As filed with the SEC on April 30, 2026

Registration No. 333-141878

Registration No. 811-05315

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-4

 

 

REGISTRATION STATEMENT

UNDER

THE SECURITIES ACT OF 1933

Pre-Effective Amendment No.

		Post-Effective Amendment No. 21		☒

REGISTRATION STATEMENT

UNDER

THE INVESTMENT COMPANY ACT OF 1940

		Amendment No. 145		☒

 

 

FIDELITY INVESTMENTS VARIABLE ANNUITY ACCOUNT I

(Exact Name of Registered Separate Account)

 

 

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(Name of Insurance Company)

 

 

900 Salem Street

Smithfield, Rhode Island 02917

(Address of Insurance Company’s Principal Executive Offices)

 

 

Insurance Company’s Telephone Number: (800) 544-8888

 

 

ARI LINDNER

President

Fidelity Investments Life Insurance Company

900 Salem Street

Smithfield, Rhode Island 02917

(Name and Address of Agent for Service)

 

 

Copy to:

MICHAEL BERENSON

MORGAN, LEWIS & BOCKIUS LLP

1111 Pennsylvania Avenue, N.W.

Washington, D.C. 20004

 

 

It is proposed that this filing will become effective (check appropriate box):

 

☒	immediately upon filing pursuant to paragraph (b) of rule 485

 

☐	on April 30, 2026, pursuant to paragraph (b) of rule 485

 

☐	60 days after filing pursuant to paragraph (a)(1) of rule 485

 

☐	on (date) pursuant to paragraph (a)(1) of rule 485 under the Securities Act of 1933 (“Securities Act”).

If appropriate, check the following box:

 

☐	This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

 

PROSPECTUS

April 30, 2026

Fidelity Growth and Guaranteed Income^® Annuity

Issued by Fidelity Investments Life Insurance Company

(“FILI”)

Introduction:

This prospectus describes an individual, single premium, deferred variable annuity contract with a guaranteed withdrawal for life benefit (the “Contract”). All guarantees described in the Contract are subject to the claims-paying ability of Fidelity Investments Life Insurance Company (“FILI”, “we”, or “us”). We are a life insurance company that is one of the group of financial service companies known as Fidelity Investments. Money may be directed to one or both of the two available Subaccounts of Fidelity Investments Variable Annuity Account I (the “Variable Account”), each of which invests in a single mutual fund portfolio (a “Fund”). Information about the Funds is provided in Appendix A.

Currently, we do not offer this Contract for sale to new investors.

You purchased your Contract (1) on a non-qualified basis, or (2) on a qualified basis as an Individual Retirement Annuity (“IRA”) under Section 408(b) of the Internal Revenue Code of 1986, as amended in connection with the “rollover” of contributions from a 401(a) plan, a tax-sheltered annuity, a 403(b) plan, a governmental 457(b) plan or an IRA.

Important Disclosures:

The Contract is a complex investment and involves risks, including risk of loss. It is not a short-term investment and is not suitable for an investor who needs ready access to cash. The taxable portion of a distribution will generally be taxed as ordinary income and may be subject to a penalty tax if received before age 59¹⁄₂.

FILI’s obligations and guarantees under the Contract are subject to FILI’s financial strength and claims-paying ability.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved these securities or determined if this prospectus is accurate or complete. Any representation to the contrary is a criminal offense.

Additional information about certain investment products, including variable annuities, has been prepared by the Securities and Exchange Commission’s staff and is available at Investor.gov.

 

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TABLE OF CONTENTS

 

Glossary			4
Overview of the Contract			6
Important Information You Should Consider About the Contract			8
Fee Tables			12
1. Principal Risks of Investing in the Contract			14
2. FILI, the Variable Account, the Funds, and the Distributors			15
(a). FILI and the Variable Account			15
(b). The Funds			15
(c). Selling the Contracts			16
(d). Legal Proceedings			16
3. Purchase Payment			16
(a). Purchase of a Contract			16
(b). Investment Allocation of Your Purchase Payment			17
(c). Accumulation Units			17
4. Benefits Available Under the Contract			19
(a). Overview of Benefits			19
(b). Death Benefit			20
(c). Guaranteed Withdrawal Benefit for Life			22
(d). Systematic Withdrawal Program			26
5. Making Exchanges Among Subaccounts			28
(a). General Procedures for Making Exchanges			28
(b). Making Exchanges by Telephone or Internet			28
(c). Effective Date of Exchanges Among Subaccounts			28
(d). Market Timing			29
(e). Short-Term Trading Risk			29
(f). FILI Policies Regarding Frequent Trading			29
(g). Frequent Trading Monitoring and Restriction Procedures			30
6. Making Withdrawals			31
7. Income Phase			31
(a). Annuity Date			31
(b). Annuity Income			32
8. Current Charges and Other Deductions			34
(a). Base Contract Expenses			34
(b). Surrender Charges			34
(c). Premium Taxes			35
(d). Funds’ Expenses			35
(e). Other Taxes			35
9. Tax Considerations			35
(a). Introduction			35
(b). Tax Deferral During Accumulation Period			35

 

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(c). Qualified Contracts			37
(d). Contract Values and Proceeds			37
(e). Other Tax Information			39
(f). Exchanges of Contracts			39
(g). FILI’s Tax Status			39
10. More Information about the Contract			40
(a). Contract Rights			40
(b). Assignment			41
(c). Notification of Death			41
(d). Automatic Transfer to the Government Money Market Subaccount Upon Due Proof of Death			41
(e). Proof of Survival			41
(f). Abandoned Property			42
(g). Reports to Owners			42
(h). Signature Guarantee or Customer Authentication			42
(i). Non-Participating Contract			42
(j). Postponement of Payment			42
(k). Special Provisions for Sales Under Sponsored Arrangements			43
(l). Written Requests Received at the Company			43
11. More Information about the Subaccounts and the Funds			43
(a). Changes in Subaccounts			43
(b). Voting Rights			44
(c). Resolving Material Conflicts			44
Appendix A: Funds Available Under the Contract			45
Appendix B: Guaranteed Withdrawal Benefit for Life Examples			46

 

3

GLOSSARY

Accumulation Phase – The Accumulation Phase starts when you purchase your Contract and ends on the Annuity Date, when the Income Phase starts.

Accumulation Unit – A unit of measure used prior to the Annuity Date to calculate the value of your contract in a Subaccount.

Accumulation Unit Value – The value of a particular Accumulation Unit at a particular time.

Annuitant or Annuitants – The person(s) designated by the Owner(s) whose age and life determine eligibility for benefits under the Guaranteed Withdrawal Benefit For Life provision and the Annuity Income provisions.

Annuity Date – A date selected by the Owner(s) for annuity income payments to begin. This date can be as late as the first day of the calendar month on or after the Contract Anniversary that falls on or after the oldest Owner’s 95th birthday.

Base Contract Expenses – Expenses that we assess daily at an annual effective rate against the assets of each Subaccount, comprised of a Mortality and Expense Risk Charge and an Administrative Charge.

Beneficiary or Beneficiaries – The person or persons who receive proceeds from the Contract if all the Owners and Annuitants die before the Annuity Date.

Code – The Internal Revenue Code of 1986, as amended.

Contract – The annuity contract described in this prospectus.

Contract Anniversary – The same month and day as the Contract Date in each later year.

Contract Date – The date your Contract becomes effective. We show this date in your Contract.

Contract Value – The total amount attributable to a Contract at any time before annuity income payments begin.

Contract Year – A year that starts on the Contract Date or a Contract Anniversary and ends at the close of business on the day before the next Contract Anniversary.

Death Benefit – A benefit equal to the Contract Value that is triggered if any Owner (or Annuitant for a trust owned Contract) dies before the Annuity Date.

Exchanges – Transfers of values among the Subaccounts.

Free Look Period – The limited period of time after you purchased your Contract that you were allowed to cancel it and return it for a refund.

Funds – The mutual fund portfolios in which the Subaccount invests.

Gross Withdrawal – The amount by which a withdrawal reduces the Contract Value. Such amount may include a Surrender Charge and taxes.

Guaranteed Withdrawal Benefit Amount (“GWB Amount”) – The amount you are eligible to withdraw each Contract Year after the youngest Annuitant reaches age 59¹⁄₂.

Guaranteed Withdrawal Benefit Value (“GWB Value”) – The value we use to determine your GWB Amount.

 

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Income Phase – The Income Phase starts on the Annuity Date and represents the period of time the Contract makes annuity income payments.

IRA – Refers generally to both an Individual Retirement Account and an Individual Retirement Annuity as defined in sections 408(a) and (b) respectively, of the Code. When it is used to refer to a Qualified Contract, it means a Contract that qualifies as an Individual Retirement Annuity as defined in section 408(b) of the Code.

Money Market Period – The period of time during the Contract’s Free Look Period where your Contract will be invested entirely in the Government Money Market Subaccount if your Contract is a Qualified Contract or if state law requires that we return at least the amount of your Purchase Payment.

Non-qualified Contract – An annuity contract that does not qualify as an individual retirement annuity under Section 408(b) of the Code. This type of Contract may be purchased with money from any source.

Owner(s) – also “You” or “Your” – The one or two persons who have the ownership rights and privileges under the Contract. Two people may purchase a Contract only if they are spouses.

Purchase Payment – The single premium amount you invest in a Contract before any deduction for premium taxes.

Qualified Contract – A Contract that qualifies as an Individual Retirement Annuity under Section 408(b) of the Code.

Subaccounts – The divisions of the Variable Account to which you may allocate your Contract Value. Each Subaccount invests exclusively in the shares of one Fund.

Total Return – A measure of the investment performance for a Subaccount from one Valuation Period to the next.

Valuation Period – The period of time between one determination of the value of Accumulation Units to the next determination. We make determinations as of the close of business (normally 4 p.m. Eastern Time) each day that the New York Stock Exchange is open for trading.

Variable Account – Fidelity Investments Variable Annuity Account I.

Withdrawal Percentage – The percentage we use to determine the GWB Amount for your Contract each Contract Year. The first withdrawal you make after the youngest Annuitant reaches age 59¹⁄₂ will determine the Withdrawal Percentage for the duration of your Contract.

You, you or Your, your – The one or two persons who own a Contract. Once the Contract is issued, the Owner(s) may not be changed. You may not remove an Owner.

 

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OVERVIEW OF THE CONTRACT

What is this Contract designed to do and who could it be appropriate for?

We designed the Contract to provide assistance in meeting retirement income goals by providing a withdrawal feature that allows for guaranteed withdrawals that can begin when the youngest Annuitant reaches age 59¹⁄₂ and last for the life or lives of the Annuitant(s). The Contract may be appropriate if you are seeking to protect your income level at or before retirement while at the same time retaining the potential for tax deferred growth and some access to assets.

What are the different phases of the Contract?

Your Contract has two phases: 1) an Accumulation Phase; and 2) an Income Phase, beginning on the Annuity Date.

 

•

Accumulation Phase

During this phase, you invest your money in one or both of the two Subaccounts available under the Contract. Each Subaccount invests exclusively in shares of one Fund. Values invested in the Subaccount(s) may increase, decrease, or stay the same. Each Fund has its own investment strategies, investment advisers, expense ratios, and returns. Information about the Funds is provided in Appendix A: Funds Available Under the Contract. During this phase and after the youngest Annuitant reaches age 59¹⁄₂, Owners typically begin taking advantage of the Contract’s Guaranteed Withdrawal Benefit for Life feature.

 

•

Income Phase

The Income Phase begins on the Annuity Date, a date you select, and lasts for the remainder of the Contract. During this phase, the Contract pays a stream of guaranteed income payments to the Owner(s). For a Contract issued to one Owner, we pay fixed annuity income to the Owner beginning on the Annuity Date if the Owner is still alive on the Annuity Date. For a Contract issued to two Owners, we pay fixed annuity income to the Owners if either (1) both the Owners are alive on the Annuity Date or (2) one Owner is still alive on the Annuity Date and the surviving Owner was the deceased Owner’s spouse at the time of death and elected to continue the Contract as his or her own. The Contract offers two annuity income options.

What are the primary features of the Contract?

 

•

Guaranteed Withdrawal Benefit For Life: Under this benefit, when the youngest Annuitant reaches age 591⁄2 you are eligible to withdraw a specific amount each Contract Year called the Guaranteed Withdrawal Benefit Amount (“GWB Amount”). The GWB Amount is available for withdrawal each Contract Year during the Annuitant(s)’ lifetime regardless of the amount of your Contract Value. You may make partial withdrawals up to the GWB Amount during the Contract Year. You are not required to make any withdrawals. However, unused portions of the GWB Amount are not cumulative and do not carry over into future Contract Years. Withdrawals that exceed the GWB Amount or that are taken before the youngest Annuitant reaches age 591⁄2 may significantly reduce the value of this benefit. Other important conditions and limitations apply to this feature. See 4(c). Guaranteed Withdrawal Benefit for Life.

 

•

Accessing your money: During the Accumulation Phase, you have full access to your money. You can choose to withdraw your Contract Value at any time (although certain withdrawals prior to age 591⁄2 may be subject to a tax penalty equal to 10% of the amount treated as taxable income). Before making any withdrawal, you should first understand the impact it will have on your Contract’s Guaranteed Withdrawal Benefit for Life feature.

 

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•

Tax treatment: You can exchange money among the Subaccounts without tax implications. Under current law, you will not be taxed on increases in the value of your Contract until a distribution occurs. The taxable portion of a distribution will generally be taxed as ordinary income. A penalty tax equal to 10% of the amount treated as taxable income may be imposed on distributions received before age 591⁄2.

 

•

Death Benefit: Your Contract includes a standard Death Benefit that will pay your designated Beneficiaries the Contract Value if all the owners die during the Accumulation Phase. Please note poor investment performance and withdrawals can significantly reduce this benefit.

 

•

Systematic Withdrawal Program: At no additional charge, you may use our Systematic Withdrawal Program to make withdrawals in an amount up to your eligible GWB Amount on a periodic basis. Systematic Withdrawals must be at least $50 on a monthly, quarterly, semi-annual, or annual basis. If your Contract is a Qualified Contract and you are subject to required minimum distributions (“RMD”) under the Code, you must agree to receive your RMD through our Systematic Withdrawal Program.

 

7

IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE CONTRACT

 

FEES, EXPENSES, AND ADJUSTMENTS

Location in Prospectus

Are There Charges or Adjustments for Early Withdrawals?

We assess a 2% Surrender Charge (assessed against the amount withdrawn) on Withdrawals during the first five Contract Years unless a waiver applies.

Fee Tables

Are There Transaction Charges?

No

Are There Ongoing Fees and Expenses?

Yes, the table below describes the fees and expenses that you may pay each year, depending on the investment options you choose. Please refer to your Contract Schedule page for information about the specific fees you will pay each year based on the options you have elected.

FOR CONTRACTS PURCHASED ON OR AFTER JANUARY 1, 2009

Annual Fee

Minimum

Maximum

Fee Tables   8. Current Charges and Other Deductions   Appendix A: Funds Available Under the Contract

Base Contract (with 1 Annuitant)

1.25%1

1.25%1

Base Contract (with 2 Annuitants)

1.40%1

1.40%1

Subaccounts (Fund fees and expenses)

0.28%2

0.68%2

1 As a percentage of the average Contract Value.

2 As a percentage of the net assets of each Subaccount.

Because your Contract is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your Contract, the following table shows the lowest and highest cost you could pay each year, based on current charges.

Lowest Annual Cost $1,564

Highest Annual Cost $1,840

Assumes

Assumes

• Investment of $100,000 • 5% annual appreciation • Base Contract Expense of 1.25% and least expensive Fund fee • No Sales Charge • No transfers or withdrawals

• Investment of $100,000 • 5% annual appreciation • Base Contract Expense of 1.40% and most expensive Fund fee • No Sales Charge • No transfers or withdrawals

 

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FOR CONTRACTS PURCHASED PRIOR TO JANUARY 1, 2009

Annual Fee

Minimum

Maximum

Fee Tables   8. Current Charges and Other Deductions   Appendix A: Funds Available Under the Contract

Base Contract (with 1 Annuitant)

1.10%1

1.10%1

Base Contract (with 2 Annuitants)

1.25%1

1.25%1

Subaccounts (Fund fees and expenses)

0.28%2

0.68%2

1 As a percentage of the average Contract Value.

2 As a percentage of the net assets of each Subaccount.

Because your Contract is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your Contract, the following table shows the lowest and highest cost you could pay each year, based on current charges.

Lowest Annual Cost $1,439

Highest Annual Cost $1,719

Assumes

Assumes

• Investment of $100,000 • 5% annual appreciation • Base Contract Expense of 1.10% and least expensive Fund fee • No Sales Charge • No transfers or withdrawals

• Investment of $100,000 • 5% annual appreciation • Base Contract Expense of 1.25% and most expensive Fund fee • No Sales Charge • No transfers or withdrawals

RISKS

Location in Prospectus

Is There a Risk of Loss from Poor Performance?

Yes, an investor can lose money by investing in the Contract.

1. Principal Risks of Investing in the Contract   2(a). FILI and the Variable Account   2(b). The Funds

Is This a Short-Term Investment?

No, the Contract is not suitable as a short-term investment and is not appropriate for an investor who needs ready access to cash. This is because tax deferral and the Contract’s Guaranteed Withdrawal Benefit for Life feature are more advantageous to investors with a long-time horizon. Investors with a short time horizon may not benefit. Furthermore, the taxable portion of a distribution will generally be taxed as ordinary income and may be subject to a penalty tax if received before age 591⁄2.   Withdrawals may be subject to Surrender Charges, and certain withdrawals can significantly reduce the value of the Guaranteed Withdrawal Benefit for Life feature.

1. Principal Risks of Investing in the Contract   4(c). Guaranteed Withdrawal Benefit for Life   6. Making Withdrawals

 

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RISKS						Location in Prospectus
What Are the Risks Associated with the Investment Options?		• An investment in the Contract is subject to the risk of poor performance of the Subaccount(s).   • Performance will vary based on the performance of the Subaccount(s) you select.   • Each Subaccount will have its own unique risks.   • You should review each Fund’s prospectus carefully before making an investment decision.				1. Principal Risks of Investing in the Contract   2(a). FILI and the Variable Account   2(b). The Funds
What Are the Risks Related to the Insurance Company?		The Contract is issued by and subject to the risks related to Fidelity Investments Life Insurance Company (“FILI, “we”, or “us”). The obligations, guarantees, and benefits of the Contract are subject to FILI’s claims-paying ability. FILI has an A+ Financial Strength Rating from AM Best as of March 5, 2026.				1. Principal Risks of Investing in the Contract   2(a). FILI and the Variable Account
RESTRICTIONS						Location in Prospectus
Are There Restrictions on the Investment Options?		Yes, the following restrictions may apply:   • Additional Purchase Payments are not allowed.   • You cannot move less than $250 from any Subaccount except that if you have less than $250 in a Subaccount you may move the entire amount.   • Exchanges by telephone and/or Internet are limited to four days in each calendar year.   • Contract Owners who engage in frequent Exchanges may be subjected to temporary or permanent restrictions on future purchase or Exchanges.   • We have the right to eliminate Subaccounts, to combine two or more Subaccounts, or to substitute a new Fund for the Fund in which a Subaccount invests.				3(a). Purchase of a Contract   5. Making Exchanges among Subaccounts   5(f). FILI policies Regarding Frequent Trading   11(a). Changes in Subaccounts
Are There Any Restrictions on Contract Benefits?		Yes, there are:   • We will not pay any Beneficiary their portion of the Death Benefit until we have determined the number of Beneficiaries entitled to receive payment and received all required forms in good order.   • Important conditions and limitations apply to the Guaranteed Withdrawal Benefit for Life feature, including: withdrawals that exceed the GWB Amount or taken before the youngest Annuitant reaches age 591⁄2 may significantly reduce the GWB Amount in future Contract Years.   • We reserve the right modify or terminate certain benefits available under the Contract.				4. Benefits Available Under the Contract

 

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TAXES						Location in Prospectus
What Are the Contract’s Tax Implications?		• Consult with a tax professional to determine the tax implications of an investment in and payments received under this Contract.   • If you purchased the Contract through a tax qualified plan or individual retirement account (IRA), you do not get any additional tax benefit from this Contract.   • Under current law, you will not be taxed on increases in the value of your Contract until a distribution occurs. The taxable portion of a distribution will generally be taxed as ordinary income. A penalty tax equal to 10% of the amount treated as taxable income may be imposed on distributions received before age 591⁄2.				Overview of the Contract   1. Principal Risks of Investing in the Contract   9. Tax Considerations
CONFLICTS OF INTEREST						Location in Prospectus
How Are Investment Professionals Compensated?		Your investment professional may receive compensation for selling this Contract to you in the form of commissions. This financial incentive may influence your investment professional to recommend this Contract over another investment.				2(b). The Funds   2(c). Selling the Contracts
Should I Exchange My Contract?		Your investment professional may have a financial incentive to offer you a new contract in place of the one you own. You should only exchange your contract if you determine, after comparing the features, fees, and risks of both contracts, and any fees or penalties to terminate the existing contract, that it is better for you to purchase the new contract rather than continue to own your existing contract.				“Replacement of Contracts” under 3(a). Purchase of a Contract

 

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FEE TABLES

The following tables describe the fees and expenses that you will pay while you own the Contract. Please refer to your Contract Schedule 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 and expenses that you will pay at the time that you buy the Contract, surrender, or make withdrawals from the Contract. State premium taxes may also be deducted.

 

Transaction Expenses
Surrender Charge1 (as a percentage of amount withdrawn during first 5 Contract Years)		2%

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).

Annual Contract Expenses

Contracts purchased on or after January 1, 2009

 

		Contracts with 1 Annuitant On Contract Date		Contracts with 2 Annuitants On Contract Date
Base Contract Expenses2 (As a percentage of the average Contract Value)		1.25%		1.40%

Contracts purchased prior to January 1, 2009

 

		Contracts with 1 Annuitant On Contract Date		Contracts with 2 Annuitants On Contract Date
Base Contract Expenses2 (As a percentage of the average Contract Value)		1.10%		1.25%

The next item shows the minimum and maximum total 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 at the back of this document.

 

Annual Portfolio Company Expenses		Minimum		Maximum
(expenses that are deducted from Fund assets, including management fees, distribution and/or service (12b-1) fees, and other expenses)		0.28%		0.68%
(expenses that are deducted from Fund assets, including management fees, distribution and/or service (12b-1) fees, and other expenses after any waivers or expense reimbursements)		0.28%		0.63%3

 

1	Surrender Charge will not apply to withdrawals of the GWB Amount, amounts withdrawn pursuant to our Systematic Withdrawal Program to meet required minimum distributions under the Code, or proceeds received as a required distribution following the death of an Owner.

2	Base Contract Expenses is the total of two separate charges, a Mortality and Expense Risk Charge and an Administrative Charge. You may also see Base Contract Expenses referred to as “Total Separate Account Annual Expenses”.

3	This reflects temporary reductions to Fund expenses.

 

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Examples

These examples are intended to help you compare the cost of investing in the Contract with the cost of investing in other annuity contracts that offer variable options. These costs include annual transaction expenses, annual Contract expenses, and annual Fund expenses.

These examples assume that you invest $100,000 in the Contract for the time periods indicated. The Example also assumes that your investment has a 5% return each year, Base Contract Expenses assuming 2 Annuitants, and the maximum annual Fund expenses. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

Contracts purchased on or after January 1, 2009

 

		1 year				3 years				5 years				10 Years
If you surrender Your Contract at the end of the applicable time period4		$	4,169			$	8,698			$	13,496			$	24,104
If you annuitize at the end of the applicable period or do not surrender your Contract		$	2,110			$	6,518			$	11,186			$	24,104

Contracts purchased prior to January 1, 2009

 

		1 year				3 years				5 years				10 Years
If you surrender Your Contract at the end of the applicable time period4		$	4,021			$	8,251			$	12,745			$	22,537
If you annuitize at the end of the applicable period or do not surrender your Contract		$	1,960			$	6,061			$	10,418			$	22,537

 

4	During the 1,3, and 5 year periods, the entire amount surrendered is subject to the 2% surrender fee.

 

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1. PRINCIPAL RISKS OF INVESTING IN THE CONTRACT

Risk of Loss: The value of the money you invest in any Subaccount will vary with the investment performance of the single Fund in which the Subaccount invests. There is a risk of loss of the entire amount invested. Values may increase, decrease, or stay the same. You bear the investment risk. You should review each Fund’s prospectus carefully before making an investment decision.

Not A Short-Term Investment: The Contract is not suitable as a short-term investment and is not appropriate for an investor who needs ready access to cash. This is because:

 

•

Tax deferral and the Contract’s Guaranteed Withdrawal Benefit for Life feature are more advantageous to investors with a long-time horizon.

 

•

Withdrawals that exceed the Guaranteed Withdrawal Benefit Amount or that are taken before the youngest Annuitant reaches age 591⁄2 may significantly reduce the value of the Guaranteed Withdrawal Benefit for Life Feature.

 

•

Withdrawals during the first five Contract Years may be subject to a 2% Surrender Charge, which would reduce the Contract Value.

 

•

Adverse tax consequences may result from withdrawals prior to age 591⁄2 (see below).

Possibility of Adverse Tax Consequences: A penalty tax equal to 10% of the amount treated as taxable income may be imposed on distributions received before age 59¹⁄₂.

Another Annuity Contract May Be More Appropriate: It is possible that other annuity contracts, including a contract with lower expenses, may be more appropriate for you. You should have only purchased this Contract for the Guaranteed Withdrawal Benefit for Life feature. If you are not currently using this benefit and do not plan to use it in the future, it is likely a less expensive annuity is more appropriate for you. Note exchanging from one annuity contract to another should only be done after a careful consideration of the benefits, features, and expenses of the existing and proposed annuity. See Replacement of Contracts in 3(a).

Potential Harmful Fund Transfer Activity: Frequent Exchanges among Subaccounts by Contract Owners can reduce the long-term returns of the Funds. The reduced returns could adversely affect the owners, annuitants, insureds or beneficiaries of any variable annuity or variable life insurance contract issued by any insurance company with respect to values allocated to the Fund. Frequent Exchanges may reduce a Fund’s performance by increasing costs paid by the Fund (such as brokerage commissions); they can disrupt portfolio management strategies; and they can have the effect of diluting the value of the shares of long term shareholders in cases in which fluctuations in markets are not fully priced into the Fund’s net asset value. FILI has adopted policies designed to discourage frequent trading. See 5. Making Exchanges among Subaccounts for more information.

Insurance Company Risks: The Contract is issued by and subject to the risks related to Fidelity Investments Life Insurance Company (“FILI”, “we”, or “us”). The obligations, guarantees, and benefits of the Contract are subject to FILI’s claims-paying ability. If FILI experiences financial distress, it may not be able to meet its obligations to you – obligations under the Guaranteed Withdrawal Benefit for Life feature and annuity income payments could be especially at risk.

Contract Changes Risk: There is the risk that in the future we will exercise our right to change certain fees or features of the Contract, including the following:

 

•

We reserve the right to limit exchanges.

 

•

We have the right to eliminate Subaccounts, to combine two or more Subaccounts, or to substitute a new Fund for the Fund in which a Subaccount invests.

 

•

We may modify or terminate certain Contract features such as the systematic withdrawal program.

 

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2. FILI, THE VARIABLE ACCOUNT, THE FUNDS, AND THE DISTRIBUTORS

2(a).  FILI and the Variable Account

FILI: The Contract is issued by FILI. We are a wholly-owned subsidiary of FMR LLC, the parent company of the Fidelity Investments companies. The lifetime annuity income payments and payments of GWB Amounts in excess of assets in the Variable Account made under the Contract are subject to our claims-paying ability and financial strength. We issue other annuity contracts and life insurance policies as well, and certain benefits and obligations under these products are also subject to our claims-paying ability and financial strength. We have an A+ Financial Strength Rating from AM Best as of March 5, 2026.¹ Our principal executive offices are located at 900 Salem Street, Smithfield, Rhode Island 02917. The address of our Annuity Service Center is P.O. Box 770001, Cincinnati, Ohio 45277-0050.

The Variable Account: Fidelity Investments Variable Annuity Account I is a separate account used to support the Contract and other forms of variable annuity contracts issued by FILI, and for other purposes permitted by law. We are the legal owner of the assets of the Variable Account. However, income, gains, and losses credited to, or charged against, the Variable Account reflect the Variable Account’s own investment experience and not the investment experience of any of our other assets. The assets of the Variable Account may not be used to pay any of our liabilities other than those arising from the Contracts. The assets in the Variable Account will always be at least equal to the reserves and other liabilities of the Variable Account. If the assets exceed the required reserves and other liabilities, we may transfer the excess to our general account. We are obligated to pay all amounts promised to investors under the Contracts.

Financial Statements: FILI’s financial statements and the financial statements of the Variable Account appear in the Statement of Additional Information.

¹ Financial strength ratings are opinions from independent rating agencies of an insurer’s financial strength and ability to pay its insurance policies and contract obligations. They are not recommendations to purchase, hold or terminate any insurance policy or contract issued by an insurer, nor do they address the suitability of any particular policy or contract for a specific purpose or purchaser. AM Best Ratings range from A++ to F and are subject to change.

2(b).  The Funds

There are currently two available Subaccounts in the Variable Account. In addition, the Contract also provides for a Government Money Market Subaccount, which your Purchase Payment may be allocated to only during the Free Look Period or following the death of the last surviving Owner or Annuitant. Each Subaccount in the Variable Account invests exclusively in a single Fund. Each Fund is part of a trust that is registered with the SEC as an open-end management investment company under the Investment Company Act of 1940 (the “1940 Act”). This registration does not involve supervision of the management or investment practices or policies of the Funds by the SEC. Each Fund’s assets are held separate from the assets of the other Funds, and each Fund has investment objectives and policies that are different from those of the other Funds. Thus, each Fund operates as a separate investment fund, and the income and losses of one Fund have no effect on the investment performance of any other Fund. In addition, the names and investment objectives of the Funds may be similar to those of other funds available through the same investment advisor, however, the performance of such funds may differ significantly.

FILI or its insurance agency affiliate receives annual compensation of up to 0.40% of assets allocated to the Funds, for customer service, distribution and recordkeeping services with respect to those assets. This compensation is received from the Funds’ advisors or their affiliates. These payments are not contract charges, and do not increase Fund or contract charges.

Investments by the Subaccounts in securities of foreign issuers may result in a foreign investment tax credit which we will claim on our federal income tax filings.

 

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Where to Find More Information on the Funds: Information regarding each Fund including its name, investment objective, investment advisers, subadvisers, current expenses, and performance is available in Appendix A: Funds Available Under the Contract. In addition, each Fund has issued a prospectus that contains more detailed information about the Fund. Investors may obtain paper or electronic copies of a Fund prospectus by calling 800-544-2442 or visiting www.dfinview.com/Fidelity/PUFT/FGGI.

2(c).  Selling the Contracts

Fidelity Brokerage Services LLC (“FBS”) and Fidelity Insurance Agency, Inc. (“FIA”) distribute the Contracts. FBS is the principal underwriter. Both FBS and FIA are affiliates of us and of FMR LLC, our parent company. Fidelity Distributors Company LLC (“FDC”) is the distributor of the Fidelity family of funds. The principal business address of FBS and FDC is 900 Salem Street, Smithfield, Rhode Island 02917.

We pay FIA compensation of not more than 2% of Purchase Payments received in the first Contract Year for marketing and distribution. We also pay FIA renewal compensation in later years based on Contract Values and the persistency of the Contracts. Our renewal compensation payments for a Contract for a year will be approximately equal to 0.10% of the Contract Value at the end of the year.

2(d).  Legal Proceedings

Neither the Registrant, the Registrant’s principal underwriter nor the Depositor is a party to any material pending legal proceedings.

3.  PURCHASE PAYMENT

3(a).  Purchase of a Contract

Currently, we do not offer this Contract for sale to new investors. Also, additional purchase payments are not allowed for existing Contracts.

Application and Initial Purchase Payment: You purchased your Contract (1) on a non-qualified basis (“Non-qualified Contract”), or (2) on a qualified basis (“Qualified Contract”) as an Individual Retirement Annuity (“IRA”) under Section 408(b) of the Code. Generally, we issued Qualified Contracts only with money transferred from a plan qualified under section 401(a) of the Code, a 403(b) mutual fund account or a 403(b) tax-sheltered annuity, a governmental 457(b) plan or an IRA.

To purchase a Contract, you were generally required to make a single Purchase payment of at least $25,000 and complete an application form. We also allowed a Contract to be purchased by exchanging one or more annuity contracts or life insurance policies, and a Contract’s Purchase Payment to be paid from different sources (e.g., personal check and proceeds from a brokerage account).

We applied your Purchase Payment to the purchase of a Contract within two business days of receiving your payment and completed application in a form acceptable to us at our Annuity Service Center. The date that we credited your Purchase Payment and your Contract became effective is called the Contract Date.

Contracts Owned by Trusts: We issued Contracts to revocable grantor trusts. There are special provisions that apply to these Contracts. The trust must be the Owner, and a second Owner cannot be added. At issue, the grantor(s) of the trust must be the Annuitant(s). If the trust has only a single grantor, the grantor’s spouse may be named as a joint Annuitant. The Annuitant(s) may not be changed. At issue, the Annuity Date was the first day of the first calendar month after the oldest Annuitant’s 95th birthday, or an earlier date chosen by the Owner. The

 

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trust must be the sole Beneficiary. Also, at issue, we required a representation from the grantor(s) that the trust is for the sole benefit of the grantor(s). This is to ensure that the Contract will be respected as an annuity for purposes of federal income tax law.

Replacement of Contracts: You can generally exchange a non-qualified annuity contract for another in a “tax-free exchange” under Section 1035 of the Internal Revenue Code or transfer a qualified annuity contract directly to another life insurance company as a “trustee-to-trustee transfer”. Before making an exchange or transfer, you should compare both annuities carefully. Remember that if you exchange or transfer one annuity for another annuity, then you may pay a surrender charge on your existing annuity, charges may be higher (or lower), and the benefits may be less (or more) advantageous. You should not exchange or transfer one annuity for another unless you determine, after knowing all the facts, that the exchange or transfer is in your best interest and not just better for the person trying to sell you the new annuity contract (that person will generally be compensated if you buy the contract through an exchange, transfer or otherwise).

3(b).  Investment Allocation of Your Purchase Payment

You choose how to allocate your Purchase Payment among the two available Subaccounts and the percentage to be allocated to each. As stated above, your Purchase Payment may have been invested in the Government Money Market Subaccount during part or for the entirety of the Free Look Period. Also, we will allocate the value of your Contract to the Government Money Market Subaccount for a limited time following the death of the last surviving Owner or Annuitant. See 10(d) Automatic Transfer To The Government Money Market Subaccount Upon Due Proof Of Death. You may not choose to allocate your Purchase Payment or Contract Value to the Government Money Market Subaccount at any time.

Instructions may be expressed in dollars or in percentages. All instructions must be in whole numbers, not decimals or fractions. If you give us instructions that in our judgment are unclear or incomplete, your Purchase Payment will be allocated to the Government Money Market Subaccount until we receive instructions that are clear and complete. Instructions may be unclear or incomplete if percentage allocations do not total 100% or for some other reason. In the case of incomplete or unclear instructions, we will not be responsible for changes in unit values or for lost market opportunities.

At the time your Purchase Payment is invested in a Subaccount, we credit a number of Accumulation Units to your Contract based on each Subaccount’s current Accumulation Unit Value.

You should verify the accuracy of your transaction confirmations and statements immediately after you receive them. If you find a discrepancy with regard to a particular transaction you should notify the Annuity Service Center promptly. We will not be responsible for losses unless you notify us within ten calendar days from the first time we mail a confirmation or statement with details of the transaction.

3(c).  Accumulation Units

We credit your payments allocated to the Subaccounts in the form of Accumulation Units. The number of Accumulation Units credited to each Subaccount is determined by dividing the net payment allocated to that Subaccount by the Accumulation Unit Value for that Subaccount as of the end of the Valuation Period during which the Purchase Payment is received at our Annuity Service Center. Accumulation Units are adjusted for any exchanges or transfers into or out of a Subaccount.

For each Subaccount the Accumulation Unit Value for the first Valuation Period of the Subaccount was set at $10. The Accumulation Unit Value for each subsequent Valuation Period is the Net Investment Factor for that period, multiplied by the Accumulation Unit Value for the immediately preceding Valuation Period. The Accumulation Unit Value may increase or decrease from one Valuation Period to the next.

 

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Each Subaccount has a Net Investment Factor (also referred to as the “Total Return”). The Net Investment Factor is an index that measures the investment performance of a Subaccount from one Valuation Period to the next.

The Net Investment Factor for each Subaccount for a Valuation Period is determined by adding (a) and (b), subtracting (c) and then dividing the result by (a) where:

 

(a)

Is the value of the assets of the Subaccount at the end of the preceding Valuation Period;

 

(b)

Is the investment income and capital gains, realized or unrealized, credited to the Subaccount during the current Valuation Period;

 

(c)

Is the sum of:

 

(1)

The capital losses, realized or unrealized, charged during the current Valuation Period plus any amount charged or set aside for taxes during the current Valuation Period;

PLUS

 

(2)

The deduction from the Subaccount during the current Valuation Period representing a daily charge equivalent to an effective annual rate of the Base Contract Expenses as shown in the Fee Tables.

The Net Investment Factor may be greater than or less than one. If it is greater than one, the Accumulation Unit Value will increase; if less than one, the Accumulation Unit Value will decrease.

Shares of the Funds are valued at their net asset values. Any dividends or capital gains distributions from a Fund are reinvested in that Fund.

 

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4.  BENEFITS AVAILABLE UNDER THE CONTRACT

4(a).  Overview of Benefits

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

Standard Benefits

 

Name of Benefit		Purpose		Maximum Fee		Brief Description of Restrictions/Limitations
Death Benefit		Upon death of an Owner (or Annuitant in the case of a trust owned contract) prior to the Annuity Date, provides a benefit equal to the then-current Contract Value on the date we receive due proof of death and all of our required forms fully completed.		None		There is no guaranteed minimum death benefit. Poor investment performance and withdrawals can significantly reduce the benefit. We will not pay any Beneficiary until we have determined the number of Beneficiaries entitled to receive payment.
Guaranteed Withdrawal Benefit for Life		Under this benefit, when the youngest Annuitant reaches age 591⁄2 you are eligible to withdraw a specific amount each Contract Year called the GWB Amount. The GWB Amount is available for withdrawal each Contract Year during the Annuitant(s)’ lifetime regardless of the amount of your Contract Value. The GWB Amount may change each Contract Year.		None		No benefit is payable until the youngest Annuitant reaches age 591⁄2.   Withdrawals, including withdrawals of the GWB Amount, will reduce the Contract Value.   Withdrawals that exceed the GWB Amount or taken before the youngest Annuitant reaches age 591⁄2 may significantly reduce the GWB Amount in future Contract Years.   Unused portions of the GWB Amount are not cumulative and do not carry over into future Contract Years.

 

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Name of Benefit		Purpose		Maximum Fee		Brief Description of Restrictions/Limitations
Systematic Withdrawal Program		Allows for withdrawals up to your eligible GWB Amount on a periodic basis. If your Contract is a Qualified Contract and you are subject to required minimum distributions (“RMD”) under the Code, you must agree to receive your RMD through our Systematic Withdrawal Program.		None		Systematic withdrawal must be at least $50.   If you make an additional withdrawal that is not part of a Systematic Withdrawal Program, we will terminate the program for the remainder of the Contract Year.   We reserve the right to modify or terminate this benefit.

4(b).  Death Benefit

What is the Death Benefit?

The Death Benefit is a benefit that is triggered if any Owner (or Annuitant for a trust owned Contract) dies before the Annuity Date. The Death Benefit is the then-current Contract Value on the date we receive due proof of death and all of our required forms fully completed. The Contract does not guarantee your designated beneficiary(ies) will receive a minimum amount. Poor investment performance and withdrawals can significantly reduce this benefit.

For information on payments, if any, to Beneficiaries following the death of the last surviving Annuitant on or after the Annuity Date, see 7. Income Phase.

Who has the right to the Death Benefit?

If all the Owners die before the Annuity Date (or all Annuitants in the case of Contracts owned by a trust and Qualified Contracts), then the Beneficiary(ies) has the right to the Death Benefit. If a Contract has two Owners and one Owner dies, the surviving Owner, not the Beneficiary(ies), has the right to the Death Benefit. If the Contract is owned by a single Owner, a trust or is a Qualified Contract and there are two Annuitants and one Annuitant dies, the surviving Annuitant, not the Beneficiary(ies), has the right to the Death Benefit.

What are the different options for receiving the Death Benefit?

The below discussion applies only to Non-qualified Contracts. For a description of the settlement options applicable to Qualified Contracts, please see the IRA Disclosure Statement that accompanies this prospectus.

The options for receiving the Contract’s Death Benefit are driven primarily by federal tax law, which requires that if any Owner of an annuity contract dies before the Annuity Date, the entire interest in the contract must be distributed within five years after the Owner’s death. If the contract is owned by a trust, then the death of an Annuitant is treated as a death of an Owner. However, there are exceptions to this requirement, which allow in certain circumstances for a Beneficiary / surviving Owner to annuitize or continue an annuity contract. The settlement options we make available for this Contract are described below. In the event a surviving Owner or a Beneficiary does not elect any of these options, a lump sum distribution of the Contract Value may be requested.

 

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Settlement Option		Description		Restrictions
5 Year Distribution		Entire interest in the Contract must be withdrawn no later than five years from the date of death.   In the event state escheatment laws require escheatment to the state before five years from the date of death, a Beneficiary may not have the full five-year distribution period to withdraw the Contract Value as described in the Contract. See 10(f). Abandoned Property.		No restrictions
Annuitization		Entire interest in the Contract is payable over the Beneficiary’s or surviving Owner’s lifetime by electing annuitization within 60 days of the date of death, with distributions beginning within one year of the date of death. A Beneficiary who elects this option gives up future access to the Contract Value in exchange for a guaranteed stream of income.		Beneficiary must be a natural person
Continuation of Contract without Guaranteed Withdrawal Benefit for Life		Continue the Contract, or their portion of the Contract, as the Owner. Note: since the Guaranteed Withdrawal Benefit for Life feature and any payments under it cease but the Contract’s expenses continue, it may not be in a Beneficiary’s best interest to continue the Contract for a significant length of time.		Only available upon the death of all Annuitants, and Beneficiary is spouse of the last surviving Annuitant at time of death.   Federal tax law does not allow a civil union partner to continue the Contract as his or her own.
Continuation of Contract with Guaranteed Withdrawal Benefit for Life		Continue the Contract as the Owner with all terms and conditions of the Contract remaining in force. Will be treated as having been the sole Owner from the Contract Date. Allowed to change the Annuity Date to a date as late as first day of the calendar month on or after the Contract Anniversary that falls on or after his or her 95th birthday   Note: for Contracts with 2 Annuitants, the Contract defaults to this option upon the first death of an Annuitant before the Annuity Date.		Applies to Contracts with 2 Annuitants upon first death of an Annuitant. Surviving Annuitant must be the spouse of deceased Annuitant at time of death.   Federal tax law does not allow a civil union partner to continue the Contract as his or her own.

How are Beneficiaries designated in the Contract?

The Owner(s) name(s) a Beneficiary or Beneficiaries in the application and can change Beneficiaries later. For a Contract owned by a trust, the trust must be named as the sole Beneficiary.

Owner(s) must indicate in percentages what portion of the Contract each Beneficiary is to receive. If the total does not equal 100%, each Beneficiary’s share will be determined by using a fraction, the numerator of which is

 

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the stated percentage for that Beneficiary, and the denominator of which is the total of the percentages indicated by the Owner(s).

Beneficiary designations must be in a form acceptable to us. We reserve the right to reject any Beneficiary designation that we deem unable to administer, which may include designations that contain contingencies that could delay payment or designations that would require us to refer to external documents or the outcome of legal proceedings.

What is the process for claiming the Death Benefit?

After the death of all the Owners and Annuitants, each Beneficiary has the right to withdraw their share of the Contract Value, as detailed below.

Before we make a payment to any Beneficiary, we must receive at our Annuity Service Center due proof of death (generally a death certificate) for each Owner (or for the last surviving Annuitant if the Contract has one Owner and joint Annuitants) and any required tax withholding and other forms. We may seek to obtain a death certificate directly from the appropriate governmental body if we believe that any Owner may have died.

At the close of the Valuation Period in which we receive the death certificate(s), we will transfer any portion of the Contract Value that is in the Subaccounts to the Government Money Market Subaccount. Once we have determined the number of Beneficiaries who will share in the Contract Value, a Beneficiary who has returned all required documentation to us (including tax withholding and other forms) will be able to transfer his or her share of the Contract Value among the Subaccounts.

We will not pay any Beneficiary until we have determined the number of Beneficiaries entitled to receive payment. This is to prevent us from overpaying one Beneficiary before making payment to other Beneficiaries.

Once we have received due proof of death and have determined the number of Beneficiaries to be paid, we will pay any Beneficiary who has provided us with required tax withholding and other forms. Such payment will be net of any applicable taxes and will be paid no later than allowed under the Investment Company Act of 1940 and any applicable state law. After making the payment, we will have no further obligations to that Beneficiary. If the Contract Value for any one Beneficiary is less than $5,000 when we have received all required documentation, then we will send that Beneficiary their entire portion of the Contract Value.

If a Beneficiary has been designated to receive a specified fraction of the Contract Value, we will pay that fraction as determined on the date of payment. For example, if there are two Beneficiaries and each is designated to receive 50%, the first Beneficiary to receive payment would receive 50% of the Contract Value on the date the payment is made, and the other Beneficiary would later receive the remainder, which might be worth more or less than what was paid to the first Beneficiary. All payments will be net any applicable taxes.

If a Beneficiary survives all the Owners but does not live long enough to receive payment from us, we will pay the Beneficiary’s estate.

4(c).  Guaranteed Withdrawal Benefit for Life

Introduction: When the youngest Annuitant reaches age 59¹⁄₂, you are eligible to withdraw a specific amount each Contract Year called the Guaranteed Withdrawal Benefit Amount (“GWB Amount”). The GWB Amount, described below, is available for withdrawal each Contract Year during the Annuitant(s)’ lifetime regardless of the amount of your Contract Value. You may make partial withdrawals up to the GWB Amount during the Contract Year. You are not required to make any withdrawals. However, unused portions of the GWB Amount are not cumulative and do not carry over into future Contract Years.

 

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The GWB Amount is determined each Contract Year by multiplying the Guaranteed Withdrawal Benefit Value (“GWB Value”), described below, by the Withdrawal Percentage, also described below.

For Contracts not owned by a trust, Owner(s) must be Annuitant(s). Because the Code requires certain distributions following the death of an Owner, we limit joint Ownership to spouses only. If the Contract has a single Owner, that Owner may name a spouse as a joint Annuitant at time of application. In the case of a trust owned Contract, the grantor of the trust must be an Annuitant. The grantor’s spouse may also be named as a joint Annuitant at time of application. Federal tax law does not extend the same continuation rights to civil union partners. See 4(b). Death Benefit.

No benefit is payable until the youngest Annuitant reaches age 59¹⁄₂. The Annuitant(s) will be shown on the Contract’s Schedule page. The Annuitant(s) may not be changed after the Contract Date.

GWB Amount: Your first withdrawal after the youngest Annuitant reaches age 59¹⁄₂ will establish a Withdrawal Percentage from the table shown below. The initial GWB Amount is determined by multiplying the applicable Withdrawal Percentage by the GWB Value. Once the GWB Amount is determined for a Contract Year, it will not change for the rest of that Contract Year. On each subsequent Contract Anniversary, the GWB Amount may change as described below.

Before the youngest Annuitant reaches the age of 59¹⁄₂, the GWB Amount is zero.

Once the youngest Annuitant reaches age 59¹⁄₂, your first withdrawal will establish a Withdrawal Percentage that will never change.

If the Contract has two Annuitants on the Contract Date and one Annuitant dies before a Withdrawal Percentage is determined, the age of the surviving Annuitant will be used to determine the applicable Withdrawal Percentage from the Two Annuitants Withdrawal Percentages column shown in the table below.

If you delay taking a first withdrawal until the youngest Annuitant reaches one of the older ages shown below, the Withdrawal Percentage shown for that older age will be used to determine the GWB Amount each Contract Year for the duration of the Contract. If you never take a withdrawal before the latest possible Annuity Date, the Withdrawal Percentage shown for ages 80 and older will be used to establish your eligible GWB Amount on the latest possible Annuity Date.

 

Youngest Annuitant’s Age at First Withdrawal		One Annuitant Withdrawal Percentage				Two Annuitants Withdrawal Percentage
59 1⁄2 - 64			5	%			4.5	%
65 - 69			5	%			5.0	%
70 - 79			6	%			5.5	%
80 and older			7	%			6.5	%

For example, assume there are two Annuitants. Once the youngest Annuitant reaches age 59¹⁄₂, you are eligible to make a withdrawal of the GWB Amount using a Withdrawal Percentage of 4.5%. If you make a withdrawal while the youngest Annuitant is 62, the withdrawal will be considered the first withdrawal and the Withdrawal Percentage of 4.5% will be used to determine the GWB Amount each Contract Year for the duration of the Contract. However, if you choose to wait until the youngest Annuitant turns age 65 to make the first withdrawal, the Withdrawal Percentage of 5% will be used to determine the GWB Amount each Contract Year for the duration of the Contract.

 

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On each Contract Anniversary, a new GWB Amount will be calculated by multiplying the Withdrawal Percentage established by your first withdrawal after the youngest Annuitant reaches age 59¹⁄₂ by the GWB Value on that same Contract Anniversary.

Generally, your new GWB Amount will be equal to or greater than the first GWB Amount established following the first withdrawal after the youngest Annuitant reached 59¹⁄₂ as long as total withdrawals in any Contract Year do not exceed the GWB Amount for that same Contract Year.

Each time you make a withdrawal, your Contract Value will be reduced by the amount of the withdrawal. In addition, if total withdrawals in any Contract Year exceed the GWB Amount for that same Contract Year, there will be a proportionate reduction in your GWB Value as described below which may result in a lower GWB Amount in future Contract Years.

See Appendix B for examples of how your GWB Amount is calculated.

GWB Value: The Contract has two related values; a Contract Value and a GWB Value. The Contract Value is determined by the method described in 3(c). Accumulation Units. The GWB Value is a value that is used to determine the GWB Amount each Contract Year once you make your first withdrawal after the youngest Annuitant reaches age 59¹⁄₂. Your Contract will also have a GWB Value before the date the youngest Annuitant reaches age 59¹⁄₂, and during that time the GWB Value may increase or decrease as described below.

The GWB Value on the Contract Date is equal to the Purchase Payment. If you make withdrawals before the youngest Annuitant reaches age 59¹⁄₂ the GWB Value will be reduced. See Withdrawals Before Youngest Annuitant Reaches Age 59¹⁄₂ below.

If you make withdrawals after the youngest Annuitant reaches age 59¹⁄₂ and the total withdrawals in a Contract Year are greater than the GWB Amount for that Contract Year, then the GWB Value will be reduced. See Withdrawals in Excess of Annual GWB Amount below.

On each Contract Anniversary prior to the oldest Annuitant turning age 85, the GWB Value is compared to the Contract Value to determine whether the GWB Value should be increased. If the New York Stock Exchange is closed on a Contract Anniversary, the Contract Value as determined as of the end of the next day the New York Stock Exchange is open will be used. If the Contract has joint Annuitants and the oldest Annuitant dies before the Contract Anniversary that falls on or after his or her 85th birthday, the surviving Annuitant’s age will be used. If the oldest Annuitant dies on or after the Contract Anniversary that falls on or after his or her 85th birthday, the GWB Value is not compared to the Contract Value and will not increase.

If the Contract Value is lower than the GWB Value, the GWB Value will not change.

If the Contract Value is greater than the GWB Value, the GWB Value will be automatically increased to equal the Contract Value. If you make a withdrawal on the Contract Anniversary, the withdrawal will be deducted from the Contract Value after it is compared to the GWB Value.

Any new GWB Value will be used to determine the GWB Amount for the rest of that Contract Year once the youngest Annuitant has reached age 59¹⁄₂ and a Withdrawal Percentage has been established by your first withdrawal of a GWB Amount.

If you make any withdrawals before you are eligible to withdraw a GWB Amount or if you make total withdrawals in a Contract Year that exceed the GWB Amount for that Contract Year, the GWB Value will decrease as described below.

 

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Withdrawals Before Youngest Annuitant Reaches Age 59 ¹⁄₂: You are not eligible to withdraw any part of the GWB Amount until the youngest Annuitant reaches age 59¹⁄₂. If you make a withdrawal before the youngest Annuitant reaches age 59¹⁄₂, the GWB Value is reduced by a percentage determined by dividing the Gross Withdrawal amount by the Contract Value at time of the withdrawal. We calculate the new GWB Value as follows.

 

(1)

At the end of the Valuation Period in which you make the Gross Withdrawal, we divide the Gross Withdrawal by what the Contract Value would have been at the end of the Valuation Period had you not taken the withdrawal. The result is the percentage factor used to calculate the reduction in the GWB Value.

 

(2)

Multiply the percentage determined in (1) by the GWB Value immediately before the Gross Withdrawal. The result is the amount by which the old GWB Value is reduced.

For example, assume your Contract has one Annuitant who is age 55 and you made a $25,000 Purchase Payment on the Contract Date. If you make no withdrawals during the first Contract Year your GWB Value would be $25,000 for the whole Contract Year. Now assume that you make one $5,000 Gross Withdrawal ($4,900 of which would be paid to you after deduction of a $100 Surrender Charge) during the first Contract Year. If your Contract Value were $30,000 at time of the withdrawal, your GWB Value would be reduced by 16.67% ($5,000 Gross Withdrawal amount divided by $30,000 Contract Value). The result is a new GWB Value of $20,833 ($25,000 GWB Value minus [$25,000 multiplied by 16.67%]).

Withdrawals in Excess of Annual GWB Amount: If you withdraw more than the GWB Amount in any Contract Year after the youngest Annuitant reaches age 59¹⁄₂, the GWB Value is reduced by an amount equal to the percentage determined by dividing the portion of a Gross Withdrawal that is in excess of the GWB Amount for that Contract Year (“excess Gross Withdrawal”) by the Contract Value at time of the excess Gross Withdrawal, as described below. The new GWB Value following an excess Gross Withdrawal is calculated as follows:

 

(1)

Determine the portion of the most recent Gross Withdrawal in combination with the sum of all Gross Withdrawals taken in the current Contract Year that exceeds the GWB Amount for that Contract Year.

 

(2)

Determine what the Contract Value would have been at the end of the Valuation Period had you not taken the withdrawal less any portion of the most recent Gross Withdrawal that is eligible to be applied to the GWB Amount in that Contract Year.

 

(3)

Determine the percentage reduction in GWB Value by dividing the amount determined in (1) by the amount determined in (2).

 

(4)

Multiply the percentage determined in (3) by the GWB Value prior to the withdrawal.

 

(5)

Take the GWB Value prior to the Gross Withdrawal and reduce it by the amount determined in (4). This will result in a new GWB Value.

For example, assume your Contract is in its sixth Contract Year, has one Annuitant who is age 60, a Contract Value of $30,000 and a GWB Value of $25,000. If you make a first Gross Withdrawal of $5,000 in the sixth Contract Year, you will establish a Withdrawal Percentage of 5% and be eligible to withdraw up to the GWB Amount of $1,250 ($25,000 multiplied by 5%) without causing a reduction in GWB Value. Because your first Gross Withdrawal is $5,000, $1,250 of the withdrawal is eligible to be applied to the GWB Amount for that Contract Year and $3,750 of the withdrawal is an excess Gross Withdrawal. For purposes of determining the impact on the GWB Value, the Contract Value is first reduced by the GWB Amount ($30,000 minus $1,250) resulting in a Contract Value of $28,750. The $3,750 excess Gross Withdrawal proportionally reduces the Contract Value by 13.04% ($3,750 divided by $28,750) which results in a new GWB Value of $21,740 ($25,000

 

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less [25,000 multiplied by 13.04%]). If there are no further withdrawals in that Contract Year and the GWB Value is not increased on the next Contract Anniversary, the GWB Amount for the next Contract Year will be $1,087 ($21,740 multiplied by 5%).

If the Contract is a Qualified Contract and you elect to receive your required minimum distributions under the Code through our Systematic Withdrawal Process described in 4(d). Systematic Withdrawal Program, the reference to GWB Amount in (1), (2) and (3) above shall mean “the greater of the GWB Amount or any required minimum distribution under the Code determined exclusively by us from the Contract Value.” If you take a withdrawal to satisfy your required minimum distribution in a way other than through our Systematic Withdrawal Program and your required minimum distribution is in excess of your GWB Amount, the withdrawal may result in Surrender Charges and a reduction in your GWB Value.

Any Premium Tax amount that we deduct from your Contract Value will not be treated as a Withdrawal in Excess of Annual GWB Amount.

See Appendix B for additional examples of GWB Value increases and decreases.

Conversion of GWB Amount Payments: We include a provision in the Contracts that allows us to convert smaller Contracts before the Annuity Date if the Contract Value is reduced by a withdrawal to an amount equal to or below the lesser of $2,500 or the GWB Amount. If that happens, the Contract will convert on the first day of the calendar month on or after your next Contract Anniversary to an annuity option that will pay you and any joint Owner an annual amount equal to your GWB Amount, adjusted for any excess withdrawals made prior to the conversion for so long as any Annuitant is still alive. The Annuity Date will be deemed to be the first day of the calendar month on or after your next Contract Anniversary. Once a conversion occurs under this provision, the Contract will no longer have a Contract Value as of the Annuity Date. If you do not want your Contract to automatically convert to an annuity option, you must notify us within 30 days of the conversion and request a full withdrawal of your Contract Value. By doing this, your Contract will terminate and you will give up any future GWB Amounts that may be payable.

If you are receiving GWB Amount payments through our Systematic Withdrawal Program and a Systematic Withdrawal causes this provision to apply, we will continue to pay your GWB Amount as a GWB Amount Annuity Income payment on the same day of the month for the period you selected under the Systematic Withdrawal Program. However, if you have selected a period other than monthly, the GWB Amount annuity income payments must be paid on the Annuity Date which may cause the payment period to fall on different months after the Annuity Date.

Your GWB Amount Annuity Income payment for the next Contract Year will not change unless your total withdrawals during the Contract Year and up through the date of conversion exceed your GWB Amount for that Contract Year. If your total withdrawals exceed your GWB Amount, your GWB Value will be reduced as described in Withdrawals in Excess of Annual GWB Amount above and a new GWB Amount will be determined. The resulting GWB Amount for future Contract Years will be paid in monthly annuity income payments as long as each monthly annuity income payment is at least $20. We reserve the right to pay the GWB Amount as an annual annuity income payment or in any other payment method that is mutually agreeable to you and us.

4(d).  Systematic Withdrawal Program

You may use our Systematic Withdrawal Program form to make withdrawals in an amount up to your eligible GWB Amount on a periodic basis.

Systematic Withdrawals must be at least $50 on a monthly, quarterly, semi-annual or annual basis. Withdrawals under the program will be taken from the Subaccounts in accordance with FILI’s administrative rules, which we

 

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may change from time to time. Currently, withdrawals under the program will be taken proportionately from all the Subaccounts. If you make an additional withdrawal that is not part of a Systematic Withdrawal Program, we will terminate the program for the remainder of the Contract Year.

Your Systematic Withdrawal Program transactions will take place on the 1st day of the month for the period you selected. If the New York Stock Exchange is not open on the scheduled day in a particular month, the withdrawal will take place on the next day the New York Stock Exchange is open for trading. You should expect to receive your scheduled payment in 3 to 5 days following the 1st day of the month for the period you selected to allow for mailing time.

If your Contract is a Qualified Contract and you are subject to required minimum distributions (“RMD”) under the Code, you must agree to receive your RMD through our Systematic Withdrawal Program so that we do not treat that part of your RMD that exceeds the GWB Amount as an excess Gross Withdrawal. See Withdrawals in Excess of Annual GWB Amount in 4(c). In order to receive the greater of your eligible GWB Amount or RMD, you must agree to the following conditions.

 

(1)

You must elect to receive the greater of the GWB Amount and the RMD on a Systematic Withdrawal basis and you authorize us to calculate the RMD for you.

 

(2)

The RMD for a calendar year will be determined by us.

 

(3)

No RMD withdrawal may occur until after December 31st of the calendar year in which your Contract was issued (i.e., Contract Date).

 

(4)

If the Contract was purchased prior to your reaching the age at which you are required to take your first RMD (your “RMD Applicable Age”), your first RMD must be withdrawn in the calendar year in which you reach your Applicable Age even though the Code allows you to delay your first RMD until April 1st of the calendar year following the year you reach your Applicable Age. We require this so that only one calendar year’s RMD will qualify for the exception we allow for withdrawals in excess of the GWB Amount.

 

(5)

If you make a withdrawal other than through this Systematic Withdrawal Program, you will no longer be eligible to receive the greater of the RMD or GWB Amount and any withdrawals in excess of the GWB Amount will be considered excess Gross Withdrawals and could cause a reduction in GWB Value as described in Withdrawals in Excess of Annual GWB Amount in 4(c).

We reserve the right to limit or modify this Systematic Withdrawal Program if we determine that the program will cause us to distribute, in any Contract Year, an amount more than the greater of the GWB Amount or the RMD for any calendar year that overlaps with a Contract Year.

Each Systematic Withdrawal is subject to federal income taxes, including any penalty tax that may apply, the same as for any other withdrawal. You may also be subject to a Surrender Charge, if applicable. We reserve the right to modify or discontinue the Systematic Withdrawal Program.

 

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5.  MAKING EXCHANGES AMONG SUBACCOUNTS

5(a).  General Procedures for Making Exchanges

Before the Annuity Date, you may make transfers of money (“Exchanges”) among the available Subaccounts by sending us instructions in writing, by calling us, or by using our Internet website. We do not accept instructions by fax or electronic mail. Firms or individuals making telephone exchange requests on behalf of multiple Contract Owners may be required to provide additional information about those requests by other means, including via fax or a website. It is recommended that you allow 90 days to pass before making a subsequent exchange to avoid triggering the restrictions described below in 5(g). Frequent Trading Monitoring and Restriction Procedures.

Excessive Exchanges can disrupt the ability of a Fund to achieve its investment objective and increase the Fund’s expenses. We reserve the right to limit the number of days on which you can make Exchanges, but you will always be able to make Exchanges on at least four days each calendar year unless you have been blocked from trading into all other available Subaccounts as described below in 5(g). Frequent Trading Monitoring and Restriction Procedures.

Your request to make an Exchange may be expressed in terms of dollars, such as a request to move $5,000 from one Subaccount to another. You may also request a percentage reallocation among Subaccounts. Percentage requests must be made in whole numbers. You cannot move less than $250 from any Subaccount except that if you have less than $250 in a Subaccount you may move the entire amount.

5(b).  Making Exchanges by Telephone or Internet

Currently you may make Exchanges by telephone and/or Internet on up to four days in each calendar year. You may make Exchanges on additional days only by a letter to our Annuity Service Center.

We reserve the right to revise or terminate your ability to make Exchanges by telephone or through the Internet. We also reserve the right to limit the amount of any telephone or Internet Exchange or to reject any telephone or Internet Exchange.

We will not be responsible for any losses resulting from unauthorized telephone or Internet Exchanges if we follow reasonable procedures designed to verify the identity of the caller or Internet user. We may record telephone calls. You should verify the accuracy of your Exchanges by checking the confirmations and statements we send to you as soon as you receive them. Notify the Annuity Service Center immediately if you find any discrepancies. We will not be responsible for losses unless you notify us within ten calendar days from the first time we mail a confirmation or statement containing details of the transaction.

5(c).  Effective Date of Exchanges Among Subaccounts

Any redemption from a Subaccount that is part of an Exchange among Subaccounts will be effected as of the end of the Valuation Period in which we receive the request at our Annuity Service Center, or receive it by telephone or through the Internet. Generally, the purchase of Accumulation Units in other Subaccounts with the proceeds of the redemption will occur at the same time. However, if your Exchange involves (1) moving from a Subaccount that invests in an equity Fund that is in an illiquid position due to substantial redemptions or exchanges that require it to sell portfolio securities in order to make funds available, and (2) moving to a Subaccount that invests in a Fund that accrues dividends on a daily basis and requires federal funds before accepting a purchase order, then there may be a delay in crediting the amount that is moving to the new Subaccount. The delay will last until the Subaccount from which the Exchange is being made obtains liquidity, or for seven days, whichever is shorter. During this period, the amount to be transferred from the illiquid Subaccount will be uninvested.

 

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5(d).  Market Timing

Some Owners use firms or individuals who engage in market timing. Such firms or individuals usually obtain authorization from Owners to make Exchanges among the Subaccounts on the basis of perceived market trends. Large Exchanges resulting from market timing activity may disrupt the management of the Funds and become a detriment to other Owners.

To protect Owners not engaging in market timing, we reserve the right to reject Exchanges communicated to us by anyone acting under a power of attorney on behalf of more than one Owner. We also reserve the right to reject Exchange instructions we receive from anyone that any Owner has authorized to make multiple Exchanges. We will exercise these rights only if we believe that doing so will prevent harm to other Owners.

5(e).  Short-Term Trading Risk

Frequent Exchanges among Subaccounts by Contract Owners can reduce the long-term returns of the Funds. The reduced returns could adversely affect the owners, annuitants, insureds or beneficiaries of any variable annuity or variable life insurance contract issued by any insurance company with respect to values allocated to the Fund. Frequent Exchanges may reduce a Fund’s performance by increasing costs paid by the Fund (such as brokerage commissions); they can disrupt portfolio management strategies; and they can have the effect of diluting the value of the shares of long-term shareholders in cases in which fluctuations in markets are not fully priced into the Fund’s net asset value.

The Funds are also available in products issued by other insurance companies. There is a significant risk that short-term trading in the Funds may go undetected. The Funds themselves generally cannot detect individual contract owner exchange activity, because they are owned primarily by insurance company separate accounts that aggregate exchange orders from owners of individual contracts. Accordingly, the Funds are dependent in large part on the rights, ability and willingness of all participating insurance companies to detect and deter short-term trading by contract owners. As a result of the adoption of Rule 22c-2 of Investment Company Act of 1940, all Funds have entered into information sharing agreements with FILI that will require FILI, upon request, to (i) provide the Funds with specific information about Contract Owner transfer activity, and, if so requested by a Fund, (ii) prohibit future transfers into such Fund.

As outlined below, FILI has adopted policies regarding frequent trading, but can provide no assurance that other insurance companies using the same mutual funds have adopted comparable procedures. There is also the risk that these policies and procedures concerning short-term trading will prove ineffective in whole or in part to detect or prevent frequent trading. Please review the Funds’ prospectuses for specific information about the Funds’ short-term trading policies and risks.

5(f).  FILI Policies Regarding Frequent Trading

FILI does not authorize market timing. FILI has adopted policies and procedures designed to discourage frequent Exchanges as described below. If requested by a Fund, FILI will consider additional steps to discourage frequent Exchanges in that Fund, not inconsistent with the policies and procedures described below.

Contract Owners who engage in frequent Exchanges may be subjected to temporary or permanent restrictions on future purchases or Exchanges in a Fund. Further, Contract Owners who have engaged in frequent trading in the Funds, or in other mutual funds managed by FMR or one of its affiliates, may be subjected to temporary or permanent restrictions on purchases or exchanges in those funds. FILI may alter its policies, in any manner not inconsistent with the terms of the Contract, at any time without notice to Owners.

 

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Although there is no minimum holding period and Contract Owners can make withdrawals or Exchanges out of any Subaccount at any time, Contract Owners may ordinarily comply with FILI’s policies regarding frequent trading by allowing 90 days to pass after each purchase or allocation into a Subaccount before they withdraw or make an Exchange out of that Subaccount.

In addition, each Fund reserves the right to reject the Variable Account’s entire purchase or exchange transaction at any time, which would make FILI unable to execute Contract Owner purchase, withdrawal or exchange transactions involving that Fund on that trading day. FILI’s policies and procedures are separate and independent from any policies and procedures of the Funds, and do not guarantee that the Funds will not reject orders placed by the Variable Account.

5(g).  Frequent Trading Monitoring and Restriction Procedures

FILI has adopted policies and procedures related to Exchanges among Subaccounts that are set out below. Frequent trading activity is measured by the number of roundtrip transactions by an Owner. A roundtrip transaction occurs when an Owner makes an allocation or Exchange into a Subaccount followed by a withdrawal or Exchange out of the same Subaccount within 30 days. Owners are limited to one roundtrip transaction per Subaccount within any rolling 90-day period, subject to an overall limit of four roundtrip transactions in the Contract over a rolling 12-month period.

Owners with two or more roundtrip transactions in one Subaccount within a rolling 90-day period will be blocked from making additional allocations or exchanges into that Subaccount, through any means, for 85 days.

In addition, Owners who complete a fourth (or higher) roundtrip transaction within any rolling 12-month period, at least two of which are completed on different business days, will have a U.S. Mail-Only Trade Restriction imposed on all contracts/policies they own that are issued by FILI or its affiliates. This rule will apply even if the four or more round trips occur in two or more different Subaccounts. This restriction will stay in effect for 12 months. If the Owner makes another round trip in a contract that is currently subject to a U.S. Mail-Only Trade Restriction, then the U.S. Mail-Only Trade Restriction period (12 months) is restarted and all purchase transactions will be permanently blocked in the violated Subaccount across all contracts with common ownership. “U.S. Mail-Only” for purposes of the U.S. Mail-Only Trade Restriction is defined as First-Class Mail delivered via the U.S. Postal Service. Expedited delivery or courier services, including such services performed by the U.S. Postal Service, will not be accepted.

FILI further reserves the right to reject specific transactions or impose restrictions as described above in respect of any Contract owned or controlled commonly with a Contract subject to the above restrictions, or in respect of any Contract owned or controlled commonly by a person who is the subject of a complex-wide block by the mutual funds managed by FMR or one of its affiliates.

Exceptions

FILI has approved the following exceptions to the frequent trading policy:

 

(1)

Transactions in the Government Money Market Subaccount;

 

(2)

Systematic Withdrawals up to the Guaranteed Withdrawal Benefit Amount and annuity payments will not count toward a Subaccount’s roundtrip limits;

 

(3)

FILI may suspend the frequent trading policy and make exceptions to the policy for transactions made during periods of severe market turbulence or national emergency. There is no assurance that FILI will do so or that, if it does so, the underlying mutual funds will make any necessary exceptions to their frequent trading policies.

No other exceptions will be allowed. The frequent trading procedures will be applied consistently to all Owners.

 

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6.  MAKING WITHDRAWALS

Any time before the Annuity Date, you may make a complete or partial withdrawal of your Contract Value. We will send you the requested withdrawal amount less any applicable Surrender Charge and taxes withheld. You must send us written instructions from all the Owners to make a complete withdrawal. Your Contract will terminate once a complete withdrawal has been processed if the withdrawal causes the Guaranteed Withdrawal Benefit Value to reduce to zero. See 4(c). Guaranteed Withdrawal Benefit For Life.

If you request a partial withdrawal, you may choose the dollar amount or percentage to be withdrawn from each Subaccount. If you do not specify where we should take the money for a partial withdrawal, we will take it proportionately from all the Subaccounts.

Partial withdrawals before the youngest Annuitant reaches age 59¹⁄₂ or withdrawals that exceed the Guaranteed Withdrawal Benefit Amount allowed under the Guaranteed Withdrawal Benefit For Life feature may significantly impact the Guaranteed Withdrawal Benefit Amount by proportionally reducing the value upon which the benefit is determined. See 4(c). Guaranteed Withdrawal Benefit For Life.

You may request partial withdrawals by sending a letter to the Annuity Service Center or calling us there. Withdrawals by telephone are limited as follows: (1) no withdrawal may be for more than $500,000; (2) total telephone withdrawals in a seven-day period cannot total more than $500,000; and (3) if we have recorded an address change for an Owner during the past 10 days, the limits in (1) and (2) become $100,000. We reserve the right to change telephone withdrawal requirements or limitations.

For jointly owned Contracts, all checks will be made payable to both Owners. You may have the money transferred to your Fidelity Investments brokerage or mutual fund account. You may have the money transferred to your bank account if you provide us with the necessary information about the account. Any Contracts and accounts between which money will be transferred must have at least one owner’s name in common.

The taxable portion of a distribution will generally be taxed as ordinary income. A penalty tax equal to 10% of the amount treated as taxable income may be imposed on distributions received before age 59¹⁄₂. See 9. Tax Considerations.

FILI reserves the right to restrict your Contract from withdrawals and/or exchanges if there is reasonable suspicion of fraud, diminished capacity, or inappropriate activity. FILI also reserves the right to restrict your Contract from withdrawals and/or exchanges if FILI is put on reasonable notice that the ownership of the Contract is in dispute.

Complete and partial withdrawals are calculated based on the next computed Accumulation Unit Value(s) after we receive the withdrawal request at the Annuity Service Center. We will normally pay you the net amount of any complete or partial withdrawal within seven days after we receive the withdrawal request at the Annuity Service Center. The net amount is the amount of the withdrawal less any applicable Surrender Charge and taxes withheld.

We may defer payment from the Subaccounts for longer than seven days under certain limited circumstances. See 10(j). Postponement of Payment.

7.  INCOME PHASE

7(a).  Annuity Date

In General: When your Contract was issued we set the Annuity Date to be the first day of the calendar month on or after the Contract Anniversary that falls on or after the oldest Owner’s 95th birthday. You may change the Annuity Date to an earlier date by sending written notice to the Annuity Service Center. We must receive the notice at least 30 days before the Annuity Date you select. The earliest Annuity Date we will permit is the first day of the calendar month after the end of the Free Look Period. Any Annuity Date you choose must be the first day of a month.

 

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The Contract offers the following Annuity Income options:

 

(1)

You may receive the greater of (a) or (b) where;

 

(a)

is your eligible GWB Amount that will be paid to you as annuity income until there is no longer any living Annuitant, and

 

(b)

is the amount of annuity income that will be paid to you by applying your Contract Value as of the Annuity Date to annuity purchase rates that will pay you monthly annuity income until there is no longer any living Annuitant.

If on the death of the last surviving Annuitant the total of all annuity income provided on or after the Annuity Date is less than the Contract Value at the end of the Annuity Date Valuation Period, we will refund the difference to your Beneficiary.

 

(2)

You may have the Contract Value applied to annuity purchase rates that will pay you monthly annuity income until there is no longer any living Annuitant or for 120 monthly payments, whichever is longer.

Annuity Income option (2) is available on any Annuity Date. If annuity option (2) is selected, benefits under the Guaranteed Withdrawal Benefit For Life feature will terminate.

Annuity Income option (1) is only available on the latest possible Annuity Date unless the Contract Value is reduced to an amount below the lesser of $2,500 or the GWB Amount and the Contract is converted to an annuity income option as described in Conversion of GWB Amount Payments in 4(c).

Unless you elect another annuity income option prior to the latest possible Annuity Date, the Contract will default to Annuity Income option (1).

Qualified Contracts: If your Contract is a Qualified Contract, the Annuity Income options described above may be limited or modified to comply with requirements under the Code.

We reserve the right to limit the maximum period we will pay guaranteed income to a whole number of years or whole number of months.

The Uniform Lifetime Table may be found in federal income tax regulations section 1.401(a)(9)-9. We reserve the right to use any other life expectancy tables allowed by the Code and federal income tax regulations.

We reserve the right to add to, limit or modify these annuity income options to comply with the Code and offer any other annuity income options that are mutually agreeable to you and us.

7(b).  Annuity Income

Annuity income payments begin on the Annuity Date if no Owner has died before then and the Contract Value or annual GWB Amount is sufficient to provide you with an initial monthly income payment of at least $20. Annuity income will also begin on the Annuity Date if an Owner dies before the Annuity Date if (1) the Contract was jointly owned by spouses at time of death, and (2) the surviving spouse/Annuitant elected to continue the Contract as his or her own. As long as the Owner’s death occurs before the Annuity Date, a surviving spouse who elects to continue the Contract as his or her own may change the Annuity Date to be as late as the first day of the calendar month on or after the Contract Anniversary that falls on or after his or her 95th birthday. If the Contract has been inactive and under applicable state law could be considered abandoned property, we will surrender the Contract on the Annuity Date and turn the proceeds over to the state in accordance with applicable state laws.

 

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In all other cases involving the death of an Owner, the Contract must be distributed in accordance with the applicable provisions of the Code described in What are the different distribution options for receiving the Death Benefit? under 4(b).

Under Annuity Income option (1) we will pay you Annuity Income in monthly installments starting on the Annuity Date for the life or lives of the Annuitant(s) and your Contract will no longer have a Contract Value. If on the death of the last surviving Annuitant the total of all annuity income provided on or after the Annuity Date is less than the Contract Value at the end of the Annuity Date Valuation Period, we will refund the difference to your Beneficiary. To provide annuity income, all Accumulation Units in the Subaccounts will be redeemed. The first monthly annuity income payment will be made on the Annuity Date.

If you have been receiving GWB Amounts through our Systematic Withdrawal Program prior to the latest possible Annuity Date, you may continue to receive the greater of your GWB Amount or the amount determined by your Contract Value applied to annuity purchase rates under Annuity Income option (1) as an Annuity Income option on the same periodic basis that you selected under our Systematic Withdrawal Program. However, if you have selected a period other than monthly, the Annuity Income payments must be paid on the Annuity Date which may cause the payment period to fall on different months after the Annuity Date.

You may make a partial withdrawal between the Contract Anniversary following the oldest Owner’s 95th birthday and the Annuity Date as long as the Gross Withdrawal is equal to or less than the GWB Amount for that Contract Year. If you do this, we will accelerate your Annuity Date to the date of the withdrawal and pay you your entire GWB Amount for that Contract Year. In future Contract Years, we will pay Annuity Income on an annual basis according to the provisions of Annuity Income option (1) or any other Annuity Income option that enables the Contract to comply with the Code.

If you request a withdrawal in excess of the GWB Amount between the Contract Anniversary following the oldest Owner’s 95th birthday and the Annuity Date, you are limited to a complete withdrawal, which will terminate any future GWB Amount payments or annuity income.

Under Annuity Income option (2), we will pay you monthly annuity income until there is no longer any living Annuitant or for 120 monthly payments, whichever is longer. To provide annuity income, all Accumulation Units in the Subaccounts will be redeemed and applied to annuity purchase rates that are no less than the guaranteed annuity purchase rates set forth in the Contract and will be based upon the age(s) and, unless prohibited by applicable state law, sex(es) of the Annuitant(s) living on the Annuity Date.

All money used to support annuity income payments will be held in our general account thereafter. The first annuity income payment will be made on the Annuity Date and beginning on this date there will no longer be an ability to make withdrawals.

If the Contract Value on the Annuity Date is not enough to provide an initial monthly annuity income payment under Annuity Income Option (2) of at least $20, we reserve the right to pay you the Contract Value in a lump sum instead of providing monthly annuity income.

If the GWB Amount or the amount determined by your Contract Value applied to annuity purchase rates under Annuity Income option (1) on the Annuity Date is not enough to provide an initial monthly annuity income payment of at least $20, we reserve the right to pay you as an annual annuity income payment or in any other payment method that is mutually agreeable to you and us.

The Owner(s) may not change the Annuitant(s) at any time during the Contract.

The Owner’s estate, or the Owner for contracts owned by trusts, will be responsible to notify us of the death of the last surviving Annuitant and to repay any Annuity Income payments we have made after that date and before we have been notified of the death of the last surviving Annuitant.

 

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Under Annuity Income option (1), if there is a refund due as a result of the death of the last surviving Annuitant, the refund will be paid to the Beneficiary or the last surviving Owner’s estate.

Under Annuity Income option (2), if the surviving Annuitant dies before we have made all Annuity Income payments due under the Contract, any remaining Annuity Income will be paid to the Beneficiary or the last surviving Owner’s estate. The Beneficiary or the estate may choose instead to receive the present value of the remaining Annuity Income payments in a lump sum. The lump sum amount will generally be the present value of the remaining guaranteed Annuity Income payments, if any, at the interest rate that was used to determine the annuity income purchase rate on the Annuity Date.

Guarantees of annuity income payments are subject to our claims-paying ability and financial strength.

8.  CURRENT CHARGES AND OTHER DEDUCTIONS

8(a).  Base Contract Expenses

Base Contract Expenses are the total of two separate charges, a Mortality and Expense Risk Charge and an Administrative Charge.

Mortality and Expense Risk Charge: We assess a daily charge against each Contract’s assets at an effective annual rate of:

Contracts purchased on or after January 1, 2009

 

Contracts with 1 Annuitant on Contract Date		Contracts with 2 Annuitants on Contract Date
1.00%			1.15	%

Contracts purchased prior to January 1, 2009

 

Contracts with 1 Annuitant on Contract Date		Contracts with 2 Annuitants on Contract Date
0.85%			1.00	%

The risks we bear are mortality and expense risks. The mortality risk we bear is that the Annuitant(s), upon whose life or lives GWB Amount payments and annuity income payments are based, will live longer than we project. The expense risk we bear is the risk that the costs of issuing and administering the Contracts will be greater than we can collect through the Administrative Charge.

Administrative Charge: We make a daily charge against the assets of each Subaccount equivalent to an effective annual rate of 0.25%. The administrative charge compensates us for the expenses we incur in administering the Contracts. These expenses include the cost of issuing the Contract, making electronic funds transfers to your bank account or issuing checks, maintaining necessary systems and records, and providing reports. We guarantee this charge will never increase.

In the event a Beneficiary continues the Contract as their own or defers payment of the proceeds, the Base Contract Expenses will continue to be assessed.

8(b).  Surrender Charges

We assess a 2% Surrender Charge on withdrawals during the first five Contract Years. The Surrender Charge is assessed against the withdrawal amount. No Surrender Charge will apply to (1) any eligible GWB Amount withdrawal, (2) withdrawals from a Qualified Contract that are necessary to comply with the required minimum

 

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distributions under the Code, and are taken as part of a Systematic Withdrawal Program offered by us, or (3) withdrawals that are required following the death of an Owner. A Surrender Charge will not be assessed on the Annuity Date.

8(c).  Premium Taxes

We generally deduct a charge equal to any premium taxes that states require us to pay in connection with your Contract at the time we are required to pay it, which is either upon your Purchase Payment or upon commencement of annuity income payments. Note – In many states premium taxes are not imposed in connection with the Contracts. If a premium tax applies, the amount of the tax and when it will be deducted from your Contract depends on (i) the state your Contract was issued in, and (ii) whether it is a Non-qualified or Qualified Contract. As of the date of this prospectus, we deduct a charge equal to the premium tax for Contracts issued in the following states – California, Colorado, Maine, Nevada, South Dakota, and Wyoming. The current range of state premium taxes is 0% to 3.5%.

8(d).  Funds’ Expenses

The fees and expenses are deducted from and paid out of the assets of the Funds and are listed in Appendix A of this prospectus. These expenses may vary in amount from year to year and are described in the prospectuses for the Funds.

8(e).  Other Taxes

We reserve the right to charge for any other taxes (in addition to premium taxes) that we may have to pay. See 9(g). FILI’s Tax Status.

9.  TAX CONSIDERATIONS

9(a).  Introduction

We do not intend the following discussion to be tax advice. For tax advice you should consult a tax adviser. Although the following discussion is based on our understanding of federal income tax laws as currently interpreted, there is no guarantee that those laws or interpretations will not change.

This discussion does not address federal gift tax, state or local income tax, or other considerations which may be involved in the purchase, operation, or exercise of any rights or options under the Contract. Also, this discussion does not address estate tax issues that might arise due to the death of an Owner or Annuitant. The particular situation of each Owner, Annuitant, and Beneficiary will determine the federal estate taxes and the state and local estate, inheritance, and other taxes due. You should seek competent tax advice on such matters pertaining to you.

In addition, we make no guarantee regarding any tax treatment — federal, state, or local — of any Contract or of any transaction involving a Contract.

9(b).  Tax Deferral During Accumulation Period

In General: Under existing provisions of the Code, provided the below conditions are met, any increase in an Owner’s Contract Value is generally not taxable to the Owner until received, either in the form of annuity income payments or in some other form of distribution. However, as discussed below, this rule applies only if:

 

(1)

the investments of the Variable Account are “adequately diversified” in accordance with Treasury Department regulations;

 

(2)

the Company, rather than the Owner, is considered the owner of the assets of the Variable Account for federal income tax purposes; and

 

(3)

the Owner is an individual (or an individual is treated as the Owner for tax purposes).

 

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Diversification Requirements: The Code and Treasury Department regulations prescribe the manner in which the investments of a segregated asset account, such as the Subaccount of the Variable Account, are to be “adequately diversified.” If the Variable Account fails to comply with these diversification standards, the Contract will not be treated as an annuity contract for federal income tax purposes and the Owner would generally be taxed currently on the excess of the Contract Value over the Purchase Payment paid for the Contract. The Subaccounts of the Variable Account intend to comply with the diversification requirements. In this regard, we have entered into agreements with the Funds under the Subaccounts that require the Funds to be “adequately diversified” in accordance with the Internal Revenue Code and Treasury Department regulations.

Ownership Treatment: In certain circumstances, variable annuity contract owners may be considered the owners, for federal income tax purposes of the assets of a segregated asset account, such as the Variable Account, used to support their contracts. In those circumstances, income and gains from the segregated asset account would be includible in the contract owners’ gross income. The Internal Revenue Service (the “IRS”) has stated in published rulings that a variable contract owner will be considered the owner of the assets of a segregated asset account if the owner possesses incidents of ownership in those assets, such as the ability to exercise investment control over the assets. As of the date of this Prospectus, no comprehensive guidance has been issued by the IRS clarifying the circumstances when such investment control by a variable contract owner would exist. As a result, your right to make Exchanges among the Subaccounts may cause you to be considered the owner of the assets of the Variable Account. We therefore reserve the right to modify the Contract as necessary to attempt to prevent Contract Owners from being considered the owners of the assets of the Variable Account. However, there is no assurance such efforts would be successful.

We do not know what limits might be set forth in any guidance that the IRS may issue, or whether any such limits would apply to existing Contracts.

Non-natural Owner: As a general rule, Contracts held by “non-natural persons” such as a corporation, trust, or other similar entity, as opposed to a natural person, are not treated as annuity contracts for federal tax purposes. The income on such Contracts (as defined in the tax law) is taxed as ordinary income that is received or accrued by the Owner of the Contract during the taxable year. There are several exceptions to this rule for non-natural Owners. Under one exception, a Contract will generally be treated as held by a natural person if the nominal owner is a trust or other entity that holds the Contract as an agent for a natural person. We do not intend to offer the Contracts to “non-natural” persons. However, we will offer the Contracts to revocable grantor trusts in cases where the grantor represents that the trust is for the benefit of the grantor annuitant (i.e., the Contract is held by the trust for the benefit of a natural person (an “individual”)). The following discussion assumes that a Contract will be owned by an individual.

Delayed Annuity Commencement Dates: On the Contract Date, the Annuity Date is automatically set to be the first day of the calendar month on or after the Contract Anniversary that falls on or after the oldest Owner’s 95th birthday. Federal income tax rules do not expressly identify a particular age by which annuity income payments must begin. However, if the Contract’s Annuity Date occurs (or is scheduled to occur) at too advanced an age, it is possible that the Contract would not be treated as an annuity for federal income tax purposes. In that event, the income and gains under the Contract could be currently includible in the Owner’s income.

The following discussion assumes that the Contract will be treated as an annuity contract for federal income tax purposes.

In addition, to qualify as an annuity for federal tax purposes, the Contract must satisfy certain requirements for distributions in the event of the death of the Owner of the Contract. The Contract contains such required distribution provisions. For further information on these requirements see What are the different distribution options for receiving the Death Benefit? under 4(b).

 

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9(c).  Qualified Contracts

You may use the Contract as an Individual Retirement Annuity. Under Section 408(b) of the Code, eligible individuals may contribute to an Individual Retirement Annuity (“IRA”). The Code permits certain “rollover” contributions to be made to an IRA. In particular, certain qualifying distributions from a 401(a) plan, a tax-sheltered annuity, a 403(b) plan, a Governmental 457(b) plan, or an IRA, may be received tax-free if rolled over to an IRA within 60 days of receipt. Because this Contract’s minimum initial payment of $25,000 was greater than the maximum annual contribution permitted to an IRA, a Qualified Contract could be purchased only in connection with a “rollover” of the proceeds from a qualified plan, tax-sheltered annuity, or IRA.

In order to qualify as an IRA under Section 408(b) of the Code, a Contract must contain certain provisions:

 

(1)

the Owner of the Contract must be the Annuitant and, except for certain transfers incident to a divorce decree, the Owner cannot be changed and the Contract cannot be transferable;

 

(2)

the Owner’s interest in the Contract cannot be forfeitable; and

 

(3)

annuity and payments following the death of an Owner must satisfy certain required minimum distributions. Contracts issued on a qualified basis will conform to the requirements for an IRA and will be amended to conform to any future changes in the requirements for an IRA.

9(d).  Contract Values and Proceeds

In General: Under current law, you will not be taxed on increases in the value of your Contract until a distribution occurs. The taxable portion of a distribution is taxed as ordinary income.

A distribution may occur in the form of a withdrawal, payments following the death of an Owner and payments under an Annuity Income Option.

The assignment or pledge of any portion of the value of a Contract may also be treated as a distribution, and, therefore, before doing so you should consult a tax advisor. In the case of a Qualified Contract, you may not receive or make any such pledge. Any such pledge will result in disqualification of the Contract as an IRA and inclusion of the value of the entire Contract in income.

Additionally, a transfer of a Non-qualified Contract for less than full and adequate consideration will result in a deemed distribution, unless the transfer is to your spouse (or to a former spouse pursuant to a divorce decree).

Taxes on Surrender of the Contract Before Annuity Income Payments Begin: If you fully surrender your Contract before annuity income payments commence, you will be taxed on the portion of the distribution that exceeds your cost basis in your Contract. In addition, amounts received as the result of the death of the Owner or Annuitant that are in excess of your cost basis will also be taxed.

For Non-qualified Contracts, the cost basis is generally the amount of your Purchase Payment, and the taxable portion of the proceeds is taxed as ordinary income.

For Qualified Contracts, we will report the cost basis as zero, and the entire amount of the surrender payment is taxed as ordinary income. You may want to file an Internal Revenue Service form 8606 if any part of your Purchase Payment has been previously taxed.

Taxes on Partial Withdrawals: Withdrawals of the GWB Amount and withdrawals received under the Systematic Withdrawal Program are treated as partial withdrawals.

Partial withdrawals under a Non-qualified Contract are treated for tax purposes as first being taxable withdrawals of investment income, rather than as return of your Purchase Payment, until all investment income has been

 

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withdrawn. You will be taxed on the amount withdrawn to the extent that your Contract Value at that time exceeds your payments. In the event your GWB Amount in a Contract Year exceeds your Contract Value, you will be taxed on the amount withdrawn to the extent that your GWB Amount exceeds your Purchase Payment.

Partial withdrawals under a Qualified Contract are prorated between taxable income and non-taxable return of investment. We will report the cost basis of a Qualified Contract as zero, and the partial withdrawal will be fully taxed unless you have filed an Internal Revenue Service Form 8606 to identify the part of your Purchase Payment that has been previously taxed.

Partial and complete withdrawals may be subject to a 10% penalty tax (see 10% Penalty Tax on Early Withdrawals below). Partial and complete withdrawals also may be subject to federal income tax withholding requirements.

Aggregation of Contracts: In certain circumstances, the IRS may determine the amount of an annuity income payment or a withdrawal from a Contract that is includible in income by combining some or all of the annuity contracts a person owns. For example, if a person purchases a Contract offered by this Prospectus and also purchases at approximately the same time an immediate annuity issued by us, the IRS might in certain circumstances treat the two contracts as one contract. In addition, if a person purchases two or more deferred annuity contracts from the same insurance company (or its affiliates) during any calendar year, all such contracts will be treated as one contract for purposes of determining the portion of the distribution that is includible in income. The effects of such aggregation are not always clear; however, it could affect the amount of a withdrawal or an annuity income payment that is taxable and the amount which might be subject to the 10% penalty tax described above.

In the case of a Qualified Contract, the tax law requires for all post-1986 contributions and distributions that all individual retirement accounts and annuities be treated as one Contract.

Taxes on Annuity Income Payments: Although the tax consequences may vary depending on the form of annuity selected under the Contract, the recipient of Annuity Income payments under the Contract generally is taxed on the portion of such income payments that exceed the cost basis in the Contract. In the case of fixed income payments, like the Annuity Income payments provided under the Contract, the exclusion amount is determined by multiplying (1) the Annuity Income payment by (2) the ratio of the investment in the contract, adjusted for any period certain or refund feature, to the total expected amount of Annuity Income payments for the term of the Contract (as determined under Treasury Department regulations). Once the total amount of the investment in the contract is excluded, Annuity Income payments will be fully taxable. If Annuity Income payments cease because of the death of the Annuitant and before the total amount of the investment in the contract is recovered, the unrecovered amount generally will be allowed as a deduction. For Qualified Contracts, we report the cost basis as zero and each annuity income payment is fully taxed unless you have filed an Internal Revenue Service Form 8606 to identify the part of your Purchase Payment that has been previously taxed.

3.8% Tax on Net Investment Income: Federal tax law imposes a 3.8% Medicare tax on the lesser of

 

(1)

the taxpayer’s “net investment income,” (from Non-qualified Annuities, interest, dividends, etc., offset by specified allowable deductions), or

 

(2)

the taxpayer’s modified adjusted gross income in excess of a specified income threshold ($250,000 for married couples filing jointly, $125,000 for married couples filing separately, and $200,000 otherwise).

“Net investment income” in item 1 does not include distributions from tax-qualified plans (i.e., IRAs, Roth IRAs, or arrangements described in Code Sections 401(a), 403(b), or 457(b)) but such income will increase “modified adjusted gross income” in item 2. You should consult your tax advisor regarding the applicability of this tax to income you would receive under this annuity contract.

 

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10% Penalty Tax on Early Withdrawals or Distributions: A penalty tax equal to 10% of the amount treated as taxable income may be imposed on distributions. The penalty tax is not imposed on distributions:

 

(1)

Made to persons on or after age 591⁄2;

 

(2)

Made on or after the death of the Owner;

 

(3)

Attributable to the taxpayer’s becoming “disabled” within the meaning of the Code;

 

(4)

Which are part of a series of substantially equal periodic payments (not less frequently than annually) made for the life (or life expectancy) of the taxpayer or the joint lives (or joint life expectancies) of such taxpayer and a designated beneficiary;

 

(5)

Made from a Qualified Contract that meet any of the Code’s additional exceptions to this penalty tax applicable to IRAs (this includes distributions received from the rollover of a Qualified Contract into another qualified contract or IRA); or

 

(6)

that satisfy another exception to this penalty tax.

We believe that systematic withdrawals under the Systematic Withdrawal Program would not satisfy the exception to the 10 percent penalty tax described in (4) above. You should consult your tax advisor before electing to take systematic withdrawals commencing prior to age 59¹⁄₂.

9(e).  Other Tax Information

In the case of a Qualified Contract, an excise tax of up to 25% is imposed on the amount by which required minimum distributions exceed actual distributions. For taxable years prior to 2023, this excise tax is 50%.

We will withhold and remit to the U.S. Government a part of the taxable portion of each distribution made under the Contract, unless the Owner or Beneficiary files a written election prior to the distribution stating that he or she chooses not to have any amounts withheld. Such an election will not relieve you of the obligation to pay income taxes on the taxable portion of any distribution.

9(f). Exchanges of Contracts

We may issue the Contract in exchange for all or part of another annuity or life insurance contract that you own. Such an exchange will be tax free if certain requirements are satisfied. If the exchange is tax free, your investment in the contract immediately after the exchange will generally be the same as that of the contract exchanged. Your Contract Value immediately after the exchange may exceed your investment in the contract. That excess may be includable in income should amounts subsequently be withdrawn or distributed from the Contract (e.g., as a partial surrender, full surrender, annuity income payment or death benefit). If you exchange part of an existing contract for a Contract, the IRS might treat the two contracts as one annuity contract in certain circumstances. See Aggregation of Contracts above.

In addition, before the Annuity Date, you may exchange all or a portion of your Contract Value for another annuity contract we then offer. Such an exchange will be tax free if certain requirements are satisfied.

You should consult your tax advisor in connection with an exchange for or of a Contract.

9(g).  FILI’s Tax Status

FILI is taxed as a life insurance company under the Code. The earnings of the Variable Account are taxed as part of our operations, and thus the Variable Account is not separately taxed as a “regulated investment company”

 

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under the Code. Under the existing federal income tax laws, investment income and capital gains of the Variable Account are not taxed to the extent they are applied under a Contract. Therefore, we do not expect to incur federal income taxes on earnings of the Variable Account to the extent the earnings are credited under the Contracts. Based on this, no charge is being made currently to the Variable Account for our federal income taxes. We will periodically review the need for a charge to the Variable Account for company federal income taxes. If FILI is taxed on investment income or capital gains of the Variable Account, then FILI may impose a charge against the Variable Account in order to provide for such taxes.

Under current laws we may incur state and local taxes (in addition to premium taxes) in several states. At present, these taxes are not significant and are not charged against the Contracts or the Variable Account. If the amount of these taxes changes substantially, we may make charges for such taxes against the Variable Account.

10.  MORE INFORMATION ABOUT THE CONTRACT

You should also be aware of the following important provisions of your Contract.

10(a). Contract Rights

Owner(s): Owners have rights and privileges as specified in the Contract. Joint Owners must be spouses on the Contract Date. Owners own the Contract in accordance with all of its terms. The following forms of ownership, and others, are inconsistent with the terms of the Contract and will not be accepted: “joint tenants in common”, “tenancy by the entirety”, “joint tenants with rights of survivorship” and “joint Ownership by husband and wife”.

Before the Contract is issued, the Owners have the right on the application to (a) name the Annuitant(s) and Beneficiary(ies); and (b) allocate the Purchase Payment among the Subaccounts.

You may not remove an Owner unless the removal is pursuant to a court order.

After the Contract Date, the Owners have the right to (a) cancel the Contract during the Free Look Period; (b) allocate the Purchase Payment among the Subaccounts; (c) reallocate the Contract Value among the Subaccounts; (d) make withdrawals, if the Contact has a Contract Value; (e) change Beneficiary(ies) (except that a Beneficiary designated as irrevocable may not be changed without the Beneficiary’s consent); and (f) instruct us how to vote shares of the Funds attributable to the Contract.

For Contracts with two Owners, after the Contract Date and before annuity income payments begin, withdrawals, changes of the Annuity Date and changes of Beneficiaries can be made only by both Owners acting together. Either Owner may exercise any other right under the Contract.

Annuitant(s): You must be the Annuitant(s). If the Contract is owned by a trust, the grantor of the trust must be an Annuitant. You may name a joint Annuitant as long as the joint Annuitant is the spouse of the Annuitant on the Contract Date.

You may not add or remove the Annuitant(s) after the Contract Date unless the removal is pursuant to a court order.

Your eligibility for benefits under the Guaranteed Withdrawal Benefit For Life feature is determined by the age of the Annuitant(s). The GWB Amount that is available once you are eligible under the Guaranteed Withdrawal Benefit For Life feature depends on a number of factors, including the number of Annuitants on the Contract Date and the age of the youngest Annuitant when your first withdrawal is made. If an Annuitant’s age has been misstated we will adjust the GWB Amount to reflect the actual age. If we have previously overpaid GWB Amounts and the GWB Amounts have been converted to an annuity income option as described under

 

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Conversion of GWB Amount Payments in 4(c), we will suspend any future GWB Amounts until we have recovered the amount of the overpayment. If the Contract has terminated, we reserve the right to recover the amount of any overpayment from your estate. If we have previously underpaid GWB Amounts and the GWB Amounts have been converted to an annuity income option as described under Conversion of GWB Amount Payments in 4(c), we will make a lump sum payment equal to the amount previously underpaid plus interest at 6% per annum, compounded annually. The previously underpaid GWB Amount will be deducted from the Contract Value.

If you choose to receive Annuity Income using the Contract Value and annuity purchase rates, the amount of monthly annuity income payments depends on a number of factors, including each Annuitant’s age and, unless prohibited by applicable state law, sex. If an Annuitant’s age or sex has been misstated we will adjust the amount of monthly Annuity Income to reflect the actual age and/or sex. If we have previously overpaid monthly Annuity Income, we will withhold monthly Annuity Income until we have recovered the amount of the overpayment. If Annuity Income payments have ended, we will recover the amount of any overpayment from the estate(s) of the Annuitant(s). If we have previously underpaid monthly Annuity Income, we will make a lump sum payment equal to the amount previously underpaid, plus interest at 6% per annum, compounded annually.

Beneficiary(ies): See 4(b). Death Benefit.

10(b).  Assignment

A Qualified Contract may not be assigned. A Non-qualified Contract may not be sold, gifted, transferred, or assigned, and any purported gift, transfer or assignment will be void, except as follows: (a) the Contract may be assigned to an insurance company, regulated as such under the insurance laws of one of the United States, solely for the purpose of effecting a tax-free exchange under section 1035 of the Code; (b) a Contract owned by a person may be transferred to a person’s spouse; (c) a Contract owned by one or two individual(s) may be transferred to a trust of which the individual(s) is(are) the grantor(s) and (d) a Contract owned by a trust may be transferred to the trust’s grantor(s) or a beneficiary of the trust. Assignments under (c) and (d) may result in a taxable distribution to the transferor. You should consult your tax advisor before making such a transfer.

10(c).  Notification of Death

If there are two Owners, each is responsible for notifying us of the death of the other Owner and the death of any Annuitant. If all the Owners die, the Beneficiaries are responsible for notifying us of the death(s). If we provide too many GWB Amount payments or annuity income payments because we are not notified of an Annuitant’s death, we may take legal action to recover the overpayment.

10(d).  Automatic Transfer to the Government Money Market Subaccount Upon Due Proof of Death

At the close of the Valuation Period in which we receive due proof of death of the last surviving Owner (or Annuitant in the case of a trust owned contract) of a Non-qualified Contract, or a last surviving Annuitant of a Qualified Contract, we will transfer to the Government Money Market Subaccount any portion of the Contract Value in the other Subaccounts. Once we have determined the number of Beneficiaries who will share in the Contract Value, a Beneficiary who has returned all required documentation to us (including tax withholding and other forms) will be able to transfer his or her share of the Contract Value among the Subaccounts. If the Contract Value for any one Beneficiary is less than $5,000, then we will send that Beneficiary their entire portion of the Contract Value as soon as we have received all required documentation.

10(e).  Proof of Survival

If any payment under this Contract depends on an Annuitant or other recipient being alive on a given date, we may require proof of survival before making the payment.

 

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10(f).  Abandoned Property

State regulations, which can vary, require abandoned property to be escheated to state municipalities. Unclaimed property could come in the form of an outstanding check, unclaimed death benefit, or a matured Contract where the policyholder cannot be located. Please note that some state municipalities require unclaimed property to be escheated to the state within three to five years of the date of death of the Owner. To avoid escheatment we advise that you promptly respond to requests to contact the insurance company. In the event of the Owner’s death we advise Beneficiaries to promptly contact the insurance company and provide whatever paperwork the insurance company requests. Beneficiaries who wait too long after the Owner’s death to contact the insurance company run the risk of not having sufficient time to make a distribution election before the company is required to escheat the proceeds to the state municipality. In the event the state escheatment laws require escheatment before the end of the maximum distribution period. from date of death allowed by the Code, a Beneficiary may not have the entire distribution period as described in the Contract to withdraw the Contract Value.

10(g).  Reports to Owners

Before the Annuity Date, we will send you a statement showing your Contract Value four times each year. Each quarterly statement will also contain a summary of all transactions in your Contract since the previous statement.

You should immediately verify the accuracy of the information contained in these statements, and in the confirmations you may receive for individual transactions. If you find a discrepancy with respect to any transaction, you should notify us at our Annuity Service Center immediately. We will not be responsible for losses after ten calendar days from the first time we mail any statement or confirmation containing details of the transaction.

Contract owners have access to their contract information online at www.dfinview.com/Fidelity/PUFT/FGGI.

10(h).  Signature Guarantee or Customer Authentication

Certain requests may require a signature guarantee or customer authentication. A signature guarantee or customer authentication is designed to protect you and us from fraud. Your request must be in writing and may require a signature guarantee if any of the following situations apply:

 

(1)

Loss of account ownership;

 

(2)

Any circumstances where we deem it necessary for your protection.

You should be able to obtain a signature guarantee from a bank, broker-dealer, credit union (if authorized under state law), securities exchange or association, clearing agency, or savings association. A notary public cannot provide a signature guarantee. A customer authentication can be obtained only at a Fidelity Investments Investor Center.

10(i).  Non-Participating Contract

The Contract is “non-participating”, meaning there are no dividends. Investment results of the Subaccounts are reflected in the Contract Value and the other benefits under the Contract.

10(j).  Postponement of Payment

In conformity with the Investment Company Act of 1940, we will generally pay any withdrawal within seven days after we receive the request. We may delay payment if (a) the disposal or valuation of the assets in a Subaccount is not reasonably practicable because the New York Stock Exchange is closed for other than a regular holiday or weekend, trading is restricted by the SEC, or the SEC declares that an emergency exists; or

 

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(b) the SEC by order permits the postponement of payment to protect our Owners.

We will generally send: (1) any withdrawal amount on the first business day after the end of the Valuation Period during which we receive the withdrawal request: (2) each annuity income payment on the first business day after the Annuity Date; and (3) any lump sum distributions to Beneficiaries within seven days of the day we receive proper notice.

10(k).  Special Provisions for Sales Under Sponsored Arrangements

We may reduce the minimum Purchase Payment requirement for Contracts issued under sponsored arrangements. We determine the eligibility of a group for such reduced minimum Purchase Payment, and the minimum Purchase Payment amount for individuals in a particular group, by considering the following factors: (1) the size of the group; (2) the total amount of Purchase Payments we expect group members to make; (3) the nature of the group and the persistency we expect from the group; (4) the purpose for which the Contracts will be purchased; and (5) any other circumstances which we believe to be relevant in determining the level of expected administrative expenses we will incur.

10(l).  Written Requests Received at the Company

Any request that is required to be submitted to the Company in writing must be in accordance with the Company’s then current standards and shall not be effective until the date and time that either:

 

1.

The original request is physically received at the Annuity Service Center; or

 

2.

An electronic image of the original request, which has been submitted by an agent of Fidelity, is received at the Annuity Service Center.

All communications to us regarding your Contract should be sent to: Fidelity Investments Life Insurance Company, Annuity Service Center, PO Box 770001, Cincinnati, Ohio 45277-0050.

11.  MORE INFORMATION ABOUT THE SUBACCOUNTS AND THE FUNDS

11(a).  Changes in Subaccounts

We may make additional Subaccounts available to you from time to time. These Subaccounts will invest in mutual funds that we find suitable for the Contracts.

We also have the right to eliminate Subaccounts, to combine two or more Subaccounts, or to substitute a new mutual fund for the mutual fund in which a Subaccount invests.

A substitution may become necessary if, in our judgment, a Fund no longer suits the purposes of the Contracts. This may happen due to a change in laws or regulations, a change in a Fund’s investment objectives or restrictions, because the Fund is no longer available for investment, or for some other reason. We would obtain prior approval from the SEC and any other required approvals before making such a substitution.

We also reserve the right to operate the Variable Account as a management investment company under the 1940 Act or any other form permitted by law or to deregister the Variable Account under such Act in the event such registration is no longer required. We would obtain any required approval from the SEC before making such changes.

 

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11(b).  Voting Rights

We currently vote shares of the Funds owned by the Variable Account according to your instructions. However, if the 1940 Act or any related regulations or interpretations should change, and we decide that we are permitted to vote the shares of the Funds in our own right, we may decide to do so.

Before the Annuity Date, we calculate the number of shares that you may instruct us to vote by dividing your Contract Value in a Subaccount by the net asset value of one share of the corresponding Fund. Fractional votes are counted. We reserve the right to modify the manner in which we calculate the weight to be given to your voting instructions where such a change is necessary to comply with then current federal regulations or interpretations of those regulations.

We will determine the number of shares you can instruct us to vote 90 days or less before the applicable Fund shareholder meeting. At least 14 days before the meeting we will send you material by mail for providing us with your voting instructions.

If we do not receive your voting instructions in time, we will vote the shares in the same proportion as the instructions we receive from other Owners. This means that the voting instructions of a small number of Owners could determine the outcome of any proposal for all Owners. We will also vote in the same proportionate manner any shares we hold in the Variable Account that are not attributable to Owners. As a result of proportional voting, the vote of a small number of Owners could determine the outcome of a shareholder vote.

Under certain circumstances, we may be required by state regulatory authorities to disregard voting instructions. This may happen if following such instructions would change the sub-classification or investment objectives of a Fund, or result in the approval or disapproval of an investment advisory contract.

Under federal regulations, we may also disregard instructions to vote for Owner-initiated changes in investment policies or the investment advisor if we disapprove of the proposed changes. We would disapprove a proposed change only if it were contrary to state law, prohibited by state regulatory authorities, or if we decided that the change would result in overly speculative or unsound investments. If we ever disregard voting instructions, we will include a summary of our actions in the next semiannual report.

11(c).  Resolving Material Conflicts

The Funds are available to separate accounts of insurance companies offering variable annuity contracts and variable life insurance policies issued by other insurance companies, as well as to our Variable Account and other separate accounts we may establish.

Although we do not anticipate any disadvantages due to these arrangements, there is a possibility that a material conflict could arise between the interest of the Variable Account and one or more of the other separate accounts or qualified plans that hold shares of the Funds. A conflict may occur due to a change in law affecting the operations of variable life and variable annuity separate accounts, differences in the voting instructions of our Owners and those of other insurance companies, or for some other reason. In the event of a conflict, we will take any steps necessary to protect our Owners and their Beneficiaries.

 

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APPENDIX A: FUNDS AVAILABLE UNDER THE CONTRACT

The following is a list of Funds under the Contract. 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.dfinview.com/Fidelity/PUFT/FGGI. You can also request this information at no cost by calling

1-800-634-9361 or by sending an email request to filifunddocuments@fidelity.com.

The current expenses and performance information below reflects fees and expenses of the Funds, but do not reflect the other fees and expenses that your Contract may charge. Expenses would be higher and performance would be lower if these other charges were included. Each Fund’s past performance is not necessarily an indication of future performance.

 

Investment Objective		Fund & Adviser/Subadviser		Current Expenses		Average Annual Total Returns (as of 12/31/25)
						1 year		5 year			10 year
Seeks income and capital growth consistent with reasonable risk		Fidelity® Variable Insurance Product (“VIP”) Balanced Portfolio   Adviser: Fidelity Management & Research Company LLC		0.49%		15.16%		9.43%			11.04%
Seeks high total return		Fidelity® VIP FundsManager® 60% Portfolio   Adviser: Fidelity Management & Research Company LLC		0.63%*		15.71%		6.67%			8.19%
Seeks as high a level of current income as is consistent with preservation of capital and liquidity		Fidelity® VIP Government Money Market Portfolio1   Adviser: Fidelity Management & Research Company LLC		0.28%		4.10%		3.08%			2.01%

 

1	You may not choose to allocate your Purchase Payment or Contract Value to the Money Market Subaccount at any time.

*	This Fund’s current expenses reflect temporary fee reductions. See the Fund’s prospectus for additional information.

 

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APPENDIX B: Guaranteed Withdrawal Benefit for Life Examples

Example 1

Assume your Contract has one Annuitant who is age 65 and you made a $25,000 Purchase Payment on the Contract Date. Assume you make one withdrawal in the first Contract Year equal to your eligible GWB Amount ($1,250 = 5% Withdrawal Percentage multiplied by the $25,000 GWB Value). Your GWB Value would be $25,000 for the entire 1st Contract Year. If your Contract Value is $30,000 at time of the first Contract Anniversary, your GWB Value will be increased to $30,000 and your GWB Amount for the 2nd Contract Year would be increased to $1,500 to reflect the increased GWB Value.

In the same example, if the Contract Value was $20,000 at time of the first Contract Anniversary, the GWB Value would be unchanged on the Contract Anniversary and would remain at $25,000. Similarly, the GWB Amount would also be unchanged and remain $1,250.

Example 2

Assume your Contract has one Annuitant who is age 67 and you made a $100,000 Purchase Payment on the Contract Date. If you make no withdrawals during the first Contract Year your GWB Value would be $100,000 for the whole Contract Year. Further assume that you make a $3,000 Gross Withdrawal during the first Contract Year. This withdrawal will establish the Withdrawal Percentage as 5% and the GWB Amount as $5,000. Because the withdrawal does not exceed your eligible GWB Amount, there are no Surrender Charges applicable to this withdrawal and there is no reduction to the GWB Value. Your Contract Value will be reduced by $3,000, the amount of the withdrawal.

Further assume that later in that first Contract Year, you make a second Gross Withdrawal, this time for $10,000. At the time of this $10,000 withdrawal, the GWB Amount is $5,000 and the sum of all prior withdrawals in this Contract Year is $3,000. Therefore, $2,000 of the withdrawal is treated as a withdrawal of your GWB Amount and the remainder of the withdrawal ($8,000) is treated as an excess withdrawal. Assume your Contract Value would have been $104,000 at the end of the Valuation Period had you not taken the withdrawal. Your GWB Value will be reduced by 7.84%. The 7.84% reduction is determined by dividing the $8,000 Excess Withdrawal by $102,000 ($104,000 – $2,000 determined above) resulting in a new GWB Value of $92,160 ($100,000 GWB Value minus [$100,000 multiplied by .0784]). Additionally, a $160 Surrender Charge is due on the $10,000 Gross Withdrawal (2% of the $8,000 excess withdrawal).

Further assume that you make a third withdrawal in the first Contract Year, this time for $5,000. At the time of this $5,000 withdrawal, the GWB Amount is $5,000 and the sum of all prior withdrawals in this Contract Year is $13,000. Therefore, all $5,000 of the withdrawal is treated as an excess withdrawal. If your Contract Value would have been $90,000 at the end of the Valuation Period had you not taken the withdrawal, your GWB Value will reduce by 5.56% ($5,000 Excess Withdrawal divided by $90,000) resulting in a new GWB Value of $87,036 ($92,160 GWB Value minus [$92,160 multiplied by .0556]). A $100 Surrender Charge is due on the $5,000 Gross Withdrawal (2% of the $5,000 excess withdrawal).

Example 3

Assume your Contract has one Annuitant who is currently age 84 and you made a $100,000 Purchase Payment 18 years ago. Assume also that your GWB Value is still $100,000 and your GWB Amount, which you have been withdrawing every year, is $5,000. Assume you take your first withdrawal of $5,000 in the current Contract Year and that your Contract Value would have been $6,000 at the end of the Valuation Period had you not taken the withdrawal. The Contract Value after the withdrawal is $1,000 which is below the amount which will trigger the conversion of your Contract on the first of the month following your next Contract Anniversary. Assuming you

 

46

make no further withdrawals prior to the conversion date, we will begin GWB Amount payments of $5,000 each year for so long as any Annuitant is alive.

The Following examples are specific to Qualified Contracts and are provided to help illustrate the impact of required minimum distributions (RMD’s) and the impact to the contract of taking the RMD’s under various circumstances.

Assumptions common to examples 4-6.

Assume your Contract Date is 6 years in the past and your Contract has one Annuitant who is age 75. Also assume that your GWB Value is $100,000, your GWB Amount is $5,000 and your required minimum distribution, as computed exclusively by us, is $5,300 for the current calendar year. Assume further that you have not yet made any withdrawals from your Contract in the current Contract Year, nor have you made any withdrawals in the current calendar year. Also, assume that your next Contract Anniversary will occur in the following calendar year and that your GWB Value did not increase on your Contract Anniversary in the current calendar year.

Example 4

To satisfy your RMD, you request a $5,300 withdrawal outside of our Systematic Withdrawal Program. At the time of this $5,300 withdrawal, the GWB Amount is $5,000 and the sum of all prior withdrawals in this Contract Year is $0. Therefore, $5,000 of the withdrawal is treated as a withdrawal of your GWB Amount and the remainder of the withdrawal ($300) is treated as an excess withdrawal. A reduction in your GWB Value will occur because you did not participate in the Systematic Withdrawal Program to receive this withdrawal and you did not meet all of the other criteria as stated under 4(d). Systematic Withdrawal Program of this prospectus to receive the greater of your GWB Amount and your RMD. To demonstrate the reduction, assume your Contract Value would have been $103,000 at the end of the Valuation Period had you not taken the withdrawal. After your withdrawal is processed, your Contract Value will be $97,700 and your GWB Value will be reduced by 0.31%. The 0.31% reduction is determined by dividing the $300 excess withdrawal by $98,000 ($103,000 – $5,000 determined above) resulting in a new GWB Value of $99,690 ($100,000 GWB Value minus [$100,000 multiplied by .0031]).

Example 5

Alternatively, assume that at the beginning of the year, you had been signed up for a monthly systematic withdrawal of your GWB Amount. Each month we will pay an amount so that we will have paid the greater of your GWB Amount or RMD, in this case $5,300, by the end of the calendar year. Since the withdrawal to cover your RMD was taken through our SWP program, your GWB Value will still be $100,000. We have assumed that all of the conditions for receiving the greater of your GWB Amount and your RMD as shown under 4(d). Systematic Withdrawal Program of this prospectus have been met.

Example 6

Assume instead that you sign up for a systematic withdrawal of your GWB Amount in September. In order to meet your RMD requirements, you would need to elect an annual payment frequency from the SWP program so that we are able to pay a full year’s worth of payments on a systematic basis prior to the end of the calendar year. Note that any frequency of payment other than annual in this case will not allow you to meet your RMD. After the withdrawal of $5,300, your GWB Value will still be $100,000 since the withdrawal to cover your RMD was taken through our SWP program. We have assumed that all of the conditions for receiving an RMD exception as shown under 4(d). Systematic Withdrawal Program of the prospectus have been met.

 

47

We have filed additional information about the Contract and the Variable Account with the Securities and Exchange Commission in a Statement of Additional Information (“SAI”) dated April 30, 2026. The SAI is incorporated by reference in this prospectus and is available, without charge, on our website and upon request. To request the SAI, other information about the Contract, or to make investor inquiries, call us at 1-800-544-2442.

Reports and other information about the Variable Account are available on the Securities and Exchange Commission’s website at http://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.

Edgar Contract Identifier: C000049509

GMWB-PRO-0426

1.850778.120

 

48

FIDELITY GROWTH AND GUARANTEED INCOME^® ANNUITY

STATEMENT OF ADDITIONAL INFORMATION

April 30, 2026

This Statement of Additional Information supplements the information found in the current Prospectus for the variable annuity contracts (“Contracts”) offered by Fidelity Investments Life Insurance Company (“FILI” or the “Company”) through Fidelity Investments Variable Annuity Account I (the “Variable Account”). You may obtain a copy of the Prospectus dated April 30, 2026, without charge by calling 1-800-544-2442.

THIS STATEMENT OF ADDITIONAL INFORMATION IS NOT A PROSPECTUS.

 

Table of Contents
		PAGE
General Information and History			2
Non-Principal Risks of Investing in the Contract			2
Unavailability of Annuity Income Options in Certain Circumstances			2
Safekeeping of Variable Account Assets			3
Distribution of the Contracts			3
Underwriting Commissions			3
State Regulation			3
Legal Matters			3
Experts			3
Financial Statements			4
Variable Account (enclosed)
Fidelity Investments Life Insurance Company (enclosed)

GMWB-PTB-0426

1.850779.119

 

1

GENERAL INFORMATION AND HISTORY

Fidelity Investments Life Insurance Company (“FILI”)

FILI is a stock life insurance company that was established in 1981 and exists in accordance with the laws, rules and regulations of the State of Utah. FILI issues life insurance and annuity products in 49 states (not New York) and the District of Columbia; FILI’s wholly-owned subsidiary Empire Fidelity Investments Life Insurance Company (“EFILI”) issues life insurance and annuity products in New York. FILI is part of Fidelity Investments, a group of companies that provides a variety of financial services and products. FILI is a wholly-owned subsidiary of FMR LLC, the parent company of the Fidelity Investments companies. Abigail P. Johnson, certain Johnson family members, and various key employees of FMR LLC own the voting common stock of FMR LLC.

Fidelity Investments Variable Annuity Account I (the “Variable Account”)

The Variable Account is a separate investment account of FILI established on July 22, 1987 and exists in accordance with the laws, rules and regulations of the State of Utah. It is registered with the Securities and Exchange Commission (“SEC”) as a unit investment trust under the Investment Company Act of 1940 (“1940 Act”). It is also a separate account as defined under the federal securities laws.

NON-PRINCIPAL RISKS OF INVESTING IN THE CONTRACT

Considerations Regarding Cybersecurity

With the increased use of technologies such as the Internet to conduct business, our business, including our variable insurance business, is susceptible to operational, information security and related risks. In general, cyber incidents can result from deliberate attacks or unintentional events and may arise from external or internal sources. Cyber attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through “hacking” or malicious software coding) for purposes of misappropriating assets or sensitive information; corrupting data, equipment or systems; or causing operational disruption. Cyber attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites (i.e., efforts to make network services unavailable to intended users). Cyber incidents affecting FILI, the Funds, and any affiliated or unaffiliated vendors or service providers have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with our processing of policy transactions (including surrenders, withdrawals, annuity income payments, and insurance proceeds), our ability to calculate Accumulation Unit Values and Annuity Income Unit Values, destruction to equipment and systems, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. While FILI has established business continuity plans in the event of, and risk management systems to prevent, such cyber incidents, there are inherent limitations in such plans and systems including the possibility that certain risks have not been identified.

Furthermore, FILI cannot control the cyber security plans and systems put in place by its service providers or any other third parties whose operations may affect its business. A variable insurance product and its Owners, Annuitants, Insureds, and Beneficiaries could be negatively impacted as a result.

UNAVAILABILITY OF ANNUITY INCOME OPTIONS IN CERTAIN CIRCUMSTANCES

We do not offer annuity income options to any corporate beneficiary, partnership or trustee; any assignee; or the executors or administrators of the Annuitant’s estate.

 

2

SAFEKEEPING OF VARIABLE ACCOUNT ASSETS

The assets of the Variable Account are held by FILI. The assets of the Variable Account are held apart from our general account assets and any other separate accounts we may establish. We maintain records of all purchases and redemptions of the shares of the Funds held by the Subaccounts. We maintain fidelity bond coverage for the acts of our officers and employees.

DISTRIBUTION OF THE CONTRACTS

As explained in the Prospectus, the Contract is distributed through Fidelity Brokerage Services LLC (“FBS”) and Fidelity Insurance Agency, Inc. (“FIA”). FBS is the principal underwriter. FIA and FILI are wholly-owned, direct subsidiaries of FMR LLC; and FBS is a wholly-owned, indirect subsidiary of FMR LLC. The principal business address of FBS and FDC is 900 Salem Street, Smithfield, Rhode Island 02917. The offering of the Contract has been discontinued although you may continue to make exchanges among the Subaccounts.

UNDERWRITING COMMISSIONS

 

Year		Underwriting Commissions Paid to FBS		Amount of Underwriting Commissions Retained by FBS
2025		$20,992,464		$20,992,464
2024		$14,744,837		$14,744,837
2023		$9,846,381		$9,846,381

STATE REGULATION

FILI is subject to regulation by the Department of Insurance of the State of Utah, which periodically examines our financial condition and operations. We are also subject to the insurance laws and regulations of all jurisdictions where we do business. The Contracts described in the Prospectus and Statement of Additional Information have been filed with and, where required, approved by, insurance officials in those jurisdictions where it is sold.

We are required to submit annual statements of our operations, including financial statements, to the insurance departments of the various jurisdictions where we do business to determine solvency and compliance with applicable insurance laws and regulations.

LEGAL MATTERS

The legal validity of the Contracts described in the Prospectus and Statement of Additional Information has been passed on by Lance A. Warrick, General Counsel of Fidelity Investments Life Insurance Company.

EXPERTS

The consolidated financial statements of the Company as of December 31, 2025 and 2024 and for each of the three years in the period ended December 31, 2025, and the financial statements of each of the subaccounts of Fidelity Investments Variable Annuity Account I as of December 31, 2025 and for each of the periods indicated, included in this Statement of Additional Information constituting part of this Registration Statement, have been so included in reliance on the reports of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting. The principal business address for PricewaterhouseCoopers LLP is 101 Seaport Boulevard, Boston, Massachusetts 02210.

 

3

FINANCIAL STATEMENTS

The consolidated financial statements of Fidelity Investments Life Insurance Company included herein should be distinguished from the financial statements of the Variable Account and should be considered only as bearing upon our ability to meet our obligations under the Contracts.

 

4

 

 

 

 

 

 

 

This report and the financial statements contained herein are submitted for the general information of Fidelity Investments Life Insurance Company variable annuity owners. This report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. Neither Fidelity Investments Life Insurance Company nor Fidelity Brokerage Services LLC is a bank, and neither the annuities nor mutual fund shares are backed or guaranteed by any bank or insured by the FDIC.

 

Fidelity Investments Variable Annuity Account I

Statements of Assets and Liabilities

December 31, 2025

 

(In thousands, except per unit data)		Subaccounts Investing In:
		VIP – Government Money Market Initial Class				VIP – Government Money Market Investor Class				VIP – High Income Initial Class				VIP – High Income Investor Class				VIP – Equity-Income Initial Class				VIP – Equity-Income Investor Class				VIP – Growth Initial Class				VIP – Growth Investor Class
Assets:
Investments at market value		$	243,988			$	3,556,734			$	50,430			$	338,451			$	408,863			$	735,369			$	813,212			$	1,362,940
Receivable from FILI			47				—				18				—				73				—				147				2
Total assets		$	244,035			$	3,556,734			$	50,448			$	338,451			$	408,936			$	735,369			$	813,359			$	1,362,942
Liabilities:
Payable to FILI			—				13				—				1				—				—				—				—
Total net assets		$	244,035			$	3,556,721			$	50,448			$	338,450			$	408,936			$	735,369			$	813,359			$	1,362,942
Net Assets:
Fidelity Retirement Reserves		$	236,959			$	—			$	41,991			$	—			$	374,733			$	—			$	765,682			$	—
Fidelity Income Advantage			7,076				—				8,457				—				34,203				—				47,677				—
Fidelity Personal Retirement			—				3,543,207				—				338,450				—				735,369				—				1,362,942
Fidelity Freedom Lifetime Income			—				151				—				—				—				—				—				—
Fidelity Growth and Guaranteed Income			—				13,363				—				—				—				—				—				—
Total net assets		$	244,035			$	3,556,721			$	50,448			$	338,450			$	408,936			$	735,369			$	813,359			$	1,362,942
Units Outstanding and Unit Value:
Fidelity Retirement Reserves:
Units Outstanding			10,031				—				582				—				1,530				—				1,474				—
Unit Value		$	23.62			$	—			$	72.23			$	—			$	244.92			$	—			$	519.23			$	—
Fidelity Income Advantage:
Units Outstanding			315				—				123				—				147				—				96				—
Unit Value		$	22.39			$	—			$	68.46			$	—			$	232.12			$	—			$	492.09			$	—
Fidelity Personal Retirement:
Units Outstanding			—				280,313				—				13,916				—				14,193				—				12,562
Highest Value		$	—			$	13.49			$	—			$	34.02			$	—			$	78.84			$	—			$	158.21
Lowest Value		$	—			$	11.83			$	—			$	21.90			$	—			$	47.75			$	—			$	102.25
Fidelity Freedom Lifetime Income:
Units Outstanding			—				12				—				—				—				—				—				—
Unit Value		$	—			$	12.56			$	—			$	—			$	—			$	—			$	—			$	—
Fidelity Growth and Guaranteed Income (Single Annuitant):
Units Outstanding			—				975				—				—				—				—				—				—
Highest Value		$	—			$	10.55			$	—			$	—			$	—			$	—			$	—			$	—
Lowest Value		$	—			$	9.97			$	—			$	—			$	—			$	—			$	—			$	—
Fidelity Growth and Guaranteed Income (Joint Annuitant):
Units Outstanding			—				312				—				—				—				—				—				—
Highest Value		$	—			$	10.26			$	—			$	—			$	—			$	—			$	—			$	—
Lowest Value		$	—			$	9.72			$	—			$	—			$	—			$	—			$	—			$	—

 

See accompanying notes which are an integral part of the financial statements.

 

		3		Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Assets and Liabilities - continued

December 31, 2025

 

(In thousands, except per unit data)		Subaccounts Investing In:
		VIP – Overseas Initial Class				VIP – Overseas Investor Class				VIP – Investment Grade Bond Initial Class				VIP – Investment Grade Bond Investor Class				VIP – Asset Manager 50% Initial Class (B)				VIP – Asset Manager 50% Investor Class (B)				VIP – Index 500 Initial Class				VIP – Asset Manager 70% Initial Class (B)
Assets:
Investments at market value		$	66,947			$	272,585			$	100,746			$	787,746			$	157,075			$	231,502			$	7,425,715			$	62,736
Receivable from FILI			22				—				1				—				149				—				154				49
Total assets		$	66,969			$	272,585			$	100,747			$	787,746			$	157,224			$	231,502			$	7,425,869			$	62,785
Liabilities:
Payable to FILI			—				—				—				—				—				—				—				—
Total net assets		$	66,969			$	272,585			$	100,747			$	787,746			$	157,224			$	231,502			$	7,425,869			$	62,785
Net Assets:
Fidelity Retirement Reserves		$	62,683			$	—			$	85,977			$	—			$	142,935			$	—			$	706,667			$	54,650
Fidelity Income Advantage			4,286				—				14,770				—				14,289				—				57,937				8,135
Fidelity Personal Retirement			—				272,585				—				787,746				—				231,502				6,661,265				—
Fidelity Freedom Lifetime Income			—				—				—				—				—				—				—				—
Fidelity Growth and Guaranteed Income			—				—				—				—				—				—				—				—
Total net assets		$	66,969			$	272,585			$	100,747			$	787,746			$	157,224			$	231,502			$	7,425,869			$	62,785
Units Outstanding and Unit Value:
Fidelity Retirement Reserves:
Units Outstanding			709				—				1,769				—				1,485				—				3,143				729
Unit Value		$	88.41			$	—			$	48.59			$	—			$	96.17			$	—			$	224.78			$	74.92
Fidelity Income Advantage:
Units Outstanding			51				—				321				—				156				—				271				114
Unit Value		$	83.79			$	—			$	46.05			$	—			$	91.14			$	—			$	213.03			$	71.00
Fidelity Personal Retirement:
Units Outstanding			—				8,781				—				47,670				—				7,380				83,350				—
Highest Value		$	—			$	41.88			$	—			$	19.16			$	—			$	40.21			$	112.03			$	—
Lowest Value		$	—			$	30.73			$	—			$	14.99			$	—			$	28.90			$	76.90			$	—
Fidelity Freedom Lifetime Income:
Units Outstanding			—				—				—				—				—				—				—				—
Unit Value		$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—
Fidelity Growth and Guaranteed Income (Single Annuitant):
Units Outstanding			—				—				—				—				—				—				—				—
Highest Value		$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—
Lowest Value		$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—
Fidelity Growth and Guaranteed Income (Joint Annuitant):
Units Outstanding			—				—				—				—				—				—				—				—
Highest Value		$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—
Lowest Value		$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—

^(B) Fund Name Change (Note 1)

 

See accompanying notes which are an integral part of the financial statements.

 

		4		Annual Report