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January 5, 2000
The information below supplements Massachusetts Mutual Life Insurance Company's
Panorama Premier variable annuity prospectus dated May 1, 1999. Please place
this supplement with your prospectus and retain it for future reference.
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PANORAMA PREMIER
Supplement dated January 5, 2000
to the Prospectus dated May 1, 1999
The Panorama Premier prospectus is amended as follows:
1. The fifth paragraph in the right-hand column on page 25 is revised to read
as follows:
. Effective January 15, 2000, owners of certain TSA, IRA or non-qualified
Flex Extra variable annuity contracts issued by us may exchange these
contracts for a Panorama Premier certificate. If the Flex Extra contract is
beyond the contingent deferred sales charge period at the time of the
exchange, the contract value exchanged will not be subject to a contingent
deferred sales charge under either the Flex Extra contract or the Panorama
Premier certificate. If the Flex Extra contract is within the contingent
deferred sales charge period at the time of the exchange, a contingent
deferred sales charge will not be assessed under the Flex Extra contract on
the contract value exchanged to a Panorama Premier certificate. However, a
contingent deferred sales charge may be assessed under the Panorama Premier
certificate. The Panorama Premier contingent deferred sales charge
percentage on the exchanged contract value will be determined by treating
the exchanged contract value as if it were received as a Panorama Premier
payment on the issue date of the original Flex Extra contract. After the
exchange is complete, any additional payments made to the Panorama Premier
certificate will be subject to the Panorama Premier CDSC.
2. The first paragraph in the left-hand column on page 26 is revised to read
as follows:
. Effective December 15, 1999, owners of certain TSA, IRA or non-qualified
Panorama deferred variable annuity contracts issued by us may exchange
these contracts for a Panorama Premier certificate. If the Panorama
contract is beyond the contingent deferred sales charge period at the time
of the exchange, the contract value exchanged will not be subject to a
contingent deferred sales charge under either the Panorama contract or the
Panorama Premier certificate. If the Panorama contract is within the
contingent deferred sales charge period at the time of the exchange, a
contingent deferred sales charge will not be assessed under the Panorama
contract on the contract value exchanged to a Panorama Premier certificate.
However, we may assess a contingent deferred sales charge under the
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Panorama Premier certificate. The Panorama Premier contingent deferred
sales charge percentage on the exchanged contract value will be determined
by treating the exchanged contract value as if it were received as a
Panorama Premier payment on the issue date of the original Panorama
contract. After the exchange is complete, any additional payments made to
the Panorama Premier certificate will be subject to the Panorama Premier
contingent deferred sales charge.
3. The following language is added as a new subsection immediately following
the Fund Expenses subsection on page 26:
Reduction of Charges
For certain group or sponsored arrangements there may be expense savings
that could be passed on to the customer because our costs for sales,
administration, and mortality generally vary with the size of the customer.
We will consider factors such as the size of the group, the nature of the
sale, the expected payment volume, and other factors we consider
significant in determining whether to reduce charges. Subject to applicable
state laws and regulations, we reserve the right to reduce the mortality
and expense risk charge, the administrative charge, the annual certificate
maintenance charge or any other charge that is appropriate to reflect any
expense savings. We will make any reductions according to our rules in
effect when an application for a certificate is approved. We may change
these rules from time to time. Any reduction in charges will reflect
differences in costs or services, and will not be unfairly discriminatory.
4. The following language is added to the Panorama Series Fund, Inc.
subsection on page 14:
Effective January 1, 2000, Babson-Stewart Ivory International, Credit
Suisse Asset Management, and Pilgrim, Baxter & Associates, Ltd. will no
longer serve as sub-advisers to the Panorama LifeSpan Balanced Portfolio,
the Panorama LifeSpan Diversified Income Portfolio, and the Panorama
LifeSpan Capital Appreciation Portfolio. OppenheimerFunds, Inc. will remain
as the investment adviser and will provide the day-to-day management for
all components of these Portfolios.
January 5, 2000
