(Citicorp Life Insurance Company Letterhead)
September 1, 1999
VIA EDGARLINK
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, DC 20549
RE: Citicorp Life Insurance Company
Citicorp Life Variable Annuity Separate Account
File No. 333-71379
Dear Commissioners:
On behalf of Citicorp Life Insurance Company (the "Company") and Citicorp Life
Variable Annuity Separate Account (the "{Account"), we are transmitting for
filing under Rule 497(e) of the Securities Act of 1933, a supplement to the
form of Prospectus dated May 1, 1999, used after the effective date of the
registration statement on Form N-4 for the CitiElite product, offered by the
Company through the Account.
If you have any questions, please contact the undersigned at (302) 672-5033.
Sincerely,
/s/Eric S. Miller
Eric S. Miller
<PAGE>
SUPPLEMENT DATED SEPTEMBER 15, 1999 TO PROSPECTUS DATED MAY 1, 1999
CitiElite Variable Annuity
The following information supplements the Prospectus dated May 1, 1999 for the
Citicorp Life Variable Annuity Separate Account. Keep this supplement with the
CitiElite Annuity Prospectus for future reference.
Additional funding options are available under the CitiElite Contract. They
are listed below, along with their investment objectives, investment advisers
and any subadvisers. Tables reflecting the funding option expenses as well
as examples of total contract expenses, assuming investment in these funding
options, are also provided. For additional information regarding each funding
option, please refer to the applicable portfolio prospectuses, which must
accompany the CitiElite Variable Annuity prospectus.
<TABLE>
<CAPTION>
Funding Option Investment Objective Investment Adviser/Subadviser
<S> <C> <C>
Concert Investment
Series
Select Emerging Seeks capital appreciation SSBC Fund Management, Inc
Growth Portfolio investing primarily in the ("SSBC")
common stocks of small and
medium sized companies,
having market capitaliza-
tion in the lowest 25% of
all publicly traded U.S.
companies.
Select Mid Cap Seeks long-term growth of SSBC
Portfolio capital by investing at
least 65% of its of assets
in the equity securities
companies having market
capitalization within the
range of the companies
included in the Standard
and Poors MidCap 400
Index at the time of
investment.
Select Growth Seeks capital appreciation SSBC
Portfolio by investing primarily in
U.S. common stocks and
other equity securities,
typically of established
companies with large
market capitalization.
Select Growth and Seeks both growth and SSBC
Income Portfolio income by investing
principally in equity
securities which provide
dividend and interest
income but may invest in
non-income producing
investments for
potential appreciation
in value.
Select Government Seeks high current return SSBC
Portfolio return consistent with
the preservation of
capital by investing
primarily in debt
instruments issued or
guaranteed by the U.S.
government, its agencies
or instrumentalities.
Greenwich Street Series
Fund
Equity Index Seeks results that, before Travelers Investment
Portfolio Class II expenses, correspond to Management Company
the price and yield ("TIMCO")
performance of the S & P
500 Index by investing in
substantially all of the
stocks in the S & P 500
Index, with comparable
economic sector
weightings, market
capitalization and
liquidity.
</TABLE>
<PAGE>
<TABLE>
Funding Option Expenses
(as a percentage of daily net assets of the funding option)*
<CAPTION>
Portfolio Management 12b-1 Fees Other Expenses Total Annual
Fees (after Operating
reimbursement) Expenses
(after
reimbursement)
<S> <C> <C> <C> <C>
Concert Investment
Series
Select Emerging 0.75% --- 0.25% 1.00%
Growth Portfolio
Select Mid Cap 0.75% --- 0.20% 0.95%
Portfolio
Select Growth 0.75% --- 0.20% 0.95%
Portfolio
Select Growth and 0.75% --- 0.20% 0.95%
Income Portfolio
Select Government 0.60% --- 0.20% 0.80%
Portfolio
Greenwich Street
Series Fund
Equity Index 0.15% 0.25% --- 0.40%
Portfolio
Class II
</TABLE>
*Each of these portfolios commenced operations, or in the case of the Greenwich
Street Series Fund Equity Index Portfolio Class II shares were first offered,
during the current fiscal year and therefore, their other expenses are
estimates and not based on past performance.
Examples
Assuming a 5% annual return, a $1,000 investment would be subject to the
following expenses:
<TABLE>
<CAPTION>
If Contract is surrendered at If Contract is NOT
end of period shown surrendered or is annuitized
at end of period shown
1 year 3 years 5 years 10 years 1 year 3 years 5 years 10 years
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Concert
Investment
Series
Select $95 $148 $183 $284 $25 $78 $133 $284
Emerging Growth
Portfolio
Select Mid Cap 95 146 181 279 25 76 131 279
Portfolio
Select Growth 95 146 181 279 25 76 131 279
Portfolio
Select Growth 95 146 181 279 25 76 131 279
and Income
Portfolio
Select 93 142 173 263 23 72 123 263
Governemnt
Portfolio
Greenwich Street
Series Fund
Equity Index 89 129 152 220 19 59 102 220
Portfolio
Class II
</TABLE>
The Examples should not be considered a representation of past or future
expenses. Actual expenses may be greater or less than those shown. This
example reflects the $30 annual contract administration charge as an annual
charge of .030%.
