<PAGE>
<TABLE>
<S> <C>
PUTNAM CAPITAL MANAGER
SERIES III & IV
PUTNAM CAPITAL MANAGER TRUST SEPARATE ACCOUNT TWO
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
SUPPLEMENT DATED OCTOBER 2, 2000 TO THE PROSPECTUS DATED
MAY 1, 2000
</TABLE>
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
In the section entitled "Definitions," the definition of "Commuted Value" is
deleted and replaced with the following:
COMMUTED VALUE: The present value of any remaining guaranteed Annuity Payouts.
This amount is calculated using the Assumed Investment Return for variable
dollar amount Annuity Payouts or the underlying rate of return for fixed dollar
amount Annuity Payouts.
In the "Highlights" section under the sub-section "Can I take out any of my
money?", the first paragraph is deleted and replaced with the following
language:
You may Surrender all or part of the amounts you have invested at any time
before we start making Annuity Payouts. Once Annuity Payouts begin, you may take
full or partial Surrenders under the Payments for a Designated Period, or Life
Annuity with 120, 180 or 240 Monthly Payments Certain Annuity Payout Options,
but only if you selected the variable dollar amount Annuity Payouts.
--------------------------------------------------------------------------------
- You may have to pay income tax on the money you take out and, if you
Surrender before you are age 59 1/2, you may have to pay an income tax
penalty.
- You may have to pay a Contingent Deferred Sales Charge on the money you
Surrender.
--------------------------------------------------------------------------------
In the "Highlights" section, in the first paragraph of the sub-section entitled,
"Will Hartford pay a Death Benefit?", the first sentence is deleted and replaced
with the following:
There is a Death Benefit if the Contract Owner, joint owner or Annuitant die
before we begin to make Annuity Payouts.
In the "Highlights" section, under the subsection "What Annuity Payout Options
are available?" the second paragraph is deleted and replaced with the following:
You must begin to take payments before the Annuitant's 90th birthday or the
end of the 10th Contract Year, whichever comes later, unless you elect a
later date to begin receiving payments subject to the laws and regulations
then in effect and our approval. If you do not tell us what Annuity Payout
Option you want before that time, we will pay you under the variable Life
Annuity with 120, 180 or 240 Monthly Payments Certain Annuity Payout Option
with period certain payouts for 120 months. Please consult your Registered
Representative or call us.
In the "General Contract Information" section, immediately under the table
entitled "Hartford's Ratings" the following paragraph is added:
These ratings apply to Hartford's ability to meet its obligations under the
Contract. The ratings do not apply to the Separate Account or the underlying
Funds.
In the "Surrenders" section, under the sub-section entitled "What kinds of
surrenders are available?", the paragraph entitled "Partial Surrenders after the
Annuity Commencement Date" is deleted and replaced with the following language:
PARTIAL SURRENDERS AFTER THE ANNUITY COMMENCEMENT DATE -- Partial Surrenders are
permitted after the Annuity Commencement Date if you select the Life Annuity
with 120, 180 or 240 Monthly Payments Certain or the Payments for a Designated
Period Annuity Payout Options. You may take partial Surrenders of amounts equal
to the Commuted Value of the payments that we would have made during the "Period
Certain" or the number of years you select under the Annuity Payout Option that
we guarantee to make Annuity Payouts.
To qualify for partial Surrenders under these Annuity Payout Options you must
elect a variable dollar amount Annuity Payout and you must make the Surrender
request during the Period Certain.
Hartford will deduct any applicable Contingent Deferred Sales Charges.
If you elect to take the entire Commuted Value of the Annuity Payouts we would
have made during the Period Certain, Hartford will not make any Annuity Payouts
during the remaining Period Certain. If you elect to take only some of the
Commuted Value of the Annuity Payouts we would have made during the Period
Certain, Hartford will reduce the remaining Annuity Payouts during the remaining
Period Certain. Annuity Payouts that are to be made after the Period Certain is
over will not change.
PLEASE CHECK WITH YOUR TAX ADVISER BECAUSE THERE COULD BE ADVERSE TAX
CONSEQUENCES FOR PARTIAL SURRENDERS AFTER THE ANNUITY COMMENCEMENT DATE.
<PAGE>
2 HARTFORD LIFE INSURANCE COMPANY
--------------------------------------------------------------------------------
In the "Death Benefit" section, in the first paragraph of the sub-section
entitled "What is the Death Benefit and how is it calculated?", the first
sentence is deleted and replaced with the following:
The Death Benefit is the amount we will pay upon the death of the Contract
Owner, joint Owner or Annuitant.
In the "Death Benefit" section, the sub-section entitled "Who will receive the
Death Benefit?" is deleted and replaced with the following language:
The distribution of the Death Benefit is based on whether death is before, on or
after the Annuity Commencement Date.
IF DEATH OCCURS BEFORE THE ANNUITY COMMENCEMENT DATE:
<TABLE>
<CAPTION>
IF THE DECEASED IS THE . . . AND . . . AND . . . THEN THE . . .
<S> <C> <C> <C>
Contract Owner There is a surviving joint The Annuitant is living or Joint Contract Owner
Contract Owner deceased receives the Death
Benefit.
Contract Owner There is no surviving The Annuitant is living or Designated Beneficiary
joint Contract Owner deceased receives the Death
Benefit.
Contract Owner There is no surviving The Annuitant is living or Contract Owner's estate
joint Contract Owner and deceased receives the Death
the Beneficiary Benefit.
predeceases the Contract
Owner
Annuitant The Contract Owner is There is no named Death Benefit is paid to
living Contingent Annuitant the Contract Owner and not
the designated
Beneficiary.
Annuitant The Contract Owner is The Contingent Annuitant Contingent Annuitant
living is living becomes the Annuitant, and
the Contract continues.
</TABLE>
IF DEATH OCCURS ON OR AFTER THE ANNUITY COMMENCEMENT DATE:
<TABLE>
<CAPTION>
IF THE DECEASED IS THE . . . AND . . . THEN THE . . .
<S> <C> <C>
Contract Owner The Annuitant is living Designated Beneficiary becomes the
Contract Owner
Annuitant The Contract Owner is living Contract Owner receives the Death
Benefit.
Annuitant The Annuitant is also the Contract Owner Designated Beneficiary receives the
Death Benefit.
</TABLE>
THESE ARE THE MOST COMMON DEATH BENEFIT SCENARIOS, HOWEVER, THERE ARE OTHERS.
SOME OF THE ANNUITY PAYOUT OPTIONS MAY NOT RESULT IN A DEATH BENEFIT PAYOUT. IF
YOU HAVE QUESTIONS ABOUT THESE AND ANY OTHER SCENARIOS, PLEASE CONTACT YOUR
REGISTERED REPRESENTATIVE OR US.
In the "Annuity Payouts" section, under the sub-section entitled, "When do you
want Annuity Payouts to begin?", the last sentence of the first paragraph is
deleted and replaced with the following language:
The Annuity Commencement Date cannot be deferred beyond the Annuitant's 90th
birthday or the end of the 10th Contract Year, whichever is later unless you
elect a later date to begin receiving payments subject to the laws and
regulations then in effect and our approval. If this Contract is issued to the
trustee of a Charitable Remainder Trust, the Annuity Commencement Date may be
deferred to the Annuitant's 100th birthday.
In the "Annuity Payouts" section, under the subsection "2. Which Annuity Payout
Option do you want to use?" under the subsection "Important Information", that
last two bulleted paragraphs are deleted and replaced with the following:
- For Non-Qualified Contracts, if you do not elect an Annuity Payout Option,
variable Annuity Payouts will automatically begin on the Annuity Commencement
Date under the Life Annuity with 120, 180 or 240 Monthly Payments Certain
Annuity Payout Option with period certain payouts for 120 months.
- For Qualified Contracts and Contracts issued in Texas, if you do not elect an
Annuity Payout Option, variable Annuity Payouts will begin automatically on
the Annuity Commencement Date, under the Life Annuity Payout Option.
<PAGE>
HARTFORD LIFE INSURANCE COMPANY 3
--------------------------------------------------------------------------------
In the "Other Programs Available" section, in the paragraph entitled "Automatic
Income" the first sentence is deleted and replaced with the following:
The Automatic Income Program allows you to Surrender up to 10% of your total
Premium Payments each Contract Year without a Contingent Deferred Sales
Charge.
The "Accumulation Unit Values" table is deleted and replaced with the following:
ACCUMULATION UNIT VALUES
--------------------------------------------------------------------------------
(For and Accumulation Unit outstanding throughout the period)
The following audited information from the financial statements of the Separate
Account has been audited by Arthur Andersen LLP, independent public accountants,
as indicated in their report with respect thereto, and should be read in
conjunction with those statements which are included in the Statement of
Additional Information, which is incorporated by reference in this Prospectus.
The unaudited information, which reflects the deduction for the Optional Death
Benefit, has been derived from the audited financial statements of the Separate
Account. No information is shown for Putnam Technology Sub-Account, Putnam
American Government Income Sub-Account, and Putnam Growth Opportunities
Sub-Account because, as of December 31, 1999, the Sub-Accounts had not yet
commenced operations.
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31,
--------------------------------------------------------------------------------------------
WITH THE
WITHOUT THE OPTIONAL
OPTIONAL DEATH
DEATH BENEFIT
BENEFIT (UNAUDITED)
1999 1999 1998 1997 1996 1995 1994 1993
<S> <C> <C> <C> <C> <C> <C> <C> <C>
---------------------------------------------------------------------------------------------------------------------------------
PUTNAM ASIA PACIFIC GROWTH
SUB-ACCOUNT
(Inception date May 1, 1995)
Accumulation Unit Value at
beginning of period $ 8.552 $ 9.994 $ 9.176 $10.903 $10.135 $10.000 -- --
---------------------------------------------------------------------------------------------------------------------------------
Accumulation Unit Value at end of
period $17.505 $17.488 $ 8.552 $ 9.176 $10.903 $10.135 -- --
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Number Accumulation Units
outstanding at end of period (in
thousands) 8,029 22 6,219 7,445 6,980 1,292 -- --
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PUTNAM DIVERSIFIED INCOME
SUB-ACCOUNT
(Inception date September 15,
1993)
Accumulation Unit Value at
beginning of period $12.489 $12.713 $12.841 $12.127 $11.302 $ 9.622 $10.188 $10.000
---------------------------------------------------------------------------------------------------------------------------------
Accumulation Unit Value at end of
period $12.532 $12.520 $12.489 $12.841 $12.127 $11.302 $ 9.622 $10.188
---------------------------------------------------------------------------------------------------------------------------------
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Number Accumulation Units
outstanding at end of period (in
thousands) 22,092 42 23,713 21,017 18,268 11,006 8,609 4,428
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PUTNAM THE GEORGE PUTNAM OF BOSTON
SUB-ACCOUNT
(Inception date May 1, 1998)
Accumulation Unit Value at
beginning of period $21.492 $10.984 $10.000 -- -- -- -- --
---------------------------------------------------------------------------------------------------------------------------------
Accumulation Unit Value at end of
period $10.063 $10.053 $21.492 -- -- -- -- --
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Number Accumulation Units
outstanding at end of period (in
thousands) 14,825 110 16,353 -- -- -- -- --
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PUTNAM GLOBAL ASSET ALLOCATION
SUB-ACCOUNT
(Inception date February 1, 1988)
Accumulation Unit Value at
beginning of period $30.256 $31.376 $27.026 $22.902 $20.087 $16.355 $16.988 $14.665
---------------------------------------------------------------------------------------------------------------------------------
Accumulation Unit Value at end of
period $33.370 $33.337 $30.256 $27.026 $22.902 $20.087 $16.355 $ 16.98
---------------------------------------------------------------------------------------------------------------------------------
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Number Accumulation Units
outstanding at end of period (in
thousands) 15,126 5 16,653 16,683 14,342 10,181 8,665 4,491
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PUTNAM GLOBAL GROWTH SUB-ACCOUNT
(Inception date May 1, 1990)
Accumulation Unit Value at
beginning of period $24.940 $25.979 $19.497 $17.294 $14.963 $13.119 $13.432 $10.289
---------------------------------------------------------------------------------------------------------------------------------
Accumulation Unit Value at end of
period $40.580 $40.540 $24.940 $19.497 $17.294 $14.963 $13.119 $13.432
---------------------------------------------------------------------------------------------------------------------------------
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Number Accumulation Units
outstanding at end of period (in
thousands) 40,918 22 42,487 43,485 39,498 25,154 20,285 8,312
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</TABLE>
<PAGE>
4 HARTFORD LIFE INSURANCE COMPANY
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31,
--------------------------------------------------------------------------------------------
WITH THE
WITHOUT THE OPTIONAL
OPTIONAL DEATH
DEATH BENEFIT
BENEFIT (UNAUDITED)
1999 1999 1998 1997 1996 1995 1994 1993
<S> <C> <C> <C> <C> <C> <C> <C> <C>
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PUTNAM GROWTH AND INCOME
SUB-ACCOUNT
(Inception date February 1, 1988)
Accumulation Unit Value at
beginning of period $45.567 $50.800 $40.036 $32.703 $27.201 $20.178 $20.390 $18.096
---------------------------------------------------------------------------------------------------------------------------------
Accumulation Unit Value at end of
period $45.646 $45.601 $45.567 $40.036 $32.703 $27.201 $20.178 $20.390
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
Number Accumulation Units
outstanding at end of period (in
thousands) 100,158 42 102,727 94,356 73,133 42,420 11,321 15,233
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PUTNAM HEALTH SCIENCES SUB-ACCOUNT
(Inception date May 1, 1998)
Accumulation Unit Value at
beginning of period $10.849 $ 9.840 $10.000 -- -- -- -- --
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Accumulation Unit Value at end of
period $10.277 $10.267 $10.849 -- -- -- -- --
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Number Accumulation Units
outstanding at end of period (in
thousands) 12,308 69 7,148 -- -- -- -- --
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PUTNAM HIGH YIELD SUB-ACCOUNT
(Inception date February 1, 1988)
Accumulation Unit Value at
beginning of period $23.742 $24.985 $25.575 $22.682 $20.390 $17.476 $17.890 $15.173
---------------------------------------------------------------------------------------------------------------------------------
Accumulation Unit Value at end of
period $24.799 $24.774 $23.742 $25.575 $22.682 $20.390 $17.476 $17.890
---------------------------------------------------------------------------------------------------------------------------------
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Number Accumulation Units
outstanding at end of period (in
thousands) 20,315 35 23,582 21,602 17,031 10,603 7,675 5,066
---------------------------------------------------------------------------------------------------------------------------------
PUTNAM INCOME SUB-ACCOUNT
(Inception date February 1, 1988)
Accumulation Unit Value at
beginning of period $21.305 $21.164 $19.959 $18.631 $18.448 $15.533 $16.277 14.833
---------------------------------------------------------------------------------------------------------------------------------
Accumulation Unit Value at end of
period $20.574 $20.554 $21.305 $19.959 $18.631 $18.448 $15.533 $16.277
---------------------------------------------------------------------------------------------------------------------------------
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Number Accumulation Units
outstanding at end of period (in
thousands) 16,827 26 16,353 11,666 11,110 8,948 7,585 7,254
---------------------------------------------------------------------------------------------------------------------------------
PUTNAM INTERNATIONAL GROWTH
SUB-ACCOUNT
(Inception date January 2, 1997)
Accumulation Unit Value at
beginning of period $13.403 $14.721 $11.451 $10.000 -- -- -- --
---------------------------------------------------------------------------------------------------------------------------------
Accumulation Unit Value at end of
period $21.164 $21.143 $13.403 $11.451 -- -- -- --
---------------------------------------------------------------------------------------------------------------------------------
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Number Accumulation Units
outstanding at end of period (in
thousands) 16,044 71 12,815 6,948 -- -- -- --
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PUTNAM INTERNATIONAL GROWTH AND
INCOME SUB-ACCOUNT
(Inception date January 2, 1997)
Accumulation Unit Value at
beginning of period $12.922 $14.490 $11.776 $10.000 -- -- -- --
---------------------------------------------------------------------------------------------------------------------------------
Accumulation Unit Value at end of
period $15.876 $15.861 $12.922 $11.777 -- -- -- --
---------------------------------------------------------------------------------------------------------------------------------
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Number Accumulation Units
outstanding at end of period (in
thousands) 14,449 24 14,002 9,878 -- -- -- --
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PUTNAM INTERNATIONAL NEW
OPPORTUNITIES SUB-ACCOUNT
(Inception date January 2, 1997)
Accumulation Unit Value at
beginning of period $11.226 $12.423 $ 9.850 $10.000 -- -- -- --
---------------------------------------------------------------------------------------------------------------------------------
Accumulation Unit Value at end of
period $22.468 $22.445 $11.226 $ 9.850 -- -- -- --
---------------------------------------------------------------------------------------------------------------------------------
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Number Accumulation Units
outstanding at end of period (in
thousands) 8,347 16 7,123 6,510 -- -- -- --
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PUTNAM INVESTORS SUB-ACCOUNT
(Inception date May 1, 1998)
Accumulation Unit Value at
beginning of period $11.432 $12.179 $10.000 -- -- -- -- --
---------------------------------------------------------------------------------------------------------------------------------
Accumulation Unit Value at end of
period $14.669 $14.655 $11.432 -- -- -- -- --
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Number Accumulation Units
outstanding at end of period (in
thousands) 30,741 228 11,569 -- -- -- -- --
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PUTNAM MONEY MARKET SUB-ACCOUNT
(Inception date February 1, 1988)
Accumulation Unit Value at
beginning of period $ 1.538 $ 1.555 $ 1.483 $ 1.429 $ 1.379 $ 1.325 $ 1.294 $ 1.277
---------------------------------------------------------------------------------------------------------------------------------
Accumulation Unit Value at end of
period $ 1.591 $ 1.589 $ 1.538 $ 1.483 $ 1.429 $ 1.379 $ 1.325 $ 1.294
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
Number Accumulation Units
outstanding at end of period (in
thousands) 266,227 377 177,635 122,079 147,638 66,283 38,819 12,916
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
HARTFORD LIFE INSURANCE COMPANY 5
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31,
--------------------------------------------------------------------------------------------
WITH THE
WITHOUT THE OPTIONAL
OPTIONAL DEATH
DEATH BENEFIT
BENEFIT (UNAUDITED)
1999 1999 1998 1997 1996 1995 1994 1993
<S> <C> <C> <C> <C> <C> <C> <C> <C>
---------------------------------------------------------------------------------------------------------------------------------
PUTNAM NEW OPPORTUNITIES
SUB-ACCOUNT
(Inception date May 2, 1994)
Accumulation Unit Value at
beginning of period $24.805 $26.455 $20.223 $16.635 $15.312 $10.718 $10.000 --
---------------------------------------------------------------------------------------------------------------------------------
Accumulation Unit Value at end of
period $41.424 $41.383 $24.805 $20.223 $16.635 $15.312 $10.718 --
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
Number Accumulation Units
outstanding at end of period (in
thousands) 62,624 59 62,749 59,879 50,976 16,971 2,699 --
---------------------------------------------------------------------------------------------------------------------------------
PUTNAM NEW VALUE SUB-ACCOUNT
(Inception date January 2, 1997)
Accumulation Unit Value at
beginning of period $12.151 $13.957 $11.597 $10.000 -- -- -- --
---------------------------------------------------------------------------------------------------------------------------------
Accumulation Unit Value at end of
period $12.014 $12.002 $12.151 $11.597 -- -- -- --
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Number Accumulation Units
outstanding at end of period (in
thousands) 12,278 20 12,727 10,226 -- -- -- --
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PUTNAM OTC & EMERGING SUB-ACCOUNT
(Inception date May 1, 1998)
Accumulation Unit Value at
beginning of period $ 9.980 $11.045 $10.000 -- -- -- -- --
---------------------------------------------------------------------------------------------------------------------------------
Accumulation Unit Value at end of
period $22.292 $22.270 $ 9.980 -- -- -- -- --
---------------------------------------------------------------------------------------------------------------------------------
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Number Accumulation Units
outstanding at end of period (in
thousands) 5,012 45 1,672 -- -- -- -- --
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PUTNAM RESEARCH SUB-ACCOUNT
(Inception date October 1, 1998)
Accumulation Unit Value at
beginning of period $12.497 $13.682 $10.000 -- -- -- -- --
---------------------------------------------------------------------------------------------------------------------------------
Accumulation Unit Value at end of
period $15.712 $15.696 $12.497 -- -- -- -- --
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Number Accumulation Units
outstanding at end of period (in
thousands) 4,978 65 1,095 -- -- -- -- --
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PUTNAM SMALL CAP VALUE SUB-ACCOUNT
(Inception date April 30, 1999)
Accumulation Unit Value at
beginning of period $10.000 $10.000 -- -- -- -- -- --
---------------------------------------------------------------------------------------------------------------------------------
Accumulation Unit Value at end of
period $10.251 $10.241 -- -- -- -- -- --
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Number Accumulation Units
outstanding at end of period (in
thousands) 676 6 -- -- -- -- -- --
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PUTNAM UTILITIES GROWTH AND INCOME
SUB-ACCOUNT
(Inception date May 4, 1992)
Accumulation Unit Value at
beginning of period $22.826 $22.609 $20.143 $16.072 $14.075 $10.889 $11.876 $10.618
---------------------------------------------------------------------------------------------------------------------------------
Accumulation Unit Value at end of
period $22.360 $22.338 $22.826 $20.143 $16.072 $14.075 $10.889 $11.876
---------------------------------------------------------------------------------------------------------------------------------
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Number Accumulation Units
outstanding at end of period (in
thousands) 19,114 18 19,598 17,569 17,006 14,307 11,859 11,003
---------------------------------------------------------------------------------------------------------------------------------
PUTNAM VISTA SUB-ACCOUNT
(Inception date January 2, 1997)
Accumulation Unit Value at
beginning of period $14.316 $15.604 $12.151 $10.000 -- -- -- --
---------------------------------------------------------------------------------------------------------------------------------
Accumulation Unit Value at end of
period $21.587 $21.566 $14.316 $12.151 -- -- -- --
---------------------------------------------------------------------------------------------------------------------------------
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Number Accumulation Units
outstanding at end of period (in
thousands) 14,524 36 12,672 8,062 -- -- -- --
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PUTNAM VOYAGER SUB-ACCOUNT
(Inception date February 1, 1988)
Accumulation Unit Value at
beginning of period $55.426 $60.816 $45.197 $36.227 $32.520 $23.445 $23.530 $20.102
---------------------------------------------------------------------------------------------------------------------------------
Accumulation Unit Value at end of
period $88.479 $86.393 $55.426 $45.197 $36.227 $32.520 $23.445 $23.530
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
Number Accumulation Units
outstanding at end of period (in
thousands) 52,779 72 51,742 48,250 41,121 23,357 13,372 6,509
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</TABLE>
HV-2745
33-60702
