Thrivent Retirement Choice Variable Annuity Prospectus · Portfolio, which is an open-end...

Thrivent Retirement ChoiceVariable AnnuityProspectusA flexible premium deferred variable annuityThrivent Variable Annuity Account IJuly 1, 2020

THRIVENT VARIABLEVV ANNUITY ACCOUNT IPROSPECTUS FOR

THRIVENT RETIREMENT CHOICEVARIABLEVV ANNUITY

ISSUED BY THRIVENT FINANCIAL FOR LUTHERANS

Service Center: Corporate Office:4321 North Ballard RoadAppleton, WI 54919-0001Telephone: (800) 847-4836E-mail: [email protected]

600 Portland Avenue S., Suite 100Minneapolis, MN 55415-4402

Telephone: (800) 847-4836E-mail: [email protected]

This Prospectus describes an individual flexible premium deferred variable annuity contract (the “Contract”) (form # ICC20W-BZ-FPVA) offered by Thrivent Financial for Lutherans (“Thrivent,” “we,” “us” or “our”), a fraternal benefit society organizedunder Wisconsin law.

This prospectus also describes certain optional features, not all of which may be available at the time you are interested inpurchasing your Contract. We reserve the right to restrict availability of certain optional features. We may also make changes tooptional features after your contract is issued as specified in this prospectus. We reserve the right to reject any applications,subject to any applicable nondiscrimination laws and to our own standards and guidelines.

We allocate premiums based on your designation to one or more Subaccounts of Thrivent Variable Annuity Account I (the“Variable Account”) and/or the Fixed Account. The assets of each Subaccount will be invested solely in a correspondingPortfolio, which is an open-end management investment company (commonly known as a “mutual fund”). The Subaccountsavailable under this Contract invest in the following Portfolios:

American Funds IS® Global Growth PortfolioAmerican Funds IS® Growth-Income PortfolioAmerican Funds IS® International Growth and IncomePortfolioAmerican Funds IS® International PortfolioBlackRock Total Return V.I. PortfolioEaton Vance VT Floating-Rate Income PortfolioFidelity® VIP Emerging Markets PortfolioFidelity® VIP Energy PortfolioFidelity® VIP International Capital Appreciation PortfolioFidelity® VIP Value PortfolioFranklin Small Cap Value VIP PortfolioGoldman Sachs VIT Core Fixed Income PortfolioGoldman Sachs VIT Small Cap Equity Insights PortfolioJanus Henderson VIT Enterprise PortfolioJanus Henderson VIT Forty PortfolioJohn Hancock VIT Core Bond Trust PortfolioJohn Hancock VIT International Small Company TrustPortfolioJohn Hancock VIT Strategic Income Opportunities TrustPortfolioMFS® Variable Insurance Trust II – MFS® Core Equity PortfolioMFS® Variable Insurance Trust III – MFS® Global Real EstatePortfolioMFS® Variable Insurance Trust III – MFS® Mid Cap ValuePortfolioMFS® Variable Insurance Trust – MFS® New Discovery SeriesMFS® Variable Insurance Trust II – MFS® Technology PortfolioMFS® Variable Insurance Trust – MFS® Value SeriesPIMCO VIT Emerging Markets Bond PortfolioPIMCO VIT Global Bond Opportunities Portfolio (Unhedged)PIMCO VIT Long-Term U.S. Government PortfolioPIMCO VIT Real Return PortfolioPrincipal Capital Appreciation PortfolioPrincipal VC Equity Income Portfolio

Putnam VT International Value PortfolioPutnam VT Research PortfolioTempleton Global Bond VIP PortfolioThrivent Aggressive Allocation PortfolioThrivent All Cap PortfolioThrivent Balanced Income Plus PortfolioThrivent Diversified Income Plus PortfolioThrivent ESG Index PortfolioThrivent Global Stock PortfolioThrivent Government Bond PortfolioThrivent High Yield PortfolioThrivent Income PortfolioThrivent International Allocation PortfolioThrivent International Index PortfolioThrivent Large Cap Growth PortfolioThrivent Large Cap Index PortfolioThrivent Large Cap Value PortfolioThrivent Limited Maturity Bond PortfolioThrivent Low Volatility Equity PortfolioThrivent Mid Cap Growth PortfolioThrivent Mid Cap Index PortfolioThrivent Mid Cap Stock PortfolioThrivent Mid Cap Value PortfolioThrivent Moderate Allocation PortfolioThrivent Moderately Aggressive Allocation PortfolioThrivent Moderately Conservative Allocation PortfolioThrivent Money Market PortfolioThrivent Multidimensional Income PortfolioThrivent Opportunity Income Plus PortfolioThrivent Partner Emerging Markets Equity PortfolioThrivent Partner Healthcare PortfolioThrivent Real Estate Securities PortfolioThrivent Small Cap Growth PortfolioThrivent Small Cap Index PortfolioThrivent Small Cap Stock Portfolio

Additional information about us, the Contract and the Variable Account is contained in a Statement of Additional Information(“SAI”) dated July 1, 2020. That SAI was filed with the Securities and Exchange Commission and is incorporated by reference inthis Prospectus. You may obtain a copy of the SAI and all other documents required to be filed with the SEC without charge bycalling us at 1-800-847-4836, going online at thrivent.com, or by writing us at Thrivent, 4321 North Ballard Road, Appleton,Wisconsin, 54919-0001. In addition, the Securities and Exchange Commission maintains a website (http://www.sec.gov) thatcontains the SAI and all other documents required to be filed with the SEC. The Table of Contents for the SAI may be found onPage 68 of this Prospectus.

An investment in the Contract is not a deposit of a bank or financial institution and is not insured or guaranteed by the FederalDeposit Insurance Corporation or any other government agency. An investment in the Contract involves investment riskincluding the possible loss of principal.

The Securities and Exchange Commission has not approved or disapproved these securities or determined ifthis Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

This Prospectus sets forth concisely the information about the Contract that a prospective investor ought toknow before investing, and should be read and kept for future reference. We have not authorized anyone toprovide you with information that is different.

Beginning on Jan. 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission,paper copies of the shareholder reports for portfolios available under your contract will no longer be sent bymail, unless you specifically request paper copies of the reports from Thrivent or from your financialprofessional. Instead, the reports will be made available on a website, and you will be notified by mail eachtime a report is posted and provided with a website link to access the report.

If you already elected to receive reports electronically, you will not be affected by this change and you neednot take any action. You may elect to receive reports and other communications from Thrivent electronicallyby calling our Service Center at (800) 847-4836 or by signing up for electronic delivery on our website atwww.thrivent.com/gopaperless.

You may elect to receive all future reports in paper free of charge. You can inform Thrivent that you wish tocontinue receiving paper copies of your reports by calling our Service Center or by signing up at our website.Your election to receive reports in paper will apply to all portfolios available under your Contract.

The date of this Prospectus is July 1, 2020.

Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

Fee and Expense Tables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11The Contract . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11Annuity Provisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12Federal Tax Status . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

Thrivent and the Variable Account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12Thrivent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12The Variable Account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

Investment Options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13Variable Investment Options and the Subaccounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13Investment options if you do not have the Thrivent Income Builder (GLWB) Rider . . . . . . . . . . . . . . . . . . . . . 13Investment options if you have the Thrivent Income Builder (GLWB) Rider . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16Addition, Deletion, Combination, or Substitution of Investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25Voting Privileges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26Fixed Account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27Additional Information about the Fixed Account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28

Risks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29

The Contract. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30Purchasing a Contract . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30Processing Your Application . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30Allocation of Premiums. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30Free Look Period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31Accumulated Value of Your Contract . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31Subaccount Valuation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31Accumulation Unit Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31Net Investment Factor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32Minimum Accumulated Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32Death Benefit Before the Maximum Annuity Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32Standard Death Benefit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33Maximum Anniversary Death Benefit (MADB) Rider . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34Spousal Continuation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35Death of Annuitant After an Annuity Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35Thrivent Income Builder Guaranteed Lifetime Withdrawal Benefit (GLWB) Rider. . . . . . . . . . . . . . . . . . . . . . . 35Surrender . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44Transfers of Accumulated Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46Frequent Trading Policies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46Dollar Cost Averaging. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47Asset Rebalancing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47Telephone and Online Transactions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48Timely Processing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48Assignments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48Owner and Beneficiaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49

Charges and Deductions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49Surrender Charge . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49Mortality and Expense Risk Charge. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51Maximum Anniversary Death Benefit (MADB) Rider Charge . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52Thrivent Income Builder Guaranteed Lifetime Withdrawal Benefit (GLWB) Rider Charge . . . . . . . . . . . . . . . 52Rider Quarterly Anniversary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53Transfer Charge . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53

TABLE OFTT CONTENTS

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Surrender of a Settlement Option with a Guaranteed Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53Expenses of the Portfolios. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53Taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53Annual Contract Maintenance Charge . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53Sufficiency of Charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53

Annuity Provisions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55Annuity Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55Maximum Annuity Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55Annuity Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55Settlement Options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55Partial Annuitization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56Frequency of Annuity Payments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57

General Provisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58Entire Contract . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58Postponement of Payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58Premium Payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58Date of Receipt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58Anti-Money Laundering. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58Maintenance of Solvency. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58Reports to Contract Owners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59Gender Neutral Benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59

How to Contact Us . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60

Federal Tax Status. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60General . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60Tax Status of the Variable Account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60Taxation of Annuities in General . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60Tax Deferral During Accumulation Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60Taxation of Partial and Full Surrenders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61Taxation of Annuity Income Payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62Tax Treatment of Death Benefit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62Assignments, Pledges, and Gratuitous Transfers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62Penalty Tax on Premature Distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62Aggregation of Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63Exchanges of Annuity Contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63Qualified Plans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63Federal Income Tax Withholding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64

Distribution of the Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65

Legal Proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67

Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67

Statement of Additional Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68Table of Contents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68

Appendix A—Condensed Financial Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69

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DEFINITIONS••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Accumulated Value. The sum of the accumulatedvalues for your Contract in Subaccounts and the FixedAccount on or before the Maximum Annuity Date.

Annuitant(s). The person(s) upon whose life AnnuityIncome will be determined.

Annuity Date. A date when Annuity Incomepayments begin.

Cash Surrender Value. The Cash Surrender Value onany day is the greater of the Accumulated Value minusany Surrender Charge or the minimum amount requiredby law.

Contract. The flexible premium deferred variableannuity contract offered by Thrivent and described inthis Prospectus.

Contract Age. A person’s Issue Age increased by oneon each Contract Anniversary.

Contract Anniversary. The same month and day ofeach year after issue as in the Date of Issue.

Contract Year. The first Contract Year begins on theDate of Issue and continues through the day before thefirst Contract Anniversary. Thereafter, a Contract Yearbegins on one Contract Anniversary and continuesthrough the day before the next Contract Anniversary.

Date of Issue. The date we received Initial Premiumequal to or exceeding the minimum premium amountrequired to issue this contract, and the date when theInitial Premium is allocated to the subaccounts of theVariable Account and to the Fixed Account.

General Account. The General Account is the generalaccount of Thrivent, which consists of all assets ofThrivent other than those allocated to a SeparateAccount. Allocations to the Fixed Account aremaintained in the General Account. Insurance benefitsare paid from the General Account and are subject toThrivent’s claims-paying ability.

GLWB Benefit Base. The GLWB Benefit Base is theamount used for calculating the Guaranteed AnnualWithdrawal Amounts and the GLWB Rider Charge. Itcannot be taken as a Full or Partial Surrender and is notpayable as part of Death Proceeds

Issue Age. A person’s age on his or her birthday nearestthe Date of Issue.

Maximum Anniversary Death Benefit (MADB)Rider. This is an optional benefit that may be selectedat the time of application for an additional fee. It canprovide you with an increased death benefit based onthe Accumulated Value on a Contract Anniversary.

Maximum Anniversary Death Benefit (MADB)Rider Charge. The charge you pay if you add theoptional death benefit at the time of application. TheMADB Rider Charge will be deducted quarterly from theAccumulated Value.

Maximum Annuity Date. The latest date whenAnnuity Income payments must begin.

Medallion Signature Guarantee. A stamp providedby a financial institution that verifies your signature. Aneligible guarantor institution, such as a national bank,brokerage firm, commercial bank, trust company, creditunion, or a savings association participating in theMedallion Signature Guarantee Program provides thatservice.

Notice. A request signed by you or provided in anothermanner acceptable to us and received in good order byus at our Service Center.

Owner, you, your, yours. The owner(s) of thiscontract.

Portfolio. A mutual fund in which a Subaccountinvests. Each Subaccount invests exclusively in theshares of a corresponding Portfolio.

Qualified Plan. A contract governed by therequirements of Section 401, 403, 408, or 408A of theInternal Revenue Code, as amended.

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Service Center. Thrivent, 4321 North Ballard Road,Appleton, Wisconsin 54919-0001, telephone,1-800-847-4836, or such other office as we may specifyin a notice to the Contract Owner.

Settlement Option. You may elect to have annuitypayments paid to you under a settlement agreementwith Thrivent. Please see Annuity Provisions – SettlementOptions for the types of payments offered under theContract.

Spouse. An individual lawfully married to anotherindividual as defined by federal tax law. The marriagemust be recognized by the state, possession, or territoryof the United States in which the marriage is enteredinto, regardless of domicile. Individuals who enter intoa marriage under the laws of a foreign jurisdiction arerecognized as married for federal tax law purposes if therelationship would be recognized as marriage under thelaws of at least one state, possession, or territory of theUnited States, regardless of domicile.

Subaccount. A subdivision of the Variable Account.Each Subaccount invests exclusively in the shares of acorresponding Portfolio.

Thrivent Income Builder (GLWB) Rider. This is anoptional benefit that may be selected at the time ofapplication for an additional fee. It can provide you

with retirement income by guaranteeing specifiedwithdrawals for life. You may withdraw up to aGuaranteed Annual Withdrawal Amount (GAWA) eachContract Year for as long as the Thrivent Income Builder(GLWB) Rider is in force.

Thrivent Income Builder (GLWB) Rider Charge.The charge you pay if you add the optional guaranteedlifetime withdrawal benefit at the time of application.The GLWB Rider Charge will be deducted quarterly fromthe Accumulated Value.

Valuation Day. Each day the New York StockExchange is open for trading. The Valuation Day ends atthe close of trading on the New York Stock Exchange,usually 4:00 p.m. Eastern Time.

Valuation Period. The period of time from thedetermination of Accumulation Values on a ValuationDay to the determination of those values on the nextValuation Day.

Variable Account. Thrivent Variable Annuity AccountI, which is a Separate Account of Thrivent.

DEFINITIONS••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

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FEE AND EXPENSE TABLESTT••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

The following tables describe the fees and expenses that you will pay when buying, owning, and surrendering theContract. For a complete discussion of Contract fees and expenses, see Charges and Deductions.

The first table describes the fees and expenses that you will pay at the time that you buy the Contract, surrenderthe Contract, or transfer cash value between investment options. You pay no sales load when you make additionalinvestments in the Contract. No state premium taxes are deducted because Thrivent is a tax-exempt fraternalbenefit society.

Contract Owner Transaction Expense

Sales Load Imposed on Purchase (as a percentage of purchase payments) 0%

Maximum Deferred Sales Load (as a percentage of excess amount surrendered) 7%1

Transfer Charge (after 24 free transfers per Contract Year) $252

Annual Contract Maintenance Charge $503

1 We may assess a surrender charge for partial surrenders or surrenders that exceed the free surrender amount. Each PremiumPayment will have its own 7-year surrender charge schedule. Earnings in the contract are removed first and always without asurrender charge. Then, premiums are removed from the contract on a first-in, first-out basis and are assessed surrender chargesbased on full years since allocation. The surrender charge is 7% during the first two years and decreases by 1% for the next fiveyears. The surrender charge also will be deducted if the annuity payments begin during the first three Contract Years, exceptunder certain circumstances see Charges and Deductions - Surrender Charge.2 We reserve the right to limit the number of transfers in each Contract Year. You are allowed 24 free transfers per Contract Year.Subsequent transfers (other than the Dollar Cost Averaging and Asset Rebalancing Programs) will incur a $25 transfer charge.3 We will charge an Annual Contract Maintenance Charge on each Contract Anniversary. The Maximum Annual ContractMaintenance Charge is $50. However, we will waive the charge on any anniversary when the Accumulated Value is $50,000 ormore. The charge will be taken from each subaccount of the Variable Account and from the Fixed Account according to the ratiofor this contract of the Accumulated Value in each subaccount and the Fixed Account to the Accumulated Value of the Contract.

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The next table describes the fees and expenses you will pay periodically during the time you own the Contract, notincluding Portfolio fees and expenses. In addition, it shows the charges for the optional riders you may add at thetime of application. The Maximum Anniversary Death Benefit (MADB) Rider is an optional benefit where the deathbenefit can increase on each Contract Anniversary if the Accumulated Value increased. The Thrivent IncomeBuilder (GLWB) Rider is an optional benefit that guarantees income in retirement by providing specifiedwithdrawals for life.

Periodic Fees and Expenses other than Fund ExpensesMaximum Current

Annual Mortality and Expense Risk Charge (Annual Separate Account

Expenses as a percentage of average Contract value)1

Standard Death Benefit 1.25% 1.25%

Charges for Optional Riders (based on benefits chosen)

Maximum Anniversary Death Benefit (MADB) Rider Charge2 0.50% 0.25%

Thrivent Income Builder (GLWB) Rider Charge3 2.50% 1.30%

Different fees and charges may apply after the Contract has been annuitized. See Charges and Deductions in thisprospectus for a complete discussion.

Charges after the Annuity Date

Commuted Value Charge (for surrender of settlement option) 0.25%4

As a fraternal benefit society, Thrivent is also required to have a Maintenance of Solvency provision applicable onlyto amounts allocated to the Fixed Account in certain limited conditions. For a complete discussion of theMaintenance of Solvency provision, see General Provisions – Maintenance of Solvency.1 The table above shows the guaranteed Maximum Annual Mortality and Risk Charge for the Contract. See Charges andDeductions—Maximum Annual Mortality and Risk Charge. The risk charge for a Contract pending payout due to a death claim isbased on the average daily net assets of the Variable Account and is equal to an annual rate of 0.95%.2 The MADB Rider Charge will be deducted from the Accumulated Value. It will be deducted from the Fixed Account and thesubaccounts of the Variable Account on a pro rata basis according to the ratio of the Accumulated Value in the Fixed Accountand each subaccount of the Variable Account to the Accumulated Value of the contract as of the Rider Quarterly Anniversary.On the day of the MADB Rider Charge, the amount of the charge is determined by multiplying the MADB by the MADB ChargeRate and dividing by 4. The first MADB Rider Charge will be deducted on the first Rider Quarterly Anniversary for thethree-month period that started on the Rider Date of Issue. Thereafter, the MADB Rider Charge for each three-month period willbe deducted on the Rider Quarterly Anniversary immediately after that three-month period that started on the Rider Date ofIssue. If the market is closed on the date the MADB Rider Charge should be processed, the charge will be processed on the nextValuation Date.3 The Thrivent Income Builder (GLWB) Rider Charge will be deducted from the subaccounts of the Variable Account on a prorata basis according to the ratio of the Accumulated Value in each subaccount of the Variable Account to the Accumulated Valueof the Variable Account as of the Rider Quarterly Anniversary. The Thrivent Income Builder (GLWB) Rider Charge is deductedfrom the Fixed Account only if the Variable Account is depleted. This charge is deducted quarterly, beginning three months afterthe Rider Date of Issue, on the same day of the month as the Rider Date of Issue (or if that day does not occur in that month, onthe last day of that month). On the day of the Thrivent Income Builder (GLWB) Rider Charge, the amount of the charge isdetermined by multiplying the GLWB Benefit Base by the Thrivent Income Builder (GLWB) Rider Charge Rate and dividing by 4.The first Thrivent Income Builder (GLWB) Rider Charge will be deducted on the first Rider Quarterly Anniversary for thethree-month period that started on the Rider Date of Issue. Thereafter, the Thrivent Income Builder (GLWB) Rider Charge foreach three-month period will be deducted on the Rider Quarterly Anniversary immediately after that three-month period. If themarket is closed on the date the Thrivent Income Builder (GLWB) Rider Charge should be processed, the charge will beprocessed on the next Valuation Date.4If you are receiving Annuity Income with a guaranteed period, you may elect to receive a full or partial surrender of thecommuted value of the remaining payments, unless the income elected was irrevocable. The value of the remaining paymentson any day is based on the interest rate used to determine the income payable plus 0.25%. This increase of the rate used in thecalculation is the Commuted Value Charge. Please see Annuity Provisions - Settlement Options for more information.

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The next table shows the maximum and minimum Total Annual Portfolio Operating Expenses for the year endedDecember 31, 2019. These are expenses that are deducted from Portfolio assets, including management fees,distribution or 12b-1 fees, service fees and/or other expenses. Expenses may be higher or lower in future years.More detail concerning the fees and expenses is contained in the prospectus for each Portfolio.

Total Annual Portfolio Operating Expenses

Maximum Minimum

(expenses that are deducted from Fund Assets, including management feesand other expenses)

3.90% 0.24%

Each Subaccount of the Variable Account purchases shares of the corresponding Fund Portfolio at net asset value.The net asset value reflects the fees and expenses that are deducted from the assets of the Portfolio. The fees andother expenses are not fixed or specified under the terms of the Contract, and they may vary from year to year.

Examples

The following three examples are intended to help you compare the cost of investing in the Contract with the costof investing in other variable annuity contracts. These costs include Contract Owner transaction expenses,Contract fees, separate account annual expenses, and Portfolio fees and expenses. The following three examplesassume that you invest $10,000 in the Contract for the time periods indicated and that your investment has a 5%return each year and assumes both the maximum and the minimum fees and expenses of the Portfolios.

Example 1 shows a Contract with the Standard Death Benefit and portfolio ranges that yield the maximum andminimum expenses. Example 2 shows the cost of a Contract with a MADB Rider and portfolio ranges that yield themaximum and minimum expenses. Example 3 shows the cost of a Contract with a Thrivent Income Builder(GLWB) Rider and the portfolio ranges that yield the maximum and minimum expenses. Although your actualcosts may be higher or lower, based on these assumptions, your costs would be:

Example 1: Contract with Standard Death Benefit1

Years

1 3 5 10

If you surrender your Contract at the end of theapplicable time period with

Maximum Portfolio Expenses: $1,144 $2,129 $3,073 $5,512

Minimum Portfolio Expenses: $ 804 $1,120 $1,363 $2,179

If you annuitize your Contract at the end of theapplicable time period with


Minimum Portfolio Expenses: $ 804 $1,120 $ 963 $2,179

If you do not surrender your Contract at end of theapplicable time period with

Maximum Portfolio Expenses: $ 515 $1,642 $2,765 $5,562

Minimum Portfolio Expenses: $ 152 $ 571 $1,013 $2,229

1 For this example, the following assumptions are used: 1.25% mortality and expense risk charge and portfolio operatingexpenses ranging from 3.90% to 0.24%.

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Example 2: Contract with MADB Rider1

Years

1 3 5 10









Minimum Portfolio Expenses: $ 189 $ 710 $1,257 $2,748

Example 3: Contract with the Thrivent Income Builder (GLWB) Rider2

Years

1 3 5 10










1 For this example, the following assumptions are used: 0.50% optional benefit charge, 1.25% mortality and expense riskcharge and portfolio operating expenses ranging from 3.90% to 0.24%.2 For this example, the following assumptions are used: 2.50% optional benefit charge, 1.25% mortality and expense riskcharge and portfolio operating expenses ranging from 3.90% to 0.24%.

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SUMMARY••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Please see Definitions at the beginning of this Prospectusfor definitions of several technical terms, which canhelp you understand details about your Contract. TheSummary is an introduction to various topics related tothe Contract. For more detailed information on eachsubject, refer to the appropriate section of thisProspectus.

The Contract

The Contract along with any riders, endorsements,amendments, application, and our Articles ofIncorporation and Bylaws constitutes your entireagreement. See The Contract.

This prospectus contains all material provisions of theContract. Any variations are pursuant to state law.Provisions that vary by state law are specificallydisclosed under applicable sections of The Contract.

We issue individual flexible premium deferred variableannuity contracts. In order to purchase a Contract, youmust submit an application to us through a financialprofessional. We only offer the Contract to a member orto a person eligible for membership who is also applyingfor membership. The Contract may be sold to or inconnection with retirement plans that may or may notqualify for special Federal tax treatment under theInternal Revenue Code. Annuity payments under theContract are deferred until the Maximum Annuity Date.

The minimum acceptable initial premium is $5,000unless your Contract is issued in connection with aQualified Plan. If your Contract is issued in connectionwith a Qualified Plan, the minimum acceptablepremium is $2,000. We may, at our discretion, waivethis initial premium requirement. You may payadditional premiums under the Contract, but we maychoose not to accept any additional premium less than$50. We also reserve the right to limit all premiums paidon the Contract to a total of $1 million.

No premiums are allowed once any Owner reachesContract Age 88.

Allocation of Premiums. You may allocatepremiums under the Contract to one or more of theSubaccounts of the Variable Account or the Fixed

Account. We reserve the right to limit allocations ortransfers to the Fixed Account. Certain investmentoptions may be unavailable in some states.

The Accumulated Value of the Contract in theSubaccounts will vary primarily based on theinvestment experience of the Portfolios whose sharesare held in the Subaccounts designated. The interest ratethat applies to the Fixed Account depends upon the ratein effect on the date of the allocation and subsequentrates guaranteed to never fall below the Fixed AccountGuaranteed Minimum Interest Rate.

If your contract is set up on monthly systematicpurchases or surrenders, we will only send quarterlyconfirmation statements for these transactions.

Automatic Transfers. We offer optional Dollar CostAveraging and Asset Rebalancing Programs. See TheContract—Dollar Cost Averaging and The Contract—AssetRebalancing.

Free Look Period. You have the right to return theContract within 10 days after you receive it. Some statesrequire a longer free look period.

Thrivent Income Builder Guaranteed LifetimeWithdrawal Benefit (GLWB) Rider. For anadditional charge, a Rider is available that guarantees aminimum lifetime withdrawal amount even if theaccount is depleted. This Rider can be added at issue andif you’re Contract Age 50 or older with a minimumpremium of $25,000.

Surrenders. If you request a surrender on or before theMaximum Annuity Date, we will pay to you all or partof the Accumulated Value of a Contract after deductingany applicable surrender charge or tax withholdings.Partial surrenders must be for at least $200 and must notreduce the remaining Accumulated Value in theContract to less than $2,000. Under certaincircumstances an Owner may make partial or fullsurrenders of Annuity Income.

Transfers. On or before the Maximum Annuity Date,you may request the transfer of all or a part of yourContract’s Accumulated Value to or from theSubaccounts. We reserve the right to limit allocations or

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transfers to the Fixed Account. In addition, the amounttransferred from the Fixed Account in any Contract Yearmay not exceed the greater of $500 or 25% of theAccumulated Value in the Fixed Account. You mayrequest 24 free transfers per Contract Year. Subsequenttransfers (other than the Dollar Cost Averaging andAsset Rebalancing Programs) will incur a $25 transfercharge. We reserve the right to limit the number oftransfers you make in any Contract Year. See TheContract—Transfers of Accumulated Value for more details,including the restrictions on transfers.

Death Benefits. The Contract offers a Standard DeathBenefit if an Owner dies before the Maximum AnnuityDate. For an additional charge, you may purchase anoptional death benefit rider which may increase thedeath benefit if the Owner dies before the MaximumAnnuity Date. The optional death benefit is called theMaximum Anniversary Death Benefit (MADB) Rider. SeeThe Contract—Maximum Anniversary Death Benefit(MADB) Rider.

After any Annuity Date, amounts payable from thatannuitized portion, if any, depend upon the terms ofthe settlement option.

Annuity Provisions

You may select an annuity settlement option or options.See Annuity Provisions for more details.

Federal Tax Status

For a description of the federal income tax status ofannuities, see Federal Tax Status—Taxation of Annuities inGeneral. Generally, a distribution from a Contract beforethe taxpayer attains age 591⁄1 2⁄⁄ will result in a penalty taxof 10% of the amount of the distribution which isincluded in gross income. Death proceeds paid tobeneficiaries are also subject to income tax.

Exchange Program

From time to time, we may offer programs for certainvariable annuities issued by Thrivent to be exchangedfor the Contract described in this prospectus. Youshould carefully consider whether an exchange isappropriate for you by comparing the death benefits,living benefits, and other guarantees that are providedby the contract you currently own to the benefits andguarantees provided by the new contract being offered.You should also compare the fees and charges of yourcurrent contract to the new contract being offered asthey may be higher than your current contract. Theprograms we offer will be made available on terms andconditions determined by us and any such program willcomply with applicable law.

THRIVENT AND THE VARIABLEVV ACCOUNT••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Thrivent

Thrivent is a not-for-profit financial servicesmembership organization of Christians helping ourmembers achieve financial security and give back totheir communities. We were organized in 1902 as afraternal benefit society under Wisconsin law, andcomply with Internal Revenue Code Section 501(c)(8).We are licensed to sell insurance in all states and theDistrict of Columbia.

For more information, visit Thrivent.com.

The Variable Account

The Variable Account is a separate account of ours,which became available on October 31, 2002. TheVariable Account meets the definition of a “separateaccount” under the federal securities laws. The VariableAccount is registered with the Securities and ExchangeCommission (the “SEC”) as a unit investment trustunder the Investment Company Act of 1940 (the “1940Act”). This registration does not involve supervision bythe SEC of the management or investment policies orpractices of the Variable Account.

SUMMARY••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

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We are not a trustee with respect to such assets.However, the Wisconsin laws under which the VariableAccount is operated provide that the Variable Accountshall not be chargeable with liabilities arising out of anyother business we may conduct. The Variable Accountwill be fully funded at all times for the purposes offederal securities laws. We may transfer to our GeneralAccount assets of the Variable Account which exceedthe reserves and other liabilities of the Variable Account.

Income and realized and unrealized gains and lossesfrom each Subaccount of the Variable Account arecredited to or charged against that Subaccount withoutregard to any of our other income, gains or losses. Wemay accumulate in the Variable Account the charge formortality and expense risk, mortality gains and lossesand investment results applicable to those assets thatare in excess of net assets supporting the Contracts.

INVESTMENT OPTIONS••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Variable Investment Options and the Subaccounts

You may allocate the premiums paid under the Contract and transfer from the Contract’s Accumulated Value to theSubaccounts of the Variable Account. We invest the assets of each Subaccount in a corresponding Portfolio of theFund. Note that the italicized Portfolios below are “fund of funds” which are comprised of investments in otherPortfolios within the Fund. The Subaccounts and the corresponding Portfolios are listed below.

Investment options if you do not have the Thrivent Income Builder (GLWB) Rider

Subaccount Corresponding Portfolio

American Funds IS® Global Growth Subaccount . . . . American Funds IS® Global Growth Portfolio Class4

American Funds IS® Growth-Income Subaccount . . . American Funds IS® Growth-Income Portfolio Class4

American Funds IS® International Growth andIncome Subaccount . . . . . . . . . . . . . . . . . . . . . . . . . . .

American Funds IS® International Growth andIncome Portfolio Class 4

American Funds IS® International Subaccount. . . . . . American Funds IS® International Portfolio Class 4BlackRock Total Return V.I. Subaccount. . . . . . . . . . . . BlackRock Total Return V.I. Portfolio Class IIIEaton Vance VT Floating-Rate Income Subaccount. . Eaton Vance VT Floating-Rate Income Portfolio

Initial Share ClassFidelity® VIP Emerging Markets Subaccount . . . . . . . Fidelity® VIP Emerging Markets Portfolio Service

Class 2Fidelity® VIP Energy Subaccount . . . . . . . . . . . . . . . . . Fidelity® VIP Energy Portfolio Service Class 2Fidelity® VIP International Capital Appreciation

Subaccount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Fidelity® VIP International Capital AppreciationPortfolio Service Class 2

Fidelity® VIP Value Subaccount . . . . . . . . . . . . . . . . . . . Fidelity® VIP Value Portfolio Service Class 2Franklin Small Cap Value VIP Subaccount . . . . . . . . . Franklin Small Cap Value VIP Portfolio Class 2Goldman Sachs VIT Core Fixed Income

Subaccount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Goldman Sachs VIT Core Fixed Income PortfolioService Shares

Goldman Sachs VIT Small Cap Equity InsightsSubaccount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Goldman Sachs VIT Small Cap Equity InsightsPortfolio Service Shares

THRIVENT AND THE VARIABLEVV ACCOUNT••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

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Janus Henderson VIT Enterprise Subaccount . . . . . . . Janus Henderson VIT Enterprise Portfolio ServiceShares

Janus Henderson VIT Forty Subaccount . . . . . . . . . . . Janus Henderson VIT Forty Portfolio Service SharesJohn Hancock Core Bond Trust Subaccount . . . . . . . John Hancock Core Bond Trust Portfolio Series II

Share ClassJohn Hancock International Small Company Trust

Subaccount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .John Hancock International Small Company TrustPortfolio Series II Share Class

John Hancock Strategic Income Opportunities TrustSubaccount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

John Hancock Strategic Income Opportunities TrustPortfolio Series II Share Class

MFS Variable Insurance Trust II - Core EquitySubaccount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

MFS Variable Insurance Trust II - Core EquityPortfolio Service Class

MFS Variable Insurance Trust III - Global Real EstateSubaccount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

MFS Variable Insurance Trust III - Global Real EstatePortfolio Service Class

MFS Variable Insurance Trust III - Mid Cap ValueSubaccount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

MFS Variable Insurance Trust III - Mid Cap ValuePortfolio Service Class

MFS Variable Insurance Trust - New DiscoverySeries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

MFS Variable Insurance Trust - New DiscoverySeries Service Class

MFS Variable Insurance Trust II - TechnologySubaccount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

MFS Variable Insurance Trust II - TechnologyPortfolio Service Class

MFS Variable Insurance Trust - Value Series . . . . . . . . MFS Variable Insurance Trust - Value Series ServiceClass

PIMCO VIT Emerging Markets Bond Subaccount . . . PIMCO VIT Emerging Markets Bond PortfolioAdvisor Class

PIMCO VIT Global Bond Opportunities Subaccount(Unhedged) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

PIMCO VIT Global Bond Opportunities Portfolio(Unhedged) Advisor Class

PIMCO VIT Long-Term U.S. GovernmentSubaccount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

PIMCO VIT Long-Term U.S. Government PortfolioAdvisor Class

PIMCO VIT Real Return Subaccount. . . . . . . . . . . . . . . PIMCO VIT Real Return Portfolio Advisor ClassPrincipal Capital Appreciation Subaccount. . . . . . . . . Principal Capital Appreciation Portfolio Class 2Principal VC Equity Income Subaccount . . . . . . . . . . . Principal VC Equity Income Portfolio Class 2Putnam VT International Value Subaccount. . . . . . . . Putnam VT International Value Portfolio Class 1BPutnam VT Research Subaccount . . . . . . . . . . . . . . . . . Putnam VT Research Portfolio Class 1BTempleton Global Bond VIP Subaccount. . . . . . . . . . . Templeton Global Bond VIP Portfolio Class 2Thrivent Aggressive Allocation Subaccount . . . . . . . . . . . Thrivent Aggressive Allocation PortfolioThrivent All Cap Subaccount . . . . . . . . . . . . . . . . . . . . . Thrivent All Cap PortfolioThrivent Balanced Income Plus Subaccount . . . . . . . . Thrivent Balanced Income Plus PortfolioThrivent Diversified Income Plus Subaccount . . . . . . Thrivent Diversified Income Plus PortfolioThrivent ESG Index Subaccount. . . . . . . . . . . . . . . . . . . Thrivent ESG Index PortfolioThrivent Global Stock Subaccount . . . . . . . . . . . . . . . . Thrivent Global Stock PortfolioThrivent Government Bond Subaccount . . . . . . . . . . . Thrivent Government Bond PortfolioThrivent High Yield Subaccount . . . . . . . . . . . . . . . . . . Thrivent High Yield PortfolioThrivent Income Subaccount . . . . . . . . . . . . . . . . . . . . . Thrivent Income PortfolioThrivent International Allocation Subaccount. . . . . . Thrivent International Allocation PortfolioThrivent International Index Subaccount . . . . . . . . . . Thrivent International Index PortfolioThrivent Large Cap Growth Subaccount . . . . . . . . . . . Thrivent Large Cap Growth PortfolioThrivent Large Cap Index Subaccount . . . . . . . . . . . . . Thrivent Large Cap Index Portfolio


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Thrivent Large Cap Value Subaccount . . . . . . . . . . . . . Thrivent Large Cap Value PortfolioThrivent Limited Maturity Bond Subaccount. . . . . . . Thrivent Limited Maturity Bond PortfolioThrivent Low Volatility Equity Subaccount . . . . . . . . Thrivent Low Volatility Equity PortfolioThrivent Mid Cap Growth Subaccount . . . . . . . . . . . . Thrivent Mid Cap Growth PortfolioThrivent Mid Cap Index Subaccount . . . . . . . . . . . . . . Thrivent Mid Cap Index PortfolioThrivent Mid Cap Stock Subaccount. . . . . . . . . . . . . . . Thrivent Mid Cap Stock PortfolioThrivent Mid Cap Value Subaccount . . . . . . . . . . . . . . Thrivent Mid Cap Value PortfolioThrivent Moderate Allocation Subaccount . . . . . . . . . . . . Thrivent Moderate Allocation PortfolioThrivent Moderately Aggressive Allocation Subaccount. . Thrivent Moderately Aggressive Allocation PortfolioThrivent Moderately Conservative Allocation

Subaccount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Thrivent Moderately Conservative Allocation PortfolioThrivent Money Market Subaccount. . . . . . . . . . . . . . . Thrivent Money Market PortfolioThrivent Multidimensional Income Subaccount . . . . Thrivent Multidimensional Income PortfolioThrivent Opportunity Income Plus Subaccount . . . . Thrivent Opportunity Income Plus PortfolioThrivent Partner Emerging Markets Equity

Subaccount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Thrivent Partner Emerging Markets Equity PortfolioThrivent Partner Healthcare Subaccount . . . . . . . . . . Thrivent Partner Healthcare PortfolioThrivent Real Estate Securities Subaccount . . . . . . . . . Thrivent Real Estate Securities PortfolioThrivent Small Cap Growth Subaccount . . . . . . . . . . . Thrivent Small Cap Growth PortfolioThrivent Small Cap Index Subaccount . . . . . . . . . . . . . Thrivent Small Cap Index PortfolioThrivent Small Cap Stock Subaccount . . . . . . . . . . . . . Thrivent Small Cap Stock Portfolio


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Investment options if you have the Thrivent Income Builder (GLWB) Rider

If you have the Thrivent Income Builder (GLWB) Rider, your allocations to the subaccounts will be restricted bySubaccount Classifications, Required Allocation Percentages, and Allocation Options. These may change in thefuture pursuant to any Rate Sheet Prospectus Supplements.

Thrivent Income Builder (GLWB) Rider Groups and Allocation Percentages

SubaccountClassifications

RequiredAllocation

Percentages Allocation Options

Group 1 0-10% Thrivent Fixed AccountGroup 2 20%-90% BlackRock Total Return V.I. Subaccount

Eaton Vance VT Floating-Rate Income SubaccountGoldman Sachs VIT Core Fixed Income SubaccountJohn Hancock JHVIT Core Bond SubaccountJohn Hancock JHVIT Strategic Income OpportunitiesSubaccountPIMCO VIT Global Bond Opportunities (Unhedged)SubaccountPIMCO VIT Long-Term US Government SubaccountPIMCO VIT Real Return SubaccountTempleton Global Bond VIP SubaccountThrivent Government Bond SubaccountThrivent High Yield SubaccountThrivent Income SubaccountThrivent Limited Maturity Bond SubaccountThrivent Money Market Subaccount

Group 3 0%-70% American Funds IS® Global Growth SubaccountAmerican Funds IS® Growth-Income SubaccountAmerican Funds IS® International SubaccountAmerican Funds IS® International Growth and IncomeSubaccountFidelity Value SubaccountFidelity VIP International Capital AppreciationSubaccountJanus Henderson VIT Enterprise SubaccountJanus Henderson VIT Forty SubaccountMFS VIT II Core Equity SubaccountMFS VIT III Mid Cap Value SubaccountMFS VIT Value Series SubaccountPrincipal Capital Appreciation SubaccountPrincipal VC Equity Income SubaccountPutnam International Value SubaccountPutnam VT Research SubaccountThrivent Aggressive Allocation SubaccountThrivent All Cap SubaccountThrivent Balanced Income Plus SubaccountThrivent Diversified Income Plus SubaccountThrivent ESG Index SubaccountThrivent Global Stock Subaccount


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Thrivent Income Builder (GLWB) Rider Groups and Allocation Percentages

SubaccountClassifications

RequiredAllocation

Percentages Allocation Options

Thrivent International Allocation SubaccountThrivent International Index SubaccountThrivent Large Cap Growth SubaccountThrivent Large Cap Index SubaccountThrivent Large Cap Value SubaccountThrivent Low Volatility Equity SubaccountThrivent Mid Cap Growth SubaccountThrivent Mid Cap Index SubaccountThrivent Mid Cap Stock SubaccountThrivent Mid Cap Value SubaccountThrivent Moderate Allocation SubaccountThrivent Moderately Aggressive Allocation SubaccountThrivent Moderately Conservative Allocation SubaccountThrivent Multidimensional Income SubaccountThrivent Opportunity Income Plus Subaccount

Group 4 0%-40% Franklin Small Cap Value VIP SubaccountGoldman Sachs VIT Small Cap Equity Insights SubaccountJohn Hancock VIT International Small CompanySubaccountMFS VIT New Discovery Series SubaccountThrivent Small Cap Growth SubaccountThrivent Small Cap Index SubaccountThrivent Small Cap Stock Subaccount

Group 5 0%-10% Fidelity VIP Emerging Markets SubaccountFidelity VIP Energy SubaccountMFS VIT II Technology SubaccountMFS VIT III Global Real Estate SubaccountPIMCO VIT Emerging Markets Bond SubaccountThrivent Partner Emerging Markets Equity SubaccountThrivent Partner Healthcare SubaccountThrivent Real Estate Securities Subaccount


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The following table summarizes each Portfolio’s investment objective and investment adviser/subadviser:

Portfolio Investment ObjectiveInvestmentAdviser/Subadviser

American Funds IS® GlobalGrowth Portfolio Class 4 . . . . . . . . To provide long-term growth of

capital.Capital Research andManagement CompanySM

American Funds IS®

Growth-Income Portfolio Class 4To achieve long-term growth ofcapital and income.

Capital Research andManagement CompanySM

American Funds IS® InternationalGrowth and Income SubaccountClass 4 . . . . . . . . . . . . . . . . . . . . . . . . . To provide long-term growth of

capital while providing currentincome.

Capital Research andManagement CompanySM

American Funds IS® InternationalPortfolio Class 4 . . . . . . . . . . . . . . . . To provide long-term growth of

capital.Capital Research andManagement CompanySM

Blackrock Total Return V.I.Portfolio Class III . . . . . . . . . . . . . . . To maximize total return,

consistent with incomegeneration and prudentinvestment management.

BlackRock Advisors, LLC,(previously defined as“BlackRock”)/BlackRockInternational Limited andBlackRock (Singapore) Limited.

Eaton Vance VT Floating-RateIncome Subaccount Initial ShareClass . . . . . . . . . . . . . . . . . . . . . . . . . . . Provide a high level of current

income.Eaton Vance Management

Fidelity® VIP Emerging MarketsPortfolio Service Class 2 . . . . . . . . . To seek capital appreciation. Fidelity Management & Research

Company LLC (FMR)Fidelity® VIP Energy PortfolioService Class 2 . . . . . . . . . . . . . . . . . . To seek capital appreciation. Fidelity Management & Research

Company LLC (FMR)Fidelity® VIP InternationalCapital Appreciation PortfolioService Class 2 . . . . . . . . . . . . . . . . . . To seek capital appreciation. Fidelity Management & Research

Company LLC (FMR)Fidelity® VIP Value PortfolioService Class 2 . . . . . . . . . . . . . . . . . . To seek capital appreciation. Fidelity Management & Research

Company LLC (FMR)Franklin Small Cap Value VIPPortfolio Class 2 . . . . . . . . . . . . . . . . Long-term total return. Franklin Mutual Advisers, LLC

(Franklin Mutual)


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Goldman Sachs VIT Core FixedIncome Portfolio Service Shares . . Seeks a total return consisting of

capital appreciation and incomethat exceeds the total return ofthe Bloomberg BarclaysU.S. Aggregate Bond Index.

Goldman Sachs AssetManagement, L.P.

Goldman Sachs VIT Small CapEquity Insights Portfolio ServiceShares. . . . . . . . . . . . . . . . . . . . . . . . . . To seek long-term growth of

capital.Goldman Sachs AssetManagement, L.P.

Janus Henderson VIT EnterprisePortfolio Service Shares . . . . . . . . . . To seek long-term growth of

capital.Janus Capital Management LLC

Janus Henderson VIT FortyPortfolio Service Shares . . . . . . . . . . To seek long-term growth of

capital.Janus Capital Management LLC

John Hancock VIT Core BondTrust Portfolio Series II ShareClass . . . . . . . . . . . . . . . . . . . . . . . . . . . To seek total return consisting of

income and capital appreciation.John Hancock Variable TrustAdvisers LLC/Wells CapitalManagement, Incorporated

John Hancock VIT InternationalSmall Company Trust PortfolioSeries II Share Class . . . . . . . . . . . . . To seek long-term capital

appreciation.John Hancock Variable TrustAdvisers LLC/Dimensional FundAdvisors LP

John Hancock VIT StrategicIncome Opportunities TrustPortfolio Series II Share Class. . . . . To seek a high level of current

income.John Hancock InvestmentManagement Services, LLC/John/Hancock Asset Management, adivision of Manulife AssetManagement (US) LLC.

MFS Variable Insurance Trust II-Core Equity Portfolio ServiceClass . . . . . . . . . . . . . . . . . . . . . . . . . . . To seek capital appreciation. MFSMFS Variable Insurance Trust III -Global Real Estate PortfolioService Class . . . . . . . . . . . . . . . . . . . . To seek total return. MFSMFS Variable Insurance Trust III -Mid Cap Value Portfolio ServiceClass . . . . . . . . . . . . . . . . . . . . . . . . . . . To seek capital appreciation. MFSMFS Variable Insurance Trust –New Discovery Series ServiceClass . . . . . . . . . . . . . . . . . . . . . . . . . . . To seek capital appreciation. MFS


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MFS Variable Insurance Trust II -Technology Portfolio ServiceClass . . . . . . . . . . . . . . . . . . . . . . . . . . . To seek capital appreciation. MFSMFS Variable Insurance Trust -Value Series Service Class . . . . . . . . To seek capital appreciation. MFSPIMCO VIT Emerging MarketsBond Portfolio Advisor Class . . . . . To seek maximum total return,

consistent with preservation ofcapital and prudent investmentmanagement.

PIMCO

PIMCO VIT Global BondOpportunities Portfolio(Unhedged) Advisor Class . . . . . . . To seek maximum total return,


PIMCO

PIMCO VIT Long-TermU.S. Government PortfolioAdvisor Class . . . . . . . . . . . . . . . . . . . To seek maximum total return,


PIMCO

PIMCO VIT Real Return PortfolioAdvisor Class . . . . . . . . . . . . . . . . . . . To seek maximum real return,

consistent with preservation ofreal capital and prudentinvestment management.

PIMCO

Principal Capital AppreciationPortfolio Class 2 . . . . . . . . . . . . . . . . Long-term growth of capital. Principal Global Investors, LLCPrincipal VC Equity IncomePortfolio Class 2 . . . . . . . . . . . . . . . . Seeks to provide current income

and long-term growth of incomeand capital.

Principal Global Investors, LLC

Putnam VT International ValuePortfolio Class 1B . . . . . . . . . . . . . . . Seeks capital growth. Current

income is a secondary objectivePutnam InvestmentManagement, LLC

Putnam VT Research PortfolioClass 1B . . . . . . . . . . . . . . . . . . . . . . . . Seeks capital appreciation. Putnam Investment

Management, LLCTempleton Global Bond VIPPortfolio Class 2 . . . . . . . . . . . . . . . . To seek high current income,

consistent with preservation ofcapital. Capital appreciation is asecondary consideration.

Franklin Advisers, Inc.


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Thrivent Aggressive AllocationPortfolio . . . . . . . . . . . . . . . . . . . . . . . To seek long-term capital growth. ThriventThrivent All Cap Portfolio . . . . . . . To seek long-term growth of

capital.Thrivent

Thrivent Balanced Income PlusPortfolio . . . . . . . . . . . . . . . . . . . . . . . To seek long-term total return

through a balance betweenincome and the potential forlong-term capital growth.

Thrivent

Thrivent Diversified Income PlusPortfolio . . . . . . . . . . . . . . . . . . . . . . . To seek to maximize income

while maintaining prospects forcapital appreciation.

Thrivent

Thrivent ESG Index Portfolio . . . . To seek to track the investmentresults of an index composed ofcompanies selected by the indexprovider based onenvironmental, social andgovernance characteristics. ThePortfolio’s investment objectivemay be changed withoutshareholder approval.

Thrivent

Thrivent Global Stock Portfolio . . To seek long-term capital growth. ThriventThrivent Government BondPortfolio . . . . . . . . . . . . . . . . . . . . . . . To seek total return, consistent

with preservation of capital. ThePortfolio’s investment objectivemay be changed withoutshareholder approval.

Thrivent

Thrivent High Yield Portfolio . . . . To achieve a higher level ofincome, while also consideringgrowth of capital as a secondaryobjective.

Thrivent

Thrivent Income Portfolio . . . . . . . To achieve a high level of incomeover the longer term whileproviding reasonable safety ofcapital.

Thrivent

Thrivent International AllocationPortfolio . . . . . . . . . . . . . . . . . . . . . . . To seek long-term capital growth. Thrivent/Goldman Sachs Asset

Management, L.P.


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Thrivent International IndexPortfolio . . . . . . . . . . . . . . . . . . . . . . . To seek total returns that track

the performance of the MSCIEAFE Index.** The Portfolio’sinvestment objective may bechanged without shareholderapproval.

Thrivent

Thrivent Large Cap GrowthPortfolio . . . . . . . . . . . . . . . . . . . . . . . To achieve long-term growth of

capital.Thrivent

Thrivent Large Cap IndexPortfolio . . . . . . . . . . . . . . . . . . . . . . . To seek total returns that track

the performance of the S&P 500Index*.

Thrivent

Thrivent Large Cap ValuePortfolio . . . . . . . . . . . . . . . . . . . . . . . To achieve long-term growth of

capital.Thrivent

Thrivent Limited Maturity BondPortfolio . . . . . . . . . . . . . . . . . . . . . . . To seek a high level of current

income consistent with stabilityof principal.

Thrivent

Thrivent Low Volatility EquityPortfolio . . . . . . . . . . . . . . . . . . . . . . . To seek long-term capital

appreciation with lower volatilityrelative to global equity markets.The Portfolio’s investmentobjective may be changedwithout shareholder approval.

Thrivent

Thrivent Mid Cap GrowthPortfolio . . . . . . . . . . . . . . . . . . . . . . . To seek long-term capital growth.

The Portfolio’s investmentobjective may be changedwithout shareholder approval.

Thrivent

Thrivent Mid Cap IndexPortfolio . . . . . . . . . . . . . . . . . . . . . . . To seek total returns that track

the performance of the S&PMidCap 400 Index*.

Thrivent

Thrivent Mid Cap Stock Portfolio. To seek long-term capital growth. ThriventThrivent Mid Cap ValuePortfolio . . . . . . . . . . . . . . . . . . . . . . . To seek long-term capital growth.

The Portfolio’s investmentobjective may be changedwithout shareholder approval.

Thrivent


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Thrivent Moderate AllocationPortfolio . . . . . . . . . . . . . . . . . . . . . . . To seek long-term capital growth

while providing reasonablestability of principal.

Thrivent

Thrivent Moderately AggressiveAllocation Portfolio . . . . . . . . . . . . . To seek long-term capital growth. ThriventThrivent ModeratelyConservative AllocationPortfolio . . . . . . . . . . . . . . . . . . . . . . . To seek long-term capital growth

while providing reasonablestability of principal.

Thrivent

Thrivent Money Market Portfolio. To achieve the maximum currentincome that is consistent withstability of capital andmaintenance of liquidity.

Thrivent

Thrivent MultidimensionalIncome Portfolio . . . . . . . . . . . . . . . . To seek a high level of current

income and, secondarily, growthof capital. The Portfolio’sinvestment objective may bechanged without shareholderapproval.

Thrivent

Thrivent Opportunity IncomePlus Portfolio . . . . . . . . . . . . . . . . . . . To seek a combination of current

income and long-term capitalappreciation.

Thrivent

Thrivent Partner EmergingMarkets Equity Portfolio . . . . . . . . . To seek long-term capital growth. Thrivent/Aberdeen Asset Managers//

Limited.Thrivent Partner HealthcarePortfolio . . . . . . . . . . . . . . . . . . . . . . . To seek long-term capital growth. Thrivent/BlackRock Investment

Management, LLCThrivent Real Estate SecuritiesPortfolio . . . . . . . . . . . . . . . . . . . . . . . To seek to provide long-term

capital appreciation and highcurrent income.

Thrivent

Thrivent Small Cap GrowthPortfolio . . . . . . . . . . . . . . . . . . . . . . . To seek long-term capital

growth.The Portfolio’sinvestment objective may bechanged without shareholderapproval.

Thrivent


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Thrivent Small Cap IndexPortfolio . . . . . . . . . . . . . . . . . . . . . . . To seek capital growth that tracks

the performance of the S&PSmallCap 600 Index*.

Thrivent

Thrivent Small Cap StockPortfolio . . . . . . . . . . . . . . . . . . . . . . . To seek long-term capital growth. Thrivent

* The S&P 500, S&P MidCap 400, and S&P SmallCap 600 Indexes are products of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”), and hasbeen licensed for use by Thrivent Financial for Lutherans (“Thrivent”). Standard & Poor’s® and S&P® are registered trademarks of Standard &Poor’s Financial Services LLC (“S&P”) and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). Thetrademarks have been licensed to SPDJI and have been sublicensed for use for certain purposes by Thrivent. Thrivent variable insurance productsare not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, and of their respective affiliates (collectively, “S&P Dow JonesIndices”). S&P Dow Jones Indices does not make any representation or warranty, express or implied, to the owners of the Thrivent variableinsurance products or any member of the public regarding the advisability of purchasing variable insurance contracts generally or in theThrivent variable insurance contracts particularly or the ability of the S&P 500, S&P MidCap 400, and S&P SmallCap 600 Indexes to trackgeneral market performance. S&P Dow Jones Indices only relationship to Thrivent with respect to the S&P 500, S&P MidCap 400, and S&PSmallCap 600 Indexes is the licensing of the Indexes and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/orits licensors. The S&P 500, S&P MidCap 400, and S&P SmallCap 600 Indexes are determined, composed and calculated by S&P Dow JonesIndices without regard to Thrivent or the Thrivent variable insurance products. S&P Dow Jones Indices have no obligation to take the needs ofThrivent or the owners of the Thrivent variable insurance products into consideration in determining, composing or calculating the S&P 500,S&P MidCap 400, and S&P SmallCap 600 Indexes. S&P Dow Jones Indices is not responsible for and has not participated in the determination ofthe prices, and amount of the Thrivent variable insurance products or the timing of the issuance or sale of the Thrivent variable insurancecontract or in the determination or calculation of the equation by which a Thrivent variable insurance product is to be converted into cash,surrendered or redeemed, as the case may be. S&P Dow Jones Indices has no obligation or liability in connection with the administration,marketing or trading of the Thrivent variable insurance product. There is no assurance that investment products based on the S&P 500, S&PMidCap 400, and S&P SmallCap 600 Indexes will accurately track index performance or provide positive investment returns. S&P Dow JonesIndices LLC is not an investment advisor. Inclusion of a security within an index is not a recommendation by S&P Dow Jones Indices to buy,sell, or hold such security, nor is it considered to be investment advice.S&P DOW JONES INDICES DOES NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE S&P500, S&P MIDCAP 400, AND S&P SMALLCAP 600 INDEXES OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUTNOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&PDOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&PDOW JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OFMERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY THRIVENT , OWNERS OFTHE THRIVENT VARIABLE INSURANCE PRODUCTS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE S&P 500, S&P MIDCAP 400,AND S&P SMALLCAP 600 INDEXES OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING,IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, ORCONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IFTHEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE.THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES ANDTHRIVENT, OTHER THAN THE LICENSORS OR S&P DOW JONES INDICES.

**MSCI, Inc. (�MSCI�) makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCIdata contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financialproducts. This prospectus is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data is intended to constituteinvestment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.

Each Portfolio has its own investment objective,investment program, policies and restrictions. Althoughthe investment objectives and policies of certainPortfolios may be similar to the investment objectivesand policies of other Portfolios, we do not represent orassure you that the investment results will be

comparable to any other Portfolio, even where theinvestment adviser or manager is the same. Differencesin portfolio size, actual investments held, fundexpenses, and other factors all contribute to differencesin Portfolio performance. For all of these reasons, youshould expect investment results to differ. In particular,


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certain Portfolios available only through the Contractmay have names similar to portfolios not availablethrough the Contract. The performance of a Portfolionot available through the Contract does not indicateperformance of the similarly named Portfolio availablethrough the Contract.

You should carefully review the prospectusesfor the Subaccounts you select. You shouldperiodically consider your allocation amongSubaccounts in light of current marketconditions and your investment goals, risktolerance and financial circumstances. EachSubaccount prospectus provides more completeinformation about the Portfolios of the Fund inwhich the Subaccount invests, includinginvestment objectives and policies, risks,charges, and expenses.

Shares of the Fund are sold to other Portfolios of theFund, to other insurance company separate accounts ofours, and to other insurance company separate accountsnot affiliated with us. The Fund may, in the future,create new Portfolios. It is conceivable that in the futureit may be disadvantageous for both variable annuityseparate accounts and variable life insurance separateaccounts to invest simultaneously in the Fund, althoughwe do not foresee any such disadvantages to eithervariable annuity or variable life insurance contractowners. The Fund’s management intends to monitorevents in order to identify any material conflictsbetween such Contract Owners and to determine whataction, if any, should be taken in response. Materialconflicts could result from, for example:

� Changes in state insurance laws;

� Changes in Federal income tax law;

� Changes in the investment management of theFund; or

� Differences in voting instructions between thosegiven by the Contract Owners from the differentseparate accounts.

If we believe the responses of the Fund to any of thoseevents or conflicts insufficiently protects ContractOwners, we may take appropriate action on our own.

Such action could include the sale of Fund by one ormore of the separate accounts, which could haveadverse consequences.

The Fund is a Minnesota corporation registered with theSEC under the 1940 Act as an open-end managementinvestment company (commonly called a “mutualfund”). That registration does not involve supervisionby the SEC of the management or investment practicesor policies of the Fund.

The Variable Account will purchase and redeem fromthe Fund at net asset value to the extent necessary for usto collect charges under the Contracts, to makepayments upon surrenders, to provide benefits underthe Contracts, or to transfer assets from one Subaccountto another Subaccount, or the Fixed Account, asrequested by Contract Owners. Any dividend or capitalgain distribution received from a Portfolio of the Fundswill be reinvested immediately at net asset value in ofthat Portfolio and retained as assets of thecorresponding Subaccount.

Addition, Deletion, Combination, orSubstitution of Investments

At our sole discretion and to the fullest extent permittedby law, we reserve the right to make certain changes tothe structure and operation of the Variable Account,including, among others, the right to:

� Remove, combine, or add Subaccounts and makethe new Subaccounts available to you at ourdiscretion;

� Substitute shares of another Portfolio, which mayhave differences such as (among other things)different fees and expenses, objectives, and risks,for shares of an existing Portfolio in which yourSubaccount invests at our discretion;

� Substitute or close Subaccounts to allocations ofpremiums or Accumulated Value, or both, and toexisting investments or the investment of futurepremiums, or both, at any time in our discretion;

� Transfer assets supporting the Contract from oneSubaccount to another or from the VariableAccount to another Variable Account;


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� Combine the Variable Account with other variableaccounts, and/or create new variable accounts;

� Deregister the Variable Account under the 1940Act, or operate the Variable Account as amanagement investment company under the 1940Act, or as any other form permitted by law; and

� Modify the provisions to reflect changes to theSubaccounts and the Variable Account and tocomply with applicable law.

The Portfolios, which sell their shares to theSubaccounts, also may terminate these arrangementsand discontinue offering their shares to theSubaccounts. We will not make any changes withoutreceiving any necessary approval of the SEC andapplicable state insurance departments. We will notifyyou of any changes.

Income, gains and losses, whether or not realized, fromthe assets in each Subaccount are credited to or chargedagainst that Subaccount without regard to any of ourother income, gains or losses. The value of the assets inthe Variable Account is determined at the end of eachValuation Date.

If investment in any particular Portfolio is no longerpossible, in our judgment becomes inappropriate for thepurposes of the Contract, or for any other reason in oursole discretion, we may close or combine any of thecurrent Portfolios. We may close a Portfolio to newinvestment, but continue to allow current investors toadd additional premium payments, or we may combinethe Portfolio with another Portfolio. The substitutedinvestment option may have different fees andexpenses. We will not make any substitutions withoutreceiving any necessary approval of the SEC and stateinsurance departments, if applicable. You will benotified of any substitutions. This notification willinclude the name of the Portfolio being modified, theapproximate date of the shareholder vote (if applicable),the date the combination will be completed (ifapproved and if applicable), the date that the Portfoliowill be closed to new investment selections, the datethat funds can no longer be applied to the Portfolio andthe description of where the current value will move to(if applicable) and where future premium payments (ifany) will be applied. Subaccounts may be opened,closed or substituted with regard to any of the following

as of any specified date: 1) existing Accumulated Value;2) future payments; and 3) existing and/or futureContract Owners. Each Portfolio sells its shares to theSubaccounts pursuant to a participation agreement andmay terminate the agreement and discontinue offeringits shares to the Subaccounts.

In addition, we reserve the right to make otherstructural and operational changes affecting the VariableAccount.

We do not guarantee any money you place inthe Subaccounts. The value of each Subaccountwill increase or decrease, depending on theinvestment performance of the correspondingPortfolio and fees and charges. You could losesome or all of your money.

Voting Privileges

To the extent required by law, we will vote thePortfolio’s shares held in the Subaccount at regular andspecial shareholder meetings of the Portfolio inaccordance with instructions received from personshaving voting interests in the correspondingSubaccounts. If, however, the 1940 Act or anyregulation thereunder should be amended or if thepresent interpretation thereof should change, and as aresult we determine that we are permitted to vote thePortfolio’s shares in our own right, we may elect to doso.

Before the Maximum Annuity Date, an Owner shallhave the voting interest with respect to Portfolio’sshares attributable to the Contract.

The number of votes which an Owner or person entitledto receive annuity payments has the right to instructwill be calculated separately for each Subaccount. Thenumber of votes which each Owner has the right toinstruct will be determined by dividing a Contract’sAccumulated Value in a Subaccount by the net assetvalue per share of the corresponding Portfolio in whichthe Subaccount invests. Fractional shares will becounted. Voting instructions will be solicited by writtencommunications prior to such meeting in accordancewith procedures established by the Portfolio.


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Any Portfolio shares held in the Subccount for which wedo not receive timely voting instructions, or which arenot attributable to Owners, will be voted by us inproportion to the instructions received from all Owners.Any Portfolio shares held by us or our affiliates inGeneral Accounts will, for voting purposes, be allocatedto all separate accounts of ours and our affiliates havinga voting interest in that Portfolio in proportion to eachsuch separate account’s votes. Voting instructions toabstain on any item to be voted upon will be applied ona pro rata basis to reduce the votes eligible to be cast.

Each person having a voting interest in a Subaccountwill receive proxy materials, reports and other materialsrelating to the appropriate Portfolio.

Voting privileges are not applicable to the FixedAccount.

Fixed Account

Premiums and Accumulated Value may be allocated toor transferred to the Fixed Account. We reserve the rightto limit allocations or transfers to the Fixed Account.

Amounts held in the Fixed Account are invested withour General Account. The interest rates for amounts inthe Fixed Account depend on the date of allocation ortransfer to the Fixed Account. We guarantee that theinitial interest rate for each amount allocated ortransferred to the Fixed Account will be effective for atleast twelve months, and subsequent interest rates willnot be changed more often than once every twelvemonths. The effective annual interest rate will never beless than the Fixed Account Guaranteed MinimumInterest Rate shown in your Contract. At our discretion,we may credit interest in excess of the guaranteedinterest rate.

The date of allocation or transfer is the date that interestbegins to accrue. Interest is compounded daily.

The Fixed Account includes any amounts in the DCAFixed Account.

Interest guarantees are subject to Thrivent’sclaims-paying ability. Please see The Contract-Transfers ofAccumulated Value for more information on transferringfrom the Fixed Account.

The amount transferred from the Fixed Account in anyContract Year may not exceed the greater of $500 or25% of the Accumulated Value in the Fixed Account,excluding any Accumulated Value in the DCA FixedAccount, at the time the first transfer is made in thatContract Year.

Maintenance of Solvency. The maintenance ofsolvency provision is a legal requirement of a fraternalbenefit society. This provision can only apply to yourmoney in the Fixed Account, not the VariableSubaccounts.

The provision can come into play only when thereserves of a fraternal benefit society become impaired.That means there would be a serious concern with thefinancial position of the society, leading to a higher riskthat the society cannot meet its commitments under itscontracts. State law provides guidance on when asociety’s position becomes impaired. This is generallybased on prescribed financial formulas used todetermine the risks of a society not being able to meetits obligations.

It is extremely unlikely that Thrivent would be in animpaired condition considering its financial position.You may review our financial statements and reportsfrom our independent public accounting firm in theStatement of Additional Information (SAI) found onlineat thrivent.com or by returning the form found on page68 of this prospectus. In addition, your financialprofessional is always available to answer any questionsyou may have about Thrivent’s financial stability.

In the extraordinary event that our reserves becomeimpaired, you may be required to make an extrapayment. Our Board of Directors could only imposethis extra payment after determining that our overallfinancial position is seriously impaired, that the extrapayments are necessary to remedy the impairment, thatbetter options are not available or would be ineffective,and that the extra payments would be in the bestinterest of the members. This can happen only in the


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rare event that the insurance commissioner issued anorder declaring us to be in a hazardous condition. If thathappened, our Board of Directors would work with thecommissioner to determine each member’s portion ofthe deficiency. We expect your share would beapportioned according to the value you have in theFixed Account, if any.

Regarding the extra payment, one option is for you tosubmit the additional funds to us within 60 days. Theextra payment would not be applied to your Contract asadditional premium. Instead, it could be held byThrivent until the impairment has been resolved.Alternatively, you could have the amount treated as adebt against your Contract. That means we would trackthe amount of your assessment and compound interestdue at a 5% annual interest rate. If you requested awithdrawal or transfer of your balance in the FixedAccount, the amount of your debt, plus any interest,would be held by Thrivent until the impairment wasresolved. Third, you could choose an equivalentreduction in benefits instead of, or in combination, withthe debt. A reduction in benefits means the amountwould be taken out of your Fixed Account by Thriventand would be treated as a partial surrender for purposesof your Contract’s benefits. Your annuity’s value anddeath benefit would be reduced accordingly.

Please be advised that a maintenance of solvencyprovision is applicable to all fraternal benefit societies,regardless of the financial position and ratings of thesociety. Again, your financial professional will be glad toprovide you with information on Thrivent’s financialstrength and independent ratings.

Additional Information about the FixedAccount

Because of exemptive and exclusionary provisions,interests in the Fixed Account have not been registeredunder the Securities Act of 1933 (“1933 Act”), and theFixed Account is not registered as an investmentcompany under the Investment Company Act of 1940(“1940 Act”). Accordingly, the Fixed Account isgenerally not subject to the provisions of the 1933 or1940 Acts. Disclosures regarding the Fixed Account,however, may be subject to certain generally applicableprovisions of the federal securities laws relating to theaccuracy and completeness of statements inprospectuses.


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RISKS••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

This annuity has some risks which may include thefollowing:

� The investment options you choose may lose value,and the Accumulated Value of your contract can godown;

� Depending on the contract features you select, yourinvestment options may be limited;

� This annuity has liquidity risk because a surrendercharge may apply to full or partial surrenders madeduring the surrender charge period;

� In addition to taxes on gain, there may be a taxpenalty if you withdraw money from the annuityprior to age 591⁄1 2⁄⁄ ;

� If you elect a Settlement Option, you will onlyreceive periodic annuity payments as frequently asyou selected. There is a risk that your annuitypayments will not keep pace with your personalexpenses. If you choose a life income with no

guaranteed period, there is a risk that you will dieprematurely and no death proceeds will be paid toyour beneficiaries.

� Health Crisis Risk. The global pandemic outbreak ofthe novel coronavirus known as COVID-19 hasresulted in substantial market volatility and globalbusiness disruption. The duration and full effects ofthe outbreak are uncertain and may result intrading suspensions and market closures, limitliquidity and the ability of the Fund to processContract Owner redemptions, and negativelyimpact Fund performance. The COVID-19 outbreakand future pandemics could affect the globaleconomy in ways that cannot be foreseen and mayexacerbate other types of risks, negativelyimpacting the value of the Fund. These events havenot affected Thrivent’s financial strength orclaims-paying ability.

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Purchasing a Contract

You purchase a Contract by submitting an applicationto us through one of our financial professionals.Contracts are offered to members and people eligible formembership. This prospectus contains all materialprovisions of the Contract and any variations arepursuant to state law. In your application you select thefeatures of your Contract, including:

� The amount of your initial premium. This premiummust be at least $5,000 unless your Contract isissued in connection with a Qualified Plan. If yourContract is issued in connection with a QualifiedPlan, the minimum acceptable premium is $2,000.If you add the Thrivent Income Builder (GLWB)Rider, the minimum acceptable premium is$25,000.

� How you want your premiums allocated among theSubaccount(s), and/or the Fixed Account. Wereserve the right to limit the number of allocationsto subaccounts.

� Whether or not you want the MaximumAnniversary Death Benefit (MADB) Rider or theThrivent Income Builder (GLWB) Rider.

� The beneficiary or beneficiaries you want to receivethe benefit payable upon the death of an Owner.

� The maximum Issue Age is Contract Age 85 and nopremiums are accepted once any Owner reachesContract Age 88 (or any annuitant if owned by anon-natural person).

� Premium amounts of $1 million or greater willrequire prior approval, and we reserve the right tolimit the total amount of all premiums paid on theContract to $1 million. We reserve the right todecline future applications if the premium on anOwner’s Contract is $1 million or greater. Wereserve the right to decline applications that do notmeet issue and suitability guidelines.

Processing Your Application

We will process your application when we receive it.Your Contract’s Date of Issue is the date the firstpremium is applied. If we determine that theapplication is not in good order, we will attempt tocomplete it within five business days. If the applicationis not complete at the end of this period, we will tell

you the reason for the delay and we will return theinitial premium unless you specifically consent to ourkeeping it until the application is complete.

Allocation of Premiums

We will allocate your initial premium among theSubaccount(s) and/or the Fixed Account according toyour application. Any amount of your initial premiumwhich you allocate to a Subaccount will be credited toyour Contract with a number of Accumulation Units ofthat Subaccount based on the Subaccount’sAccumulation Unit Value at the end of that ValuationPeriod. Subsequent allocations to a Subaccount will becredited with a number of Accumulation Units of thatSubaccount based on the Subaccount’s AccumulationUnit Value at the end of the Valuation Period when theallocation is made. See Subaccount Valuation.

The allocation percentages that you select must be inwhole numbers and their sum must be 100%. Wereserve the right to adjust allocation percentages toeliminate fractional percentages. Premiums that you payafter the initial premium are allocated at the end of theValuation Period in which we receive them using theallocation percentages specified in your application. Youmay change the allocation percentages for futurepremiums without charge and at any time by giving usNotice. Unless specifically designated otherwise, anychange will apply to all future premiums unless yourequest another change.

If you add the Thrivent Income Builder (GLWB) Rider,your allocations to the subaccounts and the FixedAccount will be restricted by the Required AllocationPercentages per Allocation Group. See The Contract—Thrivent Income Builder (GLWB) Rider InvestmentRequirements.

The values in the Subaccounts of the Variable Accountwill vary with the investment experience of thecorresponding Portfolios. You bear the entireinvestment risk of the amounts allocated toSubaccounts of the Variable Account. You shouldperiodically review your allocations of premiums inlight of market conditions and your overall financialobjectives.

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Free Look Period

After you receive your Contract, you have a “free look”period of 10 calendar days (some states require a longerfree look period, which will be indicated in yourContract) to decide if you want to keep it. If you decideto cancel the Contract within the free look period, youmay do so by returning the Contract and providingNotice of cancellation to our Service Center or afinancial professional. Once we receive the Contract andnotice of cancellation, we will cancel the Contract andrefund to you an amount equal to the AccumulatedValue plus any expenses we’ve taken. The value may bemore or less than your premium payment dependingupon the investment performance. This means you bearthe risk of any decline in your value until we receiveyour Contract and notice of cancellation. However, incertain states we must return your premium payment, ifgreater.

In addition to the “free look” period described, if yourContract is an IRA and you revoke it within 7 days afterinitially receiving the IRA disclosure, we will refund allpremiums that you have paid regardless of the state inwhich the Contract was issued. If the value is higher,you have the right to receive the value in lieu of theinitial premium payment. If you receive the highervalue we will issue you a tax form for the earnings.

Accumulated Value of Your Contract

On or before the Maximum Annuity Date, yourContract’s value is expressed as its Accumulated Value.Your Contract’s Accumulated Value is the sum of theaccumulated values in Subaccounts and the FixedAccount.

Your Contract’s Accumulated Value will reflect theinvestment experience of the chosen Subaccounts, anyamount of value in the Fixed Account, any premiumsthat you pay, any surrenders you make, and any chargeswe assess in connection with the Contract. There is noguaranteed minimum Accumulated Value, and, becausea Contract’s Accumulated Value on any future datedepends upon a number of variables, it cannot bepredetermined.

Subaccount Valuation

On any Valuation Day, the Accumulated Value of yourinvestment in a Subaccount is equal to the number ofAccumulation Units attributable to that Subaccountmultiplied by the Accumulation Unit Value for thatSubaccount. On any day that is not a Valuation Day, theAccumulated Value for a Subaccount will be determinedon the next Valuation Day.

Accumulation Units. Transactions in and out of aSubaccount are made by crediting or reducing thenumber of Accumulation Units of the Subaccount inyour Contract.

We credit your Contract with Accumulation Units of aSubaccount when:

� You allocate premiums to that Subaccount;

� You transfer Accumulated Value into thatSubaccount from another Subaccount or the FixedAccount;

� If an excess of the Death Benefit over theAccumulated Value is allocated to the Subaccount.

We reduce the Accumulation Units in a Subaccountwhen:

� You transfer Accumulated Value out of thatSubaccount into another Subaccount or the FixedAccount;

� You make a surrender from that Subaccount;

� Transfer Charges are applied against theSubaccount;

� Expenses for optional riders (if applicable) areapplied;

� The expense for the Annual Contract MaintenanceCharge (if applicable) is applied.

Accumulation Unit Value

A Subaccount’s Accumulation Unit Value for yourContract is the unit price that is used whenever wecredit or reduce Accumulation Units of the Subaccount.Accumulation Unit Values may increase or decrease atthe end of each Valuation Period. We re-determine theAccumulation Unit Value for each Subaccount at the

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end of each Valuation Period. At the end of eachValuation Period, the Accumulation Unit Value for aSubaccount is equal to (1) multiplied by (2) where:

(1) Is the Accumulation Unit Value for thatSubaccount at the end of the prior ValuationPeriod.

(2) The Net Investment Factor for accumulationunit values for the subaccount for that period.

Accumulation unit values are determined at the end ofeach Valuation Period before the transfer or allocationof any amounts to or from the subaccounts. Theaccumulation unit values may increase or decrease oneach Valuation Day.

Net Investment Factor

The Net Investment Factor for a Subaccount measuresinvestment performance of that Subaccount. The NetInvestment Factor for a Subaccount for a ValuationPeriod is determined by dividing (1) by (2) and thensubtracting (3) and (4) where:

(1) Is the sum of:

(a) The net asset value per share of thecorresponding Portfolio at the end of theValuation Period; plus

(b) The per share amount of any dividend orcapital gain distribution made by thePortfolio if the “ex-dividend” date occursduring the Valuation Period; plus or minus

(c) A per share charge or credit for any taxesreserved for that we determine to be aresult of the investment operation of thePortfolio.

(2) Is the net asset value per share of thecorresponding Portfolio of the Subaccount atthe end of the prior Valuation Period.

(3) Is the charge for mortality and expense risksthat we deduct for each day in the ValuationPeriod and is based upon the dailyAccumulated Value in each subaccount. Thischarge may also be based upon the totalAccumulated Value in the Subaccounts and is

guaranteed not to exceed, on an annual basis,the Maximum Annual Mortality and ExpenseRisk Charge.

Minimum Accumulated Value

We will terminate your Contract on any ContractAnniversary if the Accumulated Value before thededuction of any Contract Maintenance Charge is lessthan $2,000. Upon termination, we will pay you theAccumulated Value.

Death Benefit Before the Maximum AnnuityDate

We will pay Death Proceeds upon the death of anOwner. If the Owner is a Non-Natural Person, we willpay Death Proceeds upon the death of an Annuitant.Death Proceeds will be paid only if the date of death isbefore the Maximum Annuity Date and theAccumulated Value is greater than zero on the date ofdeath. Death Proceeds will be paid to the beneficiaries.

Death Proceeds are calculated at the end of theValuation Period during which we receive at our ServiceCenter a certified copy of the death certificate of thedecedent, or other lawful evidence providing equivalentinformation.

The amount of Death Proceeds is the greatest of thefollowing:

1) The Accumulated Value.

2) The Standard Death Benefit.

3) The Maximum Anniversary Death Benefit, ifany.

Any amount of the Death Benefit in excess of theAccumulated Value will be allocated to the Subaccountsand/or the Fixed Account according to the ratio of theAccumulated Value in each to the Accumulated Value ofthe Contract. Once calculated, Death Proceeds maycontinue to be subject to the investment experience ofthe Subaccounts. When based on the investmentexperience of the Subaccounts, Death Proceeds mayincrease or decrease daily and are not guaranteed for aminimum dollar amount. Only when the beneficiaryprovides the claim form and all claim requirements in

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good order will that beneficiary’s share of the DeathProceeds be removed from the market so that claimpayment can be made. In the case of multiplebeneficiaries, we must receive a completed form fromeach beneficiary. We process each claim independently.Surrender charges do not apply to Death Proceeds.

Example of calculation of death proceeds:

Carlos died on June 20. Since the Contract’s issue date,Carlos contributed a total of $300,000 of premiumpayments to his Contract and made no withdrawals. OnJune 25, we received proof of death. The currentAccumulated Value of Carlos’s Contract on that day was$275,000. The standard death benefit provides for aninfusion to the Contract if the total premiums paymentsadjusted for surrenders exceed the Accumulated Valuewhen we receive proof of death. We determined Carlos’sstandard death benefit by comparing the following:

Comparison ValuesTotal premiums paid $300,000Accumulated Value $275,000

Standard Death Benefit $300,000

Since the highest value is $300,000, an amount isinfused into the Contract to bring the value of thecontract up to $300,000 ($25,000 + $275,000 =$300,000). This amount equals the death proceeds.

Death Proceeds fluctuate daily and are notguaranteed as to minimum dollar amount. Noproceeds are distributed until we receive allclaim requirements in good order.

Example of Paying Death Proceeds to Beneficiaries:

On June 25, we received proof of death; we determinedthat the death proceeds were $300,000 as of that day(30,000 accumulation units x $10 each). Carlos’s twochildren are the beneficiaries and are entitled to 1⁄1 2⁄⁄ each(as a result, each one is entitled to 15,000 accumulationunits). Beneficiaries submit their claim forms ondifferent dates. As a result they receive the following:

Date BeneficiaryAccumulation

Unit Value Death Proceeds Received

July 10 Ramona $11 15,000 x $11= $165,000July 20 Sofia $ 9 15,000 x $9= $135,000

Beneficiaries who are natural persons may elect toreceive the death benefit in a lump sum or according toone of the settlement plans described in the Contract.See Annuity Provisions—Settlement Options.

Standard Death Benefit

A Standard Death Benefit is payable if an Owner diesbefore the Maximum Annuity Date. The Standard DeathBenefit is equal to the adjusted sum of premiums asfollows:

(1) As of the day a premium is received by us, thesum is increased by the amount of that premium.

(2) As of the day a Partial Surrender is taken, thesum is decreased by the same proportion as theAccumulated Value was decreased by the amounttaken.

If this contract is continued under SpousalContinuation, then on any date on or after theContinuation Date, the adjusted sum of premiums willbe determined using only premiums paid and PartialSurrenders taken on or after the Continuation Date. TheAccumulated Value on the Continuation Date will bedeemed a premium paid on that date for purposes ofthis provision.

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Maximum Anniversary Death Benefit (MADB)Rider

The Maximum Anniversary Death Benefit (MADB) Rideris only available at issue if no more than age 75 (agenearest). The MADB Rider is not available if you electthe Thrivent Income Builder (GLWB) Rider.

For purposes of this MADB Rider, the individualreferenced must be an Owner. If the Owner is aNon-Natural Person, the individual referenced must bean Annuitant.

The amount of Death Proceeds is the greatest of thefollowing:

1) The Accumulated Value.

2) The Standard Death Benefit.

3) The Maximum Anniversary Death Benefit.

On any day through the Contract Anniversary on whichthe oldest individual attains Contract Age 80, the MADBis the greatest of the Anniversary Death Benefitsdetermined as follows during the first Contract Year andfor each Contract Anniversary.

1) The Anniversary Death Benefit on any dayduring the first contract year equals the adjustedsum of premiums determined as follows inchronological order:

a) As of the day a premium is allocated to thiscontract, the sum is increased by the amount ofthat premium.

b) As of the day that a Partial Surrender ismade, the sum is decreased by the sameproportion as the Accumulated Value wasdecreased by the amount taken.

2) The Anniversary Death Benefit for a ContractAnniversary is the Accumulated Value on thatanniversary adjusted as follows in chronologicalorder:

a) As of the day a premium is received by us,the benefit is increased by the amount of thatpremium.

b) As of the day that a Partial Surrender ismade, the benefit is decreased by the sameproportion as the Accumulated Value wasdecreased by the amount taken.

On any day after the Contract Anniversary on whichthe oldest individual attains Contract Age 80, the MADBis equal to the amount calculated in Section 1 above, atthat individual’s Contract Age 80, adjusted inchronological order as in Section 2 above.

This rider will terminate on the earliest of the followingdates:

1) The date this contract terminates.

2) The end of the Valuation Period during which wereceive at our Service Center a certified copy of thedeath certificate of the decedent, or other lawfulevidence providing equivalent information.

3) The date the Accumulated Value is reduced tozero.

4) The date at least two years after the Rider Date ofIssue that we receive your Notice to cancel thisrider.

5) The date you elect to receive proceeds from a FullSurrender under a settlement option.

6) The Maximum Annuity Date.

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Example of MADB Rider Where a Death Benefit IncreaseOccurs:

Rumi elects the Maximum Anniversary Death Benefit(MADB) Rider at issue and her initial premium is$100,000. Rumi contributes no additional premiumduring the first contract year, and she takes no surrenderduring the first contract year. In the first contract year,Rumi’s MADB amount is $100,000, or the StandardDeath Benefit. On Rumi’s first contract anniversary, theAccumulated Value is $108,000. Rumi’s MADB amountis calculated as of that date as $108,000.

Example of MADB Rider Where a Death Benefit IncreaseDoes Not Occur:

Rumi elects the MADB Rider at issue and her initialpremium is $100,000. Rumi contributes no additionalpremium during the first contract year, and she takes nosurrender during the first contract year. In the firstcontract year, Rumi’s MADB amount is $100,000, or theStandard Death Benefit. On Rumi’s first contractanniversary, the Accumulated Value is $98,000. Rumi’sMADB amount is calculated as of that date as ,$100,000.

Spousal Continuation

If an Owner dies, and that Owner’s spouse is the soleprimary beneficiary, that spouse may elect to continuethis Contract in force under Spousal Continuation, tothe extent permitted by law. Spousal Continuation, ifelected, is subject to the following:

1) Spousal Continuation is effective on the datethat the election is made (the ContinuationDate).

2) The spouse will be the Owner and Annuitanton the Continuation Date.

3) Contract benefits that continue will bedetermined using the Accumulated Value onthe Continuation Date. The Surrender Chargeschedule will continue as if the death had notoccurred.

4) Spousal Continuation is elected in lieu ofreceiving Death Proceeds.

5) Death Proceeds are calculated on the date wereceive Proof of Death of an Owner. Any excessof Death Proceeds over Accumulated Value onthat date will be added to the Accumulated

Value. This amount will be allocated tosubaccounts of the Variable Account and to theFixed Account according to the ratio of theaccumulated value in each to the totalAccumulated Value.

6) Spousal Continuation may be elected only oncein this Contract.

The spouse will have 60 days from the date we receiveproof of death in which to elect to receive DeathProceeds or continue the contract under SpousalContinuation. If an election is not made within 60 days,we will deem that Spousal Continuation has beenelected on the 61st day, and that day will be theContinuation Date.

Death of Annuitant After an Annuity Date

If an Annuitant dies while we are paying AnnuityIncome under a settlement option, any amountspayable will depend on the terms of that settlementoption. See Annuity Provisions—Settlement Options.

Thrivent Income Builder Guaranteed LifetimeWithdrawal Benefit (GLWB) Rider

The Thrivent Income Builder is a Guaranteed LifetimeWithdrawal Benefit (GLWB) Rider that is an optionalbenefit that allows you to withdraw up to a GuaranteedAnnual Withdrawal Amount (GAWA) each Contract Yearfor as long as the Thrivent Income Builder is in force.The Thrivent Income Builder is only available at issue orif Spousal Continuation is elected (and the ThriventIncome Builder is still available). If you elect theThrivent Income Builder, you may not elect theMaximum Anniversary Death Benefit Rider. GAWAwithdrawals are not subject to a surrender charge andmay be withdrawn each Contract Year after the GLWBCalculation Date, described below.

GLWB Calculation Date. The GLWB CalculationDate, is the date on which we determine the initialGuaranteed Annual Withdrawal Amount (GAWA). It isthe earliest of the following dates:

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1) The date that you take the first Partial Surrenderfrom this contract. That Partial Surrender isincluded in the Guaranteed Annual WithdrawalAmount for the Contract Year in which thesurrender is taken.

2) The date that the Accumulated Value is reducedto zero, when that reduction in Accumulated Valueis not the result of a surrender.

3) The Maximum Annuity Date.

The GLWB Calculation Date cannot be deferred to adate later than as described above.

Starting on the GLWB Calculation Date, the followingprovisions in the base contract do not apply:

1) Minimum Accumulated Value

2) Minimum Remaining Accumulated Value After aPartial Surrender

The Benefit. While this rider is in force, no SurrenderCharge will apply to Partial Surrenders as long as thetotal amount surrendered in a Contract Year is less thanor equal to the Guaranteed Annual Withdrawal Amount(GAWA) for that Contract Year. Partial Surrenders thatdo not exceed the Guaranteed Annual WithdrawalAmount for that Contract year will not decrease theGLWB Benefit Base. Partial Surrenders will decrease theAccumulated Value.

If the Accumulated Value is reduced to zero and theGLWB Benefit Base is not zero, we will pay you theGAWA each year while a Covered Person is living. TheGAWA will be paid under a settlement agreement thatwe will issue.

Covered Person(s). The persons upon whose life thebenefits of this rider are based. At the Rider Date ofIssue, each Covered Person will be the other CoveredPerson’s sole primary beneficiary. That beneficiarydesignation cannot be changed except as described inDivorce of Covered Persons Before the Maximum AnnuityDate below.

Covered Persons cannot be changed except that thesurviving Covered Person will continue as the soleCovered Person as described in Death of a Covered PersonBefore the GLWB Calculation Date and Death of a CoveredPerson Before the Maximum Annuity Date below.

Divorce of Covered Persons Before the MaximumAnnuity Date (for two Covered Persons only). IfCovered Persons divorce, they continue as CoveredPersons and this rider and its benefits continueunchanged, except that the beneficiary designation maybe changed and Spousal Continuation is not an option.

Withdrawal Percentage. The Withdrawal Percentageis set on the GLWB Calculation Date using the ContractAge of the Covered Person (or the younger CoveredPerson, if there are two) on that date. Once thatWithdrawal Percentage is set on the GLWB CalculationDate, it cannot change. The Withdrawal Percentage willbe compared to the following table based on thecontract age of the Covered Person if a single GLWB orthe youngest Covered Person if a joint GLWB. For ajoint GLWB, if one Covered Person has died, we will usethe surviving Covered Person’s Contract Age and thepercentage listed in the joint column below.

Contract Age Single Joint

50-59 3.25% 2.75%

60-64 3.75% 3.25%

65-69 4.75% 4.25%

70-74 5.25% 4.75%

75+ 5.75% 5.25%

GLWB Benefit Base. If the Rider Date of Issue is thesame as the Date of Issue of the contract, the GLWBBenefit Base on the Rider Date of Issue is equal to theInitial Premium. Otherwise, the GLWB Benefit Base onthe Rider Date of Issue is equal to the AccumulatedValue as of the Rider Date of Issue.

Thereafter, GLWB Benefit Base will be adjusted asdescribed below, not to exceed the Maximum GLWBBenefit Base of $10,000,000.

1) When a premium is allocated under thiscontract, the GLWB Benefit Base is increased by theamount of that premium.

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2) At each Contract Anniversary, the GLWB BenefitBase will be increased as in (a) and (b) below, in therespective order shown.

a) The GLWB Benefit Base will be increased byany Credit Amount applicable for that ContractAnniversary.

b) The resulting GLWB Benefit Base iscompared to the Accumulated Value.

(i) Step Up: If the GLWB Benefit Base is lessthan that Accumulated Value, the GLWBBenefit Base will Step Up to equal theAccumulated Value.

(ii) If the GLWB Benefit Base is not lessthan the Accumulated Value, no Step Upwill be made.

3) On the Guarantee Date [The later of the 12th

contract anniversary after the rider issue date or theContract Anniversary after the Covered Person (orthe youngest if there are two) is Contract Age 70],we will make any adjustment to the GLWB BenefitBase pursuant to GLWB Benefit Base GuaranteedMinimum.

4) As of any day that you have made a GLWB ExcessSurrender, the GLWB Benefit Base is decreased asspecified in GLWB Excess Surrender.

The GLWB Benefit Base is used only for calculatingbenefits and the Thrivent Income Builder (GLWB)Charge. It cannot be taken as a Full or Partial Surrenderand is not payable as part of Death Proceeds.

GLWB Benefit Base Credit. The GLWB Benefit Basewill be increased by the Credit Amount on eachContract Anniversary during a Credit Period if nosurrender was made during the immediately priorContract Year.

Credit Amount. The Credit Amount is calculated asthe Credit Base multiplied by the Credit Percentage.

The initial Credit Amount is calculated at the beginningof the first Credit Period. A new Credit Amount iscalculated at the beginning of any new Credit Period.

Credit Base. If the Rider Date of Issue is the same asthe Date of Issue of the contract, the Credit Base equalsthe Initial Premium. Otherwise, the Credit Base equalsthe Accumulated Value on the Rider Date of Issue.Thereafter, the Credit Base is increased and decreased asfollows:

1) Credit Base increase.

a) If additional premium is allocated underthis contract, the Credit Base is increasedby the amount of that premium. That newCredit Base is used starting on the nextContract Anniversary.

b) If the GLWB Benefit Base increases due toStep Up, the Credit Base is increased toequal the GLWB Benefit Base. That newCredit Base is used starting on the ContractAnniversary one year following the StepUp.

2) Credit Base decrease.

a) If the GLWB Benefit Base decreases as aresult of a GLWB Excess Surrender, theCredit Base is decreased by the ratio of:

i) The amount of the GLWB ExcessSurrender:

Divided by

ii) The Accumulated Value prior to thesurrender less the amount of the PartialSurrender that is not a GLWB ExcessSurrender.

That new Credit Base is used starting on the nextContract Anniversary.

Credit Period. The first Credit Period begins on theRider Date of Issue. Thereafter, a new Credit Periodbegins on any Contract Anniversary on which a GLWBBenefit Base Step Up causes the Credit Base to increase.

The last Credit Period ends on the earliest of thefollowing dates:

1) The date that a surrender or charge reduces theAccumulated Value to zero.

2) The later of the 10th Contract Anniversary afterthe Rider Date of Issue and the ContractAnniversary 10 years after the latest Contract

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Anniversary on which a GLWB Benefit Baseincrease due to Step Up caused the Credit Baseto increase.

3) The Contract Anniversary when the olderCovered Person reaches Contract Age 80.

If the last Credit Period ends as in (2) and (3)immediately above, a Credit Amount will be added tothe GLWB Benefit Base on the Contract Anniversary onwhich the Credit Period ended.

The Accumulated Value of this contract is not increasedby any GLWB Benefit Base Credit or any increase to theCredit Base.

Example of Thrivent Income Builder getting a Benefit BaseCredit, but not a Step Up:

Kevin has the Thrivent Income Builder and his initialpremium is $100,000. On the rider date of issue, theGLWB Benefit Base is $100,000 and the Credit Base is$100,000. Kevin contributes no additional premiumduring the first contract year, and he takes no surrenderduring the first contract year. At the first contractanniversary, the Accumulated Value is $104,000. Thisexample assumes a GLWB Benefit Base Credit of 6%.Kevin receives a GLWB Benefit Base Credit of $100,000X 6% = $6,000, increasing the GLWB Benefit Base to$106,000. As the resulting GLWB Benefit Base is not lessthan the Accumulated Value, Kevin does not receive aStep Up.

Example of Thrivent Income Builder getting a Benefit BaseCredit and a Step Up:

Denise has the Thrivent Income Builder and her initialpremium is $100,000. On the rider date of issue, theGLWB Benefit Base is $100,000 and the Credit Base is$100,000. Denise contributes no additional premiumduring the first contract year, and she takes no surrenderduring the first contract year. At the first contractanniversary, the Accumulated Value is $108,000. Thisexample assumes a GLWB Benefit Base Credit of 6%.Denise receives a GLWB Benefit Base Credit of $100,000X 6% = $6,000, increasing the GLWB Benefit Base to$106,000. As the resulting GLWB Benefit Base is lessthan the Accumulated Value, Denise receives a Step Upand the GLWB Benefit Base is set equal to theAccumulated Value, making the GLWB Benefit Base$108,000.

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GLWB Benefit Base Guaranteed Minimum. TheGLWB Benefit Base on the Guarantee Date will not beless than the GLWB Benefit Base Guaranteed Minimumif none of the following has occurred prior to that date:

1) A partial surrender has been made.

2) The Accumulated Value has been reduced tozero.

The GLWB Benefit Base Guaranteed Minimum iscalculated using the premium amounts allocated underthis contract. It is calculated as the sum of thefollowing:

1) Premium allocated in the first Contract Year,multiplied by 200%.

2) Premium allocated in subsequent Contract Yearsand no later than one day before the GuaranteeDate, multiplied by 100%.

On the Guarantee Date, after all other adjustments tothe GLWB Benefit Base on that Contract Anniversary,we will compare the GLWB Benefit Base to the GLWBBenefit Base Guaranteed Minimum.

1) If the GLWB Benefit Base is less than the GLWBBenefit Base Guaranteed Minimum, the GLWBBenefit Base will be adjusted to equal the GLWBBenefit Base Guaranteed Minimum.

2) If the GLWB Benefit Base is not less than theGLWB Benefit Base Guaranteed Minimum, nofurther adjustments will be made.

The GLWB Benefit Base Guaranteed Minimum does notincrease the Accumulated Value of this Contract andcannot be taken as a Full or Partial Surrender and is notpayable as part of Death Proceeds.

Example of GLWB Benefit Base Guaranteed Minimum withadjustment:

Kevin has the Thrivent Income Builder and his initialpremium is $100,000. He contributes no additionalpremium during the first contract year and $25,000additional premium in subsequent contract years priorto the Guarantee Date. On the Guarantee Date, theAccumulated Value is $190,000 and the GLWB BenefitBase is $195,000. The Guaranteed Minimum iscalculated as 200% X $100,000 + 100% X $25,000 =$225,000. Kevin’s GLWB Benefit Base is adjusted toequal $225,000. The Accumulated Value is unchangedat $190,000.

Example of GLWB Benefit Base Guaranteed Minimumwithout adjustment:

Kevin has the Thrivent Income Builder and his initialpremium is $100,000. He contributes no additionalpremium during the first contract year and $25,000additional premium in subsequent contract years priorto the Guarantee Date. On the Guarantee Date, theAccumulated Value is $235,000 and the GLWB BenefitBase is $235,000. The Guaranteed Minimum iscalculated as 200% X $100,000 + 100% X $25,000 =$225,000. Kevin’s GLWB Benefit Base is unadjusted toremain at $235,000. The Accumulated Value isunchanged at $235,000.

Guaranteed Annual Withdrawal Amount(GAWA). The initial Guaranteed Annual WithdrawalAmount is determined on the GLWB Calculation Dateas:

(1) The Withdrawal Percentage;

Multiplied by

(2) The GLWB Benefit Base on that ContractAnniversary.

The GAWA may change from year to year depending onwhether the Benefit Base was increased, as described inthis prospectus, or decreased as a result of GLWB ExcessSurrenders. On any day that the Benefit Base isdecreased, the GAWA will be adjusted, effective as of thenext Contract Anniversary, to equal (a) the lesser of theBenefit Base on that date or $10,000,000, multiplied by(b) the Withdrawal Percentage, and the GAWA willdecrease.

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If the Benefit Base increases, your GAWA will increase.Your GAWA will not decrease unless your Benefit Basedecreases. Any decrease in your GAWA is effective onthe following Contract Anniversary. No surrendercharges will apply when partial surrenders are made,except to the extent that total surrenders in a ContractYear exceed the greater of (a) the GAWA, or (b) thesurrender charge free amount available under theContract. Withdrawals of the GAWA are taxed in thesame manner as partial surrenders under the Contract.

Example of GAWA Single Covered Person:

Kevin has the Thrivent Income Builder and he is thesingle covered person. At the GLWB Calculation Date,Kevin’s contract age is 72, the GLWB Benefit Base is$100,000, and the assumed Withdrawal Percentage is5.25%, based on his contract age. Kevin’s initial GAWAis determined on the calculation date as $5,250. Oneach Contract Anniversary thereafter while the rider isin force, the GAWA is redetermined as the WithdrawalPercentage (which cannot change) multiplied by theGLWB Benefit Base.

Example of GAWA Joint Covered Persons:

Kevin and Denise have the Thrivent Income Builder(joint) and they are the two covered persons. At theGLWB Calculation Date, Kevin’s contract age is 72,Denise’s contract age is 67, the GLWB Benefit Base is$100,000, and the assumed Withdrawal Percentage is4.25%, based on the youngest contract age of 67. Theinitial GAWA is determined on the calculation date as$4,250. On each Contract Anniversary thereafter whilethe rider is in force, the GAWA is redetermined as theWithdrawal Percentage (which cannot change)multiplied by the GLWB Benefit Base.

GLWB Excess Surrenders. You have made a GLWBExcess Surrender on any day in a Contract Year that youmake a Partial Surrender and the sum of PartialSurrenders taken in that Contract Year exceeds theGuaranteed Annual Withdrawal Amount, except if thePartial Surrender made meets the Required MinimumDistribution Exception.

The amount of the GLWB Excess Surrender is the sum ofthe Partial Surrenders taken in that Contract Year lessthe Guaranteed Annual Withdrawal Amount. If you take

a GLWB Excess Surrender in a Contract Year, then theamount of any subsequent Partial Surrender you take inthat Contract Year will also be a GLWB Excess Surrender.

A GLWB Excess Surrender reduces the GLWB BenefitBase. As of any day that you have made a GLWB ExcessSurrender, the GLWB Benefit Base is decreased asfollows.

The GLWB Benefit Base is decreased by the ratio of:

a) The amount of the GLWB ExcessSurrender;

Divided by

b) The Accumulated Value prior to thesurrender less the amount of the PartialSurrender that is not a GLWB ExcessSurrender.

If the amounts surrendered are in excess of the GAWAand not eligible for the Required Minimum DistributionException, they are GLWB Excess Surrenders and willimpact the GLWB Benefit Base.

Example of GLWB Excess Surrender:

Kevin has the Thrivent Income Builder, his GuaranteedAnnual Withdrawal Amount is $11,000, and hisAccumulated Value is $103,000. Kevin makes a partialsurrender of $16,000 in a contract year. Therefore, theGLWB Excess Surrender is $5,000. Kevin’s AccumulatedValue after the partial surrender is $87,000 (nosurrender charge occurs in this example). Kevin’s GLWBBenefit Base is decreased by the ratio of $5,000 ÷($103,000 - $11,000), which is 5.4348%. Kevin’s CreditBase is decreased by the ratio of $5,000 ÷ ($103,000 -$11,000), which is 5.4348%.

A GLWB Excess Surrender may reduce the GLWB BenefitBase and the Guaranteed Annual Withdrawal Amountby more than the amount of the GLWB ExcessSurrender.

Required Minimum Distribution Exception. If aRequired Minimum Distribution is greater than theGAWA, you may take Partial Surrenders up to the

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Required Minimum Distribution amount as determinedbelow without it being considered a GLWB ExcessSurrender.

The cumulative Partial Surrenders that may be taken ina Contract Year without being considered a GLWBExcess Surrender are the greatest of the following:

1) During the portion of a Contract Year from theContract Anniversary to the end of the calendaryear that includes that Contract Anniversary:

a) You may make cumulative Partial Surrendersup to the Required Minimum DistributionAmount for the calendar year that includes thatContract Anniversary without having themconsidered as a GLWB Excess Surrender.

b) Any Partial Surrenders in excess of theamount in (a) above will be considered as aGLWB Excess Surrender.

2) During the portion of a Contract Year from thefirst day of the subsequent calendar year to the endof that Contract Year:

a) If you did not make cumulative PartialSurrenders up to the Required MinimumDistribution Amount as in (1)(a) above, youmay make cumulative Partial Surrenders up tothe greatest of the following without havingthem considered as a GLWB Excess Surrender:

i) The Required Minimum Distribution forthat prior calendar year.

ii) The Required Minimum Distribution forthe subsequent calendar year.

b) If you made cumulative Partial Surrenders inthe prior calendar year as in (1)(b) above, anyPartial Surrenders made will be considered aGLWB Excess Surrender.

Example of GLWB Excess Surrender with Required MinimumDistribution Exception:

Kevin has the Thrivent Income Builder, his GuaranteedAnnual Withdrawal Amount is $11,000, and hisAccumulated Value is $103,000. Kevin makes a partialsurrender of $16,000 in the portion of a contract yearfrom the contract anniversary to the end of the calendaryear. Additionally, Kevin’s IRA has a Required MinimumDistribution amount for that calendar year of $12,000.Kevin may make partial surrenders up to the RequiredMinimum Distribution amount without having themconsidered a GLWB Excess Surrender. Therefore, theGLWB Excess Surrender is $4,000. Kevin’s AccumulatedValue after the partial surrender is $87,000 (nosurrender charge occurs in this example). Kevin’s GLWBBenefit Base is decreased by the ratio of $4,000 /($103,000 - $12,000), which is 4.3956%. Kevin’s CreditBase is decreased by the ratio of $4,000 / ($103,000 -$12,000), which is 4.3956%.

GLWB Death Benefit. Death proceeds are themaximum of the Accumulated Value, the StandardDeath Benefit and the GLWB Death Benefit.

The GLWB Death Benefit on any day is equal to theadjusted sum of premiums determined as follows:

1) As of the day a premium is allocated to thiscontract, the sum is increased by the amount ofthat premium. If the Rider Date of Issue is after theDate of Issue of the base contract, the AccumulatedValue on the Rider Date of Issue is considered apremium for purposes of this provision.

2) As of the day that a Partial Surrender is made thatis not a GLWB Excess Surrender, the sum isdecreased by the amount of the Partial Surrender.

3) As of the day that you have made a GLWB ExcessSurrender, the sum is first decreased by the amountof the Partial Surrender that is not a GLWB ExcessSurrender, and then is decreased by the ratio of:

a) The amount of the GLWB Excess Surrender;Divided by

b) The Accumulated Value prior to thesurrender less the amount of the PartialSurrender that is not a GLWB Excess Surrender.

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Death of a Covered Person Before the GLWBCalculation Date. If one of two Covered Persons diesbefore the GLWB Calculation Date, this rider isunchanged, except that:

(1) The surviving Covered Person becomes thesole Covered Person; and

(2) The age of the surviving Covered Person isdeemed to be the age of the younger CoveredPerson used to set the Withdrawal Percentageon the GLWB Calculation Date using theapplicable joint percentage.

Upon the death of a single Covered Person, DeathProceeds may become payable. In lieu of receivingDeath Proceeds, a spouse who is the sole primarybeneficiary may be able to elect to continue theContract under Spousal Continuation. The ThriventIncome Builder terminates. The spouse may be able toadd a Thrivent Income Builder, if then available.

Death of a Covered Person Before the MaximumAnnuity Date. At the death of the first of two CoveredPersons to die before the Maximum Annuity Date:

(1) If the deceased Covered Person is an Owner ofthis contract:

(a) If Spousal Continuation has been elected,this rider and its benefits continueunchanged, except that the survivingCovered Person becomes the sole CoveredPerson.

(b) If Spousal Continuation has not beenelected, Death Proceeds will be paid. Allother benefits provided by this rider cease.

(2) If the deceased Covered Person is not anOwner of this contract, this rider and itsbenefits continue unchanged, except that thesurviving Covered Person becomes the soleCovered Person.

If this rider and its benefits continued as describedabove, at the death of the second Covered Person to diebefore the Maximum Annuity Date, Death Proceeds willbe paid and will be calculated using the GLWB DeathBenefit. All other benefits provided by this rider cease.

Thrivent Income Builder (GLWB) Rider andSpousal Continuation. If an Owner dies before theMaximum Annuity Date and the Spouse of the Owner isthe sole primary beneficiary, the surviving Spouse mayelect to continue the Contract as Owner.

If the election to continue the Contract is not madewithin 60 days from the date we receive proof of death,the surviving Spouse will be deemed to have elected tocontinue the Contract effective on the ContinuationDate.

Thrivent Income Builder (GLWB) RiderInvestment Requirements. Premiums andAccumulated Value must be allocated or transferred tothe Fixed Account or to subaccounts of the VariableAccount using the allowed allocation percentages forthe Allocation Groups.

We may reassign subaccounts or the Fixed Account todifferent Allocation Groups after the Rider Date of Issue,and we may eliminate subaccounts or the Fixed Accountfrom the Allocation Groups.

1) Initial allocation target.

a) In the application, you selected initialallocation targets within those AllocationRanges.

b) The Initial Premium and any additionalpremium payments will be allocated accordingto the initial allocation targets.

c) On each Rider Quarterly Anniversary, theAccumulated Value will be automaticallyrebalanced according to the initial allocationtargets you selected.

2) Subsequent allocation targets.

a) While this rider is in force, you may selectnew allocation targets within those AllocationRanges. You choose new allocation targets bygiving Notice.

b) At the end of the Valuation Period duringwhich we receive Notice, we will reallocate theAccumulated Value according to the newallocation targets. This reallocation accordingto the new allocation targets is considered atransfer.

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c) Any additional premium payments allocatedafter the Valuation Period during which wereceive Notice will allocated according to thenew allocation target.

d) On each subsequent Rider QuarterlyAnniversary, the Accumulated Value will beautomatically rebalanced according to the newallocation targets.

3) Changes to Thrivent Income Builder (GLWB)Rider Investment Options

At any time, we may change, add, delete, or replacethe Subaccount Classification Groups applicable toexisting Accumulated Value and new premiums.

At any time, we may change the RequiredAllocation Percentages assigned to each SubaccountClassification Group applicable to existingAccumulated Value and new premiums.At any time, we may add, delete, or substitute theAllocation Options as permitted by law. We maymove subaccounts on or off the Allocation Optionsand from one Group to another.

We may substitute shares of another Portfolio,which may have differences such as (among otherthings) different fees and expenses, objectives, andrisks, for shares of an existing Portfolio in whichyour Subaccount invests at our discretion. We mayalso substitute or close Subaccounts to allocations ofpremiums or Accumulated Value, or both and toexisting investments or the investment of futurepremiums, or both, at any time in our discretion.

Our decision to make modifications will be basedon several factors including the general marketconditions and the style and investment objectivesof the Subaccount investments. You will be notifiedat least 30 days prior to the date of any change.

At the time you receive notice of a change to theThrivent Income Builder (GLWB) Rider InvestmentRequirements, you may submit your ownreallocation instructions, before the effective datespecified in the notice, so that the Thrivent IncomeBuilder (GLWB) Rider Investment Requirements aresatisfied. If you take no action, you will be subjectto rebalancing. You may also terminate the riderimmediately.

4) Automatic transfers under DollarCost Averagingand Asset Rebalancing in this Contract are notpermitted.

See Investment Options—Thrivent Income Builder(GLWB) Rider Investment Options.

Rate Sheet Prospectus Supplement. The followingGLWB variables may be changed through a Rate SheetProspectus Supplement:

� Withdrawal Percentages

� Maximum GLWB Benefit Base

� Credit Percentage

� GLWB Benefit Base Guaranteed Minimum

� Current Thrivent Income Builder (GLWB) RiderCharge

� Thrivent Income Builder (GLWB) Rider SubaccountAllocation Groups and Percentages

From time to time, we will issue a Rate Sheet ProspectusSupplement that may reflect different Thrivent IncomeBuilder (GLWB) Rider variables than what is described inthis prospectus. You should not purchase this ThriventIncome Builder (GLWB) Rider without first obtainingany applicable Rate Sheet Prospectus Supplement.

If a Rate Sheet Prospectus Supplement is in effect, youcan find the current Rate Sheet Prospectus Supplementat www.thrivent.com or call our Service Center torequest a copy. All Rate Sheet Prospectus Supplementsare also available on the EDGAR system at www.sec.govunder File Number 333-237618. In order to receive theWithdrawal Percentages, Maximum GLWB Benefit Base,Credit Percentage, GLWB Benefit Base GuaranteedMinimum, Thrivent Income Builder (GLWB) RiderCharge, and the Thrivent Income Builder (GLWB) RiderSubaccount Allocation Groups and Percentages (1) yourapplication must be signed and received in good orderwithin the stated timeframe set forth in the applicableRate Sheet Prospectus Supplement and (2) your initialpremium must be received in good order within thestated time period set forth in the applicable Rate SheetProspectus Supplement. If the necessary paperwork andinitial premium are not received within the statedtimeframe, you will receive the applicable variables ineffect on the rider issue date.

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A Rate Sheet Prospectus Supplement has no specifiedend date and can be superseded at any time. If Thriventsupersedes a Rate Sheet Supplement with a new RateSheet Supplement, the new Rate Sheet Supplement willbe filed a minimum of 10 business days prior to itseffective date.

If your Thrivent Income Builder (GLWB) Rider hasalready been issued, please refer to your ThriventIncome Builder (GLWB) Rider for guaranteed features.Your guarantees will not change.

Thrivent Income Builder (GLWB) Charge. TheThrivent Income Builder (GLWB) Rider Charge will bededucted from the subaccounts of the Variable Accounton a pro rata basis according to the ratio of theaccumulated value in each subaccount of the VariableAccount to the Accumulated Value of the VariableAccount as of the Rider Quarterly Anniversary. TheThrivent Income Builder (GLWB) Rider Charge isdeducted from the Fixed Account only if the VariableAccount is depleted. This charge is deducted quarterly,beginning three months after the Date of Issue, on thesame day of the month as the Date of Issue (or if thatday does not occur in that month, on the last day ofthat month). On the day of the Thrivent Income Builder(GLWB) Rider Charge, the amount of the charge isdetermined by multiplying the GLWB Benefit Base bythe Thrivent Income Builder (GLWB) Rider Charge Rateand dividing by 4. The first Thrivent Income Builder(GLWB) Rider Charge will be deducted on the first RiderQuarterly Anniversary for the three-month period thatstarted on the Rider Date of Issue. Thereafter, theThrivent Income Builder (GLWB) Rider Charge for eachthree-month period will be deducted on the RiderQuarterly Anniversary immediately after thatthree-month period. If the market is closed on the datethe Thrivent Income Builder (GLWB) Rider Chargeshould be processed, the charge will be processed on thenext Valuation Date.

Termination of the Thrivent Income Builder. Youmay terminate the Thrivent Income Builder at any timeprovided it is at least two years after we issued theThrivent Income Builder. The termination will beeffective on the date we receive Written Notice fromyou. The Thrivent Income Builder also terminates at theearliest of any of the following events:

� the date of Contract termination;

� the date we receive proof of death of the firstCovered Person to die if the deceased CoveredPerson is an Owner of this contract and SpousalContinuation has not been elected;

� the date we receive proof of the death of thesecond Covered Person to die;

� the date that the GLWB Benefit Base is reduced tozero;

� the date at least two years after the ThriventIncome Builder Date of Issue that we receive yourNotice to cancel the Thrivent Income Builder;

� the date you elect to receive proceeds from a FullSurrender under a settlement option; or

� the Maximum Annuity Date.

If the Contract terminates because the GAWA that issurrendered exceeds the Accumulated Value and theGLWB Benefit Base is greater than zero, we will continueto pay you the GAWA each year for as long as at leastone Covered Person is alive under a settlementagreement that we will issue.

Additional Plan of Settlement. If this ThriventIncome Builder terminates on the Maximum AnnuityDate, in addition to the plans of settlement described inSettlement Options, the following option will be availablebeginning on the Maximum Annuity Date. If you electthis option, income will be paid only under thissettlement option.

� Guaranteed Annual Withdrawal Amount SettlementOption. We will pay you the GAWA each year whileat least one Covered Person is living. The GAWAwill be paid under a settlement agreement that wewill issue.

Surrender

On or before the Maximum Annuity Date while theOwner is living, you may surrender your Contract for itsCash Surrender Value or you may request a partialsurrender or systematic partial surrender. Your requestwill not be processed until we receive it at our ServiceCenter in good order. If we receive your surrender

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request before the close of regular trading on the NewYork Stock Exchange, usually 4:00 p.m. Eastern Time, itwill receive that day’s valuation.

Any surrender which you request will be made at theend of the Valuation Period during which therequirements for surrender are completed. We will payyou the proceeds from a surrender within seven daysafter the surrender is made.

The Cash Surrender Value of your Contract will be equalto the Accumulated Value of your Contract decreased byany surrender charge. See Charges and Deductions—Surrender Charge.

When you request a partial surrender, you specify theamount that you want to receive as a result of thesurrender. The partial surrender may be any amountwhich: (1) is at least $200; (2) does not exceed theAccumulated Value; and (3) does not reduce theremaining Accumulated Value in the Contract to lessthan $2,000.

If the amount you request as a partial surrender wouldreduce the remaining Accumulated Value to less than$2,000, we may contact you to determine whether youwould like a partial surrender of an amount that wouldresult in the remaining Accumulated Value of at least$2,000 or whether instead you would like to make a fullsurrender of your Contract.

If there is no surrender charge or tax withholdingassociated with the surrender, the amount surrenderedwill be the amount that you request to receive.Otherwise, the amount surrendered will be the amountnecessary to provide the amount requested after weapply the surrender charge, and any tax withholding.

When you request a partial surrender, we will allocatethe partial surrender among the Subaccounts and theFixed Account according to the ratio for the Contract ofthe Accumulated Value in each Subaccount, and theFixed Account to the Accumulated Value of theContract. Amounts surrendered from a Subaccount willbe done by reducing Accumulation Units of thatSubaccount.

After the Maximum Annuity Date, your Contract doesnot have an Accumulated Value that can besurrendered. However, surrender may be allowed undercertain settlement options. See Annuity Provisions—Settlement Options.

You must have a Medallion Signature Guarantee if youwant to surrender or withdraw a value of $500,000 ormore. Certain surrender requests of less than $500,000require either a Medallion Signature Guarantee, anotarized signature, or an attestation of your signatureby a financial professional. These authenticationprocedures are designed to protect against fraud. Suchan authentication procedure may be required for:

� Surrender of a value of $100,000 or more;

� Request to withdraw or surrender if there has beena change of address on the account within thepreceding 15 days; and

� Certain other transactions as determined by us.

A Medallion Signature Guarantee is a stamp provided bya financial institution that guarantees your signature.You sign the Thrivent approved form and have thesignature(s) guaranteed by an eligible guarantorinstitution such as a commercial bank, trust company,brokerage firm, credit union, or a savings bankparticipating in the Medallion Signature GuaranteeProgram. We may waive the Medallion SignatureGuarantee in limited circumstances. A Notary Public isan individual who is authorized to authenticatesignatures and can be found in law firms or many of thesame places that an individual who provides MedallionSignature Guarantees can be found. Attestation by afinancial professional requires the verification andwitness of your signature by a financial professional.

A partial surrender or surrender may result in adversetax consequences, including the imposition of a 10%federal premature distribution penalty. For allsurrenders, you should consider the tax implications ofa surrender before you make a surrender request. SeeFederal Tax Status.

For more complete instructions pertaining to yourindividual circumstances, please contact our ServiceCenter at (800) 847-4836.

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Transfers of Accumulated Value

Before the Maximum Annuity Date and while an Owneris still living, you may request the transfer of all or apart of your Contract’s Accumulated Value among theSubaccounts and the Fixed Account. You can request atransfer by giving us Notice.

We will process your transfer request prior to the closeof regular trading on the New York Stock Exchange(generally 4 p.m., Eastern time) at the close of businessthat same day. Requests received after the close of theNew York Stock Exchange are processed the nextValuation Day. If you request a transfer to or from aSubaccount, we will credit or reduce your AccumulationUnits of the chosen Subaccount. Transfers are subject tothe following conditions:

� The total amount transferred from a Subaccount orthe Fixed Account must be at least $200. However,if the total value in a Subaccount or the FixedAccount is less than $200, the entire amount maybe transferred.

� The amount transferred from the Fixed Account inany Contract Year may not exceed the greater of$500 and 25% of the Accumulated Value in theFixed Account, excluding any Accumulated Valuein the DCA Fixed Account, at the time the firsttransfer is made in that Contract Year.

� You may make 24 free transfers in any ContractYear. For each transfer in excess of 24 (excludingautomatic transfers made through dollar costaveraging or asset rebalancing), we will charge you$25. We consider all amounts transferred in thesame Valuation Period to be one transfer forpurposes of this charge. It is not dependent uponthe number of originating or destinationSubaccounts. We reserve the right to limit thenumber of transfers you make in any Contract Year.

� No Accumulated Values may be transferred to theDCA Fixed Account.

Transfers may also be subject to any conditions that thePortfolio whose shares are involved may impose.

Frequent Trading Policies

Because short-term or frequent transfers, purchases andredemptions of Contract value among Subaccounts poserisks to Contract Owners, we place limits on frequenttrading practices. Such risks include potentiallyimpaired investment performance due to disruption ofportfolio management strategies, increased transactionscosts, and dilution of fund shares (and therefore unitvalues) thereby negatively impacting the performance ofthe corresponding Subaccount.

We have policies and procedures to discourage frequenttransfers of value among Subaccounts. We usereasonable efforts to apply the policies and proceduresuniformly. Several different tactics are used to detectand prevent excessive trading within the Subaccounts.

As described in this section, we impose a fee if thetransfers made within a given time period exceed amaximum contractual number. See Feeand Expense Tables.

We also use a combination of monitoring ContractOwner activity and further restricting certain ContractOwner transfers based on a history of frequent transfersamong Subaccounts. When monitoring Contract Owneractivity, we may consider several factors to evaluatetransfer activity including, but not limited to, theamount and frequency of transfers, the amount of timebetween transfers and trading patterns. In making thisevaluation, we may consider trading in multipleContracts under common ownership or control.

Exceptions may apply to Dollar Cost Averaging,automatic investment plans, systematic withdrawalplans or non-abusive re-balancing. We reserve the right,in our sole discretion, to identify other trading practicesas abusive.

If we determine that you are engaging in excessivetrading activity, we will request that you cease suchactivity immediately. If we determine that you arecontinuing to engage in excessive trading, we willrestrict your Contract so that you can make transfers ononly one business day each calendar month and anysuch transfers must be separated by at least 20 calendardays. We reserve the right to reject or restrict anytransfer request, without notice for any reason.

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In addition, the underlying Portfolios may have adoptedrestrictions designed to discourage frequent tradingpractices, and we reserve the right to enforce thesepolicies and procedures.

Although we seek to deter and prevent frequent tradingpractices, there are no guarantees that all activity can bedetected or prevented. Contract Owners engaging insuch trading practices use an evolving variety ofstrategies to avoid detection and it may not be possiblefor operational and technological systems to reasonablyidentify all frequent trading activity. Contract Ownersstill may be subject to their harmful effects if Thrivent isunable to detect and deter abusive trading practices.

Dollar Cost Averaging

You may choose one of two different dollar costaveraging programs that allow you to have automaticperiodic transfers made to one or more Subaccountsother than the Fixed Account. Only one dollar costaveraging program may be operating at any time. Dollarcost averaging is generally suitable if you are making asubstantial premium payment to your Contract anddesire to control the risk of investing at the top of amarket cycle. Either dollar cost averaging programallows such investments to be made in equalinstallments over time in an effort to reduce such risk.Dollar cost averaging does not guarantee that yourContract’s Accumulated Value will gain in value, norwill it protect against a decline in value if market pricesfall. However, it can be an effective strategy to helpmeet your long-term goals. The dollar cost averagingprograms you may participate in are described below.

Dollar Cost Averaging from the Fixed Account.You may dedicate a premium of at least $10,000 at anytime to be allocated to a one-year allocation in the FixedAccount (the “DCA Fixed Account”) for automaticmonthly transfers to one or more Subaccounts. You maynot transfer to the Fixed Account in the dollar costaveraging program. The amount allocated to the DCAFixed Account may be credited with a higher interestrate that will be determined when the payment isreceived and will be guaranteed for the duration of theone-year period. Premiums can be added to an existingDCA Fixed Account and will transfer out on the existingschedule.

One-twelfth of the amount you allocate to the DCAFixed Account will be transferred to the designatedSubaccounts when we allocate your initial premium,and subsequent transfers will be made on the same dateeach month for the next 11 months. If that date falls ona date at the end of the month, such as the 29th, 30th, orthe 31st and the subsequent month does not have acomparable date, we will process the transfer on the lastday of the month. If the date falls on a weekend thetransfer will be processed on the following business day.The amount of the transfer each month will be equal tothe accumulated value in the DCA Fixed Accountdivided by the number of automatic transfersremaining. If you terminate the automatic transfersbefore the twelfth transfer is made, the accumulatedvalue in the DCA Fixed Account will be transferred tothe Thrivent Money Market Subaccount unless yourequest that it be transferred to a different Subaccount.

Money Market Dollar Cost Averaging.gg At any time,you may establish a dollar cost averaging program tomake periodic transfers of at least $200 from theThrivent Money Market Subaccount to one or more ofthe Subaccounts but not the Fixed Account. Theschedule of periodic transfers may be for one, two, orthree years. Premiums and transfers can be added to anexisting DCA Money Market account and will transferout according to the existing transfer schedule. If theremaining amount to be transferred drops below theamount you established, the entire remaining balancewill be transferred on the next transfer date and thedollar cost averaging program will terminate. Transferswill be made automatically on the date you choose(except the 29th, 30th, or 31st of a month). Transferswill continue until the entire amount in the MoneyMarket Subaccount has been depleted or until younotify us to discontinue the program. In order to begin,terminate or resume the program, we must receiveNotice.

Asset Rebalancing

On or before the Maximum Annuity Date, you mayparticipate in an optional asset rebalancing programthat allows you to elect a specific asset allocation tomaintain over time. You may not include the FixedAccount in the asset rebalancing program. If you makeadditional premium payments or transfers into aSubaccount that was not previously included in the

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asset rebalancing program, those amounts will not besubject to rebalancing unless you revise your assetrebalancing program. You may select any date to beginthe asset rebalancing program (except the 29th, 30th, or31st of a month) and whether to have your Subaccountsreallocated quarterly, semiannually or annually. Thesum of the rebalancing percentages must be 100% andeach rebalancing allocation percentage must be a wholenumber not greater than 100%. The rebalancing will bedone after all other transfers and allocations to or fromthe Subaccounts for the Valuation Day. To participate inthe asset rebalancing program, complete the AssetRebalancing Form at the time of your application or call1-800-847-4836 to request an Asset Rebalancing Form.To terminate the asset rebalancing program, you mustprovide Notice to us. The program will not terminateautomatically by transferring your allocations toanother Subaccount or combination of Subaccounts.Thrivent has the right to refuse or limit transfers tovariable subaccounts at any time.

Telephone and Online Transactions

You may perform certain transactions online or over thetelephone.

We have adopted reasonable security procedures toensure the authenticity of instructions, includingrequiring identifying information, recording telephoneconversations and providing written confirmations oftransactions. Nevertheless, we honor telephone andonline instructions from any person who provides thecorrect identifying information. Be aware that there is arisk of possible loss to the Contract Owner if anunauthorized person uses this service in the ContractOwner’s name. Thrivent disclaims any liability for lossesresulting from such transactions by not having beenproperly authorized. However, if Thrivent does not takereasonable steps to help ensure that such authorizationsare valid, Thrivent may be liable for such losses. Certaincircumstances may prevent you from conductingtransactions including but not limited to the event of adisaster, equipment malfunction, or overload oftelephone system circuits. Should circumstances preventyou from conducting a telephone or online transaction,we recommend you provide us with a written request. Ifdue to malfunction or other circumstances, therecording of the Contract Owner’s telephone request is

incomplete or not fully comprehensible, we will notprocess the transaction. We reserve the right to suspendor limit telephone and online transactions.

Contract Owners can go online at www.thrivent.comto conduct online transactions or call the Service Centerat (800) 847-4836 for telephone transactions.

Timely Processing

We will process all requests in a timely fashion. Requestsreceived in good order prior to 4:00 p.m. Eastern Time(or sooner if the NYSE closes prior to 4:00 p.m. EasternTime) on a Valuation Day will use the AccumulationUnit Value as of the close of regular trading on the NYSEon that Valuation Day. We will process requests receivedafter that time using the Accumulation Unit Value as ofthe close of regular trading on the NYSE of thefollowing Valuation Day. An online transactionpayment will be applied on the effective date you select.This date can be the same day you perform thetransaction as long as the request is received prior to4:00 p.m. Eastern Time. The effective date cannot be adate prior to the date of the online transaction.

Once we issue your Contract, we will process paymentof any amount due from any Subaccount within sevencalendar days after we receive Notice. Payment may bepostponed if the NYSE is closed. Postponement mayalso result for such other periods as the SEC may permit.Payment from the Fixed Account may be deferred up tosix months.

Assignments

Assignment is the transfer of Contract ownership fromone party to another. If the Contract was issued in aQualified Plan, then before the Maximum AnnuityDate:

� You may transfer ownership to a trust, custodian,or employer, unless the plan is governed bySections 408 or 408A of the Internal Revenue Code.

� If the Owner is a trust, custodian or employer, thenthe Owner may transfer ownership to theAnnuitant.

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� Except as described above, the Contract may not besold, assigned, discounted or pledged as collateralfor a loan or as security for performance of anobligation or for any other purpose to any personother than us.

If the Contract is not used in a Qualified Plan, then,before the Maximum Annuity Date, ownership may betransferred subject to our approval, except that jointowners may not transfer ownership to a natural person,and the Contract may be assigned as collateral.

We must receive and approve any assignment requestbefore it is effective. We are not responsible for thevalidity or effect of any assignment.

You should consider the tax implications of anassignment. See Federal Tax Status.

Owner and Beneficiaries

While an Owner is living and before the MaximumAnnuity Date, you may exercise all of the owner’s rightsunder the Contract. If there are multiple owners, allmust act in concert to exercise ownership rights. Jointowners must be federally recognized spouses and eachother’s sole primary beneficiary.

If the Contract was applied for as a juvenile contract,the Owner (juvenile) may not exercise ownership rightsuntil control is transferred to the Owner. Before controlis transferred, the person who applied for the Contractas applicant/controller may exercise ownership rightson behalf of the Owner.

An Owner may (subject to the eligibility requirementsin the bylaws of Thrivent) name a beneficiary to receivethe death benefit or the annuity proceeds payable underthe Contract.

No Beneficiary change shall take effect unless receivedby Thrivent at its Service Center. When it is received,any change shall take effect as of the date the requestfor beneficiary change was signed, as long as the requestfor change was mailed or actually delivered to Thriventwhile the insured was alive. Such beneficiary changeshall be null and void where Thrivent has made a goodfaith payment of the proceeds or has taken other actionbefore receiving the change.

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Surrender Charge

We do not deduct a sales charge when we receive aPremium Payment. However, we may assess a surrendercharge for partial surrenders or surrenders that exceedthe free surrender amount. We use this charge to covercertain expenses relating to the sale of theContract. Each Premium Payment will have its own7-year surrender charge schedule. The duration of eachpremium is the number of full years since that premiumwas allocated to this Contract. For the purpose ofdetermining the surrender charge, surrenders areprocessed in the following order:

(1) First, the contract’s earnings are reduced. Thecontract’s earnings are:

(a) The Accumulated Value at the time thesurrender is made;

Minus

(b) The total of premiums allocated to thiscontract;

Plus

(c) The total of premiums that were previouslysurrendered.

(2) Thereafter, premiums that were not previouslysurrendered are reduced in the order that they wereallocated to this contract (first-in, first-out order).

In each Contract Year, you may surrender without aSurrender Charge an amount up to the greatest of(1), (2), and (3):

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(1) 10% of the Accumulated Value existing at thetime the first surrender is made in that ContractYear.

(2) This contract’s earnings.

(3) The Required Minimum Distribution, if any,that we determine for this contract according toSection 401(a)(9) of the Internal Revenue Code, for;

(a) That calendar year, or

(b) The prior calendar year if the surrender ismade in a Contract Year that began in the priorcalendar year

If the Contract includes the Thrivent Income Builder,no Surrender Charge will apply to Partial Surrenders aslong as the total amount surrendered in a Contract Yearis less than or equal to the Guaranteed AnnualWithdrawal (GAWA) for that Contract Year.

The Surrender Charge schedule will be applied to thepremiums reduced based on the duration of thosepremiums. The duration of each premium is the numberof full years since that premium was allocated to thiscontract. Upon a full surrender, all remaining premiumswill be reduced.

Surrender Charges

Full years since allocation Percentage Applied

0 7%1 7%2 6%3 5%4 4%5 3%6 2%7+ 0%

Example of Full Surrender in Surrender Charge Period:

DeMarcus’s initial premium is $100,000. Other than anadditional premium of $25,000 one year later, DeMarcuscontributes no additional premium for the next fiveyears. Also, DeMarcus makes no surrenders from thecontract for the next five years. Five full years after theinitial premium allocation, and four full years after theadditional premium, DeMarcus’s Accumulated Value is$175,000.

DeMarcus elects to make a full surrender (assume noGAWA or RMD applies in this example). DeMarcus’searnings are $175,000 - $100,000 - $25,000 = $50,000,which are free of surrender charges. DeMarcus’spremiums are still in the surrender charge period, andhis surrender charge is $100,000 X 3% + $25,000 X 4%,which is $4,000. DeMarcus’s cash surrender value is$175,000 - $4,000, which is $171,000.


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Example of Partial Surrender in Surrender Charge Period:

DeMarcus‘s initial premium is $100,000. Other than anadditional premium of $25,000 one year later, DeMarcuscontributes no additional premium for the next fiveyears. Also, DeMarcus takes no surrenders from thecontract for the next five years. Five full years after theinitial premium allocation, and four full years after theadditional premium, DeMarcus’s Accumulated Value is$175,000.

DeMarcus elects to make a partial surrender of $90,000on a “gross” basis (assume no GAWA or RMD applies inthis example). DeMarcus’s earnings are $175,000 -$100,000 - $25,000 = $50,000, which are free ofsurrender charges. DeMarcus’s premiums are still in thesurrender charge period, and the first-in, first-outmethod is used to determine the surrender charge.DeMarcus’s surrender charge is $40,000 X 3%, which is$1,200. DeMarcus’s surrender amount after thesurrender charge is $90,000 - $1,200, which is $88,800.DeMarcus’s Accumulated Value after the partialsurrender is $175,000 - $90,000, which is $85,000.

For any surrender made more than three years after thedate that premium was allocated to the contract, noSurrender Charge will be deducted from the portion ofthe amount surrendered which is paid under one of thefollowing options:

� Surrenders Paid Under Certain SettlementOptions. For surrenders of premiums made morethan three years since that premium was allocated,there is no surrender charge applied to amountsyou elect to have paid under:

(1) A settlement option for a fixed amount or afixed period (described under AnnuityProvisions—Settlement Options) if the paymentperiod equals or exceeds the longest remainingsurrender charge period that would haveapplied and the proceeds are not subsequentlywithdrawn.

(2) Options which involve a life income,described under Annuity Provisions—SettlementOptions.

For Florida Contracts this provision applies afterContract Year one.

� Ten Percent Free Each Contract Year(minimum amount each year). 10% of theAccumulated Value existing at the time the firstsurrender is made in that Contract Year. This “TenPercent Free” is not cumulative.

� Confinement of the Owner in a Hospital,Nursing Home, or Hospice. There is nosurrender charge during or within 90 days after theend of the confinement of the Owner in a licensedhospital, nursing home, or hospice, provided thatthe confinement begins after the Contract has beenissued and continues for at least 30 consecutivedays. We will require proof of confinementsatisfactory to us.

� Terminal Illness of the Owner. There is nosurrender charge if the Owner has a life expectancyof 12 months or less. We will require certificationby a physician acting within the scope of his or herlicense and may require independent medicalverification.

The limitations or waivers of surrender chargesdescribed above may not be available in all states.Certain surrenders are subject to a 10% Federal taxpenalty on the amount of income withdrawn. SeeFederal Tax Status.

If surrender charges are not sufficient to cover our salesexpenses, we will bear the loss; conversely, if theamount of such charges proves more than enough, wewill retain the excess. See Sufficiency of Charges below.

Mortality and Expense Risk Charge

We assume certain financial risks associated with theContracts. Those risks are of two basic types:

� Mortality Risk. This includes our risk that (1)death benefits paid before the Annuity Date will begreater than the Accumulated Value available topay those benefits, and (2) annuity paymentsinvolving life incomes will continue longer thanwe expected due to lower than expected death ratesof the persons receiving them.

� Expense Risk. This is the risk that the expenseswe incur with respect to the Contracts will exceedContract charges.


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As compensation for assuming these risks, we deduct adaily risk charge from the daily net assets in theSubaccounts. We guarantee that the mortality andexpense risk charges for your Contract will never exceedthe annual rates shown in the Fee and Expense Tables.The maximum charge as a percentage of daily net assetsin the Subaccounts is 1.25% and the current charge is1.25%. See the Fee and Expense Tables section.

If the risk charge is insufficient to cover the actual costof the risks assumed by us, we will bear the loss. We willnot reduce annuity payments to compensate for theinsufficiency. If the risk charge proves more thansufficient, the excess will be profit available to us forany appropriate corporate purpose including, amongother things, payment of sales expenses. See Sufficiencyof Charges below.

Notwithstanding this charge, contract owners may beasked to add money under the Maintenance of Solvencyprovision described in General Provisions – Maintenance ofSolvency section.

Maximum Anniversary Death Benefit (MADB)Rider Charge

The MADB Charge is the charge for this rider. TheMADB Charge will be deducted from the AccumulatedValue. It will be deducted from the Fixed Account andthe subaccounts of the Variable Account on a pro ratabasis according to the ratio of the accumulated value inthe Fixed Account and each subaccount of the VariableAccount to the Accumulated Value of the contract as ofthe Rider Quarterly Anniversary. If the market is closedon the date the MADB Rider Charge should beprocessed, the charge will be processed on the nextValuation Date.

The first MADB Charge will be deducted on the firstRider Quarterly Anniversary for the three-month periodthat started on the Rider Date of Issue. Thereafter, theMADB Charge for each three-month period will bededucted on the Rider Quarterly Anniversaryimmediately after that three-month period.

On the day of each deduction, the MADB Charge iscalculated as the MADB multiplied by the MADB Chargerate divided by four. The MADB Charge is calculatedafter any changes to the MADB and the MADB Chargerate that may occur prior to or on that day.

We may change the MADB Charge rate at any time. Itwill never exceed the Maximum MADB Charge Rate of0.50%. The current rate is 0.25%.

At rider termination, the MADB Charge will be deductedfor the final three-month period or portion thereof thatthe rider was in force. If rider termination occurs lessthan three months after the most recent Rider QuarterlyAnniversary, the final MADB Charge will be adjustedproportionately to reflect the time period that the riderwas in force. The final MADB Charge will be deductedimmediately on the rider termination date. Thereafter,the MADB Charge will cease.

Thrivent Income Builder Guaranteed LifetimeWithdrawal Benefit (GLWB) Rider Charge

The Thrivent Income Builder (GLWB) Rider Charge isthe charge for this rider. It will be deducted from thesubaccounts of the Variable Account on a pro rata basisaccording to the ratio of each subaccount of theVariable Account to the Accumulated Value of theVariable Account. The charge will be deducted from theFixed Account only if the variable subaccounts aredepleted. If the market is closed on the date theThrivent Income Builder (GLWB) Rider Charge shouldbe processed, the charge will be processed on the nextValuation Date.

The first Thrivent Income Builder (GLWB) Rider Chargewill be deducted on the first Rider QuarterlyAnniversary for the three-month period that started onthe Rider Date of Issue. Thereafter, the Thrivent IncomeBuilder (GLWB) Rider Charge for each three-monthperiod will be deducted on the Rider QuarterlyAnniversary immediately after that three-month period.

On the day of each deduction, the Thrivent IncomeBuilder (GLWB) Rider Charge is calculated as:

1) The GLWB Benefit Base;

Multiplied by


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2) The Thrivent Income Builder (GLWB) RiderCharge Rate divided by four.

The Thrivent Income Builder (GLWB) Rider Charge iscalculated after any changes to the GLWB Benefit Baseand the GLWB Charge Rate that may occur on or priorto that day.

We may change the Thrivent Income Builder (GLWB)Rider Charge Rate at any time. It will never exceed theMaximum GLWB Charge Rate of 2.5%.

At rider termination, the Thrivent Income Builder(GLWB) Rider Charge will be deducted for the finalthree-month period or portion thereof that the rider wasin force. If rider termination occurs less than threemonths after the most recent Rider QuarterlyAnniversary, the final Thrivent Income Builder (GLWB)Rider Charge will be adjusted proportionately to reflectthe time period that the rider was in force. The finalThrivent Income Builder (GLWB) Rider Charge will bededucted immediately on the rider termination date.Thereafter, the Thrivent Income Builder (GLWB) RiderCharge will cease.

Rider Quarterly Anniversary

A date that is a multiple of three months following thedate the rider is issued, and on the same date of themonth as the date the rider is issued. If a month doesnot include that date, the Rider Quarterly Anniversarywill be the last day of that month.

Transfer Charge

You may make 24 free transfers in each Contract Year.On subsequent transfers (other than the dollar costaveraging and asset rebalancing programs), you willincur a $25 transfer charge. The transfer charge will bededucted from the amount transferred. Current IRSguidance references 12 transfers, however we believethat 24 transfers is acceptable under current law.

Surrender of a Settlement Option with aGuaranteed Period

If you are receiving Annuity Income with a guaranteedperiod, you may elect to receive a full or partialsurrender of the commuted value of the remaining

payments, unless the income elected was irrevocable.The value of the remaining payments on any day isbased on the interest rate used to determine the incomepayable plus 0.25%. This increase of the rate used in thecalculation is the Commuted Value Charge.

Expenses of the Portfolios

Because the Subaccounts purchase shares of thePortfolios; the accumulation unit values of theSubaccounts will reflect the corresponding portfoliooperating expenses or other expenses incurred by thePortfolio. See Fee and Expense Tables and theaccompanying current prospectuses of the Portfolios.

Taxes

Currently, no charge will be made against the VariableAccount for Federal income taxes. We may, however,make such a charge in the future if income or gainswithin the Variable Account will result in any Federalincome tax liability to us. Charges for other taxes, ifany, attributable to the Variable Account may also bemade. See Federal Tax Status.

Annual Contract Maintenance Charge

We will charge a Contract Maintenance Charge on eachContract Anniversary. The Maximum Annual ContractMaintenance Charge is $50.

However, we will waive the charge on any anniversarywhen the Accumulated Value is at least $50,000.

The charge will be taken from each subaccount of theVariable Account and from the Fixed Account accordingto the ratio for this contract of the accumulated value ineach subaccount and the Fixed Account to theAccumulated Value of the contract.

Sufficiency of Charges

If the amount of all charges assessed in connection withthe Contracts as described above is not enough to coverall expenses incurred in connection therewith, we willbear the loss. Any such expenses borne by us will bepaid out of our General Account which may include,among other things, proceeds derived from risk charges


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deducted from the Variable Account. Conversely, if theamount of such charges proves more than enough, wewill retain the excess.

If our reserves become impaired, Contract Owners maybe asked to add money under the Maintenance ofSolvency provision described in General Provisions–Maintenance of Solvency section.


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Annuity Date

You may select one or more dates to begin an AnnuityIncome under a settlement option. Each settlementoption will begin on an Annuity Date.

Maximum Annuity Date

The Maximum Annuity Date stated in your Contract isthe latest date on which we will begin paying you anannuity income. At issue, the Maximum Annuity Dateis set to the Contract Anniversary when the oldestOwner is age 95 under the Contract. At the MaximumAnnuity Date stated in your Contract, we may, at ourdiscretion, allow you to extend the Maximum AnnuityDate.

If the Thrivent Income Builder is in place on theMaximum Annuity Date, annuity payments will be atleast as much as the Guaranteed Annual WithdrawalAmount (GAWA).

Your Contract provides for a death benefit if an Ownerdies before the Maximum Annuity Date. After theMaximum Annuity Date, amounts payable, if any,depend on the terms of the settlement option.

Annuity Income

An Annuity Income will be calculated using the amountof cash surrender value on an Annuity Date.

For any surrender made more than three years after thedate that premium was allocated to the contract, noSurrender Charge will be deducted from the portion ofthe amount surrendered which is paid under Options 2or 3, provided that payments will be made for at least aslong as the greatest number of months remaining inany Surrender Charge schedule that otherwise wouldhave applied and the proceeds are not subsequentlywithdrawn.

Surrender charges will also be waived for an election ofOption 4 or 5 or any other life income option agreed toby us.

We will pay you the Annuity Income under a settlementagreement according to the annuity settlement optionthat you select. However, we will pay a single sum if the

Accumulated Value on the Maximum Annuity Date isless than $2,000. If we pay you proceeds in a single sum,your Contract will terminate.

If you have not selected either a settlement option or asingle sum payment by the Maximum Annuity Date, wewill pay proceeds of $2,000 or more using an annuitywith (1) life income with 10-year guarantee period ifone Annuitant is living on the Maximum Annuity Date,or (2) joint and survivor life income with a 10-yearguarantee period if two Annuitants are living on theMaximum Annuity Date.

Settlement Options

You may elect to have your full proceeds ($2,000 ormore) paid to you under an annuity settlement optionor a combination of options.

Proceeds from death or surrender are payable in a lumpsum unless otherwise provided. Instead of a lump sum,proceeds from death or surrenders of $2,000 or moremay be paid under a settlement option by means of asettlement agreement that we will issue.

� Option 1 - Interest Income. The proceeds maybe left on deposit. Interest earned may be paid incash at regular intervals or left to accumulate atinterest. We will pay interest at a rate not less thanthe guaranteed interest rate. All or part of theseproceeds may be withdrawn upon request.

� Option 2 - Income of a Fixed Amount. Wewill pay Annuity Income of a fixed amount atagreed upon intervals. The fixed amount must notresult in a payment period that exceeds 360months. We reserve the right to require a fixedamount that results in a payment period of at least60 months. Interest will be credited on the unpaidbalance at a rate not less than the guaranteedinterest rate. Income will be paid until the proceedsand interest are paid in full. After the first paymentis made, this option may not be changed except asdescribed in the Contract.

� Option 3 - Income for a Fixed Period. We willpay Annuity Income for a fixed period not toexceed 360 months. We reserve the right to requirea fixed period of at least 60 months. Interest will becredited on the unpaid balance at a rate not less

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than the guaranteed interest rate. After the firstpayment is made, this option may not be changedexcept as described in the Contract.

� Option 4 - Life Income with GuaranteedPeriod. We will pay Annuity Income for thelifetime of the Annuitant of the settlementagreement. A guaranteed period of up to 360months may be elected. If the Annuitant diesduring the guaranteed period, payments will becontinued to the end of the period and will be paidto the agreement’s beneficiary. After the firstpayment is made, this option may not be changedexcept as described in of the Contract. Income willnot be less than an income based on the mortalitytable and guaranteed interest rate using the sex andadjusted age of the annuitant on his or herbirthday nearest the date of settlement.

� Option 5 - Joint and Survivor Life Incomewith Guaranteed Period. We will pay AnnuityIncome as long as at least one of the twoAnnuitants of the settlement option agreement isalive. A guaranteed period of up to 360 monthsmay be elected. If one Annuitant dies during theguaranteed period, payments will continue for thelifetime of the surviving Annuitant. Before the firstpayment is made under this option, a reductionfactor may be elected which will reduce anypayments made after the guaranteed period by theelected reduction factor if only one annuitant isthen living. Payments made during the guaranteedperiod will be larger if a reduction factor is elected.If both Annuitants die during the guaranteedperiod, payments will be continued to the end ofthat period and will be paid to the agreement’sbeneficiary. After the first payment is made, thisoption may not be changed except as described inthe Contract. Income will not be less than anincome based on the mortality table andguaranteed interest rate using the sex and adjustedage of each Annuitant on his or her birthdaynearest the date of settlement.

In addition to these settlement options, proceeds maybe paid under any other settlement option that yourequest and to which we agree.

If we are making payments under a life incomesettlement option with a guaranteed period, an ownerof the settlement option may elect to receive a lumpsum instead of continuing payments while in theguaranteed period, unless the settlement option electionwas irrevocable. The value of the remaining paymentson any day is based on the interest rate used todetermine the income payable plus 0.25%. This increaseof the rate used in the calculation is the CommutedValue Charge.

If an owner or Annuitant dies on or after the AnnuityDate and before all of the annuity proceeds have beenpaid, we must pay any remaining annuity proceedsunder the settlement option at least as rapidly aspayments were being paid under that settlement optionon the date of death.

Adjusted Age. As used in Options 4 and 5, adjustedage is the age of an annuitant on his or her birthdaynearest the date of settlement minus the adjustmentshown below:

Years of First Payment Age Adjustment

2020-2029 0

2030-2039 1

2040-2049 2

2050-2059 3

2060-2069 4

2070-2079* 5

* For each succeeding decade, the age adjustment continuesto increase by 1.

Option 6 – Other Options. The proceeds may be paidunder any other settlement option agreeable to us.

Partial Annuitization

Federal tax law permits taxpayers to annuitize a portionof their annuity while leaving the remaining balance taxdeferred. You may elect to have a portion of yourproceeds ($2,000 or more) paid to you under an annuitysettlement option or a combination of options. Thesettlement option(s) must be for a fixed amount or fixedperiod payable for at least ten years, or a single or jointlife income with or without a guaranteed period. If thisrequirement is met, the settlement option and the


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tax-deferred balance will generally be treated as twoseparate Contracts for income tax purposes only. Yourafter-tax premiums in your Contract will be allocatedpro-rata between the settlement option and the portionthat remains deferred.

Frequency of Annuity Payments

Annuity payments under a settlement option will bepaid at monthly intervals unless you and we agree to adifferent payment schedule. Payments under any

settlement option must be in amounts at least as greatas $50. If annuity payments would be or become lessthan $50, we may change the frequency of payments tointervals that will result in payments of at least $50.


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GENERAL PROVISIONS••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Entire Contract

Your entire Contract is comprised of:

� the Contract including any attached rider(s),if any,endorsements or amendments;

� the application attached to the Contract; and

� our Articles of Incorporation and Bylaws and allamendments to them. Benefits will not be reducedor eliminated by any future amendments to ourArticles of Incorporation or Bylaws.

Postponement of Payments

We may delay payment of any surrender, deathproceeds or annuity payment amounts that are in theVariable Account if:

(1) The New York Stock Exchange is closed otherthan customary weekend and holiday closings,or trading on the New York Stock Exchange isrestricted as determined by the SEC, or

(2) An emergency exists, as determined by theSEC, as a result of which disposal of securities isnot reasonably practicable or it is notreasonably practicable to determine the valueof the Variable Account’s net assets.

Transfers and allocations of Accumulated Value to andfrom the Subaccounts of the Variable Account may alsobe postponed under these circumstances.

Premium Payments

Your payment must be in U.S. dollars drawn on aU.S. Bank. Thrivent does not accept cash, starter checks(checks without pre-printed registration), traveler’schecks, credit card, courtesy checks or most third-partychecks. If you pay a premium by check, we require areasonable time for that check to clear your bank beforesuch funds would be available to you. This period oftime will not exceed 15 days.

Date of Receipt

Except as otherwise stated herein, the date of our receiptof any Notice, premium payment, telephonicinstructions or other communication is the actual dateit is received at our Service Center in proper form unless

received (1) after the close of the New York StockExchange (generally 4:00 p.m. Eastern Time), or (2) on adate which is not a Valuation Day. In either of these twocases, the date of receipt will be deemed to be the nextValuation Day.

Anti-Money Laundering

In order to protect against the possible misuse of ourproducts in money laundering or terrorist financing, wehave adopted an anti-money laundering programsatisfying the requirements of federal law. Among otherthings, this program requires us, our financialprofessionals and customers to comply with certainprocedures and standards that serve to ensure that ourcustomers’ identities are properly verified and thatpremiums are not derived from improper sources. Wereserve the right to verify any information received byaccessing information maintained in databasesinternally or externally.

Applicable laws designed to prevent terrorist financingand money laundering might in certain circumstances,require us to block certain transactions until we receiveauthorization from the appropriate regulator.

Our anti-money laundering program is subject tochange without notice to account for changes inapplicable laws or regulations. We may also makechanges as a result of our ongoing assessment ofexposure to illegal activity.

Maintenance of Solvency

The maintenance of solvency provision is a legalrequirement of a fraternal benefit society. Thisprovision can only apply to your money in the FixedAccount, not the Variable Subaccounts.

The provision can come into play only when thereserves of a fraternal benefit society become impaired.That means there would be a serious concern with thefinancial position of the society, leading to a higher riskthat the society cannot meet its commitments under itscontracts. State law provides guidance on when asociety’s position becomes impaired. This is generallybased on prescribed financial formulas used todetermine the risks of a society not being able to meetits obligations.

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It is extremely unlikely that Thrivent would be in animpaired condition considering its financial position.You may review our financial statements and reportsfrom our independent public accounting firm in theStatement of Additional Information (SAI) found onlineat thrivent.com or by returning the form found on page68 of this prospectus. In addition, your financialprofessional is always available to answer any questionsyou may have about Thrivent’s financial stability.

In the extraordinary event that our reserves becomeimpaired, you may be required to make an extrapayment. Our Board of Directors could only imposethis extra payment after determining that our overallfinancial position is seriously impaired, that the extrapayments are necessary to remedy the impairment, thatbetter options are not available or would be ineffective,and that the extra payments would be in the bestinterest of the members. This can happen only in therare event that the insurance commissioner issued anorder declaring us to be in a hazardous condition. If thathappened, our Board of Directors would work with thecommissioner to determine each member’s portion ofthe deficiency. We expect your share would beapportioned according to the value you have in theFixed Account, if any.

Regarding the extra payment, one option is for you tosubmit the additional funds to us within 60 days. Theextra payment would not be applied to your Contract asadditional premium. Instead, it could be held byThrivent until the impairment has been resolved.Alternatively, you could have the amount treated as adebt against your Contract. That means we would trackthe amount of your assessment and compound interestdue at a 5% annual interest rate. If you requested awithdrawal or transfer of your balance in the FixedAccount, the amount of your debt, plus any interest,would be held by Thrivent until the impairment wasresolved. Third, you could choose an equivalentreduction in benefits instead of, or in combination, withthe debt. A reduction in benefits means the amountwould be taken out of your Fixed Account by Thriventand would be treated as a partial surrender for purposesof your Contract’s benefits. Your annuity’s value anddeath benefit would be reduced accordingly.

Please be advised that a maintenance of solvencyprovision is applicable to all fraternal benefit societies,regardless of the financial position and ratings of thesociety. Again, your financial professional will be glad toprovide you with information on Thrivent’s financialstrength and independent ratings.

Reports to Contract Owners

At least once each year we will send you a reportshowing the value of your Contract. The report willinclude the Accumulated Value and any additionalinformation required by law. Values shown will be for adate no more than two months prior to the date wemail the report. We will mail your report to your lastknown address unless prior mailings have been returnedundeliverable to us. We will make a reasonable effort inthese situations to locate you in order to continuemailing your report and other related documents. Pleasenotify the Service Center if your address has changed.

Gender Neutral Benefits

In 1983, the U.S. Supreme Court held in ArizonaGoverning Committee v. Norris that the application ofsex-distinct actuarial tables to employees based upontheir gender in calculating the amount of retirementbenefits violates Title VII of the Civil Rights Act of 1963.Because of this decision, employer-sponsored retirementplans may not use sex-distinct actuarial annuity rates indetermining benefits.

Generally, annuity payments described in thisProspectus are determined using sex-distinct actuarialtables based on the Annuitant’s gender. However,annuity payments will be based on a gender neutralbasis for the following:

� Contracts used in an employer sponsoredretirement plan; and

� Contracts issued in Massachusetts and Montana.

GENERAL PROVISIONS••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

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HOW TO CONTACT US••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Telephone:

1-800-847-4836

Internet:

Thrivent.com

Fax:

1-800-225-2264

New Applications:

ThriventP.O. Box 8075Appleton, WI 54912-8061

Additional Premiums (variable products):


Transfers, Surrenders, or Partial Surrenders:


Express Mail:

Thrivent4321 N. Ballard RoadAppleton, WI 54919-3400

For Wire Transfer Instructions,Please contact 1-800-847-4836

FEDERAL TAXTT STATUS••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

General

The following discussion of the federal income taxtreatment of the Contract is not exhaustive, does notpurport to cover all situations, and is not intended astax advice. The federal income tax treatment of theContract is unclear in certain circumstances, and aqualified tax advisor should always be consulted withregard to the application of law to individualcircumstances. This discussion is based on the InternalRevenue Code of 1986, as amended (the “Code”),Treasury Department regulations, and interpretationsexisting on the date of this Prospectus. Theseauthorities, however, are subject to change by Congress,the Treasury Department, and judicial decisions.

This discussion does not address any federal estate orgift tax consequences, or any state or local taxconsequences, associated with the Contract. In addition,we make no guarantee regarding any tax treatment—federal, state, or local—of any Contract or anytransaction involving a Contract.

Tax Status of the Variable Account

The Variable Account is not separately taxed as a“regulated investment company” under the Code, butrather is treated as our separate account. Under currentlaw, both the investment income and realized capitalgains of the Variable Account are reinvested withouttaxation to us. However, we reserve the right in thefuture to make a charge against the Variable Account orthe Accumulated Value of a Contract for any federal,state, or local income taxes that we incur and determineto be attributable to the Variable Account or theContract.

Taxation of Annuities in General

The following discussion assumes that the Contract isnot used in connection with a Qualified Plan.

Tax Deferral During Accumulation Period

In general, under current law, an increase in a Contract’sAccumulated Value is not taxable to the Owner untilreceived, either in the form of annuity income

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payments as contemplated by the Contract or in someother form of distribution. However, this rule appliesonly if: (1) the investments of the Variable Account are“adequately diversified” in accordance with TreasuryDepartment regulations; (2) the Company, rather thanthe Owner, is considered the owner of the assets of theVariable Account for federal income tax purposes; (3)the Owner is an individual (or an individual is treated asthe Owner for tax purposes); and (4) the Contract’sMaximum Annuity Date is not unduly delayed.

Diversification Requirements. The Code andTreasury Department regulations prescribe the mannerin which the investments of a segregated asset account,such as the Variable Account, are to be “adequatelydiversified.” If the Variable Account fails to comply withthese rules, the Contract will not be treated as anannuity Contract for federal income tax purposes, andso the interest or earnings credited to the Contract’sAccumulated Value in any year will be includible in thecontract owner’s income that year for federal taxpurposes. We expect that the Variable Account, throughthe Fund, will comply with these rules.

Ownership Treatment. In certain circumstances,variable annuity Owners may be considered the owners,for federal income tax purposes, of the assets of asegregated asset account used to support theirContracts. In those circumstances, the account’s incomeand gains would be currently includible in the Owners’gross income. The Internal Revenue Service (the “IRS”)has stated in published rulings that a variable Ownerwill be considered the owner of the assets of asegregated asset account if the owner possesses incidentsof ownership in those assets, such as the ability toexercise investment control over the assets.

The ownership rights under the Contract are similar to,but different in certain respects from, the ownershiprights described in IRS rulings in which the Ownerswere determined not to be the owners of the assets of asegregated asset account. For example, the Owner hasthe choice of more investment options to which toallocate premium payments and the AccumulatedValue than were addressed in those rulings. Thesedifferences could result in the Owner being treated asthe owner of all or a portion of the assets of the VariableAccount and thus subject to current taxation on the

income and gains from those assets. In addition, we donot know what standards will be set forth in any furtherregulations or rulings which the Treasury Department orthe IRS may issue. We therefore reserve the right tomodify the Contract as necessary to attempt to preventOwners from being considered the owners of the assetsof the Variable Account. However, there is no assurancethat such efforts would be successful.

Contracts Not Owned by Individuals. As a generalrule, Contracts held by “nonnatural persons” such as acorporation, trust, or other similar entity are not treatedas annuity Contracts for federal tax purposes. Theincome on such Contracts (as defined in the tax law) istaxed as ordinary income that is received or accrued bythe Owner during the taxable year. However, this rulegenerally will not apply to a Contract held by a trust orother entity which holds the Contract as an agent for anatural person. In addition, this rule will not applyto: (1) a Contract acquired by the estate of a decedentby reason of the death of the decedent; (2) Contractsused in connection with certain Qualified Plans; (3)Contracts purchased by employers upon thetermination of certain Qualified Plans; (4) certainContracts used in connection with structured settlementagreements; and (5) a Contract purchased with a singlepremium payment when the annuity starting date is nolater than one year from the purchase of the Contractand substantially equal periodic payments are made,not less frequently than annually, during the annuityincome period.

The remainder of this discussion assumes that theContract will be treated as an annuity contract forfederal income tax purposes.

Taxation of Partial and Full Surrenders

In the case of a partial surrender, the amount received isgenerally includible in income for federal tax purposesto the extent that the Accumulated Value of theContract, before the partial surrender, exceeds the“investment in the Contract.” In the case of a fullsurrender, the amount received is includible in incometo the extent that it exceeds the investment in theContract. For these purposes, the investment in theContract at any time equals the total of the premiumpayments made under the Contract up to that time lessany amounts previously received from the Contract


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which were excludable from income. All amountsincludible in income with respect to the Contract aretaxed as ordinary income; no amounts are taxed at thelower rates currently applicable to long-term capitalgains and corporate dividends.

Taxation of Annuity Income Payments

Normally, the portion of each annuity income paymentincludible in income for federal tax purposes is theexcess of the payment over an exclusion amount. In thecase of fixed income payments, the exclusion amount isdetermined by multiplying (1) the payment, by (2) theratio of the investment in the Contract allocated to ourFixed Account, adjusted for any period certain or refundfeature, to the total expected amount of annuity incomepayments. For this purpose, the expected number oramount of annuity income payments is determined byTreasury Department regulations which take intoaccount the Annuitant’s life expectancy and the form ofannuity benefit selected.

Once the total amount of the investment in theContract is excluded using the above formulas, annuityincome payments will be fully taxable. If annuityincome payments cease because of the death of theAnnuitant and before the total amount of theinvestment in the Contract is recovered, theunrecovered amount generally will be allowed as adeduction.

Income from annuities will be subject to the MedicareTax on Investment Income. This tax will be imposed onindividuals with a modified adjusted gross income(MAGI) of more than $200,000 and joint filers with anMAGI of more than $250,000. Generally, the tax ratewill be 3.8% of the lesser of the net investment incomeor the amount the MAGI exceeds the threshold amount.

There may be special income tax issues present insituations where the Contract Owner and the Annuitantare not the same person and are not married to oneanother. In such situations a tax advisor should beconsulted.

Tax Treatment of Death Benefit

Prior to the Maximum Annuity Date, we may distributeamounts from a Contract because of the death of anOwner or, in certain circumstances, the death of theAnnuitant. If distributed in a lump sum, such deathbenefit proceeds are includible in income in the samemanner as a full surrender, or if distributed under anannuity income option, such proceeds are includible inthe same manner as annuity income payments.

After the Maximum Annuity Date, death proceeds aretaxable and generally are included in the income of therecipient as follows:

� If payments from a life income with a guaranteedpayment period are continued, they are taxed onlyafter the remaining investment in the Contract hasbeen recovered.

� Other payments are taxed as annuity incomepayments.

� If distributed in a lump sum, they are taxed in thesame manner as a full surrender.

Assignments, Pledges, and Gratuitous Transfers

Any assignment or pledge of (or agreement to assign orpledge) any portion of the Accumulated Value of theContract is treated for federal income tax purposes as asurrender of such amount or portion. The investment inthe Contract is increased by the amount includible inincome with respect to such an assignment or pledge. Ifan Owner transfers a Contract without adequateconsideration to a person other than the Owner’sSpouse (or a former Spouse incident to divorce), theOwner must include in income the difference betweenthe Contract’s Accumulated Value and the investmentin the Contract at the time of the transfer. In such acase, the transferee’s investment in the Contract isincreased to reflect the amount includible in thetransferor’s income.

Penalty Tax on Premature Distributions

Technically, the amount of any payment from theContract that is includible in income is subject to a 10%penalty tax. However, this penalty tax does not apply toany payment: (1) received on or after the ContractOwner attains age 591⁄1 2⁄⁄ ; (2) attributable to the Contract


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Owner becoming disabled (as defined in the tax law);(3) made on or after the death of the Contract Owneror, if the Contract Owner is not an individual, on orafter the death of the primary annuitant (as defined inthe tax law); (4) that is part of a series of substantiallyequal periodic payments, not less frequently thanannually, for the life or life expectancy of the ContractOwner or the joint lives or joint life expectancies of theContract Owner and a designated beneficiary (asdefined in the tax law).For the purposes of substantiallyequal periodic payments, if there is a significantmodification of the payment schedule before the laterof the taxpayer reaching age 591⁄1 2⁄⁄ or the expiration offive years from the time the payment starts, thetaxpayer’s income shall be increased by the amount oftax and deferred interest that otherwise would havebeen incurred.

Aggregation of Contracts

In certain circumstances, the IRS may determine theamount of any distribution from the Contract that isincludible in income by combining some or all of theannuity contracts a person owns. For example, if aperson purchases a contract and also purchases atapproximately the same time another deferred annuityissued by us, the IRS may treat the two contracts as onecontract. Similarly, if a person transfers part of his or herinterest in one annuity contract to purchase anotherannuity contract, the IRS might treat the two contractsas one contract. In addition, if a person purchases twoor more contracts from us (or an affiliate) during anycalendar year, all such contracts will be treated as onecontract for purposes of determining the amount of anyfull or partial surrender that is includible in income. Theeffects of such aggregation are not always clear;however, such aggregation could affect the amount of asurrender or an annuity payment that is taxable and theamount which might be subject to the 10% penalty taxdescribed above.

Exchanges of Annuity Contracts

We may issue the Contract in exchange for all or part ofanother annuity contract. Such an exchange will beincome tax free if certain requirements are satisfied (a1035 Exchange). If the exchange is tax free, theinvestment in the Contract immediately after theexchange will generally be the same as that of the

annuity contract exchanged, increased by anyadditional premium payment made as part of theexchange. If part of an existing contract is exchangedfor the Contract, the IRS might treat the two contractsas one annuity contract in certain circumstances. (See“Aggregation of Contracts.”) You should consult your taxadvisor in connection with an exchange of all or part ofan annuity contract for the Contract.

Qualified Plans

The Contracts also are designed for use with severaltypes of Qualified Plans. When used in Qualified Plans,deferred annuities like the Contracts do not offeradditional tax-deferral benefits, but annuities offer otherproduct benefits to investors in Qualified Plans.Participants under such Qualified Plans as well asContract Owners, Annuitants, and beneficiaries arecautioned that the rights of any person to any benefitsunder such Qualified Plans may be subject to the termsand conditions of the plans themselves regardless of theterms and conditions of the Contracts issued inconnection with them. Those who intend to use theContract in connection with Qualified Plans shouldseek competent advice.

The tax rules applicable to Qualified Plans, and to aContract when used in connection with a QualifiedPlan, vary according to the type of plan and the termsand conditions of the plan itself, and they takeprecedence over the general annuity tax rules describedabove. For example, for full surrenders, partialsurrenders, and annuity income payments underContracts used in Qualified Plans, there may be no“investment in the contract,” with the result that thetotal amount received may be includible in income. Theincludible amount is taxed at ordinary income tax rates,and a 10% penalty tax also may apply. Exceptions tothis penalty tax vary depending on the type of QualifiedPlan involved; in the case of an Individual RetirementAnnuity (discussed below), exceptions comparable tothose described above are available.

The following briefly describes certain types of QualifiedPlans in connection with which we may issue aContract.


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Traditional IRAs. Section 408 of the Code permitseligible individuals to contribute to an IndividualRetirement Account or an Individual RetirementAnnuity (collectively known as an “IRA”). IRAs aresubject to limits on the amounts that may becontributed and deducted, on the persons who may beeligible to do so, and on the time when distributionsmay commence. Also, subject to certain requirementsdiscussed below, you may “roll over” distributions fromcertain Qualified Plans on a tax-deferred basis into anIRA.

Roth IRAs. Section 408A of the Code permits eligibleindividuals to contribute to a type of IRA known as a“Roth IRA.” Roth IRAs are generally subject to the samerules as non-Roth IRAs, but differ in several respects.Among the differences is that, although contributionsto a Roth IRA are not deductible, “qualifieddistributions” (those that satisfy certain waiting and userequirements) from a Roth IRA will be excludable fromincome. Subject to certain restrictions, a distributionfrom an eligible employer-sponsored qualified plan maybe directly moved to a Roth IRA. This movement iscalled a “qualified rollover contribution.”

SECURE Act Notice. Effective January 1, 2020,pursuant to the Setting Every Community Up forRetirement Enhancement (�SECURE�) Act, the age atwhich you must begin taking your required minimumdistributions (�RMDs�) from your tax-qualified contract(IRA) has been raised to age 72 from 701⁄1 2⁄⁄ . If you turned701⁄1 2⁄⁄ in 2019, you are still required to use age 701⁄1 2⁄⁄ as thetriggering age for RMDs.

Also effective on January 1, 2020, the ability forbeneficiaries to “stretch” their RMDs over their lifeexpectancy is no longer available for most beneficiaries.Instead, a non-spouse beneficiary is now required todraw down their entire inherited interest withinten (10) years. The ten-year rule does not apply to anyportion payable to a surviving spouse, who may still�stretch� the post-death distributions for their life or aperiod not exceeding their life expectancy. Someadditional exceptions to the ten-year rule may apply.You should consult your tax advisor if any of thesechanges could impact your tax-qualified contract.

CARES Act Notice. Effective March 27, 2020, theCoronavirus Aid, Relief, and Economic Security(“CARES”) Act made several retirement related changesthat may impact you.

For 2020 only, the CARES Act permits corona-virusrelated distributions from tax-qualified contracts andIRAs up to an aggregate amount of $100,000. This typeof distribution is an exception to the 10% federaladditional tax. To qualify for the distribution, generallyyou, your spouse, or dependent must have beendiagnosed with the virus, or you were impactedfinancially in certain ways because of the virus.

The tax associated with the distributions may be paidratably over three years, beginning with the 2020 taxyear. The CARES Act also allows you to recontribute theamount you withdrew to an eligible retirement plan (towhich you can make a rollover contribution) in one ormore payments within three years.

The CARES Act provides additional withdrawal and loanrelief (subject to availability) for tax-qualified contractsand IRAs in 2020 for eligible individual. Please consultwith a tax advisor if you have any questions on howthese changes could impact you.

Federal Income Tax Withholding

We will withhold and remit to the federal government apart of the taxable portion of each distribution madeunder a Contract unless the payee notifies us at orbefore the time of the distribution that he or she electsnot to have any amounts withheld. In certaincircumstances, we may be required to withhold tax. Thewithholding rates applicable to the taxable portion ofannuity income payments (other than eligible rolloverdistributions made in connection with Qualified Plans)are the same as the withholding rates generallyapplicable to payments of wages. Further, a 10%withholding rate applies to the taxable portion ofnon-periodic payments (including partial and fullsurrenders), and as discussed above, the withholdingrate applicable to eligible rollover distributions is 20%.Whether or not federal income tax is withheld, theOwner (or other applicable taxpayer) remains liable forpayment of federal income tax on Contractdistributions.


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DISTRIBUTION OF THE CONTRACTS••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

Thrivent Investment Management Inc., 600 PortlandAvenue S., Suite 100, Minneapolis, Minnesota55415-4402, an indirect subsidiary of Thrivent, is aregistered broker-dealer and acts as principalunderwriter and distributor of the Contracts pursuant toa distribution agreement with us. Thrivent InvestmentManagement Inc. also acts as the distributor of anumber of other variable annuity and variable lifeinsurance contracts we offer.

The financial professional in this transaction is a dulylicensed registered representative of ThriventInvestment Management Inc. or a Selling Firm and isalso an appointed insurance producer of Thrivent.

For financial professionals who are registeredrepresentatives of Thrivent InvestmentManagement Inc., the following applies:

Your financial professional may be paid differentlydepending on the product or service he or sherecommends. As a result, your financial professional inthis transaction may have a financial incentive torecommend that you purchase one product instead ofanother.

From time to time and in accordance with applicablelaws and regulations, financial professionals are eligiblefor various incentives. These include cash incentivesand other economic benefits.

Compensation consists of commissions and bonuses.Commissions pay at a range of 0.50% to 5.00% ofpremiums paid into the contract. Commission rates arebased on the source of funds used to pay the premiumand the type of contract, age of the Owner, issue date ofthe Contract and the surrender period.

Your financial professional may receive asset-basedcompensation ranging from 0% to 0.77% of the accountvalue if eligible. If you elect a settlement option, we paycommissions to the financial professional ranging from0.40% to 0.80% of the premium applied to thesettlement option, if eligible.

Financial professionals are eligible to be paid back aportion of what they spent on marketing their financialservices to the public.

For financial professionals who are registeredrepresentatives of Selling Firms, the followingapplies:

We and the principal underwriter of the Contracts haveentered, and may enter, into selling agreements withbroker-dealers that are unaffiliated with us (“SellingFirms”). The financial professional in a transactionthrough a Selling Firm is a registered representative ofthe Selling Firm, and an appointed insurance producerof Thrivent Financial. The following paragraphs describehow payments are made by us to unaffiliated SellingFirms.

The terms of any agreement governing compensationmay vary among Selling Firms. The prospect ofreceiving, or the receipt of, compensation may provideSelling Firms and/or their registered representatives withan incentive to favor sales of the Contracts over othervariable contracts (or other investments) with respect towhich the Selling Firms do not receive compensation orreceive lower compensation. You should take suchpayment arrangements into account when consideringand evaluating any recommendation relating to theContracts.

The maximum commission we pay to Selling Firms is7.00% of premiums, plus up to 1.00% of a Contract’sAccumulated Value annually. Commissions also may bepaid on Accumulated Value moved into an annuitysettlement option. The registered representativetypically receives a portion of the compensation we payto the Selling Firm, based on the agreement between theSelling Firm and its registered representative. You mayask registered representatives how they will bepersonally compensated.

The compensation described above is not chargeddirectly to you or your Contract. The compensation ispaid from our resources, which include fees and chargesimposed on your Contract.

Thrivent receives additional compensation, sometimesreferred to as “revenue sharing,” fromcertain external variable investment trusts that areavailable investment options within this product. This

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compensation is in connection with services thatThrivent provides, including promoting andadministering the contracts.

The underlying mutual funds incur expenses each timethey sell, administer, or redeem their shares. TheVariable Account aggregates Contract Owner purchase,redemption, and transfer requests and submits net oraggregated purchase/redemption requests to eachunderlying mutual fund daily. The Variable Account(not the Contract Owners) is the underlying mutualfund shareholder. When the Variable Accountaggregates transactions, the underlying mutual funddoes not incur the expense of processing individualtransactions it would normally incur if it sold its sharesdirectly to the public. Thrivent incurs these expensesinstead. Thrivent also incurs the distribution costs ofselling the contract (as discussed above), which benefitthe underlying mutual funds by providing ContractOwners with investment options that correspond to theunderlying mutual funds.

Some of the underlying mutual funds and their affiliatesmake certain payments to Thrivent or its affiliates (the�payments�). The amount of these payments is typicallybased on a percentage of assets invested in theunderlying mutual funds attributable to the contractsand other variable contracts Thrivent issues. Thesepayments are made for various purposes, includingpayments for the services provided and expensesincurred by Thrivent or its affiliates in promoting,marketing and administering the contracts andunderlying funds. Thrivent may realize a profit on thepayments received.

Thrivent or its affiliates may receive the following typesof payments:

� Underlying mutual fund 12b-1 fees, which arededucted from underlying mutual fund assets;

� Sub-transfer agent fees or fees pursuant toadministrative service plans adopted by theunderlying mutual fund, which may be deductedfrom underlying mutual fund assets; and

� Payments by an underlying mutual fund’s adviseror subadviser (or its affiliates). Such payments maybe derived, in whole or in part, from the advisoryfee, which is deducted from underlying mutualfund assets and is reflected in mutual fund charges.

Furthermore, Thrivent may receive more revenue withrespect to affiliated underlying mutual funds thanunaffiliated underlying mutual funds.

Thrivent took into consideration the anticipated mutualfund service fee payments from the underlying mutualfunds when it determined the charges imposed underthe contracts (apart from fees and expenses imposed bythe underlying mutual funds). Without these mutualfund service fee payments, Thrivent would haveimposed higher charges under the contract.

Most underlying mutual funds or their affiliates haveagreed to make payments to Thrivent or its affiliates,although the applicable percentages may vary fromunderlying mutual fund to underlying mutual fund andsome may not make any payments at all. Because theamount of the actual payments Thrivent and itsaffiliates receive depends on the assets of the underlyingmutual funds attributable to the contract, Thrivent andits affiliates may receive higher payments fromunderlying mutual funds with lower percentages (butgreater assets) than from underlying mutual funds thathave higher percentages (but fewer assets). Paymentsrelated to administrative services will not exceed 0.25%of the underlying assets. Payments related todistribution services also will not exceed 0.25% of theunderlying assets.

Thrivent may consider several criteria when identifyingthe underlying mutual funds, including some or all ofthe following: investment objectives, investmentprocess, risk characteristics, investment capabilities,experience and resources, investment consistency, fundexpenses, asset class coverage, the alignment of theinvestment objectives of the underlying mutual fundwith Thrivent’s hedging strategy, the strength of theadviser’s or subadviser’s reputation and tenure, brandrecognition, and the capability and qualification of eachinvestment firm. Other factors Thrivent may considerduring the identification process are: whether theunderlying mutual fund’s adviser or subadviser is a


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Thrivent affiliate; whether the underlying mutual fundor its service providers (e.g. the investment adviser orsubadvisers), or its affiliates will make mutual fundservice fee payments to Thrivent or its affiliates inconnection with certain administrative, marketing, andsupport services; or whether affiliates of the underlyingmutual fund can provide marketing and distributionsupport for sales of the contracts. There may be

underlying mutual funds with lower fees and expenses,as well as other variable contracts that offer underlyingmutual funds with lower fees and expenses. Thecustomer should consider all of the fees and charges ofthe contract in relation to its features and benefits whenmaking a decision to invest. Note that higher contractand underlying mutual fund fees and expenses have adirect effect on and may lower investment performance.

LEGAL PROCEEDINGS••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

There are no legal proceedings to which the VariableAccount is a party or to which the assets of the VariableAccount are subject. Neither Thrivent Financial norThrivent Investment Management Inc. is involved in

any litigation that is of material importance in relationto their financial condition or that relates to theVariable Account.

FINANCIAL STATEMENTS••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

The financial statements of Thrivent Financial and theVariable Account are contained in the Statement ofAdditional Information.


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STATEMENT OF ADDITIONAL INFORMATION••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

TABLE OFTT CONTENTS

� Introduction� Principal Underwriter� Standard and Poor’s Disclaimer� Independent Registered Public Accounting Firm and Financial Statements

You may obtain a copy of the SAI and all other documents required to be filed with the SEC without charge bycalling us at 1-800-847-4836, going online at thrivent.com, or by writing us at Thrivent Financial for Lutherans,4321 North Ballard Road, Appleton, Wisconsin, 54919-0001.

You may obtain copies of the prospectus, SAI, annual report and all other documents required to be filed with theSecurities and Exchange Commission at the Commission’s Public Reference Room in Washington, DC. Informationon the operation of the public reference room may be obtained by calling (202) 551-8090. Reports and otherinformation about Thrivent Variable Annuity Account I are available on the Commission’s website at www.sec.gov.Copies of this information may be obtained, upon payment of a duplicating fee, by writing to the Public ReferenceSection of the Commission, U.S. Securities & Exchange Commission, 100 F Street, N.E., Washington, DC 20549.

Thrivent Variable Annuity Account I1933 Act Registration No. 333-2376181940 Act Registration No. 811-21111

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -Please send me the Statement of Additional Information (SAI) for the:

Thrivent Retirement ChoiceVariable Annuity

Thrivent Variable Annuity Account I

(Name) (Date)

(Street Address)

(City) (State) (Zip Code)

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APPENDIX A—CONDENSED FINANCIAL INFORMATION••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

The Contracts have not been previously offered so there is no condensed financial information relating toAccumulation Unit Values under the Contracts. The value of an Accumulation Unit is determined on the basis ofthe per share value of an underlying Portfolio less applicable Separate Account charges and are deducted daily aspart of the calculation of Accumulation Units. Information about the Separate Account charges and charges for theoptional riders can be found in the “Fee and Expense” tables. The financial statements of the Separate Account andThrivent Financial can be found in the Statement of Additional Information.

The financial statements of the Separate Account include information about all the Contracts offered through theSeparate Account. The financial statements of Thrivent Financial that are included should be considered only asbearing upon the company’s ability to meet its contractual obligations under the Contracts. Thrivent Financial’sfinancial statements do not bear on the future investment experience of the assets held in the Separate Account.For your copy of the Statement of Additional Information, please contact us at the Annuity Service Center. Ourcontact information is on page 1 of this prospectus.

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4321 N. Ballard Rd. Appleton, WI 54919-0001

Important notice regarding delivery of documents!In response to concerns regarding multiple mailings, we send one copy of an annual andsemiannual report and one copy of a prospectus to each household. This process is known ashouseholding. This consolidation helps reduce printing and postage costs, thereby savingmoney. If you wish to receive additional copies, call us toll-free at 800-847-4836.

If you wish to revoke householding in the future, you may write to us at 4321 N. Ballard Rd.,Appleton, WI 54919-0001, or call us at 800-847-4836. We will begin to mail separateregulatory mailings within 30 days of receiving your request.

No Need for Paper?

Go paperless and start accessing prospectuses, reports and other documents online.An email is sent to you when new documents are available.

Paperless delivery options:

• Prospectuses, annual and semiannual reports.

• Most billing and contribution notices.

• Most contract and account statements.

• Activity confirmation statements.

• Tax forms (life, health and annuity contract tax forms).

• Annual privacy notice.

• Thrivent magazine.

Go to Thrivent.com/gopaperless to learn more.

No person has been given the authority to give any information or to make any representations other than those contained in this prospectus. If given or made, such information orrepresentations must not be relied upon as having been authorized. This prospectus does not constitute an offer to any person in a state where it is unlawful to make such an offer.

Thrivent is the marketing name for Thrivent Financial for Lutherans, 4321 N. Ballard Rd., Appleton, WI 54919. Insurance products issued by Thrivent. Not available in all states. Theprincipal underwriter and distributor of variable insurance products is Thrivent Investment Management Inc., 600 Portland Avenue S., Suite 100, Minneapolis, MN 55415-4402, memberFINRA and SIPC and a subsidiary of Thrivent. Thrivent.com/disclosures.

Contract Forms ICC20 W-BZ-FPVA32066PR R7-20

Thrivent Retirement Choice Variable Annuity Prospectus · Portfolio, which is an open-end...

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Transcript of Thrivent Retirement Choice Variable Annuity Prospectus · Portfolio, which is an open-end...