<PAGE>
FIRST PROVIDIAN LIFE AND HEALTH INSURANCE COMPANY
SEPARATE ACCOUNT C
SUPPLEMENT DATED FEBRUARY 27, 1998
TO THE
PROSPECTUS DATED JULY 31, 1997
FOR THE
PGA RETIREMENT ANNUITY
OFFERED BY FIRST PROVIDIAN LIFE AND HEALTH INSURANCE COMPANY
(A NEW YORK STOCK COMPANY)
Effective December 1, 1997, the name of Providian Series Trust has been changed
to PB Series Trust. There has been no other change to the Trust.
*****
Effective December 1, 1997, the name of Providian Investment Advisors, Inc. has
been changed to PB Investment Advisors, Inc.
*****
The first paragraph under the heading "Exceptions to Charges and to Transaction
or Balance Requirements" on page 13 is hereby amended to read as follows:
The administrative charges or fees may be reduced for sales of Contracts to a
trustee, employer or similar entity representing a group where the Company
determines that such sales result in savings of administrative expenses.
