<PAGE>
PROVIDIAN LIFE AND HEALTH INSURANCE COMPANY
SEPARATE ACCOUNT V
SUPPLEMENT
DATED JUNE 13, 1997
TO THE
PROSPECTUS DATED APRIL 30, 1997
FOR THE
PROVIDIAN PRISM VARIABLE ANNUITY A UNITS
OFFERED BY
PROVIDIAN LIFE AND HEALTH INSURANCE COMPANY
(A MISSOURI STOCK COMPANY)
The first and second paragraphs under the heading "Providian Life and Health
Insurance Company" contained in the "The Company and the Separate Account"
section (which section appears on page 11) are hereby deleted and replaced in
their entirety as follows:
"The Company is a stock life insurance company incorporated under the laws of
Missouri on August 6, 1920. The Company is principally engaged in offering life
insurance, annuity contracts, and accident and health insurance and is admitted
to do business in 49 states, the District of Columbia and Puerto Rico. As of
December 31, 1996, the Company had statutory assets of approximately $10
billion. The Company is a wholly owned indirect subsidiary of AEGON
International N.V., which conducts substantially all of its operations through
subsidiary companies engaged in the insurance business or in providing non-
insurance financial services. All of the stock of AEGON International N.V. is
owned by AEGON N.V. of the Netherlands. AEGON N.V., a holding company, conducts
its business through subsidiary companies engaged primarily in the insurance
business."
<PAGE>
PROVIDIAN LIFE AND HEALTH INSURANCE COMPANY
SEPARATE ACCOUNT V
SUPPLEMENT
DATED JUNE 13, 1997
TO THE
PROSPECTUS DATED APRIL 30, 1997
FOR THE
PROVIDIAN PRISM VARIABLE ANNUITY
OFFERED BY
PROVIDIAN LIFE AND HEALTH INSURANCE COMPANY
(A MISSOURI STOCK COMPANY)
The first and second paragraphs under the heading "Providian Life and Health
Insurance Company" contained in the "The Company and the Separate Account"
section (which section appears on page 12) are hereby deleted and replaced in
their entirety as follows:
"The Company is a stock life insurance company incorporated under the laws of
Missouri on August 6, 1920. The Company is principally engaged in offering life
insurance, annuity contracts, and accident and health insurance and is admitted
to do business in 49 states, the District of Columbia and Puerto Rico. As of
December 31, 1996, the Company had statutory assets of approximately $10
billion. The Company is a wholly owned indirect subsidiary of AEGON
International N.V., which conducts substantially all of its operations through
subsidiary companies engaged in the insurance business or in providing non-
insurance financial services. All of the stock of AEGON International N.V. is
owned by AEGON N.V. of the Netherlands. AEGON N.V., a holding company, conducts
its business through subsidiary companies engaged primarily in the insurance
business."
<PAGE>
PROVIDIAN LIFE AND HEALTH INSURANCE COMPANY
SEPARATE ACCOUNT V
SUPPLEMENT
DATED JUNE 13, 1997
TO THE
STATEMENT OF ADDITIONAL INFORMATION DATED APRIL 30, 1997
FOR THE
PROVIDIAN PRISM VARIABLE ANNUITY
AND
PROVIDIAN PRISM VARIABLE ANNUITY A UNITS
OFFERED BY
PROVIDIAN LIFE AND HEALTH INSURANCE COMPANY
(A MISSOURI STOCK COMPANY)
The two paragraphs under the heading "THE COMPANY" on page 22 are hereby deleted
and replaced in their entirety as follows:
"Providian Corporation owns a 4% interest in the Company and 61%, 15%, and 20%
interests, respectively, are held by Commonwealth Life Insurance Company,
Peoples Security Life Insurance Company, and Capital Liberty, L.P. Commonwealth
Life Insurance Company and Peoples Security Life Insurance Company are each
wholly owned by Capital General Development Corporation, which in turn is wholly
owned by Providian Corporation. A 3% interest in Capital Liberty, L.P. is owned
by Providian Corporation, which is the general partner, and 78% and 19%
interests, respectively, are held by two limited partners, Commonwealth Life
Insurance Company and Peoples Security Life Insurance Company.
Providian Corporation is a wholly owned subsidiary of AEGON International N.V.
AEGON International N.V. is a wholly owned subsidiary of AEGON N.V. Vereniging
AEGON (a Netherlands membership association) has a 53% interest in AEGON N.V."
