Sutherland, Asbill & Brennan, L.L.P.
Atlanta Austin New York Washington
1275 PENNSYLVANIA AVENUE, N.W. TEL: (202) 383-0100
WASHINGTON, D.C. 20004-2404 FAX: (202) 637-3593
THOMAS E. BISSET
DIRECT LINE: (202) 383-0117
Internet: [email protected]
February 23, 1998
VIA EDGARLINK
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: First Citicorp Life Insurance Company
First Citicorp Life Variable Annuity Separate
Account; File No. 33-83354
Dear Commissioners:
On behalf of First Citicorp Life Insurance Company (the "Company") and First
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 and Statement of Additional Information
("SAI") dated May 1, 1997, used after the effective date of the registration
statement on Form N-4 for deferred variable annuity contracts offered by the
Company through the Account.
If you have any questions, please contact the undersigned at (202) 383-0117.
Sincerely,
/s/ Thomas E. Bisset
Thomas E. Bisset
Enclosures
cc: Eric S. Miller
Stephen E. Roth
SUPPLEMENT DATED MARCH 1, 1998 TO PROSPECTUS DATED MAY 1, 1997
First Citicorp Life Variable Annuity Separate Account
First Citicorp Life Insurance Company
Individual Flexible Premium Deferred Variable Annuity Contracts
Effective March 1, 1998, the cover page to the prospectus is amended to
reflect the change of address for First Citicorp Life Insurance Company to
666 Fifth Avenue, 3rd Floor, New York, NY 10013.
Effective March 1, 1998, the sections in the prospectus captioned EXPENSE
TABLES and Mortality and Expense Risk Charge are amended to reflect the
lowering of the mortality and expense risk charge on a current basis from an
annual rate of 1.25% of First Citicorp Life Variable Annuity Separate Account
("Separate Account") assets to 0.84% of Separate Account assets
(approximately 0.34% for mortality risk and 0.50% for expense risk). First
Citicorp Life Insurance Company guarantees that the mortality and expense
risk charge will never exceed 1.25% of Separate Account assets on an annual
basis.
Effective March 1, 1998, the sections in the prospectus captioned EXPENSE
TABLES and Asset-Based Administration Charge are amended to reflect First
Citicorp Life Insurance Company's guarantee that the daily administration
charge will never exceed 0.15% of Separate Account assets on an annual basis.
Effective March 1, 1998, the cover page to the prospectus and the sections
in the prospectus entitled EXPENSE TABLES, Examples, CONDENSED FINANCIAL
INFORMATION and The Funds are amended to reflect the change in the name of
the Landmark Small Cap Equity VIP Fund to CitiFunds Small Cap Growth VIP
Portfolio.
Effective March 1, 1998, the section of the prospectus captioned Examples
is replaced with the following:
Examples
An owner would pay the following expenses on a $1,000 investment, assuming a
5% annual return on assets:
1. If the Contract is surrendered or annuitized under an annuity option not
providing a life annuity or a life annuity with a period certain of at least
five years at the end of the applicable time period:
Subaccount 1 Year 3 Years 5 Years 10 Years
CitiSelect VIP Folio 200* $88 $121 $ -- $ --
CitiSelect VIP Folio 300* $88 $121 $ -- $ --
CitiSelect VIP Folio 400* $91 $130 $ -- $ --
CitiSelect VIP Folio 500* $91 $130 $ -- $ --
CitiFunds Small Cap Growth VIP Portfolio* $88 $121 $ -- $ --
(formerly Landmark Small Cap Equity VIP
Fund)
Fidelity VIP Growth Portfolio $86 $113 $141 $236
Fidelity VIP High Income Portfolio* $86 $114 $ -- $ --
<PAGE>
Fidelity VIP Equity Income Portfolio* $84 $110 $ -- $ --
Fidelity VIP Overseas Portfolio* $88 $120 $ -- $ --
Fidelity VIP II Contrafund Portfolio* $86 $114 $ -- $ --
Fidelity VIP II Index 500 Portfolio* $82 $101 $ -- $ --
AIM V.I. Capital Appreciation Fund $86 $114 $143 $240
AIM V.I. Government Securities Fund* $89 $122 $ -- $ --
AIM V.I. Growth Fund* $85 $110 $ -- $ --
AIM V.I. International Equity Fund* $89 $122 $ -- $ --
AIM V.I. Value Fund* $89 $122 $ -- $ --
AIM V.I. Growth and Income Fund* $89 $122 $ -- $ --
MFS World Governments Series $89 $122 $157 $269
MFS Money Market Series $85 $110 $136 $226
MFS Bond Series* $89 $122 $ -- $ --
MFS Total Return Series* $89 $122 $ -- $ --
MFS Research Series* $89 $122 $ -- $ --
MFS Emerging Growth Series* $89 $122 $ -- $ --
2. If the Contract is annuitized under an annuity option providing either a
life annuity or a life annuity with a period certain of at least five years
at the end of the applicable time period:
Subaccount 1 Year 3 Years 5 Years 10 Years
CitiSelect VIP Folio 200* $23 $72 $ -- $ --
CitiSelect VIP Folio 300* $23 $72 $ -- $ --
CitiSelect VIP Folio 400* $26 $81 $ -- $ --
CitiSelect VIP Folio 500* $26 $81 $ -- $ --
CitiFunds Small Cap Growth VIP Portfolio* $23 $72 $ -- $ --
(formerly Landmark Small Cap Equity VIP
Fund)
Fidelity VIP Growth Portfolio $21 $64 $110 $236
Fidelity VIP High Income Portfolio* $21 $64 $ -- $ --
Fidelity VIP Equity Income Portfolio* $20 $60 $ -- $ --
Fidelity VIP Overseas Portfolio* $23 $71 $ -- $ --
Fidelity VIP II Contrafund Portfolio* $21 $65 $ -- $ --
Fidelity VIP II Index 500 Portfolio* $16 $51 $ -- $ --
AIM V.I. Capital Appreciation Fund $21 $65 $112 $240
AIM V.I. Government Securities Fund* $24 $74 $ -- $ --
AIM V.I. Growth Fund* $20 $61 $ -- $ --
AIM V.I. International Equity Fund* $24 $74 $ -- $ --
AIM V.I. Value Fund* $24 $74 $ -- $ --
AIM V.I. Growth and Income Fund* $24 $74 $ -- $ --
MFS World Governments Series $24 $74 $126 $269
MFS Money Market Series $20 $61 $105 $226
MFS Bond Series* $24 $74 $ -- $ --
MFS Total Return Series* $24 $74 $ -- $ --
MFS Research Series* $24 $74 $ -- $ --
MFS Emerging Growth Series* $24 $74 $ -- $ --
<PAGE>
3. If the Contract is not surrendered or annuitized at the end of the
applicable time period:
Subaccount 1 Year 3 Years 5 Years 10 Years
CitiSelect VIP Folio 200* $23 $72 $ -- $ --
CitiSelect VIP Folio 300* $23 $72 $ -- $ --
CitiSelect VIP Folio 400* $26 $81 $ -- $ --
CitiSelect VIP Folio 500* $26 $81 $ -- $ --
CitiFunds Small Cap Growth VIP Portfolio* $23 $72 $ -- $ --
(formerly Landmark Small Cap Equity VIP
Fund)
Fidelity VIP Growth Portfolio $21 $64 $110 $236
Fidelity VIP High Income Portfolio* $21 $64 $ -- $ --
Fidelity VIP Equity Income Portfolio* $20 $60 $ -- $ --
Fidelity VIP Overseas Portfolio* $23 $71 $ -- $ --
Fidelity VIP II Contrafund Portfolio* $21 $65 $ -- $ --
Fidelity VIP II Index 500 Portfolio* $16 $51 $ -- $ --
AIM V.I. Capital Appreciation Fund $21 $65 $112 $240
AIM V.I. Government Securities Fund* $24 $74 $ -- $ --
AIM V.I. Growth Fund* $20 $61 $ -- $ --
AIM V.I. International Equity Fund* $24 $74 $ -- $ --
AIM V.I. Value Fund* $24 $74 $ -- $ --
AIM V.I. Growth and Income Fund* $24 $74 $ -- $ --
MFS World Governments Series $24 $74 $126 $269
MFS Money Market Series $20 $61 $105 $226
MFS Bond Series* $24 $74 $ -- $ --
MFS Total Return Series* $24 $74 $ -- $ --
MFS Research Series* $24 $74 $ -- $ --
MFS Emerging Growth Series* $24 $74 $ -- $ --
_________________________
* These subaccounts became available for investment as of February 3, 1997.
The examples provided above assume that no transfer charges or premium taxes
have been assessed. The examples also assume that the Annual Contract Fee is
$30 and that the average Contract Value is $10,000, which translates the
Annual Contract Fee into an assumed .30% charge for the purposes of the
examples based on a $1,000 investment.
The examples should not be considered a representation of past or future
expenses. The assumed 5% annual rate of return is hypothetical and should
not be considered a representation of past or future annual returns, which
may be greater or less than this assumed rate.
Effective March 1, 1998, the sections in the prospectus entitled Transfers,
Transfer Privileges and Fixed Account Value are amended to eliminate the
limitations on the maximum amount transferrable from the Fixed Account during
any Contract Year.
Effective March 1, 1998, the section in the prospectus entitled Dollar-Cost
Averaging is amended to increase the maximum per transfer amount available
for transfer from the Fixed Account under the dollar-cost averaging method of
investment from 1/30 of the Fixed Account value to 1/6 of the Fixed Account
value at the time such transfers begin.
Effective March 1, 1998, the sections in the prospectus entitled Issuance of
the Contract and DISTRIBUTION OF THE CONTRACTS are amended to reflect the
change in the name of The Landmark Funds Broker-Dealer Services, Inc. to
CFBDS, Inc.
<PAGE>
SUPPLEMENT DATED MARCH 1, 1998 TO
STATEMENT OF ADDITIONAL INFORMATION DATED MAY 1, 1997
First Citicorp Life Insurance Company Separate Account
First Citicorp Life Insurance Company
Individual Flexible Premium Deferred Variable Annuity Contracts
Effective March 1, 1998, the cover page to the statement of additional
information is amended to reflect the change of address for First Citicorp
Life Insurance Company to 666 Fifth Avenue, 3rd Floor, New York, NY 10013.
Effective March 1, 1998, the section of the statement of additional
information entitled DISTRIBUTION OF THE CONTRACTS is amended to reflect the
change in the name of The Landmark Funds Broker-Dealer Services, Inc. to
CFBDS, Inc.
Effective March 1, 1998, the section of the statement of additional
information entitled Average Annual Total Returns is amended to reflect that
for purposes of calculating both Standardized and Non-Standardized Total
Returns, First Citicorp Life Insurance Company deducts a mortality and
expense risk charge equal to 1.25% of First Citicorp Life Variable Annuity
Separate Account ("Separate Account") assets on an annual basis. Such charge
represents the mortality and expense risk charge assessed under the Contract
through fiscal year ended December 31, 1996. Effective March 1, 1998, the
section entitled Average Annual Total Returns is also amended to reflect that
the current mortality and expense risk charge equals 0.84% of Separate
Account assets on an annual basis.
Effective March 1, 1998, the section in the statement of additional
information entitled Average Annual Total Returns is amended to reflect the
change in the name of the Landmark Small Cap Equity VIP Fund to CitiFunds
Small Cap Growth VIP Portfolio.
