NYLIAC Single Premium Variable Universal Life

• Single Premium product (no ongoing premium commitment required)
• Guaranteed Death Benefit
• Surrender charge free withdrawals available
• Tax-deferred cash value accumulation and tax-free transfers among a wide variety of Investment Divisions
• Death Benefit may be excluded from the beneficiary's income for federal tax purposes
• Access to cash surrender value through loans and/or withdrawals²
• Choose from 27 Investment Divisions and a Fixed Account
• Annual policyowner statements providing important information about your policy
• Toll-free "800" number access to policy information seven days-a-week, 24 hours-a-day

Guaranteed Death Benefit
The guaranteed amount at issue equals the policy's face amount. State and federal taxes are subtracted from premium before the Guaranteed Death Benefit amount is calculated. The Death Benefit guarantee amount can decrease because of partial withdrawals. Loans and partial withdrawals can reduce or eliminate the Guaranteed Death Benefit.

Minimum Premium Requirement
$10,000 Single Premium for issue ages 18 and up
$5,000 Single Premium for issue ages 17 and below

Investment Options³
The NYLIAC Single Premium Variable Universal Life policy offers permanent life insurance as well as a variety of investment options with different levels of risk tolerance. You decide how to allocate your premium payment to help achieve your financial objectives. You can select up to a maximum of 21 of the 27 Investment Divisions plus the Fixed Account.

Low Risk Tolerance
MainStay VP Cash Management

Moderate Risk Tolerance
MainStay VP Bond
MainStay VP Convertible
MainStay VP Government
MainStay VP Equity Income
MainStay VP High Yield Corporate Bond
MainStay VP Total Return
MainStay VP Value
MainStay VP Dreyfus Large Company Value
Calvert Social Balanced
Fidelity VIP⁴ Equity-Income (Initial Class)
Janus Aspen Series Balanced
T. Rowe Price Equity Income Portfolio

High Risk Tolerance
MainStay VP Capital Appreciation
MainStay VP Growth Equity
MainStay VP Indexed Equity
MainStay VP International Equity
MainStay VP Mid-Cap Core
MainStay VP Mid-Cap Growth
MainStay VP American Century Income and Growth
MainStay VP Eagle Asset Management Growth Equity
Dreyfus IP Technology Growth (Initial Shares)
Fidelity VIP⁴ Contrafund® (Initial Class)
Janus Aspen Series Worldwide Growth

Highest Risk Tolerance
MainStay VP Small Cap Growth
Alger American Small Capitalization
Van Kampen UIF Emerging Markets Equity

Fixed Account
The Fixed Account invests in the General Account of NYLIAC and credits the assets of this account with a fixed interest rate.

• Minimum guaranteed interest rate is 3%.
• The current interest rate is set by NYLIAC and is subject to change daily. Interest rates will be set in advance and become effective no later than the next day. All fixed account money (including any applied to or transferred to the Fixed Account) receives the current interest rate. Different rates may apply to loaned and unloaned funds.

Transfers
Your personal financial objectives may change and your investment division allocations under your NYLIAC SPVUL policy can change with you. Transfers among Investment Divisions are easy and tax-free.

There is no limit on the amount of money you can transfer between Investment Divisions.⁵ The minimum amount of a transfer is the lesser of $500 or the balance in the Investment Division or the Fixed Account. See Prospectus for additional limits on transfers.

Limits may apply to the maximum amount that can be transferred to and/or from the Fixed Account.

Loans
You can take policy loans equal to 90% of the policy's cash surrender value.⁶ Loans will reduce the policy's cash surrender value and the death benefit and can cause the death benefit guarantee to terminate. Other limits and conditions apply; consult the Prospectus for details.

Withdrawals
The minimum policy withdrawal is $500, and is deducted from the policy's cash surrender value.⁶ In any policy year, you can take Surrender Charge Free partial withdrawals up to a maximum of 10% of the total premiums paid or 100% of the policy's gain (Cash Value less total premiums paid), whichever is greater.

Policy Charges and Expenses
Premium Tax Charges

• State Tax Charge of 2% is deducted from each premium payment
• A Federal Tax Charge of 1.25% is deducted from each premium payment

Monthly Charges

• A Deferred Sales Expense (DSE) Charge is deducted monthly for a 10-year period following the effective date of any premium payment. Charges are .40% annually (.50% guaranteed) of the account value after the monthly cost of insurance charges have been deducted.⁷
• A Monthly Administrative Charge is taken equal to .60% on an annual basis (.70% guaranteed) of the annual account value less the cost of insurance charges. Beginning in the 4th policy year, the administrative charge is banded — the greater your cash value, the lower the administrative charge.

Monthly Insurance Charge
Cost of Insurance charges are deducted monthly. Actual cost depends on the insured's attained age, gender, underwriting class and net amount at risk.⁸

Mortality and Expense Risk Charge

• Current
  .50%
• Guaranteed Maximum
  .80%

A monthly charge deducted from the policy's cash value allocated to the Investment Divisions.

Annual Fund Charges
Advisory fees and other expenses are deducted from the assets in the portfolio of the Investment Divisions. Consult the Prospectus for a breakdown of the different Investment Divisions' total annual expenses.

Surrender Charges

• If you surrender the policy during the first nine policy years, a surrender charge will be deducted from the cash value. A surrender charge can also apply to partial surrenders. The maximum surrender charge is based on the initial single premium. Information on a particular policy's maximum surrender charge is shown on the policy's data page.
• In any policy year, we allow Surrender Charge Free withdrawals equal to the greater of 10% of the total premiums paid or 100% of the gain (Cash value less total premiums paid).

Policy Features
Automatic Asset Reallocation (AAR)
Maintains a pre-selected percentage of the Investment Division(s) you have selected. Automatic Asset Reallocation is available on any policy with cash value of $2,500 or more.⁹

Dollar Cost Averaging (DCA)
Transfers money from one Investment Division to another based on your standing instructions. Dollar Cost Averaging is available on any policy with a cash value of $2,500 or more.⁹

You specify how much money to transfer to, from where, and how often. Each transfer will be confirmed in a statement detailing the transaction(s).

Dollar Cost Averaging does not assure a profit or protect against loss in declining markets. It involves continuous investing regardless of price levels, so you should consider your financial ability to continue purchasing during periods of low price levels.

Expense Allocation (EA)
Enables you to choose how to allocate the monthly deduction charges.¹⁰ You can instruct that certain policy charges be deducted from the MainStay VP Cash Management Investment Division, the Fixed Account, or both.

If the value in either or both accounts you have designated is insufficient to pay the charges, or if you do not choose how to allocate the deduction charges, we will deduct as much of the charges as possible and the remainder will be deducted proportionately from each of the Investment Divisions.

Interest Sweep (IS)
Periodically transfers any interest earned in the Fixed Account to the Investment Division(s) you specify. To elect this option, the cash value of the Fixed Account must be at least $2,500.

You can specify the starting date, the frequency of the transfers and the percentages to be transferred to each Investment Division.

Available Riders
There are two riders available with SPVUL and both are included at no additional charge. Detailed rider information can be found in the Prospectus.

Spouse's Paid Up Insurance Purchase Option Rider (SPPO)
Issue ages 0-90 (not available in New York)

Gives the spouse/beneficiary the right to purchase a new paid-up life insurance policy on his/her life upon the death of the primary insured, without evidence of insurability.

Living Benefit Rider (LBR)
Issue ages 0-90

Gives the policyowner access to part of the policy's eligible death benefit if the insured is diagnosed with a terminal illness and has a life expectancy of 12 months or less.¹¹

Policy Owners
Confirmation Notices
You will receive a confirmation notice whenever you make a:

• Premium payment
• Transfer, including AAR, DCA, IS transfers
• Withdrawal
• Loan
• Loan Repayment

Virtual Service Center
The Virtual Service Center is available Monday through Saturday from 7A.M. until 10P.M. Through the Virtual Service Center you can:

• E-mail your Registered Representative or the Variable Product Center
• Obtain current policy values
• Change the allocation of future premium payments
• Change your address
• Obtain service form

Toll-Free Access
(800) 598-2019. 7 days-a-week, 24 hours-a-day, you can process transactions on your policy and get information about:

• Accumulation unit values for the Investment Divisions
• Policy cash value and surrender value
• Cash value for each of the Investment Divisions and the Fixed Account
• Current interest rate on the Fixed Account
• Transfer among Investment Divisions
• Reallocation of future payments
• Request for loans against your policy's cash surrender value

Policyowner Statements
You will receive annual statements that include your:

• Account activity
• Current values for the policy

Your Registered Representative can provide you with a Prospectus, which contains detailed information on charges and fees. Please read the Prospectus carefully before you invest or send money.

1 Series 3 refers to policies issued on or after May 16, 2003 in approved jurisdictions.
2 Loans and withdrawals reduce the policy's cash value and could affect the Death Benefit. Taxes may apply to policies designated as a Modified Endowment. See Prospectus for details.
3 Investment options offered through SPVUL and described herein are different from mutual funds that may have similar names but are available directly to the public. Investment results may differ.
4 Fidelity VIP refers to Variable Insurance Products Fund.
5 We reserve the right to charge for each transfer after the first 12 transfers in a policy year. Transfers under the Dollar Cost Averaging, Automatic Asset Reallocation and Interest Sweep options will not count toward the limit but will count toward maximum allowable transfer limit. However, transfers from the Fixed Account to the Investment Divisions cannot exceed the greater of 20% or $5,000. Additionally, your right to make transfers under the policy is subject to modification if we determine, in our sole opinion, that the exercise of that right will disadvantage or potentially hurt the rights of other policyowners. See Prospectus for additional information.
6 Cash surrender value equals cash value minus surrender charges minus unpaid loans minus accrued interest.
7 DSE Charge includes a sales expense charge, state premium taxes and federal taxes.
8 The net amount at risk is the difference between the account value and the life insurance benefit.
9 The cash value requirement is exclusive of money in the Fixed Account.
10 Mortality and Expense Risk charges are not included.
11 State variations apply.

Issued by: New York Life Insurance and Annuity Corporation (A Delaware Corporation)
51 Madison Avenue
New York, NY 10010

Distributed by: NYLIFE Distributors LLC
Member NASD
51 Madison Avenue
New York, NY 10010
SMRU#265945
14080 (5/03)R

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