Updating Summary Prospectus (Form 497VPU)

ProtectiveValues Variable Annuity

Protective Life Insurance Company
Protective Variable Annuity Separate Account
P.O. Box 10648
Birmingham, Alabama 35202-0648
Telephone: 1-800-456-6330
www.protective.com

FEES, EXPENSES, AND ADJUSTMENTS

Are There Charges or Adjustments for Early Withdrawals?

Yes. If you surrender or make a withdrawal from your Contract within seven (7) years following your last Purchase Payment and before the Annuity Date, you will be assessed a surrender charge of up to 7% on the amount of the withdrawal minus the annual free withdrawal amount. The surrender charge starts at 7% and declines to 0%.

For example, assume you purchased a Contract with a single Purchase Payment of $100,000 and surrendered the Contract during the first Contract Year. Your free withdrawal amount is $10,000 (10% x $100,000) and is not subject to a surrender charge. You will be assessed a surrender charge of up to $6,300 (7% x $90,000) on the remaining amount of your surrender request.

For additional information about charges for surrenders and early withdrawals, see "CHARGES AND DEDUCTIONS - Surrender Charge (Contingent Deferred Sales Charge)" and "FEE TABLE -- Transactions Expenses" in the Prospectus.

Are There Transaction Charges?

Yes. In addition to surrender charges, you may also be assessed a fee for each transfer after the first 12 transfers in a Contract Year, and a SecurePay Medical Evaluation Fee if you request an increase in the Annual Withdrawal Amount under a SecurePay rider. Currently, we do not assess a charge for transfers.

For additional information about transaction charges, see "FEE TABLE - Transaction Expenses" and "CHARGES AND DEDUCTIONS" in the Prospectus.

Yes. The table below describes 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.

Annual Fee

Minimum

Maximum

Contracts Issued On or After 5/1/10

1.29%

1.29%

Contracts issued from 5/1/09 but Before 4/30/10

1.24%

1.24%

Contracts Issued Before 5/1/09

1.14%

1.14%

0.34%

2.675%

CoverPay Fee (3)

For Contracts Issued On or After 5/1/09:

Maximum Anniversary Value Death Benefit

0.20%

0.20%

For Contracts Issued On or After 7/1/05 But Before 5/1/09:

Maximum Anniversary Value Death Benefit

0.30%

0.30%

Return of Purchase Payments Death Benefit

0.10%

0.10%

For Contracts Issued Before 7/1/05:

N/A

Annual Fee

Minimum

Maximum

ValuPay Fee (4)

For Contracts Issue On or After 5/1/09:

N/A

For Contracts Issued On or After 7/1/05 But Before 5/1/09:

Return of Purchase Payments Death Benefit

Minimum:
(age 50
or less)

Maximum:
(age 95
or more)

For Contracts Issued Before 7/1/05:

Return of Purchase Payments Death Benefit (5)

0.15%

0.15%

Monthly SecurePay Fee (6)

SecurePay riders Issued On or After 5/1/09:

SecurePay rider at time of Contract Purchase

0.80%

0.95%

SecurePay rider under RightTime option

0.90%

0.95%

SecurePay rider with SecurePay Advantage Benefit at time of Contract Purchase

1.10%

1.40%

SecurePay rider with SecurePay Advantage Benefit under RightTime option

1.20%

1.60%

SecurePay riders Issued Before 5/1/09:

SecurePay rider at time of Contract Purchase

0.80%

0.95%

SecurePay rider under RightTime option

0.90%

0.95%

SecurePay rider with SecurePay R72 Benefit at time of Contract Purchase

1.10%

1.40%

SecurePay rider with SecurePay R72 Benefit under RightTime option

1.20%

1.60%

Lowest Annual Cost:
$1,493

Highest Annual Cost:
$5,283

•

Investment of  $100,000

​

•

5% annual appreciation

​

•

Least expensive combination of Fund fees and expenses

​

•

No optional benefits

​

•

No additional Purchase Payments, transfers or withdrawals

​

•

Investment of  $100,000

​

•

5% annual appreciation

​

•

Most expensive combination of optional benefits and Fund fees and expenses

​

•

No additional Purchase Payments, transfers, or withdrawals

​

RISKS

Yes. You can lose money by investing in this Contract, including loss of principal.

For additional information about the risk of loss, see "PRINCIPAL RISKS OF INVESTING IN THE CONTRACT" in the Prospectus.

Is this a Short-Term Investment?

No. This Contract is not a short-term investment and is not appropriate for an investor who needs ready access to cash. Although you are permitted to take withdrawals or surrender the Contract, surrender charges and federal and state income taxes may apply.

Surrender charges may apply for up to seven (7) years following your last Purchase Payment. Withdrawals will reduce your Contract Value and death benefit.

The benefits of tax deferral and living benefit protections also mean the Contract is less beneficial to investors with a short time horizon.

For additional information about the investment profile of the Contract, see "PRINCIPAL RISKS OF INVESTING IN THE CONTRACT," "CHARGES AND DEDUCTIONS," "FEDERAL TAX MATTERS," and "TAXATION OF ANNUITIES IN GENERAL" in the Prospectus.

What Are the Risks Associated with the Investment Options?

An investment in this Contract is subject to the risk of poor investment performance and can vary depending on the performance of the Investment Options available under the Contract.

Each Investment Option (including the Guaranteed Account) has its own unique risks.

You should review the prospectuses for the available Funds and consult with your financial professional before making an investment decision.

For additional information about the risks associated with Investment Options, see "PRINCIPAL RISKS OF INVESTING IN THE CONTRACT" in the Prospectus.

What Are the Risks Related to the Insurance Company?

An investment in the Contract is subject to the risks related to the Company. Any obligations (including under the Guaranteed Account), guarantees, or benefits under the Contract are subject to the claims-paying ability of the Company. More information about the Company, including its financial strength ratings, is available upon request at no charge by calling us at 1-800-456-6330 or writing us at the address shown on the cover page.

For additional information about Company risks, see "PRINCIPAL RISKS OF INVESTING IN THE CONTRACT," and "THE COMPANY, VARIABLE ACCOUNT AND FUNDS" in the Prospectus.

RESTRICTIONS

Are There Restrictions on the Investment Options?

Yes. Currently, there is no charge when you transfer Contract Value among Investment Options. However, we reserve the right to charge $25 for each transfer after the first 12 transfers in any Contract Year in the future.

We reserve the right to remove or substitute Funds as Investment Options that are available under the Contract. We also reserve the right to restrict the allocation of additional Purchase Payments and/or transfers of Contract Value to a Fund if we determine the Fund no longer meets one or more of our Fund selection criteria and/or if a Fund has not attracted significant contract owner assets.

For additional information about Investment Options, see "CHARGES AND DEDUCTIONS - Transfer Fee" and "THE COMPANY, VARIABLE ACCOUNT AND FUNDS - Selection of Funds - Addition, Deletion or Substitutions of Investments" in the Prospectus.

RESTRICTIONS

Are There andy Restrictions on Contract Benefits?

Yes. If you select a Guaranteed Lifetime Withdrawal Benefit rider, you must allocate your Purchase Payments and Contract Value in accordance with certain guidelines and restrictions, which will limit or restrict the Investment Options available to you under the Contract. If you fail to allocate your Purchase Payments and Contract Value in accordance with the guidelines and restrictions, the optional benefit rider will terminate. If the optional benefit terminates and you have not made any additional Purchase Payments after termination of the rider, within 30 days you may instruct us to reinstate the rider subject to certain conditions we require. You may not make additional Purchase Payments two years or more after the Rider Issue Date, or on or after the Benefit Election Date, whichever comes first.

If you purchase a Guaranteed Lifetime Withdrawal Benefit rider and your withdrawals from Contract Value exceed the Annual Withdrawal Amount under the rider, your rider benefits may be significantly reduced or eliminated.

If you purchase an optional death benefit, partial surrenders may affect the availability of the benefit by reducing the benefit by an amount greater than the value withdrawn and could terminate the benefit.

We may stop offering an optional benefit rider at any time.

For additional information about the optional benefits, see "GUARANTEED LIFETIME WITHDRAWAL BENEFITS ("SECUREPAY") WITH RIGHTTIME OPTION" and "DEATH BENEFIT" in the Prospectus.

TAXES

What Are the Contract's Tax Implications?

You should consult with a qualified tax advisor regarding the federal tax implications of an investment in, payments received under, and other transactions in connection with this Contract.

If you purchase the Contract through a tax-qualified plan or individual retirement arrangement (IRA), you do not get any additional tax deferral. Generally, all earnings on the investments underlying the Contract are tax-deferred until distributed or deemed distributed. A distribution from a non-Qualified Contract, which includes a surrender, withdrawal, payment of a death benefit, or annuity income payments, will generally result in taxable income if there has been an increase in the Contract Value. In the case of a Qualified Contract, a distribution generally will result in taxable income even if there has not been an increase in the Contract Value. In certain circumstances, a 10% additional tax may also apply if the Owner takes a withdrawal before age 59½. All amounts includable in income with respect to the Contract are taxed as ordinary income; no amounts are taxed at the special lower rates applicable to long term capital gains and corporate dividends.

For additional information about tax implications, see "FEDERAL TAX MATTERS" and "TAXATION OF ANNUITIES IN GENERAL" in the Prospectus.

CONFLICTS OF INTEREST

How Are Investment Professionals Compensated?

We pay compensation, in the form of commissions, non-cash compensation, and asset-based compensation, to broker-dealers in connection with the promotion and sale of the Contracts. A portion of any payments made to the broker-dealers may be passed on to their registered representatives in accordance with their internal compensation programs. The prospect of receiving, or the receipt of, asset-based compensation may provide broker-dealers and/or their registered representatives with an incentive to recommend initial or continued investment in the Contracts over other variable insurance products (or other investments). You may wish to take such compensation arrangements into account when considering and evaluating any recommendation relating to the Contracts.

For additional information about compensation, see "DISTRIBUTION OF THE CONTRACTS" in the Prospectus.

CONFLICTS OF INTEREST

Should I Exchange My Contract?

Some investment professionals may have a financial incentive to offer you a new contract in place of the contract you already own. You should only exchange your current 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.

For additional information about exchanges, see "TAXATION OF ANNUITIES IN GENERAL - Exchanges of Annuity Contracts" in the Prospectus.

Asset
Allocation
Type

Fund - Investment Adviser; Sub-Adviser(s), as
applicable

Current
Expenses​

Average Annual Total Returns
(as of 12/31/2024)

SecurePay
Rider
Allocation
Investment
Category(2)

1 Year

5 Year

10 Year

Allocation

American Funds Insurance Series® Asset Allocation Fund - Class 2

0.54%

16.41%

8.32%

8.32%

3

U.S. Equity

ClearBridge Variable Mid Cap Portfolio - Class II - ClearBridge Investments, LLC

1.06%

9.73%

6.35%

7.02%

3

U.S. Equity

ClearBridge Variable Small Cap Growth Portfolio - Class II - ClearBridge Investments, LLC

1.05%

4.23%

5.13%

7.66%

3

U.S. Equity

Fidelity® VIP Contrafund® Portfolio - Service Class 2 - FMR Investment Management (U.K.) Limited; Fidelity Management & Research (Japan) Limited; Fidelity Management & Research (HK) Ltd

0.81%

33.45%

16.74%

13.33%

2

U.S. Equity

Fidelity® VIP Equity-Income Portfolio - Service Class 2 - FMR Investment Management (U.K.) Limited; Fidelity Management & Research (Japan) Limited; Fidelity Management & Research (HK) Ltd(3)

0.72%

15.06%

9.80%

8.94%

2

Allocation

Fidelity® VIP Freedom Funds - Freedom 2015 PortfolioSM - Service Class 2(3)

0.68%

6.21%

4.08%

5.11%

2

Allocation

Fidelity® VIP Freedom Funds - Freedom 2020 PortfolioSM - Service Class 2(3)

0.71%

7.40%

4.89%

5.76%

2

U.S. Equity

Fidelity® VIP Growth Portfolio - Service Class 2 - FMR Investment Management (U.K.) Limited; Fidelity Management & Research (Japan) Limited; Fidelity Management & Research (HK) Ltd(3)

0.81%

30.07%

18.63%

16.34%

3

U.S. Equity

Fidelity® VIP Index 500 Portfolio - Service Class 2 - Geode Capital Management, LLC

0.34%

24.59%

14.12%

12.71%

2

Taxable Bond

Fidelity® VIP Investment Grade Bond Portfolio - Service Class 2 - FMR Investment Management (U.K.) Limited; Fidelity Management & Research (Japan) Limited; Fidelity Management & Research (HK) Ltd

0.63%

1.50%

0.20%

1.68%

1

U.S. Equity

Fidelity® VIP Mid Cap Portfolio - Service Class 2 - FMR Investment Management (U.K.) Limited; Fidelity Management & Research (Japan) Limited; Fidelity Management & Research (HK) Ltd

0.82%

17.18%

11.06%

8.94%

3

U.S. Equity

Franklin DynaTech VIP Fund - Class 2 - Franklin Advisers, Inc.

0.87%

30.44%

13.64%

12.67%

3

Allocation

Franklin Income VIP Fund - Class 2 - Franklin Advisers, Inc.(1)

0.72%

7.20%

5.29%

5.27%

2

Allocation

Franklin Mutual Shares VIP Fund - Class 2 - Franklin Mutual Advisers, LLC

0.94%

11.27%

5.75%

5.83%

2

U.S. Equity

Franklin Rising Dividends VIP Fund - Class 2 - Franklin Advisers, Inc.(1)

0.88%

10.79%

10.30%

10.44%

2

U.S. Equity

Franklin Small Cap Value VIP Fund - Class 2 - Franklin Mutual Advisers, LLC(1)

0.90%

11.71%

8.36%

8.17%

3

U.S. Equity

Franklin Small-Mid Cap Growth VIP Fund - Class 2 - Franklin Advisers, Inc.(1)

1.08%

11.04%

9.75%

9.32%

3

Asset
Allocation
Type

Fund - Investment Adviser; Sub-Adviser(s), as
applicable

Current
Expenses​

Average Annual Total Returns
(as of 12/31/2024)

SecurePay
Rider
Allocation
Investment
Category(2)

1 Year

5 Year

10 Year

Taxable Bond

Franklin U.S. Government Securities VIP Fund - Class 2 - Franklin Advisers, Inc.

0.78%

1.37%

-0.52%

0.53%

1

International
Equity

Goldman Sachs VIT International Equity Insights Fund - Institutional Class(1)(5)

0.80%

6.12%

5.46%

4.88%

3

International
Equity

Goldman Sachs VIT International Equity Insights Fund - Service Class(1)(5)

1.05%

5.80%

5.19%

4.61%

3

U.S. Equity

Goldman Sachs VIT Large Cap Value Fund - Institutional Class(1)(5)

0.70%

17.05%

9.83%

8.00%

2

U.S. Equity

Goldman Sachs VIT Large Cap Value Fund - Service Class(1)(5)

0.93%

16.74%

9.59%

7.74%

2

U.S. Equity

Goldman Sachs VIT Mid Cap Growth Fund - Service Class(1)(5)

0.98%

20.23%

11.04%

10.20%

3

U.S. Equity

Goldman Sachs VIT Mid Cap Value Fund - Institutional Class(1)(5)

0.82%

12.36%

9.85%

7.98%

3

U.S. Equity

Goldman Sachs VIT Mid Cap Value Fund - Service Class(1)(5)

1.07%

12.12%

9.57%

7.71%

3

U.S. Equity

Goldman Sachs VIT Small Cap Equity Insights Fund - Institutional Class(1)(5)

0.81%

18.99%

8.99%

8.97%

3

U.S. Equity

Goldman Sachs VIT Small Cap Equity Insights Fund - Service Class(1)(3)(5)

1.06%

18.76%

8.73%

8.69%

3

U.S. Equity

Goldman Sachs VIT Strategic Growth Fund - Institutional Class(1)(5)

0.71%

32.27%

16.76%

14.90%

2

U.S. Equity

Goldman Sachs VIT Strategic Growth Fund - Service Class(1)(5)

0.96%

31.99%

16.47%

14.61%

2

U.S. Equity

Goldman Sachs VIT U.S. Equity Insights Fund - Institutional Class(1)(5)

0.56%

28.24%

14.15%

12.05%

2

U.S. Equity

Goldman Sachs VIT U.S. Equity Insights Fund - Service Class(1)(3)(5)

0.77%

27.92%

13.91%

11.82%

2

U.S. Equity

1.10%

34.56%

15.56%

13.88%

3

U.S. Equity

1.14%

30.09%

13.40%

8.85%

3

Allocation

Invesco® V.I. Balanced-Risk Allocation Fund - Series II(1)(4)

1.06%

3.56%

2.51%

3.57%

1

U.S. Equity

1.01%

14.87%

11.31%

9.21%

2

U.S. Equity

Invesco® V.I. Discovery Large Cap Fund - Series II (formerly, Invesco® V.I. Capital Appreciation Fund - Series II)(1)

1.05%

33.82%

15.76%

12.97%

3

U.S. Equity

Invesco® V.I. Discovery Mid Cap Growth Fund - Series II​

1.10%

23.92%

9.92%

11.29%

3

Allocation

0.82%

11.91%

8.12%

7.09%

2

International
Equity

Invesco® V.I. EQV International Equity Fund - Series II(3)

1.15%

0.34%

2.97%

4.10%

3

International
Equity

1.06%

15.78%

9.21%

9.58%

3

Taxable Bond

Invesco® V.I. Global Strategic Income Fund - Series II(1)

1.18%

2.79%

-0.43%

1.28%

1

Taxable Bond

0.95%

1.48%

-0.40%

0.67%

1

U.S. Equity

1.00%

15.72%

9.81%

8.53%

2

U.S. Equity

1.05%

23.39%

11.81%

10.97%

2

Money Market

Invesco® V.I. U.S. Government Money Portfolio - Series I​

0.66%

4.63%

2.11%

1.40%

1

Taxable Bond

Lord Abbett Series Fund - Bond Debenture Portfolio - Class VC

0.99%

6.72%

1.90%

3.73%

1

U.S. Equity

Lord Abbett Series Fund - Dividend Growth Portfolio - Class VC

0.99%

22.14%

12.23%

11.16%

2

Asset
Allocation
Type

Fund - Investment Adviser; Sub-Adviser(s), as
applicable

Current
Expenses​

Average Annual Total Returns
(as of 12/31/2024)

SecurePay
Rider
Allocation
Investment
Category(2)

1 Year

5 Year

10 Year

U.S. Equity

Lord Abbett Series Fund - Fundamental Equity Portfolio - Class VC(1)

1.08%

16.65%

8.81%

7.91%

2

U.S. Equity

Lord Abbett Series Fund - Growth and Income Portfolio - Class VC

0.93%

20.60%

10.37%

9.05%

2

U.S. Equity

Lord Abbett Series Fund - Growth Opportunities Portfolio - Class VC

1.13%

30.61%

7.67%

9.37%

3

U.S. Equity

Lord Abbett Series Fund - Mid Cap Stock Portfolio - Class VC

1.14%

14.90%

9.21%

6.83%

3

U.S. Equity

MFS® VIT Growth Series - Service Class(1)(6)

0.97%

31.15%

14.46%

14.82%

3

U.S. Equity

MFS® VIT II Massachusetts Investors Growth Stock Portfolio -Service Class(1)(6)

0.97%

15.98%

12.16%

12.91%

2

U.S. Equity

MFS® VIT Investors Trust Series - Service Class(1)(6)

0.99%

19.22%

11.12%

10.81%

2

U.S. Equity

MFS® VIT New Discovery Series - Service Class(1)(6)

1.12%

6.44%

4.71%

8.92%

3

U.S. Equity

MFS® VIT Research Series - Service Class(1)(6)

1.01%

18.56%

11.60%

11.38%

3

Taxable Bond

MFS® VIT Total Return Bond Series - Service Class(1)(6)

0.78%

2.33%

0.14%

1.64%

1

Allocation

MFS® VIT Total Return Series - Service Class(1)(6)

0.86%

7.46%

5.89%

6.20%

2

Sector Equity

MFS® VIT Utilities Series - Service Class(1)(6)

1.04%

11.34%

5.61%

6.02%

3

U.S. Equity

MFS® VIT Value Series - Service Class(1)(6)

0.94%

11.35%

7.76%

8.36%

2

Taxable Bond

PIMCO VIT Long-Term U.S. Government Portfolio - Advisor Class

2.675%

-6.10%

-5.02%

-0.82%

1

Taxable Bond

0.77%

4.39%

0.98%

1.18%

1

Taxable Bond

1.17%

2.03%

1.83%

2.05%

1

Taxable Bond

0.72%

5.95%

2.66%

2.29%

1

Taxable Bond

0.89%

2.43%

-0.13%

1.43%

1

U.S. Equity

1.45%

13.28%

10.70%

7.02%

3

U.S. Equity

1.38%

3.26%

6.93%

5.38%

3

International
Equity

Templeton Foreign VIP Fund - Class 2 - Templeton Investment Counsel, LLC(1)

1.06%

-1.00%

2.60%

2.38%

3

Taxable Bond

Templeton Global Bond VIP Fund - Class 2 - Franklin Advisers, Inc.(1)

0.75%

-11.37%

-4.85%

-2.03%

1

International
Equity

Templeton Growth VIP Fund - Class 2 - Templeton Global Advisors Limited; Templeton Asset Management Ltd.(1)

1.12%

5.40%

4.60%

4.08%

3

Investment Category

Minimum Allocation

Maximum Allocation