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Actions Prudential FlexGuard® Income indexed variable annuity It's your retirement income.
Choose how you help grow and protect it.
FlexGuard Income is a retirement product that you and your financial professional can customize based on your unique needs. It offers you lifetime income with levels of protection and growth potential—before and after you start income.
Flexguard Income is issued by Pruco Life Insurance Company
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Actions FlexGuard Income provides income powered by index crediting strategies that help you:
Protect
Select a level of protection that may help limit losses for assets and income
Grow
Grow your income percentage each year income is deferred, and participate in the growth potential of the market both before and after income begins*
Accelerate
Enhance growth potential of income in up markets with unique crediting strategies, before income begins
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Actions *You'll receive a fully protected, fixed payment for life if your account value reaches zero.
Surrender charges and underlying fund expenses may apply in the event of an early withdrawal.
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Actions Here's how each of the index crediting strategies work:
These three index crediting strategies determine how your money may grow. Choose one or a combination of them. Any growth is based on the index return.
Point-to-Point with Cap Rate Strategy
You receive any positive index growth up to an upper limit called a “cap.”
Step Rate Plus Strategy
Underperform – Index return is between 0 and the Step Rate:
You receive the Step Rate.
Outperform – Index return is greater than the Step Rate:
Accelerated growth opportunity (additional growth) – you receive the greater of: a percentage of the index return (the Participation Rate) OR the Step Rate.
Tiered Participation Rate Strategy
Tier 1 – Index return is between 0 and the Tier Level:
You receive 100% of any positive index growth.
Tier 2 – Index return is greater than the Tier Level:
Participation Rate is MORE than 100% – giving you accelerated growth opportunity for any index growth above the Tier Level.
For illustrative purposes only. Strategy terms, rates, and buffers are subject to change and are not guaranteed. Not intended to predict index or strategy performance.
For complete product information, please reference the client brochure PDF opens in new window, index strategy rate sheet PDF opens in a new window, and product prospectus including the income benefit supplement. opens in new window
With FlexGuard Income's index crediting strategies, your money is not actually invested in any index, but may earn interest based on the performance of the index.
FlexGuard Income also offers growth potential through a variable subaccount which can also be mixed and matched in any percentage. The variable subaccount does not offer downside protection through buffer levels.
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During the Income Stage, you can only allocate to the 1-year Point-to-Point with Cap Rate Strategy and the accompanying buffer levels.
Index-linked variable annuity products are complex insurance and investment vehicles and are long-term investments designed for retirement purposes. 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.
Index crediting strategies work with buffers to help grow and protect your savings and income
FlexGuard Income offers you the opportunity to choose your buffer level as well as your 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.
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Actions Determine how to allocate your money
See product specifications for more information on funds and fees associated PDF opens in New Window
Choose from four well-known indices
Your money is not actually invested in any index, but may earn interest credits based on the index’s performance.
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Actions 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.
iShares Russell® 2000 ETF
The iShares Russell 2000 ETF seeks to track the investment results of the Russell 2000 Index, an index composed of small-capitalization U.S. equities. The Russell 2000 Index measures the performance of the small capitalization sector of the U.S. equity market, as defined by FTSE Russell.
Invesco QQQ ETF
Invesco QQQ ETF is an exchange-traded fund that seeks to track investment results of the Nasdaq-100 Index®. The Index includes the 100 largest non-financial companies listed on the Nasdaq® based on market cap.
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.
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Actions Please note that when you allocate to an Index Strategy that is linked to the performance of an ETF, you are not investing in the ETF. Index-based ETFs seek to track the investment results of a specific market index. Due to a variety of factors, including the fees and expenses associated with an ETF, an ETF’s performance may not fully replicate or may, in certain circumstances, diverge significantly from the performance of the underlying index. This potential divergence between the ETF and the specific market index is known as tracking error.
FlexGuard Income and all product features are not approved for use in all states or through all broker-dealers.
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Actions Make changes as you go
In the Savings Stage, at the end of each index term, you can reallocate to any index strategy and choose your buffer level and which market index to track.
In the Income Stage, you can reallocate to one or more of the available buffer levels and index options on the 1-year Point-to-Point with Cap Rate Strategy each year.
CDSC Surrender Charge Schedule
B-Share 6 year: 7%, 7%, 6%, 5%, 4%, 3%; based on the Contract Effective Date.
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Actions See FlexGuard Income in Action
This tool enables you to compare how various choices of index strategies, protection
levels, and term lengths may impact your outcomes.
The individual index strategies displayed are based on historical performance and do not include subaccount
performance. Before you use this tool please refer to the detailed product information above.
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Actions Hypothetical example for illustrative purposes. Assumes the Account was held for the full Index Strategy Term and subsequent renewed terms where applicable. Assumes no withdrawals during the Savings Stage. Past performance does not guarantee future results. Your actual results will vary.
Please speak with a financial professional for a full illustration.
Performance Disclosure
These results were calculated using annual historical index returns and current strategy rates as of the run date of the illustration, which we assumed did not change at any time during the time period illustrated.
Index Strategy credits are based on current strategy rates at time of the illustration run date and assumed were renewed at those rates for the time period displayed within this illustration. Renewal Cap Rates, Step 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.
This interactive illustration is hypothetical and based on the index crediting strategy(ies) selected. Index Strategy credits will fluctuate, and may be negative, so that the Account Value, when redeemed, may be worth more or less than the original purchase amount. If a withdrawal is taken from an Index Strategy during the term period, the Interim Value will apply; however it is not illustrated.
We assess a yearly benefit charge of 1.45%. For Index Strategy Terms longer than one year, the values illustrated prior to the Index Strategy End Date reflect the Index Strategy Base as reduced by any benefit charge as we are not illustrating Interim Values.
Variable investment options are offered with this product however are not included for illustration purposes. Please refer to the product prospectus for fund investment strategies and fee information.
The interactive illustration does not reflect the effect of income taxes, penalty taxes, and premium taxes. Withdrawals or surrenders may be subject to contingent deferred sales charges and Interim Value of the index strategies. If the variable investment options are elected, the contract is subject to mortality, expense, and administration charges of 1.30%, and any applicable underlying fund expenses. Withdrawals and distributions of taxable amounts are subject to ordinary income tax and, if made prior to age 59½, may be subject to an additional 10% federal income tax penalty, sometimes referred to as an additional income tax. Withdrawals reduce the Account Value and death benefits.
Methodology Disclosure
Full History: The Full History scenario utilizes annual historical index returns starting from Illustration Start year until the most recent year end and is based on the indices selected during the Savings and Income Stages. Illustration Start year is calculated backwards from the most recent year end based on the available index price history, owner's age, and maximum illustrated duration that will not extend beyond 30 years.
The Down/Up Market scenarios are returns based upon a common return history of calendar year end returns from 2001-Current. These scenarios use an arithmetic average return of all the indices available on the product, to determine the return applicable to the contract.
Down Market: The Down Market is the 10-year period during which the annual average return of all indices resulted in the lowest compounded total return over the 10-year period for which there was common return history. The time period used to calculate the applicable Down Market returns is 2001-2010 based on common history of all available indices.
Up Market: The Up Market is the 10-year period during which the annual average return of all indices resulted in the highest compounded total return over the 10-year period for which there was common return history. The time period used to calculate the applicable Up Market returns is 2012-2021 based on common history of all available indices.
If the illustrated duration extends beyond 10 years, the 10-year Down and Up Market returns are repeated until the conclusion of the illustration.
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Key Terms
- Account Value – The total value of any allocations in the variable subaccount and the index crediting strategies ("Index Strategies") using the Interim Value for each Index Strategy.
- Annual Income Amount – The annual amount that can be withdrawn without being considered Excess Income during the Income Stage. The Annual Income Amount will vary from year to year and can be lower in one Annuity Year than in the prior Annuity Year even if no Excess Income is taken.
- Annuity Year – The twelve-month period beginning on the Issue Date and continuing through and including the day immediately preceding the first anniversary of the Issue Date. Subsequent Annuity Years begin on the anniversary of the Issue Date and continue through and include the day immediately preceding the next anniversary of the Issue Date.
- Benefit – An Index-Linked Variable Income Benefit that is automatically included with the contract at issue and becomes effective on the Index Effective Date.
- Buffer – The amount of protected negative Index Return applied to an Index Strategy at the end of an Index Strategy Term.
- Cap Rate – For the Point-to-Point with Cap Rate Index Strategy, the maximum rate percentage that can be credited at the end of an index term. The Cap Rate is set prior to the start of each index term. A different Cap Rate may be declared for different indices 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.
- Excess Income – All or any portion of an Income Withdrawal that causes cumulative withdrawals to exceed the Annual Income Amount, including any applicable Contingent Deferred Sales Charge, in an Annuity Year during the Income Stage. Each withdrawal of Excess Income proportionally reduces the Annual Income Amount for future years.
- 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 Account Value the previous anniversary after the first year. Withdrawals greater than the Free Withdrawal are subject to Contingent Deferred Sales Charge.
- Income Deferral Rate (also referred to as “deferral credit”) – An annual percentage added to the Income Percentage each year during the Savings Stage until the Income Effective Date. The Income Deferral Rate is based on the age of the Protected Life or the younger of the Joint Protected Lives on the Index Effective Date and does not change for the life of the Contract.
- Income Effective Date – The date the client elects to start the Income Stage under the Benefit. The Income Effective Date must be on an Index Anniversary Date.
- Income Percentage – The rate applied to determine the initial Annual Income Amount. The Income Percentage is based on the age of the Protected Life, or the younger of the Joint Protected Lives on the Index Effective Date. Prior to the Income Effective Date, the Income Percentage includes any applicable Income Deferral Rate credits. If the Joint Protected Life has been added, changed, or removed before the Income Effective Date, the Annual Income Amount will be based on the applicable Income Percentage and Income Deferral Rate based on the younger of the Protected Life or Joint Protected Lives as of the Index Effective Date.
- Income Stage – The time period beginning on the Income Effective Date and ending on the Valuation Day the Insured Income Stage begins.
- Index (Indices) – The underlying Index or exchange traded fund associated with an Index Strategy and used to determine the Index Return in determining the Index Credit. The Owner does 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 Effective Date). This is the date where a contract Owner can allocate available funds to a new 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 Effective Date – The first day of the first Index Strategy allocation.
- Index Strategy (also referred to as "index crediting strategy") – An allocation option that provides a return based on the underlying Index associated with the Strategy, Buffer, and Index Strategy Term. A contract Owner does not directly participate in an Index.
- Index Strategy End Date – The last day of an Index Strategy Term. This is the day any Index Return would be credited to the Index Strategy, if applicable.
- Index Strategy Start Date – The first day of an Index Strategy Term.
- Interim Value – The value of an Index Strategy on any Valuation Day during an Index Strategy Term. It is a calculated value and is used when a withdrawal, death benefit payment, transfer, annuitization, or benefit charge surrender occurs mid-term.
- Insured Stage – Once the Account Value is reduced to $0 as a result of Income Withdrawals in any Annuity Year that are less than or equal to the Annual Income Amount, you receive the last calculated Annual Income Amount for life.
- Issue Date – The effective date of the Annuity. The Issue Date is established when Prudential receives the complete Purchase Payment and all information required for the purchase of a Contract in Good Order.
- 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 during the Savings Stage. A different Participation Rate may be declared for different Index Strategies and Buffers.
- Savings Stage – The period of time before the Income Effective Date and begins on the Issue Date of the contract.
- Step Rate – The declared rate that may be credited to amounts allocated to the Step Rate Plus Index Strategy for any given Index Strategy Term if the Index Return is between zero and the declared Step Rate during the Savings Stage. A different Step Rate may be declared for different Indices.
- 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 during the Savings Stage.
- Variable Subaccount – A division of the Variable Separate Account available during the Savings Stage.
- Waiting Period – The length of time you must wait before electing the Income Effective Date.
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Actions Talk to Your Financial Professional About Adding FlexGuard Income
to Your Retirement Income Strategy
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Actions Footnotes
Investors should consider the features of the contract, index strategies and the underlying portfolios' investment objectives, policies, management, risks, charges and expenses carefully before investing. This and other important information is contained in the prospectus, which can be obtained on the prospectus page or from your financial professional. Please read the prospectus carefully before investing.
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.
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.
Withdrawals or surrenders may be subject to contingent deferred sales charges and Interim Value of the index strategies. If the variable investment options are elected, the contract is subject to mortality, expense, and administration charges of 1.30%, and any applicable underlying fund expenses. Withdrawals and distributions of taxable amounts are subject to ordinary income tax and, if made prior to age 59½, may be subject to an additional 10% federal income tax penalty, sometimes referred to as an additional income tax. Withdrawals reduce the account value and death benefits.
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 Products 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.
The iShares® Russell 2000 ETF is distributed by BlackRock Investments, LLC. iShares® and BlackRock®, and the corresponding logos, are registered trademarks of BlackRock, Inc. and its affiliates ("BlackRock") and are used under license. BlackRock has licensed certain trademarks and trade names of BlackRock to Pruco Life Insurance Company for certain purposes. Pruco Life Insurance Company's products and services are not sponsored, endorsed, sold, or promoted by BlackRock, and purchasers of such products do not acquire any interest in the iShares® Russell 2000 ETF nor enter into any relationship of any kind with BlackRock. BlackRock makes no representations or warranties, express or implied, to the owners of any products offered by Pruco Life Insurance Company or any member of the public regarding the advisability of purchasing any product or service offered by Pruco Life Insurance Company. BlackRock has no obligation or liability for any errors, omissions, interruptions or use of the iShares® Russell 2000 ETF or any data related thereto, or in connection with the operation, marketing, trading or sale of any Pruco Life Insurance Company product or service offered by Pruco Life Insurance Company.
All rights in the Russell®2000 Index (the "Index") vest in the relevant LSE Group company which owns the Index. Russell®2000 is a trademark of the relevant LSE Group company and is used by any other LSE Group company under license.
The Index is calculated by or on behalf of Frank Russell Company or its affiliate, agent or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of Prudential FlexGuard®. The LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from Prudential FlexGuard® or the suitability of the Index for the purpose to which it is being put by Pruco Life Insurance Company.
Invesco Capital Management LLC ("ICM") serves as sponsor of Invesco QQQ TrustSM, Series 1 ("Invesco QQQ ETF") and Invesco Distributors, Inc. ("IDI"), an affiliate of ICM serves as distributor for Invesco QQQ ETF. The mark "Invesco" is the property of Invesco Holding Company Limited and is used under license. That trademark and the ability to offer a product based on Invesco QQQ ETF have been licensed for certain purposes by Pruco Life Insurance Company and its wholly owned subsidiaries and affiliates (collectively, "Prudential"). Products offered by Prudential are not sponsored, endorsed, sold or promoted by ICM or Invesco Holding Company Limited, and purchasers of such products do not acquire any interest in Invesco QQQ ETF nor enter into any relationship with ICM or its affiliates. ICM makes no representations or warranties, express or implied, to the owners of any products offered by Prudential. ICM has no obligation or liability for any errors, omissions, interruptions or use of Invesco QQQ ETF or any data related thereto, or with the operation, marketing trading or sale of any products or services offered by Prudential.
Nasdaq®, Nasdaq-100®, Nasdaq-100 Index®, and QQQ®, are registered trademarks of Nasdaq, Inc. (which with its affiliates is referred to as the "Corporations") and are licensed for use for certain purposes by Pruco Life Insurance Company and its wholly owned subsidiaries and affiliates (collectively, "Prudential"). Prudential FlexGuard Income ("Product") has not been passed on by the Corporations as to their legality or suitability. The Product is not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE PRODUCT(S).
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 Income and all product features are not approved for use in all states or 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 Contract: P-FGI/IND(10/21), issued in ID P-FGI/IND(10/21)-ID
Issued on Rider:P-RID-VIB(10/21) and Schedule Supplement: P-SCH-VIB(10/21)
Issued on Endorsements: P-END-RILA-P2P(10/21), P-END-RILA-TPAR(10/21) and P-END-RILA-SRP(10/21)
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