<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST JUNE 30, 2000 SEMI-ANNUAL REPORT AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 313
<NAME> FRANKLIN S&P 500 INDEX FUND - CLASS 3
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-END> JUN-30-2000
<INVESTMENTS-AT-COST> 50,565,948
<INVESTMENTS-AT-VALUE> 51,898,676
<RECEIVABLES> 320,722
<ASSETS-OTHER> 116,827
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 52,336,225
<PAYABLE-FOR-SECURITIES> 217,247
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 68,069
<TOTAL-LIABILITIES> 285,316
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 50,991,229
<SHARES-COMMON-STOCK> 901,758
<SHARES-COMMON-PRIOR> 222,589
<ACCUMULATED-NII-CURRENT> 186,906
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (440,634)
<ACCUM-APPREC-OR-DEPREC> 1,313,408
<NET-ASSETS> 52,050,909
<DIVIDEND-INCOME> 294,023
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (106,839)
<NET-INVESTMENT-INCOME> 187,184
<REALIZED-GAINS-CURRENT> (440,634)
<APPREC-INCREASE-CURRENT> 843,476
<NET-CHANGE-FROM-OPS> 590,026
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,250)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 972,705
<NUMBER-OF-SHARES-REDEEMED> (293,863)
<SHARES-REINVESTED> 327
<NET-CHANGE-IN-ASSETS> 34,726,142
<ACCUMULATED-NII-PRIOR> 21,813
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (26,278)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (144,725)
<AVERAGE-NET-ASSETS> 41,034,490
<PER-SHARE-NAV-BEGIN> 10.550
<PER-SHARE-NII> .030<F1>
<PER-SHARE-GAIN-APPREC> .000
<PER-SHARE-DIVIDEND> (.010)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 10.570
<EXPENSE-RATIO> .800<F2><F3>
<FN>
<F1>BASED ON AVERAGE SHARES OUTSTANDING.
<F2>ANNUALIZED
<F3>EXPENSE RATIO EXCLUDING WAIVER AND PAYMENT BY AFFILIATE 1.86%.
</FN>
</TABLE>
