EX-99.(R) 3 d269178dex99r.htm FORM OF INITIAL SUMMARY PROSPECTUS Form of Initial Summary Prospectus
Nationwide Innovator Corporate VUL®
Individual Flexible Premium Adjustable Variable Universal Life Insurance Policies
Issued by
Nationwide Life Insurance Company
through its
Nationwide VLI Separate Account-4
Summary Prospectus for New Investors
May 1, 2022
This Summary Prospectus summarizes key features of the policy.
Before you invest, you should also review the statutory prospectus for the policy, which contains more information about the policy’s features, benefits, and risks. You can find this document and other information about the policy online at https://nationwide.onlineprospectus.net/NW/C000211469NW/index.php?ctype=product_prospectus. You can also obtain this information at no cost by calling 1-877-351-8808 or by sending an email request to NBSG_Information_Request@nationwide.com.
Under state law a policy owner may, for a limited time, cancel the policy and receive a refund (commonly referred to as the "right to cancel" period). The length of the right to cancel period depends on state law and may vary depending on whether the policy was purchased to replace another policy. The minimum right to cancel period is 10 days. Upon cancellation, Nationwide will refund the amount prescribed by state law. The amount Nationwide refunds will be Cash Value and any charges deducted or, in certain states, the greater of the Premium paid or the policy's Cash Value plus any charges deducted. For more information, see Right to Cancel (Examination Right) in the statutory prospectus.
You should review the prospectus, or consult with your financial professional, for additional information about the specific cancellation terms that apply.
Additional information about certain investment products, including variable life insurance policies, has been prepared by the SEC’s staff and is available at Investor.gov.
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Glossary
Attained Age – A person's Issue Age plus the number of full years since the Policy Date.
Base Policy Specified Amount – The amount of insurance coverage selected under the base policy, excluding any Rider Specified Amount.
Cash Surrender Value – The amount payable to the policy owner upon a full surrender of the policy. This amount is equal to the Enhanced Cash Value, minus Indebtedness and outstanding policy charges.
Cash Value – The total amount allocated to the Sub-Accounts, the policy loan account, and the Fixed Account.
Code – The Internal Revenue Code of 1986, as amended.
Death Benefit – The amount paid upon the Insured's death, before the deduction of any Indebtedness, or due and unpaid policy charges.
Enhanced Cash Value – The sum of the policy's Cash Value plus the Enhancement Benefit, if applicable.
Enhancement Benefit – An additional amount added to the policy's Cash Value upon a full surrender of the policy during the applicable policy years, provided the qualifying conditions have been satisfied.
Fixed Account – An investment option that is funded by Nationwide's general account.
Grace Period – A 61-day period after which the Policy will Lapse if sufficient payments are not made to prevent Lapse.
In Force – Any time during which benefits are payable under the policy and any elected Rider(s).
Indebtedness – The total amount of all outstanding policy loans, including principal and interest due.
Insured – The person whose life is insured under the policy, and whose death triggers payment of the Death Benefit. To be eligible to be Insured under the policy, the Insured must meet all Actively-At-Work Requirements on the Policy Date, must have validly consented to be insured under the policy and meet any other underwriting requirements, including evidence of insurability.
Investment Experience – The market performance of a mutual fund/Sub-Account.
Issue Age – A person's age based on their last birthday on or before the Policy Date.
Lapse – The policy terminates without value.
Maturity Date – The policy anniversary on which the Insured reaches Attained Age 120.
Minimum Required Death Benefit – The lowest Death Benefit that will qualify the policy as life insurance under the Code.
Nationwide – Nationwide Life Insurance Company.
Net Amount At Risk – The base policy's Death Benefit minus the policy's Cash Value.
Net Premium – The amount of Premium applied to the policy after the deduction of the Percent of Premium Charge.
Policy Date – The date the policy takes effect as shown in the Policy Data Pages. Policy years, months, and anniversaries are measured from this date.
Policy owner or Owner – The person or entity named as the owner on the application, or the person or entity assigned ownership rights.
Policy Proceeds or Proceeds – The amount payable upon termination of the policy. Policy Proceeds may constitute the Death Benefit, the Maturity Proceeds, or the Cash Surrender Value upon a full surrender of the policy.
Policy Data Page(s) – The Policy Data Page(s) are issued as part of the policy and contain information specific to the policy and the Insured, including coverage and Rider elections. Updated Policy Data Page(s) will be issued if the policy owner makes any changes to coverage elections after the policy is issued.
Premium – Amount(s) paid to purchase and maintain the policy.
Rider – An optional benefit purchased under the policy. Rider availability and Rider terms may vary depending on the state in which the policy was issued.
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Rider Specified Amount – The portion of the Total Specified Amount attributable to the Additional Term Insurance Rider.
SEC – Securities and Exchange Commission.
Service Center – The department of Nationwide responsible for receiving all service and transaction requests relating to the policy. For service and transaction requests submitted other than by telephone (including fax requests), the Service Center is Nationwide's mail and document processing facility. For service and transaction requests communicated by telephone, the Service Center is Nationwide's operations processing facility. Information on how to contact the Service Center is in the Contacting the Service Center provision in the statutory prospectus.
Sub-Account(s) – The mechanism used to account for allocations of Net Premium and Cash Value among the policy's variable investment options.
Substandard Rating – An underwriting classification based on medical and/or non-medical factors used to determine what to charge for life insurance based on characteristics of the Insured beyond traditional factors for standard risks, which include age, and tobacco habits of the Insured. Substandard Ratings are shown in the Policy Data Pages as rate class multiples (medical factors) and/or monthly flat extras (medical and/or non-medical factors). The higher the rate class multiple or monthly flat extra, the greater the risk assessed and the higher the cost of coverage.
Target Premium – The maximum amount of Premium the policy owner may pay to purchase Base Policy Specified Amount under Section 7702A of the Code and still have the policy treated as a life insurance contract for federal tax purposes. This is the maximum Premium that the policy owner may pay based on the "7-Pay method", which determines the limits on Premium payments in each of the first seven policy years. The actual amount is based on numerous factors which include the Issue Age of the Insured, Substandard Ratings (if any), and an adjustment for any Premium exchanged into the policy under Section 1035 of the Code.
Total Specified Amount – The sum of the Base Policy Specified Amount and the Rider Specified Amount, if applicable.
Valuation Period – The period during which Nationwide determines the change in the value of the Sub-Accounts. One Valuation Period ends and another begins as of the close of regular trading on the New York Stock Exchange.
Variable Account – Nationwide VLI Separate Account-4, a separate account that Nationwide established to hold policy owner assets allocated to variable investment options. The Variable Account is divided into Sub-Accounts, each of which invests in a separate underlying mutual fund.
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Important Information You Should Consider About the Policy
FEES AND EXPENSES
(see Additional Information About Fees later in this summary prospectus and Expenses in the statutory prospectus)
Charges for Early Withdrawals Surrender Charge – There are no surrender charges upon a full surrender of the policy.
 
Partial Surrender Fee – Deducted from the partial surrender amount requested (see Partial Surrender Fee in the statutory prospectus). Currently, Nationwide waives the Partial Surrender Fee. Nationwide may elect in the future to assess a Partial Surrender Fee. The Partial Surrender Fee assessed to each surrender will not exceed $25.
Transaction Charges The policy owner may also be charged for other transactions as follows:
• Percent of Premium Charge – Deducted from each Premium payment applied to a policy.
• Illustration Charge – Upon requesting excessive illustrations (more than 10 requests in any 12 month period).
• Rider Charges – One time rider charges for certain benefits, deducted upon invoking the rider.
See Standard Policy Charges and Policy Riders and Rider Charges in the statutory prospectus.
Ongoing Fees and Expenses (periodic charges) In addition to surrender charges and transaction charges, an investment in the policy is subject to certain ongoing fees and expenses, including fees and expenses covering the cost of insurance under the policy and the cost of optional benefits available under the policy, and such fees and expenses are set based on characteristics of the Insured (e.g., age, sex, and rating classification), see Standard Policy Charges and Policy Riders and Rider Charges in the statutory prospectus. Please refer to the Policy Data Page(s) of your policy for rates applicable to the policy.
A policy owner will also bear expenses associated with the underlying mutual funds under the policy, as shown in the following table:
Annual Fee Minimum Maximum
Investment options (underlying mutual fund fees and expenses) 0.03% 1 1.62% 1
  1 As a percentage of underlying mutual fund assets.
    
RISKS
Risk of Loss Policy owners of variable life insurance can lose money by investing in the policy, including loss of principal (see Principal Risks in the statutory prospectus).
Not a Short-Term Investment The policy is not a short-term investment and is not appropriate for an investor who needs ready access to cash (see Principal Risks in the statutory prospectus).
 
In addition, taking policy loans may increase the risk of Lapse and may result in adverse tax consequences (see Policy Loans in the statutory prospectus).
Risks Associated with Investment Options • Investment in this policy is subject to the risk of poor investment performance of the investment options chosen by the policy owner.
• Each investment option and each general account option will have its own unique risks.
• Review the prospectuses and disclosures for the investment options before making an investment decision.
See Principal Risks in the statutory prospectus.
Insurance Company Risks Investment in the policy is subject to the risks associated with Nationwide, including that any obligations (including under any general account options), guarantees, or benefits are subject to the claims-paying ability of Nationwide. More information about Nationwide, including its financial strength ratings, is available by contacting the Service Center (see Principal Risks in the statutory prospectus).
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RISKS
Policy Lapse The policy is at risk of Lapsing when the Cash Surrender Value is insufficient to cover the monthly policy charges, including Rider charges. Cash Surrender Value can be reduced by unfavorable Investment Experience , policy loans, partial surrenders and the deduction of policy charges. Payment of insufficient Premium may cause the policy to Lapse . There is no separate additional charge associated with reinstating a Lapsed policy. The Death Benefit will not be paid if the policy has Lapsed.
 
For more information, see Principal Risks and Lapse in the statutory prospectus.
RESTRICTIONS
Investments •  Nationwide may restrict the form in which Sub-Accounts transfer requests will be accepted (see Sub-Accounts Transfers in the statutory prospectus).
• Nationwide may limit the frequency and dollar amount of transfers involving the fixed interest options (see Fixed Account Transfers in the statutory prospectus).
• Nationwide reserves the right to add, remove, and substitute investment options available under the policy (see Addition, Deletion, or Substitution of Mutual Funds in the statutory prospectus).
Optional Benefits • Certain optional benefits may be subject to availability, eligibility, and/or invocation requirements. Availability of certain optional benefits may be subject to Nationwide’s underwriting approval for the optional benefit.
• Nationwide reserves the right to discontinue offering any optional benefit. Such a discontinuance will only apply to new policies and will not impact any policies already In Force.
For more information, see Policy Riders and Rider Charges in the statutory prospectus.
TAXES
Tax Implications • Consult with a tax professional to determine the tax implications of an investment in and payments received under this policy.
• Earnings on the policy are generally not taxable to the policy owner, unless withdrawn from the policy. Partial and full surrenders from the policy will be subject to ordinary income tax and may be subject to a tax penalty.
For more information, see Taxes in the statutory prospectus.
CONFLICTS OF INTEREST
Investment Professional Compensation Some financial professionals receive compensation for selling the policy. Compensation can take the form of commission and other indirect compensation in that Nationwide may share the revenue it earns on this policy with the financial professional’s firm. This conflict of interest may influence a financial professional, as these financial professionals may have a financial incentive to offer or recommend this policy over another investment (see A Note on Charges in the statutory prospectus).
Exchanges Some financial professionals may have a financial incentive to offer an investor a new policy in place of the one he/she already owns. An investor should only exchange his/her policy if he/she determines, after comparing the features, fees, and risks of both policies, that it is preferable for him/her to purchase the new policy, rather than to continue to own the existing one (see Exchanging the Policy for Another Life Insurance Policy in the statutory prospectus).
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Overview of the Policy
Purpose
The primary benefit of this policy is life insurance coverage. Nationwide will pay the Death Benefit Proceeds upon the Insured's death if the Insured dies while the policy is In Force. The policy is In Force when: the policy has been issued; the initial Premium has been paid; the Insured is living; the policy has not been surrendered for its Cash Surrender Value; and the policy has not Lapsed.
The Cash Value and Death Benefit, to the extent the Death Benefit includes or is based on the Cash Value, will not be fixed but will be dependent on the investment performance of the investment options in which the policy owner is invested, and cumulative separate account and policy charges assessed by Nationwide over the life of the policy.
Prospective purchasers should consult with a financial professional to determine whether this policy is appropriate for them, taking into consideration his/her particular needs, including investment objectives, risk tolerance, investment time horizon, marital status, tax situation, and other personal characteristics. Generally speaking, this policy is intended as a long-term investment, it is not a short-term investment and is not appropriate for an investor who needs ready access to cash, see Principal Risks in the statutory prospectus.
The policy owner will select a Premium payment plan for the policy at the time of application. Within limits, the policy owner may vary the frequency and amount of Premium payments, see Premium Payments and Unfavorable Sub-Account Investment Experience in the statutory prospectus.
Net Premium, loan repayments, and Cash Value may be allocated among fixed and/or variable investment options available in the policy.
The policy currently offers a fixed investment option which will earn interest daily, see Fixed Account in the statutory prospectus.
The variable investment options offered under the policy correspond to mutual funds designed to be the underlying investment options of variable insurance products. Nationwide VLI Separate Account-4 contains a separate Sub-Account for each of the underlying mutual funds offered in the policy.
Additional information about the underlying mutual funds is available in Appendix: Underlying Mutual Funds Available Under the Policy.
Payment of insufficient Premium may cause the policy to Lapse.
Policy Features
Note: The Death Benefit will be the greater of the amount produced by the death benefit option in effect on the date of the Insured's death or the Minimum Required Death Benefit, see The Minimum Required Death Benefit in the statutory prospectus.
Death Benefit Option 1: The Death Benefit will be the Total Specified Amount as of the Insured's date of death.
Death Benefit Option 2: The Death Benefit will be the Total Specified Amount plus the Enhanced Cash Value as of the Insured's date of death.
For additional information, see Standard Death Benefit Options in the statutory prospectus.
Choice of Policy Proceeds
The Policy Proceeds will be paid in a lump sum.
Coverage Flexibility
Subject to conditions, the policy owner may choose to:
• change the death benefit option;
• increase or decrease the Base Policy Specified Amount and/or Rider Specified Amount;
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• change beneficiaries; and
• change ownership of the policy.
Access to Cash Value
Subject to conditions, the policy owner may:
• take a policy loan, see Policy Loans in the statutory prospectus.
• take a partial surrender, see Partial Surrender in the statutory prospectus.
• surrender the policy for its Cash Surrender Value at any time while the policy is In Force, see Full Surrender in the statutory prospectus.
Transfer Requests
Policy owners may request to transfer allocations between available investment options of the policy (i.e., the Fixed Account and Sub-Accounts ). Requests to transfer allocations between policy investment options will be processed in the Valuation Period they are received at the Service Center as long as the request is in good order. Requests that are not in good order may be delayed or returned, see Contacting the Service Center in the statutory prospectus.
Restrictions or limitations on transfers from the general account option(s) may delay a policy owner’s ability to transfer Cash Value to the Sub-Accounts. Additionally, transfer requests from a Sub-Account may be subject to short-term trading fees and policies and procedures intended to reduce the potentially detrimental impact that disruptive trading has on Investment Experience. For additional information, see Transfers Among and Between the Policy Investment Options in the statutory prospectus.
Taxes
Earnings on the policy are generally not taxable to the policy owner, unless withdrawn from the policy. This is known as tax deferral. In addition, beneficiaries generally will not have to include Death Benefit Proceeds as taxable income, see Taxes in the statutory prospectus.
Assignment
Policy owners may assign the policy as collateral for a loan or another obligation while the policy is In Force, see Assigning the Policy in the statutory prospectus.
Right to Cancel (Examination Right)
For a limited time, the policy owner may cancel the policy and Nationwide will refund the amount prescribed by state law, see Right to Cancel (Examination Right) in the statutory prospectus.
The policy owner may purchase one or more of the Riders listed below, subject to availability in the state where the policy is issued. There may be additional charges assessed for elected Riders and Rider charges may vary based upon the individual characteristics of the Insured. Operation and benefits of the Riders described in this prospectus may vary by the state where the policy is issued.
• Overloan Lapse Protection Rider
• Additional Term Insurance Rider
For additional information, see Policy Riders and Rider Charges in the statutory prospectus.
Standard Death Benefit
Standard Death Benefit Options
Policy owners have a choice of one of two available death benefit options under the policy. If a death benefit option is not selected, Nationwide will issue the policy with Death Benefit Option 1. Not all death benefit options are available in all states.
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Death Benefit Option 1
The Death Benefit is the greater of the Total Specified Amount or the Minimum Required Death Benefit on the Insured's date of death. Death Benefit Option 1 provides a stated amount of Death Benefit coverage that generally remains static throughout the life of the policy. Typically, Death Benefit Option 1 is elected by policy owners who are interested in maintaining a pre-determined amount of life insurance coverage.
Death Benefit Option 2
The Death Benefit is the greater of the Total Specified Amount plus the Enhanced Cash Value as of the Insured's date of death, or the Minimum Required Death Benefit on the Insured's date of death. Death Benefit Option 2 provides a stated amount of Death Benefit coverage in addition to the policy's Cash Value. Typically, Death Benefit Option 2 is elected by policy owners who are interested in accumulation of Cash Value in addition to a pre-determined amount of life insurance coverage.
Calculation of the Death Benefit
The Death Benefit will be calculated when Nationwide has received (at the Service Center) all information required to process the claim for Death Benefit Proceeds, including, but not limited to, proof that the Insured has died and any other information Nationwide may reasonably require. The Death Benefit may be subject to an adjustment if an error or misstatement was made upon application, or if the Insured dies by suicide.
While the policy is In Force, the Death Benefit will never be less than the Base Policy Specified Amount . The Death Benefit will depend on the death benefit option elected, certain Riders, and the tax test elected as discussed in greater detail below. The Death Benefit may vary with the Cash Value of the policy, which is affected by Investment Experience, Indebtedness, and any due and unpaid monthly deductions that accrued during a Grace Period.
The policy has a Minimum Required Death Benefit. The Minimum Required Death Benefit is the lowest Death Benefit that will qualify the policy as life insurance under Section 7702 of the Code.
The tax tests for life insurance generally require that the policy have a significant element of life insurance and not be primarily an investment vehicle. At the time the policy is issued, the policy owner irrevocably elects one of the following tests to qualify the policy as life insurance under Section 7702 of the Code:
• the cash value accumulation test; or
• the guideline premium/cash value corridor test.
If a specific test is not elected, Nationwide will issue the policy with the cash value accumulation test.
Cash Value Accumulation Test
The cash value accumulation test determines the Minimum Required Death Benefit by multiplying the Enhanced Cash Value by a percentage calculated as described in the Code. The percentages depend upon the Insured's age, and underwriting classification. Under the cash value accumulation test, there is no limit to the amount that may be paid in Premiums as long as there is sufficient Death Benefit in relation to the Cash Value at all times.
Guideline Premium /Cash Value Corridor Test
The guideline premium/cash value corridor test determines the Minimum Required Death Benefit by comparing the Death Benefit to an applicable percentage of the Enhanced Cash Value. These percentages are set out in the Code, but the percentage varies only by the Attained Age of the Insured.
In deciding which test to elect for the policy, consider the following:
• The cash value accumulation test generally allows flexibility to pay more Premium, subject to Nationwide's approval of any increase in the policy's Net Amount At Risk that would result from higher Premium payments. Premium payments under the guideline premium/cash value corridor test are limited by Section 7702 of the Code.
• Generally, the guideline premium/cash value corridor test produces a higher Death Benefit in the early years of the policy while the cash value accumulation test produces a higher Death Benefit in the policy's later years.
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• Monthly cost of insurance charges that vary with the amount of the Death Benefit may be greater during the years when the elected test produces a higher Death Benefit.
Regardless of which test is elected, Nationwide will monitor compliance to ensure that the policy meets the statutory definition of life insurance under the Code . As a result, the Proceeds payable under a policy should be excludable from gross income of the beneficiary for federal income tax purposes. Nationwide may refuse additional Premium payments or return Premium payments so that the policy continues to meet the Code's definition of life insurance. Consult a qualified tax advisor on all tax matters involving the policy.
Other Benefits Available Under the Policy
In addition to the standard death benefit options available under the policy, other standard or optional benefits may also be available to you. The following table summarizes information about these other benefits. For additional information on the policy’s Riders , see Policy Riders and Rider Charges in the statutory prospectus. Additional information on the fees associated with each benefit is in Additional Information About Fees later in this summary prospectus.
Name of Benefit Purpose Is Benefit Standard or Optional Brief Description of Restrictions/Limitations
Overloan Lapse Protection Rider Prevent the policy from Lapsing due to Indebtedness Optional • Subject to eligibility requirements to invoke the Rider
• Election to invoke is irrevocable
• Once invoked, all other Riders terminate (except the Additional Term Insurance Rider, if applicable)
• Cash Value will be transferred to the Fixed Account and may not be transferred out
• No further loans or withdrawals may be taken from the policy
Additional Term Insurance Rider Provides term life insurance on the Insured, in addition to that under the base policy Optional • Available for post-issue election until the Insured reaches Attained Age 120
• If purchase after the Policy Date, evidence of insurability is required
Buying the Policy
Initial Premium Payment
The initial Premium payment is due on the Policy Date. Any due and unpaid policy charges will be subtracted from the initial Premium payment. Insurance coverage will not be effective until the initial Premium is paid, even if the Policy Date precedes the date the initial Premium is paid. The required initial Premium payment amount is stated in the Policy Data Pages and will depend on the following factors: the initial Base Policy Specified Amount, death benefit option elected, any Riders elected, and Insured's age, health, and activities. Initial Premium may be paid to the Service Center or to an authorized Nationwide representative. The initial Premium payment will not be applied to the policy until the underwriting process is complete.
Premium Payments
This policy does not require a payment of a scheduled Premium amount to keep it In Force. It will remain In Force as long as the conditions that cause a policy to Lapse do not exist, see Lapse and Unfavorable Sub-Account Investment Experience in the statutory prospectus. Premium payment reminder notices will be sent according to the Premium payment schedule selected by the policy owner. Additional Premium payments must be submitted to the Service Center. Each Premium payment must be at least $25. Upon request, Nationwide will furnish Premium payment receipts. Policy owners may make additional Premium payments at any time while the policy is In Force and prior to the Maturity Date, subject to the following:
• Nationwide may require satisfactory evidence of insurability before accepting any additional Premium payment that results in an increase in the policy's Net Amount At Risk.
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• Nationwide will refund Premium payments that exceed the applicable premium limit established by the Code to qualify the policy as a contract for life insurance.
• Nationwide will monitor Premiums paid and will notify policy owners when the policy is in jeopardy of becoming a modified endowment contract, see Taxes in the statutory prospectus.
• Nationwide may require that policy Indebtedness be repaid before accepting any additional Premium payments.
Subsequent Premium payments will be allocated according to the allocation instructions in effect at the time the Premium is received.
How Your Policy Can Lapse
The policy is at risk of Lapsing when the Cash Surrender Value is insufficient to cover the policy’s monthly deductions, see Unfavorable Sub-Account Investment Experience in the statutory prospectus. Before any policy Lapse, there is a Grace Period during which the policy owner can take action to prevent the Lapse. Subject to certain conditions, the policy owner may reinstate a policy that has Lapsed.
If the Cash Surrender Value on any monthly anniversary date is not sufficient to cover the current monthly deductions, then a Grace Period will begin. At the beginning of a Grace Period, the policy owner will receive a notice from Nationwide that will indicate the amount of Premium that must be paid to avoid lapsing the Policy. This amount is equal to three times the current monthly deductions plus all other policy charges due during the Grace Period.
If not paid within 61 days, the policy and all Riders will Lapse.
The Grace Period will not alter the operation of the policy or the payment of Proceeds.
Reinstatement
The policy owner may reinstate a Lapsed policy by:
• submitting a written request to reinstate the policy to the Service Center any time within three years after the end of the Grace Period (or longer if required by state law) and before the Maturity Date;
• providing satisfactory evidence of insurability that Nationwide may require;
• paying sufficient Premium to keep the policy In Force for three months (or less if required by state law) from the date of reinstatement;
• paying sufficient Premium to cover all policy charges that were due and unpaid during the Grace Period; and
• repaying or reinstating any Indebtedness that existed at the end of the Grace Period.
The policy owner may also reinstate coverage under certain Riders subject to satisfactory evidence of insurability and any reinstatement requirements contained in the Riders .
If Nationwide approves the application for reinstatement and receives the required Premium, the effective date of a reinstated policy, including any reinstated Riders , will be the coinciding or next monthly anniversary of the Policy Date following the date Nationwide approves the application for reinstatement.
If the policy is reinstated, the Cash Value on the date of reinstatement will be set equal to the Cash Value at the end of the most recent Grace Period. Nationwide will add any Premiums or loan repayments that were made to reinstate the policy to the Cash Value.
The Sub-Account allocations that were in effect at the start of the Grace Period will be reinstated, unless the policy owner indicates otherwise.
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Making Withdrawals: Accessing the Money in Your Policy
Full Surrender
The policy may be surrendered for the Cash Surrender Value at any time while it is In Force. A surrender will be effective as of the date Nationwide receives the policy owner’s written surrender request in good order at the Service Center. Nationwide reserves the right to require written requests to be submitted on current Nationwide forms. No Enhancement Benefit will be paid if the policy is surrendered pursuant to Section 1035 of the Code or paid to anyone other than the policy owner. See Payment of Policy Proceeds in the statutory prospectus for additional information.
Partial Surrender
The policy owner may request a partial surrender of the policy's Cash Surrender Value at any time after the policy has been In Force for one year. Nationwide may require that the policy be sent to the Service Center for endorsement. A Partial Surrender Fee may be assessed to each partial surrender; however, Nationwide currently waives the Partial Surrender Fee, see Fee Table and Partial Surrender Fee in the statutory prospectus.
A partial surrender cannot result in the Total Specified Amount being reduced below the minimum Total Specified Amount indicated on the Policy Data Pages or disqualifying the policy as life insurance under Section 7702 of the Code. Partial surrenders may be subject to income tax penalties. They could also cause the policy to become a "modified endowment contract" under the Code, which could change the income tax treatment of any distribution from the policy.
Reduction of the Total Policy Specified Amount due to a Partial Surrender
When a partial surrender is taken, the Total Policy Specified Amount will be reduced by the amount necessary to prevent an increase in the Net Amount At Risk (unless the partial surrender is a preferred partial surrender). Reduction of the Total Specified Amount is proportional between the Base Policy Specified Amount and the Rider Specified Amount. The Total Policy Specified Amount reduction will not exceed the partial surrender amount. The policy's charges going forward will be based on the new Total Specified Amount.
Any reduction of the Total Specified Amount will be made in the following order: against the most recent increase in the Total Specified Amount, then against the next most recent increases in the Total Specified Amount in succession, and finally, against the initial Total Specified Amount.
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Additional Information About Fees
The following tables describe the fees and expenses that a policy owner will pay when buying, owning, and surrendering or taking partial surrenders from the policy. Please refer to the Policy Data Pages of your policy for information about the specific fees you will pay based on the options you have elected.
The first table describes the fees and expenses that a policy owner will pay at the time the policy owner pays Premium into the policy, takes partial surrenders from the policy, or transfers Cash Value between investment options.
Transaction Fees
Charge When Charge is Deducted Amount Deducted
Percent of Premium Charge1 Upon making a Premium payment Maximum:
Policy Year 1
12% of Premium received
up to Target Premium for all policies;

12% of Premium received that exceeds
Target Premium for all policies 		Currently:
Policy Year 1
10% of Premium received
up to Target Premium for all policies;

2% of Premium if the policy
is a modified
endowment contract2; and

0% of Premium received
that exceeds
Target Premium if the policy is not a
modified endowment contract
Illustration Charge3 If illustration requests exceed 10 in any 12 month period Maximum:
$25 		Currently:
$25
Partial Surrender Fee Upon a partial surrender Maximum:
$25 		Currently:
$0
Overloan Lapse Protection Rider Charge† Upon invoking the Rider Maximum:
For policies issued with the guideline premium/cash value corridor test:

$42.50 per $1,000 of Cash Value

For policies issued with the cash value accumulation test:

$157 per $1,000 of Cash Value 		Minimum:
$1.50 per $1,000 of Cash Value
Representative: an Attained Age 85 Insured with a Cash Value of $500,000 Upon invoking the Rider $32 per $1,000 of Cash Value
† This charge will vary based upon the individual characteristics of the Insured. Representative charges shown in the table may not be representative of the charge that a particular policy owner will pay. Policy owners can request an illustration of specific costs and/or see the Policy Data Pages for information about specific charges of the policy.
1 The Percent of Premium Charge is assessed each time a Premium payment is received. The Percent of Premium Charge will depend on whether the Target Premium for the year in which the Premium is received has been reached. For the applicable charge for all policy years after the first policy year, see Percent of Premium Charge in the statutory prospectus.
2 For policies with applications dated on or after October 1, 2020 that are modified endowment contracts the charge is 2%. For policies with application dated before October 1, 2020 that are modified endowment contracts, and for all policies that are not modified endowment contracts, the charge is 0%.
3 The policy owner will be expected to pay the Illustration Charge at the time of the request. This charge will not be deducted from the policy's Cash Value.
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The next table describes the fees and expenses that a policy owner will pay periodically while the policy is In Force, not including mutual fund operating expenses.
Periodic Charges Other than Annual Underlying Mutual Fund Expenses
Base Contract Charges
Charge When Charge is Deducted Amount Deducted
Cost of Insurance Charge† Monthly Maximum:
$83.33 per $1,000 of Net Amount At Risk 		Minimum:
$0.03 per $1,000 of Net Amount At Risk
Representative: an individual
Insured, unisex, Issue Age 42,
non-tobacco, Total Specified Amount $250,000, Death Benefit Option 1, policy year
10 and issued on a
guaranteed issue basis 		Monthly $0.31 per $1,000 of Net Amount At Risk
Flat Extra Charge1 Monthly Maximum:
$2.08 per $1,000 of Net Amount At Risk for each Flat Extra assessed
Base Policy Specified Amount Charge† Monthly Maximum:
$0.40 per $1,000 of Base Policy Specified Amount 		Minimum:
$0.00 per $1,000 of Base Policy Specified Amount
Representative: an individual
Insured, unisex, Issue Age 42,
non-tobacco, Total Specified Amount $250,000, Death Benefit Option 1, policy year
one and issued on a
guaranteed issue basis 		Monthly $0.08 per $1,000 of Base Policy Specified Amount
Variable Account Asset Charge Monthly Maximum:
0.90% of Cash Value
allocated to the Sub-Accounts 		Currently:
0.50% of Cash Value
allocated to the Sub-Accounts
Administrative Per Policy Charge Monthly Maximum:
$10.00 per policy 		Currently:
$5.00 per policy
Policy Loan Interest Charge2 Annually
and at the time of certain events and transactions 		Maximum:
2.50% of Indebtedness 		Currently:
2.00% of Indebtedness
Optional Benefit Charges
Charge When Charge is Deducted Amount Deducted
Additional Term Insurance Rider Cost of Insurance Charge† Monthly Maximum:
$83.33 per $1,000 of
Rider Death Benefit 		Minimum:
$0.01 per $1,000 of
Rider Death Benefit
14

 

Optional Benefit Charges
Representative: an individual
Insured, unisex, Issue Age 42,
non-tobacco, Total Specified Amount $250,000, Death Benefit Option 1, policy year
one and issued on a
guaranteed issue basis 		Monthly $0.25 per $1,000 of Rider Death Benefit
Additional Term Insurance Rider Specified Amount Charge† Monthly Maximum:
$0.40 per $1,000 of
Rider Specified Amount 		Minimum:
$0.00 per $1,000 of
Rider Specified Amount
Representative: an individual
Insured, unisex, Issue Age 42,
non-tobacco, Total Specified Amount $250,000, Death Benefit Option 1, policy year
one and issued on a
guaranteed issue basis 		Monthly $0.00 per $1,000 of Rider Specified Amount
† This charge will vary based upon the individual characteristics of the Insured. Representative charges shown in the table may not be representative of the charge that a particular policy owner will pay. Policy owners can request an illustration of specific costs and/or see the Policy Data Pages for information about specific charges of the policy.
1 The Flat Extra Charge is only applicable if certain factors result in an Insured having a Substandard Rating, see Cost of Insurance in the statutory prospectus. An Insured with more than one Substandard Rating may be assessed more than one Flat Extra Charge.
2 The maximum and current Policy Loan Interest Charge rates are stated as gross rates of interest charged. The effective annual interest rate Nationwide may charge against Indebtedness will never exceed 2.50% for policies issued on or after June 1, 2020. For policies issued before June 1, 2020, the effective annual interest rate Nationwide may charge against Indebtedness will never exceed 3.50%. Currently, for policies issued on or after June 1, 2020, the effective annual interest rate charged on Indebtedness is 2.00% for the first ten policy years and 1.00% thereafter. For policies issued before June 1, 2020, the effective annual interest rate charged on Indebtedness is 3.00% for the first ten policy years and 2.00% thereafter. The Policy Loan Interest Charge is described in more detail in Policy Loans in the statutory prospectus.
The next table shows the minimum and maximum total operating expenses charged by the underlying mutual funds that a policy owner may periodically pay while the policy is In Force. A complete list of the underlying mutual funds available under the policy, including their annual expenses, may be found at the back of this document in Appendix: Underlying Mutual Funds Available Under the Policy.
Annual Underlying Mutual Fund Expenses  
    Minimum   Maximum  
(Expenses that are deducted from underlying mutual fund assets, including management fees, distribution (12b-1) fees, and other expenses, as a percentage of average underlying mutual fund assets.)   0.03%   1.62%  
15

 

Appendix: Underlying Mutual Funds Available Under the Policy
The following is a list of underlying mutual funds available under the policy. More information about the underlying mutual funds is available in the prospectuses for the underlying mutual funds, which may be amended from time to time and can be found online at https://nationwide.onlineprospectus.net/NW/C000211469NW/index.php. This information can also be obtained at no cost by calling 1-877-351-8808 or by sending an email request to NBSG_Information_Request@nationwide.com. Depending on the optional benefits chosen, access to certain underlying mutual funds may be limited.
The current expenses and performance information below reflects fees and expenses of the underlying mutual funds, but do not reflect the other fees and expenses that the policy may charge. Expenses would be higher and performance would be lower if these other charges were included. Each underlying mutual fund’s past performance is not necessarily an indication of future performance.
Type Underlying Mutual Fund and Adviser/
Subadviser 		Current
Expenses 		Average Annual Total Returns
(as of 12/31/2021)
1 year 5 year 10 year
Equity AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Growth and Income Portfolio: Class A
Investment Advisor: AllianceBernstein L.P. 		0.59% 28.15% 12.86% 13.67%
Equity AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Small/Mid Cap Value Portfolio: Class A
Investment Advisor: AllianceBernstein L.P. 		0.80% 35.94% 10.16% 13.13%
Equity Allspring Variable Trust - VT Small Cap Growth Fund: Class 2
Investment Advisor: Allspring Funds Management, LLC
Sub-Advisor: Allspring Global Investments, LLC 		1.17% 7.64% 22.00% 16.22%
Fixed Income American Century Variable Portfolios II, Inc. - American Century VP Inflation Protection Fund: Class I
Investment Advisor: American Century Investment Management, Inc. 		0.46% 6.61% 5.28% 3.07%
Equity American Century Variable Portfolios, Inc. - American Century VP Value Fund: Class I
Investment Advisor: American Century Investment Management, Inc. 		0.73%* 24.50% 9.55% 12.04%
Allocation American Funds Insurance Series® - Asset Allocation Fund: Class 2
Investment Advisor: Capital Research and Management Company 		0.55% 15.10% 11.71% 11.32%
Fixed Income American Funds Insurance Series® - Capital World Bond Fund: Class 2
Investment Advisor: Capital Research and Management Company 		0.73%* -4.91% 3.49% 2.06%
Equity American Funds Insurance Series® - Global Small Capitalization Fund: Class 2
Investment Advisor: Capital Research and Management Company 		0.99% 6.73% 15.44% 12.50%
Equity American Funds Insurance Series® - Growth Fund: Class 2
Investment Advisor: Capital Research and Management Company 		0.61% 21.98% 25.43% 19.71%
Equity American Funds Insurance Series® - Growth-Income Fund: Class 2
Investment Advisor: Capital Research and Management Company 		0.55% 24.09% 16.39% 15.41%
Equity American Funds Insurance Series® - International Fund: Class 2
Investment Advisor: Capital Research and Management Company 		0.80% -1.49% 9.63% 8.13%
16

 

Type Underlying Mutual Fund and Adviser/
Subadviser 		Current
Expenses 		Average Annual Total Returns
(as of 12/31/2021)
1 year 5 year 10 year
Equity American Funds Insurance Series® - New World Fund®: Class 2
Investment Advisor: Capital Research and Management Company 		0.84%* 4.92% 13.25% 8.66%
Fixed Income American Funds Insurance Series® - U.S. Government Securities Fund: Class 2
Investment Advisor: Capital Research and Management Company 		0.48%* -0.62% 3.29% 2.28%
Equity American Funds Insurance Series® - Washington Mutual Investors Fund: Class 2
Investment Advisor: Capital Research and Management Company 		0.52%* 27.77% 12.50% 13.75%
Fixed Income BlackRock Variable Series Funds II, Inc. - BlackRock High Yield V.I. Fund: Class I
Investment Advisor: BlackRock Advisors, LLC
Sub-Advisor: BlackRock Financial Management, Inc. 		0.57%* 5.36% 6.36% 6.78%
Allocation BlackRock Variable Series Funds, Inc. - BlackRock Global Allocation V.I. Fund: Class II
Investment Advisor: BlackRock Advisors, LLC
Sub-Advisor: BlackRock Investment Management, LLC 		0.90%* 6.54% 9.79% 7.77%
Equity BNY Mellon Investment Portfolios - Small Cap Stock Index Portfolio: Service Shares
Investment Advisor: BNY Mellon Investment Adviser, Inc. 		0.60%* 26.14% 11.77% 13.88%
Equity BNY Mellon Stock Index Fund, Inc.: Initial Shares
Investment Advisor: BNY Mellon Investment Adviser, Inc.
Sub-Advisor: Mellon Investments Corporation 		0.26% 28.41% 18.16% 16.25%
Equity BNY Mellon Variable Investment Fund - Appreciation Portfolio: Initial Shares
Investment Advisor: BNY Mellon Investment Adviser, Inc.
Sub-Advisor: Fayez Sarofim & Co. 		0.80% 27.13% 20.47% 14.46%
Equity Calvert Variable Series, Inc. - Calvert VP SRI Mid Cap Portfolio
Investment Advisor: Calvert Research and Management 		0.96% 15.02% 12.59% 11.89%
Equity Delaware VIP Trust - Delaware VIP Small Cap Value Series: Service Class (formerly, Delaware Variable Insurance Product Trust - Delaware VIP Small Cap Value Series: Service Class)
Investment Advisor: Delaware Management Company, Inc. 		1.05% 34.01% 9.21% 11.78%
Allocation DFA Investment Dimensions Group Inc. - VA Global Moderate Allocation Portfolio: Institutional Class
Investment Advisor: Dimensional Fund Advisors LP 		0.28%* 14.20% 9.87%  
Equity DFA Investment Dimensions Group Inc. - VA International Small Portfolio
Investment Advisor: Dimensional Fund Advisors LP
Sub-Advisor: Dimensional Fund Advisors LTD, DFA Australia Limited 		0.40% 14.56% 10.11% 10.03%
Equity DFA Investment Dimensions Group Inc. - VA International Value Portfolio
Investment Advisor: Dimensional Fund Advisors LP
Sub-Advisor: Dimensional Fund Advisors LTD, DFA Australia Limited 		0.28% 18.11% 6.99% 6.52%
Equity DFA Investment Dimensions Group Inc. - VA U.S. Large Value Portfolio
Investment Advisor: Dimensional Fund Advisors LP 		0.21% 27.03% 10.52% 13.49%
17

 

Type Underlying Mutual Fund and Adviser/
Subadviser 		Current
Expenses 		Average Annual Total Returns
(as of 12/31/2021)
1 year 5 year 10 year
Equity DFA Investment Dimensions Group Inc. - VA U.S. Targeted Value Portfolio
Investment Advisor: Dimensional Fund Advisors LP 		0.29% 39.68% 10.45% 13.59%
Fixed Income DFA Investment Dimensions Group Inc. - VIT Inflation-Protected Securities Portfolio: Institutional Class
Investment Advisor: Dimensional Fund Advisors LP
Sub-Advisor: Dimensional Fund Advisors LTD, DFA Australia Limited 		0.11% 5.57% 5.44%  
Fixed Income Eaton Vance Variable Trust - Eaton Vance VT Floating-Rate Income Fund: Initial Class
Investment Advisor: Eaton Vance Management 		1.18% 3.62% 3.18% 3.52%
Fixed Income Federated Hermes Insurance Series - Federated Hermes Fund for U.S. Government Securities II
Investment Advisor: Federated Investment Management Company 		0.78%* -2.04% 2.24% 1.87%
Equity Fidelity Variable Insurance Products - Emerging Markets Portfolio: Service Class
Investment Advisor: Fidelity Management & Research Company (FMR)
Sub-Advisor: FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, Fidelity Management & Research (Japan) Limited, FIL Investment Advisors, FIL Investment Advisors (UK) Limited and FIL Investments (Japan) Limited 		1.01% -2.28% 14.86% 8.33%
Allocation Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2015 Portfolio: Service Class
Investment Advisor: Fidelity Management & Research Company (FMR) 		0.56% 7.59% 9.52% 8.32%
Allocation Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2020 Portfolio: Service Class
Investment Advisor: Fidelity Management & Research Company (FMR) 		0.60% 9.46% 10.57% 9.14%
Allocation Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2025 Portfolio: Service Class
Investment Advisor: Fidelity Management & Research Company (FMR) 		0.63% 10.70% 11.42% 10.14%
Allocation Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2030 Portfolio: Service Class
Investment Advisor: Fidelity Management & Research Company (FMR) 		0.67% 12.24% 12.64% 10.97%
Allocation Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2035 Portfolio: Service Class
Investment Advisor: Fidelity Management & Research Company (FMR) 		0.72% 15.31% 14.14% 12.13%
Allocation Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2040 Portfolio: Service Class
Investment Advisor: Fidelity Management & Research Company (FMR) 		0.75% 17.67% 14.88% 12.55%
Allocation Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2045 Portfolio: Service Class
Investment Advisor: Fidelity Management & Research Company (FMR) 		0.75% 17.69% 14.88% 12.66%
Allocation Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2050 Portfolio: Service Class
Investment Advisor: Fidelity Management & Research Company (FMR) 		0.75% 17.73% 14.88% 12.72%
18

 

Type Underlying Mutual Fund and Adviser/
Subadviser 		Current
Expenses 		Average Annual Total Returns
(as of 12/31/2021)
1 year 5 year 10 year
Allocation Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2055 Portfolio: Service Class
Investment Advisor: Fidelity Management & Research Company (FMR) 		0.75% 17.72%    
Allocation Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2060 Portfolio: Service Class
Investment Advisor: Fidelity Management & Research Company (FMR) 		0.75% 17.62%    
Allocation Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2065 Portfolio: Service Class
Investment Advisor: Fidelity Management & Research Company (FMR) 		0.75% 17.76%    
Fixed Income Fidelity Variable Insurance Products Fund - VIP Bond Index Portfolio: Service Class
Investment Advisor: Fidelity Management & Research Company (FMR)
Sub-Advisor: FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited and Fidelity Management & Research (Japan) Limited 		0.24% -2.05%    
Equity Fidelity Variable Insurance Products Fund - VIP Contrafund® Portfolio: Service Class
Investment Advisor: Fidelity Management & Research Company (FMR)
Sub-Advisor: FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited and Fidelity Management & Research (Japan) Limited 		0.70% 27.70% 20.04% 16.52%
Equity Fidelity Variable Insurance Products Fund - VIP Equity-Income Portfolio: Service Class
Investment Advisor: Fidelity Management & Research Company (FMR)
Sub-Advisor: FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited and Fidelity Management & Research (Japan) Limited 		0.61% 24.82% 11.83% 12.42%
Equity Fidelity Variable Insurance Products Fund - VIP Extended Market Index Portfolio: Service Class
Investment Advisor: Fidelity Management & Research Company (FMR)
Sub-Advisor: Geode Capital Management, LLC (Geode) and FMR Co., Inc. (FMRC) 		0.23% 21.15%    
Equity Fidelity Variable Insurance Products Fund - VIP Growth Portfolio: Service Class
Investment Advisor: Fidelity Management & Research Company (FMR)
Sub-Advisor: FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited and Fidelity Management & Research (Japan) Limited 		0.71% 23.08% 26.16% 19.57%
Equity Fidelity Variable Insurance Products Fund - VIP Index 500 Portfolio: Initial Class
Investment Advisor: Fidelity Management & Research Company (FMR)
Sub-Advisor: Geode Capital Management, LLC 		0.10% 28.57% 18.34% 16.43%
Equity Fidelity Variable Insurance Products Fund - VIP International Index Portfolio: Service Class
Investment Advisor: Fidelity Management & Research Company (FMR)
Sub-Advisor: Geode Capital Management, LLC 		0.27% 7.65%    
19

 

Type Underlying Mutual Fund and Adviser/
Subadviser 		Current
Expenses 		Average Annual Total Returns
(as of 12/31/2021)
1 year 5 year 10 year
Fixed Income Fidelity Variable Insurance Products Fund - VIP Investment Grade Bond Portfolio: Service Class
Investment Advisor: Fidelity Management & Research Company (FMR)
Sub-Advisor: FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited and Fidelity Management & Research (Japan) Limited 		0.49% -0.79% 4.22% 3.44%
Equity Fidelity Variable Insurance Products Fund - VIP Real Estate Portfolio: Service Class
Investment Advisor: Fidelity Management & Research Company (FMR)
Sub-Advisor: FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited and Fidelity Management & Research (Japan) Limited 		0.74% 38.85% 9.23% 10.30%
Equity Fidelity Variable Insurance Products Fund - VIP Total Market Index Portfolio: Service Class
Investment Advisor: Fidelity Management & Research Company (FMR)
Sub-Advisor: Geode Capital Management, LLC 		0.22% 25.55%    
Equity Fidelity Variable Insurance Products Fund - VIP Value Strategies Portfolio: Service Class
Investment Advisor: Fidelity Management & Research Company (FMR)
Sub-Advisor: FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited and Fidelity Management & Research (Japan) Limited 		0.73% 33.47% 13.82% 13.62%
Equity Franklin Templeton Variable Insurance Products Trust - Franklin Small Cap Value VIP Fund: Class 2
Investment Advisor: Franklin Mutual Advisers, LLC 		0.91% 25.36% 9.94% 12.12%
Equity Goldman Sachs Variable Insurance Trust - Goldman Sachs Small Cap Equity Insights Fund: Institutional Shares
Investment Advisor: Goldman Sachs Asset Management, L.P. 		0.81%* 23.78% 11.33% 12.93%
Equity Invesco - Invesco V.I. Discovery Mid Cap Growth Fund: Series I
Investment Advisor: Invesco Advisers, Inc. 		0.83% 19.09% 23.08% 17.83%
Equity Invesco - Invesco V.I. Global Fund: Series I
Investment Advisor: Invesco Advisers, Inc. 		0.78% 15.48% 18.17% 14.24%
Equity Invesco - Invesco V.I. Main Street Fund: Series I
Investment Advisor: Invesco Advisers, Inc. 		0.79% 27.56% 15.63% 15.05%
Equity Invesco - Invesco V.I. Main Street Small Cap Fund: Series I
Investment Advisor: Invesco Advisers, Inc. 		0.84% 22.55% 13.73% 14.68%
Equity Invesco Oppenheimer V.I. International Growth Fund: Series I
Investment Advisor: Invesco Advisers, Inc. 		1.00%* 10.21% 11.87% 9.73%
Equity Ivy Variable Insurance Portfolios - Delaware Ivy Science and Technology: Class II
Investment Advisor: Delaware Management Company
Sub-Advisor: Macquarie Funds Management Hong Kong Limited and Macquarie Investment Management Global Limited 		1.14% 15.16% 23.88% 19.46%
Allocation Janus Aspen Series - Janus Henderson Balanced Portfolio: Service Shares
Investment Advisor: Janus Henderson Investors US LLC 		0.86% 16.90% 14.10% 11.53%
20

 

Type Underlying Mutual Fund and Adviser/
Subadviser 		Current
Expenses 		Average Annual Total Returns
(as of 12/31/2021)
1 year 5 year 10 year
Equity Janus Aspen Series - Janus Henderson Enterprise Portfolio: Service Shares
Investment Advisor: Janus Henderson Investors US LLC 		0.96% 16.54% 18.83% 16.93%
Equity Janus Aspen Series - Janus Henderson Global Technology and Innovation Portfolio: Service Shares
Investment Advisor: Janus Henderson Investors US LLC 		0.97% 17.74% 30.31% 22.95%
Equity JPMorgan Insurance Trust - JPMorgan Insurance Trust Mid Cap Value Portfolio: Class 1
Investment Advisor: J.P. Morgan Investment Management Inc. 		0.76% 29.88% 10.63% 12.99%
Equity JPMorgan Insurance Trust - JPMorgan Insurance Trust Small Cap Core Portfolio: Class 1
Investment Advisor: J.P. Morgan Investment Management Inc. 		0.80% 21.38% 11.77% 14.00%
Equity Legg Mason Partners Variable Equity Trust - ClearBridge Variable Small Cap Growth Portfolio: Class I
Investment Advisor: Legg Mason Partners Fund Advisor, LLC
Sub-Advisor: ClearBridge Investments, LLC 		0.80% 12.61% 21.34% 17.14%
Fixed Income Lord Abbett Series Fund, Inc. - Bond Debenture Portfolio: Class VC
Investment Advisor: Lord, Abbett & Co. LLC 		0.89% 3.27% 5.65% 6.32%
Fixed Income Lord Abbett Series Fund, Inc. - Short Duration Income Portfolio: Class VC
Investment Advisor: Lord, Abbett & Co. LLC 		0.83% 0.62% 2.41%  
Fixed Income Lord Abbett Series Fund, Inc. - Total Return Portfolio: Class VC
Investment Advisor: Lord, Abbett & Co. LLC 		0.71% -0.23% 3.61% 3.32%
Fixed Income MainStay VP Funds Trust - MainStay VP Floating Rate Portfolio: Initial Class
Investment Advisor: New York Life Investment Management LLC
Sub-Advisor: New York Investors LLC 		0.65% 3.75% 3.67% 3.94%
Equity MFS® Variable Insurance Trust - MFS Growth Series: Service Class
Investment Advisor: Massachusetts Financial Services Company 		0.96%* 23.23% 24.55% 19.03%
Equity MFS® Variable Insurance Trust - MFS Mid Cap Growth Series: Service Class
Investment Advisor: Massachusetts Financial Services Company 		1.05%* 13.87% 22.34% 17.90%
Equity MFS® Variable Insurance Trust - MFS New Discovery Series: Service Class
Investment Advisor: Massachusetts Financial Services Company 		1.12%* 1.57% 21.00% 15.86%
Fixed Income MFS® Variable Insurance Trust - MFS Total Return Bond Series: Service Class
Investment Advisor: Massachusetts Financial Services Company 		0.78%* -1.06% 3.87% 3.39%
Equity MFS® Variable Insurance Trust - MFS Value Series: Service Class
Investment Advisor: Massachusetts Financial Services Company 		0.95%* 25.15% 11.97% 13.13%
21

 

Type Underlying Mutual Fund and Adviser/
Subadviser 		Current
Expenses 		Average Annual Total Returns
(as of 12/31/2021)
1 year 5 year 10 year
Equity MFS® Variable Insurance Trust II - MFS Emerging Markets Equity Portfolio: Initial Class
Investment Advisor: Massachusetts Financial Services Company 		1.23%* -6.74% 8.08% 3.98%
Equity MFS® Variable Insurance Trust II - MFS International Intrinsic Value Portfolio: Service Class
Investment Advisor: Massachusetts Financial Services Company 		1.14%* 10.27% 13.78% 12.15%
Equity MFS® Variable Insurance Trust II - MFS Research International Portfolio: Service Class
Investment Advisor: Massachusetts Financial Services Company 		1.20%* 11.26% 11.90% 8.10%
Equity MFS® Variable Insurance Trust III - MFS Global Real Estate Portfolio: Initial Class
Investment Advisor: Massachusetts Financial Services Company 		0.92%* 30.12% 12.98% 12.19%
Equity MFS® Variable Insurance Trust III - MFS Mid Cap Value Portfolio: Service Class
Investment Advisor: Massachusetts Financial Services Company 		1.04%* 30.60% 12.14% 13.30%
Fixed Income Morgan Stanley Variable Insurance Fund, Inc. - Emerging Markets Debt Portfolio: Class I
Investment Advisor: Morgan Stanley Investment Management Inc.
Sub-Advisor: Morgan Stanley Investment Management Limited 		1.10%* -2.02% 3.82% 3.86%
Equity Morgan Stanley Variable Insurance Fund, Inc. - Growth Portfolio: Class I
Investment Advisor: Morgan Stanley Investment Management Inc. 		0.57%* 0.10% 34.57% 24.26%
Equity Nationwide Variable Insurance Trust - NVIT AllianzGI International Growth Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Sub-Advisor: Allianz Global Investors U.S. LLC 		0.97%* -1.08% 15.88% 10.98%
Equity Nationwide Variable Insurance Trust - NVIT Allspring Discovery Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Sub-Advisor: Allspring Global Investments, LLC 		0.82%* -4.70% 20.15% 16.02%
Allocation Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Aggressive Fund: Class I
Investment Advisor: Nationwide Fund Advisors 		1.03%* 20.18% 12.50% 11.70%
Allocation Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Balanced Fund: Class I
Investment Advisor: Nationwide Fund Advisors 		0.87%* 11.12% 8.33% 7.65%
Allocation Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Capital Appreciation Fund: Class I
Investment Advisor: Nationwide Fund Advisors 		0.92%* 15.75% 10.63% 9.78%
Allocation Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Conservative Fund: Class I
Investment Advisor: Nationwide Fund Advisors 		0.78%* 4.48% 5.26% 4.63%
Allocation Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderate Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Sub-Advisor: Nationwide Asset Management, LLC 		0.89%* 13.63% 9.56% 8.77%
22

 

Type Underlying Mutual Fund and Adviser/
Subadviser 		Current
Expenses 		Average Annual Total Returns
(as of 12/31/2021)
1 year 5 year 10 year
Allocation Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderately Aggressive Fund: Class I
Investment Advisor: Nationwide Fund Advisors 		0.97%* 18.11% 11.68% 10.65%
Allocation Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderately Conservative Fund: Class I
Investment Advisor: Nationwide Fund Advisors 		0.85%* 9.22% 7.40% 6.73%
Equity Nationwide Variable Insurance Trust - NVIT BNY Mellon Dynamic U.S. Equity Income: Class X
Investment Advisor: Nationwide Fund Advisors
Sub-Advisor: Newton Investment Management Limited 		0.77% 34.70% 11.33% 12.92%
Equity Nationwide Variable Insurance Trust - NVIT BNY Mellon Sustainable U.S. Equity Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Sub-Advisor: Newton Investment Management Limited 		0.85%* 26.80% 15.14% 14.28%
Fixed Income Nationwide Variable Insurance Trust - NVIT Bond Index Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Sub-Advisor: BlackRock Investment Management, LLC 		0.38% -2.07% 3.17% 2.55%
Equity Nationwide Variable Insurance Trust - NVIT Columbia Overseas Value Fund: Class X
Investment Advisor: Nationwide Fund Advisors
Sub-Advisor: Columbia Management Investment Advisers, LLC 		0.89%* 10.57% 6.24% 5.66%
Money Market Nationwide Variable Insurance Trust - NVIT Government Money Market Fund: Class V
Investment Advisor: Nationwide Fund Advisors
Sub-Advisor: Federated Investment Management Company 		0.44% 0.00% 0.79% 0.40%
Equity Nationwide Variable Insurance Trust - NVIT International Index Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Sub-Advisor: BlackRock Investment Management, LLC 		0.43% 10.84% 9.33% 7.85%
Allocation Nationwide Variable Insurance Trust - NVIT Investor Destinations Aggressive Fund: Class II
Investment Advisor: Nationwide Fund Advisors 		0.91% 15.50% 11.71% 11.31%
Allocation Nationwide Variable Insurance Trust - NVIT Investor Destinations Conservative Fund: Class II
Investment Advisor: Nationwide Fund Advisors 		0.83% 2.75% 4.50% 4.08%
Allocation Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderate Fund: Class II
Investment Advisor: Nationwide Fund Advisors 		0.86% 10.31% 8.82% 8.28%
Allocation Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderately Aggressive Fund: Class II
Investment Advisor: Nationwide Fund Advisors 		0.87% 13.62% 10.85% 10.17%
Allocation Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderately Conservative Fund: Class II
Investment Advisor: Nationwide Fund Advisors 		0.84% 6.70% 6.68% 6.20%
Alternative Nationwide Variable Insurance Trust - NVIT J.P. Morgan Mozaic℠ Multi-Asset Fund: Class Y
Investment Advisor: Nationwide Fund Advisors
Sub-Advisor: J.P. Morgan Investment Management Inc. 		0.43%* 7.62%    
Equity Nationwide Variable Insurance Trust - NVIT J.P. Morgan U.S. Equity Fund: Class Y
Investment Advisor: Nationwide Fund Advisors
Sub-Advisor: J.P. Morgan Investment Management Inc. 		0.44%* 28.00%    
23

 

Type Underlying Mutual Fund and Adviser/
Subadviser 		Current
Expenses 		Average Annual Total Returns
(as of 12/31/2021)
1 year 5 year 10 year
Equity Nationwide Variable Insurance Trust - NVIT Jacobs Levy Large Cap Growth Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Sub-Advisor: Jacobs Levy Equity Management, Inc. 		0.81%* 40.44% 24.65% 18.60%
Equity Nationwide Variable Insurance Trust - NVIT Mid Cap Index Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Sub-Advisor: BlackRock Investment Management, LLC 		0.40% 24.25% 12.62% 13.76%
Equity Nationwide Variable Insurance Trust - NVIT Multi-Manager Mid Cap Value Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Sub-Advisor: American Century Investment Management, Inc., Thompson, Siegel & Walmsley LLC and Victory Capital Management Inc. 		0.93%* 24.20% 8.56% 12.35%
Equity Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Cap Growth Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Sub-Advisor: Invesco Advisers, Inc. and Wellington Management Company, LLP 		1.09%* 10.30% 19.38% 16.11%
Equity Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Cap Value Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Sub-Advisor: Jacobs Levy Equity Management, Inc. and WCM Investment Management, LLC 		1.06%* 32.04% 8.39% 12.35%
Equity Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Company Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Sub-Advisor: Jacobs Levy Equity Management, Inc. and Invesco Advisers, Inc. 		1.06%* 30.83% 14.86% 14.76%
Equity Nationwide Variable Insurance Trust - NVIT Real Estate Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Sub-Advisor: Wellington Management Company LLP 		0.93%* 46.74% 13.17% 11.23%
Fixed Income Nationwide Variable Insurance Trust - NVIT Short Term Bond Fund: Class I
Investment Advisor: Nationwide Fund Advisors
Sub-Advisor: Nationwide Asset Management, LLC 		0.54% -0.44% 1.99% 1.74%
Equity Nationwide Variable Insurance Trust - NVIT Small Cap Index Fund: Class Y
Investment Advisor: Nationwide Fund Advisors
Sub-Advisor: BlackRock Investment Management, LLC 		0.27% 14.54% 11.86% 13.13%
Allocation PIMCO Variable Insurance Trust - All Asset Portfolio: Administrative Class
Investment Advisor: PIMCO
Sub-Advisor: Research Affiliates, LLC 		1.23%* 16.23% 8.57% 6.02%
Fixed Income PIMCO Variable Insurance Trust - Global Bond Opportunities Portfolio (Unhedged): Administrative Class
Investment Advisor: PIMCO 		0.92% -4.15% 3.11% 1.53%
Fixed Income PIMCO Variable Insurance Trust - High Yield Portfolio: Administrative Class
Investment Advisor: PIMCO 		0.77% 3.63% 5.46% 6.06%
Fixed Income PIMCO Variable Insurance Trust - Income Portfolio: Institutional Class
Investment Advisor: PIMCO 		0.67% 2.14% 5.21%  
24

 

Type Underlying Mutual Fund and Adviser/
Subadviser 		Current
Expenses 		Average Annual Total Returns
(as of 12/31/2021)
1 year 5 year 10 year
Fixed Income PIMCO Variable Insurance Trust - International Bond Portfolio (U.S. Dollar-Hedged): Administrative Class
Investment Advisor: PIMCO 		0.91% -1.95% 3.05% 4.39%
Fixed Income PIMCO Variable Insurance Trust - Long-Term U.S. Government Portfolio: Administrative Class
Investment Advisor: PIMCO 		0.65% -4.78% 6.14% 4.19%
Fixed Income PIMCO Variable Insurance Trust - Low Duration Portfolio: Administrative Class
Investment Advisor: PIMCO 		0.65% -0.92% 1.54% 1.58%
Fixed Income PIMCO Variable Insurance Trust - Real Return Portfolio: Administrative Class
Investment Advisor: PIMCO 		0.67% 5.58% 5.33% 3.05%
Fixed Income PIMCO Variable Insurance Trust - Short-Term Portfolio: Administrative Class
Investment Advisor: PIMCO 		0.60% -0.05% 1.77% 1.64%
Fixed Income PIMCO Variable Insurance Trust - Total Return Portfolio: Administrative Class
Investment Advisor: PIMCO 		0.65% -1.26% 3.93% 3.43%
Equity Schwab Annuity Portfolios - Schwab® S&P 500 Index Portfolio
Investment Advisor: Charles Schwab Investment Management, Inc. 		0.03% 28.67% 18.41% 16.38%
Equity T. Rowe Price Equity Series, Inc. - T. Rowe Price All-Cap Opportunities Portfolio
Investment Advisor: T. Rowe Price Associates, Inc. 		0.80%* 20.79% 26.19% 19.64%
Equity T. Rowe Price Equity Series, Inc. - T. Rowe Price Blue Chip Growth Portfolio
Investment Advisor: T. Rowe Price Associates, Inc. 		0.75%* 17.62% 23.27% 19.23%
Equity T. Rowe Price Equity Series, Inc. - T. Rowe Price Equity Income Portfolio: II
Investment Advisor: T. Rowe Price Associates, Inc. 		0.99%* 25.21% 10.73% 11.53%
Allocation T. Rowe Price Equity Series, Inc. - T. Rowe Price Moderate Allocation Portfolio
Investment Advisor: T. Rowe Price Associates, Inc. 		0.85%* 10.06% 10.97% 9.84%
Equity VanEck VIP Trust - VanEck VIP Global Resources Fund: Initial Class (formerly, VanEck VIP Trust - Global Resources Fund: Initial Class)
Investment Advisor: Van Eck Associates Corporation 		1.09% 18.91% 2.24% -0.12%
Allocation Vanguard Variable Insurance Fund - Balanced Portfolio
Investment Advisor: Wellington Management Company, LLP 		0.20% 19.01% 12.32% 11.40%
Equity Vanguard Variable Insurance Fund - Capital Growth Portfolio
Investment Advisor: PRIMECAP Management Company 		0.34% 21.54% 18.12% 17.35%
Equity Vanguard Variable Insurance Fund - Diversified Value Portfolio
Investment Advisor: Barrow, Hanley, Mewhinney & Strauss, LLC 		0.28% 30.46% 13.51% 13.14%
Equity Vanguard Variable Insurance Fund - Equity Income Portfolio
Investment Advisor: Wellington Management Company, LLP; Vanguard Quantitative Equity Group 		0.30% 25.32% 12.35% 13.06%
Equity Vanguard Variable Insurance Fund - Equity Index Portfolio
Investment Advisor: Vanguard Equity Index Group 		0.14% 28.54% 18.30% 16.38%
25

 

Type Underlying Mutual Fund and Adviser/
Subadviser 		Current
Expenses 		Average Annual Total Returns
(as of 12/31/2021)
1 year 5 year 10 year
Fixed Income Vanguard Variable Insurance Fund - Global Bond Index Portfolio
Investment Advisor: Vanguard Fixed Income Group 		0.13% -1.84%    
Equity Vanguard Variable Insurance Fund - Growth Portfolio
Investment Advisor: Jackson Square Partners, LLC; Wellington Management Company LLP 		0.41% 17.86% 24.24% 19.14%
Fixed Income Vanguard Variable Insurance Fund - High Yield Bond Portfolio
Investment Advisor: Wellington Management Company, LLP 		0.26% 3.67% 5.69% 6.05%
Equity Vanguard Variable Insurance Fund - International Portfolio
Investment Advisor: Baillie Gifford Overseas Ltd.; Schroder Investment Management North America, Inc. 		0.38% -1.54% 20.47% 13.56%
Equity Vanguard Variable Insurance Fund - Mid-Cap Index Portfolio
Investment Advisor: Vanguard Equity Index Group 		0.17% 24.35% 15.71% 14.96%
Equity Vanguard Variable Insurance Fund - Real Estate Index Portfolio
Investment Advisor: Vanguard Equity Index Group 		0.26% 40.20% 11.24% 11.43%
Fixed Income Vanguard Variable Insurance Fund - Short-Term Investment-Grade Portfolio
Investment Advisor: Vanguard Fixed Income Group 		0.14% -0.45% 2.74% 2.47%
Fixed Income Vanguard Variable Insurance Fund - Total Bond Market Index Portfolio
Investment Advisor: Vanguard Fixed Income Group 		0.14% -1.71% 3.49% 2.76%
Equity Vanguard Variable Insurance Fund - Total International Stock Market Index Portfolio
Investment Advisor: Vanguard Equity Index Group 		0.10% 8.52%    
Equity Vanguard Variable Insurance Fund - Total Stock Market Index Portfolio
Investment Advisor: Vanguard Equity Index Group 		0.13% 25.63% 17.79% 16.12%
Equity Virtus Variable Insurance Trust - Virtus Duff & Phelps Real Estate Securities Series: Class I
Investment Advisor: Virtus Investment Advisers, Inc.
Sub-Advisor: Duff & Phelps Investment Management Co. 		0.85%* 45.95% 12.85% 12.11%
* This underlying mutual fund’s current expenses reflect a temporary fee reduction.
26

 

Outside back cover page
This summary prospectus incorporates by reference the statutory prospectus and Statement of Additional Information, both dated May 1, 2022, as amended or supplemented. The statutory prospectus and Statement of Additional Information may be obtained, free of charge, at https://nationwide.onlineprospectus.net/NW/C000211469NW/index.php.
Reports and other information about the Variable Account are available on the SEC’s website at http://www.sec.gov. Copies of this information may be obtained, upon payment of a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov.
SEC Contract Identifier: C000211469