TRAVELERS FUND ABD II FOR VARIABLE ANNUITIES, 497, 2000-05-05

TRAVELERS FUND ABD II FOR VARIABLE ANNUITIES
497, 2000-05-05

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<PAGE> 1

TRAVELERS ACCESS ANNUITY PROSPECTUS:
THE TRAVELERS FUND ABD FOR VARIABLE ANNUITIES
THE TRAVELERS FUND ABD II FOR VARIABLE ANNUITIES

This prospectus describes TRAVELERS ACCESS ANNUITY, a flexible premium variable
annuity contract (the "Contract") issued by The Travelers Insurance Company or
The Travelers Life and Annuity Company, depending on the state in which you
purchased your Contract. The Contract is available in connection with certain
retirement plans that qualify for special federal income tax treatment
("qualified Contracts") as well as those that do not qualify for such treatment
("nonqualified Contracts"). We may issue it as an individual Contract or as a
group Contract. In states where only group Contracts are available, you will be
issued a certificate summarizing the provisions of the group Contract. For
convenience, we refer to Contracts and certificates as "Contracts."

You can choose to have your premium ("purchase payments") accumulate on a fixed
basis and/ or a variable basis. Your contract value will vary daily to reflect
the investment experience of the subaccounts ("funding options") you select and
any interest credited to the Fixed Account. The variable funding options are:

<TABLE>
<S> <C>
Capital Appreciation Fund TRAVELERS SERIES FUND INC.
Money Market Portfolio Alliance Growth Portfolio
ALLIANCE VARIABLE PRODUCT SERIES FUND, INC. MFS Total Return Portfolio
Premier Growth Portfolio Class B Putnam Diversified Income Portfolio
DELAWARE GROUP PREMIUM FUND THE TRAVELERS SERIES TRUST
REIT Series Convertible Bond Portfolio
DREYFUS VARIABLE INVESTMENT FUND Disciplined Mid Cap Stock Portfolio
Appreciation Portfolio(1) Disciplined Small Cap Stock Portfolio
Small Cap Portfolio Equity Income Portfolio
GREENWICH STREET SERIES FUND Federated High Yield Portfolio
Equity Index Portfolio Class II Shares Federated Stock Portfolio
JANUS ASPEN SERIES Large Cap Portfolio
Balanced Portfolio -- Service Shares Lazard International Stock Portfolio
Global Life Sciences Portfolio -- Service Shares MFS Emerging Growth Portfolio
Global Technology Portfolio -- Service Shares MFS Mid Cap Growth Portfolio
Worldwide Growth Portfolio -- Service Shares MFS Research Portfolio
SALOMON BROTHERS VARIABLE SERIES FUND INC. Strategic Stock Portfolio
Capital Fund Travelers Quality Bond Portfolio
Investors Fund VARIABLE INSURANCE PRODUCTS FUND II
Small Cap Growth Fund (FIDELITY)
Contrafund(R) Portfolio -- Service Class
2
WARBURG PINCUS TRUST
Emerging Markets Portfolio
</TABLE>

- ---------------
(1) Formerly Capital Appreciation Portfolio

The Fixed Account is described in Appendix C. Unless specified otherwise, this
prospectus refers to the variable funding options. The contracts and/or some of
the funding options may not be available in all states. THIS PROSPECTUS IS VALID
ONLY WHEN ACCOMPANIED BY THE CURRENT PROSPECTUSES FOR THE VARIABLE FUNDING
OPTIONS. READ AND RETAIN THEM FOR FUTURE REFERENCE.

This prospectus provides the information that you should know before investing
in the Contract. You can receive additional information about the Travelers Fund
ABD for Variable Annuities or the Travelers Fund ABD II for Variable Annuities
("Separate Account") by requesting a copy of the Statement of Additional
Information ("SAI") dated May 1, 2000. The SAI has been filed with the
Securities and Exchange Commission ("SEC") and is incorporated by reference into
this prospectus. To request a copy, write to The Travelers Insurance Company,
Annuity Investor Services, One Tower Square, Hartford, Connecticut 06183, call
1-800-842-9368 or access the SEC's website (http://www.sec.gov). See Appendix D
for the SAI's table of contents.

NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES
COMMISSION HAS PASSED UPON THE ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION
TO THE CONTRARY IS A CRIMINAL OFFENSE.

VARIABLE ANNUITY CONTRACTS ARE NOT DEPOSITS OF ANY BANK, AND ARE NOT INSURED OR
GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT
AGENCY.
PROSPECTUS DATED MAY 1, 2000

<PAGE> 2

TABLE OF CONTENTS

<TABLE>
<S> <C>
Index of Special Terms................ 2
Summary............................... 3
Fee Table............................. 6
Condensed Financial Information....... 9
The Annuity Contract.................. 9
Contract Owner Inquiries............ 9
Purchase Payments................... 9
Accumulation Units.................. 9
The Funding Options................. 10
Charges and Deductions................ 13
General............................. 13
Administrative Charges.............. 13
Mortality and Expense Risk Charge... 14
Funding Option Expenses............. 14
Premium Tax......................... 14
Changes in Taxes Based Upon Premium
or Value......................... 14
Transfers............................. 14
Dollar Cost Averaging............... 15
Access to Your Money.................. 15
Systematic Withdrawals.............. 16
Loans............................... 16
Ownership Provisions.................. 16
Types of Ownership.................. 16
Contract Owner................... 16
Beneficiary...................... 17
Annuitant........................ 17
Death Benefit......................... 17
Death Proceeds Before the Maturity
Date............................. 17
Payment of Proceeds................. 17
Death Proceeds After the Maturity
Date............................. 19
The Annuity Period.................... 19
Maturity Date....................... 19
Allocation of Annuity............... 19
Variable Annuity.................... 20
Fixed Annuity....................... 20
Payment Options....................... 20
Election of Options................. 20
Annuity Options..................... 21
Income Options...................... 21
Miscellaneous Contract Provisions..... 22
Right to Return..................... 22
Termination......................... 22
Required Reports.................... 22
Suspension of Payments.............. 23
Transfers of Contract Values to
Other Annuities.................. 23
The Separate Accounts................. 23
Performance Information............. 23
Federal Tax Considerations............ 24
General Taxation of Annuities....... 24
Types of Contracts: Qualified or
Nonqualified..................... 24
Nonqualified Annuity Contracts...... 25
Qualified Annuity Contracts......... 25
Penalty Tax for Premature
Distributions.................... 25
Diversification Requirements for
Variable Annuities............... 25
Ownership of the Investments........ 26
Mandatory Distributions for
Qualified Plans.................. 26
Taxation of Death Benefit
Proceeds......................... 26
Other Information..................... 26
The Insurance Companies............. 26
Financial Statements................ 27
IMSA................................ 27
Distribution of Variable Annuity
Contracts........................ 27
Conformity with State and Federal
Laws............................. 27
Voting Rights....................... 28
Legal Proceedings and Opinions...... 28
Appendix A: Condensed Financial
Information for The Travelers
Insurance Company: Separate Account
ABD................................. A-1
Appendix B: Condensed Financial
Information for The Travelers Life &
Annuity Company: Separate Account
ABD II.............................. B-1
Appendix C: The Fixed Account......... C-1
Appendix D: Contents of the Statement
of Additional Information........... D-1
</TABLE>

INDEX OF SPECIAL TERMS

The following terms are italicized throughout the prospectus. Refer to the page
listed for an explanation of each term.

<TABLE>
<S> <C>
Accumulation Period................... 9
Accumulation Unit..................... 9
Annuitant............................. 17
Annuity Payments...................... 19
Annuity Unit.......................... 10
Contingent Annuitant.................. 17
Contract Date......................... 9
Contract Owner (You, Your)............ 16
Contract Value........................ 9
Contract Year......................... 9
Death Report Date..................... 17
Fixed Account......................... C-1
Funding Option(s)..................... 10
Maturity Date......................... 19
Purchase Payment...................... 9
Underlying Fund....................... 10
Written Request....................... 9
</TABLE>

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<PAGE> 3

SUMMARY:
TRAVELERS ACCESS ANNUITY

THIS SUMMARY DETAILS SOME OF THE MORE IMPORTANT POINTS THAT YOU SHOULD KNOW AND
CONSIDER BEFORE PURCHASING THE CONTRACT. PLEASE READ THE ENTIRE PROSPECTUS
CAREFULLY.

WHAT COMPANY WILL ISSUE MY CONTRACT? Your issuing company is either The
Travelers Insurance Company or The Travelers Life and Annuity Company, ("the
Company," "We" or "Us") depending on where you purchased your Contract. Each
company sponsors its own separate account, both of which are described later in
this prospectus. The Travelers Insurance Company sponsors the Travelers Fund ABD
for Variable Annuities ("Fund ABD"); The Travelers Life and Annuity Company
sponsors the Travelers Fund ABD II for Variable Annuities ("Fund ABD II"). When
we refer to the Separate Account, we are referring to either Fund ABD or Fund
ABD II, depending upon your issuing company. Your issuing company is The
Travelers Life and Annuity Company unless you purchased your contract in the
locations listed below, which contracts are issued by The Travelers Insurance
Company.

<TABLE>
<S> <C>
Kansas Oregon(1)
Maine Puerto Rico
New Hampshire() Tennessee
New Jersey Washington(1)
New York Wyoming
North Carolina
</TABLE>

- ---------------
(1) The Travelers Insurance Company issues only single premium contracts with
variable and fixed accounts for these states. The Travelers Life and Annuity
Company issues only flexible premium contracts with variable accounts in
these states. Please refer to your Contract or ask your agent for more
information.

You may also refer to the cover page of your Contract for the name of your
issuing company. You may only purchase a Contract where the Contract has been
approved. Not all locations have approved all Contracts.

CAN YOU GIVE ME A GENERAL DESCRIPTION OF THE VARIABLE ANNUITY CONTRACT? The
Contract offered by the Company is a variable annuity intended for retirement
savings or other long-term investment purposes. The Contract provides a death
benefit as well as guaranteed payout options. You direct your payment(s) to one
or more of the variable funding options and/or to the Fixed Account. We
guarantee money directed to the Fixed Account as to principal and interest. The
variable funding options are designed to produce a higher rate of return than
the Fixed Account; however, this is not guaranteed. You can also lose money in
the variable funding options.

The Contract, like all deferred variable annuity contracts, has two phases: the
accumulation phase and the payout phase. During the accumulation phase
generally, under a qualified contract, your pre-tax contribution accumulates on
a tax-deferred basis and is taxed as income when you make a withdrawal,
presumably when you are in a lower tax bracket. During the accumulation phase,
under a nonqualified contract, earnings on your after-tax contribution
accumulates on a tax-deferred basis and is taxed as income when you make a
withdrawal. The payout phase occurs when you begin receiving payments from your
Contract. The amount of money you accumulate in your Contract determines the
amount of income (annuity payments) you receive during the payout phase.

During the payout phase, you may choose to receive annuity payments from the
Fixed Account or the variable funding options. If you want to receive payments
from your annuity, you can choose one of a number of annuity options or income
options.

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<PAGE> 4

Once you choose one of the annuity options or income options and begin to
receive payments, it cannot be changed. During the payout phase, you have the
same investment choices you had during the accumulation phase. If amounts are
directed to the variable funding options, the dollar amount of your payments may
increase or decrease.

WHO SHOULD PURCHASE THIS CONTRACT? The Contract is currently available for use
in connection with (1) individual nonqualified purchases; (2) rollovers from
Individual Retirement Annuities (IRAs); and (3) rollovers from other qualified
retirement plans. Qualified contracts include contracts qualifying under Section
401(a), 403(b), or 408(b) of the Internal Revenue Code of 1986, as amended.
Purchase of this Contract through a tax qualified retirement plan ("Plan") does
not provide any additional tax deferral benefits beyond those provided by the
Plan. Accordingly, if you are purchasing this Contract through a Plan, you
should consider purchasing this Contract for its Death Benefit, Annuity Option
Benefits, and other non-tax-related benefits.

You may purchase the Contract with an initial payment of at least $20,000. You
may make additional payments of at least $500 at any time during the
accumulation phase.

IS THERE A RIGHT TO RETURN PERIOD? If you cancel the Contract within twenty
days after you receive it, you will receive a full refund of the contract
value(including charges). Where state law requires a longer right to return
period, or the return of purchase payments, the Company will comply. You bear
the investment risk on the purchase payment during the right to return period;
therefore, the contract value returned may be greater or less than your purchase
payment.

If the Contract is purchased as an Individual Retirement Annuity, and is
returned within the first seven days after delivery, your full purchase payment
will be refunded. During the remainder of the right to return period, the
contract value (including charges) will be refunded. The contract value will be
determined at the close of business on the day we receive a written request for
a refund.

WHAT TYPES OF INVESTMENT OPTIONS ARE AVAILABLE? You can direct your money into
the Fixed Account or any or all of the funding options shown on the cover page.
The funding options are described in the prospectuses for the funds. Depending
on market conditions, you may make or lose money in any of these options.

The value of the Contract will vary depending upon the investment performance of
the funding options you choose. Past performance is not a guarantee of future
results. Standard and Nonstandard performance is shown in the Statement of
Additional Information that you may request free of charge.

You can transfer between the funding options as frequently as you wish without
any current tax implications. Currently there is no charge for transfers, nor a
limit to the number of transfers allowed. We may, in the future, charge a fee
for any transfer request, or limit the number of transfers allowed. At a
minimum, we would always allow one transfer every six months. We reserve the
right to restrict transfers that we determine will disadvantage other contract
owners. You may transfer between the Fixed Account and the funding options twice
a year (during the 30 days after the six-month contract date anniversary),
provided the amount is not greater than 15% of the Fixed Account Value on that
date.

WHAT EXPENSES WILL BE ASSESSED UNDER THE CONTRACT? The Contract has insurance
features and investment features, and there are costs related to each. For
Contracts with a value of less than $40,000 on the deduction date, the Company
deducts an annual administrative charge of $30. The annual insurance charge is
1.25% of the amounts you direct to the funding options, and the sub-account
administrative charge is 0.15% annually. Each funding option also charges for
management and other expenses. Please refer to the Fee Table for more
information about the charges.

HOW WILL MY CONTRIBUTIONS AND WITHDRAWALS BE TAXED? Generally, the payments you
make to a qualified Contract during the accumulation phase are made with
before-tax dollars. You will be taxed on your purchase payments and on any
earnings when you make a withdrawal or begin

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<PAGE> 5

receiving annuity or income payments. Under a nonqualified Contract, payments to
the contract are made with after-tax dollars, and earnings will accumulate
tax-deferred. You will be taxed on these earnings when they are withdrawn from
the Contract.

For owners of qualified Contracts, if you reach a certain age, you may be
required by federal tax laws to begin receiving payments from your annuity or
risk paying a penalty tax. In those cases, we can calculate and pay you the
minimum required distribution amounts. If you are younger than 59 1/2 when you
take money out, you may be charged a 10% federal penalty tax on the amount
withdrawn.

HOW MAY I ACCESS MY MONEY? You can take withdrawals any time during the
accumulation phase. There are no withdrawal charges, however, income taxes,
and/or a penalty tax may apply to taxable amounts withdrawn.

WHAT IS THE DEATH BENEFIT UNDER THE CONTRACT? The death benefit applies upon
the first death of the owner, joint owner, or annuitant. Assuming you are the
Annuitant, the death benefit is as follows: If you die before the Contract is in
the payout phase, the person you have chosen as your beneficiary will receive a
death benefit. The death benefit value is calculated at the close of the
business day on which the Company's Home Office receives due proof of death and
written payment instructions. Certain states may have varying age requirements.
Please refer to the Death Benefit section in the prospectus for more details.

ARE THERE ANY ADDITIONAL FEATURES? This Contract has other features you may be
interested in. These include:

- DOLLAR COST AVERAGING. This is a program that allows you to invest a
fixed amount of money in funding options each month, theoretically giving
you a lower average cost per unit over time than a single one-time
purchase. Dollar Cost Averaging requires regular investments regardless
of fluctuating price levels, and does not guarantee profits or prevent
losses in a declining market. Potential investors should consider their
financial ability to continue purchases through periods of low price
levels.

- SYSTEMATIC WITHDRAWAL OPTION. Before the maturity date, you can arrange
to have money sent to you at set intervals throughout the year. Of
course, any applicable income and penalty taxes will apply on amounts
withdrawn.

- AUTOMATIC REBALANCING. You may elect to have the Company periodically
reallocate the values in your Contract to match your original (or your
latest) funding option allocation request.

5
<PAGE> 6

FEE TABLE
- --------------------------------------------------------------------------------
CONTRACT OWNER TRANSACTIONS EXPENSES

<TABLE>
<S> <C>
ANNUAL CONTRACT ADMINISTRATIVE CHARGE $30
(Waived if contract value is $40,000 or more)

ANNUAL SEPARATE ACCOUNT CHARGES:
(as a percentage of the average daily net assets of the
Separate Account)
Mortality and Expense Risk Charge................. 1.25%
Administrative Expense Charge..................... 0.15%
-----
Total Separate Account Charges................. 1.40%
</TABLE>

FUNDING OPTION EXPENSES:
(as a percentage of average daily net assets of the Funding Option as of
December 31, 1999, unless otherwise noted)

<TABLE>
<CAPTION>
TOTAL
ANNUAL OPERATING
MANAGEMENT FEE OTHER EXPENSES EXPENSES
(AFTER EXPENSE (AFTER EXPENSE (AFTER EXPENSE
FUNDING OPTIONS: REIMBURSEMENT) 12B-1 FEE REIMBURSEMENT) REIMBURSEMENT)
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Capital Appreciation Fund................. 0.75% 0.08% 0.83%
Money Market Portfolio.................... 0.32% 0.08% 0.40%(1)
ALLIANCE VARIABLE PRODUCT SERIES FUND,
INC.
Premier Growth Portfolio -- Class B... 1.00% 0.25% 0.04% 1.29%
DELAWARE GROUP PREMIUM FUND
REIT Series........................... 0.64% 0.21% 0.85%(2)
DREYFUS VARIABLE INVESTMENT FUND
Appreciation Portfolio(3)............. 0.75% 0.03% 0.78%
Small Cap Portfolio................... 0.75% 0.03% 0.78%
GREENWICH STREET SERIES FUND
Equity Index Portfolio -- Class II
Shares.............................. 0.21% 0.25% 0.05% 0.51%(4)
JANUS ASPEN SERIES
Balanced Portfolio -- Service
Shares.............................. 0.65% 0.25% 0.02% 0.92%(5)
Global Life Sciences
Portfolio -- Service Shares......... 0.65% 0.25% 0.19% 1.09%(5)
Global Technology Portfolio -- Service
Shares.............................. 0.65% 0.25% 0.13% 1.03%(5)
Worldwide Growth Portfolio -- Service
Shares.............................. 0.65% 0.25% 0.05% 0.95%(5)
SALOMON BROTHERS VARIABLE SERIES FUND INC.
Capital Fund.......................... 0.00% 1.00% 1.00%(6)
Investors Fund........................ 0.53% 0.45% 0.98%(6)
Small Cap Growth Fund................. 0.30% 1.50% 1.50%(6)
TRAVELERS SERIES FUND INC.
Alliance Growth Portfolio............. 0.80% 0.02% 0.82%(7)
MFS Total Return Portfolio............ 0.80% 0.04% 0.84%(7)
Putnam Diversified Income Portfolio... 0.75% 0.08% 0.83%(7)
THE TRAVELERS SERIES TRUST
Convertible Bond Portfolio............ 0.60% 0.20% 0.80%(8)
Disciplined Mid Cap Stock Portfolio... 0.70% 0.25% 0.95%(9)
Disciplined Small Cap Stock
Portfolio........................... 0.80% 0.20% 1.00%(8)
Equity Income Portfolio............... 0.75% 0.13% 0.88%
Federated High Yield Portfolio........ 0.65% 0.19% 0.84%
Federated Stock Portfolio............. 0.63% 0.19% 0.82%
Large Cap Portfolio................... 0.75% 0.12% 0.87%
Lazard International Stock
Portfolio........................... 0.83% 0.23% 1.06%
MFS Emerging Growth Portfolio......... 0.75% 0.12% 0.87%
</TABLE>

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NOTES:

The purpose of this Fee Table is to assist Contract Owners in understanding the
various costs and expenses that a Contract Owner will bear, directly or
indirectly. See "Charges and Deductions" in this prospectus for additional
information. Expenses shown do not include premium taxes, which may be
applicable. "Other Expenses" include operating costs of the fund. These expenses
are reflected in each funding option's net asset value and are not deducted from
the account value under the Contract.

(1) Other Expenses have been restated to reflect the current expense
reimbursement arrangement with Travelers Insurance Company. Travelers has
agreed to reimburse the Fund for the amount by which its aggregate expenses
(including the management fee, but excluding brokerage commissions, interest
charges and taxes) exceeds 0.40%. Without such arrangement, Total Expenses
would have been 0.50% for the MONEY MARKET PORTFOLIO.

(2) The investment adviser for the REIT SERIES is Delaware Management Company
("DMC"). Effective May 1, 2000 through October 31, 2000, DMC has voluntarily
agreed to waive its management fee and reimburse the Series for expenses to
the extent that total expenses will not exceed 0.85%. Without such an
arrangement, Total Annual Operating Expenses for the fund would have been
0.96%.

(3) Formerly known as Dreyfus Capital Appreciation Portfolio.

(4) The Portfolio Management Fee for EQUITY INDEX PORTFOLIO -- CLASS II shares
includes 0.06% for fund administration and a distribution plan or "Rule
12b-1 plan". Fees for Class II reflect the period from 3/22/99 (inception
date) to 12/31/99. On March 22, 1999, the fund adopted its current fee
structure.

(5) Expenses are based on the estimated expenses that the new Service Shares
Class of each Portfolio expects to incur in its initial fiscal year. All
expenses are shown without the effect of offset arrangements.

(6) The Adviser has waived all or a portion of its Management Fees for the year
ended December 31, 1999. If such fees were not waived or expenses
reimbursed, the Management Fee, Other Expenses, and Total Annual Operating
Expenses would have been as follows: 0.70%, 0.45% and 1.15% respectively for
the INVESTORS FUND; 0.85%, 1.14%, and 1.99% respectively for the CAPITAL
FUND; and 0.75%, 15.61%, and 16.36% respectively for the SMALL CAP GROWTH
FUND. Expenses for the Small Cap Growth Fund are annualized.

(7) Expenses are as of October 31, 1999 (the Fund's fiscal year end). There were
no fees waived or expenses reimbursed for these funds in 1999.

(8) Travelers Insurance has agreed to reimburse the CONVERTIBLE BOND PORTFOLIO,
the STRATEGIC STOCK PORTFOLIO, the DISCIPLINED SMALL CAP STOCK PORTFOLIO,
and the MFS MID CAP GROWTH PORTFOLIO for expenses for the period ended
December 31, 1999 which exceeded 0.80%, 0.90%, 1.00% and 1.00%,
respectively. Without such voluntary arrangements, the actual annualized
Total Annual Operating Expenses would have been 1.23%, 0.99%, 1.49%, and
1.07%, respectively.

(9) Other Expenses reflect the current expense reimbursement arrangement with
Travelers Insurance Company. Travelers has agreed to reimburse the Portfolio
for the amount by which its aggregate expenses (including management fees,
but excluding brokerage commissions, interest charges and taxes) exceeds
0.95%. Without such arrangements, the Total Annual Operating Expenses would
have been 0.99% for the DISCIPLINED MID CAP STOCK PORTFOLIO.

(10) A portion of the brokerage commissions that certain funds pay was used to
reduce fund expenses. In addition, through arrangements with certain funds
custodian, credits realized as a result of uninvested cash balances were
used to reduce a portion of each applicable fund's expenses. Without these
reductions, the Total Annual Operating Expenses presented in the table
would have been 0.95% for CONTRAFUND PORTFOLIO -- SERVICE CLASS 2. Service
Class 2 expenses are based on estimated expenses for the first year.

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<PAGE> 8

(11) Fee waivers, expense reimbursements, or expense credits reduced expenses
for the WARBURG PINCUS EMERGING MARKETS PORTFOLIO during 1999, but this may
be discontinued at any time. Without such arrangements, the Portfolio's
Management Fees, Other Expenses and Total Annual Operating Expenses would
equal 1.25%, 1.88% and 3.13%, respectively. The Portfolio's other expenses
are based on annualized estimates of expenses for the fiscal year ending
December 31, 1999, net of any fee waivers or expense reimbursements.

EXAMPLE*:

Assuming a 5% annual return on assets, a $1,000 investment would be subject to
the following expenses:

<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------
IF CONTRACT IS SURRENDERED, ANNUITIZED
OR IF NO WITHDRAWALS HAVE BEEN MADE
AT THE END OF PERIOD SHOWN:
-----------------------------------------
FUNDING OPTION 1 YEAR 3 YEARS 5 YEARS 10 YEARS
<S> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------
Capital Appreciation Fund................................... 23 70 120 257
Money Market Portfolio...................................... 18 57 98 213
ALLIANCE VARIABLE PRODUCT SERIES FUND, INC.
Premier Growth Portfolio -- Class B..................... 27 84 143 303
DELAWARE GROUP PREMIUM FUND
REIT Series............................................. 23 71 121 259
DREYFUS VARIABLE INVESTMENT FUND
Appreciation Portfolio.................................. 22 68 117 252
Small Cap Portfolio..................................... 22 68 117 252
GREENWICH STREET SERIES FUND
Equity Index Portfolio -- Class II Shares............... 19 60 104 224
JANUS ASPEN SERIES
Balanced Portfolio -- Service Shares.................... 24 73 124 266
Global Life Sciences Portfolio -- Service Shares........ 25 78 133 283
Global Technology Portfolio -- Service Shares........... 25 76 130 278
Worldwide Growth Portfolio -- Service Shares............ 24 74 126 270
SALOMON BROTHERS VARIABLE SERIES FUND INC.
Capital Fund............................................ 24 75 128 275
Investors Fund.......................................... 24 75 127 273
Small Cap Growth Fund................................... 29 90 153 323
TRAVELERS SERIES FUND INC
Alliance Growth Portfolio............................... 23 70 119 256
MFS Total Return Portfolio.............................. 23 70 120 258
Putnam Diversified Income Portfolio..................... 23 70 120 257
THE TRAVELERS SERIES TRUST
Convertible Bond Portfolio.............................. 22 69 118 254
Disciplined Mid Cap Stock Portfolio..................... 24 74 126 270
Disciplined Small Cap Stock Portfolio................... 24 75 128 275
Equity Income Portfolio................................. 23 72 122 262
Federated High Yield Portfolio.......................... 23 70 120 258
Federated Stock Portfolio............................... 23 70 119 256
Large Cap Portfolio..................................... 23 71 122 261
Lazard International Stock Portfolio.................... 25 77 132 281
MFS Emerging Growth Portfolio........................... 23 71 122 261
MFS Mid Cap Growth Portfolio............................ 24 75 128 275
MFS Research Portfolio.................................. 24 75 128 274
Strategic Stock Portfolio............................... 23 72 123 264
Travelers Quality Bond Portfolio........................ 20 61 105 227
VARIABLE INSURANCE PRODUCTS FUND II
Contrafund(R) Portfolio -- Service Class 2.............. 23 72 123 264
WARBURG PINCUS TRUST
Emerging Markets Portfolio.............................. 28 87 148 314
</TABLE>

* THE EXAMPLE SHOULD NOT BE CONSIDERED A REPRESENTATION OF PAST OR FUTURE
EXPENSES. ACTUAL EXPENSES MAY BE GREATER OR LESS THAN THOSE SHOWN. THE EXAMPLE
REFLECTS THE $30 ANNUAL CONTRACT ADMINISTRATIVE CHARGE AS AN ANNUAL CHARGE OF
0.009% OF ASSETS.

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<PAGE> 9

CONDENSED FINANCIAL INFORMATION
- --------------------------------------------------------------------------------

See Appendices A and B.

THE ANNUITY CONTRACT
- --------------------------------------------------------------------------------

Travelers Access Annuity is a contract between the contract owner ("you"), and
the Company. You make purchase payments to us and we credit them to your
Contract. The Company promises to pay you an income, in the form of annuity or
income payments, beginning on a future date that you choose, the maturity date.
The purchase payments accumulate tax deferred in the funding options of your
choice. We offer multiple variable funding options, and one fixed account
option. The contract owner assumes the risk of gain or loss according to the
performance of the variable funding options. The contract value is the amount of
purchase payments, plus or minus any investment experience or interest. The
contract value also reflects all surrenders made and charges deducted. There is
generally no guarantee that at the maturity date the contract value will equal
or exceed the total purchase payments made under the Contract. The date the
Contract and its benefits become effective is referred to as the contract date.
Each 12-month period following the contract date is called a contract year.

Certain changes and elections must be made in writing to the Company. Where the
term "written request" is used, it means that written information must be sent
to the Company's Home Office in a form and content satisfactory to us.

CONTRACT OWNER INQUIRIES

Any questions you have about your Contract should be directed to the Company's
Home Office at 1-800-842-9368.

PURCHASE PAYMENTS

The initial purchase payment must be at least $20,000. You may make additional
payments of at least $500 at any time. Under certain circumstances, we may waive
the minimum purchase payment requirement. Purchase payments over $1,000,000 may
be made with our prior consent. The initial purchase payment is due and payable
before the Contract becomes effective.

We will apply the initial purchase payment within two business days after we
receive it in good order at our Home Office. Subsequent purchase payments will
be credited to a Contract on the same business day, if received in good order by
our Home Office by 4:00 p.m. Eastern time. A business day is any day that the
New York Stock Exchange is open. Our business day ends at 4:00 p.m. Eastern time
unless we need to close earlier due to an emergency.

ACCUMULATION UNITS

The period between the contract effective date and the maturity date is the
accumulation period. During the accumulation period, an accumulation unit is
used to calculate the value of a Contract. An accumulation unit works like a
share of a mutual fund. Each funding option has a corresponding accumulation
unit value. The accumulation units are valued each business day and their values
may increase or decrease from day to day. The number of accumulation units we
will credit to your Contract once we receive a purchase payment is determined by
dividing the amount directed to each funding option by the value of its
accumulation unit. We calculate the value of an accumulation unit for each
funding option each day the New York Stock Exchange is open. The values are
calculated as of 4:00 p.m. Eastern time. After the value is calculated, we
credit your

9
<PAGE> 10

Contract. During the annuity period (i.e., after the maturity date), you are
credited with annuity units.

THE FUNDING OPTIONS

You choose which of the following variable funding options to have your purchase
payments allocated to. These funding options are subsections of the Separate
Account, which invest in the underlying mutual funds ("underlying funds"). You
will find detailed information about the options and their inherent risks in the
current prospectuses for the funding options which must accompany this
prospectus. The Company has entered into agreements with either the investment
adviser or distributor of certain of the underlying funds in which the adviser
or distributor pays us a fee for providing administrative services, which fee
may vary. The fee is ordinarily based upon an annual percentage of the average
aggregate net amount invested in the underlying funds on behalf of the Separate
Account. You are not investing directly in the underlying fund. Since each
option has varying degrees of risk, please read the prospectuses carefully
before investing. Contact your registered representative or call 1-800-842-9368
to request additional copies of the prospectuses.

If any of the funding options become unavailable for allocating purchase
payments, or if we believe that further investment in a funding option is
inappropriate for the purposes of the Contract, we may substitute another
funding option. However, we will not make any substitutions without notifying
you and obtaining any state and SEC approval, if necessary. From time to time we
may make new funding options available.

The current variable funding options are listed below, along with their
investment advisers and any subadviser:

<TABLE>
<CAPTION>
INVESTMENT
FUNDING OPTION OBJECTIVE INVESTMENT ADVISER/SUBADVISER
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Capital Appreciation Fund Seeks growth of capital through the use of common Travelers Asset Management
stocks. Income is not an objective. The Fund International Company LLC
invests principally in common stocks of small to ("TAMIC")
large companies which are expected to experience Subadviser: Janus
wide fluctuations in price in both rising and Capital Corp.
declining markets. ("Janus Capital")
Money Market Portfolio Seeks high current income from short-term money TAMIC
market instruments while preserving capital and
maintaining a high degree of liquidity.

ALLIANCE VARIABLE PRODUCT
SERIES FUND, INC.
Premier Growth Portfolio Seeks long-term growth of capital by investing Alliance Capital Management
Class B primarily in equity securities of a limited
number of large, carefully selected, high quality
U.S. companies that are judged likely to achieve
superior earning momentum.

DELAWARE GROUP PREMIUM FUND
REIT Series Seeks maximum long-term total return, by Delaware Management Company,
investing in securities of companies primarily Inc.
engaged in the real estate industry. Capital Subadviser: Lincoln Investment
appreciation is a secondary objective. Management, Inc.

DREYFUS VARIABLE INVESTMENT
FUND
Appreciation Portfolio Seeks primarily to provide long-term capital The Dreyfus Corporation
growth consistent with the preservation of Subadviser: Fayez Sarofim & Co.
capital; current income is a secondary investment
objective. The portfolio invests primarily in the
common stocks of domestic and foreign issuers.
Small Cap Portfolio Seeks to maximize capital appreciation. The Dreyfus Corporation

GREENWICH STREET SERIES FUND
Equity Index Portfolio Seeks to replicate, before deduction of expenses, Travelers Investment Management
Class II Shares the total return performance of the S&P 500 Company ("TIMCO")
Index.
</TABLE>

10
<PAGE> 11

<TABLE>
<CAPTION>
INVESTMENT
FUNDING OPTION OBJECTIVE INVESTMENT ADVISER/SUBADVISER
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
JANUS ASPEN SERIES
Balanced Portfolio--Service Seeks long-term capital growth, consistent with Janus Capital
Shares preservation of capital and balanced by current
income.
Global Life Sciences Seeks long-term capital growth by investing Janus Capital
Portfolio--Service Shares primarily in equity securities of U.S. and
foreign companies, normally investing at least
65% of its total assets in companies with a life
science orientation.
Global Technology Seeks long-term capital growth by investing Janus Capital
Portfolio--Service Shares primarily in equity securities of U.S. and
foreign companies, normally investing at least
65% of its total assets in companies likely to
benefit significantly from advances in
technology.
Worldwide Growth Seeks growth of capital in a manner consistent Janus Capital
Portfolio -- Service Shares with preservation of capital by investing
primarily in common stocks of companies of any
size throughout the world.

SALOMON BROTHERS VARIABLE
SERIES FUND, INC.
Capital Fund Seeks capital appreciation, primarily through Salomon Brothers Asset
investments in common stocks which are believed Management ("SBAM")
to have above-average price appreciation
potential and which may involve above average
risk.
Small Cap Growth Fund Seeks long-term growth of capital by investing SBAM
primarily in equity securities of companies with
market capitalizations similar to that of
companies included in the Russell 2000 Index.
Investors Fund Seeks long-term growth of capital, and, SBAM
secondarily, current income, through investments
in common stocks of well-known companies.

TRAVELERS SERIES FUND, INC.
Alliance Growth Portfolio Seeks long-term growth of capital. Current income Travelers Investment Adviser
is only an incidental consideration. The ("TIA")
Portfolio invests predominantly in equity Subadviser: Alliance Capital
securities of companies with a favorable outlook Management L.P.
for earnings and whose rate of growth is expected
to exceed that of the U.S. economy over time.
MFS Total Return Portfolio (a balanced portfolio). Seeks to obtain above- TIA
average income (compared to a portfolio entirely Subadviser: Massachusetts
invested in equity securities) consistent with Financial Services Company
the prudent deployment of capital. Generally, at ("MFS")
least 40% of the Portfolio's assets will be
invested in equity securities.
Putnam Diversified Income Seeks high current income consistent with TIA
Portfolio preservation of capital. The Portfolio will Subadviser: Putnam Investment
allocate its investments among the U.S. Management, Inc.
Government Sector, the High Yield Sector, and the
International Sector of the fixed income
securities markets.

THE TRAVELERS SERIES TRUST
Convertible Bond Portfolio Seeks current income and capital appreciation by TAMIC
investing in convertible bond securities and in
combinations of nonconvertible fixed-income
securities and warrants or call options that
together resemble convertible securities.

Disciplined Mid Cap Stock Seeks growth of capital by investing primarily in TAMIC
Portfolio a broadly diversified portfolio of common stocks. Subadviser: TIMCO
Disciplined Small Cap Stock Seeks long term capital appreciation by investing TAMIC
Portfolio primarily (at least 65% of its total assets) in Subadviser: TIMCO
the common stocks of U.S. companies with
relatively small market capitalizations at the
time of investment.
</TABLE>

11
<PAGE> 12

<TABLE>
<CAPTION>
INVESTMENT
FUNDING OPTION OBJECTIVE INVESTMENT ADVISER/SUBADVISER
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Equity Income Portfolio Seeks reasonable income by investing at least 65% TAMIC
in income-producing equity securities. The Subadviser: Fidelity Management
balance may be invested in all types of domestic & Research Company ("FMR")
and foreign securities, including bonds. The
Portfolio seeks to achieve a yield that exceeds
that of the securities comprising the S&P 500.
The Subadviser also considers the potential for
capital appreciation.

Federated High Yield Seeks high current income by investing primarily TAMIC
Portfolio in a professionally managed, diversified Subadviser: Federated
portfolio of fixed income securities. Investment Counseling, Inc.

Federated Stock Portfolio Seeks growth of income and capital by investing TAMIC
principally in a professionally managed and Subadviser: Federated
diversified portfolio of common stock of Investment Counseling, Inc.
high-quality companies (i.e., leaders in their
industries and characterized by sound management
and the ability to finance expected growth).

Large Cap Portfolio Seeks long-term growth of capital by investing TAMIC
primarily in equity securities of companies with Subadviser: FMR
large market capitalizations.

Lazard International Stock Seeks capital appreciation by investing primarily TAMIC
Portfolio in the equity securities of non-United States Subadviser: Lazard Asset
companies (i.e., incorporated or organized Management
outside the United States).
MFS Emerging Growth Seeks to provide long-term growth of capital. TAMIC
Portfolio Dividend and interest income from portfolio Subadviser: MFS
securities, if any, is incidental to the MFS
Portfolio's investment objective.
MFS Mid Cap Growth Seeks to obtain long term growth of capital by TAMIC
Portfolio investing, under normal market conditions, at Subadviser: MFS
least 65% of its total assets in equity
securities of companies with medium market
capitalization which the investment adviser
believes have above-average growth potential.
MFS Research Portfolio Seeks to provide long-term growth of capital and TAMIC
future income. Subadviser: MFS
Strategic Stock Portfolio Seeks to provide an above-average total return TAMIC
through a combination of potential capital Subadviser: TIMCO
appreciation and dividend income by investing
primarily in high dividend yield stocks
periodically selected from the companies included
in (i) the Dow Jones Industrial Average and (ii)
a subset of the Standard & Poor's Industrial
Index.
Travelers Quality Bond Seeks current income, moderate capital volatility TAMIC
Portfolio and total return.

VARIABLE INSURANCE PRODUCTS
FUND II
Contrafund(R) Portfolio -- Seeks long-term capital appreciation by investing FMR
Service Class 2 primarily in common stocks of companies whose
value the adviser believes is not fully
recognized by the public.

WARBURG PINCUS TRUST
Emerging Markets Portfolio Seeks long-term growth of capital by investing Credit Sussie Asset
primarily in equity securities of non-U.S. Management LLC
issuers consisting of companies in emerging
securities markets.
</TABLE>

12
<PAGE> 13

CHARGES AND DEDUCTIONS
- --------------------------------------------------------------------------------
GENERAL

We deduct the charges described below. The charges are for the service and
benefits we provide, costs and expenses we incur, and risks we assume under the
Contracts. Services and benefits we provide include:

- the ability for you to make withdrawals and surrenders under the
Contracts;

- the death benefit paid on the death of the contract owner, annuitant, or
first of the joint contract owners,

- the available funding options and related programs (including dollar-cost
averaging, portfolio rebalancing, and systematic withdrawal programs);

- administration of the annuity options available under the Contracts; and

- the distribution of various reports to contract owners.

Costs and expenses we incur include:

- losses associated with various overhead and other expenses associated
with providing the services and benefits provided by the Contracts,

- sales and marketing expenses including commission payments to your sales
agent, and

- other costs of doing business.

Risks we assume include:

- that annuitants may live longer than estimated when the annuity factors
under the Contracts were established;

- that the amount of the death benefit will be greater than the contract
value, and

- that the costs of providing the services and benefits under the Contracts
will exceed the charges deducted.

We may also deduct a charge for taxes.

Unless otherwise specified, charges are deducted proportionately from all
funding options in which you are invested.

We may reduce or eliminate the administrative charges and/or the mortality and
expense risk charge under the Contract when certain sales or administration of
the Contract result in savings or reduced expenses and/or risks. For certain
trusts, we may change the order in which purchase payments and earnings are
withdrawn in order to determine the withdrawal charge. We will not reduce or
eliminate the withdrawal charge or the administrative charge where such
reduction or elimination would be unfairly discriminatory to any person.

ADMINISTRATIVE CHARGES

We will deduct an annual contract administrative charge on the fourth Friday of
each August from Contracts with a value of less than $40,000 on that date. This
charge compensates us for expenses incurred in establishing and maintaining the
Contract. The $30 charge is deducted from the contract value by canceling
accumulation units applicable to each variable funding option on a pro rata
basis. For the first Contract year this charge will be prorated (i.e.
calculated) from the date of purchase. A prorated charge will also be made if
the Contract is completely withdrawn or terminated. We will not deduct a
contract administrative charge:

(1) from the distribution of death proceeds,

(2) after an annuity payout has begun, or

(3) if the contract value on the date of assessment equals or is greater
than $40,000.
13
<PAGE> 14

An administrative expense charge (sometimes called "sub-account administrative
charge") is deducted on each business day from amounts allocated to the variable
funding options in order to compensate the Company for certain related
administrative and operating expenses. The charge equals, on an annual basis,
0.15% of the daily net asset value allocated to each of the variable funding
options.

MORTALITY AND EXPENSE RISK CHARGE

Each business day, the Company deducts a mortality and expense risk ("M&E")
charge from amounts held in the variable funding options. The deduction is
reflected in our calculation of accumulation and annuity unit values. The
charges stated are the maximum for this product. We reserve the right to lower
this charge at any time. This charge equals, on an annual basis, 1.25% of the
amounts held in each variable funding option. This charge compensates the
Company for risks assumed, benefits provided and expenses incurred including the
payment of commissions to your sales agent.

FUNDING OPTION EXPENSES

The charges and expenses of the funding options are summarized in the fee table
and are described in the accompanying prospectuses.

PREMIUM TAX

Certain state and local governments charge premium taxes ranging from 0% to 5%,
depending upon jurisdiction. The Company is responsible for paying these taxes
and will determine the method used to recover premium tax expenses incurred. We
will deduct any applicable premium taxes from the contract value either upon
death, surrender, annuitization, or at the time purchase payments are made to
the Contract, but no earlier than when we have a tax liability under state law.

CHANGES IN TAXES BASED UPON PREMIUM OR VALUE

If there is any change in a law assessing taxes against the Company based upon
premiums, contract gains or value of the contract, we reserve the right to
charge you proportionately for this tax.

TRANSFERS
- --------------------------------------------------------------------------------

Up to 30 days before the maturity date, you may transfer all or part of the
contract value between funding options. Transfers are made at the value(s) next
determined after we receive your request at the Home Office. There are no
charges or restrictions on the amount or frequency of transfers currently;
however, we reserve the right to charge a fee for any transfer request, and to
limit the number of transfers to one in any six-month period. We also reserve
the right to restrict transfers by any market timing firm or any other third
party authorized to initiate transfers on behalf of multiple contract owners. We
may, among other things, not accept: 1) the transfer instructions of any agent
acting under a power of attorney on behalf of more than one owner, or 2) the
transfer or exchange instructions of individual owners who have executed
pre-authorized transfer forms which are submitted by market timing firms or
other third parties on behalf of more than one owner. We further reserve the
right to limit transfers that we determine will disadvantage other contract
owners.

Since different funding options have different expenses, a transfer of contract
values from one funding option to another could result in your investment
becoming subject to higher or lower expenses. After the maturity date, you may
make transfers between funding options only with our consent.

14
<PAGE> 15

DOLLAR COST AVERAGING

Dollar cost averaging or the pre-authorized transfer program (the "DCA Program")
allows you to transfer a set dollar amount to other funding options on a monthly
or quarterly basis during the accumulation phase of the Contract. Using this
method, more accumulation units are purchased in a funding option if the value
per unit is low and fewer accumulation units are purchased if the value per unit
is high. Therefore, a lower-than-average cost per unit may be achieved over the
long run.

You may elect the DCA Program through written request or other method acceptable
to the Company. You must have a minimum total contract value of $5,000 to enroll
in the DCA Program. The minimum amount that may be transferred through this
program is $400.

You may establish pre-authorized transfers of contract values from the Fixed
Account, subject to certain restrictions. Under the DCA Program, automated
transfers from the Fixed Account may not deplete your Fixed Account Value in
less than twelve months from your enrollment in the DCA Program.

In addition to the DCA Program, the Company may credit increased interest rates
to contract owners under an administrative Special DCA Program established at
the discretion of the Company, depending on availability and state law. Under
this program, the contract owner may pre-authorize level transfers to any of the
funding options under either a 6 Month Program or 12 Month Program. The 6 Month
Program and the 12 Month Program will generally have different credited interest
rates. Under the 6 Month Program, the interest rate can accrue up to 6 months on
funds in the Special DCA Program and all purchase payments and accrued interest
must be transferred on a level basis to the selected funding option in 6 months.
Under the 12 Month Program, the interest rate can accrue up to 12 months on
funds in the Special DCA Program and all purchase payments and accrued interest
in this Program must be transferred on a level basis to the selected funding
options in 12 months.

The pre-authorized transfers will begin after the initial Program purchase
payment and complete enrollment instructions are received by the Company. If
complete Program enrollment instructions are not received by the Company within
15 days of receipt of the initial Program purchase payment, the entire balance
in the Program will be credited with the non-Program interest rate then in
effect for the Fixed Account.

You may start or stop participation in the DCA Program at any time, but you must
give the Company at least 30 days' notice to change any automated transfer
instructions that are currently in place. If you stop the Special DCA Program
and elect to remain in the Fixed Account, your contract value will be credited
for the remainder of 6 or 12 months with the interest rate for non-Program
funds.

A contract owner may only have one DCA Program or Special DCA Program in place
at one time. Any subsequent purchase payments received by the Company within the
Program period selected will be allocated to the current funding options over
the remainder of that Program transfer period, unless otherwise directed by the
contract owner.

All provisions and terms of the Contract apply to the DCA and Special DCA
Programs, including provisions relating to the transfer of money between
investment options. We reserve the right to suspend or modify transfer
privileges at any time and to assess a processing fee for this service.

ACCESS TO YOUR MONEY
- --------------------------------------------------------------------------------

Any time before the maturity date, you may redeem all or any portion of the
contract value, that is, the contract value less any premium tax not previously
deducted. Unless you submit a written request specifying the fixed or variable
funding option(s) from which amounts are to be

15
<PAGE> 16

withdrawn, the withdrawal will be made on a pro rata basis. The contract value
will be determined as of the close of business after we receive your surrender
request at the Home Office. The contract value may be more or less than the
purchase payments made.

We may defer payment of any contract value for a period of up to seven days
after the written request is received, but it is our intent to pay as soon as
possible. We cannot process requests for withdrawals that are not in good order.
We will contact you if there is a deficiency causing a delay and will advise
what is needed to act upon the withdrawal request.

SYSTEMATIC WITHDRAWALS

After the first contract year and before the maturity date, you may choose to
withdraw a specified dollar amount (at least $100) on a monthly, quarterly,
semiannual or annual basis. Any applicable premium taxes and withdrawal charge
will be deducted. To elect systematic withdrawals, you must have a contract
value of at least $15,000 and you must make the election on the form provided by
the Company. We will surrender accumulation units pro rata from all investment
options in which you have an interest, unless you instruct us otherwise. You may
begin or discontinue systematic withdrawals at any time by notifying us in
writing, but at least 30 days' notice must be given to change any systematic
withdrawal instructions that are currently in place.

We reserve the right to discontinue offering systematic withdrawals or to assess
a processing fee for this service upon 30 days' written notice to contract
owners (where allowed by state law).

Each systematic withdrawal is subject to federal income taxes on the taxable
portion. In addition, a 10% federal penalty tax may be assessed on systematic
withdrawals if the contract owner is under age 59 1/2. You should consult with
your tax adviser regarding the tax consequences of systematic withdrawals.

LOANS

Loans may be available under your Contract. If available, all loan provisions
are described in your Contract or loan agreement.

OWNERSHIP PROVISIONS
- --------------------------------------------------------------------------------

TYPES OF OWNERSHIP

CONTRACT OWNER

Contract Owner (you). The Contract belongs to the contract owner named in the
Contract (on the Specifications page), or to any other person to whom the
contract is subsequently assigned. An assignment of ownership or a collateral
assignment may be made only for nonqualified contracts. You have sole power
during the annuitant's lifetime to exercise any rights and to receive all
benefits given in the contract provided you have not named an irrevocable
beneficiary and provided the Contract is not assigned.

You receive all payments while the annuitant is alive unless you direct them to
an alternate recipient. An alternate recipient does not become the contract
owner.

Joint Owner. For nonqualified contracts only, joint owners (e.g. spouses) may
be named in a written request before the contract is in effect. Joint owners may
independently exercise transfers allowed under the Contract. All other rights of
ownership must be exercised by both owners. Joint owners own equal shares of any
benefits accruing or payments made to them.

16
<PAGE> 17

BENEFICIARY

You name the beneficiary in a written request. The beneficiary has the right to
receive any death benefit proceeds under the contract upon the death of the
annuitant or a contract owner. If more than one beneficiary survives the
annuitant or contract owner, they will share equally in benefits unless
different shares are recorded with the Company by written request before the
death of the annuitant or contract owner. In the case of a non-spousal
beneficiary or a spousal beneficiary who has not chosen to assume the contract,
the death benefit proceeds will be held in a fixed account until the beneficiary
elects a Settlement Option or takes a distribution.

Unless an irrevocable beneficiary has been named, you have the right to change
any beneficiary by written request during the lifetime of the annuitant and
while the Contract continues.

ANNUITANT

The annuitant is designated in the Contract (on the Specifications page), and is
the individual on whose life the maturity date and the amount of the monthly
annuity payments depend. The annuitant may not be changed after the contract is
in effect.

A contingent annuitant may not be changed, deleted or added after the Contract
becomes effective.

DEATH BENEFIT
- --------------------------------------------------------------------------------

Before the maturity date, when there is no contingent annuitant, a death benefit
is payable when either the annuitant or a contract owner dies. The death benefit
is calculated at the close of the business day on which the Company's Home
Office receives due proof of death and written payment instructions ("death
report date").

DEATH PROCEEDS BEFORE THE MATURITY DATE

DEATH OF ANY OWNER OR THE ANNUITANT BEFORE AGE 75. The Company will pay to the
beneficiary a death benefit in an amount equal to the greatest of (1), (2) or
(3) below, each reduced by any applicable premium tax or outstanding loans:

(1) the contract value;

(2) the total purchase payments made under the Contract; or

(3) the contract value on the latest fifth contract year anniversary
before the Company receives due proof of death.

DEATH OF ANY OWNER OR THE ANNUITANT ON OR AFTER AGE 75. The Company will pay to
the beneficiary a death benefit in an amount equal to the greatest of (1), (2)
or (3) below, each reduced by any applicable premium tax or outstanding loans:

(1) the contract value;

(2) the total purchase payments made under the Contract; or

(3) the contract value on the latest fifth contract year anniversary
occurring on or before the annuitant's 75th birthday.

PAYMENT OF PROCEEDS

The process of paying death benefit proceeds before the maturity date under
various situations for nonqualified contracts and qualified contracts is
summarized in the charts below. The charts do not encompass every situation and
are merely intended as a general guide. More detailed information is provided in
your Contract. Generally, the person(s) receiving the benefit may request that
the proceeds be paid in a lump sum, or be applied to one of the settlement
options available under the Contract.

17
<PAGE> 18

NONQUALIFIED CONTRACTS

<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
BEFORE THE MATURITY DATE, THE COMPANY WILL PAY MANDATORY PAYOUT
UPON THE DEATH OF THE THE PROCEEDS TO: UNLESS. . . RULES APPLY*
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
OWNER (WHO IS NOT THE The beneficiary(ies), or Unless, the beneficiary is the Yes
ANNUITANT) (WITH NO JOINT if none, to the contract contract owner's spouse and the
OWNER) owner's estate. spouse elects to continue the
contract as the new owner
rather than receive the
distribution.
- -----------------------------------------------------------------------------------------------------------------
OWNER (WHO IS THE ANNUITANT) The beneficiary(ies), or Unless, the beneficiary is the Yes
(WITH NO JOINT OWNER) if none, to the contract contract owner's spouse and the
owner's estate. spouse elects to continue the
contract as the new owner
rather than receive the
distribution.
- -----------------------------------------------------------------------------------------------------------------
JOINT OWNER (WHO IS NOT THE The surviving joint Unless the surviving joint Yes
ANNUITANT) owner. owner is the spouse and elects
to assume and continue the
contract.
- -----------------------------------------------------------------------------------------------------------------
JOINT OWNER (WHO IS THE The beneficiary(ies), or Unless the beneficiary is the
ANNUITANT) if none, to the contract contract owner's spouse and the
owner's estate. spouse elects to assume and
continue the contract.
Or, unless there is a Yes
contingent annuitant the
contingent annuitant becomes
the annuitant and the proceeds
will be paid to the surviving
joint owner. If the surviving
joint owner is the spouse, the
spouse may elect to assume and
continue the contract.
- -----------------------------------------------------------------------------------------------------------------
ANNUITANT (WHO IS NOT THE The beneficiary(ies). Unless, there is a contingent No
CONTRACT OWNER) annuitant. Then, the contingent
annuitant becomes the annuitant
and the Contract continues in
effect (generally using the
original maturity date). The
proceeds will then be paid upon
the death of the contingent
annuitant or owner.
- -----------------------------------------------------------------------------------------------------------------
ANNUITANT (WHO IS THE See death of "owner who N/A
CONTRACT OWNER) is the annuitant" above.
- -----------------------------------------------------------------------------------------------------------------
ANNUITANT (WHERE OWNER IS A The beneficiary(ies) Yes (Death of
NONNATURAL PERSON/TRUST) (e.g. the trust). annuitant is
treated as death of
the owner in these
circumstances.)
- -----------------------------------------------------------------------------------------------------------------
CONTINGENT ANNUITANT No death proceeds are N/A
(ASSUMING ANNUITANT IS STILL payable; contract
ALIVE) continues.
- -----------------------------------------------------------------------------------------------------------------
BENEFICIARY No death proceeds are N/A
payable; contract
continues.
- -----------------------------------------------------------------------------------------------------------------
CONTINGENT BENEFICIARY No death proceeds are N/A
payable; contract
continues.
- -----------------------------------------------------------------------------------------------------------------
</TABLE>

* Certain payout rules of the Internal Revenue Code (IRC) are triggered upon the
death of any Owner. Non-spousal Beneficiaries (as well as spousal
beneficiaries who choose not to assume the contract) must begin taking
distributions based on the Beneficiary's life expectancy within one year of
death or take a complete distribution of contract proceeds within 5 years of
death.

18
<PAGE> 19

QUALIFIED CONTRACTS

<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
MANDATORY PAYOUT
BEFORE THE MATURITY DATE, THE COMPANY WILL PAY RULES APPLY
UPON THE DEATH OF THE THE PROCEEDS TO: UNLESS. . . (SEE *ABOVE)
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
OWNER/ANNUITANT The beneficiary(ies), or Yes
if none, to the contract
owner's estate.
- -----------------------------------------------------------------------------------------------------------------
BENEFICIARY No death proceeds are N/A
payable; contract
continues.
- -----------------------------------------------------------------------------------------------------------------
CONTINGENT BENEFICIARY No death proceeds are N/A
payable; contract
continues.
- -----------------------------------------------------------------------------------------------------------------
</TABLE>

DEATH PROCEEDS AFTER THE MATURITY DATE

If any owner or the annuitant dies on or after the maturity date, the Company
will pay the beneficiary a death benefit consisting of any benefit remaining
under the annuity or income option then in effect.

THE ANNUITY PERIOD
- --------------------------------------------------------------------------------

MATURITY DATE

Under the Contract, you can receive regular income payments (annuity payments).
You can choose the month and the year in which those payments begin (maturity
date). You can also choose among income payouts (annuity or income options) or
elect a lump sum distribution. While the annuitant is alive, you can change your
selection any time up to the maturity date. Annuity or income payments will
begin on the maturity date stated in the Contract unless the Contract has been
fully surrendered or the proceeds have been paid to the beneficiary before that
date, or unless you elect another date. Annuity payments are a series of
periodic payments (a) for life; (b) for life with either a minimum number of
payments or a specific amount assured; or (c) for the joint lifetime of the
annuitant and another person, and thereafter during the lifetime of the
survivor. We may require proof that the annuitant is alive before annuity
payments are made. Not all options may be available in all states.

You may choose to annuitize at any time after you purchase the Contract. Unless
you elect otherwise, the maturity date will be the annuitant's 70th birthday for
qualified contracts and the annuitant's 75th birthday for nonqualified contracts
or ten years after the effective date of the Contract, if later. (For Contracts
issued in Florida and New York, the maturity date elected may not be later than
the annuitant's 90th birthday.)

At least 30 days before the original maturity date, a contract owner may elect
to extend the maturity date to any time prior to the annuitant's 85th birthday
for nonqualified contracts or, for qualified contracts, to a later date with the
Company's consent. Certain annuity options taken at the maturity date may be
used to meet the minimum required distribution requirements of federal tax law,
or a program of partial surrenders may be used instead. These mandatory
distribution requirements take effect generally upon the death of the contract
owner, or with certain qualified contracts upon either the later of the contract
owner's attainment of age 70 1/2 or year of retirement; or the death of the
contract owner. You should seek independent tax advice regarding the election of
minimum required distributions.

ALLOCATION OF ANNUITY

When an annuity option is elected, it may be elected as a variable annuity, a
fixed annuity, or a combination of both. If, at the time annuity payments begin,
no election has been made to the
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<PAGE> 20

contrary, the contract value will be applied to provide an annuity funded by the
same investment options as you have selected during the accumulation period . At
least 30 days before the maturity date, you may transfer the contract value
among the funding options in order to change the basis on which annuity payments
will be determined. (See "Transfers.")

VARIABLE ANNUITY

You may choose an annuity payout that fluctuates depending on the investment
experience of the variable funding options. The number of annuity units credited
to the Contract is determined by dividing the first monthly annuity payment
attributable to each funding option by the corresponding accumulation unit value
as of 14 days before the date annuity payments begin. An annuity unit is used to
measure the dollar value of an annuity payment. The number of annuity units (but
not their value) remains fixed during the annuity period.

DETERMINATION OF FIRST ANNUITY PAYMENT. The Contract contains tables used to
determine the first monthly annuity payment. If a variable annuity is elected,
the amount applied to it will be the value of the funding options as of 14 days
before the date annuity payments begin less any applicable premium taxes not
previously deducted.

The amount of the first monthly payment depends on the annuity option elected
and the annuitant's adjusted age. A formula for determining the adjusted age is
contained in the Contract. The total first monthly annuity payment is determined
by multiplying the benefit per $1,000 of value shown in the Contract tables by
the number of thousands of dollars of contract value applied to that annuity
option and factors in an assumed daily net investment factor. The Assumed Daily
Net Investment factor corresponds to an annual interest rate of 3%, used to
determine the guaranteed payout rates shown. If investment rates are higher at
the time annuitization is selected, payout rates will be higher than those
shown. The Company reserves the right to require satisfactory proof of age of
any person on whose life annuity payments are based before making the first
payment under any of the payment options.

DETERMINATION OF SECOND AND SUBSEQUENT ANNUITY PAYMENTS. The dollar amount of
all subsequent annuity payments changes from month to month based on the
investment experience of the applicable funding options. The total amount of
each annuity payment will be equal to the sum of the basic payments in each
funding option. The actual amounts of these payments are determined by
multiplying the number of annuity units credited to each funding option by the
corresponding annuity unit value as of the date 14 days before the date the
payment is due.

FIXED ANNUITY

You may choose a fixed annuity that provides payments which do not vary during
the annuity period. We will calculate the dollar amount of the first fixed
annuity payment as described under "Variable Annuity," except that the amount
applied to begin the annuity will be the contract value, determined as of the
date annuity payments begin. Payout rates will not be lower than those shown in
the Contract. If it would produce a larger payment, the first fixed annuity
payment will be determined using the Life Annuity Tables in effect on the
maturity date.

PAYMENT OPTIONS
- --------------------------------------------------------------------------------

ELECTION OF OPTIONS

While the annuitant is alive, you can change your annuity or income option
selection any time up to the maturity date. Once annuity or income payments have
begun, no further elections are allowed.

During the annuitant's lifetime, if you do not elect otherwise before the
maturity date, we will pay you (or another designated payee) the first of a
series of monthly annuity or income payments

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<PAGE> 21

based on the life of the annuitant, in accordance with Annuity Option 2 (Life
Annuity with 120 monthly payments assured). For certain qualified contracts,
Annuity Option 4 (Joint and Last Survivor Joint Life Annuity -- Annuity Reduced
on Death of Primary Payee) will be the automatic option as described in the
Contract.

The minimum amount that can be placed under an annuity or income option will be
$2,000 unless we agree to a lesser amount. If any monthly periodic payment due
is less than $100, the Company reserves the right to make payments at less
frequent intervals, or to pay the contract value in a lump-sum.

On the maturity date, we will pay the amount due under the Contract in
accordance with the payment option that you select. You may choose to receive a
single lump-sum payment. You must elect an option in writing, in a form
satisfactory to the Company. Any election made during the lifetime of the
annuitant must be made by the contract owner.

ANNUITY OPTIONS

Subject to the conditions described in "Election of Options" above, all or any
part of the contract value (less any applicable premium taxes) may be paid under
one or more of the following annuity options. Payments under the annuity options
may be elected on a monthly, quarterly, semiannual or annual basis. We may offer
additional options.

Option 1 -- Life Annuity -- No Refund. The Company will make annuity payments
during the lifetime of the annuitant ending with the last payment before death.
This option offers the maximum periodic payment, since there is no assurance of
a minimum number of payments or provision for a death benefit for beneficiaries.

Option 2 -- Life Annuity with 120, 180 or 240 Monthly Payments Assured. The
Company will make monthly annuity payments during the lifetime of the annuitant,
with the agreement that if, at the death of that person, payments have been made
for less than 120, 180 or 240 months as elected, we will continue making
payments to the beneficiary during the remainder of the period.

Option 3 -- Joint and Last Survivor Life Annuity -- No Refund. The Company will
make regular annuity payments during the lifetime of the annuitant and a second
person. When either person dies, we will continue making payments to the
survivor. No further payments will be made following the death of the survivor.

Option 4 -- Joint and Last Survivor Life Annuity -- Annuity Reduced on Death of
Primary Payee. The Company will make annuity payments during the lifetimes of
the annuitant and a second person. One will be designated the primary payee, the
other will be designated the secondary payee. On the death of the secondary
payee, the Company will continue to make monthly annuity payments to the primary
payee in the same amount that would have been payable during the joint lifetime
of the two persons. On the death of the primary payee, the Company will continue
to make annuity payments to the secondary payee in an amount equal to 50% of the
payments which would have been made during the lifetime of the primary payee. No
further payments will be made once both payees have died.

Option 5 -- Other Annuity Options. The Company will make any other arrangements
for annuity payments as may be mutually agreed upon.

INCOME OPTIONS

Instead of one of the annuity options described above, and subject to the
conditions described under "Election of Options," all or part of the Contract's
cash surrender value (or, if required by state law, contract value) may be paid
under one or more of the following income options,

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<PAGE> 22

provided that they are consistent with federal tax law qualification
requirements. Payments under the income options may be elected on a monthly,
quarterly, semiannual or annual basis:

Option 1 -- Payments of a Fixed Amount. The Company will make equal payments of
the amount elected until the cash surrender value applied under this option has
been exhausted. The first payment and all later payments will be paid from each
funding option or the Fixed Account in proportion to the cash surrender value
attributable to each funding option and/or Fixed Account. The final payment will
include any amount insufficient to make another full payment.

Option 2 -- Payments for a Fixed Period. The Company will make payments for the
period selected. The amount of each payment will be equal to the remaining cash
surrender value applied under this option divided by the number of remaining
payments.

Option 3 -- Other Income Options. The Company will make any other arrangements
for Income Options as may be mutually agreed upon.

MISCELLANEOUS CONTRACT PROVISIONS
- --------------------------------------------------------------------------------

RIGHT TO RETURN

You may return the Contract for a full refund of the contract value (including
charges) within twenty days after you receive it (the "right to return period").
You bear the investment risk on the purchase payment during the right to return
period; therefore, the contract value returned may be greater or less than your
purchase payment.

If the Contract is purchased as an Individual Retirement Annuity, and is
returned within the first seven days after delivery, your purchase payment will
be refunded in full; during the remainder of the right to return period, the
contract value (including charges) will be refunded.

The contract value will be determined following the close of the business day on
which we receive the Contract and a written request for a refund. Where state
law requires a longer period, or the return of purchase payments or other
variations of this provision, the Company will comply. Refer to your Contract
for any state-specific information.

TERMINATION

You do not need to make any purchase payments after the first to keep the
Contract in effect. However, we reserve the right to terminate the Contract on
any business day if the contract value as of that date is less than $1,000 and
no purchase payments have been made for at least two years, unless otherwise
specified by state law. Termination will not occur until 31 days after the
Company has mailed notice of termination to the contract owner's last known
address and to any assignee of record. If the Contract is terminated, we will
pay you the contract value (minus any credits applied within 12 months of
termination)less any applicable premium tax, and any applicable administrative
charge.

REQUIRED REPORTS

As often as required by law, but at least once in each contract year before the
due date of the first annuity payment, we will furnish a report showing the
number of accumulation units credited to the Contract and the corresponding
accumulation unit value(s) as of the report date for each funding option to
which the contract owner has allocated amounts during the applicable period. The
Company will keep all records required under federal and state laws.

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<PAGE> 23

SUSPENSION OF PAYMENTS

The Company reserves the right to suspend or postpone the date of any payment or
determination of values on any business day (1) when the New York Stock Exchange
("the Exchange") is closed; (2) when trading on the Exchange is restricted; (3)
when an emergency exists as determined by the SEC so that the sale of securities
held in the Separate Account may not reasonably occur or so that the Company may
not reasonably determine the value the Separate Account's net assets; or (4)
during any other period when the SEC, by order, so permits for the protection of
security holders.

TRANSFERS OF CONTRACT VALUES TO OTHER ANNUITIES

Where state law permits, we may allow contract owners to transfer their contract
values into other annuities offered by us or our affiliated insurance companies
under rules then in effect.

THE SEPARATE ACCOUNTS
- --------------------------------------------------------------------------------

The Travelers Insurance Company and the Travelers Life and Annuity Company each
sponsor separate accounts: The Travelers Fund ABD for Variable Annuities ("Fund
ABD") and the Travelers Fund ABD II for Variable Annuities ("Fund ABD II"),
respectively. Both Fund ABD and Fund ABD II were established on October 17, 1995
and are registered with the SEC as unit investment trusts (separate account)
under the Investment Company Act of 1940, as amended (the "1940 Act"). The
Separate Account assets attributable to the Contracts will be invested
exclusively in the shares of the variable funding options.

The assets of Fund ABD and Fund ABD II are held for the exclusive and separate
benefit of the owners of each separate account, according to the laws of
Connecticut. Income, gains and losses, whether or not realized, from assets
allocated to the Separate Account are, in accordance with the Contracts,
credited to or charged against the Separate Account without regard to other
income, gains and losses of the Company. The assets held by the Separate Account
are not chargeable with liabilities arising out of any other business which the
Company may conduct. Obligations under the Contract are obligations of the
Company.

All investment income and other distributions of the funding options are payable
to the Separate Account. All such income and/or distributions are reinvested in
shares of the respective funding option at net asset value. Shares of the
funding options are currently sold only to life insurance company separate
accounts to fund variable annuity and variable life insurance contracts.

PERFORMANCE INFORMATION

From time to time, we may advertise several types of historical performance for
the Contract's funding options. We may advertise the "standardized average
annual total returns" of the funding option, calculated in a manner prescribed
by the SEC, and the "nonstandardized total return," as described below. Specific
examples of the performance information appear in the SAI.

STANDARDIZED METHOD. Quotations of average annual total returns are computed
according to a formula in which a hypothetical initial investment of $1,000 is
applied to the funding option, and then related to ending redeemable values over
one-, five-, and ten-year periods, or for a period covering the time during
which the funding option has been in existence, if less. These quotations
reflect the deduction of all recurring charges during each period (on a pro rata
basis in the case of fractional periods). The deduction for the annual contract
administrative charge is converted to a percentage of assets based on the actual
fee collected, divided by the average net assets for Contracts sold.

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<PAGE> 24

NONSTANDARDIZED METHOD. Nonstandardized "total returns" will be calculated in a
similar manner based on the performance of the funding options over a period of
time, usually for the calendar year-to-date, and for the past one-, three-,
five- and ten-year periods. Nonstandardized total returns will not reflect the
deduction of the annual contract administrative charge, which, if reflected,
would decrease the level of performance shown.

For funding options that were in existence before they became available under
the Separate Account, the nonstandardized average annual total return quotations
will reflect the investment performance that such funding options would have
achieved (reduced by the applicable charges) had they been held under the
Contract for the period quoted. The total return quotations are based upon
historical earnings and are not necessarily representative of future
performance.

GENERAL. Within the guidelines prescribed by the SEC and the National
Association of Securities Dealers, Inc. ("NASD"), performance information may be
quoted numerically or may be presented in a table, graph or other illustration.
Advertisements may include data comparing performance to well-known indices of
market performance (including, but not limited to, the Dow Jones Industrial
Average, the Standard & Poor's (S&P) 500 Index, the S&P 400 Index, the Lehman
Brothers Long T-Bond Index, the Russell 1000, 2000 and 3000 Indices, the Value
Line Index, and the Morgan Stanley Capital International's EAFE Index).
Advertisements may also include published editorial comments and performance
rankings compiled by independent organizations (including, but not limited to,
Lipper Analytical Services, Inc. and Morningstar, Inc.) and publications that
monitor the performance of the Separate Account and the variable funding
options.

FEDERAL TAX CONSIDERATIONS
- --------------------------------------------------------------------------------

The following general discussion of the federal income tax consequences under
this Contract is not intended to cover all situations, and is not meant to
provide tax advice. Because of the complexity of the law and the fact that the
tax results will vary depending on many factors, you should consult your tax
adviser regarding your personal situation. For your information, a more detailed
tax discussion is contained in the SAI.

GENERAL TAXATION OF ANNUITIES

Congress has recognized the value of saving for retirement by providing certain
tax benefits, in the form of tax deferral, for money put into an annuity. The
Internal Revenue Code (Code) governs how this money is ultimately taxed,
depending upon the type of contract, qualified or non-qualified, and the manner
in which the money is distributed, as briefly described below.

TAX-FREE EXCHANGES: The Internal Revenue Code provides that, generally, no gain
or loss is recognized when an annuity contract is received in exchange for a
life, endowment, or annuity contract. Since different annuity contracts have
different expenses, fees and benefits, a tax-free exchange could result in your
investment becoming subject to higher or lower fees and/or expenses.

TYPES OF CONTRACTS: QUALIFIED OR NONQUALIFIED

If you purchase an annuity contract with proceeds of an eligible rollover
distribution from any pension plan, specially sponsored program, or individual
retirement annuity (IRA) with pre-tax dollars, your contract is referred to as a
qualified contract. Some examples of qualified contracts are: IRAs, 403(b)
annuities, pension and profit-sharing plans (including 401(k) plans), Keogh
Plans, and certain other qualified deferred compensation plans. An exception to
this is a qualified plan called a Roth IRA. Under Roth IRAs, after-tax
contributions accumulate until maturity, when amounts (including earnings) may
be withdrawn tax-free. If you purchase the Contract on an individual basis with
after-tax dollars and not under one of the programs described above, your
Contract is referred to as nonqualified.
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<PAGE> 25

NONQUALIFIED ANNUITY CONTRACTS

As the owner of a nonqualified annuity, you do not receive any tax benefit
(deduction or deferral of income) on purchase payments, but you will not be
taxed on increases in the value of your contract until a distribution
occurs -- either as a withdrawal (distribution made prior to the maturity date),
or as annuity payments. When a withdrawal is made, you are taxed on the amount
of the withdrawal that is considered earnings. Similarly, when you receive an
annuity payment, part of each payment is considered a return of your purchase
payments and will not be taxed. The remaining portion of the annuity payment
(i.e., any earnings) will be considered ordinary income for tax purposes.

If a nonqualified annuity is owned by other than an individual, however, (e.g.,
by a corporation), increases in the value of the Contract attributable to
purchase payments made after February 28, 1986 are includible in income
annually. Furthermore, for Contracts issued after April 22, 1987, if you
transfer the Contract without adequate consideration all deferred increases in
value will be includible in your income at the time of the transfer.

If you make a partial withdrawal, this money will generally be taxed as first
coming from earnings, (income in the Contract), and then from your purchase
payments. These withdrawn earnings are includible in your income. (See "Penalty
Tax for Premature Distributions" below.) There is income in the Contract to the
extent the contract value exceeds your investment in the contract. The
investment in the Contract equals the total purchase payments you paid less any
amount received previously which was excludible from gross income. Any direct or
indirect borrowing against the value of the Contract or pledging of the Contract
as security for a loan will be treated as a cash distribution under the tax law.

Federal tax law requires that nonqualified annuity contracts meet minimum
mandatory distribution requirements upon the death of the contract owner,
including the first of joint owners. If these requirements are not met, the
surviving joint owner, or the beneficiary, will have to pay taxes prior to
distribution. The distribution required depends, among other things, upon
whether an annuity option is elected or whether the new contract owner is the
surviving spouse. We will administer Contracts in accordance with these rules
and we will notify you when you should begin receiving payments.

QUALIFIED ANNUITY CONTRACTS

Under a qualified annuity, since amounts paid into the Contract have not yet
been taxed, the full amount of all distributions, including lump-sum withdrawals
and annuity payments, are taxed at the ordinary income tax rate unless the
distribution is transferred to an eligible rollover account or contract. The
Contract is available as a vehicle for IRA rollovers and for other qualified
Contracts. There are special rules which govern the taxation of qualified
Contracts, including withdrawal restrictions, requirements for mandatory
distributions, and contribution limits. We have provided a more complete
discussion in the SAI.

PENALTY TAX FOR PREMATURE DISTRIBUTIONS

Taxable distributions taken before the contract owner has reached the age of
59 1/2 will be subject to a 10% additional tax penalty unless the distribution
is taken in a series of periodic distributions, for life or life expectancy, or
unless the distribution follows the death or disability of the contract owner.
Other exceptions may be available in certain qualified plans.

DIVERSIFICATION REQUIREMENTS FOR VARIABLE ANNUITIES

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<PAGE> 26

adequately diversified. The consequence of any failure to diversify is
essentially the loss to the contract owner of tax deferred treatment. The
Company intends to administer all contracts subject to this provision of law in
a manner that will maintain adequate diversification.

OWNERSHIP OF THE INVESTMENTS

Assets in the separate accounts, also referred to as segregated asset accounts,
must be owned by the Company and not by the contract owner for federal income
tax purposes. Otherwise, the deferral of taxes is lost and income and gains from
the accounts would be includable annually in the contract owner's gross income.

The Internal Revenue Service has stated in published rulings that a variable
contract owner will be considered the owner of the assets of a segregated asset
account if the owner possesses an incident of ownership in those assets, such as
the ability to exercise investment control over the assets. The Treasury
Department announced, in connection with the issuance of temporary regulations
concerning investment diversification, that those regulations "do not provide
guidance concerning the circumstances in which investor control of the
investments of a segregated asset account may cause the investor, rather than
the insurance company, to be treated as the owner of the assets of the account."
This announcement, dated September 15, 1986, also stated that the guidance would
be issued by way of regulations or rulings on the "extent to which policyholders
may direct their investments to particular subaccounts [of a segregated asset
account] without being treated as owners of the underlying assets." As of the
date of this prospectus, no such guidance has been issued.

The Company does not know if such guidance will be issued, or if it is, what
standards it may set. Furthermore, the Company does not know if such guidance
may be issued with retroactive effect. New regulations are generally issued with
a prospective-only effect as to future sales or as to future voluntary
transactions in existing contracts. The Company therefore reserves the right to
modify the Contract as necessary to attempt to prevent contract owners from
being considered the owner of the assets of the separate account.

MANDATORY DISTRIBUTIONS FOR QUALIFIED PLANS

Federal tax law requires that minimum annual distributions begin by April 1st of
the calendar year following the calendar year in which an IRA owner attains age
70 1/2. Participants in qualified plans and 403(b) annuities may defer minimum
distributions until the later of April 1st of the calendar year following the
calendar year in which they attain age 70 1/2 or the year of retirement.
Distributions must begin or be continued according to required patterns
following the death of the contract owner or annuitant of both qualified and
nonqualified annuities.

TAXATION OF DEATH BENEFIT PROCEEDS

Amounts may be distributed from a Contract because of the death of an owner or
annuitant. Generally, such amounts are includible in the income of the recipient
as follows: (i) if distributed in a lump sum, they are taxed in the same manner
as a full surrender of the Contract; or (ii) if distributed under a payment
option, they are taxed in the same way as annuity payments.

OTHER INFORMATION
- --------------------------------------------------------------------------------

THE INSURANCE COMPANIES

Please refer to the first page of the Summary of this prospectus to determine
which company issued your Contract.

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<PAGE> 27

The Travelers Insurance Company is a stock insurance company chartered in 1864
in Connecticut and continuously engaged in the insurance business since that
time. It is licensed to conduct life insurance business in all states of the
United States, the District of Columbia, Puerto Rico, Guam, the U.S. and British
Virgin Islands and the Bahamas. The Company is an indirect wholly owned
subsidiary of Citigroup Inc. The Company's Home Office is located at One Tower
Square, Hartford, Connecticut 06183.

The Travelers Life and Annuity Company is a stock insurance company chartered in
1973 in Connecticut and continuously engaged in the insurance business since
that time. It is licensed to conduct life insurance business in a majority of
the states of the United States, the District of Columbia and Puerto Rico, and
intends to seek licensure in the remaining states, except New York. The Company
is an indirect wholly owned subsidiary of Citigroup Inc. The Company's Home
Office is located at One Tower Square, Hartford, Connecticut 06183.

FINANCIAL STATEMENTS

The financial statements for each insurance company and for each separate
account are located in their respective Statements of Additional Information.

IMSA

The Companies are members of the Insurance Marketplace Standards Association
("IMSA"), and as such may use the IMSA logo and IMSA membership in
advertisements. Companies that belong to IMSA subscribe to a set of ethical
standards covering the various aspects of sales and service for individually
sold life insurance and annuities. IMSA members have adopted policies and
procedures that demonstrate a commitment to honesty, fairness and integrity in
all customer contacts involving the sale and service of individual life
insurance and annuity products.

DISTRIBUTION OF VARIABLE ANNUITY CONTRACTS

The Company intends to sell the Contracts in all jurisdictions where it is
licensed to do business and where the Contract is approved. Any sales
representative or employee who sells the Contracts will be qualified to sell
variable annuities under applicable federal and state laws. Each broker-dealer
is registered with the SEC under the Securities Exchange Act of 1934, and all
are members of the NASD. The principal underwriter of the Contracts is CFBDS,
Inc., 21 Milk St., Boston, MA. CFBDS, Inc. is not affiliated with the Company or
the Separate Account. However, it is currently anticipated that Travelers
Distribution LLC, an affiliated broker-dealer, may become the principal
underwriter for the Contracts during the year 2000.

Up-front compensation paid to sales representatives will not exceed 7% of the
purchase payments made under the Contracts. If asset based compensation is paid,
it will not exceed 2% of the average account value annually. From time to time,
the Company may pay or permit other promotional incentives, in cash, credit or
other compensation.

CONFORMITY WITH STATE AND FEDERAL LAWS

The Contract is governed by the laws of the state in which it is delivered.
Where a state has not approved a Contract feature or funding option, it will not
be available in that state. Any paid-up annuity, contract value or death
benefits that are available under the Contract are not less than the minimum
benefits required by the statutes of the state in which the Contract is
delivered. We reserve the right to make any changes, including retroactive
changes, in the Contract to the extent that the change is required to meet the
requirements of any law or regulation issued by any governmental agency to which
the Company, the Contract or the contract owner is subject.

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<PAGE> 28

VOTING RIGHTS

The Company is the legal owner of the shares of the funding options. However, we
believe that when a funding option solicits proxies in conjunction with a vote
of shareholders we are required to obtain from you and from other owners
instructions on how to vote those shares. When we receive those instructions, we
will vote all of the shares we own in proportion to those instructions. This
will also include any shares we own on our own behalf. Should we determine that
we are no longer required to comply with the above, we will vote on the shares
in our own right.

LEGAL PROCEEDINGS AND OPINIONS

Legal matters in connection with the federal laws and regulations affecting the
issue and sale of the contract described in this prospectus, as well as the
organization of the Companies, their authority to issue variable annuity
contracts under Connecticut law and the validity of the forms of the variable
annuity contracts under Connecticut law, have been passed on by the General
Counsel of the Companies.

THE TRAVELERS INSURANCE COMPANY

In March 1997, a purported class action entitled Patterman v. The Travelers,
Inc., et al. was commenced in the Superior Court of Richmond County, Georgia,
alleging, among other things, violations of the Georgia RICO statute and other
state laws by an affiliate of the Company, Primerica Financial Services, Inc.
and certain of its affiliates. Plaintiffs seek unspecified compensatory and
punitive damages and other relief. In October 1997, defendants answered the
complaint, denied liability and asserted numerous affirmative defenses. In
February 1998, on defendants' motion, the Superior Court of Richmond County
transferred the lawsuit to the Superior Court of Gwinnett County, Georgia.
Plaintiffs appealed the transfer order, and in December 1998 the Court of
Appeals of the State of Georgia reversed the lower court's decision. Defendants
petitioned the Georgia Supreme Court to hear an appeal from the decision of the
Court of Appeals, and the petition was granted in May 1998. In September 1999,
oral argument on defendants' petition was heard and, on February 28, 2000, the
Georgia Supreme Court affirmed the Georgia County Appeals and remanded the
matter to the Superior Court of Richmond County. In March 2000, defendants moved
the Georgia Supreme Court to reconsider its February 28, 2000 decision, and that
motion remains pending. Proceedings in the trial court have been stayed pending
appeal. Defendants intend to vigorously contest the litigation.

THE TRAVELERS LIFE AND ANNUITY COMPANY

There are no pending material legal proceedings affecting the Separate Account,
the principal underwriter or the Company.

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APPENDIX A: CONDENSED FINANCIAL INFORMATION
- --------------------------------------------------------------------------------

THE TRAVELERS FUND ABD FOR VARIABLE ANNUITIES
ACCUMULATION UNIT VALUES*

<TABLE>
<CAPTION>
YEAR ENDED YEAR ENDED YEAR ENDED PERIOD FROM
------------ ------------ ------------ DECEMBER 16, 1996
DECEMBER 31, DECEMBER 31, DECEMBER 31, TO
FUNDING OPTION 1999 1998 1997 DECEMBER 31, 1996
- --------------------------------------------------------------------------------------------------------------
<CAPTION>
<S> <C> <C> <C> <C>
<S> <C> <C> <C> <C>
CAPITAL APPRECIATION FUND (4/97)
Unit Value at beginning of period........ $ 2.046 $ 1.283 $ 1.032 $ 1.000
Unit Value at end of period.............. 3.098 2.046 1.283 1.032
Number of units outstanding at end of
period................................. 25,971,911 10,561,314 870,525 --
MONEY MARKET PORTFOLIO (7/97)
Unit Value at beginning of period........ $ 1.070 $ 1.033 $ 1.000 N/A
Unit Value at end of period.............. 1.107 1.070 1.033 N/A
Number of units outstanding at end of
period................................. 16,750,270 9,244,927 345,682 N/A
DELAWARE GROUP PREMIUM FUND, INC.
REIT SERIES (6/98)
Unit Value at beginning of period........ $ 0.901 $ 1.000 N/A N/A
Unit Value at end of period.............. 0.866 0.901 N/A N/A
Number of units outstanding at end of
period................................. 357,910 96,983 N/A N/A
DREYFUS VARIABLE INVESTMENT FUND
CAPITAL APPRECIATION PORTFOLIO (5/98)
Unit Value at beginning of period........ $ 1.112 $ 1.000 N/A N/A
Unit Value at end of period.............. 1.223 1.112 N/A N/A
Number of units outstanding at end of
period................................. 7,840,789 2,937,245 N/A N/A
SMALL CAP PORTFOLIO (5/98)
Unit Value at beginning of period........ $ 0.871 $ 1.000 N/A N/A
Unit Value at end of period.............. 1.058 0.871 N/A N/A
Number of units outstanding at end of
period................................. 3,387,052 1,435,805 N/A N/A
GREENWICH STREET SERIES FUND
EQUITY INDEX PORTFOLIO CLASS II
Unit Value at beginning of period........ $ 1.000 N/A N/A N/A
Unit Value at end of period.............. 1.098 N/A N/A N/A
Number of units outstanding at end of
period................................. 753,819 N/A N/A N/A
SALOMON BROTHERS VARIABLE SERIES FUNDS, INC.
INVESTORS FUND (6/98)
Unit Value at beginning of period........ $ 1.029 $ 1.000 N/A N/A
Unit Value at end of period.............. 1.132 1.029 N/A N/A
Number of units outstanding at end of
period................................. 3,905,967 1,764,644 N/A N/A
TRAVELERS SERIES FUND, INC.
ALLIANCE GROWTH PORTFOLIO (6/97)
Unit Value at beginning of period........ $ 1.679 $ 1.319 $ 1.037 $ 1.000
Unit Value at end of period.............. 2.189 1.679 1.319 1.037
Number of units outstanding at end of
period................................. 25,024,627 13,211,206 1,062,634 --
MFS TOTAL RETURN PORTFOLIO (5/97)
Unit Value at beginning of period........ $ 1.303 $ 1.183 $ 1.000 N/A
Unit Value at end of period.............. 1.319 1.303 1.183 N/A
Number of units outstanding at end of
period................................. 27,173,225 16,380,184 962,287 N/A
PUTNAM DIVERSIFIED INCOME PORTFOLIO
(5/97)
Unit Value at beginning of period........ $ 1.062 $ 1.070 $ 1.007 $ 1.000
Unit Value at end of period.............. 1.059 1.062 1.070 1.007
Number of units outstanding at end of
period................................. 3,396,677 1,955,397 51,659 --
THE TRAVELERS SERIES TRUST
CONVERTIBLE BOND PORTFOLIO (5/98)
Unit Value at beginning of period........ $ 1.000 $ 1.000 N/A N/A
Unit Value at end of period.............. 1.170 1.000 N/A N/A
Number of units outstanding at end of
period................................. 1,137,997 458,699 N/A N/A
</TABLE>

A-1
<PAGE> 30
APPENDIX A: CONDENSED FINANCIAL INFORMATION
- --------------------------------------------------------------------------------

THE TRAVELERS FUND ABD FOR VARIABLE ANNUITIES
ACCUMULATION UNIT VALUES* (CONTINUED)

<TABLE>
<CAPTION>
YEAR ENDED YEAR ENDED YEAR ENDED PERIOD FROM
------------ ------------ ------------ DECEMBER 16, 1996
DECEMBER 31, DECEMBER 31, DECEMBER 31, TO
FUNDING OPTION 1999 1998 1997 DECEMBER 31, 1996
- --------------------------------------------------------------------------------------------------------------
<CAPTION>
<S> <C> <C> <C> <C>
<S> <C> <C> <C> <C>
THE TRAVELERS SERIES TRUST (CONT'D.)
DISCIPLINED MID CAP STOCK PORTFOLIO
(6/97)
Unit Value at beginning of period........ $ 1.377 $ 1.195 $ 1.000 N/A
Unit Value at end of period.............. 1.541 1.377 1.195 N/A
Number of units outstanding at end of
period................................. 2,663,507 1,425,770 120,880 N/A
DISCIPLINED SMALL CAP STOCK
PORTFOLIO (1/98)
Unit Value at beginning of period........ $ 0.894 $ 1.000 N/A N/A
Unit Value at end of period.............. 1.061 0.894 N/A N/A
Number of units outstanding at end of
period................................. 1,899,628 518,858 N/A N/A
EQUITY INCOME PORTFOLIO (5/97)
Unit Value at beginning of period........ $ 1.484 $ 1.339 $ 1.026 $ 1.000
Unit Value at end of period.............. 1.535 1.484 1.339 1.026
Number of units outstanding at end of
period................................. 19,892,863 12,301,819 639,656 --
FEDERATED HIGH YIELD PORTFOLIO (5/97)
Unit Value at beginning of period........ $ 1.177 $ 1.140 $ 1.000 N/A
Unit Value at end of period.............. 1.196 1.177 1.140 N/A
Number of units outstanding at end of
period................................. 10,237,038 7,715,310 620,667 N/A
FEDERATED STOCK PORTFOLIO (5/97)
Unit Value at beginning of period........ $ 1.494 $ 1.285 $ 1.000 N/A
Unit Value at end of period.............. 1.552 1.494 1.285 N/A
Number of units outstanding at end of
period................................. 7,710,739 4,599,587 352,550 N/A
LARGE CAP PORTFOLIO (6/97)
Unit Value at beginning of period........ $ 1.665 $ 1.245 $ 1.023 $ 1.000
Unit Value at end of period.............. 2.123 1.665 1.245 1.023
Number of units outstanding at end of
period................................. 15,562,311 6,662,550 491,869 --
LAZARD INTERNATIONAL STOCK PORTFOLIO
(5/97)
Unit Value at beginning of period........ $ 1.216 $ 1.095 $ 1.027 $ 1.000
Unit Value at end of period.............. 1.460 1.216 1.095 1.027
Number of units outstanding at end of
period................................. 10,264,070 6,533,760 849,629 --
MFS EMERGING GROWTH PORTFOLIO (4/97)
Unit Value at beginning of period........ $ 1.587 $ 1.198 $ 1.004 $ 1.000
Unit Value at end of period.............. 2.766 1.587 1.198 1.004
Number of units outstanding at end of
period................................. 11,222,748 5,891,811 528,553 --
MFS MID CAP GROWTH PORTFOLIO (4/98)
Unit Value at beginning of period........ $ 0.985 $ 1.000 N/A N/A
Unit Value at end of period.............. 1.595 0.985 N/A N/A
Number of units outstanding at end of
period................................. 3,220,420 696,846 N/A N/A
MFS RESEARCH PORTFOLIO (5/98)
Unit Value at beginning of period........ $ 1.054 $ 1.000 N/A N/A
Unit Value at end of period.............. 1.285 1.054 N/A N/A
Number of units outstanding at end of
period................................. 1,352,776 149,981 N/A N/A
STRATEGIC STOCK PORTFOLIO(7/98)
Unit Value at beginning of period........ $ 0.948 $ 1.000 N/A N/A
Unit Value at end of period.............. 0.981 0.948 N/A N/A
Number of units outstanding at end of
period................................. 221,310 13,783 N/A N/A
TRAVELERS QUALITY BOND PORTFOLIO (7/97)
Unit Value at beginning of period........ $ 1.131 $ 1.057 $ 1.001 $ 1.000
Unit Value at end of period.............. 1.128 1.131 1.057 1.001
Number of units outstanding at end of
period................................. 13,396,194 9,328,606 378,758 --
</TABLE>

A-2
<PAGE> 31
APPENDIX A: CONDENSED FINANCIAL INFORMATION
- --------------------------------------------------------------------------------

THE TRAVELERS FUND ABD FOR VARIABLE ANNUITIES
ACCUMULATION UNIT VALUES* (CONTINUED)

* The Company began tracking the Accumulation Unit values in 1996, however the
Separate Account held no assets until 1997. The date next to each funding
option's name reflects the date money first came into the funding option
through the Separate Account. Funding Options not listed had no amounts yet
allocated to them. The financial statements for Fund ABD and the financial
statements of The Travelers Insurance Company are contained in the SAI.

A-3
<PAGE> 32

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<PAGE> 33

APPENDIX B: CONDENSED FINANCIAL INFORMATION
- --------------------------------------------------------------------------------

THE TRAVELERS FUND ABD II FOR VARIABLE ANNUITIES
ACCUMULATION UNIT VALUES

<TABLE>
<CAPTION>
YEAR ENDED YEARS ENDED PERIOD FROM
------------ ------------------------------------- DECEMBER 16, 1996
DECEMBER 31, DECEMBER 31, DECEMBER 31, TO
FUNDING OPTION 1999 1998 1997 DECEMBER 31, 1996
- ------------------------------------------------------------------------------------------------------------------
<CAPTION>
<S> <C> <C> <C> <C>
<S> <C> <C> <C> <C>
CAPITAL APPRECIATION FUND (12/96)*
Unit Value at beginning of year.... $ 2.046 $ 1.283 $ 1.032 $ 1.000
Unit Value at end of year.......... 3.098 2.046 1.283 1.032
Number of units outstanding at end
of year.......................... 46,942,401 23,010,432 6,344,051 29,824
MONEY MARKET PORTFOLIO(2/97)*
Unit Value at beginning of year.... $ 1.070 $ 1.033 $ 1.000 N/A
Unit Value at end of year.......... 1.107 1.070 1.033 N/A
Number of units outstanding at end
of year.......................... 37,736,754 16,762,447 5,369,177 N/A
DELAWARE GROUP PREMIUM FUND, INC.
REIT SERIES(5/98)*
Unit Value at beginning of year.... $ 0.901 $ 1.000 N/A N/A
Unit Value at end of year.......... 0.866 0.901 N/A N/A
Number of units outstanding at end
of year.......................... 1,280,359 632,612 N/A N/A
DREYFUS VARIABLE INVESTMENT FUND
CAPITAL APPRECIATION PORTFOLIO
(4/98)
Unit Value at beginning of year.... $ 1.112 $ 1.000 N/A N/A
Unit Value at end of year.......... 1.223 1.112 N/A N/A
Number of units outstanding at end
of year.......................... 10,488,399 2,833,960 N/A N/A
SMALL CAP PORTFOLIO (4/98)*
Unit Value at beginning of year.... $ 0.871 $ 1.000 N/A N/A
Unit Value at end of year.......... 1.058 0.871 N/A N/A
Number of units outstanding at end
of year.......................... 7,815,322 3,051,249 N/A N/A
GREENWICH STREET SERIES FUND
EQUITY INDEX PORTFOLIO
Unit Value at beginning of year.... $ 1.000 N/A N/A N/A
Unit Value at end of year.......... 1.098 N/A N/A N/A
Number of units outstanding at end
of year.......................... 3,460,443 N/A N/A N/A
SALOMON BROTHERS VARIABLE SERIES FUNDS,
INC.
INVESTORS FUND (4/98)*
Unit Value at beginning of year.... $ 1.029 $ 1.000 N/A N/A
Unit Value at end of year.......... 1.132 1.029 N/A N/A
Number of units outstanding at end
of year.......................... 8,670,638 3,232,444 N/A N/A
TRAVELERS SERIES FUND INC.
ALLIANCE GROWTH PORTFOLIO (12/96)*
Unit Value at beginning of year.... $ 1.679 $ 1.319 $ 1.037 $ 1.000
Unit Value at end of year.......... 2.189 1.679 1.319 1.037
Number of units outstanding at end
of year.......................... 47,167,905 31,011,054 8,259,362 2,250
MFS TOTAL RETURN PORTFOLIO (1/97)*
Unit Value at beginning of year.... $ 1.303 $ 1.183 $ 1.000 N/A
Unit Value at end of year.......... 1.319 1.303 1.183 N/A
Number of units outstanding at end
of year.......................... 54,290,552 42,017,841 9,959,634 N/A
PUTNAM DIVERSIFIED INCOME PORTFOLIO
(12/96)*
Unit Value at beginning of year.... $ 1.062 $ 1.070 $ 1.007 $ 1.000
Unit Value at end of year.......... 1.059 1.062 1.070 1.007
Number of units outstanding at end
of year.......................... 4,489,463 3,797,291 1,132,608 3,300
THE TRAVELERS SERIES TRUST
CONVERTIBLE BOND PORTFOLIO (5/98)*
Unit Value at beginning of year.... $ 1.000 $ 1.000 N/A N/A
Unit Value at end of year.......... 1.170 1.000 N/A N/A
Number of units outstanding at end
of year.......................... 2,431,429 414,907 N/A N/A
</TABLE>

B-1
<PAGE> 34
APPENDIX B: CONDENSED FINANCIAL INFORMATION
- --------------------------------------------------------------------------------

THE TRAVELERS FUND ABD II FOR VARIABLE ANNUITIES
ACCUMULATION UNIT VALUES (CONTINUED)

<TABLE>
<CAPTION>
YEAR ENDED YEARS ENDED PERIOD FROM
------------ ------------------------------------- DECEMBER 16, 1996
DECEMBER 31, DECEMBER 31, DECEMBER 31, TO
FUNDING OPTION 1999 1998 1997 DECEMBER 31, 1996
- ------------------------------------------------------------------------------------------------------------------
<CAPTION>
<S> <C> <C> <C> <C>
<S> <C> <C> <C> <C>
THE TRAVELERS SERIES TRUST (CONT'D)
DISCIPLINED MID CAP STOCK PORTFOLIO
(6/97)*
Unit Value at beginning of year.... $ 1.377 $ 1.195 $ 1.000 N/A
Unit Value at end of year.......... 1.541 1.377 1.195 N/A
Number of units outstanding at end
of year.......................... 6,716,626 5,142,990 1,668,733 N/A
DISCIPLINED SMALL CAP STOCK
PORTFOLIO (5/98)
Unit Value at beginning of year.... $ 0.894 $ 1.000 N/A N/A
Unit Value at end of year.......... 1.061 0.894 N/A N/A
Number of units outstanding at end
of year.......................... 1,202,404 450,528 N/A N/A
EQUITY INCOME PORTFOLIO (12/96)*
Unit Value at beginning of year.... $ 1.484 $ 1.339 $ 1.026 $ 1.339
Unit Value at end of year.......... 1.535 1.484 1.339 1.026
Number of units outstanding at end
of year.......................... 35,687,217 25,733,333 6,719,150 30,196
FEDERATED HIGH YIELD PORTFOLIO
(1/97)*
Unit Value at beginning of year.... $ 1.177 $ 1.140 $ 1.000 N/A
Unit Value at end of year.......... 1.196 1.177 1.140 N/A
Number of units outstanding at end
of year.......................... 22,260,856 18,811,555 4,566,993 N/A
FEDERATED STOCK PORTFOLIO (1/97)*
Unit Value at beginning of year.... $ 1.494 $ 1.285 $ 1.000 N/A
Unit Value at end of year.......... 1.552 1.494 1.285 N/A
Number of units outstanding at end
of year.......................... 14,406,177 11,892,034 3,816,999 N/A
LARGE CAP PORTFOLIO (12/96)*
Unit Value at beginning of year.... $ 1.665 $ 1.245 $ 1.023 $ 1.000
Unit Value at end of year.......... 2.123 1.665 1.245 1.023
Number of units outstanding at end
of year.......................... 28,051,763 15,040,703 4,815,858 7,800
LAZARD INTERNATIONAL STOCK
PORTFOLIO (12/96)*
Unit Value at beginning of year.... $ 1.216 $ 1.095 $ 1.027 $ 1.000
Unit Value at end of year.......... 1.460 1.216 1.095 1.027
Number of units outstanding at end
of year.......................... 25,226,349 17,270,810 5,694,288 5,702
MFS EMERGING GROWTH PORTFOLIO
(12/96)*
Unit Value at beginning of year.... $ 1.587 $ 1.198 $ 1.004 $ 1.000
Unit Value at end of year.......... 2.766 1.587 1.198 1.004
Number of units outstanding at end
of year.......................... 22,881,721 15,538,984 4,218,974 31,886
MFS MID CAP GROWTH PORTFOLIO
(4/98)*
Unit Value at beginning of year.... $ 0.985 $ 1,000 N/A N/A
Unit Value at end of year.......... 1.595 0.985 N/A N/A
Number of units outstanding at end
of year.......................... 4,760,902 965,761 N/A N/A
MFS RESEARCH PORTFOLIO (5/98)*
Unit Value at beginning of year.... $ 1.054 $ 1.000 N/A N/A
Unit Value at end of year.......... 1.285 1.054 N/A N/A
Number of units outstanding at end
of year.......................... 669,474 211,400 N/A N/A
STRATEGIC STOCK PORTFOLIO (5/98)*
Unit Value at beginning of year.... $ 0.948 $ 1.000 N/A N/A
Unit Value at end of year.......... 0.981 0.948 N/A N/A
Number of units outstanding at end
of year.......................... 434,122 147,123 N/A N/A
</TABLE>

B-2
<PAGE> 35
APPENDIX B: CONDENSED FINANCIAL INFORMATION
- --------------------------------------------------------------------------------

THE TRAVELERS FUND ABD II FOR VARIABLE ANNUITIES
ACCUMULATION UNIT VALUES (CONTINUED)

* Reflects date money was first applied to this funding option through the
Separate Account. Condensed financial information is shown as of this date.

Funding Options not listed had no amounts yet allocated to them. "Number of
units outstanding at end of year" may include units for contract owners in the
payout phase. The financial statements for Fund ABD II and the financial
statements of The Travelers Life and Annuity Company are contained in the SAI.

B-3
<PAGE> 36

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<PAGE> 37

APPENDIX C
- --------------------------------------------------------------------------------

THE FIXED ACCOUNT

The Fixed Account is secured by part of the general assets of the Company. The
general assets of the Company include all assets of the Company other than those
held in the separate accounts sponsored by the Company or its affiliates.

The staff of the SEC does not generally review the disclosure in the prospectus
relating to the Fixed Account. Disclosure regarding the Fixed Account and the
general account may, however, be subject to certain provisions of the federal
securities laws relating to the accuracy and completeness of statements made in
the prospectus.

Under the Fixed Account, the Company assumes the risk of investment gain or
loss, guarantees a specified interest rate, and guarantees a specified periodic
annuity payment. The investment gain or loss of the Separate Account or any of
the funding options does not affect the Fixed Account portion of the contract
owner's contract value, or the dollar amount of fixed annuity payments made
under any payout option.

We guarantee that, at any time, the Fixed Account contract value will not be
less than the amount of the purchase payments allocated to the Fixed Account,
plus interest credited as described below, less any applicable premium taxes or
prior surrenders.

Purchase payments allocated to the Fixed Account and any transfers made to the
Fixed Account become part of the Company's general account which supports
insurance and annuity obligations. Neither the general account nor any interest
therein is registered under, nor subject to the provisions of, the Securities
Act of 1933 or Investment Company Act of 1940. We will invest the assets of the
Fixed Account at our discretion. Investment income from such Fixed Account
assets will be allocated to us and to the Contracts participating in the Fixed
Account.

Investment income from the Fixed Account allocated to us includes compensation
for mortality and expense risks borne by us in connection with Fixed Account
Contracts. The amount of such investment income allocated to the Contracts will
vary from year to year in our sole discretion at such rate or rates as we
prospectively declare from time to time.

The initial rate for any allocations into the Fixed Account is guaranteed for
one year from the date of such allocation. Subsequent renewal rates will be
guaranteed for the calendar quarter. We also guarantee that for the life of the
Contract we will credit interest at not less than 3% per year. Any interest
credited to amounts allocated to the Fixed Account in excess of 3% per year will
be determined in our sole discretion. You assume the risk that interest credited
to the Fixed Account may not exceed the minimum guarantee of 3% for any given
year.

TRANSFERS

You may make transfers from the Fixed Account to any other available funding
option(s) twice a year during the 30 days following the semiannual anniversary
of the contract effective date. The transfers are limited to an amount of up to
15% of the Fixed Account Value on the semiannual contract effective date
anniversary. (This restriction does not apply to transfers under the Dollar Cost
Averaging Program.) Amounts previously transferred from the Fixed Account to
other funding options may not be transferred back to the Fixed Account for a
period of at least six months from the date of transfer. We reserve the right to
waive either of these restrictions.

Automated transfers from the Fixed Account to any of the funding options may
begin at any time. Automated transfers from the Fixed Account may not deplete
your Fixed Account value in a period of less than twelve months from your
enrollment in the Dollar Cost Averaging Program.

C-1
<PAGE> 38

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<PAGE> 39

APPENDIX D
- --------------------------------------------------------------------------------

CONTENTS OF THE STATEMENT OF ADDITIONAL INFORMATION

The Statement of Additional Information contains more specific information and
financial statements relating to The Travelers Insurance Company or The
Travelers Life and Annuity Company. A list of the contents of the Statement of
Additional Information is set forth below:

The Insurance Company
Principal Underwriter
Distribution and Principal Underwriting Agreement
Valuation of Assets
Performance Information
Mixed and Shared Funding
Federal Tax Considerations
Independent Accountants
Financial Statements

- --------------------------------------------------------------------------------

Copies of the Statement of Additional Information dated May 1, 2000 are
available without charge. To request a copy, please clip this coupon on the
dotted line above, enter your name and address in the spaces provided below, and
mail to: The Travelers Insurance Company, Annuity Investor Services, One Tower
Square, Hartford, Connecticut 06183. The Travelers Insurance Company Statement
of Additional Information is printed on Form L-21194S, and The Travelers Life
and Annuity Statement of Additional Information is printed on Form L-21195S.

Name:
- ----------------------------------------

Address:
- ----------------------------------------

- ----------------------------------------

D-1
<PAGE> 40

L-21270 May 1, 2000
<PAGE> 41

TRAVELERS ACCESS SELECT ANNUITY PROSPECTUS:
THE TRAVELERS FUND ABD FOR VARIABLE ANNUITIES
THE TRAVELERS FUND ABD II FOR VARIABLE ANNUITIES

This prospectus describes TRAVELERS ACCESS SELECT ANNUITY, a flexible premium
variable annuity contract (the "Contract") issued by The Travelers Insurance
Company or The Travelers Life and Annuity Company, depending on the state in
which you purchased your Contract. The Contract is available in connection with
certain retirement plans that qualify for special federal income tax treatment
("qualified Contracts") as well as those that do not qualify for such treatment
("nonqualified Contracts"). We may issue it as an individual Contract or as a
group Contract. In states where only group Contracts are available, you will be
issued a certificate summarizing the provisions of the group Contract. For
convenience, we refer to Contracts and certificates as "Contracts."

Capital Appreciation Fund
Money Market Portfolio
ALLIANCE VARIABLE PRODUCT SERIES FUND, INC.
Premier Growth Portfolio -- Class B
DELAWARE GROUP PREMIUM FUND
REIT Series
DREYFUS VARIABLE INVESTMENT FUND
Appreciation Portfolio(1)
Small Cap Portfolio
GREENWICH STREET SERIES FUND
Appreciation Portfolio
Diversified Strategic Income Portfolio
Equity Index Portfolio -- Class II Shares
Total Return Portfolio
JANUS ASPEN SERIES
Balanced Portfolio -- Service Shares
Global Life Sciences Portfolio -- Service Shares
Global Technology Portfolio -- Service Shares
Worldwide Growth Portfolio -- Service Shares
SALOMON BROTHERS VARIABLE SERIES FUND INC.
Investors Fund
TRAVELERS SERIES FUND INC.
Alliance Growth Portfolio
MFS Total Return Portfolio
THE TRAVELERS SERIES TRUST
Convertible Bond Portfolio
Disciplined Mid Cap Stock Portfolio
Disciplined Small Cap Stock Portfolio
Equity Income Portfolio (Fidelity)
Federated High Yield Portfolio
Federated Stock Portfolio
Large Cap Portfolio (Fidelity)
Lazard International Stock Portfolio
MFS Emerging Growth Portfolio
MFS Mid Cap Growth Portfolio
Travelers Quality Bond Portfolio
VARIABLE INSURANCE PRODUCTS FUND II (FIDELITY)
Contrafund(R) Portfolio -- Service Class 2
WARBURG PINCUS TRUST
Emerging Markets Portfolio

- ---------------
(1) Formerly Capital Appreciation Portfolio

This prospectus provides the information that you should know before investing
in the Contract. You can receive additional information about the Travelers Fund
ABD for Variable Annuities or the Travelers Fund ABD II for Variable Annuities
("Separate Account") by requesting a copy of the Statement of Additional
Information ("SAI") dated May 1, 2000. The SAI has been filed with the
Securities and Exchange Commission ("SEC") and is incorporated by reference into
this prospectus. To request a copy, write to The Travelers Insurance Company,
Annuity Investor Services, One Tower Square, Hartford, Connecticut 06183, call
1-800-842-8573 or access the SEC's website (http://www.sec.gov). See Appendix D
for the SAI's table of contents.

NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES
COMMISSION HAS PASSED UPON THE ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION
TO THE CONTRARY IS A CRIMINAL OFFENSE.

VARIABLE ANNUITY CONTRACTS ARE NOT DEPOSITS OF ANY BANK, AND ARE NOT INSURED OR
GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT
AGENCY.

PROSPECTUS DATED MAY 1, 2000

<PAGE> 42

TABLE OF CONTENTS

<TABLE>
<S> <C>
Index of Special Terms................ 2
Summary............................... 3
Fee Table............................. 6
Condensed Financial Information....... 9
The Annuity Contract.................. 9
Contract Owner Inquiries............ 9
Purchase Payments................... 9
Accumulation Units.................. 9
The Funding Options................. 10
Charges and Deductions................ 12
General............................. 12
Administrative Charges.............. 13
Mortality and Expense Risk Charge... 13
Funding Option Expenses............. 13
Premium Tax......................... 14
Changes in Taxes Based Upon Premium
or Value......................... 14
Transfers............................. 14
Dollar Cost Averaging............... 14
Access to Your Money.................. 15
Systematic Withdrawals.............. 15
Loans............................... 16
Ownership Provisions.................. 16
Types of Ownership.................. 16
Beneficiary......................... 16
Annuitant........................... 16
Death Benefit......................... 17
Death Proceeds Before the Maturity
Date............................. 17
Payment of Proceeds................. 17
Death Proceeds After the Maturity
Date............................. 19
The Annuity Period.................... 19
Maturity Date....................... 19
Allocation of Annuity............... 19
Variable Annuity.................... 20
Fixed Annuity....................... 20
Payment Options....................... 20
Election of Options................. 20
Annuity Options..................... 21
Income Options...................... 21
Miscellaneous Contract Provisions..... 22
Right to Return..................... 22
Termination......................... 22
Required Reports.................... 22
Suspension of Payments.............. 22
Transfers of Contract Values to
Other Annuities.................. 22
The Separate Accounts................. 23
Performance Information............. 23
Federal Tax Considerations............ 24
General Taxation of Annuities....... 24
Types of Contracts: Qualified or
Nonqualified..................... 24
Nonqualified Annuity Contracts...... 24
Qualified Annuity Contracts......... 25
Penalty Tax for Premature
Distributions.................... 25
Diversification Requirements for
Variable Annuities............... 25
Ownership of the Investments........ 25
Mandatory Distributions for
Qualified Plans.................. 26
Taxation of Death Benefit
Proceeds......................... 26
Other Information..................... 26
The Insurance Companies............. 26
Financial Statements................ 26
IMSA................................ 26
Distribution of Variable Annuity
Contracts........................ 27
Conformity with State and Federal
Laws............................. 27
Voting Rights....................... 27
Legal Proceedings and Opinions...... 27
Appendix A: Condensed Financial
Information for The Travelers
Insurance Company: Separate Account
ABD................................. A-1
Appendix B: Condensed Financial
Information for The Travelers Life &
Annuity Company: Separate Account
ABD II.............................. B-1
Appendix C: The Fixed Account......... C-1
Appendix D: Contents of the Statement
of Additional Information........... D-1
</TABLE>

INDEX OF SPECIAL TERMS

The following terms are italicized throughout the prospectus. Refer to the page
listed for an explanation of each term.

<TABLE>
<S> <C>
Accumulation Period................... 9
Accumulation Unit..................... 9
Annuitant............................. 16
Annuity Payments...................... 19
Annuity Unit.......................... 9
Contingent Annuitant.................. 16
Contract Date......................... 9
Contract Owner (You, Your)............ 9
Contract Value........................ 9
Contract Year......................... 9
Death Report Date..................... 17
Fixed Account......................... C-1
Funding Option(s)..................... 10
Maturity Date......................... 9
Purchase Payment...................... 9
Underlying Fund....................... 10
Written Request....................... 9
</TABLE>

2
<PAGE> 43

SUMMARY:
TRAVELERS ACCESS SELECT ANNUITY

THIS SUMMARY DETAILS SOME OF THE MORE IMPORTANT POINTS THAT YOU SHOULD KNOW AND
CONSIDER BEFORE PURCHASING THE CONTRACT. PLEASE READ THE ENTIRE PROSPECTUS
CAREFULLY.

Your issuing company is The Travelers Life and Annuity Company unless you
purchased your contract in the locations listed below, which contracts are
issued by The Travelers Insurance Company.

<TABLE>
<S> <C>
Kansas North Carolina
Maine Oregon(1)
New Hampshire Puerto Rico
New Jersey Tennessee
New York Washington(1)
Wyoming
</TABLE>

Once you choose one of the annuity options or income options and begin to
receive payments, it cannot be changed. During the payout phase, you have the
same investment choices you had

3
<PAGE> 44

during the accumulation phase. If amounts are directed to the variable funding
options, the dollar amount of your payments may increase or decrease.

You may purchase the Contract with an initial payment of at least $20,000. You
may make additional payments of at least $500 at any time during the
accumulation phase.

IS THERE A RIGHT TO RETURN PERIOD? If you cancel the Contract within twenty
days after you receive it, you will receive a full refund of the contract value
(including charges). Where state law requires a longer right to return period,
or the return of purchase payments, the Company will comply. You bear the
investment risk on the purchase payment during the right to return period;
therefore, the contract value returned may be greater or less than your purchase
payment.

4
<PAGE> 45

are made with after-tax dollars, and earnings will accumulate tax-deferred. You
will be taxed on these earnings when they are withdrawn from the Contract.

HOW MAY I ACCESS MY MONEY? You can take withdrawals any time during the
accumulation phase. There are no withdrawal charges, however, income taxes
and/or a penalty tax may apply to taxable amounts withdrawn.

ARE THERE ANY ADDITIONAL FEATURES? This Contract has other features you may be
interested in. These include:

- AUTOMATIC REBALANCING. You may elect to have the Company periodically
reallocate the values in your Contract to match your original (or your
latest) funding option allocation request.

5
<PAGE> 46

FEE TABLE
- --------------------------------------------------------------------------------
CONTRACT OWNER TRANSACTIONS EXPENSES

<TABLE>
<S> <C>
Annual Contract Administrative Charge (Waived if
contract value is $40,000 or more) $30
</TABLE>

ANNUAL SEPARATE ACCOUNT CHARGES
(as a percentage of the average daily net assets of the
Separate Account)
Mortality & Expense Risk Charge..................... 1.25%
Administrative Expense Charge....................... 0.15%
-----
Total Separate Account Charges................... 1.40%
</TABLE>

FUNDING OPTION EXPENSES:
(as a percentage of average daily net assets of the Funding Option as of
December 31, 1999, unless otherwise noted)

<TABLE>
<CAPTION>
TOTAL ANNUAL
MANAGEMENT FEE OTHER EXPENSES OPERATING EXPENSES
(AFTER EXPENSE (AFTER EXPENSE (AFTER EXPENSE
FUNDING OPTIONS: REIMBURSEMENT) 12B-1 FEES REIMBURSEMENT) REIMBURSEMENT)
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Capital Appreciation Fund.............. 0.75% 0.08% 0.83%
Money Market Portfolio................. 0.32% 0.08% 0.40%(1)
ALLIANCE VARIABLE PRODUCT SERIES FUND,
INC.
Premier Growth Portfolio --
Class B......................... 1.00% 0.25% 0.04% 1.29%
DELAWARE GROUP PREMIUM FUND
REIT Series....................... 0.64% 0.21% 0.85%(2)
DREYFUS VARIABLE INVESTMENT FUND
Appreciation Portfolio............ 0.75% 0.03% 0.78%(3)
Small Cap Portfolio............... 0.75% 0.03% 0.78%
GREENWICH STREET SERIES FUND
Appreciation Portfolio............ 0.75% 0.04% 0.79%(4)
Diversified Strategic Income
Portfolio....................... 0.65% 0.13% 0.78%(4)
Equity Index Portfolio -- Class II
Shares.......................... 0.21% 0.25% 0.05% 0.51%(5)
Total Return Portfolio............ 0.75% 0.04% 0.79%(4)
JANUS ASPEN SERIES
Balanced Portfolio --
Service Shares.................. 0.65% 0.25% 0.02% 0.92%(6)
Global Life Sciences Portfolio --
Service Shares.................. 0.65% 0.25% 0.19% 1.09%(6)
Global Technology Portfolio --
Service Shares.................. 0.65% 0.25% 0.13% 1.03%(6)
Worldwide Growth Portfolio --
Service Shares.................. 0.65% 0.25% 0.05% 0.95%(6)
SALOMON BROTHERS VARIABLE SERIES FUND
INC.
Investors Fund.................... 0.53% 0.45% 0.98%(7)
TRAVELERS SERIES FUND INC.
Alliance Growth Portfolio......... 0.80% 0.02% 0.82%(8)
MFS Total Return Portfolio........ 0.80% 0.04% 0.84%(8)
THE TRAVELERS SERIES TRUST
Convertible Bond Portfolio........ 0.60% 0.20% 0.80%(9)
Disciplined Mid Cap Stock
Portfolio....................... 0.70% 0.25% 0.95%(10)
Disciplined Small Cap Stock
Portfolio....................... 0.80% 0.20% 1.00%(9)
Equity Income Portfolio........... 0.75% 0.13% 0.88%
Federated High Yield Portfolio.... 0.65% 0.19% 0.84%
Federated Stock Portfolio......... 0.63% 0.19% 0.82%
Large Cap Portfolio............... 0.75% 0.12% 0.87%
Lazard International Stock
Portfolio....................... 0.83% 0.23% 1.06%
</TABLE>

6
<PAGE> 47

NOTES:

(1) Other Expenses have been restated to reflect the current expense
reimbursement arrangement with Travelers Insurance Company. Travelers has
agreed to reimburse the Portfolio for the amount by which its aggregate
expenses (including the management fee, but excluding brokerage commissions,
interest charges and taxes) exceeds 0.40%. Without such arrangement, Total
Expenses would have been 0.50% for the MONEY MARKET PORTFOLIO.

(3) Formerly known as Dreyfus Capital Appreciation Portfolio.

(4) The Portfolio Management Fee for the APPRECIATION PORTFOLIO, the TOTAL
RETURN, and the DIVERSIFIED STRATEGIC INCOME PORTFOLIO includes 0.20% for
fund administration.

(5) The Portfolio Management Fee for EQUITY INDEX PORTFOLIO-CLASS II includes
0.06% for fund administration and a distribution plan or "Rule 12b-1 plan".
Fees for Class II reflect the period from 3/22/99 (inception date) to
12/31/99. On March 22, 1999, the fund adopted its current fee structure.

(6) Expenses are based on the estimated expenses that the new Service Shares
Class of each Portfolio expects to incur in its initial fiscal year. All
expenses are shown without the effect of offset arrangements.

(7) The Adviser has waived all or a portion of its Management Fees for the year
ended December 31, 1999. If such fees were not waived or expenses
reimbursed, the Management Fee, Other Expenses and Total Annual Operating
Expenses would have been 0.70%, 0.45% and 1.15% respectively.

(8) Expenses are as of October 31, 1999 (the Fund's fiscal year end). There were
no fees waived or expenses reimbursed for these funds in 1999.

(9) Travelers Insurance Company has agreed to reimburse the CONVERTIBLE BOND
PORTFOLIO, the DISCIPLINED SMALL CAP STOCK PORTFOLIO, and the MFS MID CAP
GROWTH PORTFOLIO for expenses for the period ended December 31, 1999 which
exceeded 0.80%, 1.00% and 1.00% respectively. Without such voluntary
arrangements, the actual annualized Total Annual Operating Expenses would
have been 1.23%, 1.49%, and 1.07% respectively.

(10) Other Expenses reflect the current expense reimbursement arrangement with
Travelers Insurance Company. Travelers has agreed to reimburse the
Portfolio for the amount by which its aggregate expenses (including
management fees, but excluding brokerage commissions, interest charges and
taxes) exceeds 0.95%. Without such arrangements, the Total Annual Operating
Expenses for the Portfolio would have been 0.99% for the DISCIPLINED MID
CAP STOCK PORTFOLIO.

(11) A portion of the brokerage commissions that certain funds pay was used to
reduce fund expenses. In addition, through arrangements with certain fund's
custodian, credits realized as a result of uninvested cash balances were
used to reduce a portion of each applicable fund's expenses. Without these
reductions, the Total Annual Operating Expenses presented in the table
would have been 0.95% for CONTRAFUND PORTFOLIO -- SERVICE CLASS 2. Service
Class 2 expenses are based on estimated expenses for the first year.

(12) Fee waivers, expense reimbursements, or expense credits reduced expenses
for the WARBURG PINCUS EMERGING MARKETS PORTFOLIO during 1999, but this may
be discontinued at any time. Without such arrangements, the Portfolio's
Management Fees, Other Expenses and Total Annual Operating Expenses would
equal 1.25%, 1.88% and 3.13%, respectively. The Portfolio's other expenses
are based on annualized estimates of expenses for the fiscal year ending
December 31, 1999, net of any fee waivers or expense reimbursements.

7
<PAGE> 48

EXAMPLE*:

Assuming a 5% annual return on assets, a $1,000 investment would be subject to
the following expenses:

<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------
IF CONTRACT IS SURRENDERED, ANNUITIZED,
OR IF NO WITHDRAWALS HAVE BEEN MADE
AT THE END OF PERIOD SHOWN:
-----------------------------------------
FUNDING OPTIONS: 1 YEAR 3 YEARS 5 YEARS 10 YEARS
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Capital Appreciation Fund................................... 23 70 120 257
Money Market Portfolio...................................... 18 57 98 213
ALLIANCE VARIABLE PRODUCT SERIES FUND, INC.
Premier Growth Portfolio -- Class B..................... 27 84 143 303
DELAWARE GROUP PREMIUM FUND
REIT Series............................................. 23 71 121 259
DREYFUS VARIABLE INVESTMENT FUND
Appreciation Portfolio.................................. 22 68 117 252
Small Cap Portfolio..................................... 22 68 117 252
GREENWICH STREET SERIES FUND
Appreciation Portfolio.................................. 22 69 118 253
Diversified Strategic Income Portfolio.................. 22 68 117 252
Equity Index Portfolio -- Class II Shares............... 19 60 104 224
Total Return Portfolio.................................. 22 69 118 253
JANUS ASPEN SERIES
Balanced Portfolio -- Service Shares.................... 24 73 124 266
Global Life Sciences Portfolio -- Service Shares........ 25 78 133 283
Global Technology Portfolio -- Service Shares........... 25 76 130 278
Worldwide Growth Portfolio -- Service Shares............ 24 74 126 270
SALOMON BROTHERS VARIABLE SERIES FUND INC.
Investors Fund.......................................... 24 75 127 273
TRAVELERS SERIES FUND INC
Alliance Growth Portfolio............................... 23 70 119 256
MFS Total Return Portfolio.............................. 23 70 120 258
THE TRAVELERS SERIES TRUST
Convertible Bond Portfolio.............................. 22 69 118 254
Disciplined Mid Cap Stock Portfolio..................... 24 74 126 270
Disciplined Small Cap Stock Portfolio................... 24 75 128 275
Equity Income Portfolio................................. 23 72 122 262
Federated High Yield Portfolio.......................... 23 70 120 258
Federated Stock Portfolio............................... 23 70 119 256
Large Cap Portfolio..................................... 23 71 122 261
Lazard International Stock Portfolio.................... 25 77 132 281
MFS Emerging Growth Portfolio........................... 23 71 122 261
MFS Mid Cap Growth Portfolio............................ 24 75 128 275
Travelers Quality Bond Portfolio........................ 20 61 105 227
VARIABLE INSURANCE PRODUCTS FUND II
Contrafund(R) Portfolio -- Service Class 2.............. 23 72 123 264
WARBURG PINCUS TRUST
Emerging Markets Portfolio.............................. 28 87 148 314
</TABLE>

8
<PAGE> 49

CONDENSED FINANCIAL INFORMATION
- --------------------------------------------------------------------------------
See Appendices A and B.

THE ANNUITY CONTRACT
- --------------------------------------------------------------------------------
Travelers Access Select Annuity is a contract between the contract owner
("you"), and the Company. You make purchase payments to us and we credit them to
your Contract. The Company promises to pay you an income, in the form of annuity
or income payments, beginning on a future date that you choose, the maturity
date. The purchase payments accumulate tax deferred in the funding options of
your choice. We offer multiple variable funding options, and one fixed account
option. The contract owner assumes the risk of gain or loss according to the
performance of the variable funding options. The contract value is the amount of
purchase payments, plus or minus any investment experience or interest. The
contract value also reflects all surrenders made and charges deducted. There is
generally no guarantee that at the maturity date the contract value will equal
or exceed the total purchase payments made under the Contract. The date the
Contract and its benefits become effective is referred to as the contract date.
Each 12-month period following the contract date is called a contract year.

CONTRACT OWNER INQUIRIES

Any questions you have about your Contract should be directed to the Company's
Home Office at 1-800-842-8573.

PURCHASE PAYMENTS

ACCUMULATION UNITS

9
<PAGE> 50

THE FUNDING OPTIONS

You choose which of the following variable funding options to have your purchase
payments allocated to. These funding options are subsections of the Separate
Account, which invest in the underlying mutual funds ("underlying funds"). You
will find detailed information about the options and their inherent risks in the
current prospectuses for the funding options which must accompany this
prospectus. The Company has entered into agreements with either the investment
adviser or distributor of certain of the underlying funds in which the adviser
or distributor pays us a fee for providing administrative services, which fee
may vary. The fee is ordinarily based upon an annual percentage of the average
aggregate net amount invested in the underlying funds on behalf of the Separate
Account. You are not investing directly in the underlying fund. Since each
option has varying degrees of risk, please read the prospectuses carefully
before investing. Contact your registered representative or call 1-800-842-8573
to request additional copies of the prospectuses.

The current variable funding options are listed below, along with their
investment advisers and any subadviser:

<TABLE>
<CAPTION>
FUNDING OPTION INVESTMENT OBJECTIVE INVESTMENT ADVISER/ SUBADVISER
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Capital Appreciation Fund Seeks growth of capital through the use of Travelers Asset Management
common stocks. Income is not an objective. The International Company LLC
Fund invests principally in common stocks of ("TAMIC")
small to large companies which are expected to Subadviser: Janus Capital Corp.
experience wide fluctuations in price both in ("Janus Capital")
rising and declining markets.
Money Market Portfolio Seeks high current income from short-term money TAMIC
market instruments while preserving capital and
maintaining a high degree of liquidity.
ALLIANCE VARIABLE PRODUCT
SERIES FUND, INC.
Premier Growth Portfolio -- Seeks long-term growth of capital by investing Alliance Capital Management
Class B primarily in equity securities of a limited
number of large, carefully selected, high
quality U.S. companies that are judged likely to
achieve superior earning momentum.
DELAWARE GROUP PREMIUM FUND,
INC.
REIT Series Seeks maximum long-term total return by Delaware Management Company,
investing in securities of companies primarily Inc.
engaged in the real estate industry. Capital Subadviser: Lincoln Investment
appreciation is a secondary objective. Management, Inc.
DREYFUS VARIABLE INVESTMENT
FUND
Appreciation Portfolio Seeks primarily to provide long-term capital The Dreyfus Corporation
growth consistent with the preservation of Subadviser: Fayez Sarofim & Co.
capital; current income is a secondary
investment objective. The portfolio invests
primarily in the common stocks of domestic and
foreign insurers.
Small Cap Portfolio Seeks to maximize capital appreciation. The Dreyfus Corporation
GREENWICH STREET SERIES FUND
Appreciation Portfolio Seeks long term appreciation of capital by SSB Citi Fund Management LLC.
investing primarily in equity securities. ("SSB Citi")
Diversified Strategic Seeks high current income by investing primarily SSB Citi
Income Portfolio in the following fixed income securities: U.S. Subadviser: Smith Barney Global
Gov't and mortgage-related securities, foreign Capital Management, Inc.
gov't bonds and corporate bonds rated below
investment grade.
Equity Index Portfolio -- Seeks to replicate, before deduction of Travelers Investment Management
Class II Shares expenses, the total return performance of the Co. ("TIMCO")
S&P 500 Index.
</TABLE>

10
<PAGE> 51

<TABLE>
<CAPTION>
FUNDING OPTION INVESTMENT OBJECTIVE INVESTMENT ADVISER/ SUBADVISER
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
JANUS ASPEN SERIES
Balanced Seeks long-term capital growth, consistent with Janus Capital
Portfolio -- Service Shares preservation of capital and balanced by current
income.
Global Life Sciences Seeks long-term capital growth by investing Janus Capital
Portfolio -- Service Shares primarily in equity securities of U.S. and
foreign companies, normally investing at least
65% of its total assets in companies with a life
science orientation.
Global Technology Seeks long-term capital growth by investing Janus Capital
Portfolio -- Service Shares primarily in equity securities of U.S. and
foreign companies, normally investing at least
65% of its total assets in companies likely to
benefit significantly from advances in
technology.
Worldwide Growth Seeks growth of capital in a manner consistent Janus Capital
Portfolio -- Service Shares with preservation of capital by investing
primarily in common stocks of companies of any
size throughout the world.
SALOMON BROTHERS VARIABLE
SERIES FUND INC.
Investors Fund Seeks long-term growth of capital, and, Salomon Brothers Asset
secondarily, current income, through investments Management ("SBAM")
in common stocks of well-known companies.
TRAVELERS SERIES FUND INC.
Alliance Growth Portfolio Seeks long-term growth of capital. Current Travelers Investment Adviser
income is only an incidental consideration. The ("TIA")
Portfolio invests predominantly in equity Subadviser: Alliance
securities of companies with a favorable outlook Capital Management L.P.
for earnings and whose rate of growth is
expected to exceed that of the U.S. economy over
time.
MFS Total Return Portfolio (a balanced portfolio) Seeks to obtain above- TIA
average income (compared to a portfolio entirely Subadviser: Massachusetts
invested in equity securities) consistent with Financial Services Company
the prudent employment of capital. Generally, at ("MFS")
least 40% of the Portfolio's assets are invested
in equity securities.
THE TRAVELERS SERIES TRUST
Convertible Bond Portfolio Seeks current income and capital appreciation by TAMIC
investing in convertible bond securities and in
combinations of nonconvertible fixed-income
securities and warrants or call options that
together resemble convertible securities.
Disciplined Mid Cap Stock Seeks growth of capital by investing primarily TAMIC
Portfolio in a broadly diversified portfolio of U.S. Subadviser: TIMCO
common stocks.
Disciplined Small Cap Stock Seeks long term capital appreciation by TAMIC
Portfolio investing primarily (at least 65% of its total Subadviser: TIMCO
assets) in the common stocks of U.S. Companies
with relatively small market capitalizations at
the time of investment.
Equity Income Portfolio Seeks reasonable income by investing at least TAMIC
65% in income-producing equity securities. The Subadviser: Fidelity Management
balance may be invested in all types of domestic & Research Co ("FMR")
and foreign securities, including bonds. The
Portfolio seeks to achieve a yield that exceeds
that of the securities comprising the S&P 500.
The Subadviser also considers the potential for
capital appreciation.
</TABLE>

11
<PAGE> 52

<TABLE>
<CAPTION>
FUNDING OPTION INVESTMENT OBJECTIVE INVESTMENT ADVISER/ SUBADVISER
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Federated High Yield Seeks high current income by investing primarily TAMIC
Portfolio in a professionally managed, diversified Subadviser: Federated
portfolio of fixed income securities. Investment Counseling, Inc.
Federated Stock Portfolio Seeks growth of income and capital by investing TAMIC
principally in a professionally managed and Subadviser: Federated
diversified portfolio of common stock of high- Investment Counseling, Inc.
quality companies (i.e., leaders in their
industries and characterized by sound management
and the ability to finance expected growth).
Large Cap Portfolio Seeks long-term growth of capital by investing TAMIC
primarily in equity securities of companies with Subadviser: FMR
large market capitalizations.
Lazard International Stock Seeks capital appreciation by investing TAMIC
Portfolio primarily in the equity securities of non-United Subadviser: Lazard Asset
States companies (i.e., incorporated or Management
organized outside the United States).
MFS Emerging Growth Seeks to provide long-term growth of capital. TAMIC
Portfolio Dividend and interest income from portfolio Subadviser: MFS
securities, if any, is incidental to the MFS
Portfolio's investment objective.
MFS Mid Cap Growth Seeks to obtain long-term growth of capital by TAMIC
Portfolio investing, under normal market conditions, at Subadviser: MFS
least 65% of its total assets in equity
securities of companies with medium market
capitalization which the investment adviser
believes have above-average growth potential.
Travelers Quality Bond Seeks current income, moderate capital TAMIC
volatility and total return.
VARIABLE INSURANCE PRODUCTS
FUND II
Contrafund(R) Portfolio-- Seeks long-term capital appreciation by FMR
Service Class 2 investing primarily in common stocks of
companies whose value the adviser believes is
not fully recognized by the public.
WARBURG PINCUS TRUST
Emerging Markets Portfolio Seeks long-term growth of capital by investing Credit Suisse Asset Management
primarily in equity securities of non-U.S. LLC
issuers consisting of companies in emerging
securities markets.
</TABLE>

CHARGES AND DEDUCTIONS
- --------------------------------------------------------------------------------
GENERAL

- the ability for you to make withdrawals and surrenders under the
Contracts;

- the death benefit paid on the death of the contract owner, annuitant, or
first of the joint contract owners,

- the available funding options and related programs (including dollar-cost
averaging, portfolio rebalancing, and systematic withdrawal programs);

- administration of the annuity options available under the Contracts; and

- the distribution of various reports to contract owners.

Costs and expenses we incur include:

- losses associated with various overhead and other expenses associated
with providing the services and benefits provided by the Contracts,

12
<PAGE> 53

- sales and marketing expenses including commission payments to your sales
agent, and

- other costs of doing business.

Risks we assume include:

- that annuitants may live longer than estimated when the annuity factors
under the Contracts were established;

- that the amount of the death benefit will be greater than the contract
value, and

- that the costs of providing the services and benefits under the Contracts
will exceed the charges deducted.

We may also deduct a charge for taxes.

Unless otherwise specified, charges are deducted proportionately from all
funding options in which you are invested.

We may reduce or eliminate the administrative charges and/or the mortality and
expense risk charge under the Contract when certain sales or administration of
the Contract result in savings or reduced expenses and/or risks. For certain
trusts, we may change the order in which purchase payments and earnings are
withdrawn in order to determine the withdrawal charge. We will not reduce or
eliminate the administrative charge where such reduction or elimination would be
unfairly discriminatory to any person.

ADMINISTRATIVE CHARGES

(1) from the distribution of death proceeds,

(2) after an annuity payout has begun, or

(3) if the contract value on the date of assessment equals or is greater
than $40,000.

MORTALITY AND EXPENSE RISK CHARGE

Each business day, the Company deducts a mortality and expense risk ("M&E")
charge from amounts held in the variable funding options. The deduction is
reflected in our calculation of accumulation and annuity unit values. The
charges stated are the maximum for this product. We reserve the right to lower
this charge at any time. This charge equals, on an annual basis, 1.25% of the
amounts held in each variable funding option. This charge compensates the
Company for risks assumed, benefits provided and expenses incurred, including
the payment of commissions to your sales agent.

FUNDING OPTION EXPENSES

The charges and expenses of the funding options are summarized in the fee table
and are described in the accompanying prospectuses.

13
<PAGE> 54

PREMIUM TAX

CHANGES IN TAXES BASED UPON PREMIUM OR VALUE

If there is any change in a law assessing taxes against the Company based upon
premiums, contract gains or value of the contract, we reserve the right to
charge you proportionately for this tax.

TRANSFERS
- --------------------------------------------------------------------------------

DOLLAR COST AVERAGING

In addition to the DCA Program, the Company may credit increased interest rates
to contract owners under an administrative Special DCA Program established at
the discretion of the

14
<PAGE> 55

Company, depending on availability and state law. Under this program, the
contract owner may pre-authorize level transfers to any of the funding options
under either a 6 Month Program or 12 Month Program. The 6 Month Program and the
12 Month Program will generally have different credited interest rates. Under
the 6 Month Program, the interest rate can accrue up to 6 months on funds in the
Special DCA Program and all purchase payments and accrued interest must be
transferred on a level basis to the selected funding option in 6 months. Under
the 12 Month Program, the interest rate can accrue up to 12 months on funds in
the Special DCA Program and all purchase payments and accrued interest in this
Program must be transferred on a level basis to the selected funding options in
12 months.

ACCESS TO YOUR MONEY
- --------------------------------------------------------------------------------

Any time before the maturity date, you may redeem all or any portion of the
contract value, less any premium tax not previously deducted. Unless you submit
a written request specifying the fixed or variable funding option(s) from which
amounts are to be withdrawn, the withdrawal will be made on a pro rata basis.
The contract value will be determined as of the close of business after we
receive your surrender request at the Home Office. The contract value may be
more or less than the purchase payments made.

SYSTEMATIC WITHDRAWALS

Before the maturity date, you may choose to withdraw a specified dollar amount
(at least $100) on a monthly, quarterly, semiannual or annual basis. Any
applicable premium taxes and withdrawal charge will be deducted. To elect
systematic withdrawals, you must have a contract value of at least $15,000 and
you must make the election on the form provided by the Company. We will
surrender accumulation units pro rata from all investment options in which you
have an interest, unless you instruct us otherwise. You may begin or discontinue
systematic withdrawals at any time

15
<PAGE> 56

by notifying us in writing, but at least 30 days' notice must be given to change
any systematic withdrawal instructions that are currently in place.

We reserve the right to discontinue offering systematic withdrawals or to assess
a processing fee for this service upon 30 days' written notice to contract
owners (where allowed by state law).

LOANS

Loans may be available under your Contract. If available, all loan provisions
are described in your Contract or loan agreement.

OWNERSHIP PROVISIONS
- --------------------------------------------------------------------------------

TYPES OF OWNERSHIP

You receive all payments while the annuitant is alive unless you direct them to
an alternate recipient. An alternate recipient does not become the contract
owner.

BENEFICIARY

You name the beneficiary in a written request. The beneficiary has the right to
receive any death benefit proceeds under the contract upon the death of the
annuitant or a contract owner. If more than one beneficiary survives the
annuitant or contract owner, they will share equally in benefits unless
different shares are recorded with the Company by written request before the
death of the annuitant or contract owner. In the case of a non-spousal
beneficiary or a spousal beneficiary who has not chosen to assume the contract,
the death proceeds will be held in a fixed account until the beneficiary elects
a Settlement Option or takes a distribution.

Unless an irrevocable beneficiary has been named, you have the right to change
any beneficiary by written request during the lifetime of the annuitant and
while the Contract continues.

ANNUITANT

A contingent annuitant may not be changed, deleted or added after the Contract
becomes effective.

16
<PAGE> 57

DEATH BENEFIT
- --------------------------------------------------------------------------------

DEATH PROCEEDS BEFORE THE MATURITY DATE

(1) the contract value;

(2) the total purchase payments made under the Contract; or

(3) the contract value on the latest fifth contract year anniversary before
the Company receives due proof of death.

(1) the contract value;

(2) the total purchase payments made under the Contract; or

(3) the contract value on the latest fifth contract year anniversary
occurring on or before the annuitant's 75th birthday.

PAYMENT OF PROCEEDS

17
<PAGE> 58

NONQUALIFIED CONTRACTS

<TABLE>
<S> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------
BEFORE THE MATURITY DATE, THE COMPANY WILL PAY UNLESS... MANDATORY PAYOUT
UPON THE DEATH OF THE THE PROCEEDS TO: RULES APPLY*
- -----------------------------------------------------------------------------------------------------------------
Owner (who is not the The beneficiary (ies), Unless, the beneficiary is the Yes
annuitant) (with no joint or if none, to the contract owner's spouse and the
owner) contract owner's estate. spouse elects to continue the
contract as the new owner
rather than receive the
distribution.
- -----------------------------------------------------------------------------------------------------------------
Owner (who is the annuitant) The beneficiary (ies), Unless, the beneficiary is the Yes
(with no joint owner) or if none, to the contract owner's spouse and the
contract owner's estate. spouse elects to continue the
contract as the new owner
rather than receive the
distribution.
- -----------------------------------------------------------------------------------------------------------------
Joint Owner (who is not the The surviving joint Unless the surviving joint Yes
annuitant) owner. owner is the spouse and elects
to assume and continue the
contract.
- -----------------------------------------------------------------------------------------------------------------
Joint Owner (who is the The beneficiary (ies), Unless the beneficiary is the
annuitant) or if none, to the contract owner's spouse and the
contract owner's estate. spouse elects to assume and
continue the contract.
Or, unless there is a Yes
contingent annuitant the
contingent annuitant becomes
the annuitant and the proceeds
will be paid to the surviving
joint owner. If the surviving
joint owner is the spouse, the
spouse may elect to assume and
continue the contract.
- -----------------------------------------------------------------------------------------------------------------
Annuitant (who is not the The beneficiary (ies). Unless, there is a contingent No
contract owner) annuitant. Then, the contingent
annuitant becomes the annuitant
and the contract continues in
effect (generally using the
original maturity date). The
proceeds will then be paid upon
the death of the contingent
annuitant or owner.
- -----------------------------------------------------------------------------------------------------------------
Annuitant (who is the contract See death of "owner who N/A
owner) is the annuitant" above.
- -----------------------------------------------------------------------------------------------------------------
Annuitant (where owner is a The beneficiary (ies) Yes (Death of
nonnatural person/trust) (e.g. the trust). annuitant is
treated as death of
the owner in these
circumstances.)
- -----------------------------------------------------------------------------------------------------------------
Contingent Annuitant(assuming No death proceeds are N/A
annuitant is still alive) payable; contract
continues.
- -----------------------------------------------------------------------------------------------------------------
Beneficiary No death proceeds are N/A
payable; contract
continues.
- -----------------------------------------------------------------------------------------------------------------
Contingent Beneficiary No death proceeds are N/A
payable; contract
continues.
- -----------------------------------------------------------------------------------------------------------------
</TABLE>

18
<PAGE> 59

QUALIFIED CONTRACTS

DEATH PROCEEDS AFTER THE MATURITY DATE

THE ANNUITY PERIOD
- --------------------------------------------------------------------------------

MATURITY DATE

ALLOCATION OF ANNUITY

19
<PAGE> 60

options as you have selected during the accumulation period . At least 30 days
before the maturity date, you may transfer the contract value among the funding
options in order to change the basis on which annuity payments will be
determined. (See "Transfers.")

VARIABLE ANNUITY

FIXED ANNUITY

PAYMENT OPTIONS
- --------------------------------------------------------------------------------

ELECTION OF OPTIONS

While the annuitant is alive, you can change your annuity or income option
selection any time up to the maturity date. Once annuity or income payments have
begun, no further elections are allowed.

During the annuitant's lifetime, if you do not elect otherwise before the
maturity date, we will pay you (or another designated payee) the first of a
series of monthly annuity or income payments based on the life of the annuitant,
in accordance with Annuity Option 2 (Life Annuity with 120 monthly payments
assured). For certain qualified contracts, Annuity Option 4 (Joint and Last

20
<PAGE> 61

Survivor Joint Life Annuity -- Annuity Reduced on Death of Primary Payee) will
be the automatic option as described in the Contract.

ANNUITY OPTIONS

Option 5 -- Other Annuity Options. The Company will make any other arrangements
for annuity payments as may be mutually agreed upon.

INCOME OPTIONS

Instead of one of the annuity options described above, and subject to the
conditions described under "Election of Options," all or part of the Contract's
contract value may be paid under one or more of the following income options,
provided that they are consistent with federal tax law qualification
requirements. Payments under the income options may be elected on a monthly,
quarterly, semiannual or annual basis:

Option 1 -- Payments of a Fixed Amount. The Company will make equal payments of
the amount elected until the contract value applied under this option has been
exhausted. The first payment and all later payments will be paid from each
funding option or the Fixed Account in proportion to the contract value
attributable to each funding option and/or Fixed Account. The final payment will
include any amount insufficient to make another full payment.
21
<PAGE> 62

Option 2 -- Payments for a Fixed Period. The Company will make payments for the
period selected. The amount of each payment will be equal to the remaining
contract value applied under this option divided by the number of remaining
payments.

Option 3 -- Other Income Options. The Company will make any other arrangements
for Income Options as may be mutually agreed upon.

MISCELLANEOUS CONTRACT PROVISIONS
- --------------------------------------------------------------------------------

RIGHT TO RETURN

TERMINATION

REQUIRED REPORTS

SUSPENSION OF PAYMENTS

TRANSFERS OF CONTRACT VALUES TO OTHER ANNUITIES

Where state law permits, we may allow contract owners to transfer their contract
values into other annuities offered by us or our affiliated insurance companies
under rules then in effect.

22
<PAGE> 63

THE SEPARATE ACCOUNTS
- --------------------------------------------------------------------------------

PERFORMANCE INFORMATION

editorial comments and performance rankings compiled by independent
organizations (including, but not limited to, Lipper Analytical Services, Inc.
and Morningstar, Inc.) and publications that monitor the performance of the
Separate Account and the variable funding options.

FEDERAL TAX CONSIDERATIONS
- --------------------------------------------------------------------------------

GENERAL TAXATION OF ANNUITIES

TAX-FREE EXCHANGES: The Internal Revenue Code provides that, generally, no gain
or loss is recognized when the annuity contract is received in exchange for a
life, endowment, or annuity contract. Since different annuity contracts have
different expenses, fees and benefits, a tax free exchange could result in your
investment becoming subject to higher or lower fees and/or expenses.

TYPES OF CONTRACTS: QUALIFIED OR NONQUALIFIED

NONQUALIFIED ANNUITY CONTRACTS

24
<PAGE> 65

income in the Contract to the extent the contract value exceeds your investment
in the contract. The investment in the Contract equals the total purchase
payments you paid less any amount received previously which was excludible from
gross income. Any direct or indirect borrowing against the value of the Contract
or pledging of the Contract as security for a loan will be treated as a cash
distribution under the tax law.

Federal tax law requires that nonqualified annuity Contracts meet minimum
mandatory distribution requirements upon the death of the contract owner,
including the first of joint owners. If these requirements are not met, the
surviving joint owner, or the beneficiary, will have to pay taxes prior to
distribution. The distribution required depends, among other things, upon
whether an annuity option is elected or whether the new contract owner is the
surviving spouse. We will administer Contracts in accordance with these rules
and we will notify you when you should begin receiving payments.

QUALIFIED ANNUITY CONTRACTS

PENALTY TAX FOR PREMATURE DISTRIBUTIONS

DIVERSIFICATION REQUIREMENTS FOR VARIABLE ANNUITIES

The Code requires that any nonqualified variable annuity Contracts based on a
separate account shall not be treated as an annuity for any period if
investments made in the account are not adequately diversified. Final tax
regulations define how separate accounts must be diversified. The Company
monitors the diversification of investments constantly and believes that its
accounts are adequately diversified. The consequence of any failure to diversify
is essentially the loss to the contract owner of tax deferred treatment. The
Company intends to administer all contracts subject to this provision of law in
a manner that will maintain adequate diversification.

OWNERSHIP OF THE INVESTMENTS

25
<PAGE> 66

being treated as owners of the underlying assets." As of the date of this
prospectus, no such guidance has been issued.

MANDATORY DISTRIBUTIONS FOR QUALIFIED PLANS

TAXATION OF DEATH BENEFIT PROCEEDS

OTHER INFORMATION
- --------------------------------------------------------------------------------

THE INSURANCE COMPANIES

Please refer to the first page of the Summary of this prospectus to determine
which company issued your Contract.

FINANCIAL STATEMENTS

The financial statements for each insurance company and for each separate
account are located in their respective Statements of Additional Information.

IMSA

26
<PAGE> 67

procedures that demonstrate a commitment to honesty, fairness and integrity in
all customer contacts involving the sale and service of individual life
insurance and annuity products.

DISTRIBUTION OF VARIABLE ANNUITY CONTRACTS

CONFORMITY WITH STATE AND FEDERAL LAWS

VOTING RIGHTS

LEGAL PROCEEDINGS AND OPINIONS

Legal matters in connection with the federal laws and regulations affecting the
issue and sale of the contract described in this prospectus, as well as the
organization of the Companies, their authority to issue variable annuity
Contracts under Connecticut law and the validity of the forms of the variable
annuity Contracts under Connecticut law, have been passed on by the General
Counsel of the Companies.

THE TRAVELERS INSURANCE COMPANY

There are no pending legal proceedings affecting the Separate Account. There is
one material pending legal proceeding, other than ordinary routine litigation
incidental to business, to which the Company is a party. In March, 1997, a
purported class action entitled Patterman v. The Travelers, Inc. et al., was
commenced in the Superior Court of Richmond County, Georgia, alleging, among
other things, violation of the Georgia RICO statute and other state laws by an
affiliate of the Company, Primerica Financial Services, Inc. and certain of its
affiliates. Plaintiffs seek unspecified compensatory and punitive damages and
other relief. In October 1997, defendants answered the complaint, denied
liability and asserted numerous affirmative defenses. In February 1998, the
Superior Court of Richmond County transferred the lawsuit to the Superior Court
of Gwinnett County, Georgia. The plaintiffs appealed the transfer order, and in
December 1998 the Court of

27
<PAGE> 68

Appeals of the State of Georgia reversed the lower court's decision. Later in
December 1998, defendants petitioned the Georgia Supreme Court to hear the
appeal from the decision of the Court of Appeals, which was granted in May 1999.
In September 1999, the Georgia Supreme Court heard oral argument on defendant's
petition for an order reversing the Georgia Court of Appeals and transferring
the lawsuit from the Superior Court of Richmond County to the Superior Court of
Gwinnett County. The Georgia Supreme Court reversed its decision, and has not
yet issued its opinion. Pending appeal, proceedings in the trial court have been
stayed. Defendants intend to vigorously contest the litigation.

THE TRAVELERS LIFE AND ANNUITY COMPANY

There are no pending material legal proceedings affecting the Separate Account,
the principal underwriter or the Company.

28
<PAGE> 69

TRAVELERS ACCESS SELECT

APPENDIX A
- --------------------------------------------------------------------------------

THE TRAVELERS FUND ABD FOR VARIABLE ANNUITIES
ACCUMULATION UNIT VALUES*

<TABLE>
<CAPTION>
YEAR ENDED PERIOD ENDED PERIOD FROM
--------------------------- ------------ DECEMBER 16, 1996
DECEMBER 31, DECEMBER 31, DECEMBER 31, TO
FUNDING OPTION 1999 1998 1997 DECEMBER 31, 1996
- --------------------------------------------------------------------------------------------------------------
<CAPTION>
<S> <C> <C> <C> <C>
<S> <C> <C> <C> <C>
CAPITAL APPRECIATION FUND (4/97)
Unit Value at beginning of period........ $ 2.046 $ 1.283 $ 1.032 $ 1.000
Unit Value at end of period.............. 3.098 2.046 1.283 1.032
Number of units outstanding at end of
period................................. 25,971,911 10,561,314 870,525 --
MONEY MARKET PORTFOLIO (7/97)
Unit Value at beginning of period........ $ 1.070 $ 1.033 $ 1.000 N/A
Unit Value at end of period.............. 1.107 1.070 1.033 N/A
Number of units outstanding at end of
period................................. 16,750,270 9,244,927 345,682 N/A
DELAWARE GROUP PREMIUM FUND
REIT SERIES (6/98)
Unit Value at beginning of period........ $ 0.901 $ 1.000 N/A N/A
Unit Value at end of period.............. 0.866 0.901 N/A N/A
Number of units outstanding at end of
period................................. 357,910 96,983 N/A N/A
DREYFUS VARIABLE INVESTMENT FUND:
APPRECIATION PORTFOLIO (5/98)
Unit Value at beginning of period........ $ 1.112 $ 1.000 N/A N/A
Unit Value at end of period.............. 1.223 1.112 N/A N/A
Number of units outstanding at end of
period................................. 7,840,789 2,937,245 N/A N/A
SMALL CAP PORTFOLIO (5/98)
Unit Value at beginning of period........ $ 0.871 $ 1.000 N/A N/A
Unit Value at end of period.............. 1.058 0.871 N/A N/A
Number of units outstanding at end of
period................................. 3,387,052 1,435,805 N/A N/A
GREENWICH STREET SERIES FUND:
APPRECIATION PORTFOLIO (6/97)
Unit Value at beginning of period........ $ 1.283 $ 1.092 $ 1.000 N/A
Unit Value at end of period.............. 1.431 1.283 1.092 N/A
Number of units outstanding at end of
period................................. 6,935,912 3,710,315 506,282 N/A
DIVERSIFIED STRATEGIC INCOME PORTFOLIO
(6/97)
Unit Value at beginning of period........ $ 1.100 $ 1.048 $ 1.000 N/A
Unit Value at end of period.............. 1.103 1.100 1.048 N/A
Number of units outstanding at end of
period................................. 10,783,437 7,076,327 733,829 N/A
EQUITY INDEX PORTFOLIO -- CLASS II SHARES
(6/99)
Unit Value at beginning of period........ $ 1.000 N/A N/A N/A
Unit Value at end of period.............. 1.098 N/A N/A N/A
Number of units outstanding at end of
period................................. 753,819 N/A N/A N/A
TOTAL RETURN PORTFOLIO (5/98)
Unit Value at beginning of period........ $ 0.953 $ 1.000 N/A N/A
Unit Value at end of period.............. 1.146 0.953 N/A N/A
Number of units outstanding at end of
period................................. 1,958,751 708,254 N/A N/A
SALOMON BROTHERS VARIABLE SERIES FUNDS, INC.:
SALOMON BROTHERS VARIABLE INVESTORS
FUND (6/98)
Unit Value at beginning of period........ $ 1.029 $ 1.000 N/A N/A
Unit Value at end of period.............. 1.132 1.029 N/A N/A
Number of units outstanding at end of
period................................. 3,905,967 1,764,644 N/A N/A
TRAVELERS SERIES FUND, INC.:
ALLIANCE GROWTH PORTFOLIO (6/97)
Unit Value at beginning of period........ $ 1.679 $ 1.319 $ 1.037 $ 1.000
Unit Value at end of period.............. 2.189 1.679 1.319 1.037
Number of units outstanding at end of
period................................. 25,024,627 13,211,206 1,062,634 --
</TABLE>

A-1
<PAGE> 70
TRAVELERS ACCESS SELECT

APPENDIX A
- --------------------------------------------------------------------------------
THE TRAVELERS FUND ABD FOR VARIABLE ANNUITIES
ACCUMULATION UNIT VALUES* (CONTINUED)

<TABLE>
<CAPTION>
YEAR ENDED PERIOD ENDED PERIOD FROM
--------------------------- ------------ DECEMBER 16, 1996
DECEMBER 31, DECEMBER 31, DECEMBER 31, TO
FUNDING OPTION 1999 1998 1997 DECEMBER 31, 1996
- --------------------------------------------------------------------------------------------------------------
<CAPTION>
<S> <C> <C> <C> <C>
<S> <C> <C> <C> <C>
MFS TOTAL RETURN PORTFOLIO (5/97)
Unit Value at beginning of period........ $ 1.303 $ 1.183 $ 1.000 N/A
Unit Value at end of period.............. 1.319 1.303 1.183 N/A
Number of units outstanding at end of
period................................. 27,173,225 16,380,184 962,287 N/A
THE TRAVELERS SERIES TRUST:
CONVERTIBLE BOND PORTFOLIO (5/98)
Unit Value at beginning of period........ $ 1.000 $ 1.000 N/A N/A
Unit Value at end of period.............. 1.170 1.000 N/A N/A
Number of units outstanding at end of
period................................. 1,137,997 458,699 N/A N/A
DISCIPLINED MID CAP STOCK PORTFOLIO
(6/97)
Unit Value at beginning of period........ $ 1.377 $ 1.195 $ 1.000 N/A
Unit Value at end of period.............. 1.541 1.377 1.195 N/A
Number of units outstanding at end of
period................................. 2,663,507 1,425,770 120,880 N/A
DISCIPLINED SMALL CAP STOCK
PORTFOLIO (1/98)
Unit Value at beginning of period........ $ 0.894 $ 1.000 N/A N/A
Unit Value at end of period.............. 1.061 0.894 N/A N/A
Number of units outstanding at end of
period................................. 1,899,628 518,858 N/A N/A
EQUITY INCOME PORTFOLIO (5/97)
Unit Value at beginning of period........ $ 1.484 $ 1.339 $ 1.026 $ 1.000
Unit Value at end of period.............. 1.535 1.484 1.339 1.026
Number of units outstanding at end of
period................................. 19,892,863 12,301,819 639,656
FEDERATED HIGH YIELD PORTFOLIO (5/97)
Unit Value at beginning of period........ $ 1.177 $ 1.140 $ 1.000 N/A
Unit Value at end of period.............. 1.196 1.177 1.140 N/A
Number of units outstanding at end of
period................................. 10,237,038 7,715,310 620,667 N/A
FEDERATED STOCK PORTFOLIO (5/97)
Unit Value at beginning of period........ $ 1.494 $ 1.285 $ 1.000 N/A
Unit Value at end of period.............. 1.552 1.494 1.285 N/A
Number of units outstanding at end of
period................................. 7,710,739 4,599,587 352,550 N/A
LARGE CAP PORTFOLIO (6/97)
Unit Value at beginning of period........ $ 1.665 $ 1.245 $ 1.023 $ 1.000
Unit Value at end of period.............. 2.123 1.665 1.245 1.023
Number of units outstanding at end of
period................................. 15,562,311 6,662,550 491,869
LAZARD INTERNATIONAL STOCK PORTFOLIO
(5/97)
Unit Value at beginning of period........ $ 1.216 $ 1.095 $ 1.027 $ 1.000
Unit Value at end of period.............. 1.460 1.216 1.095 1.027
Number of units outstanding at end of
period................................. 10,264,070 6,533,760 849,629 --
MFS EMERGING GROWTH PORTFOLIO (4/97)
Unit Value at beginning of period........ $ 1.587 $ 1.198 $ 1.004 $ 1.000
Unit Value at end of period.............. 2.766 1.587 1.198 1.004
Number of units outstanding at end of
period................................. 11,222,748 5,891,811 528,553 --
MFS MID CAP GROWTH PORTFOLIO (4/98)
Unit Value at beginning of period........ $ 0.985 $ 1.000 N/A N/A
Unit Value at end of period.............. 1.595 0.985 N/A N/A
Number of units outstanding at end of
period................................. 3,220,420 696,846 N/A N/A
TRAVELERS QUALITY BOND PORTFOLIO (7/97)
Unit Value at beginning of period........ $ 1.131 $ 1.057 $ 1.001 $ 1.000
Unit Value at end of period.............. 1.128 1.131 1.057 1.001
Number of units outstanding at end of
period................................. 13,396,194 9,328,606 378,758 --
</TABLE>

A-2
<PAGE> 71
TRAVELERS ACCESS SELECT

APPENDIX A
- --------------------------------------------------------------------------------
THE TRAVELERS FUND ABD FOR VARIABLE ANNUITIES
ACCUMULATION UNIT VALUES* (CONTINUED)

* The Company began tracking the Accumulation Unit values in 1996, however the
Separate Account held no assets until 1997. The date next to each funding
option's name reflects the date that money came into the funding option
through the Separate Account. Funding Options not listed had no amounts yet
allocated to them. The financial statements for Fund ABD and the financial
statements of The Travelers Insurance Company are contained in the SAI.

A-3
<PAGE> 72

THIS PAGE INTENTIONALLY LEFT BLANK.
<PAGE> 73

APPENDIX B
- --------------------------------------------------------------------------------

CONDENSED FINANCIAL INFORMATION
THE TRAVELERS FUND ABD II FOR VARIABLE ANNUITIES
ACCUMULATION UNIT VALUES

<TABLE>
<CAPTION>
YEARS ENDED PERIOD FROM
DECEMBER 31, DECEMBER 16, 1996
-------------------------------------- TO
FUNDING OPTION 1999 1998 1997 DECEMBER 31, 1996
- ----------------------------------------------------------------------------------------------------------------
<CAPTION>
<S> <C> <C> <C> <C>
<S> <C> <C> <C> <C>
CAPITAL APPRECIATION FUND (12/96)
Unit Value at beginning of period $2.046...... $ 1.283 $ 1.032 $ 1.000
Unit Value at end of period 3.098...... 2.046 1.283 1.032
Number of units outstanding at end of period 46,942,401.. 23,010,432 6,344,051 29,824
MONEY MARKET PORTFOLIO (2/97)
Unit Value at beginning of period $1.070...... $ 1.033 $ 1.000 N/A
Unit Value at end of period 1.107...... 1.070 1.033 N/A
Number of units outstanding at end of period 37,736,754.. 16,762,447 5,369,177 N/A
DELAWARE GROUP PREMIUM FUND:
REIT SERIES (5/98)
Unit Value at beginning of period $0.901...... $ 1.000 N/A N/A
Unit Value at end of period 0.866...... 0.901 N/A N/A
Number of units outstanding at end of period 1,280,359.. 632,612 N/A N/A
DREYFUS VARIABLE INVESTMENT FUND:
APPRECIATION PORTFOLIO (4/98)
Unit Value at beginning of period $1.112...... $ 1.000 N/A N/A
Unit Value at end of period 1.223...... 1.112 N/A N/A
Number of units outstanding at end of period 10,488,399.. 2,833,960 N/A N/A
SMALL CAP PORTFOLIO (4/98)
Unit Value at beginning of period $0.871...... $ 1.000 N/A N/A
Unit Value at end of period 1.058...... 0.871 N/A N/A
Number of units outstanding at end of period 7,815,322.. 3,051,249 N/A N/A
GREENWICH STREET SERIES FUND:
APPRECIATION PORTFOLIO (6/97)
Unit Value at beginning of period $1.283...... $ 1.092 $ 1.000 N/A
Unit Value at end of period 1.431...... 1.283 1.092 N/A
Number of units outstanding at end of period 24,225,208.. 16,532,767 5,241,524 N/A
DIVERSIFIED STRATEGIC INCOME PORTFOLIO (6/97)
Unit Value at beginning of period $1.100...... $ 1.048 $ 1.000 N/A
Unit Value at end of period 1.103...... 1.100 1.048 N/A
Number of units outstanding at end of period 28,198,595.. 24,838,532 5,444,154 N/A
EQUITY INDEX PORTFOLIO -- CLASS II SHARES (5/99)
Unit Value at beginning of period $1.000...... N/A N/A N/A
Unit Value at end of period 1.098...... N/A N/A N/A
Number of units outstanding at end of period 3,460,443.. N/A N/A N/A
TOTAL RETURN PORTFOLIO (5/98)
Unit Value at beginning of period $0.953...... $ 1.000 N/A N/A
Unit Value at end of period 1.146...... 0.953 N/A N/A
Number of units outstanding at end of period 4,963,010.. 1,281,704 N/A N/A
SALOMON BROTHERS VARIABLE SERIES FUNDS, INC.:
SALOMON BROTHERS VARIABLE INVESTORS FUND (4/98)
Unit Value at beginning of period $1.029...... $ 1.000 N/A N/A
Unit Value at end of period 1.132...... 1.029 N/A N/A
Number of units outstanding at end of period 8,670,638.. 3,232,444 N/A N/A
TRAVELERS SERIES FUND, INC.:
ALLIANCE GROWTH PORTFOLIO (12/96)
Unit Value at beginning of period $1.679...... $ 1.319 $ 1.037 $ 1.000
Unit Value at end of period 2.189...... 1.679 1.319 1.037
Number of units outstanding at end of period 47,167,905.. 31,011,054 8,259,362 2,250
MFS TOTAL RETURN PORTFOLIO (1/97)
Unit Value at beginning of period $1.303...... $ 1.183 $ 1.000 N/A
Unit Value at end of period 1.319...... 1.303 1.183 N/A
Number of units outstanding at end of period 54,290,552.. 42,017,841 9,959,634 N/A
THE TRAVELERS SERIES TRUST:
CONVERTIBLE BOND PORTFOLIO (5/98)
Unit Value at beginning of period $1.000...... $ 1.000 N/A N/A
Unit Value at end of period 1.170...... 1.000 N/A N/A
Number of units outstanding at end of period 2,431,429.. 414,907 N/A N/A
DISCIPLINED MID CAP STOCK PORTFOLIO (6/97)
Unit Value at beginning of period $1.377...... $ 1.195 $ 1.000 N/A
Unit Value at end of period 1.541...... 1.377 1.195 N/A
Number of units outstanding at end of period 6,716,626.. 5,142,990 1,668,733 N/A
DISCIPLINED SMALL CAP STOCK PORTFOLIO (5/98)
Unit Value at beginning of period $0.894...... $ 1.000 N/A N/A
Unit Value at end of period 1.061...... 0.894 N/A N/A
Number of units outstanding at end of period 1,202,404.. 450,528 N/A N/A
</TABLE>

B-1
<PAGE> 74
APPENDIX B
- --------------------------------------------------------------------------------

CONDENSED FINANCIAL INFORMATION
THE TRAVELERS FUND ABD II FOR VARIABLE ANNUITIES
ACCUMULATION UNIT VALUES (CONTINUED)

Funding Options not listed had no amounts yet allocated to them. The date next
to each funding options name represents the date money first came into the
funding option through the Separate Account. "Number of units outstanding at end
of period" may include units for contract owners in the payout phase. The
financial statements for Fund ABD II and the financial statements of The
Travelers Life and Annuity Company are contained in the SAI.

B-2
<PAGE> 75

APPENDIX C
- --------------------------------------------------------------------------------

THE FIXED ACCOUNT

TRANSFERS

C-1
<PAGE> 76

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<PAGE> 77

APPENDIX D
- --------------------------------------------------------------------------------

CONTENTS OF THE STATEMENT OF ADDITIONAL INFORMATION

- --------------------------------------------------------------------------------

Name:

Address:

D-1
<PAGE> 78

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