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ilico.txt
INDIANAPOLIS LIFE INSURANCE COMPANY
("ILICO")
ILICO SEPARATE ACCOUNT 1
("Separate Account")
Supplement to Visionary Choice
Prospectus Dated June 30, 2003
Supplement Dated December 10, 2004
As the result of a Policy owner proxy vote December 8, 2004, Safeco Resource
Series Trust ("Safeco") has obtained approval to permit Safeco to reorganize its
portfolios. Under an Agreement and Plan of Reorganization, each Safeco portfolio
will transfer all of its assets to a series of the Pioneer Variable Contracts
Trust ("Pioneer Trust"). The Safeco Core Equity Portfolio will be reorganized
into Class I Shares of Pioneer Fund VCT Portfolio, and the Safeco Growth
Opportunities Portfolio will be reorganized into Class I Shares of Pioneer
Growth Opportunities VCT Portfolio. (Pioneer Fund VCT Portfolio and Pioneer
Growth Opportunities VCT Portfolio are hereinafter referred to collectively as
the "Portfolios.") The Advisor for the Portfolios is Pioneer Investment
Management, Inc. ("Pioneer").
Effective December 10, 2004, the Visionary Choice Prospectus is amended as
follows:
(1) All references to the Safeco Resource Series Trust are deleted and
replaced with Pioneer Variable Contracts Trust;
(2) All references to Safeco Core Equity Portfolio are deleted and
replaced with Pioneer Fund VCT Portfolio; and
(3) All references to Safeco Growth Opportunities Portfolio are deleted
and replaced with Pioneer Growth Opportunities VCT Portfolio.
All references to the investment adviser or Safeco Asset Management Company
shall mean Pioneer Investment Management, Inc.
Specific information for the Portfolios follows:
Portfolio Fees and Expenses (for fiscal year ended December 31, 2003):
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Gross Total Annual
FUND COMPANY Management 12b-1 Other Service Waivers and Portfolio Operating
Name of Portfolio Fees Fees Expenses Fees Reductions Expenses
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Pioneer Variable Contracts Trust
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o Pioneer Fund VCT Portfolio 0.65% - 0.11% - - 0.76% (1)
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o Pioneer Growth Opportunities Portfolio 0.74% - 0.05% (2) - - 0.79% (2)
Portfolio
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(1) The portfolio adviser (Pioneer) has agreed until December 10, 2006 to
limit expenses (excluding extraordinary expenses) of the Class I
shares of the Portfolio to 0.80% of the average daily net assets
attributable to Class I.
(2) The Portfolio is a newly created series of the Pioneer Fund and does
not expect to commence operations until the reorganization occurs. The
portfolio adviser (Pioneer) has agreed until December 10, 2006 to
limit expenses (excluding extraordinary expenses) of the Class I
shares of the Portfolio to 0.79% of the average daily net assets
attributable to Class I.
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Pioneer Variable Contracts Trust Investment Objectives
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o Pioneer Fund VCT Portfolio Seeks reasonable income and capital growth.
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o Pioneer Growth Opportunities Portfolio Seeks growth of capital.
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All other Policy provisions remain as stated in the Policy and prospectus.
Please see the Pioneer Fund VCT Portfolio and Pioneer Growth Opportunities VCT
Portfolio Prospectuses for more information about the Portfolios.
Please retain this Supplement with the current prospectus for your
variable Policy issued by Indianapolis Life Insurance Company.
If you do not have a current prospectus, please contact the
Service Center at 1-888-232-6486.