PROTECTIVE VARIABLE ANNUITY SEPARATE ACCOUNT, 497, 1997-10-01

PROTECTIVE VARIABLE ANNUITY SEPARATE ACCOUNT
497, 1997-10-01

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                        SUPPLEMENT DATED OCTOBER 1, 1997
                                       TO
                          PROSPECTUS DATED MAY 1, 1997
                                       FOR
    INDIVIDUAL FLEXIBLE PREMIUM DEFERRED VARIABLE AND FIXED ANNUITY CONTRACT
                                    issued by
                        Protective Life Insurance Company

THE FOLLOWING  INFORMATION  SUPPLEMENTS  CERTAIN  INFORMATION  REGARDING THE CRI
STRATEGIC GROWTH PORTFOLIO CONTAINED ON PAGES 5 AND 12 OF THE PROSPECTUS:

The shareholders of the CRI Strategic Growth Portfolio will be receiving a proxy
statement  to vote on the  approval  of,  among  other  things,  new  investment
objectives,  policies and restrictions  for the CRI Strategic Growth  Portfolio,
and a new Investment  Advisory  Agreement with the investment  advisor,  Calvert
Asset Management  Company,  Inc., that will reflect a lower advisory fee. Please
refer to the Fund  prospectus  dated April 30, 1997 and  Supplement  to the Fund
prospectus dated September 10, 1997.