SUPPLEMENT Dated April 19, 2010

To the Prospectus Dated February 25, 2010 

ING Select Opportunities

Issued By ING Life Insurance and Annuity Company 

Through Its Separate Account B

This supplement updates the prospectus. Please read this supplement carefully and keep it with your
copy of the prospectus for future reference. If you have any questions, please call our Customer Service
Center at 1-888-854-5950.

For Contracts issued in the State of New York:

1. Annual Administrative Charge – The annual administrative charge is $30.

2. Annuity Commencement Date – The Annuity Commencement Date can be any date following
the first Contract Anniversary on or prior to the Maximum Annuity Commencement Date.

3. Annuity Plans – The following Important Note is added under the heading “Annuity Plans”:

¡ IMPORTANT NOTE: For Contracts issued in New York, Annuity Payments at the time of
commencement will not be less than those that would otherwise be provided by the application of
an amount to purchase any single premium immediate annuity offered by us at the time to the
same class of Annuitants. Such amount will be the greater of (1) the Cash Surrender Value; or
(2) 95% of what the Cash Surrender Value would be if there were no Surrender Charge applied.
If no single premium immediate annuity is offered by us at the time Annuity Payments under the
Contract would otherwise commence, such Annuity Payments will not be less than those that
would otherwise be provided by applying reasonable current market single premium immediate
annuity rates to the same amount.

4. Right to Examine and Return this Contract – You may return the Contract within 10 days of
your receipt of it, and you have up to 60 days if the Contract was issued as a replacement
contract. If so returned, we will promptly pay you the Accumulation Value plus any charges we
have deducted.

Select Opportunities - 155831  04/19/2010