Rule 497(e)
File No.811-3249
33-82610
Maxim Series Account of Great-West Life & Annuity Insurance Company
Effective February 19, 1998
Insert on page 1 of the prospectus:
Beginning May 1, 1998, two Investment Divisions will no longer be available
under the Contract for allocation of Contributions. The Maxim Total Return
Investment Division and the American Century Balanced Investment Division (the
"Eliminated Portfolios") will be closed to new contributions. At any time prior
to May 1, 1998 Contract Owners may transfer their account balances from the
Eliminated Portfolios to any of the remaining Investment Divisions without
incurring any charges.
On May 1, 1998, any money remaining in the Eliminated Portfolios will
automatically be transferred to the Maxim INVESCO Balanced Portfolio and no
charges will be incurred. After May 1, 1998 Contract Owners can also transfer
any money which was automatically transferred to the Maxim INVESCO Balanced
Portfolio to any remaining Investment Division without incurring any charges.
