(Citicorp Life Insurance Comapny Letterhead)
September 24, 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. This supplement corrects and supersedes the
supplement submitted via EDGARLINK September 1, 1999, accession number
0000929146-99-000005.
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 24, 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>
Smith Barney Concert
Investment Series
Select Emerging Growth
Portfolio Seeks capital appreciation by SSBC Fund Management,
investing primarily in the Inc. ("SSBC")
common stocks of small and
medium sized companies,
having market capitalization
in the lowest 25% of all
publicly traded U.S.
companies.
Select Mid Cap
Portfolio Seeks long-term growth of SSBC
capital by investing at least
65% of its of assets in the
equity securities of 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 Portfolio Seeks capital appreciation by SSBC
investing primarily in U.S.
common stocks and other
equity securities, typically of
established companies with
large market capitalization.
Select Growth and
Income Portfolio Seeks both growth and income SSBC
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
Portfolio Seeks high current return SSBC
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 Portfolio
Class II Seeks results that, before Travelers Investment
expenses, correspond to the Management Company
price and yield performance ("TIMCO")
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>
<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>
Smith Barney Concert
Investment Series1
Select Emerging
Growth Portfolio 0.75% --- 0.25% 1.00%
Select Mid Cap
Portfolio 0.75% --- 0.20% 0.95%
Select Growth
Portfolio 0.75% --- 0.20% 0.95%
Select Growth and
Income Portfolio 0.75% --- 0.20% 0.95%
Select Government
Portfolio 0.60% --- 0.20% 0.80%
Greenwich Street
Series Fund
Equity Index
Portfolio Class II2 0.21% 0.25% 0.09% 0.55%
</TABLE>
1. The Smith Barney Concert Investment Series commenced operations during the
current fiscal year and therefore, Other Expenses for these Portfolios are
estimates and not based on past performance.
2. Other Expenses for the Equity Index Portfolio Class II have been restated
to reflect the current reimbursement arrangement whereby the adviser has
agreed to reimburse the Portfolio for the amount by which such expenses
exceed 0.30%. Without such arrangement, Total Annual Operating Expenses
would have been 0.423%. In addition, the Portfolio Management Fee includes
0.06% for fund administration.
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 surrendered
end of period shown 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>
Smith Barney
Concert
Investment
Series
Select $95 $148 $183 $284 $25 $78 $133 $284
Emerging
Growth
Portfolio
Select Mid 95 146 181 279 25 76 131 279
Cap
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
Government
Portfolio
Greenwich
Street
Series Fund
Equity Index 91 134 160 237 21 64 110 237
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%.
