SUPPLEMENT TO
PHOENIX VARIABLE ACCUMULATION ACCOUNT
PROSPECTUS DATED MAY 1, 1996
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Under "Allocated Group Contracts" at the top of page 17, the first line should
read as follows:
another annuity contract, a Retired Life Certificate or election of a
Life Expectancy Distribution
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Add the following sentence to the end of the second paragraph at the top of page
17:
In addition, if the Contact has been in force for at least twenty years
and Phoenix Home Life terminates the Contract, no sales charge will
apply.
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Under "Unallocated Group Contracts" on page 17, add the following sentence to
the end of the fifth paragraph:
In addition, if the Contract has been in force for at least twenty
years and Phoenix Home Life terminates the Contract, no sales charge
will apply.
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Under "Annuity Options" on page 18, the last sentence of "Option D" and of
"Option F" should read:
In general, the joint annuitant must have reached an adjusted age of
40, as defined in the Contract.
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Under "Other Options and Rates" on page 19, the second sentence should read:
In addition, in the event that current settlement rates for Contracts
or Single Premium Immediate Annuity rates (NY Group Contracts only) are
more favorable than the applicable rates guaranteed under the Contract,
these rates shall be used in determining the amount of any annuity
payment under the Annuity Options above.
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OL1332C Supplement 2 July 15, 1996
