Strategic Partners Plus 3 - Prudential Annuities

1: WHAT IS THE STRATEGIC PARTNERS PLUS 3VARIABLE ANNUITY?The Strategic Partners Plus 3 Variable Annuity is a contract between you, the owner, and US, Pruco Life InsuranceCompany of New Jersey (Pruco Life of New Jersey, we or us).Under our contract, in exchange for your payment to us, we promise to pay you a guaranteed income stream that can begin anytime on or after the first contract anniversary. Your annuity is in the accumulation phase until you decide to begin receiving annuitypayments. The date you begin receiving annuity payments is the annuity date. On the annuity date, your contract switches to theincome phase.This annuity contract benefits from tax deferral when it is sold outside a tax-favored plan (generally called a non-qualifiedannuity). Tax deferral means that you are not taxed on earnings or appreciation on the assets in your contract until you withdrawmoney from your contract.If you purchase the annuity contract in a tax-favored plan such as an IRA, that plan generally provides tax deferral even withoutinvesting in an annuity contract. In other words, you need not purchase this contract to gain the preferential tax treatment providedby your retirement plan. Therefore, before purchasing an annuity in a tax-favored plan, you should consider whether its featuresand benefits beyond tax deferral, including the death benefit and income benefits, meet your needs and goals. You should considerthe relative features, benefits and costs of this annuity compared with any other investment that you may use in connection withyour retirement plan or arrangement.There are two basic versions of Strategic Partners Plus 3 variable annuity.Contract With Credit.▪▪▪▪provides for a bonus credit that we add to each purchase payment that you make,has higher withdrawal charges and insurance and administrative costs than the Contract Without Credit,may provide a lower interest rate for the fixed interest rate options than the Contract Without Credit, anddoes not offer the market value adjustment option.Contract Without Credit.▪▪▪▪does not provide a credit,has lower withdrawal charges and insurance and administrative costs than the Contract With Credit,may provide a higher interest rate for the fixed interest rate options than the Contract With Credit, andoffers the Market Value Adjustment Option.Unless we state otherwise, when we use the word contract, it applies to both versions.In replacing another annuity you may own, please consider all charges associated with that annuity. Credits applicable to bonusproducts, such as the Contract With Credit, should not be viewed as an offset of any surrender charge that applies to anotherannuity contract you may currently own.Because of the higher withdrawal charges, if you choose the Contract With Credit and you withdraw a purchase payment,depending upon the performance of the investment options you choose, you may be worse off than if you had chosen the ContractWithout Credit. We do not recommend purchase of either version of Strategic Partners Plus 3 if you anticipate having to withdrawa significant amount of your purchase payments within a few years of making those purchase payments.Strategic Partners Plus 3 is a variable annuity contract. During the accumulation phase, you can allocate your assets among thevariable investment options, guaranteed fixed interest rate options and a market value adjustment option. The market valueadjustment option is only available in the Contract Without Credit. If you select variable investment options, the amount of moneyyou are able to accumulate in your contract during the accumulation phase depends upon the investment performance of theunderlying mutual fund(s) associated with that variable investment option.Contract described herein is no longer available for sale.Because the underlying mutual funds’ portfolios fluctuate in value depending upon market conditions, your Contract Value caneither increase or decrease. This is important, since the amount of the annuity payments you receive during the income phasedepends upon the value of your contract at the time you begin receiving payments.As the owner of the contract, you have all of the decision-making rights under the contract. You will also be the annuitant unlessyou designate someone else. The annuitant is the person whose life is used to determine how much and how long (if applicable) theannuity payments will continue once the annuity phase begins. On or after the annuity date, the annuitant may not be changed.20