ANCHOR NATIONAL LIFE INSURANCE COMPANY
VARIABLE ANNUITY ACCOUNT ONE
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SUPPLEMENT TO ICAP PROSPECTUS DATED FEBRUARY 28, 1997
Delete the first three paragraphs referring to the Target '98 Portfolio under
the section entitled "Fixed Income Portfolios" beginning on page 12.
Effective January 1, 1998, no Purchase Payments into the Target '98 Division
will be accepted. Purchase Payments may be allocated among the other eleven
Divisions of the Separate Account and/or Fixed Account option. In addition,
no transfers into the Target '98 Division will be permitted after January 1,
1998.
Contract Owners currently in the 'Target '98 Division must provide the
Company with reallocation instructions before November 15, 1998. If the
Company does not receive reallocation instructions before November 15, 1998,
Contract Values will be automatically reallocated to the Money Market
Division. Reallocations of Contract Values from the Target '98 Division will
not be considered "transfers" for purposes of determining any applicable
transfer fees. Other transfers out of the Target '98 Division will not be
permitted after October 15, 1998. None of the foregoing constraints affect
a Contract Owner's right to redeem his or her Contract Value at any time (See
"Purchases and Contract Value - Withdrawals (Redemption)").
Contract Owners contributing to the Target '98 Portfolio through the Dollar
Cost Averaging Program or an automatic payment program must provide the
Company with reallocation instructions for all future payments before January
1, 1998. If the Company does not receive reallocation instructions before
January 1, 1998, Contract Values will be automatically reallocated to the
Money Market Division.
Date: December 24, 1997
Please keep this Supplement with your Prospectus
