RELIASTAR LIFE INSURANCE COMPANY OF NEW YORK
Select*Life NY
Flexible Premium Variable Life Insurance Policies
Issued by ReliaStar Life Insurance Company of New York Variable Life
Separate Account I
of ReliaStar Life Insurance Company
Supplement dated January 22, 1999 to
Prospectus dated May 1, 1998
Effective April 30, 1999, the sub-account investing in the following Fund (the
"Closed Fund") is being closed to new monies, and will no longer accept
additional premiums or transfers:
* Putnam VT Diversified Income Fund
If new premiums are received on or after April 30, 1999 for investment in the
Closed Fund, these premiums will automatically be re-allocated to the Fidelity
VIP Money Market Fund option, unless we receive instructions from you to the
contrary. If we receive additional premiums but you have already reached the 17
Fund limitation (as outlined in the Prospectus), and the Fidelity VIP Money
Market Fund was not one of these Funds, then the additional premiums will be
re-allocated pro rata to the other Funds to which you have allocated monies, and
which are not being closed.
If you have elected the dollar cost averaging service, and one or more of the
transferee funds you have selected is a Closed Fund, then the service will be
terminated and you will be required to complete a new dollar cost averaging form
specifying new transferee fund(s).
If you have elected the portfolio rebalancing service, and one or more of the
Funds you have elected is a Closed Fund, then the service will be terminated. If
you wish to resume this service, you will be required to complete a new
portfolio rebalancing form, and re-allocate all monies currently allocated to
Closed Funds to Funds that have not been closed.
