Prudential Premier Retirement Variable Annuities

More documents

Recommendations

Info

Election of and Designations under the Benefit Spousal Highest Daily Lifetime 6 Plus is no longer available. Spousal Highest Daily Lifetime 6 Plus could only be elected based on two designated lives. Designated lives must have been natural persons who are each other's spouses at the time of election of the benefit and at the death of the first of the designated lives to die. Spousal Highest Daily Lifetime 6 Plus only could be elected if the Owner, Annuitant, and Beneficiary designations were as follows: ▪ One Annuity Owner, where the Annuitant and the Owner are the same person and the sole Beneficiary is the Owner's spouse. The younger Owner/Annuitant and the Beneficiary must be at least 50 years old and the older must be at least 55 years old at the time of election; or ▪ Co-Annuity Owners, where the Owners are each other's spouses. The Beneficiary designation must be the surviving spouse, or the spouses named equally. One of the Owners must be the Annuitant. The younger Owner must be at least 50 years old and the older Owner must be at least 55 years old at the time of election; or ▪ One Annuity Owner, where the Owner is a custodial account established to hold retirement assets for the benefit of the Annuitant pursuant to the provisions of Section 408(a) of the Internal Revenue Code (or any successor Code section thereto) (“Custodial Account”), the Beneficiary is the Custodial Account, and the spouse of the Annuitant is the Contingent Annuitant. The younger of the Annuitant and the Contingent Annuitant must be at least 50 years old and the older must be at least 55 years old at the time of election. We do not permit a change of Owner under this benefit, except as follows: (a) if one Owner dies and the surviving spousal Owner assumes the Annuity, or (b) if the Annuity initially is co-owned, but thereafter the Owner who is not the Annuitant is removed as Owner. We permit changes of Beneficiary designations under this benefit, however if the Beneficiary is changed, the benefit may not be eligible to be continued upon the death of the first designated life. If the designated lives divorce, the Spousal Highest Daily Lifetime 6 Plus benefit may not be divided as part of the divorce settlement or judgment. Nor may the divorcing spouse who retains ownership of the Annuity appoint a new designated life upon re-marriage. If you are currently participating in a Systematic Withdrawal program, amounts withdrawn under the program must be taken on a pro rata basis from your Annuity's Sub-accounts (i.e., in direct proportion to the proportion that each such Sub-account bears to your total Account Value) in order for you to be eligible for the benefit. Thus, you may not elect Spousal Highest Daily Lifetime 6 Plus so long as you participate in a Systematic Withdrawal program in which withdrawals are not taken pro rata. Termination of the Benefit You may terminate the benefit at any time by notifying us. If you terminate the benefit, any guarantee provided by the benefit will terminate as of the date the termination is effective, and certain restrictions on re-election may apply. The benefit automatically terminates upon the first to occur of the following: ▪ upon our receipt of due proof of death of the first designated life, if the surviving spouse opts to take the death benefit under the Annuity (rather than continue the Annuity) or if the surviving spouse is not an eligible designated life; ▪ upon the death of the second designated life; ▪ your termination of the benefit; ▪ your surrender of the Annuity; ▪ your election to begin receiving annuity payments (although if you have elected to take annuity payments in the form of the Annual Income Amount, we will continue to pay the annual income amount); ▪ both the Unadjusted Account Value and Annual Income amount equal zero; or ▪ you cease to meet our requirements as described in “election of and designations under the benefit”. “Due Proof of Death” is satisfied when we receive all of the following in Good Order: (a) a death certificate or similar documentation acceptable to us; (b) all representations we require or which are mandated by applicable law or regulation in relation to the death claim and the payment of death proceeds (representations may include, but are not limited to, trust or estate paperwork (if needed); consent forms (if applicable); and claim forms from at least one beneficiary); and (c) any applicable election of the method of payment of the death benefit, if not previously elected by the Owner, by at least one Beneficiary. Upon termination of Spousal Highest Daily Lifetime 6 Plus other than upon the death of the second Designated Life or Annuitization, we impose any accrued fee for the benefit (i.e., the fee for the pro-rated portion of the year since the fee was last assessed), and thereafter we cease deducting the charge for the benefit. This final charge will be deducted even if it results in the Unadjusted Account Value falling below the Account Value Floor. With regard to your investment allocations, upon termination we will: (i) leave intact amounts that are held in the Permitted Sub-accounts, and (ii) unless you are participating in an asset allocation program (i.e., Custom Portfolios Program, or 6 or 12 Month DCA Program for which we are providing administrative support), transfer all amounts held in the AST Investment Grade Bond Sub-account to your variable Investment Options, pro rata (i.e. in the same proportion as the current balances in your variable Investment Options). If, prior to the transfer from the AST Investment Grade Bond Sub-account, the Unadjusted Account Value in the variable Investment Options is zero, we will transfer such amounts to the AST Money Market Sub-account. C-22
How Spousal Highest Daily Lifetime 6 Plus Transfers Unadjusted Account Value Between Your Permitted Sub-accounts and the AST Investment Grade Bond Sub-account See “How Highest Daily Lifetime 6 Plus Transfers Unadjusted Account Value Between Your Permitted Sub-accounts and the AST Investment Grade Bond Sub-account” above for information regarding this component of the benefit. Additional Tax Considerations Please see the Additional Tax Considerations section under Highest Daily Lifetime 6 Plus above. FORMULA FOR HIGHEST DAILY LIFETIME 6PLUS INCOME BENEFIT, HIGHEST DAILY LIFETIME 6PLUS INCOME BENEFIT WITH LIFETIME INCOME ACCELERATOR, AND SPOUSAL HIGHEST DAILY LIFETIME 6PLUS INCOME BENEFIT Please see Appendix I: “Formula for Highest Daily Lifetime Income 2.0 Suite, Highest Daily Lifetime Income Suite and Highest Daily Lifetime 6 Plus Suite of Living Benefits.” C-23
Page 1 and 2:
PRUCO LIFE INSURANCE COMPANY PRUCO
Page 3 and 4:
UNDERLYING PORTFOLIO UNDERLYING MUT
Page 5 and 6:
Page 7 and 8:
ii. To the list of available variab
Page 9 and 10:
II. NEW OPTIONAL BENEFITS This supp
Page 11 and 12:
that may periodically transfer your
Page 13 and 14:
Anniversary, we identify the Unadju
Page 15 and 16:
Non-Lifetime Withdrawal Feature You
Page 17 and 18:
▪ If annuity payments are to begi
Page 19 and 20:
(iv) our receipt of Due Proof of De
Page 21 and 22:
Example (assume the income basis is
Page 23 and 24:
taken first from your own Account V
Page 25 and 26:
While Spousal Highest Daily Lifetim
Page 27 and 28:
** In this example, the first daily
Page 29 and 30:
▪ Any Lifetime Withdrawal that yo
Page 31 and 32:
to the death claim and the payment
Page 33 and 34:
ages 59 1 ⁄2 to 64; 4.5% for ages
Page 35 and 36:
Example of proportional reductions
Page 37 and 38:
In general, withdrawals made from t
Page 39 and 40:
certain in order to comply with the
Page 41 and 42:
Upon termination of Highest Daily L
Page 43 and 44:
Key Feature - Annual Income Amount
Page 45 and 46:
Example of dollar-for-dollar reduct
Page 47 and 48:
Highest Daily Death Benefit A Death
Page 49 and 50:
newly-elected benefit will commence
Page 51 and 52:
How Spousal Highest Daily Lifetime
Page 53 and 54:
[THIS PAGE INTENTIONALLY LEFT BLANK
Page 55 and 56:
Page 57 and 58:
Page 60 and 61:
The Prudential Insurance Company of
Page 62 and 63:
COMBOSUP2 ADVANCED SERIES TRUST Sup
Page 64 and 65:
Subadvisers Investment Categories a
Page 66 and 67:
STYLE/ TYPE Asset Allocation COMBOS
Page 68 and 69:
GENPROD2 PRUCO LIFE INSURANCE COMPA
Page 70 and 71:
Page 72 and 73:
In the section titled “Investment
Page 74 and 75:
Page 76 and 77:
Advanced Series Trust AST Academic
Page 78 and 79:
DEATH BENEFITS ....................
Page 80 and 81:
Guarantee Period: The period of tim
Page 82 and 83:
C SERIES There is no CDSC or other
Page 84 and 85:
OPTIONAL BENEFIT ANNUALIZED OPTIONA
Page 86 and 87:
OPTIONAL BENEFIT ANNUALIZED OPTIONA
Page 88 and 89:
Page 90 and 91:
EXPENSE EXAMPLES These examples are
Page 92 and 93:
Please see “Investment Options,
Page 94 and 95:
INVESTMENT OPTIONS The Investment O
Page 96 and 97:
INVESTMENT OBJECTIVES/POLICIES ADVA
Page 98 and 99:
INVESTMENT OBJECTIVES/POLICIES AST
Page 100 and 101:
Page 102 and 103:
Page 104 and 105:
Page 106 and 107:
Page 108 and 109:
group (Group II) our “Custom Port
Page 110 and 111:
For the Long-Term MVA Option, a Gua
Page 112 and 113:
FEES, CHARGES AND DEDUCTIONS In thi
Page 114 and 115:
Settlement Service Charge: If your
Page 116 and 117:
additional Purchase Payments, unles
Page 118 and 119:
Please note the following additiona
Page 120 and 121:
MANAGING YOUR ACCOUNT VALUE There a
Page 122 and 123:
Please Note: Contracts managed by y
Page 124 and 125:
ACCESS TO ACCOUNT VALUE TYPES OF DI
Page 126 and 127:
prior to age 59 1 ⁄2 if you elect
Page 128 and 129:
ANNUITY OPTIONS Annuitization invol
Page 130 and 131:
LIVING BENEFITS Pruco Life offers d
Page 132 and 133:
Income 2.0 may be appropriate if yo
Page 134 and 135:
subsequent Purchase Payments and wi
Page 136 and 137:
make will be the first Lifetime Wit
Page 138 and 139:
certain in order to comply with the
Page 140 and 141:
transfer all amounts held in the AS
Page 142 and 143:
Example: Assuming the Target Ratio
Page 144 and 145:
If you elect Highest Daily Lifetime
Page 146 and 147:
If the Annuity permits additional P
Page 148 and 149:
If you have not made a Lifetime Wit
Page 150 and 151:
▪ Spousal Highest Daily Lifetime
Page 152 and 153:
Required Minimum Distributions See
Page 154 and 155:
▪ One Annuity Owner, where the Ow
Page 156 and 157:
effective date of the benefit, the
Page 158 and 159:
Highest Daily Lifetime Income 2.0 w
Page 160 and 161:
▪ The Annuitant was 70 years old
Page 162 and 163:
▪ Please note that if your Unadju
Page 164 and 165:
The benefit automatically terminate
Page 166 and 167:
(c) all Purchase Payments (includin
Page 168 and 169:
▪ Both designated lives were 70 y
Page 170 and 171:
Required Minimum Distributions See
Page 172 and 173:
newly-elected benefit will commence
Page 174 and 175:
GUARANTEED RETURN OPTION PLUS II (G
Page 176 and 177:
time. The formula determines the ap
Page 178 and 179:
Value” above for more details). Y
Page 180 and 181:
HD GRO II uses a predetermined math
Page 182 and 183:
Any amounts invested in the AST bon
Page 184 and 185:
DEATH BENEFITS TRIGGERS FOR PAYMENT
Page 186 and 187:
Calculation of Highest Anniversary
Page 188 and 189:
A surviving spouse’s ability to c
Page 190 and 191:
VALUING YOUR INVESTMENT VALUING THE
Page 192 and 193:
TAX CONSIDERATIONS The tax consider
Page 194 and 195:
Taxes Payable by Beneficiaries The
Page 196 and 197:
A Nonqualified annuity may also be
Page 198 and 199:
In any event, you must begin receiv
Page 200 and 201:
ERISA Requirements ERISA (the “Em
Page 202 and 203:
out of any other business we may co
Page 204 and 205:
Cost Averaging, auto rebalancing, a
Page 206 and 207:
Infinex Investments, Inc. ING Finan
Page 208 and 209:
County, Illinois, was served on Pru
Page 210 and 211:
Page 212 and 213:
Sub-Accounts Accumulation Unit Valu
Page 214 and 215:
Page 216 and 217:
Page 218 and 219:
Page 220 and 221: Sub-Accounts Accumulation Unit Valu
Page 230 and 231: PREMIER RETIREMENT L SERIES Pruco L
Page 234 and 235: Sub-Accounts PREMIER RETIREMENT C S
Page 242 and 243: [THIS PAGE INTENTIONALLY LEFT BLANK
Page 244 and 245: Annuity Comparison X Series B Serie
Page 246 and 247: The shaded values indicate the high
Page 250 and 251: holidays), plus the amount of any P
Page 252 and 253: Examples of dollar-for-dollar and p
Page 254 and 255: Required Minimum Distributions Requ
Page 256 and 257: Unadjusted Account Value and Protec
Page 258 and 259: equire a transfer to the Bond Sub-a
Page 260 and 261: to as the “LIA Amount”) if you
Page 262 and 263: the latter scenario, we determine w
Page 264 and 265: The “Periodic Value” is initial
Page 266 and 267: Amount on a dollar-for-dollar basis
Page 268 and 269: Here is the calculation: Withdrawal
Page 274 and 275: holidays), plus the amount of any P
Page 276 and 277: Examples of dollar-for-dollar and p
Page 278 and 279: Required Minimum Distributions Requ
Page 280 and 281: ▪ If you elect this benefit and i
Page 282 and 283: Generally, the formula, which is ap
Page 284 and 285: Additional Tax Considerations If yo
Page 286 and 287: LIA Amount after the first Lifetime
Page 288 and 289: section above entitled “How Highe
Page 290 and 291: Highest Daily Auto Step-Up An autom
Page 292 and 293: Non-Lifetime Withdrawal Feature You
Page 294 and 295: apply to current participants in th
Page 298 and 299: If the formula ratio is less than a
Page 302 and 303: We reserve the right to waive the l
Page 306 and 307: If the formula ratio is less than a
Page 310 and 311: ▪ T - the amount of a transfer in
Page 314 and 315: You can have a traditional IRA whet
Page 316 and 317: 2. Rollovers from an employer retir
Page 318 and 319: Distributions from traditional IRAs
Page 320 and 321:
Page 322 and 323:
income, and dividend income), pensi
Page 324 and 325:
c. Made to a Beneficiary or to your
Page 326 and 327:
Page 328 and 329:
CONTINGENT DEFERRED SALES CHARGE 1
Page 330 and 331:
Page 332:
The Prudential Insurance Company of
show all

Prudential Premier Retirement Variable Annuities

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?