FlexGuard® indexed variable annuity — New York
You deserve a retirement strategy as individual as you are. And unlike some annuities, which offer little choice, our financial professionals can help you customize FlexGuard — NY based on your unique needs for maximum impact.
Issued by Pruco Life Insurance Company of New Jersey.
FlexGuard — NY index strategies can help you:
Protect
Select a level of protection that may help limit losses.
Grow
Participate in the growth potential of the market.
Accelerate
Enhance growth potential in up markets.
Plus, there are NO EXPLICIT PRODUCT FEES when allocating to FlexGuard — NY’s index strategies.*
Footnotes
*Explicit product fees refers to the Base Contract Fee, or Mortality & Expense Risk Charge and Administration Charge (M&E&A), that apply only to the Variable Investment Subaccount options. Certain indices and ETFs associated with Index Strategies may be subject to an underlying fee or reduction. A surrender charge, or Contingent Deferred Sales Charge (CDSC), may apply in the event of an early withdrawal from your annuity.
Choose what’s right for you
Our financial professionals will work with you to custom-build your annuity to meet your needs and goals by choosing one of these index crediting strategies. You can even combine these strategies. Any growth is based on the index return.
Renewal Cap Rates, and Participation Rates may be higher or lower than the initial rates, but will never be less than the Guaranteed Minimum Rates. Tier Levels may be higher or lower than the initial Tier Level, but will never be higher than the Guaranteed Maximum Tier Level. Subsequent rates and Tier Levels may differ from the rates and Tier Levels used for new contracts or for other contracts issued at different times. Rates are impacted by changes in various economic factors.
Renewal Cap Rates and Participation Rates may be higher or lower than the initial rates, but will never be less than the Guaranteed Minimum Rates. Tier Levels may be higher or lower than the initial Tier Level, but will never be higher than the Guaranteed Maximum Tier Level. Subsequent rates and Tier Levels may differ from the rates and Tier Levels used for new contracts or for other contracts issued at different times. Rates are subject to change at any time. FlexGuard — NY's Index Strategies do not represent a direct investment in an index.
Variable investment options are offered with this product; however, they are not included for illustration purposes. Index credit is only received if the strategy is held full term and no withdrawals are taken.
For complete product information, including fund investment strategies and fee information, please refer the client brochure PDF opens in a new window, rate sheet opens in a new window and product prospectus.
FlexGuard — NY’s Performance Lock
Growth opportunities with the added ability to lock in performance
The Performance Lock feature is an optional feature available on FlexGuard — NY that allows you to lock in gains or limit the potential for a loss prior to the Index Strategy End Date.
The Performance Lock Value, which is different than the Interim Value, is adjusted for any withdrawals or reallocations that occur prior to the Index Strategy End Date. Automatic Performance Lock targets must reflect positive growth in the Performance Lock Value. Performance Locks are as of close of business on the day the automatic target was met or the manual lock-in is requested. Prudential will not provide advice or notify you regarding whether you should exercise a Performance Lock or the optimal time for doing so. Prudential will not warn you if you exercise a Performance Lock at a sub-optimal time. Prudential is not responsible for any losses related to your decision whether or not to exercise a Performance Lock.
If a Performance Lock is executed when your Performance Lock Value has declined, you will lock in any loss. It is possible that you would have realized less of a loss or no loss if the Performance Lock occurred at a later time, or if the Index Strategy was not `locked`. You will not receive Index Credit on any "locked" Index Strategy on the Index Strategy End Date. As a result, you may receive less than the full Index Credit, or less than the full protection of the Buffer, than you would have received if you waited for us to apply the Index Credit on the Index Strategy End Date. Refer to the prospectus for additional information.
Choose your level of downside protection
FlexGuard - NY offers the opportunity to choose a buffer level and term length.
Partial downside protection is provided through the buffer where index losses within the buffer are protected. Index losses that exceed the buffer will result in a loss of Account Value.
The buffer will vary by the selected strategy, term length, and index elected. Not all term and buffer options are available for each index crediting strategy.
Index-linked variable annuity products are complex insurance and investment vehicles. There is risk of loss of principal if negative index returns exceed the selected protection level. Gains or losses are assessed at the end of each term. Early withdrawals may result in a loss in addition to applicable surrender charges. Please reference the prospectus for information about the levels of protection available and other important product information.
Variable investment options do not offer downside protection.
Determine how to allocate your money...
Choose from two indices
Your money is not actually invested in any index, but may earn interest credits based on the index’s performance.
And select from variable investment options
FlexGuard - NY also offers variable investment options which can be mixed and matched in any percentage.
S&P 500®
A leading gauge of the U.S. equities market — the Standard & Poor’s 500 Index includes 500 of the largest companies on the New York Stock Exchange and NASDAQ.
MSCI EAFE
The MSCI EAFE is designed to measure the performance of a selection of stocks in 21 developed markets outside of the U.S. and Canada. The oldest international stock index, it is the most common benchmark in the U.S. for foreign stock funds.
Make changes as you go
On each Index Anniversary Date, you may reallocate any Index Strategy that has reached the end of the Index Term or allocate money into new Index Strategies. Allocations among Variable Subaccounts can happen at any time.
CDSC Surrender Charge Schedule
B-Share 6-year: 7%, 7%, 6%, 5%, 4%, 3%; based on the effective date of each Purchase Payment and the percentage of the amount withdrawn from the Purchase Payment, above the free withdrawal amount.
Key Terms
Application Signed Date – The date the application is signed. For applications transmitted through electronic order entry, the Application Signed Date is the date the application is submitted to Suitability.
Account Value – The Interim Value for each Index Strategy plus the total value of any allocations in the Variable Investment Subaccounts (including the Holding Account) and the Transfer Account on any Valuation Day other than the Index Strategy Start Date and Index Strategy End Date. The Interim Value does not apply to an Index Strategy on the Index Strategy Start Date and the Index Strategy End Date. On an Index Strategy Start Date, the Index Strategy Base applicable to that Index Strategy would be used instead of the Interim Value. On an Index Strategy End Date, the Index Strategy Base plus the Index Credit applicable to that Index Strategy would be used instead of the Interim Value.
Buffer – the amount of protected negative Index Return applied to the Account Value allocated to an Index Strategy at the end of an Index Strategy Term. Any negative Index Return within the Buffer results in no reduction of the Account Value. Any negative Index Return in excess of the Buffer reduces the Account Value.
Cap Rate – The Cap Rate limits the amount of Index Credit that may be credited to the Index Strategy Base on any Index Strategy End Date when the Index Return is positive. A different Cap Rate may be declared for different Indices, Buffers, and different Index Strategy Terms.
Death Benefit – Return-of-premium death benefit is available on all contracts for no additional charge. It is equal to the greater of: 1) Account Value: The money in the account at the time of death or 2) Purchase Payments: The total of the payments the client made since the issue date, reduced proportionally by any withdrawals.
Free Withdrawal Amount – The amount of money that can be withdrawn from the annuity each year during the surrender charge period, without incurring a surrender charge. This amount is equal to 10% of the purchase payments.
Holding Account – A Variable Subaccount the owner can allocate some or all of their initial purchase payments to. The Holding Account is also used for additional purchase payments received between Index Anniversaries.
Index (Indices) – The underlying Index associated with an Index Strategy and used to determine the Index Return in determining the Index Credit. You do not directly participate in an Index.
Index Anniversary Date – The same day, each calendar year, as the day of the initial allocation to an Index Strategy.
Index Credit – The amount the Owner receives on an Index Strategy End Date based on the Index Return and the Index Strategy. The Index Credit can be negative, meaning the Owner can lose principal and prior earnings.
Index Return – The percentage change in the Index Value from the Index Strategy Start Date to the Index Strategy End Date, which is used to determine the Index Credit for an Index Strategy. An Index Return is calculated by taking the Index Value on the Index Strategy End Date, minus the Index Value on the Index Strategy Start Date, and then dividing the result by the Index Value on the Index Strategy Start Date.
Index Strategy – Any index-linked Allocation Option we make available in the Annuity for crediting interest based on the underlying Index associated with the Index Strategy, Buffer, and Index Strategy Term. We may offer other Index Strategies from time to time, subject to our rules.
Index Strategy Base – The amount of Account Value allocated to an Index Strategy on an Index Strategy Start Date. The Index Strategy Base is used in the calculation of any Index Credit and in the calculation of the Interim Value. The Index Strategy Base is reduced for any transfers or withdrawals that occur between and Index Strategy Start Date and Index Strategy End Date in the same proportion that the total withdrawal or transfer amount reduces the Interim Value.
Index Strategy End Date – The last day of an Index Strategy Term. This is the day any applicable Index Credit would be credited to the Index Strategy.
Index Strategy Start Date –The first day of an Index Strategy Term.
Index Strategy Term – The time period allocated to each Index Strategy. The term begins on the Index Strategy Start Date and ends on the Index Strategy End Date.
Interim Value – The value of an Index Strategy on any day during an Index Strategy Term. It is a calculated value and is used when a withdrawal, death benefit payment, annuitization, or surrender occurs during an Index Strategy Term. The interim value does not reflect the actual performance of the applicable index.
Owner – An eligible entity or person named as having ownership rights in relation to the annuity.
Participation Rate – The percentage of any Index increase that will be used in calculating the Index Credit at the end of an Index Strategy Term for the Tiered Participation Rate Index Strategy or the Step Rate Plus Index Strategy. A different Participation Rate may be declared for different Index Strategies and Buffers.
Performance Lock – A feature that allows clients to capture the Performance Lock Value. A Performance Lock Request may be submitted on any Valuation Day prior to the Index Strategy End Date. Only one Performance Lock may be active for any given Index Strategy during a respective Index Strategy Term. Performance Locks may not be applied retroactively and must be for the full amount of the Performance Lock Value. Partial “locking” of an Index Strategy is not permitted. Once “locked,” Index Credits will not apply on the Index Strategy End Date.
Performance Lock Date – The Valuation Date on which we process the Performance Lock transaction.
Performance Lock Request – Clients may request a Performance Lock by contacting us and providing in Good Order instructions. Instructions received in Good Order after the close of any Valuation Day will be applied on the next Valuation Day.
Performance Lock Value – The value of an Index Strategy at the end of any Valuation Day during an Index Strategy Term other than the Index Strategy Start Date and Index Strategy End Date. It is a calculated value that differs from the Interim Value Calculation (refer to the Prospectus for additional information) and is used when a Performance Lock transaction occurs. The Performance Lock Value is calculated daily and once “locked,” will not fluctuate for the remainder of the current Index Strategy Term, unless a withdrawal or a reallocation were to occur, and will be as of the Performance Lock Date.
Surrender Charge – A type of charge that may be deducted when a surrender or partial withdrawal from the annuity occurs that is greater than the Withdrawal Amount.
Tier Level – The declared Index Return that is used to determine which Participation Rate tier applies in the calculation of Index Credit for Tier Level 1 and Tier Level 2 in the Tiered Participation Rate Index Strategy.
Transfer Account – An account we make available for use with the allocation of the Initial Purchase Payment(s) and any Purchase Payments received within the Transfer Account Period. The Transfer Account is available for a period of time ending upon the expiration of the Transfer Account Period or the Index Effective Date, whichever occurs first. No interest accrues or is paid on funds in the Transfer Account. No charges are applicable on funds in the Transfer Account. Transfer Account assets are held in Pruco Life’s General Account.
Transfer Account Period – A time period beginning on the date the client’s application is signed and ending 45 calendar days later.
Variable Investment Option – A division of the Variable Separate Account.
Ask a financial professional about how FlexGuard — NY can help offer you a level of protection and potentially grow your money.
Disclaimer
Investors should carefully consider the features of the contract, index strategies, and the underlying portfolios' investment objectives, policies, management, risks, charges and expenses. The initial summary prospectus and the index strategies prospectus for the contract, and the summary prospectus or prospectus for the underlying portfolios (collectively, the "prospectuses") contain this and other important information and can be obtained on the prospectus page or from your financial professional. Please read them carefully before investing.
It is possible to lose money by investing in securities.
Issuing company located in Newark, NJ (main office). Variable annuities are distributed by Prudential Annuities Distributors, Inc., Shelton, CT. Both are Prudential Financial companies and each is solely responsible for its own financial condition and contractual obligations.
This web page is being provided for informational or educational purposes only and does not take into account the investment objectives or financial situation of any client or prospective clients. The information is not intended as investment advice and is not a recommendation about managing or investing your retirement savings. If you would like information about your particular investment needs, please contact a financial professional.
Annuity contracts contain exclusions, limitations, reductions of benefits, and terms for keeping them in force. Your licensed financial professional can provide you with complete details.
You should carefully consider your financial needs before investing in annuity products and benefits.
A variable annuity is a long-term investment designed for retirement purposes. Investment returns and the principal value of an investment will fluctuate so that an investor’s units, when redeemed, may be worth more or less than the original investment.
Withdrawals and distributions of taxable amounts are subject to ordinary income tax and, if made prior to age 59½, may be subject to a10% additional tax. Withdrawals reduce the Account Value. Withdrawals taken during the surrender charge period, excluding any Required Minimum Distributions (RMDs) calculated by Prudential, will be subject to any applicable surrender charges.
The S&P 500® Index is a product of S&P Dow Jones Indices LLC ("SPDJI"), and has been licensed for use by Pruco Life Insurance Company. Standard & Poor's®, S&P® and S&P 500® are registered trademarks of Standard & Poor's Financial Services LLC ("S&P"); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Pruco Life Insurance Company. Pruco Life Insurance Company's product(s) is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 Index.
MSCI EAFE Index: The annuity contract referred to herein is not sponsored, promoted or endorsed by MSCI, and MSCI bears no liability with respect to any such annuity contract or any index referred to by any such annuity contract. The product prospectus contains a more detailed description of the limited relationship MSCI has with Pruco Life Insurance Company and any related annuity contracts.
All guarantees including the benefit payment obligations arising under the annuity contract guarantees, any index strategy crediting, or annuity payout rates are backed by the claims-paying ability of the issuing company, and do not apply to the underlying variable investment options. Those payments and the responsibility to make them are not the obligations of the third-party broker-dealer from which this annuity is purchased or any of its affiliates.
FlexGuard - NY is only available in New York and not through all broker-dealers.
We do not provide tax, accounting, or legal advice. Clients should consult their own independent advisors as to any tax, accounting, or legal statements made herein.
Issued on the following contracts with Pruco Life Insurance Company of New Jersey:
Issued on Contract: P-RILA-B-IND(7/22)-NY
Issued on Rider: P-RID-RILA-ROP(7/22)-NY
Issued on Endorsements: P-END-RILA-P2P(7/22)-NY, P-END-RILA-TPAR(7/22)-NY, P-END-PL(7/22)-NY, P-END-RILA-MRS(7/22)-NY, P-END-RILA-DD(7/23)-NY
For compliance use only: 1068689-04
For compliance use only: 1068689-00004-00
For Compliance Use Only: