Updating Summary Prospectus (Form 497VPU)

Table of Contents 

	Page
Contacting NYLIAC	2
Definitions	3
Updated Information About Your Policy	5
Important Information You Should Consider About The Policy	6
Appendix 1A - POLICIES ISSUED PRIOR TO jUNE 2, 2OO3	1A -1
Appendix 1B - Policies Issued After June 2, 2OO3	1B -1

Contacting NYLIAC

Certain service requests, including but not limited to, death benefit claims and surrenders, are required to be in writing. All written service requests (except for subsequent premium payments and loan repayments) must be sent to the NYLIAC Variable Products Service Center (VPSC) at one of the following addresses: 

	Regular Mail	Express Mail
All written service requests (except for payments)	NYLIAC Variable Products Service Center Madison Square Station P.O. Box 922 New York, NY 10159	NYLIAC Variable Products Service Center 51 Madison Avenue Floor 3B, Room 0304 New York, NY 10010
Death Claim forms may also be submitted to	Regular Mail
	New York Life P.O. Box 130539 Dallas, TX 75313-0539

Premium payments and loan repayments should be sent to the VPSC at one of the following addresses (acceptance of subsequent premium payments is subject to the sales standards we use to evaluate whether a recommended transaction related to your policy complies with applicable standards of conduct): 

	Regular Mail	Express Mail
Premium Payments and Loan Repayments	NYLIAC 75 Remittance Drive Suite 3021 Chicago, IL 60675-3021	NYLIAC 5450 N Cumberland Avenue Suite 100 Chicago, IL 60656-1422

Written service requests will be effective as of the Business Day they are received in Good Order at our service center at one of the addresses listed above. We consider a transaction to be in "Good Order" if it complies with our administrative procedures and all relevant laws and regulations, and the required information is complete and correct. Good Order means the actual receipt by us of instructions relating to the requested transaction in writing (or, if permitted, by telephone or electronically), along with all forms and other information or documentation necessary to complete the request. Faxed and e-mailed requests are not currently accepted.

Definitions

Accumulation Unit-An accounting unit we use to calculate the Variable Accumulation Value prior to the Annuity Commencement Date. Each Investment Division of the Separate Account has a distinct variable Accumulation Unit value.

Accumulation Value-The sum of the Variable Accumulation Value, the Fixed Account Accumulation Value (if applicable), and the DCA Advantage Account Accumulation Value of a policy.

Allocation Options-The Investment Divisions of the Separate Account, any available Asset Allocation Model and the Fixed Account.

Annuity Commencement Date-The date on which we are to make the first Income Payment under the policy, which cannot be later than the date you attain age 85.

Base Contract Charge-Mortality and Expense Risk and Administrative Costs Charge (M&E Charge).

Business Day-Generally, any day on which the New York Stock Exchange (NYSE) is open for trading. Our Business Day ends at 4:00 p.m. Eastern Time or the close of regular trading of the NYSE, if earlier.

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

Fixed Account-An account that is credited with a fixed interest rate which NYLIAC declares and is not part of the Separate Account. The benefits payable under the Fixed Account (including principal and interest) are payable from NYLIAC's general account and are subject to the claims-paying ability of NYLIAC.

Fixed Account Accumulation Value-The sum of premium payments and, if allowable, transfers allocated to the Fixed Account, plus interest credited on those premium payments and, if allowable, transfers, less any transfers and partial withdrawals from the Fixed Account, and less any surrender charges, policy service charges and rider charges assessed on and deducted from the Fixed Account.

Fund-A mutual fund that has multiple series or Portfolios.

Investment Division-The variable investment options available under the policy. Each Investment Division invests exclusively in shares of a specified Portfolio.

NYLIAC, we, our or us-New York Life Insurance and Annuity Corporation.

Owner (you, your)-The individual(s) or entity(ies) designated as the Owner in the policy or as subsequently changed, who is entitled to exercise all rights under the policy.

Payment Year(s)-With respect to any premium payment, the year(s) beginning on the date such premium payment is made to the policy.

Policy Anniversary-An anniversary of the Policy Date shown on the Policy Data Page.

Policy Data Page-Page 2 of the policy which contains the policy specifications.

Policy Year-A year starting on the Policy Date. Subsequent Policy Years begin on each Policy Anniversary, unless otherwise indicated.

Portfolios-The mutual fund portfolios in which the corresponding Investment Divisions invest.

Separate Account-NYLIAC Variable Annuity Separate Account-I, NYLIAC Variable Annuity Separate Account-II and NYLIAC Variable Annuity Separate Account-III, each a segregated asset account we established to receive and invest premium payments paid under the policies. The Separate Account's Investment Divisions, in turn, purchase shares of Portfolios.

Surrender Charge Free Amount-You may withdraw a certain amount from your policy each Policy Year without having to pay a surrender charge on that amount. We call this the Surrender Charge Free Amount. The maximum amount you may withdraw without a surrender charge in any given Policy Year is the greatest of either (i) 10% of the Accumulation Value at the time of the withdrawal, less any prior partial withdrawals made during the Policy Year that were free of surrender charges; (ii) the Accumulation Value less the accumulated premium payments; or (iii) 10% of

the Accumulation Value as of the prior Policy Anniversary (10% of the premium payment if the withdrawal is made in the first Policy Year), less any prior partial withdrawals during the Policy Year that were free of surrender charges.

Variable Accumulation Value-The sum of the current Accumulation Unit value(s) for each of the Investment Divisions multiplied by the number of Accumulation Units held in the respective Investment Division.

Updated Information About Your Policy  

The Information in this Updating Summary Prospectus is a summary of certain policy features that have changed since May 1, 2025. This may not reflect all changes that have occurred since you purchased your policy.
Name Change of Trust and Portfolios	The name of the New York Life Investments VP Funds Trust has changed to NYLIM VP Funds Trust. All references to NYLI in the Portfolio names are deleted and replaced with NYLIM.
The following Portfolios are added as available Investment Divisions under the policy	American Funds® IS Growth-Income Fund - Class 4
	Columbia Variable Portfolio - Small Company Growth Fund - Class 2
	Fidelity® VIP International Capital Appreciation Portfolio - Service Class 2
	Franklin Gold and Precious Metals VIP Fund - Class 2
	Goldman Sachs VIT International Equity Insights Fund - Service Class
	Lord Abbett Series Fund, Inc. - Short Duration Income Portfolio - Class VC
	Voya Intermediate Bond Portfolio - Class S
The names of the following Portfolios have been changed	NYLIM VP American Century Large Cap Equity (formerly NYLI VP American Century Sustainable Equity) - Service Class
	American Funds® IS SMALLCAP World Fund® (formerly American Funds® IS Global Small Capitalization Fund) - Class 4
	Columbia Variable Portfolio - Small Cap Value Discovery Fund (formerly Columbia Variable Portfolio - Small Cap Value Fund) - Class 2
	LVIP ClearBridge Appreciation Fund (formerly ClearBridge Variable Appreciation Portfolio) - Service Class
	MFS® International Intrinsic Equity Portfolio (formerly MFS® International Intrinsic Value Portfolio) - Service Class
	Nomura VIP Small Cap Value Series (formerly Macquarie VIP Small Cap Value Series) - Service Class
The following advisers were changed	References to Delaware Management Company, a series of Macquarie Investment Management Business Trust, the adviser to the prior Macquarie VIP Small Cap Value Series - Service Class were deleted and replaced with Delaware Management Company, a series of Nomura Investment Management Business Trust
	References to Franklin Templeton Fund Adviser, LLC, the adviser to the prior ClearBridge Variable Appreciation Portfolio - Class II were deleted and replaced with Lincoln Financial Investments Corporation.
The following subadviser was deleted	References to Macquarie Investment Management Global Limited, the subadviser to the prior Macquarie VIP Small Cap Value Series - Service Class were deleted
Closure of Portfolio to New Investments	On May 1, 2026, Western Asset Core Plus VIT Portfolio - Class II was closed to all policyowners except those policyowners who already had Accumulation Value invested as of the closure date.
Limits on Transfers	The limits on transfers section has been updated to reflect how we handle standing allocation instructions when a transfer request is not accepted by any one of the Portfolios.
Policy Application and Premium Payments	The maximum aggregate amount of premium payments accepted without prior NYLIAC approval has been changed from $1,000,000 to $2,000,000.
Portfolio Performance and Expenses	For updated Portfolio performance and expense information, see the Appendix for the Investment Options Available Under the Policy.

Important Information You Should Consider About The Policy  

	FEES, EXPENSES AND ADJUSTMENTS	LOCATION IN PROSPECTUS
Are There Charges for Early Withdrawals?	Yes. If you withdraw more than the Surrender Charge Free Amount within the first nine Policy Years, you will be assessed a surrender charge. The maximum surrender charge is 7% of the amount withdrawn during the first three Policy Years, declining to 0% over that nine-year period. For example, if you make an early withdrawal within the first three Policy Years, you could pay a surrender charge of up to $7,000 on a $100,000 investment. The withdrawal amount could be reduced by taxes or tax penalties.	CHARGES AND DEDUCTIONS - Transaction Expenses -Surrender Charges FEE TABLE
Are There Transaction Charges?	Yes. In addition to surrender charges, we reserve the right to assess a transaction charge if you transfer cash value between investment options more than 12 times a year, or if a premium payment is returned for insufficient funds. A loan processing fee may apply if you take a policy loan. Although we do not currently charge for such transactions, we reserve the right to charge up to $30 per transaction.	CHARGES AND DEDUCTIONS -Transaction Expenses FEE TABLE
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 and optional benefits you choose. Please refer to your Policy Data Page for information about the specific fees you will pay each year based on the options you have elected.	CHARGES AND DEDUCTIONS -Annual Policy Expenses; Annual Portfolio Expenses; Optional Benefit Expenses FEE TABLE

 

	ANNUAL FEE	Minimum	Maximum
	Base contract1			CHARGES AND DEDUCTIONS - Annual Policy Expenses
	Separate Accounts I and II	1.30%	1.30%
	Separate Account III	1.40%	1.40%
	Portfolio fees and expenses2			CHARGES AND DEDUCTIONS - Annual Portfolio Expenses
	Policies purchased on or after June 2, 2003	0.37%	1.45%
	Policies purchased prior to June 2, 2003	0.19%	1.45%
	Optional benefits available for an additional charge (for a single optional benefit, if elected)3			CHARGES AND DEDUCTIONS - Optional Benefit Expenses
	Separate Accounts I and II	N/A	N/A
	Separate Account III	0.30%	0.30%

	1 Calculated as an annualized percentage of the daily average Variable Accumulation Value, including Mortality and Expense Risk Charges, Administration Fee and Policy Service Charge. 2 As a percentage of average net Portfolio assets. The range in fees and expenses is for the year ended December 31, 2025 and will change from year to year. 3 As a percentage of the policy's Accumulation Value.
	Because your policy is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your policy, the following table shows the lowest and highest cost you could pay each year, based on current charges. This estimate assumes that you do not take withdrawals from the policy, which could add surrender charges that substantially increase costs.
	LOWEST ANNUAL COST:	HIGHEST ANNUAL COST
Separate Account III	$1,635.47	$2,735.80
Separate Accounts I & II	$1,549.93	$2,433.48
	Assumes: •Investment of $100,000 •5% annual appreciation •Least expensive combination of Base Contract Charges and Portfolio fees and expenses •No optional benefits •No sales charges •No additional purchase payments, transfers or withdrawals	Assumes: •Investment of $100,000 •5% annual appreciation •Most expensive combination of Base Contract Charges, optional benefits, and Portfolio fees and expenses •No sales charges •No additional purchase payments, transfers or withdrawals

 

	RISKS	LOCATION IN PROSPECTUS
Is There a Risk of Loss from Poor Performance?	Yes. You can lose money by investing in this policy.	PRINCIPAL RISKS OF INVESTING IN THE POLICY
Is This a Short-Term Investment?	No. This policy is not designed for short-term investing and is not appropriate for an investor who readily needs access to cash. Surrender charges apply for up to the first 9 Policy Years. They will reduce the value of your policy if you withdraw money during that time. Withdrawals may also be subject to federal and state income taxes and tax penalties. The benefits of tax deferral and living benefit protections also mean the policy is more beneficial to investors with a long time horizon.	PRINCIPAL RISKS OF INVESTING IN THE POLICY

Appendix 1A - POLICIES ISSUED PRIOR TO jUNE 2, 2OO3

Investment Options Available Under the Policy

The following is a list of Portfolios available under the policy, which is subject to change, as discussed in the prospectus. You can find the prospectuses and other information about the Portfolios online at https://dfinview.com/NewYorkLife/TAHD/flex. You can also request this information at no cost by calling the VPSC at 1-800-598-2019 or by sending an email request with your name and mailing address to [email protected].

The current expenses and performance information below reflects fees and expenses of the Portfolios but does not reflect the other fees and expenses that your policy may charge. Expenses would be higher and performance would be lower if these charges were included. Each Portfolio's past performance is not necessarily an indication of future performance. 

Type	Portfolio Adviser/Sub-adviser	Current Expenses*	Average Annual Total Returns (as of 12/31/25)
			1 year	5 year	10 year
Large Cap Equity	NYLIM VP American Century Large Cap Equity (formerly NYLI VP American Century Sustainable Equity) - Service Class   Adviser: New York Life Investment Management LLC ("New York Life Investments") Subadviser: American Century Investment Management, Inc.	0.93%	11.06%	13.68%	11.58%
Asset Allocation	NYLIM VP Balanced (formerly NYLI VP Balanced) - Service Class   Adviser: New York Life Investments / Subadvisers: NYL Investors LLC ("NYL Investors") and Wellington Management Company LLP ("Wellington")	0.97%	11.16%	7.14%	7.04%
Investment Grade Bond	NYLIM VP Bond (formerly NYLI VP Bond) - Initial Class   Adviser: New York Life Investments / Subadviser: NYL Investors	0.55%	6.83%	(0.63)%	1.96%
International/Global Equity	NYLIM VP Candriam Emerging Markets Equity (formerly NYLI VP Candriam Emerging Markets Equity) - Initial Class+   Adviser: New York Life Investments / Subadviser: Candriam	1.20%	35.88%	2.77%	7.65%
Sector	NYLIM VP CBRE Global Infrastructure (formerly NYLI VP CBRE Global Infrastructure) - Service Class   Adviser: New York Life Investments / Subadviser: CBRE Investment Management Listed Real Assets LLC	1.20%	15.31%	6.79%	2.39%

Type	Portfolio Adviser/Sub-adviser	Current Expenses*	Average Annual Total Returns (as of 12/31/25)
			1 year	5 year	10 year
Large Cap Equity	Voya Growth and Income Portfolio - Class S   Adviser: Voya Investments, LLC ("Voya") / Subadviser: Voya Investment Management Co. LLC ("VIM")	0.92%	17.94%	15.18%	14.33%
Investment Grade Bond	Voya Intermediate Bond Portfolio - Class S   Adviser: Voya / Subadviser: VIM	0.80%	7.46%	(0.09)%	2.42%
Investment Grade Bond	Western Asset Core Plus VIT Portfolio - Class II+++   Adviser: FTFA / Subadvisers: Western Asset Management Company, LLC; Western Asset Management Company Limited; Western Asset Management Company Ltd.; and Western Asset Management Company Pte. Ltd.	0.79%	7.69%	(1.67)%	1.85%

The following is a list of fixed options currently available under the policy. We may change the features of the fixed options listed below and offer new fixed options. We will provide you with written notice before doing so. 

Name	Term	Guaranteed Minium Interest Rate
Fixed Account	N/A	0.05%

Appendix 1B - Policies Issued After June 2, 2OO3

Investment Options Available Under the Policy

The following is a list of Portfolios available under the policy, which is subject to change, as discussed in the prospectus. You can find the prospectuses and other information about the Portfolios online at https://dfinview.com/NewYorkLife/TAHD/flex. You can also request this information at no cost by calling the VPSC at 1-800-598-2019 or by sending an email request with your name and mailing address to [email protected].

The current expenses and performance information below reflects fees and expenses of the Portfolios but does not reflect the other fees and expenses that your policy may charge. Expenses would be higher and performance would be lower if these charges were included. Each Portfolio's past performance is not necessarily an indication of future performance. 

Type	Portfolio Adviser/Sub-adviser	Current Expenses*	Average Annual Total Returns (as of 12/31/25)
			1 year	5 year	10 year
Large Cap Equity	NYLIM VP American Century Large Cap Equity (formerly NYLI VP American Century Sustainable Equity) - Service Class   Adviser: New York Life Investment Management LLC ("New York Life Investments") / Subadviser: American Century Investment Management, Inc.	0.93%	11.06%	13.68%	11.58%
Asset Allocation	NYLIM VP Balanced (formerly NYLI VP Balanced) - Service Class   Adviser: New York Life Investments / Subadvisers: NYL Investors LLC ("NYL Investors") and Wellington Management Company LLP ("Wellington")	0.97%	11.16%	7.14%	7.04%
Investment Grade Bond	NYLIM VP Bond (formerly NYLI VP Bond) - Service Class   Adviser: New York Life Investments / Subadviser: NYL Investors	0.80%	6.57%	(0.88)%	1.71%
International/Global Equity	NYLIM VP Candriam Emerging Markets Equity (formerly NYLI VP Candriam Emerging Markets Equity) - Service Class+   Adviser: New York Life Investments / Subadviser: Candriam	1.45%	35.54%	2.52%	7.39%
Sector	NYLIM VP CBRE Global Infrastructure (formerly NYLI VP CBRE Global Infrastructure) - Service Class   Adviser: New York Life Investments / Subadviser: CBRE Investment Management Listed Real Assets LLC	1.20%	15.31%	6.79%	2.39%

Type	Portfolio Adviser/Sub-adviser	Current Expenses*	Average Annual Total Returns (as of 12/31/25)
			1 year	5 year	10 year
Large Cap Equity	Voya Growth and Income Portfolio - Class S   Adviser: Voya Investments, LLC ("Voya") / Subadviser: Voya Investment Management Co. LLC ("VIM")	0.92%	17.94%	15.18%	14.33%
Investment Grade Bond	Voya Intermediate Bond Portfolio - Class S   Adviser: Voya / Subadviser: VIM	0.80%	7.46%	(0.09)%	2.42%
Investment Grade Bond	Western Asset Core Plus VIT Portfolio - Class II+++   Adviser: FTFA / Subadvisers: Western Asset Management Company, LLC; Western Asset Management Company Limited; Western Asset Management Company Ltd.; and Western Asset Management Company Pte. Ltd.	0.79%	7.69%	(1.67)%	1.85%

The following is a list of fixed options currently available under the policy. We may change the features of the fixed options listed below and offer new fixed options. We will provide you with written notice before doing so. 

Name	Term	Guaranteed Minium Interest Rate
Fixed Account	N/A	0.05%

This Summary Prospectus incorporates by reference the New York Life Flexible Premium Variable Annuity full statutory prospectus and the Statement of Additional Information (SAI), both dated May 1, 2026, as amended or supplemented. The full statutory prospectus and the SAI are posted on our website, https://dfinview.com/NewYorkLife/TAHD/flex. The full prospectus and SAI for the policy may be obtained, free of charge, in any manner shown on the front page of this Summary Prospectus.

Reports and other information about the Separate Accounts are available on the SEC's website at https://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: [email protected].

Separate Account I EDGAR contract identifier #C000025675

 

 
Separate Account III EDGAR contract identifier #C000025710