Rule 497(e)
File Nos. 333-01153
333-01173
The Schwab Variable Annuity(tm)
Issued by
Great-West Life & Annuity Insurance Company
February 21, 1997
On page 1 of the prospectus insert at the end of the second
paragraph:
"The Guarantee Period Fund may not be available in all states."
On page 7 of the prospectus:
Under the heading The Guarantee Period Fund, after the first
sentence insert the following sentences into the existing
paragraph:
"However, the Guarantee Period Fund may not be available in all
states or jurisdictions where the Contract is sold. Please consult
with your representative or call the Schwab Annuity Service Center
for more information."
On page 17 of the prospectus:
Under the Heading Guarantee Period Fund replace the fourth
paragraph with the following:
"As of the date of this Prospectus, Guarantee Periods with annual
durations of 1 to 10 years are offered only in those states where
the Guarantee Period Fund is available. The Guarantee Periods may
be changed in the future; however, any such modification will not
have an impact on any Guarantee Period then in effect."
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