<PAGE>
PROVIDIAN LIFE AND HEALTH INSURANCE COMPANY
SEPARATE ACCOUNT V
SUPPLEMENT
DATED AUGUST 8, 1997
TO THE
PROSPECTUS DATED APRIL 30, 1997
AS SUPPLEMENTED ON JUNE 13, 1997
FOR THE
PROVIDIAN PRISM VARIABLE ANNUITY A UNITS
OFFERED BY
PROVIDIAN LIFE AND HEALTH INSURANCE COMPANY
(A MISSOURI STOCK COMPANY)
The second sentence of the second paragraph under the heading "GENERAL ACCOUNT
GUARANTEED OPTIONS" on page 5 is hereby amended and restated as follows:
"If your state of issue is IN, MD, MA, OK, PA or TX, then your General Account
Guaranteed Options are described in Part 2 of Appendix A."
* * * * *
The first sentence under the heading "PART 1" on page A-1 is hereby amended and
restated as follows:
"If your state of issue is any state other than IN, MD, MA, OK, PA or TX, this
Part 1 describes the General Account Guaranteed Options applicable to your
Contract."
* * * * *
The first sentence under the heading "PART 2" on page A-4 is hereby amended and
restated as follows:
"If your state of issue is IN, MD, MA, OK, PA or TX, this Part 2 describes the
General Account Guaranteed Options applicable to your Contract."
<PAGE>
PROVIDIAN LIFE AND HEALTH INSURANCE COMPANY
SEPARATE ACCOUNT V
SUPPLEMENT
DATED AUGUST 8, 1997
TO THE
PROSPECTUS DATED APRIL 30, 1997
AS SUPPLEMENTED ON JUNE 13, 1997
FOR THE
PROVIDIAN PRISM VARIABLE ANNUITY
OFFERED BY
PROVIDIAN LIFE AND HEALTH INSURANCE COMPANY
(A MISSOURI STOCK COMPANY)
The second sentence of the second paragraph under the heading "GENERAL ACCOUNT
GUARANTEED OPTIONS" on page 5 is hereby amended and restated as follows:
"If your state of issue is IN, MD, MA, OK, PA or TX, then your General Account
Guaranteed Options are described in Part 2 of Appendix A."
* * * * *
The first sentence under the heading "PART 1" on page A-1 is hereby amended and
restated as follows:
"If your state of issue is any state other than IN, MD, MA, OK, PA or TX, this
Part 1 describes the General Account Guaranteed Options applicable to your
Contract."
* * * * *
The first sentence under the heading "PART 2" on page A-4 is hereby amended and
restated as follows:
"If your state of issue is IN, MD, MA, OK, PA or TX, this Part 2 describes the
General Account Guaranteed Options applicable to your Contract."
