Summary Prospectus for New Investors by Investment Company (Form 497VPI)

Lincoln Level Advantage 2 IncomeSM Advisory  

Individual Index-Linked Annuity Contracts 

Summary Prospectus for New Investors
September 12, 2025

This summary prospectus summarizes key features of the Lincoln Level Advantage 2 IncomeSM Advisory Individual Index-Linked Annuity Contracts issued by The Lincoln National Life Insurance Company (Lincoln Life or Company).

Before you invest, you should also review the prospectus for the Lincoln Level Advantage 2 IncomeSM Advisory Individual Index-Linked Annuity Contracts which contains more information about the Contract's features, benefits, and risks. You can find this prospectus and other information about the Contract online at www.lfg.com/VAprospectus. You can also obtain this information at no cost by calling 1-877-737-6872 or by sending an email request to [email protected].

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

YOU MAY CANCEL YOUR CONTRACT WITHIN THE FREE LOOK PERIOD WITHOUT PAYING FEES OR PENALTIES.

If you are a new investor in the Contract, you may cancel your Contract within ten days of receiving it without paying fees or penalties although any Contract Adjustments will be applied. In some states, if you are replacing an existing Contract, this free look or cancellation period may be longer. Upon cancellation, and depending on state requirements you will receive: 1) the greater of a full refund of the amount you paid with your application or your total Contract Value; or 2) a full refund of the amount you paid with your application, less any withdrawals. You should review the prospectus, or consult with your financial professional for additional information about the specific cancellation terms that apply.

You may invest in one or more of the available Indexed Accounts. We will not offer a 1-Year Indexed Account with a Performance Cap, Performance Trigger Rate, or Dual Performance Trigger Rate below 1.00% (except in the case of the 100% Protection Level, which has a minimum Performance Cap of 0.10%) or a 6-Year Annual Lock Indexed Account with a Performance Cap below 1.00%. We will not offer a 6-Year Performance Cap or Dual Plus Indexed Account with a Performance Cap below 10%. We will not offer a 3-Year or 6-Year Participation Rate Indexed Account with a Participation Rate below 15%. If you choose to lock the Interim Value of an Indexed Segment under Secure Lock+®, we will reset the Performance Cap, the Participation Rate, Performance Trigger Rate, or Dual Performance Trigger Rate for that Indexed Segment, and that Reset Rate may be lower than these stated minimums. We will not offer a Reset Rate under Secure Lock+® less than 0.10%. The amount of gain credited for each Indexed Segment at the end of an Indexed Term may be limited by the Performance Cap, Participation Rate, Performance Trigger Rate or Dual Performance Trigger Rate we declare. We guarantee a minimum declared crediting rate for each Indexed Account.

The amount of loss from negative Index performance for each Indexed Segment at the end of an Indexed Term is limited by the Protection Level or the Dual Rate for that Segment. Your Contract Value may not be impacted by any loss up to the applicable Protection Level or Dual Rate that you choose if you do not make withdrawals during the Indexed Term. Under extreme circumstances, you could lose up to 90% of your investment in an Indexed Account with a 10% Protection Level or a 10% Dual Rate, up to 85% of your investment in an Indexed Account with a 15% Protection Level or a 15% Dual Rate, up to 80% of your investment in an Indexed Account with a 20% Protection Level, up to 75% of your investment in an Indexed Account with a 25% Protection Level, and up to 70% of your investment in an Indexed Account with a 30% Protection Level. This potential of loss exists for each Indexed Term, and over the life of the Contract which could be much greater. We do not guarantee that the Contract will always offer Indexed Accounts that limit Index losses, in which case you could lose the entire amount of your investment.

This Contract is not designed for short-term investing and is not appropriate for the investor who needs ready access to cash. Withdrawals could result in negative Contract Adjustments, taxes and tax penalties. Under extreme conditions a negative Contract Adjustment based on Interim Value could result in a loss of up to 100% of your Contract Value.

Our obligations under the Contract, including amounts to be paid to you from the Indexed Accounts are subject to our financial strength and claims paying ability.

The Securities and Exchange Commission has not approved or disapproved the Contract or determined if this Summary Prospectus is accurate or complete. Any representation to the contrary is a criminal offense.

Additional information about certain investment products, including registered index-linked annuities, has been prepared by the Securities and Exchange Commission's staff and is available at Investor.gov.

Table of Contents 

Item	Page
Special Terms	3
Overview of the Contract	5
Important Information You Should Consider About the Lincoln Level Advantage 2 IncomeSM Advisory Index-Linked Annuity Contract	8
Benefits Available Under the Contract	12
Buying the Contract	13
Making Withdrawals: Accessing the Money in Your Contract	14
Additional Information About Fees	15
Fee Tables	15
Appendix A - Investment Options Available Under The Contract	A-1

Special Terms

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

Advisory Fee Withdrawal-Withdrawals from your Contract Value to pay the advisory fees associated with your Fee-Based Financial Plan.

Annual Locks-An Indexed Account with Annual Locks is a multi-year account in which the performance is calculated on each Indexed Anniversary Date, but the performance is not credited to or deducted from the Indexed Segment until the End Date.

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

Annuity Payout-A regularly scheduled payment (under any of the available annuity options) that occurs after the Annuity Commencement Date.

Beneficiary-The person you choose to receive any Death Benefit paid if you die before the Annuity Commencement Date.

Benefit Year-Under the Lincoln ProtectedPay® Select rider and Estate LockSM Death Benefit, the 12-month period starting with the effective date of the rider and starting with each anniversary of the rider effective date after that.

Contract-The index-linked annuity contract you have entered into with Lincoln Life.

Contract Adjustment-A positive or negative adjustment to the Interim Value of an Indexed Segment.

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

Contract Value (may be referred to as Account Value in marketing materials)-The sum of the current values of the Indexed Accounts (i.e. Interim Values if between the Start Date and the End Date of an Indexed Term) and the holding account.

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

Crediting Method-The method used in determining the Performance Rate for an Indexed Segment. There are several Crediting Methods including Performance Cap, Participation Rate, Performance Trigger Rate, Dual Performance Trigger Rate, and Dual Plus.

Death Benefit-Before the Annuity Commencement Date, the amount payable to your designated Beneficiary if the Contractowner dies. As an alternative, the Contractowner may receive a Death Benefit upon the death of the Annuitant prior to the Annuity Commencement Date.

Dual Performance Trigger Rate-The rate used, in part, to determine the Performance Rate for an Indexed Segment at the end of the Indexed Term.

Dual Rate-The rate used, in part, to determine the Performance Rate for an Indexed Segment of a Dual Plus Indexed Account at the end of the Indexed Term.

Dual Plus-A Crediting Method that uses, in part, a Performance Cap and Dual Rate to determine the Performance Rate for an Indexed Segment at the end of the Indexed Term.

End Date-The last day of the Indexed Term.

Excess Withdrawals-Amounts withdrawn during a Benefit Year, as specified for each Living Benefit Rider or enhanced Death Benefit rider, may eliminate the guarantees under the rider.

Fee-Based Financial Plan-A wrap account, managed account or other investment program whereby an investment firm/professional offers asset allocation and/or investment advice for a fee. Such programs can be offered by broker-dealers, banks and registered investment advisers, trust companies and other firms. Under this arrangement, the Contractowner pays the investment firm/professional directly for services. Deductions made for advisory fees may impact your Contract Value, and may reduce the benefits under your Contract.

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

Index-The market index or exchange traded fund (ETF) of which the performance is used to base the return of an Indexed Account.

Index Value-The published closing value of an Index on a Valuation Date. If an Index Value is not published for a particular day, we will use the closing Index Value on the next Valuation Date it is published.

Indexed Account-An investment option that provides a return based, in part, on the performance of an Index.

Indexed Anniversary Date-The same calendar day, each calendar year, as the day you first invested in an Indexed Segment.

Indexed Crediting Base or Crediting Base-An amount used in the calculation of the performance return and the Interim Value for an Indexed Segment.

Indexed Segment or Segment-The specific Indexed Account option(s) selected by a Contractowner for allocations of the Purchase Payment or reallocation of Contract Value.

Indexed Term or Term-The period of time during which Contract Value is invested in a particular Indexed Segment.

Interim Value-Your Contract Value for an Indexed Segment during an Indexed Term. The Interim Value is a calculated value and is used in the event that a withdrawal, Death Benefit payment, reallocation, annuitization, or surrender occurs at any time other than the Start Date or End Date of an Indexed Term. The Interim Value is also used when Secure Lock+® is chosen.

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

Living Benefit Rider (rider)-Also known as the Lincoln ProtectedPay® Select rider that provides a minimum income guarantee while you are alive. Excess Withdrawals may have adverse effects on the benefit of a Living Benefit Rider.

Monthly Anniversary-The same calendar day as the Contract Date for each succeeding month following the Contract Date.

Participation Rate-The rate used, in part, to determine the Performance Rate for an Indexed Segment at the end of an Indexed Term for any positive Index performance.

Performance Cap or Cap-The highest Performance Rate that can be credited to an Indexed Segment at the end of an Indexed Term for any positive Index performance.

Performance Rate-A rate of return for an Indexed Segment based on the performance of an Index over a specified period of time, adjusted for the applicable Protection Method and subject to the Crediting Method, depending on the Indexed Account you choose.

Performance Trigger Rate- The rate used to determine the Performance Rate for an Indexed Segment at the end of the Indexed Term if the Index performance is zero or positive.

Protected Annual Income-The guaranteed periodic withdrawal amount available from the Contract each Benefit Year during the Income Phase under the Lincoln ProtectedPay® Select rider.

Protection Level-The portion of loss that the Company will absorb from any negative Index performance. If the Index performance is negative by more than the Protection Level, there is

a risk of loss of principal and any previously credited amount to the Contractowner. The Protection Level is not available on Dual Plus accounts.

Protection Method-The method used in protecting from negative Index performance at the end of an Indexed Term, including Protection Levels and Dual Rates.

Purchase Payment-The initial investment made by a single premium payment to purchase this Contract.

Rate Sheet-A prospectus supplement, that will be filed periodically, where we declare the current fee rates for enhanced Death Benefits and Living Benefit Riders, along with the Protected Annual Income rates and Deferral Bonus rates for Living Benefit Riders.

Reset Rate-The reset of a rate of a Performance Cap, Participation Rate, Performance Trigger Rate, or Dual Performance Trigger Rate to a new rate if you choose to lock the Interim Value of an Indexed Segment before the end of the Indexed Term under Secure Lock+®.

Secure Lock+®-A feature that allows the Interim Value to be locked in on any given Valuation Date, other than an Indexed Anniversary, for an Indexed Segment. Under the Lincoln ProtectedPay® Select rider this feature is only available during the Growth Phase.

Segment Ending Value-The value of an Indexed Segment on the End Date after adjustment for the Performance Rate.

Start Date-The Valuation Date on which the Indexed Segment begins.

Overview of the Contract

Purpose of the Contract

The Lincoln Level Advantage 2 IncomeSM Advisory Index-Linked Annuity contract is designed to accumulate Contract Value and to provide income over a certain period of time or for life, subject to certain conditions. The Contract can supplement your retirement income by providing a stream of income payments during the payout phase. The Contract offers several Indexed Accounts which provide a rate of return based in part on the performance of an Index you select, a Living Benefit Rider that provides guaranteed income payments based on a percentage of a Contract Value, and a Death Benefit payable to your designated Beneficiaries upon the death of a Contractowner or Annuitant.

This Contract is issued as part of a Fee-Based Financial Plan which is described in the "Buying the Contract" section below.

This Contract may be appropriate if you have a long-term investment horizon. It is not intended for people who may need to make early or frequent withdrawals. See Surrenders and Withdrawals.

Phases of the Contract

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

Accumulation (Savings) Phase. To help you accumulate assets during the accumulation phase, you can invest your Purchase Payment and earnings in the Indexed Accounts available under the Contract, each of which has its own Indexed Term, Crediting Method, and Protection Method. The available Indexed Accounts are listed in Appendix A - Investment Options Available Under The Contract.

Different Crediting Methods and Protection Methods are available for your Indexed Accounts. We will credit positive, negative, or zero interest at the end of an Indexed Term to amounts allocated to an Indexed Account based, in part, on the performance of the Index. Interest is credited for any gain or deducted for any loss only on the End Date of an Indexed Segment. You could lose a significant portion of your investment if the Index declines in value.

The Protection Method you select determines the type of protection you will have for each Indexed Segment. For Indexed Accounts with Protection Level, the Protection Level is the portion of any negative Index performance that will not impact your Contract Value if you do not make any withdrawals until the End Date of the Indexed Segment. Your Contract Value will not be impacted up to the amount of the Protection Level you elect, and, after that, the Indexed Segment will be impacted for the remaining portion of the loss. For example, if the Index return is -15% and you have a 10% Protection Level, your Contract Value will not be impacted by the first 10% of negative Index performance and we will deduct 5% at the end of the Indexed Term. Any loss will reduce the amount of your investment in the Indexed Segments. The Contract offers Indexed Accounts with Protection Levels that protect you against losses of 10% to 100%.

For Indexed Accounts with a Dual Rate, if the Index performance is negative, your Performance Rate equals the Index performance plus the Dual Rate, which may result in either a negative or positive return. For example, if the Index return is -10% and you have a Dual Rate of 15%, we will credit 5% in interest at the end of the Indexed Term. If the Index return is -20% and you have a Dual Rate of 15%, we will deduct 5% in interest at the end of the Indexed Term. Any loss will reduce the amount of your investment in the Indexed Segments. The Contract offers Indexed Accounts with Dual Rates of 10% or 15%.

We will always make at least one Indexed Account available under this Contract, but we do not guarantee that the Contract will always offer Indexed Accounts that limit Index losses.

The Crediting Method you select determines the Performance Rate for an Indexed Segment. Any applicable Crediting Method may limit the positive Index return used in calculating interest on the End Date of an Indexed Segment. Each Indexed Account will have either:

In addition, the Reset Rate may limit a positive Index return if you choose to lock the Interim Value of an Indexed Segment under Secure Lock+®. We will reset the Indexed Segment Performance Cap rate, Participation Rate, Performance Trigger Rate, or Dual Performance Trigger Rate for the remainder of the Indexed Term following the lock, and these Reset Rates may be lower than the original rates. For example, if the Performance Cap is 4% and you choose to lock in the Interim Value, then on the next Monthly Anniversary Date, we could reset the Performance Cap for the remaining Indexed Term to 2%. If the Index return at the end of the Indexed Term is 12%, we will credit 2% in interest on the End Date of the Indexed Segment.

We guarantee a minimum declared crediting rate for each Indexed Account. We will not offer a 1-Year Indexed Account with a Performance Cap, Performance Trigger Rate, or Dual Performance Trigger Rate below 1.00% (except in the case of the 100% Protection Level, which has a minimum Performance Cap of 0.10%) or a 6-Year Annual Lock Indexed Account with a Performance Cap below 1.00%. We will not offer a 6-Year Performance Cap or Dual Plus Indexed Account with a Performance Cap below 10%. We will not offer a 3-Year or 6-Year Participation Rate Indexed Account with a Participation Rate below 15%. If you choose to lock the Interim Value of an Indexed Segment under Secure Lock+®, we will reset the Performance Cap, the Participation Rate, Performance Trigger Rate, or Dual Performance Trigger Rate for that Indexed Segment, and that Reset Rate may be lower than these stated minimums. We will not offer a Reset Rate under Secure Lock+® less than 0.10%.

Annuity (Income) Phase. You can elect to annuitize your Contract and turn your Contract Value into a stream of income payments (sometimes called Annuity Payouts), at which time the accumulation phase of the Contract ends. These payments may continue for a fixed period of years, for your entire life, or for the longer of a fixed period or your life.

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

The Lincoln ProtectedPay® Select rider offered under the Contract provides, however, a minimum income guarantee, and allows you to make withdrawals and be eligible for a Death Benefit. Withdrawals that exceed the Protected Annual Income amount are Excess Withdrawals that will reduce and could eliminate the income payments and other guaranteed Death Benefits.

Primary Features and Options of the Contract

Accessing your money. During the Accumulation Phase you can surrender the Contract or withdraw part of the Contract Value. If you make an early withdrawal, including the deduction of advisory fees, you may have to pay taxes and a tax penalty if you are younger than 59½. No interest will be credited to funds withdrawn or surrendered before the end of an Indexed Term. Additionally, if you withdraw from an Indexed Segment prior to its End Date, you will be subject to a Contract Adjustment based on the Interim Value.

Secure Lock+®. On any Valuation Date, excluding an Indexed Anniversary, between a Term's Start Date and Term's End Date, you may request to lock the Interim Value ("Secure Lock+®") of an Indexed Segment.

You could lose a significant amount of money due to the Contract Adjustments based on Interim Values if amounts are removed from an Indexed Segment prior to the Segment End Date. The Interim Value as calculated at the end of the Valuation Date will be locked in and once selected, a Secure Lock+® is irrevocable. If you request a lock-in of the Indexed Segment when the Interim Value is below your Indexed Crediting Base, Protection Methods do not apply and you assume all loss. Secure Lock+® is not available with all Crediting Methods and Protection Methods, during the Income Phase of the Lincoln ProtectedPay® Select rider, or upon the selection of an Annuity Payout option. Withdrawals prior to the Segment End Date may have a significant impact on your Contract Value. See the Contract Adjustments discussion below.

Tax treatment. Earnings (if any) on your investments are generally tax-deferred. You are taxed only when: (1) you take a withdrawal or surrender; (2) you receive an income payment from the Contract; or (3) upon payment of a Death Benefit.

Lincoln ProtectedPay® Select rider. The Contract includes the Lincoln ProtectedPay® Select rider, an income rider that provides guaranteed withdrawals based on a percentage of Contract Value. The availability of the rider is subject to state availability.

There is no guarantee that the Lincoln ProtectedPay® Select rider will be available in the future, as we reserve the right to discontinue it at any time. Excess Withdrawals under this rider may result in a reduction or premature termination of the benefits of the rider.

Death Benefit. Your Contract includes a Death Benefit that will be paid upon the death of either the Contractowner(s) or the Annuitant.

Optional Death Benefits that pay different amounts and have different fees may be available. There is no guarantee that any optional Death Benefit will be available in the future, as we reserve the right to discontinue them at any time. The availability of an optional Death Benefit is subject to state availability.

Additional Service. The Automatic Withdrawal Service allows you to automatically take periodic withdrawals from your Contract, and is available under the Contract for no additional charge.

Fees Associated with Fee-Based Financial Plans. You may provide authorization to have your advisory fees paid to your financial professional's investment firm from your Contract Value. Advisory Fee Withdrawals may not be treated as a distribution for federal tax purposes under certain conditions. Advisory Fee Withdrawals may not be available in all states and certain firms may not allow withdrawals to pay advisory fees from your Contract Value. These payments will be treated as withdrawals from your Contract Value and may result in a significant reduction in your Death Benefit and Living Benefit Rider. An Advisory Fee Withdrawal from the Contract will always reduce the Contract Value and Contract Value portion of the elected Death Benefit on a dollar-for-dollar basis. Over time, withdrawals taken for the payment of advisory fees could significantly reduce your Contract Value. Please discuss deducting advisory fees from your Contract Value with your financial professional prior to making any election.

Additionally, if you elect to pay a third-party advisory fee out of your Contract Value, this deduction may result in a negative Contract Adjustment, reduce your Death Benefit and Living Benefit Rider guarantees, and may be subject to federal and state income taxes and a 10% federal penalty tax. See Federal Tax Matters - Payment of Investment Advisory Fees.

Contract Adjustments

If you make any withdrawals, including the deduction of advisory fees, Protected Annual Income withdrawals, and surrender or terminate your Contract, reallocate Contract Value from an Indexed Segment, annuitize your Contract or upon payment of a Death Benefit from an Indexed Segment on any date prior to the Segment End Date, your Contract Value in the Indexed Segment will be its Interim Value. You could lose a significant amount of money due to Contract Adjustments based on Interim Values if amounts are removed from an Indexed Segment prior to the Segment End Date. Your Interim Value may be less than the amount invested and may be less than the amount you would receive had you held the investment in the Indexed Segment until the Segment End Date. The Interim Value will generally be negatively affected by increases in the expected volatility of Index prices, interest rate increases, and by poor market performance. All other factors being equal, the Interim Value generally would be lower the earlier a withdrawal or surrender is made in a Term.

Important Information You Should Consider About the Lincoln Level Advantage 2 IncomeSM Advisory Index-Linked Annuity Contract 

	FEES, EXPENSES, AND ADJUSTMENTS			Location in Prospectus
Are There Charges or Adjustments for Early Withdrawals?	Yes: ●If you remove Contract Value prior to the End Date of an Indexed Term, we will apply a Contract Adjustment based on Interim Value, which could be negative, and you could lose up to 100% of your investment due to the Contract Adjustment. For example, if you allocate $100,000 to an Indexed Account and later withdraw the entire amount before the Indexed Term has ended, you could lose up to $100,000 of your investment. This loss will be greater (but never more than 100%) if you also make a deduction to pay a third-party advisory fee, or have to pay taxes, and tax penalties. Contract Adjustments are applied to withdrawals, surrenders, reallocations, annuitizations and Death Benefit payments prior to the End Date of an Indexed Term and when Secure Lock+® is exercised.			●Fee Tables ●Charges and Adjustments
Are There Transaction Charges?	No. The Contract does not impose any transaction charges.			●Charges and Adjustments
Are There Ongoing Fees and Expenses?	Yes. There is an implicit ongoing fee on Indexed Accounts to the extent that your participation in Index gains is limited by the Company through the use of a Performance Cap, Participation Rate, Performance Trigger Rate, Dual Performance Trigger Rate, or Reset Rate. This means that your returns may be lower than the Index's returns. In return for accepting this limit on Index gains, you will receive some protection from Index losses. These implicit ongoing fees are not reflected in the tables below. The tables below describe the fees and expenses that you may pay each year, depending on the options you choose. Please refer to your contract specifications page for information about the specific fees you will pay each year based on the options you have elected. These charges do not reflect any advisory fees paid to a financial intermediary from Contract Value or other assets of the Contractowner. If such charges were reflected, the ongoing fees and expenses would be higher.			●Charges and Adjustments ●Rate Sheet (prospectus supplement)
	Annual Fee	Minimum	Maximum
	Base Contract	N/A	N/A
	Investment options (fund fees and expenses)	N/A	N/A
	Optional benefits available for an additional charge (for a single optional benefit, if elected)	1.00%1	2.75%2
	1 As a percentage of average Contract Value.
	2 As an annualized percentage of the Purchase Payment.
	Lowest and Highest Annual Cost Table. Because your Contract is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your Contract, the following table shows the lowest and highest cost you could pay each year. This estimate assumes that you do not take withdrawals from the Contract, which could add negative Contract Adjustments that substantially increase costs.

	CONFLICTS OF INTEREST			Location in Prospectus
How Are Investment Professionals Compensated?	●Your financial professional may receive compensation for selling this Contract to you, both in the form of commissions and because we may share the revenue it earns on this Contract with the professional's firm. (Your investment professional may be your broker-dealer, investment adviser, insurance agent, or someone else.) ●This potential conflict of interest may influence your investment professional to recommend this Contract over another investment.			●Distribution of the Contracts ●Principal Risks of Investing in the Contract
Should I Exchange My Contract?	●If you already own a contract, some investment professionals may have a financial incentive to offer you a new contract in place of the one you currently own. You should only exchange your existing contract if you determine, after comparing the features, fees, and risks of both contracts, that it is better for you to purchase the new contract rather than continue to own your existing contract.			●The Contracts - Replacement of Existing Insurance

Benefits Available Under the Contract

The following tables summarize information about the benefits available under the Contract. A detailed description of each benefit is available in the prospectus.  

Standard Benefits
Name of Benefit	Purpose	Maximum Fee	Brief Description of Restrictions / Limitations
Account Value Death Benefit	Provides a Death Benefit equal to the Contract Value.	None	●Available only if the Contractowner/ Annuitant is age 76 or over at the time the Contract is issued. ●Poor investment performance could significantly reduce the benefit. ●Withdrawals (including the deduction of advisory fees) could significantly reduce the benefit.
Automatic Withdrawal Service	Allows you to take periodic withdrawals from your Contract automatically.	None	●Withdrawals from Indexed Accounts will be processed at a Segment's Interim Value as of the Valuation Date the withdrawal is made unless the withdrawal is processed on the End Date of the Indexed Term. ●The deduction of advisory fees will impact your Contract Value and may impact your Death Benefit and Living Benefit Rider guarantees. ●We reserve the right to discontinue this administrative service at any time.
Advisory Fee Withdrawals	Allows you to take withdrawals from your Contract to pay the advisory fees.	None	●May not be available in all states. ●You may take Advisory Fee Withdrawals up to 1.25% annually without negatively impacting your rider guarantees. ●An Advisory Fee Withdrawal from the Contract will always reduce the Contract Value and Contract Value portion of the elected Death Benefit on a dollar-for- dollar basis.

 

Optional Benefits - Available for Election
Name of Benefit	Purpose	Maximum Fee	Brief Description of Restrictions / Limitations
Guarantee of Principal Death Benefit	Provides a Death Benefit equal to the greater of (1) Contract Value; (2) the Purchase Payment, adjusted for withdrawals.	●1.00% Age at Issue 76 and over (as a percentage of Contract Value on each Contract Date Anniversary)	●Withdrawals could significantly reduce the benefit. ●If the Contract Value is reduced to zero, the benefit terminates. ●Included in the Contract for no additional charge at the time the Contract is issued for ages 45 - 75.
Estate LockSM Death Benefit	Provides a Death Benefit equal to the greater of (1) Contract Value; (2) the Purchase Payment, as adjusted for Excess Withdrawals.	●1.60% (as a percentage of the Purchase Payment as adjusted for Excess Withdrawals)	●May only be elected at issue, and only in conjunction with the Lincoln ProtectedPay® Select rider. ●Available only if the Contractowner/ Annuitant is 45 to 75 years of age at the time the Contract is issued. ●Joint life option is not available. ●Excess Withdrawals could significantly reduce or terminate the benefit. ●If the Contract Value is reduced to zero the benefit terminates.
Lincoln ProtectedPay® Select	Provides: ●Protected income payments based on Contract Value when you choose to start the Income Phase; ●Deferral Bonuses that increase the Protected Annual Income rate each complete Benefit Year during the Growth Phase.	●2.75% (as a percentage of Contract Value on each Contract Date anniversary)	●Included in your Contract for an additional charge at the time the Contract is issued. ●Excess Withdrawals could significantly reduce or terminate the benefit. ●Subject to a $600,000 maximum protected income amounts across all Living Benefit Riders.

Rate Sheets

The current Deferral Bonus Protected Annual Income rates available under Lincoln ProtectedPay® Select and Lincoln ProtectedPay® Select and Estate LockSM are declared in a Rate Sheet prospectus supplement. The Rate Sheet indicates the current rates and the date by which your application must be signed and dated for a rider to be issued with those rates. The rates may be superseded at any time, in our sole discretion, and may be higher or lower than the rates on the previous Rate Sheet.

The effective date of a subsequent Rate Sheet will be at least 10 days after it is filed. In order to get the rate indicated in a Rate Sheet, your application must be sent to us, and must be signed and dated on or after the effective date of the Rate Sheet. Current Rate Sheets will be included with the prospectus. You can also obtain the most current Rate Sheet by contacting your financial professional, online at www.lfg.com/VAprospectus or by calling us at 1-877-737-6872.

Buying the Contract

This Contract is issued as part of a Fee-Based Financial Plan. A Fee-Based Financial Plan generally refers to a wrap account, managed account or other investment program whereby an investment firm/professional offers asset allocation and/or investment advice for a fee. This fee is in addition to contract fees and expenses. Such programs can be offered by broker-dealers, banks and registered investment advisers, trust companies and other firms. Under this arrangement, the Contractowner pays the investment firm/professional directly for services. You may be able to pay this fee by taking Advisory Fee Withdrawals from your Contract Value. If you elect to pay third-party advisory fees out of your Contract Value, each deduction will be treated as a withdrawal. In addition, each deduction will be treated as an early withdrawal and may be subject to a negative Contract Adjustment and may be subject to federal and state income taxes and a 10% federal penalty tax. See Federal Tax Matters - Payment of Investment Advisory Fees.

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

When a completed application and all other information necessary for processing a purchase order is received in Good Order at our Home Office at The Lincoln National Life Insurance Company, PO Box 2348, Fort Wayne, IN 46801-2348, an initial Purchase Payment will be priced no later than two business days after we receive the order. If you submit your application and/or initial Purchase Payment to your financial professional, we will not begin processing your purchase order until we receive the application and initial Purchase Payment from your financial professional's broker-dealer. While attempting to finish an incomplete application, we may hold the initial Purchase Payment for no more than five business days unless we receive your consent to our retaining the payment until the application is completed. If the incomplete application cannot be completed within those five days and we have not received your consent, you will be informed of the reasons, and the Purchase Payment will be returned immediately. Once the application is complete, we will allocate your initial Purchase Payment within two business days.

Purchase Payments - Investing in the Contract

The minimum Purchase Payment is $25,000. We do not accept additional Purchase Payments after the Contract has been issued to you. Accordingly, you will be unable to increase your Contract Value or Death Benefit by making subsequent Purchase Payments. If the Purchase Payment submitted does not meet the minimum amount, we will contact you to ask whether additional money will be sent, or whether we should return the Purchase Payment to you. Any funds received after 45 days from the date you signed your application (or submitted an electronic application) will be returned to you.

If we choose to extend that time period, the 45-day rate hold period will expire and the crediting rates currently in effect would apply. Any funds received after your Contract has been issued will be returned to you. You can find the crediting rates currently in effect at www.lfg.com/llarates or by calling us at 1-877-737-6872.

You must obtain our approval for a Purchase Payment totaling $2 million or more. This amount takes into consideration:

Making Withdrawals: Accessing the Money in Your Contract

Before the Annuity Commencement Date - During the Accumulation (Savings) Phase

You can access the money in your Contract by making a withdrawal, which will reduce the value of your Contract (including the amount of the death benefit). You may withdraw all or a portion of the Contract Value (minus applicable charges and other adjustments, discussed below). However, withdrawing the entire cash value of your Contract will terminate your Contract.

Before the Annuity Commencement Date, you can completely surrender the Contract or withdraw part of the Contract Value upon your written request on an approved Lincoln distribution request form (available from the Home Office), fax, or other electronic means. Withdrawal requests may also be made by telephone or our website, subject to certain restrictions. All surrenders and withdrawals must be made in accordance with the rules discussed in the prospectus. The amount available upon surrender or withdrawal is the Contract Value less any applicable charges, fees, and taxes at the end of the Valuation Period during which the written request for surrender or withdrawal is received in Good Order at the Home Office.

If we receive a surrender or withdrawal request in Good Order at our Home Office before the close of regular trading on the New York Stock Exchange (normally 4:00 p.m., New York time), we will process the request from the Interim Value computed on that Valuation Date. If we receive a surrender or withdrawal request in Good Order at our Home Office at market close, we will process the request using the Interim Value computed on the next Valuation Date.

The minimum amount which can be withdrawn is $300. Unless a request for withdrawal specifies otherwise, withdrawals will be made proportionately in the following order:

Unless prohibited, surrender and withdrawal payments will be mailed within seven days after we receive a valid written request at the Home Office. The payment may be postponed as permitted by applicable law.There are tax consequences for surrenders and withdrawals.

There are limitations associated with taking money out of the Contract, including the following:  

Limitations on withdrawal amounts	●The minimum withdrawal amount is $300.
Surrender charges and taxes	●There may be surrender charges and tax implications when you take out money.
Negative impact on benefits and guarantees of your Contract	●A withdrawal may reduce the value of or even terminate certain benefits.
Internal Revenue Code or Retirement Plan	●Depending on the circumstances, the Internal Revenue Code or your retirement plan may restrict your ability to take withdrawals.

 

After the Annuity Commencement Date - During the Annuity (Income) Phase

After the Annuity Commencement Date, you will receive payments under the annuity payment option you select, but generally you may not take any other withdrawals or surrender your Contract. Surrender or withdrawal rights after the Annuity Commencement Date, if any, depend on the Annuity Payout option selected.

Additional Information About Fees

Fee Tables

The following tables describe the fees, expenses, and adjustments that you will pay when buying, owning, and surrendering or making withdrawals from an Indexed Account or from the Contract. Please refer to your Contract Specifications page for information about the specific fees you will pay each year based on the options you have elected. These charges do not reflect any advisory fees paid to a financial intermediary from Contract Value. If such charges were reflected, the ongoing fees and expenses would be higher.

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 an Indexed Account. State premium taxes may also be deducted.

  TRANSACTION EXPENSES

  

There are no sales charges, deferred sales charges, or surrender charges associated with this Contract.

 

The next table describes the adjustments, in addition to any transaction expenses, that apply if all or a portion of the Contract Value is removed from an Indexed Account or from the Contract before the expiration of a specified period.

  ADJUSTMENTS

  

Contract Adjustment (Interim Value) Maximum Potential Loss (as a percentage of Contract Value at the start of an Indexed Term)

100%

time when the Index Value has declined to zero or close to zero. 

The next table describes the fees and expenses that you will pay each year during the time that you own the Contract. If you choose to purchase an optional benefit, you will pay additional charges, as shown below.

  ANNUAL CONTRACT EXPENSES

  

Base Contract Expenses

N/A

 

Optional Benefit Expenses
Guarantee of Principal Death Benefit (as a percentage of Contract Value on each Contract Date Anniversary)
Current Annual Charge1
Age at Issue 76 and over		1.00%
Estate LockSM Death Benefit:2, 3
Guaranteed Maximum Annual Charge		1.60%
Lincoln ProtectedPay® Select:2, 4
Guaranteed Maximum Annual Charge (single/joint life)		2.75%

In addition to the fees described above, we limit the amount you can earn on Indexed Accounts. This means your returns may be

lower than the Index's returns. In return for accepting this limit on Index gains, you will receive some protection from Index losses. 

Appendix A - Investment Options Available Under The Contract

The following is a list of Indexed Accounts currently available under the Contract. We may change the features of the Indexed Accounts listed below (including the Index and the current limits on Index gains and losses), offer new Indexed Accounts, and terminate existing Indexed Accounts. We will provide you with written notice before making any changes other than changes to the current limits on Index gains. Information about current limits on Index gains is available at www.lfg.com/llarates.

Note: If amounts are removed from an Indexed Account before the end of its Indexed Term, we will apply a Contract Adjustment based on Interim Value. This may result in significant reduction in your Contract Value that could exceed any protection from Index loss that would be in place if you held the Indexed Segment until the end of the Indexed Term. See Indexed Accounts - Interim Value in the prospectus for additional details.  

Index	Type of Index	Term Duration	Index Crediting Methodology	Protection Method and Amount of Protection	Guaranteed Minimum Declared Crediting Rate	Guaranteed Minimum Reset Rate Under Secure Lock+®
S&P 500® Price Return Index1	Market Index	1-Year	Point-to-Point	10% Protection Level	1.0% Performance Cap	0.10% Performance Cap
S&P 500® Price Return Index1	Market Index	1-Year	Point-to Point	15% Protection Level	1.0% Performance Cap	0.10% Performance Cap
S&P 500® Price Return Index1	Market Index	1-Year	Point-to-Point	20% Protection Level	1.0% Performance Cap	0.10% Performance Cap
S&P 500® Price Return Index1	Market Index	1-Year	Point-to-Point	100% Protection Level3	0.10% Performance Cap	0.10% Performance Cap
Russell 2000® Price Return Index1	Market Index	1-Year	Point-to-Point	10% Protection Level	1.0% Performance Cap	0.10% Performance Cap
Capital Strength Net Fee IndexSM 1	Market Index	1-Year	Point-to-Point	10% Protection Level	1.0% Performance Cap	0.10% Performance Cap
Capital Strength Net Fee IndexSM 1	Market Index	1-Year	Point-to-Point	15% Protection Level	1.0% Performance Cap	0.10% Performance Cap
First Trust American Leadership IndexTM 1	Market Index	1-Year	Point-to-Point	10% Protection Level	1.0% Performance Cap	0.10% Performance Cap
First Trust American Leadership IndexTM 1	Market Index	1-Year	Point-to-Point	15% Protection Level	1.0% Performance Cap	0.10% Performance Cap
MSCI EAFEE Index1	Market Index	1-Year	Point-to-Point	10% Protection Level	1.0% Performance Cap	0.10% Performance Cap
Capital Group Growth ETF2	Exchange Traded Fund	1-Year	Point-to-Point	10% Protection Level	1.0% Performance Cap	0.10% Performance Cap
Capital Group Growth ETF2	Exchange Traded Fund	1-Year	Point-to-Point	15% Protection Level	1.0% Performance Cap	0.10% Performance Cap
Capital Group Global Growth Equity ETF2	Exchange Traded Fund	1-Year	Point-to-Point	10% Protection Level	1.0% Performance Cap	0.10% Performance Cap
Capital Group Global Growth Equity ETF2	Exchange Traded Fund	1-Year	Point-to-Point	15% Protection Level	1.0% Performance Cap	0.10% Performance Cap
S&P 500® Price Return Index1	Market Index	6-Year	Point-to-Point	15% Protection Level	10.0% Performance Cap	0.10% Performance Cap
S&P 500® Price Return Index1	Market Index	6-Year	Point-to-Point	20% Protection Level	10.0% Performance Cap	0.10% Performance Cap
S&P 500® Price Return Index1	Market Index	6-Year	Point-to-Point	25% Protection Level	10.0% Performance Cap	0.10% Performance Cap
S&P 500® Price Return Index1	Market Index	6-Year	Point-to-Point	30% Protection Level	10.0% Performance Cap	0.10% Performance Cap
Russell 2000® Price Return Index1	Market Index	6-Year	Point-to-Point	15% Protection Level	10.0% Performance Cap	0.10% Performance Cap

Index	Type of Index	Term Duration	Index Crediting Methodology	Protection Method and Amount of Protection	Guaranteed Minimum Declared Crediting Rate	Guaranteed Minimum Reset Rate Under Secure Lock+®
Capital Group Growth ETF2	Exchange Traded Fund	1-Year	Point-to-Point	10% Protection Level	1.0% Performance Trigger Rate	0.10% Performance Trigger Rate
Capital Group Growth ETF2	Exchange Traded Fund	1-Year	Point-to-Point	15% Protection Level	1.0% Performance Trigger Rate	0.10% Performance Trigger Rate
S&P 500® Price Return Index1	Market Index	1-Year	Point-to-Point	10% Protection Level	1.0% Dual Performance Trigger Rate	0.10% Dual Performance Trigger Rate
Russell 2000® Price Return Index1	Market Index	1-Year	Point-to-Point	10% Protection Level	1.0% Dual Performance Trigger Rate	0.10% Dual Performance Trigger Rate
Capital Strength Net Fee IndexSM 1	Market Index	1-Year	Point-to-Point	10% Protection Level	1.0% Dual Performance Trigger Rate	0.10% Dual Performance Trigger Rate
First Trust American Leadership IndexTM 1	Market Index	1-Year	Point-to-Point	10% Protection Level	1.0% Dual Performance Trigger Rate	0.10% Dual Performance Trigger Rate
Capital Group Global Growth Equity ETF2	Exchange Traded Fund	1-Year	Point-to-Point	10% Protection Level	1.0% Dual Performance Trigger Rate	0.10% Dual Performance Trigger Rate
Capital Group Growth ETF2	Exchange Traded Fund	1-Year	Point-to-Point	10% Protection Level	1.0% Dual Performance Trigger Rate	0.10% Dual Performance Trigger Rate
S&P 500® Price Return Index1	Market Index	6-Year	Point-to-Point	10% Dual Plus	10.0% Performance Cap	N/A
S&P 500® Price Return Index1	Market Index	6-Year	Point-to-Point	15% Dual Plus	15.0% Performance Cap	N/A
Russell 2000® Price Return Index1	Market Index	6-Year	Point-to-Point	15% Dual Plus	15.0% Performance Cap	N/A
Capital Strength Net Fee IndexSM 1	Market Index	6-Year	Point-to-Point	15% Dual Plus	15.0% Performance Cap	N/A
First Trust American Leadership IndexTM 1	Market Index	6-Year	Point-to-Point	15% Dual Plus	15.0% Performance Cap	N/A
S&P 500® Price Return Index1	Market Index	6-Year	Annual Lock	10% Protection Level	1.0% Performance Cap	N/A
Russell 2000® Price Return Index1	Market Index	6-Year	Annual Lock	10% Protection Level	1.0% Performance Cap	N/A

1 The Index is a "price return Index," not a "total return Index," and therefore does not reflect dividends paid on the securities composing the Index. This will reduce the Index return and may cause the Index to underperform a direct investment in the securities composing the Index.

2 The ETF provider deducts fees and costs when calculating performance. This will reduce the ETF return and may cause the ETF to underperform a direct investment in the securities composing the ETF. The Indexed Account that tracts the ETF does not participate in dividend or capital gains distributions of the ETF, if any.

3 This Indexed Account provides total protection from Index losses at the end of the Indexed Term.

The Capital Strength Net Fee IndexSM and the First Trust American Leadership IndexTM deduct fees and costs when calculating Index performance which will reduce the Index return and cause each Index to underperform a direct investment in the securities composing the Index.

Each Indexed Account's limit on Index losses is guaranteed not to change for as long as that Indexed Account remains available under the Contract. We will not offer a 1-Year Indexed Account with a Performance Cap, Performance Trigger Rate, or Dual Performance Trigger Rate below 1.00% (except in the case of the 100% Protection Level, which has a minimum Performance Cap of 0.10%) or a 6-Year Annual Lock Indexed Account with a Performance Cap below 1.00%. We will not offer a 6-Year Performance Cap or Dual Plus Indexed Account with a Performance Cap below 10%. We will not offer a 3-Year or 6-Year Participation Rate Indexed Account with a Participation Rate below 15%. If you choose to lock the Interim Value of an Indexed Segment under Secure Lock+®, we will reset the Performance Cap, the Participation Rate, Performance Trigger Rate, or Dual Performance Trigger Rate for that Indexed Segment, and that Reset Rate may be lower than these stated minimums. We will not offer a Reset Rate under