provides:<br> ●Guaranteed lifetime periodic withdrawals <br> up to the Protected Annual Income <br> amount;<br>●An Enhancement to the Protected <br> Income Base;<br>●Account Value Step-ups of the Protected <br> Income Base;<br>●Age-based increases to the Protected <br> Annual Income amount; and<br>●Nursing Home Enhancement.  | &nbsp;&nbsp; ●2.25% Single Life <br> Option<br>●2.45% Joint Life <br> Option<br>(as a percentage of <br> the Protected <br> Income Base)<br>| &nbsp;&nbsp; ●Investment Requirements apply.<br> ●Excess Withdrawals could significantly <br> reduce or terminate the benefit. <br>●Any withdrawal may negatively impact or <br> eliminate the potential for enhancements <br> or step-ups.<br>●Subject to a $10 million maximum, <br> which includes the total guaranteed <br> amounts across all Living Benefit Riders.<br>●Purchase Payments and step-ups may <br> increase fee rate.<br>●Additional Purchase Payments may be <br> limited.<br>|

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|:---|:---|:---|:---|
| **Optional Benefits – No Longer Available for Election** | **Optional Benefits – No Longer Available for Election** | **Optional Benefits – No Longer Available for Election** | **Optional Benefits – No Longer Available for Election** |
| **Name of Benefit** | **Purpose** | **Maximum Fee** | &nbsp;&nbsp; **Brief Description of Restrictions /** <br> **Limitations**<br>|
| ***Lincoln Lifetime*** <br> ***Income***<sup>SM</sup> **Advantage** <br> **2.0**<br>| &nbsp;&nbsp; Provides:<br> ●Guaranteed lifetime periodic withdrawals <br> up to the Protected Annual Income <br> amount;<br>●An Enhancement to the Protected <br> Income Base;<br>●Account Value Step-ups of the Protected <br> Income Base;<br>●Age-based increases to the Protected <br> Annual Income amount<br>| &nbsp;&nbsp; ●2.00%<br> (as a percentage of <br> the Protected <br> Income Base)<br>| &nbsp;&nbsp; ●Investment Requirements apply.<br> ●Subject to a $10 million maximum, <br> which includes the total guaranteed <br> amounts across all Living Benefit Riders.<br>●Excess withdrawals could significantly <br> reduce or terminate the benefit.<br>●Any withdrawal may negatively impact or <br> eliminate the potential for enhancements <br> or step-ups.<br>●Purchase Payments and step-ups may <br> increase fee rate.<br>●Additional Purchase Payments may be <br> limited.<br>|
| **Lincoln *Market*** <br> ***Select***<sup>®</sup> **Advantage**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>| &nbsp;&nbsp; Provides: <br> ●Guaranteed lifetime periodic withdrawals <br> up to the Protected Annual Income <br> amount;<br>●An Enhancement to the Protected <br> Income Base;<br>●Account Value Step-ups of the Protected <br> Income Base; and<br>●Age-based increases to the Protected <br> Annual Income amount.<br>| &nbsp;&nbsp; ●2.25% Single Life <br> Option<br>●2.45% Joint Life <br> Option<br>(as a percentage of <br> the Protected <br> Income Base)<br>| &nbsp;&nbsp; ●Investment Requirements apply.<br> ●Excess Withdrawals could significantly <br> reduce or terminate the benefit. <br>●Any withdrawal may negatively impact or <br> eliminate the potential for enhancements <br> or step-ups.<br>●Subject to a $10 million maximum, <br> which includes the total guaranteed <br> amounts across all Living Benefit Riders.<br>●Purchase Payments and step-ups may <br> increase fee rate.<br>●Additional Purchase Payments may be <br> limited.<br>|
| **Lincoln *Max 6*** <br> ***Select***<sup>SM</sup> **Advantage** <br>| &nbsp;&nbsp; Provides: <br> ●Guaranteed lifetime periodic withdrawals <br> up to the Protected Annual Income <br> amount;<br>●An Enhancement to the Protected <br> Income Base;<br>●Account Value Step-ups of the Protected <br> Income Base; and<br>●Age-based increases to the Protected <br> Annual Income amount.<br>| &nbsp;&nbsp; ●2.25% Single Life <br> Option<br>●2.45% Joint Life <br> Option<br>(as a percentage of <br> the Protected <br> Income Base)<br>| &nbsp;&nbsp; ●Investment Requirements apply.<br> ●Excess Withdrawals could significantly <br> reduce or terminate benefits. <br>●Any withdrawal may negatively impact or <br> eliminate the potential for enhancements <br> or step-ups.<br>●Subject to a $10 million maximum, <br> which includes the total guaranteed <br> amounts across all Living Benefit Riders.<br>●Purchase Payments and step-ups may <br> increase fee rate.<br>●Additional Purchase Payments may be <br> limited.<br>●The guaranteed payments will be <br> reduced if your Contract Value is reduced <br> to zero.<br>●Your Protected Income Base will not <br> carry over to *i4LIFE*<sup>®</sup> Advantage.<br>|

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| | | | |
|:---|:---|:---|:---|
| **Optional Benefits – No Longer Available for Election** | **Optional Benefits – No Longer Available for Election** | **Optional Benefits – No Longer Available for Election** | **Optional Benefits – No Longer Available for Election** |
| **Name of Benefit** | **Purpose** | **Maximum Fee** | &nbsp;&nbsp; **Brief Description of Restrictions /** <br> **Limitations**<br>|
| ***Lincoln IRA Income*** <br> ***Plus***<sup>SM</sup> <br>| &nbsp;&nbsp; Provides: <br> ●Guaranteed lifetime periodic withdrawals <br> up to the Protected Annual Income <br> amount;<br>●An Enhancement to the Protected <br> Income Base;<br>●Account Value Step-ups of the Protected <br> Income Base; and<br>●Age-based increases to the Protected <br> Annual Income amount.<br>| &nbsp;&nbsp; ●2.25%<br> (as a percentage of <br> the Protected <br> Income Base)<br>| &nbsp;&nbsp; ●Investment Requirements apply.<br> ●Excess Withdrawals could significantly <br> reduce or terminate the benefit. <br>●Any withdrawal may negatively impact or <br> eliminate the potential for enhancements <br> or step-ups.<br>●Subject to a $10 million maximum, <br> which includes the total guaranteed <br> amounts across all Living Benefit Riders.<br>●Purchase Payments and step-ups may <br> increase fee rate.<br>●Additional Purchase Payments may be <br> limited. <br>●The guaranteed payments will be <br> reduced if your Contract Value is reduced <br> to zero. <br>●Your Protected Income Base will not <br> carry over to *i4LIFE*<sup>®</sup> Advantage.<br>|
| ***Lincoln Wealth*** <br> ***Pass***<sup>SM</sup> <br>| &nbsp;&nbsp; ●Provides income payments that <br> guarantee a return of principal over your <br> life expectancy. <br>●Designed for a Beneficiary with Death <br> Benefit proceeds from another <br> nonqualified contract, or from a qualified <br> (IRA and Roth IRA) contract or a <br> qualified retirement plan if the original <br> Contractowner died on or before <br> December 31, 2019. <br>| &nbsp;&nbsp; ●2.25%<br> (as an annualized <br> percentage of <br> Protected Amount)<br>| &nbsp;&nbsp; ●Investment Requirements apply.<br> ●Excess Withdrawals could significantly <br> reduce or terminate the benefit. <br>●Subject to a $10 million maximum, <br> which includes the total guaranteed <br> amounts across all Living Benefit Riders.<br>●Additional Purchase Payments may be <br> limited.<br>|
| ***Lincoln*** <br> ***SmartSecurity***<sup>®</sup> <br> **Advantage**<br>| &nbsp;&nbsp; Provides: <br> ●A minimum guaranteed amount that you <br> can withdraw, in installments, from your <br> Contract. Lifetime periodic withdrawals <br> may also be available if certain <br> conditions are met. <br>| &nbsp;&nbsp; ●1.50%<br> (as an annualized <br> percentage of the <br> Guaranteed <br> Amount)<br>| &nbsp;&nbsp; ●Withdrawals could significantly reduce or <br> terminate the benefit. <br>●Investment Requirements apply.<br> ●Subject to a $10 million maximum, <br> which includes the total guaranteed <br> amounts across all Living Benefit Riders.<br>●Additional Purchase Payments may be <br> limited.<br>●A step-up of the Guaranteed Amount <br> may increase the fee rate.<br>|
| ***4LATER***<sup>®</sup> **Advantage** <br> **(Managed Risk)**<br>| &nbsp;&nbsp; Provides:<br> ●Protected Income Base which will be <br> used to establish the amount of the <br> Guaranteed Income Benefit upon the <br> election of *i4LIFE*<sup>®</sup> Advantage; <br>●An Enhancement to the Protected <br> Income Base; <br>●Account Value Step-ups of the Protected <br> Income Base. <br>You must later transition to *i4LIFE*<sup>®</sup> <br>Advantage Guaranteed Income Benefit <br> (Managed Risk) in order to receive a <br> benefit from *4LATER*<sup>®</sup> Advantage <br> (Managed Risk).<br>| &nbsp;&nbsp; ●2.00%<br> (as a percentage of <br> the Protected <br> Income Base)<br>| &nbsp;&nbsp; ●Investment Requirements apply.<br> ●Withdrawals could significantly reduce or <br> terminate the benefit. <br>●Not available for purchase with a <br> qualified contract. <br>●Subject to a $10 million maximum, <br> which includes the total guaranteed <br> amounts across all Living Benefit Riders.<br>●Additional Purchase Payments may be <br> limited. <br>●Purchase Payments and step-ups may <br> increase fee rate.<br>|

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| | | | |
|:---|:---|:---|:---|
| **Optional Benefits – No Longer Available for Election** | **Optional Benefits – No Longer Available for Election** | **Optional Benefits – No Longer Available for Election** | **Optional Benefits – No Longer Available for Election** |
| **Name of Benefit** | **Purpose** | **Maximum Fee** | &nbsp;&nbsp; **Brief Description of Restrictions /** <br> **Limitations**<br>|
| ***i4LIFE***<sup>®</sup> **Advantage** <br> **Guaranteed Income** <br> **Benefit**<br>| &nbsp;&nbsp; ●Provides a minimum payout floor for <br> Regular Income Payments under *i4LIFE*<sup>®</sup> <br>Advantage.<br>| &nbsp;&nbsp; ●Select Guaranteed <br> Income Benefit <br> riders elected prior <br> to 8/19/2024: <br> 2.25%\* (single life <br> option); 2.45%\* <br> (joint life option)<br>●Guaranteed Income <br> Benefit (Managed <br> Risk) elected on and <br> after 5/21/2018: <br> 2.25%\* (single life <br> option); up to <br> 2.45%\* (joint life <br> option) <br>●Guaranteed Income <br> Benefit (Managed <br> Risk) riders elected <br> prior to 5/21/2018: <br> 2.00%\* (single/joint <br> life option) <br>*\*The Guaranteed* <br> *Income Benefit* <br> *charge is in addition* <br> *to the i4LIFE*<sup>®</sup> <br>*Advantage charge* <br> *and your base* <br> *contract expense.*<br>| &nbsp;&nbsp; ●Withdrawals could significantly reduce or <br> terminate the benefit. <br>●Restrictions apply to the length of the <br> Access Period. <br>●Additional Purchase Payments can be <br> subject to restrictions.<br>●Investment Requirements apply. |
| ***Lincoln Long-Term*** <br> ***Care***<sup>SM</sup> **Advantage** <br> **(LTC Rider)**<br>| &nbsp;&nbsp; The LTC Rider provides the potential to <br> receive as LTC Benefits your Purchase <br> Payments plus an additional amount equal <br> to two times your Purchase Payments. <br>These benefits are paid to you income tax-<br> free. In addition, you have the opportunity to <br> increase your tax-free long-term care <br> benefits if there is investment gain in your <br> Contract. <br>The LTC Rider includes an Acceleration <br> Benefit (paid out of your Contract Value), <br> and Extension Benefit (which we pay out of <br> our general account) and an optional Growth <br> Benefit (for an additional charge).<br>| &nbsp;&nbsp; ●Acceleration Benefit <br> Charge: up to <br> 1.50%<br> of LTC Guaranteed <br> Amount<br>●Extension Benefit <br> Charge: up to <br> 0.76% of the <br> Extension Benefit<br>●Optional <br> Nonforfeiture <br> Benefit Charge: up <br> to 0.14% of the <br> Extension Benefit.<br>| &nbsp;&nbsp; ●Investment Requirements apply. <br> ●Excess Withdrawals could significantly <br> reduce or terminate the benefit. <br>●Additional Purchase Payments may not <br> be made.<br>|

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<sup>1</sup> See Appendix C – Discontinued Death Benefit and Living Benefit Riders for a description of the discontinued Death Benefit and Living Benefit Riders.

**Death Benefits**

**The chart below provides a brief overview of how the Death Benefit proceeds will be distributed if death occurs prior to *i4LIFE***<sup>®</sup> **Advantage elections or prior to the selection of an Annuity Payout option. Refer to your Contract for the specific provisions applicable upon death.** 

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| | | | |
|:---|:---|:---|:---|
| **upon death of:** | **and...** | **and...** | **Death Benefit proceeds pass to:** |
| Contractowner | There is a surviving joint owner | The Annuitant is living or deceased | Joint owner |
| Contractowner | There is no surviving joint owner | The Annuitant is living or deceased | Designated Beneficiary |

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| | | | |
|:---|:---|:---|:---|
| **upon death of:** | **and...** | **and...** | **Death Benefit proceeds pass to:** |
| Contractowner | &nbsp;&nbsp; There is no surviving joint owner <br> and the Beneficiary predeceases the <br> Contractowner<br>| The Annuitant is living or deceased | Contractowner's estate |
| Annuitant | The Contractowner is living | There is no contingent Annuitant | &nbsp;&nbsp; The youngest Contractowner <br> becomes the contingent Annuitant <br> and the Contract continues. The <br> Contractowner may waive\* this <br> continuation and receive the Death <br> Benefit proceeds.<br>|
| Annuitant | The Contractowner is living | The contingent Annuitant is living | &nbsp;&nbsp; Contingent Annuitant becomes the <br> Annuitant and the Contract <br> continues<br>|
| Annuitant | &nbsp;&nbsp; The Contractowner is a trust or <br> other non-natural person\*\*<br>| &nbsp;&nbsp; No contingent Annuitant allowed <br> with non-natural Contractowner<br>| Designated Beneficiary |

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\*

Notification from the Contractowner to receive the Death Benefit proceeds must be received within 75 days of the death of the Annuitant.

\*\*

Death of Annuitant is treated like death of the Contractowner.

A Death Benefit may be payable if the Contractowner (or a joint owner) or Annuitant dies prior to the selection of an Annuity Payout option. You can choose the Death Benefit. Only one Death Benefit may be in effect at any one time and this Death Benefit terminates if you elect *i4LIFE*<sup>®</sup> Advantage or elect any other annuitization option. Generally, the more expensive the Death Benefit is, the greater the protection.

While utilizing an Automatic Withdrawal Service to satisfy the requirements of the Annuity Commencement Date, the Death Benefit continues until otherwise terminated as noted in the discussion below.

You should consider the following provisions carefully when designating the Beneficiary, Annuitant, any contingent Annuitant and any joint owner, as well as before changing any of these parties. The identity of these parties under the Contract may significantly affect the amount and timing of the Death Benefit or other amount paid upon a Contractowner's or Annuitant's death.

You may designate a Beneficiary during your lifetime and change the Beneficiary by filing a written request with our Home Office. Each change of Beneficiary revokes any previous designation. We reserve the right to request that you send us the Contract for endorsement of a change of Beneficiary.

Upon the death of the Contractowner, a Death Benefit will be paid to the Beneficiary. Upon the death of a joint owner, the Death Benefit will be paid to the surviving joint owner. If the Contractowner is a corporation or other non-individual (non-natural person), the death of the Annuitant will be treated as the death of the Contractowner.

If an Annuitant who is not the Contractowner or joint owner dies, then the contingent Annuitant, if named, becomes the Annuitant and no Death Benefit is payable on the death of the Annuitant. If no contingent Annuitant is named, the Contractowner (or younger of joint owners) becomes the Annuitant. Alternatively, a Death Benefit may be paid to the Contractowner (and joint owner, if applicable, in equal shares). Notification of the election of this Death Benefit must be received by us within 75 days of the death of the Annuitant. The Contract terminates when any Death Benefit is paid due to the death of the Annuitant.

**If a Contractowner, joint owner, or Annuitant was added or changed subsequent to the effective date of the Contract (unless the change occurred because of the death of a prior Contractowner, joint owner, or Annuitant), upon death, we will only pay the Contract Value as of the Valuation Date we approve the payment of the death claim.**

If your Contract Value equals zero, no Death Benefit will be paid.

**Account Value Death Benefit.** The Account Value Death Benefit provides a Death Benefit equal to the Contract Value on the Valuation Date the Death Benefit is approved by us for payment. **No additional Death Benefit is provided.** Once you have selected this Death Benefit option, it cannot be changed. (Your Contract may refer to this benefit as the Contract Value Death Benefit.) For example, assume an initial deposit into the Contract of $10,000. The Contract Value increases and equals $12,000 on the Valuation Date the death claim is approved. The amount of Death Benefit paid equals $12,000.

**Guarantee of Principal Death Benefit.** The Guarantee of Principal Death Benefit is the default Death Benefit under this Contact; this means that if you do not select a Death Benefit, the Guarantee of Principal Death Benefit will be automatically selected for you at contract issue. There is an additional charge for this Death Benefit, and it may only be elected when the contract is issued.

The Guarantee of Principal Death Benefit provides a Death Benefit equal to the greater of:

● the current Contract Value as of the Valuation Date we approve the payment of the claim; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● the sum of all Purchase Payments decreased by withdrawals in the same proportion that withdrawals reduced the Contract Value. Withdrawals less than or equal to the Protected Annual Income amount under applicable Living Benefit Riders (except Lincoln Wealth PassSM) may reduce the sum of all Purchase Payment amounts on a dollar-for-dollar basis. See Benefits Available Under the Contract – Lincoln ProtectedPay® lifetime income suite or Appendix C — Discontinued Living Benefit Riders – Lincoln Lifetime IncomeSM Advantage 2.0 (Managed Risk), Lincoln Market Select® Advantage, Lincoln Max 6 SelectSM Advantage, and Lincoln IRA Income PlusSM.

For example, assume an initial deposit into the Contract of $10,000, and no withdrawals have been taken. The Contract Value decreases and equals $8,000 on the Valuation Date the death claim is approved. Since your principal is guaranteed, the amount of Death Benefit paid equals $10,000.

In a declining market, withdrawals reduce the Death Benefit in the same proportion the Contract Value is reduced, which has a magnified effect on the reduction of the Death Benefit payable. This is because the reduction in the benefit may be more than the dollar amount withdrawn from the Contract Value. All references to withdrawals include deductions for any applicable charges associated with those withdrawals (surrender charges for example) and premium taxes, if any.

The Guarantee of Principal Death Benefit may be discontinued by completing the Change of Death Benefit form and sending it to our Home Office. The benefit will be discontinued as of the Valuation Date we receive the request and the Account Value Death Benefit will apply. We will begin deducting the charge for the Account Value Death Benefit as of that date. See Charges, Other Deductions, and Adjustments.

**Enhanced Guaranteed Minimum Death Benefit (EGMDB).** The EGMDB is available for an additional charge and may only be elected when the Contract is issued.

The EGMDB provides a Death Benefit equal to the greatest of:

● the current Contract Value as of the Valuation Date we approve the payment of the claim; or

● the sum of all Purchase Payments decreased by withdrawals in the same proportion that withdrawals reduced the Contract Value. Withdrawals less than or equal to the Protected Annual Income amount under applicable Living Benefit Riders (except Lincoln Wealth PassSM) may reduce the sum of all Purchase Payment amounts on a dollar-for-dollar basis. See Benefits Available Under the Contract – Lincoln ProtectedPay® lifetime income suite or Appendix C — Discontinued Living Benefit Riders – Lincoln Lifetime IncomeSM Advantage 2.0 (Managed Risk), Lincoln Market Select® Advantage, Lincoln Max 6 SelectSM Advantage, and Lincoln IRA Income PlusSM; or

● the highest Contract Value on any contract anniversary (including the inception date) (determined before the allocation of any Purchase Payments on that contract anniversary) prior to the 81st birthday of the deceased Contractowner, joint owner (if applicable), or Annuitant and prior to the death of the Contractowner, joint owner (if applicable) or Annuitant for whom a death claim is approved for payment. The highest Contract Value is increased by Purchase Payments and is decreased by withdrawals subsequent to that anniversary date in the same proportion that withdrawals reduced the Contract Value.

The following example shows how the Death Benefit amount is calculated under the EGMDB:

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| | |
|:---|:---|
| 7/3/2026 Initial Deposit / Contract Value | &nbsp;&nbsp; $10000 |
| 7/3/2030 Contract Value | &nbsp;&nbsp; $25000 |
| 7/3/2031 Contract Value | &nbsp;&nbsp; $23500 |

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The EGMDB provides a Death Benefit equal to the highest Contract Value on any contract anniversary, so the amount of Death Benefit paid equals $25,000 on the date the death claim is approved.

In a declining market, withdrawals reduce the Death Benefit in the same proportion the Contract Value is reduced, which has a magnified effect on the reduction of the Death Benefit payable. This is because the reduction in the benefit may be more than the dollar amount withdrawn from the Contract Value. All references to withdrawals include deductions for any applicable charges associated with those withdrawals(surrender charges for example) and premium taxes, if any.

The EGMDB is not available under contracts issued to a Contractowner, or joint owner or Annuitant, who is age 80 or older at the time of issuance.

There is an additional charge for this Death Benefit. You may discontinue the EGMDB at any time by completing the Change of Death Benefit form and sending it to our Home Office. The benefit will be discontinued as of the Valuation Date we receive the request, and the Guarantee of Principal Death Benefit or the Account Value Death Benefit will apply. We will begin deducting the applicable charge for the new Death Benefit as of that date. See Charges, Other Deductions, and Adjustments.

Death Benefits which are no longer available for election include: Estate Enhancement Benefit Rider (EEB Rider). An Appendix to this prospectus provides a detailed description of this Death Benefit.

***Estate Lock***<sup>SM</sup> **Death Benefit.** The *Estate Lock*<sup>SM</sup> Death Benefit provides a Death Benefit equal to the greater of:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● the current Contract Value as of the Valuation Date we approve the payment of the claim upon the death of the Contractowner/Annuitant; or

● the sum of all Purchase Payments decreased by Excess Withdrawals in the same proportion that withdrawals reduced the Contract Value. Withdrawals less than or equal to the Protected Annual Income amount under Lincoln ProtectedPay® and Estate LockSM do not reduce the sum of all Purchase Payments for this Death Benefit. All withdrawals reduce the Contract Value.

For example, assume an initial deposit into the Contract of $10,000, and a $500 withdrawal has been taken that is equal to or less than the Protected Annual Income Amount. The Contract Value decreases due to subaccount performance and equals $8,000 on the Valuation Date the death claim is approved. Since your principal is guaranteed and not reduced for Protected Annual Income, the amount of the Death Benefit paid equals $10,000.

In a declining market, Excess Withdrawals reduce the Death Benefit in the same proportion the Contract Value is reduced, which may have a magnified effect on the reduction of the Death Benefit payable. This is because the reduction in the benefit may be more than the dollar amount withdrawn from the Contract Value. All references to Excess Withdrawals include deductions for premium taxes, if any.

**Availability.** The *Estate Lock*<sup>SM</sup> Death Benefit can only be elected at the time the Contract is purchased, and only in conjunction with the *Lincoln ProtectedPay*<sup>®</sup> and *Estate Lock*<sup>SM</sup> rider, subject to state availability and broker-dealer approval. The rider will be effective on the Contract's effective date. The Contractowner/Annuitant must be 35 to 75 years of age at the time the Contract is issued.

The *Estate Lock*<sup>SM</sup> Death Benefit may not be terminated unless you surrender the Contract. In addition, the Death Benefit rider will terminate:

1. on the selection of an Annuity Payout option;

2. if a withdrawal is taken prior to the youngest age on the Rate Sheet;

3. upon the termination of the Lincoln ProtectedPay® and Estate LockSM rider;

4. if the Contract Value is reduced to zero;

5. upon the election of any Annuity Payout option, including i4LIFE® Advantage;

6. upon the death of the Annuitant; or

7. at any time the Contractowner/Annuitant is changed.

If the Beneficiary is the spouse of the Contractowner, the surviving spouse may elect to continue the Contract as the new Contractowner but will not be allowed to assume the *Estate Lock*<sup>SM</sup> Death Benefit. Upon death of the spouse who continues the Contract, the Account Value Death Benefit will be paid.

**General Death Benefit Information**

**Only one of these Death Benefits may be in effect at any one time. Your Death Benefit terminates on and after the selection of an Annuity Payout option. *i4LIFE***<sup>®</sup> **Advantage only provides Death Benefit options during the Access Period. There are no Death Benefits during the Lifetime Income Period. Please see the *i4LIFE***<sup>®</sup> **Advantage – *i4LIFE***<sup>®</sup> **Advantage Death Benefit section of this prospectus for more information.**

If there are joint owners, upon the death of the first Contractowner, we will pay a Death Benefit to the surviving joint owner. The surviving joint owner will be treated as the primary, designated Beneficiary. Any other Beneficiary designation on record at the time of death will be treated as a contingent Beneficiary. If the surviving joint owner is the spouse of the deceased joint owner, he/she may continue the Contract as sole Contractowner but will not be allowed to assume the *Estate Lock*<sup>SM</sup> Death Benefit. Upon the death of the spouse who continued the Contract, we will pay a Death Benefit to the designated Beneficiary(s).

If the Beneficiary is the spouse of the Contractowner, then the spouse may elect to continue the Contract as the new Contractowner. All Contract provisions relating to spousal continuation are available only to a person who meets the definition of "spouse" under federal law. The U.S. Supreme Court has held that same-sex marriages must be permitted under state law and that marriages recognized under state law will be recognized for federal law purposes. Domestic partnerships and civil unions that are not recognized as legal marriages under state law, however, will not be treated as marriages under federal law. **You are strongly encouraged to consult a tax advisor before electing spousal rights under the Contract.** 

Should the surviving spouse elect to continue the Contract, a portion of the Death Benefit may be credited to the Contract. Any portion of the Death Benefit that would have been payable (if the Contract had not been continued) that exceeds the current Contract Value on the Valuation Date we approve the claim will be added to the Contract Value. A portion of the Death Benefit credited to the Contract will be allocated to the variable Subaccounts in proportion to the Contract Value in each variable Subaccount. If the Contract is continued in this way the Death Benefit in effect at the time the Beneficiary elected to continue the Contract will remain as the Death Benefit.

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The value of the Death Benefit will be determined as of the Valuation Date we approve the payment of the claim. Approval of payment will occur upon our receipt of a claim submitted in Good Order. To be in Good Order, we require all the following:

1. an original certified death certificate or other proof of death satisfactory to us; and

2. written authorization for payment; and

3. all required claim forms, fully completed (including selection of a settlement option).

Notwithstanding any provision of this Contract to the contrary, the payment of Death Benefits provided under this Contract must be made in compliance with Code Section 72(s) or 401(a)(9) as applicable, as amended from time to time. Death Benefits may be taxable. See Federal Tax Matters.

Unless otherwise provided in the Beneficiary designation, one of the following procedures will take place on the death of a Beneficiary:

● if any Beneficiary dies before the Contractowner, that Beneficiary's interest will go to any other Beneficiaries named, according to their respective interests; and/or

● if no Beneficiary survives the Contractowner, the proceeds will be paid to the Contractowner's estate.

If the Beneficiary is a minor, court documents appointing the guardian/custodian may be required.

The Beneficiary may choose the method of payment of the Death Benefit unless the Contractowner has already selected a settlement option. If the Contract is a nonqualified contract, the Death Benefit payable to the Beneficiary or joint owner must be distributed within five years of the Contractowner's date of death unless the Beneficiary begins receiving, within one year of the Contractowner's death, the distribution in the form of a life annuity or an annuity for a designated period not extending beyond the Beneficiary's life expectancy. If the Death Benefit is not distributed within five years of the Contractowner's date of death, for any reason, including the claim was not presented in Good Order, then the Company will pay the proceeds to the Beneficiary.

If the Contract is a qualified contract or IRA, then according to the IRC, the Death Benefit payable to the Beneficiary or joint owner must be distributed within ten years of the Contractowner's date of death unless the Beneficiary is an "eligible designated beneficiary". An eligible designated beneficiary may take the Death Benefit distribution in the form of a life annuity or an annuity for a designated period not extending beyond the Beneficiary's life expectancy, subject to certain additional exceptions. If the Contract is not distributed within the ten-year deadline, for any reason, including that the claim was not presented in Good Order, the balance is treated as a required minimum distribution under the Internal Revenue Code and subject to a 50% tax.

Upon the death of the Annuitant, Federal tax law requires that an annuity election be made no later than 60 days after we have approved the death claim for payment.

The recipient of a Death Benefit may elect to receive payment either in the form of a lump sum settlement or an Annuity Payout. If a lump sum settlement is elected, the proceeds will be mailed within seven days of approval by us of the claim subject to the laws, regulations and tax code governing payment of Death Benefits. This payment may be postponed as permitted by the Investment Company Act of 1940.

**Abandoned Property.** Every state has unclaimed property laws which generally declare annuity contracts to be abandoned after a period of inactivity of three to five years from the date a benefit is due and payable. For example, if the payment of a Death Benefit has been triggered, but, if after a thorough search, we are still unable to locate the Beneficiary of the Death Benefit, or the Beneficiary does not come forward to claim the Death Benefit in a timely manner, the Death Benefit will be "escheated". This means that the Death Benefit will be paid to the abandoned property division or unclaimed property office of the state in which the Beneficiary or the Contractowner last resided, as shown on our books and records, or to our state of domicile. This escheatment is revocable and the state is obligated to pay the Death Benefit (without interest) if your Beneficiary steps forward to claim it with the proper documentation.

To prevent such escheatment, it is important that you update your Beneficiary designations, including addresses, if and as they change. You may update your Beneficiary designations by submitting a Beneficiary change form to our Home Office.

**Additional Services**

These additional services are available to you under your Contract: dollar-cost averaging (DCA), automatic withdrawal service (AWS), and portfolio rebalancing. Currently, there is no charge for these services. However, we reserve the right to impose one after appropriate notice to Contractowners. In order to take advantage of one of these services, you will need to complete the appropriate election form that is available from our Home Office or call 1-888-868-2583. These services will stop once we become aware of a pending death claim. For further detailed information on these services, please see Additional Services in the SAI.

**Dollar-Cost Averaging.** Dollar-cost averaging allows you to transfer amounts from the DCA fixed account, if available, or certain Subaccounts into the Subaccounts on a monthly basis or in accordance with other terms we make available.

You may elect to participate in the DCA program at the time of application or at any time before the selection of an Annuity Payout option by completing our election form, by calling our Home Office, or by other electronic means. The minimum amount to be dollar

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cost averaged (DCA'd) is $1,500 over any time period between three and 60 months. We may offer different time periods for new Purchase Payments and for transfers of Contract Value. State variations may exist. Once elected, the program will remain in effect until the earlier of:

● the selection of an Annuity Payout option;

● the value of the amount being DCA'd is depleted; or

● you cancel the program by written request or by telephone if we have your telephone authorization on file.

We reserve the right to limit certain time periods or to restrict access to this program at any time.

A transfer made as part of this program is not considered a transfer for purposes of limiting the number of transfers that may be made, or assessing any charges or Interest Adjustment which may apply to transfers. Upon receipt of an additional Purchase Payment allocated to the DCA fixed account, if available, the existing program duration will be extended to reflect the end date of the new DCA program. However, the existing interest crediting rate will not be extended. The existing interest crediting rate will expire at its originally scheduled expiration date and the value remaining in the DCA account from the original amount as well as any additional Purchase Payments will be credited with interest at the standard DCA rate at the time. If you cancel the DCA program, your remaining Contract Value in the DCA program will be allocated to the Subaccounts according to your allocation instructions. We reserve the right to discontinue or modify this program at any time. If you have chosen DCA from one of the Subaccounts, only the amount allocated to that DCA program will be transferred. Investment gain, if any, will remain in <u>that</u> Subaccount unless you reallocate it to one of the other Subaccounts. If you are enrolled in automatic rebalancing, this amount may be automatically rebalanced based on your allocation instructions in effect at the time of rebalancing. DCA does not assure a profit or protect against loss.

**Automatic Withdrawal Service.** The automatic withdrawal service (AWS) provides for an automatic periodic withdrawal of your Contract Value. Withdrawals under AWS are subject to applicable surrender charges and Interest Adjustments. See Charges, Other Deductions, and Adjustments — Surrender Charge and Fixed Side of the Contract — Interest Adjustment. Withdrawals under AWS will be noted on your quarterly statement. AWS is also available for amounts allocated to the fixed account, if applicable.

**Portfolio Rebalancing.** Portfolio rebalancing is an option that restores to a pre-determined level the percentage of Contract Value allocated to each Subaccount. The rebalancing may take place monthly, quarterly, semi-annually or annually. Rebalancing events will be noted on your quarterly statement. The fixed account is not available for portfolio rebalancing.

Only one of the two additional services (DCA and portfolio rebalancing) may be used at one time. For example, you cannot have DCA and portfolio rebalancing running simultaneously. We reserve the right to discontinue any or all of these administrative services at any time.

**Living Benefit Riders**

The Living Benefit Riders described in this section provide different methods to take income from your Contract Value or receive lifetime payments and provide certain guarantees, regardless of the investment performance of the Contract. These guarantees are subject to certain conditions, as set forth below. There are differences between the riders in the features provided, income rates, investment options, charge rates, and charge structure. Additionally, the age at which you may begin receiving a benefit from your rider may vary between riders. In addition, the purchase of one rider may impact the availability of another rider. Not all riders will be available at all times. Before you elect a rider, or terminate your existing rider to elect a new rider, you should carefully review the terms and conditions of each rider. Riders elected at contract issue will be effective on the Contract's effective date. Riders elected after the Contract is issued will be effective on the next Valuation Date following approval by us. You cannot elect more than one Living Benefit Rider or payout option offered in your Contract at any one time. Your registered representative will help you determine which Living Benefit Rider best suits your financial goals.

**The benefits and features of the optional Living Benefit Riders are separate and distinct from the downside protection strategies that may be employed by the funds offered under the Contract. The riders do not guarantee the investment results of the funds.** 

**There is no guarantee that any Living Benefit Rider (except *i4LIFE***<sup>®</sup> **Advantage) will be available in the future, as we reserve the right to discontinue them at any time. In addition, we may make different versions of a rider available to new purchasers. Certain broker-dealers may require Contractowners to make post-contract issue rider requests through their registered representative. If your registered representative of record is affiliated with such a broker-dealer we will not process your request until you consult with your registered representative.**

Excess Withdrawals under certain Living Benefit Riders may result in a reduction or premature termination of those benefits or of those riders. If you are not certain how an Excess Withdrawal will reduce your future guaranteed amounts, you should contact either your registered representative or us prior to requesting a withdrawal to find out what impact, if any, the Excess Withdrawal will have on any guarantees under the Living Benefit Rider.

**If you purchase a Living Benefit Rider (except *i4LIFE***<sup>®</sup> **Advantage without the Guaranteed Income Benefit), you will be required to adhere to Investment Requirements, which will limit your ability to invest in certain Subaccounts offered in your Contract. In addition, the fixed account is not available except for use with dollar cost averaging. See Appendix B – Investment Requirements and Appendix C – Discontinued Death Benefit and Living Benefit Riders for more information.**

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From time to time, we relax our rules that apply to dropping certain riders and subsequently adding certain new ones. For example, we may waive the waiting period and instead permit you to add a new rider immediately after dropping your old one. We may also let you drop a rider before it has been in effect for the required holding period. When you drop your old rider, your old rider and charge will be terminated.

If you drop a rider for a new one during a period of time when we do not have an offer in place or have a different offer, you will not be eligible for any future offers related to the rider you previously dropped, even if such future offer would have included a greater or different benefit.

**Rate Sheets**

The current Enhancement rate, Protected Annual Income rates, and Guaranteed Income Benefit percentages available under certain Living Benefit Riders are declared in a Rate Sheet prospectus supplement. The Rate Sheet indicates the current rates and/or current percentages and the date by which your application or rider election form must be signed and dated for a rider to be issued with those rates and/or percentages. The rates and/or percentages may be superseded at any time, in our sole discretion, and may be higher or lower than the rates and/or percentages on the previous Rate Sheet.

The effective date of a subsequent Rate Sheet will be at least 10 days after it is filed. In order to get the rate and/or percentage indicated in a Rate Sheet, your application or rider election form must be sent to us, and must be signed and dated on or after the effective date of the Rate Sheet. Current Rate Sheets will be included with the prospectus. You can also obtain the most current Rate Sheet by contacting your registered representative, online at www.lfg.com/VAprospectus or by calling us at 1-888-868-2583. The rates and/or percentages from previous effective periods are included in Appendix D, E and F to this prospectus.

***Lincoln ProtectedPay***<sup>®</sup> **and *Estate Lock***<sup>SM</sup>

*Lincoln ProtectedPay*<sup>®</sup> and *Estate Lock*<sup>SM</sup> is a combination Living Benefit Rider and Death Benefit rider. These riders are designed to work in conjunction with each other and may not be purchased separately. *Lincoln ProtectedPay*<sup>®</sup> and *Estate Lock*<sup>SM</sup> is available for purchase (subject to state availability and broker-dealer approval), and provides:

● Guaranteed lifetime periodic withdrawals up to the Protected Annual Income amount which is based upon a guaranteed Protected Income Base;

● An Enhancement amount added to the Protected Income Base if certain criteria are met, as set forth below;

● Annual step-ups of the Protected Income Base to the Contract Value if the Contract Value is equal to or greater than the Protected Income Base after an Enhancement;

● Age-based increases to the Protected Annual Income amount (after reaching a higher age-band and after an Account Value Step-up); and

● A Death Benefit payable to the Beneficiary of your Contract upon the death of the Annuitant.

Protected Annual Income lifetime income payments are based upon specified percentages of the Protected Income Base, which are age-based and may increase over time.

**Please note any withdrawals made prior to the minimum withdrawal age, as stated on the Rate Sheet, are considered Excess Withdrawals. In most states, amounts that are payable to any assignee or assignee's bank account are considered Excess Withdrawals. Excess Withdrawals may significantly reduce your Protected Income Base, Enhancement Value, and Enhancement Base as well as your Protected Annual Income amount by an amount greater than the dollar amount of the Excess Withdrawal and will terminate the rider if the Protected Income Base is reduced to zero. If the Enhancement Base is reduced to zero, you will not be eligible for further Enhancements. Withdrawals will also negatively impact the availability of an Enhancement.**

The Contractowner or Annuitant may not be changed while this rider is in effect, including any sale or assignment of the contract as collateral.

**Availability.** The *Lincoln ProtectedPay Select Core*<sup>®</sup> and *Estate Lock*<sup>SM</sup> rider can only be elected at the time the Contract is purchased, and only in conjunction with the *Estate Lock*<sup>SM</sup> Death Benefit, subject to state approval and variations. *Lincoln ProtectedPay Secure Core*<sup>®</sup> and *Estate Lock*<sup>SM</sup> is no longer available for purchase. The rider will be effective on the Contract's effective date. The initial Purchase Payment must be at least $25,000. Rider elections are subject to Home Office approval if total Purchase Payments equal $1 million or more.

*Lincoln ProtectedPay Select Core*<sup>®</sup> and *Estate Lock*<sup>SM</sup> is available for purchase with nonqualified and qualified (IRAs and Roth IRAs) annuity contracts. The Contractowner or Annuitant must be 35 to 75 years of age at the time the Contract is issued (at least age 58 for contracts issued in the state of Maryland).

**Benefit Year.** The Benefit Year is the 12-month period starting with the effective date of the rider and starting with each anniversary of the rider effective date after that. If your Benefit Year anniversary falls on a day that the New York Stock Exchange is closed, any benefit calculations scheduled to occur on that anniversary will occur on the next Valuation Date.

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**Protected Income Base and Enhancement Base.** The Protected Income Base is a value used to calculate your Protected Annual Income amount. The initial Protected Income Base will equal your initial Purchase Payment. The Protected Income Base is increased by subsequent Purchase Payments, Account Value Step-ups and Enhancements, and decreased by Excess Withdrawals in accordance with the provisions set forth below. The Protected Income Base will be reset on each Benefit Year anniversary to the greater of the current Protected Income Base, the Enhancement Value, or the Account Value Step-up. The maximum Protected Income Base is $10 million, which includes the total guaranteed amounts under the Living Benefit Riders of all Lincoln Life contracts (or contracts issued by our affiliates) owned by you. State variations may exist.

The Enhancement Base is the value used to calculate the amount that may be added to the Enhancement Value. The Enhancement Base is equal to the initial Purchase Payment or the Contract Value on the effective date of the rider, increased by subsequent Purchase Payments (according to the timeline outlined below) and decreased by Excess Withdrawals in accordance with the provisions set forth below. The Enhancement Base is **not** increased by an Enhancement or Account Value Step-up.

The Protected Income Base, Enhancement Value, and the Enhancement Base are not available to you as a lump sum withdrawal or as a Death Benefit.

Additional Purchase Payments received after the rider effective date automatically increase the Protected Income Base, Enhancement Value and the Enhancement Base by the amount of the Purchase Payment (not to exceed the maximum Protected Income Base); for example, a $10,000 additional Purchase Payment will increase the Protected Income Base, Enhancement Value and Enhancement Base by $10,000. Any Purchase Payment will be added immediately to the Protected Income Base and the Enhancement Value and will result in an increased Protected Annual Income amount but must be invested in the contract at least one Benefit Year before it will be added to the Enhancement Base. Any Purchase Payments made within the first 90 days after the effective date of the rider will be included in the Enhancement Base for purposes of calculating the Enhancement on the first Benefit Year anniversary.

After the first anniversary of the rider effective date, once cumulative additional Purchase Payments exceed $100,000, additional Purchase Payments will be limited to $50,000 per Benefit Year without Home Office approval. **Additional Purchase Payments will not be allowed if the Contract Value decreases to zero for any reason, including market loss.** 

**Enhancement.** We will calculate the Enhancement Value on each Benefit Year anniversary during the Enhancement Period if no withdrawal occurred in that Benefit Year. The Enhancement will occur on a Benefit Year anniversary only if all following conditions are satisfied.

On each Benefit Year anniversary, the Protected Income Base will be the greater of the Contract Value and the Enhancement Value, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the Contractowner/Annuitant is under age 86;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. there are no withdrawals in the preceding Benefit Year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. the rider is within the Enhancement Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. the Enhancement Value is greater than the Protected Income Base immediately prior to a Benefit Year anniversary adjustment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. the Enhancement Value is greater than an Account Value Step-up that may have occurred on the same Benefit Year anniversary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. the Enhancement Base is greater than zero.

The initial Enhancement Value on the first Benefit Year anniversary, assuming no withdrawal occurred in that Benefit Year, is the sum of (A) and ((A multiplied by (B)), where "A" is the Enhancement Base and "B" is the Enhancement Rate. If there is a withdrawal, the Enhancement Value will not increase that year.

On each subsequent rider date anniversary thereafter, assuming no withdrawal occurred in that Benefit Year, the Enhancement Value established on the previous Benefit Year anniversary is increased by an amount equal to the Enhancement Base multiplied by the Enhancement Rate. Excess Withdrawals reduce the Protected Income Base, Enhancement Value and Enhancement Base as discussed below. The reduction to the Protected Income Base, Enhancement Value and the Enhancement Base could be more than the dollar amount of the withdrawal. Withdrawals less than or equal to the Protected Annual Income amount will not reduce the Protected Income Base, Enhancement Value or Enhancement Base.

The current Enhancement rate applicable to new rider elections is determined in our sole discretion based on current economic factors including interest rates and equity market volatility. Generally, the rate may increase or decrease based on changes in equity market volatility, prevailing interest rates, or as a result of other economic conditions. The rate structure is intended to help us provide the guarantees under the rider. The Enhancement rate for new rider elections may be higher or lower than prior rates, but for existing Contractowners that have elected the rider, your rate will not change as a result.

The Enhancement rate applicable to new rider elections is set forth in a Rate Sheet prospectus supplement. The Rate Sheet indicates the Enhancement rate and the date by which your application must be signed and dated for a rider to be issued with this rate. The rate may be superseded at any time, in our sole discretion, and may be higher or lower than the rate on the previous Rate Sheet.

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The effective date of a subsequent Rate Sheet will be at least 10 days after it is filed. In order to get the rate indicated in a Rate Sheet, your application must be sent to us and must be signed and dated on or after the effective date of the Rate Sheet. Current Rate Sheets will be included with the prospectus. You can also obtain the most current Rate Sheet by contacting your registered representative, online at www.lfg.com/VAprospectus or by calling us at 1-888-868-2583. Enhancement Rates for previous effective periods are included in Appendix F to this prospectus.

**Note: The Enhancement is not available on any Benefit Year anniversary if an Account Value Step-up to the Protected Income Base occurs, or where there has been a withdrawal of Contract Value (including a Protected Annual Income payment) in the preceding Benefit Year. If you are eligible (as defined above) for the Enhancement in the next Benefit Year, the Enhancement will not occur until the Benefit Year anniversary of that year.** 

The following is an example of the impact of a 6% Enhancement on the Protected Income Base and assumes that no withdrawals have been made.

Initial Purchase Payment = $100,000; Protected Income Base = $100,000; Enhancement Base = $100,000; Enhancement Value = $100,000

Additional Purchase Payment on day 30 = $15,000; Protected Income Base = $115,000; Enhancement Base = $115,000; Enhancement Value = $115,000

On the first Benefit Year anniversary, because the additional Purchase Payment is within the first 90 days after the effective date of the rider, the Protected Income Base and Enhancement Value will not be less than $121,900 (= $115,000 + ($100,000 x 6% + $15,000 x 6%)).

Consider a further additional Purchase Payment on day 95 = $10,000; Protected Income Base = $125,000; Enhancement Base = $115,000; Enhancement Value = $125,000

On the first Benefit Year anniversary, because the additional Purchase Payment is after the first 90 days from the effective date of the rider, the Protected Income Base and Enhancement Value will not be less than $131,900 (= $125,000 + ($100,000 x 6% + $15,000 x 6%)). The additional $10,000 will be added to the Enhancement Base on the second Benefit Year anniversary.

As explained below and as noted above, an Enhancement and Account Value Step-up will not occur in the same year. If the Account Value Step-up provides an increase equal to or greater than what the Enhancement provides, you will not receive the Enhancement. It is possible that this could happen each Benefit Year (because the Account Value Step-up provided a larger increase each year), and therefore the Enhancement would not apply. The Enhancement or the Account Value Step-up cannot increase the Protected Income Base above the maximum Protected Income Base of $10 million.

An example of the impact of a withdrawal on the Enhancement is included in the Withdrawal Amount section below.

**Enhancement Period.** The Enhancement Period is a 10-year period that begins on the effective date of the rider. Enhancements are not available once the Enhancement Period has expired.

**Account Value Step-ups.** The Protected Income Base will increase up to equal the highest Contract Value on each Benefit Year anniversary if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the Contractowner/Annuitant are under age 86; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the highest Contract Value on that Benefit Year anniversary, after the deduction of any withdrawals (including surrender charges, the protected lifetime income fee and account fee), plus any Purchase Payments made on that date, is greater than the Protected Income Base immediately prior to that Benefit Year anniversary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. the Contract Value is equal to or greater than the Enhancement Value on the same Benefit Year anniversary.

The Account Value Step-up will not increase the Enhancement Base or the Enhancement Value and is available even in those years when a withdrawal has occurred.

The protected lifetime income fee rate can change each time there is an Account Value Step-up. That means if the current fee rate has increased, this would cause an increase in your annual fee rate for this rider. If your fee rate is increased, you may opt out of the Account Value Step-up by giving us notice within 30 days after the Benefit Year anniversary. (See Protected Lifetime Income Fee **–** *Lincoln ProtectedPay*<sup>®</sup> and *Estate Lock*<sup>SM</sup> Fee.) If you decline an Account Value Step-up, you will continue to be eligible for future Account Value Step-ups if you meet the conditions listed above.

Following is an example of how the Account Value Step-ups and the Enhancement impact the Protected Income Base (assuming no withdrawals or additional Purchase Payments):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Contract**<br> **Value**<br>| **Protected Income Base** | **Enhancement Base** | **Enhancement Value** |
| At issue | &nbsp;&nbsp; $100000 | &nbsp;&nbsp; $100000 | &nbsp;&nbsp; $100000 | &nbsp;&nbsp; $100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1<sup>st</sup> Benefit Year <br> anniversary<br>| &nbsp;&nbsp; $104000 | &nbsp;&nbsp; $106000 | &nbsp;&nbsp; $100000 | &nbsp;&nbsp; $106000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2<sup>nd</sup> Benefit Year <br> anniversary<br>| &nbsp;&nbsp; $115000 | &nbsp;&nbsp; $115000 | &nbsp;&nbsp; $100000 | &nbsp;&nbsp; $112000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3<sup>rd</sup> Benefit Year <br> anniversary<br>| &nbsp;&nbsp; $116000 | &nbsp;&nbsp; $118000 | &nbsp;&nbsp; $100000 | &nbsp;&nbsp; $118000 |

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On the first Benefit Year anniversary, the Contract Value is higher than the previous Protected Income Base of $100,000, but since the Enhancement would increase the Protected Income Base to a higher amount, the Protected Income Base is increased to equal the Enhancement Value of $106,000, and the Enhancement Base remains at $100,000.

On the second Benefit Year anniversary, the Contract Value of $115,000 is higher than the Enhancement Value of $112,000 ($112,000 = $106,000 + ($100,000 x 6%), so the Protected Income Base is increased to equal the Contract Value of $115,000, and the Enhancement Base remains at $100,000.

On the third Benefit Year anniversary, the Contract Value is higher than the previous Protected Income Base of $115,000, but since the Enhancement would increase the Protected Income Base to a higher amount, the Protected Income Base is increased to equal the Enhancement Value of $118,000, and the Enhancement Base remains at $100,000.

**Withdrawal Amount.** Protected Annual Income withdrawals are available at the youngest age on the Rate Sheet. The minimum age may vary between the different rider options. The Protected Annual Income amount may be withdrawn from the contract each Benefit Year. As long as the Protected Annual Income amount is not reduced to zero because of an Excess Withdrawal, these withdrawals may be taken for your lifetime. **You will not be entitled to the Protected Annual Income amount if the Protected Income Base is reduced to zero as a result of an Excess Withdrawal. If either the Contract Value or the Protected Income Base is reduced to zero due to an Excess Withdrawal, the rider will terminate.** 

The Protected Annual Income amount is determined by multiplying the Protected Income Base by the applicable rate, which varies by which rider option is selected and based on your age. The Protected Annual Income amount will change upon an Account Value Step-up, an Enhancement (if applicable), additional Purchase Payments, and Excess Withdrawals, as described below.

The Protected Annual Income rates applicable to new rider elections are set forth in a supplement to this prospectus, called a Rate Sheet. The Rate Sheet indicates the Protected Annual Income rates and the date by which your application must be signed and dated for a contract to be issued with those rates. The rates may be superseded at any time, in our sole discretion, and may be higher or lower than the rates on the previous Rate Sheet.

The effective date of a subsequent Rate Sheet will be at least 10 days after it is filed. In order to get the rate indicated in a Rate Sheet, your application must be sent to us and must be signed and dated on or after the effective date of the Rate Sheet. Current Rate Sheets will be included with the prospectus. You can also obtain the most current Rate Sheet by contacting your registered representative, online at www.lfg.com/VAprospectus or by calling us at 1-888-868-2583. Protected Annual Income rates for previous effective periods are included in Appendix D to this prospectus.

After your first Protected Annual Income withdrawal, the Protected Annual Income rate will only increase on a Benefit Year anniversary on or after you have reached an applicable higher age band and after there has also been an Account Value Step-up. If you have reached an applicable higher age band and there has not also been a subsequent Account Value Step-up, then the Protected Annual Income rate will not increase until the next Account Value Step-up occurs. If you do not withdraw the entire Protected Annual Income amount during a Benefit Year, there is no carryover of the remaining amount into the next Benefit Year.

If your Contract Value is reduced to zero for any reason other than for an Excess Withdrawal, the remaining Protected Annual Income amounts for that Benefit Year will be paid in a lump sum. On the next rider anniversary, the scheduled amount will automatically resume and continue for your life under the Protected Annual Income Payout Option. You may not withdraw the remaining Protected Income Base, Enhancement Base or Enhancement Value in a lump sum.

Withdrawals equal to or less than the Protected Annual Income amount will not reduce the Protected Income Base, Enhancement Base or Enhancement Value. All withdrawals will decrease the Contract Value. Surrender charges are waived on cumulative withdrawals less than or equal to the Protected Annual Income amount.

The following example shows the calculation of the Protected Annual Income amount and how withdrawals less than or equal to the Protected Annual Income amount impact the Protected Income Base, the Enhancement Base, Enhancement Value, and the Contract Value. The example assumes a 5% Protected Annual Income rate and a Contract Value of $200,000 on the rider's effective date:

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| | |
|:---|:---|
| Contract Value on the rider's effective date | &nbsp;&nbsp; $200000 |
| Protected Income Base, Enhancement Base and Enhancement <br> Value on the rider's effective date<br>| &nbsp;&nbsp; $200000 |
| Initial Protected Annual Income amount on the rider's effective <br> date ($200,000 x 5%)<br>| &nbsp;&nbsp; $10000 |
| Contract Value six months after rider's effective date | &nbsp;&nbsp; $210000 |
| Protected Income Base, Enhancement Base and Enhancement <br> Value six months after rider's effective date<br>| &nbsp;&nbsp; $200000 |
| Withdrawal six months after rider's effective date | &nbsp;&nbsp; $10000 |
| Contract Value after withdrawal ($210,000 - $10,000) | &nbsp;&nbsp; $200000 |
| Protected Income Base, Enhancement Base and Enhancement <br> Value after withdrawal ($200,000 - $0)<br>| &nbsp;&nbsp; $200000 |
| Contract Value on first Benefit Year anniversary | &nbsp;&nbsp; $205000 |
| Protected Income Base first Benefit Year anniversary | &nbsp;&nbsp; $205000 |
| Enhancement Value and Enhancement Base on first Benefit Year <br> anniversary<br>| &nbsp;&nbsp; $200000 |
| Protected Annual Income amount on first Benefit Year anniversary <br> ($205,000 x 5%)<br>| &nbsp;&nbsp; $10250 |

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Since there was a withdrawal during the first year, an Enhancement is not available, but the Account Value Step-up was available and increased the Protected Income Base to the Contract Value of $205,000. On the first Benefit Year anniversary, the Protected Annual Income amount is $10,250 (5% x $205,000). The Enhancement Base and Enhancement Value remain at $200,000.

Purchase Payments added to the contract subsequent to the initial Purchase Payment will increase the Protected Annual Income amount by an amount equal to the applicable Protected Annual Income rate multiplied by the amount of the subsequent Purchase Payment. The Protected Annual Income payment amount will be recalculated immediately after a Purchase Payment is added to the contract.

Enhancements and Account Value Step-ups will increase the Protected Income Base and thus the Protected Annual Income amount. The Protected Annual Income amount, after the Protected Income Base is adjusted by an Enhancement or an Account Value Step-up, will be equal to the adjusted Protected Income Base multiplied by the applicable Protected Annual Income rate.

**Excess Withdrawals.** Excess Withdrawals are:

1. the cumulative amounts withdrawn from the contract during the Benefit Year (including the current withdrawal) that exceed the Protected Annual Income amount at the time of the withdrawal;

2. withdrawals made prior to the minimum withdrawal age, as stated on the Rate Sheet; or

3. withdrawals that are payable to any assignee or assignee's bank account.

When an Excess Withdrawal occurs:

1. the Protected Income Base, Enhancement Base and Enhancement Value are reduced by the same proportion that the Excess Withdrawal reduces the Contract Value. This means that the reduction in the Protected Income Base, Enhancement Base and Enhancement Value could be more than the dollar amount of the withdrawal; and

2. the Protected Annual Income amount will be recalculated to equal the applicable Protected Annual Income rate multiplied by the new (reduced) Protected Income Base (after the proportionate reduction for the Excess Withdrawal).

Your quarterly statements will include the Protected Annual Income amount (as adjusted for Protected Annual Income amount payments in a Benefit Year, Excess Withdrawals and additional Purchase Payments) available to you for the Benefit Year, if applicable, in order for you to determine whether a withdrawal may be an Excess Withdrawal. We encourage you to either consult with your registered representative or call us at 1-888-868-2583.if you have any questions about Excess Withdrawals.

The following example demonstrates the impact of an Excess Withdrawal on the Protected Income Base, the Enhancement Base, the Enhancement Value, the Protected Annual Income amount, and your Contract Value. The example assumes that the Contractowner makes a $10,940 withdrawal which causes an $10,200 reduction in the Protected Income Base and Enhancement Base.

Prior to Excess Withdrawal:

Contract Value = $60,000

Protected Income Base = $85,000

Enhancement Base = $85,000

Enhancement Value = $85,000

Protected Annual Income amount = $4,250 (5% of the Protected Income Base of $85,000)

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After a $10,940 withdrawal ($4,250 is within the Protected Annual Income amount, $6,690 is the Excess Withdrawal): The Contract Value is reduced by the amount of the Protected Annual Income amount of $4,250 and the Protected Income Base. Enhancement Base and Enhancement Value are not reduced:

Contract Value = $55,750 ($60,000 - $4,250)

Protected Income Base = $85,000

Enhancement Base = $85,000

Enhancement Value = $85,000

The Contract Value is also reduced by the $6,690 Excess Withdrawal and the Protected Income Base, Enhancement Base, and Enhancement Value are reduced by 12%, the same proportion by which the Excess Withdrawal reduced the $55,750.

Contract Value = $49,060 ($55,750 - $6,690).

Contract Value reduction % due to the Excess Withdrawal = 12% ($6,690 ÷ $55,750)

Protected Income Base = $74,800 ($85,000 x 12% = $10,200; $85,000 - $10,200 = $74,800)

Enhancement Base = $74,800 ($85,000 x 12% = $10,200; $85,000 - $10,200 = $74,800)

Enhancement Value = $74,800 ($85,000 x 12% = $10,200; $85,000 - $10,200 = $74,800)

Protected Annual Income amount = $3,740 (5% of $74,800 Protected Income Base)

On the following Benefit Year anniversary:

Contract Value = $48,000

Protected Income Base = $74,800

Enhancement Base = $74,800

Enhancement Value = $74,800

Protected Annual Income amount = $3,740 (5% x $74,800)

**In a declining market, Excess Withdrawals may significantly reduce your Protected Income Base, Enhancement Base, Enhancement Value and Protected Annual Income amount. This is because the reduction in the benefit may be more than the dollar amount withdrawn from the Contract Value. If the Protected Income Base is reduced to zero due to an Excess Withdrawal, the rider will terminate. If the Contract Value is reduced to zero due to an Excess Withdrawal, the rider and Contract will terminate.** 

Surrender charges are waived on cumulative withdrawals less than or equal to the Protected Annual Income amount. Excess Withdrawals will be subject to surrender charges unless one of the waivers to surrender charges provisions set forth in the prospectus is applicable.

Withdrawals from IRA contracts will not be considered Excess Withdrawals (even if they exceed the Protected Annual Income amount) only if the withdrawals are taken as systematic installments of the amount needed to satisfy the required minimum distribution (RMD) rules under Internal Revenue Code Section 401(a)(9). In addition, in order for this exception for RMDs to apply, the following must occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Lincoln's automatic withdrawal service is used to calculate and pay the RMD;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The RMD calculation must be based only on the value in this contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. No withdrawals other than RMDs are made within the Benefit Year (except as described in the next paragraph);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. This contract is not a beneficiary IRA; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. You reach the minimum age, as stated on the Rate Sheet.

If your RMD withdrawals during a Benefit Year are less than the Protected Annual Income amount, an additional amount up to the remaining Protected Annual Income amount may be withdrawn and will not be subject to surrender charges. **If a withdrawal, other than an RMD is made during the Benefit Year, then all amounts withdrawn in excess of the Protected Annual Income amount, including amounts attributable to RMDs, will be treated as Excess Withdrawals.**

Distributions from qualified contracts are generally taxed as ordinary income. Distributions from nonqualified contracts that are includable in gross income are also generally taxed as ordinary income. See Federal Tax Matters.

**Protected Annual Income Payout Option.** The Protected Annual Income Payout Option ("PAIPO") is an Annuity Payout option under which you will receive annuity payments for life. This option is different from other Annuity Payout options including *i4LIFE*<sup>®</sup> Advantage, which are based on your Contract Value. If you are required to take annuity payments because you have reached the Annuity Commencement Date, you have the option of electing the PAIPO. If the Contract Value is reduced to zero and you have a remaining Protected Income Base, you will receive the PAIPO.

Annuity payments made under PAIPO will be equal to the Protected Income Base multiplied by the Protected Annual Income rate listed on your Rate Sheet.

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Payment frequencies other than annual may be available. You will have no other contract features other than the right to receive annuity payments equal to the Protected Annual Income amount for the life of the Annuitant. Once you elect the PAIPO, the death benefit terminates, and the Beneficiary will not receive a death benefit payment.

**Death Prior to the Selection of an Annuity Payout Option.** *Lincoln ProtectedPay*<sup>®</sup> and *Estate Lock*<sup>SM</sup> riders have no provision for a payout of the Protected Income Base, Enhancement Base or Enhancement Value upon death of the Contractowner or Annuitant and provides no increase in value to the *Estate Lock*<sup>SM</sup> Death Benefit over and above what the Death Benefit provides in the base contract. At the time of death, if the Contract Value equals zero, no Death Benefit options (as described in the prospectus) will be in effect. All Death Benefit payments must be made in compliance with Internal Revenue Code Sections 72(s) or 401(a)(9) as applicable as amended from time to time. See Death Benefits.

Upon the death of the Contractowner or Annuitant, this rider will end and no further Protected Annual Income amounts are available (even if there was a Protected Income Base in effect at the time of the death).

**Termination.** The Contractowner may not voluntarily terminate the rider, but the rider will automatically terminate:

● on the selection of an Annuity Payout option (except payments under the Protected Annual Income Amount Annuity Payout Option will continue if applicable);

● upon the election of any Annuity Payout option, including i4LIFE® Advantage;

● upon death of the Contractowner or Annuitant;

● when the Protected Annual Income amount or Contract Value is reduced to zero due to an Excess Withdrawal;

● if the Contractowner or Annuitant is changed including any sale or assignment of the contract or any pledge of the contract as collateral;

● on the date the Contractowner is changed pursuant to an enforceable divorce agreement or decree; or

● upon surrender or termination of the underlying annuity contract.

The termination will not result in any increase in Contract Value equal to the Protected Income Base, Enhancement Base or Enhancement Value. Upon effective termination of this rider, the benefit and charges within this rider will terminate. If you terminate the rider, we reserve the right to require a 12-month wait after this termination before you can elect any Living Benefit Rider available for purchase at that time, except *i4LIFE*<sup>®</sup> Advantage. Once this rider is terminated, it may not be re-elected.

***Lincoln ProtectedPay***<sup>®</sup> **Lifetime Income Suite**

*Lincoln ProtectedPay*<sup>®</sup> is a suite of Living Benefit Riders available for purchase that provides:

● Guaranteed lifetime periodic withdrawals for you (and the Secondary Life if the joint life option is selected) up to the Protected Annual Income amount which is based upon a Protected Income Base;

● An Enhancement that increases the Protected Income Base if certain criteria are met, as set forth below;

● Annual step-ups of the Protected Income Base to the Contract Value if the Contract Value is equal to or greater than the Protected Income Base after an Enhancement;

● Age-based increases to the Protected Annual Income amount (after reaching a higher age-band and after an Account Value Step-up).

The rider suite provides flexible investment and income choices to meet your individual needs by currently offering three options:

● Lincoln ProtectedPay Select Core®

● Lincoln ProtectedPay Select Plus®

● Lincoln ProtectedPay Select Max®

***Lincoln ProtectedPay Secure Core***<sup>®</sup>**, *Lincoln ProtectedPay Secure Plus***<sup>®</sup>**, and *Lincoln ProtectedPay Secure Max***<sup>®</sup> **are no longer available for purchase.** 

In the following discussion, *Lincoln ProtectedPay Select Core*<sup>®</sup> and *Lincoln ProtectedPay Secure Core*<sup>®</sup>, together, are referred to as the "Core options." *Lincoln ProtectedPay Select Plus*<sup>®</sup> and *Lincoln ProtectedPay Secure Plus*<sup>®</sup>, together, are referred to as the "Plus options." *Lincoln ProtectedPay Select Max*<sup>®</sup> and *Lincoln ProtectedPay Secure Max*<sup>®</sup>, together, are referred to as the "Max options".

You should carefully consider which is the best option for you. Consider the following:

● The Core options provide level income that does not decrease if the Contract Value reaches $0 and the opportunity to transition to i4LIFE® Advantage Guaranteed Income Benefit.

● The Plus options provide higher initial income that decreases further than the Core options, if the Contract Value reaches $0.

● The Max options provide the highest initial income that decreases further than the Plus options, if the Contract Value reaches $0.

The income option selected is irrevocable unless you follow the termination guidelines listed later in this discussion.

Protected Annual Income payments are based upon specified percentages of the Protected Income Base, which are age-based and may increase over time. For the Plus and Max options, your Protected Annual Income payments will be reduced if your Contract Value

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is reduced to zero. You may receive Protected Annual Income payments for your lifetime or for the lifetimes of you and the Secondary Life if the joint life option is chosen.

**Please note any withdrawals made prior to the youngest age on the Rate Sheet, or that exceed the Protected Annual Income amount are considered Excess Withdrawals. In most states, amounts that are payable to any assignee or assignee's bank account are considered Excess Withdrawals. Excess Withdrawals may significantly reduce your Protected Income Base, Enhancement Value, and Enhancement Base by an amount greater than the dollar amount of the Excess Withdrawal and will terminate the rider if the Protected Income Base is reduced to zero. As a result, the Protected Annual Income amount would be reduced as well. If the Enhancement Base is reduced to zero, you will not be eligible for further Enhancements. Withdrawals will also negatively impact the availability of an Enhancement.**

The Contractowner, Annuitant or Secondary Life may not be changed while this rider is in effect (except if the Secondary Life assumes ownership of the Contract upon death of the Contractowner), including any sale or assignment of the Contract as collateral. Under the *Lincoln ProtectedPay*<sup>®</sup> riders, the Secondary Life must be the spouse.

**Availability.** *Lincoln ProtectedPay*<sup>®</sup> Select riders are available for election on all new and existing contracts. Beginning May 18, 2026, the *Lincoln ProtectedPay*<sup>®</sup> Select riders will only be available for election at the time the Contract is purchased. *Lincoln ProtectedPay*<sup>®</sup> Secure riders are no longer available for election. If you elect the rider at contract issue, it will be effective on the Contract's effective date. If you elect the rider after the Contract is issued, the rider will be effective on the next Valuation Date following approval by us and will be the rider version available for sale at that time. The initial Purchase Payment or Contract Value (if purchased after the Contract is issued) must be at least $25,000. Rider elections are subject to Home Office approval if your Contract Value totals $1 million or more.

*Lincoln ProtectedPay*<sup>®</sup> Select is available for purchase with nonqualified and qualified (IRAs and Roth IRAs) annuity contracts. The Contractowner/Annuitant as well as the Secondary Life under the joint life option must be age 85 or younger at the time this rider is elected (at least age 58 for contracts issued in the state of Maryland).

If you own a Living Benefit Rider and you wish to elect *Lincoln ProtectedPay*<sup>®</sup> Select, if available, you must first terminate your existing Living Benefit Rider. We reserve the right to require a 12-month wait after this termination, and you must also comply with your existing Living Benefit Rider's termination rules, before you will be able to elect *Lincoln ProtectedPay*<sup>®</sup> Select, if available. For further information on termination rules, see the "Termination" section associated with your Living Benefit Rider. In all cases, by terminating your existing Living Benefit Rider, you will no longer be entitled to any of the benefits that have accrued under that rider.

**Benefit Year.** The Benefit Year is the 12-month period starting with the effective date of the rider and starting with each anniversary of the rider effective date after that. If your Benefit Year anniversary falls on a day that the New York Stock Exchange is closed, any benefit calculations scheduled to occur on that anniversary will occur on the next Valuation Date.

**Protected Income Base and Enhancement Base.** The Protected Income Base is a value used to calculate your Protected Annual Income amount. The initial Protected Income Base varies based on when you elect the rider. If you elect the rider at the time you purchase the Contract, the initial Protected Income Base will equal your initial Purchase Payment. If you elect the rider after we issue the Contract, the initial Protected Income Base will equal the Contract Value on the effective date of the rider. The Protected Income Base is increased by subsequent Purchase Payments, Account Value Step-ups and Enhancements, and decreased by Excess Withdrawals in accordance with the provisions set forth below. The Protected Income Base will be reset on each Benefit Year anniversary to the greater of the current Protected Income Base, the Enhancement Value, or the Contract Value Step-up. The maximum Protected Income Base is $10 million, which includes the total guaranteed amounts under the Living Benefit Riders of all Lincoln Life contracts (or contracts issued by our affiliates) in which you (and/or Secondary Life if joint life option) are the covered lives.

The Enhancement Base is the value used to calculate the amount that may be added to the Enhancement Value. The Enhancement Base is equal to the initial Purchase Payment or the Contract Value on the effective date of the rider, increased by subsequent Purchase Payments (according to the timeline outlined below) and decreased by Excess Withdrawals in accordance with the provisions set forth below. The Enhancement Base is **not** increased by an Enhancement or Account Value Step-up.

The Protected Income Base, Enhancement Value, and the Enhancement Base are not available to you as a lump sum withdrawal or as a Death Benefit.

Additional Purchase Payments received after the rider effective date automatically increase the Protected Income Base, Enhancement Value and the Enhancement Base by the amount of the Purchase Payment (not to exceed the maximum Protected Income Base); for example, a $10,000 additional Purchase Payment will increase the Protected Income Base, Enhancement Value and Enhancement Base by $10,000. Any Purchase Payment will be added immediately to the Protected Income Base and the Enhancement Value and will result in an increased Protected Annual Income amount but must be invested in the Contract at least one Benefit Year before it will be added to the Enhancement Base. Any Purchase Payments made within the first 90 days after the effective date of the rider will be included in the Enhancement Base for purposes of calculating the Enhancement on the first Benefit Year anniversary.

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After the first anniversary of the rider effective date, once cumulative additional Purchase Payments exceed $100,000, additional Purchase Payments may not exceed $50,000 per Benefit Year without Home Office approval. **Additional Purchase Payments will not be allowed if the Contract Value decreases to zero for any reason, including market loss.**

**Enhancement.** We will increase the Enhancement Value on each Benefit Year anniversary during the Enhancement Period if no withdrawal occurred in that Benefit Year. An Enhancement will occur on a Benefit Year anniversary only if all following conditions are satisfied.

On each Benefit Year anniversary, the Protected Income Base will be equal to the Enhancement Value, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the Contractowner/Annuitant (as well as the Secondary Life if the joint life option is in effect) is under the age of 86;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. there were no withdrawals in the preceding Benefit Year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. the rider is within the Enhancement Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. the Enhancement Value is greater than the Protected Income Base immediately prior to a Benefit Year anniversary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. the Enhancement Value is greater than the Contract Value on the same Benefit Year anniversary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. the Enhancement Base is greater than zero.

The initial Enhancement Value is equal to the initial Protected Income Base. The Enhancement Value on the first Benefit Year anniversary, assuming no withdrawal occurred in that Benefit Year, is the sum of (A) and (A) multiplied by (B), where "A" is the Enhancement Base and "B" is the Enhancement Rate. If there is a withdrawal, the Enhancement Value will not increase that year.

On each subsequent rider date anniversary thereafter, assuming no withdrawal occurred in that Benefit Year, the Enhancement Value established on the previous Benefit Year anniversary is increased by an amount equal to the Enhancement Base multiplied by the Enhancement Rate. Excess Withdrawals reduce the Protected Income Base, Enhancement Value and Enhancement Base as discussed below. The reduction to the Protected Income Base, Enhancement Value and the Enhancement Base could be more than the dollar amount of the withdrawal. Withdrawals less than or equal to the Protected Annual Income amount will not reduce the Protected Income Base, Enhancement Value or Enhancement Base.

The current Enhancement rate applicable to new rider elections is determined in our sole discretion based on current economic factors including interest rates and equity market volatility. Generally, the rate may increase or decrease based on changes in equity market volatility, prevailing interest rates, or as a result of other economic conditions. The rate structure is intended to help us provide the guarantees under the rider. The Enhancement rate for new rider elections may be higher or lower than prior rates, but for existing Contractowners that have elected the rider, your rate will not change as a result.

The Enhancement rate applicable to new rider elections is declared in a Rate Sheet prospectus supplement. The Rate Sheet indicates the Enhancement rate and the date by which your application or rider election form must be signed and dated for a rider to be issued with this rate. The rate may be superseded at any time, in our sole discretion, and may be higher or lower than the rate on the previous Rate Sheet.

The effective date of a subsequent Rate Sheet will be at least 10 days after it is filed. In order to get the rate indicated in a Rate Sheet, your application or rider election form must be sent to us and must be signed and dated on or after the effective date of the Rate Sheet. Current Rate Sheets will be included with the prospectus. You can also obtain the most current Rate Sheet by contacting your registered representative, online at www.lfg.com/VAprospectus or by calling us at 1-888-868-2583. Enhancement Rates for previous effective periods are included in Appendix F to this prospectus.

**Note: The Enhancement is not available on any Benefit Year anniversary if an Account Value Step-up to the Protected Income Base occurs, or where there has been a withdrawal of Contract Value (including a Protected Annual Income payment) in the preceding Benefit Year. If you are eligible (as defined above) for the Enhancement in the next Benefit Year, the Enhancement will not occur until the Benefit Year anniversary of that year.** 

The following is an example of the impact of a 6% Enhancement on the Protected Income Base and assumes that no withdrawals have been made.

Initial Purchase Payment = $100,000; Protected Income Base = $100,000; Enhancement Base = $100,000; Enhancement Value = $100,000

Additional Purchase Payment on day 30 = $15,000; Protected Income Base = $115,000; Enhancement Base = $115,000; Enhancement Value = $115,000

On the first Benefit Year anniversary, because the additional Purchase Payment is within the first 90 days after the effective date of the rider, the Protected Income Base and Enhancement Value will not be less than $121,900 (= $115,000 + ($100,000 x 6% + $15,000 x 6%)).

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Consider a further additional Purchase Payment on day 95 of $10,000; Protected Income Base = $125,000; Enhancement Base = $115,000; Enhancement Value $125,000

On the first Benefit Year anniversary, because the additional Purchase Payment is after the first 90 days from the effective date of the rider, the Protected Income Base and Enhancement Value will not be less than $131,900 (= $125,000 + ($100,000 x 6% + $15,000 x 6%)). The additional $10,000 will be added to the Enhancement Base on the second Benefit Year anniversary.

As explained below and as noted above, an Enhancement and Account Value Step-up will not occur in the same year. If the Account Value Step-up provides an increase equal to or greater than what the Enhancement Value provides, you will not receive the Enhancement. It is possible that this could happen each Benefit Year (because the Account Value Step-up provided a larger increase each year), and therefore the Enhancement would not apply each year. An Enhancement or an Account Value Step-up cannot increase the Protected Income Base above the maximum Protected Income Base of $10 million.

An example of the impact of a withdrawal on the Enhancement is included in the Withdrawal Amount section below.

**Enhancement Period.** The Enhancement Period is a 10-year period that begins on the effective date of the rider. Enhancements are not available once the Enhancement Period has expired.

**Account Value Step-ups.** The Protected Income Base will increase to equal the Contract Value on each Benefit Year anniversary if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the Contractowner/Annuitant (single life option), or the Contractowner/Annuitant and Secondary Life (joint life option) are under age 86; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the Contract Value on that Benefit Year anniversary, after the deduction of any withdrawals or fees (including surrender charges, the protected lifetime income fee and account fee), plus any Purchase Payments made on that date and Persistency Credits, if any, added on that date, is greater than the Protected Income Base immediately prior to that Benefit Year anniversary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. the Contract Value is equal to or greater than the Enhancement Value on the same Benefit Year anniversary.

The Account Value Step-up will not increase the Enhancement Base or the Enhancement Value and is available even in those years when a withdrawal has occurred.

Your protected lifetime income fee rate can change each time there is an Account Value Step-up. That means if the current fee rate has increased, this would cause an increase in your annual fee rate for this rider. If your fee rate is increased, you may opt out of the Account Value Step-up by giving us notice within 30 days after the Benefit Year anniversary. See Charges, Other Deductions, and Adjustments – Protected Lifetime Income Fees for details. If you decline an Account Value Step-up, you will continue to be eligible for future Account Value Step-ups and Enhancements if you meet the conditions listed above.

Following is an example of how the Account Value Step-ups and the Enhancement impact the Protected Income Base (assuming no withdrawals or additional Purchase Payments):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Contract**<br> **Value**<br>| **Protected Income Base** | **Enhancement Base** | **Enhancement Value** |
| At issue | &nbsp;&nbsp; $100000 | &nbsp;&nbsp; $100000 | &nbsp;&nbsp; $100000 | &nbsp;&nbsp; $100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1<sup>st</sup> Benefit Year <br> anniversary<br>| &nbsp;&nbsp; $104000 | &nbsp;&nbsp; $106000 | &nbsp;&nbsp; $100000 | &nbsp;&nbsp; $106000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2<sup>nd</sup> Benefit Year <br> anniversary<br>| &nbsp;&nbsp; $115000 | &nbsp;&nbsp; $115000 | &nbsp;&nbsp; $100000 | &nbsp;&nbsp; $112000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3<sup>rd</sup> Benefit Year <br> anniversary<br>| &nbsp;&nbsp; $116000 | &nbsp;&nbsp; $118000 | &nbsp;&nbsp; $100000 | &nbsp;&nbsp; $118000 |

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On the first Benefit Year anniversary, the Contract Value is higher than the previous Protected Income Base of $100,000, but since the Enhancement would increase the Protected Income Base to a higher amount, the Protected Income Base is increased to equal the Enhancement Value of $106,000, and the Enhancement Base remains at $100,000.

On the second Benefit Year anniversary, the Contract Value of $115,000 is higher than the Enhancement Value of $112,000 ($112,000 = $106,000 + ($100,000 x 6%)), so the Protected Income Base is increased to equal the Contract Value of $115,000, and the Enhancement Base remains at $100,000.

On the third Benefit Year anniversary, the Contract Value is higher than the previous Protected Income Base of $115,000, but since the Enhancement would increase the Protected Income Base to a higher amount, the Protected Income Base is increased to equal the Enhancement Value of $118,000, and the Enhancement Base remains at $100,000.

**Withdrawal Amount.** Protected Annual Income withdrawals are available at the youngest age on the Rate Sheet. The minimum age may vary between the different rider options. The Protected Annual Income amount may be withdrawn from the Contract each Benefit Year. As long as the Protected Annual Income amount is not reduced to zero, these withdrawals may be taken for your lifetime (single

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life option) or the lifetimes of you and your Secondary Life (joint life option). **You will not be entitled to the Protected Annual Income amount if the Protected Income Base is reduced to zero as a result of an Excess Withdrawal. If either the Contract Value or the Protected Income Base is reduced to zero due to an Excess Withdrawal, the rider will terminate.** The Protected Annual Income amount for the Plus and Max options will be reduced if your Contract Value is reduced to zero.

The Protected Annual Income amount is determined by multiplying the Protected Income Base by the applicable rate, which varies by which rider option is selected, based on your age and whether the single or joint life option has been elected, and, for the Plus and Max options, whether or not your Contract Value has been reduced to zero. Under the joint life option, the younger age of you or the Secondary Life will be used. The Protected Annual Income amount will change upon an Account Value Step-up, an Enhancement, additional Purchase Payments, and Excess Withdrawals, as described below.

The Protected Annual Income rates applicable to new rider elections are set forth in a supplement to this prospectus, called a Rate Sheet. The Rate Sheet indicates the Protected Annual Income rates and the date by which your application or rider election form must be signed and dated for a contract to be issued with those rates. The rates may be superseded at any time, in our sole discretion, and may be higher or lower than the rates on the previous Rate Sheet.

The effective date of a subsequent Rate Sheet will be at least 10 days after it is filed. In order to get the rate indicated in a Rate Sheet, your application or rider election form must be sent to us and must be signed and dated on or after the effective date of the Rate Sheet. Current Rate Sheets will be included with the prospectus. You can also obtain the most current Rate Sheet information by contacting your registered representative, online at www.lfg.com/VAprospectus, or by calling us at 1-888-868-2583. Protected Annual Income rates for previous effective periods are included in Appendix D to this prospectus.

After your first Protected Annual Income withdrawal, the Protected Annual Income rate can only increase on a Benefit Year anniversary on or after you have reached an applicable higher age band and after there has also been an Account Value Step-up. If you have reached an applicable higher age band and there has not also been a subsequent Account Value Step-up, then the Protected Annual Income rate will not increase until the next Account Value Step-up occurs. **If you do not withdraw the entire Protected Annual Income amount during a Benefit Year, there is no carryover of the remaining amount into the next Benefit Year.**

Core options: If your Contract Value is reduced to zero for any reason other than for an Excess Withdrawal, the remaining Protected Annual Income amount for that Benefit Year will be paid in a lump sum. On the next Benefit Year anniversary, the scheduled amount will automatically resume and continue for your life (and the Secondary Life's life if the joint life option is chosen) under the Protected Annual Income Payout Option. You may not withdraw the remaining Protected Income Base, Enhancement Base or Enhancement Value in a lump sum.

Plus and Max options: If your Contract Value is reduced to zero for any reason other than for an Excess Withdrawal, the Protected Annual Income rate and amount will be immediately reduced, as reflected on your Rate Sheet. The Protected Annual Income amount payable as calculated in Table A of the Rate Sheet cannot exceed the remaining Contract Value. However, if the total Protected Annual Income amount received in the Benefit Year your Contract Value is reduced to zero is less than the recalculated Protected Annual Income amount based on Table B of the Rate Sheet, the difference is payable for the remainder of that Benefit Year. Otherwise, you will not be able to receive further Protected Annual Income payments until the next Benefit Year anniversary. Withdrawals equal to the Protected Annual Income amount will continue automatically for your life (and the life of the Secondary Life if applicable) under the Protected Annual Income Amount Annuity Payout Option. You may not withdraw the remaining Protected Income Base, Enhancement Base or Enhancement Value in a lump sum.

For all rider options, cumulative withdrawals during a Benefit Year that are equal to or less than the Protected Annual Income amount will not reduce the Protected Income Base, Enhancement Base or Enhancement Value. All withdrawals will decrease the Contract Value. Surrender charges are waived on cumulative withdrawals less than or equal to the Protected Annual Income amount.

The following example shows the calculation of the Protected Annual Income amount and how withdrawals less than or equal to the Protected Annual Income amount affect the Protected Income Base, the Enhancement Base, Enhancement Value, and the Contract Value. The example assumes a 5% Protected Annual Income rate and a Contract Value of $200,000 on the rider's effective date:

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| | |
|:---|:---|
| Contract Value on the rider's effective date | &nbsp;&nbsp; $200000 |
| Protected Income Base, Enhancement Base and Enhancement <br> Value on the rider's effective date<br>| &nbsp;&nbsp; $200000 |
| Initial Protected Annual Income amount on the rider's effective <br> date ($200,000 x 5%)<br>| &nbsp;&nbsp; $10000 |
| Contract Value six months after rider's effective date | &nbsp;&nbsp; $210000 |
| Protected Income Base, Enhancement Base and Enhancement <br> Value six months after rider's effective date<br>| &nbsp;&nbsp; $200000 |
| Withdrawal six months after rider's effective date | &nbsp;&nbsp; $10000 |
| Contract Value after withdrawal ($210,000 - $10,000) | &nbsp;&nbsp; $200000 |
| Protected Income Base, Enhancement Base and Enhancement <br> Value after withdrawal ($200,000 - $0)<br>| &nbsp;&nbsp; $200000 |
| Contract Value on first Benefit Year anniversary | &nbsp;&nbsp; $205000 |
| Protected Income Base first Benefit Year anniversary | &nbsp;&nbsp; $205000 |
| Enhancement Value and Enhancement Base on first Benefit Year <br> anniversary<br>| &nbsp;&nbsp; $200000 |
| Protected Annual Income amount on first Benefit Year anniversary <br> ($205,000 x 5%)<br>| &nbsp;&nbsp; $10250 |

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Since there was a withdrawal during the first year, an Enhancement is not available, but the Account Value Step-up was available and increased the Protected Income Base to the Contract Value of $205,000. On the first anniversary of the rider's effective date, the Protected Annual Income amount is $10,250 (5% x $205,000). The Enhancement Base and Enhancement Value remain at $200,000.

Purchase Payments added to the Contract subsequent to the initial Purchase Payment will increase the Protected Annual Income amount by an amount equal to the applicable Protected Annual Income rate multiplied by the amount of the subsequent Purchase Payment. The Protected Annual Income payment amount will be recalculated immediately after a Purchase Payment is added to the Contract. Persistency Credits added to the Contract do not immediately increase the Protected Annual Income amount but are added to the Contract Value and may increase the Protected Income Base upon an Account Value Step-up which in return may increase the Protected Annual Income amount.

Enhancements and Account Value Step-ups will increase the Protected Income Base and thus the Protected Annual Income amount. The Protected Annual Income amount, after the Protected Income Base is adjusted by an Enhancement or an Account Value Step-up, will be equal to the adjusted Protected Income Base multiplied by the applicable Protected Annual Income rate. For the Plus and Max options, the Protected Annual Income will be lower when your Contract Value is reduced to zero for any reason other than an Excess Withdrawal, which will result in a reduced Protected Annual income amount.

**Excess Withdrawals.** Excess Withdrawals are:

1. the cumulative amounts withdrawn from the Contract during the Benefit Year (including the current withdrawal) that exceed the Protected Annual Income amount at the time of the withdrawal;

2. withdrawals made prior to the youngest age on the Rate Sheet; or

3. withdrawals that are payable to any assignee or assignee's bank account.

When an Excess Withdrawal occurs:

1. the Protected Income Base, Enhancement Base and Enhancement Value are reduced by the same proportion that the Excess Withdrawal reduces the Contract Value. This means that the reduction in the Protected Income Base, Enhancement Base and Enhancement Value could be more than the dollar amount of the withdrawal; and

2. the Protected Annual Income amount will be recalculated to equal the applicable Protected Annual Income rate multiplied by the new Protected Income Base (after the proportionate reduction for the Excess Withdrawal).

Your quarterly statements will include the Protected Annual Income amount (as adjusted for Protected Annual Income amount payments in a Benefit Year, Excess Withdrawals and additional Purchase Payments) available to you for the Benefit Year, if applicable, in order for you to determine whether a withdrawal may be an Excess Withdrawal. We encourage you to either consult with your registered representative or call us at the number provided in this prospectus if you have questions about Excess Withdrawals.

The following example demonstrates the impact of an Excess Withdrawal on the Protected Income Base, the Enhancement Base, the Enhancement Value, the Protected Annual Income amount, and your Contract Value. The example assumes that the Contractowner makes a $10,940 withdrawal, which causes a $10,200 reduction in the Protected Income Base and Enhancement Base.

Prior to Excess Withdrawal:

Contract Value = $60,000

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Protected Income Base = $85,000

Enhancement Base = $85,000

Enhancement Value = $85,000

Protected Annual Income amount = $4,250 (5% of the Protected Income Base of $85,000)

After a $10,940 Withdrawal ($4,250 is within the Protected Annual Income amount, $6,690 is the Excess Withdrawal):

The Contract Value is reduced by the amount of the Protected Annual Income amount of $4,250 and the Protected Income Base, Enhancement Base, and Enhancement Value are not reduced:

Contract Value = $55,750 ($60,000 - $4,250)

Protected Income Base = $85,000

Enhancement Base = $85,000

Enhancement Value = $85,000

The Contract Value is also reduced by the $6,690 Excess Withdrawal and the Protected Income Base, Enhancement Base and the Enhancement Value are reduced by 12%, the same proportion by which the Excess Withdrawal reduced the $55,750.

Contract Value = $49,060 ($55,750 - $6,690)

Contract Value Reduction % due to the Excess Withdrawal = 12% ($6,690 ÷ $55,750)

Protected Income Base = $74,800 ($85,000 x 12% = $10,200; $85,000 - $10,200 = $74,800)

Enhancement Base = $74,800 ($85,000 x 12% = $10,200; $85,000 - $10,200 = $74,800)

Enhancement Value = $74,800 ($85,000 x 12% = $10,200; $85,000 - $10,200 = $74,800)

Protected Annual Income amount = $3,740 (5% of $74,800 Protected Income Base)

On the following Benefit Year anniversary:

Contract Value = $48,000

Protected Income Base = $74,800

Enhancement Base = $74,800

Enhancement Value = $74,800

Protected Annual Income amount = $3,740 (5% x $74,800)

**In a declining market, Excess Withdrawals may significantly reduce your Protected Income Base, Enhancement Base, Enhancement Value and Protected Annual Income amount. This is because the reduction in the Protected Income Base, Enhancement Base, and Enhancement Value may be more than the dollar amount withdrawn from the Contract Value. If the Protected Income Base is reduced to zero due to an Excess Withdrawal, the rider will terminate. If the Contract Value is reduced to zero due to an Excess Withdrawal, the rider and Contract will terminate.** 

Surrender charges are waived on cumulative withdrawals less than or equal to the Protected Annual Income amount. Excess Withdrawals will be subject to surrender charges unless one of the waivers to surrender charge provisions set forth in the prospectus is applicable. Continuing with the prior example of the $10,940 withdrawal: the $4,250 Protected Annual Income amount is not subject to surrender charges; the $6,690 Excess Withdrawal may be subject to surrender charges according to the surrender charge schedule in your prospectus. See Charges, Other Deductions, and Adjustments — Surrender Charge.

Withdrawals from IRA contracts will not be considered Excess Withdrawals (even if they exceed the Protected Annual Income amount) only if the withdrawals are taken as systematic installments of the amount needed to satisfy the required minimum distribution (RMD) rules under Internal Revenue Code Section 401(a)(9). In addition, in order for this RMD exception to apply, the following must occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Lincoln's automatic withdrawal service is used to calculate and pay the RMD;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The RMD calculation must be based only on the value in this Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. No withdrawals other than the RMD are made within the Benefit Year (except as described in the next paragraph);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. This Contract is not a beneficiary IRA; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The younger of you or the Secondary Life (joint life option) reach the youngest age band on the Rate Sheet.

If your RMD withdrawals during a Benefit Year are less than the Protected Annual Income amount, an additional amount up to the Protected Annual Income amount may be withdrawn and will not be subject to surrender charges. **If a withdrawal, other than an RMD is made during the Benefit Year, then all amounts withdrawn in excess of the Protected Annual Income amount, including amounts attributable to the RMD, will be treated as Excess Withdrawals.**

Distributions from qualified contracts are generally taxed as ordinary income. Distributions from nonqualified contracts that are includable in gross income are also generally taxed as ordinary income. See Federal Tax Matters for information on determining what amounts are includable in gross income.

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**Protected Annual Income Payout Option.** The Protected Annual Income Payout Option ("PAIPO") is an Annuity Payout option under which the Contractowner (and joint life if applicable) will receive annuity payments for life. This option is different from other Annuity Payout options, including *i4LIFE*<sup>®</sup> Advantage, which are based on your Contract Value. If you are required to take annuity payments because you have reached the Annuity Commencement Date, you have the option of electing the PAIPO. If the Contract Value is reduced to zero and you have a remaining Protected Income Base, you will receive payments under the PAIPO.

Core options: Contractowners may decide to choose the PAIPO over *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit if they feel this may provide a higher final payment over time and they place more importance on this payment over access to the Account Value.

Plus and Max options: Annuity payments made under PAIPO will be equal to the Protected Income Base multiplied by the Protected annual Income rate shown in Table B of your Rate Sheet.

For all rider options, payment frequencies other than annual may be available. You will have no other contract features other than the right to receive annuity payments equal to the Protected Annual Income amount for your life or the life of you and the Secondary Life for the joint life option. Once you elect the PAIPO, the death benefit terminates, and the Beneficiary will not receive a Death Benefit payment.

**Death Prior to the Selection of an Annuity Payout Option.** *Lincoln ProtectedPay*<sup>®</sup> has no provision for a payout of the Protected Income Base, Enhancement Base or Enhancement Value upon death of the Contractowners or Annuitant and provides no increase in value to the Death Benefit over and above what the Death Benefit provides in the base contract. At the time of death, if the Contract Value equals zero, no Death Benefit options (as described earlier in this prospectus) will be in effect. Election of *Lincoln ProtectedPay*<sup>®</sup> does not impact the Death Benefit options available for purchase with your annuity contract. All Death Benefit payments must be made in compliance with Internal Revenue Code Sections 72(s) or 401(a)(9) as applicable as amended from time to time. See Death Benefits.

Upon the death of the Contractowner or Annuitant (single life option), this rider will end and no further Protected Annual Income amounts are available (even if there was a Protected Income Base in effect at the time of the death). Upon the first death under the joint life option, withdrawals up to the Protected Annual Income amount continue to be available for the life of the surviving spouse. The Enhancement and Account Value Step-up will continue to be available, if applicable, as discussed above. Upon the death of the surviving spouse, *Lincoln ProtectedPay*<sup>®</sup> will end and no further Protected Annual Income amounts are available (even if there was a Protected Income Base in effect at the time of the death).

**Termination.** After the fifth Benefit Year anniversary, the Contractowner may terminate the rider by notifying us in writing of the request to terminate or by failing to adhere to Investment Requirements. *Lincoln ProtectedPay*<sup>®</sup> will automatically terminate:

● on the selection of an Annuity Payout option (except payments under the Protected Annual Income Payout Option will continue if applicable);

● upon the election of i4LIFE® Advantage;

● upon the death under the single life option or the death of the surviving Secondary Life under the joint life option;

● when the Protected Income Base or Contract Value is reduced to zero due to an Excess Withdrawal;

● if the Contractowner or Annuitant is changed (except if the Secondary Life under the joint life option assumes ownership of the Contract upon the death of the Contractowner) including any sale or assignment of the Contract or any pledge of the Contract as collateral;

● on the date the Contractowner is changed due to an enforceable divorce agreement or decree; or

● upon surrender or termination of the underlying annuity contract.

The termination will not result in any increase in Contract Value to equal the Protected Income Base, Enhancement Base or Enhancement Value. Upon effective termination of this rider, the benefits and charges within this rider will terminate. If you terminate the rider, we reserve the right to require a 12-month wait after this termination before you can elect any Living Benefit Rider available for purchase at that time, except *i4LIFE*<sup>®</sup> Advantage.

**Core options: *i4LIFE***<sup>®</sup> **Advantage Guaranteed Income Benefit option.** Contractowners who elect *Lincoln ProtectedPay Select Core*<sup>®</sup> may decide to later transition to *i4LIFE*<sup>®</sup> Advantage Select Guaranteed Income Benefit. Contractowners who elected *Lincoln ProtectedPay Secure Core*<sup>®</sup> may decide to later transition to *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit (Managed Risk). This transition must be made prior to the maximum age limit and prior to the selection of an Annuity Payout option. You cannot have both *i4LIFE*<sup>®</sup> Advantage and another Living Benefit Rider in effect on your Contract at the same time. See *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit Transitions for a discussion of this transition.

***4LATER***<sup>®</sup> **Select Advantage** 

*4LATER*<sup>®</sup> Select Advantage is a Living Benefit Rider available for purchase that provides a Protected Income Base which will be used to establish the amount of the Guaranteed Income Benefit payment upon the election of *i4LIFE*<sup>®</sup> Advantage. **If you elect *4LATER***<sup>®</sup> **Select Advantage, you must later transition to *i4LIFE***<sup>®</sup> **Advantage Select Guaranteed Income Benefit in order to receive a benefit from *4LATER***<sup>®</sup> **Select Advantage.** 

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The Contractowner, Annuitant or Secondary Life may not be changed while this rider is in effect (except if the Secondary Life assumes ownership of the Contract upon death of the Contractowner), including any sale or assignment of the Contract as collateral.

**Availability.** The *4LATER*<sup>®</sup> Select Advantage rider is available for election on all new and existing contracts. Beginning May 18, 2026, this rider will only be available for election at the time the Contract is purchased. If you elect the rider at contract issue, it will be effective on the Contract's effective date. If you elect the rider after the Contract is issued, the rider will be effective on the next Valuation Date following approval by us and will be the rider version available for sale at that time. The initial Purchase Payment or Contract Value (if purchased after the Contract is issued) must be at least $25,000. Rider elections are subject to Home Office approval if your Contract Value totals $1 million or more.

*4LATER*<sup>®</sup> Select Advantage is not available with qualified contracts and is designed primarily for purchasers of nonqualified contracts where the Contractowner and Annuitant are different people (single life option) or with joint life benefits where the Secondary Life is not a spouse. The Contractowner, Annuitant, and Secondary Life under the joint life option must be age 85 or younger at the time this rider is elected.

If you own a Living Benefit Rider and you wish to elect *4LATER*<sup>®</sup> Select Advantage, you must first terminate your existing Living Benefit Rider. We reserve the right to require a 12-month wait after this termination, and you must also comply with your existing Living Benefit Rider's termination rules before you will be able to elect *4LATER*<sup>®</sup> Select Advantage, if available. For further information on termination rules, see the "Termination" section associated with your Living Benefit Rider. In all cases, by terminating your existing Living Benefit Rider, you will no longer be entitled to any of the benefits that have accrued under that rider.

If you elected *4LATER*<sup>®</sup> Advantage (Managed Risk) and you want to terminate that rider to elect *4LATER*<sup>®</sup> Select Advantage, we are currently waiving the five-year holding period that is required before terminating a rider. Additionally, we will no longer require a one-year waiting period before electing a new Living Benefit Rider in these situations. Other than the termination of your current rider, and the waiver of the holding period, your Contract will not change in any way. Any applicable existing or future surrender charges will continue to apply, as described in your Contract and this prospectus. We are doing this as a customer service to you, and there is no financial incentive being provided to you, your registered representative, or to anyone else if you decide to terminate your existing *4LATER*<sup>®</sup> Advantage (Managed Risk) rider and elect *4LATER*<sup>®</sup> Select Advantage. There is no guarantee that these waivers will be offered in the future, as we reserve the right to discontinue them at any time.

In general, anytime you terminate a rider, you will no longer be entitled to any of the benefits that have accrued under that rider. If you decide to drop an existing rider, your current Protected Income Base and Enhancement Base will terminate without value. In other words, you cannot transfer either your current Protected Income Base or Enhancement Base to the new rider. Your initial Protected Income Base under *4LATER*<sup>®</sup> Select Advantage will be equal to the Contract Value on the new rider effective date. Your initial Enhancement Base will be equal to the Protected Income Base on the rider effective date.

You should carefully compare the features and benefits provided by your existing rider to the features and benefits provided by *4LATER*<sup>®</sup> Select Advantage before making your decision. Different riders do not include all the same features and may not provide the same level of guarantee. You should also compare the fees and charges of each rider. If you have any question about terminating your existing rider to elect a new one, you should contact your registered representative or call us at 1-888-868-2583.

If you decide to elect *4LATER*<sup>®</sup> Select Advantage, you will be required to adhere to the Investment Requirements for your new rider. See Appendix B – Investment Requirements.

**Benefit Year.** The Benefit Year is the 12-month period starting with the effective date of the rider and starting with each anniversary of the rider effective date after that. If your Benefit Year anniversary falls on a day that the New York Stock Exchange is closed, any benefit calculations scheduled to occur on that anniversary will occur on the next Valuation Date.

**Protected Income Base and Enhancement Base.** The Protected Income Base is a value used to calculate the Guaranteed Income Benefit amount under *i4LIFE*<sup>®</sup> Advantage Select Guaranteed Income Benefit at a later date. The initial Protected Income Base varies based on when you elect the rider. If you elect the rider at the time you purchase the Contract, the initial Protected Income Base will equal your initial Purchase Payment. If you elect the rider after we issue the Contract, the initial Protected Income Base will equal the Contract Value on the effective date of the rider. The Protected Income Base is increased by subsequent Purchase Payments, Account Value Step-ups and Enhancements, and decreased by all withdrawals in accordance with the provisions set forth below. The maximum Protected Income Base is $10 million, which includes the total guaranteed amounts under the Living Benefit Riders of all Lincoln Life contracts (or contracts issued by our affiliates) in which you (and/or Secondary Life if joint life option) are the covered lives.

For rider elections on and after November 28, 2022 (subject to state availability), the Protected Income Base will be reset on each Benefit Year anniversary to the greater of the current Protected Income Base, the Enhancement Value, or the Account Value Step-up. The Enhancement Base is the value used to calculate the amount that may be added to the Enhancement Value. The Enhancement Base is equal to the initial Purchase Payment or the Contract Value on the effective date of the rider, increased by subsequent Purchase Payments and decreased by all withdrawals in accordance with the provisions set forth below. The Enhancement Base is **not** increased by an Enhancement. The Protected Income Base, Enhancement Value, and the Enhancement Base are not available to you as a lump sum withdrawal or as a Death Benefit.

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Additional Purchase Payments received after the rider effective date automatically increase the Protected Income Base, Enhancement Value and the Enhancement Base by the amount of the Purchase Payment (not to exceed the maximum Protected Income Base). For example, a $10,000 additional Purchase Payment will increase the Protected Income Base, Enhancement Value and Enhancement Base by $10,000. Any Purchase Payment will be added immediately to the Protected Income Base and the Enhancement Value and will result in an increased Protected Annual Income amount but must be invested in the Contract at least one Benefit Year before it will be added to the Enhancement Base. Any Purchase Payments made within the first 90 days after the effective date of the rider will be included in the Enhancement Base for purposes of calculating the Enhancement on the first Benefit Year anniversary.

For rider elections on and after June 11, 2018, and prior to November 28, 2022 (subject to state availability), the Enhancement Base is the value used to calculate the amount that may be added to the Protected Income Base upon an Enhancement. The Enhancement Base is equal to the Protected Income Base on the effective date of the rider, increased by subsequent Purchase Payments and Account Value Step-ups, and decreased by all withdrawals in accordance with the provisions set forth below. The Enhancement Base is **not** increased by an Enhancement. The Protected Income Base and the Enhancement Base are not available to you as a lump sum withdrawal or as a Death Benefit.

Additional Purchase Payments received after the rider effective date automatically increase the Protected Income Base and the Enhancement Base by the amount of the Purchase Payment (not to exceed the maximum Protected Income Base). For example, a $10,000 additional Purchase Payment will increase the Protected Income Base and Enhancement Base by $10,000. Any Purchase Payment will be added immediately to the Protected Income Base and the Enhancement Base but must be invested in the Contract at least one Benefit Year before it will be used in calculating an Enhancement. Any Purchase Payments made within the first 90 days after the effective date of the rider will be included in the Enhancement Base for purposes of calculating the Enhancement on the first Benefit Year anniversary.

Rider elections prior to June 11, 2018 do not have an Enhancement Base.

After the first anniversary of the rider effective date, once cumulative additional Purchase Payments exceed $100,000, additional Purchase Payments may not exceed $50,000 per Benefit Year without Home Office approval. **Additional Purchase Payments will not be allowed if the Contract Value decreases to zero for any reason, including market loss.** 

**Each withdrawal reduces the Protected Income Base, Enhancement Base, and Enhancement Value (if applicable), in the same proportion as the amount withdrawn reduces the Contract Value on the Valuation Date of the withdrawal. The reduction to the Protected Income Base and Enhancement Base could be more than the dollar amount of the withdrawal.** 

The following example demonstrates the impact of a withdrawal on the Protected Income Base, Enhancement Base, Enhancement Value (if applicable), and the Contract Value. The Contractowner makes a withdrawal of $11,200 which causes a $12,550 reduction in the Protected Income Base, Enhancement Base, and Enhancement Value (if applicable).

Prior to the withdrawal:

Contract Value = $112,000

Protected Income Base = $125,500

Enhancement Base = $125,500

Enhancement Value = $125,500

After a withdrawal of $11,200, the Contract Value is reduced by 10% ($11,200) and the Protected Income Base, Enhancement Value and Enhancement Base are also reduced by 10%, the same proportion by which the withdrawal reduced the Contract Value ($11,200 ÷ $112,000)

Contract Value = $100,800 ($112,000 - $11,200)

Protected Income Base = $112,950 ($125,500 x 10% = $12,550; $125,500 - $12,550 = $112,950)

Enhancement Base = $112,950 ($125,500 x 10% = $12,550; $125,500 - $12,550 = $112,950)

Enhancement Value = $112,950 ($125,500 x 10% = $12,550; $125,500 - $12,550 = $112,950)

**In a declining market, withdrawals may significantly reduce your Protected Income Base, Enhancement Base, and Enhancement Value and as a result will reduce your future Guaranteed Income Benefit. If the Protected Income Base is reduced to zero due to withdrawals, this rider will terminate. If the Contract Value is reduced to zero due to a withdrawal, both the rider and the Contract will terminate.** 

**Enhancement.** The current Enhancement rate applicable to new rider elections is determined in our sole discretion based on current economic factors including interest rates and equity market volatility. Generally, the rate may increase or decrease based on changes in equity market volatility, prevailing interest rates, or as a result of other economic conditions. The rate structure is intended to help us provide the guarantees under the rider. The Enhancement rate for new rider elections may be higher or lower than prior rates, but for existing Contractowners that have elected the rider, your rate will not change as a result.

The Enhancement rate applicable to new rider elections is set forth in a supplement to a Rate Sheet prospectus supplement. The Rate Sheet indicates the Enhancement rate and the date by which your application or rider election form must be signed and dated for a

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rider to be issued with this rate. The rate may be superseded at any time, in our sole discretion, and may be higher or lower than the rate on the previous Rate Sheet.

The effective date of a subsequent Rate Sheet will be at least 10 days after it is filed. In order to get the rate indicated in a Rate Sheet, your application or rider election form must be sent to us, and must be signed and dated on or after the effective date of the Rate Sheet. Current Rate Sheets will be included with the prospectus. You can also obtain the most current Rate Sheet by contacting your registered representative, online at www.lfg.com/VAprospectus or by calling us at 1-888-868-2583. Enhancement rates for previous effective periods are included in Appendix F to this prospectus.

For rider elections on after November 28, 2022, we will calculate the Enhancement Value on each Benefit Year anniversary during the Enhancement Period if no withdrawal occurred in that Benefit Year. The Enhancement will occur on a Benefit Year anniversary only if all following conditions are satisfied.

On each Benefit Year anniversary, the Protected Income Base will be the greater of the Account Value and the Enhancement Value, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the Contractowner/Annuitant (as well as the Secondary Life if the joint life option is in effect) is under the age of 86;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. there were no withdrawals in the preceding Benefit Year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. the rider is within the Enhancement Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. the Enhancement Value is greater than the Protected Income Base immediately prior to a Benefit Year anniversary adjustment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. the Enhancement Value is greater than the Contract Value on the same Benefit Year anniversary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. the Enhancement Base is greater than zero.

The initial Enhancement Value on the first Benefit Year anniversary, assuming no withdrawal occurred in that Benefit Year, is the sum of (A) and ((A) multiplied by (B)), where "A" is the Enhancement Base and "B" is the Enhancement Rate. If there is a withdrawal, the Enhancement Value will not increase that year.

On each subsequent rider date anniversary thereafter, assuming no withdrawal occurred in that Benefit Year, the Enhancement Value established on the previous Benefit Year anniversary is increased by an amount equal to the Enhancement Base multiplied by the Enhancement Rate. Withdrawals reduce the Protected Income Base, Enhancement Value and Enhancement Base as discussed below. The reduction to the Protected Income Base, Enhancement Value and the Enhancement Base could be more than the dollar amount of the withdrawal. Withdrawals less than or equal to the Protected Annual Income amount will not reduce the Protected Income Base, Enhancement Value or Enhancement Base.

For rider elections prior to November 28, 2022, you are eligible for an increase in the Protected Income Base through an Enhancement on each Benefit Year anniversary if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the Annuitant (single life option) or the Annuitant and Secondary Life (joint life option) are under age 86;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. there were no withdrawals in the preceding Benefit Year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. the rider is within the Enhancement Period (described below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. the Protected Income Base after the Enhancement amount is added would be greater than the Contract Value on the same Benefit Year anniversary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. the Enhancement Base is greater than zero.

The Enhancement equals the Enhancement Base or the Protected Income Base (depending on the rider purchase date), minus Purchase Payments received in the preceding Benefit Year, multiplied by the Enhancement Rate. The Protected Income Base and the Enhancement Base are not reduced by Purchase Payments received in the first 90 days after the rider effective date.

During the first ten Benefit Years, an increase in the Protected Income Base as a result of the Enhancement will not cause an increase in the annual protected lifetime income fee rate but will increase the dollar amount of the fee. After the tenth Benefit Year anniversary, if the Enhancement Period has renewed, the annual rate may increase each time the Protected Income Base increases as a result of the Enhancement. If you decline an Enhancement, you will continue to be eligible for an Enhancement starting on the next Benefit Year anniversary as long as you meet the conditions listed above.

**Note: The Enhancement is not available on any Benefit Year anniversary if an Account Value Step-up to the Protected Income Base occurs, or where there has been a withdrawal of Contract Value in the preceding Benefit Year. If you are eligible (as defined above) for the Enhancement in the next Benefit Year, the Enhancement will not occur until the Benefit Year anniversary of that year.**

The following is an example of the impact of the 5% Enhancement on the Protected Income Base and assumes that no withdrawals have been made.

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Initial Purchase Payment = $100,000; Protected Income Base = $100,000; Enhancement Base = $100,000

Additional Purchase Payment on day 30 = $15,000; Protected Income Base = $115,000; Enhancement Base = $115,000

On the first Benefit Year anniversary, because the additional Purchase Payment is within the first 90 days after the effective date of the rider, the Protected Income Base will not be less than $120,750 = ($100,000 x 1.05 + $15,000 x 1.05).

Consider a further additional Purchase Payment on day 95 of $10,000; Protected Income Base = $125,000; Enhancement Base = $125,000

This additional Purchase Payment is not eligible for the Enhancement on the first Benefit Year anniversary because it was received after the first 90 days after the effective date for the rider. It will not be eligible for an Enhancement until the second Benefit Year anniversary. Therefore, on the first Benefit Year anniversary, the Protected Income Base will not be less than $130,750 = ($100,000 x 1.05 + $15,000 x 1.05 + $10,000).

As explained below, an Enhancement and Account Value Step-up will not occur in the same year. If the Account Value Step-up provides an increase equal to or greater than what the Enhancement provides, you will not receive the Enhancement. It is possible that this could happen each Benefit Year (because the Account Value Step-up provided a larger increase each year), and therefore the Enhancement would not apply. The Enhancement or the Account Value Step-up cannot increase the Protected Income Base above the maximum Protected Income Base of $10 million.

**Enhancement Period.** The Enhancement Period is a 10-year period that begins on the effective date of the rider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rider elections prior to June 11, 2018 and on and after November 28, 2022 (subject to state availability), have only one 10-year Enhancement Period. The Enhancement Period does not reset, and Enhancements are not available once the Enhancement Period has expired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Riders elected on and after June 11, 2018, and prior to November 28, 2022 (subject to state availability), have multiple Enhancement Periods that reset immediately following an Account Value Step-up. If during any Enhancement Period there are no Account Value Step-ups, the Enhancements will stop at the end of the Enhancement Period and will not restart until the next Benefit Year anniversary following the Benefit Year anniversary upon which an Account Value Step-up occurs.

**Account Value Step-up.** For rider elections on and after November 28, 2022 (subject to state availability), the Protected Income Base will increase to equal the highest Contract Value on each Benefit Year anniversary if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the Contractowner/Annuitant (single life option), or the Contractowner/Annuitant and Secondary Life (joint life option) are under age 86; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the highest Contract Value on that Benefit Year anniversary, after the deduction of any withdrawals (including surrender charges, the protected lifetime income fee and account fee), plus any Purchase Payments made on that date and Persistency Credits, if any, added on that date, is greater than the Protected Income Base immediately prior to that Benefit Year anniversary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. the Account Value Step-up is greater than the Enhancement Value on the same Benefit Year anniversary.

The Account Value Step-up will not increase the Enhancement Base or the Enhancement Value and is available even in those years when a withdrawal has occurred.

For rider elections prior to November 28, 2022 (subject to state availability), the Protected Income Base and Enhancement Base will increase to equal the highest Contract Value on each Benefit Year anniversary if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the Annuitant (single life option), or the Secondary Life (joint life option) are still living and under age 86; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the Contract Value on that Benefit Year anniversary, after the deduction of any withdrawals (including surrender charges, the protected lifetime income fee and account fee), plus any Purchase Payments made on that date and Persistency Credits, if any, added on that date, is equal to or greater than the Protected Income Base after an Enhancement (if any).

For rider elections on or after June 11, 2018, and prior to November 28, 2022 (subject to state availability), each time the Account Value Step-up occurs, a new Enhancement Period starts. The Account Value Step-up is available even in years when a withdrawal has occurred.

For all rider elections, the fee rate can change each time there is an Account Value Step-up. That means if the current fee rate has increased, this would cause an increase in your annual fee rate for this rider. If your fee rate is increased, you may opt out of the Account Value Step-up. See Charges, Other Deductions, and Adjustments– Protected Lifetime Income Fees for details. If you decline an Account Value Step-up, you will continue to be eligible for an Enhancement through the end of the Enhancement Period, including in the year you declined the Account Value Step-up, as long as you meet the conditions listed above.

Following is an example of how the Account Value Step-up and the 5% Enhancement impact the Protected Income Base (assuming no withdrawals or additional Purchase Payments):

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| | | |
|:---|:---|:---|
|  | **Contract**<br> **Value**<br>| **Protected Income Base** |
| At issue | &nbsp;&nbsp; $50000 | &nbsp;&nbsp; $50000 |
| 1<sup>st</sup> Benefit Year anniversary | &nbsp;&nbsp; $54000 | &nbsp;&nbsp; $54000 |
| 2<sup>nd</sup> Benefit Year anniversary | &nbsp;&nbsp; $53900 | &nbsp;&nbsp; $56700 |

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On the first Benefit Year anniversary, the Account Value Step-up increased the Protected Income Base to the Contract Value of $54,000 since the increase in the Contract Value is greater than the 5% Enhancement amount of $2,500 (5% of $50,000). On the second Benefit Year anniversary, the 5% Enhancement provided a larger increase (5% of $54,000 = $2,700).

**Death Prior to the Selection of an Annuity Payout Option.** *4LATER*<sup>®</sup> Select Advantage has no provision for a payout of the Protected Income Base, Enhancement Base, or Enhancement Value upon death of the Contractowners or Annuitant and provides no increase in the Death Benefit value over and above what the Death Benefit provides in the base contract. At the time of death, if the Contract Value equals zero, no Death Benefit options (as described in this prospectus) will be in effect. Election of the *4LATER*<sup>®</sup> Select Advantage does not impact the Death Benefit options available for purchase with your annuity contract. Generally, all Death Benefit payments must be made in compliance with Internal Revenue Code Sections 72(s) or 401(a)(9), as amended. See Death Benefits.

If the Contractowner is not also named as the Annuitant or the Secondary Life, upon the first death of the Annuitant or Secondary Life, the *4LATER*<sup>®</sup> Select Advantage rider will continue. Upon the second death of either the Annuitant or Secondary Life, the rider will terminate.

Upon the death of the Contractowner, this rider will continue only if either Annuitant or the Secondary Life becomes the new Contractowner and payments under *i4LIFE*<sup>®</sup> Advantage begin within one year after the death of the Contractowner.

**Termination.** After the fifth anniversary of the effective date of the *4LATER*<sup>®</sup> Select Advantage rider, the Contractowner may terminate the rider by notifying us in writing. After this time, the rider will also terminate if the Contractowner fails to adhere to the Investment Requirements. *4LATER*<sup>®</sup> Select Advantage will automatically terminate:

● on the selection of an Annuity Payout option;

● if the Annuitant is changed including any sale or assignment of the Contract or any pledge of the Contract as collateral;

● upon the second death of either the Annuitant or Secondary Life;

● when the Protected Income Base is reduced to zero due to withdrawals;

● the last day that you can elect i4LIFE® Advantage (age 95, younger of you or the Secondary Life); or

● upon termination of the underlying contract.

This termination will not result in any increase in Contract Value equal to the Protected Income Base, Enhancement Base or Enhancement Value (if applicable). Upon effective termination of this rider, the benefits and charges within this rider will terminate. If you terminate the rider, we reserve the right to require a 12-month wait after this termination before you can elect any Living Benefit Rider available for purchase at that time.

***i4LIFE***<sup>®</sup> **Advantage Select Guaranteed Income Benefit option**. If you elect *4LATER*<sup>®</sup> Select Advantage, you must later transition to *i4LIFE*<sup>®</sup> Advantage Select Guaranteed Income Benefit in order to receive a benefit from *4LATER*<sup>®</sup> Select Advantage. This transition must be made prior to the maximum age limit and upon selection of an Annuity Payout option. You cannot have both *i4LIFE*<sup>®</sup> Advantage and another Living Benefit Rider in effect on your Contract at the same time. See *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit Transitions for a discussion of this transition.

***i4LIFE***<sup>®</sup> **Advantage**

*i4LIFE*<sup>®</sup> Advantage (the Variable Annuity Payout Option Rider in your Contract) is an optional Annuity Payout rider you may purchase at an additional cost and is separate and distinct from other Annuity Payout options offered under your Contract and described later in this prospectus. You may also purchase *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit for an additional charge. See Charges, Other Deductions, and Adjustments — *i4LIFE*<sup>®</sup> Advantage Charge.

*i4LIFE*<sup>®</sup> Advantage provides variable, periodic Regular Income Payments for life subject to certain conditions. The optional Guaranteed Income Benefit, if available, provides a minimum payout floor for those Regular Income Payments. These payments are made during two time periods; an Access Period and a Lifetime Income Period, which are discussed in further detail below. If your Account Value is reduced to zero (except by additional withdrawals as described below), these payments will continue for your life (or the lives of you and your Secondary Life under the joint life option) during the Lifetime Income Period. *i4LIFE*<sup>®</sup> Advantage is different from other Annuity Payout options provided by Lincoln because with *i4LIFE*<sup>®</sup> Advantage, you have the ability to make additional withdrawals or surrender the Contract during the Access Period. If your Account Value is reduced to zero due to any withdrawals, *i4LIFE*<sup>®</sup> Advantage will end and your Contract will terminate. The Guaranteed Income Benefit is described in further detail below.

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When you elect *i4LIFE*<sup>®</sup> Advantage, you must choose the Annuitant and Secondary Life (if applicable). The Annuitant and Secondary Life may not be changed after *i4LIFE*<sup>®</sup> Advantage is elected. For qualified contracts, the Secondary Life must be the spouse. See *i4LIFE*<sup>®</sup> Advantage Death Benefits regarding the impact of a change to the Annuitant prior to the *i4LIFE*<sup>®</sup> Advantage election.

If *i4LIFE*<sup>®</sup> Advantage is selected, the applicable transfer provisions among Subaccounts and the fixed account will continue to be those specified in your annuity contract for transfers on or before the selection of an Annuity Payout option. However, once *i4LIFE*<sup>®</sup> Advantage begins, any automatic withdrawal service will terminate. See The Contracts – Transfers on or Before the Selection of an Annuity Payout Option.

Additional Purchase Payments may be made during the Access Period for an IRA annuity contract, unless a Guaranteed Income Benefit has been elected. If the Guaranteed Income Benefit option has been elected on an IRA contract, additional Purchase Payments may be made until the initial Guaranteed Income Benefit is calculated. Additional Purchase Payments will not be accepted after the Periodic Income Commencement Date for a nonqualified annuity contract.

**Availability.** *i4LIFE*<sup>®</sup> Advantage is available for contracts with a Contract Value of at least $50,000 and may be elected at the time of application or at any time before any other Annuity Payout option under this Contract is elected by sending a completed *i4LIFE*<sup>®</sup> Advantage election form to our Home Office. You may elect any available version of the Guaranteed Income Benefit when you elect *i4LIFE*<sup>®</sup> Advantage or during the Access Period, if still available for election, subject to the terms and conditions at that time. You may choose not to purchase the Guaranteed Income Benefit at the time you purchase *i4LIFE*<sup>®</sup> Advantage by indicating that you do not want the *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit on the election form. Additionally, certain Living Benefit Riders allow a transition to *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit. See *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit Transitions below. If you intend to use the Protected Income Base or the Guaranteed Amount from a previously elected Living Benefit Rider to establish the Guaranteed Income Benefit, you must elect the Guaranteed Income Benefit at the time you elect *i4LIFE*<sup>®</sup> Advantage.

*i4LIFE*<sup>®</sup> Advantage and the Guaranteed Income Benefit are available on nonqualified annuities, IRAs and Roth IRAs (check with our Home Office or your registered representative regarding availability in the SEP market). *i4LIFE*<sup>®</sup> Advantage for IRA contracts is only available if the Annuitant and Secondary Life, if applicable, are age 59½ or older at the time the rider is elected. *i4LIFE*<sup>®</sup> Advantage without the Guaranteed Income Benefit, must be elected by age 90 on IRA contracts or age 99 on nonqualified contracts. *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit must be elected by age 80 on IRA contracts or age 95 on nonqualified contracts. *i4LIFE*<sup>®</sup> Advantage is not available to beneficiaries of IRA contracts. Additional limitations on issue ages and features may be necessary to comply with the IRC provisions for required minimum distributions. ***i4LIFE***<sup>®</sup> **Advantage Select Guaranteed Income Benefit is the only version of the Guaranteed Income Benefit that is currently available, unless you are transitioning to Guaranteed Income Benefit from a Prior Rider. Beginning May 18, 2026, *i4LIFE***<sup>®</sup> **Advantage Select Guaranteed Income Benefit will only be available for election at the time the Contract is issued, unless you are guaranteed the right to transition from a Prior Rider.** 

**Access Period.** The Access Period begins on the Periodic Income Commencement Date and is a defined period of time during which we pay variable, periodic Regular Income Payments and provide a Death Benefit. During this period, you may surrender the Contract and make withdrawals from your Account Value (defined below). The Lifetime Income Period begins immediately at the end of the Access Period and the remaining Account Value is used to make Regular Income Payments for the rest of your life (or the Secondary Life if applicable). During the Lifetime Income Period, you will no longer be able to make withdrawals, surrenders, or receive a Death Benefit. If your Account Value is reduced to zero because of Regular Income Payments or market loss, your Access Period ends.

The minimum and maximum Access Periods are established at the time you elect *i4LIFE*<sup>®</sup> Advantage with or without the Guaranteed Income Benefit. The current Access Period requirements are outlined in the following chart:

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| | | |
|:---|:---|:---|
|  | **Minimum Access Period** | **Maximum Access Period** |
| *i4LIFE*<sup>®</sup> Advantage (without a Guaranteed Income <br> Benefit) for elections on and after November 20, 2023<br>| 10 years | &nbsp;&nbsp; To age 115 for nonqualified <br> contracts; to age 100 for <br> qualified contracts<br>|
| *i4LIFE*<sup>®</sup> Advantage (without a Guaranteed Income <br> Benefit) for elections prior to November 20, 2023<br>| 5 years | &nbsp;&nbsp; To age 115 for nonqualified <br> contracts; to age 100 for <br> qualified contracts<br>|
| Select Guaranteed Income Benefit for elections on and <br> after August 19, 2024<br>| &nbsp;&nbsp; Longer of 20 years or the difference between your age <br> (nearest birthday) and age 85<br>| &nbsp;&nbsp; To age 115 for nonqualified <br> contracts; to age 100 for <br> qualified contracts<br>|
| Select Guaranteed Income Benefit for elections prior to <br> August 19, 2024; or<br> Guaranteed Income Benefit (Managed Risk)<br>| &nbsp;&nbsp; Longer of 20 years or the difference between your age <br> (nearest birthday) and age 90<br>| &nbsp;&nbsp; To age 115 for nonqualified <br> contracts; to age 100 for <br> qualified contracts<br>|

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| | | |
|:---|:---|:---|
|  | **Minimum Access Period** | **Maximum Access Period** |
| Guaranteed Income Benefit (version 4) | &nbsp;&nbsp; Longer of 20 years or the difference between your age <br> (nearest birthday) and age 100<br>| &nbsp;&nbsp; To age 115 for nonqualified <br> contracts; to age 100 for <br> qualified contracts<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The minimum Access Period requirements may vary if you transition to *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit from another rider. See *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit Transitions below.

Generally, shorter Access Periods will produce a higher initial Regular Income Payment than longer Access Periods. At any time during the Access Period, you may extend or shorten the length of the Access Period subject to Home Office approval. Additional restrictions may apply if you are under age 59½ when you request a change to the Access Period. Currently, if you extend the Access Period, it must be extended at least 5 years. If you change the Access Period, subsequent Regular Income Payments will be adjusted accordingly, and the Account Value remaining at the end of the new Access Period will be applied to continue Regular Income Payments for your life. If you shorten the Access Period, the *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit will terminate. Currently, changes to the Access Period can only be made on Periodic Income Commencement Date anniversaries.

Additional limitations on issue ages and features may be necessary to comply with the IRC provisions for required minimum distributions. We may reduce or terminate the Access Period for IRA *i4LIFE*<sup>®</sup> Advantage contracts in order to keep the Regular Income Payments in compliance with IRC provisions for required minimum distributions. If we lower the Access Period to comply with IRC provisions, there is no impact to the Guaranteed Income Benefit.

**Account Value.** The initial Account Value is the Contract Value on the Valuation Date *i4LIFE*<sup>®</sup> Advantage is effective (or your initial Purchase Payment if *i4LIFE*<sup>®</sup> Advantage is purchased at contract issue), less any applicable premium taxes. During the Access Period, the Account Value on a Valuation Date will equal the total value of all of the Contractowner's Accumulation Units plus the Contractowner's value in the fixed account, and will be reduced by Regular Income Payments and Guaranteed Income Benefit payments made as well as any withdrawals taken. You will have access to your Account Value during the Access Period. After the Access Period ends, the remaining Account Value will be applied to continue Regular Income Payments for your life (and the Secondary Life under the joint life option) and the Account Value will be reduced to zero.

**Regular Income Payments during the Access Period.** *i4LIFE*<sup>®</sup> Advantage provides for variable, periodic Regular Income Payments for as long as an Annuitant (or Secondary Life, if applicable) is living.

When you elect *i4LIFE*<sup>®</sup> Advantage, you will make several choices that will impact the amount of your Regular Income Payments:

● single or joint life option;

● the date you will receive the initial Regular Income Payment;

● the frequency of the payments (monthly, quarterly, semi-annually or annually);

● the frequency the payment is recalculated;

● the assumed investment return (AIR); and

● the date the Access Period ends and the Lifetime Income Period begins.

Some of the choices will not be available if you elect the Guaranteed Income Benefit.

If you do not choose a payment frequency, the default is a monthly payment frequency. You may not change your payment frequency during the Lifetime Income Period. In most states, you may also elect to have Regular Income Payments from nonqualified contracts recalculated only once each year rather than recalculated at the time of each payment. This results in level Regular Income Payments between recalculation dates. Qualified contracts are only recalculated once per year, on December 31<sup>st</sup> (if not a Valuation Date, then on the first Valuation Date of the calendar year). For nonqualified contracts, the Contractowner must elect the levelized option for Regular Income Payments if Guaranteed Income Benefit is elected.

AIR rates of 3% or 4% may be available for Regular Income Payments under *i4LIFE*<sup>®</sup> Advantage. For *i4LIFE*<sup>®</sup> Advantage elections prior to November 20, 2023, AIR rates of 5% and 6% were also available, but certain states had limited the availability of 5% and 6% AIR. The higher the AIR you choose, the higher your initial Regular Income Payment will be and the higher the return must be to increase subsequent Regular Income Payments.

A 3% AIR will be used to calculate the Regular Income Payments under:

● Guaranteed Income Benefit (Managed Risk) elections made on or after May 18, 2020; and

● Select Guaranteed Income Benefit elections made prior to February 19, 2019.

A 4% AIR will be used to calculate the Regular Income Payments under:

● Select Guaranteed Income Benefit elections made on and after August 19, 2024;

● Select Guaranteed Income Benefit elections made between February 19, 2019 and May 17, 2020; and

● Elections of all other versions of Guaranteed Income Benefit made prior to May 18, 2020.

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The AIR used to calculate the Regular Income Payments if transitioning from a Prior Rider may be different. See *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit Transitions below.

Regular Income Payments must begin within one year of the date you elect *i4LIFE*<sup>®</sup> Advantage and will continue until the death of the Annuitant or Secondary Life, if applicable, or surrender.

Regular Income Payments are not subject to any applicable surrender charges or Interest Adjustments. See Charges, Other Deductions, and Adjustments. For information regarding income tax consequences of Regular Income Payments, see Federal Tax Matters.

The initial Regular Income Payment is calculated from the Account Value on a date no more than 14 days prior to the date you select to begin receiving Regular Income Payments. This calculation date is called the Periodic Income Commencement Date, and is the same date the Access Period begins. The amount of the initial Regular Income Payment is determined by dividing the Contract Value (or Purchase Payment if elected at contract issue), less applicable premium taxes by 1,000 and multiplying the result by an annuity factor. The annuity factor is based upon:

● the age of the Annuitant and Secondary Life, if applicable;

● the length of the Access Period selected;

● the frequency of the payments;

● the AIR selected; and

● the Individual Annuity Mortality table.

The annuity factor used to determine the Regular Income Payments reflects the fact that, during the Access Period, you have the ability to withdraw the entire Account Value and that a Death Benefit will be paid to your Beneficiary upon your death. These benefits during the Access Period result in a slightly lower Regular Income Payment, during both the Access Period and the Lifetime Income Period, than would be payable if this access was not permitted and no lump-sum Death Benefit was payable. (The Contractowner must elect an Access Period of no less than the minimum Access Period which is currently set at 10 years.) The annuity factor also reflects the requirement that there be sufficient Account Value at the end of the Access Period to continue your Regular Income Payments for the remainder of your life (and/or the Secondary Life if applicable), during the Lifetime Income Period, with no further access or Death Benefit.

The amount of your Regular Income Payment will be impacted by the length of the Access Period you have chosen. For example, if a 70-year old makes a $100,000 initial Purchase Payment, elects monthly payments, a 4% AIR, and a 20-year Access Period, the initial Regular Income Payment will be $504.96 per month ($6,059.60 annually). Using the same assumptions, but with a 30-year Access Period, the initial Regular Income Payment will be $448.41 per month ($5,380.90 annually). This may vary by state of issue.

The Account Value will vary with the actual net investment return of the Subaccounts selected and the interest credited on the fixed account, which then determines the subsequent Regular Income Payments during the Access Period. Each subsequent Regular Income Payment (unless the levelized option is selected) is determined by dividing the Account Value on the applicable Valuation Date by 1,000 and multiplying this result by an annuity factor revised to reflect the declining length of the Access Period. As a result of this calculation, the actual net returns in the Account Value are measured against the AIR to determine subsequent Regular Income Payments. If the actual net investment return (annualized) for the Contract exceeds the AIR, the Regular Income Payment will increase at a rate approximately equal to the amount of such excess. Conversely, if the actual net investment return for the Contract is less than the AIR, the Regular Income Payment will decrease. For example, if net investment return is 3% higher (annualized) than the AIR, the Regular Income Payment for the next year will increase by approximately 3%. Conversely, if actual net investment return is 3% lower than the AIR, the Regular Income Payment will decrease by approximately 3%.

Withdrawals made during the Access Period will also reduce the Account Value that is available for Regular Income Payments, and subsequent Regular Income Payments will be recalculated and could be increased or reduced, based on the Account Value following the withdrawal.

For a joint life option, if either the Annuitant or Secondary Life dies during the Access Period, Regular Income Payments will be recalculated using a revised annuity factor based on the single surviving life, if doing so provides a higher Regular Income Payment. **On a joint life option, the Secondary Life must be either the primary Beneficiary or joint owner in order to receive the remaining payments after the first life's death.** 

For nonqualified contracts, if the Annuitant and Secondary Life, if applicable, both die during the Access Period, the Guaranteed Income Benefit (if any) will terminate and the annuity factor will be revised for a non-life contingent Regular Income Payment and Regular Income Payments will continue until the Account Value is fully paid out and the Access Period ends. For qualified contracts, if the Annuitant and Secondary Life, if applicable, both die during the Access Period, *i4LIFE*<sup>®</sup> Advantage (and any Guaranteed Income Benefit) will terminate.

**Regular Income Payments during the Lifetime Income Period.** The Lifetime Income Period begins at the end of the Access Period if either the Annuitant or Secondary Life is living. Your earlier elections regarding the frequency of Regular Income Payments, AIR and the frequency of the recalculation do not change. The initial Regular Income Payment during the Lifetime Income Period is determined

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by dividing the Account Value on the last Valuation Date of the Access Period by 1,000 and multiplying the result by an annuity factor revised to reflect that the Access Period has ended. The annuity factor is based upon:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the age of the Annuitant and Secondary Life (if living);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the frequency of the Regular Income Payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the AIR selected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the Individual Annuity Mortality table.

The impact of the length of the Access Period and any withdrawals made during the Access Period will continue to be reflected in the Regular Income Payments during the Lifetime Income Period. To determine subsequent Regular Income Payments, the Contract is credited with a fixed number of Annuity Units equal to the initial Regular Income Payment (during the Lifetime Income Period) divided by the Annuity Unit value (by Subaccount). Subsequent Regular Income Payments are determined by multiplying the number of Annuity Units per Subaccount by the Annuity Unit value. Your Regular Income Payments will vary based on the value of your Annuity Units. If your Regular Income Payments are adjusted on an annual basis, the total of the annual payment is transferred to Lincoln Life's general account to be paid out based on the payment mode you selected. Your payment(s) will not be affected by market performance during that year. Your Regular Income Payment(s) for the following year will be recalculated at the beginning of the following year based on the current value of the Annuity Units.

Regular Income Payments will continue for as long as the Annuitant or Secondary Life, if applicable, is living, and will continue to be adjusted for investment performance of the Subaccounts your Annuity Units are invested in (and the fixed account if applicable). Regular Income Payments vary with investment performance.

During the Lifetime Income Period, there is no longer an Account Value; therefore, no withdrawals are available and no Death Benefit is payable. In addition, transfers are not allowed from a fixed annuity payment to a variable annuity payment.

***i4LIFE***<sup>®</sup> **Advantage Credit.** A quarterly *i4LIFE*<sup>®</sup> Advantage Credit is available if you select a minimum Access Period that is the longer of 20 years or the difference between your age and age 85, and you maintain a minimum threshold value. The threshold values and applicable credit percentages are outlined in the chart below. The *i4LIFE*<sup>®</sup> Advantage Credit is only available if you elect *i4LIFE*<sup>®</sup> Advantage on or after November 20, 2023 (subject to state approval) and is not applied to Contracts with the Guaranteed Income Benefit.

If you elect the rider at the time you purchase the Contract, the first *i4LIFE*<sup>®</sup> Advantage Credit will apply three months from the contract issue date. If you elect the rider after we issue the Contract, the first *i4LIFE*<sup>®</sup> Advantage Credit will apply three months from the first Regular Income Payment. Thereafter, it will apply every three months, if all conditions are met. The *i4LIFE*<sup>®</sup> Advantage Credit will end at the end of the Access Period. If the Contract is terminated for any reason, including death, no further *i4LIFE*<sup>®</sup> Advantage Credit will be paid. Proportionate credits will not be applied.

The amount of the *i4LIFE*<sup>®</sup> Advantage Credit is calculated on each quarterly Valuation Date by multiplying:

● the variable Account Value on that date; by

● the quarterly i4LIFE® Advantage Credit percentage (determined by the applicable tier).

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| | | |
|:---|:---|:---|
|  | **Tier 1** | **Tier 2** |
| Minimum Threshold Value | $500000 | $1000000 |
| Credit Percentage (Annually) | 0.10% | 0.20% |
| Credit Percentage (Quarterly) | 0.025% | 0.050% |

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If you elect the rider at the time you purchase the Contract, the initial threshold value equals the initial Purchase Payment. If you elect the rider after we issue the Contract, the initial threshold value equals the Account Value on the first Regular Income Payment date. The threshold value will be increased by additional Purchase Payments (qualified contracts only), which may cause your Contract to move into a Tier 1 threshold, or to move from a Tier 1 to a Tier 2 threshold and receive the applicable credit. Conversely, additional withdrawals (exclusive of *i4LIFE*<sup>®</sup> Advantage payments and required minimum distributions) will reduce your threshold value on a dollar-for-dollar basis, potentially dropping a Tier 2 contract to a Tier 1 contract, or to become ineligible for the credit. The *i4LIFE*<sup>®</sup> Advantage Credit will not be applied when the minimum threshold value is not met at the time of the quarterly evaluation.

If you shorten the Access Period so that it no longer meets the stated requirement, the *i4LIFE*<sup>®</sup> Advantage Credit will end. However, if you subsequently extend the Access Period to meet the requirement, the *i4LIFE*<sup>®</sup> Advantage Credit will resume if the minimum threshold value requirement is met.

The *i4LIFE*<sup>®</sup> Advantage Credit will be allocated to the Subaccounts in proportion to the Contract Value in each variable Subaccount on the quarterly Valuation Date. There is no additional charge to receive this *i4LIFE*<sup>®</sup> Advantage Credit, and in no case will the *i4LIFE*<sup>®</sup> Advantage Credit be less than zero. The amount of any *i4LIFE*<sup>®</sup> Advantage Credit received will be noted on your quarterly statement. Confirmation statements for each individual transaction will not be issued. *i4LIFE*<sup>®</sup> Advantage Credits are not considered Purchase Payments.

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**Guaranteed Income Benefit** 

The Guaranteed Income Benefit is an optional benefit that is available for an additional charge. It provides that your Regular Income Payments will never be less than a minimum payout floor, regardless of the actual investment performance of your Contract. ***i4LIFE***<sup>®</sup> **Advantage Select Guaranteed Income Benefit is the only version of the Guaranteed Income Benefit that is currently available, unless you are transitioning to Guaranteed Income Benefit from a Prior Rider. Beginning May 18, 2026, *i4LIFE***<sup>®</sup> **Advantage Select Guaranteed Income Benefit will only be available for election at the time the Contract is issued, unless you are guaranteed the right to transition from a Prior Rider.** 

**You will be required to adhere to Investment Requirements, which will limit your ability to invest in certain Subaccounts offered in your Contract. In addition, the fixed account is not available except for use with dollar cost averaging. See Appendix B – Investment Requirements for more information.** You will be subject to those Investment Requirements for the entire time you own the rider. Failure to comply with the Investment Requirements will result in the termination of the rider.

**There is no guarantee that any version of *i4LIFE***<sup>®</sup> **Advantage Guaranteed Income Benefit will be available to elect in the future, as we reserve the right to discontinue this option at any time. In addition, we may make different versions of the Guaranteed Income Benefit available to new purchasers or may create different versions for use with various Living Benefit Riders.** However, certain Living Benefit Riders may guarantee a Contractowner the right to transition from that Prior Rider to a version of *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit that may no longer be offered. The transition rules are set forth below.

In certain states the total annual Guaranteed Income Benefit that would otherwise be payable may be subject to a maximum amount. Please refer to your Contract or contact your registered representative for more information.

**Guaranteed Income Benefit Amount.** For Select Guaranteed Income Benefit, Guaranteed Income Benefit (Managed Risk), and Guaranteed Income Benefit (version 4), the Guaranteed Income Benefit will be based on A, or, if transitioning from a Prior Rider, the greater of A and B:

A. the Account Value immediately prior to electing Guaranteed Income Benefit; or

B. the Protected Income Base under the Prior Rider (or the Guaranteed Amount under Lincoln SmartSecurity® Advantage) reduced by all Protected Annual Income payments since the last Account Value Step-up (or inception date if no step-ups have occurred).

The initial Guaranteed Income Benefit will be an amount equal to a specified percentage of the above, based on your age (or the age of the younger life under a joint life option) at the time the Guaranteed Income Benefit is elected or, if transitioning from a Prior Rider, the date of the first Regular Income Payment.

The following is an example of how the Guaranteed Amount or the Protected Income Base from another Living Benefit Rider may be used to calculate the *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit. The example assumes that a 4.5% Guaranteed Income Benefit percentage is used to calculate the initial Guaranteed Income Benefit.

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| | |
|:---|:---|
| Account Value (equals Contract Value on the date *i4LIFE*<sup>®</sup> <br>Advantage Guaranteed Income Benefit is elected)<br>| &nbsp;&nbsp; $100000 |
| Guaranteed Amount/Protected Income Base on the date *i4LIFE*<sup>®</sup> <br>Advantage Guaranteed Income Benefit is elected:<br>| &nbsp;&nbsp; $140000 |
| Initial Regular Income Payment | &nbsp;&nbsp; $5411 |
| Initial Guaranteed Income Benefit (4.5% x $140,000 Guaranteed <br> Amount/Protected Income Base which is greater than $100,000 <br> Account Value)<br>| &nbsp;&nbsp; $6300 |

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**Guaranteed Income Benefit Percentages and Age-Bands.** The specific percentages and applicable age-bands for calculating the initial Guaranteed Income Benefit are discussed below.

The initial Guaranteed Income Benefit percentages applicable to new rider elections are determined in our sole discretion based on current economic factors including interest rates and equity market volatility. Generally, the percentages may increase or decrease based on changes in equity market volatility, prevailing interest rates, or as a result of other economic conditions. This percentage structure is intended to help us provide the guarantees under the rider. The initial Guaranteed Income Benefit percentages for new rider elections may be higher or lower than prior percentages, but for existing Contractowners that have elected the rider, your Guaranteed Income Benefit percentages will not change as a result.

**Select Guaranteed Income Benefit.** The initial Guaranteed Income Benefit percentages applicable to new rider elections, including transitions from a Prior Rider are set forth in a supplement to this prospectus, called a Rate Sheet. The Rate Sheet indicates the Guaranteed Income Benefit percentages, its effective period, and the date by which your application or rider election form must be signed and dated for a Contract to be issued with those percentages. The percentages may change periodically, at our sole discretion, and may be higher or lower than the percentages on the previous Rate Sheet.

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The Guaranteed Income Benefit percentages in the Rate Sheet can be superseded. The effective date of a subsequent Rate Sheet will be at least 10 days after it is filed. In order to get the percentage indicated in a Rate Sheet, your application or rider election form must be sent to us, and must be signed and dated on or after the effective date of the Rate Sheet. Current Rate Sheets will be included with the prospectus. You can also obtain the most current Rate Sheet by contacting your registered representative, online at www.lfg.com/VAprospectus or by calling us at 1-888-868-2583. Guaranteed Income Benefit percentages for previous effective periods are included in an Appendix to this prospectus.

**Guaranteed Income Benefit (Managed Risk) and Guaranteed Income Benefit (version 4).** For Guaranteed Income Benefit (Managed Risk), the Guaranteed Income Benefit percentages that were applicable to new rider elections, including transitions from a Prior Rider, were set forth in a supplement to this prospectus, called a Rate Sheet. The Rate Sheet indicated the Guaranteed Income Benefit percentages and the date by which your application or rider elected form had to be signed and dated for your rider to be issued with those percentages. Rate information for previous effective periods is included in an Appendix to this prospectus. For Guaranteed Income Benefit (version 4), the specified percentages and the corresponding age-bands for calculating the Guaranteed Income Benefit under Guaranteed Income Benefit (version 4) are outlined in an Appendix to this prospectus. Both Guaranteed Income Benefit (Managed Risk) and Guaranteed Income Benefit (version 4) are only available for purchase if you are guaranteed the right to elect a prior version under a Prior Rider.

**Guaranteed Income Benefit General Provisions**

For all versions of the Guaranteed Income Benefit, if the amount of your *i4LIFE*<sup>®</sup> Advantage Regular Income Payment has fallen below the Guaranteed Income Benefit, because of poor investment results, a payment equal to the *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit is the minimum payment you will receive. If the market performance in your Contract is sufficient to provide Regular Income Payments at a level that exceeds the Guaranteed Income Benefit, the Guaranteed Income Benefit will never come into effect. If the Guaranteed Income Benefit is paid, it will be paid with the same frequency as your Regular Income Payment. If your Regular Income Payment is less than the Guaranteed Income Benefit, we will reduce the Account Value by the Regular Income Payment plus an additional amount equal to the difference between your Regular Income Payment and the Guaranteed Income Benefit (in other words, Guaranteed Income Benefit payments reduce the Account Value by the entire amount of the Guaranteed Income Benefit payment). This payment will be made from the variable Subaccounts and the fixed account proportionately, according to your investment allocations.

If your Account Value reaches zero as a result of payments to provide the Guaranteed Income Benefit, we will continue to pay you an amount equal to the Guaranteed Income Benefit. If your Account Value reaches zero, your Access Period will end and your Lifetime Income Period will begin. Additional amounts withdrawn from the Account Value to provide the Guaranteed Income Benefit may terminate your Access Period earlier than originally scheduled, and will reduce your Death Benefit. If your Account Value equals zero, no Death Benefit will be paid. See *i4LIFE*<sup>®</sup> Advantage Death Benefits below. After the Access Period ends, we will continue to pay the Guaranteed Income Benefit for as long as the Annuitant (or the Secondary Life, if applicable) is living.

The following example illustrates how poor investment performance, which results in a Guaranteed Income Benefit payment, affects the *i4LIFE*<sup>®</sup> Account Value:

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| | |
|:---|:---|
| *i4LIFE*<sup>®</sup> Account Value before market decline | &nbsp;&nbsp; $135000 |
| *i4LIFE*<sup>®</sup> Account Value after market decline | &nbsp;&nbsp; $100000 |
| Monthly Guaranteed Income Benefit | &nbsp;&nbsp; $810 |
| Monthly Regular Income Payment after market decline | &nbsp;&nbsp; $769 |
| Account Value after market decline and Guaranteed Income Benefit <br> payment<br>| &nbsp;&nbsp; $99190 |

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The Contractowner receives an amount equal to the Guaranteed Income Benefit. The entire amount of the Guaranteed Income Benefit is deducted from the Account Value.

**Guaranteed Income Benefit Step-ups**

**Select Guaranteed Income Benefit, Guaranteed Income Benefit (Managed Risk) and Guaranteed Income Benefit (version 4).** For elections of Select Guaranteed Income Benefit on and after August 19, 2024, the Guaranteed Income Benefit will automatically step up every year to 65% of the current Regular Income Payment, if that result is greater than the immediately prior Guaranteed Income Benefit. For elections of Select Guaranteed Income Benefit prior to August 19, 2024, and for all Guaranteed Income Benefit (Managed Risk) and Guaranteed Income Benefit (version 4) elections, the Guaranteed Income Benefit will automatically step up every year to 75% of the current Regular Income Payment, if that result is greater than the immediately prior Guaranteed Income Benefit. For nonqualified contracts, the step-up will occur annually on the first Valuation Date on or after each Periodic Income Commencement Date anniversary starting on the first Periodic Income Commencement Date anniversary. For qualified contracts, the step-up will occur annually on the first Valuation Date of the first periodic income payment of each calendar year.

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The following example illustrates how the initial Guaranteed Income Benefit is calculated for a Contractowner with a nonqualified contract, and how a step-up would increase the Guaranteed Income Benefit in a subsequent year. The example assumes a 4% percentage was used to calculate the Guaranteed Income Benefit, and that the Account Value has increased due to positive investment returns resulting in a higher recalculated Regular Income Payment. See "Regular Income Payments during the Access Period" in this prospectus for a discussion of recalculation of the Regular Income Payment.

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| | |
|:---|:---|
| 8/1/2026 Amount of initial Regular Income Payment | &nbsp;&nbsp; $4801 |
| 8/1/2026 Account Value at election of Guaranteed Income Benefit | &nbsp;&nbsp; $100000 |
| 8/1/2026 Initial Guaranteed Income Benefit (4% x $100,000 Account Value) | &nbsp;&nbsp; $4000 |
| 8/1/2027 Recalculated Regular Income Payment | &nbsp;&nbsp; $6500 |
| 8/1/2027 Guaranteed Income Benefit after step-up (65% of $6,500) | &nbsp;&nbsp; $4225 |

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The Guaranteed Income Benefit was increased to 65% of the recalculated Regular Income Payment.

***i4LIFE***<sup>®</sup> **Advantage Guaranteed Income Benefit Transitions**

Certain Living Benefit Riders ("Prior Rider") allow you to transition to the applicable version of *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit.

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| | |
|:---|:---|
| **If your Prior Rider is...**  | **you will transition to…** |
| ●*Lincoln ProtectedPay Select Core*<sup>®</sup> elections on and after August 19, <br> 2024<br>●*4LATER*<sup>®</sup> Select Advantage elections on and after August 19, 2024 | &nbsp;&nbsp; Select Guaranteed Income Benefit (available on and after August 19, <br> 2024)<br>|
| ●*Lincoln ProtectedPay Select Core*<sup>®</sup> elections prior to August 19, <br> 2024<br>●Lincoln *Market Select*<sup>®</sup> Advantage on or after August 29, 2016 (for <br> existing Contractowners October 3, 2016)<br>●*4LATER*<sup>®</sup> Select Advantage elections prior to August 19, 2024 | Select Guaranteed Income Benefit (available prior to August 19, 2024) |
| ●*Lincoln ProtectedPay Secure Core*<sup>®</sup> <br>●*Lincoln Lifetime Income*<sup>SM</sup> Advantage 2.0 (Managed Risk)<br> ●*4LATER*<sup>®</sup> Advantage (Managed Risk) | Guaranteed Income Benefit (Managed Risk) |
| ●Lincoln *Market Select*<sup>®</sup> Advantage prior to August 29, 2016 (for <br> existing contracts October 3, 2016)<br>●*Lincoln Lifetime Income*<sup>SM</sup> Advantage 2.0 | Guaranteed Income Benefit (version 4) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following discussion applies to all of these transitions.

If you have elected one of the Prior Riders listed above, you are guaranteed the right to transition to the applicable version of the Guaranteed Income Benefit even if that version is no longer available for purchase. You are also guaranteed that the Guaranteed Income Benefit percentage and Access Period requirements will be at least as favorable as those in effect at the time you purchased your Prior Rider. The Investment Requirements under your Prior Rider continue to apply after you transition to the Guaranteed Income Benefit. See Appendix B – Investment Requirements for a description of these investment requirements. The initial Guaranteed Income Benefit will be an amount equal to a specified percentage of the greater of your Account Value or Protected Income Base or Guaranteed Amount, as applicable, based on your age (or the younger life under a joint life option) at the time of the first Regular Income Payment.

Your decision to transition to the Guaranteed Income Benefit must be made prior to the Annuity Commencement Date, and by the maximum age to elect *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit, which is age 95 for nonqualified contracts and age 80 for qualified contracts. Purchasers of *Lincoln Lifetime Income*<sup>SM</sup> Advantage 2.0 (Managed Risk) (purchased prior to May 18, 2020), *Lincoln Lifetime Income*<sup>SM</sup> Advantage 2.0 (purchased prior to April 2, 2012), or *4LATER*<sup>®</sup> Advantage (Managed Risk) who have waited until after the fifth Benefit Year anniversary may elect the appropriate version of *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit until age 99 for nonqualified contracts and age 85 for qualified contracts.

If you have the single life option under your Prior Rider, you must transition to the single life option under *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit; joint life option must transition to the joint life option. The minimum Access Period requirements may vary based on which Prior Rider you elected, and are specifically listed in the chart below.

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While *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit is in effect, the Contractowner cannot change the payment mode elected or decrease the length of the Access Period.

Different minimum Access Period requirements may apply if you use the greater of the Account Value or Protected Income Base (less amounts paid since the last automatic step-up) under a Prior Rider to calculate the Guaranteed Income Benefit as set forth below:

**Elections of*i4LIFE***<sup>®</sup>**Advantage prior** **to the 5**<sup>th</sup>**Benefit Year anniversary** **Elections of *i4LIFE*** <sup>®</sup> **Advantage on and** **after the 5** <sup>th</sup> **Benefit Year anniversary** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A 3% AIR will be used to calculate the Regular Income Payments under:

● transitions to Guaranteed Income Benefit (Managed Risk) from a Prior Rider purchased on or after May 18, 2020; and

● transitions to Select Guaranteed Income Benefit from a Prior Rider purchased prior to August 19, 2024.

A 4% AIR will be used to calculate the Regular Income Payments under:

● transitions to Guaranteed Income Benefit (Managed Risk) from a Prior Rider purchased prior to May 18, 2020;

● transitions to Select Guaranteed Income Benefit from a Prior Rider purchased on and after August 19, 2024; and

● all other transitions.

When deciding whether to transition from your Prior Rider to *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit, you should consider that depending on your age (and the age of your Secondary Life under the joint life option) and the selected length of the Access Period, *i4LIFE*<sup>®</sup> Advantage may provide a higher payout than the Protected Annual Income amounts from your Prior Rider. You should consider electing *i4LIFE*<sup>®</sup> Advantage when you are ready to immediately start receiving *i4LIFE*<sup>®</sup> Advantage payments, whereas with your Prior Rider, you may defer taking withdrawals until a later date. Payments from a nonqualified contract that a person receives under the *i4LIFE*<sup>®</sup> Advantage rider are treated as "amounts received as an annuity" under section 72 of the Internal Revenue Code because the payments occur after the annuity starting date. These payments are subject to an "exclusion ratio" as provided in section 72(b) of the Code, which means a portion of each Annuity Payout is treated as income (taxable at ordinary income rates), and the remainder is treated as a nontaxable return of Purchase Payments. In contrast, withdrawals under your Prior Rider are not treated as amounts received as an annuity because they occur prior to the annuity starting date. As a result, such withdrawals are treated first as a return

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of any existing gain in the Contract (which is the measure of the extent to which the Contract Value exceeds Purchase Payments), and then as a nontaxable return of Purchase Payments.

***i4LIFE***<sup>®</sup> **Advantage Death Benefits**

When you elect *i4LIFE*<sup>®</sup> Advantage, the Death Benefit option that you previously elected will become the Death Benefit election under *i4LIFE*<sup>®</sup> Advantage, unless you elect a less expensive Death Benefit. If you had previously elected EEB Death Benefit, you must elect a new Death Benefit. Existing Contractowners with the Account Value Death Benefit, who elect *i4LIFE*<sup>®</sup> Advantage must choose the *i4LIFE*<sup>®</sup> Advantage Account Value Death Benefit. The amount paid under the new Death Benefit may be less than the amount that would have been paid under the Death Benefit provided before *i4LIFE*<sup>®</sup> Advantage began (if premium taxes have been deducted from the Contract Value).

***i4LIFE***<sup>®</sup> **Advantage Account Value Death Benefit.** The *i4LIFE*<sup>®</sup> Advantage Account Value Death Benefit is only available during the Access Period and is equal to the Account Value as of the Valuation Date on which we approve the payment of the death claim. You may not change this Death Benefit once it is elected.

***i4LIFE***<sup>®</sup> **Advantage Guarantee of Principal Death Benefit.** The *i4LIFE*<sup>®</sup> Advantage Guarantee of Principal Death Benefit is only available during the Access Period and is equal to the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the Account Value as of the Valuation Date we approve the payment of the claim; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the sum of all Purchase Payments, less the sum of Regular Income Payments and other withdrawals where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Regular Income Payments, including withdrawals to provide the Guaranteed Income Benefit and withdrawals under a Prior Rider that are not Excess Withdrawals, reduce the Death Benefit by the dollar amount of the payment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● all other withdrawals, if any, reduce the Death Benefit in the same proportion that withdrawals reduce the Contract Value or Account Value.

References to Purchase Payments and withdrawals include Purchase Payments and withdrawals made prior to the election of *i4LIFE*<sup>®</sup> Advantage if your Contract was in force with the Guarantee of Principal or greater Death Benefit option prior to that election. Withdrawals that were not treated as Excess Withdrawals under a Prior Rider will reduce the Death Benefit by the dollar amount of the withdrawal.

**In a declining market, withdrawals which are deducted in the same proportion that withdrawals reduce the Contract Value or Account Value, may have a magnified effect on the reduction of the Death Benefit payable. This is because the reduction in the benefit may be more than the dollar amount withdrawn from the Contract Value. All references to withdrawals include deductions for any applicable charges associated with those withdrawals (surrender charges for example) and premium taxes, if any.**

The following example demonstrates the impact of a proportionate withdrawal on your Death Benefit:

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| | | |
|:---|:---|:---|
| *i4LIFE*<sup>®</sup> Advantage Guarantee of Principal Death Benefit | &nbsp;&nbsp; $200000 |  |
| Regular Income Payment | &nbsp;&nbsp; $25000 |  |
| Account Value at the time of additional withdrawal | &nbsp;&nbsp; $150000 |  |
| Additional withdrawal | &nbsp;&nbsp; $15000 | ($15,000/$150,000=10% withdrawal) |
| Death Benefit Value after Regular Income Payment = $200,000 - $25,000 = $175,000 | Death Benefit Value after Regular Income Payment = $200,000 - $25,000 = $175,000 | Death Benefit Value after Regular Income Payment = $200,000 - $25,000 = $175,000 |
| Reduction in Death Benefit value for withdrawal = $175,000 x 10% = $17,500 | Reduction in Death Benefit value for withdrawal = $175,000 x 10% = $17,500 | Reduction in Death Benefit value for withdrawal = $175,000 x 10% = $17,500 |
| Death Benefit Value after additional withdrawal = $175,000 - $17,500 = $157,500 | Death Benefit Value after additional withdrawal = $175,000 - $17,500 = $157,500 | Death Benefit Value after additional withdrawal = $175,000 - $17,500 = $157,500 |

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The Regular Income Payment reduced the Death Benefit by $25,000 and the additional withdrawal caused a 10% reduction in the Death Benefit, the same percentage that the withdrawal reduced the Account Value.

During the Access Period, contracts with the *i4LIFE*<sup>®</sup> Advantage Guarantee of Principal Death Benefit may elect to change to the *i4LIFE*<sup>®</sup> Advantage Account Value Death Benefit by contacting us in writing at our Home Office. This change will be effective on the Valuation Date we receive the request, at our Home Office, and we will begin deducting the lower *i4LIFE*<sup>®</sup> Advantage charge at that time. Once the change is effective, you may not elect to return to the *i4LIFE*<sup>®</sup> Advantage Guarantee of Principal Death Benefit.

***i4LIFE***<sup>®</sup> **Advantage EGMDB.** The *i4LIFE*<sup>®</sup> Advantage EGMDB is only available during the Access Period and is the greatest of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the Account Value as of the Valuation Date on which we approve the payment of the claim; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the sum of all Purchase Payments, less the sum of Regular Income Payments and other withdrawals where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Regular Income Payments, including withdrawals to provide the Guaranteed Income Benefit and withdrawals under a Prior Rider that are not Excess Withdrawals, reduce the Death Benefit by the dollar amount of the payment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● all other withdrawals, if any, reduce the Death Benefit in the same proportion that withdrawals reduce the Contract Value or Account Value.

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References to Purchase Payments and withdrawals include Purchase Payments and withdrawals made prior to the election of *i4LIFE*<sup>®</sup> Advantage if your Contract was in force with the Guarantee of Principal or greater Death Benefit option prior to that election; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the highest Account Value or Contract Value on any contract anniversary date (including the inception date of the Contract) after the EGMDB is effective (determined before the allocation of any Purchase Payments on that contract anniversary) prior to the 81st birthday of the deceased and prior to the date of death. The highest Account Value or Contract Value is increased by Purchase Payments and is decreased by Regular Income Payments, including withdrawals to provide the Guaranteed Income Benefit and all other withdrawals subsequent to the anniversary date on which the highest Account Value or Contract Value is obtained. Regular Income Payments, including Guaranteed Income Benefit payments, and withdrawals are deducted in the same proportion that Regular Income Payments, Guaranteed Income Benefit payments, and withdrawals reduce the Contract Value or Account Value.

When determining the highest anniversary value, if you elected the EGMDB (or more expensive Death Benefit option) in the base contract and this Death Benefit was in effect when you purchased *i4LIFE*<sup>®</sup> Advantage, we will look at the Contract Value before *i4LIFE*<sup>®</sup> Advantage and the Account Value after the *i4LIFE*<sup>®</sup> Advantage election to determine the highest anniversary value. We will look at such values on the contract annual anniversary date.

In a declining market, withdrawals which are deducted in the same proportion that withdrawals reduce the Account Value, may have a magnified effect on the reduction of the Death Benefit payable. This is because the reduction in the benefit may be more than the dollar amount withdrawn from the Contract Value. All references to withdrawals include deductions for any applicable charges associated with those withdrawals (surrender charges for example) and premium taxes, if any.

Contracts with the *i4LIFE*<sup>®</sup> Advantage EGMDB may elect to change to the *i4LIFE*<sup>®</sup> Advantage Guarantee of Principal or the *i4LIFE*<sup>®</sup> Advantage Account Value Death Benefit by contacting us in writing at the Home Office. This change will be effective on the Valuation Date we receive the request, at our Home Office, and we will begin deducting the lower *i4LIFE*<sup>®</sup> Advantage charge at that time. Once the change is effective, you may not elect to return to the *i4LIFE*<sup>®</sup> Advantage EGMDB.

**General Death Benefit Provisions.** These Death Benefit options are only available during the Access Period and will terminate when the Account Value equals zero, because the Access Period terminates.

**If there is a change in the Contractowner, joint owner or Annuitant during the life of the Contract, for any reason other than death, the only Death Benefit payable for the new person will be the *i4LIFE***<sup>®</sup> **Advantage Account Value Death Benefit. On a joint life option, the Secondary Life must be either the primary Beneficiary or joint owner in order to receive the remaining payments after the first life's death.**

For nonqualified contracts, upon the death of the Contractowner, joint owner or Annuitant, the Contractowner (or Beneficiary) may elect to terminate the Contract and receive full payment of the Death Benefit or may elect to continue the Contract and receive Regular Income Payments. Upon the death of the Secondary Life, who is not also an owner, only the surrender value is paid.

If you are the owner of an IRA annuity contract, and there is no Secondary Life, and you die during the Access Period, the *i4LIFE*<sup>®</sup> Advantage will terminate. A spouse Beneficiary may start a new *i4LIFE*<sup>®</sup> Advantage program.

If a death occurs during the Access Period, the value of the Death Benefit will be determined as of the Valuation Date we approve the payment of the claim. Approval of payment will occur upon our receipt of all the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. an original certified death certificate or any other proof of death satisfactory to us; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. written authorization for payment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. all required claim forms, fully completed (including selection of a settlement option).

Notwithstanding any provision of this Contract to the contrary, the payment of Death Benefits provided under this Contract must be made in compliance with Code Section 72(s) or 401(a)(9) as applicable, as amended from time to time. Death Benefits may be taxable. See Federal Tax Matters.

Upon notification to us of the death, Regular Income Payments may be suspended until the death claim is approved by us. Upon approval, a lump sum payment for the value of any suspended payments will be made as of the date the death claim is approved, and Regular Income Payments will continue, if applicable. The excess, if any, of the Death Benefit over the Account Value will be credited into the Contract at that time.

If a lump sum settlement is elected, the proceeds will be mailed within seven days of approval by us of the claim subject to the laws, regulations and tax code governing payment of Death Benefits. This payment may be postponed as permitted by the Investment Company Act of 1940.

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***i4LIFE***<sup>®</sup> **Advantage General Provisions**

**Withdrawals.** You may request a withdrawal at any time during the Access Period. We reduce the Account Value by the amount of the withdrawal, and all subsequent Regular Income Payments and Guaranteed Income Benefit payments, if applicable, will be recalculated. The Guaranteed Income Benefit is reduced proportionately. Withdrawals may have tax consequences. See Federal Tax Matters. Withdrawals are subject to any applicable surrender charges except when amounts may be withdrawn free of surrender charges. See Charges, Other Deductions, and Adjustments. The Interest Adjustment may apply.

The following example demonstrates the impact of a withdrawal on the Guaranteed Income Benefit payments:

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| | | |
|:---|:---|:---|
| *i4LIFE*<sup>®</sup> Regular Income Payment before additional withdrawal | &nbsp;&nbsp; $1200 |  |
| Guaranteed Income Benefit before additional withdrawal | &nbsp;&nbsp; $900 |  |
| Account Value at time of additional withdrawal | &nbsp;&nbsp; $150000 |  |
| Additional withdrawal | &nbsp;&nbsp; $15000 | (a 10% withdrawal) |
| Reduction in Guaranteed Income Benefit for additional withdrawal = $900 x 10% = $90 | Reduction in Guaranteed Income Benefit for additional withdrawal = $900 x 10% = $90 | Reduction in Guaranteed Income Benefit for additional withdrawal = $900 x 10% = $90 |
| Guaranteed Income Benefit after additional withdrawal = $900 - $90 = $810 | Guaranteed Income Benefit after additional withdrawal = $900 - $90 = $810 | Guaranteed Income Benefit after additional withdrawal = $900 - $90 = $810 |

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**Surrender.** At any time during the Access Period, you may surrender the Contract by withdrawing the surrender value. If the Contract is surrendered, the Contract terminates and no further Regular Income Payments will be made. Withdrawals are subject to any applicable surrender charges except when amounts may be withdrawn free of surrender charges. See Charges, Other Deductions, and Adjustments. The Interest Adjustment may apply.

**Termination.** You may terminate *i4LIFE*<sup>®</sup> Advantage prior to the end of the Access Period by notifying us in writing. The termination will be effective on the next Valuation Date after we receive the notice.

For IRA annuity contracts, upon termination, the *i4LIFE*<sup>®</sup> Advantage charge will end and your base contract expense will resume. Your Contract Value upon termination will be equal to the Account Value on the Valuation Date we terminate *i4LIFE*<sup>®</sup> Advantage.

For nonqualified contracts, your *i4LIFE*<sup>®</sup> Advantage Death Benefit will terminate, and the Account Value Death Benefit will be in effect. The *i4LIFE*<sup>®</sup> Advantage charge will end, and the charge for the Account Value Death Benefit will begin. All earnings in the Contract will be subject to income taxation in the year of the termination. A termination will be treated as a surrender for income tax purposes. If you choose to keep your underlying contract in force, this transaction will be treated as a repurchase for purposes of calculating future income taxes. Your Contract Value upon termination will be equal to the Account Value on the Valuation Date we terminate *i4LIFE*<sup>®</sup> Advantage.

*i4LIFE*<sup>®</sup> Advantage will terminate due to any of the following events:

● the death of the Annuitant (or the later of the death of the Annuitant or Secondary Life if a joint payout was elected); or

● a Contractowner requested a decrease in the Access Period or a change to the Regular Income Payment frequency; or

● upon written notice from the Contractowner to us; or

● assignment of the Contract; or

● failure to comply with Investment Requirements.

A termination of *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit due to a decrease in the Access Period, a change in the Regular Income Payment frequency, or upon written notice from the Contractowner will be effective as of the Valuation Date on the next Periodic Income Commencement Date anniversary. Termination will be only for the *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit and not the *i4LIFE*<sup>®</sup> Advantage election, unless otherwise specified. However, if you used the greater of the Account Value, Protected Income Base, or Guaranteed Amount under a previously held Living Benefit Rider to establish the Guaranteed Income Benefit, any termination of the Guaranteed Income Benefit will also result in a termination of the *i4LIFE*<sup>®</sup> Advantage election. If you terminate the *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit you may be able to re-elect it, if available, after one year. The election will be treated as a new purchase, subject to the terms and charges in effect at the time of election and the *i4LIFE*<sup>®</sup> Advantage Regular Income Payment will be recalculated. The *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit will be based on the Account Value at the time of the election.

**Annuity Payouts**

When you apply for a Contract, you may select any Annuity Commencement Date permitted by law, which is usually on or before the Annuitant's 99<sup>th</sup> birthday. This requires Contractowners to choose an Annuity Payout option or take irrevocable withdrawals through an Automatic Withdrawal Service, if not being taken already (state variations apply). This is not required for Contractowners who have elected *i4LIFE*<sup>®</sup> Advantage or any version of *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit, the Maximum Annual Withdrawal Amount Annuity Payout Option or the Protected Annual Income Payout Option. Your broker-dealer may recommend that you choose this at an earlier age.

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The Contract provides optional forms of payouts of annuities (annuity options), each of which is payable on a variable basis, a fixed basis or a combination of both as you specify. The Contract provides that all or part of the Contract Value may be used to purchase an Annuity Payout option. The minimum rates used to purchase any of the annuity options discussed below are shown in the Contract.

You may elect Annuity Payouts in monthly, quarterly, semiannual or annual installments. If the payouts from any Subaccount would be or become less than $50, we have the right to reduce their frequency until the payouts are at least $50 each. Following are explanations of the annuity options available.

**Annuity Options**

The annuity options outlined below do not apply to Contractowners who have elected *i4LIFE*<sup>®</sup> Advantage or any version of *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit, the Maximum Annual Withdrawal Amount Annuity Payout Option or the Protected Annual Income Payout Option.

**Life Annuity.** This option offers a periodic payout during the lifetime of the Annuitant and ends with the last payout before the death of the Annuitant. This option offers the highest periodic payout since there is no guarantee of a minimum number of payouts or provision for a Death Benefit for Beneficiaries. **However, there is the risk under this option that the recipient would receive no payouts if the Annuitant dies before the date set for the first payout; only one payout if death occurs before the second scheduled payout, and so on.** The Annuitant must be under age 81 to elect this option.

**Life Annuity with Payouts Guaranteed for Designated Period.** This option guarantees periodic payouts during a designated period, usually 10 or 20 years, and then continues throughout the lifetime of the Annuitant. The designated period is selected by the Contractowner.

**Joint Life Annuity.** This option offers a periodic payout during the joint lifetime of the Annuitant and a designated joint Annuitant. The payouts continue during the lifetime of the survivor. **However, under a joint life annuity, if both Annuitants die before the date set for the first payout, no payouts will be made. Only one payment would be made if both deaths occur before the second scheduled payout, and so on.**

**Joint Life Annuity with Guaranteed Period.** This option guarantees periodic payouts during a designated period, usually 10 or 20 years, and continues during the joint lifetime of the Annuitant and a designated joint Annuitant. The payouts continue during the lifetime of the survivor. The designated period is selected by the Contractowner.

**Joint Life and Two Thirds to Survivor Annuity.** This option provides a periodic payout during the joint lifetime of the Annuitant and a designated joint Annuitant. When one of the joint Annuitants dies, the survivor receives two thirds of the periodic payout made when both were alive.

**Joint Life and Two-Thirds Survivor Annuity with Guaranteed Period.** This option provides a periodic payout during the joint lifetime of the Annuitant and a joint Annuitant. When one of the joint Annuitants dies, the survivor receives two-thirds of the periodic payout made when both were alive. This option further provides that should one or both of the Annuitants die during the elected guaranteed period, usually 10 or 20 years, full benefit payment will continue for the rest of the guaranteed period.

**Life Annuity with Unit Refund.** This option offers a periodic payout during the lifetime of the Annuitant with the guarantee that upon death a payout will be made of the value of the number of Annuity Units (see Variable Annuity Payouts) equal to the excess, if any, of:

● the total amount applied under this option divided by the Annuity Unit value for the date payouts begin, minus

● the Annuity Units represented by each payout to the Annuitant multiplied by the number of payouts paid before death.

The value of the number of Annuity Units is computed on the date the death claim is approved for payment by the Home Office.

**Life Annuity with Cash Refund.** Fixed annuity benefit payments that will be made for the lifetime of the Annuitant with the guarantee that upon death, should (a) the total dollar amount applied to purchase this option be greater than (b) the fixed annuity benefit payment multiplied by the number of annuity benefit payments paid prior to death, then a refund payment equal to the dollar amount of (a) minus (b) will be made.

Under the annuity options listed above, you may not make withdrawals. Other options, with or without withdrawal features, may be made available by us. You may pre-select an Annuity Payout option as a method of paying the Death Benefit to a Beneficiary. If you do, the Beneficiary cannot change this payout option. You may change or revoke in writing to our Home Office, any such selection, unless such selection was made irrevocable. If you have not already chosen an Annuity Payout option, the Beneficiary may choose any Annuity Payout option. At death, options are only available to the extent they are consistent with the requirements of the Contract as well as Sections 72(s) and 401(a)(9) of the tax code, if applicable.

**General Information**

**Any previously selected Death Benefit in effect before the selection of an Annuity Payout option will no longer be available on and after the selection of an Annuity Payout option.** You may change the Annuity Commencement Date, change the annuity option or change the allocation of the investment among Subaccounts up to 30 days before the scheduled Annuity Commencement Date,

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upon written notice to the Home Office. You must give us at least 30 days' notice before the date on which you want payouts to begin. We may require proof of age, sex, or survival of any payee upon whose age, sex, or survival payments depend.

Unless you select another option, the Contract automatically provides for a life annuity with Annuity Payouts guaranteed for 10 years (on a fixed, variable or combination fixed and variable basis, in proportion to the account allocations at the time of annuitization) except when a joint life payout is required by law. Under any option providing for guaranteed period payouts, the number of payouts which remain unpaid at the date of the Annuitant's death (or surviving Annuitant's death in case of joint life Annuity) will be paid to you or your Beneficiary as payouts become due after we are in receipt of:

● An original certified death certificate or other proof of death satisfactory to us;

● written authorization for payment; and

● all claim forms, fully completed.

**Variable Annuity Payouts**

Variable Annuity Payouts will be determined using:

● the Contract Value on the selection of an Annuity Payout option, less any applicable premium taxes;

● the annuity tables contained in the Contract;

● the annuity option selected; and

● the investment performance of the fund(s) selected.

To determine the amount of payouts, we make this calculation:

1. Determine the dollar amount of the first periodic payout; then

2. Credit the Contract with a fixed number of Annuity Units equal to the first periodic payout divided by the Annuity Unit value; and

3. Calculate the value of the Annuity Units each period thereafter.

Annuity Payouts assume an investment return of 3%, 4%, 5% or 6% per year, as applied to the applicable mortality table. Some of these assumed interest rates may not be available in your state; therefore, please check with your registered representative. You may choose your assumed interest rate at the time you elect a variable Annuity Payout on the administrative form provided by us. The higher the assumed interest rate you choose, the higher your initial annuity payment will be. The amount of each payout after the initial payout will depend upon how the underlying fund(s) perform, relative to the assumed rate. If the actual net investment rate (annualized) exceeds the assumed rate, the payment will increase at a rate proportional to the amount of such excess. Conversely, if the actual net investment rate is less than the assumed rate, annuity payments will decrease. The higher the assumed interest rate, the less likely future annuity payments are to increase, or the payments will increase more slowly than if a lower assumed rate was used. There is a more complete explanation of this calculation in the SAI.

**Fixed Side of the Contract**

Information regarding the features of the fixed account, if available, including (i) its name, (ii) its available Guaranteed Periods, and (iii) its minimum guaranteed interest rate, is available in Appendix A – Investment Options Available Under the Contract.

You may allocate Purchase Payments to the fixed side of the contract, if available. Allocations made to the fixed side of the contract are added to your Contract Value. Certain charges related to the Contract and the charges for the Living Benefit Riders are deducted from your Contract Value. Therefore, a portion of those charges may be deducted from the fixed account. See the Charges, Other Deductions, and Adjustments section of this prospectus for more information. Since amounts in the fixed account make up part of your Contract Value, those amounts may be used to calculate benefits under the Living Benefit Riders. See the Benefits Available Under the Contract section in this prospectus for more information.

Purchase Payments and Contract Value allocated to the fixed side of the contract become part of our general account, and **do not** participate in the investment experience of the VAA. The general account is subject to regulation and supervision by the Indiana Department of Insurance as well as the insurance laws and regulations of the jurisdictions in which the contracts are distributed.

In reliance on certain exemptions, exclusions and rules, we have not registered interests in the general account as a security under the Securities Act of 1933 and have not registered the general account as an investment company under the 1940 Act. Accordingly, neither the general account nor any interests in it are regulated under the 1933 Act or the 1940 Act. Disclosures in this prospectus about the general account, however, are subject to certain provisions of the federal securities laws relating to the accuracy and completeness of statements made in prospectuses.

We guarantee an annual effective interest rate of not less than 1.50% per year on amounts held in a fixed account. **Any amount surrendered, withdrawn from, or transferred out of a fixed account prior to the expiration of the Guaranteed Period is subject to the Interest Adjustment and other charges (see the Charges, Other Deductions, and Adjustments section)**. A negative Interest Adjustment may reduce your value upon surrender, withdrawal, or transfer, but will not reduce the amount below the value it would have

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had if 1.50% (or the guaranteed minimum interest rate for your Contract) interest had been credited to the fixed account. Refer to Transfers On or Before the Selection of an Annuity Payout Option and Transfers After the Selection of an Annuity Payout Option for additional transfer restrictions from the fixed account.

The fixed account is also subject to the nonforfeiture law of your state, which means the minimum amount available from the fixed account will not be less than the minimum nonforfeiture amount under state law.

**ANY INTEREST IN EXCESS OF 1.50% (OR THE GUARANTEED MINIMUM INTEREST RATE STATED IN YOUR CONTRACT) WILL BE DECLARED IN ADVANCE AT OUR SOLE DISCRETION. CONTRACTOWNERS BEAR THE RISK THAT NO INTEREST IN EXCESS OF THE MINIMUM INTEREST RATE WILL BE DECLARED.** 

**Your Contract may not offer a fixed account or if permitted by your Contract, we may discontinue accepting Purchase Payments or transfers into the fixed side of the contract at any time. Currently, the fixed account option is available (B-Share and L-Share contracts only) for dollar-cost averaging (DCA) purposes only. Please contact your registered representative for further information**. **Older versions of the Contract may not provide for Guaranteed Periods or an Interest Adjustment.**

**Guaranteed Periods**

The fixed account is divided into separate Guaranteed Periods, which credit guaranteed interest.

You may allocate Purchase Payments to one or more Guaranteed Periods of 1 to 10 years. We may add Guaranteed Periods or discontinue accepting Purchase Payments into one or more Guaranteed Periods at any time. The minimum amount of any Purchase Payment that can be allocated to a Guaranteed Period is $2,000. Each Purchase Payment allocated to the fixed account will start its own Guaranteed Period and will earn a guaranteed interest rate. The duration of the Guaranteed Period affects the guaranteed interest rate of the fixed account. A Guaranteed Period ends on the date after the number of calendar years in the Guaranteed Period. Interest will be credited daily at a guaranteed rate that is equal to the effective annual rate determined on the first day of the Guaranteed Period. Amounts surrendered, transferred or withdrawn prior to the end of the Guaranteed Period will be subject to the Interest Adjustment. Each Guaranteed Period Purchase Payment will be treated separately for purposes of determining any applicable Interest Adjustment. Any amount withdrawn from a Guaranteed Period may be subject to any applicable surrender charges, account fees and premium taxes.

You may transfer amounts from the fixed account to the variable Subaccount(s) subject to the following restrictions:

● fixed account transfers are limited to 25% of the value of that fixed account in any 12-month period; and

● the minimum amount that can be transferred is $300 or, if less, the amount in the fixed account.

Because of these restrictions, it may take several years to transfer amounts from the fixed account to the variable Subaccounts. You should carefully consider whether the fixed account meets your investment criteria. Any amount withdrawn from the fixed account may be subject to any applicable surrender charges, account fees and premium taxes.

We will notify the Contractowner in writing at least 30 days prior to the expiration date for any Guaranteed Period amount. At the end of the Guaranteed Period, this fund will renew, dependent upon the state of issue, either: (1) automatically into the current duration, or (2) into a 1-year Guaranteed Period. If the current duration is unavailable at the time of renewal, you will renew into the shortest duration available at that time unless we receive, prior to the end of a Guaranteed Period, a written election by the Contractowner. The written election may request the transfer of the Guaranteed Period amount to a different Guaranteed Period or to a variable Subaccount from among those being offered by us. Transfers of any Guaranteed Period amount which become effective upon the date of expiration of the applicable Guaranteed Period are not subject to the limitation of twelve transfers per Contract Year or the additional fixed account transfer restrictions.

**Small Contract Surrenders**

We may surrender your Contract, in accordance with the laws of your state if:

● your Contract Value drops below certain state specified minimum amounts ($1,000 or less) for any reason, including if your Contract Value decreases due to the performance of the Subaccounts you selected;

● no Purchase Payments have been received for two (2) full, consecutive Contract Years; and

● the annuity benefit at the selection of an Annuity Payout option would be less than $20.00 per month (these requirements may differ in some states).

At least 60 days before we surrender your Contract, we will send you a letter at your last address we have on file, to inform you that your Contract will be surrendered. You will have the opportunity to make additional Purchase Payments to bring your Contract Value above the minimum level to avoid surrender. If we surrender your Contract, we will not assess any surrender charge. We will not surrender your Contract if you are receiving guaranteed payments from us under one of the Living Benefit Riders.

**Delay of Payments** 

Contract proceeds from the VAA will be paid within seven days, except:

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● when the NYSE is closed (other than weekends and holidays);

● times when market trading is restricted or the SEC declares an emergency, and we cannot value units or the funds cannot redeem shares; or

● when the SEC so orders to protect Contractowners.

Due to federal laws designed to counter terrorism and prevent money laundering by criminals, we may be required to reject a Purchase Payment and/or deny payment of a request for transfers, withdrawals, surrenders, or Death Benefits, until instructions are received from the appropriate regulator. We also may be required to provide additional information about a Contractowner's account to government regulators.

**Reinvestment Privilege** 

You may elect to make a reinvestment purchase with any part of the proceeds of a surrender/withdrawal, and we will recredit that portion of the surrender/withdrawal charges attributable to the amount returned.

This election must be made by your written authorization to us on an approved Lincoln reinvestment form and received in our Home Office within 30 days of the date of the surrender/withdrawal, and the repurchase must be of a Contract covered by this prospectus. If the *Lincoln Long-Term Care*<sup>SM</sup> Advantage rider was in effect prior to your surrender, it will not be reinstated, and Lincoln reserves the right to **not** reinstate certain riders that were in effect prior to the surrender/withdrawal. In the case of a qualified retirement plan, a representation must be made that the proceeds being used to make the purchase have retained their tax-favored status under an arrangement for which the contracts offered by this prospectus are designed. The number of Accumulation Units which will be credited when the proceeds are reinvested will be based on the value of the Accumulation Unit(s) on the next Valuation Date. This computation will occur following receipt of the proceeds and request for reinvestment at the Home Office. You may utilize the reinvestment privilege only once. For tax reporting purposes, we will treat a surrender/withdrawal and a subsequent reinvestment purchase as separate transactions (and a Form 1099 may be issued, if applicable). Any taxable distribution that is reinvested may still be reported as taxable. You should consult a tax advisor before you request a surrender/withdrawal or subsequent reinvestment purchase.

We may not accept reinvestment into the fixed side of the contract.

**Amendment of Contract** 

We reserve the right to amend the Contract to meet the requirements of the 1940 Act or other applicable federal or state laws or regulations. You will be notified in writing of any changes, modifications or waivers. Any changes are subject to prior approval of your state's insurance department (if required).

**Distribution of the Contracts**

Lincoln Financial Distributors, Inc. ("LFD") serves as Principal Underwriter of this Contract. LFD is affiliated with Lincoln Life and is registered as a broker-dealer with the SEC under the Securities Exchange Act of 1934 and is a member of FINRA (Financial Industry Regulatory Authority). The Principal Underwriter has entered into selling agreements with broker-dealers that are unaffiliated with us ("Selling Firms"). While the Principal Underwriter has the legal authority to make payments to broker-dealers which have entered into selling agreements, we will make such payments on behalf of the Principal Underwriter in compliance with appropriate regulations. We also pay on behalf of LFD certain of its operating expenses related to the distribution of this and other of our contracts. The Principal Underwriter may also offer "non-cash compensation", as defined under FINRA's rules, which includes among other things, merchandise, gifts, marketing support, sponsorships, seminars, entertainment and travel expenses. You should ask your registered representative how the broker-dealer will be compensated for the sale of the Contract to you, or for any alternative proposal that may have been presented to you. You should take such compensation into account when considering and evaluating any recommendation made to you in connection with the purchase of a Contract. The following paragraphs describe how payments are made by us and the Principal Underwriter to various parties.

**Compensation Paid to Selling Firms**. The Principal Underwriter pays commissions to all Selling Firms. The maximum commission the Principal Underwriter pays to Selling Firms is 7.50% of Purchase Payments. Some Selling Firms may elect to receive a lower commission when a Purchase Payment is made along with an earlier quarterly payment based on Contract Value for so long as the Contract's Selling Firm remains in effect. Upon annuitization, the maximum commission the Principal Underwriter pays to Selling Firms is 7.50% of annuitized value and/or ongoing annual compensation of up to 1.25% of annuity value or statutory reserves. LFD also acts as wholesaler of the contracts and performs certain marketing and other functions in support of the distribution and servicing of the contracts.

LFD may pay certain Selling Firms or their affiliates additional amounts for, among other things: (1) "preferred product" treatment of the contracts in their marketing programs, which may include marketing services and increased access to registered representatives; (2) sales incentives relating to the contracts; (3) costs associated with sales conferences and educational seminars for their registered representatives; (4) other sales expenses incurred by them; and (5) inclusion in the financial products the Selling Firm offers.

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Lincoln Life may provide loans to broker-dealers or their affiliates to help finance marketing and distribution of the contracts, and those loans may be forgiven if aggregate sales goals are met. In addition, we may provide staffing or other administrative support and services to broker-dealers who distribute the contracts. LFD, as wholesaler, may make bonus payments to certain Selling Firms based on aggregate sales of our variable insurance contracts (including the contracts) or persistency standards.

These additional types of compensation are not offered to all Selling Firms. The terms of any particular agreement governing compensation may vary among Selling Firms and the amounts may be significant. The prospect of receiving, or the receipt of, additional compensation may provide Selling Firms and/or their registered representatives with an incentive to favor sales of the contracts over other variable annuity contracts (or other investments) with respect to which a Selling Firm receives lower levels of or no additional compensation. You may wish to take such payment arrangements into account when considering and evaluating any recommendation relating to the contracts. Additional information relating to compensation paid in 2025 is contained in the SAI.

**Compensation Paid to Other Parties.** Depending on the particular selling arrangements, there may be others whom LFD compensates for the distribution activities. For example, LFD may compensate certain "wholesalers", who control access to certain selling offices, for access to those offices or for referrals, and that compensation may be separate from the compensation paid for sales of the contracts. LFD may compensate marketing organizations, associations, brokers or consultants which provide marketing assistance and other services to broker-dealers who distribute the contracts, and which may be affiliated with those broker-dealers. Commissions and other incentives or payments described above are not charged directly to Contractowners or the VAA. All compensation is paid from our resources, which include fees and charges imposed on your Contract.

**Contractowner Questions** 

The obligations to purchasers under the contracts are those of Lincoln Life. This prospectus provides a general description of the material features of the Contract. Contracts, endorsements and riders may vary as required by state law. Questions about your Contract should be directed to us at 1-888-868-2583.

**Federal Tax Matters**

**Introduction**

The Federal income tax treatment of the Contract is complex and sometimes uncertain. The Federal income tax rules may vary with your particular circumstances. This discussion does not include all the Federal income tax rules that may affect you and your Contract. This discussion also does not address other Federal tax consequences (including consequences of sales to foreign individuals or entities), or state or local tax consequences, associated with the Contract. As a result, you should always consult a tax advisor about the application of tax rules found in the Internal Revenue Code ("Code"), Treasury Regulations and applicable IRS guidance to your individual situation.

**Nonqualified Annuities**

This part of the discussion describes some of the Federal income tax rules applicable to nonqualified annuities. A nonqualified annuity is a contract not issued in connection with a qualified retirement plan, such as an IRA or a section 403(b) plan, receiving special tax treatment under the Code. We may not offer nonqualified annuities for all of our annuity products.

**Tax Deferral On Earnings**

Under the Code, you are generally not subject to tax on any increase in your Contract Value until you receive a Contract distribution. However, for this general rule to apply, certain requirements must be satisfied:

● An individual must own the Contract (or the Code must treat the Contract as owned by an individual).

● The investments of the VAA must be "adequately diversified" in accordance with Treasury regulations.

● Your right to choose particular investments for a Contract must be limited.

● The Annuity Commencement Date must not occur near the end of the Annuitant's life expectancy.

**Contracts Not Owned By An Individual**

If a Contract is owned by an entity (rather than an individual) the Code generally does not treat it as an annuity contract for Federal income tax purposes. This means that the entity owning the Contract pays tax currently on the excess of the Contract Value over the investment in the Contract. Examples of contracts where the owner pays current tax on the Contract's earnings, and Persistency Credits, if applicable, are contracts issued to a corporation or a trust. Some exceptions to the rule are:

● Contracts in which the named owner is a trust or other entity that holds the Contract as an agent for an individual; however, this exception does not apply in the case of any employer that owns a contract to provide deferred compensation for its employees;

● Immediate annuity contracts, purchased with a single premium, when the annuity starting date is no later than a year from purchase and substantially equal periodic payments are made, not less frequently than annually, during the Annuity Payout period;

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● Contracts acquired by an estate of a decedent;

● Certain qualified contracts;

● Contracts purchased by employers upon the termination of certain qualified plans; and

● Certain contracts used in connection with structured settlement agreements.

**Investments In The VAA Must Be Diversified**

For a Contract to be treated as an annuity for Federal income tax purposes, the investments of the VAA must be "adequately diversified." Treasury regulations define standards for determining whether the investments of the VAA are adequately diversified. If the VAA fails to comply with these diversification standards, you could be required to pay tax currently on the excess of the Contract Value over the investment in the Contract. Although we do not control the investments of the underlying investment options, we expect that the underlying investment options will comply with the Treasury regulations so that the VAA will be considered "adequately diversified."

**Restrictions**

The Code limits your right to choose particular investments for the Contract. Because the IRS has issued little guidance specifying those limits, the limits are uncertain and your right to allocate Contract Values among the Subaccounts may exceed those limits. If so, you would be treated as the owner of the assets of the VAA and thus subject to current taxation on the income, Persistency Credits, and gains, if applicable, from those assets. We do not know what limits may be set by the IRS in any guidance that it may issue and whether any such limits will apply to existing contracts. We reserve the right to modify the Contract without your consent in an attempt to prevent you from being considered as the owner of the assets of the VAA for purposes of the Code.

**Loss Of Interest Deduction**

After June 8, 1997, if a Contract is issued to a taxpayer that is not an individual, or if a Contract is held for the benefit of an entity, the entity may lose a portion of its deduction for otherwise deductible interest expenses. However, this rule does not apply to a Contract owned by an entity engaged in a trade or business that covers the life of one individual who is either (i) a 20% Owner of the entity, or (ii) an officer, director, or employee of the trade or business, at the time first covered by the Contract. This rule also does not apply to a Contract owned by an entity engaged in a trade or business that covers the joint lives of the 20% Owner or the entity and the Owner's spouse at the time first covered by the Contract.

**Age At Which Annuity Payouts Begin**

The Code does not expressly identify a particular age by which Annuity Payouts must begin. However, those rules do require that an annuity contract provide for amortization, through Annuity Payouts, of the Contract's Purchase Payments, Persistency Credits, and earnings. As long as annuity payments begin or are scheduled to begin on a date on which the Annuitant's remaining life expectancy is enough to allow for a sufficient Annuity Payout period, the Contract should be treated as an annuity. If the annuity contract is not treated as an annuity, you would be currently taxed on the excess of the Contract Value over the investment in the Contract.

**Tax Treatment Of Payments**

We make no guarantees regarding the tax treatment of any Contract or of any transaction involving a Contract. However, the rest of this discussion assumes that your Contract will be treated as an annuity under the Code and that any increase in your Contract Value will not be taxed until there is a distribution from your Contract.

**Taxation Of Withdrawals And Surrenders**

You will pay tax on withdrawals to the extent your Contract Value exceeds your investment in the Contract. This income (and all other income from your Contract) is considered ordinary income (and does not receive capital gains treatment and is not qualified dividend income). You will pay tax on a surrender to the extent the amount you receive exceeds your investment in the Contract. In certain circumstances, your Purchase Payments and investment in the Contract are reduced by amounts received from your Contract that were not included in income. Surrender and reinstatement of your Contract will generally be taxed as a withdrawal. If your Contract has a Living Benefit Rider, and if the guaranteed amount under that rider immediately before a withdrawal exceeds your Contract Value, the Code may require that you include those additional amounts in your income. Please consult your tax advisor.

**Taxation Of Annuity Payouts, including Regular Income Payments**

The Code imposes tax on a portion of each Annuity Payout (at ordinary income tax rates) and treats a portion as a nontaxable return of your investment in the Contract. We will notify you annually of the taxable amount of your Annuity Payout. Once you have recovered the total amount of the investment in the Contract, you will pay tax on the full amount of your Annuity Payouts. If Annuity Payouts end because of the Annuitant's death and before the total amount in the Contract has been distributed, the amount not received will generally be deductible. If withdrawals, other than Regular Income Payments, are taken from *i4LIFE*<sup>®</sup> Advantage during the Access Period, they are taxed subject to an exclusion ratio that is determined based on the amount of the payment.

**Taxation Of Deductions For *Lincoln Long-Term Care***<sup>SM</sup> **Advantage Rider Charges**

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The *Lincoln Long-Term Care*<sup>SM</sup> Advantage rider ("LTC Rider") is a Qualified Long-Term Care Insurance Contract under section 7702B(b) of the Code. As previously described in this prospectus, the LTC Rider charge is deducted from the Contract Value on a quarterly basis. The deductions from the Contract Value to pay LTC Rider charges will not be reported as taxable distributions from the variable annuity contract and such deductions will reduce your basis in the Contract. The deductions from the Contract Value will reduce the Contract Value, but not below zero.

**Taxation Of Amounts Paid As Long-Term Care Benefits**

If your Contract includes the LTC Rider (discussed in greater detail in the LTC Rider section), distributions from your Contract that are made under the terms of the LTC Rider will not be treated as taxable income to you as long as such benefits do not exceed the greater of (i) the expenses that you actually incur for covered services, or (ii) a maximum per diem, or daily, dollar amount determined by the IRS. All payments that you receive under all Qualified Long-Term Care Insurance Contracts, as well as any payments under an accelerated benefit rider made to you if you are chronically ill, are included in determining whether the benefit limits have been exceeded and reduce your basis in the Contract. These payments may also reduce the basis in your annuity contract.

**Taxation Of Death Benefits**

We may distribute amounts from your Contract because of the death of a Contractowner or an Annuitant. The tax treatment of these amounts depends on whether the Contractowner or the Annuitant dies before or after the selection of an Annuity Payout option.

Death prior to the selection of an Annuity Payout option:

● If the Beneficiary receives Death Benefits under an Annuity Payout option, they are taxed in the same manner as Annuity Payouts.

● If the Beneficiary does not receive Death Benefits under an Annuity Payout option, they are taxed in the same manner as a withdrawal.

Death after the selection of an Annuity Payout option:

● If Death Benefits are received in accordance with the existing Annuity Payout option following the death of a Contractowner who is not the Annuitant, they are excludible from income in the same manner as the Annuity Payout prior to the death of the Contractowner.

● If Death Benefits are received in accordance with the existing Annuity Payout option following the death of the Annuitant (whether or not the Annuitant is also the Contractowner), the Death Benefits are excludible from income if they do not exceed the investment in the Contract not yet distributed from the Contract. All Annuity Payouts in excess of the investment in the Contract not previously received are includible in income.

● If Death Benefits are received in a lump sum, the Code imposes tax on the amount of Death Benefits which exceeds the amount of Purchase Payments not previously received.

**Additional Taxes Payable On Withdrawals, Surrenders, Or Annuity Payouts**

The Code may impose a 10% additional tax on any distribution from your Contract which you must include in your gross income. The 10% additional tax does not apply if one of several exceptions exists. These exceptions include withdrawals, surrenders, or Annuity Payouts that:

● you receive on or after you reach 59½,

● you receive because you became disabled (as defined in the Code),

● you receive from an immediate annuity,

● a Beneficiary receives on or after your death, or

● you receive as a series of substantially equal periodic payments based on your life or life expectancy (non-natural owners holding as agent for an individual do not qualify).

**Unearned Income Medicare Contribution**

Congress enacted the "Unearned Income Medicare Contribution" as a part of the Health Care and Education Reconciliation Act of 2010. This tax, which affects individuals whose modified adjusted gross income exceeds certain thresholds, is a 3.8% tax on the lesser of (i) the individual's "unearned income," or (ii) the dollar amount by which the individual's modified adjusted gross income exceeds the applicable threshold. Unearned income includes the taxable portion of distributions that you take from your annuity contract. If you take a distribution from your Contract that may be subject to the tax, we will include a Distribution Code "D" in Box 7 of the Form 1099-R issued to report the distribution. Please consult your tax advisor to determine whether your annuity distributions are subject to this tax.

**Special Rules If You Own More Than One Annuity Contract**

In certain circumstances, you must combine some or all of the nonqualified annuity contracts you own in order to determine the amount of an Annuity Payout, a surrender, or a withdrawal that you must include in income. For example, if you purchase two or more deferred annuity contracts from the same life insurance company (or its affiliates) during any calendar year, the Code treats all such

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contracts as one contract. Treating two or more contracts as one contract could affect the amount of a surrender, a withdrawal or an Annuity Payout that you must include in income and the amount that might be subject to the additional tax described previously.

**Loans and Assignments**

Except for certain qualified contracts, the Code treats any amount received as a loan under your Contract, and any assignment or pledge (or agreement to assign or pledge) of any portion of your Contract Value, as a withdrawal of such amount or portion.

**Gifting A Contract**

If you transfer ownership of your Contract to a person other than to your spouse (or to your former spouse incident to divorce), and receive a payment less than your Contract's value, you will pay tax on your Contract Value to the extent it exceeds your investment in the Contract not previously received. The new owner's investment in the Contract would then be increased to reflect the amount included in income.

**Charges for Additional Benefits**

Your Contract automatically includes a basic Death Benefit and may include other optional riders. Certain enhancements to the basic Death Benefit may also be available to you. The cost of the basic Death Benefit and any additional benefit are deducted from your Contract. It is possible that the tax law may treat all or a portion of the Death Benefit and other optional protected lifetime income fees, if any, as a contract withdrawal.

**Special Considerations for Same-Sex Spouses**

In 2013, the U.S. Supreme Court held that same-sex spouses who are married under state law are treated as spouses for purposes of federal law. **You are strongly encouraged to consult a tax advisor before electing spousal rights under the Contract.**

**Qualified Retirement Plans**

We have designed the contracts for use in connection with certain types of retirement plans that receive favorable treatment under the Code. Contracts issued to or in connection with a qualified retirement plan are called "qualified contracts." We issue contracts for use with various types of qualified retirement plans. The Federal income tax rules applicable to those plans are complex and varied. As a result, this prospectus does not attempt to provide more than general information about the use of the Contract with the various types of qualified retirement plans. Persons planning to use the Contract in connection with a qualified retirement plan should obtain advice from a competent tax advisor.

**Types of Qualified Contracts and Terms of Contracts**

Qualified retirement plans may include the following:

● Individual Retirement Accounts and Annuities ("Traditional IRAs")

● Roth IRAs

● Traditional IRA that is part of a Simplified Employee Pension Plan ("SEP")

● SIMPLE 401(k) plans (Savings Incentive Matched Plan for Employees)

● 401(a) / (k) plans (qualified corporate employee pension and profit-sharing plans)

● 403(a) plans (qualified annuity plans)

● 403(b) plans (public school system and tax-exempt organization annuity plans)

● H.R. 10 or Keogh Plans (self-employed individual plans)

● 457(b) plans (deferred compensation plans for state and local governments and tax-exempt organizations)

Our individual variable annuity products are not available for use with any of the foregoing qualified retirement plan accounts, with the exception of Traditional IRA, SEP IRA, and Roth IRA arrangements. We will amend contracts to be used with a qualified retirement plan as generally necessary to conform to the Code's requirements for the type of plan. However, the rights of a person to any qualified retirement plan benefits may be subject to the plan's terms and conditions, regardless of the contract's terms and conditions. In addition, we are not bound by the terms and conditions of qualified retirement plans to the extent such terms and conditions contradict the contract, unless we consent.

**The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019**

The Setting Every Community Up for Retirement Enhancement (SECURE) Act (the "SECURE Act") was enacted on December 20, 2019. The SECURE Act made a number of significant changes to the rules that apply to qualified retirement plans and IRA's, including the following:

● Eliminated the age 70½ limit for making contributions to an IRA. Beginning in 2020, an IRA owner can make contributions to his or her IRA at any age.

● Changed the required minimum distribution rules that apply after the death of a participant or IRA owner.

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● Created the "Qualified Birth or Adoption" exception to the 10% additional tax on early distributions.

**The Setting Every Community Up for Retirement Enhancement 2.0 (SECURE 2.0) Act of 2022**

The Setting Every Community Up for Retirement Enhancement (SECURE 2.0) Act (the "SECURE 2.0 Act") was enacted on December 29, 2022. The SECURE 2.0 Act made specific changes to retirement plans and IRA's, including:

● Increased the required beginning date measuring age from age 72 to 73 for any participant or IRA owner who did not attain age 72 prior to January 1, 2023. As a result, required minimum distributions are generally required to begin by April 1<sup>st</sup> of the year following the year in which the participant or IRA owner reaches age 73.

● Further increased the required beginning date measuring age to 75 by 2033.

● Created exception to the 10% additional tax for distributions for domestic violence and emergencies.

● Added provisions that permit rollover of 529 plan amounts to a Roth IRA for the beneficiary, within certain limits.

**Tax Treatment of Qualified Contracts**

The Federal income tax rules applicable to qualified retirement plans and qualified contracts vary with the type of plan and contract. For example:

● Federal tax rules limit the amount of Purchase Payments or contributions that can be made, and the tax deduction or exclusion that may be allowed for the contributions. These limits vary depending on the type of qualified retirement plan and the participant's specific circumstances (*e.g.*, the participant's compensation).

● Minimum annual distributions are required under some qualified retirement plans once you reach age 73 or retire, if later as described below.

● Loans are allowed under certain types of qualified retirement plans, but Federal income tax rules prohibit loans under other types of qualified retirement plans. For example, Federal income tax rules permit loans under some section 403(b) plans, but prohibit loans under Traditional and Roth IRAs. If allowed, loans are subject to a variety of limitations, including restrictions as to the loan amount, the loan's duration, the rate of interest, and the manner of repayment. Your Contract or plan may not permit loans.

Please note that qualified retirement plans such as 403(b) plans, 401(k) plans and IRAs generally defer taxation of contributions and earnings until distribution. As such, an annuity does not provide any additional tax deferral benefit beyond the qualified retirement plan itself.

**Tax Treatment of Payments**

The Federal income tax rules generally include distributions from a qualified contract in the participant's income as ordinary income. These taxable distributions will include contributions that were deductible or excludible from income. Thus, under many qualified contracts, the total amount received is included in income since a deduction or exclusion from income was taken for contributions to the contract. There are exceptions. For example, you do not include amounts received from a Roth IRA in income if certain conditions are satisfied.

**Required Minimum Distributions**

Under most qualified plans, you must begin receiving payments from the Contract in certain minimum amounts by your "required beginning date". Prior to the SECURE 2.0 Act, the required beginning date was April 1 of the year following the year you attain age 72 or retired. If you did not attain age 72 prior to January 1, 2023, then your required beginning date will be April 1<sup>st</sup> of the year following the year in which you attain age 73 or retire. If you own a traditional IRA, your required beginning date under prior law was April 1<sup>st</sup> of the year following the year in which you attained age 72. If you did not attain age 72 prior to January 1, 2023, then your required beginning date will be April 1<sup>st</sup> of the year following the year in which you attain age 73. If you own a Roth IRA, you are not required to receive minimum distributions from your Roth IRA during your life.

Failure to comply with the minimum distribution rules applicable to certain qualified plans, such as Traditional IRAs, will result in the imposition of an excise tax. This excise tax is applied to the amount by which a required minimum distribution exceeds the actual distribution from the qualified plan.

Treasury regulations applicable to required minimum distributions include a rule that may impact the distribution method you have chosen and the amount of your distributions. Under these regulations, the presence of an enhanced Death Benefit, or other benefit which could provide additional value to your Contract, may require you to take additional distributions. An enhanced Death Benefit is any Death Benefit that has the potential to pay more than the Contract Value or a return of investment in the Contract. Annuity contracts inside Custodial or Trusteed IRAs will also be subject to these regulations. Please contact your tax advisor regarding any tax ramifications.

**Additional Tax on Early Distributions from Qualified Retirement Plans**

The Code may impose a 10% additional tax on an early distribution from a qualified contract that must be included in income. The Code does not impose the additional tax if one of several exceptions applies. The exceptions vary depending on the type of qualified

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contract you purchase. For example, in the case of an IRA, the 10% additional tax will not apply to any of the following withdrawals, surrenders, or Annuity Payouts:

● Distribution received on or after the Annuitant reaches 59½,

● Distribution received on or after the Annuitant's death or because of the Annuitant's disability (as defined in the Code),

● Distribution received as a series of substantially equal periodic payments based on the Annuitant's life (or life expectancy),

● Distribution received as reimbursement for certain amounts paid for medical care, or

● Distribution received for a "qualified birth or adoption" event.

These exceptions, as well as certain others not described here, generally apply to taxable distributions from other qualified retirement plans. However, the specific requirements of the exception may vary.

**Unearned Income Medicare Contribution**

Congress enacted the "Unearned Income Medicare Contribution" as a part of the Health Care and Education Reconciliation Act of 2010. This tax affects individuals whose modified adjusted gross income exceeds certain thresholds, is a 3.8% tax on the lesser of (i) the individual's "unearned income," or (ii) the dollar amount by which the individual's modified adjusted gross income exceeds the applicable threshold. Distributions that you take from your Contract are not included in the calculation of unearned income because your Contract is a qualified plan contract. However, the amount of any such distribution is included in determining whether you exceed the modified adjusted gross income threshold. Please consult your tax advisor to determine whether your annuity distributions are subject to this tax.

**Transfers and Direct Rollovers**

As a result of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA), you may be able to move funds between different types of qualified plans, such as 403(b) and 457(b) governmental plans, by means of a rollover or transfer. You may be able to rollover or transfer amounts between qualified plans and traditional IRAs. These rules do not apply to Roth IRAs and 457(b) non-governmental tax-exempt plans. There are special rules that apply to rollovers, direct rollovers and transfers (including rollovers or transfers of after-tax amounts). If the applicable rules are not followed, you may incur adverse Federal income tax consequences, including paying taxes which you might not otherwise have had to pay. Before we send a rollover distribution, we will provide a notice explaining tax withholding requirements (see Federal Income Tax Withholding). We are not required to send you such notice for your IRA. You should always consult your tax advisor before you move or attempt to move any funds.

The IRS issued Announcement 2014-32 confirming its intent to apply the one-rollover-per-year limitation of 408(d)(3)(B) on an aggregate basis to all IRAs that an individual owns. This means that an individual cannot make a tax-free IRA-to-IRA rollover if he or she has made such a rollover involving any of the individual's IRAs in the current tax year. If an intended rollover does not qualify for tax-free rollover treatment, contributions to your IRA may constitute excess contributions that may exceed contribution limits. This one-rollover-per-year limitation does not apply to direct trustee-to-trustee transfers.

**Direct Conversions and Recharacterizations**

The Pension Protection Act of 2006 (PPA) permits direct conversions from certain qualified, retirement, 403(b) or 457(b) plans to Roth IRAs (effective for distributions after 2007). You are also permitted to recharacterize your traditional IRA contribution as a Roth IRA contribution, and to recharacterize your Roth IRA contribution as a traditional IRA contribution. The deadline for the recharacterization is the due date (including extensions) for your individual income tax return for the year in which the contribution was made. Upon recharacterization, you are treated as having made the contribution originally to the second IRA account. The recharacterization does not count toward the one-rollover-per-year limitation described above.

Effective for tax years beginning after December 31, 2017, pursuant to the Tax Cuts and Jobs Act (Pub. L. No. 115-97), recharacterizations are no longer allowed in the case of a conversion from a non-Roth account or annuity to a Roth IRA. This limitation applies to conversions made from pre-tax accounts under an IRA, qualified retirement plan, 403(b) plan, or 457(b) plan. Roth IRA conversions made in 2017 may be recharacterized as a contribution to a traditional IRA if the recharacterization is completed by October 15, 2018.

There are special rules that apply to conversions and recharacterizations, and if they are not followed, you may incur adverse Federal income tax consequences. You should consult your tax advisor before completing a conversion or recharacterization.

**Death Benefit and IRAs**

Pursuant to Treasury regulations, IRAs may not invest in life insurance contracts. We do not believe that these regulations prohibit the Death Benefit from being provided under the Contract when we issue the Contract as a Traditional or Roth IRA. However, the law is unclear and it is possible that the presence of the Death Benefit under a Contract issued as a Traditional or Roth IRA could result in increased taxes to you. Certain Death Benefit options may not be available for all of our products.

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**Federal Income Tax Withholding**

We will withhold and remit to the IRS a part of the taxable portion of each distribution made under a Contract unless you notify us in writing prior to the distribution that tax is not to be withheld. In certain circumstances, Federal income tax rules may require us to withhold tax. At the time a withdrawal, surrender, or Annuity Payout is requested, we will give you an explanation of the withholding requirements.

Certain payments from your Contract may be considered eligible rollover distributions (even if such payments are not being rolled over). Such distributions may be subject to special tax withholding requirements. The Federal income tax withholding rules require that we withhold 20% of the eligible rollover distribution from the payment amount, unless you elect to have the amount directly transferred to certain qualified plans or contracts. The IRS requires that tax be withheld, even if you have requested otherwise. Such tax withholding requirements are generally applicable to 401(a), 403(a) or (b), HR 10, and 457(b) governmental plans and contracts used in connection with these types of plans.

**Our Tax Status**

Under the Code, we are not required to pay tax on investment income and realized capital gains of the VAA. We do not expect that we will incur any Federal income tax liability on the income and gains earned by the VAA. However, the Company does expect, to the extent permitted under the Code, to claim the benefit of the foreign tax credit as the owner of the assets of the VAA. Therefore, we do not impose a charge for Federal income taxes. If there are any changes in the Code that require us to pay tax on some or all of the income and gains earned by the VAA, we may impose a charge against the VAA to pay the taxes.

**Changes in the Law**

The above discussion is based on the Code, related regulations, and interpretations existing on the date of this prospectus. However, Congress, the IRS, and the courts may modify these authorities, sometimes retroactively.

**Additional Information**

**Voting Rights**

As required by law, we will vote the fund shares held in the VAA at meetings of the shareholders of the funds. The voting will be done according to the instructions of Contractowners who have interests in any Subaccounts which invest in classes of the funds. If the 1940 Act or any regulation under it should be amended or if present interpretations should change, and if as a result we determine that we are permitted to vote the fund shares in our own right, we may elect to do so.

The number of votes which you have the right to cast will be determined by applying your percentage interest in a Subaccount to the total number of votes attributable to the Subaccount. In determining the number of votes, fractional shares will be recognized.

Each underlying fund is subject to the laws of the state in which it is organized concerning, among other things, the matters which are subject to a shareholder vote, the number of shares which must be present in person or by proxy at a meeting of shareholders (a "quorum"), and the percentage of such shares present in person or by proxy which must vote in favor of matters presented. Because shares of the underlying fund held in the VAA are owned by us, and because under the 1940 Act we will vote all such shares in the same proportion as the voting instructions which we receive, it is important that each Contractowner provide their voting instructions to us. For funds un-affiliated with Lincoln, even though Contractowners may choose not to provide voting instruction, the shares of a fund to which such Contractowners would have been entitled to provide voting instruction will be voted by us in the same proportion as the voting instruction which we actually receive. For funds affiliated with Lincoln, shares of a fund to which such Contractowners would have been entitled to provide voting instruction will, once we receive a sufficient number of instructions we deem appropriate to ensure a fair representation of Contractowners eligible to vote, be voted by us in the same proportion as the voting instruction which we actually receive. As a result, the instruction of a small number of Contractowners could determine the outcome of matters subject to shareholder vote. All shares voted by us will be counted when the underlying fund determines whether any requirement for a minimum number of shares be present at such a meeting to satisfy a quorum requirement has been met. Voting instructions to abstain on any item to be voted on will be applied proportionately to reduce the number of votes eligible to be cast.

Whenever a shareholders meeting is called, we will provide or make available to each person having a voting interest in a Subaccount proxy voting material, reports and other materials relating to the funds. Since the funds engage in shared funding, other persons or entities besides Lincoln Life may vote fund shares. See Investments of the Variable Annuity Account.

**Return Privilege**

Within the free-look period after you receive the Contract, you may cancel it for any reason by sending us a letter of instruction, indicating your intent to exercise the free-look provision. A Contract canceled under this provision will be void. Except as explained in the following paragraph, we will return the Contract Value as of the Valuation Date on which we receive the cancellation request, plus any premium taxes which had been deducted. No surrender charges or Interest Adjustment will apply. There are no additional Investment

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Requirements during the free-look period other than as required under an elected optional benefit. **A purchaser who participates in the VAA is subject to the risk of a market loss on the Contract Value during the free-look period.**

For contracts written in those states whose laws require that we assume this market risk during the free-look period, a Contract may be canceled, subject to the conditions explained before, except that we will return the greater of the Purchase Payment(s) or Contract Value as of the Valuation Date we receive the cancellation request, plus any premium taxes that had been deducted. IRA purchasers will also receive the greater of Purchase Payments or Contract Value as of the Valuation Date on which we receive the cancellation request.

If you cancel this Contract within the free-look period, we reserve the right not to accept another application for this Contract for a period of six months.

**State Regulation**

As a life insurance company organized and operated under Indiana law, we are subject to provisions governing life insurers and to regulation by the Indiana Commissioner of Insurance. Our books and accounts are subject to review and examination by the Indiana Department of Insurance at all times. A full examination of our operations is conducted by that Department at least every five years.

**Records and Reports**

As presently required by the 1940 Act and applicable regulations, we are responsible for maintaining all records and accounts relating to the VAA. We have entered into an agreement with State Street Bank and Trust Company, 2323 Grand Boulevard, 5<sup>th</sup> Floor, Kansas City, MO 64108, to provide accounting services to the VAA. We will mail to you, at your last known address of record at the Home Office, at least semi-annually after the first Contract Year, reports containing information required by that Act or any other applicable law or regulation.

A written (or electronic, if elected) confirmation of each transaction will be provided to you on the next Valuation Date, except for the following transactions, which are mailed quarterly:

● deduction of any account fee or protected lifetime income fees;

● crediting of persistency credits, if applicable;

● any rebalancing event under Investment Requirements or the portfolio rebalancing service;

● any transfer or withdrawal under any applicable additional service: dollar cost averaging or AWS; and

● Regular Income Payments from *i4LIFE*<sup>®</sup> Advantage.

**Other Information**

You may elect to receive your prospectus, prospectus supplements, quarterly statements, and annual and semiannual reports electronically over the Internet, if you have an e-mail account and access to an Internet browser. Once you select eDelivery, via the Internet Service Center, all documents available in electronic format will no longer be sent to you in hard copy. You will receive an e-mail notification when the documents become available online. It is your responsibility to provide us with your current e-mail address. You can resume paper mailings at any time without cost, by updating your profile at the Internet Service Center, or contacting us. To learn more about this service, please log on to www.LincolnFinancial.com, select service centers and continue on through the Internet Service Center.

**Legal Proceedings**

In the ordinary course of its business and otherwise, the Company and its subsidiaries or its separate accounts and Principal Underwriter may become or are involved in various pending or threatened regulatory or legal proceedings, including purported class actions, arising from the conduct of its business. In some instances, the proceedings include claims for unspecified or substantial punitive damages and similar types of relief in addition to amounts for alleged contractual liability or requests for equitable relief.

After consultation with legal counsel and a review of available facts, it is management's opinion that the proceedings, after consideration of any reserves and rights to indemnification, ultimately will be resolved without any material adverse effect on the consolidated financial position of the Company and its subsidiaries, or the financial position of its separate accounts or Principal Underwriter. However, given the large and indeterminate amounts sought in certain of these proceedings and the inherent difficulty in predicting the outcome of such proceedings, it is reasonably possible that an adverse outcome in certain matters could be material to the Company's operating results for any particular reporting period.

Please refer to the Statement of Additional Information for possible additional information regarding legal proceedings.

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**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 1-888-868-2583 or by sending an email request to CustServSupportTeam@lfg.com.

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.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Objective** | **Fund and**<br> **Adviser/Sub-adviser**<sup>1</sup> <br>| **Current**<br> **Expenses**<br>| **Average Annual Total**<br> **Returns (as of 12/31/2025)** | **Average Annual Total**<br> **Returns (as of 12/31/2025)** | **Average Annual Total**<br> **Returns (as of 12/31/2025)** |
|  |  |  | **1 year** | **5 year** | **10 year** |
| Long-term growth of capital. | AB VPS Discovery Value Portfolio - Class B <br> *advised by AllianceBernstein L.P.* <br>| &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 2.64% | &nbsp;&nbsp; 8.48% | &nbsp;&nbsp; 8.27% |
| Long-term growth of capital. | AB VPS Sustainable Global Thematic <br> Portfolio - Class B <br> *advised by AllianceBernstein L.P.*<br>| &nbsp;&nbsp; 1.19%<sup>2</sup> <br>| &nbsp;&nbsp; 6.02% | &nbsp;&nbsp; 3.02% | &nbsp;&nbsp; 9.80% |
| Long-term growth of capital. | American Funds<sup>®</sup> IS Global Small <br> Capitalization Fund - Class 4 <br> *advised by Capital Research and* <br> *Management Company* <br>| &nbsp;&nbsp; 1.15%<sup>2</sup> <br>| &nbsp;&nbsp; 14.33% | &nbsp;&nbsp; 0.23% | &nbsp;&nbsp; 6.96% |
| Long-term growth of capital. | ClearBridge Variable Mid Cap Portfolio - <br> Class II <br> *advised by Franklin Templeton Fund* <br> *Adviser, LLC*<br>| &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 4.08% | &nbsp;&nbsp; 4.23% | &nbsp;&nbsp; 7.24% |
| Capital appreciation. A fund of funds. | DWS Alternative Asset Allocation VIP <br> Portfolio - Class B <br> *advised by DWS Investment Management* <br> *Americas, Inc.* <br>| &nbsp;&nbsp; 1.31% | &nbsp;&nbsp; 10.03% | &nbsp;&nbsp; 4.88% | &nbsp;&nbsp; 4.52% |
| &nbsp;&nbsp; Income and capital growth consistent with <br> reasonable risk.<br>| Fidelity<sup>®</sup> VIP Balanced Portfolio - Service <br> Class 2<br>| &nbsp;&nbsp; 0.66% | &nbsp;&nbsp; 14.96% | &nbsp;&nbsp; 9.24% | &nbsp;&nbsp; 10.84% |
| Long-term capital appreciation. | Fidelity<sup>®</sup> VIP Contrafund<sup>®</sup> Portfolio - <br> Service Class 2<br>| &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 21.24% | &nbsp;&nbsp; 15.08% | &nbsp;&nbsp; 15.49% |
| High total return. A fund of funds. | Fidelity<sup>®</sup> VIP FundsManager<sup>®</sup> 50% <br> Portfolio - Service Class 2 <br>| &nbsp;&nbsp; 0.74%<sup>2</sup> <br>| &nbsp;&nbsp; 14.03% | &nbsp;&nbsp; 5.63% | &nbsp;&nbsp; 7.09% |
| To achieve capital appreciation. | Fidelity<sup>®</sup> VIP Growth Portfolio - Service <br> Class 2<br>| &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 14.63% | &nbsp;&nbsp; 13.42% | &nbsp;&nbsp; 17.16% |
| Long-term growth of capital. | Fidelity<sup>®</sup> VIP Mid Cap Portfolio - Service <br> Class 2<br>| &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 11.49% | &nbsp;&nbsp; 9.83% | &nbsp;&nbsp; 10.31% |
| To provide long-term capital appreciation. | First Trust Capital Strength Hedged Equity <br> Portfolio - Class I <br>| &nbsp;&nbsp; 1.25%<sup>2</sup> <br>| &nbsp;&nbsp; -2.26% | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| To provide capital appreciation. | First Trust Capital Strength Portfolio - Class <br> I <br>| &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 5.70% | &nbsp;&nbsp; 7.07% | &nbsp;&nbsp; N/A |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Objective** | **Fund and**<br> **Adviser/Sub-adviser**<sup>1</sup><br>| **Current**<br> **Expenses**<br>| **Average Annual Total**<br> **Returns (as of 12/31/2025)** | **Average Annual Total**<br> **Returns (as of 12/31/2025)** | **Average Annual Total**<br> **Returns (as of 12/31/2025)** |
|  |  |  | **1 year** | **5 year** | **10 year** |
| To provide long-term capital appreciation. | First Trust Growth Strength Portfolio - <br> Class I <br>| &nbsp;&nbsp; 1.20%<sup>2</sup> <br>| &nbsp;&nbsp; 11.75% | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| To provide capital appreciation. | First Trust International Developed Capital <br> Strength Portfolio - Class I <br>| &nbsp;&nbsp; 1.20%<sup>2</sup> <br>| &nbsp;&nbsp; 19.53% | &nbsp;&nbsp; 6.45% | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; To provide total return by allocating among <br> dividend-paying stocks and investment <br> grade bonds.<br>| First Trust/Dow Jones Dividend & Income <br> Allocation Portfolio - Class I<sup>5</sup> <br>| &nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 5.30% | &nbsp;&nbsp; 3.98% | &nbsp;&nbsp; 6.68% |
| &nbsp;&nbsp; Capital appreciation with income as a <br> secondary objective.<br>| Franklin Allocation VIP Fund - Class 4 | &nbsp;&nbsp; 0.92%<sup>2</sup> <br>| &nbsp;&nbsp; 12.53% | &nbsp;&nbsp; 5.59% | &nbsp;&nbsp; 7.19% |
| &nbsp;&nbsp; To maximize income while maintaining <br> prospects for capital appreciation.<br>| Franklin Income VIP Fund - Class 2 <br> *This fund is not available in contracts* <br> *issued on or after January 9, 2017.*<br>| &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 12.56% | &nbsp;&nbsp; 7.66% | &nbsp;&nbsp; 7.30% |
| &nbsp;&nbsp; To maximize income while maintaining <br> prospects for capital appreciation.<br>| Franklin Income VIP Fund - Class 4 <br> *This fund is not available in contracts* <br> *issued before January 9, 2017.*<br>| &nbsp;&nbsp; 0.82% | &nbsp;&nbsp; 12.43% | &nbsp;&nbsp; 7.54% | &nbsp;&nbsp; 7.19% |
| &nbsp;&nbsp; Balance of growth of capital and income. A <br> fund of funds.<br>| Franklin Multi-Asset Variable Conservative <br> Growth - Class II <br>| &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 12.50% | &nbsp;&nbsp; 6.43% | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; Capital appreciation; income is a secondary <br> consideration.<br>| Franklin Mutual Shares VIP Fund - Class 2 <br> *This fund is not available in contracts* <br> *issued on or after January 9, 2017.*<br>| &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 11.52% | &nbsp;&nbsp; 9.20% | &nbsp;&nbsp; 7.53% |
| &nbsp;&nbsp; Capital appreciation; income is a secondary <br> consideration.<br>| Franklin Mutual Shares VIP Fund - Class 4 <br> *This fund is not available in contracts* <br> *issued before January 9, 2017.*<br>| &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 11.45% | &nbsp;&nbsp; 9.11% | &nbsp;&nbsp; 7.43% |
| &nbsp;&nbsp; To achieve a high level of total return on its <br> assets through a combination of capital <br> appreciation and current income.<br>| Invesco V.I. Equally-Weighted S&P 500 <br> Fund - Series II Shares<sup>4</sup> <br>*This fund is not available in contracts* <br> *issued on or after August 19, 2024.*<br>| &nbsp;&nbsp; 0.59% | &nbsp;&nbsp; 10.82% | &nbsp;&nbsp; 9.89% | &nbsp;&nbsp; 11.11% |
| Long-term growth of capital. | Invesco V.I. EQV International Equity Fund - <br> Series II Shares<br>| &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 16.23% | &nbsp;&nbsp; 3.42% | &nbsp;&nbsp; 5.95% |
| &nbsp;&nbsp; Long-term growth of capital. A fund of <br> funds.<br>| Lincoln Hedged Nasdaq-100 Fund - Service <br> Class<sup>6</sup> <br>| &nbsp;&nbsp; 1.20%<sup>2</sup> <br>| &nbsp;&nbsp; 12.44% | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; Long-term growth of capital. A fund of <br> funds.<br>| Lincoln Hedged S&P 500 Conservative <br> Fund - Service Class<sup>3</sup> <br>| &nbsp;&nbsp; 1.05%<sup>2</sup> <br>| &nbsp;&nbsp; 9.27% | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; Long-term growth of capital. A fund of <br> funds.<br>| Lincoln Hedged S&P 500 Fund - Service <br> Class<sup>3</sup> <br>| &nbsp;&nbsp; 1.05%<sup>2</sup> <br>| &nbsp;&nbsp; 11.52% | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; Long-term growth of capital. A fund of <br> funds.<br>| Lincoln Opportunistic Hedged Equity Fund - <br> Service Class<br>| &nbsp;&nbsp; 1.06%<sup>2</sup> <br>| &nbsp;&nbsp; 9.77% | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| Long-term growth of capital. | LVIP AllianceBernstein Large Cap Growth <br> Fund - Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation*<br>| &nbsp;&nbsp; 0.88%<sup>2</sup> <br>| &nbsp;&nbsp; 13.72% | &nbsp;&nbsp; 8.18% | &nbsp;&nbsp; 13.37% |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Objective** | **Fund and**<br> **Adviser/Sub-adviser**<sup>1</sup><br>| **Average Annual Total**<br> **Returns (as of 12/31/2025)** | **Average Annual Total**<br> **Returns (as of 12/31/2025)** | **Average Annual Total**<br> **Returns (as of 12/31/2025)** |
|  |  | **1 year** | **5 year** | **10 year** |
| &nbsp;&nbsp; Long-term capital growth and current <br> income by investing approximately 60% of <br> its assets in equity securities and the <br> remainder in bonds and other fixed-income <br> securities.<br>| LVIP American Century Balanced Fund - <br> Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation*<br>&nbsp;&nbsp; 1.02%<sup>2</sup> <br>| &nbsp;&nbsp; 9.33% | &nbsp;&nbsp; 6.23% | &nbsp;&nbsp; N/A |
| Capital growth. | LVIP American Century Capital Appreciation <br> Fund - Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation* <br>&nbsp;&nbsp; 0.94%<sup>2</sup> <br>| &nbsp;&nbsp; 6.56% | &nbsp;&nbsp; 5.02% | &nbsp;&nbsp; 11.31% |
| &nbsp;&nbsp; Long-term total return using a strategy that <br> seeks to protect against U.S. inflation.<br>| LVIP American Century Inflation Protection <br> Fund - Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation* <br>&nbsp;&nbsp; 0.72%<sup>2</sup> <br>| &nbsp;&nbsp; 6.33% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 2.61% |
| Capital growth. | LVIP American Century International Fund - <br> Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation* <br>&nbsp;&nbsp; 1.10%<sup>2</sup> <br>| &nbsp;&nbsp; 15.81% | &nbsp;&nbsp; 1.71% | &nbsp;&nbsp; 6.27% |
| &nbsp;&nbsp; Long-term capital growth, income is <br> secondary objective.<br>| LVIP American Century Large Company <br> Value Fund - Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation* <br> *This fund will not be available in contracts* <br> *issued on or after May 18, 2026. This fund* <br> *will be reorganized to merge into the LVIP* <br> *American Century Value Fund on or about* <br> *June 5, 2026, subject to shareholders* <br> *approval.*<br>&nbsp;&nbsp; 0.85%<sup>2</sup> <br>| &nbsp;&nbsp; 15.23% | &nbsp;&nbsp; 9.84% | &nbsp;&nbsp; 9.35% |
| &nbsp;&nbsp; Long-term capital growth, income is <br> secondary consideration.<br>| LVIP American Century Mid Cap Value Fund <br> - Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation* <br>&nbsp;&nbsp; 1.01%<sup>2</sup> <br>| &nbsp;&nbsp; 8.83% | &nbsp;&nbsp; 8.72% | &nbsp;&nbsp; 8.96% |
| Capital appreciation. | LVIP American Century Select Mid Cap <br> Managed Volatility Fund - Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation*<br>&nbsp;&nbsp; 1.16%<sup>2</sup> <br>| &nbsp;&nbsp; 4.50% | &nbsp;&nbsp; 7.23% | &nbsp;&nbsp; 8.43% |
| Long-term capital growth. | LVIP American Century Ultra<sup>®</sup> Fund - <br> Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation* <br>&nbsp;&nbsp; 0.90%<sup>2</sup> <br>| &nbsp;&nbsp; 12.67% | &nbsp;&nbsp; 11.52% | &nbsp;&nbsp; 17.00% |
| &nbsp;&nbsp; Long-term capital growth; income is a <br> secondary consideration.<br>| LVIP American Century Value Fund - <br> Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation* <br>&nbsp;&nbsp; 0.86%<sup>2</sup> <br>| &nbsp;&nbsp; 15.85% | &nbsp;&nbsp; 11.47% | &nbsp;&nbsp; 10.07% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Objective** | **Fund and**<br> **Adviser/Sub-adviser**<sup>1</sup><br>| **Current**<br> **Expenses**<br>| **Average Annual Total**<br> **Returns (as of 12/31/2025)** | **Average Annual Total**<br> **Returns (as of 12/31/2025)** | **Average Annual Total**<br> **Returns (as of 12/31/2025)** |
|  |  |  | **1 year** | **5 year** | **10 year** |
| &nbsp;&nbsp; Long-term capital appreciation. A fund of <br> funds.<br>| LVIP American Funds Vanguard Active <br> Passive Growth Fund - Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation* <br>| &nbsp;&nbsp; 1.02%<sup>2</sup> <br>| &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; Long-term growth of capital. A master-<br> feeder fund.<br>| LVIP American Global Growth Fund - <br> Service Class II <br> *advised by Lincoln Financial Investments* <br> *Corporation* <br>| &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 21.23% | &nbsp;&nbsp; 7.85% | &nbsp;&nbsp; 11.76% |
| Growth of capital. A master-feeder fund. | LVIP American Growth Fund - Service Class <br> II <br> *advised by Lincoln Financial Investments* <br> *Corporation* <br>| &nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 19.82% | &nbsp;&nbsp; 12.98% | &nbsp;&nbsp; 17.55% |
| &nbsp;&nbsp; Long-term growth of capital and income. A <br> master-feeder fund.<br>| LVIP American Growth-Income Fund - <br> Service Class II <br> *advised by Lincoln Financial Investments* <br> *Corporation* <br>| &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 17.67% | &nbsp;&nbsp; 13.51% | &nbsp;&nbsp; 13.52% |
| &nbsp;&nbsp; Long-term growth of capital. A master-<br> feeder fund.<br>| LVIP American International Fund - Service <br> Class II <br> *advised by Lincoln Financial Investments* <br> *Corporation* <br>| &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 26.27% | &nbsp;&nbsp; 3.01% | &nbsp;&nbsp; 6.60% |
| &nbsp;&nbsp; Capital growth; income is a secondary <br> consideration.<br>| LVIP Avantis Large Cap Value Fund - <br> Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation* <br> *(formerly LVIP American Century* <br> *Disciplined Core Value Fund)*<br>| &nbsp;&nbsp; 0.96%<sup>2</sup> <br>| &nbsp;&nbsp; 14.56% | &nbsp;&nbsp; 8.51% | &nbsp;&nbsp; 10.12% |
| Capital appreciation. | LVIP Baron Growth Opportunities Fund - <br> Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation*<br>| &nbsp;&nbsp; 1.15%<sup>2</sup> <br>| &nbsp;&nbsp; -10.08% | &nbsp;&nbsp; -0.33% | &nbsp;&nbsp; 8.78% |
| Reasonable income. | LVIP BlackRock Dividend Value Managed <br> Volatility Fund - Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation* <br>| &nbsp;&nbsp; 0.88%<sup>2</sup> <br>| &nbsp;&nbsp; 11.56% | &nbsp;&nbsp; 10.13% | &nbsp;&nbsp; 8.70% |
| Long-term capital appreciation. | LVIP BlackRock Equity Dividend Fund - <br> Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation*<br>| &nbsp;&nbsp; 0.96%<sup>2</sup> <br>| &nbsp;&nbsp; 13.09% | &nbsp;&nbsp; 7.97% | &nbsp;&nbsp; 8.27% |
| High total investment return. | LVIP BlackRock Global Allocation Fund - <br> Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation*<br>| &nbsp;&nbsp; 0.97%<sup>2</sup> <br>| &nbsp;&nbsp; 18.41% | &nbsp;&nbsp; 5.84% | &nbsp;&nbsp; N/A |
| Capital appreciation. A fund of funds. | LVIP BlackRock Global Allocation Managed <br> Risk Fund - Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation*<br>| &nbsp;&nbsp; 1.19%<sup>2</sup> <br>| &nbsp;&nbsp; 16.72% | &nbsp;&nbsp; 4.52% | &nbsp;&nbsp; 5.52% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Objective** | **Fund and**<br> **Adviser/Sub-adviser**<sup>1</sup><br>| **Current**<br> **Expenses**<br>| **Average Annual Total**<br> **Returns (as of 12/31/2025)** | **Average Annual Total**<br> **Returns (as of 12/31/2025)** | **Average Annual Total**<br> **Returns (as of 12/31/2025)** |
|  |  |  | **1 year** | **5 year** | **10 year** |
| &nbsp;&nbsp; A balance between current income and <br> growth of capital, with a greater emphasis <br> on growth of capital. A fund of funds.<br>| LVIP BlackRock Global Growth ETF <br> Allocation Managed Risk Fund - Service <br> Class <br> *advised by Lincoln Financial Investments* <br> *Corporation*<br>| &nbsp;&nbsp; 0.77%<sup>2</sup> <br>| &nbsp;&nbsp; 10.78% | &nbsp;&nbsp; 4.99% | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; To maximize real return, consistent with <br> preservation of real capital and prudent <br> investment management.<br>| LVIP BlackRock Inflation Protected Bond <br> Fund - Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation*<br>| &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 5.49% | &nbsp;&nbsp; 2.36% | &nbsp;&nbsp; 2.76% |
| &nbsp;&nbsp; Total return through a combination of <br> current income and long-term capital <br> appreciation.<br>| LVIP BlackRock Real Estate Fund - Service <br> Class <br> *advised by Lincoln Financial Investments* <br> *Corporation*<br>| &nbsp;&nbsp; 1.11%<sup>2</sup> <br>| &nbsp;&nbsp; 8.63% | &nbsp;&nbsp; 2.45% | &nbsp;&nbsp; 3.42% |
| &nbsp;&nbsp; A balance between current income and <br> growth of capital, with a greater emphasis <br> on growth of capital. A fund of funds.<br>| LVIP BlackRock U.S. Growth ETF Allocation <br> Managed Risk Fund - Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation*<br>| &nbsp;&nbsp; 0.74%<sup>2</sup> <br>| &nbsp;&nbsp; 8.58% | &nbsp;&nbsp; 5.49% | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; Long-term growth of capital in a manner <br> consistent with the preservation of capital.<br>| LVIP Blended Large Cap Growth Managed <br> Volatility Fund - Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation* <br>| &nbsp;&nbsp; 0.91%<sup>2</sup> <br>| &nbsp;&nbsp; 5.26% | &nbsp;&nbsp; 11.82% | &nbsp;&nbsp; 11.81% |
| Capital appreciation. | LVIP Blended Mid Cap Managed Volatility <br> Fund - Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation* <br>| &nbsp;&nbsp; 0.97%<sup>2</sup> <br>| &nbsp;&nbsp; 2.65% | &nbsp;&nbsp; 4.32% | &nbsp;&nbsp; 9.63% |
| Long-term capital appreciation. | LVIP Channing Small Cap Value Fund - <br> Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation* <br>| &nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 7.67% | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| Long-term capital appreciation. | LVIP ClearBridge Appreciation Fund - <br> Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation* <br> *This fund will be available on or about May* <br> *18, 2026. Please consult your registered* <br> *representative.*<br>| &nbsp;&nbsp; 0.95%<sup>2</sup> <br>| &nbsp;&nbsp; 14.19% | &nbsp;&nbsp; 12.44% | &nbsp;&nbsp; 13.05% |
| &nbsp;&nbsp; Long-term capital appreciation; current <br> income and income growth is a secondary <br> objective.<br>| LVIP ClearBridge Dividend Strategy Fund - <br> Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation* <br> *This fund will be available on or about May* <br> *18, 2026. Please consult your registered* <br> *representative.*<br>| &nbsp;&nbsp; 1.00%<sup>2</sup> <br>| &nbsp;&nbsp; 12.46% | &nbsp;&nbsp; 11.69% | &nbsp;&nbsp; 12.29% |
| Capital appreciation. | LVIP ClearBridge Franklin Select Large Cap <br> Managed Volatility Fund - Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation*<br>| &nbsp;&nbsp; 1.00%<sup>2</sup> <br>| &nbsp;&nbsp; 10.42% | &nbsp;&nbsp; 10.45% | &nbsp;&nbsp; 11.00% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Objective** | **Fund and**<br> **Adviser/Sub-adviser**<sup>1</sup><br>| **Current**<br> **Expenses**<br>| **Average Annual Total**<br> **Returns (as of 12/31/2025)** | **Average Annual Total**<br> **Returns (as of 12/31/2025)** | **Average Annual Total**<br> **Returns (as of 12/31/2025)** |
|  |  |  | **1 year** | **5 year** | **10 year** |
| Long-term growth of capital. | LVIP ClearBridge Large Cap Growth Fund - <br> Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation* <br> *(formerly ClearBridge Variable Large Cap* <br> *Growth Portfolio)*<br>| &nbsp;&nbsp; 0.99%<sup>2</sup> <br>| &nbsp;&nbsp; 8.35% | &nbsp;&nbsp; 10.29% | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; Long-term growth of capital; current <br> income is a secondary objective.<br>| LVIP ClearBridge Large Cap Value Fund - <br> Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation* <br> *This fund will be available on or about May* <br> *18, 2026. Please consult your registered* <br> *representative.*<br>| &nbsp;&nbsp; 0.97%<sup>2</sup> <br>| &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| Long-term capital appreciation. | LVIP Dimensional International Core Equity <br> Fund - Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation*<br>| &nbsp;&nbsp; 0.87%<sup>2</sup> <br>| &nbsp;&nbsp; 34.91% | &nbsp;&nbsp; 9.38% | &nbsp;&nbsp; 8.16% |
| &nbsp;&nbsp; Long-term capital appreciation. A fund of <br> funds.<br>| LVIP Dimensional International Equity <br> Managed Volatility Fund - Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation* <br>| &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 34.75% | &nbsp;&nbsp; 10.81% | &nbsp;&nbsp; 6.89% |
| Long-term capital appreciation. | LVIP Dimensional U.S. Core Equity 1 Fund - <br> Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation* <br>| &nbsp;&nbsp; 0.74%<sup>2</sup> <br>| &nbsp;&nbsp; 15.26% | &nbsp;&nbsp; 12.75% | &nbsp;&nbsp; 13.27% |
| Long-term capital appreciation. | LVIP Dimensional U.S. Core Equity 2 Fund - <br> Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation*<br>| &nbsp;&nbsp; 0.74% | &nbsp;&nbsp; 15.09% | &nbsp;&nbsp; 12.55% | &nbsp;&nbsp; 12.71% |
| &nbsp;&nbsp; Long-term capital appreciation. A fund of <br> funds.<br>| LVIP Dimensional U.S. Equity Managed <br> Volatility Fund - Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation* <br>| &nbsp;&nbsp; 0.87%<sup>2</sup> <br>| &nbsp;&nbsp; 8.75% | &nbsp;&nbsp; 11.53% | &nbsp;&nbsp; 11.12% |
| Capital appreciation. A fund of funds. | LVIP Fidelity Institutional AM<sup>®</sup> Select Core <br> Equity Managed Volatility Fund - Service <br> Class <br> *advised by Lincoln Financial Investments* <br> *Corporation*<br>| &nbsp;&nbsp; 0.95%<sup>2</sup> <br>| &nbsp;&nbsp; 13.87% | &nbsp;&nbsp; 13.07% | &nbsp;&nbsp; 12.09% |
| &nbsp;&nbsp; Maximum long-term total return consistent <br> with reasonable risk.<br>| LVIP Fidelity Institutional AM<sup>®</sup> Total Bond <br> Fund - Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation*<br>| &nbsp;&nbsp; 0.81%<sup>2</sup> <br>| &nbsp;&nbsp; 6.40% | &nbsp;&nbsp; -0.65% | &nbsp;&nbsp; 2.25% |
| &nbsp;&nbsp; Maximum current income (yield) consistent <br> with a prudent investment strategy.<br>| LVIP Franklin Templeton Core Bond Fund - <br> Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation*<br>| &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 6.87% | &nbsp;&nbsp; -0.79% | &nbsp;&nbsp; 1.88% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Objective** | **Fund and**<br> **Adviser/Sub-adviser**<sup>1</sup><br>| **Current**<br> **Expenses**<br>| **Average Annual Total**<br> **Returns (as of 12/31/2025)** | **Average Annual Total**<br> **Returns (as of 12/31/2025)** | **Average Annual Total**<br> **Returns (as of 12/31/2025)** |
|  |  |  | **1 year** | **5 year** | **10 year** |
| To maximize long-term capital appreciation. | LVIP Franklin Templeton Multi-Factor <br> Emerging Markets Equity Fund - Service <br> Class <br> *advised by Lincoln Financial Investments* <br> *Corporation*<br>| &nbsp;&nbsp; 0.71%<sup>2</sup> <br>| &nbsp;&nbsp; 33.98% | &nbsp;&nbsp; 8.80% | &nbsp;&nbsp; 7.62% |
| To maximize long-term capital appreciation. | LVIP Franklin Templeton Multi-Factor <br> International Equity Fund - Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation*<br>| &nbsp;&nbsp; 0.65%<sup>2</sup> <br>| &nbsp;&nbsp; 35.26% | &nbsp;&nbsp; 11.70% | &nbsp;&nbsp; 8.13% |
| To maximize long-term capital appreciation. | LVIP Franklin Templeton Multi-Factor Large <br> Cap Equity Fund - Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation*<br>| &nbsp;&nbsp; 0.61%<sup>2</sup> <br>| &nbsp;&nbsp; 18.39% | &nbsp;&nbsp; 15.89% | &nbsp;&nbsp; 13.26% |
| To maximize long-term capital appreciation. | LVIP Franklin Templeton Multi-Factor SMID <br> Cap Equity Fund - Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation*<br>| &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 13.30% | &nbsp;&nbsp; 11.41% | &nbsp;&nbsp; 9.93% |
| Capital appreciation. A fund of funds. | LVIP Global Aggressive Growth Allocation <br> Managed Risk Fund - Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation* <br>| &nbsp;&nbsp; 1.09%<sup>2</sup> <br>| &nbsp;&nbsp; 14.64% | &nbsp;&nbsp; 6.02% | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; A high level of current income with some <br> consideration given to growth of capital. A <br> fund of funds.<br>| LVIP Global Conservative Allocation <br> Managed Risk Fund - Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation* <br>| &nbsp;&nbsp; 1.05%<sup>2</sup> <br>| &nbsp;&nbsp; 9.51% | &nbsp;&nbsp; 3.13% | &nbsp;&nbsp; 4.64% |
| Long-term capital growth. | LVIP Global Equity Managed Volatility Fund <br> - Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation* <br>| &nbsp;&nbsp; 0.95%<sup>2</sup> <br>| &nbsp;&nbsp; 13.22% | &nbsp;&nbsp; 8.82% | &nbsp;&nbsp; 8.02% |
| &nbsp;&nbsp; A balance between a high level of current <br> income and growth of capital, with a <br> greater emphasis on growth of capital. A <br> fund of funds.<br>| LVIP Global Growth Allocation Managed <br> Risk Fund - Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation* <br>| &nbsp;&nbsp; 1.04%<sup>2</sup> <br>| &nbsp;&nbsp; 13.26% | &nbsp;&nbsp; 5.31% | &nbsp;&nbsp; 5.94% |
| &nbsp;&nbsp; A balance between a high level of current <br> income and growth of capital, with an <br> emphasis on growth of capital. A fund of <br> funds.<br>| LVIP Global Moderate Allocation Managed <br> Risk Fund - Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation* <br>| &nbsp;&nbsp; 1.05%<sup>2</sup> <br>| &nbsp;&nbsp; 11.24% | &nbsp;&nbsp; 4.44% | &nbsp;&nbsp; 5.38% |
| &nbsp;&nbsp; Current income while maintaining a stable <br> value of the investors' shares and <br> preserving the value of the investors' initial <br> investment.<br>| LVIP Government Money Market Fund - <br> Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation*<br>| &nbsp;&nbsp; 0.63%<sup>2</sup> <br>| &nbsp;&nbsp; 3.71% | &nbsp;&nbsp; 2.79% | &nbsp;&nbsp; 1.70% |
| &nbsp;&nbsp; To maximize total return by investing <br> primarily in a diversified portfolio of <br> intermediate- and long-term debt <br> securities.<br>| LVIP JPMorgan Core Bond Fund - Service <br> Class <br> *advised by Lincoln Financial Investments* <br> *Corporation* <br>| &nbsp;&nbsp; 0.71% | &nbsp;&nbsp; 7.15% | &nbsp;&nbsp; -0.29% | &nbsp;&nbsp; 1.85% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Objective** | **Fund and**<br> **Adviser/Sub-adviser**<sup>1</sup><br>| **Current**<br> **Expenses**<br>| **Average Annual Total**<br> **Returns (as of 12/31/2025)** | **Average Annual Total**<br> **Returns (as of 12/31/2025)** | **Average Annual Total**<br> **Returns (as of 12/31/2025)** |
|  |  |  | **1 year** | **5 year** | **10 year** |
| &nbsp;&nbsp; A high level of current income; capital <br> appreciation is the secondary objective.<br>| LVIP JPMorgan High Yield Fund - Service <br> Class <br> *advised by Lincoln Financial Investments* <br> *Corporation*<br>| &nbsp;&nbsp; 0.93%<sup>2</sup> <br>| &nbsp;&nbsp; 8.59% | &nbsp;&nbsp; 4.41% | &nbsp;&nbsp; 5.55% |
| &nbsp;&nbsp; Capital appreciation with the secondary <br> goal of achieving current income by <br> investing in equity securities.<br>| LVIP JPMorgan Mid Cap Value Fund - <br> Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation* <br>| &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 4.45% | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; Current income and some capital <br> appreciation. A fund of funds.<br>| LVIP JPMorgan Retirement Income Fund - <br> Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation* <br>| &nbsp;&nbsp; 0.93%<sup>2</sup> <br>| &nbsp;&nbsp; 11.82% | &nbsp;&nbsp; 4.12% | &nbsp;&nbsp; 5.28% |
| Long-term capital appreciation. | LVIP JPMorgan Select Mid Cap Value <br> Managed Volatility Fund - Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation* <br>| &nbsp;&nbsp; 1.03%<sup>2</sup> <br>| &nbsp;&nbsp; 1.26% | &nbsp;&nbsp; 8.74% | &nbsp;&nbsp; 7.06% |
| &nbsp;&nbsp; Maximum total return, consistent with <br> reasonable risk.<br>| LVIP JPMorgan Short Duration Bond Fund <br> - Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation* <br>| &nbsp;&nbsp; 0.77%<sup>2</sup> <br>| &nbsp;&nbsp; 4.87% | &nbsp;&nbsp; 1.55% | &nbsp;&nbsp; 2.03% |
| Capital growth over the long term. | LVIP JPMorgan Small Cap Core Fund - <br> Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation* <br>| &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 10.00% | &nbsp;&nbsp; 6.13% | &nbsp;&nbsp; 8.66% |
| High total return. | LVIP JPMorgan U.S. Equity Fund - Service <br> Class <br> *advised by Lincoln Financial Investments* <br> *Corporation* <br>| &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 14.26% | &nbsp;&nbsp; 13.40% | &nbsp;&nbsp; 14.56% |
| Long-term capital appreciation. | LVIP MFS International Growth Fund - <br> Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation*<br>| &nbsp;&nbsp; 1.04%<sup>2</sup> <br>| &nbsp;&nbsp; 18.81% | &nbsp;&nbsp; 6.82% | &nbsp;&nbsp; 9.46% |
| Capital appreciation. | LVIP MFS Value Fund - Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation*<br>| &nbsp;&nbsp; 0.86%<sup>2</sup> <br>| &nbsp;&nbsp; 12.78% | &nbsp;&nbsp; 9.72% | &nbsp;&nbsp; 9.82% |
| &nbsp;&nbsp; Current income consistent with the <br> preservation of capital.<br>| LVIP Mondrian Global Income Fund - <br> Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation*<br>| &nbsp;&nbsp; 0.91%<sup>2</sup> <br>| &nbsp;&nbsp; 6.14% | &nbsp;&nbsp; -3.54% | &nbsp;&nbsp; 0.11% |
| &nbsp;&nbsp; Long-term capital appreciation as <br> measured by the change in the value of <br> fund shares over a period of three years or <br> longer.<br>| LVIP Mondrian International Value Fund - <br> Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation*<br>| &nbsp;&nbsp; 0.99%<sup>2</sup> <br>| &nbsp;&nbsp; 36.05% | &nbsp;&nbsp; 10.96% | &nbsp;&nbsp; 7.63% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Objective** | **Fund and**<br> **Adviser/Sub-adviser**<sup>1</sup><br>| **Current**<br> **Expenses**<br>| **Average Annual Total**<br> **Returns (as of 12/31/2025)** | **Average Annual Total**<br> **Returns (as of 12/31/2025)** | **Average Annual Total**<br> **Returns (as of 12/31/2025)** |
|  |  |  | **1 year** | **5 year** | **10 year** |
| &nbsp;&nbsp; Long-term growth of capital. A fund of <br> funds.<br>| LVIP Multi-Manager Global Equity Managed <br> Volatility Fund - Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation* <br> *This fund will not be available in contracts* <br> *issued on or after May 18, 2026. This fund* <br> *will be reorganized to merge into the LVIP* <br> *Global Equity Managed Volatility Fund on or* <br> *about June 5, 2026, subject to* <br> *shareholders approval.*<br>| &nbsp;&nbsp; 1.15%<sup>2</sup> <br>| &nbsp;&nbsp; 15.40% | &nbsp;&nbsp; 9.77% | &nbsp;&nbsp; 9.77% |
| Capital appreciation. A fund of funds. | LVIP Multi-Manager International Equity <br> Managed Volatility Fund - Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation*<br>| &nbsp;&nbsp; 1.11%<sup>2</sup> <br>| &nbsp;&nbsp; 19.71% | &nbsp;&nbsp; 6.53% | &nbsp;&nbsp; 7.44% |
| Total return. | LVIP Nomura Diversified Floating Rate Fund <br> - Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation*<br>| &nbsp;&nbsp; 0.89%<sup>2</sup> <br>| &nbsp;&nbsp; 4.51% | &nbsp;&nbsp; 3.09% | &nbsp;&nbsp; 2.51% |
| &nbsp;&nbsp; Total return and, as a secondary objective, <br> high current income.<br>| LVIP Nomura High Yield Fund - Service <br> Class <br> *advised by Lincoln Financial Investments* <br> *Corporation* <br>| &nbsp;&nbsp; 1.02%<sup>2</sup> <br>| &nbsp;&nbsp; 8.94% | &nbsp;&nbsp; 3.75% | &nbsp;&nbsp; 5.58% |
| To maximize long-term capital appreciation. | LVIP Nomura Mid Cap Value Fund - Service <br> Class <br> *advised by Lincoln Financial Investments* <br> *Corporation* <br>| &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 12.95% | &nbsp;&nbsp; 11.33% | &nbsp;&nbsp; 10.29% |
| Long-term capital appreciation. | LVIP Nomura SMID Cap Core Fund - <br> Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation*<br>| &nbsp;&nbsp; 1.10%<sup>2</sup> <br>| &nbsp;&nbsp; 8.53% | &nbsp;&nbsp; 8.77% | &nbsp;&nbsp; 9.34% |
| To maximize long-term capital appreciation. | LVIP Nomura Social Awareness Fund - <br> Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation*<br>| &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 14.65% | &nbsp;&nbsp; 12.58% | &nbsp;&nbsp; 13.13% |
| Long-term capital appreciation. | LVIP Nomura U.S. Growth Fund - Service <br> Class <br> *advised by Lincoln Financial Investments* <br> *Corporation*<br>| &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 22.24% | &nbsp;&nbsp; 15.46% | &nbsp;&nbsp; 15.92% |
| &nbsp;&nbsp; Maximum long-term total return, with <br> capital appreciation as a secondary <br> objective.<br>| LVIP Nomura U.S. REIT Fund - Service <br> Class <br> *advised by Lincoln Financial Investments* <br> *Corporation*<br>| &nbsp;&nbsp; 1.13%<sup>2</sup> <br>| &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 5.24% | &nbsp;&nbsp; 3.74% |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Objective** | **Fund and**<br> **Adviser/Sub-adviser**<sup>1</sup><br>| **Average Annual Total**<br> **Returns (as of 12/31/2025)** | **Average Annual Total**<br> **Returns (as of 12/31/2025)** | **Average Annual Total**<br> **Returns (as of 12/31/2025)** |
|  |  | **1 year** | **5 year** | **10 year** |
| &nbsp;&nbsp; To seek a high level of current income <br> consistent with preservation of capital.<br>| LVIP PIMCO Low Duration Bond Fund - <br> Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation*<br>&nbsp;&nbsp; 0.85%<sup>2</sup> <br>| &nbsp;&nbsp; 5.21% | &nbsp;&nbsp; 1.65% | &nbsp;&nbsp; 1.99% |
| &nbsp;&nbsp; To match as closely as practicable, before <br> fees and expenses, the performance of the <br> Bloomberg U.S. Aggregate Index.<br>| LVIP State Street Bond Index Fund - <br> Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation* <br> *(formerly LVIP SSGA Bond Index Fund)*<br>&nbsp;&nbsp; 0.62%<sup>2</sup> <br>| &nbsp;&nbsp; 6.53% | &nbsp;&nbsp; -0.97% | &nbsp;&nbsp; 1.42% |
| &nbsp;&nbsp; A high level of current income, with some <br> consideration given to growth of capital. A <br> fund of funds.<br>| LVIP State Street Conservative Index <br> Allocation Fund - Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation* <br> *(formerly LVIP SSGA Conservative Index* <br> *Allocation Fund)*<br>&nbsp;&nbsp; 0.75%<sup>2</sup> <br>| &nbsp;&nbsp; 12.51% | &nbsp;&nbsp; 3.45% | &nbsp;&nbsp; 5.30% |
| &nbsp;&nbsp; To provide investment results that, before <br> fees and expenses, correspond generally to <br> the total return of the MSCI Emerging <br> Markets Index that tracks performance of <br> emerging market equity securities.<br>| LVIP State Street Emerging Markets Equity <br> Index Fund - Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation* <br> *(formerly LVIP SSGA Emerging Markets* <br> *Equity Index Fund)*<br>&nbsp;&nbsp; 0.75%<sup>2</sup> <br>| &nbsp;&nbsp; 33.15% | &nbsp;&nbsp; 3.15% | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; Long-term growth of capital. A fund of <br> funds.<br>| LVIP State Street Global Tactical Allocation <br> Managed Volatility Fund - Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation* <br> *(formerly LVIP SSGA Global Tactical* <br> *Allocation Managed Volatility Fund)* <br>&nbsp;&nbsp; 0.86%<sup>2</sup> <br>| &nbsp;&nbsp; 14.09% | &nbsp;&nbsp; 6.34% | &nbsp;&nbsp; 6.36% |
| &nbsp;&nbsp; To approximate as closely as practicable, <br> before fees and expenses, the performance <br> of a broad market index of non-U.S. foreign <br> securities.<br>| LVIP State Street International Index Fund - <br> Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation* <br> *(formerly LVIP SSGA International Index* <br> *Fund)* <br>&nbsp;&nbsp; 0.63%<sup>2</sup> <br>| &nbsp;&nbsp; 30.85% | &nbsp;&nbsp; 8.39% | &nbsp;&nbsp; 7.73% |
| Capital appreciation. A fund of funds. | LVIP State Street International Managed <br> Volatility Fund - Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation* <br> *(formerly LVIP SSGA International* <br> *Managed Volatility Fund)* <br>&nbsp;&nbsp; 0.87%<sup>2</sup> <br>| &nbsp;&nbsp; 24.69% | &nbsp;&nbsp; 6.54% | &nbsp;&nbsp; 5.31% |
| Capital appreciation. A fund of funds. | LVIP State Street Large Cap Managed <br> Volatility Fund - Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation* <br> *(formerly LVIP SSGA Large Cap Managed* <br> *Volatility Fund)*<br>&nbsp;&nbsp; 0.72%<sup>2</sup> <br>| &nbsp;&nbsp; 9.35% | &nbsp;&nbsp; 12.30% | &nbsp;&nbsp; 11.95% |
| &nbsp;&nbsp; To approximate as closely as practicable, <br> before fees and expenses, the performance <br> of the S&P MidCap 400<sup>®</sup> Index that <br> emphasizes stocks of mid-sized U.S. <br> companies.<br>| LVIP State Street Mid-Cap Index Fund - <br> Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation* <br> *(formerly LVIP SSGA Mid-Cap Index Fund)*<br>&nbsp;&nbsp; 0.60%<sup>2</sup> <br>| &nbsp;&nbsp; 6.87% | &nbsp;&nbsp; 8.47% | &nbsp;&nbsp; 10.06% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Objective** | **Fund and**<br> **Adviser/Sub-adviser**<sup>1</sup><br>| **Current**<br> **Expenses**<br>| **Average Annual Total**<br> **Returns (as of 12/31/2025)** | **Average Annual Total**<br> **Returns (as of 12/31/2025)** | **Average Annual Total**<br> **Returns (as of 12/31/2025)** |
|  |  |  | **1 year** | **5 year** | **10 year** |
| &nbsp;&nbsp; A balance between a high level of current <br> income and growth of capital, with a <br> greater emphasis on growth of capital. A <br> fund of funds.<br>| LVIP State Street Moderate Index Allocation <br> Fund - Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation* <br> *(formerly LVIP SSGA Moderate Index* <br> *Allocation Fund)*<br>| &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 15.35% | &nbsp;&nbsp; 5.59% | &nbsp;&nbsp; 7.16% |
| &nbsp;&nbsp; A balance between high level of current <br> income and growth of capital, with a <br> greater emphasis on growth of capital. A <br> fund of funds.<br>| LVIP State Street Moderately Aggressive <br> Index Allocation Fund - Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation* <br> *(formerly LVIP SSGA Moderately* <br> *Aggressive Index Allocation Fund)*<br>| &nbsp;&nbsp; 0.75% | &nbsp;&nbsp; 17.14% | &nbsp;&nbsp; 6.39% | &nbsp;&nbsp; 7.91% |
| &nbsp;&nbsp; To approximate as closely as practicable, <br> before fees and expenses, the total rate of <br> return of common stocks publicly traded in <br> the United States, as represented by the <br> S&P 500 Index.<br>| LVIP State Street S&P 500 Index Fund - <br> Service Class<sup>3</sup> <br>*advised by Lincoln Financial Investments* <br> *Corporation* <br> *(formerly LVIP SSGA S&P 500 Index Fund)*<br>| &nbsp;&nbsp; 0.48% | &nbsp;&nbsp; 17.30% | &nbsp;&nbsp; 13.88% | &nbsp;&nbsp; 14.26% |
| &nbsp;&nbsp; To provide investment results that, before <br> fees and expenses, correspond generally to <br> the price and yield performance of an index <br> that tracks the short-term U.S. corporate <br> bond market.<br>| LVIP State Street Short-Term Bond Index <br> Fund - Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation* <br> *(formerly LVIP SSGA Short-Term Bond* <br> *Index Fund)*<br>| &nbsp;&nbsp; 0.61%<sup>2</sup> <br>| &nbsp;&nbsp; 5.25% | &nbsp;&nbsp; 2.00% | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; To approximate as closely as practicable, <br> before fees and expenses, the performance <br> of the Russell 2000<sup>®</sup> Index, which <br> emphasizes stocks of small U.S. <br> companies.<br>| LVIP State Street Small-Cap Index Fund - <br> Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation* <br> *(formerly LVIP SSGA Small-Cap Index* <br> *Fund)*<br>| &nbsp;&nbsp; 0.63%<sup>2</sup> <br>| &nbsp;&nbsp; 12.18% | &nbsp;&nbsp; 5.47% | &nbsp;&nbsp; 8.90% |
| Capital appreciation. A fund of funds. | LVIP State Street SMID Cap Managed <br> Volatility Fund - Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation* <br> *(formerly LVIP SSGA SMID Cap Managed* <br> *Volatility Fund)*<br>| &nbsp;&nbsp; 0.86%<sup>2</sup> <br>| &nbsp;&nbsp; 4.23% | &nbsp;&nbsp; 4.39% | &nbsp;&nbsp; 6.65% |
| &nbsp;&nbsp; A high level of current income, with some <br> consideration given to growth of capital. A <br> fund of funds.<br>| LVIP Structured Conservative Allocation <br> Fund - Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation*<br>| &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 13.44% | &nbsp;&nbsp; 4.19% | &nbsp;&nbsp; 5.34% |
| &nbsp;&nbsp; A balance between a high level of current <br> income and growth of capital, with an <br> emphasis on growth of capital. A fund of <br> funds.<br>| LVIP Structured Moderate Allocation Fund - <br> Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation*<br>| &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 16.98% | &nbsp;&nbsp; 6.90% | &nbsp;&nbsp; 7.32% |
| &nbsp;&nbsp; A balance between high level of current <br> income and growth of capital, with a <br> greater emphasis on growth of capital. A <br> fund of funds.<br>| LVIP Structured Moderately Aggressive <br> Allocation Fund - Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation*<br>| &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 19.03% | &nbsp;&nbsp; 8.00% | &nbsp;&nbsp; 8.05% |
| To maximize capital appreciation. | LVIP T. Rowe Price Structured Mid-Cap <br> Growth Fund - Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation*<br>| &nbsp;&nbsp; 0.96%<sup>2</sup> <br>| &nbsp;&nbsp; 10.76% | &nbsp;&nbsp; 7.14% | &nbsp;&nbsp; 12.62% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Objective** | **Fund and**<br> **Adviser/Sub-adviser**<sup>1</sup><br>| **Current**<br> **Expenses**<br>| **Average Annual Total**<br> **Returns (as of 12/31/2025)** | **Average Annual Total**<br> **Returns (as of 12/31/2025)** | **Average Annual Total**<br> **Returns (as of 12/31/2025)** |
|  |  |  | **1 year** | **5 year** | **10 year** |
| Capital appreciation. A fund of funds. | LVIP U.S. Aggressive Growth Allocation <br> Managed Risk Fund - Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation* <br>| &nbsp;&nbsp; 1.09%<sup>2</sup> <br>| &nbsp;&nbsp; 8.94% | &nbsp;&nbsp; 5.91% | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; High level of current income and growth of <br> capital, with an emphasis on growth of <br> capital. A fund of funds.<br>| LVIP U.S. Growth Allocation Managed Risk <br> Fund - Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation* <br>| &nbsp;&nbsp; 1.06%<sup>2</sup> <br>| &nbsp;&nbsp; 8.28% | &nbsp;&nbsp; 5.23% | &nbsp;&nbsp; 6.36% |
| &nbsp;&nbsp; Total return consistent with the <br> preservation of capital. A fund of funds.<br>| LVIP Vanguard Bond Allocation Fund - <br> Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation*<br>| &nbsp;&nbsp; 0.61% | &nbsp;&nbsp; 6.06% | &nbsp;&nbsp; -0.70% | &nbsp;&nbsp; 1.29% |
| &nbsp;&nbsp; Long-term capital appreciation. A fund of <br> funds.<br>| LVIP Vanguard Domestic Equity ETF Fund - <br> Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation*<br>| &nbsp;&nbsp; 0.55%<sup>2</sup> <br>| &nbsp;&nbsp; 16.18% | &nbsp;&nbsp; 12.43% | &nbsp;&nbsp; 13.50% |
| &nbsp;&nbsp; Long-term capital appreciation. A fund of <br> funds.<br>| LVIP Vanguard International Equity ETF <br> Fund - Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation*<br>| &nbsp;&nbsp; 0.57%<sup>2</sup> <br>| &nbsp;&nbsp; 31.23% | &nbsp;&nbsp; 7.02% | &nbsp;&nbsp; 7.87% |
| Long-term capital appreciation. | LVIP Wellington SMID Cap Value Fund - <br> Service Class <br> *advised by Lincoln Financial Investments* <br> *Corporation*<br>| &nbsp;&nbsp; 1.03%<sup>2</sup> <br>| &nbsp;&nbsp; 2.16% | &nbsp;&nbsp; 8.97% | &nbsp;&nbsp; 8.26% |
| Capital appreciation. | MFS<sup>®</sup> VIT Growth Series - Service Class <br> *advised by Massachusetts Financial* <br> *Services Company*<br>| &nbsp;&nbsp; 0.98%<sup>2</sup> <br>| &nbsp;&nbsp; 11.90% | &nbsp;&nbsp; 10.82% | &nbsp;&nbsp; 15.31% |
| Total return. | MFS<sup>®</sup> VIT Total Return Series - Service <br> Class <br> *advised by Massachusetts Financial* <br> *Services Company*<br>| &nbsp;&nbsp; 0.86%<sup>2</sup> <br>| &nbsp;&nbsp; 10.91% | &nbsp;&nbsp; 6.16% | &nbsp;&nbsp; 7.36% |
| Total return. | MFS<sup>®</sup> VIT Utilities Series - Service Class <br> *advised by Massachusetts Financial* <br> *Services Company*<br>| &nbsp;&nbsp; 1.03%<sup>2</sup> <br>| &nbsp;&nbsp; 14.76% | &nbsp;&nbsp; 7.38% | &nbsp;&nbsp; 9.22% |
| Long-term capital appreciation. | Nomura VIP Emerging Markets Series - <br> Service Class<br>| &nbsp;&nbsp; 1.46%<sup>2</sup> <br>| &nbsp;&nbsp; 80.77% | &nbsp;&nbsp; 8.48% | &nbsp;&nbsp; 11.85% |
| Capital appreciation. | Nomura VIP Small Cap Value Series - <br> Service Class<br>| &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 7.83% | &nbsp;&nbsp; 8.93% | &nbsp;&nbsp; 8.84% |
| &nbsp;&nbsp; Maximum real return, consistent with <br> prudent investment management.<br>| PIMCO VIT CommodityRealReturn<sup>®</sup> <br> Strategy Portfolio - Advisor Class <br> *advised by Pacific Investment Management* <br> *Company, LLC* <br> *This fund is not available in contracts* <br> *issued on or after January 9, 2017.*<br>| &nbsp;&nbsp; 3.29%<sup>2</sup> <br>| &nbsp;&nbsp; 18.85% | &nbsp;&nbsp; 10.47% | &nbsp;&nbsp; 6.43% |
| &nbsp;&nbsp; Balanced investment composed of a well-<br> diversified portfolio of stocks and bonds <br> which produce both capital growth and <br> current income.<br>| Putnam VT George Putnam Balanced Fund <br> - Class IB<br>| &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 13.95% | &nbsp;&nbsp; 8.85% | &nbsp;&nbsp; 10.17% |
| Capital growth and current income. | Putnam VT Large Cap Value Fund - Class IB | &nbsp;&nbsp; 0.79% | &nbsp;&nbsp; 20.35% | &nbsp;&nbsp; 15.38% | &nbsp;&nbsp; 13.30% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Objective** | **Fund and**<br> **Adviser/Sub-adviser**<sup>1</sup><br>| **Current**<br> **Expenses**<br>| **Average Annual Total**<br> **Returns (as of 12/31/2025)** | **Average Annual Total**<br> **Returns (as of 12/31/2025)** | **Average Annual Total**<br> **Returns (as of 12/31/2025)** |
|  |  |  | **1 year** | **5 year** | **10 year** |
| Long-term capital appreciation. | Putnam VT Sustainable Future Fund - Class <br> IB <br>| &nbsp;&nbsp; 1.05%<sup>2</sup> <br>| &nbsp;&nbsp; 2.66% | &nbsp;&nbsp; 1.19% | &nbsp;&nbsp; 9.60% |
| Long-term capital appreciation. | Putnam VT Sustainable Leaders Fund - <br> Class IB <br>| &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 10.69% | &nbsp;&nbsp; 10.34% | &nbsp;&nbsp; 14.69% |
| &nbsp;&nbsp; High current income consistent with <br> preservation of capital; capital appreciation <br> is a secondary objective.<br>| Templeton Global Bond VIP Fund - Class 2 <br> *advised by Franklin Advisers, Inc.* <br> *This fund is not available in contracts* <br> *issued on or after January 9, 2017.*<br>| &nbsp;&nbsp; 0.75%<sup>2</sup> <br>| &nbsp;&nbsp; 15.73% | &nbsp;&nbsp; -0.96% | &nbsp;&nbsp; -0.15% |

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The name of the adviser or sub-adviser is not listed if the name is incorporated into the name of the fund or the fund company.

This fund is subject to an expense reimbursement or fee waiver arrangement. As a result, this fund's annual expenses reflect temporary expense reductions. See the fund prospectus for additional information.

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

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

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

The Nasdaq-100 Index® includes 100 of the largest domestic and international non-financial securities listed on The NASDAQ Stock Market® based on market capitalization. NASDAQ®, and Nasdaq-100 Index®, are registered trademarks of Nasdaq, Inc. (which with its affiliates is referred to as the "Corporations") and are licensed for use by The Lincoln National Life Insurance Company. The fund is not sponsored, endorsed, sold or promoted by NASDAQ, and NASDAQ makes no representation regarding the advisability of purchasing the fund.

**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. Fixed account options are available in B-Share and L-Share contracts only.

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| | | |
|:---|:---|:---|
| Name | Term | Minimum Guaranteed Interest Rate |
| DCA Fixed Account | 3 –60 months | &nbsp;&nbsp; 1.50% |

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**Appendix B — Investment Requirements**

If you purchase a Living Benefit Rider (except *i4LIFE*<sup>®</sup> Advantage without the Guaranteed Income Benefit), you will be subject to Investment Requirements. This means you will be limited in your choice of Subaccount investments and may be limited in how much you can invest in certain Subaccounts. This also means you will not be able to allocate Contract Value to all of the Subaccounts that are available to Contractowners who have not elected a Living Benefit Rider. We impose Investment Requirements to reduce the risk of investment losses that may require us to use our own assets to make guaranteed payments under a Living Benefit Rider.

If you elected *Lincoln ProtectedPay Secure Core*<sup>®</sup> and *Estate Lock*<sup>SM</sup>, *Lincoln ProtectedPay Secure Core*<sup>®</sup>, *Lincoln ProtectedPay Secure Plus*<sup>®</sup>, *Lincoln ProtectedPay Secure Max*<sup>®</sup>, *Lincoln Lifetime Income*<sup>SM</sup> Advantage 2.0 (Managed Risk), *4LATER*<sup>®</sup> Advantage (Managed Risk), or *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit (Managed Risk), you must allocate your Contract Value in accordance with the Investment Requirements for Managed Risk Riders section below. If you elected *Lincoln IRA Income Plus*<sup>SM</sup>, you must allocate your Contract Value in accordance with the Investment Requirements for the *Lincoln IRA Income Plus*<sup>SM</sup> section below. If you elect any other Living Benefit Rider, you must allocate your Contract Value in accordance with the Investment Requirements for *i4LIFE*<sup>®</sup> Advantage Select Guaranteed Income Benefit or other Living Benefit Riders sections below, according to which rider you purchased and the date of purchase. Currently, if you purchase *i4LIFE*<sup>®</sup> Advantage without the Guaranteed Income Benefit, you will not be subject to any Investment Requirements, although we reserve the right to impose Investment Requirements for this rider in the future. If we do exercise our right to do so, you will have to reallocate your Account Value subject to such requirements.

If you elect a Living Benefit Rider, Investment Requirements apply whether you purchase the rider at contract issue, or add it to an existing Contract. You must hold the rider for a minimum period of time after election (the minimum time is specified under the Termination section of each rider). During this time, you will be required to adhere to the Investment Requirements. After this time, failure to adhere to the Investment Requirements will result in termination of the rider.

Certain Living Benefit Riders guarantee you the right to transition to a version of *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit even if that version is no longer available for purchase. If you transition to *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit, the Investment Requirements under your Prior Living Benefit Rider continue to apply. See *i4LIFE*<sup>®</sup> Advantage – *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit Transitions for a discussion of this transition.

Certain underlying funds that are included in the Investment Requirements, including funds managed by an adviser affiliated with us, employ risk management strategies that are intended to control the funds' overall volatility, and for some funds, to also reduce the downside exposure of the funds during significant market downturns. These funds are included under Investment Requirements (particularly in the Investment Requirements for the Managed Risk and Secure riders) in part because the reduction in volatility helps us to reduce the risk of investment losses that may require us to use our own assets to make guaranteed payments under a Living Benefit Rider. At the same time, risk management strategies in periods of high market volatility or other market conditions, could limit your participation in market gains. This may conflict with your investment objectives by limiting your ability to maximize potential growth of your Contract Value and, in turn, the value of any guaranteed benefit that is tied to investment performance. You should consult with your registered representative to determine whether these funds align with your investment objectives. For more information about the funds and the investment strategies they employ, please refer to the funds' current prospectuses. Fund prospectuses are available by contacting us.

If you purchase a Living Benefit Rider (except *i4LIFE*<sup>®</sup> Advantage without the Guaranteed Income Benefit), you agree to be automatically enrolled in the portfolio rebalancing option under your Contract and thereby authorize us to automatically rebalance your Contract Value on a periodic basis. (This portfolio rebalancing will continue while a death claim is being settled, if the Living Benefit Rider could continue on an additional measuring life.) On each quarterly anniversary of the effective date of the rider, we will rebalance your Contract Value in accordance with your allocation instructions in effect at the time of the rebalancing. Any reallocation of Contract Value among the Subaccounts made by you prior to a rebalancing date will become your allocation instructions for rebalancing purposes. Confirmation of the rebalancing will appear on your quarterly statement. If we rebalance Contract Value from the Subaccounts and your allocation instructions do not comply with the Investment Requirements, portfolio rebalancing will be paused, and any subsequent transfer requests will be considered not in Good Order until updated allocation instructions are received. **These investments will become your allocation instructions until you tell us otherwise.** 

Some investment options are not available to you if you purchase certain riders. The Investment Requirements may not be consistent with an aggressive investment strategy. You should consult with your registered representative to determine if the Investment Requirements are consistent with your investment objectives.

For certain Living Benefit Riders, the Subaccounts of your Contract are divided into groups and have specified minimum or maximum percentages of Contract Value that must be in each group at the time you purchase the rider. **Please review the Investment Requirements below to determine which Investment Requirements apply to your rider.** You can select the percentages of Contract Value to allocate to individual Subaccounts within each group, but the total investment for all Subaccounts within the group must comply with the specified minimum or maximum percentages for that group. We may change the list of Subaccounts in a group, change the number of groups, change the minimum or maximum percentages of Contract Value allowed in a group, change the investment options

------

that are or are not available to you, or change the rebalancing frequency at any time in our sole discretion. For other Living Benefit Riders, we may only make certain Subaccounts available to you, which are listed below.

For all Living Benefit Riders, we may make Subaccounts unavailable to you at any time in our sole discretion. You will be notified at least 30 days prior to the date of any change. We may make such modifications at any time when we believe the modifications are necessary to protect our ability to provide the guarantees under these riders. Our decision to make modifications will be based on several factors, including the general market conditions and the style and investment objectives of the subaccount investments.

At the time you receive notice of a change to the Investment Requirements, you may:

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

2. take no action and be subject to the quarterly rebalancing as described above. If this results in a change to your allocation instructions, then these will be your new allocation instructions until you tell us otherwise; or

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

**Investment Requirements for Managed Risk Riders.** If you elect *Lincoln ProtectedPay Secure Core*<sup>®</sup> and *Estate Lock*<sup>SM</sup>, *Lincoln ProtectedPay Secure Core*<sup>®</sup>, *Lincoln ProtectedPay Secure Plus*<sup>®</sup>, *Lincoln ProtectedPay Secure Max*<sup>®</sup>, *Lincoln Lifetime Income*<sup>SM</sup> Advantage 2.0 (Managed Risk), *4LATER*<sup>®</sup> Advantage (Managed Risk), are transitioning to *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit (Managed Risk) from one of these riders (if applicable), or elect *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit (Managed Risk) prior to May 21, 2018 and on or after May 18, 2020, you must currently allocate your Contract Value or Account Value among one or more of the following Subaccounts only. Not all funds may be available in your Contract; refer to Appendix A – Investment Options Available Under The Contract of this prospectus for more information.

&nbsp;&nbsp; **Group 1**<br> **Investments must be at least 20% of Contract Value or Account Value**<br>

Lincoln Hedged S&P 500 Conservative Fund<sup>1</sup>

LVIP American Century Inflation Protection Fund

LVIP BlackRock Inflation Protected Bond Fund

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund

LVIP Franklin Templeton Core Bond Fund

LVIP JPMorgan Core Bond Fund

LVIP JPMorgan Short Duration Bond Fund

LVIP Mondrian Global Income Fund<sup>2</sup> 

LVIP Nomura Diversified Floating Rate Fund

LVIP PIMCO Low Duration Bond Fund

LVIP State Street Bond Index Fund

LVIP State Street Short-Term Bond Index Fund

LVIP Vanguard Bond Allocation Fund

<sup>1</sup>This fund option is only available for elections of *Lincoln ProtectedPay Secure Core*<sup>®</sup> and *Estate Lock*<sup>SM</sup>, *Lincoln ProtectedPay Secure Core*<sup>®</sup>, *Lincoln ProtectedPay Secure Plus*<sup>®</sup>, *Lincoln ProtectedPay Secure Max*<sup>®</sup>, and *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit (Managed Risk) elections on and after May 18, 2020.

<sup>2</sup>This fund option is not available for riders purchased on or after May 21, 2018.

&nbsp;&nbsp; **Group 2**<br> **Investments cannot exceed 80% of Contract Value or Account Value**<br>

Lincoln Hedged S&P 500 Fund<sup>1</sup>

Lincoln Opportunistic Hedged Equity Fund<sup>1</sup>

LVIP American Century Select Mid Cap Managed Volatility Fund

LVIP BlackRock Dividend Value Managed Volatility Fund

LVIP BlackRock Global Allocation Managed Risk Fund

LVIP BlackRock Growth ETF Allocation Managed Risk Fund

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

LVIP Blended Large Cap Growth Managed Volatility Fund

LVIP Blended Mid Cap Managed Volatility Fund

LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund

LVIP Dimensional International Equity Managed Volatility Fund

LVIP Dimensional U.S. Equity Managed Volatility Fund

LVIP Fidelity Institutional AM<sup>®</sup> Select Core Equity Managed Volatility Fund

LVIP Global Aggressive Growth Allocation Managed Risk Fund

LVIP Global Conservative Allocation Managed Risk Fund

LVIP Global Equity Managed Volatility Fund

LVIP Global Growth Allocation Managed Risk Fund

LVIP Global Moderate Allocation Managed Risk Fund

LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund

LVIP Multi-Manager Global Equity Managed Volatility Fund

LVIP Multi-Manager International Equity Managed Volatility Fund

LVIP State Street Global Tactical Allocation Managed Volatility Fund

LVIP State Street International Managed Volatility Fund

LVIP State Street Large Cap Managed Volatility Fund

LVIP State Street SMID Cap Managed Volatility Fund

LVIP U.S. Aggressive Growth Allocation Managed Risk Fund

LVIP U.S. Growth Allocation Managed Risk Fund

<sup>1</sup>This fund option is only available for elections of *Lincoln ProtectedPay Secure Core*<sup>®</sup> and *Estate Lock*<sup>SM</sup>, *Lincoln ProtectedPay Secure Core*<sup>®</sup>, *Lincoln ProtectedPay Secure Plus*<sup>®</sup>, *Lincoln ProtectedPay Secure Max*<sup>®</sup>, and *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit (Managed Risk) elections on and after May 18, 2020.

The fixed account is only available for dollar cost averaging.

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As an alternative, to satisfy these Investment Requirements, you may allocate 100% of your Contract Value or *i4LIFE*<sup>®</sup> Advantage Account Value among the Subaccounts listed below. If you allocate less than 100% of Contract Value or *i4LIFE*<sup>®</sup> Advantage Account Value among these Subaccounts, then the Subaccounts listed below that are also listed in Group 1 will be subject to the Group 1 restrictions. Any remaining Subaccounts listed below that are not listed in Group 1 will fall into Group 2 and be subject to Group 2

restrictions.

Lincoln Hedged S&P 500 Conservative Fund<sup>1</sup>

LVIP American Century Inflation Protection Fund

LVIP BlackRock Global Allocation Managed Risk Fund

LVIP BlackRock Growth ETF Allocation Managed Risk Fund

LVIP BlackRock Inflation Protected Bond Fund

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

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund

LVIP Franklin Templeton Core Bond Fund

LVIP Global Aggressive Growth Allocation Managed Risk Fund

LVIP Global Conservative Allocation Managed Risk Fund

LVIP Global Growth Allocation Managed Risk Fund

LVIP Global Moderate Allocation Managed Risk Fund

LVIP JPMorgan Core Bond Fund

LVIP JPMorgan Short Duration Bond Fund

LVIP Mondrian Global Income Fund<sup>2</sup>

LVIP Nomura Diversified Floating Rate Fund

LVIP PIMCO Low Duration Bond Fund

LVIP State Street Bond Index Fund

LVIP State Street Global Tactical Allocation Managed Volatility Fund

LVIP State Street Short-Term Bond Index Fund

LVIP U.S. Aggressive Growth Allocation Managed Risk Fund

LVIP U.S. Growth Allocation Managed Risk Fund

LVIP Vanguard Bond Allocation Fund

<sup>1</sup>This fund option is only available for elections of *Lincoln ProtectedPay Secure Core*<sup>®</sup> and *Estate Lock*<sup>SM</sup>, *Lincoln ProtectedPay Secure Core*<sup>®</sup>, *Lincoln ProtectedPay Secure Plus*<sup>®</sup>, *Lincoln ProtectedPay Secure Max*<sup>®</sup>, and *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit (Managed Risk) elections on and after May 18, 2020.

<sup>2</sup>This fund option is not available for riders purchased on or after May 21, 2018.

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

Additionally, Contract Value may be allocated in accordance with certain asset allocation models made available to you by your broker-dealer. If so, currently 100% of the Contract Value can be allocated to one of the following models, if available:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● 70/30 Global Allocation Managed Volatility Model

● 80/20 Global Allocation Managed Volatility Model

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● 80/20 U.S. Allocation Managed Volatility Model

You may choose only one asset allocation model at a time, though you may change to a different asset allocation model available in your Contract. If you terminate an asset allocation model, you must follow the Investment Requirements applicable to your rider. We may exclude an asset allocation model from being available for investment at any time, in our sole discretion. You will be notified prior to the date of such a change.

**Investment Requirements for *Lincoln IRA Income Plus***<sup>SM</sup>**.** If you elect *Lincoln IRA Income Plus*<sup>SM</sup>, you must allocate 100% of your

Contract Value among the following Subaccounts:

LVIP Global Aggressive Growth Allocation Managed Risk Fund

LVIP Global Conservative Allocation Managed Risk Fund

LVIP Global Growth Allocation Managed Risk Fund

LVIP Global Moderate Allocation Managed Risk Fund

LVIP U.S. Aggressive Growth Allocation Managed Risk Fund

LVIP U.S. Growth Allocation Managed Risk Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Investment Requirements for other Living Benefit Riders purchased on or after August 29, 2016 (October 3, 2016 for existing Contractowners).** If you elect *Lincoln ProtectedPay Select Core*<sup>®</sup> and *Estate Lock*<sup>SM</sup>*, Lincoln ProtectedPay Select Core*<sup>®</sup>, *Lincoln ProtectedPay Select Plus*<sup>®</sup>, *Lincoln ProtectedPay Select Max*<sup>®</sup>, Lincoln *Market Select*<sup>®</sup> Advantage, Lincoln *Max 6 Select*<sup>SM</sup> Advantage, *Lincoln Wealth Pass*<sup>SM</sup>, *4LATER*<sup>®</sup> Select Advantage or *Lincoln Long-Term Care*<sup>SM</sup> Advantage on or after August 29, 2016 (October 3, 2016 for existing Contractowners), *i4LIFE*<sup>®</sup> Advantage Select Guaranteed Income Benefit on or after August 29, 2016 (October 3, 2016 for existing Contractowners) but prior to May 21, 2018 and on and after August 19, 2024, or you are transitioning to *i4LIFE*<sup>®</sup> Advantage Select Guaranteed Income Benefit from one of these riders, you must currently allocate your Contract Value or *i4LIFE*<sup>®</sup> Advantage Account Value among one or more of the following Subaccounts.

&nbsp;&nbsp; **Group 1**<br> **Investments must be at least 20% of Contract Value or Account Value.**<br>

LVIP American Century Inflation Protection Fund

LVIP BlackRock Inflation Protected Bond Fund

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund

LVIP Franklin Templeton Core Bond Fund

LVIP JPMorgan Core Bond Fund

LVIP JPMorgan Short Duration Bond Fund

LVIP Nomura Diversified Floating Rate Fund

LVIP PIMCO Low Duration Bond Fund

LVIP State Street Bond Index Fund

LVIP State Street Short-Term Bond Index Fund

LVIP Vanguard Bond Allocation Fund

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp; **Group 2**<br> **Investments cannot exceed 80% of Contract Value or Account Value.**<br>

AB VPS Discovery Value Portfolio

Fidelity<sup>®</sup> VIP Balanced Portfolio

Fidelity<sup>®</sup> VIP Contrafund<sup>®</sup> Portfolio

Fidelity<sup>®</sup> VIP FundsManager<sup>®</sup> 50% Portfolio

Fidelity<sup>®</sup> VIP Mid Cap Portfolio

First Trust Capital Strength Portfolio

First Trust Growth Strength Portfolio

First Trust International Developed Capital Strength Portfolio

First Trust/Dow Jones Dividend & Income Allocation Portfolio

Franklin Allocation VIP Fund

Franklin Income VIP Fund

Franklin Multi-Asset Variable Conservative Growth

Franklin Mutual Shares VIP Fund

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

Invesco V.I. EQV International Equity Fund

Lincoln Hedged S&P 500 Conservative Fund

Lincoln Hedged S&P 500 Fund

Lincoln Opportunistic Hedged Equity Fund

LVIP AllianceBernstein Large Cap Growth Fund

LVIP American Century Balanced Fund

LVIP American Century Capital Appreciation Fund

LVIP American Century International Fund

LVIP American Century Large Company Value Fund

LVIP American Century Mid Cap Value Fund

LVIP American Century Ultra<sup>®</sup> Fund

LVIP American Century Value Fund

LVIP American Funds Vanguard Active Passive Growth Fund

LVIP American Global Growth Fund

LVIP American Growth Fund

LVIP American Growth-Income Fund

LVIP American International Fund

LVIP Avantis Large Cap Value Fund

LVIP Baron Growth Opportunities Fund

LVIP BlackRock Equity Dividend Fund

LVIP BlackRock Global Allocation Fund

LVIP BlackRock Global Allocation Managed Risk Fund

LVIP BlackRock Growth ETF Allocation Managed Risk Fund

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

LVIP Channing Small Cap Value Fund

LVIP ClearBridge Appreciation Fund

LVIP ClearBridge Dividend Strategy Fund

LVIP ClearBridge Large Cap Growth Fund

LVIP ClearBridge Large Cap Value Fund

LVIP Dimensional International Core Equity Fund

LVIP Dimensional U.S. Core Equity 1 Fund

LVIP Dimensional U.S. Core Equity 2 Fund

LVIP Franklin Templeton Multi-Factor International Equity Fund

LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund

LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund

LVIP Global Aggressive Growth Allocation Managed Risk Fund

LVIP Global Conservative Allocation Managed Risk Fund

LVIP Global Growth Allocation Managed Risk Fund

LVIP Global Moderate Allocation Managed Risk Fund

LVIP Government Money Market Fund

LVIP JPMorgan High Yield Fund

LVIP JPMorgan Mid Cap Value Fund

LVIP JPMorgan Retirement Income Fund

LVIP JPMorgan Small Cap Core Fund

LVIP JPMorgan U.S. Equity Fund

LVIP MFS International Growth Fund

LVIP MFS Value Fund

LVIP Mondrian International Value Fund

LVIP Nomura High Yield Fund

LVIP Nomura Mid Cap Value Fund

LVIP Nomura SMID Cap Core Fund

LVIP Nomura Social Awareness Fund

LVIP Nomura U.S. Growth Fund

LVIP State Street Conservative Index Allocation Fund

LVIP State Street Global Tactical Allocation Managed Volatility Fund

LVIP State Street International Index Fund

LVIP State Street Mid-Cap Index Fund

LVIP State Street Moderate Index Allocation Fund

LVIP State Street Moderately Aggressive Index Allocation Fund

LVIP State Street S&P 500 Index Fund

LVIP State Street Small-Cap Index Fund

LVIP Structured Conservative Allocation Fund

LVIP Structured Moderate Allocation Fund

LVIP Structured Moderately Aggressive Allocation Fund

LVIP T. Rowe Price Structured Mid-Cap Growth Fund

LVIP U.S. Aggressive Growth Allocation Managed Risk Fund

LVIP U.S. Growth Allocation Managed Risk Fund

LVIP Vanguard Domestic Equity ETF Fund

LVIP Vanguard International Equity ETF Fund

LVIP Wellington SMID Cap Value Fund

MFS<sup>®</sup> VIT Growth Series

MFS<sup>®</sup> VIT Total Return Series

Nomura VIP Small Cap Value Series

Putnam VT George Putnam Balanced Fund

Putnam VT Large Cap Value Fund

Putnam VT Sustainable Leaders Fund

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As an alternative, to satisfy these Investment Requirements, you may allocate 100% of your Contract Value or *i4LIFE*<sup>®</sup> Advantage Account Value among the Subaccounts listed below. If you allocate less than 100% of Contract Value or *i4LIFE*<sup>®</sup> Advantage Account Value among these Subaccounts, then the Subaccounts listed below that are also listed in Group 1 will be subject to the Group 1 restrictions. Any remaining Subaccounts listed below that are not listed in Group 1 will fall into Group 2 and be subject to Group 2

restrictions.

Fidelity<sup>®</sup> VIP Balanced Portfolio

Fidelity<sup>®</sup> VIP FundsManager<sup>®</sup> 50% Portfolio

First Trust/Dow Jones Dividend & Income Allocation Portfolio

Franklin Allocation VIP Fund

Franklin Multi-Asset Variable Conservative Growth

Lincoln Hedged S&P 500 Conservative Fund

Lincoln Hedged S&P 500 Fund

Lincoln Opportunistic Hedged Equity Fund

LVIP American Century Balanced Fund

LVIP American Century Inflation Protection Fund

LVIP American Funds Vanguard Active Passive Growth Fund

LVIP BlackRock Global Allocation Fund

LVIP BlackRock Global Allocation Managed Risk Fund

LVIP BlackRock Growth ETF Allocation Managed Risk Fund

LVIP BlackRock Inflation Protected Bond Fund

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

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund

LVIP Franklin Templeton Core Bond Fund

LVIP Global Aggressive Growth Allocation Managed Risk Fund

LVIP Global Conservative Allocation Managed Risk Fund

LVIP Global Growth Allocation Managed Risk Fund

LVIP Global Moderate Allocation Managed Risk Fund

LVIP JPMorgan Core Bond Fund

LVIP JPMorgan Retirement Income Fund

LVIP JPMorgan Short Duration Bond Fund

LVIP Nomura Diversified Floating Rate Fund

LVIP PIMCO Low Duration Bond Fund

LVIP State Street Bond Index Fund

LVIP State Street Conservative Index Allocation Fund

LVIP State Street Global Tactical Allocation Managed Volatility Fund

LVIP State Street Moderate Index Allocation Fund

LVIP State Street Moderately Aggressive Index Allocation Fund

LVIP State Street Short-Term Bond Index Fund

LVIP Structured Conservative Allocation Fund

LVIP Structured Moderate Allocation Fund

LVIP Structured Moderately Aggressive Allocation Fund

LVIP U.S. Aggressive Growth Allocation Managed Risk Fund

LVIP U.S. Growth Allocation Managed Risk Fund

LVIP Vanguard Bond Allocation Fund

MFS<sup>®</sup> VIT Total Return Series

Putnam VT George Putnam Balanced Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The fixed account is only available for dollar cost averaging.

Additionally, Contract Value or *i4LIFE*<sup>®</sup> Advantage Account Value may be allocated in accordance with certain asset allocation models made available to you by your broker-dealer. If so, currently 100% of the Contract Value or *i4LIFE*<sup>®</sup> Advantage Account Value can be allocated to one of the following models, if available:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● 80/20 Elite Growth Model

● Active-Passive Global Growth Allocation Model

● American Century Diversified Growth Model

● Dimensional/Vanguard Global Growth Allocation Model

● Dimensional/Vanguard Moderate Allocation Model

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● First Trust Defensive Equity Strength Model

● JPMorgan U.S. Active Growth Model

● Multi-Manager Domestic Growth Allocation Model

● Multi-Manager Moderate Allocation Model (not available in Contracts issued on or after August 19, 2024)

You may choose only one asset allocation model at a time, though you may change to a different asset allocation model available in your Contract that meets the Investment Requirements or reallocate Contract Value or *i4LIFE*<sup>®</sup> Advantage Account Value according to the Investment Requirements listed above. If you terminate an asset allocation model, you must follow the Investment Requirements applicable to your rider. We may exclude an asset allocation model from being available for investment at any time, in our sole discretion. You will be notified prior to the date of such a change.

------

**Investment Requirements for *i4LIFE***<sup>®</sup> **Advantage Guaranteed Income Benefit (Managed Risk) purchased on or after May 21, 2018 and prior to May 18, 2020.** If you elect *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit (Managed Risk) on or after May 21, 2018 and prior to May 18, 2020, you must allocate 100% of your Account Value among one or more of the following Subaccounts only. Not all funds may be available, refer to Appendix A – Investment Options Available Under The Contract of this prospectus for more informa

tion.

LVIP American Century Inflation Protection Fund

LVIP American Century Select Mid Cap Managed Volatility Fund

LVIP BlackRock Dividend Value Managed Volatility Fund

LVIP BlackRock Global Allocation Managed Risk Fund

LVIP BlackRock Growth ETF Allocation Managed Risk Fund

LVIP BlackRock Inflation Protected Bond Fund

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

LVIP Blended Large Cap Growth Managed Volatility Fund

LVIP Blended Mid Cap Managed Volatility Fund

LVIP ClearBridge Franklin Select Large Cap Managed Volatility Fund

LVIP Dimensional International Equity Managed Volatility Fund

LVIP Dimensional U.S. Equity Managed Volatility Fund

LVIP Fidelity Institutional AM<sup>®</sup> Select Core Equity Managed Volatility Fund

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund

LVIP Franklin Templeton Core Bond Fund

LVIP Global Aggressive Growth Allocation Managed Risk Fund

LVIP Global Conservative Allocation Managed Risk Fund

LVIP Global Equity Managed Volatility Fund

LVIP Global Growth Allocation Managed Risk Fund

LVIP Global Moderate Allocation Managed Risk Fund

LVIP JPMorgan Core Bond Fund

LVIP JPMorgan Select Mid Cap Value Managed Volatility Fund

LVIP JPMorgan Short Duration Bond Fund

LVIP Multi-Manager International Equity Managed Volatility Fund

LVIP Multi-Manager Global Equity Managed Volatility Fund

LVIP Nomura Diversified Floating Rate Fund

LVIP PIMCO Low Duration Bond Fund

LVIP State Street Bond Index Fund

LVIP State Street Global Tactical Allocation Managed Volatility Fund

LVIP State Street International Managed Volatility Fund

LVIP State Street Large Cap Managed Volatility Fund

LVIP State Street Short-Term Bond Index Fund

LVIP State Street SMID Cap Managed Volatility Fund

LVIP U.S. Aggressive Growth Allocation Managed Risk Fund

LVIP U.S. Growth Allocation Managed Risk Fund

LVIP Vanguard Bond Allocation Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The fixed account is only available for dollar cost averaging.

As an alternative, to satisfy these Investment Requirements, Account Value may be allocated in accordance with certain asset allocation models made available to you by your broker-dealer. If so, currently 100% of the Account Value can be allocated to one of the following models, if available:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● 70/30 Global Allocation Managed Volatility Model

● 80/20 Global Allocation Managed Volatility Model

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● 80/20 U.S. Allocation Managed Volatility Model

You may choose only one asset allocation model at a time, though you may change to a different asset allocation model available in your Contract. If you terminate an asset allocation model, you must follow the Investment Requirements. We may exclude an asset allocation model from being available for investment at any time, in our sole discretion. You will be notified prior to the date of such a change.

**Investment Requirements for *i4LIFE***<sup>®</sup> **Advantage Select Guaranteed Income Benefit purchased on or after May 21, 2018 and prior to May 18, 2020.** If you elect *i4LIFE*<sup>®</sup> Advantage Select Guaranteed Income Benefit on or after May 21, 2018, you may allocate 100%

of your Account Value among all Subaccounts **<u>except</u>** those listed below.

AB VPS Sustainable Global Thematic Portfolio

American Funds<sup>®</sup> IS Global Small Capitalization Fund

ClearBridge Variable Mid Cap Portfolio

DWS Alternative Asset Allocation VIP Portfolio

Fidelity<sup>®</sup> VIP Growth Portfolio

First Trust Capital Strength Hedged Equity Portfolio

Lincoln Hedged Nasdaq-100 Fund

LVIP BlackRock Real Estate Fund

LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund

LVIP Mondrian Global Income Fund

LVIP Nomura U.S. REIT Fund

LVIP State Street Emerging Markets Equity Index Fund

MFS<sup>®</sup>VIT Utilities Series

Nomura VIP Emerging Markets Series

PIMCO VIT CommodityRealReturn<sup>®</sup> Strategy Portfolio

Putnam VT Sustainable Future Fund

Templeton Global Bond VIP Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

As an alternative, to satisfy these Investment Requirements, Account Value may be allocated in accordance with certain asset allocation models made available to you by your broker-dealer. If so, currently 100% of the Account Value can be allocated to one of the following models, if available:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● 80/20 Elite Growth Model

● Active-Passive Global Growth Allocation Model

● American Century Diversified Growth Model

● Dimensional/Vanguard Moderate Allocation Model

● Dimensional/Vanguard Global Growth Allocation Model

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● First Trust Defensive Equity Strength Model

● JPMorgan U.S. Active Growth Model

● Multi-Manager Domestic Growth Allocation Model

● Multi-Manager Moderate Allocation Model (only available in Contracts issued prior to August 19, 2024)

You may choose only one asset allocation model at a time, though you may change to a different asset allocation model available in your Contract that meets the Investment Requirements or reallocate Account Value according to the Investment Requirements listed above. If you terminate an asset allocation model, you must follow the Investment Requirements applicable to your rider. We may

------

exclude an asset allocation model from being available for investment at any time, in our sole discretion. You will be notified prior to the date of such a change.

**Investment Requirements for other Living Benefit Riders purchased on or after October 5, 2015 and prior to August 29, 2016 (October 3, 2016 for existing Contractowners).** For Lincoln *Market Select*<sup>®</sup> Advantage, *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit (version 4) and *Lincoln Long-Term Care*<sup>SM</sup> Advantage riders purchased on or after October 5, 2015 and prior to August 29, 2016 (October 3, 2016 for existing Contractowners), you must currently allocate your Contract Value or Account Value among one or more of the following Subaccounts.

&nbsp;&nbsp; **Group 1**<br> **Investments must be at least 30% of Contract Value or Account Value**<br>

LVIP American Century Inflation Protection Fund

LVIP BlackRock Inflation Protected Bond Fund

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund

LVIP Franklin Templeton Core Bond Fund

LVIP JPMorgan Core Bond Fund

LVIP JPMorgan Short Duration Bond Fund

LVIP Mondrian Global Income Fund

LVIP Nomura Diversified Floating Rate Fund

LVIP PIMCO Low Duration Bond Fund

LVIP State Street Bond Index Fund

LVIP State Street Short-Term Bond Index Fund

LVIP Vanguard Bond Allocation Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp; **Group 2**<br> **Investments cannot exceed 70% of Contract Value or Account Value**<br>

AB VPS Discovery Value Portfolio

Fidelity<sup>®</sup> VIP Balanced Portfolio

Fidelity<sup>®</sup> VIP Contrafund<sup>®</sup> Portfolio

Fidelity<sup>®</sup> VIP FundsManager<sup>®</sup> 50% Portfolio

Fidelity<sup>®</sup> VIP Mid Cap Portfolio

First Trust Capital Strength Portfolio

First Trust Growth Strength Portfolio

First Trust International Developed Capital Strength Portfolio

First Trust/Dow Jones Dividend & Income Allocation Portfolio

Franklin Allocation VIP Fund

Franklin Income VIP Fund

Franklin Multi-Asset Variable Conservative Growth

Franklin Mutual Shares VIP Fund

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

Invesco V.I. EQV International Equity Fund

LVIP AllianceBernstein Large Cap Growth Fund

LVIP American Century Balanced Fund

LVIP American Century Capital Appreciation Fund

LVIP American Century International Fund

LVIP American Century Large Company Value Fund

LVIP American Century Mid Cap Value Fund

LVIP American Century Ultra<sup>®</sup> Fund

LVIP American Century Value Fund

LVIP American Funds Vanguard Active Passive Growth Fund

LVIP American Global Growth Fund

LVIP American Growth Fund

LVIP American Growth-Income Fund

LVIP American International Fund

LVIP Avantis Large Cap Value Fund

LVIP Baron Growth Opportunities Fund

LVIP BlackRock Equity Dividend Fund

LVIP BlackRock Global Allocation Fund

LVIP Channing Small Cap Value Fund

LVIP ClearBridge Appreciation Fund

LVIP ClearBridge Dividend Strategy Fund

LVIP ClearBridge Large Cap Growth Portfolio

LVIP ClearBridge Large Cap Value Fund

LVIP Dimensional International Core Equity Fund

LVIP Dimensional U.S. Core Equity 1 Fund

LVIP Dimensional U.S. Core Equity 2 Fund

LVIP Franklin Templeton Multi-Factor International Equity Fund

LVIP Franklin Templeton Multi-Factor Large Cap Equity Fund

LVIP Franklin Templeton Multi-Factor SMID Cap Equity Fund

LVIP Government Money Market Fund

LVIP JPMorgan High Yield Fund

LVIP JPMorgan Mid Cap Value Fund

LVIP JPMorgan Retirement Income Fund

LVIP JPMorgan Small Cap Core Fund

LVIP JPMorgan U.S. Equity Fund

LVIP MFS International Growth Fund

LVIP MFS Value Fund

LVIP Mondrian International Value Fund

LVIP Nomura High Yield Fund

LVIP Nomura Mid Cap Value Fund

LVIP Nomura SMID Cap Core Fund

LVIP Nomura Social Awareness Fund

LVIP Nomura U.S. Growth Fund

LVIP State Street Conservative Index Allocation Fund

LVIP State Street International Index Fund

LVIP State Street Mid-Cap Index Fund

LVIP State Street Moderate Index Allocation Fund

LVIP State Street Moderately Aggressive Index Allocation Fund

LVIP State Street S&P 500 Index Fund

LVIP State Street Small-Cap Index Fund

LVIP Structured Conservative Allocation Fund

LVIP Structured Moderate Allocation Fund

LVIP Structured Moderately Aggressive Allocation Fund

LVIP T. Rowe Price Structured Mid-Cap Growth Fund

LVIP Vanguard Domestic Equity ETF Fund

LVIP Vanguard International Equity ETF Fund

LVIP Wellington SMID Cap Value Fund

MFS<sup>®</sup> VIT Growth Series

MFS<sup>®</sup> VIT Total Return Series

Nomura VIP Small Cap Value Series

Putnam VT George Putnam Balanced Fund

Putnam VT Large Cap Value Fund

Putnam VT Sustainable Leaders Fund

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp; **Group 3**<br> **Investments cannot exceed 10% of Contract Value or Account Value**<br>

AB VPS Sustainable Global Thematic Portfolio

American Funds<sup>®</sup> IS Global Small Capitalization Fund

DWS Alternative Asset Allocation VIP Portfolio

LVIP BlackRock Real Estate Fund

LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund

LVIP Nomura U.S. REIT Fund

LVIP State Street Emerging Markets Equity Index Fund

MFS<sup>®</sup> VIT Utilities Series

Nomura VIP Emerging Markets Series

The fixed account is only available for dollar cost averaging.

As an alternative, to satisfy these Investment Requirements, you may allocate 100% of your Contract Value or *i4LIFE*<sup>®</sup> Advantage Account Value among the Subaccounts listed below. If you allocate less than 100% of Contract Value or *i4LIFE*<sup>®</sup> Advantage Account Value among these Subaccounts, then the Subaccounts listed below that are also listed in Group 1 will be subject to the Group 1 restrictions. Any remaining Subaccounts listed below that are not listed in Group 1 will fall into Group 2 and be subject to Group 2

restrictions.

Fidelity<sup>®</sup> VIP Balanced Portfolio

Fidelity<sup>®</sup> VIP FundsManager<sup>®</sup> 50% Portfolio

First Trust/Dow Jones Dividend & Income Allocation Portfolio

Franklin Allocation VIP Fund

Franklin Multi-Asset Variable Conservative Growth Fund

LVIP American Century Balanced Fund

LVIP American Century Inflation Protection Fund

LVIP American Funds Vanguard Active Passive Growth Fund

LVIP BlackRock Global Allocation Fund

LVIP BlackRock Inflation Protected Bond Fund

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund

LVIP Franklin Templeton Core Bond Fund

LVIP JPMorgan Core Bond Fund

LVIP JPMorgan Retirement Income Fund

LVIP JPMorgan Short Duration Bond Fund

LVIP Mondrian Global Income Fund

LVIP Nomura Diversified Floating Rate Fund

LVIP PIMCO Low Duration Bond Fund

LVIP State Street Bond Index Fund

LVIP State Street Conservative Index Allocation Fund

LVIP State Street Moderate Index Allocation Fund

LVIP State Street Moderately Aggressive Index Allocation Fund

LVIP State Street Short-Term Bond Index Fund

LVIP Structured Conservative Allocation Fund

LVIP Structured Moderate Allocation Fund

LVIP Structured Moderately Aggressive Allocation Fund

LVIP Vanguard Bond Allocation Fund

MFS<sup>®</sup> VIT Total Return Series

Putnam VT George Putnam Balanced Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp; **Group 1**<br> **Investments must be at least 30% of Contract Value or Account Value**<br>

LVIP American Century Inflation Protection Fund

LVIP BlackRock Inflation Protected Bond Fund

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund

LVIP Franklin Templeton Core Bond Fund

LVIP JPMorgan Core Bond Fund

LVIP JPMorgan Short Duration Bond Fund

LVIP Mondrian Global Income Fund

LVIP Nomura Diversified Floating Rate Fund

LVIP PIMCO Low Duration Bond Fund

LVIP State Street Bond Index Fund

LVIP State Street Short-Term Bond Index Fund

LVIP Vanguard Bond Allocation Fund

Templeton Global Bond VIP Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp; **Group 2**<br> **Investments cannot exceed 70% of Contract Value or Account Value**<br>

All other Subaccounts offered under the Contract, except for Subaccounts in Group 3, and the fixed account and those listed below.

&nbsp;&nbsp; **Group 3**<br> **Investments cannot exceed 10% of Contract Value or Account Value**<br>

AB VPS Sustainable Global Thematic Portfolio

DWS Alternative Asset Allocation VIP Portfolio

LVIP BlackRock Real Estate Fund

LVIP Franklin Templeton Multi-Factor Emerging Markets Equity Fund

LVIP Nomura U.S. REIT Fund

LVIP State Street Emerging Markets Equity Index Fund

MFS<sup>®</sup> VIT Utilities Series

Nomura VIP Emerging Markets Series

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

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As an alternative, to satisfy these Investment Requirements, you may allocate 100% of your Contract Value or *i4LIFE*<sup>®</sup> Advantage Account Value among the Subaccounts listed below. If you allocate less than 100% of Contract Value or *i4LIFE*<sup>®</sup> Advantage Account Value among these Subaccounts, then the Subaccounts listed below that are also listed in Group 1 will be subject to the Group 1 restrictions. Any remaining Subaccounts listed below that are not listed in Group 1 will fall into Group 2 and be subject to Group 2

restrictions.

Fidelity<sup>®</sup> VIP Balanced Portfolio

Fidelity<sup>®</sup> VIP FundsManager<sup>®</sup> 50% Portfolio

First Trust/Dow Jones Dividend & Income Allocation Portfolio

Franklin Allocation VIP Fund

Franklin Income VIP Fund

Franklin Multi-Asset Variable Conservative Growth Fund

LVIP American Century Balanced Fund

LVIP American Century Inflation Protection Fund

LVIP American Funds Vanguard Active Passive Growth Fund

LVIP BlackRock Global Allocation Fund

LVIP BlackRock Global Allocation Managed Risk Fund

LVIP BlackRock Inflation Protected Bond Fund

LVIP Fidelity Institutional AM<sup>®</sup> Total Bond Fund

LVIP Franklin Templeton Core Bond Fund

LVIP Global Aggressive Growth Allocation Managed Risk Fund

LVIP Global Conservative Allocation Managed Risk Fund

LVIP Global Growth Allocation Managed Risk Fund

LVIP Global Moderate Allocation Managed Risk Fund

LVIP JPMorgan Core Bond Fund

LVIP JPMorgan Retirement Income Fund

LVIP JPMorgan Short Duration Bond Fund

LVIP Mondrian Global Income Fund

LVIP Nomura Diversified Floating Rate Fund

LVIP Nomura High Yield Fund

LVIP PIMCO Low Duration Bond Fund

LVIP State Street Bond Index Fund

LVIP State Street Conservative Index Allocation Fund

LVIP State Street Global Tactical Allocation Managed Volatility Fund

LVIP State Street Moderate Index Allocation Fund

LVIP State Street Moderately Aggressive Index Allocation Fund

LVIP State Street Short-Term Bond Index Fund

LVIP Structured Conservative Allocation Fund

LVIP Structured Moderate Allocation Fund

LVIP Structured Moderately Aggressive Allocation Fund

LVIP U.S. Aggressive Growth Allocation Managed Risk Fund

LVIP U.S. Growth Allocation Managed Risk Fund

LVIP Vanguard Bond Allocation Fund

MFS<sup>®</sup> VIT Total Return Series

Putnam VT George Putnam Balanced Fund

Templeton Global Bond VIP Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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**Appendix C — Discontinued Death Benefit and Living Benefit Riders**

The Death Benefit and Living Benefit Riders described in this Appendix are no longer available. This Appendix contains important information for Contractowners who purchased their Contract and one of the following Death Benefit or Living Benefit Riders.

**Discontinued Death Benefit**

**Estate Enhancement Benefit Rider (EEB Rider).** The amount of Death Benefit payable under this rider is the greatest of the following amounts:

● the current Contract Value as of the Valuation Date we approve the payment of the claim; or

● the sum of all Purchase Payments decreased by withdrawals in the same proportion that withdrawals reduced the Contract Value. Withdrawals less than or equal to the Protected Annual Income amount under applicable Living Benefit Riders may reduce the sum of all Purchase Payment amounts on a dollar-for-dollar basis. See Appendix C — Discontinued Living Benefit Riders – Lincoln Lifetime IncomeSM Advantage 2.0 (Managed Risk), Lincoln Market Select® Advantage, Lincoln Max 6 SelectSM Advantage or Lincoln IRA Income PlusSM; or

● the highest Contract Value on any contract anniversary (including the inception date) prior to the 81st birthday of the deceased Contractowner, joint owner (if applicable), or Annuitant and prior to the death of the Contractowner, joint owner or Annuitant for whom a death claim is approved for payment. The highest Contract Value is increased by Purchase Payments and is decreased by withdrawals subsequent to that anniversary date in the same proportion that withdrawals reduced the Contract Value; or

● the current Contract Value as of the Valuation Date we approve the payment of the claim plus an amount equal to the enhancement rate times the lesser of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the contract earnings; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the covered earnings limit.

**Note: If there are no contract earnings, there will not be an amount provided under this item.**

The following example shows how the Death Benefit amount is calculated under the EEB. It assumes that the oldest Contractowner or Annuitant age is 68, an initial deposit of $100,000 and an enhancement rate of 40%.

---

| | |
|:---|:---|
| Contract Value on the Valuation Date the death claim is approved | $120000 |
| Contract earnings | $20000 ($120000 - $100000) |
| Covered earnings limit | $200,000 ($100,000 x 2) |
| The enhancement rate is multiplied by the lesser of the contract earnings amount ($20000) or the <br> covered earnings limit amount ($200000)<br>| $8,000 (40% x $20,000) |
| Total Death Benefit amount | $128,000 ($120,000 + $8,000) |

---

The enhancement rate is based on the age of the oldest Contractowner, joint owner (if applicable), or Annuitant on the date when the rider becomes effective. If the oldest is under age 70, the rate is 40%. If the oldest is age 70 to 75, the rate is 25%. The EEB rider is not available if the oldest Contractowner, joint owner (if applicable), or Annuitant is age 76 or older at the time the rider would become effective.

Contract earnings equal:

● the Contract Value as of the date of death of the individual for whom a death claim is approved by us for payment; minus

● the Purchase Payments as of the effective date of this rider; minus

● each Purchase Payment that is made to the Contract on or after the effective date of the rider, and prior to the date of death of the individual for whom a death claim is approved for payment; plus

● any Purchase Payment that has previously been withdrawn, which is the amount by which each withdrawal made on or after the effective date of the rider, and prior to the date of death of the individual for whom a death claim is approved for payment, exceeded the contract earnings immediately prior to the withdrawal.

The previously withdrawn contractual basis associated with each withdrawal made on or after the effective date of the rider is an amount equal to the greater of $0 and (A), where

(A) is the amount of the withdrawal minus the greater of $0 and (B); where

(B) is the result of [(i) - (ii)]; where

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is the Contract Value immediately prior to the withdrawal; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is the amount of Purchase Payments made into the Contract prior to the withdrawal.

------

The covered earnings limit equals 200% of:

● the Contract Value as of the effective date of this rider (determined before the allocation of any Purchase Payments on that date); plus

● each Purchase Payment that is made to the Contract on or after the effective date of the rider, and prior to the date of death of the individual for whom a death claim is approved for payment, and prior to the contract anniversary immediately preceding the 76th birthday of the oldest of the Contractowner, joint owner (if applicable) or Annuitant; minus

● any contractual basis that has previously been withdrawn, which is the amount by which each withdrawal made on or after the effective date of the rider, and prior to the date of death of the individual for whom a death claim is approved for payment, exceeded the contract earnings immediately prior to the withdrawal.

The previously withdrawn contractual basis associated with each withdrawal made on or after the effective date of the rider is an amount equal to the greater of $0 and (A), where

(A) is the amount of the withdrawal minus the greater of $0 and (B); where

(B) is the result of [(i) - (ii)]; where

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is the Contract Value immediately prior to the withdrawal; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is the amount of Purchase Payments made into the Contract prior to the withdrawal.

After the death of a Contractowner, if the EEB rider is in effect, the enhancement rate for future benefits will be based on the age of the older of the surviving spouse or the Annuitant at the time the EEB is paid into the Contract. The Contract earnings and the covered earnings limit will be reset, treating the current Contract Value (after crediting any Death Benefit amount into the Contract as described above) as the initial deposit for purposes of future benefit calculations. If either the surviving spouse or the surviving Annuitant is 76 or older, the EEB Death Benefit will be reduced to the EGMDB at the charge that was in effect at the time you purchased your Contract.

The EEB rider may not be terminated unless you surrender the Contract or the Contract is in the Annuity Payout period.

In a declining market, withdrawals reduce the Death Benefit in the same proportion the Contract Value is reduced, which has a magnified effect on the reduction of the Death Benefit payable. This is because the reduction in the benefit may be more than the dollar amount withdrawn from the Contract Value. All references to withdrawals include deductions for any applicable charges associated with those withdrawals (surrender charges for example) and premium taxes, if any.

**Charges and Deductions for Discontinued Living Benefit Riders**

***Lincoln Lifetime Income***<sup>SM</sup> **Advantage 2.0 (Managed Risk)*, Lincoln Lifetime Income***<sup>SM</sup> **Advantage 2.0, Lincoln *Market Select***<sup>®</sup> **Advantage, Lincoln *Max 6 Select***<sup>SM</sup> **Advantage, *Lincoln IRA Income Plus***<sup>SM</sup>**, and *4LATER***<sup>®</sup> **Advantage (Managed Risk) Fees.** If you have elected a Living Benefit Rider, there is a fee associated with that rider for as long as the rider is in effect. See Fee Tables or Appendix G – Current Rider Charges for Previous Elections.

The protected lifetime income fee:

● is based on the Protected Income Base (initial Purchase Payment if purchased at contract issue, or Contract Value at the time of election) as increased for subsequent Purchase Payments, Account Value Step-ups, Enhancements, and as decreased for Excess Withdrawals. (The Protected Income Base is decreased by all withdrawals under 4LATER® Advantage (Managed Risk)); and

● may increase every Benefit Year upon an Account Value Step-up or an Enhancement. (You may opt out of this increase – see details below.)

The fee will be deducted from the Contract Value on a quarterly basis. The first deduction of the fee will occur on the Valuation Date on or next following the three-month anniversary of the rider's effective date. This deduction will be made in proportion to the value in each Subaccount and fixed account, if any, of the Contract on the Valuation Date the protected lifetime income fee is assessed. The amount we deduct will increase or decrease as the Protected Income Base increases or decreases, because the fee is based on the Protected Income Base. Refer to Living Benefit Riders for a discussion and example of the impact of the changes to the Protected Income Base.

*Opting Out of Fee Rate Increases Resulting from an Account Value Step-up*

The fee rate can change each time there is an Account Value Step-up. Since the Account Value Step-up could increase your Protected Income Base every Benefit Year (if all conditions are met), the fee rate could also increase every Benefit Year, but the rate will never exceed the stated guaranteed maximum annual fee rate. See Fee Tables. If your fee rate is increased, you may opt out of the Account Value Step-up by giving us notice within 30 days after the Benefit Year anniversary if you do not want your rate to change. If you opt out of the step-up, the fee rate and the Protected Income Base will be lowered to the value they were immediately prior to the step-up, adjusted for any additional Purchase Payments or Excess Withdrawals (or all withdrawals under *4LATER*<sup>®</sup> Advantage (Managed

------

Risk)). This opt out will only apply for this single Account Value Step-up, and not to any subsequent Account Value Step-ups. You will need to notify us each time thereafter (if an Account Value Step-up would cause your fee rate to increase) if you do not want the Account Value Step-up.

**The annual protected lifetime income fee rate will increase to the then current rate not to exceed the guaranteed maximum annual fee rate if, after the first Benefit Year anniversary, cumulative Purchase Payments added to the Contract equal or exceed $100,000. You may not opt out of this protected lifetime income fee rate increase.** See Living Benefit Riders.

*Opting Out of Fee Rate Increases Resulting from an Enhancement*

The following paragraph does not apply to Lincoln *Market Select*<sup>®</sup> Advantage riders elected prior to February 20, 2018 (April 2, 2018 for riders elected after the contract effective date) (subject to state approval).

An Enhancement to the Protected Income Base (less Purchase Payments received in the preceding Benefit Year) occurs if a 10-year Enhancement Period is in effect (as described further in the Living Benefit Rider section). During the first ten Benefit Years, an increase in the Protected Income Base as a result of the Enhancement will not cause an increase in the annual protected lifetime income fee rate but will increase the dollar amount of the fee. After the tenth Benefit Year anniversary, if the Enhancement Period has renewed, the protected lifetime income fee may increase each time the Protected Income Base increases as a result of the Enhancement. Since the Enhancement could increase your Protected Income Base each Benefit Year, your fee rate could increase each Benefit Year, but the fee rate will never exceed the stated guaranteed maximum annual fee rate. If your fee rate is increased, you may opt out of the Enhancement by giving us notice within 30 days after the Benefit Year anniversary if you do not want your fee rate to change. If you opt out of the Enhancement, the fee rate and the Protected Income Base will be lowered to the value they were immediately prior to the Enhancement, adjusted for additional Purchase Payments or Excess Withdrawals (or all withdrawals under any version of *4LATER*<sup>®</sup> Advantage (Managed Risk)), if any, and the Enhancement will not be applied. This opt out will only apply for this single Enhancement and not to any subsequent Enhancements. You will need to notify us each time thereafter (if an Enhancement would cause your fee rate to increase) if you do not want the Enhancement.

To opt out of any of the events discussed above, you may contact us in writing or by telephone (if you have proper authorization for telephone transactions in place).

*No Opt Out of Fee Rate Increases Resulting from Purchase Payments*

**The fee rate will also increase if, after the first Benefit Year anniversary, cumulative Purchase Payments added to the Contract equal or exceed $100,000. You may not opt out of this fee rate increase.**

The fee will be discontinued upon termination of the rider. However, a portion of the protected lifetime income fee, based on the number of days the rider was in effect that quarter, will be deducted upon termination of the rider (except for death), surrender of the Contract, or the election of an Annuity Payout option, including *i4LIFE*<sup>®</sup> Advantage. If the Contract Value is reduced to zero, no further fee will be deducted.

**Charges and deductions for Lincoln *Market Select***<sup>®</sup> **Advantage riders purchased on or after May 16, 2016 and prior to August 29, 2016 (October 3, 2016 for existing Contractowners).** The current initial annual charge rate for riders purchased during this time period is 0.95% (0.2375% quarterly) for the single life option and 1.15% (0.2875% quarterly) for the joint life option.

**Charges and deductions (including examples) for Lincoln *Market Select***<sup>®</sup> **Advantage riders purchased prior to May 16, 2016 (or later if the version listed above was not available in your state).**

The initial protected lifetime income fee is currently equal to an annual rate of 0.95% (0.2375% quarterly) for the single life option and 1.15% (0.2875% quarterly) for the joint life option. The guaranteed maximum annual charge for the single life option is 2.25% (0.5625% quarterly) and 2.45% (0.6125% quarterly) for the joint life option. The guaranteed minimum annual charge for both single and joint life options is 0.75% (0.1875% quarterly). The initial annual rate (deducted quarterly) is guaranteed not to change prior to the fifth quarterly anniversary of the rider. Beginning on the fifth quarterly anniversary, the quarterly charge rate may increase or decrease based on a formula that is tied to any change in the Volatility Index (VIX), which is an index of market volatility reported by the Chicago Board Options Exchange ("CBOE"). In general, as volatility increases, the quarterly charge rate increases and as volatility decreases, the quarterly charge rate decreases, subject to the maximums and minimums stated above. The charge rate is calculated using the average value of the VIX over a period of time. The average value of the VIX is determined using the values of the VIX as the close each day of the New York Stock Exchange is open for business, for the three-month period ending on the 14<sup>th</sup> day of the calendar month just prior to the quarterly protected lifetime income fee deduction. We reserve the right to substitute this index with another index at any time and in our sole discretion. We will notify you in writing of such a change.

The maximum percentage that the charge rate can increase or decrease from the previously calculation rate is 0.05% for both single and joint life options, not to exceed the guaranteed maximum quarterly charge rate or fall below the minimum quarterly charge rate. In addition, an excess volatility charge of 0.25% for both single and joint life options will also apply during times when the average value of the VIX equals or exceeds 50 over the three-month period described above. This excess volatility charge is added to any calculated charge rate, not to exceed the guaranteed maximum quarterly charge rate or fall below the minimum quarterly charge rate. (The maximum percentage that the charge rate can change does not apply to the excess volatility charge.)

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The quarterly charge rate will be calculated using the following formula: Initial quarterly rate + ([0.00625%] x (average daily value of the VIX – [19.00%])). You can find the value of the VIX for any given day by using the Chicago Board Options Exchange website at www.cboe.com. This calculation does not include any applicable excess volatility charge. The quarterly charge that was deducted for the prior quarter for this rider will appear on your quarterly statement.

The following example shows the calculation of the quarterly charge rate for the single life option beginning on the fifth quarterly anniversary of the rider through the eighth quarterly anniversary. The examples use the formula above and the following charge rates.

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| | |
|:---|:---|
| Initial Quarterly Charge Rate | 0.2375<br> %<br>|
| Guaranteed Maximum Quarterly Charge Rate | 0.5625<br> %<br>|
| Guaranteed Minimum Quarterly Charge Rate | 0.1875<br> %<br>|
| Maximum Quarterly Charge Rate Change | 0.05<br> %<br>|
| Excess Volatility Charge Rate | 0.25<br> %<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Quarterly Anniversary** | **Average Value of the VIX for 3-month period** | **Calculated Quarterly Charge Rate using the formula\*** | **Actual Quarterly Charge Rate** |
| 1<sup>st</sup> <br>| 17.23 | - | 0.2375% |
| 2<sup>nd</sup> <br>| 18.92 | - | 0.2375% |
| 3<sup>rd</sup> <br>| 25.47 | - | 0.2375% |
| 4<sup>th</sup> <br>| 19.23 | - | 0.2375% |
| 5<sup>th</sup> <br>| 17.66 | 0.2291% | 0.2291% |
| 6<sup>th</sup> <br>| 39.22 | 0.3638% | 0.2791% |
| 7<sup>th</sup> <br>| 51.25 | 0.4390% | 0.5625% |
| 8<sup>th</sup> <br>| 26.62 | 0.2851% | 0.2851% |

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\*This quarterly charge rate is using the formula above, and the result is prior to adjustments for the maximum quarterly charge rate change in addition to the guaranteed maximum and minimum quarterly charge rates, and any charge for excess volatility.

The quarterly charge rate for the first four quarterly anniversaries is 0.2375%. Starting on the fifth quarterly anniversary the quarterly charge rate begins to adjust.

**<u>5th Quarterly Anniversary</u>**

The average value of the VIX is 17.66.

**Step 1: Calculate the quarterly charge rate using the formula**

0.2375% + [0.00625% x (17.66 – 19.00)]

0.2375% + [0.00625% x (-1.34)]

0.2375% + (-0.008375%) = 0.2291%

**Step 2: Determine if the quarterly charge rate in Step 1 is within the maximum quarterly charge rate change and within the guaranteed minimum and maximum quarterly charge rates.**

Fourth quarterly anniversary charge rate minus quarterly charge rate calculated in Step 1 = 0.2375% - 0.2291% = 0.0084% (a rate change of 0.0084% is less than the 0.05% maximum quarterly rate change)

0.2291% is less than the quarterly Guaranteed Maximum Charge rate (0.5625%) and greater than the quarterly Guaranteed Minimum Charge rate (0.1875%).

The actual quarterly charge rate is 0.2291%.

**<u>6th Quarterly Anniversary</u>**

The average value of the VIX increases to 39.22.

**Step 1: Calculate the quarterly charge rate using the formula**

0.2375% + [0.00625% x (39.22 – 19.00)]

0.2375% + [0.00625% x (20.22)]

0.2375% + (0.126375%) = 0.3638%

**Step 2: Determine if the quarterly charge rate in Step 1 is within the maximum quarterly charge rate change and within the guaranteed minimum and maximum quarterly charge rates.**

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Fifth quarterly anniversary charge rate minus quarterly charge rate calculated in Step 1 = 0.2291% - 0.3638% = -0.1347% (a rate change of -0.1347% is greater than the 0.05% maximum quarterly rate change; therefore the charge rate cannot exceed 0.2791% (5th quarterly anniversary charge rate + 0.05%).

0.2791% is less than the quarterly guaranteed maximum charge rate (0.5625%) and greater than the quarterly guaranteed minimum charge rate (0.1875%).

The actual quarterly charge rate is 0.2791%.

**<u>7th Quarterly Anniversary</u>**

The average value of the VIX increases to 51.25. Therefore, because the VIX exceeds 50, the excess volatility charge rate of 0.25% will apply.

**Step 1: Calculate the quarterly charge rate based on the formula**

0.2375% + [0.00625% x (51.25 – 19.00)]

0.2375% + [0.00625% x (32.25)]

0.2375% + (0.2015625%) = 0.4390%

**Step 2: Determine if the quarterly charge rate in Step 1 is within the maximum quarterly charge rate change and within the guaranteed minimum and maximum quarterly charge rates.**

Sixth quarterly anniversary charge rate minus quarterly charge rate calculated in Step 1 = 0.2791% - 0.4390% = -0.1599% (a rate change of -0.1599% is greater than the 0.05% maximum quarterly rate change; therefore the charge rate cannot exceed 0.3291% (sixth quarterly anniversary charge rate + 0.05%).

0.3291% is less than the quarterly guaranteed maximum charge rate (0.5625%) and greater than the minimum quarterly charge rate (0.1875%).

**Step 3: Add excess volatility charge rate; Determine if quarterly charge rate calculated in Step 2 plus the excess volatility charge rate is at or below the guaranteed maximum quarterly charge rate.**

0.3291% + 0.25% = 0.5791% which exceeds the maximum quarterly protected lifetime income fee (0.5625%)

The actual quarterly charge rate is 0.5625%.

**<u>8th Quarterly Anniversary</u>**

The average value of the VIX decreases to 26.62.

**Step 1: Calculate the quarterly charge rate based on the formula**

0.2375% + [0.00625% x (26.62 – 19.00)]

0.2375% + [0.00625% x (7.62)]

0.2375% + (0.047625%) = 0.2851%

**Step 2: Determine if the quarterly charge rate in Step 1 is within the maximum quarterly charge rate change and within the guaranteed minimum and maximum quarterly charge rates.**

Seventh quarterly anniversary charge rate (prior to the excess volatility charge rate) minus quarterly charge rate calculated in Step 1 = 0.3291% - 0.2851% = 0.044% (a rate change of 0.044% is less than the 0.05% maximum quarterly rate change)

0.2851% is less than the quarterly guaranteed maximum charge rate (0.5625%) and greater than the quarterly guaranteed minimum charge rate (0.1875%).

The actual quarterly charge rate is 0.2851%.

The protected lifetime income fee will be discontinued upon the termination of the rider. A portion of the protected lifetime income fee, based on the number of days the rider was in effect that quarter, will be deducted upon termination of the rider (except for death), surrender of the Contract, or the election of an Annuity Payout option, including *i4LIFE*<sup>®</sup> Advantage.

If the Contract Value is reduced to zero while the Contractowner is receiving the Protected Annual Income, no further protected lifetime income fee will be deducted.

***Lincoln Wealth Pass***<sup>SM</sup> **Fee.** If you have elected *Lincoln Wealth Pass*<sup>SM</sup>, you will pay a fee for the rider as long as the rider is in effect. The fee rate is based on the age of the covered life on the rider effective date, multiplied by the protected lifetime income fee base, which is equal to the initial Protected Amount, as increased for subsequent Purchase Payments and decreased for Excess Withdrawals.

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The protected lifetime income fee rates for new rider elections are disclosed in a Rate Sheet prospectus supplement. The Rate Sheet indicates the current rates and the date by which your application or rider election form must be signed and dated for a rider to be issued with those rates. The rates may be superseded at any time in our sole discretion and may be higher or lower than the rates on the previous Rate Sheet. Rate information for previous effective periods is included in an Appendix to this prospectus.

Any change to the protected lifetime income fee rate will be disclosed in a new rate sheet at least ten days before that rate becomes effective. Current Rate Sheets will be included with this prospectus. You can also obtain the most current Rate Sheet by contacting your registered representative, online at www.lfg.com/VAprospectus or by calling us at 1-888-868-2583.

The protected lifetime income fee will be deducted from the Contract Value on a quarterly basis, with the first deduction occurring on the Valuation Date on or next following the three-month anniversary of the rider's effective date. This deduction will be made in proportion to the value in each Subaccount and the fixed account, if any, on the Valuation Date the fee is assessed. The amount we deduct will increase or decrease as the protected lifetime income fee base increases or decreases.

After five years from the rider effective date, the protected lifetime income fee rate may increase annually on the Benefit Year anniversary at Lincoln's sole discretion, up to the stated guaranteed maximum fee rate.

The protected lifetime income fee will be discontinued upon termination of the rider. However, a portion of the fee, based on the number of days the rider was in effect that quarter, will be deducted upon termination of the rider (except for death), surrender of the Contract, or the election of an Annuity Payout option, including *i4LIFE*<sup>®</sup> Advantage. If the Contract Value is reduced to zero, no further fee will be deducted.

***i4LIFE***<sup>®</sup> **Advantage Guaranteed Income Benefit Charge for Contractowners who transition from a Prior Rider.** If you have elected *Lincoln Lifetime Income*<sup>SM</sup> Advantage 2.0 (Managed Risk), *Lincoln Lifetime Income*<sup>SM</sup> Advantage 2.0, Lincoln *Market Select*<sup>®</sup> Advantage, or *4LATER*<sup>®</sup> Advantage (Managed Risk) (all "Prior Riders") you may carry over certain features of that Prior Rider to transition to the applicable version of *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit. If you make this transition, your current charge rate of the Prior Rider will be the initial charge rate for your *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit rider.

This section applies to all of the transitions listed in the following chart. The charges and calculations described earlier in the *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit Charge section will not apply.

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| |
|:---|
| **If your Prior Rider is...** |
| *Lincoln Lifetime Income*<sup>SM</sup> Advantage 2.0 (Managed Risk); or<br> *4LATER*<sup>®</sup> Advantage (Managed Risk)<br>*i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit (Managed Risk) |
| Lincoln *Market Select*<sup>®</sup> Advantage riders elected on or after August 29, <br> 2016 (October 3, 2016 for existing Contractowners)<br>*i4LIFE*<sup>®</sup> Advantage Select Guaranteed Income Benefit |
| Lincoln *Market Select*<sup>®</sup> Advantage riders elected prior to August 29, <br> 2016 (October 3, 2016 for existing Contractowners); or<br> *Lincoln Lifetime Income*<sup>SM</sup> Advantage 2.0<br>&nbsp;&nbsp; *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit <br> (version 4)<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The initial charge is a percentage of the greater of the Protected Income Base carried over from the Prior Rider or the Account Value. The charge for *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit is deducted quarterly, starting with the first three-month anniversary of the effective date of *i4LIFE*<sup>®</sup> Advantage and every three months thereafter. **The total base contract expense charge for the Death Benefit you have elected on your base contract also applies**. Contractowners are guaranteed that in the future the guaranteed maximum charge rate for *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit will be the guaranteed maximum charge rate that was in effect at the time they purchased the Prior Rider.

If your Prior Rider is *Lincoln Market Select*<sup>®</sup> Advantage, the charge may increase upon an automatic step-up of the Guaranteed Income Benefit (described in the *i4LIFE*<sup>®</sup> Advantage section of this prospectus).

You may opt out of a rate increase by giving us notice within 30 days after an increase.

For all other Prior Riders, the charge will not change unless there is an automatic step-up of the Guaranteed Income Benefit (described in the *i4LIFE*<sup>®</sup> Advantage section of this prospectus).

For all Prior Riders, at such time, the dollar amount of the charge will increase by a two part formula: 1) the charge will increase by the same percentage that the Guaranteed Income Benefit payment increased and 2) the charge will also increase by the percentage of any increase to the Prior Rider current charge rate. (The Prior Rider charge rate continues to be used as a factor in determining the *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit charge.) This means that the charge may change annually. The charge may also be reduced if a withdrawal above the Regular Income Payment is taken. The dollar amount of the rider charge will be reduced in the same proportion that the withdrawal reduced the Account Value. The annual dollar amount is divided by four (4) to determine the quarterly charge.

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See *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit for Contractowners who transition from a Prior Rider in the prospectus for an example of how the initial *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit charge for purchasers of a Prior Rider could be calculated.

***Lincoln SmartSecurity***<sup>®</sup> **Advantage Charge.** There is a fee associated with this rider as long as the rider is in effect. The current annual fee rate is listed in the following tables.

1. Lincoln SmartSecurity® Advantage 5 Year Elective Step-up option – The fee for your rider is based on the latest date of the next election of a step-up of the Guaranteed Amount.

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| | |
|:---|:---|
|  | **Current Fee** |
| Beginning January 11, 2021 | 0.95% |
| December 3, 2012 through January 10, 2021 | 0.85% |
| January 20, 2009 through December 2, 2012 | 0.65% |
| Prior to January 20, 2009 | 0.45% |

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2. Lincoln SmartSecurity® Advantage – 1 Year Automatic Step-up (including the prior versions of Lincoln SmartSecurity® Advantage – 1 Year Automatic Step-up, single life only) – The fee for your rider is based on the latest date of the automatic or elected step-up of the Guaranteed Amount after the 10th Benefit Year anniversary.

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| | | |
|:---|:---|:---|
|  | **Current Fee** | **Current Fee** |
|  | &nbsp;&nbsp; **Single**<br> **Life**<br>| &nbsp;&nbsp; **Joint**<br> **Life**<br>|
| Beginning January 11, 2021 | 1.00% | 1.25% |
| December 3, 2012 through January 10, 2021 | 0.85% | 1.00% |
| Prior to December 3, 2012 | 0.65% | 0.80% |

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The charge is based on the Guaranteed Amount (initial Purchase Payment if purchased at contract issue or Contract Value at the time of election) as increased for subsequent Purchase Payments and step-ups and decreased for withdrawals. We will deduct the cost of this rider from the Contract Value on a quarterly basis, with the first deduction occurring on the Valuation Date on or next following the three-month anniversary of the effective date of the rider. This deduction will be made in proportion to the value in each Subaccount of the Contract on the Valuation Date the rider charge is assessed. The amount we deduct will increase or decrease as the Guaranteed Amount increases or decreases, because the charge is based on the Guaranteed Amount. Refer to Charges and Deductions for Discontinued Living Benefit Riders – *Lincoln SmartSecurity*<sup>®</sup> Advantage – Guaranteed Amount for a discussion and example of the impact of changes to the Guaranteed Amount.

Under *Lincoln SmartSecurity*<sup>®</sup> Advantage, the annual rider charge rate will not change upon each automatic step-up of the Guaranteed Amount for the 10-year period.

If you elect to step-up the Guaranteed Amount for another step-up period (including if we administer the step-up election for you or if you make a change from a joint life to a single life option after a death or divorce), a portion of the rider charge, based on the number of days prior to the step-up will be deducted on the Valuation Date of the step-up based on the Guaranteed Amount immediately prior to the step-up. This deduction covers the cost of the rider from the time of the previous deduction to the date of the step-up. After a Contractowner's step-up, we will deduct the rider charge for the stepped-up Guaranteed Amount on a quarterly basis, beginning on the Valuation Date on or next following the three-month anniversary of the step-up. At the time of the elected step-up, the rider charge rate will change to the current charge rate in effect at that time (if the current charge rate has changed), but it will never exceed the guaranteed maximum annual charge rate of 1.50% of the Guaranteed Amount. If you never elect to step-up your Guaranteed Amount, your rider charge rate will never change, although the amount we deduct will change as the Guaranteed Amount changes. The rider charge will be discontinued upon the earlier of the selection of an Annuity Payout option, election of *i4LIFE*<sup>®</sup> Advantage or termination of the rider. A portion of the rider charge, based on the number of days the rider was in effect that quarter, will be deducted upon termination of the rider (except upon death) or surrender of the Contract.

***Lincoln Long-Term Care***<sup>SM</sup> **Advantage (LTC Rider) Charge.** While the LTC rider is in effect, there is a charge for the LTC Rider ("LTC Charge") that is deducted from the Contract Value on a quarterly basis. The LTC Charge will consist of the sum of three charges:

● the Acceleration Benefit Charge,

● the Extension Benefit Charge, and

● the Optional Nonforfeiture Benefit Charge (if elected).

The first deduction will occur on the business day on or next following the three-month contract anniversary and will be deducted every three months thereafter. This deduction will be made proportionately from the Contract Value in the Subaccounts, the fixed account for use with dollar-cost averaging and the LTC Fixed Account until the Contract Value is reduced to zero. Deductions from the Subaccounts and the fixed accounts will be made in proportion to the value in each Subaccount and fixed account. A proportional LTC

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Charge will be deducted upon termination of the LTC Rider, upon commencement of Annuity Payouts and upon contract surrender. A proportional LTC Charge will not be deducted if the LTC Rider is terminated due to death.

**Acceleration Benefit Charge**

The Acceleration Benefit Charge has a guaranteed maximum annual charge rate of 1.50% of the LTC Guaranteed Amount. The current annual charge rate is 0.50% of the LTC Guaranteed Amount under the Growth Benefit option and 0.35% of the LTC Guaranteed Amount under the Level Benefit option. The annual charge rate may change at any time and will never exceed the guaranteed maximum annual charge rate of 1.50% of the LTC Guaranteed Amount. We will give you a minimum of 30 days written notice of our intent to raise the current annual charge rate. Any increase to the annual charge rate will be applied on the next quarterly deduction following the effective date of the annual charge rate change. Any change to the annual charge rate will be the same for all Contractowners in the same class on a nondiscriminatory manner. **The Acceleration Benefit Charge annual charge rate for the Growth Benefit option <u>will not change</u> to the annual charge rate for the Level Benefit after you terminate the automatic step-ups.** 

&nbsp;&nbsp; The LTC Charge will be higher if you choose the Growth Benefit option because the Acceleration Benefit Charge annual percentage <br> rate is higher for the Growth Benefit option than it is for the Level Benefit option and the LTC Guaranteed Amount against which the <br> Acceleration Benefit Charge annual percentage rate is assessed may be higher due to automatic step-ups.<br>

The Acceleration Benefit Charge is calculated by multiplying the LTC Guaranteed Amount as of the date on which the charge is deducted by ¼ of the Acceleration Benefit Charge annual charge rate. With the Level Benefit option, the Acceleration Benefit Charge will decrease as the LTC Guaranteed Amount is reduced by Acceleration Benefit payments or Excess Withdrawals. With the Growth Benefit option, the Acceleration Benefit Charge will increase or decrease as the LTC Guaranteed Amount increases by automatic step-ups or is reduced by Acceleration Benefit payments, Growth Benefit payments or Excess Withdrawals. The Acceleration Benefit Charge will be deducted until the LTC Guaranteed Amount is reduced to zero or there is no Contract Value remaining, whichever occurs first.

**Extension Benefit Charge**

The Extension Benefit Charge does not have a guaranteed maximum annual charge rate and may change at any time. The current Extension Benefit Charge annual charge rates range as set forth in the charts below. The initial Extension Benefit Charge annual charge rate will be stated on the Specifications page of your LTC Rider. We will give you a minimum of 30 days written notice of our intent to raise the current Extension Benefit Charge annual charge rate. Any increase to the current Extension Benefit Charge annual charge rate will be applied on the next quarterly deduction following the effective date of the annual charge rate change. Any change to the current Extension Benefit Charge annual charge rate will be subject to prior regulatory approval and will be the same for all Contractowners in the same class on a nondiscriminatory manner. If the current Extension Benefit Charge annual charge rate is increased to an amount greater than a specified percentage of the initial current Extension Benefit Charge annual charge rate, you may cancel the LTC Rider and receive the Contingent Nonforfeiture Benefit. See Determining LTC Benefits – Nonforfeiture Benefit for more information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **Extension Benefit Charge: 50% Benefit for Assisted Living Services** | **Extension Benefit Charge: 50% Benefit for Assisted Living Services** |
| &nbsp;&nbsp; **<u>States:</u> AK, AL, AR, AZ, DC, DE, GA, IA, KY, LA, MD, ME, MI, MO, MS,** <br> **MT, NC, ND, NE, NM, OK, OR, RI, SC, SD, WV, WY** | &nbsp;&nbsp; **<u>States:</u> AK, AL, AR, AZ, DC, DE, GA, IA, KY, LA, MD, ME, MI, MO, MS,** <br> **MT, NC, ND, NE, NM, OK, OR, RI, SC, SD, WV, WY** |
| &nbsp;&nbsp; **Age on**<br> **Contract Date**<br>| &nbsp;&nbsp; **Extension**<br> **Benefit Charge**<br>|
| 45-49 | 0.26% |
| 50-54 | 0.30% |
| 55-59 | 0.32% |
| 60-64 | 0.38% |
| 65-69 | 0.50% |
| 70-74 | 0.68% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **Extension Benefit Charge: 100% Benefit for Assisted Living Services** | **Extension Benefit Charge: 100% Benefit for Assisted Living Services** |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **All other states** | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **All other states** |
| &nbsp;&nbsp; **Age on**<br> **Contract Date**<br>| &nbsp;&nbsp; **Extension**<br> **Benefit Charge**<br>|
| 45-49 | 0.28% |
| 50-54 | 0.32% |
| 55-59 | 0.36% |
| 60-64 | 0.40% |
| 65-69 | 0.54% |
| 70-74 | 0.76% |

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The Extension Benefit Charge is calculated by multiplying the Extension Benefit as of the date on which the charge is deducted multiplied by ¼ of the Extension Benefit Charge annual charge rate as of the date on which the charge is deducted. On the contract date, the Extension Benefit will be double the Acceleration Benefit. The Extension Benefit Charge will increase as the Extension Benefit increases due to Purchase Payments made within the first 90 days. The Extension Benefit Charge will decrease as the Extension Benefit is reduced by Extension Benefit payments or Excess Withdrawals. The Extension Benefit Charge will be deducted until the Extension Benefit is reduced to zero or there is no Contract Value remaining, whichever occurs first. The Extension Benefit Charge annual charge rate is based upon your age as of the contract date.

**Optional Nonforfeiture Benefit Charge**

The Optional Nonforfeiture Benefit Charge does not have a guaranteed maximum annual charge rate and may change at any time. The current Optional Nonforfeiture Benefit Charge annual charge rates range as set forth in the charts below. The initial Optional Nonforfeiture Benefit Charge annual charge rate will be stated on the specification pages of your LTC Rider. We will give you a minimum of 30

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days written notice of our intent to raise the current Optional Nonforfeiture Benefit Charge annual charge rate. Any increase to the current Optional Nonforfeiture Benefit Charge annual charge rate will be applied on the next quarterly deduction following the effective date of the annual charge rate change. Any change to the current Optional Nonforfeiture Benefit Charge annual charge rate will be subject to prior regulatory approval and will be the same for all Contractowners in the same class on a nondiscriminatory manner. If the current Optional Nonforfeiture Benefit Charge annual charge rate is increased to an amount greater than a specified percentage of the initial current Optional Nonforfeiture Benefit Charge annual charge rate, you may cancel the LTC Rider and receive the Contingent Nonforfeiture Benefit. See Determining LTC Benefits – Nonforfeiture Benefit for more information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| &nbsp;&nbsp; **Optional Nonforfeiture Benefit Charge:**<br> **50% Benefit for Assisted Living Services** | &nbsp;&nbsp; **Optional Nonforfeiture Benefit Charge:**<br> **50% Benefit for Assisted Living Services** |
| &nbsp;&nbsp; **<u>States:</u> AK, AL, AR, AZ, DC, DE, GA, IA, KY, LA, MD, ME, MI, MO, MS,** <br> **MT, NC, ND, NE, NM, OK, OR, RI, SC, SD, WV, WY** | &nbsp;&nbsp; **<u>States:</u> AK, AL, AR, AZ, DC, DE, GA, IA, KY, LA, MD, ME, MI, MO, MS,** <br> **MT, NC, ND, NE, NM, OK, OR, RI, SC, SD, WV, WY** |
| &nbsp;&nbsp; **Age on**<br> **Contract Date**<br>| &nbsp;&nbsp; **Optional Nonforfeiture**<br> **Benefit Charge**<br>|
| 45-49 | 0.04% |
| 50-54 | 0.05% |
| 55-59 | 0.05% |
| 60-64 | 0.06% |
| 65-69 | 0.08% |
| 70-74 | 0.11% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Optional Nonforfeiture Benefit Charge:** <br> **100% Benefit for Assisted Living Services** | &nbsp;&nbsp; **Optional Nonforfeiture Benefit Charge:** <br> **100% Benefit for Assisted Living Services** | &nbsp;&nbsp; **Optional Nonforfeiture Benefit Charge:** <br> **100% Benefit for Assisted Living Services** | &nbsp;&nbsp; **Optional Nonforfeiture Benefit Charge:** <br> **100% Benefit for Assisted Living Services** |
| &nbsp;&nbsp; **Age on**<br> **Contract Date**<br>| &nbsp;&nbsp; **Optional Nonforfeiture**<br> **Benefit Charge** | &nbsp;&nbsp; **Optional Nonforfeiture**<br> **Benefit Charge** | &nbsp;&nbsp; **Optional Nonforfeiture**<br> **Benefit Charge** |
|  | **Texas** | **California** | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **All other states**<br>|
| 45-49 | 0.06% | 0.06% | 0.05% |
| 50-54 | 0.06% | 0.06% | 0.05% |
| 55-59 | 0.07% | 0.07% | 0.06% |
| 60-64 | 0.07% | 0.07% | 0.06% |
| 65-69 | 0.10% | 0.10% | 0.09% |
| 70-74 | 0.14% | 0.13% | 0.12% |

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The Optional Nonforfeiture Benefit Charge is calculated by multiplying the Extension Benefit as of the date on which the charge is deducted multiplied by ¼ of the Optional Nonforfeiture Benefit Charge annual charge rate as of the date on which the charge is deducted. On the contract date, the Extension Benefit will be double the Acceleration Benefit. The Optional Nonforfeiture Benefit Charge will increase as the Extension Benefit increases due to Purchase Payments made within the first 90 days after the contract date. The Optional Nonforfeiture Benefit Charge will decrease as the Extension Benefit is reduced by Extension Benefit payments or Excess Withdrawals. The Optional Nonforfeiture Benefit Charge will be deducted until the Extension Benefit is reduced to zero or there is no Contract Value remaining, whichever occurs first. The Optional Nonforfeiture Benefit Charge annual charge rate is based upon your age as of the contract date.

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| | |
|:---|:---|
| &nbsp;&nbsp; **Example:** The following example illustrates the calculation of the LTC Benefit Charge for a 60 year old who lives in Georgia. The <br> example assumes the Level Benefit option and the Optional Nonforfeiture Benefit have been chosen. | &nbsp;&nbsp; **Example:** The following example illustrates the calculation of the LTC Benefit Charge for a 60 year old who lives in Georgia. The <br> example assumes the Level Benefit option and the Optional Nonforfeiture Benefit have been chosen. |
| **Acceleration Benefit:** | **$100000** |
| **LTC Guaranteed Amount:** | **$100000** |
| **Extension Benefit:** | **$200000** |
| **Acceleration Benefit Charge Annual Charge Rate:** | **0.35%** |
| **Extension Benefit Charge Annual Charge Rate:**  | **0.38%** |
| **Optional Nonforfeiture Benefit Charge Annual Charge Rate:**  | **0.06%** |
| **LTC Charge (Annual)\*:**  | **$1230** |
| \* $350 Acceleration Benefit Charge (0.35% x $100,000 LTC Guaranteed Amount) + $760 Extension Benefit <br> Charge (0.38% x $200,000 Extension Benefit) + $120 Optional Nonforfeiture Charge (0.06% x $200,000 <br> Extension Benefit) = $1,230 annual LTC Charge<br>|  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| &nbsp;&nbsp; **Example:** The following example illustrates the calculation of the LTC Benefit Charge for a 60 year old who lives in Georgia. The <br> example assumes the Growth Benefit option and the Optional Nonforfeiture Benefit have been chosen. | &nbsp;&nbsp; **Example:** The following example illustrates the calculation of the LTC Benefit Charge for a 60 year old who lives in Georgia. The <br> example assumes the Growth Benefit option and the Optional Nonforfeiture Benefit have been chosen. |
| **Acceleration Benefit:** | **$100000** |
| **LTC Guaranteed Amount:** | **$100000** |
| **Extension Benefit:** | **$200000** |
| **Growth Benefit:** | **$0** |
| **Acceleration Benefit Charge Annual Charge Rate:** | **0.50%** |
| **Extension Benefit Charge Annual Charge Rate:** | **0.38%** |
| **Optional Nonforfeiture Benefit Charge Annual Charge Rate:** | **0.06%** |
| **LTC Charge (Annual)\*:** | **$1380** |

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\*$500 Acceleration Benefit Charge (0.50% x $100,000 LTC Guaranteed Amount) + $760 Extension Benefit <br> Charge (0.38% x $200,000 Extension Benefit) + $120 Optional Nonforfeiture Benefit Charge (0.06% x <br> $200,000 Extension Benefit)= $1,380 annual LTC Charge<br>

**Discontinued Living Benefit Riders**

***Lincoln Lifetime Income***<sup>SM</sup> **Advantage 2.0 (Managed Risk)** 

**All terms that apply to *Lincoln Lifetime Income***<sup>SM</sup> **Advantage 2.0 (Managed Risk) apply to *Lincoln Lifetime Income***<sup>SM</sup> **Advantage 2.0 except as noted.** 

*Lincoln Lifetime Income*<sup>SM</sup> Advantage 2.0 (Managed Risk) is a Living Benefit Rider that provides:

● Guaranteed lifetime periodic withdrawals for you (and the Secondary Life if the joint life option is selected) up to the Protected Annual Income amount which is based upon a Protected Income Base;

● An Enhancement amount added to the Protected Income Base if certain criteria are met, as set forth below;

● Account Value Step-ups of the Protected Income Base to the Contract Value if the Contract Value is equal to or greater than the Protected Income Base after the Enhancement; and

● Age-based increases to the Protected Annual Income amount (after reaching a higher age-band and after an Account Value Step-up).

Protected Annual Income payments are based upon specified percentages of the Protected Income Base which are age-based and may increase over time. You may receive Protected Annual Income payments for your lifetime or for the lifetimes of you and the Secondary Life if the joint life option is chosen.

**Please note any withdrawals made prior to the youngest age on the Rate Sheet, or that exceed the Protected Annual Income amount(s) are considered Excess Withdrawals. In most states, amounts that are payable to any assignee or assignee's bank account are also considered Excess Withdrawals. Excess Withdrawals may significantly reduce your Protected Income Base and Enhancement Base as well by an amount greater than the dollar amount of the Excess Withdrawal, and will terminate the rider if the Protected Income Base is reduced to zero. As a result, the Protected Income Amount would be reduced as well. Withdrawals will also negatively impact the availability of an Enhancement.**

The Contractowner, Annuitant or Secondary Life may not be changed while this rider is in effect (except if the Secondary Life assumes ownership of the Contract upon death of the Contractowner), including any sale or assignment of the Contract as collateral. Under the *Lincoln Lifetime Income*<sup>SM</sup> Advantage 2.0 (Managed Risk) rider, the Secondary Life must be the spouse.

**Benefit Year.** The Benefit Year is the 12-month period starting with the effective date of the rider and starting with each anniversary of the rider effective date after that. If your Benefit Year anniversary falls on a day that the New York Stock Exchange is closed, any benefit calculations scheduled to occur on that anniversary will occur on the next Valuation Date.

**Protected Income Base and Enhancement Base.** The Protected Income Base is a value used to calculate your Protected Annual Income amount. The initial Protected Income Base was established when you elected your rider. If you elected the rider at the time you purchased the Contract, the initial Protected Income Base equaled your initial Purchase Payment. If you elected the rider after the Contract was issued, the initial Protected Income Base equaled the Contract Value on the effective date of the rider. The Protected Income Base is increased by subsequent Purchase Payments, Enhancements, and Account Value Step-ups, and decreased by Excess Withdrawals in accordance with the provisions set forth below. The maximum Protected Income Base is $10 million, which includes the total guaranteed amounts under the Living Benefit Riders of all Lincoln Life contracts (or contracts issued by our affiliates) in which you (and/or Secondary Life if joint life option) are the covered lives.

Riders elected on and after February 20, 2018 (April 2, 2018 if elected after the Contract effective date), and subject to state availability, have an Enhancement Base, the value used to calculate the amount that may be added to the Protected Income Base upon an Enhancement. The Enhancement Base is equal to the Protected Income Base on the effective date of the rider, increased by subsequent Purchase Payments and Account Value Step-ups, and decreased by Excess Withdrawals in accordance with the provisions set forth below. The Enhancement Base is **not** increased by an Enhancement. Riders elected prior to February 20, 2018 (April 2, 2018 if elected after the Contract effective date), do not have an Enhancement Base, but will use the Protected Income Base to determine the Enhancement.

Neither the Protected Income Base nor the Enhancement Base is available to you as a lump sum withdrawal or as a Death Benefit.

Additional Purchase Payments received after the rider effective date automatically increase the Protected Income Base (not to exceed the maximum Protected Income Base) and Enhancement Base by the amount of the Purchase Payment. For example, a $10,000 additional Purchase Payment will increase the Protected Income Base and Enhancement Base by $10,000. Any Purchase Payment will be added immediately to the Protected Income Base and Enhancement Base and will result in an increased Protected Annual Income

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amount but must be invested in the Contract at least one Benefit Year before it will be used in calculating an Enhancement. Any Purchase Payments made within the first 90 days after the effective date of the rider will be included in the Protected Income Base or Enhancement Base for purposes of calculating the Enhancement on the first Benefit Year anniversary.

After the first anniversary of the rider effective date, once cumulative additional Purchase Payments exceed $100,000, additional Purchase Payments may not exceed $50,000 per Benefit Year without Home Office approval. **No additional Purchase Payments are allowed if the Contract Value decreases to zero for any reason including market loss. No additional Purchase Payments are allowed after the Nursing Home Enhancement is requested and approved by us (as described later in this prospectus).**

Excess Withdrawals reduce the Protected Income Base and Enhancement Base as discussed below. The reduction to the Protected Income Base and the Enhancement Base could be more than the dollar amount of the withdrawal. Withdrawals less than or equal to the Protected Annual Income amount will not reduce the Protected Income Base or Enhancement Base.

**Enhancement.** You are eligible for an increase in the Protected Income Base through an Enhancement on each Benefit Year anniversary if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the Contractowner/Annuitant (as well as the Secondary Life if the joint life option is in effect) is under age 86;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. there were no withdrawals in the preceding Benefit Year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. the rider is within the Enhancement Period (described below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. the Protected Income Base after the Enhancement amount is added would be greater than the Contract Value on the same Benefit Year anniversary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. the Enhancement Base, if applicable, is greater than zero.

The Enhancement equals the Enhancement Base or the Protected Income Base (depending on the rider purchase date), minus Purchase Payments received in the preceding Benefit Year, multiplied by the Enhancement rate. The Protected Income Base or the Enhancement Base are not reduced by Purchase Payments received in the first 90 days after the rider effective date for determining the Enhancement Amount.

The current Enhancement rate applicable to new rider elections is determined in our sole discretion based on current economic factors including interest rates and equity market volatility. Generally, the rate may increase or decrease based on changes in equity market volatility, prevailing interest rates, or as a result of other economic conditions. The rate structure is intended to help us provide the guarantees under the rider. The Enhancement rate for new rider elections may be higher or lower than prior rates, but for existing Contractowners that have elected the rider, your rate will not change as a result.

The Enhancement rate that was applicable at the time you elected your rider was set forth in a supplement to a Rate Sheet prospectus supplement. The Rate Sheet indicates the Enhancement rate and the date by which your application or rider election form had to be signed and dated for a rider to be issued with this rate. Enhancement rates for previous effective periods are included in Appendix F to this prospectus.

During the first ten Benefit Years, an increase in the Protected Income Base as a result of the Enhancement will not cause an increase in the annual protected lifetime income fee rate but will increase the dollar amount of the fee. After the tenth Benefit Year anniversary, if the Enhancement Period has renewed, the annual rate may increase each time the Protected Income Base increases as a result of the Enhancement. If you decline an Enhancement, you will continue to be eligible for an Enhancement starting on the next Benefit Year anniversary as long as you meet the conditions listed above.

**Note: The Enhancement is not available on any Benefit Year anniversary if an Account Value Step-up to the Protected Income Base occurs, or where there has been a withdrawal of Contract Value (including a Protected Annual Income payment) in the preceding Benefit Year. If you are eligible (as defined above) for the Enhancement in the next Benefit Year, the Enhancement will not occur until the Benefit Year anniversary of that year.** 

The following is an example of the impact of a 5% Enhancement on the Protected Income Base and assumes that no withdrawals have been made:

Initial Purchase Payment = $100,000; Protected Income Base = $100,000; Enhancement Base = $100,000

Additional Purchase Payment on day 30 = $15,000; Protected Income Base = $115,000; Enhancement Base = $115,000

On the first Benefit Year anniversary, because the additional Purchase Payment is within the first 90 days after the effective date of the rider, the Protected Income Base will not be less than $120,750 (= $100,000 x 1.05 + $15,000 x 1.05).

Consider a further additional Purchase Payment on day 95 of $10,000; Protected Income Base = $125,000; Enhancement Base = $125,000

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This additional Purchase Payment is not eligible for the Enhancement on the first Benefit Year anniversary because it was received after the first 90 days after the effective date of the rider. It will not be eligible for an Enhancement until the second Benefit Year anniversary. Therefore, on the first Benefit Year anniversary, the Protected Income Base will not be less than $130,750 (= $100,000 x 1.05 + $15,000 x 1.05 + $10,000).

As explained below, an Enhancement and Account Value Step-up will not occur in the same year. If the Account Value Step-up provides an increase equal to or greater than what the Enhancement provides, you will not receive the Enhancement. It is possible that this could happen each Benefit Year (because the Account Value Step-up provided a larger increase each year), and therefore the Enhancement would not apply. The Enhancement or the Account Value Step-up cannot increase the Protected Income Base above the maximum Protected Income Base of $10 million.

An example of the impact of a withdrawal on the 5% Enhancement is included in the Withdrawal Amount section below.

**Enhancement Period.** The original Enhancement Period is up to a 10-year period that began on the effective date of the rider. A new Enhancement Period begins immediately following an Account Value Step-up. If during any Enhancement Period there are no Account Value Step-ups, the Enhancements will stop at the end of the Enhancement Period and will not restart until the next Benefit Year anniversary following the Benefit Year anniversary upon which an Account Value Step-up occurs.

**Account Value Step-ups.** The Protected Income Base and Enhancement Base will automatically step-up to the Contract Value on each Benefit Year anniversary if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the Contractowner/Annuitant (single life option), or the Contractowner/Annuitant and Secondary Life (joint life option) are under age 86; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the Contract Value on that Benefit Year anniversary, after the deduction of any withdrawals (including surrender charges, the protected lifetime income fee and account fee), plus any Purchase Payments made on that date and Persistency Credits, if any, added on that date, is equal to or greater than the Protected Income Base after an Enhancement (if any).

Each time the Account Value Step-up occurs a new Enhancement Period starts. The Account Value Step-up is available even in years when a withdrawal has occurred.

The fee rate can change each time there is an Account Value Step-up. That means if the current fee rate has increased, this would cause an increase in your annual fee rate for this rider. If your fee rate is increased, you may opt out of the Account Value Step-up. See Charges & Deductions – Protected Lifetime Income Fees for details. If you decline an Account Value Step-up, you will continue to be eligible for an Enhancement through the end of the Enhancement Period, including in the year you declined the Account Value Step-up, as long as you meet the conditions listed above.

Following is an example of how the Account Value Step-up and the 5% Enhancement impact the Protected Income Base (assuming no withdrawals or additional Purchase Payments):

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| | | |
|:---|:---|:---|
|  | **Contract**<br> **Value**<br>| **Protected Income Base** |
| At issue | &nbsp;&nbsp; $50000 | &nbsp;&nbsp; $50000 |
| 1<sup>st</sup> Benefit Year anniversary | &nbsp;&nbsp; $54000 | &nbsp;&nbsp; $54000 |
| 2<sup>nd</sup> Benefit Year anniversary | &nbsp;&nbsp; $53900 | &nbsp;&nbsp; $56700 |

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On the first Benefit Year anniversary, the Account Value Step-up increased the Protected Income Base to the Contract Value of $54,000 since the increase in the Contract Value is greater than the 5% Enhancement amount of $2,500 (5% of $50,000). On the second Benefit Year anniversary, the 5% Enhancement provided a larger increase (5% of $54,000 = $2,700). An Account Value Step-up cannot increase the Protected Income Base beyond the maximum Protected Income Base of $10 million.

**Withdrawal Amount.** Protected Annual Income withdrawals are available at the youngest age on the Rate Sheet. The Protected Annual Income amount may be withdrawn from the Contract each Benefit Year. As long as the Protected Annual Income amount is not reduced to zero, these withdrawals may be taken for your lifetime (single life option) or the lifetimes of you and your Secondary Life (joint life option).

The initial Protected Annual Income amount is calculated when you purchase the rider. If you (or younger of you and the Secondary Life if the joint life option is elected) are under the youngest age on the Rate Sheet at the time the rider is elected the initial Protected Annual Income amount will be zero. If you (or the younger of you and the Secondary Life if the joint life option is elected) are older than the youngest age on the Rate Sheet at the time the rider is elected the initial Protected Annual Income amount will be equal to a specified percentage of the Protected Income Base. Upon your first withdrawal the Protected Annual Income rate is based on your age (single life option) or the younger of you and the Secondary Life's age (joint life option) at the time of the withdrawal.

The Protected Annual Income rates that were applicable at the time you elected your rider were set forth in a supplement to this prospectus, called a Rate Sheet. The Rate Sheet indicates the Protected Annual Income rates and the date by which your application or

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rider election form had to be signed and dated for a rider to be issued with those rates. Rate information for previous effective periods is included in an Appendix to this prospectus.

After your first withdrawal the Protected Annual Income rate will only increase on a Benefit Year anniversary on or after you have reached an applicable higher age band and after there has also been an Account Value Step-up. If you have reached an applicable age band and there has not also been a subsequent Account Value Step-up, then the Protected Annual Income rate will not increase until the next Account Value Step-up occurs. **If you do not withdraw the entire Protected Annual Income amount during a Benefit Year, there is no carryover of the remaining amount into the next Benefit Year.**

If your Contract Value is reduced to zero for any reason other than for an Excess Withdrawal, the remaining Protected Annual Income amount for that Benefit Year will be paid in a lump sum. On the next rider anniversary, the scheduled amount will automatically resume and continue for your life (and the Secondary Life's life if the joint life option is chosen) under the Protected Annual Income Payout Option. You may not withdraw the remaining Protected Income Base or Enhancement Base in a lump sum. **You will not be entitled to the Protected Annual Income amount if the Protected Income Base is reduced to zero as a result of an Excess Withdrawal. If either the Contract Value or the Protected Income Base is reduced to zero due to an Excess Withdrawal the rider will terminate.** 

Cumulative withdrawals during a Benefit Year that are equal to or less than the Protected Annual Income amount will not reduce the Protected Income Base or Enhancement Base. All withdrawals will decrease the Contract Value. Surrender charges are waived on cumulative withdrawals less than or equal to the Protected Annual Income amount.

The following example shows the calculation of the Protected Annual Income amount and how withdrawals less than or equal to the Protected Annual Income amount affect the Protected Income Base, the Enhancement Base, and the Contract Value. The example assumes a 5% Enhancement, a 4.00% Protected Annual Income rate, and a Contract Value of $200,000:

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| | |
|:---|:---|
| Contract Value on the rider's effective date | &nbsp;&nbsp; $200000 |
| Protected Income Base and Enhancement Base on the rider's <br> effective date<br>| &nbsp;&nbsp; $200000 |
| Initial Protected Annual Income amount on the rider's effective <br> date ($200,000 x 4.00%)<br>| &nbsp;&nbsp; $8000 |
| Contract Value six months after rider's effective date | &nbsp;&nbsp; $210000 |
| Protected Income Base and Enhancement Base six months after <br> rider's effective date<br>| &nbsp;&nbsp; $200000 |
| Withdrawal six months after rider's effective date | &nbsp;&nbsp; $8000 |
| Contract Value after withdrawal ($210,000 - $8,000) | &nbsp;&nbsp; $202000 |
| Protected Income Base and Enhancement Base after withdrawal <br> ($200,000 - $0)<br>| &nbsp;&nbsp; $200000 |
| Contract Value on first Benefit Year anniversary | &nbsp;&nbsp; $205000 |
| Protected Income Base and Enhancement Base on first Benefit <br> Year anniversary<br>| &nbsp;&nbsp; $205000 |
| Protected Annual Income amount on first Benefit Year anniversary <br> ($205,000 x 4.00%)<br>| &nbsp;&nbsp; $8200 |

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Since there was a withdrawal during the first year, an Enhancement is not available, but the Account Value Step-up was available and increased the Protected Income Base and Enhancement Base to the Contract Value of $205,000. On the first anniversary of the rider's effective date, the Protected Annual Income amount is $8,200 (4.00% x $205,000).

Purchase Payments added to the Contract subsequent to the initial Purchase Payment will increase the Protected Annual Income amount by an amount equal to the applicable Protected Annual Income rate multiplied by the amount of the subsequent Purchase Payment. For example, assuming a Contractowner has a Protected Annual Income amount of $8,000 (4.00% of $200,000 Protected Income Base), an additional Purchase Payment of $10,000 increases the Protected Annual Income amount that Benefit Year to $8,400 ($8,000 + 4.00% of $10,000). The Protected Annual Income payment amount will be recalculated immediately after a Purchase Payment is added to the Contract. Persistency Credits added to the Contract do not immediately increase the Protected Annual Income amount but are added to the Contract Value and may increase the Protected Income Base upon an Account Value Step-up which in return may increase the Protected Annual Income amount.

Enhancements and Account Value Step-ups will increase the Protected Income Base and thus the Protected Annual Income amount. The Protected Annual Income amount after the Protected Income Base is adjusted either by an Enhancement or an Account Value Step-up will be equal to the adjusted Protected Income Base multiplied by the applicable Protected Annual Income rate.

**Nursing Home Enhancement.** (The Nursing Home Enhancement is not available in certain states. Please check with your registered representative.) The Protected Annual Income rate will be increased to 10%, called the Nursing Home Enhancement, during a Benefit Year when the Contractowner/Annuitant is age 70 or older, or the younger of the Contractowner and spouse is age 70 or older (joint

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life option), and one is admitted into an accredited nursing home or equivalent health care facility. For election of any version of *Lincoln Lifetime Income*<sup>SM</sup> Advantage 2.0 prior to May 20, 2013, the Nursing Home Enhancement is available when the Contractowner/Annuitant is age 65 or older, or the younger of the Contractowner and spouse is age 65 or older (joint life option), and one is admitted into an accredited nursing home or equivalent health care facility. (The Nursing Home Enhancement is not available until the next Benefit Year anniversary after age 70 (or 65 for rider elections prior to May 20, 2013) if a withdrawal has been taken since the rider effective date.) The Nursing Home Enhancement applies if the admittance into such facility occurs 60 months or more after the effective date of the rider, the individual was not in the nursing home in the year prior to the effective date of the rider, and upon entering the nursing home, the person has then been confined for at least 90 consecutive days. For the joint life option if both spouses qualify, the Nursing Home Enhancement is available for either spouse, but not both spouses. You should carefully consider the fact that the enhanced Protected Annual Income rate is only available for one measuring life before an election is made. For *Lincoln Lifetime Income*<sup>SM</sup> Advantage 2.0 (Managed Risk) elections on and after January 20, 2015, the Nursing Home Enhancement will not be available if your Contract Value is reduced to zero for any reason, including withdrawals, market performance, or protected lifetime income fees.

You may request the Nursing Home Enhancement by filling out a request form provided by us. Proof of nursing home confinement will be required each year. If you leave the nursing home, or for *Lincoln Lifetime Income*<sup>SM</sup> Advantage 2.0 (Managed Risk) elections on and after January 20, 2015, if your Contract Value is reduced to zero for any reason, your Protected Annual Income amount will be reduced to the amount you would otherwise be eligible to receive. Any withdrawals made prior to the entrance into a nursing home and during the Benefit Year that the Nursing Home Enhancement commences, will reduce the amount available that year for the Nursing Home Enhancement. Purchase Payments may not be made into the Contract after a request for the Nursing Home Enhancement is approved by us and any Purchase Payments made either in the 12 months prior to entering the nursing home or while you are residing in a nursing home will not be included in the calculation of the Nursing Home Enhancement.

The requirements of an accredited nursing home or equivalent health care facility are set forth in the Nursing Home Enhancement Claim Form. The criteria for the facility include, but are not limited to: providing 24 hour a day nursing services; an available physician; an employed nurse on duty or call at all times; maintains daily clinical records; and able to dispense medications. This does not include an assisted living or similar facility. The admittance to a nursing home must be pursuant to a plan of care provided by a licensed health care practitioner, and the nursing home must be located in the United States. The remaining references to the Protected Annual Income amount also include the Nursing Home Enhancement amount.

Owners of contracts issued in South Dakota who elect any version of *Lincoln Lifetime Income*<sup>SM</sup> Advantage 2.0 on or after January 1, 2013, have the option to increase the Protected Annual Income rate upon the diagnosis of a terminal illness, subject to certain conditions. The Protected Annual Income amount will be increased to 10% during a Benefit Year when the Contractowner/Annuitant is age 70 or older or the younger of the Contractowner and spouse is age 70 or older (joint life option), and one is diagnosed by a licensed physician that his or her life expectancy is twelve months or less. For election of any version of *Lincoln Lifetime Income*<sup>SM</sup> Advantage 2.0 from January 1, 2013 to May 20, 2013, the terminal illness provision is available when the Contractowner/Annuitant is age 65 or older, or the younger of the Contractowner and spouse is age 65 or older (joint life option), and one is diagnosed by a licensed physician that his or her life expectancy is twelve months or less. (The terminal illness provision is not available until the next Benefit Year anniversary after age 70 (or 65 for rider elections prior to May 20, 2013) if a withdrawal has been taken since the rider effective date.) This provision applies if the diagnosis of terminal illness occurs 60 months or more after the effective date of the rider and the diagnosis was not made in the year prior to the effective date of the rider. For the joint life option if both spouses qualify, this provision for terminal illness is available for either spouse, but not both spouses. You should carefully consider the fact that the enhanced Protected Annual Income rate is only available for one measuring life before an election is made. For *Lincoln Lifetime Income*<sup>SM</sup> Advantage 2.0 (Managed Risk) elections on and after January 20, 2015, the terminal illness provision will not be available if your Contract Value is reduced to zero for any reason, including withdrawals, market performance, or protected lifetime income fees.

Once either the Nursing Home Enhancement or the terminal illness enhancement is elected for one spouse, neither enhancement will be available for the other spouse. You may request the terminal illness enhancement by filling out a request form provided by us. For *Lincoln Lifetime Income*<sup>SM</sup> Advantage 2.0 (Managed Risk) elections on and after January 20, 2015, if your Contract Value is reduced to zero for any reason, your Protected Annual Income amount will be reduced to the amount you would otherwise be eligible to receive. Any withdrawals made prior to the diagnosis of a terminal illness and during the Benefit Year that the terminal illness enhancement commences will reduce the amount available that year for the terminal illness enhancement. Purchase Payments may not be made into the Contract after a request for the terminal illness enhancement is approved by us and any Purchase Payments made either in the 12 months prior to the terminal illness diagnosis or during the duration of the terminal illness will not be included in the calculation of the terminal illness enhancement. Any requirements to qualify for the terminal illness enhancement are set forth in the Terminal Illness Claim Form. The remaining references to the Protected Annual Income amount also include the terminal illness enhancement amount for owners of contracts issued in South Dakota only.

**Excess Withdrawals.** Excess Withdrawals are:

1. the cumulative amounts withdrawn from the Contract during the Benefit Year (including the current withdrawal) that exceed the Protected Annual Income amount at the time of the withdrawal;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2. withdrawals made prior to the youngest age on the Rate Sheet; or

3. withdrawals that are payable to any assignee or assignee's bank account.

When an Excess Withdrawal occurs:

1. The Protected Income Base and Enhancement Base are reduced by the same proportion that the Excess Withdrawal reduces the Contract Value. This means that the reduction in the Protected Income Base and Enhancement Base could be more than the dollar amount of the withdrawal; and

2. The Protected Annual Income amount will be recalculated to equal the applicable Protected Annual Income rate multiplied by the new (reduced) Protected Income Base (after the proportionate reduction for the Excess Withdrawal).

Your quarterly statements will include the Protected Annual Income amount (as adjusted for Protected Annual Income amount payments in a Benefit Year, Excess Withdrawals and additional Purchase Payments) available to you for the Benefit Year, if applicable, in order for you to determine whether a withdrawal may be an Excess Withdrawal. We encourage you to either consult with your registered representative or call us at the number provided in this prospectus if you have questions about Excess Withdrawals.

The following example demonstrates the impact of an Excess Withdrawal on the Protected Income Base and Enhancement Base, the Protected Annual Income amount and the Contract Value. The example assumes a 5.00% Protected Annual Income rate and a $10,940 withdrawal, which causes a $10,200 reduction in the Protected Income Base and Enhancement Base.

Prior to Excess Withdrawal:

Contract Value = $60,000

Protected Income Base = $85,000

Enhancement Base = $85,000

Protected Annual Income amount = $4,250 (5% of the Protected Income Base of $85,000)

After a $10,940 Withdrawal ($4,250 is within the Protected Annual Income amount, $6,690 is the Excess Withdrawal):

The Contract Value is reduced by the amount of the Protected Annual Income amount of $4,250 and the Protected Income Base and Enhancement Base are not reduced:

Contract Value = $55,750 ($60,000 - $4,250)

Protected Income Base = $85,000

Enhancement Base = $85,000

The Contract Value is also reduced by the $6,690 Excess Withdrawal and the Protected Income Base and Enhancement Base are reduced by 12%, the same proportion by which the Excess Withdrawal reduced the $55,750 Contract Value ($6,690 ÷ $55,750)

Contract Value = $49,060 ($55,750 - $6,690)

Protected Income Base = $74,800 ($85,000 x 12% = $10,200; $85,000 - $10,200 = $74,800)

Enhancement Base = $74,800 ($85,000 x 12% = $10,200; $85,000 - $10,200 = $74,800)

Protected Annual Income amount = $3,740 (5% of $74,800 Protected Income Base)

On the following Benefit Year anniversary, the Contract Value has been reduced due to a declining market, but the Protected Income Base and Enhancement Base are unchanged:

Contract Value = $48,000

Protected Income Base = $74,800

Enhancement Base = $74,800

Protected Annual Income amount = $3,740 (5% x $74,800)

**In a declining market, Excess Withdrawals may significantly reduce your Protected Income Base, Enhancement Base, and Protected Annual Income amount. This is because the reduction in the benefit may be more than the dollar amount withdrawn from the Contract Value. If either the Contract Value or the Protected Income Base is reduced to zero due to an Excess Withdrawal, the rider will terminate.** 

Surrender charges are waived on cumulative withdrawals less than or equal to the Protected Annual Income amount. Excess Withdrawals will be subject to surrender charges unless one of the waivers of surrender charge provisions set forth in this prospectus is applicable. Continuing with the prior example of the $12,000 withdrawal: the $3,825 Protected Annual Income amount is not subject to surrender charges; the $8,175 Excess Withdrawal may be subject to surrender charges according to the surrender charge schedule in this prospectus. See Charges, Other Deductions, and Adjustments — Surrender Charge.

Withdrawals from IRA contracts will not be considered Excess Withdrawals (even if they exceed the Protected Annual Income amount) only if the withdrawals are taken as systematic installments of the amount needed to satisfy the required minimum distribution (RMD) rules under Internal Revenue Code Section 401(a)(9). In addition, in order for this exception for RMDs to apply, the following must occur:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Lincoln's automatic withdrawal service is used to calculate and pay the RMD;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The RMD calculation must be based only on the value in this Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. No withdrawals other than the RMD are made within the Benefit Year (except as described in the next paragraph);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. This Contract is not a beneficiary IRA; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The younger of you or the Secondary Life (joint life option) reach the youngest age on the Rate Sheet.

If your RMD withdrawals during a Benefit Year are less than the Protected Annual Income amount, an additional amount up to the Protected Annual Income amount may be withdrawn and will not be subject to surrender charges. **If a withdrawal other than an RMD is made during the Benefit Year, then all amounts withdrawn in excess of the Protected Annual Income amount, including amounts attributable to the RMD, will be treated as Excess Withdrawals.**

Distributions from qualified contracts are generally taxed as ordinary income. Distributions from nonqualified contracts that are includable in gross income are also generally taxed as ordinary income. See Federal Tax Matters for information on determining what amounts are includable in gross income.

**Protected Annual Income Payout Option.** The Protected Annual Income Payout Option ("PAIPO") is an Annuity Payout option under which the Contractowner (and joint life if applicable) will receive annuity payments equal to the Protected Annual Income amount for life. This option is different from other Annuity Payout options, including *i4LIFE*<sup>®</sup> Advantage, which are based on your Contract Value. If you are required to take annuity payments because you have reached the Annuity Commencement Date, you have the option of electing the PAIPO. If the Contract Value is reduced to zero and you have a remaining Protected Income Base, you will receive the PAIPO.

Contractowners may decide to choose the PAIPO over *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit if they feel this may provide a higher final payment over time and they place more importance on this payment over access to the Account Value. Payment frequencies other than annual may be available. You will have no other contract features other than the right to receive annuity payments equal to the Protected Annual Income amount for your life or the lives of you and the Secondary Life for the joint life option.

If you are receiving the PAIPO, the Beneficiary may be eligible to receive final payment upon death of the single life or surviving joint life. If the Account Value Death Benefit option was in effect immediately prior to electing the PAIPO, the Beneficiary will not be eligible to receive the final payment. The final payment is a one-time lump-sum payment. If the effective date of the rider is the same as the effective date of the Contract, the final payment will be equal to the sum of all Purchase Payments, decreased by withdrawals. If the effective date of the rider is after the effective date of the Contract, the final payment will be equal to the Contract Value on the effective date of the rider, increased for Purchase Payments received after the rider effective date and decreased by withdrawals. Excess Withdrawals reduce the final payment in the same proportion as the withdrawals reduce the Contract Value; withdrawals less than or equal to the Protected Annual Income amount and payments under the PAIPO will reduce the final payment dollar for dollar.

**Death Prior to the Selection of an Annuity Payout Option.** *Lincoln Lifetime Income*<sup>SM</sup> Advantage 2.0 (Managed Risk) has no provision for a payout of the Protected Income Base or Enhancement Base upon death of the Contractowners or Annuitant and provides no increase in the Death Benefit value over and above what the Death Benefit provides in the base contract. At the time of death, if the Contract Value equals zero, no Death Benefit options (as described earlier in this prospectus) will be in effect. Election of *Lincoln Lifetime Income*<sup>SM</sup> Advantage 2.0 (Managed Risk) does not impact the Death Benefit options available for purchase with your annuity contract. All Death Benefit payments must be made in compliance with Internal Revenue Code Sections 72(s) or 401(a)(9) as applicable as amended from time to time. See Benefits Available Under the Contract – Death Benefit.

Upon the death of the single life, this rider will end and no further Protected Annual Income amounts are available (even if there was a Protected Income Base in effect at the time of the death).

Upon the first death under the joint life option, withdrawals up to the Protected Annual Income amount continue to be available for the life of the surviving spouse. The Enhancement and Account Value Step-up will continue if applicable as discussed above. Upon the death of the surviving spouse, *Lincoln Lifetime Income*<sup>SM</sup> Advantage 2.0 (Managed Risk) will end and no further Protected Annual Income amounts are available (even if there was a Protected Income Base in effect at the time of the death).

As an alternative, after the first death, the surviving spouse, if under age 86, may choose to terminate the joint life option and purchase a new single life option under the terms and charge in effect at the time for a new purchase (depending on rider availability). In deciding whether to make this change, the surviving spouse should consider whether the change will cause the Protected Income Base and the Protected Annual Income amount to decrease.

**Termination.** After the fifth anniversary of the effective date of the rider, the Contractowner may terminate the rider by notifying us in writing of the request to terminate or by failing to adhere to Investment Requirements. Owners of contracts issued in Florida who elect their rider on or after January 20, 2015 and prior to February 20, 2018 (April 2, 2018 if elected after the Contract effective date), may terminate the rider after the first anniversary of the effective date of the rider. *Lincoln Lifetime Income*<sup>SM</sup> Advantage 2.0 (Managed Risk) will automatically terminate:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● on the selection of an Annuity Payout option (except payments under the Protected Annual Income Payout Option will continue if applicable);

● if the Contractowner or Annuitant is changed (except if the Secondary Life assumes ownership of the Contract upon death of the Contractowner) including any sale or assignment of the Contract or any pledge of the Contract as collateral;

● upon the death under the single life option or the death of the surviving Secondary Life under the joint life option;

● when the Protected Income Base or Contract Value is reduced to zero due to an Excess Withdrawal;

● on the date the Contractowner is changed due to an enforceable divorce agreement or decree; or

● upon surrender or termination of the underlying annuity contract.

The termination will not result in any increase in Contract Value equal to the Protected Income Base or Enhancement Base. Upon effective termination of this rider, the benefits and charges within this rider will terminate. If you terminate the rider, we reserve the right to require a 12-month wait after this termination before you can elect any Living Benefit Rider available for purchase at that time.

***i4LIFE***<sup>®</sup> **Advantage Guaranteed Income Benefit option.** Contractowners who elect either version of *Lincoln Lifetime Income*<sup>SM</sup> Advantage 2.0 may decide to later transition to the applicable version of *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit. This transition must be made prior to the maximum age limit and prior to the selection of an Annuity Payout option. You cannot have both *i4LIFE*<sup>®</sup> Advantage and another Living Benefit Rider in effect on your Contract at the same time. See *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit Transitions for a discussion of this transition.

**Lincoln *Market Select***<sup>®</sup> **Advantage**

Lincoln *Market Select*<sup>®</sup> Advantage is a Living Benefit Rider that provides:

● Guaranteed lifetime periodic withdrawals for you (and the Secondary Life if the joint life option is selected) up to the Protected Annual Income amount which is based upon a Protected Income Base;

● An Enhancement amount added to the Protected Income Base if certain criteria are met, as set forth below;

● Account Value Step-ups of the Protected Income Base to the Contract Value if the Contract Value is equal to or greater than the Protected Income Base after the Enhancement; and

● Age-based increases to the Protected Annual Income amount (after reaching a higher age-band and after an Account Value Step-up).

Protected Annual Income payments are based upon specified percentages of the Protected Income Base which are age-based and may increase over time. You may receive Protected Annual Income payments for your lifetime or for the lifetimes of you and the Secondary Life, if the joint life option is chosen.

**Please note any withdrawals made prior to the youngest age on the Rate Sheet, or that exceed the Protected Annual Income amount are considered Excess Withdrawals. In most states, amounts that are payable to any assignee or assignee's bank account are also considered Excess Withdrawals. Excess Withdrawals may significantly reduce your Protected Income Base and Enhancement Base by an amount greater than the dollar amount of the Excess Withdrawal, and will terminate the rider if the Protected Income Base if reduced to zero. As a result, the Protected Income Amount would be reduced as well. Withdrawals will also negatively impact the availability of an Enhancement.** 

The Contractowner, Annuitant or Secondary Life may not be changed while this rider is in effect (except if the Secondary Life assumes ownership of the Contract upon death of the Contractowner), including any sale or assignment of the Contract as collateral. Under the Lincoln *Market Select*<sup>®</sup> Advantage rider, the Secondary Life must be the spouse.

**Benefit Year.** The Benefit Year is the 12-month period starting with the effective date of the rider and starting with each anniversary of the rider effective date after that. If your Benefit Year anniversary falls on a day that the New York Stock Exchange is closed, any benefit calculations scheduled to occur on that anniversary will occur on the next Valuation Date.

**Protected Income Base and Enhancement Base.** The Protected Income Base is a value used to calculate your Protected Annual Income amount. The initial Protected Income Base was established when you elected your rider. If you elected the rider at the time you purchased the Contract, the initial Protected Income Base equaled your initial Purchase Payment. If you elected the rider after the Contract was issued, the initial Protected Income Base equaled the Contract Value on the effective date of the rider. The Protected Income Base is increased by subsequent Purchase Payments, Enhancements, and Account Value Step-ups, and decreased by Excess Withdrawals in accordance with the provisions set forth below. The maximum Protected Income Base is $10 million, which includes the total guaranteed amounts under the Living Benefit Riders of all Lincoln Life contracts (or contracts issued by our affiliates) in which you (and/or Secondary Life if joint life option) are the covered lives.

Riders elected on and after February 20, 2018 (April 2, 2018 if elected after the Contract effective date), and subject to state availability, have an Enhancement Base, the value used to calculate the amount that may be added to the Protected Income Base upon an Enhancement. The Enhancement Base is equal to the Protected Income Base on the effective date of the rider, increased by subsequent Purchase Payments and Account Value Step-ups, and decreased by Excess Withdrawals in accordance with the provisions set

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forth below. The Enhancement Base is **not** increased by an Enhancement. Riders elected prior to February 20, 2018 (April 2, 2018 if elected after the Contract effective date) do not have an Enhancement Base but will use the Protected Income Base to determine the Enhancement.

Neither the Protected Income Base nor the Enhancement Base is available to you as a lump sum withdrawal or as a Death Benefit.

Additional Purchase Payments received after the rider effective date automatically increase the Protected Income Base (not to exceed the maximum Protected Income Base) and Enhancement Base by the amount of the Purchase Payment. For example, a $10,000 additional Purchase Payment will increase the Protected Income Base and Enhancement Base by $10,000. Any Purchase Payment will be added immediately to the Protected Income Base and will result in an increased Protected Annual Income amount but must be invested in the Contract at least one Benefit Year before it will be used in calculating an Enhancement. Any Purchase Payments made within the first 90 days after the effective date of the rider will be included in the Protected Income Base or Enhancement Base for purposes of calculating the Enhancement on the first Benefit Year anniversary.

After the first anniversary of the rider effective date, once cumulative additional Purchase Payments exceed $100,000, additional Purchase Payments may not exceed $50,000 per Benefit Year without Home Office approval. **Additional Purchase Payments will not be allowed if the Contract Value decreases to zero for any reason, including market loss.** 

Excess Withdrawals reduce the Protected Income Base and Enhancement Base as discussed below. The reduction to the Protected Income Base and the Enhancement Base could be more than the dollar amount of the withdrawal. Withdrawals less than or equal to the Protected Annual Income amount will not reduce the Protected Income Base or Enhancement Base.

**Enhancement.** You are eligible for an increase in the Protected Income Base through an Enhancement on each Benefit Year anniversary if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the Contractowner/Annuitant (as well as the Secondary Life if the joint life option is in effect) is under age 86;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. there were no withdrawals in the preceding Benefit Year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. the rider is within the Enhancement Period (described below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. the Protected Income Base after the Enhancement amount is added would be greater than the Contract Value on the same Benefit Year anniversary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. the Enhancement Base, if applicable, is greater than zero.

The Enhancement equals the Enhancement Base or the Protected Income Base (depending on the rider purchase date), minus Purchase Payments received in the preceding Benefit Year, multiplied by the Enhancement Rate. The Protected Income Base or the Enhancement Base are not reduced by Purchase Payments received in the first 90 days after the rider effective date for determining the Enhancement Amount.

The current Enhancement rate applicable to new rider elections is determined in our sole discretion based on current economic factors including interest rates and equity market volatility. Generally, the rate may increase or decrease based on changes in equity market volatility, prevailing interest rates, or as a result of other economic conditions. The rate structure is intended to help us provide the guarantees under the rider. The Enhancement rate for new rider elections may be higher or lower than prior rates, but for existing Contractowners that have elected the rider, your rate will not change as a result.

The Enhancement rate that was applicable at the time you elected your rider was set forth in a Rate Sheet prospectus supplement. The Rate Sheet indicates the Enhancement rate and the date by which your application or rider election form had to be signed and dated for a rider to be issued with this rate. Enhancement rates for previous effective periods are included in Appendix F to this prospectus.

During the first ten Benefit Years, an increase in the Protected Income Base as a result of the Enhancement will not cause an increase in the annual protected lifetime income fee rate but will increase the dollar amount of the fee. After the tenth Benefit Year anniversary, if the Enhancement Period has renewed, the annual rate may increase each time the Protected Income Base increases as a result of the Enhancement. If you decline an Enhancement, you will continue to be eligible for an Enhancement starting on the next Benefit Year anniversary as long as you meet the conditions listed above.

**Note: The Enhancement is not available on any Benefit Year anniversary if an Account Value Step-up to the Protected Income Base occurs, or where there has been a withdrawal of Contract Value (including a Protected Annual Income payment) in the preceding Benefit Year. If you are eligible (as defined above) for the Enhancement in the next Benefit Year, the Enhancement will not occur until the Benefit Year anniversary of that year.** 

The following is an example of the impact of the 5% Enhancement on the Protected Income Base and assumes that no withdrawals have been made:

Initial Purchase Payment = $100,000; Protected Income Base = $100,000; Enhancement Base = $100,000

Additional Purchase Payment on day 30 = $15,000; Protected Income Base = $115,000; Enhancement Base = $115,000

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On the first Benefit Year anniversary, because the additional Purchase Payment is within the first 90 days after the effective date of the rider, the Protected Income Base will not be less than $120,750 (= $100,000 x 1.05 + $15,000 x 1.05).

Consider a further additional Purchase Payment on day 95 of $10,000; Protected Income Base = $125,000; Enhancement Base = $125,000

This additional Purchase Payment is not eligible for the Enhancement on the first Benefit Year anniversary because it was received after the first 90 days after the effective date of the rider. It will not be eligible for an Enhancement until the second Benefit Year anniversary. Therefore, on the first Benefit Year anniversary, the Protected Income Base will not be less than $130,750 (= $100,000 x 1.05 + $15,000 x 1.05 + $10,000).

As explained below, an Enhancement and Account Value Step-up will not occur in the same year. If the Account Value Step-up provides an increase equal to or greater than what the Enhancement provides, you will not receive the Enhancement. It is possible that this could happen each Benefit Year (because the Account Value Step-up provided a larger increase each year), and therefore the Enhancement would not apply. The Enhancement or the Account Value Step-up cannot increase the Protected Income Base above the maximum Protected Income Base of $10 million.

An example of the impact of a withdrawal on the Enhancement is included in the Withdrawal Amount section below.

**Enhancement Period.** The original Enhancement Period is up to a 10-year period that began on the effective date of the rider. For riders elected on and after February 20, 2018 (April 2, 2018 if elected after the Contract effective date), and subject to state availability, a new Enhancement Period begins immediately following an Account Value Step-up. If during any Enhancement Period there are no Account Value Step-ups, the Enhancements will stop at the end of the Enhancement Period and will not restart until the next Benefit Year anniversary following the Benefit Year anniversary upon which an Account Value Step-up occurs. Riders elected prior to February 20, 2018 (April 2, 2018 if elected after the Contract effective date), and subject to state availability, only have one 10-year Enhancement Period. Riders elected prior to August 29, 2016 (October 3, 2016 if elected after the Contract effective date) do not offer an Enhancement and therefore do not have an Enhancement Period.

**Account Value Step-ups.** The Protected Income Base and Enhancement Base will automatically step up to the Contract Value on each Benefit Year anniversary if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the Contractowner/Annuitant (single life option), or the Contractowner/Annuitant and Secondary Life (joint life option) are under age 86; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the Contract Value on that Benefit Year anniversary, after the deduction of any withdrawals (including surrender charges, the protected lifetime income fee and account fee), plus any Purchase Payments made on that date and Persistency Credits, if any, added on that date, is equal to or greater than the Protected Income Base after an Enhancement (if any).

For riders elected on or after February 20, 2018 (April 2, 2018 if elected after the Contract effective date), and subject to state availability, each time the Account Value Step-up occurs, a new Enhancement Period begins. The Account Value Step-up is available even in those years when a withdrawal has occurred.

The fee rate can change each time there is an Account Value Step-up. That means if the current fee rate has increased, this would cause an increase in your annual fee rate for this rider. If your fee rate is increased, you may opt out of the Account Value Step-up. See Charges, Other Deductions, and Adjustments – Protected Lifetime Income Fees for details. If you decline an Account Value Step-up, you will continue to be eligible for an Enhancement through the end of the Enhancement Period, including in the year you declined the Account Value Step-up, as long as you meet the conditions listed above.

Following is an example of how the Account Value Step-up and the 5% Enhancements impact the Protected Income Base (assuming no withdrawals or additional Purchase Payments):

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| | | |
|:---|:---|:---|
|  | **Contract**<br> **Value**<br>| **Protected Income Base** |
| At issue | &nbsp;&nbsp; $50000 | &nbsp;&nbsp; $50000 |
| 1<sup>st</sup> Benefit Year anniversary | &nbsp;&nbsp; $54000 | &nbsp;&nbsp; $54000 |
| 2<sup>nd</sup> Benefit Year anniversary | &nbsp;&nbsp; $53900 | &nbsp;&nbsp; $56700 |

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On the first Benefit Year anniversary, the Account Value Step-up increased the Protected Income Base to the Contract Value of $54,000 since the increase in the Contract Value is greater than the 5% Enhancement amount of $2,500 (5% of $50,000). On the second Benefit Year anniversary, the 5% Enhancement provided a larger increase (5% of $54,000 = $2,700). The 5% Enhancement or an Account Value Step-up cannot increase the Protected Income Base beyond the maximum Protected Income Base of $10 million.

**Withdrawal Amount.** Protected Annual Income withdrawals are available at the youngest age on the Rate Sheet. The Protected Annual Income amount may be withdrawn from the Contract each Benefit Year. As long as the Protected Annual Income amount is not reduced to zero, these withdrawals may be taken for your lifetime (single life option) or the lifetimes of you and your Secondary Life (joint life option).

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The Protected Annual Income amount is determined by multiplying the Protected Income Base by the applicable rate, based on your age and whether the single or joint life option has been elected. Under the joint life option, the younger age of you or the Secondary Life will be used. The Protected Annual Income amount will change upon an Account Value Step-up, an Enhancement (if applicable), additional Purchase Payments, and Excess Withdrawals, as described below.

The Protected Annual Income rates that were applicable at the time you elected your rider were set forth in a supplement to this prospectus, called a Rate Sheet. The Rate Sheet indicates the Protected Annual Income rates and the date by which your application or rider election form had to be signed and dated for a rider to be issued with those rates. Rate information for previous effective periods is included in an Appendix to this prospectus.

After your first Protected Annual Income withdrawal, the Protected Annual Income rate will only increase on a Benefit Year anniversary on or after you have reached an applicable higher age band and after there has also been an Account Value Step-up. If you have reached an applicable higher age band and there has <u>not</u> been a subsequent Account Value Step-up, then the Protected Annual Income rate will not increase until the next Account Value Step-up occurs. **If you do not withdraw the entire Protected Annual Income amount during a Benefit Year, there is no carryover of the remaining amount into the next Benefit Year.**

If your Contract Value is reduced to zero for any reason other than for an Excess Withdrawal, the remaining Protected Annual Income amounts for that Benefit Year will be paid in a lump sum. On the next rider anniversary, the scheduled amount will automatically resume and continue for your life (and the Secondary Life's life if the joint life option is chosen) under the Protected Annual Income Payout Option. You may not withdraw the remaining Protected Income Base or Enhancement Base in a lump sum. **You will not be entitled to the Protected Annual Income amount if the Protected Income Base is reduced to zero as a result of an Excess Withdrawal. If either the Contract Value or the Protected Income Base is reduced to zero due to an Excess Withdrawal, the rider will terminate.**

Cumulative withdrawals during a Benefit Year that are equal to or less than the Protected Annual Income amount will not reduce the Protected Income Base or Enhancement Base. All withdrawals will decrease the Contract Value. Surrender charges are waived on cumulative withdrawals less than or equal to the Protected Annual Income amount.

The following example shows the calculation of the Protected Annual Income amount and how withdrawals less than or equal to the Protected Annual Income amount impact the Protected Income Base, the Enhancement Base and the Contract Value. The example assumes a 5% Enhancement, a 4% Protected Annual Income rate, and a Contract Value of $200,000:

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| | |
|:---|:---|
| Contract Value on the rider's effective date | &nbsp;&nbsp; $200000 |
| Protected Income Base and Enhancement Base on the rider's <br> effective date<br>| &nbsp;&nbsp; $200000 |
| Initial Protected Annual Income amount on the rider's effective <br> date ($200,000 x 4%)<br>| &nbsp;&nbsp; $8000 |
| Contract Value six months after rider's effective date | &nbsp;&nbsp; $210000 |
| Protected Income Base and Enhancement Base six months after <br> rider's effective date<br>| &nbsp;&nbsp; $200000 |
| Withdrawal six months after the rider's effective date | &nbsp;&nbsp; $8000 |
| Contract Value after withdrawal ($210,000 - $8,000) | &nbsp;&nbsp; $202000 |
| Protected Income Base and Enhancement Base after withdrawal <br> ($200,000 - $0)<br>| &nbsp;&nbsp; $200000 |
| Contract Value on the first Benefit Year anniversary | &nbsp;&nbsp; $205000 |
| Protected Income Base and Enhancement Base on the first Benefit <br> Year anniversary<br>| &nbsp;&nbsp; $205000 |
| Protected Annual Income amount on the first Benefit Year <br> anniversary ($205,000 x 4%)<br>| &nbsp;&nbsp; $8200 |

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Since there was a withdrawal during the first year, an Enhancement is not available, but the Account Value Step-up was available and increased the Protected Income Base and the Enhancement Base to the Contract Value of $205,000. On the first Benefit Year anniversary, the Protected Annual Income amount is $8,200 (4% x $205,000).

Purchase Payments added to the Contract subsequent to the initial Purchase Payment will increase the Protected Annual Income amount by an amount equal to the applicable Protected Annual Income rate multiplied by the amount of the subsequent Purchase Payment. For example, assuming a Contractowner has a Protected Annual Income amount of $8,000 (4% of $200,000 Protected Income Base), an additional Purchase Payment of $10,000 increases the Protected Annual Income amount that Benefit Year to $8,400 ($8,000 + 4% of $10,000). The Protected Annual Income payment amount will be recalculated immediately after a Purchase Payment is added to the Contract.

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Enhancements and Account Value Step-ups will increase the Protected Income Base and thus the Protected Annual Income amount. The Protected Annual Income amount, after the Protected Income Base is adjusted by an Enhancement or an Account Value Step-up will be equal to the adjusted Protected Income Base multiplied by the applicable Protected Annual Income rate.

**Excess Withdrawals.** Excess Withdrawals are:

1. the cumulative amounts withdrawn from the Contract during the Benefit Year (including the current withdrawal) that exceed the Protected Annual Income amount at the time of the withdrawal;

2. withdrawals made prior to the youngest age on the Rate Sheet; or

3. withdrawals that are payable to any assignee or assignee's bank account.

When an Excess Withdrawal occurs:

1. the Protected Income Base and Enhancement Base are reduced by the same proportion that the Excess Withdrawal reduces the Contract Value. This means that the reduction in the Protected Income Base and Enhancement Base could be more than the dollar amount of the withdrawal; and

2. the Protected Annual Income amount will be recalculated to equal the applicable Protected Annual Income rate multiplied by the new (reduced) Protected Income Base (after the proportionate reduction for the Excess Withdrawal).

Your quarterly statements will include the Protected Annual Income amount (as adjusted for Protected Annual Income amount payments in a Benefit Year, Excess Withdrawals and additional Purchase Payments) available to you for the Benefit Year, if applicable, in order for you to determine whether a withdrawal may be an Excess Withdrawal. We encourage you to either consult with your registered representative or call us at the number provided in this prospectus if you have any questions about Excess Withdrawals.

The following example demonstrates the impact of an Excess Withdrawal on the Protected Income Base, the Enhancement Base, the Protected Annual Income amount, and the Contract Value. The example assumes a 5% Protected Annual Income rate and a $10,940 withdrawal, which causes a $10,200 reduction in the Protected Income Base and Enhancement Base.

Prior to Excess Withdrawal:

Contract Value = $60,000

Protected Income Base = $85,000

Enhancement Base = $85,000

Protected Annual Income amount = $4,250 (5% of the Protected Income Base of $85,000)

After a $10,940 withdrawal ($4,250 is within the Protected Annual Income amount, $6,690 is the Excess Withdrawal):

The Contract Value is reduced by the amount of the Protected Annual Income amount of $4,250 and the Protected Income Base and Enhancement Base are not reduced:

Contract Value = $55,750 ($60,000 - $4,250)

Protected Income Base = $85,000

Enhancement Base = $85,000

The Contract Value is also reduced by the $6,690 Excess Withdrawal and the Protected Income Base and Enhancement Base are reduced by approximately 12%, the same proportion by which the Excess Withdrawal reduced the $55,750 Contract Value ($6,690 / $55,750).

Contract Value = $49,060 ($55,750 - $6,690)

Protected Income Base = $74,800 ($85,000 x 12% = $10,200; $85,000 - $10,200 = $74,800)

Enhancement Base = $74,800 ($85,000 x 12% = $10,200; $85,000 - $10,200 = $74,800)

Protected Annual Income amount = $3,740 (5% of $74,800 Protected Income Base)

On the following Benefit Year anniversary:

Contract Value = $48,000

Protected Income Base = $74,800

Enhancement Base = $74,800

Protected Annual Income amount = $3,740 (5% x $74,800)

**In a declining market, Excess Withdrawals may significantly reduce your Protected Income Base, Enhancement Base, and Protected Annual Income amount. This is because the reduction in the benefit may be more than the dollar amount withdrawn from the Contract Value. If the Protected Income Base is reduced to zero due to an Excess Withdrawal, the rider will terminate. If the Contract Value is reduced to zero due to an Excess Withdrawal, the rider and Contract will terminate.** 

Surrender charges are waived on cumulative withdrawals less than or equal to the Protected Annual Income amount. Excess Withdrawals will be subject to surrender charges unless one of the waivers of surrender charge provisions set forth in this prospectus is applicable. Continuing with the prior example of the $12,000 withdrawal: the $4,250 Protected Annual Income amount is not subject

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to surrender charges: the $7,750 Excess Withdrawal may be subject to surrender charges according to the surrender charge schedule in this prospectus. See Charges, Other Deductions, and Adjustments — Surrender Charge.

Withdrawals from IRA contracts will not be considered Excess Withdrawals (even if they exceed the Protected Annual Income amount) only if the withdrawals are taken as systematic installments of the amount needed to satisfy the required minimum distribution (RMD) rules under Internal Revenue Code Section 401(a)(9). In addition, in order for this exception for RMDs to apply, the following must occur:

1. Lincoln's automatic withdrawal service is used to calculate and pay the RMD;

2. The RMD calculation must be based only on the value in this Contract;

3. No withdrawals other than the RMD are made within the Benefit Year (except as described in the next paragraph);

4. This Contract is not a beneficiary IRA; and

5. The younger of you or the Secondary Life (joint life option) reach the youngest age on the Rate Sheet.

If your RMD withdrawals during a Benefit Year are less than the Protected Annual Income amount, an additional amount up to the Protected Annual Income amount may be withdrawn and will not be subject to surrender charges. **If a withdrawal, other than an RMD is made during the Benefit Year, then all amounts withdrawn in excess of the Protected Annual Income amount, including amounts attributable to the RMD, will be treated as Excess Withdrawals.**

Distributions from qualified contracts are generally taxed as ordinary income. Distributions from nonqualified contracts that are includable in gross income are also generally taxed as ordinary income. See Federal Tax Matters for information on determining what amounts are includable in gross income.

**Protected Annual Income Payout Option.** The Protected Annual Income Payout Option ("PAIPO") is an Annuity Payout option under which the Contractowner (and joint life if applicable) will receive annuity payments equal to the Protected Annual Income amount for life. This option is different from other Annuity Payout options, including the applicable version of *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit, which are based on your Contract Value. If you are required to take annuity payments because you have reached the Annuity Commencement Date, you have the option of electing the PAIPO. If the Contract Value is reduced to zero and you have a remaining Protected Income Base, you will receive the PAIPO.

Contractowners may decide to choose the PAIPO over the applicable version of *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit if they feel this may provide a higher final payment over time and they place more importance on this payment over access to the Account Value. Payment frequencies other than annual may be available. You will have no other contract features other than the right to receive annuity payments equal to the Protected Annual Income amount for your life or the life of you and the Secondary Life for the joint life option.

If you are receiving the PAIPO, the Beneficiary may be eligible to receive final payment upon death of the single life or surviving joint life. If the Account Value Death Benefit option was in effect immediately prior to electing the PAIPO, the Beneficiary will not be eligible to receive the final payment(s). The final payment is a one-time lump-sum payment. If the effective date of the rider is the same as the effective date of the Contract, the final payment will be equal to the sum of all Purchase Payments, decreased by withdrawals. If the effective date of the rider is after the effective date of the Contract, the final payment will be equal to the Contract Value on the effective date of the rider, increased for Purchase Payments received after the rider effective date and decreased by withdrawals. Excess Withdrawals reduce the final payment in the same proportion as the withdrawals reduce the Contract Value; withdrawals less than or equal to the Protected Annual Income amount and payments under the PAIPO will reduce the final payment dollar for dollar.

**Death Prior to the Selection of an Annuity Payout Option.** Lincoln *Market Select*<sup>®</sup> Advantage has no provision for a payout of the Protected Income Base or Enhancement Base upon death of the Contractowner or Annuitant and provides no increase in the Death Benefit value over and above what the Death Benefit provides in the base contract. At the time of death, if the Contract Value equals zero, no Death Benefit options (as described earlier in this prospectus) will be in effect. Election of Lincoln *Market Select*<sup>®</sup> Advantage does not impact the Death Benefit options available for purchase with your annuity contract. All Death Benefit payments must be made in compliance with Internal Revenue Code Sections 72(s) or 401(a)(9) as applicable as amended from time to time. See Benefits Available Under the Contract – Death Benefit.

Upon the death of the single life, this rider will end and no further Protected Annual Income amounts are available (even if there was a Protected Income Base in effect at the time of the death). Upon the first death under the joint life option, withdrawals up to the Protected Annual Income amount continue to be available for the life of the surviving spouse. The Enhancement and Account Value Step-up will continue, if applicable, as discussed above. Upon the death of the surviving spouse, Lincoln *Market Select*<sup>®</sup> Advantage will end and no further Protected Annual Income amounts are available (even if there was a Protected Income Base in effect at the time of the death).

**Termination.** After the fifth Benefit Year anniversary, the Contractowner may terminate the rider by notifying us in writing of the request to terminate or by failing to adhere to Investment Requirements. Owners of contracts issued in Florida who elected their rider

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prior to February 20, 2018 (April 2, 2018 if elected after the contract issue date), may terminate their rider at any time after the first Benefit Year anniversary. Lincoln *Market Select*<sup>®</sup> Advantage will automatically terminate:

● on the selection of an Annuity Payout option (except payments under the Protected Annual Income Payout Option will continue if applicable);

● upon death under the single life option or the death of the Secondary Life under the joint life option;

● when the Protected Income Base or Contract Value is reduced to zero due to an Excess Withdrawal;

● if the Contractowner or Annuitant is changed (except if the surviving Secondary Life assumes ownership of the Contract upon death of the Contractowner) including any sale or assignment of the Contract or any pledge of the Contract as collateral;

● on the date the Contractowner is changed pursuant to an enforceable divorce agreement or decree; or

● upon surrender or termination of the underlying annuity contract.

The termination will not result in any increase in Contract Value equal to the Protected Income Base or Enhancement Base. Upon effective termination of this rider, the benefit and charges within this rider will terminate. If you terminate the rider, we reserve the right to require a 12-month wait after this termination before you can elect any Living Benefit Rider available for purchase at that time.

***i4LIFE***<sup>®</sup> **Advantage Guaranteed Income Benefit option.** Contractowners who elect Lincoln *Market Select*<sup>®</sup> Advantage may decide to later transition to *i4LIFE*<sup>®</sup> Advantage Select Guaranteed Income Benefit. This transition must be made prior to the maximum age limit and prior to the selection of an Annuity Payout option. You cannot have both *i4LIFE*<sup>®</sup> Advantage and another Living Benefit Rider in effect on your Contract at the same time. See *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit Transitions for a discussion of this transition.

**Lincoln *Max 6 Select***<sup>SM</sup> **Advantage**

Lincoln *Max 6 Select*<sup>SM</sup> Advantage is a Living Benefit Rider that provides:

● Guaranteed lifetime periodic withdrawals for you (and the Secondary Life if the joint life option is selected) up to the Protected Annual Income amount which is based upon a guaranteed Protected Income Base;

● An Enhancement amount added to the Protected Income Base if certain criteria are met, as set forth below;

● Account Value Step-ups of the Protected Income Base to the Contract Value if the Contract Value is equal to or greater than the Protected Income Base after an Enhancement;

● Age-based increases to the Protected Annual Income amount (after reaching a higher age-band and after an Account Value Step-up).

Protected Annual Income payments are based upon specified percentages of the Protected Income Base, which are age-based and may increase over time. Your Protected Annual Income payments will be reduced if your Contract Value is reduced to zero. You may receive Protected Annual Income payments for your lifetime or for the lifetimes of you and the Secondary Life, if the joint life option is chosen.

**Please note any withdrawals made prior to the youngest age on the Rate Sheet, or that exceed the Protected Annual Income amount are considered Excess Withdrawals. In most states, amounts that are payable to any assignee or assignee's bank account are also considered Excess Withdrawals. Excess Withdrawals may significantly reduce your Protected Income Base and Enhancement Base by an amount greater than the dollar amount of the Excess Withdrawal, and will terminate the rider if the Protected Income Base is reduced to zero. If the Enhancement Base is reduced to zero, you will not be eligible for further Enhancements. As a result, the Protected Income Amount would be reduced as well. Withdrawals will also negatively impact the availability of an Enhancement.**

The Contractowner, Annuitant or Secondary Life may not be changed while this rider is in effect (except if the Secondary Life assumes ownership of the Contract upon death of the Contractowner), including any sale or assignment of the Contract as collateral. Under the Lincoln *Max 6 Select*<sup>SM</sup> Advantage rider, the Secondary Life must be the spouse.

**Benefit Year.** The Benefit Year is the 12-month period starting with the effective date of the rider and starting with each anniversary of the rider effective date after that. If your Benefit Year anniversary falls on a day that the New York Stock Exchange is closed, any benefit calculations scheduled to occur on that anniversary will occur on the next Valuation Date.

**Protected Income Base and Enhancement Base.** The Protected Income Base is a value used to calculate your Protected Annual Income amount. The initial Protected Income Base was established when you elected your rider. If you elected the rider at the time you purchased the Contract, the initial Protected Income Base equaled your initial Purchase Payment. If you elected the rider after the Contract was issued, the initial Protected Income Base equaled the Contract Value on the effective date of the rider. The Protected Income Base is increased by subsequent Purchase Payments, Enhancements, and Account Value Step-ups, and decreased by Excess Withdrawals in accordance with the provisions set forth below. The maximum Protected Income Base is $10 million, which includes the total guaranteed amounts under the Living Benefit Riders of all Lincoln Life contracts (or contracts issued by our affiliates) in which you (and/or Secondary Life if joint life option) are the covered lives.

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The Enhancement Base is the value used to calculate the amount that may be added to the Protected Income Base upon an Enhancement. The Enhancement Base is equal to the Protected Income Base on the effective date of the rider, increased by subsequent Purchase Payments and Account Value Step-ups, and decreased by Excess Withdrawals in accordance with the provisions set forth below. The Enhancement Base is **not** increased by an Enhancement.

Neither the Protected Income Base nor the Enhancement Base is available to you as a lump sum withdrawal or as a Death Benefit.

Additional Purchase Payments received after the rider effective date automatically increase the Protected Income Base and the Enhancement Base by the amount of the Purchase Payment (not to exceed the maximum Protected Income Base); for example, a $10,000 additional Purchase Payment will increase the Protected Income Base and Enhancement Base by $10,000. Any Purchase Payment will be added immediately to the Protected Income Base and Enhancement Base and will result in an increased Protected Annual Income amount but must be invested in the Contract at least one Benefit Year before it will be used in calculating an Enhancement. Any Purchase Payments made within the first 90 days after the effective date of the rider will be included in the Enhancement Base for purposes of calculating the Enhancement on the first Benefit Year anniversary.

After the first anniversary of the rider effective date, once cumulative additional Purchase Payments exceed $100,000, additional Purchase Payments may not exceed $50,000 per Benefit Year without Home Office approval. **Additional Purchase Payments will not be allowed if the Contract Value decreases to zero for any reason, including due to market loss.** 

Excess Withdrawals reduce the Protected Income Base and Enhancement Base as discussed below. The reduction to the Protected Income Base and the Enhancement Base could be more than the dollar amount of the withdrawal. Withdrawals less than or equal to the Protected Annual Income amount will not reduce the Protected Income Base or Enhancement Base.

**Enhancement.** You are eligible for an increase in the Protected Income Benefit through an Enhancement on each Benefit Year anniversary if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the Contractowner/Annuitant (as well as the Secondary Life if the joint life option is in effect) is under age 86;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. there are no withdrawals in the preceding Benefit Year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. the rider is within the Enhancement Period (described below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. the Protected Income Base after the Enhancement amount is added would be greater than the Contract Value on the same Benefit Year anniversary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. the Enhancement Base is greater than zero.

The Enhancement equals the Enhancement Base, minus Purchase Payments received in the preceding Benefit Year, multiplied by the Enhancement Rate. The Enhancement Base is not reduced by Purchase Payments received in the first 90 days after the rider effective date.

The current Enhancement rate applicable to new rider elections is determined in our sole discretion based on current economic factors including interest rates and equity market volatility. Generally, the rate may increase or decrease based on changes in equity market volatility, prevailing interest rates, or as a result of other economic conditions. The rate structure is intended to help us provide the guarantees under the rider. The Enhancement rate for new rider elections may be higher or lower than prior rates, but for existing Contractowners that have elected the rider, your rate will not change as a result.

The Enhancement rate that was applicable at the time you elected your rider was set forth in a Rate Sheet prospectus supplement. The Rate Sheet indicates the Enhancement rate and the date by which your application or rider election form had to be signed and dated for a rider to be issued with this rate. Enhancement rates for previous effective periods are included in Appendix F to this prospectus.

During the first ten Benefit Years, an increase in the Protected Income Base as a result of the Enhancement will not cause an increase in the annual protected lifetime income fee rate but will increase the dollar amount of the fee. After the tenth Benefit Year anniversary, if the Enhancement Period has renewed, the annual rate may increase each time the Protected Income Base increases as a result of the Enhancement. If you decline an Enhancement, you will continue to be eligible for an Enhancement starting on the next Benefit Year anniversary as long as you meet the conditions listed above.

**Note: The Enhancement is not available on any Benefit Year anniversary if an Account Value Step-up of the Protected Income Base occurs, or where there has been a withdrawal of Contract Value (including a Protected Annual Income payment) in the preceding Benefit Year. If you are eligible (as defined above) for the Enhancement in the next Benefit Year, the Enhancement will not occur until the Benefit Year anniversary of that year.** 

The following is an example of the impact of a 5% Enhancement on the Protected Income Base and assumes that no withdrawals have been made.

Initial Purchase Payment = $100,000; Protected Income Base = $100,000; Enhancement Base = $100,000

Additional Purchase Payment on day 30 = $15,000; Protected Income Base = $115,000; Enhancement Base = $115,000

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On the first Benefit Year anniversary, because the additional Purchase Payment is within the first 90 days after the effective date of the rider, the Protected Income Base will not be less than $120,750 (= $100,000 x 1.05 + $15,000 x 1.05).

Consider a further additional Purchase Payment on day 95 of $10,000; Protected Income Base = $125,000; Enhancement Base = $125,000

This additional Purchase Payment is not eligible for the Enhancement on the first Benefit Year anniversary because it was received after the first 90 days after the effective date for the rider. It will not be eligible for an Enhancement until the second Benefit Year anniversary. Therefore, on the first Benefit Year anniversary, the Protected Income Base will not be less than $130,750 (= $100,000 x 1.05 + $15,000 x 1.05 + $10,000).

As explained below, an Enhancement and Account Value Step-up will not occur in the same year. If the Account Value Step-up provides an increase equal to or greater than what the Enhancement provides, you will not receive the Enhancement. It is possible that this could happen each Benefit Year (because the Account Value Step-up provided a larger increase each year), and therefore the Enhancement would not apply. The Enhancement or the Account Value Step-up cannot increase the Protected Income Base above the maximum Protected Income Base of $10 million.

An example of the impact of a withdrawal on the Enhancement is included in the Withdrawal Amount section below.

**Enhancement Period.** The original Enhancement Period is up to a 10-year period that began on the effective date of the rider. A new Enhancement Period begins immediately following an Account Value Step-up. If during any Enhancement Period there are no Account Value Step-ups, the Enhancements will stop at the end of the Enhancement Period and will not restart until the next Benefit Year anniversary following the Benefit Year anniversary upon which an Account Value Step-up occurs.

**Account Value Step-ups.** The Protected Income Base and Enhancement Base will automatically step up to the Contract Value on each Benefit Year anniversary if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the Contractowner/Annuitant (single life option), or the Contractowner/Annuitant and Secondary Life (joint life option) are under age 86; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the Contract Value on that Benefit Year anniversary, after the deduction of any withdrawals (including surrender charges, the protected lifetime income fee and account fee), plus any Purchase Payments made on that date and Persistency Credits, if any, added on that date, is equal to or greater than the Protected Income Base after an Enhancement (if any).

Each time the Account Value Step-up occurs a new Enhancement Period starts. The Account Value Step-up is available even in those years when a withdrawal has occurred.

The fee rate can change each time there is an Account Value Step-up. That means if the current fee rate has increased, this would cause an increase in your annual fee rate for this rider. If your fee rate is increased, you may opt out of the Account Value Step-up. See Protected Lifetime Income Fees for details. If you decline an Account Value Step-up, you will continue to be eligible for an Enhancement as long as you meet the conditions listed above.

Following is an example of how the Account Value Step-up and a 5% Enhancement impact the Protected Income Base (assuming no withdrawals or additional Purchase Payments):

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| | | |
|:---|:---|:---|
|  | **Contract**<br> **Value**<br>| **Protected Income Base** |
| At issue | &nbsp;&nbsp; $50000 | &nbsp;&nbsp; $50000 |
| 1<sup>st</sup> Benefit Year anniversary | &nbsp;&nbsp; $54000 | &nbsp;&nbsp; $54000 |
| 2<sup>nd</sup> Benefit Year anniversary | &nbsp;&nbsp; $53900 | &nbsp;&nbsp; $56700 |

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On the first Benefit Year anniversary, the Account Value Step-up increased the Protected Income Base to the Contract Value of $54,000 since the increase in the Contract Value is greater than the 5% Enhancement amount of $2,500 (5% of $50,000). On the second Benefit Year anniversary, the 5% Enhancement provided a larger increase (5% of $54,000 = $2,700). The 5% Enhancement or an Account Value Step-up cannot increase the Protected Income Base beyond the maximum Protected Income Base of $10 million.

**Withdrawal Amount.** Protected Annual Income withdrawals are available at the youngest age on the Rate Sheet. The Protected Annual Income amount may be withdrawn from the Contract each Benefit Year. As long as the Protected Annual Income amount is not reduced to zero because of an Excess Withdrawal, these withdrawals may be taken for your lifetime (single life option) or the lifetimes of you and the Secondary Life (joint life option) but will be reduced if your Contract Value is reduced to zero.

The Protected Annual Income amount is determined by multiplying the Protected Income Base by the applicable rate, based on your age and whether the single or joint life option has been elected and whether or not your Contract Value has been reduced to zero. Under the joint life option, the younger age of you or the Secondary Life will be used. The Protected Annual Income amount will change upon an Account Value Step-up, an Enhancement (if applicable), additional Purchase Payments, and Excess Withdrawals, as described below.

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The Protected Annual Income rates that were applicable at the time you elected your rider were set forth in a supplement to this prospectus, called a Rate Sheet. The Rate Sheet indicates the Protected Annual Income rates and the date by which your application or rider election form had to be signed and dated for a rider to be issued with those rates. Rate information for previous effective periods is included in an Appendix to this prospectus.

After your first Protected Annual Income withdrawal, the Protected Annual Income rate will only increase on a Benefit Year anniversary on or after you have reached an applicable higher age band and after there has also been an Account Value Step-up. If you have reached an applicable higher age band and there has <u>not</u> also been a subsequent Account Value Step-up, then the Protected Annual Income rate will not increase until the next Account Value Step-up occurs. **If you do not withdraw the entire Protected Annual Income amount during a Benefit Year, there is no carryover of the remaining amount into the next Benefit Year.**

Protected Annual Income payments are not available until you have reached the youngest age on the Rate Sheet. If your Contract Value is reduced to zero for any reason other than for an Excess Withdrawal, the Protected Annual Income rate and amount will be immediately reduced, as reflected on your Rate Sheet. The Protected Annual Income amount payable as calculated in Table A of the Rate Sheet cannot exceed the remaining Contract Value. However, if the total Protected Annual Income amounts received in the Benefit Year your Contract Value is reduced to zero are less than the recalculated Protected Annual Income amount based on Table B of the rate sheet payable for the remainder of the year, the difference for the remainder of that Benefit Year is payable in a lump sum. Otherwise, you will not be able to receive further Protected Annual Income payments until the next Benefit Year anniversary when scheduled payments automatically resume. Withdrawals equal to the Protected Annual Income amount will continue for your life (and the Secondary Life's life if the joint life option is chosen) under the Protected Annual Income Payout Option. You may not withdraw the remaining Protected Income Base or Enhancement Base in a lump sum. **You will not be entitled to the Protected Annual Income amount if the Protected Income Base is reduced to zero as a result of an Excess Withdrawal. If either the Contract Value or the Protected Income Base is reduced to zero due to an Excess Withdrawal, the rider will terminate.**

Cumulative withdrawals during a Benefit Year that are equal to or less than the Protected Annual Income amount will not reduce the Protected Income Base or Enhancement Base. All withdrawals will decrease the Contract Value.

The following example shows the calculation of the Protected Annual Income amount and how withdrawals less than or equal to the Protected Annual Income amount impact the Protected Income Base, the Enhancement Base, and the Contract Value. The example assumes a 5% Enhancement, a 4% Protected Annual Income rate, and a Contract Value of $200,000:

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| | |
|:---|:---|
| Contract Value on the rider's effective date | &nbsp;&nbsp; $200000 |
| Protected Income Base and Enhancement Base on the rider's <br> effective date<br>| &nbsp;&nbsp; $200000 |
| Initial Protected Annual Income amount on the rider's effective <br> date ($200,000 x 4%)<br>| &nbsp;&nbsp; $8000 |
| Contract Value six months after rider's effective date | &nbsp;&nbsp; $210000 |
| Protected Income Base and Enhancement Base six months after <br> rider's effective date<br>| &nbsp;&nbsp; $200000 |
| Withdrawal six months after rider's effective date | &nbsp;&nbsp; $8000 |
| Contract Value after withdrawal ($210,000 - $8,000) | &nbsp;&nbsp; $202000 |
| Protected Income Base and Enhancement Base after withdrawal <br> ($200,000 - $0)<br>| &nbsp;&nbsp; $200000 |
| Contract Value on the first Benefit Year anniversary | &nbsp;&nbsp; $205000 |
| Protected Income Base and Enhancement Base on the first Benefit <br> Year anniversary<br>| &nbsp;&nbsp; $205000 |
| Protected Annual Income amount on the first Benefit Year <br> anniversary ($205,000 x 4%)<br>| &nbsp;&nbsp; $8200 |

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Since there was a withdrawal during the first year, an Enhancement is not available, but the Account Value Step-up was available and increased the Protected Income Base and the Enhancement Base to the Contract Value of $205,000. On the first Benefit Year anniversary, the Protected Annual Income amount is $8,200 (4% x $205,000).

Purchase Payments added to the Contract subsequent to the initial Purchase Payment will increase the Protected Annual Income amount by an amount equal to the applicable Protected Annual Income rate multiplied by the amount of the subsequent Purchase Payment. The Protected Annual Income payment amount will be recalculated immediately after a Purchase Payment is added to the Contract.

Enhancements and Account Value Step-up will increase the Protected Income Base and thus the Protected Annual Income amount. The Protected Annual Income amount, after the Protected Income Base is adjusted by an Enhancement or an Account Value Step-up, will be equal to the adjusted Protected Income Base multiplied by the applicable Protected Annual Income rate. The Protected Annual Income will be lower when your Contract Value is reduced to zero for any reason other than an Excess Withdrawal, which will result in a reduced Protected Annual Income amount.

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**Excess Withdrawals.** Excess Withdrawals are:

1. the cumulative amounts withdrawn from the Contract during the Benefit Year (including the current withdrawal) that exceed the Protected Annual Income amount at the time of the withdrawal;

2. withdrawals made prior to the youngest age on the Rate Sheet; or

3. withdrawals that are payable to any assignee or assignee's bank account.

When an Excess Withdrawal occurs:

1. the Protected Income Base and Enhancement Base are reduced by the same proportion that the Excess Withdrawal reduces the Contract Value. This means that the reduction in the Protected Income Base and Enhancement Base could be more than the dollar amount of the withdrawal; and

2. the Protected Annual Income amount will be recalculated to equal the applicable Protected Annual Income rate multiplied by the new (reduced) Protected Income Base (after the proportionate reduction for the Excess Withdrawal).

Your quarterly statements will include the Protected Annual Income amount (as adjusted for Protected Annual Income amount payments in a Benefit Year, Excess Withdrawals and additional Purchase Payments) available to you for the Benefit Year, if applicable, in order for you to determine whether a withdrawal may be an Excess Withdrawal. We encourage you to either consult with your registered representative or call us at the number provided in this prospectus if you have any questions about Excess Withdrawals.

The following example demonstrates the impact of an Excess Withdrawal on the Protected Income Base, the Enhancement Base, the Protected Annual Income amount, and the Contract Value. The example assumes a 5% Protected Annual Income rate and a $10,940 withdrawal, which causes a $10,200 reduction in the Protected Income Base and Enhancement Base.

Prior to Excess Withdrawal:

Contract Value = $60,000

Protected Income Base = $85,000

Enhancement Base = $85,000

Protected Annual Income amount = $4,250 (5% of the Protected Income Base of $85,000)

After a $10,940 withdrawal ($4,250 is within the Protected Annual Income amount, $6,690 is the Excess Withdrawal):

The Contract Value is reduced by the amount of the Protected Annual Income amount of $4,250 and the Protected Income Base and Enhancement Base are not reduced:

Contract Value = $55,750 ($60,000 - $4,250)

Protected Income Base = $85,000

Enhancement Base = $85,000

The Contract Value is also reduced by the $6,690 Excess Withdrawal and the Protected Income Base and Enhancement Base are reduced by approximately 12%, the same proportion by which the Excess Withdrawal reduced the $55,750 Contract Value ($6,690 / $55,750).

Contract Value = $49,060 ($55,750 - $6,690)

Protected Income Base = $74,800 ($85,000 x 12% = $10,200; $85,000 - $10,200 = $74,800)

Enhancement Base = $74,800 ($85,000 x 12% = $10,200; $85,000 - $10,200 = $74,800)

Protected Annual Income amount = $3,740 (5% of $74,800 Protected Income Base)

On the following Benefit Year anniversary:

Contract Value = $48,000

Protected Income Base = $74,800

Enhancement Base = $74,800

Protected Annual Income amount = $3,740 (5% x $74,800)

**In a declining market, Excess Withdrawals may significantly reduce your Protected Income Base, Enhancement Base, and Protected Annual Income amount. This is because the reduction in the benefit may be more than the dollar amount withdrawn from the Contract Value. If the Protected Income Base is reduced to zero due to an Excess Withdrawal, the rider will terminate. If the Contract Value is reduced to zero due to an Excess Withdrawal, the rider and Contract will terminate.** 

Surrender charges are waived on cumulative withdrawals less than or equal to the Protected Annual Income amount. Excess Withdrawals will be subject to surrender charges unless one of the waivers of surrender charge provisions set forth in this prospectus is applicable. Continuing with the prior example of the $12,000 withdrawal: the $4,250 Protected Annual Income amount is not subject to surrender charges; the $7,750 Excess Withdrawal may be subject to surrender charges according to the surrender charge schedule in this prospectus. See Charges, Other Deductions, and Adjustments — Surrender Charge.

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Withdrawals from IRA contracts will not be considered Excess Withdrawals (even if they exceed the Protected Annual Income amount) only if the withdrawals are taken as systematic installments of the amount needed to satisfy the required minimum distribution (RMD) rules under Internal Revenue Code Section 401(a)(9). In addition, in order for this exception for RMDs to apply, the following must occur:

1. Lincoln's automatic withdrawal service is used to calculate and pay the RMD;

2. The RMD calculation must be based only on the value in this Contract;

3. No withdrawals other than the RMD are made within the Benefit Year (except as described in the next paragraph);

4. This Contract is not a beneficiary IRA; and

5. The younger of you or the Secondary Life (joint life option) reach the youngest age on the Rate Sheet.

If your RMD withdrawals during a Benefit Year are less than the Protected Annual Income amount, an additional amount up to the Protected Annual Income amount may be withdrawn and will not be subject to surrender charges. **If a withdrawal, other than an RMD is made during the Benefit Year, then all amounts withdrawn in excess of the Protected Annual Income amount, including amounts attributable to the RMD, will be treated as Excess Withdrawals.**

Distributions from qualified contracts are generally taxed as ordinary income. Distributions from nonqualified contracts that are includable in gross income are also generally taxed as ordinary income. See Federal Tax Matters for information on determining what amounts are includable in gross income.

**Protected Annual Income Payout Option.** The Protected Annual Income Payout Option ("PAIPO") is an Annuity Payout option under which the Contractowner (and Secondary Life if applicable) will receive annuity payments equal to the Protected Income Base multiplied by the Protected Annual Income rate shown in Table B of your Rate Sheet, for life. This option is different from other Annuity Payout options, including *i4LIFE*<sup>®</sup> Advantage, which are based on your Contract Value. If you are required to take annuity payments because you have reached the Annuity Commencement Date, you have the option of electing the PAIPO. If the Contract Value is reduced to zero and you have a remaining Protected Income Base, you will receive the PAIPO.

Payment frequencies other than annual may be available. You will have no other contract features other than the right to receive annuity payments equal to the Protected Annual Income amount for your life or the lives of you and the Secondary Life for the joint life option.

If you are receiving the PAIPO, the Beneficiary may be eligible to receive final payment upon death of the single life or surviving joint life. If the Contract Value Death Benefit option was in effect immediately prior to electing the PAIPO, the Beneficiary will not be eligible to receive the final payment. If the effective date of the rider is the same as the effective date of the Contract, the final payment will be equal to the sum of all Purchase Payments, decreased by withdrawals. If the effective date of the rider is after the effective date of the Contract, the final payment will be equal to the Contract Value on the effective date of the rider, increased for Purchase Payments received after the rider effective date and decreased by withdrawals. Excess Withdrawals reduce the final payment in the same proportion as the withdrawals reduce the Contract Value; withdrawals less than or equal to the Protected Annual Income amount and payments under the PAIPO will reduce the final payment dollar for dollar.

**Death Prior to the Selection of an Annuity Payout Option.** Lincoln *Max 6 Select*<sup>SM</sup> Advantage has no provision for a payout of the Protected Income Base or Enhancement Base upon death of the Contractowner or Annuitant and provides no increase in the Death Benefit value over and above what the Death Benefit provides in the base contract. At the time of death, if the Contract Value equals zero, no Death Benefit options (as described earlier in this prospectus) will be in effect. Election of Lincoln *Max 6 Select*<sup>SM</sup> Advantage does not impact the Death Benefit options available for purchase with your annuity contract. All Death Benefit payments must be made in compliance with Internal Revenue Code Sections 72(s) or 401(a)(9) as applicable as amended from time to time. See Benefits Available Under the Contract – Death Benefit.

Upon the death of the single life, this rider will end and no further Protected Annual Income amounts are available (even if there was a Protected Income Base in effect at the time of the death). Upon the first death under the joint life option, withdrawals up to the Protected Annual Income amount continue to be available for the life of the surviving spouse. The Enhancement and Account Value Step-up will continue, if applicable, as discussed above. Upon the death of the surviving spouse, Lincoln *Max 6 Select*<sup>SM</sup> Advantage will end and no further Protected Annual Income amounts are available (even if there was a Protected Income Base in effect at the time of the death).

**Termination.** After the fifth Benefit Year anniversary, the Contractowner may terminate the rider by notifying us in writing of the request to terminate or by failing to adhere to Investment Requirements. Lincoln *Max 6 Select*<sup>SM</sup> Advantage will automatically terminate:

● on the selection of an Annuity Payout option (except payments under the Protected Annual Income Payout Option will continue if applicable);

● upon death under the single life option or the death of the Secondary Life under the joint life option;

● upon election of i4LIFE® Advantage;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● when the Protected Income Base or Contract Value is reduced to zero due to an Excess Withdrawal;

● if the Contractowner or Annuitant is changed (except if the Secondary Life assumes ownership of the Contract upon death of the Contractowner) including any sale or assignment of the Contract or any pledge of the Contract as collateral;

● on the date the Contractowner is changed pursuant to an enforceable divorce agreement or decree; or

● upon surrender or termination of the underlying annuity contract.

The termination will not result in any increase in Contract Value equal to the Protected Income Base. Upon effective termination of this rider, the benefit and charges within this rider will terminate. If you terminate the rider, we reserve the right to require a 12-month wait after this termination before you can elect any Living Benefit Rider available for purchase at that time.

***Lincoln SmartSecurity***<sup>®</sup> **Advantage**

This benefit provides a minimum guaranteed amount (Guaranteed Amount) that you will be able to withdraw, in installments, from your Contract. The Guaranteed Amount is equal to the initial Purchase Payment (or Contract Value if elected after contract issue) adjusted for subsequent Purchase Payments, step-ups and withdrawals in accordance with the provisions set forth below.

With *Lincoln SmartSecurity*<sup>®</sup> Advantage, the Guaranteed Amount will automatically step up to the Contract Value, if higher, on each Benefit Year anniversary through the tenth anniversary. With *Lincoln SmartSecurity*<sup>®</sup> Advantage, the Contractowner can also initiate additional 10-year periods of automatic step-ups.

You may access this Guaranteed Amount through periodic withdrawals which are based on a percentage of the Guaranteed Amount. With *Lincoln SmartSecurity*<sup>®</sup> Advantage single life or joint life options, you also have the option to receive periodic withdrawals for your lifetime or for the lifetimes of you and your spouse. These options are discussed below in detail.

If you purchased this rider, you are limited in how much you can invest in certain Subaccounts. See Appendix B – Investment Requirements.

If the benefit was elected at contract issue, then the rider was effective on the Contract's effective date. If the benefit was elected after the Contract was issued, the rider was effective on the next Valuation Date following approval by us.

**Benefit Year.** The Benefit Year is the 12-month period starting with the effective date of the rider and starting with each anniversary of the rider effective date after that. If the Contractowner elects to step up the Guaranteed Amount (this does not include Account Value Step-ups within a 10-year period), the Benefit Year will begin on the effective date of the step-up and each anniversary of the effective date of the step-up after that. The step-up will be effective on the next Valuation Date after notice of the step-up is approved by us. If your Benefit Year anniversary falls on a day that the New York Stock Exchange is closed, any benefit calculations scheduled to occur on that anniversary will occur on the next Valuation Date.

**Guaranteed Amount.** The Guaranteed Amount is a value used to calculate your withdrawal benefit under this rider. The Guaranteed Amount is not available to you as a lump sum withdrawal or a Death Benefit. The initial Guaranteed Amount varies based on when and how you elect the benefit. If you elected the benefit at the time you purchased the Contract, the Guaranteed Amount equals your initial Purchase Payment. If you elected the benefit after we issued the Contract, the Guaranteed Amount equals the Contract Value on the effective date of the rider. The maximum Guaranteed Amount is $10 million for *Lincoln SmartSecurity*<sup>®</sup> Advantage. This maximum takes into consideration the combined guaranteed amounts under the Living Benefit Riders of all Lincoln Life contracts (or contracts issued by our affiliates) in which you (and/or spouse if joint life option) are the covered lives.

Additional Purchase Payments automatically increase the Guaranteed Amount by the amount of the Purchase Payment (not to exceed the maximum); for example, a $10,000 additional Purchase Payment will increase the Guaranteed Amount by $10,000. After the first anniversary of the rider effective date, once cumulative additional Purchase Payments exceed $100,000, additional Purchase Payments will be limited to $50,000 per Benefit Year without Home Office approval. Additional Purchase Payments will not be allowed if the Contract Value is zero.

Each withdrawal reduces the Guaranteed Amount as discussed below.

**Step-ups of the Guaranteed Amount.** Under *Lincoln SmartSecurity*<sup>®</sup> Advantage, the Guaranteed Amount will automatically step up to the Contract Value on each Benefit Year anniversary up to and including the tenth Benefit Year if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the Contractowner or joint owner is still living; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the Contract Value as of the Valuation Date, after the deduction of any withdrawals (including surrender charges), the rider charge and account fee plus any Purchase Payments made on that date is greater than the Guaranteed Amount immediately preceding the Valuation Date.

After the tenth Benefit Year anniversary, you may initiate another 10-year period of automatic step-ups by electing (in writing) to step up the Guaranteed Amount to the greater of the Contract Value or the current Guaranteed Amount if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. each Contractowner and Annuitant is under age 81; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the Contractowner or joint owner is still living.

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If you choose, we will administer this election for you automatically, so that a new 10-year period of step-ups will begin at the end of each prior 10-year step-up period.

Following is an example of how the step-ups work in *Lincoln SmartSecurity*<sup>®</sup> Advantage, (assuming no withdrawals or additional Purchase Payments):

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| | | |
|:---|:---|:---|
|  | **Contract** <br> **Value**<br>| **Guaranteed**<br> **Amount**<br>|
| Initial Purchase Payment $50,000 | &nbsp;&nbsp; $50000 | &nbsp;&nbsp; $50000 |
| 1<sup>st</sup> Benefit Year anniversary | &nbsp;&nbsp; $54000 | &nbsp;&nbsp; $54000 |
| 2<sup>nd</sup> Benefit Year anniversary | &nbsp;&nbsp; $53900 | &nbsp;&nbsp; $54000 |
| 3<sup>rd</sup> Benefit Year anniversary | &nbsp;&nbsp; $57000 | &nbsp;&nbsp; $57000 |

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Annual step-ups, if the conditions are met, will continue until (and including) the tenth Benefit Year anniversary. If you had elected to have the next 10-year period of step-ups begin automatically after the prior 10-year period, annual step-ups, if conditions are met, will continue beginning on the eleventh Benefit Year anniversary.

Contractowner elected step-ups (other than automatic step-ups) will be effective on the next Valuation Date after we receive your request and a new Benefit Year will begin. Purchase Payments and withdrawals made after a step-up adjust the Guaranteed Amount. In the future, we may limit your right to step-up the Guaranteed Amount to your Benefit Year anniversary dates. All step-ups are subject to the maximum Guaranteed Amount.

**Withdrawals.** You will have access to your Guaranteed Amount through periodic withdrawals up to the Maximum Annual Withdrawal amount each Benefit Year until the Guaranteed Amount equals zero.

On the effective date of the rider, the Maximum Annual Withdrawal amount is 5% of the Guaranteed Amount.

If you do not withdraw the entire Maximum Annual Withdrawal amount during a Benefit Year, there is no carryover of the extra amount into the next Benefit Year. The Maximum Annual Withdrawal amount is increased by 5% of any additional Purchase Payments. For example, if the Maximum Annual Withdrawal amount is $2,500 (5% of $50,000 Guaranteed Amount) is in effect and an additional Purchase Payment of $10,000 is made, the new Maximum Annual Withdrawal amount is $3,000 ($2,500 + 5% of $10,000). Step-ups of the Guaranteed Amount (both automatic step-ups and step-ups elected by you) will step up the Maximum Annual Withdrawal amount to the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the Maximum Annual Withdrawal amount immediately prior to the step-up; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. 5% of the new (stepped up) Guaranteed Amount.

If the cumulative amounts withdrawn from the Contract during the Benefit Year (including the current withdrawal) are within the Maximum Annual Withdrawal amount, then:

1. the withdrawal will reduce the Guaranteed Amount by the amount of the withdrawal on a dollar-for-dollar basis; and

2. the Maximum Annual Withdrawal amount will remain the same.

Withdrawals within the Maximum Annual Withdrawal Amount are not subject to surrender charges or the Interest Adjustment on the amount withdrawn from the fixed account if applicable. See Fixed Side of the Contract.

Withdrawals from IRA contracts will be treated as within the Maximum Annual Withdrawal amount (even if they exceed the 5% Maximum Annual Withdrawal amount) only if:

● Lincoln's automatic withdrawal service is used to calculate and pay the RMD;

● the RMD calculation must be based only on the value in this Contract;

● no withdrawals other than RMDs are made within the Benefit Year; and

● this Contract is not a beneficiary IRA.

Distributions from qualified contracts are generally taxed as ordinary income. Distributions from nonqualified contracts that are includable in gross income are also generally taxed as ordinary income. See Federal Tax Matters for information on determining what amounts are includable in gross income.

When cumulative amounts withdrawn from the Contract during the Benefit Year (including the current withdrawal) exceed the Maximum Annual Withdrawal amount:

1. The Guaranteed Amount is reduced to the lesser of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the Contract Value immediately following the withdrawal; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the Guaranteed Amount immediately prior to the withdrawal; less the amount of the withdrawal.

2. The Maximum Annual Withdrawal amount will be the lesser of:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the Maximum Annual Withdrawal amount immediately prior to the withdrawal; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 5% of the reduced Guaranteed Amount immediately following the withdrawal (as specified above when withdrawals exceed the Maximum Annual Withdrawal amount); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 5% of the Contract Value immediately following the withdrawal; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the new Guaranteed Amount.

The following example demonstrates the impact of Excess Withdrawals on the Guaranteed Amount and the Maximum Annual Withdrawal amount. A $7,000 Excess Withdrawal caused a $32,000 reduction in the Guaranteed Amount.

Prior to Excess Withdrawal:

Contract Value = $60,000

Guaranteed Amount = $85,000

Maximum Annual Withdrawal = $5,000 (5% of the initial Guaranteed Amount of $100,000)

After a $7,000 Withdrawal:

Contract Value = $53,000

Guaranteed Amount = $53,000

Maximum Annual Withdrawal = $2,650

The Guaranteed Amount was reduced to the lesser of the Contract Value immediately following the withdrawal ($53,000) or the Guaranteed Amount immediately prior to the withdrawal, less the amount of the withdrawal ($85,000 - $7,000 = $78,000).

The Maximum Annual Withdrawal amount was reduced to the lesser of:

1. Maximum Annual Withdrawal amount prior to the withdrawal ($5,000); or

2. The greater of 5% of the new Guaranteed Amount ($2,650) or 5% of the Contract Value following the withdrawal ($2,650); or

3. The new Guaranteed Amount ($53,000).

The lesser of these three items is $2,650.

**In a declining market, Excess Withdrawals may substantially deplete or eliminate your Guaranteed Amount and reduce your Maximum Annual Withdrawal amount.**

Excess Withdrawals will be subject to surrender charges (to the extent that total withdrawals exceed the free amount of withdrawals allowed during a Contract Year) and an Interest Adjustment on the amount withdrawn from the fixed account, if applicable. Refer to the Statement of Additional Information for an example of the Interest Adjustment calculation.

**Lifetime Withdrawals.** Payment of the Maximum Annual Withdrawal amount will be guaranteed for your (Contractowner) lifetime (single life option) or for the lifetimes of you (Contractowner) and your spouse (joint life option), as long as:

1. No withdrawals are made before you (and your spouse if a joint life) are age 65; and

2. An Excess Withdrawal (described above) has not reduced the Maximum Annual Withdrawal amount to zero.

If the lifetime withdrawal is not in effect, the Maximum Annual Withdrawal amount will last only until the Guaranteed Amount equals zero.

If any withdrawal is made prior to the time you (or both spouses) are age 65, the Maximum Annual Withdrawal amount will not last for the lifetime(s), except in the two situations described below:

1. If a step-up of the Guaranteed Amount after age 65 causes the Maximum Annual Withdrawal amount to equal or increase from the immediately prior Maximum Annual Withdrawal amount. This typically occurs if the Contract Value equals or exceeds the highest, prior Guaranteed Amount. If this happens, the new Maximum Annual Withdrawal amount will automatically be available for the specified lifetime(s); or

2. The Contractowner makes a one-time election to reset the Maximum Annual Withdrawal amount to 5% of the current Guaranteed Amount. This reset will occur on the first Valuation Date following the Benefit Year anniversary and will be based on the Guaranteed Amount as of that Valuation Date. This will reduce your Maximum Annual Withdrawal amount. A Contractowner would only choose this if the above situation did not occur. To reset the Maximum Annual Withdrawal amount, the following must occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the Contractowner (and spouse if applicable) is age 65;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the Contract is currently within a 10-year automatic step-up period described above (or else a Contractowner submits a step-up request to start a new 10-year automatic step-up period) (the Contractowner must be eligible to elect a step-up; i.e., all Contractowners and the Annuitant must be alive and under age 81); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. you have submitted this request to us in writing at least 30 days prior to the end of the Benefit Year.

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As an example of these two situations, if you purchased *Lincoln SmartSecurity*<sup>®</sup> Advantage single life with $100,000, your initial Guaranteed Amount is $100,000 and your initial Maximum Annual Withdrawal amount is $5,000. If you make a $5,000 withdrawal at age 62, your Guaranteed Amount will decrease to $95,000. Since you did not satisfy the age 65 requirement, you do not have a lifetime Maximum Annual Withdrawal amount. If a step-up of the Guaranteed Amount after age 65 (either automatic or Contractowner-elected) causes the Guaranteed Amount to equal or exceed $100,000, then the Maximum Annual Withdrawal amount of $5,000 (or greater) will become a lifetime payout. This is the first situation described above. However, if the Guaranteed Amount has not been reset to equal or exceed the highest prior Guaranteed Amount, then you can choose the second situation described above if you are age 65 and the Contract is within a 10-year automatic step-up period. This will reset the Maximum Annual Withdrawal amount to 5% of the current Guaranteed Amount; 5% of $95,000 is $4,750. This is your new Maximum Annual Withdrawal amount which can be paid for your lifetime unless Excess Withdrawals are made.

The tax consequences of withdrawals and annuity payments are discussed in Federal Tax Matters.

All withdrawals you make, whether or not within the Maximum Annual Withdrawal amount, will decrease your Contract Value. If the Contract is surrendered, the Contractowner will receive the Contract Value (less any applicable charges, fees, and taxes) and not the Guaranteed Amount.

If your Contract Value is reduced to zero because of market performance, withdrawals equal to the remaining Maximum Annual Withdrawal amount for that Benefit Year will be paid in a lump sum. On the next rider anniversary, the scheduled amount will resume and continue for the life of you (and your spouse if applicable) if the lifetime withdrawals are in effect. If not, the Maximum Annual Withdrawal amount will continue until the Guaranteed Amount equals zero. You may not withdraw the remaining Guaranteed Amount in a lump sum.

**Guaranteed Amount Annuity Payment Option.** If you desire to annuitize your Guaranteed Amount, the Guaranteed Amount Annuity Payment Option is available.

The Guaranteed Amount Annuity Payment Option is a fixed annuitization in which the Contractowner (and spouse if applicable) will receive the Guaranteed Amount in annual annuity payments equal to the current 5% Maximum Annual Withdrawal amount, including the lifetime Maximum Annual Withdrawals if in effect (this option is different from other annuity payment options discussed in this prospectus, including *i4LIFE*<sup>®</sup> Advantage, which are based on your Contract Value). Payment frequencies other than annual may be available. Payments will continue until the Guaranteed Amount equals zero and may continue until death if the lifetime Maximum Annual Withdrawal is in effect. This may result in a partial, final payment. You would consider this option only if your Contract Value is less than the Guaranteed Amount (and you don't believe the Contract Value will ever exceed the Guaranteed Amount) and you do not wish to keep your annuity contract in force other than to pay out the Guaranteed Amount. You will have no other contract features other than the right to receive annuity payments equal to the Maximum Annual Withdrawal amount until the Guaranteed Amount equals zero.

If the Contract Value is zero and you have a remaining Guaranteed Amount, you may not withdraw the remaining Guaranteed Amount in a lump sum, but must elect the Guaranteed Amount Annuity Payment Option.

**Death Prior to the Selection of an Annuity Payout Option.** *Lincoln SmartSecurity*<sup>®</sup> Advantage has no provision for a lump sum payout of the Guaranteed Amount upon death of the Contractowners or Annuitant. In addition, *Lincoln SmartSecurity*<sup>®</sup> Advantage provides no increase in the Death Benefit value over and above what the Death Benefit provides in the base contract. At the time of death, if the Contract Value equals zero, no Death Benefit will be paid other than any applicable Maximum Annual Withdrawal amounts. All Death Benefit payments must be made in compliance with Internal Revenue Code Sections 72(s) or 401(a)(9) as applicable as amended from time to time. See Benefits Available Under the Contract – Death Benefit.

Upon the death of the single life under *Lincoln SmartSecurity*<sup>®</sup> Advantage single life option, the lifetime payout of the Maximum Annual Withdrawal amount, if in effect, will end. If the Contract is continued as discussed below, the Maximum Annual Withdrawal amount will continue until the Guaranteed Amount, if any, is zero. In the alternative, the surviving spouse can choose to become the new single life, if the surviving spouse is under age 81. This will cause a reset of the Guaranteed Amount and the Maximum Annual Withdrawal amount. The new Guaranteed Amount will equal the Contract Value on the date of the reset and the new Maximum Annual Withdrawal amount will be 5% of the new Guaranteed Amount. This also starts a new 10-year period of automatic step-ups. At this time, the charge for the rider will become the current charge in effect for the single life option. The surviving spouse will need to be 65 before taking withdrawals to qualify for a lifetime payout. In deciding whether to make this change, the surviving spouse should consider:

1. the change a reset would cause to the Guaranteed Amount and the Maximum Annual Withdrawal amount;

2. whether it is important to have Maximum Annual Withdrawal amounts for life or only until the Guaranteed Amount is reduced to zero; and

3. the cost of the single life option.

Upon the first death under *Lincoln SmartSecurity*<sup>®</sup> Advantage joint life option, the lifetime payout of the Maximum Annual Withdrawal amount, if in effect, will continue for the life of the surviving spouse. Upon the death of the surviving spouse, the lifetime payout of the

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Maximum Annual Withdrawal amount will end. However, if the spouse's Beneficiary elects to take the annuity Death Benefit in installments over life expectancy, the Maximum Annual Withdrawal amount will continue until the Guaranteed Amount, if any, is zero (see below for a non-spouse Beneficiary). As an alternative, after the first death, the surviving spouse may choose to change from the joint life option to the single life option, if the surviving spouse is under age 81. This will cause a reset of the Guaranteed Amount and the Maximum Annual Withdrawal amount. The new Guaranteed Amount will equal the Contract Value on the date of the reset and the new Maximum Annual Withdrawal amount will be 5% of the new Guaranteed Amount. This also starts a new 10-year period of automatic step-ups. At this time, the charge for the rider will become the current charge in effect for the single life option. In deciding whether to make this change, the surviving spouse should consider:

1. if the reset will cause the Guaranteed Amount and the Maximum Annual Withdrawal amount to decrease; and

2. if the cost of the single life option is less than the cost of the joint life option.

If the surviving spouse of the deceased Contractowner continues the Contract, the remaining automatic step-ups will apply to the spouse as the new Contractowner.

If a non-spouse Beneficiary elects to receive the Death Benefit in installments over life expectancy (thereby keeping the Contract in force), the Beneficiary may continue *Lincoln SmartSecurity*<sup>®</sup> Advantage if desired. Automatic step-ups under *Lincoln SmartSecurity*<sup>®</sup> Advantage will not continue and elective step-ups of the Guaranteed Amount under both options will not be permitted. In the event the Contract Value declines below the Guaranteed Amount (as adjusted for withdrawals of Death Benefit payments), the Beneficiary is assured of receiving payments equal to the Guaranteed Amount (as adjusted). Deductions for the protected lifetime income fee will continue on a quarterly basis and will be charged against the remaining Guaranteed Amount. Note: there are instances where the required installments of the Death Benefit, in order to be in compliance with the Internal Revenue Code as noted above, may exceed the Maximum Annual Withdrawal amount, thereby reducing the benefit of this rider. If there are multiple Beneficiaries, each Beneficiary will be entitled to continue a share of *Lincoln SmartSecurity*<sup>®</sup> Advantage equal to his or her share of the Death Benefit.

**Impact of Divorce on Joint Life Option.** In the event of a divorce, the Contractowner may change from a joint life option to a single life option (if available) (if the Contractowner is under age 81) at the current protected lifetime income fee of the single life option. At the time of the change, the Guaranteed Amount will be reset to the current Contract Value and the Maximum Annual Withdrawal amount will equal 5% of this new Guaranteed Amount.

After a divorce, the Contractowner may keep the joint life option to have the opportunity to receive lifetime payouts for the lives of the Contractowner and a new spouse. This is only available if no withdrawals were made from the Contract after the effective date of the rider up to and including the date the new spouse is added to the rider.

**Termination.** After the later of the fifth Benefit Year anniversary of the effective date of the rider or the fifth Benefit Year anniversary of the most recent Contractowner-elected step-up, including any step-up we administered for you, of the Guaranteed Amount, the Contractowner may terminate the rider by notifying us in writing. After this time, the rider will also terminate if the Contractowner fails to adhere to the Investment Requirements. *Lincoln SmartSecurity*<sup>®</sup> Advantage will automatically terminate:

● on the selection of an Annuity Payout option (except payments under the Guaranteed Amount Annuity Payment Option will continue if applicable);

● upon the election of i4LIFE® Advantage;

● if the Contractowner or Annuitant is changed (except if the surviving Secondary Life assumes ownership of the Contract upon death of the Contractowner) including any sale or assignment of the Contract or any pledge of the Contract as collateral;

● upon the last payment of the Guaranteed Amount unless the lifetime Maximum Annual Withdrawal is in effect;

● when the Maximum Annual Withdrawal or Contract Value is reduced to zero due to an Excess Withdrawal; or

● upon termination of the underlying annuity contract.

The termination will not result in any increase in Contract Value equal to the Guaranteed Amount. Upon effective termination of this rider, the benefits and charges within this rider will terminate.

If you terminate the rider, we reserve the right to require a 12-month wait after this termination before you can purchase any Living Benefit Rider available for purchase at that time.

***i4LIFE***<sup>®</sup> **Advantage Guaranteed Income Benefit Option.** Contractowners who previously elected *Lincoln SmartSecurity*<sup>®</sup> Advantage may decide to later carry over their Guaranteed Amount to *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit. Beginning This transition will be made to Guaranteed Income Benefit (Managed Risk). The charge, Guaranteed Income Benefit percentages, Access Period requirements, and Investment Requirements will be those that currently apply to new elections of *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit (Managed Risk). This decision must be made prior to the maximum age limit and prior to the selection of an Annuity Payout option. You cannot have both *i4LIFE*<sup>®</sup> Advantage and another Living Benefit Rider in effect on your Contract at the same time.

***Lincoln IRA Income Plus***<sup>SM</sup> 

*Lincoln IRA Income Plus*<sup>SM</sup> is a Living Benefit Rider that provides:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● Guaranteed periodic withdrawals for your lifetime, up to the Protected Annual Income amount which is based upon a Protected Income Base;

● An Enhancement amount added to the Protected Income Base if certain criteria are met, as set forth below;

● Account Value Step-ups of the Protected Income Base to the Contract Value if the Contract Value is equal to or greater than the Protected Income Base after an Enhancement; and

● Age-based increases to the Protected Annual Income amount (after reaching a higher age-band and after an Account Value Step-up).

Protected Annual Income payments are available after you reach age 70 and are based upon specified percentages of the Protected Income Base which are age-based and may increase over time. You may receive Protected Annual Income Payments for your lifetime. Your Protected Annual Income payments will be reduced if your Contract Value is reduced to zero.

**Please note any withdrawals made prior to age 70 or that exceed the Protected Annual Income amount are considered Excess Withdrawals. In most states, amounts that are payable to any assignee or assignee's bank account are also considered Excess Withdrawals. Excess Withdrawals may significantly reduce your Protected Income Base and Enhancement Base as well as your Protected Annual Income amount by an amount greater than the dollar amount of the Excess Withdrawal, and will terminate the rider if the Protected Income Base is reduced to zero. If the Enhancement Base is reduced to zero, you will not be eligible for further Enhancements. Withdrawals will also negatively impact the availability of an Enhancement.**

The Contractowner or Annuitant may not be changed while this rider is in effect, including any sale or assignment of the Contract as collateral.

**Benefit Year.** The Benefit Year is the 12-month period starting with the effective date of the rider and starting with each anniversary of the rider effective date after that. If your Benefit Year anniversary falls on a day that the New York Stock Exchange is closed, any benefit calculations scheduled to occur on that anniversary will occur on the next Valuation Date.

**Protected Income Base and Enhancement Base.** The Protected Income Base is a value used to calculate your Protected Annual Income amount. The initial Protected Income Base was established when you elected your rider. If you elected the rider at the time you purchased the Contract, the initial Protected Income Base equaled your initial Purchase Payment. If you elected the rider after the Contract was issued, the initial Protected Income Base equaled the Contract Value on the effective date of the rider. The Protected Income Base is increased by subsequent Purchase Payments, 6% Enhancements and Automatic Annual Step-ups, and decreased by Excess Withdrawals in accordance with the provisions set forth below. The maximum Protected Income Base is $10 million, which includes the total guaranteed amounts under the Living Benefit Riders of all Lincoln Life contracts (or contracts issued by our affiliates) in which you are the covered life.

The Enhancement Base is the value used to calculate the amount that may be added to the Protected Income Base upon an Enhancement. The Enhancement Base is equal to the Protected Income Base on the effective date of the rider, increased by subsequent Purchase Payments and Account Value Step-ups, and decreased by Excess Withdrawals in accordance with the provisions set forth below. The Enhancement Base is **not** increased by a 6% Enhancement.

Neither the Protected Income Base nor the Enhancement Base is available to you as a lump sum withdrawal or as a Death Benefit.

Additional Purchase Payments received after the rider effective date automatically increase the Protected Income Base and the Enhancement Base by the amount of the Purchase Payment (not to exceed the maximum Protected Income Base); for example, a $10,000 additional Purchase Payment will increase the Protected Income Base and Enhancement Base by $10,000. Any Purchase Payment will be added immediately to the Protected Income Base and will result in an increased Protected Annual Income amount but must be invested in the Contract at least one Benefit Year before it will be used in calculating an Enhancement. Any Purchase Payments made within the first 90 days after the effective date of the rider will be included in the Enhancement Base for purposes of calculating the Enhancement on the first Benefit Year anniversary.

After the first anniversary of the rider effective date, once cumulative additional Purchase Payments exceed $100,000, additional Purchase Payments will be limited to $50,000 per Benefit Year without Home Office approval. **Additional Purchase Payments will not be allowed if the Contract Value decreases to zero for any reason, including market loss.** 

Excess Withdrawals reduce the Protected Income Base and Enhancement Base as discussed below. The reduction to the Protected Income Base and the Enhancement Base could be more than the dollar amount of the withdrawal. Withdrawals less than or equal to the Protected Annual Income amount will not reduce the Protected Income Base or Enhancement Base.

**Enhancement.** You are eligible for an increase in the Protected Income Base through an Enhancement on each Benefit Year anniversary if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the Contractowner/Annuitant is under age 86;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. there are no withdrawals in the preceding Benefit Year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. the rider is within the Enhancement Period (described below);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. the Protected Income Base after the Enhancement amount is added would be greater than the Protected Income Base after the Account Value Step-up; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. the Enhancement Base is greater than zero.

The Enhancement equals the Enhancement Base, minus Purchase Payments received in the preceding Benefit Year, multiplied by 6%. The Enhancement Base is not reduced by Purchase Payments received in the first 90 days after the rider effective date.

During the first ten Benefit Years, an increase in the Protected Income Base as a result of the Enhancement will not cause an increase in the annual protected lifetime income fee rate but will increase the dollar amount of the fee. After the tenth Benefit Year anniversary, if the Enhancement Period has renewed, the annual rate may increase each time the Protected Income Base increases as a result of the Enhancement. If you decline an Enhancement, you will continue to be eligible for an Enhancement starting on the next Benefit Year anniversary as long as you meet the conditions listed above.

**Note: The Enhancement is not available on any Benefit Year anniversary if an Account Value Step-up to the Protected Income Base occurs, or where there has been a withdrawal of Contract Value (including a Protected Annual Income payment) in the preceding Benefit Year. If you are eligible (as defined above) for the Enhancement in the next Benefit Year, the Enhancement will not occur until the Benefit Year anniversary of that year.** 

The following is an example of the impact of the 6% Enhancement on the Protected Income Base and assumes that no withdrawals have been made.

Initial Purchase Payment = $100,000; Protected Income Base = $100,000; Enhancement Base = $100,000

Additional Purchase Payment on day 30 = $15,000; Protected Income Base = $115,000; Enhancement Base = $115,000

On the first Benefit Year anniversary, because the additional Purchase Payment is within the first 90 days after the effective date of the rider, the Protected Income Base will not be less than $121,900 (= $100,000 x 1.06 + $15,000 x 1.06).

Consider a further additional Purchase Payment on day 95 of $10,000; Protected Income Base = $125,000; Enhancement Base = $125,000

This additional Purchase Payment is not eligible for the Enhancement on the first Benefit Year anniversary because it was received after the first 90 days after the effective date for the rider. It will not be eligible for the 6% Enhancement until the second Benefit Year anniversary. Therefore, on the first Benefit Year anniversary, the Protected Income Base will not be less than $131,900 (= $100,000 x 1.06 + $15,000 x 1.06 + $10,000).

As explained below, an Enhancement and Account Value Step-up will not occur in the same year. If the Account Value Step-up provides an increase equal to or greater than what the Enhancement provides, you will not receive the Enhancement. It is possible that this could happen each Benefit Year (because the Account Value Step-up provided a larger increase each year), and therefore the Enhancement would not apply. The Enhancement or the Account Value Step-up cannot increase the Protected Income Base above the maximum Protected Income Base of $10 million.

An example of the impact of a withdrawal on the 6% Enhancement is included in the Withdrawal Amount section below.

**Enhancement Period.** The original Enhancement Period is up to a 10-year period that began on the effective date of the rider. A new Enhancement Period begins immediately following an Account Value Step-up. If during any Enhancement Period there are no Account Value Step-ups, the Enhancements will stop at the end of the Enhancement Period and will not restart until the next Benefit Year anniversary following the Benefit Year anniversary upon which an Account Value Step-up occurs.

**Account Value Step-ups.** The Protected Income Base and Enhancement Base will automatically step up to the Contract Value on each Benefit Year anniversary if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the Contractowner/Annuitant is under age 86; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the Contract Value on that Benefit Year anniversary, plus any Purchase Payments and any Persistency Credits, if any, made on that date (and after the deduction of any withdrawals, including surrender charges, the rider charge and account fee) is equal to or greater than the Protected Income Base after an Enhancement (if any).

Each time the Account Value Step-up occurs a new Enhancement Period starts. The Account Value Step-up is available even in those years when a withdrawal has occurred.

The fee rate can change each time there is an Account Value Step-up. That means if the current fee rate has increased, this would cause an increase in your annual fee rate for this rider. If your fee rate is increased, you may opt out of the Account Value Step-up. See Charges, Other Deductions, and Adjustments – Protected Lifetime Income Fees for details. If you decline an Account Value Step-up, you will continue to be eligible for the 6% Enhancement through the end of the Enhancement Period, including in the year you declined the Account Value Step-up, as long as you meet the conditions listed above.

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Following is an example of how the Account Value Step-up and the 6% Enhancement impact the Protected Income Base (assuming no withdrawals or additional Purchase Payments):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Contract**<br> **Value**<br>| **Protected Income Base** | **Enhancement Base** | **Enhancement amount** <br> **added to Protected Income Base**<br>|
| At issue | &nbsp;&nbsp; $100000 | &nbsp;&nbsp; $100000 | &nbsp;&nbsp; $100000 | &nbsp;&nbsp; - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1<sup>st</sup> Benefit <br> Year <br> anniversary<br>| &nbsp;&nbsp; $104000 | &nbsp;&nbsp; $106000 | &nbsp;&nbsp; $100000 | &nbsp;&nbsp; $6000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2<sup>nd</sup> Benefit <br> Year <br> anniversary<br>| &nbsp;&nbsp; $115000 | &nbsp;&nbsp; $115000 | &nbsp;&nbsp; $115000 | &nbsp;&nbsp; N/A |

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On the first Benefit Year anniversary, the Contract Value is higher than the previous Protected Income Base of $100,000, but since the 6% Enhancement (6% of the Enhancement Base) would increase the Protected Income Base to a higher amount, the Protected Income Base is increased by the $6,000 Enhancement amount to $106,000 and the Enhancement Base remains at $100,000.

On the second Benefit Year anniversary, the Contract Value of $115,000 is higher than the previous Protected Income Base of $106,000 plus the 6% Enhancement ($112,000 = $106,000 + 6% of $100,000), so the Protected Income Base and the Enhancement Base are increased to equal the Contract Value of $115,000.

**Withdrawal Amount.** Protected Annual Income withdrawals are available when you are age 70 or older. The Protected Annual Income amount may be withdrawn from the Contract each Benefit Year. As long as the Protected Annual Income amount is not reduced to zero because of an Excess Withdrawal, these withdrawals may be taken for your lifetime.

The Protected Annual Income amount is determined by multiplying the Protected Income Base by the applicable rate, based on your age and, whether or not your Contract Value has been reduced to zero. The Protected Annual Income amount will change upon an Account Value Step-up, 6% Enhancement, additional Purchase Payments, and Excess Withdrawals, as described below. Additionally, the Protected Annual Income amount will be reduced if the Contract Value reaches zero.

The Protected Annual Income rate will be based on your age as of the date of the first withdrawal on or after age 70. The Protected Annual Income rate will decrease once the Contract Value is reduced to zero.

The Protected Annual Income rates that were applicable at the time you elected your rider were set forth in a supplement to this prospectus, called a Rate Sheet. The Rate Sheet indicates the Protected Annual Income rates and the date by which your application or rider election form had to be signed and dated for a rider to be issued with those rates.

After your first Protected Annual Income withdrawal, the Protected Annual Income rate will only increase on a Benefit Year anniversary on or after you have reached an applicable higher age band and after there has also been an Account Value Step-up. If you have reached an applicable higher age band and there has not also been a subsequent Account Value Step-up, then the Protected Annual Income rate will not increase until the next Account Value Step-up occurs. If you do not withdraw the entire Protected Annual Income amount during a Benefit Year, there is no carryover of the remaining amount into the next Benefit Year. The Protected Annual Income rate will be lower if your Contract Value is reduced to zero, which will result in a reduced Protected Annual Income amount.

Protected Annual Income payments are not available until you have reached age 70. If your Contract Value is reduced to zero for any reason other than for an Excess Withdrawal, the Protected Annual Income rate and amount will be immediately reduced, as reflected on your Rate Sheet. The Protected Annual Income amount payable as calculated in Table A of the Rate Sheet cannot exceed the remaining Contract Value. However, if the total Protected Annual Income amounts received in the Benefit Year your Contract Value is reduced to zero are less than the recalculated Protected Annual Income amount based on Table B of the rate sheet payable for the remainder of the year, the difference for the remainder of that Benefit Year is payable in a lump sum. Otherwise, you will not be able to receive further Protected Annual Income payments until the next Benefit Year anniversary when scheduled payments automatically resume. Withdrawals equal to the Protected Annual Income amount will continue for your life under the Protected Annual Income Payout Option. You may not withdraw the remaining Protected Income Base or Enhancement Base in a lump sum. **You will not be entitled to the Protected Annual Income amount if the Protected Income Base is reduced to zero as a result of an Excess Withdrawal. If either the Contract Value or the Protected Income Base is reduced to zero due to an Excess Withdrawal, the rider will terminate.**

Withdrawals equal to or less than the Protected Annual Income amount will not reduce the Protected Income Base or Enhancement Base. All withdrawals will decrease the Contract Value.

The following example shows the calculation of the Protected Annual Income amount and how withdrawals less than or equal to the Protected Annual Income amount impact the Protected Income Base , the Enhancement Base, and the Contract Value. The example assumes a 5% Protected Annual Income rate and a Contract Value of $200,000 on the rider's effective date:

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| | |
|:---|:---|
| Contract Value on the rider's effective date | &nbsp;&nbsp; $200000 |
| Protected Income Base and Enhancement Base on the rider's <br> effective date<br>| &nbsp;&nbsp; $200000 |
| Initial Protected Annual Income amount on the rider's effective <br> date ($200,000 x 5%)<br>| &nbsp;&nbsp; $10000 |
| Contract Value six months after rider's effective date | &nbsp;&nbsp; $212000 |
| Protected Income Base and Enhancement Base six months after <br> rider's effective date<br>| &nbsp;&nbsp; $200000 |
| Withdrawal six months after rider's effective date | &nbsp;&nbsp; $10000 |
| Contract Value after withdrawal ($212,000 - $10,000) | &nbsp;&nbsp; $202000 |
| Protected Income Base and Enhancement Base after withdrawal <br> ($200,000 - $0)<br>| &nbsp;&nbsp; $200000 |
| Contract Value on the first Benefit Year anniversary | &nbsp;&nbsp; $205000 |
| Protected Income Base and Enhancement Base on the first Benefit <br> Year anniversary<br>| &nbsp;&nbsp; $205000 |
| Protected Annual Income amount on the first Benefit Year <br> anniversary ($205,000 x 5%)<br>| &nbsp;&nbsp; $10250 |

---

Since there was a withdrawal during the first year, an Enhancement is not available, but the Account Value Step-up was available and increased the Protected Income Base and the Enhancement Base to the Contract Value of $205,000. On the first Benefit Year anniversary, the Protected Annual Income amount is $10,250 (5% x $205,000).

Purchase Payments added to the Contract subsequent to the initial Purchase Payment will increase the Protected Annual Income amount by an amount equal to the applicable Protected Annual Income rate multiplied by the amount of the subsequent Purchase Payment. For example, assuming a Contractowner has a Protected Annual Income amount of $10,000 (5% of $200,000 Protected Income Base), an additional Purchase Payment of $10,000 increases the Protected Annual Income amount that Benefit Year to $10,500 ($10,000 + 5% of $10,000). The Protected Annual Income payment amount will be recalculated immediately after a Purchase Payment is added to the Contract.

Enhancements and Account Value Step-ups will increase the Protected Income Base and thus the Protected Annual Income amount. The Protected Annual Income amount, after the Protected Income Base is adjusted by an Enhancement or an Account Value Step-up, will be equal to the adjusted Protected Income Base multiplied by the applicable Protected Annual Income rate. The Guaranteed Automatic Income will decrease when your Contract Value is reduced to zero (for any reason other than an Excess Withdrawal).

**Excess Withdrawals.** Excess Withdrawals are:

1. the cumulative amounts withdrawn from the Contract during the Benefit Year (including the current withdrawal) that exceed the Protected Annual Income amount at the time of the withdrawal;

2. withdrawals made prior to age 70; or

3. withdrawals that are payable to any assignee or assignee's bank account.

When an Excess Withdrawal occurs:

1. the Protected Income Base and Enhancement Base are reduced by the same proportion that the Excess Withdrawal reduces the Contract Value. This means that the reduction in the Protected Income Base and Enhancement Base could be more than the dollar amount of the withdrawal; and

2. the Protected Annual Income amount will be recalculated to equal the applicable Protected Annual Income rate multiplied by the new (reduced) Protected Income Base(after the proportionate reduction for the Excess Withdrawal).

Your quarterly statements will include the Protected Annual Income amount (as adjusted for Protected Annual Income amount payments in a Benefit Year, Excess Withdrawals and additional Purchase Payments) available to you for the Benefit Year, if applicable, in order for you to determine whether a withdrawal may be an Excess Withdrawal. We encourage you to either consult with your registered representative or call us at the number provided in this prospectus if you have any questions about Excess Withdrawals.

The following example assumes a 5% Protected Annual Income rate and demonstrates the impact of an Excess Withdrawal on the Protected Income Base , the Enhancement Base, the Protected Annual Income amount, and the Contract Value. The example assumes that the Contractowner makes a $12,000 withdrawal, which causes an $11,815 reduction in the Protected Income Base and Enhancement Base.

Prior to Excess Withdrawal:

Contract Value = $60,000

Protected Income Base= $85,000

------

Enhancement Base = $85,000

Protected Annual Income amount = $4,250 (5% of the Protected Income Base of $85,000)

After a $12,000 withdrawal ($4,250 is within the Protected Annual Income amount, $7,750 is the Excess Withdrawal):

The Contract Value is reduced by the amount of the Protected Annual Income amount of $4,250 and the Protected Income Base and Enhancement Base are not reduced:

Contract Value = $55,750 ($60,000 - $4,250)

Protected Income Base = $85,000

Enhancement Base = $85,000

The Contract Value is also reduced by the $7,750 Excess Withdrawal and the Protected Income Base and Enhancement Base are reduced by 13.90%, the same proportion by which the Excess Withdrawal reduced the $55,750 Contract Value ($7,750 / $55,750).

Contract Value = $48,000 ($55,750 - $7,750)

Protected Income Base = $73,185 ($85,000 x 13.90% = $11,815; $85,000 - $11,815 = $73,185)

Enhancement Base = $73,185 ($85,000 x 13.90% = $11,815; $85,000 - $11,815 = $73,185)

Protected Annual Income amount = $3,659 (5% of $73,185 Protected Income Base)

On the following Benefit Year anniversary:

Contract Value = $43,000

Protected Income Base = $73,185

Enhancement Base = $73,185

Protected Annual Income amount = $3,659 (5% x $73,185)

**In a declining market, Excess Withdrawals may significantly reduce your Protected Income Base , Enhancement Base, and Protected Annual Income amount. This is because the reduction in the benefit may be more than the dollar amount withdrawn from the Contract Value. If the Protected Income Base is reduced to zero due to an Excess Withdrawal, the rider will terminate. If the Contract Value is reduced to zero due to an Excess Withdrawal, the rider and Contract will terminate.** 

Surrender charges are waived on cumulative withdrawals less than or equal to the Protected Annual Income amount. Excess Withdrawals will be subject to surrender charges unless one of the waivers of surrender charge provisions set forth in this prospectus is applicable. Continuing with the prior example of the $12,000 withdrawal: the $4,250 Protected Annual Income amount is not subject to surrender charges; the $7,750 Excess Withdrawal may be subject to surrender charges according to the surrender charge schedule in this prospectus. See Charges, Other Deductions, and Adjustments — Surrender Charge.

Withdrawals from IRA contracts will not be considered Excess Withdrawals (even if they exceed the Protected Annual Income amount) only if the withdrawals are taken as systematic installments of the amount needed to satisfy the required minimum distribution (RMD) rules under Internal Revenue Code Section 401(a)(9). In addition, in order for this exception for RMDs to apply, the following must occur:

1. Lincoln's automatic withdrawal service is used to calculate and pay the RMD;

2. The RMD calculation must be based only on the value in this Contract;

3. No withdrawals other than RMDs are made within the Benefit Year (except as described in the next paragraph);

4. This Contract is not a beneficiary IRA; and

5. You are age 70 or above.

If your RMD withdrawals during a Benefit Year are less than the Protected Annual Income amount, an additional amount up to the Protected Annual Income amount may be withdrawn and will not be subject to surrender charges. **If a withdrawal, other than an RMD is made during the Benefit Year, then all amounts withdrawn in excess of the Protected Annual Income amount, including amounts attributable to RMDs, will be treated as Excess Withdrawals.**

Distributions from qualified contracts are generally taxed as ordinary income. See Federal Tax Matters for information on determining what amounts are includable in gross income.

**Protected Annual Income Payout Option.** The Protected Annual Income Payout Option ("PAIPO") is an Annuity Payout option under which the Contractowner will receive annuity payments equal to the Protected Income Base multiplied by the applicable Protected Annual Income rate shown in Table B of your Rate Sheet, for life. This option is different from other Annuity Payout options, including *i4LIFE*<sup>®</sup> Advantage, which are based on your Contract Value. If you are required to take annuity payments because you have reached the Annuity Commencement Date, you have the option of electing the PAIPO. If the Contract Value is reduced to zero and you have a remaining Protected Income Base, you will receive the PAIPO.

Payment frequencies other than annual may be available. You will have no other contract features other than the right to receive annuity payments equal to the Protected Annual Income amount for your life.

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If you are receiving the PAIPO, the Beneficiary may be eligible to receive final payment upon death of the covered life. If the Contract Value Death Benefit option is in effect, the Beneficiary will not be eligible to receive the final payment. If the effective date of the rider is the same as the effective date of the Contract, the final payment will be equal to the sum of all Purchase Payments, decreased by withdrawals. If the effective date of the rider is after the effective date of the Contract, the final payment will be equal to the Contract Value on the effective date of the rider, increased for Purchase Payments received after the rider effective date and decreased by withdrawals. Excess Withdrawals reduce the final payment in the same proportion as the withdrawals reduce the Contract Value; withdrawals less than or equal to the Protected Annual Income amount and payments under the PAIPO will reduce the final payment dollar for dollar.

**Death Prior to the Selection of an Annuity Payout Option.** *Lincoln IRA Income Plus*<sup>SM</sup> has no provision for a payout of the Protected Income Base or Enhancement Base upon death of the Contractowner or Annuitant and provides no increase in the Death Benefit value over and above what the Death Benefit provides in the base contract. At the time of death, if the Contract Value equals zero, no Death Benefit options (as described earlier in this prospectus) will be in effect. Election of *Lincoln IRA Income Plus*<sup>SM</sup> does not impact the Death Benefit options available for purchase with your annuity contract. All Death Benefit payments must be made in compliance with Internal Revenue Code Sections 72(s) or 401(a)(9) as applicable as amended from time to time. See Benefits Available Under the Contract – Death Benefit.

Upon death of the covered life, this rider will end and no further Protected Annual Income amounts are available (even if there was a Protected Income Base in effect at the time of the death). The Enhancement and Account Value Step-up will continue, if applicable, as discussed above.

**Termination.** After the fifth Benefit Year anniversary, the Contractowner may terminate the rider by notifying us in writing of the request to terminate or by failing to adhere to Investment Requirements. *Lincoln IRA Income Plus*<sup>SM</sup> will automatically terminate:

● on the selection of an Annuity Payout option (except payments under the Protected Annual Income Payout Option will continue if applicable);

● upon the election of i4LIFE® Advantage;

● upon death of the covered life;

● when the Protected Annual Income amount or Contract Value is reduced to zero due to an Excess Withdrawal;

● if the Contractowner or Annuitant is changed including any sale or assignment of the Contract or any pledge of the Contract as collateral;

● on the date the Contractowner is changed pursuant to an enforceable divorce agreement or decree; or

● upon surrender or termination of the underlying annuity contract.

The termination will not result in any increase in Contract Value equal to the Protected Income Base or to the Enhancement Base. Upon effective termination of this rider, the benefit and charges within this rider will terminate. If you terminate the rider, we reserve the right to require a 12-month wait after this termination before you can elect any Living Benefit Rider available for purchase at that time.

***Lincoln Wealth Pass***<sup>SM</sup>

*Lincoln Wealth Pass*<sup>SM</sup> was designed for a Beneficiary with Death Benefit proceeds from another nonqualified contract, or from a qualified (IRA and Roth IRA) contract or qualified retirement plan if the original Contractowner died on or before December 31, 2019. This rider provides guaranteed periodic withdrawals from a benefit base called the Protected Amount (described in detail below). As long as there is a Protected Amount, you will be able to make annual withdrawals called the Protected Annual Income. The Protected Annual Income is equal to the greater of (a) or (b), where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is an amount less than or equal to the Protected Annual Income; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is an amount from a qualified or nonqualified contract that is the result of systematic installments withdrawn via an automatic withdrawal service of the amount needed to satisfy the required minimum distribution (RMD) or life expectancy payment rules for the Contract Value of the Contract to which this rider is attached.

**Please note any withdrawals that exceed the greater of (a) or (b) or the amounts payable to any assignee or assignee's bank account are considered Excess Withdrawals. Excess Withdrawals may significantly reduce your Protected Amount as well as your Protected Annual Income amount by an amount greater than the dollar amount of the Excess Withdrawal. Your rider will terminate if the Protected Amount is reduced to zero.** 

Withdrawals equal to or less than the Protected Annual Income amount will not reduce the Protected Annual Income amount. All withdrawals will decrease the Contract Value. Surrender charges are waived on cumulative withdrawals less than or equal to the Protected Annual Income amount or on your RMD, provided your RMD amount is greater than your Protected Annual Income amount.

The Contractowner or Annuitant may not be changed while this rider is in effect, including any sale or assignment of the Contract as collateral.

------

Distributions must be based on the Contractowner's life expectancy.

Contractowners age 70 or younger must elect the rider no later than 5 years after the death (if distributions have already begun, or within the time frames listed in (1) and (2) above). Contractowners ages 71 through 80 must elect the rider before beginning life expectancy Required Minimum Distributions ("RMDs").

Note: Beneficiaries under the age of majority in your state will not be able to receive proceeds outright. Check your state law to see if a custodian or guardian is needed.

No other Living Benefit Riders are available if this rider was elected. Additionally, you cannot terminate this rider until after the fifth Benefit Year anniversary.

**Benefit Year.** The Benefit Year is the 12-month period starting with the effective date of the rider and starting with each anniversary of the rider effective date after that. If your Benefit Year anniversary falls on a day that the New York Stock Exchange is closed, any benefit calculations scheduled to occur on that anniversary will occur on the next Valuation Date.

**Protected Amount.** The Protected Amount is a value used to calculate your Protected Annual Income amount and is the total amount of guaranteed payments you can receive. The Protected Amount is not available to you as a lump sum withdrawal or a Death Benefit. The initial Protected Amount varies based on when you elect the rider. If the rider was elected at the time of application, the Protected Amount is equal to the initial Purchase Payment. If the rider was elected after we issued the Contract, the Protected Amount equals the Contract Value on the rider effective date. The maximum Protected Amount is $10 million, which includes the total guaranteed amounts under the Living Benefit Riders of all Lincoln Life contracts (or contracts issued by our affiliates) in which you are the covered lives.

Additional Purchase Payments are allowed only if: 1.) the rider is purchased at the time of application, and 2.) additional Purchase Payments must be received by the earlier of 180 days of the rider effective date or the date required to begin minimum distributions. The source of the Purchase Payments must be from a contract that is the same market type as the Lincoln annuity. That means that if the source contract is a tax qualified (from an IRA or Roth IRA), the Purchase Payment can only be made to a qualified Lincoln contract. If the source contract is nonqualified, the Purchase Payment can only be made to a nonqualified Lincoln contract. If you are making Purchase Payments from more than one source contract, each of the source contracts must have the same decedent and the same Beneficiary. Additional Purchase Payments are not allowed if the rider is purchased by the Beneficiary who inherits an existing Lincoln annuity who chooses to continue the Contract as Contractowner.

Additional Purchase Payments automatically increase the Protected Amount (not to exceed the maximum Protected Amount) by the amount of the Purchase Payment; for example, a $10,000 additional Purchase Payment will increase the Protected Amount by $10,000. Additional Purchase Payment will not be allowed if the Contract Value is zero.

Certain withdrawals will reduce the Protected Amount on a dollar for dollar basis:

● Withdrawals less than or equal to the Protected Annual Income amount;

● Withdrawals, using Lincoln's automatic withdrawal service, equal to RMD life expectancy payouts calculated by us for qualified contracts; or

● Withdrawals, using Lincoln's automatic withdrawal service, equal to RMD life expectancy payouts calculated by us for nonqualified contracts.

All other withdrawals are Excess Withdrawals that reduce the Protected Amount by the same proportion that the withdrawals reduce the Contract Value. **The rider will terminate when the Protected Amount is reduced to zero.**

**Protected Annual Income Withdrawal.** The Protected Annual Income is an amount that may be withdrawn from the Contract each Benefit Year as long as there is a Protected Amount.

The Protected Annual Income amount is determined by multiplying the Protected Amount by the applicable rate, based on your age on the latest date to begin withdrawals to stretch payments over the owner's life expectancy or the date that the Contract Value is reduced to zero. Thereafter, the Protected Annual Income rate will not change. The Protected Annual Income amount will change upon additional Purchase Payments and Excess Withdrawals, as described below. Once the Protected Amount is less than the Protected Annual Income, the Protected Annual Income amount will be reduced to the Protected Amount for the final year's payment.

The Protected Annual Income rates that were applicable at the time you elected your rider were disclosed in a Rate Sheet prospectus supplement. The Rate Sheet indicates the Protected Annual Income rates and the date by which your application or rider election form had to be signed and dated for a rider to be issued with those rates. Rate information for previous effective periods is included in an Appendix to this prospectus.

**You will not be entitled to the Protected Annual Income amount if the Protected Amount is reduced to zero.**

All withdrawals will decrease the Contract Value. If you withdraw less than the Protected Annual Income amount during a Benefit Year, you are not entitled to carry over the unused Protected Annual Income amount to another Benefit Year.

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Withdrawals will not be considered Excess Withdrawals (even if they exceed the Protected Annual Income amount) only if the withdrawals are taken as systematic installments of the amount needed to satisfy the required minimum distribution (RMD) rules under Internal Revenue Code Section 401(a)(9) for IRAs or the life expectancy payments for nonqualified contracts. In addition, in order for this exception to apply, the following must occur:

1. Lincoln's automatic withdrawal service is used to calculate and pay the RMD or life expectancy payments;

2. The calculation must be based only on the value in this Contract;

3. No withdrawals other than RMDs or life expectancy payments are made within the Benefit Year (except as described in the next paragraph).

If your RMD or life expectancy withdrawals during a Benefit Year are less than the Protected Annual Income amount, an additional amount up to the Protected Annual Income amount may be withdrawn. **If your RMD or life expectancy payment exceeds the Protected Annual Income amount, the excess will not be considered an Excess Withdrawal. However, if a withdrawal other than an RMD or life expectancy payment is made during the Benefit Year, then all amounts withdrawn in excess of the Protected Annual Income amount, including amounts attributable to RMDs and life expectancy payments, will be treated as Excess Withdrawals.** 

The following example shows the calculation of the Protected Annual Income amount and how withdrawals less than or equal to the Protected Annual Income amount impact the Protected Amount and the Contract Value. The example assumes a 5% Protected Annual Income rate and a Contract Value of $200,000 on the rider's effective date:

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| | |
|:---|:---|
| Contract Value on the rider's effective date | &nbsp;&nbsp; $200000 |
| Protected Amount on the rider's effective date | &nbsp;&nbsp; $200000 |
| Initial Protected Annual Income amount on the rider's effective <br> date<br>| &nbsp;&nbsp; $10000 |
| Contract Value six months after rider's effective date | &nbsp;&nbsp; $212000 |
| Protected Amount six months after rider's effective date | &nbsp;&nbsp; $200000 |
| Withdrawal six months after rider's effective date | &nbsp;&nbsp; $10000 |
| Contract Value after withdrawal ($212,000 - $10,000) | &nbsp;&nbsp; $202000 |
| Protected Amount after withdrawal ($200,000 - $10,000) | &nbsp;&nbsp; $190000 |
| Contract Value on the first Benefit Year anniversary | &nbsp;&nbsp; $205000 |
| Protected Amount on the first Benefit Year anniversary | &nbsp;&nbsp; $190000 |
| Protected Annual Income amount on the first Benefit Year <br> anniversary<br>| &nbsp;&nbsp; $10000 |

---

Purchase Payments added to the Contract subsequent to the initial Purchase Payment will increase the Protected Annual Income amount by an amount equal to the applicable Protected Annual Income rate, multiplied by the amount of the subsequent Purchase Payment. For example, assuming a Contractowner has a Protected Annual Income amount of $2,500 (5% of $50,000 Protected Amount), an additional Purchase Payment of $10,000 increases the Protected Annual Income amount that Benefit Year to $3,000 ($2,500 + $10,000 x 1.05). The Protected Annual Income payment amount will be recalculated immediately after a Purchase Payment is added to the Contract.

**Excess Withdrawals.** Excess Withdrawals are:

1. the cumulative amounts withdrawn from the Contract during the Benefit Year (including the current withdrawal) that exceed the Protected Annual Income amount at the time of the withdrawal (excludes RMDs and life expectancy payments as outlined above); or

2. withdrawals that are payable to any assignee or assignee's bank account.

When an Excess Withdrawal occurs:

1. the Protected Amount is reduced by the same proportion that the Excess Withdrawal reduces the Contract Value. This means that the reduction in the Protected Amount could be more than the dollar amount of the withdrawal; and

2. the Protected Annual Income is reduced by the same proportion the Excess Withdrawal reduces the Contract Value.

Your quarterly statements will include the Protected Annual Income amount (as adjusted for Protected Annual Income amount payments in a Benefit Year, Excess Withdrawals and additional Purchase Payments) available to you for the Benefit Year in order for you to determine whether a withdrawal may be an Excess Withdrawal. We encourage you to either consult with your registered representative or call us at the number provided in this prospectus if you have any questions about Excess Withdrawals.

The following example assumes a 5% Protected Annual Income rate and demonstrates the impact of an Excess Withdrawal on the Protected Amount, the Protected Annual Income amount, and the Contract Value. The example assumes that the Contractowner makes a $12,000 withdrawal, which causes an $11,225 reduction in the Protected Amount.

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Prior to Excess Withdrawal:

Contract Value = $60,000

Protected Amount = $85,000

Protected Annual Income amount = $4,250 (5% of the Protected Income Base of $85,000)

After a $12,000 withdrawal ($4,250 is within the Protected Annual Income amount, $7,750 is the Excess Withdrawal):

The Contract Value and Protected Amount are reduced by the amount of the Protected Annual Income amount of $4,250:

Contract Value = $55,750 ($60,000 - $4,250)

Protected Amount = $80,750 ($85,000 - $4,250)

The Contract Value is also reduced by the $7,750 Excess Withdrawal and the Protected Amount is reduced by 13.90%, the same proportion by which the Excess Withdrawal reduced the Contract Value of $55,750 ($7,750 ÷ $55,750).

Contract Value = $48,000 ($55,750 - $7,750) a 13.90% reduction

Protected Amount = $73,185 ($85,000 x 13.90% = $11,225; $85,000 - $11,225= $73,185)

Protected Annual Income amount = $3,660 ($4,250 x 13.90%= $591; $4,250 - $591 = $3,659)

**In a declining market, Excess Withdrawals may significantly reduce your Protected Amount and Protected Annual Income amount. This is because the reduction in the benefit may be more than the dollar amount withdrawn from the Contract Value. If the Protected Amount is reduced to zero, the rider will terminate. If the Contract Value is reduced to zero due to an Excess Withdrawal, the rider and Contract will terminate.** 

Surrender charges are waived on cumulative withdrawals less than or equal to the Protected Annual Income amount and on any RMD that is greater than your Protected Annual Income amount. Excess Withdrawals will be subject to surrender charges unless one of the waivers of the surrender charge provision set forth in this prospectus is applicable.

Distributions from qualified contracts are generally taxed as ordinary income. Distributions from nonqualified contracts that are includable in gross income are also generally taxed as ordinary income. See Federal Tax Matters for information on determining what amounts are includable in gross income.

**Final Payment Year.** The year that the final payment is made is determined from the chart below based on the owner's age on the latest date to stretch payments over the owner's life expectancy. This date is one year after the date of death for nonqualified contracts, and December 31<sup>st</sup> of the calendar year following the date of death occurred for qualified contracts.

If the Contract and rider are still in effect on the Benefit Year anniversary occurring in the final payment year, a final payment will be made that is equal to the greater of the Protected Amount or Contract Value, and the Contract and rider will terminate. The final payment year is determined on the rider effective date and will not change. The final payment year is determined from the chart below and is based on your age. All amounts must be paid out of the Contract in this final payment year.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Age** | **Final GMWB Payment Year** | **Age** | **Final GMWB Payment Year** | **Age** | **Final GMWB Payment Year** |
| 0 | 82 | 28 | 55 | 56 | 28 |
| 1 | 81 | 29 | 54 | 57 | 27 |
| 2 | 80 | 30 | 53 | 58 | 27 |
| 3 | 79 | 31 | 52 | 59 | 26 |
| 4 | 78 | 32 | 51 | 60 | 25 |
| 5 | 77 | 33 | 50 | 61 | 24 |
| 6 | 76 | 34 | 49 | 62 | 23 |
| 7 | 75 | 35 | 48 | 63 | 22 |
| 8 | 74 | 36 | 47 | 64 | 21 |
| 9 | 73 | 37 | 46 | 65 | 21 |
| 10 | 72 | 38 | 45 | 66 | 20 |
| 11 | 71 | 39 | 44 | 67 | 19 |
| 12 | 70 | 40 | 43 | 68 | 18 |
| 13 | 69 | 41 | 42 | 69 | 17 |
| 14 | 68 | 42 | 41 | 70 | 17 |
| 15 | 67 | 43 | 40 | 71 | 16 |
| 16 | 66 | 44 | 39 | 72 | 15 |
| 17 | 66 | 45 | 38 | 73 | 14 |
| 18 | 65 | 46 | 37 | 74 | 14 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Age** | **Final GMWB Payment Year** | **Age** | **Final GMWB Payment Year** | **Age** | **Final GMWB Payment Year** |
| 19 | 64 | 47 | 37 | 75 | 13 |
| 20 | 63 | 48 | 36 | 76 | 12 |
| 21 | 62 | 49 | 35 | 77 | 12 |
| 22 | 61 | 50 | 34 | 78 | 11 |
| 23 | 60 | 51 | 33 | 79 | 10 |
| 24 | 59 | 52 | 32 | 80 | 10 |
| 25 | 58 | 53 | 31 | 81 | 9 |
| 26 | 57 | 54 | 30 |  |  |
| 27 | 56 | 55 | 29 |  |  |

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**Death Prior to the Selection of an Annuity Payout Option.** *Lincoln Wealth Pass*<sup>SM</sup> has no provision for a payout of the Protected Amount upon death of the Contractowner or Annuitant and provides no increase in the Death Benefit value over and above what the Death Benefit provides in the base contract. All Death Benefit payments must be made in compliance with Internal Revenue Code Sections 72(s) or 401(a)(9), as applicable, as amended from time to time.

Upon the death of the Contractowner, if there is Contract Value and a Protected Amount in effect at the time of the death and there is only one Beneficiary, the Beneficiary may continue the rider to pay out the remaining Protected Amount. We cannot divide the Protected Amount among multiple Beneficiaries. No adjustment will be made to the Protected Amount, Protected Annual Income Amount, protected lifetime income fee base, or final payment year. If the Protected Annual Income amount was not determined prior to death, then the rate will be set according to the deceased Contractowner's age on the continuation date. Continuation is not available if the Contract Value is reduced to zero prior to the death of the Contractowner.

**Termination.** After the fifth Benefit Year anniversary, the Contractowner may terminate the rider by notifying us in writing of the request to terminate or by failing to adhere to Investment Requirements. *Lincoln Wealth Pass*<sup>SM</sup> will automatically terminate:

● on the selection of an Annuity Payout option;

● upon death of the Contractowner, unless there is a Protected Amount and a single Beneficiary elects to continue the Contract and rider;

● if the Contractowner or Annuitant is changed including any sale or assignment of the Contract or any pledge of the Contract as collateral;

● on the date the Contractowner is changed pursuant to an enforceable divorce agreement or decree;

● upon surrender or termination of the underlying annuity contract;

● on the rider date anniversary occurring in the final payment year;

● when the Protected Amount and the Protected Annual Income amount are reduced to zero; or

● when the final payment is made.

The termination will not result in any increase in Contract Value equal to the Protected Amount. Upon effective termination of this rider, the benefit and charges within this rider will terminate.

***4LATER***<sup>®</sup> **Advantage (Managed Risk)**

*4LATER*<sup>®</sup> Advantage (Managed Risk) is a rider that provides a Protected Income Base which will be used to establish the amount of the Guaranteed Income Benefit payment upon the election of *i4LIFE*<sup>®</sup> Advantage. If you elect *4LATER*<sup>®</sup> Advantage (Managed Risk), you must later elect *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit (Managed Risk) in order to receive a benefit from *4LATER*<sup>®</sup> Advantage (Managed Risk). You will be subject to certain Investment Requirements in which your Contract Value must be allocated among specified Subaccounts. See Appendix B – Investment Requirements.

**Protected Income Base.** The Protected Income Base is an amount used to calculate the Guaranteed Income Benefit under *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit (Managed Risk) at a later date. The Protected Income Base is not available to you as a lump sum withdrawal or as a Death Benefit. The initial Protected Income Base was established when you elected your rider. If you elected the rider at the time you purchased the Contract, the Protected Income Base equaled your initial Purchase Payment. If you elected the rider after the Contract was issued, the initial Protected Income Base equaled the Contract Value on the effective date of the rider. The maximum Protected Income Base is $10 million. The maximum takes into consideration the total guaranteed amounts from all Lincoln Life contracts (or contracts issued by our affiliates) in which you (and/or Secondary Life, if joint life option) are the covered lives.

Additional Purchase Payments automatically increase the Protected Income Base by the amount of the Purchase Payments (not to exceed the maximum Protected Income Base). For example, an additional Purchase Payment of $10,000 will increase the Protected Income Base by $10,000. After the first anniversary of the rider effective date, once cumulative additional Purchase Payments exceed $100,000, additional Purchase Payments will be limited to $50,000 per Benefit Year without Home Office approval. **Additional Purchase Payments will not be allowed if the Contract Value decreases to zero for any reason, including due to market loss.** 

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**Each withdrawal reduces the Protected Income Base in the same proportion as the amount withdrawn reduces the Contract Value on the Valuation Date of the withdrawal. This means that the reduction in the Protected Income Base could be more than the dollar amount of the withdrawal.**

The following example demonstrates the impact of a withdrawal on the Protected Income Base and the Contract Value. The Contractowner makes a withdrawal of $11,200 which causes a $12,550 reduction in the Protected Income Base.

Prior to the withdrawal:

Contract Value = $112,000

Protected Income Base = $125,500

After a withdrawal of $11,200, the Contract Value is reduced by 10% ($11,200) and the Protected Income Base is also reduced by 10%, the same proportion by which the withdrawal reduced the Contract Value ($11,200 ÷ $112,000)

Contract Value = $100,800 ($112,000 - $11,200)

Protected Income Base = $112,950 ($125,500 x 10% = $12,550; $125,500 - $12,550 = $112,950)

**In a declining market, withdrawals may significantly reduce your Protected Income Base. If the Protected Income Base is reduced to zero due to withdrawals, this rider will terminate. If the Contract Value is reduced to zero due to a withdrawal, both the rider and the Contract will terminate.** 

**Account Value Step-up.** The Protected Income Base will automatically step up to the Contract Value on each Benefit Year anniversary if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the Annuitant (single life option), or the Secondary Life/spouse (joint life option) are still living and under age 86; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the Contract Value on that Benefit Year anniversary, after the deduction of any withdrawals (including surrender charges, the protected lifetime income fee and account fee), plus any Purchase Payments made on that date and Persistency Credits, if any, added on that date, is equal to or greater than the Protected Income Base after the 5% Enhancement (if any).

The Account Value Step-up is available even in years in which a withdrawal has occurred.

**5% Enhancement.** On each Benefit Year anniversary, the Protected Income Base, minus Purchase Payments received in the preceding Benefit Year, will be increased by 5% if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the Annuitant (as well as the Secondary Life/spouse if the joint life option is in effect) are under age 86; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. there were no withdrawals in the preceding Benefit Year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. the rider is within the Enhancement Period described below.

The Enhancement Period is a 10-year period that began on the effective date of the rider. A new Enhancement Period begins immediately following an Account Value Step-up. If during any Enhancement Period there are no Account Value Step-ups, the 5% Enhancements will terminate at the end of the Enhancement Period and will not restart until the next Benefit Year anniversary following the Benefit Year anniversary upon which an Account Value Step-up occurs. Any new Purchase Payment made after the initial Purchase Payment will be added immediately to the Protected Income Base. However, any new Purchase Payment must be invested in the Contract for at least one Benefit Year before it will be used in calculating the 5% Enhancement. Any new Purchase Payments made within the first 90 days after the effective date of *4LATER*<sup>®</sup> Advantage (Managed Risk) will be included in the Protected Income Base for purposes of calculating the 5% Enhancement on the first Benefit Year anniversary.

If you decline the Account Value Step-up during the first 10 Benefit Years, you will continue to be eligible for the 5% Enhancements through the end of the current Enhancement Period, but the *4LATER*<sup>®</sup> Advantage (Managed Risk) charge could increase to the then current charge at the time of any 5% Enhancements after the 10<sup>th</sup> Benefit Year anniversary. You will have the option to opt out of the enhancements after the 10<sup>th</sup> Benefit Year. In order to be eligible to receive further 5% Enhancements the Annuitant (single life option), or the Secondary Life (joint life option) must still be living and be under age 86.

**Note: The 5% Enhancement is not available in any Benefit Year there is a withdrawal from Contract Value. A 5% Enhancement will occur in subsequent years only under certain conditions. If you are eligible (as defined below) for the 5% Enhancement in the next Benefit Year, the enhancement will not occur until the Benefit Year anniversary of that year.** 

The following is an example of the impact of the 5% Enhancement on the Protected Income Base (assuming no withdrawals):

Initial Purchase Payment = $100,000; Protected Income Base = $100,000

Additional Purchase Payment on day 30 = $15,000; Protected Income Base = $115,000

On the first Benefit Year anniversary, because the additional Purchase Payment is within the first 90 days after the effective date of the rider, the Protected Income Base will not be less than $120,750 (= $115,000 x 1.05).

Consider a further additional Purchase Payment on day 95 = $10,000; Protected Income Base = $125,000

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This additional Purchase Payment is not eligible for the enhancement on the first Benefit year anniversary because it was received after the first 90 days after the effective date of the rider. It will not be eligible for the 5% Enhancement until the second Benefit Year anniversary. Therefore, on the first Benefit Year anniversary, the Protected Income Base will not be less than $130,750 (= $115,000 x 1.05 + $10,000).

As explained below, the 5% Enhancement and Account Value Step-up will not occur in the same year. If the Account Value Step-up provides a greater increase to the Protected Income Base, you will not receive the 5% Enhancement. It is possible that this could happen each Benefit Year (because the Account Value Step-up provided a larger increase each year), and therefore the enhancement would not apply. The 5% Enhancement or the Account Value Step-up cannot increase the Protected Income Base above the maximum Protected Income Base of $10 million.

You will not receive the 5% Enhancement on any Benefit Year anniversary in which there is a withdrawal. The 5% Enhancement will occur on the following Benefit Year anniversary if no further withdrawals are made from the Contract and the rider is within the Enhancement Period.

The following is an example of how the Account Value Step-ups and the 5% Enhancement affect the Protected Income Base and the potential for the charge to increase or decrease (assuming there have been no withdrawals or new Purchase Payments):

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| | | | |
|:---|:---|:---|:---|
|  | **Contract Value** | **Protected Income Base with 5% Enhancement** | **Protected Income Base** |
| Initial Purchase Payment $50,000 | &nbsp;&nbsp; $50000 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; $50000 |
| 1<sup>st</sup> Benefit Year anniversary | &nbsp;&nbsp; $54000 | &nbsp;&nbsp; $52500 | &nbsp;&nbsp; $54000 |
| 2<sup>nd</sup> Benefit Year anniversary | &nbsp;&nbsp; $53900 | &nbsp;&nbsp; $56700 | &nbsp;&nbsp; $56700 |

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On the first Benefit Year anniversary, the Account Value Step-up increased the Protected Income Base to the Contract Value of $54,000 since the increase in the Contract Value is greater than the 5% Enhancement amount of $2,500 (5% of $50,000). On the second Benefit Year anniversary, the 5% Enhancement provided a larger increase (5% of $54,000 = $2,700). An Account Value Step-up cannot increase the Protected Income Base beyond the maximum Protected Income Base of $10 million.

**Death Prior to the Selection of an Annuity Payout Option.** *4LATER*<sup>®</sup> Advantage (Managed Risk) has no provision for a payout of the Protected Income Base upon death of the Contractowners or Annuitant. In addition, *4LATER*<sup>®</sup> Advantage (Managed Risk) provides no increase in the Death Benefit value over and above what the Death Benefit provides in the base contract. At the time of death, if the Contract Value equals zero, no Death Benefit options (as described earlier in this prospectus) will be in effect. Election of the *4LATER*<sup>®</sup> Advantage (Managed Risk) does not impact the Death Benefit options available for purchase with your annuity contract. Generally all Death Benefit payments must be made in compliance with Internal Revenue Code Sections 72(s) or 401(a)(9), as amended. See Benefits Available Under the Contract – Death Benefit.

If the Contractowner is not also named as the Annuitant or the Secondary Life, upon the first death of the Annuitant or Secondary Life, the *4LATER*<sup>®</sup> Advantage (Managed Risk) rider will continue. Upon the second death of either the Annuitant or Secondary Life, *4LATER*<sup>®</sup> Advantage (Managed Risk) will terminate.

Upon the death of the Contractowner, the *4LATER*<sup>®</sup> Advantage (Managed Risk) rider will continue only if either Annuitant or the Secondary Life becomes the new Contractowner and payments under *i4LIFE*<sup>®</sup> Advantage begin within one year after the death of the Contractowner.

**Termination.** After the fifth anniversary of the effective date of the *4LATER*<sup>®</sup> Advantage (Managed Risk) rider, the Contractowner may terminate the rider by notifying us in writing. (If you elected a *4LATER*<sup>®</sup> Advantage (Managed Risk) rider prior to January 1, 2017, and decide to terminate that rider to elect *4LATER*<sup>®</sup> Select Advantage prior to May 18, 2020, this 5-year waiting period is waived.) After this time, the rider will also terminate if the Contractowner fails to adhere to the Investment Requirements. *4LATER*<sup>®</sup> Advantage (Managed Risk) will automatically terminate:

● on the selection of an Annuity Payout option; or

● upon election of 4LATER® Select Advantage; or

● if the Annuitant is changed including any sale or assignment of the Contract or any pledge of the Contract as collateral; or

● upon the second death of either the Annuitant or Secondary Life; or

● when the Protected Income Base is reduced to zero due to withdrawals; or

● the last day that you can elect i4LIFE® Advantage (age 99 for nonqualified contracts); or

● upon termination of the underlying contract.

This termination will not result in any increase in Contract Value equal to the Protected Income Base. Upon effective termination of this rider, the benefits and charges within this rider will terminate. If you terminate the rider, we reserve the right to require a 12-month wait after this termination before you can elect any Living Benefit Rider available for purchase at that time.

***i4LIFE***<sup>®</sup> **Advantage Guaranteed Income Benefit Option**. Contractowners who previously elected *4LATER*<sup>®</sup> Advantage (Managed Risk) may decide to later transition to *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit (Managed Risk). The transition must be made prior to

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the Annuity Commencement Date. You cannot have both *i4LIFE*<sup>®</sup> Advantage and another Living Benefit Rider in effect on your Contract at the same time. See *i4LIFE*<sup>®</sup> Advantage - *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit Transitions for a discussion of this transition.

***Lincoln Long-Term Care***<sup>SM</sup> **Advantage** 

The *Lincoln Long-Term Care*<sup>SM</sup> Advantage Rider (the "LTC Rider") provides a way to manage the potential impact of long-term care expenses. The LTC Rider provides the potential to receive as LTC Benefits your Purchase Payments plus an additional amount equal to two times your Purchase Payments. These benefits are paid to you income tax-free. In addition, you have the opportunity to increase your tax-free long-term care benefits if there is investment gain in your Contract. The LTC Rider provides monthly benefit payments ("Long-Term Care Benefits" or "LTC Benefits") in the event: (1) you are "Chronically Ill," which means you are either unable to perform two out of six functional activities of daily living (such as feeding yourself, bathing, or dressing) or you suffer from a severe cognitive impairment that requires substantial supervision, and (2) you are receiving long-term care services that qualify for coverage under the LTC Rider ("Long-Term Care Services"). Long-Term Care Services include, but are not limited to, nursing home care, hospice care, adult day care, assisted living services, home health care and rehabilitative services.

**If you purchased the LTC Rider, you may not make any additional Purchase Payments more than 90 days from the contract date. Accordingly, you should plan on making enough Purchase Payments to fund your anticipated needs under the Contract during the first 90 days. Even then, the LTC Rider may not cover all of the long-term care expenses incurred by you during the period of coverage. On the other hand, you may never need long-term care services or, even if you do, you may never qualify to receive any of the benefits provided under this LTC Rider even though you have paid a charge(s) for the LTC Rider. Accordingly, we strongly advise you to review carefully all Contract and rider limitations. The risks associated with the LTC Rider are outlined below.** 

**The LTC Rider, if purchased, must be elected at the time you purchase your Contract and may not be added to existing contracts. While the LTC Rider is in force, you may not purchase any of the other Living Benefit Riders that we offer. By purchasing the LTC Rider, you will be limited in how you may invest and must adhere to Investment Requirements. See Appendix B – Investment Requirements. There is no guarantee that the LTC Rider will be available in the future, as we reserve the right to discontinue the benefit at any time. In addition, we may make different versions of the LTC Rider available.** 

**The features and charges for this rider and also the terms and definitions will vary in certain states. You should discuss the specific provisions applicable to your state with your registered representative. Your rider contains the specific provisions applicable to you.** 

**Are there ways I can pay long-term care expenses under the Contract other than by purchasing the LTC Rider?** 

● You can always access your Contract Value through conventional withdrawals from your Contract, even if you have not elected to purchase the LTC Rider. However, withdrawals may be subject to surrender charges, income taxes (as investment gains, if any, are deemed to be withdrawn first), and if taken before age 59½, penalty taxes. Such withdrawals also would be limited to your Contract Value, which may decrease. Withdrawals may be taken to cover long-term care expenses for yourself or anyone else. LTC Benefits, on the other hand, are subject to favorable tax treatment, would not have any surrender charges, and may exceed the amount of Contract Value you would otherwise have had available. LTC Benefits may be received only if you are the Covered Life.

● You can also access your Contract Value through conventional annuity payments, even if you have not elected to purchase the LTC Rider. However, while not fully taxable until cost basis has been returned, such payments are not tax-free and are intended to provide protected income payments over an extended lifetime. LTC Benefits, however, may be taken over a shorter period of time (as short as six years) and are received tax-free.

● We offer other Living Benefit Riders that provide a guaranteed income stream and/or a guaranteed withdrawal benefit that may be used to pay for long-term care services. Like the LTC Rider, benefit payments under these riders may exceed Contract Value, but it may take you 20 years or more to receive them. In addition, these other Living Benefit Riders are not Qualified Long-Term Care insurance and their benefits cannot be received tax-free, even if used to pay long-term care expenses. On the other hand, the cost of the LTC Rider may be higher than the cost of other Living Benefit Riders we sell, and the procedures to determine eligibility and to request benefits under the LTC Rider are more extensive than those required to receive benefits under other Living Benefit Riders. In any case, you will be unable to purchase any other Living Benefit Rider that we may offer if you purchase the LTC Rider. See Benefits Available Under the Contract.

● You may also speak to your registered representative about other ways to pay for long-term care expenses. There are insurance contracts, other than annuities, which provide long-term care benefits and there may also be programs offered by your state.

**How do I qualify for LTC Benefits?** If, after the first Contract Year (subject to state variations), you become Chronically Ill and are receiving Long-Term Care Services, you may receive monthly LTC Benefit payments under the LTC Rider. Chronically Ill means you are either unable to perform two out of six functional activities of daily living (such as feeding yourself, bathing, or dressing) or you suffer from a severe cognitive impairment that requires substantial supervision. *You should understand that although you may begin receiving LTC Benefits at any time after the first Contract Year, the LTC Rider was designed optimally for LTC Benefits to be paid on or after the fifth contract anniversary.*

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Importantly, the LTC Rider is not self-effecting and you must satisfy all of the conditions, and take the necessary steps to apply and qualify for, and then maintain your eligibility for, benefits under the LTC Rider. For example, a licensed health care practitioner must certify in a written assessment that you are Chronically Ill, and also complete a plan of care for you, which is a written plan of care that is developed based on your written assessment and specifies the type, frequency and duration of all Long-Term Care Services you will need ("Plan of Care"). In addition, you must wait 90 days after the date that you start to receive Long-Term Care Services before we will start paying LTC Benefits (the "deductible period"). Once we have determined that you are eligible for benefits, you may submit a Request for Benefits form. The Request for Benefits form will be used to pay LTC Benefits for a period of up to three months. You will need to provide a new Request for Benefits form to continue to receive LTC Benefits beyond the period requested in the Request for Benefits form.

**How do LTC Benefits impact my Contract Value?** LTC Benefits may be paid out of your Contract Value or from our own assets in our general account. In general, the LTC Rider provides for LTC benefit amounts to be withdrawn out of the Contract Value first on a tax-free basis until you either receive your Purchase Payments or your entire Contract Value is depleted, whichever occurs first. At that time, if you are still living, we will continue to make the same tax-free payments to you from our own assets in our general account for a designated period of time or until your death, if earlier. Because we transfer some or all of your Contract Value to the LTC Fixed Account (which is part of our general account) on the date we make the determination of your initial eligibility to receive LTC Benefits, all LTC Benefit payments are subject to claims of our general creditors and to the claims-paying ability of Lincoln Life. If you begin receiving LTC Benefits and then stop receiving LTC Benefits for twelve consecutive months, we will allow you to transfer in installments the Contract Value in the LTC Fixed Account back to the Subaccounts. See LTC Fixed Account.

**Are the LTC Benefit payments tax-free?** The LTC Rider is a Qualified Long-Term Care Insurance Policy under Section 7702B(b) of the Internal Revenue Code of 1986, as amended. Any LTC Benefits paid under the LTC Rider, as well as any charges deducted under the Rider, will not be reported as taxable income to you, subject to the Internal Revenue Code limitations.

**What are the LTC Benefits?** There are two primary LTC Benefits: the Acceleration Benefit and the Extension Benefit. There is also an additional optional LTC Benefit – the Growth Benefit – that is available for an additional charge. The Acceleration and Growth Benefits are calculated based on the LTC Guaranteed Amount. The initial Extension Benefit is calculated based on the initial Acceleration Benefit and will be double the dollar amount of the Acceleration Benefit. The LTC Guaranteed Amount initially is equal to the Acceleration Benefit, which is your initial Purchase Payment and any subsequent Purchase Payments made in the first 90 days after purchase. (If you purchase the LTC Rider, you may not make additional Purchase Payments more than 90 days after purchase.) If you elect the Growth Benefit option, the LTC Guaranteed Amount increases annually by the amount of investment gain, if any, in the Subaccounts and any fixed account in which you are invested through automatic step-ups. You should understand that the LTC Guaranteed Amount is not available to you as a lump sum withdrawal or as a Death Benefit. Payment of Acceleration Benefits and Growth Benefits decrease the LTC Guaranteed Amount by the amount of the respective LTC Benefit payment. The LTC Guaranteed Amount is also reduced, but on a proportional basis, by certain withdrawals that exceed a specified percentage of the amount that the Contract Value exceeds the LTC Guaranteed Amount, called "Excess Withdrawals." The Extension Benefit is also reduced by Excess Withdrawals.

● Acceleration Benefit: The first payments we will make under the LTC Rider will be Acceleration Benefits, which are paid out of your Contract Value. The Acceleration Benefit is not affected by investment results. Acceleration Benefits are paid from your Contract Value; however, if your Contract Value is reduced to zero before the Acceleration Benefit is paid, we will make remaining payments from our own assets in our general account. In some states the Acceleration Benefit is referred to as the Accumulation Long-Term Care Benefit.

● Extension Benefit: When the Acceleration Benefit is reduced to zero, we will pay you Extension Benefit payments. Extension Benefits are paid from our general account. This means that, while Acceleration Benefits are funded in whole or in part by your Contract Value, we will make Extension Benefit payments from our own assets in our general account. The initial Extension Benefit will be double the dollar amount of the initial Acceleration Benefit. The Extension Benefit is not affected by investment results.

● Growth Benefit: If you are interested in potentially being able to "lock in" any investment gains in your Contract with respect to your LTC Rider, you may purchase the Growth Benefit option at issue for an additional charge. The Growth Benefit option increases the LTC Guaranteed Amount annually by the amount of investment gain, if any, in the Subaccounts and any fixed account in which you are invested through automatic step-ups. Automatic step-ups occur annually through age 75 or until you reach the maximum LTC Guaranteed Amount of $800,000, whichever occurs earlier. If you do not purchase the Growth Benefit option, any investment gain will not increase your LTC Benefit payments. While you can withdraw any gains from your Contract Value the same way you make regular withdrawals from your Contract, doing so could have a negative impact on your LTC Benefits, as described in more detail below. If you elect the Growth Benefit option, you will not be able to make any Conforming Withdrawals and all withdrawals will be Excess Withdrawals that reduce your LTC Benefits. Conforming and Excess Withdrawals are described below in more detail. Once you begin receiving LTC Benefits and Contract Value is moved to the LTC Fixed Account, the Contract Value in the LTC Fixed Account will only increase by the amount of interest credited to the LTC Fixed Account. Growth Benefits are paid from your Contract Value; however, if your Contract Value is reduced to zero due to conforming or non-excess withdrawals and/or adverse investment experience of the Subaccounts before the locked-in Growth Benefit is paid, we will make remaining payments from our general account.

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**When are LTC Benefits paid?** LTC Benefits are paid monthly, and you tell us the monthly amount that you want to receive up to a maximum monthly amount over a designated period of time. If you are residing in a nursing home or are receiving hospice care, you may request monthly payments up to the full monthly maximum. See Maximum Monthly Level Benefit. Contractowners in certain states may also request up to the full monthly maximum for assisted living services. However, if you are eligible and qualify for other qualified Long-Term Care Services (such as home health care or adult day care) but are not residing in a nursing home or receiving hospice care, you may only request up to 50% of the monthly maximum. Contractowners in the following states may only request up to 50% of the monthly maximum for assisted living services: AK, AL, AR, AZ, DC, DE, GA, IA, KY, LA, MD, ME, MI, MO, MS, MT, NC, ND, NE, NM, OK, OR, RI, SC, SD, WV, WY. See Determining LTC Benefits – Maximum Monthly Level Benefit and Maximum Monthly Growth Benefit for a more detailed description.

The Acceleration Benefit will be paid monthly over a period of time known as the "Acceleration Benefit Duration." The Acceleration Benefit Duration will be at least 24 months, but may be longer if you take payments in early Contract Years, or if you take less than the maximum permitted. After the Acceleration Benefit Duration ends, the Extension Benefit will then be paid over a period of time known as the "Extension Benefit Duration." The Extension Benefit Duration is twice the length of the Acceleration Benefit Duration. Growth Benefit payments are spread over both the Acceleration Benefit Duration and the Extension Benefit Duration. The Acceleration Benefit Duration and the Extension Benefit Duration together make up the LTC Benefit Duration. The Acceleration Benefit Duration and Extension Benefit Duration will usually run consecutively and without interruption unless you voluntarily elect to stop payments or become ineligible to receive LTC Benefits. The LTC Benefit Durations would resume if you elect to restart payments or become eligible to receive LTC Benefits.

On the contract date, the Acceleration Benefit Duration is 84 months (*i.e.*, 7 years), so it would take you 84 months to receive the total Acceleration Benefit. However, the Acceleration Benefit Duration shortens each year until the fifth contract anniversary, when the Acceleration Benefit Duration will be its shortest duration of 24 months (*i.e*., 2 years). Equally important, as the Acceleration Benefit Duration shortens, the maximum monthly amounts under the LTC Rider increase. *If you wait to request to begin receiving LTC Benefit payments until the fifth contract anniversary or after, you will maximize the monthly LTC Benefit payment available to you.* For example, if you wait to request to begin receiving LTC Benefit payments until the fifth contract anniversary, the Acceleration Benefit Duration will be 24 months, and the Extension Benefit Period will be 48 months, or twice the Acceleration Benefit Period, making the LTC Benefit Duration 72 months. The Growth Benefit would be paid over all 72 months (over both the Acceleration Benefit Duration and the Extension Benefit Duration). If you take less than the maximum monthly amount (by choice or by the 50% limitation applied to non-nursing home/non-hospice care), you will extend the Acceleration Benefit Duration (and thus the Extension Benefit Duration).

**How do withdrawals affect my LTC Benefits?** The LTC Rider may permit limited withdrawals of Contract Value on an annual basis that will not impact your LTC Benefit payments. You may withdraw each year (and in addition to LTC Benefit payments, if you happen to be receiving these at the same time) up to 5% of the amount that your Contract Value exceeds the LTC Guaranteed Amount (if there is any such excess) as of the immediately preceding contract anniversary, without a decrease in the LTC Benefits. Such withdrawals are referred to as "Conforming Withdrawals." However, the amount of withdrawals that exceed 5% of any excess of the Contract Value over the LTC Guaranteed Amount will be an "Excess Withdrawal." This means if the LTC Guaranteed Amount is greater than or equal to the Contract Value on any contract anniversary, any withdrawal will be an Excess Withdrawal.

Excess Withdrawals will result in proportional reductions to all LTC Benefits by the same percentage that the Excess Withdrawal reduces the Contract Value. **Excess Withdrawals may result in significant reductions of benefits under the LTC Rider and/or its termination. Accordingly, if you think that you may need to access your Contract Value through withdrawals, the LTC Rider may not be a good investment for you.**

To further explain the application of this limitation to withdrawals, if you have not purchased the Growth Benefit option, you may be able to make Conforming Withdrawals if your Contract Value has grown above your Purchase Payments. However, accessing more than modest amounts (i.e., more than 5%) of those investment gains could have a significant negative impact on your LTC Benefits. **If you elect the Growth Benefit option, on the other hand, you will not be able to make any Conforming Withdrawals and all withdrawals will be Excess Withdrawals that negatively impact your LTC Benefits.** In addition, since Excess Withdrawals result in proportional reductions to all LTC Benefits, your LTC Benefits may be reduced by more than dollar for dollar when those benefits exceed the Contract Value. If you reach age 76 or the maximum LTC Guaranteed Amount limit of $800,000, however, you may be able to then begin making Conforming Withdrawals if your Contract Value exceeds the LTC Guaranteed Amount on the immediately preceding contract anniversary because the Growth Benefit no longer increases after this time. This maximum LTC Guaranteed Amount includes the combined LTC Guaranteed Amounts of all Lincoln Life variable annuity contracts (or contracts issued by our affiliates) owned by you.

**If the LTC Guaranteed Amount is equal to or greater than your Contract Value on a contract anniversary, any withdrawal in that Contract Year will be an Excess Withdrawal. Any Excess Withdrawal that reduces the Contract Value to zero will terminate the LTC Rider and the only LTC Benefit that you may be eligible to receive will be the Optional Nonforfeiture Benefit, if elected. See the Withdrawals section later in this discussion.**

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**Are there any restrictions on how I invest my money if I purchased the LTC Rider?** By purchasing the LTC Rider, you will be limited in how you can invest in the Subaccounts and the fixed account. Specifically, you may invest only pursuant to Investment Requirements as described in this prospectus. The Subaccounts eligible for investment are designed for steadier, but potentially more modest, investment performance than you may otherwise receive by investing in Subaccounts with more aggressive investment objectives. The fixed account will be available to you for dollar-cost averaging purposes only. When we determine you are eligible to receive LTC Benefits, we will move Contract Value equal to the LTC Guaranteed Amount into the LTC Fixed Account from which we will make Acceleration Benefit payments and, if elected, Growth Benefit payments. Accordingly, after that point, such transferred amounts will not participate in market performance, but will accrue interest.

**What are the charges for the LTC Rider?** While the LTC Rider is in effect, there is a charge that is deducted from the Contract Value on a quarterly basis (the "LTC Charge"). The LTC Charge consists of the sum of three charges: the Acceleration Benefit Charge, the Extension Benefit Charge, and the Optional Nonforfeiture Benefit Charge (if elected). The LTC Charge will be higher if you choose the Growth Benefit option because the Acceleration Benefit Charge rate is higher for the Growth Benefit option than it is without it, and because the LTC Guaranteed Amount may also be higher if there is Contract growth. The Extension Benefit Charge and the Optional Nonforfeiture Benefit Charge do not have guaranteed maximum annual charge rates and may change at any time, subject to state regulatory approval. For more information, please see Fee Tables and Charges and Deductions for Discontinued Living Benefit Riders – *Long-Term Care*<sup>SM</sup> Advantage Charges.

**Will I pay a surrender charge on LTC Benefit payments?** LTC Benefit payments are not subject to any surrender charge. However, LTC Benefit payments will count against the Contract's free withdrawal provision, which may impact whether surrender charges are applied to other withdrawals.

**What if I decide to terminate the LTC Rider?** The LTC Rider provides a nonforfeiture benefit if you terminate the LTC Rider in certain circumstances. There is a nonforfeiture benefit, called the "Contingent Nonforfeiture Benefit," provided without charge that pays a reduced long-term care insurance benefit if you terminate the LTC Rider due to a specified increase of the charge for the Extension Benefit and/or the Optional Nonforfeiture Benefit if elected. You may also choose to add an enhanced nonforfeiture benefit, called the "Optional Nonforfeiture Benefit," for an additional charge that pays a reduced long-term care insurance benefit if you terminate the LTC Rider for any reason after three years. The only difference between the two nonforfeiture benefits is the circumstances under which you may terminate the LTC Rider to receive the benefit. Under either nonforfeiture benefit you may receive an amount equal to the greater of one month's maximum monthly benefit or an amount equal to the sum of all Extension Benefit Charges and Optional Nonforfeiture Benefit Charges paid minus the amount of any Extension Benefits paid prior to the LTC Rider's termination. Termination of the LTC Rider does not automatically terminate the underlying contract.

**What are the risks associated with the LTC Rider?** Some of the principal risks associated with the LTC Rider are:

● You may never need long-term care. Thus, you may pay for a feature from which you never realize any benefits.

● Even if you need long-term care, you may not qualify for LTC Benefits under the LTC Rider, or the LTC Benefits you receive may not cover all of the long-term expenses you incur since the maximum amount of LTC Benefit you may receive with the Growth Benefit is capped at $22,222 per month and $16,666 per month without the Growth Benefit, assuming you wait until after the fifth contract anniversary to receive LTC Benefits.

● You may die before you obtain all the LTC Benefit payments to which you would otherwise be entitled. Remaining LTC Benefit payments that would have otherwise been payable, do not increase the amount paid on your death.

● Your ability to withdraw Contract Value without substantially and irrevocably reducing your LTC Benefits will be limited. Accordingly, you should not purchase the LTC Rider if you anticipate taking withdrawals or needing more than limited access to your Contract Value. In general, if you elect the Growth Benefit option, you will not be able to make any withdrawals without permanently reducing your LTC Benefits. If you do not purchase the Growth Benefit, you will be able to make withdrawals of up to 5% of the excess of your Contract Value over the LTC Guaranteed Amount annually without reducing your LTC Benefits. That restriction will exist until LTC Benefit payments are complete or the LTC Rider otherwise terminates.

● You must wait at least one year before you can take LTC Benefit payments.

● If you take LTC Benefit payments before the fifth contract anniversary, your monthly payments will be smaller and it will take you longer to receive the full amount of LTC Benefits than if you begin taking LTC Benefit payments after the fifth contract anniversary.

● Even if you would otherwise be able to qualify for LTC Benefits, you may fail to file required forms or documentation and have your benefit denied or revoked.

● Your variable Subaccount investments will be restricted to certain Subaccounts and in certain percentages if you purchased the LTC Rider; the Subaccounts are designed for steadier, but potentially more modest, investment performance that you may otherwise receive by investing in Subaccounts with more aggressive investment objectives.

● If you begin taking LTC Benefit payments, your Contract Value to the extent of the LTC Guaranteed Amount will be transferred to the LTC Fixed Account, where it will not be insulated from the claims of our general creditors, will be subject to the claims-paying ability of Lincoln Life, and will not participate in any market performance.

● If you purchased the LTC Rider, you may not purchase any of the other Living Benefit Riders that we offer.

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● The Extension Benefit Charge and Optional Nonforfeiture Benefit Charge rates are not subject to a maximum, and may increase significantly (subject to state approval).

● LTC Benefit payments may reduce your Death Benefit by deducting withdrawals in the same proportion that the withdrawal reduces the Contract Value.

**Eligibility to Receive LTC Benefit Payments**

**Establishing Initial Eligibility for LTC Benefits**

You will not be eligible to receive LTC Benefit payments under the LTC Rider until after the first Contract Year. (Although we refer to the first contract anniversary throughout this discussion, this provision may vary by state.) After the first contract anniversary, you may start the process to request and receive LTC Benefits. You must take the following steps to start receiving LTC Benefit payments:

&nbsp;&nbsp; **PLEASE NOTE:** The process to request LTC Benefits is involved and you should carefully consider that you may need substantial <br> assistance from a family member or other trusted person to claim and obtain LTC Benefits once you are receiving long-term care. <br> In this regard, our claims-processing department can help you if necessary. You should plan ahead to ensure that a person you <br> trust has agreed to be responsible for completing the initial process, as well as the ongoing requirements, discussed below.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **Step 1:** | &nbsp;&nbsp; You must first notify us by phone at 800-487-1485, or send written notice to: PO Box 21008, Dept. 0514, Greensboro, NC <br> 27420-1008 of your intent to request LTC Benefits. We will process any notifications or requests for LTC Benefits submitted <br> by you, or on your behalf by your legally authorized representative, which may include a court-appointed conservator or an <br> individual acting under a valid power of attorney. Before starting the eligibility process we will verify that the first contract <br> anniversary has passed.<br>|
| **Step 2:** | &nbsp;&nbsp; Once we receive notification of your intent to request LTC Benefits, we will provide you with claims forms which will be <br> used to determine your initial eligibility to receive LTC Benefits.<br>|
| **Step 3:** | &nbsp;&nbsp; You must complete and submit the claims forms. This requires that you have a Licensed Health Care Practitioner certify in a <br> written assessment that you are Chronically Ill and complete a Plan of Care for you, which is a written plan of care that is <br> developed based on your written assessment and specifies the type, frequency and duration of all Long-Term Care Services <br> you will need.<br>|
| **Step 4:** | &nbsp;&nbsp; We will determine your eligibility based on the 1) assessment; 2) Plan of Care; and 3) whether you have been or will be <br> receiving Long-Term Care Services covered by the LTC Rider due to you being Chronically Ill. Once we have determined <br> your eligibility for benefits, we will send you a Request for Benefits form to be completed by you in order to receive LTC <br> Benefits.<br>|
| **Step 5:** | &nbsp;&nbsp; You must submit a Request for Benefits form within 90 days after we have determined that you are eligible for LTC Benefits. <br> The Request for Benefits form will be used to pay LTC Benefits for a period of up to three months.<br>|
| **Step 6:** | &nbsp;&nbsp; You must satisfy the 90 day deductible period before any LTC Benefits will be paid. The 90-day deductible period is <br> measured from the date you first receive Long-Term Care Services. See the Deductible Period paragraph later in this <br> section.<br>|

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**Written Assessment.** In order to determine whether you have been or will be receiving Long-Term Care Services due to being Chronically Ill, we require that a Licensed Health Care Practitioner certify, within the preceding 12 months, in a written assessment that you are Chronically Ill. You have a Chronic Illness if you require either: 1) substantial assistance with performing at least two of six Activities of Daily Living ("ADLs") for at least 90 days or; 2) substantial supervision to protect you from threats to health and safety due to severe cognitive impairment. Severe cognitive impairment is deterioration or loss of intellectual capacity that is:

● Comparable to (and includes) Alzheimer's disease and similar forms of irreversible dementia; and

● Is measured and confirmed by clinical evidence and standardized tests that reliably measure impairment in short-term or long-term memory; orientation as to person (such as who they are), place (such as their location), and time (such as day, date and year); and deductive or abstract reasoning, including judgment as it relates to safety awareness.

The written assessment will evaluate your ability to perform ADLs and/or your cognitive condition. **You will be responsible for the cost of obtaining the initial and any subsequent assessments.** 

&nbsp;&nbsp; A Licensed Health Care Practitioner is a physician (as defined in Section 1861(r)(1) of the Social Security Act, as amended); a <br> registered professional nurse; a licensed social worker; or another professional individual who meets the requirements prescribed <br> by the United States Secretary of the Treasury.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The six Activities of Daily Living are:<br>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Bathing</u> – the ability to wash oneself by sponge bath, or in either a tub or shower, including the task of getting into or out of the tub or shower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Continence</u> – the ability to maintain control of bowel and bladder function, the ability to perform associated personal hygiene (including caring of a catheter or colostomy bag).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Dressing</u> – the ability to put on or take off all items of clothing and any necessary braces, fasteners or artificial limbs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Eating</u> – the ability to feed oneself by getting food into the body from a receptacle (such as plate, cup or table) or by a feeding tube or intravenously.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Toileting</u> – the ability to get to and from the toilet, get on or off the toilet, and perform associated personal hygiene.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Transferring</u> – the ability to move oneself into or out of a bed, chair or wheelchair.

**Plan of Care.** The Licensed Health Care Practitioner must also complete a Plan of Care for you, which is a written plan of care that is developed based on the written assessment that you are Chronically Ill (as described in the preceding section) and specifies the type, frequency and duration of all Long-Term Care Services you will need. Long-Term Care Services are maintenance or personal care services, or any necessary diagnostic, preventive, therapeutic, curing, treating, mitigating, and rehabilitative service that is required because you are Chronically Ill and that are provided pursuant to a Plan of Care. The Long-Term Care Services include, but are not limited to, nursing home care, hospice care, adult day care, assisted living services, home health care and rehabilitative services as described in the Long-Term Care Coverage Endorsement. **You will be responsible for the cost of obtaining the required Plan of Care. In order to receive LTC Benefits under the LTC Rider, you must follow the Plan of Care.**

**Exclusions and Limitations.** The following are not Long-Term Care Services under the LTC Rider:

● alcohol and drug treatment, unless the drug addiction is a result of medication taken in doses prescribed by a physician

● care in a facility operated primarily for the treatment of mental or nervous disorders, other than qualifying stays or care resulting from a clinical diagnosis of Alzheimer's Disease or similar forms of irreversible dementia

● treatment arising out of an attempt (while sane or insane) at suicide or an intentionally self-inflicted injury

● treatment in government facilities, such as the healthcare facilities run by the Veterans Administration (unless exclusion of coverage is otherwise prohibited by law)

● services for which benefits are available to you under Medicare or other governmental program (other than Medicaid), workers compensation laws, employer liability laws, occupational disease laws or motor vehicle no-fault laws

● services or care provided to you outside the United States

● all care and support services that are provided by immediate members of your family, whether paid or unpaid.

**Deductible Period.** You must satisfy the 90 day deductible period before any LTC Benefits will be paid. This means, you must wait 90 days after the date that you start to receive Long-Term Care Services covered under the LTC Rider before we will start paying LTC Benefits. For example, assume that you enter a nursing home on March 1 of a particular year after the first contract anniversary, due to not being able to perform two of the six ADLs. You notify us of your intent to request LTC Benefits on April 1. On April 8, you receive the claims forms from us. On May 1, we receive the completed claims forms, including the written assessment and Plan of Care. On May 10, we determine that your eligibility to receive LTC Benefits was March 1 and send you a Request for Benefits form. On May 20, we receive the completed Request for Benefits form. The deductible period would be 90 days from March 1 and will end as of May 29. We would start monthly LTC Benefit payments after May 29.

**Requesting LTC Benefits.** We will notify you in writing once we have determined your eligibility for benefits and will send you a Request for Benefits form to be completed by you in order to receive LTC Benefits. The Request for Benefits form will be used to pay LTC Benefits for a period of up to three months. You will need to provide a new Request for Benefits form to continue to receive LTC Benefits beyond the period requested in the Request for Benefits form. This form will notify us of the dollar amount of LTC Benefit payments that you are requesting, where you would like us to pay them, and from whom you are receiving Long-Term Care Services. If the Request for Benefits form is not received within 90 days after we have determined that you are eligible for LTC Benefits, you will no longer be deemed eligible to receive LTC Benefits and the eligibility determination process will restart. See the Federal Taxation of this section for a discussion of the limits on the dollar amount of LTC Benefit payments.

&nbsp;&nbsp; **Please Note:** The amount you request in LTC Benefits may be more or less that your actual expenses for Long-Term Care <br> Services. The LTC Rider is not a reimbursement plan and does not depend on your actual expenses. However, if you receive <br> amounts in excess of the IRS limit, those amounts may be taxable unless you have actually incurred long-term care expenses of <br> that amount. See General Provisions – Federal Taxation.<br>

**Denial of LTC Benefits.** We will notify you in writing if we deny any request for LTC Benefits. We will deny a request for LTC Benefits if we determine that you are not eligible to receive LTC Benefits as set forth in the preceding sections or if you have not fulfilled any of the requirements in order for us to determine your eligibility or process your request. You may request a review of our decision. A request for a review of a denial of a request for LTC Benefits must be in writing and must include any information that may support your request or eligibility status. The request for a review of a denial of a request for LTC Benefits must be submitted to us generally

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within 3 years (although this period may vary by the state in which the LTC Rider is issued) after the time the request for LTC Benefits was filed. We will review your request for a review and provide a written decision, generally within 60 days after receiving it (although this period may vary because of a different requirement imposed by the state in which the LTC Rider is issued). There is no further review after we provide you with our written decision. If we determine that a request for LTC Benefits should have been granted we will pay you the LTC Benefits you should have received.

**Establishing Continued Eligibility for LTC Benefits**

Once you qualify and begin to receive LTC Benefit payments, you must take certain steps to continue to receive LTC Benefits. If you fail to take these steps, your LTC Benefits will stop, and you will have to reestablish your eligibility to restart LTC Benefit payments. You must take the following steps to continue receiving LTC Benefit payments:

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| | |
|:---|:---|
| **Every Three Months:** | &nbsp;&nbsp; You must submit a new Request for Benefits form, which must be received by us no earlier than 30 days prior <br> to the end of the current three-month period for which you are receiving LTC Benefits. We will provide you <br> with a new Request for Benefits form prior to the end of the current three-month period. If a new Request for <br> Benefits form is not submitted prior to the end of the current three-month period for which you are receiving <br> LTC Benefits, we will automatically pay the LTC Benefit that you are receiving for an additional month. If you <br> do not want to receive this payment you must contact us either by phone or in writing at the address or <br> phone number provided above. LTC Benefits paid during that month will be equal to the amount of the most <br> recent LTC Benefit payment paid to you. If we do not receive a Request for Benefits form within 90 days after <br> the three-month period for which LTC Benefits were previously requested, you will have to reestablish your <br> eligibility to receive benefits. Request for Benefits form are always available by contacting us at 800-487-<br> 1485.<br>|
| **Every Year:** | &nbsp;&nbsp; At least once every 12 months after we have established your initial benefit eligibility, a Licensed Health Care <br> Practitioner must (1) complete a new assessment on a form provided by us and again certify that you are <br> Chronically Ill, and that you are expected to remain Chronically Ill for at least 90 days, and (2) either prescribe <br> a new Plan of Care, or reconfirm the existing Plan of Care. We will provide you with a new assessment form <br> prior to the end of the current twelve-month period. The appropriate forms are always available by contacting <br> us at 800-487-1485.<br>|

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*Revocation of Eligibility for LTC Benefits.* We will notify you in writing if we revoke your eligibility for LTC Benefits. You may request a review of our decision. We may revoke your eligibility if we determine that you are no longer eligible to receive LTC Benefits or should not have been found eligible to receive LTC Benefits. We may also revoke your eligibility for failure to follow any of the procedures as discussed above. A revocation of eligibility does not mean that you may be found eligible in the future. A request for a review of a revocation of eligibility must be in writing and must include any information that may support your request or eligibility status. The request for a review of a revocation of eligibility must be submitted to us generally within 3 years (although this period may vary because of a different requirement imposed by the state in which the LTC Rider is issued) after the time the last Request for Benefits form was filed. We will review your request for a review and provide a written decision within 60 days after receiving it. There is no further review after we provide you with our written decision. If we determine that we should not have revoked your eligibility we will pay you the LTC Benefits you should have received.

**Verification of Continued Eligibility** 

At any time and as often as we reasonably require, we reserve the right to verify that all of the conditions for initial and ongoing eligibility are satisfied. Verification of your continued eligibility may include any or all of the following:

● review of medical facts (including, but not limited to, medical files or diagnostic test results) to determine the extent of any Chronic Illness;

● a physical examination at our expense by a physician of our choosing to determine that all of the criteria for eligibility are met;

● requiring proof that you have received the prescribed care or support services.

If the Company is unable to verify that you are receiving Long-Term Care Services as set forth in the Plan of Care or that you are Chronically Ill, the Company will revoke your eligibility to receive LTC Benefits and reject any pending or subsequent request for benefits, and take action pursuant to the overpayment provision described below. Any subsequent determination of benefit eligibility will be treated as the initial determination of eligibility.

**Overpayment of LTC Benefits** 

If you no longer meet the eligibility criteria or no longer wish to receive LTC Benefit payments, you will need to notify us by contacting us either by phone or in writing at the address or phone number provided above. Failure to notify us that you no longer meet the eligibility criteria may result in an overpayment. In the event we make an overpayment to you, we will notify you and request repayment. An overpayment could be made under an existing Request for Benefits after a Covered Life is no longer eligible to receive benefits or as a result of an administrative error in processing a request for benefits. If you receive an overpayment, it is your responsibility to

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return the amount of the overpayment within 60 days of our request. If you do not return the overpayment within 60 days of our request, we will deduct the amount of the overpayment from your future LTC Benefits, if any, or otherwise from any withdrawals, cash surrender, or Death Benefit proceeds.

**Determining LTC Benefits**

**General Summary of LTC Benefits** 

Before delving into a more detailed discussion, we want to provide you with an overview of the basic choices you have relating to the LTC Rider, as well as a brief roadmap of the general concepts that impact your LTC Benefits.

**Choices Under the LTC Rider.** The amount of LTC Benefits that you may receive under the LTC Rider is dependent upon several choices that you make.

● You will decide how much money to invest in the Contract in order to fund the LTC Rider. The amount of the initial Purchase Payment and of any subsequent Purchase Payments made in the first 90 days after the contract date will determine the amount of Acceleration Benefits and Extension Benefits you may receive.

● You will also choose whether you would like the opportunity to grow the LTC Benefits by choosing, for a higher charge, the Growth Benefit option.

● You will choose whether to purchase for an additional cost the Optional Nonforfeiture Benefit option which provides an LTC Benefit if you terminate the LTC Rider under certain circumstances after the third contract anniversary.

● Once you are eligible to receive LTC Benefits, you will decide when and in what amounts up to certain limits you would like to receive monthly LTC Benefit payments. As long as you have met the conditions described earlier in this discussion (Eligibility for LTC Benefits), you may use the LTC Benefit payments for any purpose and may receive more than your actual expenses for LTC Services.

**Roadmap of Important LTC Concepts.** There are certain important features of the LTC Rider you need to understand. The following section summarizes these features.

As described above, there are two primary LTC Benefits: the Acceleration Benefit and the Extension Benefit. There is also an additional optional LTC Benefit – the Growth Benefit – that is available for an additional charge. The Acceleration and Growth Benefits are calculated based on the LTC Guaranteed Amount. The Extension Benefit at issue of the LTC Rider is calculated based on the initial Acceleration Benefit and will be double the dollar amount of the Acceleration Benefit. The LTC Guaranteed Amount is also important as it affects the charges you pay for the LTC Rider. See "LTC Charges" for additional information. The LTC Guaranteed Amount is equal to the Acceleration Benefit plus the Growth Benefit, if elected. However, you should understand that the LTC Guaranteed Amount is not available to you as a lump sum withdrawal or as a Death Benefit. See the discussion following this chart for a more detailed discussion of each LTC Benefit.

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| | |
|:---|:---|
| **Acceleration Benefit** | **Acceleration Benefit** |
| ●  | First payments made under the LTC Rider |
| ●  | Deducted from your Contract Value |
| ●  | Equals your initial Purchase Payment and any subsequent Purchase Payments made in the first 90 days |
| ●  | Paid monthly up to a monthly maximum amount (referred to as Maximum Monthly Level Benefit which is described in the <br> Determining LTC Benefits-Maximum Monthly Level Benefit section)<br>|
| ●  | Payments reduce the LTC Guaranteed Amount and Acceleration Benefit |
| ●  | If the Contract Value is reduced to zero, benefits are paid by us from our general account |
| ●  | Not affected by investment results |
| ●  | No surrender charges, although LTC Benefit payments will be applied against the Contract's free withdrawal provision reducing <br> the amount you may otherwise withdraw without a surrender charge<br>|

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| | |
|:---|:---|
| **Extension Benefit** | **Extension Benefit** |
| ●  | Second payments made under the LTC Rider once Acceleration Benefit is reduced to zero |
| ●  | Paid by us from our general account |
| ●  | Equals double the Acceleration Benefit as of the 90<sup>th</sup> day after the contract date |
| ●  | Paid monthly up to a monthly maximum amount (referred to as Maximum Monthly Level Benefit which is described in the <br> Determining LTC Benefits-Maximum Monthly Level Benefit section)<br>|
| ●  | Payments reduce the Extension Benefit |
| ●  | Not affected by investment results |

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| | |
|:---|:---|
| **Growth Benefit** | **Growth Benefit** |
| ●  | May be purchased for an additional cost |
| ●  | Increases the LTC Guaranteed Amount annually by the amount of investment gain, if any, in the Subaccounts and any fixed <br> account<br>|
| ●  | Payments made in addition to Acceleration Benefit and Extension Benefit payments |
| ●  | Deducted from your Contract Value |
| ●  | Paid monthly up to a monthly maximum amount that is different from the monthly maximum amounts applicable to the <br> Acceleration Benefit and Extension Benefit and that may increase but will never decrease based upon investment performance<br>|
| ●  | Payments reduce the LTC Guaranteed Amount and Growth Benefit |
| ●  | If the Contract Value is reduced to zero, LTC benefits are paid by us from our general account |
| ●  | Each annual step-up is not affected by subsequent investment results |
| ●  | No surrender charges, although LTC Benefit payments will be applied against the Contract's free withdrawal provision reducing <br> the amount you may otherwise withdraw without a surrender charge<br>|

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| | |
|:---|:---|
| **Withdrawals** | **Withdrawals** |
| ●  | Permitted any time in addition to LTC Benefit payments |
| ●  | Unless the Growth Benefit has been elected, will not decrease LTC Benefits (but will reduce Contract Value) to the extent annual <br> withdrawals are less than or equal to 5% of the excess amount, if any, of the Contract Value over the LTC Guaranteed Amount as <br> of the immediately preceding contract anniversary<br>|
| ●  | The amount of any withdrawal that exceeds 5% of the excess amount of the Contract Value over the LTC Guaranteed Amount <br> will be an Excess Withdrawal (i.e., if the LTC Guaranteed Amount is greater than or equal to the Contract Value on any contract <br> anniversary, any withdrawal will be an Excess Withdrawal)<br>|
| ●  | If the Growth Benefit has been elected, ANY withdrawal is an Excess Withdrawal |
| ●  | Excess Withdrawals result in proportional reductions to all LTC Benefits by the same percentage that the Excess Withdrawal <br> reduces the Contract Value<br>|
| ●  | Thus, if you purchase the Growth Benefit option, any withdrawal will be an Excess Withdrawal (unless you are age 76 or the <br> maximum LTC Guaranteed Amount limit of $800,000 has been reached, and your Contract Value on the immediately preceding <br> contract anniversary exceeds the LTC Guaranteed Amount)<br>|

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Now that we have discussed the general important features that impact your LTC Benefits, we can engage in a more detailed discussion of how exactly these LTC Benefits are calculated.

**Acceleration Benefit Payments**

Once you become eligible to receive LTC Benefits and we make a determination of your eligibility, we will move your Contract Value to the extent of the LTC Guaranteed Amount to our LTC Fixed Account. Amounts allocated to the LTC Fixed Account will no longer have the ability to participate in market performance. See LTC Fixed Account for more information. We then pay you the Acceleration Benefit as monthly Acceleration Benefit payments during the Acceleration Benefit Duration. Each payment will be the amount you request up to the Maximum Monthly Level Benefit amount. See Determining LTC Benefits – Maximum Monthly Level Benefit below for a detailed description. The Acceleration Benefit is first paid from the Contract Value. Surrender charges are waived for all Acceleration Benefit payments. However, Acceleration Benefit payments will be applied against the Contract's free withdrawal provision, which may impact whether surrender charges are applied to other withdrawals.

&nbsp;&nbsp; **Acceleration Benefit Duration** = the period of time over which Acceleration Benefits are paid. If you have not received LTC Benefits <br> prior to the fifth contract anniversary, the minimum Acceleration Benefit Duration will be 24 months (i.e., 2 years).<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp; **Acceleration Benefit** = the initial Purchase Payment, plus each subsequent Purchase Payment made within the first 90 days after <br> the contract date, less Excess Withdrawals (adjusted as described in this discussion), less Acceleration Benefit payments. If you <br> have not elected the Growth Benefit, the LTC Guaranteed Amount equals the Acceleration Benefit.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp; **Excess Withdrawals will reduce the LTC Guaranteed Amount and Acceleration Benefit by the same percentage that the Excess** <br> **Withdrawal reduces the Contract Value.**<br>

We promise that if your Contract Value is reduced to zero due to investment losses and there is a remaining amount of Acceleration Benefit, the remaining Acceleration Benefit payments will be paid from our assets and investments we hold in our general account, subject to the conditions discussed in this prospectus. Because we transfer Contract Value equal to the LTC Guaranteed Amount (or all Contract Value, if less) to the LTC Fixed Account (which is part of our general account) once you begin receiving payments, all Acceleration Benefit payments are subject to the claims of our general creditors and the claims-paying ability of Lincoln Life. The Acceleration Benefit is not available as a lump sum withdrawal or as a Death Benefit.

Acceleration Benefit payments reduce the Acceleration Benefit, LTC Guaranteed Amount and Contract Value. Excess Withdrawals will reduce the Acceleration Benefit and LTC Guaranteed Amount by the same proportion that the Excess Withdrawal reduces your Contract Value. See Withdrawals for more information on Excess Withdrawals.

Once the Acceleration Benefit is reduced to zero, the Extension Benefit Duration will begin. In the last month that you receive an Acceleration Benefit payment, if the remaining amount of Acceleration Benefit is less than the Maximum Monthly Level Benefit amount, the payment that you receive will include the remaining Acceleration Benefit plus an amount of Extension Benefit to make the payment equal to the amount you have requested. The following month the LTC Benefit will be paid from the Extension Benefit.

**Extension Benefit Payments**

Once the Acceleration Benefit is reduced to zero and you are still requesting and otherwise eligible to receive LTC Benefit payments, we will start to pay you the Extension Benefit as monthly Extension Benefit payments. Extension Benefit payments are paid up to the Maximum Monthly Level Benefit amount. See "Determining LTC Benefits – Maximum Monthly Level Benefit" below for more details. The Extension Benefit is an obligation of Lincoln Life subject to the claims-paying ability of Lincoln Life and is supported by the general account, not by your Contract Value. We promise to pay the Extension Benefit during the Extension Benefit Duration subject to the conditions discussed in this prospectus. The Extension Benefit is not available as a lump sum withdrawal or as a Death Benefit.

&nbsp;&nbsp; **Extension Benefit Duration** = the period of time over which Extension Benefits are paid. The Extension Benefit Duration is initially <br> twice the length of the Acceleration Benefit Duration. If you have not received LTC Benefits prior to the fifth contract anniversary, <br> the minimum Extension Benefit Duration will be 48 months (i.e., 4 years).<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp; **Extension Benefit** = twice the initial Acceleration Benefit (Purchase Payments within the first 90 days after the contract date), less <br> Excess Withdrawals (adjusted as described in this discussion), less Extension Benefit payments.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp; **Excess Withdrawals will reduce the LTC Guaranteed Amount and Extension Benefit by the same percentage that the Excess** <br> **Withdrawal reduces the Contract Value.**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| &nbsp;&nbsp; **Example:** The following example shows the calculation of the LTC Guaranteed Amount, the Acceleration Benefit and the Extension <br> Benefit as of the contract date, and the recalculation of those amounts after a subsequent Purchase Payment is made prior to the <br> 90<sup>th</sup> day after the contract date. | &nbsp;&nbsp; **Example:** The following example shows the calculation of the LTC Guaranteed Amount, the Acceleration Benefit and the Extension <br> Benefit as of the contract date, and the recalculation of those amounts after a subsequent Purchase Payment is made prior to the <br> 90<sup>th</sup> day after the contract date. |
| Initial Purchase Payment January 1 (contract date equals January 1): | $100000 |
| Contract Value January 1: | $100000 |
| LTC Guaranteed Amount January 1 (equals initial Purchase Payment): | $100000 |
| Acceleration Benefit January 1 (equals LTC Guaranteed Amount): | $100000 |
| Extension Benefit January 1 (2 x $100,000 Acceleration Benefit): | $200000 |
| Contract Value February 1 prior to subsequent Purchase Payment: | $110000 |
| Subsequent Purchase Payment received February 1: | $100000 |
| LTC Guaranteed Amount after subsequent Purchase Payment |  |
| ($100,000 LTC Guaranteed Amount + $100,000 subsequent Purchase Payment made within 90 days of <br> contract date):<br>| $200000 |
| Acceleration Benefit after subsequent Purchase Payment: | $200000 |
| Extension Benefit after subsequent Purchase Payment |  |
| (2 x $200,000 Acceleration Benefit): | $400000 |
| Contract Value after additional Purchase Payment: | $210000 |

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**Maximum Monthly Level Benefit**

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The Maximum Monthly Level Benefit is the monthly limit for Acceleration and Extension Benefits that may be paid to you under the LTC Rider. The Maximum Monthly Level Benefit is calculated on the contract date and each contract anniversary up to, and including, the fifth contract anniversary. Because the maximum monthly amount is based upon the number of months over which the Acceleration Benefits are paid, the maximum monthly amount is lowest on the first contract anniversary and is recalculated and increases every year you wait to request LTC Benefits up to fifth contract anniversary. If you receive LTC Benefit payments prior to the fifth contract anniversary, the maximum monthly amount will be lower than if you wait until after five years after the contract date. We promise that the total amount of LTC Benefits available will be the same, but will be paid out over a longer time period (as long as you are alive) and at a lower monthly maximum amount.

&nbsp;&nbsp; **Maximum Monthly Level Benefit** = the remaining Acceleration Benefit divided by the number of months of remaining Acceleration <br> Benefit Duration. For example, if the Acceleration Benefit is $200,000 and the Acceleration Benefit Duration as of the fifth contract <br> anniversary was 24 months, the Maximum Monthly Level Benefit would be $8,333.33 ($200,000/24).<br>

Excess Withdrawals will reduce the Maximum Monthly Level Benefit amount by the same percentage the Excess Withdrawal reduces the Contract Value. See Withdrawals. All other withdrawals and LTC Benefit payments will not change the Maximum Monthly Level Benefit amount. The Maximum Monthly Level Benefit amount does not include Growth Benefits.

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| |
|:---|
| **IMPORTANT NOTE:** |
| &nbsp;&nbsp; We designed the LTC Rider to function most optimally if you do not start receiving LTC Benefits until on or after the fifth contract <br> anniversary. After the fifth contract anniversary, you can maximize your monthly LTC Benefit payments and receive those <br> payments over the shortest period of time (which means you will have a shorter period of time to access the money we pay from <br> our general account during the Extension Benefit period). **This discussion assumes that you do not begin taking LTC Benefit** <br> **payments until after the fifth contract anniversary.** However, because we wanted to provide you with the flexibility to begin <br> taking LTC Benefit payments prior to the fifth contract anniversary if the need arises, we will highlight the impact of taking LTC <br> Benefit payments earlier in a later section. See "Determining LTC Benefits – Electing to Receive LTC Benefits Before the Fifth <br> Contract Anniversary."<br>|

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Whether you can request all of the Maximum Monthly Level Benefit (after the required waiting period and fulfilling all other applicable requirements to receive LTC Benefits) will depend on whether you are residing in a "nursing home" or are receiving "hospice care" (which may be received in your home or in a hospice care facility). Both of these terms, and other qualified Long-Term Care services, are defined in the Long-Term Care Coverage Endorsement form; the actual terms and definitions may vary because of requirements imposed by the particular state in which the LTC Benefit was issued. The following chart shows the amount you may request in LTC Benefits.

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| | |
|:---|:---|
| **Type of Long-Term Care Services** | **Amount of Monthly Benefit You Can Request** |
| If you are residing in a nursing home or are receiving hospice care: | &nbsp;&nbsp; You may request an amount up to the Maximum Monthly Level <br> Benefit amount. Contractowners with contracts issued in certain <br> states not listed below may also request up to the Maximum <br> Monthly Level Benefit amount if they are in an assisted living <br> facility.<br>|
| &nbsp;&nbsp; If you are eligible and qualify for other qualified Long-Term Care <br> Services (such as but not limited to home health care, adult day <br> care, assisted living services), but are not residing in a nursing <br> home or receiving hospice care:<br>| &nbsp;&nbsp; You may request only **<u>up to</u> 50%** of the Maximum Monthly Level <br> Benefit amount\*. If upon commencement of a month you qualify to <br> receive up to 50% of the Maximum Monthly Level Benefit amount <br> and during that month you enter a nursing home or start to receive <br> hospice care, you will qualify to receive up to 100% of the <br> Maximum Monthly Level Benefit amount the following month.<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\*

Contractowners whose contracts were issued in the following states may only request up to 50% of the Maximum Monthly Level Benefit amount for assisted living services: AK, AL, AR, AZ, DC, DE, GA, IA, KY, LA, MD, ME, MI, MO, MS, MT, NC, ND, NE, NM, OK, OR, RI, SC, SD, WV, WY. Contractowners in all other states may request up to 100% of the Maximum Monthly Level Benefit amount for assisted living services.

The Maximum Monthly Level Benefit amount will not change after the fifth contract anniversary unless you make an Excess Withdrawal (as described below). **If, after the fifth contract anniversary, you receive less than the Maximum Monthly Level Benefit amount in any given month, the Maximum Monthly Level Benefit amount will not be increased, but the minimum Acceleration Benefit Duration or minimum Extension Benefit Duration will be increased and will equal the remaining Acceleration Benefit or Extension Benefit divided by the Maximum Monthly Level Benefit amount.** 

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| | |
|:---|:---|
| &nbsp;&nbsp; **Example:** The following is an example of how taking less than the Maximum Monthly Level Benefit impacts future Maximum <br> Monthly Level Benefit amounts and extends the Acceleration Benefit Duration and Extension Benefit Duration. This example also <br> illustrates how the Maximum Monthly Level Benefit does not change after the fifth Contract Year. Assume LTC Benefit payments <br> begin after the fifth contract anniversary and the owner receives 50% of the Maximum Monthly Level Benefit each month. | &nbsp;&nbsp; **Example:** The following is an example of how taking less than the Maximum Monthly Level Benefit impacts future Maximum <br> Monthly Level Benefit amounts and extends the Acceleration Benefit Duration and Extension Benefit Duration. This example also <br> illustrates how the Maximum Monthly Level Benefit does not change after the fifth Contract Year. Assume LTC Benefit payments <br> begin after the fifth contract anniversary and the owner receives 50% of the Maximum Monthly Level Benefit each month. |
| **On fifth contract anniversary:** |  |
| Acceleration Benefit: | $100000 |
| Acceleration Benefit Duration: | 24 months |
| Extension Benefit: | $200000 |
| Extension Benefit Duration: | 48 months |
| Maximum Monthly Level Benefit ($100,000/24): | $4166.67 |
| Monthly LTC Benefit payment (50% of $4,166.67): | $2083.33 |
| **On the sixth contract anniversary:** |  |
| Remaining Acceleration Benefit: |  |
| ($100,000 – LTC Benefit payments of $25,000 ($2,083.33 x 12)) | $75000 |
| Remaining Acceleration Benefit Duration |  |
| (assuming the Contractowner continues to receive 50% of the Maximum Monthly Level Benefit): ($75,000 / <br> $2,083.33)<br>| 36 months |
| Remaining Acceleration Benefit Duration |  |
| (if the Contractowner begins receiving 100% of the Maximum Monthly Level Benefit): ($75,000 / $4,166.67) | 18 months |
| Remaining Extension Benefit: | $200000 |
| Remaining Extension Benefit Duration |  |
| (assuming the Contractowner continues to receive 50% of the Maximum Monthly Level Benefit each year): <br> ($200,000 / $2,083.33)<br>| 96 months |
| Remaining Acceleration Benefit Duration |  |
| (if the Contractowner begins receiving 100% of the Maximum Monthly Level Benefit): ($200,000 / <br> $4,166.67)<br>| 48 months |

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**Special Considerations When Determining the Amount of Benefits to Request:** Keep in mind that you may use the LTC Benefit payments for any purpose and may request more than your actual expenses for Long-Term Care Services (subject to the maximums discussed above). When determining the amount of the LTC Benefit to request, however, there are a number of factors you may want to take into account.

<u>During the Acceleration Benefit Duration</u>, for example, you may want to consider the actual cost of your care and the expected length of your care, the chance that you may not live long enough to receive all the LTC Benefit payments, and the need for Death Benefit and/or annuity features under your Contract. During the Acceleration Benefit Duration, taking less than the maximum amount of the Acceleration Benefit to which you are entitled will extend the Acceleration Benefit Duration (and thus will extend the beginning of the Extension Benefit Duration, when LTC Benefits are being paid out of our assets). (As discussed below, not taking Growth Benefit payments will not extend the Acceleration Benefit Duration.) If the cost of any qualified Long-Term Care Services that you are receiving is less than the maximum you can request and you anticipate needing money for Long-Term Care Services for a longer period of time than the LTC Benefit Duration, then you may want to consider taking less than the maximum amount. Taking less than the maximum has the advantage of extending your benefits over a longer time period and/or allowing you to retain your Death Benefit and annuity options (which are reduced by withdrawals including LTC Benefit payments and thus will not be reduced as quickly), but has the disadvantage of there being a greater chance that you may not live long enough to receive all or as many LTC Benefit payments.

<u>Once you are in the Extension Benefit Duration</u>, when LTC Benefits are being paid out of our assets, it is almost universally better to take your maximum permitted amount each month, in case of death prior to all LTC Benefit payments being made.

In all cases, you should also consider the limits imposed under IRS rules. See General Provisions – Federal Taxation below.

**Growth Benefit Option**

At the time you purchase the Rider, you will choose whether to add the Growth Benefit option. The Growth Benefit option may not be added after the LTC Rider is issued. The Growth Benefit option may provide an additional amount of LTC Benefit from investment gains in the Subaccounts and fixed account. The Growth Benefit is paid as monthly Growth Benefit payments up to the Maximum Monthly Growth Benefit amount.

Growth Benefit payments may be paid in addition to Acceleration Benefit payments and Extension Benefit payments and are paid during both the Acceleration Benefit Duration and the Extension Benefit Duration. Thus, while your initial Purchase Payment (and any

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subsequent Purchase Payment made during the first 90 days up to the applicable maximum limit) is returned to you over the Acceleration Benefit Duration, your Growth Benefit is spread over both the Acceleration Benefit Duration and the Extension Benefit Duration. After the Extension Benefit is reduced to zero and if there is any remaining LTC Guaranteed Amount, you may continue to receive Growth Benefits, if otherwise eligible, until the LTC Guaranteed Amount is reduced to zero. At such point, Growth Benefit payments will no longer be subject to the Maximum Monthly Growth Benefit limit (i.e., you can request a lump sum of any remaining LTC Guaranteed Amount).

Surrender charges are waived for all Growth Benefit payments. However, Growth Benefit payments will be applied against the Contract's free withdrawal provision, which may impact whether surrender charges are applied to other withdrawals.

On each contract anniversary until you reach age 76, the LTC Guaranteed Amount may increase to an amount equal to the Contract Value, if higher, due to automatic step-ups, up to the maximum LTC Guaranteed Amount limit of $800,000 (referred to as the automatic step-up). The Growth Benefit is equal to the difference between the LTC Guaranteed Amount and the Acceleration Benefit, if any. On the contract date, the Growth Benefit is zero. The Growth Benefit will be calculated on each contract anniversary or at the time of an Excess Withdrawal.

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| | |
|:---|:---|
| &nbsp;&nbsp; **Automatic Step-Ups** = On each contract anniversary, the LTC Guaranteed Amount will automatically step up to the Contract Value <br> as of the contract anniversary if: | &nbsp;&nbsp; **Automatic Step-Ups** = On each contract anniversary, the LTC Guaranteed Amount will automatically step up to the Contract Value <br> as of the contract anniversary if: |
| ●  | The Covered Life is still living and under age 76; |
| ●  | The Contract Value on that contract anniversary is greater than the LTC Guaranteed Amount; and |
| ●  | The maximum LTC Guaranteed Amount limit has never been reached. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp; **Excess Withdrawals will reduce the LTC Guaranteed Amount and Growth Benefit by the same percentage that the Excess** <br> **Withdrawal reduces the Contract Value.**<br>

Once you begin receiving LTC Benefit payments, we transfer Contract Value to the LTC Fixed Account (which is part of our general account) equal to the LTC Guaranteed Amount (or the Contract Value, if less). Each contract anniversary thereafter, we transfer to the LTC Fixed Account the amount by which the LTC Guaranteed Amount "stepped up" that year. See LTC Fixed Account for additional information. **Because your Contract Value will be earning fixed interest in the LTC Fixed Account and will no longer be participating in any investment performance in the separate account, there is very little likelihood that the automatic step-ups will continue to increase the LTC Guaranteed Amount while you are receiving LTC Benefits even though you will still be paying an increased Acceleration Benefit Charge for the Growth Benefit. Thus if you purchase the Growth Benefit, you should allow sufficient time before you anticipate needing LTC Benefits to allow the automatic step-ups to increase the LTC Guaranteed Amount and should not purchase it if you anticipate needing LTC Benefit within a short time-frame.** 

**You will pay a higher LTC Charge for the Growth Benefit option than for the Level Benefit option. In addition, when deciding whether to purchase the Growth Benefit option, you should consider that under the Growth Benefit option, any withdrawal will be an Excess Withdrawal.** However, if the maximum LTC Guaranteed Amount limit of $800,000 has been reached or you are age 76 or older, and your Contract Value exceeds the LTC Guaranteed Amount on a contract anniversary, you may withdraw an amount up to the Conforming Withdrawal amount. See Withdrawals for an example of how an Excess Withdrawal reduces the LTC Guaranteed Amount.

Once the maximum LTC Guaranteed Amount limit has been reached or you are age 76 or older, you will not receive any further automatic step-ups of the LTC Guaranteed Amount (even if it later declines due to Excess Withdrawals or LTC Benefit payments). Contract Value in excess of the maximum LTC Guaranteed Amount will not provide any additional Growth Benefit.

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| | |
|:---|:---|
| &nbsp;&nbsp; **Example:** Following is an example of how the automatic step-ups will work through the first three contract anniversaries <br> (assuming no withdrawals). | &nbsp;&nbsp; **Example:** Following is an example of how the automatic step-ups will work through the first three contract anniversaries <br> (assuming no withdrawals). |
| Total Purchase Payments added to the Contract as of 90<sup>th</sup> day after the contract date: | $200000 |
| &nbsp;&nbsp; LTC Guaranteed Amount as of 90<sup>th</sup> day after the contract date equals total Purchase Payments made into the <br> Contract: | $200000 |
| Acceleration Benefit as of 90<sup>th</sup> day after the contract date: | $200000 |
| Total Contract Value on first contract anniversary reflecting investment gain: | $225000 |
| New LTC Guaranteed Amount on first contract anniversary: |  |
| (LTC Guaranteed Amount steps up since $225,000 is greater than LTC Guaranteed Amount of $200,000) | $225000 |
| Growth Benefit on first contract anniversary |  |
| ($225,000 LTC Guaranteed Amount - $200,000 Acceleration Benefit): | $25000 |
| Total Contract Value on second contract anniversary reflecting investment loss from previous contract anniversary |  |

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| | |
|:---|:---|
| ($225,000 LTC Guaranteed Amount does not change as the Contract Value of $218,000 is less; $25,000 <br> Growth Benefit does not change):<br>| $218000 |
| Total Contract Value on third contract anniversary reflecting investment gain from previous contract anniversary: | $240000 |
| New LTC Guaranteed Amount on third contract anniversary |  |
| (LTC Guaranteed Amount steps up as $240,000 is greater than LTC Guaranteed Amount of $225,000): | $240000 |
| Growth Benefit on third contract anniversary |  |
| ($240,000 LTC Guaranteed Amount - $200,000 Acceleration Benefit): | $40000 |

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You may choose to irrevocably terminate the automatic step-ups if you believe that you have sufficient LTC Benefits to cover your needs and do not want or need to further increase the LTC Benefits. You may terminate automatic step-ups after the fifth contract anniversary by notifying us in writing at least 30 days prior to the next contract anniversary. By choosing to terminate the automatic step-ups, the LTC Guaranteed Amount will no longer step up to the Contract Value, if higher. **You will still pay the higher Acceleration Benefit Charge associated with the Growth Benefit if you terminate automatic step-ups. However, the charge will not increase as the LTC Guaranteed Amount (which the charge is based on) will no longer increase because of step-ups to the Contract Value. See Charges and Deductions for Discontinued Living Benefit Riders – *Long-Term Care***<sup>SM</sup> **Advantage Charge.** 

Growth Benefit payments reduce the Growth Benefit, the LTC Guaranteed Amount, and the Contract Value by the dollar amount of the payment. Excess Withdrawals reduce the Growth Benefit by the same percentage that the Excess Withdrawal amount reduces the Contract Value. This means that the reduction in the Growth Benefit could be more than the dollar amount withdrawn. Because we transfer Contract Value equal to the LTC Guaranteed Amount (or all Contract Value, if less) to the LTC Fixed Account once you begin receiving payments and each contract anniversary thereafter, all Growth Benefit payments are subject to claims of our general creditors and to the claims-paying ability of Lincoln Life.

**Maximum Monthly Growth Benefit**

The Maximum Monthly Growth Benefit amount is the maximum amount of Growth Benefit that may be paid in any calendar month. The Maximum Monthly Growth Benefit amount is recalculated each contract anniversary and upon an Excess Withdrawal. The calculation of the Maximum Monthly Growth Benefit amount is based on payment of the Growth Benefit over both the Acceleration and Extension Benefit Durations.

Under the formula, we determine how many months of Acceleration and Extension Benefit payments are remaining by dividing the total remaining Acceleration and Extension Benefits by the Maximum Monthly Level Benefit amount. Then the Growth Benefit is divided over this same number of months.

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| | |
|:---|:---|
| The **Maximum Monthly Growth Benefit amount** = [i ÷ ((ii + iii) ÷ iv)] where: | The **Maximum Monthly Growth Benefit amount** = [i ÷ ((ii + iii) ÷ iv)] where: |
| (i) | equals the Growth Benefit on the contract anniversary; |
| (ii) | equals any remaining Acceleration Benefit on the contract anniversary; |
| (iii) | equals any remaining Extension Benefit on the contract anniversary; and |
| (iv) | equals the Maximum Monthly Level Benefit amount on the contract anniversary. |

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When you make a request for benefits, you may request an amount up to the Maximum Monthly LTC Benefit amount. You will receive a single monthly LTC Benefit payment that will include the Growth Benefit payment, in addition to either the Acceleration Benefit payment or Extension Benefit payment. We deduct your request first from the Acceleration Benefit (during the Acceleration Benefit Duration) or Extension Benefit (during the Extension Benefit Duration) up to the Maximum Monthly Level Benefit (which is the maximum amount you could request if you did not have the Growth Benefit option). Any amount requested above that amount will be deducted from the Growth Benefit up to the Maximum Monthly LTC Benefit amount. **Thus, no Growth Benefit payments will be made unless you are requesting more than the Maximum Monthly Level Benefit amount available to you for that month. However, any unused Growth Benefit Payments can be used once the Maximum Growth Benefit Monthly payment is recalculated.** 

&nbsp;&nbsp; **Maximum Monthly LTC Benefit amount** = the Maximum Monthly Level Benefit amount plus the Maximum Monthly Growth Benefit <br> amount<br>

Whether you can request all of the Maximum Monthly LTC Benefit will depend on whether you are residing in a nursing home or receiving hospice care:

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| | |
|:---|:---|
| **Type of Long-Term Care Services** | **Amount of Monthly Benefit You Can Request** |
| If you are residing in a nursing home or are receiving hospice care: | &nbsp;&nbsp; You may request an amount up to the Maximum Monthly LTC <br> Benefit amount. Contractowners with contracts issued in certain <br> states not listed below may also request up to the Maximum <br> Monthly LTC Benefit amount if they are in an assisted living facility.<br>|
| &nbsp;&nbsp; If you are eligible and qualify for other qualified Long-Term Care <br> Services (such as but not limited to home health care, adult day <br> care, assisted living services), but are not residing in a nursing <br> home or receiving hospice care:<br>| &nbsp;&nbsp; You may request only **<u>up to</u> 50%** of the Maximum Monthly LTC <br> Benefit amount\*. If upon commencement of a month you qualify to <br> receive up to 50% of the Maximum Monthly LTC Benefit amount <br> and during that month you enter a nursing home or start to receive <br> hospice care, you will qualify to receive up to 100% of the <br> Maximum Monthly LTC Benefit amount the following month.<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\*Contractowners whose contracts were issued in the following states may only request up to 50% of the Maximum Monthly LTC Benefit amount for assisted living services: AK, AL, AR, AZ, DC, DE, GA, IA, KY, LA, MD, ME, MI, MO, MS, MT, NC, ND, NE, NM, OK, OR, RI, SC, SD, WV, WY. Contractowners in all other states may request up to 100% of the Maximum Monthly LTC Benefit amount for assisted living services.

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| | |
|:---|:---|
| &nbsp;&nbsp; **Example:** The following is an example of how the Maximum Monthly Growth Benefit amount, Maximum Monthly Level Benefit <br> amount and the Maximum Monthly LTC Benefit are calculated on the fifth contract anniversary with growth of the Contract Value <br> from investment gains of $20,000 and assuming $100,000 Purchase Payments were made prior to 90<sup>th</sup> day after the contract date. | &nbsp;&nbsp; **Example:** The following is an example of how the Maximum Monthly Growth Benefit amount, Maximum Monthly Level Benefit <br> amount and the Maximum Monthly LTC Benefit are calculated on the fifth contract anniversary with growth of the Contract Value <br> from investment gains of $20,000 and assuming $100,000 Purchase Payments were made prior to 90<sup>th</sup> day after the contract date. |
| Acceleration Benefit on fifth contract anniversary: | $100000 |
| Extension Benefit on fifth contract anniversary: | $200000 |
| Contract Value on fifth contract anniversary: | $120000 |
| LTC Guaranteed Amount on fifth contract anniversary steps-up to Contract Value of $120,000: | $120000 |
| Growth Benefit |  |
| ($120,000 LTC Guaranteed Amount - $100,000 Acceleration Benefit): | $20000 |
| Maximum Monthly Level Benefit |  |
| ($100,000 ÷ 24 months of Acceleration Benefit Duration left): | $4166.67 |
| Maximum Monthly Growth Benefit |  |
| [$20,000 Growth Benefit ÷ (($100,000 Acceleration Benefit + $200,000 Extension Benefit) ÷ $4,166.67 <br> Maximum Monthly Level Benefit)]:<br>| $277.78 |
| Maximum Monthly LTC Benefit ($4,166.67 + $277.78): | $4444.45 |

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**Special Considerations When Determining the Amount of Benefits to Request:** If you receive less than the Maximum Monthly Growth Benefit amount, the unused Growth Benefit for that month will not be available for the remainder of that Contract Year. On the next contract anniversary, the remaining Growth Benefit for the prior year will carry over and the Growth Benefit and the Maximum Monthly Growth Benefit amount will be recalculated, and will increase, as stated above. Taking less than the Maximum Monthly Growth Benefit amount will not extend the Acceleration Benefit Duration or Extension Benefit Duration. This calculation is intended to permit you to take your remaining Growth Benefit over the same period you will receive your remaining Acceleration Benefit plus your Extension Benefit. Any Growth Benefit remaining at the end of the Extension Benefit Duration will continue to be available to you as LTC Benefit payments until exhausted, and will not be subject to a monthly maximum limit.

&nbsp;&nbsp; **Example:** Continuing the prior example if, during the first six months of the Contract Year, you requested that you be paid the <br> entire Maximum Monthly Growth Benefit each month and then for the other six months you requested no Growth Benefit, there <br> will be unused Growth Benefit for that Contract Year of $1,666.68 ($277.78 Maximum Monthly Growth Benefit x 6 months). On the <br> next contract anniversary, the Maximum Monthly Growth Benefit will increase because there was unused Growth Benefit during <br> the current Contract Year.<br>

**Electing to Receive LTC Benefits Before the Fifth Contract Anniversary**

As we previously mentioned, we designed the LTC Rider to function most optimally if you do not start receiving LTC Benefits until on or after the fifth contract anniversary. The LTC Rider is designed to provide the highest amount of monthly LTC Benefits if you wait until after the fifth contract anniversary to receive LTC Benefit payments, though no matter when you start to receive LTC Benefit payments, we promise to pay you the same overall amount of LTC Benefits. The preceding discussion assumed that you do not begin taking LTC Benefit payments before the fifth contract anniversary. However, you have the flexibility to begin taking LTC Benefit payments prior to the fifth contract anniversary if the need arises. This section highlights the impact of taking LTC Benefit payments earlier.

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When you purchase the LTC Rider, the LTC Benefit Duration is equal to 252 months and is comprised of 84 months (*i.e.*, 7 years) of Acceleration Benefit Duration plus 168 months (*i.e*., 14 years) of Extension Benefit Duration. If you have not received LTC Benefits, on each contract anniversary up to the fifth contract anniversary, we will recalculate the LTC Benefit Duration by subtracting 12 months from the Acceleration Benefit Duration and 24 months from the Extension Benefit Duration. **This is important because the Acceleration Benefits and the Extension Benefits are paid monthly up to the Maximum Monthly Level Benefit amount and the Maximum Monthly Level Benefit amount is calculated based on the number of months remaining in the Acceleration Benefit Duration or Extension Benefit Duration.** 

The following chart illustrates how the LTC Benefit Durations decrease each year that you wait to receive LTC Benefit payments up to the fifth contract anniversary. You should refer to this chart and carefully consider the information contained in the chart in order to determine the minimum Acceleration Benefit Duration and the minimum Extension Benefit Duration based on the Contract Year you start to submit requests for LTC Benefits.

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| | | | |
|:---|:---|:---|:---|
| **LTC Benefit Duration Chart** | **LTC Benefit Duration Chart** | **LTC Benefit Duration Chart** | **LTC Benefit Duration Chart** |
| &nbsp;&nbsp;&nbsp; **Contract Year of First**<br> **Request for Maximum**<br> **Level Benefit amounts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Acceleration**<br> **Benefit**<br> **Duration**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Extension**<br> **Benefit**<br> **Duration**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Total LTC**<br> **Benefit**<br> **Duration**<br>|
| &nbsp;&nbsp;&nbsp; 1\* | 84 months | 168 months | 252 months |
| &nbsp;&nbsp;&nbsp; 2 | 72 months | 144 months | 216 months |
| &nbsp;&nbsp;&nbsp; 3 | 60 months | 120 months | 180 months |
| &nbsp;&nbsp;&nbsp; 4 | 48 months | 96 months | 144 months |
| &nbsp;&nbsp;&nbsp; 5 | 36 months | 72 months | 108 months |
| &nbsp;&nbsp;&nbsp; 6+ | 24 months | 48 months | 72 months |

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\*

You may not receive LTC Benefit payments prior to the first contract anniversary and satisfaction of the 90-day deductible period.

When a benefit payment less than the Maximum Monthly Level Benefit amount is made prior to the fifth contract anniversary, we will recalculate your Maximum Monthly Level Benefit amount and it will increase, but we will not extend the Acceleration Benefit Duration. Accordingly, if you receive less than the Maximum Monthly Level Benefit amount in any Contract Year prior to the fifth contract anniversary, the Maximum Monthly Level Benefit will be recalculated on the contract anniversary and will increase. In addition, the minimum Extension Benefit Duration will be recalculated on the contract anniversary and will decrease due to the higher Maximum Monthly Level Benefit amount. The Extension Benefit Duration will be recalculated to equal the Extension Benefit divided by the recalculated Maximum Monthly Level Benefit.

**Example:** The following chart provides an example of how the Maximum Monthly Level Benefit (annualized) increases each year that you wait to start receiving Acceleration Benefit payments up to the fifth contract anniversary. This chart illustrates a Purchase Payment of $100,000, resulting in an Acceleration Benefit of $100,000 as of the Contract Year when you start to receive Acceleration Benefit payments. The example also assumes you have chosen the Level Benefit option and that the Maximum Monthly Level Benefit amount is taken each Contract Year starting at the beginning of the Contract Year and that no withdrawals have been made other than the illustrated LTC Benefit amounts.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Maximum Monthly Level Benefit (annualized)**<br> **based on when Acceleration Benefit payments begin** | **Maximum Monthly Level Benefit (annualized)**<br> **based on when Acceleration Benefit payments begin** | **Maximum Monthly Level Benefit (annualized)**<br> **based on when Acceleration Benefit payments begin** | **Maximum Monthly Level Benefit (annualized)**<br> **based on when Acceleration Benefit payments begin** | **Maximum Monthly Level Benefit (annualized)**<br> **based on when Acceleration Benefit payments begin** | **Maximum Monthly Level Benefit (annualized)**<br> **based on when Acceleration Benefit payments begin** | **Maximum Monthly Level Benefit (annualized)**<br> **based on when Acceleration Benefit payments begin** |
| **LTC Benefit**<br> **Duration**<br>| **Contract**<br> **Year**<br>| **Acceleration**<br> **Benefit**<br> **payments**<br> **Begin in**<br> **Year 2**<br>| **Acceleration**<br> **Benefit payments**<br> **Begin in**<br> **Year 3**<br>| **Acceleration**<br> **Benefit payments**<br> **Begin in**<br> **Year 4**<br>| **Benefit payments**<br> **Begin in**<br> **Year 5**<br>| **Acceleration**<br> **Benefit payments**<br> **Begin in**<br> **Year 6**<br>|
| Acceleration Benefit | &nbsp;&nbsp; 1\* |  |  |  |  |  |
|  | &nbsp;&nbsp; 2 | &nbsp;&nbsp; $16667 |  |  |  |  |
|  | &nbsp;&nbsp; 3 | &nbsp;&nbsp; $16667 | &nbsp;&nbsp; $20000 |  |  |  |
|  | &nbsp;&nbsp; 4 | &nbsp;&nbsp; $16667 | &nbsp;&nbsp; $20000 | &nbsp;&nbsp; $25000 |  |  |
|  | &nbsp;&nbsp; 5 | &nbsp;&nbsp; $16667 | &nbsp;&nbsp; $20000 | &nbsp;&nbsp; $25000 | &nbsp;&nbsp; $33000 |  |
|  | &nbsp;&nbsp; 6 | &nbsp;&nbsp; $16667 | &nbsp;&nbsp; $20000 | &nbsp;&nbsp; $25000 | &nbsp;&nbsp; $33000 | &nbsp;&nbsp; $50000 |
|  | &nbsp;&nbsp; 7 | &nbsp;&nbsp; $16667 | &nbsp;&nbsp; $20000 | &nbsp;&nbsp; $25000 | &nbsp;&nbsp; $33000 | &nbsp;&nbsp; $50000 |
| Extension Benefits | &nbsp;&nbsp; 8 | &nbsp;&nbsp; $16667 | &nbsp;&nbsp; $20000 | &nbsp;&nbsp; $25000 | &nbsp;&nbsp; $33000 | &nbsp;&nbsp; $50000 |
|  | &nbsp;&nbsp; 9 | &nbsp;&nbsp; $16667 | &nbsp;&nbsp; $20000 | &nbsp;&nbsp; $25000 | &nbsp;&nbsp; $33000 | &nbsp;&nbsp; $50000 |
|  | &nbsp;&nbsp; 10 | &nbsp;&nbsp; $16667 | &nbsp;&nbsp; $20000 | &nbsp;&nbsp; $25000 | &nbsp;&nbsp; $33000 | &nbsp;&nbsp; $50000 |
|  | &nbsp;&nbsp; 11 | &nbsp;&nbsp; $16667 | &nbsp;&nbsp; $20000 | &nbsp;&nbsp; $25000 | &nbsp;&nbsp; $33000 | &nbsp;&nbsp; $50000 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Maximum Monthly Level Benefit (annualized)**<br> **based on when Acceleration Benefit payments begin** | **Maximum Monthly Level Benefit (annualized)**<br> **based on when Acceleration Benefit payments begin** | **Maximum Monthly Level Benefit (annualized)**<br> **based on when Acceleration Benefit payments begin** | **Maximum Monthly Level Benefit (annualized)**<br> **based on when Acceleration Benefit payments begin** | **Maximum Monthly Level Benefit (annualized)**<br> **based on when Acceleration Benefit payments begin** | **Maximum Monthly Level Benefit (annualized)**<br> **based on when Acceleration Benefit payments begin** | **Maximum Monthly Level Benefit (annualized)**<br> **based on when Acceleration Benefit payments begin** |
| **LTC Benefit**<br> **Duration**<br>| **Contract**<br> **Year**<br>| **Acceleration**<br> **Benefit**<br> **payments**<br> **Begin in**<br> **Year 2**<br>| **Acceleration**<br> **Benefit payments**<br> **Begin in**<br> **Year 3**<br>| **Acceleration**<br> **Benefit payments**<br> **Begin in**<br> **Year 4**<br>| **Benefit payments**<br> **Begin in**<br> **Year 5**<br>| &nbsp;&nbsp; **Acceleration**<br> **Benefit payments**<br> **Begin in**<br> **Year 6**<br>|
|  | &nbsp;&nbsp; 12 | &nbsp;&nbsp; $16667 | &nbsp;&nbsp; $20000 | &nbsp;&nbsp; $25000 | &nbsp;&nbsp; $33000 |  |
|  | &nbsp;&nbsp; 13 | &nbsp;&nbsp; $16667 | &nbsp;&nbsp; $20000 | &nbsp;&nbsp; $25000 | &nbsp;&nbsp; $33000 |  |
|  | &nbsp;&nbsp; 14 | &nbsp;&nbsp; $16667 | &nbsp;&nbsp; $20000 | &nbsp;&nbsp; $25000 |  |  |
|  | &nbsp;&nbsp; 15 | &nbsp;&nbsp; $16667 | &nbsp;&nbsp; $20000 | &nbsp;&nbsp; $25000 |  |  |
|  | &nbsp;&nbsp; 16 | &nbsp;&nbsp; $16667 | &nbsp;&nbsp; $20000 |  |  |  |
|  | &nbsp;&nbsp; 17 | &nbsp;&nbsp; $16667 | &nbsp;&nbsp; $20000 |  |  |  |
|  | &nbsp;&nbsp; 18 | &nbsp;&nbsp; $16667 |  |  |  |  |
|  | &nbsp;&nbsp; 19 | &nbsp;&nbsp; $16667 |  |  |  |  |

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\*

You may not receive LTC Benefit payments prior to the first contract anniversary and satisfaction of the 90-day deductible period. For illustrative purposes, this chart does not include satisfaction of the deductible period.

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| | |
|:---|:---|
| &nbsp;&nbsp; **Example:** Continuing the example illustrated by the chart, if you started to receive Acceleration Benefit payments during the third <br> Contract Year, the Maximum Monthly Level Benefit would be calculated as follows: | &nbsp;&nbsp; **Example:** Continuing the example illustrated by the chart, if you started to receive Acceleration Benefit payments during the third <br> Contract Year, the Maximum Monthly Level Benefit would be calculated as follows: |
| LTC Guaranteed Amount as of second contract anniversary: | $100000 |
| Acceleration Benefit (equals LTC Guaranteed Amount): | $100000 |
| Extension Benefit (2 x Acceleration Benefit): | $200000 |
| Acceleration Benefit Duration (from LTC Benefit Duration chart): | 60 months |
| Maximum Monthly Level Benefit |  |
| ($100,000 Acceleration Benefit ÷ 60 months): | $1,666.67 or $20,000 per year |
| Extension Benefit Duration (from LTC Benefit Duration chart): | 120 months |
| &nbsp;&nbsp; By electing to start receiving Acceleration Benefit payments in the third Contract Year, the Maximum Monthly Level Benefit <br> (annualized) would be $20,000. If the Maximum Monthly Level Benefit were requested and paid out each month, the Acceleration <br> Benefit Duration would be 60 months (5 years) followed by an Extension Benefit Duration of 120 months (10 years). The total <br> available Acceleration and Extension Benefits would still be $300,000 ($100,000 Acceleration Benefit plus $200,000 Extension <br> Benefit). If you waited to start receiving the Acceleration Benefit payments on or after the fifth contract anniversary, the annual <br> benefit would have been $50,000 paid out over the minimum Acceleration and Extension Benefit Durations of 24 and 48 months <br> respectively. | &nbsp;&nbsp; By electing to start receiving Acceleration Benefit payments in the third Contract Year, the Maximum Monthly Level Benefit <br> (annualized) would be $20,000. If the Maximum Monthly Level Benefit were requested and paid out each month, the Acceleration <br> Benefit Duration would be 60 months (5 years) followed by an Extension Benefit Duration of 120 months (10 years). The total <br> available Acceleration and Extension Benefits would still be $300,000 ($100,000 Acceleration Benefit plus $200,000 Extension <br> Benefit). If you waited to start receiving the Acceleration Benefit payments on or after the fifth contract anniversary, the annual <br> benefit would have been $50,000 paid out over the minimum Acceleration and Extension Benefit Durations of 24 and 48 months <br> respectively. |
| &nbsp;&nbsp; If you are receiving the Maximum Monthly Level Benefit each month, the Maximum Monthly Level Benefit will not change the <br> following Contract Year. If you receive less than the Maximum Monthly Level Benefit amount in any Contract Year prior to the fifth <br> contract anniversary, the Maximum Monthly Level Benefit will be recalculated on the contract anniversary and will increase. In <br> addition, the minimum Extension Benefit Duration will be recalculated on the contract anniversary and will decrease due to the <br> higher Maximum Monthly Level Benefit amount. The Extension Benefit Duration will be recalculated to equal the Extension Benefit <br> divided by the recalculated Maximum Monthly Level Benefit. | &nbsp;&nbsp; If you are receiving the Maximum Monthly Level Benefit each month, the Maximum Monthly Level Benefit will not change the <br> following Contract Year. If you receive less than the Maximum Monthly Level Benefit amount in any Contract Year prior to the fifth <br> contract anniversary, the Maximum Monthly Level Benefit will be recalculated on the contract anniversary and will increase. In <br> addition, the minimum Extension Benefit Duration will be recalculated on the contract anniversary and will decrease due to the <br> higher Maximum Monthly Level Benefit amount. The Extension Benefit Duration will be recalculated to equal the Extension Benefit <br> divided by the recalculated Maximum Monthly Level Benefit. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| &nbsp;&nbsp; **Example:** Continuing the previous example, the following is an example of how the Maximum Monthly Level Benefit amount and <br> the minimum Extension Benefit Duration are recalculated on the third contract anniversary where less than the Maximum Monthly <br> Level Benefit amount has been requested. The example assumes the Level Benefit option has been chosen. The $100,000 LTC <br> Guaranteed Amount as of the second contract anniversary has been reduced by Acceleration Benefit payments of only $10,000 <br> (paid in the third Contract Year) of the available annual amount of $20,000. | &nbsp;&nbsp; **Example:** Continuing the previous example, the following is an example of how the Maximum Monthly Level Benefit amount and <br> the minimum Extension Benefit Duration are recalculated on the third contract anniversary where less than the Maximum Monthly <br> Level Benefit amount has been requested. The example assumes the Level Benefit option has been chosen. The $100,000 LTC <br> Guaranteed Amount as of the second contract anniversary has been reduced by Acceleration Benefit payments of only $10,000 <br> (paid in the third Contract Year) of the available annual amount of $20,000. |
| LTC Guaranteed Amount as of the third contract anniversary |  |
| ($100,000 - $10,000 LTC Benefit payment in prior Contract Year): | $90000 |
| Acceleration Benefit (equals the LTC Guaranteed Amount): | $90000 |
| Extension Benefit (has not been reduced as no Extension Benefits have been paid): | $200000 |
| Acceleration Benefit Duration: | 48 months |
| Maximum Monthly Level Benefit |  |
| ($90,000 Acceleration Benefit ÷ 48 months): | $1,875.00 or $22,500 per year |

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| | |
|:---|:---|
| Extension Benefit Duration |  |
| ($200,000 Extension Benefit ÷ $1,875 Maximum Monthly Level Benefit): | 107 months |
| &nbsp;&nbsp; The remaining Acceleration Benefit Duration after the third contract anniversary is 48 months. The new Maximum Monthly Level <br> Benefit amount increases to $22,500 (annualized) and the Extension Benefit Duration decreases to 107 months due to receiving <br> less than the Maximum Monthly Level Benefit amount. Only one-half of the Maximum Monthly Level Benefit amount ($937.50) <br> will be available to you if you are not confined to a nursing home or are not receiving hospice care. | &nbsp;&nbsp; The remaining Acceleration Benefit Duration after the third contract anniversary is 48 months. The new Maximum Monthly Level <br> Benefit amount increases to $22,500 (annualized) and the Extension Benefit Duration decreases to 107 months due to receiving <br> less than the Maximum Monthly Level Benefit amount. Only one-half of the Maximum Monthly Level Benefit amount ($937.50) <br> will be available to you if you are not confined to a nursing home or are not receiving hospice care. |
| &nbsp;&nbsp; On the fifth contract anniversary, we will recalculate the Maximum Monthly Level Benefit amount for the last time and it will not <br> change thereafter unless you make an Excess Withdrawal. If after the fifth contract anniversary, you receive less than the <br> Maximum Monthly Level Benefit amount in any given month, the Maximum Monthly Level Benefit amount will not be increased; <br> but the Acceleration Benefit Duration or Extension Benefit Duration will be increased and will equal the remaining Acceleration <br> Benefit or Extension Benefit divided by the Maximum Monthly Level Benefit amount. | &nbsp;&nbsp; On the fifth contract anniversary, we will recalculate the Maximum Monthly Level Benefit amount for the last time and it will not <br> change thereafter unless you make an Excess Withdrawal. If after the fifth contract anniversary, you receive less than the <br> Maximum Monthly Level Benefit amount in any given month, the Maximum Monthly Level Benefit amount will not be increased; <br> but the Acceleration Benefit Duration or Extension Benefit Duration will be increased and will equal the remaining Acceleration <br> Benefit or Extension Benefit divided by the Maximum Monthly Level Benefit amount. |

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**Withdrawals**

You may be able to make withdrawals pursuant to the withdrawal provision of your Contract without a reduction to the LTC Benefits if the LTC Guaranteed Amount is less than the Contract Value. Under the LTC Rider, withdrawals are either Conforming Withdrawals or Excess Withdrawals. Conforming Withdrawals will not have any effect on the LTC Benefits and will reduce the Contract Value by the amount of the withdrawal. Excess Withdrawals reduce the LTC Benefits by the same percentage that the Excess Withdrawal reduced the Contract Value. Excess Withdrawals reduce the Contract Value by the amount of the withdrawal. The tax consequences of withdrawals are discussed in the Federal Tax Matters section of this prospectus.

All withdrawals you make, whether or not within the Conforming Withdrawal amount, will continue to be subject to any other terms and conditions contained in your Contract, including surrender charges, unless one of the waiver of surrender charge provisions is applicable. See The Contracts — Surrenders and Withdrawals and Charges, Other Deductions, and Adjustments — Surrender Charge. All withdrawals, whether Conforming or Excess, will be applied against the Contract's free withdrawal provision. See General Provisions — Contract Free Withdrawal Provision for additional information.

**Conforming Withdrawals**

If available, you may make periodic withdrawals from your Contract Value in amounts less than or equal to the Conforming Withdrawal amount each Contract Year without reducing the LTC Benefits. Conforming Withdrawals may be withdrawn in addition to receiving LTC Benefit payments and are subject to surrender charges, if any. Conforming Withdrawals will <u>not</u> reduce the LTC Guaranteed Amount, the Acceleration Benefit, the Extension Benefit, and if elected, the Growth Benefit. **If the LTC Guaranteed Amount is equal to or greater than your Contract Value on a contract anniversary, any withdrawal in that Contract Year will not be a Conforming Withdrawal. Moreover, if you elect the Growth Benefit option, any withdrawal will be deemed an Excess Withdrawal unless you are age 76 or older or the maximum LTC Guaranteed Amount limit of $800,000 has been reached and your Contract Value exceeds the maximum LTC Guaranteed Amount on a contract anniversary, in which case you may withdraw an amount up to the Conforming Withdrawal amount for that Contract Year.** 

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| | |
|:---|:---|
| **Conforming Withdrawal** = any withdrawal that does not exceed during a Contract Year the greater of $0 and (a) minus (b) where: | **Conforming Withdrawal** = any withdrawal that does not exceed during a Contract Year the greater of $0 and (a) minus (b) where: |
| (a) | &nbsp;&nbsp; equals 5% of the difference of the Contract Value over the LTC Guaranteed Amount as of the most recent contract <br> anniversary (or, prior to the first contract anniversary, the contract date); and<br>|
| (b) | equals all prior withdrawals in that Contract Year. |

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**Excess Withdrawals**

Excess Withdrawals are the cumulative amounts withdrawn from the Contract during the Contract Year that exceeds the Conforming Withdrawal amount. Only that portion of the current withdrawal amount that exceeds the Conforming Withdrawal amount will be deemed to be an Excess Withdrawal. **Any Excess Withdrawal that reduces the Contract Value to zero will terminate the LTC Rider and the only LTC Benefit that you may be eligible to receive will be the Optional Nonforfeiture Benefit, if elected.** 

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| | |
|:---|:---|
| More specifically, Excess Withdrawals reduce various benefits in accordance with the following formula: | More specifically, Excess Withdrawals reduce various benefits in accordance with the following formula: |
| •  | &nbsp;&nbsp; Multiply the benefit being affected (i.e., the Acceleration Benefit) before the Excess Withdrawal by (1 – the Reduction <br> Percentage due to Excess Withdrawal).<br>|
| •  | The Reduction Percentage due to Excess Withdrawal = Excess Withdrawal ÷ Contract Value before the Excess Withdrawal. |
| Importantly, this means that the reduction could be more than the dollar amount withdrawn. | Importantly, this means that the reduction could be more than the dollar amount withdrawn. |

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Excess Withdrawals will reduce the LTC Guaranteed Amount, Acceleration Benefit, Extension Benefit, Maximum Monthly Level Benefit and any Growth Benefit and Maximum Monthly Growth Benefit by the same percentage that the Excess Withdrawal reduces the Contract Value. This means that the reductions in these amounts could be more than the dollar amount withdrawn. **In a declining market,** 

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**Excess Withdrawals may substantially reduce or eliminate the LTC Benefits, the Maximum Monthly Level Benefit, and if elected, Maximum Monthly Growth Benefit.** 

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| | |
|:---|:---|
| &nbsp;&nbsp; **Example:** The following example shows how an Excess Withdrawal, in a declining market, reduces the Acceleration Benefit, LTC <br> Guaranteed Amount, Maximum Monthly Level Benefit, Extension Benefit, Maximum Monthly Growth Benefit and Growth Benefit. <br> The example assumes you have chosen the Growth Benefit option. Since the LTC Guaranteed Amount is greater than the Contract <br> Value, any withdrawal is an Excess Withdrawal and there is no Conforming Withdrawal amount. | &nbsp;&nbsp; **Example:** The following example shows how an Excess Withdrawal, in a declining market, reduces the Acceleration Benefit, LTC <br> Guaranteed Amount, Maximum Monthly Level Benefit, Extension Benefit, Maximum Monthly Growth Benefit and Growth Benefit. <br> The example assumes you have chosen the Growth Benefit option. Since the LTC Guaranteed Amount is greater than the Contract <br> Value, any withdrawal is an Excess Withdrawal and there is no Conforming Withdrawal amount. |
| LTC Guaranteed Amount: | $320000 |
| Acceleration Benefit: | $120000 |
| Extension Benefit: | $240000 |
| Maximum Monthly Level Benefit: | $5000 |
| Growth Benefit: | $200000 |
| Maximum Monthly Growth Benefit: | $2778 |
| Excess Withdrawal from Contract Value: | $4000 |
| Contract Value immediately prior to Excess Withdrawal: | $85000 |
| Reduction Percentage due to Excess Withdrawal |  |
| [$4,000 Excess Withdrawal ÷ $85,000 Contract Value]: | 4.71% |
| LTC Guaranteed Amount after Excess Withdrawal |  |
| [$320,000 LTC Guaranteed Amount x (1-4.71%)]: | $304928 |
| Extension Benefit after Excess Withdrawal |  |
| [$240,000 x (1-4.71%)]: | $228696 |
| Maximum Monthly Level Benefit after Excess Withdrawal |  |
| [$5,000 Maximum Monthly Level Benefit x (1-4.71%)]: | $4765 |
| Growth Benefit after Excess Withdrawal [$200,000 Growth Benefit x (1-4.71%)]: | $190580 |
| Maximum Monthly Growth Benefit after Excess Withdrawal |  |
| [$2,778 Maximum Monthly Growth Benefit x (1-4.71%)]: | $2647 |

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**LTC Fixed Account**

The LTC Fixed Account is part of the general account, and thus is not insulated from the claims of our general creditors. The LTC Fixed Account is designated to hold an amount equal to the LTC Guaranteed Amount while paying LTC Benefits. The LTC Fixed Account will offer a rate of interest that will be adjusted periodically and is guaranteed to be an effective rate of not less than the minimum guaranteed interest rate stated in your Contract on amounts held in the LTC Fixed Account. Contracts issued in certain states may guarantee a higher minimum rate of interest than in other states. Refer to your Contract for the specific guaranteed minimum interest rate applicable to your Contract. See Fixed Side of the Contract for more information about the general account.

On the date we make the initial determination that you are eligible to receive LTC Benefits (as described in the "Establishing Benefit Eligibility" section), we will transfer Contract Value equal to the LTC Guaranteed Amount (or all Contract Value, if less) as of that date to the LTC Fixed Account. Amounts transferred to the LTC Fixed Account will no longer have the ability to participate in the performance of the variable Subaccounts. The Contract Value will be transferred proportionately from the variable Subaccounts and the fixed account for use with dollar-cost averaging, if any, in which you are invested. Transfers of Contract Value to the LTC Fixed Account may reduce the Contract Value in the Subaccounts to zero. Acceleration Benefit payments and Growth Benefit payments (if elected) will first be deducted from the LTC Fixed Account. LTC Charges will be deducted proportionally from the LTC Fixed Account, the fixed account for use with dollar-cost averaging and the Subaccounts.

On the contract anniversary that follows the initial determination of eligibility to receive LTC Benefits and on each contract anniversary that follows, we will transfer Contract Value to and from the LTC Fixed Account, the Subaccounts and any other fixed account. The amount of Contract Value that will be transferred into the LTC Fixed Account will be equal to the difference, if any, between the LTC Guaranteed Amount and the Contract Value that is in the LTC Fixed Account. This may result in the entire Contract Value being allocated to the LTC Fixed Account. If the Contract Value in the LTC Fixed Account exceeds the LTC Guaranteed Amount, we will move Contract Value equal to the difference between the Contract Value and the LTC Guaranteed Amount from the LTC Fixed Account to the Subaccounts according to your instructions for future allocations.

If you begin receiving LTC Benefits and then stop receiving LTC Benefits for twelve consecutive months, we will allow you to transfer in installments the Contract Value in the LTC Fixed Account back to the Subaccounts. This transfer will be made under a twelve-month

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dollar-cost averaging service. See Benefits Available Under the Contract – Additional Services for more details on dollar-cost averaging. If, after you stop receiving LTC Benefits and then at a later date recommence receiving benefits, sufficient Contract Value will be transferred back to the LTC Fixed Account so that the balance in the LTC Fixed Account equals the LTC Guaranteed Amount.

**Termination**

**Termination Events**

The LTC Rider will terminate under any of the following circumstances:

● termination of the Contract;

● upon written request to terminate the LTC Rider after the third contract anniversary (you may not request to terminate the LTC Rider prior to the third contract anniversary);

● you elect to receive Annuity Payouts under any of the Annuity Payout options available under the Contract, including but not limited to electing i4LIFE® Advantage (with or without the Guaranteed Income Benefit);

● on the date the Contractowner is changed due to death or divorce;

● upon the death of the Covered Life;

● 45 days after the contract date if a signed duplicate copy of the contract amendment issued with the LTC Rider is not returned to Lincoln Life;

● an Excess Withdrawal reduces the Contract Value to zero;

● all LTC Benefits are reduced to zero;

● you terminate the LTC Rider under either Nonforfeiture Benefit provision;

● within the first six months following the contract date we determine that you made a misrepresentation in the application or contract amendment that was material to the issuance of the rider we may void or terminate the rider;

● after the first six months but prior to the end of the first 24 months after the contract date we determine that you made a misrepresentation that was material to both the issuance of the rider and a claim for LTC Benefits we may void or terminate the rider; or

● after 24 months from the contract date if we determine that you knowingly or intentionally misrepresented relevant facts relating to your health the LTC Rider may be voided or terminated by us.

Upon termination of the LTC Rider, the LTC Benefits (except benefits provided under either Nonforfeiture Benefit provision) and LTC Charge will terminate and a proportional amount of the LTC Charge will be deducted. Contract Value in the LTC Fixed Account will be transferred to the Subaccounts according to your future Subaccount allocation instructions. The termination will not result in any increase to the Contract Value to equal the LTC Guaranteed Amount.

**Nonforfeiture Benefit**

The LTC Rider provides a nonforfeiture benefit ("Nonforfeiture Benefit") if you terminate the LTC Rider in certain circumstances (described below). The Nonforfeiture Benefit provides a reduced long-term care insurance benefit.

● There is a Nonforfeiture Benefit called the Contingent Nonforfeiture Benefit, provided without charge that pays a reduced long-term care insurance benefit if you terminate the LTC Rider due to a specified increase of the charge for the Extension Benefit and/or the Optional Nonforfeiture Benefit.

● You may also choose to add an enhanced Nonforfeiture Benefit, called the Optional Nonforfeiture Benefit, for an additional charge, that pays a reduced long-term care insurance benefit. It is "enhanced" because you may terminate the LTC Rider for any reason after three years, rather than just if there is a specified increase of the charge for the Extension Benefit and/or the Optional Nonforfeiture Benefit.

Once either Nonforfeiture Benefit is in effect, the LTC Charges will terminate. You should be aware that the Nonforfeiture Benefit provision provides only a limited amount of LTC Benefits. Moreover, the LTC Benefits provided by the Contingent Nonforfeiture Benefit and the Optional Nonforfeiture Benefit are equivalent; (this amount is hereinafter referred to as the "Nonforfeiture Benefit Amount") the important difference between the two are the conditions under which they will be paid. These conditions are described below. The Nonforfeiture Benefit Amount is the greater of:

● one month's Maximum Monthly Level Benefit in effect on the date that the LTC Rider is terminated; or

● an amount equal to the sum of all Extension Benefit Charges and Optional Nonforfeiture Benefit Charges paid for the LTC Rider minus any Extension Benefits paid prior to the date the LTC Rider is terminated.

In the state of California, the Nonforfeiture Benefit amount is the greater of:

● the Maximum Monthly Level Benefit in effect on the date the Contractowner fully surrendered or annuitized the Contract, multiplied by either;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 1, if the Contract is fully surrendered or annuitized prior to the tenth rider date anniversary; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 2, if the Contract is fully surrendered or annuitized on or after the tenth rider date anniversary.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● an amount equal to the sum of all Extension Benefit Charges and Optional Nonforfeiture Benefit Charges paid for the LTC Rider minus any Extension Benefits paid prior to the date the Contractowner fully surrendered or annuitized the Contract.

Payments of the Nonforfeiture Benefit Amount are made only after the seventh contract anniversary (after the third anniversary in the state of Texas) and after the conditions set forth below are met. Payment of the Nonforfeiture Benefit Amount is subject to the benefit eligibility and deductible period requirements described in the Establishing Benefit Eligibility section. Nonforfeiture Benefit Amount payments must be requested as described in the Requesting LTC Benefits section. Nonforfeiture Benefit Amount payments will be payable monthly up to the Maximum Monthly Level Benefit amount in effect on the date that the LTC Rider is terminated.

Once the Nonforfeiture Benefit provision is effective, it will remain effective until the earlier of the death of the Covered Life or the date the total Nonforfeiture Benefit Amounts have been fully paid out. Upon the death of the Covered Life, the Nonforfeiture Benefit terminates. The Nonforfeiture Benefit Amount will not exceed the remaining amount of Extension Benefits that would have been paid if the LTC Rider had remained in force.

**Contingent Nonforfeiture Benefit.** The Contingent Nonforfeiture Benefit is provided at no charge on all LTC Riders. The Contingent Nonforfeiture Benefit will pay you the Nonforfeiture Benefit Amount if both of the following conditions are met:

● the sum of the Extension Benefit Charge rate and/or Optional Nonforfeiture Benefit Charge rate, if elected, has increased by more than a specified percentage over the initial charge; and

● you surrender your Contract or elect to terminate the LTC Rider within 120 days after the Extension Benefit Charge rate and/or Optional Nonforfeiture Benefit Charge rate, if elected, is increased.

The specified percentage of change to the sum of the Extension Benefit Charge rate and/or the Optional Nonforfeiture Benefit Charge rate that will trigger the availability of Contingent Nonforfeiture Benefit is determined by your age as of the contract date. The specified percentages are as follows:

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| | | | |
|:---|:---|:---|:---|
| **Age on**<br> **Contract Date**<br>| &nbsp;&nbsp; **Percent Over Initial**<br> **Charge**<br>| **Age** | &nbsp;&nbsp; **Percent Over Initial**<br> **Charge**<br>|
| 45 – 49 | 130% | 66 | 48% |
| 50 – 54 | 110% | 67 | 46% |
| 55 – 59 | 90% | 68 | 44% |
| 60 | 70% | 69 | 42% |
| 61 | 66% | 70 | 40% |
| 62 | 62% | 71 | 38% |
| 63 | 58% | 72 | 36% |
| 64 | 54% | 73 | 34% |
| 65 | 50% | 74 | 32% |

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**Optional Nonforfeiture Benefit.** As noted, for an additional charge, you may purchase the Optional Nonforfeiture Benefit. The Optional Nonforfeiture Benefit provides for payment of the Nonforfeiture Benefit Amount under the following conditions:

● you surrender the Contract at least three years after the contract date; or

● you submit a written request to terminate the LTC Rider at least three years after the contract date; or

● you elect to receive annuity payments under any Annuity Payout option available in the Contract or any other annuity settlement option we make available and commencing prior to the Contract's maturity date and at least three years after the contract date.

If you purchase the Optional Nonforfeiture Benefit and terminate the LTC Rider under conditions applicable under either the Contingent Nonforfeiture Benefit and the Optional Nonforfeiture Benefit, only the one applicable Nonforfeiture Benefit will be payable. The Optional Nonforfeiture provision may not be purchased after the LTC Rider is issued.

**General Provisions**

**Death Benefits**

The LTC Rider has no provision for Death Benefits, other than the Death Benefit provision in the underlying contract. The LTC Rider terminates upon death of the Covered Life and the LTC Benefits, including the LTC Guaranteed Amount, will not be payable under any Death Benefit option. At the time of death, if the Contract Value equals zero, no Death Benefit options (as described in the "Death Benefit" section of the prospectus) will be in effect. If a Contractowner who had been receiving LTC Benefit payments dies while the Contract is in effect, we reserve the right to withhold a portion of any Death Benefits that would otherwise be payable until we have verified that we have received all requests for LTC Benefits. Death Benefit distributions in accordance with Code section 72(s) or 401(a) (9) will not be made later than five years from the date of the Contractowner's death.

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The Guarantee of Principal Death Benefit and Enhanced Guaranteed Minimum Death Benefit both calculate Death Benefit amounts by deducting withdrawals in the same proportion that the withdrawal reduces the Contract Value. For purposes of calculating Death Benefits under those contracts, Acceleration Benefit payments and Growth Benefit payments, as well as Conforming and Excess Withdrawals, are considered withdrawals that reduce the amount of the Death Benefit. See Benefits Available Under the Contract – Death Benefits.

**Contract Free Withdrawal Provision** All withdrawals, whether Conforming or Excess, as well as LTC Benefit payments, will be applied against the Contract's free amount, which is the amount that may be withdrawn annually without imposition of a surrender charge. Thus, Acceleration Benefit or Growth Benefit payments will reduce the amount available for free withdrawal, even though those payments do not incur a surrender charge. See Charges, Other Deductions, and Adjustments — Surrender Charge for additional information on the free amount.

**Investment Requirements**

By purchasing the LTC Rider, you will be limited in how you can invest in the Subaccounts and the fixed account. **You will be subject to Investment Requirements. See Appendix B – Investment Requirements for a description of these investment restrictions. The Investment Requirements will apply to your entire Contract Value.** No Purchase Payments can be directly invested in the LTC Fixed Account.

**Federal Taxation**

**Qualified Long-Term Care Insurance Contract.** The LTC Rider is a Qualified Long-Term Care Insurance Contract under section 7702B(b) of the Internal Revenue Code. As described above, the LTC Charge is deducted from the Contract Value on a quarterly basis. For tax years beginning after December 31, 2009, the deductions from the Contract Value to pay LTC Charges will not be reported as taxable distributions from the variable annuity contract and such deductions will reduce the Contractowners basis in the Contract. The deductions from the Contract Value will reduce the Contract Value, but not below zero.

**Federal Income Tax Treatment of Benefits under the LTC Rider.** The LTC Benefits provided under the LTC Rider are treated as provided under a "Qualified Long-Term Care Insurance Contract," as that term is defined under section 7702B(b) of the Internal Revenue Code. This discussion outlines our understanding of the federal income tax treatment of the LTC Benefits, as well as how the LTC Benefit payments will be reported to you. However, you should always consult a tax advisor about the application of tax rules to your individual situation.

Benefits that you receive under a Qualified Long-Term Care Insurance Contract will not be treated as taxable income to you as long as such benefits do not exceed the greater of (i) the expenses that you actually incur for Covered Services, or (ii) a maximum per diem, or daily, dollar amount determined by the IRS. All payments that you receive under all Qualified Long-Term Care Insurance Contracts, as well as any payments under an accelerated benefit rider made to you if you are chronically ill, are included in determining whether the benefit limits have been exceeded and reduce the Contractowner's basis in the Contract. These payments may also reduce the basis in your annuity contract.

If the LTC Benefits that you receive exceed the benefit limits outlined above, the amount of the excess benefits may represent taxable income to you. If you are under age 59½ at the time of the payment of excess benefits, an additional 10% "penalty tax" may apply.

**If the Maximum Monthly LTC Benefit amount, if applicable, exceeds the limits under IRS rules (currently $430.00 per day or $156,950 annually for 2026), amounts received by you in excess of the IRS limit may be excludable from ordinary income to the extent that you have actually incurred long-term care expenses of that amount. You should take into account the IRS limit when selecting the amount of monthly LTC Benefit you would like to receive. We recommend that you discuss the tax implications of receiving benefits in excess of the IRS limit with a tax advisor.**

**Maturity Date**

When you purchase the LTC Rider, the maturity date set forth in your Contract will be the Annuitant's 99<sup>th</sup> birthday. The maturity date is the date when you must choose an Annuity Payout option and annuitize your Contract. Except as set forth below, annuitization of your Contract will terminate the LTC Rider.

If you are receiving LTC Benefit payments under this LTC Rider at the maturity date (when you reach age 99), we will extend the maturity date and continue to provide LTC Benefit payments, subject to the terms and conditions of the LTC Rider. If you decide to elect an Annuity Payout option and annuitize your Contract Value, the LTC Rider will terminate.

If you are not receiving LTC Benefit payments at the maturity date and you have a Contract Value, you will need to elect an Annuity Payout option available under your Contract. This will terminate the Acceleration and Growth Benefits (that would have been paid from your Contract Value) and also the LTC Charge. However, the Extension Benefit, if any, will continue on your Contract.

If LTC Benefit payments end after you reach age 99 and you still have value in your Contract, you must elect an Annuity Payout option within 90 days after the last LTC Benefit payment is made. This will terminate the LTC Rider. An exception to this occurs if LTC Benefit payments stop after age 99 because you are not currently eligible to receive benefits (for example, you are no longer receiving LTC

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Services). In this situation, the Acceleration and Growth Benefits that would have been paid from your Contract Value will terminate as well as the LTC Charge. Any Extension Benefit will remain in effect to provide payments in the event of future eligibility for LTC Benefits.

Any LTC Benefit paid after age 99 will be paid in the same manner as any LTC Benefit previously described in this discussion, including, but not limited to, eligibility, deductible period and maximum monthly limits.

**Misstatement of Age or Sex**

If your age or sex has been misstated, we will adjust the LTC Charges to the amounts that would have applied based on your correct age or sex. If the LTC Rider would not have been issued at the correct age and sex, it will be cancelled and we will refund to you all LTC Charges paid minus the amount of LTC Benefits that have been paid.

**LTC Rider Return Privilege**

You may cancel the LTC Rider within 30 days of your receipt of the LTC Rider for any reason by delivering or mailing the LTC Rider, postage prepaid, to the Home Office at PO Box 2348, 1301 South Harrison Street, Fort Wayne, IN 46802-2348. A LTC Rider cancelled under this provision will be void and any LTC Charges assessed will be refunded. Cancellation of the LTC Rider under this provision will not result in cancellation of the Contract.

**If you surrender the entire Contract within the 30 day LTC Rider free-look period but after the underlying Contract's free-look period, any applicable surrender charges will be deducted from the Contract Value.** 

**Monthly Statements**

In addition to the quarterly variable annuity statement, we will send you a monthly statement once you begin receiving LTC Benefit payments detailing the amount of LTC Benefits that have been paid and remaining available LTC Benefits. The monthly statement will only be sent to you for those months that you received an LTC Benefit. The statement will also show the impact of such LTC Benefit payments on your Contract Value and Death Benefit, if any. See General Provisions – Death Benefits for a description of the impact of the LTC Rider on Death Benefits.

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**Appendix D — Protected Annual Income Rates for Previous Rider Elections**

***Lincoln ProtectedPay***<sup>®</sup> **and *Estate Lock***<sup>SM</sup> **Protected Annual Income Rates by Ages:**

***Lincoln ProtectedPay Select Core***<sup>®</sup> **and *Estate Lock***<sup>SM</sup> **applications or rider election forms signed between February 17, 2026 and April 30, 2026** 

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| | |
|:---|:---|
| **Age** | **PAI Rate** |
| 59 – 64 | 4.20% |
| 65 – 69 | 5.60% |
| 70 – 74 | 5.80% |
| 75 – 79 | 6.00% |
| 80+ | 6.25% |

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***Lincoln ProtectedPay Select Core***<sup>®</sup> **and *Estate Lock***<sup>SM</sup> **applications or rider election forms signed between August 19, 2024 and February 16, 2026** 

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| | |
|:---|:---|
| **Age** | **PAI Rate** |
| 59 – 64 | 4.25% |
| 65 – 69 | 5.85% |
| 70 – 74 | 5.95% |
| 75 – 79 | 6.20% |
| 80+ | 6.35% |

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***Lincoln ProtectedPay Secure Core***<sup>®</sup> **and *Estate Lock***<sup>SM</sup> **applications or rider election forms signed between August 19, 2024 and February 16, 2026** 

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| | |
|:---|:---|
| **Age** | **PAI Rate** |
| 59 – 64 | 4.50% |
| 65 – 69 | 6.00% |
| 70 – 74 | 6.25% |
| 75 – 79 | 6.45% |
| 80+ | 6.55% |

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***Lincoln ProtectedPay***<sup>®</sup> **Lifetime Income SuiteProtected Annual Income Rates by Ages:**

***Lincoln ProtectedPay Select Core***<sup>®</sup> **applications or rider election forms signed between February 17, 2026 and April 30, 2026** 

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| | | | |
|:---|:---|:---|:---|
| **Single Life Option** | **Single Life Option** | **Joint Life Option** | **Joint Life Option** |
| **Age** | **Protected Annual**<br> **Income rate**<br>| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Protected Annual**<br> **Income rate**<br>|
| 59 – 64 | 4.40% | 59 – 64 | 4.15% |
| 65 – 69 | 6.05% | 65 – 69 | 5.50% |
| 70 – 74 | 6.25% | 70 – 74 | 5.70% |
| 75 – 79 | 6.45% | 75 – 79 | 5.90% |
| 80+ | 6.60% | 80+ | 6.00% |

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\*For additional Rate Sheet information see Living Benefit Riders – Rate Sheets.

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***Lincoln ProtectedPay Select Core***<sup>®</sup> **applications or rider election forms signed between September 17, 2024 and February 16, 2026** 

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| | | | |
|:---|:---|:---|:---|
| **Single Life Option** | **Single Life Option** | **Joint Life Option** | **Joint Life Option** |
| **Age** | **Protected Annual**<br> **Income rate**<br>| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Protected Annual**<br> **Income rate**<br>|
| 59 – 64 | 4.50% | 59 – 64 | 4.25% |
| 65 – 69 | 6.15% | 65 – 69 | 5.60% |
| 70 – 74 | 6.35% | 70 – 74 | 5.80% |
| 75 – 79 | 6.55% | 75 – 79 | 6.00% |
| 80+ | 6.70% | 80+ | 6.10% |

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\*For additional Rate Sheet information see Living Benefit Riders – Rate Sheets.

***Lincoln ProtectedPay Select Core***<sup>®</sup> **applications or rider election forms signed between January 22, 2024 and September 16, 2024** 

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| | | | |
|:---|:---|:---|:---|
| **Single Life Option** | **Single Life Option** | **Joint Life Option** | **Joint Life Option** |
| **Age** | **Protected Annual**<br> **Income rate**<br>| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Protected Annual**<br> **Income rate**<br>|
| 59 – 64 | 4.25% | 59 – 64 | 4.10% |
| 65 – 69 | 6.00% | 65 – 69 | 5.50% |
| 70 – 74 | 6.15% | 70 – 74 | 5.60% |
| 75+ | 6.30% | 75+ | 5.85% |

---

\*For additional Rate Sheet information see Living Benefit Riders – Rate Sheets.

***Lincoln ProtectedPay Select Core***<sup>®</sup> **applications or rider election forms signed between January 2, 2024 and January 21, 2024** 

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| | | | |
|:---|:---|:---|:---|
| **Single Life Option** | **Single Life Option** | **Joint Life Option** | **Joint Life Option** |
| **Age** | **Protected Annual**<br> **Income rate**<br>| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Protected Annual**<br> **Income rate**<br>|
| 59 – 64 | 4.25% | 59 – 64 | 4.10% |
| 65 – 69 | 5.85% | 65 – 69 | 5.50% |
| 70 – 74 | 6.15% | 70 – 74 | 5.60% |
| 75+ | 6.30% | 75+ | 5.85% |

---

\*For additional Rate Sheet information see Living Benefit Riders – Rate Sheets.

***Lincoln ProtectedPay Select Core***<sup>®</sup> **applications or rider election forms signed between October 2, 2023 and January 1, 2024** 

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| | | | |
|:---|:---|:---|:---|
| **Single Life Option** | **Single Life Option** | **Joint Life Option** | **Joint Life Option** |
| **Age** | **Protected Annual**<br> **Income rate**<br>| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Protected Annual**<br> **Income rate**<br>|
| 59 – 64 | 4.25% | 59 – 64 | 4.10% |
| 65 – 69 | 6.00% | 65 – 69 | 5.50% |
| 70 – 74 | 6.05% | 70 – 74 | 5.60% |
| 75+ | 6.30% | 75+ | 5.85% |

---

\*For additional Rate Sheet information see Living Benefit Riders – Rate Sheets.

***Lincoln ProtectedPay Select Core***<sup>®</sup> **applications or rider election forms signed between April 3, 2023 and October 1, 2023** 

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| | | | |
|:---|:---|:---|:---|
| **Single Life Option** | **Single Life Option** | **Joint Life Option** | **Joint Life Option** |
| **Age** | **Protected Annual**<br> **Income rate**<br>| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Protected Annual**<br> **Income rate**<br>|
| 59 – 64 | 4.25% | 59 – 64 | 4.10% |
| 65 – 69 | 5.65% | 65 – 69 | 5.20% |
| 70 – 74 | 6.05% | 70 – 74 | 5.60% |
| 75+ | 6.30% | 75+ | 5.85% |

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\*For additional Rate Sheet information see Living Benefit Riders – Rate Sheets.

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***Lincoln ProtectedPay Select Core***<sup>®</sup> **applications or rider election forms signed between November 28, 2022 and April 2, 2023** 

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| | | | |
|:---|:---|:---|:---|
| **Single Life Option** | **Single Life Option** | **Joint Life Option** | **Joint Life Option** |
| **Age** | **Protected Annual**<br> **Income rate**<br>| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Protected Annual**<br> **Income rate**<br>|
| 59 – 64 | 4.00% | 59 – 64 | 3.60% |
| 65 – 69 | 5.50% | 65 – 69 | 5.00% |
| 70 – 74 | 5.60% | 70 – 74 | 5.10% |
| 75+ | 5.75% | 75+ | 5.25% |

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\*For additional Rate Sheet information see Living Benefit Riders – Rate Sheets.

***Lincoln ProtectedPay Secure Core***<sup>®</sup> **applications or rider election forms signed between September 17, 2024 and February 16, 2026** 

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| | | | |
|:---|:---|:---|:---|
| **Single Life Option** | **Single Life Option** | **Joint Life Option** | **Joint Life Option** |
| **Age** | **Protected Annual**<br> **Income rate**<br>| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Protected Annual**<br> **Income rate**<br>|
| 59 – 64 | 4.75% | 59 – 64 | 4.50% |
| 65 – 69 | 6.35% | 65 – 69 | 5.90% |
| 70 – 74 | 6.55% | 70 – 74 | 6.10% |
| 75 – 79 | 6.75% | 75 – 79 | 6.30% |
| 80+ | 6.90% | 80+ | 6.45% |

---

\*For additional Rate Sheet information see Living Benefit Riders – Rate Sheets.

***Lincoln ProtectedPay Secure Core***<sup>®</sup> **applications or rider election forms signed between January 22, 2024 and September 16, 2024** 

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| | | | |
|:---|:---|:---|:---|
| **Single Life Option** | **Single Life Option** | **Joint Life Option** | **Joint Life Option** |
| **Age** | **Protected Annual**<br> **Income rate**<br>| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Protected Annual**<br> **Income rate**<br>|
| 59 – 64 | 4.75% | 59 – 64 | 4.35% |
| 65 – 69 | 6.10% | 65 – 69 | 5.60% |
| 70 – 74 | 6.30% | 70 – 74 | 5.85% |
| 75+ | 6.55% | 75+ | 6.10% |

---

\*For additional Rate Sheet information see Living Benefit Riders – Rate Sheets.

***Lincoln ProtectedPay Secure Core***<sup>®</sup> **applications or rider election forms signed between January 2, 2024 and January 21, 2024** 

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| | | | |
|:---|:---|:---|:---|
| **Single Life Option** | **Single Life Option** | **Joint Life Option** | **Joint Life Option** |
| **Age** | **Protected Annual**<br> **Income rate**<br>| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Protected Annual**<br> **Income rate**<br>|
| 59 – 64 | 4.75% | 59 – 64 | 4.35% |
| 65 – 69 | 6.00% | 65 – 69 | 5.60% |
| 70 – 74 | 6.30% | 70 – 74 | 5.85% |
| 75+ | 6.55% | 75+ | 6.10% |

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\*For additional Rate Sheet information see Living Benefit Riders – Rate Sheets.

***Lincoln ProtectedPay Secure Core***<sup>®</sup> **applications or rider election forms signed between October 2, 2023 and January 1, 2024** 

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| | | | |
|:---|:---|:---|:---|
| **Single Life Option** | **Single Life Option** | **Joint Life Option** | **Joint Life Option** |
| **Age** | **Protected Annual**<br> **Income rate**<br>| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Protected Annual**<br> **Income rate**<br>|
| 59 – 64 | 4.75% | 59 – 64 | 4.35% |
| 65 – 69 | 6.10% | 65 – 69 | 5.60% |
| 70 – 74 | 6.30% | 70 – 74 | 5.85% |
| 75+ | 6.55% | 75+ | 6.10% |

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\*For additional Rate Sheet information see Living Benefit Riders – Rate Sheets.

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***Lincoln ProtectedPay Secure Core***<sup>®</sup> **applications or rider election forms signed between April 3, 2023 and October 1, 2023** 

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| | | | |
|:---|:---|:---|:---|
| **Single Life Option** | **Single Life Option** | **Joint Life Option** | **Joint Life Option** |
| **Age** | **Protected Annual**<br> **Income rate**<br>| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Protected Annual**<br> **Income rate**<br>|
| 59 – 64 | 4.75% | 59 – 64 | 4.35% |
| 65 – 69 | 5.90% | 65 – 69 | 5.45% |
| 70 – 74 | 6.30% | 70 – 74 | 5.85% |
| 75+ | 6.55% | 75+ | 6.10% |

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\*For additional Rate Sheet information see Living Benefit Riders – Rate Sheets.

***Lincoln ProtectedPay Secure Core***<sup>®</sup> **applications or rider election forms signed between November 28, 2022 and April 2, 2023** 

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| | | | |
|:---|:---|:---|:---|
| **Single Life Option** | **Single Life Option** | **Joint Life Option** | **Joint Life Option** |
| **Age** | **Protected Annual**<br> **Income rate**<br>| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Protected Annual**<br> **Income rate**<br>|
| 59 – 64 | 4.50% | 59 – 64 | 4.00% |
| 65 – 69 | 5.75% | 65 – 69 | 5.25% |
| 70 – 74 | 5.85% | 70 – 74 | 5.35% |
| 75+ | 6.00% | 75+ | 5.50% |

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\*For additional Rate Sheet information see Living Benefit Riders – Rate Sheets.

***Lincoln ProtectedPay Select Plus***<sup>®</sup> **applications or rider election forms signed between February 17, 2026 and April 30, 2026** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TABLE A** | **TABLE A** | **TABLE A** | **TABLE B** | **TABLE B** | **TABLE B** |
| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Single Life**<br> **Option**<br>| **Joint Life**<br> **Option**<br>| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Single Life**<br> **Option**<br>| **Joint Life**<br> **Option**<br>|
| 59 – 64 | 5.60% | 5.10% | 59 – 64 | 3.00% | 3.00% |
| 65 – 69 | 7.55% | 7.00% | 65 – 69 | 4.50% | 4.25% |
| 70 – 74 | 7.80% | 7.30% | 70 – 74 | 4.50% | 4.25% |
| 75 – 79 | 7.90% | 7.40% | 75 – 79 | 4.50% | 4.25% |
| 80+ | 8.00% | 7.50% | 80+ | 4.50% | 4.25% |

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\*For additional Rate Sheet information see Living Benefit Riders – Rate Sheets.

\*\*The rates in Table A apply prior to the Contract Value reaching zero. When the Contract Value reaches zero, Table B will always be used and, the Protected Annual Income amount will be immediately recalculated to equal the Protected Income Base multiplied by the applicable rate shown in Table B.

***Lincoln ProtectedPay Select Plus***<sup>®</sup> **applications or rider election forms signed between September 17, 2024 and February 16, 2026** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TABLE A** | **TABLE A** | **TABLE A** | **TABLE B** | **TABLE B** | **TABLE B** |
| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Single Life**<br> **Option**<br>| **Joint Life**<br> **Option**<br>| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Single Life**<br> **Option**<br>| **Joint Life**<br> **Option**<br>|
| 59 – 64 | 5.70% | 5.20% | 59 – 64 | 3.00% | 3.00% |
| 65 – 69 | 7.65% | 7.10% | 65 – 69 | 4.50% | 4.25% |
| 70 – 74 | 7.90% | 7.40% | 70 – 74 | 4.50% | 4.25% |
| 75 – 79 | 8.00% | 7.50% | 75 – 79 | 4.50% | 4.25% |
| 80+ | 8.10% | 7.60% | 80+ | 4.50% | 4.25% |

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\*For additional Rate Sheet information see Living Benefit Riders – Rate Sheets.

\*\*The rates in Table A apply prior to the Contract Value reaching zero. When the Contract Value reaches zero, Table B will always be used and, the Protected Annual Income amount will be immediately recalculated to equal the Protected Income Base multiplied by the applicable rate shown in Table B.

***Lincoln ProtectedPay Select Plus***<sup>®</sup> **applications or rider election forms signed between April 22, 2024 and September 16, 2024** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TABLE A** | **TABLE A** | **TABLE A** | **TABLE B** | **TABLE B** | **TABLE B** |
| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Single Life**<br> **Option**<br>| **Joint Life**<br> **Option**<br>| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Single Life**<br> **Option**<br>| **Joint Life**<br> **Option**<br>|
| 59 – 64 | 5.70% | 5.20% | 59 – 64 | 3.00% | 3.00% |
| 65 – 69 | 7.65% | 7.10% | 65 – 69 | 4.50% | 4.25% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TABLE A** | **TABLE A** | **TABLE A** | **TABLE B** | **TABLE B** | **TABLE B** |
| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Single Life**<br> **Option**<br>| **Joint Life**<br> **Option**<br>| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Single Life**<br> **Option**<br>| **Joint Life**<br> **Option**<br>|
| 70 – 74 | 7.90% | 7.15% | 70 – 74 | 4.50% | 4.25% |
| 75+ | 8.00% | 7.40% | 75+ | 4.50% | 4.25% |

---

\*For additional Rate Sheet information see Living Benefit Riders – Rate Sheets.

\*\*The rates in Table A apply prior to the Contract Value reaching zero. When the Contract Value reaches zero, Table B will always be used and, the Protected Annual Income amount will be immediately recalculated to equal the Protected Income Base multiplied by the applicable rate shown in Table B.

***Lincoln ProtectedPay Select Plus***<sup>®</sup> **applications or rider election forms signed between July 17, 2023 and April 21, 2024** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TABLE A** | **TABLE A** | **TABLE A** | **TABLE B** | **TABLE B** | **TABLE B** |
| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Single Life**<br> **Option**<br>| **Joint Life**<br> **Option**<br>| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Single Life**<br> **Option**<br>| **Joint Life**<br> **Option**<br>|
| 59 – 64 | 5.30% | 4.80% | 59 – 64 | 3.00% | 3.00% |
| 65 – 69 | 7.25% | 6.60% | 65 – 69 | 4.00% | 4.00% |
| 70 – 74 | 7.50% | 6.75% | 70 – 74 | 4.00% | 4.00% |
| 75+ | 7.60% | 7.00% | 75+ | 4.00% | 4.00% |

---

\*For additional Rate Sheet information see Living Benefit Riders – Rate Sheets.

\*\*The rates in Table A apply prior to the Contract Value reaching zero. When the Contract Value reaches zero, Table B will always be used and, the Protected Annual Income amount will be immediately recalculated to equal the Protected Income Base multiplied by the applicable rate shown in Table B.

***Lincoln ProtectedPay Select Plus***<sup>®</sup> **applications or rider election forms signed between November 28, 2022 and July 16, 2023** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TABLE A** | **TABLE A** | **TABLE A** | **TABLE B** | **TABLE B** | **TABLE B** |
| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Single Life**<br> **Option**<br>| **Joint Life**<br> **Option**<br>| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Single Life**<br> **Option**<br>| **Joint Life**<br> **Option**<br>|
| 59 – 64 | 5.30% | 4.80% | 59 – 64 | 3.00% | 3.00% |
| 65 – 69 | 7.00% | 6.35% | 65 – 69 | 4.00% | 4.00% |
| 70 – 74 | 7.15% | 6.50% | 70 – 74 | 4.00% | 4.00% |
| 75+ | 7.25% | 6.75% | 75+ | 4.00% | 4.00% |

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\*For additional Rate Sheet information see Living Benefit Riders – Rate Sheets.

\*\*The rates in Table A apply prior to the Contract Value reaching zero. When the Contract Value reaches zero, Table B will always be used and, the Protected Annual Income amount will be immediately recalculated to equal the Protected Income Base multiplied by the applicable rate shown in Table B.

***Lincoln ProtectedPay Secure Plus***<sup>®</sup> **applications or rider election forms signed between September 17, 2024 and February 16, 2026** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TABLE A** | **TABLE A** | **TABLE A** | **TABLE B** | **TABLE B** | **TABLE B** |
| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Single Life**<br> **Option**<br>| **Joint Life**<br> **Option**<br>| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Single Life**<br> **Option**<br>| **Joint Life**<br> **Option**<br>|
| 59 – 64 | 5.90% | 5.40% | 59 – 64 | 3.50% | 3.25% |
| 65 – 69 | 7.65% | 7.10% | 65 – 69 | 5.00% | 4.50% |
| 70 – 74 | 7.90% | 7.40% | 70 – 74 | 5.00% | 4.50% |
| 75 – 79 | 8.00% | 7.50% | 75 – 79 | 5.00% | 4.50% |
| 80+ | 8.10% | 7.60% | 80+ | 5.00% | 4.50% |

---

\*For additional Rate Sheet information see Living Benefit Riders – Rate Sheets.

\*\*The rates in Table A apply prior to the Contract Value reaching zero. When the Contract Value reaches zero, Table B will always be used and, the Protected Annual Income amount will be immediately recalculated to equal the Protected Income Base multiplied by the applicable rate shown in Table B.

***Lincoln ProtectedPay Secure Plus***<sup>®</sup> **applications or rider election forms signed between April 22, 2024 and September 16, 2024** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TABLE A** | **TABLE A** | **TABLE A** | **TABLE B** | **TABLE B** | **TABLE B** |
| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Single Life**<br> **Option**<br>| **Joint Life**<br> **Option**<br>| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Single Life**<br> **Option**<br>| **Joint Life**<br> **Option**<br>|
| 59 – 64 | 5.65% | 5.25% | 59 – 64 | 3.50% | 3.25% |
| 65 – 69 | 7.50% | 7.10% | 65 – 69 | 5.00% | 4.50% |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TABLE A** | **TABLE A** | **TABLE A** | **TABLE B** | **TABLE B** | **TABLE B** |
| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Single Life**<br> **Option**<br>| **Joint Life**<br> **Option**<br>| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Single Life**<br> **Option**<br>| **Joint Life**<br> **Option**<br>|
| 70 – 74 | 7.75% | 7.15% | 70 – 74 | 5.00% | 4.50% |
| 75+ | 7.85% | 7.50% | 75+ | 5.00% | 4.50% |

---

\*For additional Rate Sheet information see Living Benefit Riders – Rate Sheets.

\*\*The rates in Table A apply prior to the Contract Value reaching zero. When the Contract Value reaches zero, Table B will always be used and, the Protected Annual Income amount will be immediately recalculated to equal the Protected Income Base multiplied by the applicable rate shown in Table B.

***Lincoln ProtectedPay Secure Plus***<sup>®</sup> **applications or rider election forms signed between July 17, 2023 and April 21, 2024** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TABLE A** | **TABLE A** | **TABLE A** | **TABLE B** | **TABLE B** | **TABLE B** |
| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Single Life**<br> **Option**<br>| **Joint Life**<br> **Option**<br>| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Single Life**<br> **Option**<br>| **Joint Life**<br> **Option**<br>|
| 59 – 64 | 5.65% | 5.15% | 59 – 64 | 3.00% | 3.00% |
| 65 – 69 | 7.50% | 6.85% | 65 – 69 | 4.00% | 4.00% |
| 70 – 74 | 7.75% | 7.00% | 70 – 74 | 4.00% | 4.00% |
| 75+ | 7.85% | 7.25% | 75+ | 4.00% | 4.00% |

---

\*For additional Rate Sheet information see Living Benefit Riders – Rate Sheets.

\*\*The rates in Table A apply prior to the Contract Value reaching zero. When the Contract Value reaches zero, Table B will always be used and, the Protected Annual Income amount will be immediately recalculated to equal the Protected Income Base multiplied by the applicable rate shown in Table B.

***Lincoln ProtectedPay Secure Plus***<sup>®</sup> **applications or rider election forms signed between November 28, 2022 and July 16, 2023** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TABLE A** | **TABLE A** | **TABLE A** | **TABLE B** | **TABLE B** | **TABLE B** |
| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Single Life**<br> **Option**<br>| **Joint Life**<br> **Option**<br>| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Single Life**<br> **Option**<br>| **Joint Life**<br> **Option**<br>|
| 59 – 64 | 5.65% | 5.15% | 59 – 64 | 3.00% | 3.00% |
| 65 – 69 | 7.25% | 6.85% | 65 – 69 | 4.00% | 4.00% |
| 70 – 74 | 7.40% | 7.00% | 70 – 74 | 4.00% | 4.00% |
| 75+ | 7.50% | 7.25% | 75+ | 4.00% | 4.00% |

---

\*For additional Rate Sheet information see Living Benefit Riders – Rate Sheets.

\*\*The rates in Table A apply prior to the Contract Value reaching zero. When the Contract Value reaches zero, Table B will always be used and, the Protected Annual Income amount will be immediately recalculated to equal the Protected Income Base multiplied by the applicable rate shown in Table B.

***Lincoln ProtectedPay Select Max***<sup>®</sup> **applications or rider election forms signed between February 17, 2026 and April 30, 2026** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TABLE A** | **TABLE A** | **TABLE A** | **TABLE B** | **TABLE B** | **TABLE B** |
| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Single Life**<br> **Option**<br>| **Joint Life**<br> **Option**<br>| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Single Life**<br> **Option**<br>| **Joint Life**<br> **Option**<br>|
| 59 – 64 | 5.60% | 5.10% | 59 – 64 | 3.00% | 3.00% |
| 65 – 69 | 8.55% | 8.15% | 65 – 69 | 3.50% | 3.25% |
| 70 – 74 | 8.75% | 8.30% | 70 – 74 | 3.50% | 3.25% |
| 75 – 79 | 8.90% | 8.50% | 75 – 79 | 3.50% | 3.25% |
| 80+ | 9.00% | 8.60% | 80+ | 3.50% | 3.25% |

---

\*For additional Rate Sheet information see Living Benefit Riders – Rate Sheets.

\*\*The rates in Table A apply prior to the Contract Value reaching zero. When the Contract Value reaches zero, Table B will always be used and, the Protected Annual Income amount will be immediately recalculated to equal the Protected Income Base multiplied by the applicable rate shown in Table B.

***Lincoln ProtectedPay Select Max***<sup>®</sup> **applications or rider election forms signed between September 17, 2024 and February 16, 2026** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TABLE A** | **TABLE A** | **TABLE A** | **TABLE B** | **TABLE B** | **TABLE B** |
| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Single Life**<br> **Option**<br>| **Joint Life**<br> **Option**<br>| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Single Life**<br> **Option**<br>| **Joint Life**<br> **Option**<br>|
| 59 – 64 | 5.70% | 5.20% | 59 – 64 | 3.00% | 3.00% |
| 65 – 69 | 8.65% | 8.25% | 65 – 69 | 3.50% | 3.25% |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TABLE A** | **TABLE A** | **TABLE A** | **TABLE B** | **TABLE B** | **TABLE B** |
| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Single Life**<br> **Option**<br>| **Joint Life**<br> **Option**<br>| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Single Life**<br> **Option**<br>| **Joint Life**<br> **Option**<br>|
| 70 – 74 | 8.85% | 8.40% | 70 – 74 | 3.50% | 3.25% |
| 75 – 79 | 9.00% | 8.60% | 75 – 79 | 3.50% | 3.25% |
| 80+ | 9.10% | 8.70% | 80+ | 3.50% | 3.25% |

---

\*For additional Rate Sheet information see Living Benefit Riders – Rate Sheets.

\*\*The rates in Table A apply prior to the Contract Value reaching zero. When the Contract Value reaches zero, Table B will always be used and, the Protected Annual Income amount will be immediately recalculated to equal the Protected Income Base multiplied by the applicable rate shown in Table B.

***Lincoln ProtectedPay Select Max***<sup>®</sup> **applications or rider election forms signed between April 22, 2024 and September 16, 2024** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TABLE A** | **TABLE A** | **TABLE A** | **TABLE B** | **TABLE B** | **TABLE B** |
| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Single Life**<br> **Option**<br>| **Joint Life**<br> **Option**<br>| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Single Life**<br> **Option**<br>| **Joint Life**<br> **Option**<br>|
| 59 – 64 | 5.70% | 5.20% | 59 – 64 | 3.00% | 3.00% |
| 65 – 69 | 8.30% | 7.90% | 65 – 69 | 3.50% | 3.25% |
| 70 – 74 | 8.55% | 8.10% | 70 – 74 | 3.50% | 3.25% |
| 75+ | 8.80% | 8.30% | 75+ | 3.50% | 3.25% |

---

\*For additional Rate Sheet information see Living Benefit Riders – Rate Sheets.

\*\*The rates in Table A apply prior to the Contract Value reaching zero. When the Contract Value reaches zero, Table B will always be used and, the Protected Annual Income amount will be immediately recalculated to equal the Protected Income Base multiplied by the applicable rate shown in Table B.

***Lincoln ProtectedPay Select Max***<sup>®</sup> **applications or rider election forms signed between July 17, 2023 and April 21, 2024** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TABLE A** | **TABLE A** | **TABLE A** | **TABLE B** | **TABLE B** | **TABLE B** |
| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Single Life**<br> **Option**<br>| **Joint Life**<br> **Option**<br>| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Single Life**<br> **Option**<br>| **Joint Life**<br> **Option**<br>|
| 59 – 64 | 5.30% | 4.80% | 59 – 64 | 3.00% | 3.00% |
| 65 – 69 | 8.30% | 7.90% | 65 – 69 | 3.50% | 3.25% |
| 70 – 74 | 8.55% | 8.10% | 70 – 74 | 3.50% | 3.25% |
| 75+ | 8.80% | 8.30% | 75+ | 3.50% | 3.25% |

---

\*For additional Rate Sheet information see Living Benefit Riders – Rate Sheets.

\*\*The rates in Table A apply prior to the Contract Value reaching zero. When the Contract Value reaches zero, Table B will always be used and, the Protected Annual Income amount will be immediately recalculated to equal the Protected Income Base multiplied by the applicable rate shown in Table B.

***Lincoln ProtectedPay Select Max***<sup>®</sup> **applications or rider election forms signed between April 3, 2023 and July 16, 2023** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TABLE A** | **TABLE A** | **TABLE A** | **TABLE B** | **TABLE B** | **TABLE B** |
| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Single Life**<br> **Option**<br>| **Joint Life**<br> **Option**<br>| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Single Life**<br> **Option**<br>| **Joint Life**<br> **Option**<br>|
| 59 – 64 | 5.30% | 4.80% | 59 – 64 | 3.00% | 3.00% |
| 65 – 69 | 8.30% | 7.90% | 65 – 69 | 3.00% | 3.00% |
| 70 – 74 | 8.55% | 8.10% | 70 – 74 | 3.00% | 3.00% |
| 75+ | 8.80% | 8.30% | 75+ | 3.00% | 3.00% |

---

\*For additional Rate Sheet information see Living Benefit Riders – Rate Sheets.

\*\*The rates in Table A apply prior to the Contract Value reaching zero. When the Contract Value reaches zero, Table B will always be used and, the Protected Annual Income amount will be immediately recalculated to equal the Protected Income Base multiplied by the applicable rate shown in Table B.

***Lincoln ProtectedPay Select Max***<sup>®</sup> **applications or rider election forms signed between November 28, 2022 and April 2, 2023** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TABLE A** | **TABLE A** | **TABLE A** | **TABLE B** | **TABLE B** | **TABLE B** |
| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Single Life**<br> **Option**<br>| **Joint Life**<br> **Option**<br>| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Single Life**<br> **Option**<br>| **Joint Life**<br> **Option**<br>|
| 59 – 64 | 5.30% | 4.80% | 59 – 64 | 3.00% | 3.00% |
| 65 – 69 | 8.00% | 7.70% | 65 – 69 | 3.00% | 3.00% |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TABLE A** | **TABLE A** | **TABLE A** | **TABLE B** | **TABLE B** | **TABLE B** |
| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Single Life**<br> **Option**<br>| **Joint Life**<br> **Option**<br>| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Single Life**<br> **Option**<br>| **Joint Life**<br> **Option**<br>|
| 70 – 74 | 8.25% | 7.85% | 70 – 74 | 3.00% | 3.00% |
| 75+ | 8.40% | 8.00% | 75+ | 3.00% | 3.00% |

---

\*For additional Rate Sheet information see Living Benefit Riders – Rate Sheets.

\*\*The rates in Table A apply prior to the Contract Value reaching zero. When the Contract Value reaches zero, Table B will always be used and, the Protected Annual Income amount will be immediately recalculated to equal the Protected Income Base multiplied by the applicable rate shown in Table B.

***Lincoln ProtectedPay Secure Max***<sup>®</sup> **applications or rider election forms signed between September 17, 2024 and February 16, 2026** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TABLE A** | **TABLE A** | **TABLE A** | **TABLE B** | **TABLE B** | **TABLE B** |
| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Single Life**<br> **Option**<br>| **Joint Life**<br> **Option**<br>| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Single Life**<br> **Option**<br>| **Joint Life**<br> **Option**<br>|
| 59 – 64 | 5.90% | 5.40% | 59 – 64 | 3.50% | 3.25% |
| 65 – 69 | 8.85% | 8.45% | 65 – 69 | 3.50% | 3.25% |
| 70 – 74 | 9.05% | 8.60% | 70 – 74 | 3.50% | 3.25% |
| 75 – 79 | 9.20% | 8.80% | 75 – 79 | 3.50% | 3.25% |
| 80+ | 9.30% | 8.90% | 80+ | 3.50% | 3.25% |

---

\*For additional Rate Sheet information see Living Benefit Riders – Rate Sheets.

\*\*The rates in Table A apply prior to the Contract Value reaching zero. When the Contract Value reaches zero, Table B will always be used and, the Protected Annual Income amount will be immediately recalculated to equal the Protected Income Base multiplied by the applicable rate shown in Table B.

***Lincoln ProtectedPay Secure Max***<sup>®</sup> **applications or rider election forms signed between April 22, 2024 and September 16, 2024** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TABLE A** | **TABLE A** | **TABLE A** | **TABLE B** | **TABLE B** | **TABLE B** |
| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Single Life**<br> **Option**<br>| **Joint Life**<br> **Option**<br>| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Single Life**<br> **Option**<br>| **Joint Life**<br> **Option**<br>|
| 59 – 64 | 5.65% | 5.25% | 59 – 64 | 3.50% | 3.25% |
| 65 – 69 | 8.50% | 8.10% | 65 – 69 | 3.50% | 3.25% |
| 70 – 74 | 8.75% | 8.30% | 70 – 74 | 3.50% | 3.25% |
| 75+ | 9.00% | 8.50% | 75+ | 3.50% | 3.25% |

---

\*For additional Rate Sheet information see Living Benefit Riders – Rate Sheets.

\*\*The rates in Table A apply prior to the Contract Value reaching zero. When the Contract Value reaches zero, Table B will always be used and, the Protected Annual Income amount will be immediately recalculated to equal the Protected Income Base multiplied by the applicable rate shown in Table B.

***Lincoln ProtectedPay Secure Max***<sup>®</sup> **applications or rider election forms signed between July 17, 2023 and April 21, 2024** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TABLE A** | **TABLE A** | **TABLE A** | **TABLE B** | **TABLE B** | **TABLE B** |
| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Single Life**<br> **Option**<br>| **Joint Life**<br> **Option**<br>| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Single Life**<br> **Option**<br>| **Joint Life**<br> **Option**<br>|
| 59 – 64 | 5.65% | 5.15% | 59 – 64 | 3.00% | 3.00% |
| 65 – 69 | 8.50% | 8.10% | 65 – 69 | 3.50% | 3.25% |
| 70 – 74 | 8.75% | 8.30% | 70 – 74 | 3.50% | 3.25% |
| 75+ | 9.00% | 8.50% | 75+ | 3.50% | 3.25% |

---

\*For additional Rate Sheet information see Living Benefit Riders – Rate Sheets.

\*\*The rates in Table A apply prior to the Contract Value reaching zero. When the Contract Value reaches zero, Table B will always be used and, the Protected Annual Income amount will be immediately recalculated to equal the Protected Income Base multiplied by the applicable rate shown in Table B.

***Lincoln ProtectedPay Secure Max***<sup>®</sup> **applications or rider election forms signed between April 3, 2023 and July 16, 2023** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TABLE A** | **TABLE A** | **TABLE A** | **TABLE B** | **TABLE B** | **TABLE B** |
| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Single Life**<br> **Option**<br>| **Joint Life**<br> **Option**<br>| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Single Life**<br> **Option**<br>| **Joint Life**<br> **Option**<br>|
| 59 – 64 | 5.65% | 5.15% | 59 – 64 | 3.00% | 3.00% |
| 65 – 69 | 8.50% | 8.10% | 65 – 69 | 3.00% | 3.00% |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TABLE A** | **TABLE A** | **TABLE A** | **TABLE B** | **TABLE B** | **TABLE B** |
| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Single Life**<br> **Option**<br>| **Joint Life**<br> **Option**<br>| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Single Life**<br> **Option**<br>| **Joint Life**<br> **Option**<br>|
| 70 – 74 | 8.75% | 8.30% | 70 – 74 | 3.00% | 3.00% |
| 75+ | 9.00% | 8.50% | 75+ | 3.00% | 3.00% |

---

\*For additional Rate Sheet information see Living Benefit Riders – Rate Sheets.

\*\*The rates in Table A apply prior to the Contract Value reaching zero. When the Contract Value reaches zero, Table B will always be used and, the Protected Annual Income amount will be immediately recalculated to equal the Protected Income Base multiplied by the applicable rate shown in Table B.

***Lincoln ProtectedPay Secure Max***<sup>®</sup> **applications or rider election forms signed between November 28, 2022 and April 2, 2023** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TABLE A** | **TABLE A** | **TABLE A** | **TABLE B** | **TABLE B** | **TABLE B** |
| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Single Life**<br> **Option**<br>| **Joint Life**<br> **Option**<br>| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Single Life**<br> **Option**<br>| **Joint Life**<br> **Option**<br>|
| 59 – 64 | 5.65% | 5.15% | 59 – 64 | 3.00% | 3.00% |
| 65 – 69 | 8.25% | 8.00% | 65 – 69 | 3.00% | 3.00% |
| 70 – 74 | 8.50% | 8.15% | 70 – 74 | 3.00% | 3.00% |
| 75+ | 8.65% | 8.30% | 75+ | 3.00% | 3.00% |

---

\*For additional Rate Sheet information see Living Benefit Riders – Rate Sheets.

\*\*The rates in Table A apply prior to the Contract Value reaching zero. When the Contract Value reaches zero, Table B will always be used and, the Protected Annual Income amount will be immediately recalculated to equal the Protected Income Base multiplied by the applicable rate shown in Table B.

***Lincoln Lifetime Income***<sup>SM</sup> **Advantage 2.0 (Managed Risk)Protected Annual Income Rates by Ages:**

***Lincoln Lifetime Income***<sup>SM</sup> **Advantage 2.0 (Managed Risk) applications or rider election forms signed between July 18, 2022 and December 17, 2023** 

---

| | | | |
|:---|:---|:---|:---|
| **Single Life Option** | **Single Life Option** | **Joint Life Option** | **Joint Life Option** |
| **Age** | **Protected Annual Income**<br> **rate**<br>| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Protected Annual Income**<br> **rate**<br>|
| 55 – 58 | 2.50% | 55 – 58 | 2.25% |
| 59 – 64 | 4.35% | 59 – 64 | 3.85% |
| 65 – 69 | 5.50% | 65 – 69 | 4.75% |
| 70 – 74 | 5.50% | 70 – 74 | 4.85% |
| 75+ | 5.65% | 75+ | 5.15% |

---

\*For additional Rate Sheet information see Living Benefit Riders – Rate Sheets.

***Lincoln Lifetime Income***<sup>SM</sup> **Advantage 2.0 (Managed Risk) applications or rider election forms signed between May 23, 2022 and July 17, 2022** 

---

| | | | |
|:---|:---|:---|:---|
| **Single Life Option** | **Single Life Option** | **Joint Life Option** | **Joint Life Option** |
| **Age** | **Protected Annual Income**<br> **rate**<br>| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Protected Annual Income**<br> **rate**<br>|
| 55 – 58 | 2.50% | 55 – 58 | 2.25% |
| 59 – 64 | 4.35% | 59 – 64 | 3.85% |
| 65 – 69 | 5.40% | 65 – 69 | 4.65% |
| 70 – 74 | 5.50% | 70 – 74 | 4.75% |
| 75+ | 5.65% | 75+ | 5.15% |

---

\*For additional Rate Sheet information see Living Benefit Riders – Rate Sheets.

------

***Lincoln Lifetime Income***<sup>SM</sup> **Advantage 2.0 (Managed Risk) applications or rider election forms signed between November 15, 2021 and May 22, 2022** 

---

| | | | |
|:---|:---|:---|:---|
| **Single Life Option** | **Single Life Option** | **Joint Life Option** | **Joint Life Option** |
| **Age** | **Protected Annual Income**<br> **rate**<br>| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Protected Annual Income**<br> **rate**<br>|
| 55 – 58 | 2.50% | 55 – 58 | 2.25% |
| 59 – 64 | 3.50% | 59 – 64 | 3.00% |
| 65+ | 5.15% | 65+ | 4.65% |

---

\*For additional Rate Sheet information see Living Benefit Riders – Rate Sheets.

***Lincoln Lifetime Income***<sup>SM</sup> **Advantage 2.0 (Managed Risk) applications or rider election forms signed between December 14, 2020 and November 14, 2021** 

---

| | | | |
|:---|:---|:---|:---|
| **Single Life Option** | **Single Life Option** | **Joint Life Option** | **Joint Life Option** |
| **Age** | **Protected Annual Income**<br> **rate**<br>| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Protected Annual Income**<br> **rate**<br>|
| 55 – 58 | 2.50% | 55 – 58 | 2.25% |
| 59 – 64 | 3.50% | 59 – 64  | 3.00% |
| 65+ | 5.00% | 65+ | 4.50% |

---

\*For additional Rate Sheet information see Living Benefit Riders – Rate Sheets.

***Lincoln Lifetime Income***<sup>SM</sup> **Advantage 2.0 (Managed Risk) applications or rider election forms signed between September 14, 2020 and December 13, 2020** 

---

| | | | |
|:---|:---|:---|:---|
| **Single Life Option** | **Single Life Option** | **Joint Life Option** | **Joint Life Option** |
| **Age** | **Protected Annual Income**<br> **rate**<br>| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Protected Annual Income**<br> **rate**<br>|
| 55 – 58 | 2.50% | 55 – 58 | 2.25% |
| 59 – 64 | 3.50% | 59 – 64  | 3.00% |
| 65+ | 4.75% | 65+ | 4.25% |

---

\*For additional Rate Sheet information see Living Benefit Riders – Rate Sheets.

***Lincoln Lifetime Income***<sup>SM</sup> **Advantage 2.0 (Managed Risk) applications or rider election forms signed between May 18, 2020 and September 13, 2020** 

---

| | | | |
|:---|:---|:---|:---|
| **Single Life Option** | **Single Life Option** | **Joint Life Option** | **Joint Life Option** |
| **Age** | **Protected Annual Income**<br> **rate**<br>| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Protected Annual Income**<br> **rate**<br>|
| 55 – 58 | 2.75% | 55 – 58 | 2.50% |
| 59 – 64 | 3.75% | 59 – 64  | 3.25% |
| 65 – 69 | 5.00% | 65 – 69 | 4.50% |
| 70 – 74 | 5.00% | 70 – 74 | 4.50% |
| 75+ | 5.00% | 75+ | 4.50% |

---

\*For additional Rate Sheet information see Living Benefit Riders – Rate Sheets.

***Lincoln Lifetime Income***<sup>SM</sup> **Advantage 2.0 (Managed Risk) applications or rider election forms signed between March 16, 2020 and May 17, 2020** 

---

| | | | |
|:---|:---|:---|:---|
| **Single Life Option** | **Single Life Option** | **Joint Life Option** | **Joint Life Option** |
| **Age** | **Protected Annual Income**<br> **rate**<br>| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Protected Annual Income**<br> **rate**<br>|
| 55 – 58 | 3.20% | 55 – 58 | 2.90% |
| 59 – 64 | 4.10% | 59 – 64  | 4.00% |
| 65 – 69 | 5.35% | 65 – 69 | 5.00% |
| 70 – 74 | 5.45% | 70 – 74 | 5.10% |
| 75+ | 5.60% | 75+ | 5.20% |

---

\*For additional Rate Sheet information see Living Benefit Riders – Rate Sheets.

------

***Lincoln Lifetime Income***<sup>SM</sup> **Advantage 2.0 (Managed Risk) applications or rider election forms signed between November 18, 2019 and March 15, 2020** 

---

| | | | |
|:---|:---|:---|:---|
| **Single Life Option** | **Single Life Option** | **Joint Life Option** | **Joint Life Option** |
| **Age** | **Protected Annual Income**<br> **rate**<br>| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Protected Annual Income**<br> **rate**<br>|
| 55 – 58 | 3.50% | 55 – 58 | 3.20% |
| 59 – 64 | 4.40% | 59 – 64  | 4.10% |
| 65 – 69 | 5.50% | 65 – 69 | 5.20% |
| 70 – 74 | 5.60% | 70 – 74 | 5.30% |
| 75+ | 5.70% | 75+ | 5.40% |

---

\*For additional Rate Sheet information see Living Benefit Riders – Rate Sheets.

***Lincoln Lifetime Income***<sup>SM</sup> **Advantage 2.0 (Managed Risk) applications or rider election forms signed between July 15, 2019 and November 17, 2019** 

---

| | | | |
|:---|:---|:---|:---|
| **Single Life Option** | **Single Life Option** | **Joint Life Option** | **Joint Life Option** |
| **Age** | **Protected Annual Income**<br> **rate**<br>| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Protected Annual Income**<br> **rate**<br>|
| 55 – 58 | 3.75% | 55 – 58 | 3.75% |
| 59 – 64 | 4.50% | 59 – 64  | 4.25% |
| 65 – 69 | 5.60% | 65 – 69 | 5.50% |
| 70 – 74 | 5.75% | 70 – 74 | 5.60% |
| 75+ | 6.00% | 75+ | 5.75% |

---

\*For additional Rate Sheet information see Living Benefit Riders – Rate Sheets.

***Lincoln Lifetime Income***<sup>SM</sup> **Advantage 2.0 (Managed Risk) applications or rider election forms signed between April 1, 2019 and July 14, 2019** 

---

| | | | |
|:---|:---|:---|:---|
| **Single Life Option** | **Single Life Option** | **Joint Life Option** | **Joint Life Option** |
| **Age** | **Protected Annual Income**<br> **rate**<br>| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Protected Annual Income**<br> **rate**<br>|
| 55 – 58 | 3.75% | 55 – 58 | 3.75% |
| 59 – 64 | 4.50% | 59 – 64  | 4.25% |
| 65 – 69 | 5.75% | 65 – 69 | 5.50% |
| 70 – 74 | 5.80% | 70 – 74 | 5.60% |
| 75+ | 6.00% | 75+ | 5.75% |

---

\*For additional Rate Sheet information see Living Benefit Riders – Rate Sheets.

***Lincoln Lifetime Income***<sup>SM</sup> **Advantage 2.0 (Managed Risk) applications or rider election forms signed between October 1, 2018 and March 31, 2019** 

---

| | | | |
|:---|:---|:---|:---|
| **Single Life Option** | **Single Life Option** | **Joint Life Option** | **Joint Life Option** |
| **Age** | **Protected Annual Income**<br> **rate**<br>| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Protected Annual Income**<br> **rate**<br>|
| 55 – 58 | 3.75% | 55 – 58 | 3.75% |
| 59 – 64 | 4.50% | 59 – 64  | 4.25% |
| 65 – 69 | 5.60% | 65 – 69 | 5.50% |
| 70 – 74 | 5.75% | 70 – 74 | 5.60% |
| 75+ | 6.00% | 75+ | 5.75% |

---

\*For additional Rate Sheet information see Living Benefit Riders – Rate Sheets.

------

***Lincoln Lifetime Income***<sup>SM</sup> **Advantage 2.0 (Managed Risk) applications or rider election forms signed between May 21, 2018 and September 30, 2018** 

---

| | | | |
|:---|:---|:---|:---|
| **Single Life Option** | **Single Life Option** | **Joint Life Option** | **Joint Life Option** |
| **Age** | **Protected Annual Income**<br> **rate**<br>| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Protected Annual Income**<br> **rate**<br>|
| 55 – 58 | 3.75% | 55 – 58 | 3.75% |
| 59 – 64 | 4.50% | 59 – 64  | 4.25% |
| 65 – 74 | 5.60% | 65 – 74 | 5.35% |
| 75+ | 6.00% | 75+ | 5.75% |

---

\*For additional Rate Sheet information see Living Benefit Riders – Rate Sheets.

***Lincoln Lifetime Income***<sup>SM</sup> **Advantage 2.0 (Managed Risk) applications or rider election forms signed between September 25, 2017 and May 20, 2018** 

---

| | | | |
|:---|:---|:---|:---|
| **Single Life Option** | **Single Life Option** | **Joint Life Option** | **Joint Life Option** |
| **Age** | **Protected Annual Income**<br> **rate**<br>| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Protected Annual Income**<br> **rate**<br>|
| 55 – 58 | 3.50% | 55 – 58 | 3.50% |
| 59 – 64 | 4.50% | 59 – 64  | 4.25% |
| 65 – 74 | 5.50% | 65 – 74 | 5.25% |
| 75+ | 5.85% | 75+ | 5.60% |

---

***Lincoln Lifetime Income***<sup>SM</sup> **Advantage 2.0 (Managed Risk) rider elections on or after January 23, 2017 but prior to September 25, 2017** 

---

| | | | |
|:---|:---|:---|:---|
| **Single Life Option** | **Single Life Option** | **Joint Life Option** | **Joint Life Option** |
| **Age** | **Protected Annual Income**<br> **rate**<br>| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Protected Annual Income**<br> **rate**<br>|
| 55 – 58 | 3.50% | 55 – 58 | 3.50% |
| 59 – 64 | 4.25% | 59 – 64  | 4.00% |
| 65+ | 5.25% | 65+ | 5.00% |

---

***Lincoln Lifetime Income***<sup>SM</sup> **Advantage 2.0 (Managed Risk) for rider elections on or after May 20, 2013 but prior to January 23, 2017** 

---

| | | | |
|:---|:---|:---|:---|
| **Single Life Option** | **Single Life Option** | **Joint Life Option** | **Joint Life Option** |
| **Age** | **Protected Annual**<br> **Income rate**<br>| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Protected Annual**<br> **Income rate**<br>|
| 55 – 58 | 3.50% | 55 – 58 | 3.50% |
| 59 – 64 | 4.00% | 59 – 64 | 4.00% |
| 65+ | 5.00% | 65 – 74 | 4.50% |
|  |  | 75+ | 5.00% |

---

***Lincoln Lifetime Income***<sup>SM</sup> **Advantage 2.0 (Managed Risk) for rider elections on or after December 3, 2012 but prior to May 20, 2013** 

---

| | |
|:---|:---|
| **Single & Joint Life Option\*** | **Single & Joint Life Option** |
| **Age** | **Protected Annual**<br> **Income rate**<br>|
| 55 – 58 | 3.50% |
| 59 – 64 | 4.00% |
| 65+ | 5.00% |

---

\*If joint life option is in effect, the younger of you and your spouse's age applies.

------

***Lincoln Lifetime Income***<sup>SM</sup> **Advantage 2.0 (Managed Risk) for rider elections prior to December 3, 2012** 

---

| | | | |
|:---|:---|:---|:---|
| **Single Life Option** | **Single Life Option** | **Joint Life Option** | **Joint Life Option** |
| **Age** | **Protected Annual Income**<br> **rate**<br>| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Protected Annual Income**<br> **rate**<br>|
| 55 – 58 | 4.00% | 55 – 64 | 4.00% |
| 59+ | 5.00% | 65+ | 5.00% |

---

***Lincoln Lifetime Income***<sup>SM</sup> **Advantage 2.0Protected Annual Income Rates by Ages:**

***Lincoln Lifetime Income***<sup>SM</sup> **Advantage 2.0 rider elections on or after May 20, 2013** 

---

| | | | |
|:---|:---|:---|:---|
| **Single Life Option** | **Single Life Option** | **Joint Life Option** | **Joint Life Option** |
| **Age** | **Protected Annual Income**<br> **rate**<br>| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Protected Annual Income**<br> **rate**<br>|
| 55 – 58 | 3.00% | 55 – 58 | 3.00% |
| 59 – 64 | 3.50% | 59 – 64  | 3.50% |
| 65 – 69 | 4.50% | 65 – 69 | 4.00% |
| 70+ | 5.00% | 70+ | 4.50% |

---

***Lincoln Lifetime Income***<sup>SM</sup> **Advantage 2.0 for rider elections on or after December 3, 2012 but prior to May 20, 2013** 

---

| | |
|:---|:---|
| **Single & Joint Life Option\*** | **Single & Joint Life Option** |
| **Age** | **Protected Annual**<br> **Income rate**<br>|
| 55 – 58 | 3.00% |
| 59 – 64 | 3.50% |
| 65 – 69 | 4.50% |
| 70+ | 5.00% |

---

\*If joint life option is in effect, the younger of you and your spouse's age applies.

***Lincoln Lifetime Income***<sup>SM</sup> **Advantage 2.0 for rider elections prior to December 3, 2012** 

---

| | | | |
|:---|:---|:---|:---|
| **Single Life Option** | **Single Life Option** | **Joint Life Option** | **Joint Life Option** |
| **Age** | **Protected Annual Income**<br> **rate**<br>| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Protected Annual Income**<br> **rate**<br>|
| 55 – 58 | 3.50% | 55 – 64 | 3.50% |
| 59 – 64 | 4.00% | 65 – 69 | 4.50% |
| 65 – 69 | 4.50% | 70+ | 5.00% |
| 70+ | 5.00% |  |  |

---

***Lincoln Market Select***<sup>®</sup> **Advantage Protected Annual Income Rates by Ages:**

**Lincoln *Market Select***<sup>®</sup> **Advantage applications or rider election forms signed between July 18, 2022 and December 17, 2023** 

---

| | | | |
|:---|:---|:---|:---|
| **Single Life Option** | **Single Life Option** | **Joint Life Option** | **Joint Life Option** |
| **Age** | **Protected Annual**<br> **Income rate\***<br>| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Protected Annual**<br> **Income rate\***<br>|
| 55 – 58 | 2.25% | 55 – 58 | 2.00% |
| 59 – 64 | 3.75% | 59 – 64 | 3.25% |
| 65 – 69 | 5.00% | 65 – 69 | 4.35% |
| 70 – 74 | 5.10% | 70 – 74 | 4.45% |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Single Life Option** | **Single Life Option** | **Joint Life Option** | **Joint Life Option** |
| **Age** | **Protected Annual**<br> **Income rate\***<br>| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Protected Annual**<br> **Income rate\***<br>|
| 75+ | 5.25% | 75+ | 4.75% |

---

\*For additional Rate Sheet information see Living Benefit Riders – Rate Sheets.

**Lincoln *Market Select***<sup>®</sup> **Advantage applications or rider election forms signed between May 23, 2022 and July 17, 2022** 

---

| | | | |
|:---|:---|:---|:---|
| **Single Life Option** | **Single Life Option** | **Joint Life Option** | **Joint Life Option** |
| **Age** | **Protected Annual**<br> **Income rate\***<br>| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Protected Annual**<br> **Income rate\***<br>|
| 55 – 58 | 2.25% | 55 – 58 | 2.00% |
| 59 – 64 | 3.75% | 59 – 64 | 3.25% |
| 65 – 69 | 5.00% | 65 – 69 | 4.25% |
| 70 – 74 | 5.10% | 70 – 74 | 4.35% |
| 75+ | 5.25% | 75+ | 4.75% |

---

\*For additional Rate Sheet information see Living Benefit Riders – Rate Sheets.

**Lincoln *Market Select***<sup>®</sup> **Advantage applications or rider election forms signed between November 15, 2021 and May 22, 2022** 

---

| | | | |
|:---|:---|:---|:---|
| **Single Life Option** | **Single Life Option** | **Joint Life Option** | **Joint Life Option** |
| **Age** | **Protected Annual**<br> **Income rate\***<br>| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Protected Annual**<br> **Income rate\***<br>|
| 55 – 58 | 2.25% | 55 – 58 | 2.00% |
| 59 – 64 | 3.25% | 59 – 64 | 3.00% |
| 65 – 74 | 4.75% | 65 – 74 | 4.15% |
| 75+ | 5.00% | 75+ | 4.50% |

---

\*For additional Rate Sheet information see Living Benefit Riders – Rate Sheets.

**Lincoln *Market Select***<sup>®</sup> **Advantage applications or rider election forms signed between December 14, 2020 and November 14, 2021** 

---

| | | | |
|:---|:---|:---|:---|
| **Single Life Option** | **Single Life Option** | **Joint Life Option** | **Joint Life Option** |
| **Age** | **Protected Annual**<br> **Income rate\***<br>| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Protected Annual**<br> **Income rate\***<br>|
| 55 – 58 | 2.25% | 55 – 58 | 2.00% |
| 59 – 64 | 3.25% | 59 – 64 | 3.00% |
| 65+ | 4.75% | 65+ | 4.15% |

---

\*For additional Rate Sheet information see Living Benefit Riders – Rate Sheets.

**Lincoln *Market Select***<sup>®</sup> **Advantage applications or rider election forms signed between September 14, 2020 and December 13, 2020** 

---

| | | | |
|:---|:---|:---|:---|
| **Single Life Option** | **Single Life Option** | **Joint Life Option** | **Joint Life Option** |
| **Age** | **Protected Annual**<br> **Income rate\***<br>| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Protected Annual**<br> **Income rate\***<br>|
| 55 – 58 | 2.25% | 55 – 58 | 2.00% |
| 59 – 64 | 3.25% | 59 – 64 | 3.00% |
| 65+ | 4.50% | 65+ | 4.00% |

---

\*For additional Rate Sheet information see Living Benefit Riders – Rate Sheets.

**Lincoln *Market Select***<sup>®</sup> **Advantage applications or rider election forms signed between May 18, 2020 and September 13, 2020** 

---

| | | | |
|:---|:---|:---|:---|
| **Single Life Option** | **Single Life Option** | **Joint Life Option** | **Joint Life Option** |
| **Age** | **Protected Annual**<br> **Income rate\***<br>| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Protected Annual**<br> **Income rate\***<br>|
| 55 – 58 | 2.50% | 55 – 58 | 2.25% |
| 59 – 64 | 3.50% | 59 – 64 | 3.00% |
| 65 – 69 | 4.75% | 65 – 69 | 4.25% |
| 70 – 74 | 4.75% | 70 – 74 | 4.25% |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Single Life Option** | **Single Life Option** | **Joint Life Option** | **Joint Life Option** |
| **Age** | **Protected Annual**<br> **Income rate\***<br>| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Protected Annual**<br> **Income rate\***<br>|
| 75+ | 4.75% | 75+ | 4.25% |

---

\*For additional Rate Sheet information see Living Benefit Riders – Rate Sheets.

**Lincoln *Market Select***<sup>®</sup> **Advantage applications or rider election forms signed between March 16, 2020 and May 17, 2020** 

---

| | | | |
|:---|:---|:---|:---|
| **Single Life Option** | **Single Life Option** | **Joint Life Option** | **Joint Life Option** |
| **Age** | **Protected Annual**<br> **Income rate\***<br>| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Protected Annual**<br> **Income rate\***<br>|
| 55 – 58 | 3.10% | 55 – 58 | 2.85% |
| 59 – 64 | 4.00% | 59 – 64 | 3.65% |
| 65 – 69 | 5.10% | 65 – 69 | 4.65% |
| 70 – 74 | 5.15% | 70 – 74 | 4.75% |
| 75+ | 5.55% | 75+ | 5.00% |

---

\*For additional Rate Sheet information see Living Benefit Riders – Rate Sheets.

**Lincoln *Market Select***<sup>®</sup> **Advantage applications or rider election forms signed between November 18, 2019 and March 15, 2020** 

---

| | | | |
|:---|:---|:---|:---|
| **Single Life Option** | **Single Life Option** | **Joint Life Option** | **Joint Life Option** |
| **Age** | **Protected Annual**<br> **Income rate\***<br>| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Protected Annual**<br> **Income rate\***<br>|
| 55 – 58 | 3.25% | 55 – 58 | 3.00% |
| 59 – 64 | 4.15% | 59 – 64 | 3.85% |
| 65 – 69 | 5.15% | 65 – 69 | 4.85% |
| 70 – 74 | 5.35% | 70 – 74 | 5.00% |
| 75+ | 5.55% | 75+ | 5.25% |

---

For additional Rate Sheet information see Living Benefit Riders – Rate Sheets.

**Lincoln *Market Select***<sup>®</sup> **Advantage applications or rider election forms signed between October 1, 2018 and November 17, 2019** 

---

| | | | |
|:---|:---|:---|:---|
| **Single Life Option** | **Single Life Option** | **Joint Life Option** | **Joint Life Option** |
| **Age** | **Protected Annual**<br> **Income rate\***<br>| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Protected Annual**<br> **Income rate\***<br>|
| 55 – 58 | 3.50% | 55 – 58 | 3.50% |
| 59 – 64 | 4.25% | 59 – 64 | 4.00% |
| 65 – 69 | 5.25% | 65 – 69 | 5.15% |
| 70 – 74 | 5.50% | 70 – 74 | 5.25% |
| 75+ | 5.75% | 75+ | 5.50% |

---

\* For additional Rate Sheet information see Living Benefit Riders – Rate Sheets.

**Lincoln *Market Select***<sup>®</sup> **Advantage applications or rider election forms signed between May 21, 2018 and September 30, 2018** 

---

| | | | |
|:---|:---|:---|:---|
| **Single Life Option** | **Single Life Option** | **Joint Life Option** | **Joint Life Option** |
| **Age** | **Protected Annual**<br> **Income rate\***<br>| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Protected Annual**<br> **Income rate\***<br>|
| 55 – 58 | 3.50% | 55 – 58 | 3.50% |
| 59 – 64 | 4.25% | 59 – 64 | 4.00% |
| 65 – 74 | 5.25% | 65 – 74 | 5.00% |
| 75+ | 5.75% | 75+ | 5.50% |

---

\* For additional Rate Sheet information see Living Benefit Riders – Rate Sheets.

------

**Lincoln *Market Select***<sup>®</sup> **Advantage applications or rider election forms signed between January 19, 2018 and May 20, 2018** 

---

| | | | |
|:---|:---|:---|:---|
| **Single Life Option** | **Single Life Option** | **Joint Life Option** | **Joint Life Option** |
| **Age** | **Protected Annual**<br> **Income rate\***<br>| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Protected Annual**<br> **Income rate\***<br>|
| 55 – 58 | 3.50% | 55 – 58 | 3.50% |
| 59 – 64 | 4.00% | 59 – 64 | 4.00% |
| 65 – 74 | 5.00% | 65 – 74 | 4.50% |
| 75+ | 5.50% | 75+ | 5.00% |

---

\* For additional Rate Sheet information see Living Benefit Riders – Rate Sheets.

**Lincoln *Market Select***<sup>®</sup> **Advantage applications or rider election forms signed between August 29, 2016 (October 3, 2016 for existing Contractowners) and January 18, 2018** 

---

| | | | |
|:---|:---|:---|:---|
| **Single Life Option** | **Single Life Option** | **Joint Life Option** | **Joint Life Option** |
| **Age** | **Protected Annual**<br> **Income rate\***<br>| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Protected Annual**<br> **Income rate\***<br>|
| 55 – 58 | 3.50% | 55 – 58 | 3.50% |
| 59 – 64 | 4.00% | 59 – 64 | 4.00% |
| 65+ | 5.00% | 65 – 74 | 4.50% |
|  |  | 75+ | 5.00% |

---

\*For additional Rate Sheet information see Living Benefit Riders – Rate Sheets.

**Lincoln *Market Select***<sup>®</sup> **Advantage applications or rider election forms signed prior to August 29, 2016 (October 3, 2016 for existing Contractowners):**

If you take a withdrawal prior to the fifth Benefit Year anniversary (either a Protected Annual Income withdrawal or an Excess Withdrawal), Table A will always be used to determine the Protected Annual Income amount. As long as no withdrawals occur prior to the fifth Benefit Year anniversary, Table B will always be used.

Upon the first Protected Annual Income withdrawal, the Protected Annual Income rate will be based on your age (or the younger of you and your spouse under the joint life option) as of the date of that withdrawal, and thereafter may not change unless an Account Value Step-up occurs.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **TABLE A** | **TABLE A** | **TABLE B** | **TABLE B** |
| **Age** | **Single Life**<br> **Option**<br>| **Joint Life**<br> **Option\***<br>| **Single Life**<br> **Option**<br>| **Joint Life**<br> **Option\***<br>|
| 55 – 58 | 2.50% | 2.50% | 3.50% | 3.50% |
| 59 – 64 | 3.00% | 3.00% | 4.00% | 4.00% |
| 65 – 74 | 4.00% | 3.50% | 5.00% | 4.50% |
| 75 + | 4.00% | 4.00% | 5.00% | 5.00% |

---

\*For the joint life option, age is based on the younger of you and your spouse.

For example, assume you purchase Lincoln *Market Select*<sup>®</sup> Advantage (single life option) at age 60, and you take your first withdrawal at age 63. Since the withdrawal occurred prior to the fifth Benefit Year anniversary, Table A will be used to determine the Protected Annual Income rate for this and all subsequent withdrawals, and the rate for your Protected Annual Income will be 3.0%. If you took your second withdrawal and had an Account Value Step-up at age 70, Table A still applies, and your Protected Annual Income rate is increased to 4.0%. If you wait to take your first withdrawal on or after the fifth Benefit Year anniversary, Table B will be used to determine the Protected Annual Income rate for all Protected Annual Income withdrawals.

------

**Lincoln *Max 6 Select***<sup>SM</sup> **Advantage Protected Annual Income Rates by Ages:**

The rates in Table A apply prior to the Contract Value reaching zero. When the Contract Value reaches zero, Table B will always be used and, the Protected Annual Income amount will be immediately recalculated to equal the Protected Income Base multiplied by the applicable rate shown in Table B. The rate in Table B will be based on the later of (a) your age at the time the first Protected Annual Income withdrawal occurred, or (b) your age as of the Valuation Date of the most recent Account Value Step-up. If no withdrawals have been taken prior to the Contract Value reaching zero, then your current age (single life option) or the younger of you and your spouse (joint life option) will be used to determine the Protected Annual Income rate in Table B. For additional Rate Sheet information see Living Benefit Riders – Rate Sheets.

**Lincoln *Max 6 Select***<sup>SM</sup> **Advantage applications or rider election forms signed between July 18, 2022 and December 17, 2023** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TABLE A** | **TABLE A** | **TABLE A** | **TABLE B** | **TABLE B** | **TABLE B** |
| **Age** | **Single Life**<br> **Option**<br>| **Joint Life**<br> **Option\***<br>| **Age** | **Single Life**<br> **Option**<br>| **Joint Life**<br> **Option\***<br>|
| 59 – 64 | 5.00% | 4.50% | 59 – 64 | 3.00% | 2.75% |
| 65 – 69 | 7.50% | 7.00% | 65 – 69 | 3.00% | 2.75% |
| 70 – 74 | 8.00% | 7.50% | 70 – 74 | 3.00% | 2.75% |
| 75 – 79 | 8.00% | 7.50% | 75 – 79 | 3.00% | 2.75% |
| 80 + | 8.00% | 7.50% | 80 + | 3.00% | 2.75% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* If joint life option is in effect, the younger of you and your spouse's age applies.

**Lincoln *Max 6 Select***<sup>SM</sup> **Advantage applications or rider election forms signed between May 23, 2022 and July 17, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TABLE A** | **TABLE A** | **TABLE A** | **TABLE B** | **TABLE B** | **TABLE B** |
| **Age** | **Single Life**<br> **Option**<br>| **Joint Life**<br> **Option\***<br>| **Age** | **Single Life**<br> **Option**<br>| **Joint Life**<br> **Option\***<br>|
| 59 – 64 | 4.50% | 3.60% | 59 – 64 | 3.00% | 2.75% |
| 65 – 69 | 7.25% | 6.00% | 65 – 69 | 3.00% | 2.75% |
| 70 – 74 | 7.25% | 6.25% | 70 – 74 | 3.00% | 2.75% |
| 75 – 79 | 7.75% | 6.50% | 75 – 79 | 3.00% | 2.75% |
| 80 + | 7.75% | 6.50% | 80 + | 3.00% | 2.75% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* If joint life option is in effect, the younger of you and your spouse's age applies.

**Lincoln *Max 6 Select***<sup>SM</sup> **Advantage applications or rider election forms signed between November 15, 2021 and May 22, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TABLE A** | **TABLE A** | **TABLE A** | **TABLE B** | **TABLE B** | **TABLE B** |
| **Age** | **Single Life**<br> **Option**<br>| **Joint Life**<br> **Option\***<br>| **Age** | **Single Life**<br> **Option**<br>| **Joint Life**<br> **Option\***<br>|
| 55 – 58 | N/A | N/A | 55 – 58 | N/A | N/A |
| 59 – 64 | 4.25% | 3.10% | 59 – 64 | 3.00% | 2.75% |
| 65 – 69 | 7.00% | 5.50% | 65 – 69 | 3.00% | 2.75% |
| 70 – 74 | 7.00% | 5.75% | 70 – 74 | 3.00% | 2.75% |
| 75 + | 7.50% | 6.00% | 75 + | 3.00% | 2.75% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* If joint life option is in effect, the younger of you and your spouse's age applies.

------

**Lincoln *Max 6 Select***<sup>SM</sup> **Advantage applications or rider election forms signed between June 21, 2021 and November 14, 2021** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TABLE A** | **TABLE A** | **TABLE A** | **TABLE B** | **TABLE B** | **TABLE B** |
| **Age** | **Single Life**<br> **Option**<br>| **Joint Life**<br> **Option\***<br>| **Age** | **Single Life**<br> **Option**<br>| **Joint Life**<br> **Option\***<br>|
| 55 – 58 | N/A | N/A | 55 - 58 | N/A | N/A |
| 59 – 64 | 4.25% | 3.10% | 59 – 64 | 3.00% | 2.75% |
| 65 – 69 | 6.75% | 5.50% | 65 – 69 | 3.00% | 2.75% |
| 70 – 74 | 7.00% | 5.75% | 70 – 74 | 3.00% | 2.75% |
| 75 + | 7.00% | 6.00% | 75 + | 3.00% | 2.75% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* If joint life option is in effect, the younger of you and your spouse's age applies.

**Lincoln *Max 6 Select***<sup>SM</sup> **Advantage applications or rider election forms signed between December 14, 2020 and June 20, 2021** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **TABLE A** | **TABLE A** | **TABLE A** | **TABLE B** | **TABLE B** |
| **Age** | **Single Life**<br> **Option**<br>| **Joint Life**<br> **Option\***<br>| **Age** | **Single Life & Joint Life**<br> **Option\***<br>|
| 55 – 58 | N/A | N/A | 55 – 58 | N/A |
| 59 – 64 | 5.25% | 3.00% | 59+ | 3.00% |
| 65 – 69 | 6.50% | 5.50% |  |  |
| 70 – 74 | 6.75% | 5.75% |  |  |
| 75 + | 7.00% | 6.00% |  |  |

---

\* If joint life option is in effect, the younger of you and your spouse's age applies.

**Lincoln *Max 6 Select***<sup>SM</sup> **Advantage applications or rider election forms signed between May 18, 2020 and December 13, 2020** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **TABLE A** | **TABLE A** | **TABLE A** | **TABLE B** | **TABLE B** |
| **Age** | **Single Life**<br> **Option**<br>| **Joint Life**<br> **Option\***<br>| **Age** | **Single Life & Joint Life**<br> **Option\***<br>|
| 55 – 58 | N/A | N/A | 55 – 58 | N/A |
| 59 – 64 | 5.25% | 3.00% | 59+ | 3.00% |
| 65 – 69 | 6.25% | 5.75% |  |  |
| 70 – 74 | 6.50% | 6.00% |  |  |
| 75 + | 6.75% | 6.25% |  |  |

---

\* If joint life option is in effect, the younger of you and your spouse's age applies.

**Lincoln *Max 6 Select***<sup>SM</sup> **Advantage applications or rider election forms signed between October 1, 2018 and May 17, 2020** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **TABLE A** | **TABLE A** | **TABLE A** | **TABLE B** | **TABLE B** |
| **Age** | **Single Life**<br> **Option**<br>| **Joint Life**<br> **Option\***<br>| **Age** | **Single Life & Joint Life**<br> **Option\***<br>|
| 55 – 58 | 4.50% | 4.00% | 55+ | 3.00% |
| 59 – 64 | 5.50% | 5.00% |  |  |
| 65 – 69 | 6.50% | 6.00% |  |  |
| 70 – 74 | 6.75% | 6.25% |  |  |
| 75 + | 7.00% | 6.50% |  |  |

---

\* If joint life option is in effect, the younger of you and your spouse's age applies.

**Lincoln *Max 6 Select***<sup>SM</sup> **Advantage applications signed between January 19, 2018 and September 30, 2018** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **TABLE A** | **TABLE A** | **TABLE A** | **TABLE B** | **TABLE B** |
| **Age** | **Single Life**<br> **Option**<br>| **Joint Life**<br> **Option\***<br>| **Age** | **Single Life & Joint Life**<br> **Option\***<br>|
| 55 – 58 | 4.50% | 4.00% | 55+ | 3.00% |
| 59 – 64 | 5.50% | 5.00% |  |  |
| 65 – 74 | 6.50% | 6.00% |  |  |
| 75 + | 7.00% | 6.50% |  |  |

---

\* If joint life option is in effect, the younger of you and your spouse's age applies.

------

**Lincoln *Max 6 Select***<sup>SM</sup> **Advantage applications signed between May 22, 2017 and January 18, 2018** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **TABLE A** | **TABLE A** | **TABLE A** | **TABLE B** | **TABLE B** |
| **Age** | **Single Life**<br> **Option**<br>| **Joint Life**<br> **Option\***<br>| **Age** | **Single Life & Joint Life**<br> **Option\***<br>|
| 55 – 58 | 4.00% | 3.50% | 55+ | 3.00% |
| 59 – 64 | 5.00% | 4.50% |  |  |
| 65 – 74 | 6.00% | 5.50% |  |  |
| 75 + | 7.00% | 6.50% |  |  |

---

\* If joint life option is in effect, the younger of you and your spouse's age applies.

***Lincoln IRA Income Plus***<sup>SM</sup> **Protected Annual Income Rates by Ages:**

Two options are available, and you can decide which option is best suited to your needs. Option 1 may be appropriate if you would like lower initial income with higher income once the Contract Value reaches zero. Comparatively, Option 2 will provide a higher initial income with lower income once the Contract Value reaches zero.

For both Option 1 and Option 2, the rates in Table A apply prior to the Contract Value reaching zero. Once the Contract Value reaches zero, Table B will be used, and the Protected Annual Income amount will be immediately recalculated to equal the Protected Income Base multiplied by the applicable rate shown in Table B.

***Lincoln IRA Income Plus***<sup>SM</sup> **applications or rider election forms signed between January 14, 2019 and May 17, 2020:**

**Option 1** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **TABLE A** | **TABLE A** | **TABLE A** | **TABLE B** | **TABLE B** |
| **Age** | **Single Life**<br> **Option**<br>| **Joint Life**<br> **Option\***<br>| **Age** | **Single Life** |
| 70+ | 6.25% | N/A% | 70+ | 5.00% |

---

\*Joint Life is currently not available.

\*\* For additional Rate Sheet information see Living Benefit Riders – Rate Sheets.

**Option 2** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **TABLE A** | **TABLE A** | **TABLE A** | **TABLE B** | **TABLE B** |
| **Age** | **Single Life**<br> **Option**<br>| **Joint Life**<br> **Option\***<br>| **Age** | **Single Life & Joint Life**<br> **Option**<br>|
| 70+ | 7.00% | N/A | 70+ | 4.00% |

---

\*Joint Life is currently not available.

\*\* For additional Rate Sheet information see Living Benefit Riders – Rate Sheets.

***Lincoln Wealth Pass***<sup>SM</sup> **Protected Annual Income Rates by Ages:**

***Lincoln Wealth Pass***<sup>SM</sup> **applications or rider election forms signed between September 16, 2019 and May 17, 2020** 

---

| | |
|:---|:---|
| **Age** | **PAI Rate** |
| 0 – 54 | 4.50% |
| 55 – 58 | 5.00% |
| 59 – 69 | 5.50% |
| 70+ | 6.00% |

---

------

**Appendix E — Guaranteed Income Benefit Percentages for Previous Rider Elections**

***i4LIFE***<sup>®</sup> **Advantage Select Guaranteed Income BenefitGuaranteed Income Benefit Percentages by Ages:**

***i4LIFE***<sup>®</sup> **Advantage Select Guaranteed Income Benefit elections and for prior purchasers of *Lincoln ProtectedPay Select Core***<sup>®</sup> **or *4LATER***<sup>®</sup> **Select Advantage with applications and/or rider election forms signed between August 19, 2024 and April 30, 2026** 

---

| | | | |
|:---|:---|:---|:---|
| **Single Life Option** | **Single Life Option** | **Joint Life Option** | **Joint Life Option** |
| **Age** | **GIB Percentage\*** | **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **GIB Percentage\*** |
| Under age 40 | 2.25% | Under age 40 | 2.00% |
| 40 – 54 | 3.00% | 40 – 54 | 2.50% |
| 55 – 58 | 3.25% | 55 – 58 | 2.75% |
| 59 – 64 | 4.00% | 59 – 64 | 3.50% |
| 65 – 69 | 5.00% | 65 – 69 | 4.50% |
| 70 – 79 | 5.25% | 70 – 79 | 4.75% |
| 80+ | 5.25% | 80+ | 4.75% |

---

\*In order to have received the percentage indicated, your application or rider election form must have been signed or dated on or before the last day of the effective period noted above. Purchasers of *4LATER*<sup>®</sup> Select Advantage may use any remaining Protected Income Base to establish the initial Guaranteed Income Benefit.

***i4LIFE***<sup>®</sup> **Advantage Select Guaranteed Income Benefit for prior purchasers of *Lincoln ProtectedPay Select Core***<sup>®</sup> **or *4LATER***<sup>®</sup> **Select Advantage with applications and/or rider election forms signed between November 28, 2022 and August 18, 2024** 

---

| | | | |
|:---|:---|:---|:---|
| **Single Life Option** | **Single Life Option** | **Joint Life Option** | **Joint Life Option** |
| **Age** | **GIB Percentage\*** | **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **GIB Percentage\*** |
| Under age 40 | 2.15% | Under age 40 | 2.15% |
| 40 – 54 | 2.50% | 40 – 54 | 2.25% |
| 55 – 58 | 2.50% | 55 – 58 | 2.25% |
| 59 – 64 | 3.25% | 59 – 64 | 2.75% |
| 65 – 69 | 4.25% | 65 – 69 | 3.25% |
| 70 – 74 | 4.50% | 70 – 74 | 3.75% |
| 75 – 79 | 4.75% | 75 – 79 | 4.00% |
| 80+ | 4.75% | 80+ | 4.25% |

---

\*In order to have received the percentage indicated, your application or rider election form must have been signed or dated on or before the last day of the effective period noted above. Purchasers of *4LATER*<sup>®</sup> Select Advantage may use any remaining Protected Income Base to establish the initial Guaranteed Income Benefit.

***i4LIFE***<sup>®</sup> **Advantage Select Guaranteed Income Benefit for prior purchasers of Lincoln *Market Select***<sup>®</sup> **Advantage with applications and/or rider election forms signed between December 14, 2020 and December 17, 2023, or for prior purchasers of *4LATER***<sup>®</sup> **Select Advantage with applications and/or rider election forms signed between December 14, 2020 and November 27, 2022** 

---

| | | | |
|:---|:---|:---|:---|
| **Single Life Option** | **Single Life Option** | **Joint Life Option** | **Joint Life Option** |
| **Age** | **GIB Percentage\*** | **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **GIB Percentage\*** |
| Under age 40 | 2.00% | Under age 40 | 2.00% |
| 40 – 54 | 2.25% | 40 – 54 | 2.00% |
| 55 – 58 | 2.25% | 55 – 58 | 2.00% |
| 59 – 64 | 3.00% | 59 – 64 | 2.50% |
| 65 – 69 | 3.75% | 65 – 69 | 2.75% |
| 70 – 74 | 4.00% | 70 – 74 | 3.25% |
| 75 – 79 | 4.25% | 75 – 79 | 3.50% |
| 80+ | 4.25% | 80+ | 3.75% |

---

\*In order to have received the percentage indicated, your application or rider election form must have been signed or dated on or before the last day of the effective period noted above. Purchasers of Lincoln *Market Select*<sup>®</sup> Advantage may use any remaining Protected Income Base reduced by all Protected Annual Income payments

------

since the last Account Value Step-up, if any, or the rider's effective date (if there have not been any Account Value Step-ups) if greater than the Account Value to establish the initial Guaranteed Income Benefit. Purchasers of *4LATER*<sup>®</sup> Select Advantage may use any remaining Protected Income Base to establish the initial Guaranteed Income Benefit.

***i4LIFE***<sup>®</sup> **Advantage Select Guaranteed Income Benefit for prior purchasers of Lincoln *Market Select***<sup>®</sup> **Advantage or *4LATER***<sup>®</sup> **Select Advantage with applications and/or rider election forms signed between May 18, 2020 and December 13, 2020** 

---

| | | | |
|:---|:---|:---|:---|
| **Single Life Option** | **Single Life Option** | **Joint Life Option** | **Joint Life Option** |
| **Age** | **GIB Percentage\*** | **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **GIB Percentage\*** |
| Under age 40 | 2.00% | Under age 40 | 2.00% |
| 40 – 54 | 2.25% | 40 – 54 | 2.00% |
| 55 – 58 | 2.25% | 55 – 58 | 2.00% |
| 59 – 64 | 3.25% | 59 – 64 | 2.50% |
| 65 – 69 | 4.00% | 65 – 69  | 2.75% |
| 70 – 74 | 4.25% | 70 – 74 | 3.25% |
| 75 – 79 | 4.50% | 75 – 79 | 3.50% |
| 80+ | 4.50% | 80+ | 3.75% |

---

\*In order to have received the percentage indicated, your application or rider election form must have been signed or dated on or before the last day of the effective period noted above. Purchasers of Lincoln *Market Select*<sup>®</sup> Advantage may use any remaining Protected Income Base reduced by all Protected Annual Income payments since the last Account Value Step-up, if any, or the rider's effective date (if there have not been any Account Value Step-ups) if greater than the Account Value to establish the initial Guaranteed Income Benefit. Purchasers of *4LATER*<sup>®</sup> Select Advantage may use any remaining Protected Income Base to establish the initial Guaranteed Income Benefit.

***i4LIFE***<sup>®</sup> **Advantage Select Guaranteed Income Benefit elections and for prior purchasers of Lincoln *Market Select***<sup>®</sup> **Advantage or *4LATER***<sup>®</sup> **Select Advantage with applications and/or rider election forms signed between November 18, 2019 and May 17, 2020** 

---

| | | | |
|:---|:---|:---|:---|
| **Single Life Option** | **Single Life Option** | **Joint Life Option** | **Joint Life Option** |
| **Age** | **GIB Percentage\*** | **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **GIB Percentage\*** |
| Under age 40 | 2.50% | Under age 40 | 2.50% |
| 40 – 54 | 3.00% | 40 – 54 | 2.75% |
| 55 – 58 | 3.25% | 55 – 58 | 3.00% |
| 59 – 64 | 3.75% | 59 – 64 | 3.50% |
| 65 – 69 | 4.25% | 65 – 69  | 4.00% |
| 70 – 74 | 5.00% | 70 – 74 | 4.25% |
| 75 – 79 | 5.00% | 75 – 79 | 4.75% |
| 80+ | 5.25% | 80+ | 5.00% |

---

\*In order to have received the percentage indicated, your application or rider election form must have been signed or dated on or before the last day of the effective period noted above. Purchasers of Lincoln *Market Select*<sup>®</sup> Advantage may use any remaining Protected Income Base reduced by all Protected Annual Income payments since the last Account Value Step-up, if any, or the rider's effective date (if there have not been any Account Value Step-ups) if greater than the Account Value to establish the initial Guaranteed Income Benefit. Purchasers of *4LATER*<sup>®</sup> Select Advantage may use any remaining Protected Income Base to establish the initial Guaranteed Income Benefit.

***i4LIFE***<sup>®</sup> **Advantage Select Guaranteed Income Benefit elections between August 29, 2016 (October 3, 2016 for existing Contractowners) and November 17, 2019, or for purchasers of Lincoln *Market Select***<sup>®</sup> **Advantage between August 29, 2016 (October 3, 2016 for existing Contractowners) and November 17, 2019, or for purchasers of *4LATER***<sup>®</sup> **Select Advantage between January 9, 2017 and November 17, 2019.** 

---

| | | | |
|:---|:---|:---|:---|
| **Single Life Option** | **Single Life Option** | **Joint Life Option** | **Joint Life Option** |
| **Age** | **GIB Percentage\*** | **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **GIB Percentage\*** |
| Under age 40 | 2.50% | Under age 40 | 2.50% |
| 40 – 54 | 3.00% | 40 – 54 | 3.00% |
| 55 – 58 | 3.50% | 55 – 58 | 3.50% |
| 59 – 64 | 4.00% | 59 – 69 | 4.00% |
| 65 – 69 | 4.50% | 70 – 74 | 4.50% |
| 70 – 79 | 5.00% | 75 – 79 | 5.00% |
| 80+ | 5.50% | 80+ | 5.50% |

---

\*In order to have received the percentage indicated, your applications or rider election form must have been signed or dated on or before the last day of the effective period noted above. Purchasers of Lincoln *Market Select*<sup>®</sup> Advantage may use any remaining Protected Income Base reduced by all Protected Annual Income payments

------

since the last Account Value Step-up, if any, or the rider's effective date (if there have not been any Account Value Step-ups) if greater than the Account Value to establish the initial Guaranteed Income Benefit. Purchasers of *4LATER*<sup>®</sup> Select Advantage may use any remaining Protected Income Base to establish the initial Guaranteed Income Benefit. For additional Rate Sheet information see Living Benefit Riders – Rate Sheets.

***i4LIFE***<sup>®</sup> **Advantage Guaranteed Income Benefit (Managed Risk)Guaranteed Income Benefit Percentages by Ages:**

***i4LIFE***<sup>®</sup> **Advantage Guaranteed Income Benefit (Managed Risk) elections and for prior purchasers of *Lincoln ProtectedPay Secure Core***<sup>®</sup> **between November 28, 2022 and February 16, 2026** 

---

| | | | |
|:---|:---|:---|:---|
| **Single Life Option** | **Single Life Option** | **Joint Life Option** | **Joint Life Option** |
| **Age** | **GIB Percentage\*** | **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **GIB Percentage\*** |
| Under age 40 | 2.25% | Under age 40 | 2.25% |
| 40 – 54 | 2.75% | 40 – 54 | 2.50% |
| 55 – 58 | 3.00% | 55 – 58 | 2.75% |
| 59 – 64 | 3.75% | 59 – 64 | 3.25% |
| 65 – 69 | 4.75% | 65 – 69 | 4.00% |
| 70 – 74 | 5.25% | 70 – 74 | 4.25% |
| 75 – 79 | 5.50% | 75 – 79 | 4.50% |
| 80+ | 5.50% | 80+ | 4.75% |

---

\* For additional Rate Sheet information see Living Benefit Riders – Rate Sheets.

***i4LIFE***<sup>®</sup> **Advantage Guaranteed Income Benefit (Managed Risk) elections between May 23, 2022 and November 27, 2022, or for prior purchasers of *Lincoln Lifetime Income***<sup>SM</sup> **Advantage 2.0 (Managed Risk) between May 23, 2022 and December 17, 2023** 

---

| | | | |
|:---|:---|:---|:---|
| **Single Life Option** | **Single Life Option** | **Joint Life Option** | **Joint Life Option** |
| **Age** | **GIB Percentage\*** | **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **GIB Percentage\*** |
| Under age 40 | 2.00% | Under age 40 | 2.00% |
| 40 – 54 | 2.50% | 40 – 54 | 2.20% |
| 55 – 58 | 2.50% | 55 – 58 | 2.20% |
| 59 – 64 | 3.25% | 59 – 64 | 2.75% |
| 65 – 69 | 4.25% | 65 – 69 | 3.50% |
| 70 – 74 | 4.75% | 70 – 74 | 3.75% |
| 75 – 79 | 5.00% | 75 – 79 | 4.00% |
| 80+ | 5.00% | 80+ | 4.25% |

---

\* For additional Rate Sheet information see Living Benefit Riders – Rate Sheets.

***i4LIFE***<sup>®</sup> **Advantage Guaranteed Income Benefit (Managed Risk) elections and for prior purchasers of *Lincoln Lifetime Income***<sup>SM</sup> **Advantage 2.0 (Managed Risk) between December 14, 2020 and May 22, 2022** 

---

| | | | |
|:---|:---|:---|:---|
| **Single Life Option** | **Single Life Option** | **Joint Life Option** | **Joint Life Option** |
| **Age** | **GIB Percentage\*** | **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **GIB Percentage\*** |
| Under age 40 | 2.00% | Under age 40 | 2.00% |
| 40 – 54 | 2.50% | 40 – 54 | 2.20% |
| 55 – 58 | 2.50% | 55 – 58 | 2.20% |
| 59 – 64 | 3.25% | 59 – 64 | 2.75% |
| 65 – 69 | 4.00% | 65 – 69 | 3.25% |
| 70 – 74 | 4.50% | 70 – 74 | 3.50% |
| 75 – 79 | 4.50% | 75 – 79 | 3.75% |
| 80+ | 4.50% | 80+ | 4.00% |

---

\* For additional Rate Sheet information see Living Benefit Riders – Rate Sheets.

------

***i4LIFE***<sup>®</sup> **Advantage Guaranteed Income Benefit (Managed Risk) elections and for prior purchasers of *Lincoln Lifetime Income***<sup>SM</sup> **Advantage 2.0 (Managed Risk) between May 18, 2020 and December 13, 2020** 

---

| | | | |
|:---|:---|:---|:---|
| **Single Life Option** | **Single Life Option** | **Joint Life Option** | **Joint Life Option** |
| **Age** | **GIB Percentage\*** | **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **GIB Percentage\*** |
| Under age 40 | 2.00% | Under age 40 | 2.00% |
| 40 – 54 | 2.50% | 40 – 54 | 2.20% |
| 55 – 58 | 2.50% | 55 – 58 | 2.20% |
| 59 – 64 | 3.50% | 59 – 64 | 2.75% |
| 65 – 69 | 4.25% | 65 – 69  | 3.25% |
| 70 – 74 | 4.75% | 70 – 74 | 3.50% |
| 75 – 79 | 4.75% | 75 – 79 | 3.75% |
| 80+ | 4.75% | 80+ | 4.00% |

---

\* For additional Rate Sheet information see Living Benefit Riders – Rate Sheets.

***i4LIFE***<sup>®</sup> **Advantage Guaranteed Income Benefit (Managed Risk) elections between November 18, 2019 and May 17, 2020.** 

---

| | | | |
|:---|:---|:---|:---|
| **Single Life Option** | **Single Life Option** | **Joint Life Option** | **Joint Life Option** |
| **Age** | **GIB Percentage\*** | **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **GIB Percentage\*** |
| Under age 40 | 2.50% | Under age 40 | 2.50% |
| 40 – 54 | 3.00% | 40 – 54 | 3.00% |
| 55 – 58 | 3.50% | 55 – 58 | 3.25% |
| 59 – 64 | 4.00% | 59 – 64 | 3.75% |
| 65 – 69 | 5.00% | 65 – 69  | 4.25% |
| 70 – 74 | 5.25% | 70 – 74 | 4.50% |
| 75 – 79 | 5.50% | 75 – 79 | 5.00% |
| 80+ | 5.50% | 80+ | 5.25% |

---

\* For additional Rate Sheet information see Living Benefit Riders – Rate Sheets.

***i4LIFE***<sup>®</sup> **Advantage Guaranteed Income Benefit (Managed Risk) for prior purchasers of *Lincoln Lifetime Income***<sup>SM</sup> **Advantage 2.0 (Managed Risk) between November 18, 2019 and May 17, 2020.** 

---

| | | | |
|:---|:---|:---|:---|
| **Single Life Option** | **Single Life Option** | **Joint Life Option** | **Joint Life Option** |
| **Age** | **Percentage of Account**<br> **Value or Protected Income Base\***<br>| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Percentage of Account**<br> **Value or Protected Income Base\***<br>|
| Under age 40 | 2.50% | Under age 40 | 2.50% |
| 40 – 54 | 3.00% | 40 – 54 | 2.75% |
| 55 – 58 | 3.25% | 55 – 58 | 3.00% |
| 59 – 64 | 3.75% | 59 – 64 | 3.50% |
| 65 – 69 | 4.25% | 65 – 69 | 4.00% |
| 70 – 74 | 5.00% | 70 – 74 | 4.25% |
| 75 – 79 | 5.00% | 75 – 79 | 4.75% |
| 80+ | 5.25% | 80+ | 5.00% |

---

\*

Purchasers of Lincoln Lifetime IncomeSM Advantage 2.0 (Managed Risk) may use any remaining Protected Income Base reduced by all Protected Annual Income payments since the last Account Value Step-up, if any, or the rider's effective date (if there have not been any Account Value Step-ups) if greater than the Account Value to establish the initial Guaranteed Income Benefit. Purchasers of 4LATER® Advantage (Managed Risk) may use any remaining Protected Income Base to establish the initial Guaranteed Income Benefit.

***i4LIFE***<sup>®</sup> **Advantage Guaranteed Income Benefit (Managed Risk) elections between February 19, 2019 and November 17, 2019.** 

---

| | | | |
|:---|:---|:---|:---|
| **Single Life Option** | **Single Life Option** | **Joint Life Option** | **Joint Life Option** |
| **Age** | **GIB Percentage\*** | **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **GIB Percentage\*** |
| Under age 40 | 2.50% | Under age 40 | 2.50% |
| 40 – 54 | 3.00% | 40 – 54 | 3.00% |
| 55 – 58 | 3.50% | 55 – 58 | 3.50% |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Single Life Option** | **Single Life Option** | **Joint Life Option** | **Joint Life Option** |
| **Age** | **GIB Percentage\*** | **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **GIB Percentage\*** |
| 59 – 64 | 4.00% | 59 – 64 | 4.00% |
| 65 – 69 | 5.00% | 65 – 69  | 4.50% |
| 70 – 74 | 5.25% | 70 – 74 | 5.00% |
| 75 – 79 | 5.50% | 75 – 79 | 5.25% |
| 80+ | 5.50% | 80+ | 5.50% |

---

\* For additional Rate Sheet information see Living Benefit Riders – Rate Sheets.

***i4LIFE***<sup>®</sup> **Advantage Guaranteed Income Benefit elections for purchasers of Lincoln *Market Select***<sup>®</sup> **Advantage prior to August 29, 2016 (October 3, 2016 for existing Contractowners).** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Table A**<br> **for *i4LIFE***<sup>®</sup> **Advantage**<br> **Regular Income Payments**<br> **or withdrawals taken prior to the**<br> **5**<sup>th</sup> **Benefit Year anniversary**<br> **(Percentage of Account Value**<br> **or Protected Income Base\*)** | **Table A**<br> **for *i4LIFE***<sup>®</sup> **Advantage**<br> **Regular Income Payments**<br> **or withdrawals taken prior to the**<br> **5**<sup>th</sup> **Benefit Year anniversary**<br> **(Percentage of Account Value**<br> **or Protected Income Base\*)** | **Table B**<br> **for *i4LIFE***<sup>®</sup> **Advantage**<br> **Regular Income Payments**<br> **or withdrawals taken on and after the**<br> **5**<sup>th</sup> **Benefit Year anniversary**<br> **(Percentage of Account Value**<br> **or Protected Income Base\*)** | **Table B**<br> **for *i4LIFE***<sup>®</sup> **Advantage**<br> **Regular Income Payments**<br> **or withdrawals taken on and after the**<br> **5**<sup>th</sup> **Benefit Year anniversary**<br> **(Percentage of Account Value**<br> **or Protected Income Base\*)** |
| **Age** | **Single Life** | **Joint Life\*\*** | **Single Life** | **Joint Life\*\*** |
| Under age 40 | 1.50% | 1.50% | 2.50% | 2.50% |
| 40 – 54 | 2.00% | 2.00% | 3.00% | 3.00% |
| 55 – 58 | 2.50% | 2.50% | 3.50% | 3.50% |
| 59 – 64 | 3.00% | 3.00% | 4.00% | 4.00% |
| 65 – 69 | 3.50% | 3.00% | 4.50% | 4.00% |
| 70 – 74 | 4.00% | 3.50% | 5.00% | 4.50% |
| 75 – 79 | 4.00% | 4.00% | 5.00% | 5.00% |
| 80+ | 4.50% | 4.50% | 5.50% | 5.50% |

---

\*

Purchasers of Lincoln Market Select® Advantage may use any remaining Protected Income Base reduced by all Protected Annual Income payments since the last Account Value Step-up, if any, or the rider's effective date (if there have not been any Account Value Step-ups) if greater than the Account Value to establish the initial Guaranteed Income Benefit. Prior to the fifth Benefit Year anniversary, Table A will be used to determine the Guaranteed Income Benefit amount. If you take a withdrawal (either a Protected Annual Income withdrawal or an Excess Withdrawal) or begin receiving Regular Income Benefit payments under i4LIFE® Advantage Guaranteed Income Benefit, prior to the fifth Benefit Year anniversary, Table A will always be used to establish the Guaranteed Income Benefit. On or after the fifth Benefit Year anniversary, as long as no withdrawals occurred prior to the fifth Benefit Year anniversary, Table B will always be used.

\*\*

If the joint life option is in effect, the younger of you and your spouse's age applies.

***i4LIFE***<sup>®</sup> **Advantage Guaranteed Income Benefit (Managed Risk) elections on or after May 20, 2013 and prior to February 18, 2019, or for purchasers of *4LATER***<sup>®</sup> **Advantage (Managed Risk) on or after May 20, 2013, or for purchasers of *Lincoln Lifetime Income***<sup>SM</sup> **Advantage 2.0 (Managed Risk) on or after May 20, 2013 and prior to November 17, 2019.** 

---

| | | | |
|:---|:---|:---|:---|
| **Single Life Option** | **Single Life Option** | **Joint Life Option** | **Joint Life Option** |
| **Age** | **Percentage of Account**<br> **Value or Protected Income Base\***<br>| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Percentage of Account**<br> **Value or Protected Income Base\***<br>|
| Under age 40 | 2.50% | Under age 40 | 2.50% |
| 40 – 54 | 3.00% | 40 – 54 | 3.00% |
| 55 – 58 | 3.50% | 55 – 58 | 3.50% |
| 59 – 64 | 4.00% | 59 – 69 | 4.00% |
| 65 – 69 | 4.50% | 70 – 74 | 4.50% |
| 70 – 79 | 5.00% | 75 – 79 | 5.00% |
| 80+ | 5.50% | 80+ | 5.50% |

---

\*

Purchasers of Lincoln Lifetime IncomeSM Advantage 2.0 (Managed Risk) may use any remaining Protected Income Base reduced by all Protected Annual Income payments since the last Account Value Step-up, if any, or the rider's effective date (if there have not been any Account Value Step-ups) if greater than the Account Value to establish the initial Guaranteed Income Benefit. Purchasers of 4LATER® Advantage (Managed Risk) may use any remaining Protected Income Base to establish the initial Guaranteed Income Benefit.

------

***i4LIFE***<sup>®</sup> **Advantage Guaranteed Income Benefit elections or for prior purchasers of *Lincoln Lifetime Income***<sup>SM</sup> **Advantage 2.0 on or after May 20, 2013.** 

---

| | | | |
|:---|:---|:---|:---|
| **Single Life Option** | **Single Life Option** | **Joint Life Option\*\*** | **Joint Life Option\*\*** |
| **Age** | **Percentage of Account**<br> **Value, Protected Income Base or**<br> **Guaranteed Amount\***<br>| **Age**<br> **(younger of you and**<br> **your spouse's age)**<br>| **Percentage of Account**<br> **Value, Protected Income Base or**<br> **Guaranteed Amount\***<br>|
| Under age 40 | 2.00% | Under age 40 | 2.00% |
| 40 – 54 | 2.50% | 40 – 54 | 2.50% |
| 55 – 58 | 3.00% | 55 – 58 | 3.00% |
| 59 - 64 | 3.50% | 59 – 69 | 3.50% |
| 65 – 69 | 4.00% | 70 – 74 | 4.00% |
| 70 – 74 | 4.50% | 75+ | 4.50% |
| 75+ | 5.00% |  |  |

---

\*

Purchasers of Lincoln Lifetime IncomeSM Advantage 2.0 may use any remaining Protected Income Base reduced by all Protected Annual Income payments since the last Account Value Step-up or the rider's effective date (if there has not been any Account Value Step-up) if greater than the Account Value to establish the initial Guaranteed Income Benefit.

\*\*

If joint life option is in effect, the younger of you and your spouse's age applies.

***i4LIFE***<sup>®</sup> **Advantage Guaranteed Income Benefit (Managed Risk) elections or prior purchasers of *Lincoln Lifetime Income***<sup>SM</sup> **Advantage 2.0 (Managed Risk), or *4LATER***<sup>®</sup> **Advantage (Managed Risk) prior to May 20, 2013.** 

---

| | |
|:---|:---|
| **Single & Joint Life Option\*** | **Single & Joint Life Option\*** |
| **Age** | **Percentage of**<br> **Account Value**<br> **or Protected Income Base\*\***<br>|
| Under age 40 | 2.50% |
| 40 – 54 | 3.00% |
| 55 – 58 | 3.50% |
| 59 – 64 | 4.00% |
| 65 – 69 | 4.50% |
| 70 – 79 | 5.00% |
| 80+ | 5.50% |

---

\*

If joint life option is in effect, the younger of you and your spouse's age applies.

\*\*

Purchasers of Lincoln Lifetime IncomeSM Advantage 2.0 (Managed Risk) may use any remaining Protected Income Base reduced by all Protected Annual Income payments since the last Account Value Step-up, if any, or the rider's effective date (if there have not been any Account Value Step-ups) if greater than the Account Value to establish the initial Guaranteed Income Benefit. Purchasers of 4LATER® Advantage (Managed Risk) may use any remaining Protected Income Base to establish the initial Guaranteed Income Benefit.

***i4LIFE***<sup>®</sup> **Advantage Guaranteed Income Benefit elections or for purchasers of *Lincoln Lifetime Income***<sup>SM</sup> **Advantage 2.0 prior to May 20, 2013.** 

---

| | |
|:---|:---|
| **Single & Joint Life Option\*** | **Single & Joint Life Option\*** |
| **Age** | **Percentage of Account**<br> **Value, Protected Income Base or**<br> **Guaranteed Amount\*\***<br>|
| Under age 40 | 2.00% |
| 40 – 54 | 2.50% |
| 55 – 58 | 3.00% |
| 59 – 64 | 3.50% |
| 65 – 69 | 4.00% |
| 70 – 74 | 4.50% |
| 75+ | 5.00% |

---

\*

If joint life option is in effect, the younger of you and your spouse's age applies.

\*\*

Purchasers of Lincoln Lifetime IncomeSM Advantage 2.0 may use any remaining Protected Income Base reduced by all Protected Annual Income payments since the last Account Value Step-up or the rider's effective date (if there has not been any Account Value Step-up) if greater than the Account Value to establish the initial Guaranteed Income Benefit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Appendix F — Enhancement Rates for Previous Rider Elections**

***Lincoln ProtectedPay***<sup>®</sup> **Lifetime Income Suite and *Lincoln ProtectedPay***<sup>®</sup> **and *Estate Lock***<sup>SM</sup> **Enhancement Rates:**

---

| | | |
|:---|:---|:---|
| **If your rider was purchased:** | **The Enhancement is…** | **The Enhancement is…** |
| *Lincoln ProtectedPay*<sup>®</sup> Select riders elected prior to April <br> 30, 2026<br>*Lincoln ProtectedPay*<sup>®</sup> Secure riders elected prior to <br> February 17, 2026<br>| &nbsp;&nbsp; Equal to the Enhancement Value (initial Enhancement <br> Value = Protected Income Base, and is increased by <br> Enhancement Base x Enhancement Rate)<br>| 6% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***Lincoln Lifetime Income***<sup>SM</sup> **Advantage 2.0 (Managed Risk) Enhancement Rates:**

---

| | | |
|:---|:---|:---|
| **If your rider was purchased:** | **The Enhancement is based on the…** | &nbsp;&nbsp; **…multiplied by the** <br> **Enhancement Rate of…**<br>|
| Between July 18, 2022 and December 17, 2023 | Enhancement Base | 6% |
| Between May 18, 2020 and July 17, 2022 | Enhancement Base | 5% |
| Between February 20, 2018 (April 2, 2018, if your rider <br> was elected after the contract issue date), and May 17, <br> 2020, subject to state availability<br>| Enhancement Base | 6% |
| Prior to February 20, 2018 (April 2, 2018, if your rider <br> was elected after the contract issue date)<br>| Protected Income Base | 5% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***Lincoln Market Select***<sup>®</sup> **Advantage Enhancement Rates:**

---

| | | |
|:---|:---|:---|
| **If your rider was purchased:** | **The Enhancement is based on the…** | &nbsp;&nbsp; **…multiplied by the** <br> **Enhancement Rate of…**<br>|
| Between July 18, 2022 and December 17, 2023 | Enhancement Base | 6% |
| Between May 18, 2020 and July 17, 2022 | Enhancement Base | 5% |
| Between February 20, 2018 (April 2, 2018 if your rider <br> was elected after the contract issue date) and May 17, <br> 2020, subject to state availability<br>| Enhancement Base | 6% |
| Between August 29, 2016 (October 3, 2016 if your rider <br> was elected after the contract issue date) and February <br> 19, 2018 (April 1, 2018 if your rider was elected after <br> the contract issue date)<br>| Protected Income Base | 5% |
| Prior to August 29, 2016 (October 3, 2016 if your rider <br> was elected after the contract issue date)<br>| N/A | N/A |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Lincoln *Max 6 Select***<sup>SM</sup> **Advantage Enhancement Rates:**

---

| | | |
|:---|:---|:---|
| **If your rider was purchased:** | **The Enhancement is based on the…** | &nbsp;&nbsp; **…multiplied by the** <br> **Enhancement Rate of…**<br>|
| Between July 18, 2022 and December 17, 2023 | Enhancement Base | 6% |
| Between May 18, 2020 and July 17, 2022 | Enhancement Base | 5% |
| Prior to May 18, 2020 | Enhancement Base | 6% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***4LATER***<sup>®</sup> **Select Advantage Enhancement Rates:**

---

| | | |
|:---|:---|:---|
| **If your rider was purchased:** | **The Enhancement is based on the…** | &nbsp;&nbsp; **…multiplied by the** <br> **Enhancement Rate of…**<br>|
| Between November 28, 2022 and April 30, 2026 | &nbsp;&nbsp; Equal to the Enhancement Value (initial Enhancement <br> Value = Protected Income Base, and is increased by <br> Enhancement Base x Enhancement Rate)<br>| 6% |
| Between August 22, 2022 and November 27, 2022 | Enhancement Base | 6% |
| Between May 18, 2020 and August 21, 2022 | Enhancement Base | 5% |
| Between June 11, 2018 and May 17, 2020, subject to <br> state availability<br>| Enhancement Base | 6% |
| Prior to June 11, 2018 | Protected Income Base | 5% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Appendix G — Current Rider Charges for Previous Elections**

**The following tables reflect the current charge for optional Living Benefit Riders by election date. The current charges for new elections are disclosed in a Rate Sheet supplement.** 

**Optional Protected Lifetime Income Fees:**

***Lincoln ProtectedPay***<sup>®</sup> **and *Estate Lock***<sup>SM</sup>

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Single**<br> **Life**<br>| &nbsp;&nbsp; **Joint**<br> **Life**<br>|
| *Lincoln ProtectedPay Select Core*<sup>®</sup> and *Estate Lock*<sup>SM</sup> riders elected between August 19, 2024 and April 30, <br> 2026<br>| 1.50% | N/A |
| *Lincoln ProtectedPay Secure Core*<sup>®</sup> and *Estate Lock*<sup>SM</sup> riders elected between August 19, 2024 and February <br> 16, 2026<br>| 1.50% | N/A |

---

***Lincoln ProtectedPay***<sup>®</sup> **Lifetime Income Suite**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Single**<br> **Life**<br>| &nbsp;&nbsp; **Joint**<br> **Life**<br>|
| *Lincoln ProtectedPay*<sup>®</sup> Select riders elected between November 28, 2022 and April 30, 2026 | 1.50% | 1.60% |
| *Lincoln ProtectedPay*<sup>®</sup> Secure riders elected between November 28, 2022 and February 16, 2026 | 1.50% | 1.60% |

---

***Lincoln Lifetime Income***<sup>SM</sup> **Advantage 2.0 (Managed Risk)**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Single**<br> **Life**<br>| &nbsp;&nbsp; **Joint**<br> **Life**<br>|
| Riders elected between December 14, 2020 and December 17, 2023 | 1.50% | 1.60% |
| Riders elected between May 21, 2018 and December 13, 2020 | 1.25% | 1.50% |

---

**Lincoln *Market Select***<sup>®</sup> **Advantage**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Single**<br> **Life**<br>| &nbsp;&nbsp; **Joint**<br> **Life**<br>|
| Riders elected between December 14, 2020 and December 17, 2023 | 1.50% | 1.60% |
| Riders elected between August 29, 2016 (October 3, 2016 for existing Contractowners) and December 13, <br> 2020<br>| 1.25% | 1.50% |

---

**Lincoln *Max 6 Select***<sup>SM</sup> **Advantage**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Single**<br> **Life**<br>| &nbsp;&nbsp; **Joint**<br> **Life**<br>|
| Riders elected between December 14, 2020 and December 17, 2023 | 1.50% | 1.60% |
| Riders elected on or prior to December 13, 2020 | 1.25% | 1.50% |

---

------

***Lincoln IRA Income Plus***<sup>SM</sup>

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Single**<br> **Life**<br>| &nbsp;&nbsp; **Joint**<br> **Life**<br>|
| Riders elected between January 14, 2019 and May 17, 2020 | 1.35% | N/A |

---

***4LATER***<sup>®</sup> **Select Advantage**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Single**<br> **Life**<br>| &nbsp;&nbsp; **Joint**<br> **Life**<br>|
| Riders elected between December 14, 2020 and April 30, 2026 | 1.50% | 1.60% |
| Riders elected on or prior to December 13, 2020 | 1.25% | 1.50% |

---

***i4LIFE***<sup>®</sup> **Advantage Guaranteed Income Benefit**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Single**<br> **Life**<br>| &nbsp;&nbsp; **Joint**<br> **Life**<br>|
| *i4LIFE*<sup>®</sup> Advantage Select Guaranteed Income Benefit riders elected between August 19, 2024 and April 30, <br> 2026<br>| 1.15% | 1.35% |
| *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit (Managed Risk) riders elected between May 21, 2018 and <br> February 16, 2026<br>| 0.95% | 1.15% |

---

***i4LIFE***<sup>®</sup> **Advantage Guaranteed Income Benefit (Managed Risk) for Contractowners who Transition from *Lincoln Lifetime Income***<sup>SM</sup> **Advantage 2.0 (Managed Risk) or *4LATER***<sup>®</sup> **Advantage (Managed Risk)**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Single**<br> **Life**<br>| &nbsp;&nbsp; **Joint**<br> **Life**<br>|
| *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit (Managed Risk) for *Lincoln Lifetime Income*<sup>SM</sup> Advantage 2.0 <br> (Managed Risk) riders elected between December 14, 2020 and December 17, 2023<br>| 1.50% | 1.60% |
| *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit (Managed Risk) for *Lincoln Lifetime Income*<sup>SM</sup> Advantage 2.0 <br> (Managed Risk) riders elected between May 21, 2018 and December 13, 2020<br>| 1.25% | 1.50% |
| *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit (Managed Risk) for *Lincoln Lifetime Income*<sup>SM</sup> Advantage 2.0 <br> (Managed Risk) riders elected prior to May 21, 2018 and for all *4LATER*<sup>®</sup> Advantage (Managed Risk) riders<br>| 1.05% | 1.25% |

---

***i4LIFE***<sup>®</sup> **Advantage Guaranteed Income Benefit for Contractowners who Transition from Lincoln *Market Select***<sup>®</sup> **Advantage or *4LATER***<sup>®</sup> **Select Advantage**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Single**<br> **Life**<br>| &nbsp;&nbsp; **Joint**<br> **Life**<br>|
| *i4LIFE*<sup>®</sup> Advantage Select Guaranteed Income Benefit for Lincoln *Market Select*<sup>®</sup> Advantage riders elected <br> between December 14, 2020 and December 17, 2023 and *4LATER*<sup>®</sup> Select Advantage riders elected between <br> December 14, 2020 and April 30, 2026<br>| 1.50% | 1.60% |
| *i4LIFE*<sup>®</sup> Advantage Select Guaranteed Income Benefit for Lincoln *Market Select*<sup>®</sup> Advantage riders elected <br> between August 29, 2016 (October 3, 2016 for existing Contractowners) and December 13, 2020 and <br> *4LATER*<sup>®</sup> Select Advantage riders on or prior to December 13, 2020<br>| 1.25% | 1.50% |
| *i4LIFE*<sup>®</sup> Advantage Guaranteed Income Benefit (version 4) for Lincoln *Market Select*<sup>®</sup> Advantage riders <br> elected prior to August 29, 2016 (October 3, 2016 for existing Contractowners)<br>| 0.95% | 1.15% |

---

------

**Appendix H — Broker-Dealer Material Variations**

The table below describes variations in the availability of Contract benefits and other Contract features described in this prospectus — including restrictions, limitations, and other variations — which may apply depending on the broker-dealer through which the Contract is sold.

***Lincoln ChoicePlus Assurance***<sup>SM</sup> **Series B-Share** 

---

| | |
|:---|:---|
| **Broker-Dealer** | **Variation** |
| Allstate Financial Services LLC | ●Issuance available prior to the age of 81. |
| Ameriprise Financial Services LLC | &nbsp;&nbsp; ●Contractowner must elect either a Living Benefit Rider or <br> Enhanced Guaranteed Minimum Death Benefit.<br>|
| Arvest Wealth Management  | &nbsp;&nbsp; ●*i4LIFE*<sup>®</sup> Advantage Select Guaranteed Income Benefit <br> not available. <br>|
| CitiGroup Global Markets Inc. | &nbsp;&nbsp; ●*i4LIFE*<sup>®</sup> Advantage Select Guaranteed Income Benefit <br> not available.<br>|
| Citizens Securities Incorporated | &nbsp;&nbsp; ●*Lincoln ProtectedPay Secure Core*<sup>®</sup> and *Estate Lock*<sup>SM</sup> <br> not available. <br>●*i4LIFE*<sup>®</sup> Advantage Select Guaranteed Income Benefit <br> not available. <br>|
| Kestra Investment Services LLC | ●Issuance available prior to the age of 81. |
| Robert W Baird & Co. Incorporated | ●*Lincoln ProtectedPay Select Plus*<sup>®</sup> not available. <br> ●*Lincoln ProtectedPay Select Max*<sup>®</sup> not available.  |
| The Huntington Investment Co. | ●*4LATER*<sup>®</sup> Select Advantage not available.  |
| Truist Investment Services Inc. | &nbsp;&nbsp; ●*i4LIFE*<sup>®</sup> Advantage Select Guaranteed Income Benefit <br> not available. <br>●Issuance available prior to the age of 81. |
| US Bancorp Advisors | ●*4LATER*<sup>®</sup> Select Advantage not available. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Please note that there may be other variations of which we are not aware and that are not reasonably available to us, as variations may exist for some broker-dealers without our knowledge. For example, your registered representative may not recommend a particular investment option or Contract benefit to you. Based on several considerations, including but not limited to the fact that we do not administer all financial intermediary variations and the large number of broker-dealers through whom our contracts are distributed, we have not been able to identify other variations, if any.

You should discuss with your registered representative any limitations, restrictions, or other variations related to the Contract benefits or other Contract features available to you through your broker-dealer.

------

The SAI includes additional information about the Contract, Lincoln Life, and the VAA, and is incorporated by reference in this prospectus. The SAI is dated the same date as this prospectus. We will provide the SAI without charge upon request. You may obtain a free copy of the SAI and submit inquiries by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Mailing: The Lincoln National Life Insurance Company, PO Box 2348, Fort Wayne, IN 46801-2348

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Visiting: www.lfg.com/VAprospectus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Emailing: CustServSupportTeam@lfg.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Calling: 1-888-868-2583

You may also obtain reports and other information about the VAA on the SEC's website at www.sec.gov, and copies of this information may be obtained, upon payment of a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov. The SEC file numbers and the Contract's contract identifier number are listed below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEC File Nos.:**

333-181612; 811-08517

**EDGAR Contract Identifier:**

C000116834

------

**STATEMENT OF ADDITIONAL INFORMATION (SAI)** 

**Dated May 1, 2026 Relating to Prospectus Dated May 1, 2026 for** 

***Lincoln ChoicePlus Assurance***<sup>SM</sup> **Series** 

***Lincoln ChoicePlus Assurance***<sup>SM</sup> **Series B-Share** 

***Lincoln ChoicePlus Assurance***<sup>SM</sup> **Series C-Share** 

***Lincoln ChoicePlus Assurance***<sup>SM</sup> **Series L-Share** 

**Lincoln Life Variable Annuity Account N, Registrant** 

**The Lincoln National Life Insurance Company, Depositor** 

The SAI provides you with additional information about Lincoln Life, the VAA, and your Contract. It is not a prospectus.

A copy of the product prospectus dated May 1, 2026, may be obtained without a charge by writing to the Home Office: Lincoln Life Customer Service, The Lincoln National Life Insurance Company, PO Box 2348, Fort Wayne, IN 46801-2348, by calling: 1-888-868-2583, or by emailing: CustServSupportTeam@lfg.com and requesting a copy of the *Lincoln ChoicePlus Assurance*<sup>SM</sup> Series product prospectus.

****TABLE OF CONTENTS** OF THE SAI** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Contents** | **Page** |
| [Special Terms](#xx_ecf95dde-b4c4-4082-b2e9-c195e83384d2_1tm265155d5_sai) | &nbsp;&nbsp;&nbsp; B-2  |
| [General Information and History](#xx_ecf95dde-b4c4-4082-b2e9-c195e83384d2_1tm265155d5_sai) | &nbsp;&nbsp;&nbsp; B-2  |
| [The Lincoln National Life Insurance Company](#xx_ecf95dde-b4c4-4082-b2e9-c195e83384d2_1tm265155d5_sai) | &nbsp;&nbsp;&nbsp; B-2  |
| [Variable Annuity Account (VAA)](#xx_ecf95dde-b4c4-4082-b2e9-c195e83384d2_1tm265155d5_sai) | &nbsp;&nbsp;&nbsp; B-2  |
| [Non-Principal Risks of Investing In The](#xx_ecf95dde-b4c4-4082-b2e9-c195e83384d2_3tm265155d5_sai)<br> [Contract](#xx_ecf95dde-b4c4-4082-b2e9-c195e83384d2_3tm265155d5_sai)<br>| &nbsp;&nbsp;&nbsp; B-4  |
| [Services](#xx_ecf95dde-b4c4-4082-b2e9-c195e83384d2_3tm265155d5_sai) | &nbsp;&nbsp;&nbsp; B-4  |
| [Purchase of Securities Being Offered](#xx_ecf95dde-b4c4-4082-b2e9-c195e83384d2_4tm265155d5_sai) | &nbsp;&nbsp;&nbsp; B-5  |
| [Principal Underwriter](#xx_ecf95dde-b4c4-4082-b2e9-c195e83384d2_4tm265155d5_sai) | &nbsp;&nbsp;&nbsp; B-5  |

---

---

| | |
|:---|:---|
| **Contents** | **Page** |
| [Contract Information](#xx_ecf95dde-b4c4-4082-b2e9-c195e83384d2_4tm265155d5_sai) | &nbsp;&nbsp;&nbsp; B-5  |
| [Interest Adjustment Example](#xx_ecf95dde-b4c4-4082-b2e9-c195e83384d2_4tm265155d5_sai) | &nbsp;&nbsp;&nbsp; B-5  |
| [Additional Services](#xx_ecf95dde-b4c4-4082-b2e9-c195e83384d2_6tm265155d5_sai) | &nbsp;&nbsp;&nbsp; B-7  |
| [Other Information](#xx_ecf95dde-b4c4-4082-b2e9-c195e83384d2_7tm265155d5_sai) | &nbsp;&nbsp;&nbsp; B-8  |
| [Determination of Accumulation and Annuity](#xx_ecf95dde-b4c4-4082-b2e9-c195e83384d2_7tm265155d5_sai)<br> [Unit Value](#xx_ecf95dde-b4c4-4082-b2e9-c195e83384d2_7tm265155d5_sai)<br>| &nbsp;&nbsp;&nbsp; B-8  |
| [Annuity Payments](#xx_ecf95dde-b4c4-4082-b2e9-c195e83384d2_7tm265155d5_sai) | &nbsp;&nbsp;&nbsp; B-8  |
| [Financial Statements](#xx_ecf95dde-b4c4-4082-b2e9-c195e83384d2_8tm265155d5_sai) | &nbsp;&nbsp;&nbsp; B-9 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Special Terms**

The special terms used in this SAI are the ones defined in the prospectus.

**General Information and History**

**The Lincoln National Life Insurance Company**

***Our Financial Condition.*** Depending on when you purchased your Contract, you may be permitted to make allocations to the fixed account, which is part of our general account. See The Fixed Side of the Contract. In addition, any guarantees under the Contract that exceed your Contract Value, such as those associated with Death Benefit options and Living Benefit Riders, are paid from our general account (not the VAA). Therefore, any amounts that we may pay under the Contract in excess of Contract Value are subject to our financial strength and claims-paying ability and our long-term ability to make such payments. We issue other types of insurance policies and financial products in addition to the Contract. We also pay our obligations under these products from our assets in the general account. Moreover, unlike assets held in the VAA, the assets of the general account are subject to the general liabilities of the Company and, therefore, to the Company's general creditors. In the event of an insolvency or receivership, payments we make from our general account to satisfy claims under the Contract would generally receive the same priority as our other Contractowner obligations.

The general account is subject to regulation and supervision by the Indiana Insurance Department as well as the insurance laws and regulations of the jurisdictions in which the contracts are distributed. The laws and regulations applicable to us regulate the investments we can make with assets held in our general account. In general, those laws and regulations determine the amount and type of investments which we can make with general account assets.

In addition, state insurance regulations require that insurance companies calculate and establish on their financial statements, a specified amount of reserves in order to meet the contractual obligations to pay the claims of our Contractowners. In order to meet our claims-paying obligations, we regularly monitor our reserves to ensure we hold sufficient amounts to cover actual or expected contract and claims payments. However, it is important to note that there is no guarantee that we will always be able to meet our claims paying obligations, and that there are risks to purchasing any insurance product.

State insurance regulators also require insurance companies to maintain a minimum amount of capital in excess of liabilities, which acts as a cushion in the event that the insurer suffers a financial impairment, based on the inherent risks in the insurer's operations. These risks include those associated with losses that we may incur as the result of defaults on the payment of interest or principal on assets held in our general account, which include bonds, mortgages, general real estate investments, and stocks, as well as the loss in value of these investments resulting from a loss in their market value.

***How to Obtain More Information.*** We encourage both existing and prospective Contractowners to read and understand our financial statements. We prepare our financial statements on both a statutory basis and according to Generally Accepted Accounting Principles (GAAP). Our audited GAAP financial statements, as well as the financial statements of the VAA, are incorporated by reference into this SAI. See Financial Statements below. You may obtain our audited statutory financial statements and any unaudited statutory financial statements that may be available by visiting our website at www.LincolnFinancial.com.

You also will find on our website information on ratings assigned to us by one or more independent rating organizations. These ratings are opinions of an operating insurance company's financial capacity to meet the obligations of its insurance and annuity contracts based on its financial strength and/or claims-paying ability.

**Variable Annuity Account (VAA)**

For general information and history about the VAA, see The Contracts in the prospectus. The VAA is used to support other annuity contracts offered by us in addition to the Contracts described in this prospectus. The other annuity contracts supported by the VAA generally invest in the same funds as the Contracts described in this prospectus. These other annuity contracts may have different charges that could affect the performance of their Subaccounts, and they offer different benefits.

**Investment Results**

At times, the VAA may compare its investment results to various unmanaged indices or other variable annuities in reports to shareholders, sales literature and advertisements. The results will be calculated on a total return basis for various periods, with or without surrender charges. Results calculated without surrender charges will be higher. Total returns include the reinvestment of all distributions, which are reflected in changes in unit value. The money market Subaccount's yield is based upon investment performance over a 7-day period, which is then annualized.

There can be no assurance that a money market fund will be able to maintain a stable net asset value of $1.00 per share. During periods of low interest rates, the yield of a money market fund may become extremely low and possibly negative. In addition, if the yield of a Subaccount investing in a money market fund becomes negative, due in part to contract fees and expenses, your Contract Value

------

may decline. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The sponsor of a money market fund has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. If, under SEC rules, a money market fund institutes a liquidity fee, we may assess the fee against your Contract Value if a payment is made to you from a Subaccount investing in the money market fund.

**The annual performance of the Subaccounts are based on past performance and do not indicate or represent future performance.**

**Index Information**

**About the S&P 500 Index.** The S&P 500<sup>®</sup> Index is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by Lincoln Financial Investment Corporation ("LFI") on behalf of certain LVIP Funds (the "Funds"). S&P<sup>®</sup>, S&P 500<sup>®</sup>, US 500, The 500, iBoxx<sup>®</sup>, iTraxx<sup>®</sup> and CDS<sup>®</sup> are registered trademarks of S&P Global, Inc. or its affiliates ("S&P") and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"). The trademarks have been licensed to SPDJI and have been sublicensed for use for certain purposes by LFI on behalf of the Funds. It is not possible to invest directly in an index. The Funds is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, any of their respective affiliates (collectively, "S&P Dow Jones Indices"). S&P Dow Jones Indices does not make any representation or warranty, express or implied, to the owners of the Funds or any member of the public regarding the advisability of investing in securities generally or in the Funds particularly or the ability of the S&P 500<sup>®</sup> Index to track general market performance. S&P Dow Jones Indices' only relationship to the Funds with respect to the Index is the licensing of the Index and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors. The S&P 500<sup>®</sup> Index is determined, composed and calculated by S&P Dow Jones Indices without regard to LFI or the Funds. S&P Dow Jones Indices have no obligation to take the needs of LFI or the owners of the Funds into consideration in determining, composing or calculating the S&P 500<sup>®</sup> Index. Neither S&P Dow Jones Indices are responsible for and have not participated in the determination of the prices, and amount of the Fund or the timing of the issuance or sale of the Fund or in the determination or calculation of the equation by which the Fund is to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices have no obligation or liability in connection with the administration, marketing or trading of the Funds. There is no assurance that investment products based on the S&P 500<sup>®</sup> Index will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment adviser, commodity trading advisor, commodity pool operator, broker dealer, fiduciary, promoter (as defined in the Investment Company Act of 1940, as amended), "expert" as enumerated within 15 U.S.C. § 77k(a) or tax advisor. Inclusion of a security, commodity, crypto currency or other asset within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, commodity, crypto currency or other asset nor is it considered to be investment advice.

NEITHER S&P DOW JONES INDICES NOR A THIRD PARTY LICENSOR GUARANTEES THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE S&P 500<sup>®</sup> INDEX OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY THE FUNDS, OWNERS OF THE FUNDS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEX OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. S&P DOW JONES INDICES HAS NOT REVIEWED, PREPARED AND/OR CERTIFIED ANY PORTION OF, NOR DOES S&P DOW JONES INDICES HAVE ANY CONTROL OVER, THE FUNDS REGISTRATION STATEMENT, PROSPECTUS OR OTHER OFFERING MATERIALS. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND LFI ON BEHALF OF THE FUNDS, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.

**About the CBOE Volatility Index.** The "CBOE Volatility Index (VIX)" (the "Index") is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI") and Chicago Board Options Exchange ("CBOE") and has been licensed for use by The Lincoln National Life Insurance Company and its affiliates (hereinafter "Licensee"). Standard & Poor's<sup>®</sup> and S&P<sup>®</sup> are registered trademarks of Standard & Poor's Financial Services LLC ("S&P"); Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Licensee. CBOE<sup>®</sup>, CBOE Volatility Index and VIX™ are trademarks of the CBOE and have been licensed for use by SPDJI and Licensee. Licensee's Product(s) are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, any of their respective affiliates (collectively, "S&P Dow Jones Indices") or CBOE. Neither S&P Dow Jones Indices nor CBOE make any representation or warranty, express or implied, to the owners of the Licensee's Product(s) or any member of the public regarding the advisability of investing in securities generally or in Licensee's Product(s) particularly or the ability of the Index to track general market performance. S&P Dow Jones Indices' and CBOE's only relationship to Licensee with respect to the Index is the licensing of the Index and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors. The Index is determined, composed and calculated by S&P Dow Jones Indices or CBOE without regard to Licensee or the Licensee's Product(s). S&P Dow Jones Indices and CBOE have no obligation to take the

------

needs of Licensee or the owners of Licensee's Product(s) into consideration in determining, composing or calculating the Index. Neither S&P Dow Jones Indices nor CBOE are responsible for and have not participated in the determination of the prices, and amount of Licensee's Product(s) or the timing of the issuance or sale of Licensee's Product(s) or in the determination or calculation of the equation by which Licensee's Product(s) is to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices and CBOE have no obligation or liability in connection with the administration, marketing or trading of Licensee's Product(s). There is no assurance that investment products based on the Index will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment advisor. Inclusion of a security within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, nor is it considered to be investment advice.

NEITHER S&P DOW JONES INDICES NOR THIRD PARTY LICENSOR GUARANTEES THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES AND CBOE SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES AND CBOE MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY LICENSEE, OWNERS OF THE LICENSEE'S PRODUCT(S), OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEX OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES OR THIRD PARTY LICENSOR BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBLITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND LICENSEE, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.

**Non-Principal Risks of Investing In The Contract**

**Opportunity Cost.** Principal amounts committed to an annuity contract are only available to choose from investment options available in the Contract, potentially causing you an opportunity cost.

**Dying early.** If you die earlier than expected, your designated beneficiary may not receive the full benefit of the future payments.

**Divorce.** If you get divorced, you could forfeit some or all of the value of your annuity to your former spouse.

**Affiliated Funds.** We may have incentive to select affiliated funds because we receive more revenue from an affiliated fund than a non-affiliated fund.

**Fund of Funds.** In some fund of funds (or master-feeder) arrangements, you may pay fees and expenses at both fund levels, which can reduce your investment return.

**Services**

**Independent Registered Public Accounting Firm**

Ernst & Young LLP, independent registered public accounting firm, One Commerce Square, 2005 Market Street, Suite 700, Philadelphia, Pennsylvania, 19103, has audited a) the financial statements of each of the subaccounts listed in the appendix to the opinion that comprise Lincoln Life Variable Annuity Account N, as of December 31, 2025, the related statements of operations and the statements of changes in net assets for each of the periods indicated in the appendix to the opinion; and b) the consolidated financial statements of The Lincoln National Life Insurance Company as of December 31, 2025 and 2024 and for each of the three years in the period ended December 31, 2025 as set forth in their reports, which are included in this SAI and Registration Statement. The aforementioned financial statements are included herein in reliance on Ernst & Young LLP's reports, given on their authority as experts in accounting and auditing.

**Keeper of Records**

All accounts, books, records and other documents which are required to be maintained for the VAA are maintained by us or by third parties responsible to Lincoln Life. We have entered into an agreement with State Street Bank and Trust Company, 2323 Grand Boulevard, 5<sup>th</sup> Floor, Kansas City, MO 64108, to provide accounting services to the VAA. No separate charge against the assets of the VAA is made by us for this service.

------

**Purchase of Securities Being Offered**

The variable annuity contracts are offered to the public through licensed insurance agents who specialize in selling our products; through independent insurance brokers; and through certain securities brokers/dealers selected by us whose personnel are legally authorized to sell annuity products. There are no special purchase plans for any class of prospective buyers. However, under certain limited circumstances described in the prospectus under the section Charges and Other Deductions, any applicable account fee and/or surrender charge may be reduced or waived.

Both before and after the Annuity Commencement Date, there are exchange privileges between Subaccounts, and from the VAA to the general account (if available) subject to restrictions set out in the prospectus. See The Contracts, in the prospectus. No exchanges are permitted between the VAA and other separate accounts.

The offering of the contracts is continuous.

**Principal Underwriter**

Lincoln Financial Distributors, Inc. ("LFD") is a wholly owned subsidiary of Lincoln National Corporation and an affiliate of Lincoln Life as a result of common control. LFD serves as the principal underwriter (the "Principal Underwriter") for the contracts, as described in the prospectus. The Principal Underwriter currently offers, and expects to continue offering, the contracts to the public on a continuous basis, but reserves the right to discontinue offering the contracts at any time. Prior to May 6, 2024, the Principal Underwriter offered the contracts through sales representatives who were registered with either Lincoln Financial Advisors Corporation ("LFA") or Lincoln Financial Securities Corporation ("LFN") (collectively "LFN"), each an affiliate of LFD. The Principal Underwriter has also entered into selling agreements with other broker-dealers ("Selling Firms") for the sale of the contracts. Sales representatives who are registered with Selling Firms are appointed as our insurance agents. LFD, in its capacity as Principal Underwriter, paid to LFN and Selling Firms, sales compensation totaling $403,677,807 in 2023, $480,185,092 in 2024 and $521,290,587 in 2025, in connection with all of the contracts offered under the VAA. The Principal Underwriter retained no underwriting commissions for the sale of the contracts. LFD maintains its principal place of business at 130 North Radnor Chester Road, Radnor, Pennsylvania 19087.

**Contract Information**

**Interest Adjustment Example**

The Interest Adjustment is calculated by multiplying the transaction amount by:

(1+A)<sup>n</sup> –1 <br> (1+B+K)<sup>n</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| where: | where: | where: |
| A | = | yield rate for a U.S. Treasury security with time to maturity equal to the Subaccount's Guaranteed Period, determined at <br> the beginning of the Guaranteed Period.<br>|
| B | = | yield rate for a U.S. Treasury security with time to maturity equal to the time remaining in the Guaranteed Period if greater <br> than one year, determined at the time of surrender, withdrawal or transfer. For remaining periods of one year or less, the <br> yield rate for a one year U.S. Treasury security is used.<br>|
| K | = | a 0.25% adjustment (unless otherwise limited by applicable state law). This adjustment builds into the formula a factor <br> representing direct and indirect costs to us associated with liquidating general account assets in order to satisfy <br> surrender requests. This adjustment of 0.25% has been added to the denominator of the formula because it is anticipated <br> that a substantial portion of applicable general account portfolio assets will be in relatively illiquid securities. Thus, in <br> addition to direct transaction costs, if such securities must be sold (e.g., because of surrenders), the market price may be <br> lower. Accordingly, even if interest rates decline, there will not be a positive adjustment until this factor is overcome, and <br> then any adjustment will be lower than otherwise, to compensate for this factor. Similarly, if interest rates rise, any <br> negative adjustment will be greater than otherwise, to compensate for this factor. If interest rates stay the same, there will <br> be no Interest Adjustment.<br>|
| n | = | The number of years remaining in the Guaranteed Period (e.g., 1 year and 73 days = 1 + (73 divided by 365) = 1.2 years). |
|  |  | Straight-Line interpolation is used for periods to maturity not quoted. |

---

Note: This example is intended to show how the Interest Adjustment calculation impacts the surrender value of a representative contract. The surrender charges, annual account fee, adjustment factor, and guaranteed minimum interest rate values shown here are generally different from those that apply to specific contracts, particularly those contracts that deduct an initial sales load or pay a

------

bonus on deposits. Calculations of the Interest Adjustment in your Contract, if applicable, will be based on the factors applicable to your Contract. The Interest Adjustment may be referred to as a Market Value Adjustment in your Contract.

**SAMPLE CALCULATIONS FOR MALE 35 ISSUE CASH SURRENDER VALUES** 

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| | |
|:---|:---|
| Single Premium | $50000 |
| Premium taxes |  |
| Withdrawals |  |
| Guaranteed Period | 5 years |
| Guaranteed Interest Rate | 3.50% |
| Annuity Date | Age 70 |
| Index Rate A | 3.50% |
| Index Rate B | &nbsp;&nbsp;&nbsp;&nbsp; 4.00% End of Contract Year 1<br> 3.50% End of Contract Year 2<br> 3.00% End of Contract Year 3<br> 2.00% End of Contract Year 4<br>|
| Percentage adjustment to B | 0.50% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Interest Adjustment Formula | -1 |
| n = Remaining Guaranteed Period<br> (1 + Index B + % Adjustment)<sup>n</sup> <br>| -1 |

---

**SURRENDER VALUE CALCULATION** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Contract Year** | **(1)**<br> **Annuity**<br> **Value**<br>| **(2)**<br> **1 + Interest**<br> **Adjustment Formula**<br>| **(3)**<br> **Adjusted**<br> **Annuity**<br> **Value**<br>| **(4)**<br> **Minimum**<br> **Value**<br>| **(5)**<br> **Greater of**<br> **(3) & (4)**<br>| **(6)**<br> **Surrender**<br> **Charge**<br>| **(7)**<br> **Surrender**<br> **Value**<br>|
| 1 | &nbsp;&nbsp; $51710 | 0.962268 | &nbsp;&nbsp; $49759 | &nbsp;&nbsp; $50710 | &nbsp;&nbsp; $50710 | &nbsp;&nbsp; $4250 | &nbsp;&nbsp; $46460 |
| 2 | &nbsp;&nbsp; $53480 | 0.985646 | &nbsp;&nbsp; $52712 | &nbsp;&nbsp; $51431 | &nbsp;&nbsp; $52712 | &nbsp;&nbsp; $4250 | &nbsp;&nbsp; $48462 |
| 3 | &nbsp;&nbsp; $55312 | 1.000000 | &nbsp;&nbsp; $55312 | &nbsp;&nbsp; $52162 | &nbsp;&nbsp; $55312 | &nbsp;&nbsp; $4000 | &nbsp;&nbsp; $51312 |
| 4 | &nbsp;&nbsp; $57208 | 1.009756 | &nbsp;&nbsp; $57766 | &nbsp;&nbsp; $52905 | &nbsp;&nbsp; $57766 | &nbsp;&nbsp; $3500 | &nbsp;&nbsp; $54266 |
| 5 | &nbsp;&nbsp; $59170 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; $59170 | &nbsp;&nbsp; $53658 | &nbsp;&nbsp; $59170 | &nbsp;&nbsp; $3000 | &nbsp;&nbsp; $56170 |

---

**ANNUITY VALUE CALCULATION** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Contract Year** | **BOY\***<br> **Annuity**<br> **Value**<br>|  | **Guaranteed**<br> **Interest Rate**<br>| **Annual**<br> **Account**<br> **Fee**<br>| **EOY\*\***<br> **Annuity**<br> **Value**<br>|
| 1 | $50000 | x | 1.035 | $40 | $51710 |
| 2 | $51710 | x | 1.035 | $40 | $53480 |
| 3 | $53480 | x | 1.035 | $40 | $55312 |
| 4 | $55312 | x | 1.035 | $40 | $57208 |
| 5 | $57208 | x | 1.035 | $40 | $59170 |

---

**SURRENDER CHARGE CALCULATION** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Contract Year** | **Surrender**<br> **Charge**<br> **Factor**<br>|  | **Deposit** | **Surrender**<br> **Charge**<br>|
| 1 | 8.5% | x | $50000 | $4250 |
| 2 | 8.5% | x | $50000 | $4250 |
| 3 | 8.0% | x | $50000 | $4000 |
| 4 | 7.0% | x | $50000 | $3500 |
| 5 | 6.0% | x | $50000 | $3000 |

---

------

**1 + INTEREST ADJUSTMENT FORMULA CALCULATION** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Contract Year** | **Index A** | **Index B** | **Adj Index B** | **N** | **Result** |
| 1 | 3.50<br> %<br>| 4.00<br> %<br>| 4.50<br> %<br>| &nbsp;&nbsp; 4 | 0.962268 |
| 2 | 3.50<br> %<br>| 3.50<br> %<br>| 4.00<br> %<br>| &nbsp;&nbsp; 3 | 0.985646 |
| 3 | 3.50<br> %<br>| 3.00<br> %<br>| 3.50<br> %<br>| &nbsp;&nbsp; 2 | 1.000000 |
| 4 | 3.50<br> %<br>| 2.00<br> %<br>| 2.50<br> %<br>| &nbsp;&nbsp; 1 | 1.009756 |
| 5 | 3.50<br> %<br>| &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |

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**MINIMUM VALUE CALCULATION** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Contract Year** |  |  | **Minimum**<br> **Guaranteed**<br> **Interest Rate**<br>| **Annual**<br> **Account**<br> **Fee**<br>| **Minimum**<br> **Value**<br>|
| 1 | $50000 | x | 1.015 | $40 | $50710 |
| 2 | $50710 | x | 1.015 | $40 | $51431 |
| 3 | $51431 | x | 1.015 | $40 | $52162 |
| 4 | $52162 | x | 1.015 | $40 | $52905 |
| 5 | $52905 | x | 1.015 | $40 | $53658 |

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\*

BOY = beginning of year

\*\*

EOY = end of year

**Additional Services**

**Dollar Cost Averaging (DCA)**—You may systematically transfer, on a monthly basis or in accordance with other terms we make available, amounts from certain Subaccounts, or the fixed side (if available) of the contract into the Subaccounts or in accordance with other terms we make available. You may elect to participate in the DCA program at the time of application or at any time before the Annuity Commencement Date by completing an election form available from us. The minimum amount to be dollar cost averaged is $1,500 over any time period between six and 60 months. We may offer different time periods for new Purchase Payments and for transfers of Contract Value. State variations may exist. Once elected, the program will remain in effect until the earlier of:

● the Annuity Commencement Date;

● the value of the amount being DCA'd is depleted; or

● you cancel the program by written request or by telephone if we have your telephone authorization on file.

We reserve the right to discontinue or restrict access to this program at any time.

A transfer made as part of this program is not considered a transfer for purposes of limiting the number of transfers that may be made, or assessing any charges or Interest Adjustment which may apply to transfers. Upon receipt of an additional Purchase Payment allocated to the DCA fixed account, the existing program duration will be extended to reflect the end date of the new DCA program. However, the existing interest crediting rate will not be extended. The existing interest crediting rate will expire at its originally scheduled expiration date and the value remaining in the DCA account from the original amount as well as any additional Purchase Payments will be credited with interest at the standard DCA rate at the time. DCA does not assure a profit or protect against loss.

**Automatic Withdrawal Service (AWS)**—AWS provides an automatic, periodic withdrawal of Contract Value to you. AWS may take place on either a monthly, quarterly, semi-annual or annual basis, as selected by the Contractowner. You may elect to participate in AWS at the time of application or at any time before the Annuity Commencement Date by sending a written request to us. The minimum Contract Value required to establish AWS is $10,000. You may cancel or make changes to your AWS program at any time by sending a written request to us. If telephone authorization has been elected, certain changes may be made by telephone. Notwithstanding the requirements of the program, any withdrawal must be permitted under Section 401(a)(9) of the IRC for qualified plans or permitted under Section 72 of the IRC for nonqualified contracts. To the extent that withdrawals under AWS do not qualify for an exemption from the contingent deferred sales charge, we will assess any applicable surrender charges on those withdrawals. See Surrender Charge.

**Portfolio Rebalancing** — Portfolio rebalancing is an option, which, if elected by the Contractowner, restores to a pre-determined level the percentage of the Contract Value (or Account Value under *i4LIFE*<sup>®</sup> Advantage), allocated to each variable Subaccount. This pre-determined level will be the allocation initially selected when the Contract was purchased, unless subsequently changed. The portfolio rebalancing allocation may be changed at any time by submitting a written request to us. If portfolio rebalancing is elected, all Purchase Payments allocated to the variable Subaccounts must be subject to portfolio rebalancing. Portfolio rebalancing may take place on either a monthly, quarterly, semi-annual or annual basis, as selected by the Contractowner. The Contractowner may terminate the

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portfolio rebalancing program or re-enroll at any time by sending a written request to us. If telephone authorization has been elected, the Contractowner may make these elections by phone. The portfolio rebalancing program is not available following the Annuity Commencement Date.

Please note that all of the services discussed in this section will stop once we become aware of a pending death claim.

***SecureLine***<sup>®</sup> **Account –** *SecureLine*<sup>®</sup> is an interest bearing draft account established from the proceeds payable on a Contract administered by us that helps you manage your surrender or death benefit proceeds. You are the owner of the account, and are the only one authorized to transfer proceeds from the account. You may choose to leave the proceeds in this account, or you may use the checkbook we previously provided and write checks against the account until the funds are depleted. The *SecureLine*<sup>®</sup> account is part of our general account. It is not a bank account and it is not insured by the FDIC or any other government agency. As part of our general account, it is subject to the claims of our creditors. We receive a benefit from all amounts left in the *SecureLine*<sup>®</sup> account.

Interest credited in the *SecureLine*<sup>®</sup> account is taxable as ordinary income in the year such interest is credited, and is not tax deferred. We recommend that you consult your tax advisor to determine the tax consequences associated with the payment of interest on amounts in the *SecureLine*<sup>®</sup> account. The balance in your *SecureLine*<sup>®</sup> account began earning interest the day your account was opened and will continue to earn interest until all funds are withdrawn. Interest is compounded daily and credited to your account on the last day of each month. The interest rate will be updated monthly and we may increase or decrease the rate at our discretion. The interest rate credited to your *SecureLine*<sup>®</sup> account may be more or less than the rate earned on funds held in our general account. The interest rate offered with a *SecureLine*<sup>®</sup> account is not necessarily that credited to the fixed account. There are no monthly fees. You may be charged a fee if you stop a payment or if you present a check for payment without sufficient funds.

**Other Information**

Due to differences in redemption rates, tax treatment or other considerations, the interests of policyholders under the variable life accounts could conflict with those of Contractowners under the VAA. In those cases, where assets from variable life and variable annuity separate accounts are invested in the same fund(s) (i.e., where mixed funding occurs), the Boards of Directors of the fund involved will monitor for any material conflicts and determine what action, if any, should be taken. If it becomes necessary for any separate account to replace shares of any fund with another investment, that fund may have to liquidate securities on a disadvantageous basis. Refer to the prospectus for each fund for more information about mixed funding.

**Determination of Accumulation and Annuity Unit Value**

A description of the days on which Accumulation and Annuity Units will be valued is given in the prospectus. The New York Stock Exchange's (NYSE) most recent announcement (which is subject to change) states that it will be closed on weekends and on these holidays: New Year's Day, Martin Luther King Day, President's Day, Good Friday, Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving Day, and Christmas Day. If any of these holidays occurs on a weekend day, the Exchange may also be closed on the business day occurring just before or just after the holiday. It may also be closed on other days.

Since the portfolios of some of the funds and series will consist of securities primarily listed on foreign exchanges or otherwise traded outside the United States, those securities may be traded (and the net asset value of those funds and series and of the variable account could therefore be significantly affected) on days when the investor has no access to those funds and series.

**Annuity Payments**

**Variable Annuity Payouts**

Variable Annuity Payouts will be determined on the basis of:

● the dollar value of the Contract on the Annuity Commencement Date less any applicable premium tax;

● the annuity tables contained in the Contract;

● the type of annuity option selected; and

● the investment results of the fund(s) selected.

In order to determine the amount of variable Annuity Payouts, we make the following calculation:

● first, we determine the dollar amount of the first payout;

● second, we credit the Contract with a fixed number of Annuity Units based on the amount of the first payout; and

● third, we calculate the value of the Annuity Units each period thereafter.

These steps are explained below.

The dollar amount of the first periodic variable Annuity Payout is determined by applying the total value of the Accumulation Units credited under the Contract valued as of the Annuity Commencement Date (less any premium taxes) to the annuity tables contained in

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the Contract. The first variable Annuity Payout will be paid 14 days after the Annuity Commencement Date. This day of the month will become the day on which all future Annuity Payouts will be paid. Amounts shown in the tables are based on the 1983 Table "a" Individual Annuity Mortality Tables, modified, with an assumed investment return at the rate of 3%, 4%, 5% or 6% per annum, depending on the terms of your Contract. The first Annuity Payout is determined by multiplying the benefit per $1,000 of value shown in the contract tables by the number of thousands of dollars of value accumulated under the Contract. These annuity tables vary according to the form of annuity selected and the age of the Annuitant at the Annuity Commencement Date. The assumed interest rate is the measuring point for subsequent Annuity Payouts. If the actual net investment rate (annualized) exceeds the assumed interest rate, the payout will increase at a rate equal to the amount of such excess.

Conversely, if the actual rate is less than the assumed interest rate, Annuity Payouts will decrease. If the assumed rate of interest were to be increased, Annuity Payouts would start at a higher level but would decrease more rapidly or increase more slowly.

We may use sex-distinct annuity tables in contracts that are not associated with employer sponsored plans and where not prohibited by law.

At an Annuity Commencement Date, the Contract is credited with Annuity Units for each Subaccount on which variable Annuity Payouts are based. The number of Annuity Units to be credited is determined by dividing the amount of the first periodic payout by the value of an Annuity Unit in each Subaccount selected. Although the number of Annuity Units is fixed by this process, the value of such units will vary with the value of the underlying fund. The amount of the second and subsequent periodic payouts is determined by multiplying the Contractowner's fixed number of Annuity Units in each Subaccount by the appropriate Annuity Unit value for the Valuation Date ending 14 days prior to the date that payout is due.

The value of each Subaccount's Annuity Unit will be set initially at $1.00. The Annuity Unit value for each Subaccount at the end of any Valuation Date is determined by multiplying the Subaccount Annuity Unit value for the immediately preceding Valuation Date by the product of:

● The net investment factor of the Subaccount for the Valuation Period for which the Annuity Unit value is being determined, and

● A factor to neutralize the assumed investment return in the annuity table.

The value of the Annuity Units is determined as of a Valuation Date 14 days prior to the payment date in order to permit calculation of amounts of Annuity Payouts and mailing of checks in advance of their due dates. Such checks will normally be issued and mailed at least three days before the due date.

**Financial Statements** 

The December 31, 2025 financial statements of the VAA and the December 31, 2025 consolidated financial statements of Lincoln Life are incorporated into this SAI by reference to the VAA's most recent N-VPFS ("[N-VPFS](https://www.sec.gov/Archives/edgar/data/1048606/000110465926040903/tm263458d1_nvpfs.htm)") filed with the SEC by Lincoln Life on April 8, 2026.

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