PLNJ Premier Investment Variable Annuity Series B,C

497 1 d769755d497.htm PLNJ PREMIER INVESTMENT VARIABLE ANNUITY SERIES B,C PLNJ Premier Investment Variable Annuity Series B,C

PRUDENTIAL PREMIER^® INVESTMENT VARIABLE ANNUITIES

PRUCO LIFE INSURANCE COMPANY

PRUCO LIFE FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

PRUCO LIFE of NEW JERSEY FLEXIBLE PREMIUM VARIABLE ANNUITY ACCOUNT

Supplement, dated August 26, 2014,

to Prospectuses dated April 28, 2014

This supplement should be read in conjunction with your Annuity Prospectus and should be retained for future reference. This supplement is intended to update certain information in the Annuity Prospectus you own and is not intended to be a prospectus or offer for any other Annuity that you do not own. Defined terms used in this supplement shall have the meanings given to them in the Prospectuses and SAIs. In this supplement, “the Company” refers to either Pruco Life Insurance Company and Pruco Life Insurance Company of New Jersey based on the company that issued your Annuity.

We are issuing this supplement to restate Appendix B to your Annuity Prospectus and to add an example of the Charge Basis in the section of your Prospectus entitled “Fees, Charges and Deductions”.

If you would like another copy of the current Annuity Prospectus, please call us at 1-888-PRU-2888. Accordingly, we make the following change to your Annuity Prospectus:

1. Appendix B is hereby replaced in its entirety by the following:

APPENDIX B – SELECTING THE VARIABLE ANNUITY THAT’S RIGHT FOR YOU

The Company offers two deferred variable annuity products in this Prospectus. Both Annuities, (B and C Series), have different features and benefits that may be appropriate for you based on your individual financial situation and how you intend to use the Annuity. Both of these Annuities may be available to you, depending on factors such as the broker-dealer through which your Annuity was sold. You can verify which of these Annuities is available to you by speaking to your Financial Professional or calling 1-888-PRU-2888.

Among the factors you should consider when choosing which Annuity product may be most appropriate for your individual needs are the following:

Your age;

The amount of your initial Purchase Payment and any planned future Purchase Payments into the Annuity,

How long you intend to hold the Annuity (also referred to as “investment time horizon”);

Your desire to make withdrawals from the Annuity and the timing of those withdrawals;

Your investment objectives;

The guarantees that an optional benefit may provide; and

Your desire to minimize costs and/or maximize return associated with the Annuity.

You can compare the costs of the B Series and C Series by examining the section in this Prospectus entitled “Summary of Contract Fees and Charges”. There are trade-offs associated with the costs and benefits provided by both of the Series. The B Series has Contingent Deferred Sales Charge (CDSC) associated with it, while the C Series does not. The B Series provides a higher Surrender Value in long-term scenarios than the C Series. Because the C Series does not have a CDSC, it provides a higher Surrender Value in short-duration scenarios. In choosing which Series to purchase, you should consider the features and the associated costs that offer the greatest value to you including the different ongoing fees and charges you pay to stay in the Annuity.

The following chart outlines some of the different features for each Annuity sold through this Prospectus. The availability of an optional benefit, such as the one noted in the chart, will increase the total cost of the Annuity. You should carefully consider which features you plan to use when selecting your Annuity, and the impact of such features in relation to your investment objectives and which share class may be most appropriate for you.

To demonstrate the impact of the various expense structures, the hypothetical examples on the following pages reflect the Account Value and Surrender Value of each Annuity over a variety of holding periods. These charts reflect the impact of different hypothetical rates of return and the comparable value of each of the Annuities (which reflects the charges associated with each Annuity) under the assumptions noted.

Product Comparison

Below is a summary of the Prudential Premier^® Investment Variable Annuity^SM B Series and C Series sold through this Prospectus. Your registered Financial Professional can provide you with the summary prospectuses or statutory prospectus for the underlying Portfolios and can guide you through “Selecting the Annuity That’s Right For You” and help you decide upon the Annuity that would be most advantageous for you given your individual needs. Please read the Prospectus carefully before investing. The Company does not make recommendations or provide investment advice.


Annuity Comparison	B Series	C Series
Minimum Investment	$10,000	$10,000
Maximum Issue Age	85	85
Maximum Issue Age (Return of Purchase Payments Death Benefit)	79	79
Contingent Deferred Sales Charge Schedule (Based on date of each purchase payment) May vary by state	7 Years (7%, 7%, 6%, 6%, 5%, 4%, 3%) 0% after 7 years	None
Account Value Based Insurance Charge	0.55%	0.68%
Premium Based Insurance Charge (Annual Equivalent)	0.55%	0.67%
Optional Return of Purchase Payments Death Benefit (Total Annual Charge)	0.15% Premium Based and 0.15% Account Value Based	0.15% Premium Based and 0.15% Account Value Based
Annual Maintenance Fee	Lesser of: n $50, or n 2% of Unadjusted Account Value n Waived for Purchase Payments equal to, or greater than $100,000	Lesser of: n $50, or n 2% of Unadjusted Account Value n Waived for Purchase Payments equal to, or greater than $100,000
MVA Options	6 and 12 month DCA MVA option	6 and 12 month DCA MVA option
Variable Investment Options (Not all options available if you elect the Return of Purchase Payments Death Benefit)	Advanced Series Trust	Advanced Series Trust
Basic Death Benefit	Unadjusted Account Value	Unadjusted Account Value
Optional Death Benefit (Return of Purchase Payments Death Benefit)	Greater of: n Purchase Payments minus proportional withdrawals; and n Unadjusted Account Value	Greater of: n Purchase Payments minus proportional withdrawals; and n Unadjusted Account Value

HYPOTHETICAL ILLUSTRATION

The following examples outline the value of each Annuity as well as the amount that would be available to an investor as a full surrender. We assume the surrender is taken on the day immediately prior to the surrender charge change that precedes the Annuity Anniversary specified (or, two days before the Annuity Anniversary specified). The “Annuity Anniversary” is the anniversary of the Issue Date of the Annuity. The values shown below are based on the following assumptions: An initial investment of $100,000 is made into each Annuity earning a gross rate of return of 0% and 6% and 10%, respectively.

The examples further assume that no additional Purchase Payments or withdrawals are made from the Annuity. The hypothetical gross rates of return are reduced by the arithmetic average of the fees and expenses of the applicable underlying Portfolios (which is 1.07% for both Series) as of December 31, 2013 and the charges deducted from the Annuity at the Separate Account level. The arithmetic average of all fund expenses is computed by adding Portfolio management fees, 12b-1 fees and other expenses of all the underlying Portfolios and then dividing by the number of Portfolios. For purposes of the illustrations, we do not reflect any expense reimbursements or expense waivers that might apply and are described in the “Summary of Contract Fees and Charges.” The Separate Account level charge refers to the Account Value Based Insurance Charge. The Premium Based and the Account Value Based Insurance Charges are included in the following examples.

The Account Value and Surrender Value are further reduced by the Annual Maintenance Fee, if applicable.

The Account Value assumes no surrender, while the Surrender Value assumes a 100% surrender two days prior to the Annuity Anniversary, as described above, therefore reflecting the CDSC applicable to that Annuity Year. Note that a withdrawal on the Annuity Anniversary, or the day before the Annuity Anniversary, would be subject to the CDSC applicable to the next Annuity Year, which may be lower. The CDSC is calculated based on the date that the Purchase Payment was made and for purposes of these examples, we assume that a single Purchase Payment of $100,000 was made on the Issue Date. Please note that the CDSC only applies to the B Series. The values that you actually experience under an Annuity will be different from what is depicted here if any of the assumptions we make here differ from your circumstances, however the relative values for each Annuity reflected below will remain the same. (We will provide your Financial Professional with a personalized illustration upon request).

B Series


		0% Gross Rate of Return				6% Gross Rate of Return				10% Gross Rate of Return
		All years		-2.33%		All years		3.92%		All years		7.96%
Yr		Annuity Value		Surrender Value		Annuity Value		Surrender Value		Annuity Value		Surrender Value
	1		$97,981		$90,981		$103,856		$96,856		$107,772		$100,772
	2		95,855		88,855		107,746		100,746		116,058		109,058
	3		93,763		87,763		111,802		105,802		125,025		119,025
	4		91,706		85,706		116,033		110,033		134,730		128,730
	5		89,681		84,681		120,445		115,445		145,233		140,233
	6		87,689		83,689		125,046		121,046		156,599		152,599
	7		85,729		82,729		129,845		126,845		168,901		165,901
	8		83,801		83,801		134,849		134,849		182,214		182,214
	9		81,904		81,904		140,069		140,069		196,623		196,623
	10		80,037		80,037		145,512		145,512		212,216		212,216
	11		78,201		78,201		151,188		151,188		229,092		229,092
	12		76,394		76,394		157,108		157,108		247,355		247,355
	13		74,617		74,617		163,282		163,282		267,121		267,121
	14		72,868		72,868		169,720		169,720		288,513		288,513
	15		71,147		71,147		176,435		176,435		311,663		311,663
	16		69,454		69,454		183,438		183,438		336,718		336,718
	17		67,789		67,789		190,741		190,741		363,834		363,834
	18		66,150		66,150		198,357		198,357		393,179		393,179
	19		64,538		64,538		206,300		206,300		424,938		424,938
	20		62,952		62,952		214,584		214,584		459,309		459,309
	21		61,391		61,391		223,223		223,223		496,507		496,507
	22		59,856		59,856		232,233		232,233		536,764		536,764
	23		58,345		58,345		241,628		241,628		580,332		580,332
	24		56,859		56,859		251,427		251,427		627,484		627,484
	25		55,397		55,397		261,647		261,647		678,513		678,513

Assumptions:

$100,000 initial investment

Portfolio Expenses = 1.07%

No optional death benefit is elected

Annuity was issued on or after April 28, 2014

Surrender value is accounted for 2 days before the Annuity Anniversary

The shaded values indicate the highest Surrender Values in that year based on the stated assumptions. Assuming a 0%, 6% and 10% gross annual return, the B Series has the highest Surrender Value starting in Annuity Year 8.

C Series


		0% Gross Rate of Return				6% Gross Rate of Return				10% Gross Rate of Return
		All years		-2.66%		All years		3.70%		All years		7.76%
Yr		Annuity Value		Surrender Value		Annuity Value		Surrender Value		Annuity Value		Surrender Value
	1		$97,764		$97,764		$103,628		$103,628		$107,538		$107,538
	2		95,397		95,397		107,244		107,244		115,526		115,526
	3		93,072		93,072		111,011		111,011		124,161		124,161
	4		90,787		90,787		114,934		114,934		133,494		133,494
	5		88,543		88,543		119,019		119,019		143,581		143,581
	6		86,337		86,337		123,274		123,274		154,483		154,483
	7		84,169		84,169		127,706		127,706		166,266		166,266
	8		82,040		82,040		132,322		132,322		179,002		179,002
	9		79,947		79,947		137,130		137,130		192,768		192,768
	10		77,892		77,892		142,138		142,138		207,646		207,646
	11		75,871		75,871		147,353		147,353		223,726		223,726
	12		73,886		73,886		152,785		152,785		241,107		241,107
	13		71,936		71,936		158,442		158,442		259,892		259,892
	14		70,020		70,020		164,335		164,335		280,196		280,196
	15		68,137		68,137		170,472		170,472		302,140		302,140
	16		66,287		66,287		176,864		176,864		325,859		325,859
	17		64,469		64,469		183,521		183,521		351,495		351,495
	18		62,682		62,682		190,455		190,455		379,203		379,203
	19		60,927		60,927		197,677		197,677		409,150		409,150
	20		59,203		59,203		205,199		205,199		441,519		441,519
	21		57,508		57,508		213,033		213,033		476,503		476,503
	22		55,843		55,843		221,192		221,192		514,316		514,316
	23		54,208		54,208		229,690		229,690		555,184		555,184
	24		52,600		52,600		238,541		238,541		599,356		599,356
	25		51,021		51,021		247,760		247,760		647,099		647,099

Assumptions:

$100,000 initial investment

Portfolio Expenses = 1.07%

No optional death benefit is elected

Annuity was issued on or after April 28, 2014

Surrender value is accounted for 2 days before the Annuity Anniversary

The shaded values indicate the highest Surrender Values in that year based on the stated assumptions. Assuming a 0%, 6% and 10% gross annual return, the C Series has the highest Surrender Value in Annuity Years 1 through 7.

2. The following Example 3 is added to the “Examples of the Charge Basis” in the section of the Prospectus entitled, “Fees, Charges and Deductions:”

Example 3: Assume your Charge Basis is $100,000 and your Account Value is $90,000. You decide to take a partial withdrawal of $25,000. We will reduce your Account Value and Charge Basis by $25,000. In this example, the Account Value is less than the Charge Basis, which means that there has been a decrease in your Account Value due to negative performance of the investment options. As a result of the partial withdrawal, your new Charge Basis is $75,000.

THIS SUPPLEMENT SHOULD BE READ AND RETAINED FOR FUTURE REFERENCE

PPIVASUP1