Document

This Updating Summary Prospectus summarizes key features of the Contract. The statutory prospectus for the Contract (the “Expanded Prospectus”) contains more information about the Contract, including its features, benefits, and risks. You can find the Expanded Prospectus and other information about the Contract online at www.principal.com/FVAreport. You can also obtain this information at no cost by calling 1-800-852-4450 or by sending an email request to annuityinternet@principal.com.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Company electronically by following instructions provided by the Company. You may elect to receive all future reports in paper free of charge. You can inform the Company that you wish to continue receiving paper copies of your shareholder reports by calling 1-800-852-4450. Your election to receive reports in paper will apply to all underlying mutual funds available as investment options under your Contract.

FEES AND EXPENSES

LOCATION IN EXPANDED

PROSPECTUS

Charges for Early Withdrawals

If you withdraw money from your Contract within 7 years following your last purchase payment, you will be assessed a surrender charge. The maximum surrender charge is 6% of the amount withdrawn during the first three contract years, declining down to 0% over the 7-year time period. For example, if you make an early withdrawal within the first three contract years, you could pay a surrender charge of up to $6,000 on a $100,000 investment.

7. CHARGES – Deferred Sales Load (“Surrender Charge”)

Transaction Charges

In addition to surrender charges, you may also be charged for other transactions, such as when you exceed more than 12 unscheduled partial surrenders in a contract year or you make more than one unscheduled transfer in a contract year.

7. CHARGES – Transaction Fees

Ongoing Fees and Expenses

(annual charges)

The following part of the table describes the fees and expenses that you may pay each year, depending on the options you choose. Please refer to your data page for information about the specific fees you will pay each year based on the options you have selected.

ANNUAL FEE

MINIMUM

MAXIMUM

LOCATION IN EXPANDED PROSPECTUS

1. Base contract1

1.30%

1.40%

7. CHARGES – Base Contract Annual Expenses

2. Investment options (underlying mutual fund fees and expenses)2

0.24%

1.98%

APPENDIX A in this Updating Summary Prospectus - INVESTMENT OPTIONS AVAILABLE UNDER THE CONTRACT

3. Optional death benefit available for an additional charge3

0.20%

7. CHARGES – Optional Death Benefit Rider Charges

Lowest and Highest Annual Cost Table

Because your Contract is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your Contract, this table shows the lowest and highest cost you could pay each year, based on current charges. This estimate assumes that you do not take withdrawals from the Contract,

which could add surrender charges that substantially increase costs.

LOWEST ANNUAL COST

$1,382.18

HIGHEST ANNUAL COST

$2,870.38

Assumes:

● Investment of $100,000

● 5% annual appreciation

● Least expensive combination of Base Contract charge and underlying mutual fund fees and expenses

● No optional benefits

● No sales charges

● No additional purchase payments, transfers or withdrawals

● Investment of $100,000

● 5% annual appreciation

● Most expensive combination of Base Contract charge, optional benefits, and underlying mutual fund fees and expenses

● No sales charges

● No additional purchase payments, transfers or withdrawals

RISKS

LOCATION IN EXPANDED

PROSPECTUS

Risk of Loss

You can lose money by investing in this Contract.

5. PRINCIPAL RISKS OF INVESTING IN THE CONTRACT – Poor Investment Performance

Not a Short-Term Investment

This Contract is not designed for short-term investing and is not appropriate for an investor who needs ready access to cash.

Surrender charges apply for up to 7 years following your last purchase payment. These charges will reduce the value of your Contract if you withdraw money during that time.

5. PRINCIPAL RISKS OF INVESTING IN THE CONTRACT – Liquidity Risk

Risks Associated with Investment Options

• An investment in this Contract is subject to the risk of poor investment performance and can vary depending on the performance of the investment options available under the Contract.

• Each investment option (including the DCA Plus and Fixed Accounts) has its own unique risks.

• You should review the prospectuses for the available underlying mutual funds before making an investment decision.

5. PRINCIPAL RISKS OF INVESTING IN THE CONTRACT

Insurance Company Risks

An investment in the Contract is subject to the risks related to the Company. Any obligations (including under the DCA Plus and Fixed Accounts), guarantees, or benefits are subject to the claims-paying ability of the Company. More information about the Company, including its financial strength ratings, is available upon request by calling 1-800-852-4450.

5. PRINCIPAL RISKS OF INVESTING IN THE CONTRACT – Insurance Company Risks

RESTRICTIONS

LOCATION IN EXPANDED

PROSPECTUS

Investments

•Limitations on Transfers – We reserve the right to charge you for each unscheduled transfer after the first unscheduled transfer in a contract year. We also reserve the right to limit transfers in circumstances where frequent transfers have been made.

•Removal or Substitution of Underlying Mutual Funds - We reserve the right to remove, close or substitute the underlying mutual funds that are available as investment options under the Contract.

8. GENERAL DESCRIPTION OF THE CONTRACT – Frequent Transfers among Divisions

8. GENERAL DESCRIPTION OF THE CONTRACT – Contract or Registrant Changes

Optional Benefits

The Annual Enhanced Death Benefit Rider was an optional benefit you could have purchased at the time you purchased your Contract.

10. BENEFITS AVAILABLE UNDER THE CONTRACT

TAXES

LOCATION IN EXPANDED

PROSPECTUS

Tax Implications

• You should consult with a tax professional to determine the tax implications of an investment in, withdrawals from and surrenders of this Contract.

• If you purchase the Contract through a tax-qualified plan or individual retirement account (IRA), such plan or IRA already provides tax deferral under the Code and there are fees and charges in an annuity that may not be included in such other investments. The tax deferral of the annuity does not provide any additional tax benefits for such a plan or IRA.

• Premiums that are made on a pre-tax basis and earnings on your Contract are taxed at ordinary income tax rates when you withdraw them. You also may have to pay a 10% penalty tax if you take a withdrawal before age 59 1/2.

13. TAXES

CONFLICTS OF INTEREST

LOCATION IN EXPANDED

PROSPECTUS

Financial Professional Compensation

Your financial professional may receive compensation in the form of commissions for selling this Contract to you. Your financial professional may have had a financial incentive to offer or recommend this Contract over another investment.

11. PURCHASES AND CONTRACT VALUE – Distribution of the Contract

Exchanges

Your financial professional may have a financial incentive to offer you a new contract in place of the one you own. You should only consider exchanging your Contract if you determine, after comparing the features, fees, and risks of both contracts, that it is in your best interest to purchase the new contract rather than continuing to own your existing Contract.

8. GENERAL DESCRIPTION OF THE CONTRACT – Contract Provisions and Limitations – Exchange Offers


Type	Portfolio Advisor/Sub-advisor	Current Expenses (Net)	Average Annual Total Returns (as of 12/31/20)
			1 year	5 year	10 year
Asset Allocation	American Funds Insurance Series – Asset Allocation Fund (1) – Class 2 Shares Capital Research and Management Company	0.55%	12.46%	10.49%	9.91%
Asset Allocation	BlackRock Global Allocation V.I. Fund (1) – Class III BlackRock Investment Management, LLC.	1.01% (2)	20.79%	9.17%	6.61%
Asset Allocation	Principal VCF Diversified Balanced Account (3) – Class 1 Principal Management Corporation	0.24%	12.96%	9.11%	7.88%
Asset Allocation	Principal VCF Diversified Balanced Managed Volatility Account (1) – Class 2 Principal Management Corporation	0.57%	12.03%	8.50%
Asset Allocation	Principal VCF Diversified Growth Managed Volatility Account (1) – Class 2 Principal Management Corporation	0.60%	13.06%	9.70%
Asset Allocation	Principal VCF Principal LifeTime 2010 Account (3) – Class 1 Principal Global Investors, LLC	0.50%	11.40%	7.46%	6.43%
Asset Allocation	Principal VCF Principal LifeTime 2020 Account (3) – Class 1 Principal Global Investors, LLC	0.53%	12.89%	8.94%	7.76%
Asset Allocation	Principal VCF Principal LifeTime 2030 Account (3) – Class 1 Principal Global Investors, LLC	0.58%	14.89%	10.28%	8.69%
Asset Allocation	Principal VCF Principal LifeTime 2040 Account (3) – Class 1 Principal Global Investors, LLC	0.63%	16.11%	11.18%	9.48%


Type	Portfolio Advisor/Sub-advisor	Current Expenses (Net)	Average Annual Total Returns (as of 12/31/20)
			1 year	5 year	10 year
Asset Allocation	Principal VCF Principal LifeTime 2050 Account (3) – Class 1 Principal Global Investors, LLC	0.67%	16.68%	11.68%	9.81%
Asset Allocation	Principal VCF Principal LifeTime Strategic Income Account (3) - Class 1 Principal Global Investors, LLC	0.49%	10.30%	6.51%	5.41%
Asset Allocation	Principal VCF Strategic Asset Management (“SAM”) Portfolios (3) – Balanced Portfolio – Class 1 Edge Asset Management, Inc.	0.75%	11.28%	9.31%	8.28%
Asset Allocation	Principal VCF Strategic Asset Management (“SAM”) Portfolios – Conservative Balanced Portfolio (3) – Class 1 Edge Asset Management, Inc.	0.76%	9.60%	7.76%	6.87%
Asset Allocation	Principal VCF Strategic Asset Management (“SAM”) Portfolios (3) – Conservative Growth Portfolio – Class 1 Edge Asset Management, Inc.	0.77%	12.95%	10.89%	9.56%
Asset Allocation	Principal VCF Strategic Asset Management (“SAM”) Portfolios (3) – Flexible Income Portfolio – Class 1 Edge Asset Management, Inc.	0.72%	7.27%	6.68%	5.95%
Asset Allocation	Principal VCF Strategic Asset Management (“SAM”) Portfolios (3) – Strategic Growth Portfolio – Class 1 Edge Asset Management, Inc.	0.82%	15.40%	11.77%	10.41%
Asset Allocation	TOPS® Aggressive Growth ETF Portfolio (1)(3) – Investor Class Shares Milliman Financial Risk Management, LLC through a sub-advisory agreement with ValMark Advisers, Inc.	0.80%	12.31%	10.84%
Asset Allocation	TOPS® Balanced ETF Portfolio (1)(3) – Investor Class Shares Milliman Financial Risk Management, LLC through a sub-advisory agreement with ValMark Advisers, Inc.	0.81%	8.09%	6.96%


Type	Portfolio Advisor/Sub-advisor	Current Expenses (Net)	Average Annual Total Returns (as of 12/31/20)
			1 year	5 year	10 year
Asset Allocation	TOPS® Conservative ETF Portfolio (1)(3) – Investor Class Shares Milliman Financial Risk Management, LLC through a sub-advisory agreement with ValMark Advisers, Inc.	0.85%	6.68%	5.45%
Asset Allocation	TOPS® Growth ETF Portfolio (1)(3) – Investor Class Shares Milliman Financial Risk Management, LLC through a sub-advisory agreement with ValMark Advisers, Inc.	0.80%	11.36%	9.94%
Asset Allocation	TOPS® Moderate Growth ETF Portfolio (1)(3) – Investor Class Shares Milliman Financial Risk Management, LLC through a sub-advisory agreement with ValMark Advisers, Inc.	0.79%	10.24%	8.61%
Commodities	Rydex VI Commodities Strategy Fund Security Investors, LLC, which operates under the name of Guggenheim Investments	1.79% (2)	-22.72%	-2.71%	-10.25%
Convertibles	EQ Advisors Trust 1290 VT Convertible Securities Portfolio (1) – Class IB FMG LLC	1.15% (2)	39.08%	15.22%
Diversified Emerging Markets	American Funds Insurance Series - New World Fund (1) – Class 2 Shares Capital Research and Management Company	0.84% (2)	23.58%	13.33%	6.54%
Diversified Emerging Markets	Principal VCF International Emerging Markets Account (1) – Class 1 Principal Global Investors, LLC	1.20% (2)	19.23%	11.28%	2.93%
Foreign Large Blend	Fidelity VIP Overseas Portfolio (1) – Service Class 2 Fidelity Management & Research Company	1.04%	15.33%	8.98%	6.56%
Foreign Large Blend	Principal VCF Diversified International Account (1) – Class 1 Principal Global Investors, LLC	0.92%	16.16%	8.77%	6.22%
Foreign Large Value	MFS® International Intrinsic Value Portfolio (1) – Service Class Massachusetts Financial Services Company	1.15% (2)	20.21%	12.42%	10.87%
Global Real Estate	Franklin Templeton VIP Trust – Franklin Global Real Estate VIP Fund (1) – Class 2 Franklin Templeton Institutional, LLC	1.25% (2)	-5.39%	3.69%	5.48%
Health	Invesco V.I. Health Care Fund – Series I Shares Invesco Advisers, Inc.	0.98%	14.46%	9.43%	13.09%
High Yield Bond	American Funds Insurance Series – High-Income Bond Fund (1)(4) – Class 2 Shares Capital Research and Management Company	0.58% (2)	7.94%	8.34%	5.57%


Type	Portfolio Advisor/Sub-advisor	Current Expenses (Net)	Average Annual Total Returns (as of 12/31/20)
			1 year	5 year	10 year
Inflation-Protected Bond	American Century VP Inflation Protection Fund (1) – Class II American Century Investment Management, Inc.	0.72%	9.55%	4.64%	3.33%
Intermediate Government	Principal VCF Government & High Quality Bond Account – Class 1 Edge Asset Management, Inc.	0.51%	2.87%	2.76%	2.86%
Intermediate-Term Bond	Janus Henderson Series Flexible Bond Portfolio (1) – Service Shares Janus Capital Management LLC	0.82% (2)	10.25%	4.67%	4.19%
Intermediate-Term Bond	Principal VCF Core Plus Bond Account – Class 1 Principal Global Investors, LLC	0.48%	9.55%	5.29%	4.46%
Large Blend	EQ Advisors Trust 1290 VT Socially Responsible Portfolio (1) – Class IB FMG LLC	0.93%	20.01%	14.62%	13.52%
Large Blend	Invesco V.I. Core Equity Fund – Series I Shares Invesco Advisers, Inc.	0.81%	13.85%	10.67%	9.55%
Large Blend	Principal VCF LargeCap S&P 500 Index Account – Class 1 Principal Global Investors, LLC	0.25%	18.08%	14.90%	13.54%
Large Blend	Principal VCF Principal Capital Appreciation Account – Class 1 Edge Asset Management, Inc.	0.63%	18.72%	14.89%	13.27%
Large Growth	American Century VP Ultra Fund – Class I American Century Investment Management, Inc.	0.80% (2)	49.85%	22.89%	17.86%
Large Growth	Fidelity VIP Contrafund® Portfolio (1) – Service Class Fidelity Management & Research Company	0.71%	30.43%	16.07%	13.40%
Large Growth	Fidelity VIP Growth Portfolio (1) – Service Class Fidelity Management & Research Company	0.72%	43.77%	21.20%	17.14%
Large Growth	Invesco V.I. American Franchise Fund – Series I Shares Invesco Advisers, Inc.	0.86%	42.35%	19.56%	15.32%
Large Growth	Principal VCF Blue Chip Account (1)(5) - Class 3 Principal Global Investors, LLC	1.05% (2)	N/A (6)	N/A (6)	N/A (6)
Large Growth	Principal VCF LargeCap Growth Account I – Class 1 T. Rowe Price Associates, Inc./Brown Advisory, LLC	0.69% (2)	36.20%	20.85%	16.90%


Type	Portfolio Advisor/Sub-advisor	Current Expenses (Net)	Average Annual Total Returns (as of 12/31/20)
			1 year	5 year	10 year
Large Value	American Century VP Disciplined Core Value Income & Growth Fund (7) – Class I American Century Investment Management, Inc.	0.70%	11.81%	12.02%	11.64%
Large Value	American Century VP Value Fund (1) – Class II American Century Investment Management, Inc.	0.88% (2)	0.98%	8.82%	9.72%
Large Value	American Funds Insurance Series – Blue Chip Income and Growth Fund (1)(8) – Class 2 Shares Capital Research and Management Company	0.52% (2)	8.68%	10.85%	10.90%
Large Value	Fidelity VIP Equity-Income Portfolio (1) – Service Class 2 Fidelity Management & Research Company	0.78%	6.44%	10.41%	9.89%
Large Value	Principal VCF Equity Income Account – Class 1 Edge Asset Management, Inc.	0.48%	6.43%	12.83%	11.63%
Mid-Cap Growth	Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund (9) – Series I Invesco Advisers, Inc.	0.80% (2)	40.69%	19.40%	15.92%
Mid-Cap Growth	Janus Henderson Series Enterprise Portfolio (1) – Service Shares Janus Capital Management LLC	0.97%	19.18%	17.92%	14.97%
Mid-Cap Growth	Principal VCF MidCap Account – Class 1 Principal Global Investors, LLC	0.54%	18.33%	17.00%	15.87%
Mid-Cap Value	AllianceBernstein VPS Small/Mid Cap Value Portfolio – Class A AllianceBernstein L.P.	0.83%	3.37%	8.35%	8.75%
Mid-Cap Value	American Century VP Mid Cap Value Fund (1) – Class II American Century Investment Management, Inc.	1.00% (2)	1.11%	9.19%	10.27%
Mid-Cap Value	DWS Small Mid Cap Value VIP (1) – Class B DWS Investment Management Americas Inc.	1.21% (2)	-1.11%	5.13%	6.56%
Mid-Cap Value	Goldman Sachs VIT – Goldman Sachs Mid Cap Value Fund – Institutional Shares Goldman Sachs Asset Management, L.P.	0.84% (2)	8.38%	9.98%	9.35%
Money Market	Fidelity VIP Government Money Market Portfolio – Initial Class Fidelity Management & Research Company	0.24%	0.32%	0.97%	0.52%
Multialternative	BlackRock 60/40 Target Allocation ETF V.I. Fund (1) – Class III BlackRock Advisors LLC	0.62% (2)	14.35%	9.87%


Type	Portfolio Advisor/Sub-advisor	Current Expenses (Net)	Average Annual Total Returns (as of 12/31/20)
			1 year	5 year	10 year
Multialternative	Guggenheim Investments VIF Global Managed Futures Strategy Fund Security Investors, LLC, which operates under the name of Guggenheim Investments	1.83% (2)	2.60%	-1.33%	-1.51%
Multialternative	Guggenheim Investments VIF Long Short Equity Fund Security Investors, LLC, which operates under the name of Guggenheim Investments	1.73%	4.93%	2.19%	2.89%
Multialternative	Guggenheim Investments VIF Multi-Hedge Strategies Fund Security Investors, LLC, which operates under the name of Guggenheim Investments	1.86% (2)	7.39%	2.01%	2.38%
Multisector Bond	Guggenheim Investments VIF (1) – Series F (Guggenheim Floating Rate Strategies Series) Guggenheim Partners Investment Management, LLC d/b/a Guggenheim Investments	1.23% (2)	0.01%	3.70%
Natural Resources	VanEck VIP Trust – VanEck VIP Global Hard Assets Fund (1)(10) – Class S Shares Van Eck Associates Corporation	1.38%	18.83%	5.93%	-3.83%
Real Estate	Principal VCF Real Estate Securities Account – Class 1 Principal Real Estate Investors, LLC	0.83%	-3.42%	7.01%	9.95%
Short-Term Fixed Income	Columbia VP – Limited Duration Credit Fund (1) – Class 2 Columbia Management Investment Advisors, LLC	0.73% (2)	5.57%	3.99%	2.68%
Short-Term Fixed Income	Lincoln VIP Delaware Limited Term Diversified Income Series (1)(11) – Service Class Lincoln Investment Advisors Corporation	0.83% (2)	4.12%	2.51%	1.83%
Short-Term Fixed Income	PIMCO VIT Low Duration Portfolio (1) – Advisor Class Pacific Investment Management Company LLC (PIMCO)	0.79%	2.89%	1.91%	1.69%


Type	Portfolio Advisor/Sub-advisor	Current Expenses (Net)	Average Annual Total Returns (as of 12/31/20)
			1 year	5 year	10 year
Short-Term Fixed Income	Principal VCF Short-Term Income Account – Class 1 Edge Asset Management, Inc.	0.47%	3.36%	2.71%	2.34%
Small Blend	Goldman Sachs VIT – Goldman Sachs Small Cap Equity Insights Fund – Institutional Shares Goldman Sachs Asset Management, L.P.	0.81% (2)	8.56%	11.22%	10.62%
Small Blend	Invesco Oppenheimer V.I. Main Street Small Cap Fund (1)(12) – Series II Invesco Advisors, Inc.	1.05% (2)	19.63%	12.59%	11.85%
Small Blend	Invesco V.I. Small Cap Equity Fund – Series I Shares Invesco Advisers, Inc.	0.96%	27.25%	11.82%	10.15%
Small Blend	Principal VCF SmallCap Account – Class 1 Principal Global Investors, LLC	0.84%	22.20%	12.95%	12.40%
Small Growth	EQ Advisors Trust 1290 VT Micro Cap Portfolio (1) – Class IB FMG LLC	1.15% (2)	50.22%	20.81%
Small Growth	MFS® New Discovery Series (1) – Service Class Massachusetts Financial Services Company (MFS)	1.12% (2)	45.58%	22.68%	14.41%
Small Value	Delaware VIP Small Cap Value Series (1) – Service Class Delaware Management Company	1.08%	-2.18%	8.74%	8.38%
Small Value	EQ Advisors Trust 1290 VT GAMCO Small Company Value Portfolio (1) – Class IB FMG LLC	1.07%	9.51%	10.29%	9.64%
Small Value	Franklin Templeton VIP Trust - Franklin Small Cap Value VIP Fund (1) – Class 2 Franklin Mutual Advisers, LLC	0.93%	5.19%	10.77%	9.20%
Technology	Invesco V.I. Technology Fund – Series I Shares Invesco Advisers, Inc.	0.98%	46.11%	21.53%	15.31%
World Bond	Franklin Templeton VIP Trust (1) – Templeton Global Bond VIP Fund – Class 4 Franklin Advisers, Inc	0.84% (2)	-5.00%	0.56%	1.46%

Type

Portfolio

Advisor/Sub-advisor

Current Expenses (Net)

Average Annual Total Returns

(as of 12/31/20)

1 year

5 year

10 year

World Large Stock

EQ Advisors Trust 1290 VT Smartbeta Equity Portfolio (1) – Class IB

FMG LLC

1.10% (2)

3.39%

9.47%

World Stock

American Funds Insurance Series – Global Small Capitalization Fund (1) – Class 2 Shares

Capital Research and Management Company

0.99%

29.72%

14.43%

9.43%

(1) This underlying mutual fund pays 12b-1 fees to PSI.

(2) This reflects an expense reimbursement and/or fee waiver arrangement that is in place and reported in the underlying mutual fund’s registration statement. This agreement may be terminated in the future and, therefore, the expense figures shown reflect temporary fee reductions.

(3) This underlying mutual fund is a fund of funds. The fund of funds expenses may be higher than other fund types because the expenses of the selected fund include the expenses of the funds it holds.

(4) Effective June 5, 2021, the American Funds Insurance Series High-Income Bond Fund will be known as the American Funds Insurance Series American High-Income Trust.

(5) This investment option will be available on June 5, 2021.

(6) This Fund is not showing Average Annual Total Returns because operations commenced on December 9, 2020 and does not have annual returns for the years shown.

(7) Effective June 5, 2021, the American Century VP Income & Growth Fund will be known as the American Century VP Disciplined Core Value.

(8) Effective June 5, 2021, the American Funds Insurance Series Blue Chip Income and Growth Fund will be known as the American Funds Insurance Series Washington Mutual Investors Fund.

(9) Effective June 5, 2021, the Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund will be known as the Invesco V.I. Discovery Mid Cap Growth Fund

(10) Effective June 5, 2021, the VanEck VIP Global Hard Assets Fund will be known as the VanEck VIP Global Resources Fund

(11) This was formerly known as the Delaware Variable Insurance Products Limited-Term Diversified Income Series.

(12) Effective June 5, 2021, the Invesco Oppenheimer V.I. Main Street Small Cap Fund will be known as the Invesco V.I. Main Street Small Cap Fund


1			This fee reflects the Mortality and Expense Risks Charge and Administration Charge. We assess each division with a daily charge. The annual rate of the charge is the percentage of the average daily net assets of the Separate Account divisions.


2			As a percentage of the average net underlying mutual fund assets.


3			As a percentage of the average quarterly accumulated value. The annual maximum and current percentage in New York is 0.15%, which is deducted each calendar quarter.