Exhibit 26(h)(x)

Amendment No. 1 dated 3-8-2004 to Participation Agreement

among Variable Insurance Products’ Funds, Fidelity Distributors Corporation

and Peoples Benefit Life Insurance Company dated 12-1-2000

FIRST AMENDMENT TO AMENDED AND RESTATED

PARTICIPATION AGREEMENT

Peoples Benefit Life Insurance Company, Variable Insurance Products Funds (I, II, III) and Fidelity Distributors Corporation hereby amend the Participation Agreement (“Agreement”) dated December 1, 2000, by doing the following:

Schedule A of the Agreement is hereby deleted in its entirety and replaced with the Amended Schedule A attached hereto.

IN WITNESS WHEREOF, the parties have hereto affixed their respective authorized signatures, intending that this First Amendment be effective as of March 8, 2004.

PEOPLES BENEFIT LIFE INSURANCE COMPANY

By:           /s/ Brian Scott                                                      

Name:           Brian Scott                                                                

Title:           Vice President                                                      

VARIABLE INSURANCE PRODUCTS FUNDS (I, II, III)

By:           /s/ Eric D. R                                                      

Eric D. R                                                      

Sr. Vice President & General Counsel

FIDELITY DISTRIBUTORS CORPORATION

By:           /s/ Don Holborn                                                                

Don Holborn                                                      

Executive Vice President                                                      

Schedule A

Separate Accounts and Associated Contracts

(As of March 11, 2004)

Name of Separate Account and                                                                                     Policy Form Numbers of Contracts

Date Established by Board of Directors                                                                                     Funded by Separate Account

Separate Account V (February 14, 1992)                                                                                                Advisor’s Edge Variable Annuity

AV515

101 130

600

Advisor’s Edge Select Variable

Annuity

AV516

101 131

600