| Page | |||||
| IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE CONTRACT | |||||
| OVERVIEW OF THE CONTRACT | |||||
| STANDARD DEATH BENEFITS | |||||
| OTHER BENEFITS AVAILABLE UNDER THE CONTRACT | |||||
| PREMIUMS | |||||
| HOW YOUR CONTRACT CAN LAPSE | |||||
| MAKING WITHDRAWALS: ACCESSING THE MONEY IN YOUR CONTRACT | |||||
| ADDITIONAL INFORMATION ABOUT FEES | |||||
| APPENDIX A: Funds Available Under the Contract | |||||
| GLOSSARY: Definitions Of Special Terms Used In This Summary Prospectus | |||||
| FEES AND EXPENSES | |||||||||||||||||
Charges For Early Withdrawals | If you withdraw money from the Contract within the first 15 Contract Years, you may be assessed a surrender charge. The maximum surrender charge is set forth in your Contract and ranges from $8.80 to $56.72 per $1,000 of Basic Insurance Amount. The maximum charge on a withdrawal that reduces the Basic Insurance Amount by $100,000 is $5,672.00. The surrender charge applies to surrenders, lapses, withdrawals from Contracts with a Type A (fixed) Death Benefit, and reductions in Basic Insurance Amount. For more information on early withdrawal charges, please refer to the Surrender Charge subsection of the prospectus. | ||||||||||||||||
| Transaction Charges | In addition to a surrender charge, you may also be charged for other transactions. Such charges include sales charges on premiums paid under the Contract, administrative charges (to cover local, state and federal taxes), transfer fees, withdrawal fees, and fees for decreases in the Basic Insurance Amount. Premiums that exceed the Sales Load Target Premium set forth in your Contract may be subjected to higher sales charges. For more information on transaction charges, please refer to the FEE TABLE and CHARGES AND EXPENSES sections of the prospectus. | ||||||||||||||||
Ongoing Fees And Expenses | In addition to surrender charges and transaction charges, an investment in the Contract is subject to certain ongoing fees and expenses, including such fees and expenses as those covering the cost of insurance under the Contract and the cost of optional benefits available under the Contract. Such fees and expenses are set based on either a fixed rate or the characteristics of the insured (e.g., age, sex, and rating classification). Investors should view the data pages of their Contract for applicable rates. Contract Owners will also bear expenses associated with the Funds under the Contract, as shown in the following table: | ||||||||||||||||
| Annual Fee | Minimum | Maximum | |||||||||||||||
| Investment options (Fund fees and expenses) | 0.29% | 0.62% | |||||||||||||||
For more information on ongoing fees and expenses, please refer to the FEE TABLE section of the prospectus and APPENDIX A, which is part of the prospectus and included below. | |||||||||||||||||
| RISKS | |||||||||||||||||
| Risk Of Loss | You can lose money by investing in the Contract. For more information please refer to the PRINCIPAL RISKS OF INVESTING IN THE CONTRACT section of the prospectus. | ||||||||||||||||
| Not a Short-Term Investment | The Contract is not a short-term investment and may not be appropriate if you need ready access to cash. The Contract is designed to provide benefits on a long-term basis. Consequently, you should not use the Contract as a short-term investment or savings vehicle. Because of the long-term nature of the Contract, you should consider whether purchasing the Contract is consistent with the purpose for which it is being considered. For more information please refer to the PRINCIPAL RISKS OF INVESTING IN THE CONTRACT section of the prospectus. | ||||||||||||||||
| Risks Associated With Investment Options | An investment in the Contract is subject to the risk of poor investment performance and can vary depending on the performance of the Index Strategies and/or Funds available under the Contract, each of which has its own unique risks. You should review the Index Strategies and Funds’ prospectuses before making an investment decision. Prospectuses for the Index Strategies and the Funds are available at www.Prudential.com/eProspectus or by calling 800-778-2255. For more information please refer to the The Funds subsection of the prospectus. | ||||||||||||||||
| Insurance Company Risks | An investment in the Contract is subject to the risks related to Pruco Life. Any obligations (including under the Fixed Rate Option and Fixed Holding Account), guarantees, or benefits are subject to the claims-paying ability of Pruco Life. More information about Pruco Life, including its financial strength ratings, is available upon request and at www.Investor.Prudential.com/Ratings. For more information please refer to the GENERAL DESCRIPTIONS OF THE DEPOSITOR, REGISTRANT, AND INVESTMENT OPTIONS section of the prospectus. | ||||||||||||||||
| Contract Lapse | Death Benefits will not be paid if the Contract has lapsed. The Contract will lapse if it is in default unless sufficient premium payments are made or it remains in force under the Limited No-Lapse Guarantee or Lapse Protection Rider (if selected). The Contract is in default if the Contract Fund, less any applicable surrender charge and less any Contract Debt, is zero or less. The Contract will also be in default if, at any time, the Contract Debt equals or exceeds the Contract Fund, less any applicable surrender charge, unless it remains in force under the Overloan Protection Rider (if applicable). Poor investment performance, insufficient premium payments, withdrawals, and loans are some of the factors that could cause your Contract to lapse. A Contract that lapses may be reinstated within five years from the date of default upon the completion of certain conditions, including the submission of certain payments sufficient to bring the Contract up to date, plus a premium to cover all charges and deductions for three months from the date of reinstatement. For more information please refer to the LAPSE AND REINSTATEMENT section of the prospectus. | ||||||||||||||||
| RESTRICTIONS | |||||||||||||||||
| Investments | You may, up to 12 times each Contract Year, transfer amounts among the Variable Investment Options or to the Fixed Rate Option and Index Strategies. Additional transfers may be made only with our consent. Generally, only one transfer from the Fixed Rate Option to the Variable Investment Options will be permitted during each Contract Year. The maximum amount per Contract Year you may transfer out of the Fixed Rate Option each year is the greatest of: (a) 25% of the amount in the Fixed Rate Option; (b) $5,000; and (c) the amount transferred from the Fixed Rate Option to the Variable Investment Options in the prior Contract Year (if applicable). Transfers may generally be made by mail, phone, fax or website. Contracts that are jointly owned or assigned generally cannot conduct transfers by phone, fax or website. You also may transfer amounts from the Index Strategies at time of Segment maturity. Currently, the maximum amount that can be allocated annually to the Variable Investment Options from the Index Strategies is 25% of the maturity value of each Index Strategy Segment. We reserve the right to remove or substitute Variable Investment Options and Index Strategies. For more information on investment and transfer restrictions, please refer to the Index Strategies prospectus as well as the Transfers And Restrictions On Transfers subsection of the prospectus and APPENDIX A. Please refer to APPENDIX B, which is part of the prospectus, for state availability and a description of material variations to features that differ from the description contained in the prospectus. | ||||||||||||||||
| Optional Benefits | As a Contract Owner, you may be able to obtain extra fixed benefits, which may require additional charges. These optional insurance benefits are described in what is known as a “rider” to the Contract. Riders are generally only available at Contract issuance, unless noted otherwise. Some riders may depend on the performance of the Contract Fund. Rider benefits will no longer be available if the Contract lapses and most rider benefits will no longer be available if you choose to keep the Contract in force under the Overloan Protection Rider. Some riders are not available in conjunction with other riders and other restrictions may apply. Access to investment options will be limited and restricted if certain riders are included and/or exercised. Some riders described in this prospectus may be subject to state variations or may not be available in all states. Please refer to APPENDIX B for state availability and a description of material variations to riders that differ from the description contained in the prospectus. For more information on optional benefits under the Contract, please refer to the OTHER BENEFITS AVAILABLE UNDER THE CONTRACT section of the prospectus. | ||||||||||||||||
| TAXES | |||||||||||||||||
| Tax Implications | You should consult with a tax professional to determine the tax implications of an investment in and payments received under the Contract. Withdrawals may be subject to ordinary income tax and a 10% additional tax. For more information on tax implications relating to Contract investments, please refer to the TAXES section of the prospectus. | ||||||||||||||||
| CONFLICTS OF INTEREST | |||||||||||||||||
| Investment Professional Compensation | Investment professionals receive compensation for selling the Contract to investors and may have a financial incentive to offer or recommend the Contract over another investment. Compensation (commissions, overrides, and any expense reimbursement allowance) is paid to broker-dealers that are registered under the Securities Exchange Act of 1934 and/or entities that are exempt from such registration (“firms”). The individual representative will receive all or a portion of the compensation, depending on the practice of the firm. For more information on investment professional compensation, please refer to the DISTRIBUTION AND COMPENSATION section and the Commissions Paid To Broker-Dealers subsection of the prospectus. | ||||||||||||||||
| Exchanges | Some investment professionals may have a financial incentive to offer you a contract in place of the one you already own. You should only exchange your existing life insurance contract if you determine after comparing the features, fees, and risks of both contracts, that it is preferable to purchase the contract, rather than continue to own your existing contract. For more information on exchanges, please refer to the paragraph titled Replacement Of a Contract in the PRINCIPAL RISKS OF INVESTING IN THE CONTRACT section of the prospectus. | ||||||||||||||||
| Purpose Of the Contract | Prudential FlexGuard® Life IVUL is a form of variable universal life insurance. A Death Benefit is paid upon the death of the insured person. In addition to life insurance coverage, the Contract provides the opportunity to earn a return through the available investment options. This Contract is designed for Contract Owners seeking benefits on a long-term basis and as such is not appropriate as a short-term investment or savings vehicle. Contract Owners should consider whether this Contract meets their financial goals, liquidity needs and investment time horizon. | ||||
| Premiums | The Contract offers flexibility in paying premiums. With certain exceptions, you choose the timing and the amount of premium payments. Payment of insufficient premiums may result in a lapse of the Contract. Premiums that exceed the Sales Load Target Premium may be subjected to significantly higher sales charges. Under certain circumstances we reserve the right to refuse to accept premium payments. You may choose to invest your Contract's premiums and its earnings in one or more of the available Variable Investment Options. A complete list of the available Funds is included in Appendix A to the prospectus and included below. You may also choose to invest your Contract’s premiums and its earnings in the Fixed Rate Option, which pays a guaranteed interest rate, or the Index Strategies investment options described in the prospectus. Some investment options are not available through all broker-dealers. | ||||
| Contract Features | Some Contract forms, features and/or riders may be subject to state variations or may not be available in all states or through all broker-dealers. Types Of Death Benefit – You may choose from two types of Death Benefit. You may change from one Death Benefit type to another, subject to limitations, and charges may apply. •Type A (fixed): the Death Benefit is generally the Basic Insurance Amount you chose. •Type B (variable): the Death Benefit is generally the Basic Insurance Amount plus the value of the Contract Fund. Index Strategies – The Index Strategies provide Index Interest based on the Index Return of the underlying Index associated with the Index Strategy. The Index Strategies provide a level of protection against negative Index Returns through a Buffer or a Floor; however, negative Index Returns in excess of a Buffer will result in a loss of principal and any prior earnings, which could also result in a significant amount of loss. Assets supporting the Index Strategies are held in a non-insulated, non-unitized separate account and are subject to the claims of the creditors of Pruco Life and the Segment values provided under the Index Strategies are subject to the claims paying ability of Pruco Life. For more information on the Index Strategies offered with this Contract, please refer to the separate prospectus covering the Index Strategies. Variable Investment Options (“Funds”) – The price of the Funds generally fluctuate each day. The Funds do not provide any level of protection against negative returns. Allocations you make to the Funds are at risk of losing principal and any earnings. The assets that are held in support of the Funds are kept separate from all our other assets and may not be chargeable with liabilities arising out of any other business we may conduct. Additional information about the Funds is provided in Appendix A to the prospectus and included below. No-Lapse Guarantees – The Contract includes at no additional cost a Limited No-Lapse Guarantee and a Lapse Protection Rider. These provide conditional guarantees that can keep your Contract in effect regardless of investment performance or Contract Fund value. Both are subject to requirements for maintaining the guarantees. The guarantees may not last for the period of time you wish to keep your Contract. Riders – Contract Owners may be eligible to select extra benefits called “riders.” The charges associated with each rider are presented in the FEE TABLE section of the prospectus. Except as noted, all riders are only available at Contract issuance. Riders include: •Accidental Death Benefit Rider: Pays an additional Death Benefit if the insured’s death is accidental. •BenefitAccess Rider: Provides an early payment of the Death Benefit, adjusted to reflect current value, if the insured becomes Chronically Ill or Terminally Ill. •Children Level Term Rider: Provides life insurance coverage on the insured’s children. •Enhanced Cash Value Rider: Pays an Additional Amount upon surrender of the Contract. •Enhanced Disability Benefit Rider: Pays a monthly benefit amount into the Contract if the insured is totally disabled. •Lapse Protection Rider: Provides a conditional guarantee against Contract lapse starting in the sixth Contact Year. •Living Needs BenefitSM Rider: Provides an early payment of all or part of the Death Benefit, adjusted to reflect current value, if the insured becomes Terminally Ill or is confined to a nursing home. This rider may be added after Contract issuance. •Overloan Protection Rider: Provides for protection against lapse if your outstanding loan(s), including interest, exceeds the cash value of your Contract. | ||||
| Contract Features, cont’d | Loans – You may borrow money from us using your Contract as security for the loan. There is no minimum loan amount. Interest charges will apply. All loans after the 10th Contract Anniversary will be considered preferred loans and are charged a lower annual interest rate. Withdrawals – Under certain circumstances and limitations, you may withdraw a part of the Contract's Cash Surrender Value without surrendering the Contract. Charges may apply. Surrendering the Contract – A Contract may be surrendered for its Cash Surrender Value while the insured is living. A surrender charge may apply. Canceling the Contract (Right To Cancel or “Free Look”) – Generally, you may return the Contract for a refund within 10 days after you receive it (or within any longer period of time required by state law). | ||||
| Death Benefit Coverage | Generally, the Contract may be issued on insureds through age 85. Currently, the minimum Basic Insurance Amount for a Contract issued for insureds ages 18 through 75 is $75,000 ($50,000 for insureds issue ages 0 through 17, $100,000 for insureds issue ages 76 through 80, and $250,000 for insureds issue ages 81 and above). Certain riders have issue age and Basic Insurance Amount requirements and may not be available with all Contracts. We require evidence of insurability, which may include a medical examination, before issuing any Contract. There is no insurance under this Contract until the minimum initial premium is paid. If a medical examination is required, the Contract Date will ordinarily be the date the examination(s) is completed. Under certain circumstances, we may allow the Contract to be backdated up to six months prior to the application date for the purpose of lowering the insured's issue age. This may be advantageous for some Contract Owners as a lower issue age may result in lower current charges. For more information please refer to the REQUIREMENTS FOR ISSUANCE OF A CONTRACT section in the prospectus. | ||||
| Types Of Death Benefit | When you apply for a Contract, you must select from two types of Death Benefit (referred to as “Type A” and “Type B”). A Type A (fixed) Death Benefit will generally equal the Basic Insurance Amount. Withdrawals from a Type A Contract generally result in a reduction of the Basic Insurance Amount by the amount of the withdrawal and will result in the deduction of any applicable surrender charge. A Type B (variable) Death Benefit will generally equal the Basic Insurance Amount plus the Contract Fund. Due to a higher Net Amount At Risk, a Type B Death Benefit has a greater cost of insurance charge than a Type A Death Benefit. We may increase the Death Benefit to ensure that the Contract will satisfy the Internal Revenue Code’s definition of life insurance. You may change the type of Death Benefit any time after issue, subject to Contract limitations and our approval, by sending us a request in Good Order to our Service Office. For more information please refer to the Types Of Death Benefit and Changing the Type Of Death Benefit subsections in the prospectus. | ||||
| Changing the Basic Insurance Amount | You may not increase the Basic Insurance Amount after issue. You have the option of decreasing the Basic Insurance Amount of your Contract without withdrawing any Cash Surrender Value, subject to Contract limitations and our approval. A decrease may have tax ramifications. For more information please refer to the Decreasing the Basic Insurance Amount subsection in the prospectus. | ||||
| Death Claim Settlement Options | You must designate a beneficiary of the Death Benefits. You may change the beneficiary, provided the beneficiary is not designated as irrevocable, by sending us a request. The beneficiary may choose to receive death claim proceeds by any of the settlement options available at the time the proceeds become payable, including by payment of a lump sum check. For more information please refer to the PERSONS HAVING RIGHTS UNDER THE CONTRACT section and the Death Claim Settlement Options subsection of the prospectus. | ||||
| When Death Benefit Proceeds Are Paid | Generally, we will pay any Death Benefit within seven days after all the documents required for such a payment are received in Good Order at the office designated to receive that request. The Death Benefit is determined as of the date of death. The Death Benefit will reflect the amount of any Contract Debt and, if the insured(s) dies while the Contract is in default, all unpaid monthly deductions. For more information please refer to the When Death Benefit Proceeds Are Paid subsection of the prospectus. | ||||
| Name Of Benefit | Purpose | Is Benefit Standard Or Optional | Brief Description Of Restrictions/Limitations | ||||||||
| Limited No-Lapse Guarantee | Provides limited guarantee against Contract lapse for first five Contract Years. Contract will not lapse as a result of unfavorable investment performance, subject to limitations. | Standard | •Withdrawals may void the guarantee. •Outstanding Contract loans will void the guarantee. •Only available if you have no Contract Debt and your Accumulated Net Payments are greater than the No-Lapse Guarantee Value. | ||||||||
Lapse Protection Rider(1) | Provides a conditional guarantee that, beginning in the sixth Contract Year, the Contract will be kept in force and will not lapse. | Optional | •Outstanding Contract loans will void the guarantee. •Only available if the No-Lapse Guarantee Value is greater than zero and there is no Contract Debt. •Premium and Segment maturity allocation limitations and transfer restrictions may apply for the first 10 Contract Years. | ||||||||
Accidental Death Benefit Rider(1) | Provides an additional Death Benefit that is payable if the insured’s death is accidental. | Optional | •Death resulting from injury must occur no more than 90 days after the injury. •Benefit will end on the earlier of: the end of the day before the first Contract Anniversary on or after the insured’s 100th birthday or the first Monthly Date on or after the date a request to discontinue the rider is received in Good Order at a Service Office. •Payments will not be paid for any death or injury that is caused or contributed to by war or an act of war. •Not available on Contracts that have the Overloan Protection Rider. | ||||||||
BenefitAccess Rider(1) | Provides for an acceleration of the Death Benefit if the insured becomes Chronically Ill or Terminally Ill. | Optional | •Benefits are subject to certain eligibility requirements, and approval of the claim. •A minimum Basic Insurance Amount of $100,000 is required for a Contract to be issued with the BenefitAccess Rider. •Investment options will be restricted upon submission of a claim and while receiving Benefit Payments under the Chronic Illness Option of the rider. •Not available on Contracts that include the Enhanced Disability Benefit Rider or the Living Needs BenefitSM Rider. | ||||||||
Children Level Term Rider(1) | Provides term life insurance coverage on the life of the insured’s covered children. | Optional | Coverage on each dependent insured will end on the earliest of: •The end of the day before the first Contract Anniversary on or after the primary insured’s 75th birthday; •The end of the day before the first Contract Anniversary on or after the child’s 25th birthday; •The end of the day before the date a rider is converted to a new Contract; and •The first Monthly Date on or after the date a request to discontinue the rider is received in Good Order at a Service Office. | ||||||||
Enhanced Cash Value Rider(1) | Provides an Additional Amount upon full surrender of the Contract for its surrender value. | Optional | •Benefit not payable when the Contract is surrendered in connection with an exchange. •Rider cannot be removed after the Contract is issued. •A minimum Basic Insurance Amount of $250,000 is required for a Contract to be issued with the Enhanced Cash Value Rider. | ||||||||
Enhanced Disability Benefit Rider(1) | Pays a monthly benefit amount into the Contract if the insured is totally disabled. | Optional | •Coverage will end as of the first Contract Anniversary on or after the insured’s 65th birthday. •Payments will not be paid for any death or injury that is caused or contributed to by war or an act of war. •Not available with Contracts that include the BenefitAccess Rider. | ||||||||
| Name Of Benefit, continued | Purpose | Is Benefit Standard Or Optional | Brief Description Of Restrictions/Limitations | ||||||||
Living Needs BenefitSM Rider(2) | Allows you to elect to receive an accelerated payment of all or part of the Death Benefit, adjusted to reflect current value, if the insured becomes Terminally Ill or is confined to a nursing home. | Optional | •Requires certification of a physician for benefits to be paid. •No benefit will be payable if you are required to elect it in order to meet the claims of creditors or to obtain a government benefit. •With the exception of certain business-related Contracts, this benefit is excluded from income if the insured is Terminally Ill or Chronically Ill. •Not available with Contracts that include the BenefitAccess Rider. | ||||||||
Overloan Protection Rider(2) | If exercised, guarantees protection against Contract lapse due to loans, even if the Contract Debt exceeds the cash value of the Contract. | Optional | •Only available when Guideline Premium(3) is selected as the definition of life insurance test. •Subject to various eligibility requirements, including the Contract must be in force for the later of 15 years and the Contract Anniversary after the insured’s 75th birthday. •If this rider is exercised, most riders will be terminated, most Contract changes and transactions will be prohibited, and investment options will be restricted. •Not available on Contracts that have the Accidental Death Benefit Rider. | ||||||||
| Minimum Initial Premium | The minimum initial premium is due on or before the Contract Date. It is the premium needed to start the Contract. The minimum initial premium is equal to 8.6% of the Limited No-Lapse Guarantee Premium, including all extras and additional premiums for optional riders and benefits. We may require an additional premium if deductions from the premium payments and any Contract Fund charges due on or before the payment date exceed the minimum initial premium. There is no insurance under the Contract unless at least the minimum initial premium is paid. For more information please refer to the Minimum Initial Premium subsection in the prospectus. | ||||
| Subsequent Premiums | After the minimum initial premium is paid, no other specific premiums are required and you have a certain amount of flexibility with respect to the amount and timing for future premium payments. However, there are certain premiums required to maintain the no-lapse guarantees offered under the Contract. Two possible patterns of premiums are described below. •The Single No-Lapse Premium is a premium that, if paid on the Contract Date, will keep the Contract in force for at least the duration of the targeted guarantee period, regardless of investment performance and assuming no loans, withdrawals, or Contract changes. •The Modal No-Lapse Premiums are premiums that, if paid on the Contract Date and each modal date, will keep the Contract in force at least the duration of the targeted guarantee period, regardless of investment performance and assuming no loans, withdrawals, or Contract changes. You should note that either one or both of the premiums defined above may not be payable as desired if you elect the Guideline Premium Test for the definition of life insurance test. If the Contract subsequently enters default, we will tell you the amount you need to pay to keep the Contract in force, and when you will need to pay that amount. It’s important to know that these additional payment amounts could be substantial. For more information please refer to the LIMITED NO-LAPSE GUARANTEE and PREMIUMS sections and the Lapse Protection Rider subsection in the prospectus. | ||||
| Paying Your Premiums | We can bill you for the amount you select annually, semi-annually, or quarterly. Because the Contract is a flexible premium Contract, there are no scheduled premium due dates. When you receive a premium notice, you are not required to pay this amount, however, paying premiums in a different manner than described in a Contract illustration may shorten the duration of your lapse protection provided by the no-lapse guarantees, or even cause your Contract to lapse. When you do make a premium payment, the minimum amount that we will accept is $25. You may also pay premiums automatically through pre-authorized monthly electronic fund transfers from a bank checking account. If you elect to use this feature, you choose the day of the month on which premiums will be paid and the premium amount. We will then draft the same amount from your account on the same date each month. When you apply for the Contract, you and your Pruco Life representative should discuss how frequently you would like to be billed (if at all) and for what amount. For more information please refer to the PREMIUMS section in the prospectus. | ||||
| Limitations On Premiums | We reserve the right to refuse to accept any payment that would require us to increase the Death Benefit (under Section 7702 of the Internal Revenue Code) by more than the payment increases the Contract Fund. For Contracts with the Guideline Premium Test as the definition of life insurance test, if a premium payment would cause the definition of life insurance to be violated, we will return the portion of the premium in excess of the allowable amount. For more information please refer to the PREMIUMS section in the prospectus. | ||||
| Lapse | We will determine the value of the Contract Fund on each Monthly Date. If the Contract Fund, less any applicable surrender charge and less any Contract Debt, is zero or less, the Contract is in default, unless it remains in force under the Limited No-Lapse Guarantee or the Lapse Protection Rider (if selected). The Contract will also be in default if, at any time, the Contract Debt equals or exceeds the Contract Fund, less any applicable surrender charges, unless it remains in force under the Overloan Protection Rider (if applicable). Should this happen, we will send you a notice of default setting forth the payment which we estimate will keep the Contract in force for three months from the date of default. A 61-day grace period will begin from the date the notice of default is mailed. Your payment must be received or postmarked within the 61-day grace period or the Contract will end and have no value. To prevent your Contract from lapsing, your payment must be in Good Order when received at the Payment Office. A Contract that lapses with an outstanding Contract loan may have tax consequences. For more information please refer to the LAPSE AND REINSTATEMENT section in the prospectus. | ||||
| Reinstatement | A Contract that lapses may be reinstated within five years from the date of default, if the following conditions are met: (a)We receive a written request for reinstatement in Good Order at our Service Office; (b)Renewed evidence of insurability is provided on the insured, proving the insured remains at the same underwriting classification that applied at the expiration of the grace period; (c)The insured is living on the date the Contract is reinstated; and (d)Submission of certain payments sufficient to bring the Contract's Cash Surrender Value to zero on the date of lapse plus a premium that we estimate will cover all charges and deductions for three months from the date of reinstatement. The reinstatement date will be the date we approve your request. We reserve the right to change the requirements to reinstate a lapsed Contract. For more information please refer to the LAPSE AND REINSTATEMENT section in the prospectus. | ||||
| Loans | You may borrow an amount up to the current loan value of your Contract less any existing Contract Debt using the Contract as the only security for the loan. The loan value at any time is equal to the sum of (1) 99% of the portion of the cash value attributable to the Variable Investment Options and Index Strategies and (2) the balance of the cash value, provided the Contract is not in default. The cash value is equal to the Contract Fund less any surrender charge. A Contract in default has no loan value. There is no minimum loan amount. For more information please refer to the Loans subsection in the prospectus. | ||||
| Withdrawals | You may withdraw a portion of the Contract's Cash Surrender Value without surrendering the Contract, subject to the following restrictions. (1)We must receive a request for the withdrawal in Good Order at our Service Office. (2)Your Contract’s Cash Surrender Value after the withdrawal may not be less than or equal to zero after deducting (a) any charges associated with the withdrawal and (b) an amount that we estimate will be sufficient to cover two months of Contract Fund deductions. (3)The withdrawal amount must be at least $500. (4)The Basic Insurance Amount after withdrawals must be at least equal to the minimum Basic Insurance Amount shown in the Contract. (5)Your Contract must not be in force under the provisions of the Overloan Protection Rider. (6)You must not be receiving Benefit Payments under BenefitAccess Rider. Whenever a withdrawal is made, the Death Benefit will immediately be reduced by at least the amount of the withdrawal. The withdrawal may also decrease the Basic Insurance Amount, which may result in the deduction of a surrender charge. When a withdrawal is made, an amount equal to the withdrawal amount plus any associated charges is deducted from the Variable Investment Options and/or the Fixed Rate Option, as applicable. Unless you direct us to take the withdrawal plus any associated charges from specific investment options, and we agree, the reduction of the Contract Fund will be made proportionally based on the value held in each of the Variable Investment Options and the Fixed Rate Option. If the amounts in the Variable Investment Options and the Fixed Rate Option are insufficient to cover the requested withdrawal amount plus any associated charges, the Variable Investment Options and the Fixed Rate Option will be reduced to zero and the remaining amount will be deducted first proportionally from dollar amounts held in each of the Fixed Holding Accounts and then (if necessary) from the Index Strategies. Withdrawals deducted from the Index Strategies will be taken proportionally from the most recently created Segment(s) first and continue in a last in - first out (“LIFO”) manner, as needed. You may not direct a withdrawal (and any associated charge), to be deducted from the Index Strategies or the Fixed Holding Accounts. Withdrawal of any portion of the Cash Surrender Value increases the risk that the Contract Fund may be insufficient to provide Contract benefits. If such a withdrawal is followed by unfavorable investment experience, the Contract may go into default. No withdrawal will be permitted from a Contract with a Type A Death Benefit if it would result in a Basic Insurance Amount of less than the minimum Basic Insurance Amount shown under Contract Limitations in your Contract’s data pages. It is important to note, however, that if the Basic Insurance Amount is decreased, there is a possibility that the Contract might be classified as a Modified Endowment Contract. Before making any withdrawal that causes a decrease in Basic Insurance Amount, you should consult with your tax adviser and your financial professional. Withdrawals from a Contract with a Type B (variable) Death Benefit will not change the Basic Insurance Amount. However, under most circumstances, withdrawals from a Contract with a Type A (fixed) Death Benefit require a reduction in the Basic Insurance Amount and therefore a surrender charge may apply. A withdrawal may not be repaid except as a premium subject to the applicable charges. Upon request, we will tell you how much you may withdraw. Withdrawal of the Cash Surrender Value may have tax consequences. For more information please refer to the Withdrawals subsection in the prospectus. | ||||
| Surrender Of the Contract | You may surrender your Contract at any time for its Cash Surrender Value while the insured is living. To surrender your Contract, we may require you to deliver or mail the following items in Good Order to a Service Office: (a) the Contract, (b) a signed request for surrender, (c) any tax withholding information required under federal or state law, and (d) the authorization of any assignee or irrevocable beneficiary. The Cash Surrender Value will be determined as of the end of the Valuation Period in which a surrender request is received in Good Order at a Service Office. The Contract's Cash Surrender Value on any date will be the Contract Fund less any applicable surrender charge and less any Contract Debt plus any Additional Amount upon surrender. Surrender of a Contract will end all benefits under the Contract and may have tax consequences. For more information please refer to the Surrender Of a Contract and How a Contracts Cash Surrender Value Will Vary subsections in the prospectus. | ||||
| When Proceeds Are Paid | Generally, we will pay any Cash Surrender Value, loan proceeds, or withdrawal within seven days after all the documents required for such a payment are received in Good Order at the office designated to receive that request. The amount will be determined as of the end of the Valuation Period in which the necessary documents are received in Good Order at the office designated to receive that request. For more information please refer to the When Proceeds Are Paid subsection in the prospectus. | ||||
TRANSACTION FEES | |||||||||||||||||||||||||||||
Charge | When Charge Is Deducted | Amount Deducted | |||||||||||||||||||||||||||
| Guaranteed (Maximum) | Current | ||||||||||||||||||||||||||||
Sales Charge On Premiums (load) | Deducted from premium payments. | ||||||||||||||||||||||||||||
| Up To Sales Load Target Premium: | 15% | Contract Years 1 – 3: 9% Years 4+: 6.50% | |||||||||||||||||||||||||||
In Excess Of Sales Load Target Premium: | 15% | Contract Years 1 – 3: 9% Years 4+: 7% | |||||||||||||||||||||||||||
Premium-Based Administrative Charge (Charge for state and federal premium taxes and other charges that are based on premiums.) | Deducted from premium payments. | 7.5% | 3.75% | ||||||||||||||||||||||||||
Surrender Charge(1) (Minimum and maximum per $1,000 of Basic Insurance Amount.) | Upon lapse, surrender, or decrease in Basic Insurance Amount. | From $8.80 to $56.72 | From $8.80 to $56.72 | ||||||||||||||||||||||||||
Initial surrender charge for a representative Contract Owner.(2) | $22.67 | $22.67 | |||||||||||||||||||||||||||
Transfer fee | Each transfer exceeding 12 in any Contract Year. | $25 | $0 | ||||||||||||||||||||||||||
Withdrawal fee | Upon withdrawal. | $25 | $0 | ||||||||||||||||||||||||||
Basic Insurance Amount decrease fee | Upon decrease in Basic Insurance Amount. | $25 | $0 | ||||||||||||||||||||||||||
Contract illustration fee | Each illustration request exceeding one in any Contract Year. | $25 | $0 | ||||||||||||||||||||||||||
BenefitAccess Rider fee | One-time charge when the Terminal Illness Option of the rider is exercised. | $150 | $150 | ||||||||||||||||||||||||||
Enhanced Cash Value Rider fee (per $1,000 of Basic Insurance Amount) | One-time charge applied on first month of processing. | $0.50 | $0.50 | ||||||||||||||||||||||||||
Living Needs BenefitSM Rider fee | When benefit is paid. | $150 | $150 | ||||||||||||||||||||||||||
Overloan Protection Rider fee (Percentage of the Contract Fund amount.) | One-time charge upon exercising the rider benefit. | 3.5% | 3.5% | ||||||||||||||||||||||||||
PERIODIC CHARGES OTHER THAN ANNUAL FUND EXPENSES | |||||||||||||||||||||||||||||
Charge | When Charge Is Deducted | Amount Deducted | |||||||||||||||||||||||||||
| Guaranteed (Maximum) | Current | ||||||||||||||||||||||||||||
| Base Contract Charges: | |||||||||||||||||||||||||||||
Cost Of Insurance (“COI”) for the Basic Insurance Amount.(1)(2)(3) (Minimum and maximum charge per $1,000 of the Net Amount At Risk.) | Monthly | From $0.0067 to $83.34 | From $0.004 to $66.00 | ||||||||||||||||||||||||||
Initial charge for a representative Contract Owner.(4) | $0.10 | $0.04 | |||||||||||||||||||||||||||
Administrative Charge For Basic Insurance Amount(2)(5) (Minimum and maximum charge (charge per $1,000 of Basic Insurance Amount plus a flat fee).) | Monthly | From $0.04 to $4.56, plus $20 | From $0.04 to $4.56(6), plus $12 | ||||||||||||||||||||||||||
Initial charge for a representative Contract Owner.(4) | $0.19 plus $20 | $0.19(6) plus $12 | |||||||||||||||||||||||||||
Mortality And Expense Risk Charge(7) (Calculated as a percentage of assets in Variable Investment Options.) | Daily | 0.45% | 0.25% | ||||||||||||||||||||||||||
Additional Mortality Charge For Certain Risks associated with health conditions, occupations, avocations, or aviation.(2)(8) (Flat extra per $1,000 of Basic Insurance Amount.) | Monthly | From $0.10 to $2.08 | From $0.10 to $2.08 | ||||||||||||||||||||||||||
Net Interest On Loans | Annually | 1% for standard loans. 0.05% for preferred loans. | 1% for standard loans. 0.05% for preferred loans. | ||||||||||||||||||||||||||
| Optional Benefits Charges: | |||||||||||||||||||||||||||||
Accidental Death Benefit Rider(2)(5) (Minimum and maximum charge per $1,000 of the coverage amount.) | Monthly | From $0.043 to $0.28 | From $0.043 to $0.28 | ||||||||||||||||||||||||||
Charge for a representative Contract Owner.(4) | $0.09 | $0.09 | |||||||||||||||||||||||||||
BenefitAccess Rider(1)(2) (Minimum and maximum cost of insurance charge per $1,000 of the Net Amount At Risk.) 2% Monthly Benefit Percentage: 4% Monthly Benefit Percentage: | Monthly | From $0.0021 to $14.74 From $0.0037 to $22.11 | From $0.0021 to $14.74 From $0.0037 to $22.11 | ||||||||||||||||||||||||||
Initial charge for a representative Contract Owner.(4) 2% Monthly Benefit Percentage: 4% Monthly Benefit Percentage: | $0.0114 $0.017 | $0.0114 $0.017 | |||||||||||||||||||||||||||
Children Level Term Rider (Charge per $1,000 of the coverage amount.) | Monthly | $0.42 | 0.42 | ||||||||||||||||||||||||||
Enhanced Disability Benefit Rider(2)(5)(9) Minimum and maximum charge (percentage of the monthly benefit amount). | Monthly | From 7.08% to 12.17% | From 7.08% to 12.17% | ||||||||||||||||||||||||||
Charge for a representative Contract Owner.(4) | 7.08% | 7.08% | |||||||||||||||||||||||||||
Lapse Protection Rider(10) (Minimum and maximum cost of insurance charge per $1,000 of the Net Amount At Risk.) Extended No-Lapse Guarantee option: Extended Plus No-Lapse Guarantee option: | Monthly | From $0.0002 to $2.76 From $0.0005 to $62.51 | From $0.00008 to $2.52 From $0.00018 to $49.50 | ||||||||||||||||||||||||||
Initial charge for a representative Contract Owner.(4) Extended No-Lapse Guarantee option: Extended Plus No-Lapse Guarantee option: | $0.002 $0.005 | $0.0008 $0.002 | |||||||||||||||||||||||||||
| ANNUAL FUND EXPENSES | Minimum | Maximum | ||||||
| (Expenses that are deducted from the Funds’ assets, including management fees, any distribution and/or service (12b-1) fees, and other expenses, but not including reductions for any fee waiver or other reimbursements.) | 0.29% | 0.62% | ||||||
| Table Of Funds | |||||||||||||||||
| Type | Fund - Investment Manager(s) / Subadviser(s) | Current Expense | Average Annual Total Returns As Of 12/31/2023 | ||||||||||||||
| 1 year | 5 year | 10 year | |||||||||||||||
| Balanced | PSF PGIM 50/50 Balanced Portfolio (Class I) - PGIM Investments LLC / PGIM Fixed Income; PGIM Limited; PGIM Quantitative Solutions LLC | 0.57% | 15.45% | 8.07% | 6.59% | ||||||||||||
| Balanced | PSF PGIM Flexible Managed Portfolio (Class I) - PGIM Investments LLC / PGIM Fixed Income; PGIM Limited; PGIM Quantitative Solutions LLC | 0.62% | 17.93% | 9.17% | 7.60% | ||||||||||||
| Money Market | PSF PGIM Government Money Market Portfolio (Class I) - PGIM Investments LLC / PGIM Fixed Income | 0.33% | 4.87% | 1.69% | 1.06% | ||||||||||||
| Large-Cap Growth | PSF PGIM Jennison Blend Portfolio (Class I) (includes all assets from PSF PGIM Jennison Focused Blend Portfolio) - PGIM Investments LLC / Jennison Associates LLC | 0.46% | 32.52% | 14.71% | 10.52% | ||||||||||||
| Large-Cap Growth | PSF PGIM Jennison Growth Portfolio (Class I) - PGIM Investments LLC / Jennison Associates LLC | 0.62% | 53.51% | 18.27% | 14.33% | ||||||||||||
| Large-Cap Value | PSF PGIM Jennison Value Portfolio (Class I) - PGIM Investments LLC / Jennison Associates LLC | 0.42% | 15.20% | 12.10% | 7.71% | ||||||||||||
| Fixed Income | PSF PGIM Total Return Bond Portfolio (Class I) - PGIM Investments LLC / PGIM Fixed Income; PGIM Limited | 0.43% | 7.27% | 1.75% | 2.77% | ||||||||||||
| Small-Cap Blend | PSF Small-Cap Stock Index Portfolio (Class I) (includes all assets from PSF Small-Cap Value Portfolio) - PGIM Investments LLC / PGIM Quantitative Solutions LLC | 0.38% | 15.74% | 10.69% | 8.36% | ||||||||||||
| Large-Cap Blend | PSF Stock Index Portfolio (Class I) - PGIM Investments LLC / PGIM Quantitative Solutions LLC | 0.29% | 25.92% | 15.34% | 11.73% | ||||||||||||