THE LIFE INSURANCE COMPANY OF VIRGINIA
LIFE OF VIRGINIA SEPARATE ACCOUNT I
POST SUBSTITUTION
SUPPLEMENT DATED DECEMBER 12, 1997
TO
PROSPECTUS DATED May 2, 1988
The Life Insurance Company of Virginia ("Life of Virginia") made the
following substitutions of shares held by investment subdivisions of Life of
Virginia Separate Account I (the "Account"):
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Before the Substitution After the Substitution
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Shares of Money Market Portfolio - Variable Shares of Money Market Fund -
Insurance Products Fund GE Investments Funds, Inc.
Shares of Money Fund - Shares of Money Market Fund - Oppenheimer
Variable Account Funds GE Investments Funds, Inc.
Shares of Government Securities Fund - Shares of Income Fund -
GE Investments Funds, Inc. GE Investments Funds, Inc.
Shares of Limited Maturity Bond Portfolio - Shares of Income Fund -
Neuberger & Berman Advisers Management Trust GE Investments Funds, Inc.
Shares of High Income Portfolio - Shares of High Income Fund -
Variable Insurance Products Fund Oppenheimer Variable Account Funds
Shares of Growth Portfolio - Shares of Growth Portfolio -
Neuberger & Berman Advisers Management Trust Variable Insurance Products Fund
Shares of Balanced Portfolio - Shares of Balanced Portfolio -
Neuberger & Berman Advisers Management Trust Janus Aspen Series
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The foregoing substitutions were carried out pursuant to an order of
the Securities and Exchange Commission issued on December 11, 1997, with the
approval of any necessary department of insurance. The effect of such a share
substitution was to replace certain portfolios of Variable Insurance Products
Fund, Oppenheimer Variable Account Funds, GE Investments Funds, Inc., and
Neuberger & Berman Advisers Management Trust with those of GE Investments Funds,
Inc., Oppenheimer Variable Account Funds, Variable Insurance Products Fund, and
Janus Aspen Series as investment options under the Policies described in your
May 1, 1997, prospectus.
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The investment objectives of the substituted funds are as follows:
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Money Market Fund - Seeks the highest level of current income as is consistent
GE Investments Funds, Inc. with high liquidity and safety of principal by investing in
various types of good quality money market securities.
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Income Fund - Seeks maximum income consistent with prudent investment
GE Investments Funds, Inc. management and preservation of capital by investing primarily
in income-bearing debt securities and other income-bearing
instruments.
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High Income Fund - Seeks a high level of current income from investment in
high Oppenheimer Variable Account Funds yield fixed income
securities, including unrated securities or high risk securities
in lower rating categories.
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Growth Portfolio - Seeks capital appreciation by normally investing in common
Variable Insurance Products Fund stocks, although its investments are not restricted to any
one type of security.
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Balanced Portfolio - Seeks long-term growth of capital, consistent with
the Janus Aspen Series preservation of capital and
balanced by current income.
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Each Policy owner affected by the substitution has been sent a written
notice informing them that the substitutions were carried out and that they may
make one transfer of all amounts under a Policy invested in any one of the
affected investment subdivisions to another investment subdivision before
January 16, 1998, without that transfer counting as the free transfer permitted
in a calendar month. Life of Virginia will not exercise any rights reserved
under any contract to impose additional restrictions on transfers relating to
the investment subdivisions until at least thirty (30) days after the
substitutions.
This supplement should be retained with the prospectus for future
reference.
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