Exhibit 26(h)(xi)

Amendment No. 2 dated 5-1-2005 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 and Schedule C of the Agreement are hereby deleted in their entirety and replaced with the Amended Schedule A and Schedule C attached hereto.

IN WITNESS WHEREOF, the parties have hereto affixed their respective authorized signatures, intending that this Second Amendment be effective as of May 1, 2005.

PEOPLES BENEFIT LIFE INSURANCE COMPANY

By:           /s/ Priscilla I. Hechler                                                                

Name:           Priscilla I. Hechler                                                      

Title:           Assistant Vice President                                                      

and Assistant Secretary                                                      

VARIABLE INSURANCE PRODUCTS FUNDS (I, II, III)

By:           /s/ Christine Reynolds                                                                

Christine Reynolds                                                      

Treasurer – E.V.P.                                                      

FIDELITY DISTRIBUTORS CORPORATION

By:           /s/ Bill Loehning                                                      

Bill Loehning                                                      

E.V.P.                                                      

Schedule A

Separate Accounts and Associated Contracts

(As of March 1, 2005)

Name of Separate Account and                                                                                     Policy Form Numbers of Contracts

Date Established by Board of Directors                                                                                     Funded by Separate Account

Peoples Benefit Life Insurance Company                                                                                                Advisor’s Edge Variable Annuity

Separate Account V (February 14, 1992)                                                                                                AV515

101 130

600

Advisor’s Edge Select Variable

Annuity

AV516

101 131

600

SCHEDULE C

Other investment companies currently available under variable annuities or variable life insurance issued by the Company:

AIM Variable Insurance Funds

Oppenheimer Variable Account Funds

Janus Aspen Series

AEGON/Transamerica Series Fund, Inc.

Alliance Capital Management L.P.

Credit Suisse Trust

DFA Investments Dimensions Group, Inc.

Dreyfus Variable Investment Fund

Dreyfus Investment Portfolios

Dreyfus Socially Responsible Growth Fund

Dreyfus Life and Annuity Index Fund

Federated Insurance Series

Gartmore Variable Insurance Trust

Seligman Portfolios, Inc.

Steinroe Variable Investment Trust

Wells Fargo Variable Trust

Wanger Advisors Trust