FlexGuard Income

Pruco Life Insurance Company
FlexGuard Income-brochure FlexGuard Income-brochure

FlexGuard Income

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Ratings:

  • A.M. Best A+
  • Fitch AA-
  • S&P AA-
  • Moody's Aa3
  • Comdex 94

About Product

Type
Registered Index-Linked
Purpose
Lifetime Income
Term
6 Years
Surrender schedule
8%8%7%6%5%4%
Fee withdrawal:
10%
Market Value Adjustment
No
Return Of Premium
No
Minimum Contribution
$25,000
Maximum Contribution
$1,000,000
Max Age Qualified
80
Types Of Funds
Non-Qualified, Profit Sharing, IRA, Pension, IRA Rollover, 401a, TSA 403b, SEP IRA, KEOGH, IRA-Roth, 457 plan, Inherited IRA, NQ Stretch, and TSP
Launch Date
06/15/2021
The Prudential FlexGuard Income index-linked and variable annuity Contract issued by PALAC is a contract between you, the Owner, and Prudential Annuities Life Assurance Corporation, an insurance company. It is designed for retirement purposes, or other long-term investing, to help you save money for retirement, on a tax deferred basis, and provide income during your retirement. 

The Index Linked Variable Income Benefit (the “Benefit”) attached to this Annuity has three distinct stages, the Savings Stage, Income Stage, and Insured Income Stage. During the Savings Stage, the Annuity provides a Variable Subaccount and Index Strategies as opportunities for growth or loss, with levels of downside protection available when allocating to the Index Strategies. During the Income Stage it provides lifetime income with potential for increases in income and some downside protection. 

Variable Subaccount
Variable Subaccount PSF PGIM Government Money Market Portfolio “Class III“ available after the contract issue date and prior to the election to start income.

A Mortality & Expense & Administrative (M&E&A) of 1.30%, as well as a fund management charge, applies to account value allocated to the Variable Subaccount. Refer to the prospectus for details. 
Available in states: AL, AK, AZ, AR, CA, CO, CT, DE, DC, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NC, ND, OH, OK, PA, PR, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, and WY

Allocation Accounts

Name Type Rates
6-Year S&P 500 Dual Directional Cap 15% Buffer
Dual Directional
6-Year
350% Cap
6-Year S&P 500 Dual Directional Cap 20% Buffer
Dual Directional
6-Year
100% Cap
1-Year S&P 500 Dual Directional Cap 15% Buffer
Dual Directional
Annual
9.5% Cap
1-Year S&P 500 Dual Directional Cap 10% Buffer
Dual Directional
Annual
12.5% Cap
6-Year S&P 500 Dual Directional Cap 10% Buffer Uncapped
Dual Directional
6-Year
6-Year AB 500 Plus Tiered Participation Rate (20% tier) with 5% Buffer
Tiered Participation Rate
6-Year
100% Participation
6-Year AB 500 Plus Tiered Participation Rate (20% tier) with 10% Buffer
Tiered Participation Rate
6-Year
100% Participation
6-Year Dimensional International Equity Focus Tiered Participation Rate (20% tier) with 10% Buffer
Tiered Participation Rate
6-Year
100% Participation
6-Year Dimensional International Equity Focus Tiered Participation Rate (20% tier) with 5% Buffer
Tiered Participation Rate
6-Year
100% Participation
6-Year S&P 500 Tiered Participation Rate (20% tier) with 5% Buffer
Tiered Participation Rate
6-Year
100% Participation
6-Year iShares Russell 2000 ETF Tiered Participation Rate (20% tier) with 5% Buffer
Tiered Participation Rate
6-Year
100% Participation
6-Year MSCI EAFE Tiered Participation Rate (20% tier) with 5% Buffer
Tiered Participation Rate
6-Year
100% Participation
6-Year S&P 500 Tiered Participation Rate (20% tier) with 10% Buffer
Tiered Participation Rate
6-Year
100% Participation
6-Year MSCI EAFE Tiered Participation Rate (20% tier) with 10% Buffer
Tiered Participation Rate
6-Year
100% Participation
3-Year AB 500 Plus PTP Cap 10% Buffer Uncapped
Point to Point
Triennial
6-Year AB 500 Plus PTP Cap 20% Buffer Uncapped
Point to Point
6-Year
6-Year Dimensional International Equity Focus PTP Cap 20% Buffer Uncapped
Point to Point
6-Year
3-Year AB 500 Plus PTP Cap 20% Buffer
Point to Point
Triennial
400% Cap
6-Year Dimensional International Equity Focus PTP Cap 30% Buffer
Point to Point
6-Year
100% Cap
1-Year S&P 500 PTP Cap 30% Buffer
Point to Point
Annual
9.5% Cap
1-Year MSCI EAFE PTP Cap 30% Buffer
Point to Point
Annual
9.5% Cap
1-Year Invesco QQQ PTP Cap 30% Buffer
Point to Point
Annual
9.5% Cap
1-Year iShares Russell 2000 ETF PTP Cap 30% Buffer
Point to Point
Annual
9.5% Cap
6-Year S&P 500 PTP Cap 30% Buffer
Point to Point
6-Year
100% Cap
6-Year MSCI EAFE PTP Cap 30% Buffer
Point to Point
6-Year
120% Cap
6-Year iShares Russell 2000 ETF PTP Cap 30% Buffer
Point to Point
6-Year
105% Cap
6-Year AB 500 Plus PTP Cap 30% Buffer
Point to Point
6-Year
105% Cap
1-Year S&P 500 PTP Cap 10% Buffer
Point to Point
Annual
15.75% Cap
3-Year iShares Russell 2000 ETF PTP Cap 10% Buffer Uncapped
Point to Point
Triennial
1-Year iShares Russell 2000 ETF PTP Cap 10% Buffer
Point to Point
Annual
15.75% Cap
1-Year Invesco QQQ PTP Cap 10% Buffer
Point to Point
Annual
15.75% Cap
1-Year MSCI EAFE PTP Cap 10% Buffer
Point to Point
Annual
16.75% Cap
1-Year S&P 500 PTP Cap 15% Buffer
Point to Point
Annual
13.5% Cap
1-Year iShares Russell 2000 ETF PTP Cap 15% Buffer
Point to Point
Annual
14.75% Cap
1-Year Invesco QQQ PTP Cap 15% Buffer
Point to Point
Annual
14.75% Cap
1-Year MSCI EAFE PTP Cap 15% Buffer
Point to Point
Annual
12.25% Cap
1-Year S&P 500 PTP Cap 100% Buffer
Point to Point
Annual
8% Cap
3-Year S&P 500 PTP Cap 10% Buffer Uncapped
Point to Point
Triennial
3-Year MSCI EAFE PTP Cap 10% Buffer Uncapped
Point to Point
Triennial
3-Year S&P 500 PTP Cap 20% Buffer
Point to Point
Triennial
350% Cap
3-Year iShares Russell 2000 ETF PTP Cap 20% Buffer
Point to Point
Triennial
350% Cap
3-Year MSCI EAFE PTP Cap 20% Buffer
Point to Point
Triennial
400% Cap
6-Year S&P 500 PTP Cap 20% Buffer Uncapped
Point to Point
6-Year
6-Year iShares Russell 2000 ETF PTP Cap 20% Buffer
Point to Point
6-Year
150% Cap
6-Year MSCI EAFE PTP Cap 20% Buffer Uncapped
Point to Point
6-Year
1-Year S&P 500 Step Rate with Participation Rate 10% Buffer
Performance Triggered
Annual
70% Participation
9.5% Performance triggered
1-Year S&P 500 Step Rate with Participation Rate 5% Buffer
Performance Triggered
Annual
70% Participation
9.75% Performance triggered
1-Year MSCI EAFE Step Rate with Participation Rate 5% Buffer
Performance Triggered
Annual
70% Participation
9.75% Performance triggered
1-Year S&P 500 PTP Enhanced Cap with Spread A 10% Buffer
Point to Point
Annual
24% Cap
1.25% Spread
1-Year MSCI EAFE PTP Enhanced Cap with Spread B 15% Buffer
Point to Point
Annual
29% Cap
2% Spread
1-Year MSCI EAFE PTP Enhanced Cap with Spread A 15% Buffer
Point to Point
Annual
23% Cap
1.25% Spread
1-Year MSCI EAFE PTP Enhanced Cap with Spread B 10% Buffer Uncapped
Point to Point
Annual
2% Spread
1-Year MSCI EAFE PTP Enhanced Cap with Spread A 10% Buffer
Point to Point
Annual
39% Cap
1.25% Spread
1-Year S&P 500 PTP Enhanced Cap with Spread B 15% Buffer
Point to Point
Annual
23% Cap
2% Spread
1-Year S&P 500 PTP Enhanced Cap with Spread A 15% Buffer
Point to Point
Annual
16% Cap
1.25% Spread
1-Year S&P 500 PTP Enhanced Cap with Spread B 10% Buffer Uncapped
Point to Point
Annual
2% Spread

Surrender schedule

Year 1 2 3 4 5 6
Penalty 8% 8% 7% 6% 5% 4%

Riders

Name Inbuilt Fee
Index Linked Variable Income Benefit Supplement Yes 1.45% annually

Waivers

Hospital

Unavailable in states: CA, and MA

You may request to surrender all or part of your Annuity prior to the Annuity date without CDSC upon the occurence of a medically-related "Contingency Event." A "Contingency Event" occurs if the Owner (or Annuitant if entity-owned) is: first confined in a "Medical Care Facility" after the Issue Date and while the Annuity is in force and remains confined for at least 90 consecutive days. We define a medical facility as a facility recognized as a hospital or a long-term care facility or that is a nursing home facility with a 24-hour RN or LPN who controls all prescribed medications and daily medical records.

Nursing Home

Unavailable in states: CA, and MA

You may request to surrender all or part of your Annuity prior to the Annuity date without CDSC upon the occurence of a medically-related "Contingency Event." A "Contingency Event" occurs if the Owner (or Annuitant if entity-owned) is: first confined in a "Medical Care Facility" after the Issue Date and while the Annuity is in force and remains confined for at least 90 consecutive days. We define a medical facility as a facility recognized as a hospital or a long-term care facility or that is a nursing home facility with a 24-hour RN or LPN who controls all prescribed medications and daily medical records.

Terminal Illness

Unavailable in states: CA, and MA

You may request to surrender all or part of your Annuity prior to the Annuity date without CDSC upon the occurence of a medically-related "Contingency Event." A "Contingency Event" occurs if the Owner (or Annuitant if entity-owned) is: first diagnosed as having a "Fatal Illness" after the Issue Date and while the Annuity is in force. We define terminal illness as a condition which death results in 2 years for 80% of diagnosed cases.

Premium Notes

Note: TSP funds have to be rolled into an IRA.

Withdrawal Provisions

Accessing your money
You might need access to your money sooner than you expected. You have the flexibility to take withdrawals before you start taking income. Depending on the amount you withdraw, you may or may not be subject to an early withdrawal fee, also referred to as a Contingent Deferred Sales Charge or CDSC.
If you have money in an index crediting strategy and take a withdrawal (partial, systematic, or full surrender) prior to the end of the index term, transfer out of an index crediting strategy to another investment option, or annuitize — or in cases when Prudential deducts the benefit charge or must pay a death claim between Index Anniversaries — an Interim Value calculation is used to determine the fair market value of each index crediting strategy at the time of the transaction. The Interim Value does not reflect the actual performance of the applicable index. Refer to the product prospectus for more details about interim value calculations.

Withdrawals during the Savings Stage 
  • Free Withdrawals — You can withdraw up to 10% of the purchase payment in the first year and 10% of the account value on the previous anniversary after the first year. Withdrawals greater than the Free Withdrawal are subject to Contingent Deferred Sales Charge. 
  • Withdrawals will be deducted first from the variable subaccount (if applicable) on a pro rata basis. Only when the variable subaccount has been depleted will any remaining withdrawal amount be deducted from the Index Strategies, also on a pro rata basis. 
  • You can also request self-directed withdrawals from the variable subaccount and index crediting strategies of your choosing. Since withdrawals from the index crediting strategies midterm reduce the Index Strategy Base, if you are planning on withdrawing funds you should consider allocating sufficient funds to the variable subaccount to accommodate withdrawals without impacting the index crediting strategies. 
Withdrawals during the Income Stage
All or any portion of a withdrawal that causes cumulative withdrawals to exceed the Annual Income Amount in an annuity year, including any applicable Contingent Deferred Sales Charge, is considered Excess Income. 
  • Excess Income during the Income Stage proportionately reduces the Annual Income Amount that will be used in the recalculation of the Annual Income Amount on the next Index Anniversary Date. If an Excess Income withdrawal reduces the contract value to zero, the contract will terminate. 

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