PROSPECTUS SUPPLEMENT
To Prospectus Dated May 1, 2000
Premiere Planner Flexible Premium Variable Annuity
Issued by Lincoln Benefit Life Company
In connection with Lincoln Benefit Life Variable Account
This supplement describes two new subaccounts. The following sentence replaces
the third sentence in the second paragraph on page 1 of the prospectus:
The Contract currently offers twenty-three investment options, each of
which is a subaccount of the Lincoln Benefit Life Variable Annuity
Account ("Separate Account").
The following portfolios are added to the list of Portfolios on page 1, second
paragraph of the prospectus:
OCC Accumulation Trust: Science and Technology
Rydex Variable Trust: OTC
The following information is added to the Portfolio Company Annual Expenses
table on page 5-6 of the prospectus
<TABLE>
<CAPTION>
Management Rule 12b-1 Other
Fee Fees Expenses Total
<S> <C> <C> <C>
OCC ACCUMULATION TRUST
Science & Tech 0.80% 0 0.20% 1.00%
RYDEX VARIABLE TRUST
OTC 0.75% 0 0.80% 1.55%
</TABLE>
The following information is added to the Examples on page 7 of the prospectus:
<TABLE>
<CAPTION>
Sub-Account 1 Year 3 Years
----------- ------ -------
<S> <C> <C>
OCC Science & Tech $95 $142
Rydex OTC $100 $157
The following information is added to the Examples on page 8 of the prospectus:
Sub-Account 1 Year 3 Years
----------- ------ -------
OCC Science & Tech $25 $77
Rydex OTC $31 $93
</TABLE>
The following information is added to the chart under the heading "What are my
Investment Choices Under the Contract?" on page 9-10 of the prospectus:
Fund Portfolio
--------------------------------------------------------------------------------
Occ Accumulation Trust Science & Technology
Rydex Variable Trust OTC
--------------------------------------------------------------------------------
The following information is added to the list of Portfolios under the heading
THE INVESTMENT AND FIXED ACCOUNT OPTIONS, and sub-heading Separate Account
Investments on page 16 of the prospectus:
Rydex Variable Trust (investment adviser: Rydex Global Advisers)
OTC Portfolio seeks to provide investment results that
correspond to a benchmark for over-the-counter securities. The
Portfolio's current benchmark is the NASDAQ 100 Index. The
Portfolio invests principally in securities of companies
included in the NASDAQ 100 Index. It may also invest in other
instruments whose performance is expected to correspond to
that of the Index, and may engage in futures and options
transactions. The Portfolio may also purchase U.S. Government
securities and enter into repurchase agreements.
Under OCC Accumulation Trust add the following:
Science and Technology Portfolio seeks capital appreciation.
The Portfolio invests primarily in equity securities of
companies that use innovative technologies to gain a strategic
competitive advantage in their industry, as well as companies
that provide and service those technologies.
Supplement effective January 17, 2001.
<PAGE>
Statement of Additional Information Supplement
To Statement of Additional Information
Dated May 1, 2000
Premier Planner Flexible Premium Variable Annuity
Issued by Lincoln Benefit Life Company
In Connection with Lincoln Benefit Life Variable Annuity Account
On page S-9 of the Statement of Additional Information under the table
entitled "Standardized Total Return as of December 31, 1999, Assuming Contract
Surrendered" the following information is added:
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURN (3)
---------------------------------------------
SINCE
INCEPTION 5 YEAR 10 YEAR INCEPTION
DATE (2) 1 YEAR (%) (%) (%) (%)
----------- ---------- -------- -------- ----------
<S> <C> <C> <C> <C> <C> <C>
OCC ACCUMULATION TRUST
Science & Tech 2/1/2001 NA NA NA NA
RYDEX VARIABLE TRUST
OTC 2/1/2001 NA NA NA NA
</TABLE>
On page S-10 of the Statement of Additional Information under the table
entitled "Non-Standardized Total Return as of December 31, 1999, Assuming
Contract Not Surrendered" the following information is added:
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURN (3)
--------------------------------------------
PORTFOLIO MONTHLY TOTAL SINCE
INCEPTION RETURN RETURN 1 YEAR 5 YEAR 10 YEAR INCEPTION
DATE (2) (%) YTD (%) (%) (%) (%) (%)
--------- --------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
OCC ACCUMULATION TRUST
Science & Tech 4/12/00 NA NA NA NA NA NA
RYDEX VARIABLE TRUST
OTC 5/7/97 24.43 103.85 103.85 NA NA 64.86
</TABLE>
On page S-12 of the Statement of Additional Information under the table
entitled Non-Standardized Total Return as of December 31, 1999 Assuming Contract
Not Surrendered" the following information is added:
<TABLE>
<CAPTION>
CUMULATIVE
TOTAL
RETURN
PORTFOLIO SINCE CALENDAR YEAR RETURN (3)
INCEPTION INCEPTION ------------------------------------
DATE (2) (%) (3) 1996 (%) 1997 (%) 1998 (%)
--------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
OCC ACCUMULATION TRUST
Science & Tech 4/12/00 NA NA NA NA
RYDEX VARIABLE TRUST
OTC 5/7/97 276.21 NA NA 77.26
</TABLE>
Supplement effective January 17, 2001
