THE LINCOLN NATIONAL LIFE INSURANCE COMPANY

Lincoln National Variable Annuity Account H

American Legacy^® Target Date Income Advisory

Supplement dated November 16, 2023 to the

Summary Prospectus for New Investors dated May 1, 2023

This supplement to the summary prospectus for your individual variable annuity contract describes revisions to i4LIFE^® Advantage, an optional variable payout option available under your Contract. These revisions apply to all i4LIFE^® Advantage elections on and after November 20, 2023. All other provisions in your prospectus remain unchanged.

OVERVIEW

The following changes will apply to all elections of i4LIFE^® Advantage beginning November 20, 2023:

• The minimum Access Period selected must be no less than 10 years;

• The available Assumed Investment Return (AIR) rates are limited to 3% and 4%;

• The annuity factor used to calculate the Regular Income Payment will no longer include gender as a component; and

• An i4LIFE^® Advantage Credit will be applied to the Account Value on a quarterly basis if certain criteria are met (subject to state approval).

DESCRIPTION OF CHANGES

The following discussion describes changes that are incorporated into the specified sections of your prospectus.

Special Terms – The following term is a new term that is added to the Special Terms section:

i4LIFE^®Advantage Credit. Under i4LIFE^® Advantage, the additional amount credited to the Contract if both the minimum Access Period requirement and threshold value are met.

Please keep this supplement for future reference.