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[NEW YORK LIFE LOGO]
NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION (NYLIAC)
51 Madison Avenue, New York, NY, 10010 (A Delaware Corporation)
NYLIAC VARIABLE UNIVERSAL LIFE SEPARATE ACCOUNT - I
NYLIAC VARIABLE UNIVERSAL LIFE SEPARATE ACCOUNT - II
SUPPLEMENTAL DISCLOSURE PAGE
Supplement dated May 1, 1997 to Prospectus dated May 1, 1997.
This disclosure page is delivered as a supplement to the Prospectus for
the NYLIAC Variable Universal Life Insurance Policy. This page includes
information required by law and should be read carefully. We will send
you a report that will update the figures shown on this page at least once
each year.
SEPARATE ACCOUNT NET INVESTMENT RETURN*
The net investment returns for this account at the end of each applicable year
are as follows:
<TABLE>
<CAPTION>
INVESTMENT DIVISION 1993(a) 1994 1995 1996
- ------------------- ------- ---- ---- ----
<S> <C> <C> <C> <C>
MainStay VP Capital Appreciation 2.35% (5.05)% 34.84% 17.92%
MainStay VP Cash Management 0.16% 3.12% 4.86% 4.29%
MainStay VP Convertible N/A(d) N/A(d) N/A(d) N/A(d)
MainStay VP Government 0.13% (2.52)% 15.91% 1.56%
MainStay VP High Yield Corporate Bond N/A(c) N/A(c) 9.53%(c) 16.37%
MainStay VP International Equity N/A(c) N/A(c) 6.46%(c) 9.77%
MainStay VP Total Return 1.78% (4.66)% 27.44% 11.30%
MainStay VP Value N/A(c) N/A(c) 16.21%(c) 22.36%
MainStay VP Bond N/A(b) (0.43)% (b) 17.48% 1.33%
MainStay VP Growth Equity N/A(b) 1.45%(b) 28.26% 23.63%
MainStay VP Indexed Equity 0.00% 5.83% 35.94% 21.57%
Alger American Small Capitalization N/A(d) N/A(d) N/A(d) N/A(d)
Calvert Socially Responsible N/A(d) N/A(d) N/A(d) N/A(d)
Fidelity VIP II: Contrafund N/A(d) N/A(d) N/A(d) N/A(d)
Fidelity VIP: Equity-Income N/A(d) N/A(d) N/A(d) N/A(d)
Janus Aspen Balanced N/A(d) N/A(d) N/A(d) N/A(d)
Janus Aspen Worldwide Growth N/A(d) N/A(d) N/A(d) N/A(d)
Morgan Stanley Emerging Markets Equity N/A(d) N/A(d) N/A(d) N/A(d)
</TABLE>
* Footnotes appear on the back of this page.
21125 MASS. (5/97) PLEASE RETAIN FOR FUTURE REFERENCE.
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(a) The NYLIAC Variable Universal Life Separate Account I commenced operations
on December 3, 1993. Net investment returns listed for 1993 cover the
period from December 3, 1993 through December 31, 1993, and may not be
indicative of the Separate Account's performance for a full year.
(b) There are no investment return figures for the MainStay VP Bond and
MainStay VP Growth Equity Investment Divisions for 1993. These Investment
Divisions were not available until after May 2, 1994 in connection with the
policy. The returns listed for these Investment Divisions for 1994 are for
the period from May 2, 1994 through December 31, 1994.
(c) The MainStay VP High Yield Corporate Bond Investment Division, MainStay VP
International Equity Investment Division and MainStay VP Value Investment
Division became available in connection with the policy on May 1, 1995. The
returns listed for these Investment Divisions for 1995 are for the period
from May 1, 1995 through December 31, 1995.
(d) There are no investment return figures for these Investment Divisions,
since they were not available until October 1, 1996 in connection with the
policy.
Past performance is no guarantee of future results. The investment return and
the accumulation value of your policy will fluctuate so that your contract,
when surrendered, may be worth more or less than the original cost.
Performance reflects the percentage change for the period shown with capital
gains and dividends reinvested.
Performance reflects the deduction of the policy's current mortality and
expense risk charge (.60%), the administration fee (.10%) and total portfolio
operating expenses. However, it does not reflect the policy fees or charges.
These include the cost of insurance, surrender charges, monthly contract
charges, sales expense charges, and premium and federal tax charges. Had these
expenses been deducted, total returns would have been lower.
NYLIAC has agreed to assume a portion of the expenses of the MainStay VP
Investment Divisions. This expense limitation was effective for all MainStay
VP Investment Divisions until 12/31/96, and has been extended until 12/31/97
for the MainStay VP High Yield Corporate Bond, MainStay VP International Equity
and MainStay VP Value Investment Divisions. In addition, Janus Capital
Corporation has agreed to reduce the advisory fee for the Janus Aspen Balanced
and the Janus Aspen Worldwide Growth Investment Divisions; and Morgan Stanley
Asset Management Inc. has agreed to reduce the advisory fee for the Morgan
Stanley Emerging Markets Equity Investment Division. Had these expenses not
been assumed or reduced, the total returns for these Investment Divisions would
have been lower.
For additional information, including illustrations which reflect guaranteed
maximum cost of insurance rates, please consult the prospectus.
All other information required by law is included in the Prospectus for the
NYLIAC Variable Universal Life Separate Account to which this disclosure page
is attached.
21125 MASS. (5/97)
