PROSPECTUS SUPPLEMENT To Prospectus Dated May 1, 2000 Premiere Planner Flexible Premium Variable Annuity Issued by Lincoln Benefit Life Company In connection with Lincoln Benefit Life Variable Account This supplement describes two new subaccounts. The following sentence replaces the third sentence in the second paragraph on page 1 of the prospectus: The Contract currently offers twenty-three investment options, each of which is a subaccount of the Lincoln Benefit Life Variable Annuity Account ("Separate Account"). The following portfolios are added to the list of Portfolios on page 1, second paragraph of the prospectus: OCC Accumulation Trust: Science and Technology Rydex Variable Trust: OTC The following information is added to the Portfolio Company Annual Expenses table on page 5-6 of the prospectus Management Rule 12b-1 Other Fee Fees Expenses Total OCC ACCUMULATION TRUST Science & Tech 0.80% 0 0.20% 1.00% RYDEX VARIABLE TRUST OTC 0.75% 0 0.80% 1.55% The following information is added to the Examples on page 7 of the prospectus: Sub-Account 1 Year 3 Years ----------- ------ ------- OCC Science & Tech $95 $142 Rydex OTC $100 $157 The following information is added to the Examples on page 8 of the prospectus: Sub-Account 1 Year 3 Years ----------- ------ ------- OCC Science & Tech $25 $77 Rydex OTC $31 $93 The following information is added to the chart under the heading "What are my Investment Choices Under the Contract?" on page 9-10 of the prospectus: Fund Portfolio - -------------------------------------------------------------------------------- Occ Accumulation Trust Science & Technology Rydex Variable Trust OTC - -------------------------------------------------------------------------------- The following information is added to the list of Portfolios under the heading THE INVESTMENT AND FIXED ACCOUNT OPTIONS, and sub-heading Separate Account Investments on page 16 of the prospectus: Rydex Variable Trust (investment adviser: Rydex Global Advisers) OTC Portfolio seeks to provide investment results that correspond to a benchmark for over-the-counter securities. The Portfolio's current benchmark is the NASDAQ 100 Index. The Portfolio invests principally in securities of companies included in the NASDAQ 100 Index. It may also invest in other instruments whose performance is expected to correspond to that of the Index, and may engage in futures and options transactions. The Portfolio may also purchase U.S. Government securities and enter into repurchase agreements. Under OCC Accumulation Trust add the following: Science and Technology Portfolio seeks capital appreciation. The Portfolio invests primarily in equity securities of companies that use innovative technologies to gain a strategic competitive advantage in their industry, as well as companies that provide and service those technologies. Supplement effective January 17, 2001. Statement of Additional Information Supplement To Statement of Additional Information Dated May 1, 2000 Premier Planner Flexible Premium Variable Annuity Issued by Lincoln Benefit Life Company In Connection with Lincoln Benefit Life Variable Annuity Account On page S-9 of the Statement of Additional Information under the table entitled "Standardized Total Return as of December 31, 1999, Assuming Contract Surrendered" the following information is added: AVERAGE ANNUAL TOTAL RETURN (3) --------------------------------------------- SINCE INCEPTION 5 YEAR 10 YEAR INCEPTION DATE (2) 1 YEAR (%) (%) (%) (%) ----------- ---------- -------- -------- ---------- OCC ACCUMULATION TRUST Science & Tech 2/1/2001 NA NA NA NA RYDEX VARIABLE TRUST OTC 2/1/2001 NA NA NA NA On page S-10 of the Statement of Additional Information under the table entitled "Non-Standardized Total Return as of December 31, 1999, Assuming Contract Not Surrendered" the following information is added: AVERAGE ANNUAL TOTAL RETURN (3) -------------------------------------------- PORTFOLIO MONTHLY TOTAL SINCE INCEPTION RETURN RETURN 1 YEAR 5 YEAR 10 YEAR INCEPTION DATE (2) (%) YTD (%) (%) (%) (%) (%) --------- --------- --------- --------- --------- --------- --------- OCC ACCUMULATION TRUST Science & Tech 4/12/00 NA NA NA NA NA NA RYDEX VARIABLE TRUST OTC 5/7/97 24.43 103.85 103.85 NA NA 64.86 On page S-12 of the Statement of Additional Information under the table entitled Non-Standardized Total Return as of December 31, 1999 Assuming Contract Not Surrendered" the following information is added: CUMULATIVE TOTAL RETURN PORTFOLIO SINCE CALENDAR YEAR RETURN (3) INCEPTION INCEPTION ------------------------------------ DATE (2) (%) (3) 1996 (%) 1997 (%) 1998 (%) --------- ---------- ---------- ---------- ---------- OCC ACCUMULATION TRUST Science & Tech 4/12/00 NA NA NA NA RYDEX VARIABLE TRUST OTC 5/7/97 276.21 NA NA 77.26 Supplement effective January 17, 2001