04/30/2024 | Press release | Distributed by Public on 04/30/2024 09:46
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IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE CONTRACT |
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APPENDIX A: Funds Available Under the Contract |
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GLOSSARY: Definitions Of Special Terms Used In This Summary Prospectus |
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FEES AND EXPENSES | ||
Charges For Early Withdrawals
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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.
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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.
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Ongoing Fees And Expenses
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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:
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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.
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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.
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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.
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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 on the Funds, please refer to the The Funds subsection of the prospectus.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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Table Of Funds | |||||
Type |
Fund - Investment Manager(s) / Subadviser(s)
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Current Expense |
Average Annual Total Returns As Of 12/31/2023 |
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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
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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
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0.62% | 17.93% | 9.17% | 7.60% |
Money Market |
PSF PGIM Government Money Market Portfolio (Class I) - PGIM Investments LLC / PGIM Fixed Income
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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
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0.46% | 32.52% | 14.71% | 10.52% |
Large-Cap Growth |
PSF PGIM Jennison Growth Portfolio (Class I) - PGIM Investments LLC / Jennison Associates LLC
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0.62% | 53.51% | 18.27% | 14.33% |
Large-Cap Value |
PSF PGIM Jennison Value Portfolio (Class I) - PGIM Investments LLC / Jennison Associates LLC
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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
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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
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0.38% | 15.74% | 10.69% | 8.36% |
Large-Cap Blend |
PSF Stock Index Portfolio (Class I) - PGIM Investments LLC / PGIM Quantitative Solutions LLC
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0.29% | 25.92% | 15.34% | 11.73% |