<PAGE>
VARIABLE ANNUITY ACCOUNT B
Aetna Life Insurance and Annuity Company
Supplement dated June 21, 1996 to the Prospectus dated May 1, 1996
AetnaPlus -- Group Variable Annuity Contracts for
Employer-Sponsored Deferred Compensation Plans
AT A JUNE 17, 1996 SPECIAL MEETING OF THE SHAREHOLDERS OF AETNA VARIABLE FUND,
AETNA INCOME SHARES, AETNA INVESTMENT ADVISERS FUND, INC., AETNA ASCENT VARIABLE
PORTFOLIO, AETNA CROSSROADS VARIABLE PORTFOLIO AND AETNA LEGACY VARIABLE
PORTFOLIO ("FUNDS"), SHAREHOLDERS OF THE RESPECTIVE FUNDS APPROVED A PROPOSAL TO
INCREASE THE ADVISORY FEES FOR EACH OF THE FUNDS EFFECTIVE AUGUST 1, 1996.
THEREFORE, THIS SUPPLEMENT AMENDS THE INFORMATION CONTAINED IN THE MAY 1, 1996
PROSPECTUS (THE "PROSPECTUS"), AS DESCRIBED BELOW.
- - THE FOLLOWING TABLE MODIFIES THE INFORMATION CONTAINED UNDER "ANNUAL EXPENSES
OF THE FUNDS" ON PAGE FEE TABLE - 2 OF THE PROSPECTUS TO REFLECT INCREASES IN
ADVISORY FEES OF THE RESPECTIVE FUNDS EFFECTIVE AUGUST 1, 1996 AS IF THE
INCREASES HAD BEEN IN EFFECT FOR THE YEAR ENDED DECEMBER 31, 1996. THE OTHER
INVESTMENT OPTIONS ARE NOT AFFECTED BY THIS CHANGE.
<TABLE>
<CAPTION>
INVESTMENT TOTAL FUND
ADVISORY FEES OTHER EXPENSES* ANNUAL EXPENSES
------------- --------------- ---------------
<S> <C> <C> <C>
Aetna Variable Fund 0.50% 0.06% 0.56%
Aetna Income Shares 0.40% 0.08% 0.48%
Aetna Investment Advisers Fund, Inc. 0.50% 0.08% 0.58%
Aetna Ascent Variable Portfolio 0.60% 0.15% 0.75%
Aetna Crossroads Variable Portfolio 0.60% 0.15% 0.75%
Aetna Legacy Variable Portfolio 0.60% 0.15% 0.75%
</TABLE>
* As of May 1, 1996, the Company provides administrative services to the Funds
and assumes the Funds' ordinary recurring direct costs under an Administrative
Services Agreement. The "Other Expenses" shown are not based on figures for
the year ended December 31, 1995, but reflect the fee payable under this
Agreement.
- - THE FOLLOWING ILLUSTRATION APPLIES TO THE FUNDS EFFECTIVE AUGUST 1, 1996 TO
REFLECT THE INCREASES IN THE RESPECTIVE ADVISORY FEES AND MODIFIES THE
INFORMATION FOUND IN THE "HYPOTHETICAL ILLUSTRATION (EXAMPLE)" FOUND ON PAGE
FEE TABLE - 3 IN THE PROSPECTUS:
<TABLE>
<CAPTION>
EXAMPLE A EXAMPLE B
------------------------------------- -------------------------------------
IF YOU WITHDRAW YOUR ENTIRE ACCOUNT IF YOU DO NOT WITHDRAW YOUR ACCOUNT
VALUE AT THE END OF THE PERIODS VALUE, OR IF YOU ANNUITIZE AT THE END
SHOWN, YOU WOULD PAY THE FOLLOWING OF THE PERIODS SHOWN, YOU WOULD PAY
EXPENSES, INCLUDING ANY APPLICABLE THE FOLLOWING EXPENSES (NO DEFERRED
DEFERRED SALES CHARGE: SALES CHARGE IS REFLECTED):*
1 YEAR 3 YEARS 5 YEARS 10 YEARS 1 YEAR 3 YEARS 5 YEARS 10 YEARS
------ ------- ------- -------- ------ ------- ------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Aetna Variable Fund $70 $112 $158 $215 $19 $ 58 $ 99 $215
Aetna Income Shares $69 $110 $154 $206 $18 $ 55 $ 95 $206
Aetna Investment Advisers
Fund, Inc. $70 $113 $158 $217 $19 $ 58 $100 $217
Aetna Ascent Variable
Portfolio $72 $118 $167 $235 $21 $ 63 $109 $235
Aetna Crossroads Variable
Portfolio $72 $118 $167 $235 $21 $ 63 $109 $235
Aetna Legacy Variable
Portfolio $72 $118 $167 $235 $21 $ 63 $109 $235
</TABLE>
* This Example would not apply if a nonlifetime variable annuity option is
selected, and a lump sum settlement is requested within three years after
annuity payments start, since the lump-sum payment will be treated as a
withdrawal during the Accumulation Period and will be subject to any deferred
sales charge that would then apply. (Refer to Example A.)
- -THE FOLLOWING INFORMATION SUPPLEMENTS THE INFORMATION FOUND UNDER "INVESTMENT
OPTIONS -- THE FUNDS" WITH RESPECT TO THE INVESTMENT ADVISERS FOUND ON PAGE 3
IN THE PROSPECTUS:
Effective August 1, 1996, Aeltus Investment Management, Inc. ("Aeltus") will
become the subadviser for the following Funds:
Aetna Variable Fund
Aetna Income Shares
Aetna Variable Encore Fund(1)
Aetna Investment Advisers Fund, Inc.
Aetna Ascent Variable Portfolio
Aetna Crossroads Variable Portfolio
Aetna Legacy Variable Portfolio
(1) It is currently expected that the proposal relating to the approval of
Aeltus as a subadviser for the Aetna Variable Encore Fund will be submitted
to shareholders at a meeting to be held on July 19, 1996. If approved, such
proposal would be effective on August 6, 1996. (Refer to your Fund
prospectus for further information.)
Form No. X75996.3 June 1996
