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VARIABLE UNIVERSAL LIFE
INVESTING IN
NYLIAC VARIABLE UNIVERSAL LIFE SEPARATE ACCOUNT-I
NYLIAC VARIABLE UNIVERSAL LIFE SEPARATE ACCOUNT-II
SUPPLEMENT DATED JANUARY 1, 1998 TO PROSPECTUS DATED MAY 1, 1997
This Supplement describes information relating to flexible premium
variable universal life insurance policies ("Policies") offered by New York Life
Insurance and Annuity Corporation. This Supplement provides information that a
prospective investor should know before investing. Please read it carefully and
retain it for future reference. This Supplement is not valid unless accompanied
by the current prospectus for the Policies ("Policy Prospectus"). Defined terms
used but not defined in this Supplement have the same meaning as in the Policy
Prospectus. The Policy Prospectus should be read in light of the following
changes:
1. Effective January 1, 1998, the name of one of the Funds under
the Policies and the name of one of the Eligible Portfolios
thereof will be changed. Acacia Capital Corporation will be
renamed "Calvert Variable Series, Inc." and its Calvert
Responsibly Invested Balanced Portfolio will be renamed
"Calvert Social Balanced Portfolio." All references in the
Policy Prospectus to the Acacia Capital Corporation and
Calvert Responsibly Invested Balanced Portfolio should be
changed to Calvert Variable Series, Inc. and Calvert Social
Balanced Portfolio, respectively.
2. The second paragraph under the section entitled "Policy Loans
and Interest Deductions" which appears on page 45 of the
Policy Prospectus is deleted in its entirety and replaced with
the following:
Code Section 264 provides that interest paid or accrued on a
loan in connection with a Policy is generally nondeductible.
Certain exceptions apply, however, with respect to Policies
covering key employees. In addition, in the case of Policies
not held by individuals, special rules may limit the
deductibility of interest on loans that are not made in
connection with a Policy. NYLIAC suggests consultation with a
tax advisor for further guidance.
NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION
(A DELAWARE CORPORATION)
51 MADISON AVENUE
NEW YORK, NEW YORK 10010
