MAKE EVERY DAY COUNT. HIGHEST DAILY Lifetime Income benefit FOR YOUR RETIREMENT. Prudential Premier Retirement

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1 Prudential Premier Retirement HIGHEST DAILY Lifetime Income benefit MAKE EVERY DAY COUNT FOR YOUR RETIREMENT Issued by Pruco Life Insurance Company and by Pruco Life Insurance Company of New Jersey. This material must be preceded or accompanied by a current variable annuity product prospectus that includes any applicable current monthly rate sheet supplement and the applicable variable annuity summary card Ed. 05/2017

2 EVERY SUCCESFUL RETIRE STARTS WITH A PLAN. Retirement can be an exciting time of adventure and discovery. But to be successful on your retirement journey, you need a well-conceived strategy to help prepare for the expected and unexpected financial challenges you may face. You ll want to consider key issues such as rising costs, market uncertainty and how to turn your savings into income that can last a lifetime. A variable annuity is one strategy that can help. What exactly is a variable annuity? Put simply, it s a long-term investment designed to provide flexible payout options to help meet your income needs in retirement. Your funds are invested in professionally managed portfolios that you select, and accumulate tax-deferred until you begin taking income. Today s variable annuities also offer optional living benefits, which are available for an additional fee, and can provide guaranteed retirement income, often for life. In this brochure we ll discuss one of these benefits, Prudential s Highest Daily Lifetime Income v3.0. Use this guide with your financial advisor to help you: Gain a better understanding of variable annuities Explore how guaranteed income can help address these challenges Discuss investment options to help you plan for your future The currently available Highest Daily Lifetime Income benefit listed above is referred to as Highest Daily Lifetime Income v3.0 benefit in the prospectus. 2/20 Premier Retirement

3 MENT Make every day count. When you retire, you ll want to make the most of each and every day. The same can be said about your investments for retirement. With a Prudential Premier Retirement Variable Annuity and our Highest Daily Lifetime Income benefit, you can increase your retirement income, protect it from downturns, and guarantee it lasts a lifetime. How? Highest Daily is designed to provide daily growth of your future income regardless of how the market performs. Plus, each day, you ll have the opportunity for additional growth based on the investment performance of your account. Highest Daily Lifetime Income can offer you: Guaranteed lifetime income Provides daily growth of your future retirement income Ensures that your income will last a lifetime or two Offers tax advantages if purchased with funds outside of a qualified retirement account Investments to help drive your guarantees Enjoy access to an investment platform that is extensively researched and managed to Prudential s high standards Choose from a diverse range of asset allocation strategies designed to help drive the growth of your guaranteed retirement income Legacy planning features Built-in death benefit at no extra charge Enables efficient wealth transfer to your loved ones All guarantees are subject to the terms of the benefit. Premier Retirement 3/20

4 how Highest Daily works to create lifetime income Highest Daily is designed to protect and continuously grow the basis for your retirement income what we call your Protected Withdrawal Value (PWV). The benefit locks in* daily account highs, then compounds those locked-in values at a predetermined rate for the first 10 years or until Lifetime Withdrawals begin, whichever comes first. This means that no matter how the market performs, your PWV will continue to grow during this time period. HOW GUARANTEED DAILY GROWTH WORKS: Every day that your account value reaches a new high, that amount is locked in for retirement income purposes and IMMEDIATELY BEGINS GROWING at an annual compounded rate for the first 10 years from the benefit election date or until you decide to begin receiving income with Lifetime Withdrawals. ACCOUNT VALUE You purchase an annuity with a Highest Daily Lifetime Income benefit. year 1 year 2 year 3 year 4 year 5 Assumes no withdrawals are taken Protected Withdrawal Value (PWV) Highest Daily Lock-ins Compounded This is a hypothetical example for illustrative purposes only. It does not reflect a specific annuity, an actual account value or the performance of any investment. It is important to note that the PWV is only used to calculate the guaranteed lifetime income and the charge for the benefit. It is separate from the account value and is not available as a lump sum withdrawal. After the 10th benefit anniversary The compounded growth rate will no longer be applied to the PWV However, the benefit will continue to lock in your Highest Daily account value as the PWV (if higher than the previous PWV), until Lifetime Withdrawals begin * Please note lock-ins do not apply to the account value. The account value is not guaranteed, can fluctuate, and may lose value. Tomorrow s PWV will be the greater of today s account value and today s PWV plus one day of annual interest. 4/20 Premier Retirement

5 A simplified one-month snapshot This calendar highlights how Highest Daily can work for you over one month of your investment. Daily Lock-in: Based on the investment performance of your annuity on any given calendar day, you ll have the opportunity to lock in your PWV at a higher amount than the previous day s value. DAY 1 MONDAY TUESDAY WEDNESDAY THURSDAY FRIDAY DAY 2 Daily Lock-in DAY 3 DAY 4 DAY 5 DAY 8 DAY 9 DAY 10 DAY 11 DAY 12 Daily Lock-in Daily Lock-in Daily Lock-in DAY 15 DAY 16 DAY 17 DAY 18 DAY 19 Daily Lock-in Daily Lock-in Daily Lock-in Daily Lock-in DAY 22 DAY 23 DAY 24 DAY 25 DAY 26 DAY 29 DAY 30 DAY 31 : Unlike other benefits, Highest Daily compounds daily. The daily percentage of the annual compounded growth rate is applied to your most current Highest Daily lock-in. So whether you capture a new daily lock-in or not, your PWV is always growing for the first 10 years or until Lifetime Withdrawals begin. Why are daily lock-ins so important for retirement income? It all comes down to retirement income certainty. Most other income benefits capture account highs with annual, quarterly or monthly lock-ins, but Highest Daily locks in every account high 100% of the time for income purposes. This is a hypothetical example for illustrative purposes only. It does not reflect a specific annuity, an actual account value or the performance of any investment. Premier Retirement 5/20

6 helping to meet retirement income needs for one life or two In addition to increasing retirement income daily, protecting it through market downturns, and ensuring it lasts a lifetime, we offer you the opportunity to choose between two versions of the Highest Daily benefit to meet your particular needs: FOR INDIVIDUAL INVESTORS Highest Daily Lifetime Income FOR INVESTORS AND THEIR SPOUSES Spousal Highest Daily Lifetime Income What spousal protection can offer Planning for the future now can help you or your spouse through a very difficult time when one of you passes away. It s important to have a plan in place so that the money you and your spouse have spent so many years saving will be there for both of you when you need it. Many situations can arise where a surviving spouse s retirement income will decline, and this has the potential to create an income gap. Spousal Highest Daily offers all of the same features and benefits of Highest Daily, but is designed to protect both you and your spouse. With Spousal Highest Daily, the surviving spouse can: 1. Continue the income uninterrupted for the rest of his or her life 2. Maintain control of any remaining account value should an unexpected need arise 3. Continue to grow his or her PWV through Highest Daily lock-ins and the annual compounded rate for up to 10 years from benefit election or until first Lifetime Withdrawal if sooner The benefit payment obligations arising under the annuity contract guarantees, rider guarantees, or optional benefits and any fixed account crediting rates or annuity payout rates are backed by the claims-paying ability of the issuing insurance company. 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. They are also not obligations of any affiliates of the issuing insurance company. None of them guarantees the claims-paying ability of the issuing insurance company. All guarantees, including optional benefits, do not apply to the underlying investment options. 6/20 Premier Retirement

7 The transition to taking income When you decide to retire, it will be time to put your benefit to work creating guaranteed income through Lifetime Withdrawals. These withdrawals will continue for as long as you live. 1 If you ve elected the Spousal Highest Daily benefit, withdrawals will continue for as long as you or your spouse live. HYPOTHETICAL INCOME EXAMPLE: $250,000 X 5% PWV withdrawal percentage = $12,500/year Annual Income Amount For illustrative purposes only. Your Annual Income Amount could be more or less, depending on your initial purchase payment and applicable withdrawal percentage. HOW YOUR ANNUAL INCOME AMOUNT IS DETERMINED The amount of income you ll receive each year is called your Annual Income Amount. This amount depends on the benefit you elect, the amount of your PWV and your age at the time you start taking income through Lifetime Withdrawals Withdrawal percentages and the compounded growth rate are set at the time your application is signed 2 and do not change for the life of your benefit For the current rates, talk to your financial advisor, and refer to the applicable rate sheet prospectus supplement that must accompany this brochure WHEN IT S TIME TO START TAKING INCOME Your Lifetime Withdrawals can begin at any time You can determine how often you take your withdrawals (i.e., monthly, quarterly, annually) Withdrawals come from your account value, however there are two key features worth noting: 1. Your guaranteed lifetime income can never go down, but can go up based on your annuity s performance 2. Your guaranteed income continues for life, even if your account value goes to zero 1 All references to account value assume no investment in any available Market Value Adjustment (MVA) options. Please see the prospectus for more information. It is important to note that if you take an excess withdrawal, your future guaranteed lifetime income payments will be reduced. An excess withdrawal occurs when your cumulative Lifetime Withdrawals exceed your Annual Income Amount in any annuity year. Please see page 18 for complete details. 1 It is important to note that if you take an excess withdrawal, your future guaranteed lifetime income payments will be reduced. An excess withdrawal occurs when your cumulative Lifetime Withdrawals exceed your Annual Income Amount in any annuity year. If an excess withdrawal is taken, only the portion of the Lifetime Withdrawal that exceeds the remaining Annual Income Amount will proportionally reduce all benefit guarantees for future years. If a withdrawal in excess of the Annual Income Amount reduces the account value to zero, no further amount would be payable under the benefits and the annuity terminates. Please see page 18 for complete details. 2 Subject to the terms outlined in the prospectus or the applicable rate sheet prospectus supplement. Edward Jones recommends that this variable annuity with the optional living benefit should begin income at a 5% withdrawal rate and expects lifetime income to begin within 10 years of purchase. Withdrawal percentages are based on the age of the annuitant at first Lifetime Withdrawal, or the age of the younger spouse at first Lifetime Withdrawal if electing a spousal version. 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, other than from IRAs or employer retirement plans, are deemed to be gains out first for tax purposes. Withdrawals reduce the account value, death benefits, and the annual amount of living benefit available. Premier Retirement 7/20

8 Flexibility to access your annuity if you need it Before you start taking income with Lifetime Withdrawals, you can take one Non-Lifetime Withdrawal that will not interrupt the daily lock-ins or the compounded growth of your PWV (the basis for your income). It s important to note that a Non-Lifetime Withdrawal will proportionally reduce all benefit guarantees by the percentage the withdrawal represents of the current account value. Please see page 18 for more information. HIGHEST DAILY STEP-UPS ARE POSSIBLE EVEN AFTER INCOME BEGINS Highest Daily can continue to lock in in your highest day, even after you begin taking Lifetime Withdrawals. However, the possibility of a step-up is more likely to occur before you begin taking Lifetime Withdrawals. Lifetime Withdrawals reduce your account value, making step-ups less likely. In addition, upon step-up, the fees may be higher. If this occurs, you have the ability to opt out of the step-up to avoid the higher fee. See page 18 for more details. 8/20 Premier Retirement

9 how we manage your guarantee Prudential Annuities provides risk management features within our Highest Daily guarantee. Our predetermined mathematical formula, the Secure Value Account (SVA), and the permitted asset allocation portfolios are designed to help mitigate some of the financial risk associated with providing and managing your guarantees during all market cycles. OUR INNOVATIVE PREDETERMINED MATHEMATICAL FORMULA When you elect a Highest Daily benefit, your annuity will be monitored on a daily basis by a predetermined mathematical formula. Every day, the formula determines if a portion of your account value in the permitted asset allocation portfolios should be automatically transferred into or out of the AST Investment Grade Bond Portfolio ( Bond Portfolio ). The formula can help: YOUR CHOSEN INVESTMENT OPTIONS A PORTION OF YOUR ACCOUNT VALUE BOND PORTFOLIO Protect a portion of your account value through extended market downturns Alleviate some of the emotion involved with investment decisions Any amounts in the SVA will not be transferred pursuant to the formula. See below for more information. How the formula works The amount and timing of transfers depend on factors that are unique to your individual annuity The primary driver of transfers is the difference between your account value and your Protected Withdrawal Value. Over time, the formula allows for a larger difference between the two values before a transfer occurs The amount transferred can also be influenced by the performance of your chosen portfolios, the SVA and the Bond Portfolio; the length of time you have owned the benefit; and any additional purchase payments or withdrawals Each day, the formula will transfer no more than 30% of your chosen investments into the Bond Portfolio and will not make a transfer that results in more than 90% being allocated to the Bond Portfolio and SVA* SECURE VALUE ACCOUNT The SVA is a fixed account that provides a guaranteed rate of interest each year for a portion of your account value. Together with the mathematical formula, the SVA helps us to more efficiently manage your Highest Daily guarantees through all types of market conditions. When you invest in a Prudential Premier Retirement Variable Annuity with a Highest Daily benefit, 10% of your initial purchase payment and 10% of any subsequent purchase payments will be allocated to the SVA. Keep in mind that the other 90% of your purchase payments will be allocated into the permitted asset allocation portfolios you choose. For more details on how your guarantee is managed, please refer to page 17. * The formula could mean that you miss opportunities for investment gains in the permitted subaccounts while amounts are allocated to the Bond Portfolio. Premier Retirement 9/20

10 driving your guarantees If you had to build an investment portfolio, where would you begin? Financial markets are complex. And with so many investment choices, it can be difficult to make a well-informed decision. Because of the breadth and scope of our business, we are able to use multiple resources to find investment managers with notable experience in specific disciplines, and portfolios with growth potential. The result is a platform of investment products from leading brand-name and boutique firms to help drive retirement income and asset growth. BOSTON ADVISORS 2017 BlackRock, Inc. All Rights Reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners. Pyramis and the Pyramis Global Advisors logo are service marks of FMR LLC. Used with permission. RCM is a trademark of Allianz Global Investors U.S. LLC. QMA is a wholly-owned subsidiary of PGIM, Inc. (formerly Prudential Investment Management Inc.) and an indirect, wholly-owned subsidiary of Prudential Financial, Inc. Portfolios managed by the same investment advisor with similar objectives and policies may perform differently. Logos of subaccount managers are subject to change. 10/20 Premier Retirement

11 Investments to help grow your retirement income We believe every investor is unique. To help grow your assets through changing market cycles, it s important to have access to an investment platform that offers a range of portfolios to help you strike a balance between risk and return. With Highest Daily, you and your financial advisor can choose from an investment platform comprised of asset allocation portfolios to help meet your individual needs and goals. Aggressive and Income Income Cash and Cash Alternatives and Income AST T. Rowe Price Opportunities Portfolio* AST Capital Asset Allocation Portfolio* AST Prudential Allocation Portfolio* AST Legg Mason Diversified Portfolio* AST New Discovery Asset Allocation Portfolio* AST Advanced Strategies Portfolio AST FI Pyramis Quantitative Portfolio* AST RCM World Trends Portfolio AST Balanced Asset Allocation Portfolio* AST T. Rowe Price Asset Allocation Portfolio* AST Goldman Sachs Multi-Asset Portfolio AST BlackRock Global Strategies Portfolio AST Preservation Asset Allocation Portfolio* The portfolio classifications displayed above are those of Edward Jones and not of Prudential Annuities and are subject to change at any time. * These asset allocation portfolios use a liquidity strategy involving investments ranging from 5% to 12% of the portfolio in derivatives (e.g., futures and options and in short-term money market instruments. (Ask your financial advisor for a fund prospectus for additional information concerning derivatives.) Premier Retirement 11/20

12 Our experts behind the platform At Prudential, we want you to feel confident about your investment choices. That s why we work closely with our Strategic Investment Research Group (SIRG) to carefully select our asset allocation portfolios across a wide range of asset classes, strategies and styles. INVEST WITH AN EXPERIENCED TEAM The SIRG team consists of 26 highly-experienced investment professionals, such as Chartered Financial Analysts, Chartered Alternative Investment Analysts, MBAs and Certified Investment Management Analysts. With almost $349 billion in assets under advisement, and over $47.2 billion in assets under management as of December 31, 2016, SIRG provides services to annuities, mutual funds, institutional separate accounts and wrap programs. SIRG has: 300+ relationships with asset management firms On average, over 15 years of experience identifying manager talent 12/20 Premier Retirement

13 Prudential Annuities Work with a partner you know and trust Prudential Annuities is a business of Prudential Financial, a leader in retirement solutions. We ve been meeting financial challenges with innovative products and strategies to help individuals and institutions reach their financial goals for over 140 years. We comprise several insurance companies. Some of those companies are authorized to issue variable annuity contracts in the United States, namely Pruco Life Insurance Company and Pruco Life Insurance Company of New Jersey.* We built our reputation by being steadfastly committed to: Insight that drives innovation: Our ongoing analysis of industry trends and deep-rooted knowledge of the financial markets help us deliver leading-edge products and services that help our clients meet their retirement income needs and goals A comprehensive approach to risk management: We are dedicated to maintaining a business model that is financially sound by incorporating risk-reduction strategies that help us better manage our business and your retirement investment through all market conditions Sustaining financial strength: The issuing companies of Prudential Annuities are rated by the major independent ratings agencies and are committed to maintaining their financial strength on behalf of our clients and key business stakeholders * The issuing companies of Prudential Annuities are each solely responsible for their ability to meet their financial obligations. A.M. BEST COMPANY FITCH RATINGS STANDARD & POOR S MOODY S A+ AA- AA- A1 (2nd category of 16) Superior ability to meet ongoing obligations to policyholders (4th category of 19) (4th category of 23) Very strong capacity to meet policyholder Very strong financial and contract obligations security characteristics (5th category of 21) Good financial security Pruco Life Insurance Company and Pruco Life Insurance Company of New Jersey (in New York) are members of the Prudential Financial family of companies and are the issuers of variable annuities. Each is solely responsible for its own financial obligations. All are highly rated by the major independent rating agencies for their ability to meet financial obligations. Pruco Life Insurance Company of New Jersey is not rated by Moody s. All ratings are as of February 8, Ratings are intended to reflect the financial strength or claims-paying ability of the issuer and are not intended to reflect the investment performance or financial strength of the variable accounts, which are subject to market risk. The above ratings are subject to change and do not reflect any subsequent rating agency actions. We make every effort to update our literature as soon as possible after a ratings change. Please visit our investor relations site, www. investor.prudential.com, for the most current ratings information. Premier Retirement 13/20

14 benefit fees and other information OPTIONAL BENEFIT HIGHEST DAILY LIFETIME INCOME SPOUSAL HIGHEST DAILY LIFETIME INCOME TOTAL ANNUAL BENEFIT CHARGE RECOMMENDED MINIMUM ISSUE AGE MAXIMUM ISSUE AGE SUBSEQUENT PURCHASE PAYMENTS 1.00% % (annuitant) (youngest spouse) May vary by broker/dealer Up to a maximum of $50,000 per year 3 ELECTION OPTIONS May be elected either at issue or within the first 30 calendar days following the contract issue date. The benefit cannot be elected after the 30-day period. If elected, the benefit may only be cancelled on or after the first benefit anniversary. 4 If cancelled, you must wait at least 90 days before re-electing a benefit. INVESTMENT OPTIONS Ability to invest in one or a combination of our permitted turnkey asset allocation portfolios. See page 11 for more information. 1 Benefit charges are calculated as a percentage of the greater of the account value and the Protected Withdrawal Value. The charges are deducted quarterly and taken pro rata across the permitted subaccounts. Charges are not taken from amounts allocated to the Secure Value Account or an MVA option. Please note that upon a step-up, the fees may be higher. Prudential reserves the right to increase the benefit charge up to the maximum of 2.00% upon any new election of the benefit or upon a step-up after Lifetime Withdrawals begin. 2 Edward Jones guidelines recommend clients should generally be age 55 or older before considering the purchase of a variable annuity with an optional living benefit. Please note, however, that the Prudential Annuities minimum issue age for Highest Daily Lifetime Income benefits is age After the first benefit year, we reserve the right to limit, restrict, suspend or reject subsequent purchase payments at any time on a non-discriminatory basis. 4 After cancellation, you will no longer be charged for the benefit. Please note that any and all guarantees are lost upon cancellation. May vary by broker/dealer. Please refer to the prospectus for complete details on benefit charges and election options. 14/20 Premier Retirement

15 PRUDENTIAL PREMIER RETIREMENT VARIABLE ANNUITY FEATURES SPECIFICATIONS Minimum Purchase Payments The ability to make subsequent purchase payments may vary. Subsequent purchase payments will not be accepted on or after the later of the 81st birthday of the oldest of all owners and annuitant or the first anniversary of the issue date Maximum Issue Age May vary by state Latest Annuity Date Free Withdrawal Medically Related Surrenders Availability is subject to state approval and the provisions of the annuity Death Benefit Annuitization Options Minimum monthly annuity payment is $100 ($20 in NY) except where a lower amount is required by law Investment Options Initial: $10,000 Subsequent: $100* 80 Contracts may not be issued on or after the 81st birthday of the oldest of all owners and annuitant No later than the first day of the calendar month following the 95th birthday of the oldest of all owners or annuitant, whichever comes first Up to 10% of each purchase payment (non-cumulative) per annuity year without a Contingent Deferred Sales Charge (CDSC) Full or partial surrenders are available without a CDSC if the owner (annuitant, if entity owned) becomes terminally ill or is confined to an eligible medical care facility for at least 90 consecutive days If you pass away before you annuitize, a death benefit will be paid to your beneficiaries. The death benefit is the greater of: The sum of all purchase payments, adjusted proportionally for withdrawals OR The account value How withdrawals affect your death benefit may vary, based on whether you have an optional living benefit on the date of the withdrawal When the time comes to start receiving income from your annuity, you may select a payment schedule to meet your requirements, including: Payments for a period certain Payments for life with a period certain Choose one of our asset allocation portfolios for built-in diversification Combine any of our asset allocation portfolios Asset allocation does not ensure a profit or protect against a loss * Prudential Annuities reserves the right to limit, restrict, suspend, or reject additional purchase payments at any time on a non-discriminatory basis. Premier Retirement 15/20

16 FEES AND CHARGES Total Annual Insurance Charge Applied as a percentage of the daily net assets of the variable subaccounts Annual Maintenance Fee Waived if the sum of all purchase payments totals $50,000 or more Premium Based Charge Payment-based; assessed quarterly for each purchase payment beginning on the first Quarterly Annuity Anniversary after the purchase payment is allocated to the annuity and continuing for seven years Contingent Deferred Sales Charge You may withdraw, without a CDSC, up to 10% of each purchase payment (noncumulative) per annuity year. This is generally referred to as a free withdrawal. Free withdrawals are not available if you fully surrender the annuity. 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. Withdrawals, other than from IRAs or employer retirement plans, are deemed to be gains out first for tax purposes. Withdrawals can reduce the account value and the living and death benefits. TOTAL PURCHASE QUARTERLY PREMIUM ANNUAL EQUIVALENT PAYMENT AMOUNT BASED CHARGE PREMIUM BASED CHARGE Less than $50, % 0.70% $50,000 - $99, % 0.60% $100,000 - $249, % 0.50% $250,000 - $499, % 0.35% $500,000 - $999, % 0.25% $1,000,000 or more % 0.15% Each purchase payment is assigned on the date it is allocated to the annuity, based on the total purchase payments received. Prior to the first Quarterly Annuity Anniversary, all purchase payments are aggregated for purposes of determining the first Premium Based Charge If an additional purchase payment causes the cumulative total purchase payments in the contract to cross a breakpoint, the next charge tier is applied to that entire additional purchase payment TOTAL PURCHASE PAYMENT AMOUNT Less than $50,000 $50,000 - $99,999 $100,000 - $249,999 $250,000 - $499,999 $500,000 - $999,999 $1,000,000 or more AGE OF PURCHASE PAYMENT BEING WITHDRAWN (IN YEARS) Less than 1 1 or more but less than % in all years Lesser of $50 per year or 2% of the account value 2 or more but less than 3 3 or more but less than 4 4 or more but less than 5 5 or more but less than 6 6 or more but less than 7 Each purchase payment is assigned its own Contingent Deferred Sales Charge (CDSC) based on the table above 7 or more 5% 5% 4% 4% 3% 3% 2% 0% 5% 4% 4% 3% 3% 2% 2% 0% 4% 3% 3% 2% 2% 2% 1% 0% 3% 2% 2% 2% 1% 1% 1% 0% 2% 2% 2% 1% 1% 1% 1% 0% 2% 2% 1% 1% 1% 1% 1% 0% The CDSC applicable to each purchase payment is based on the total of all purchase payments allocated to the annuity, including the amount of the new purchase payment If an additional purchase payment causes the cumulative total purchase payments in the contract to cross a breakpoint, that entire additional purchase payment is subject to the next charge tier Assessed on any withdrawals during the first seven years after each purchase payment is made Please refer to the Summary of Contract Fees and Charges section of the prospectus for more details. 16/20 Premier Retirement

17 additional information What is a variable annuity? A variable annuity is a long-term investment designed to create income in retirement. The money is allocated to professionally managed investment portfolios that you select, where it accumulates tax-deferred. When you retire, your savings can be used to generate a stream of regular income payments that are guaranteed for as long as you live. In addition, variable annuities may provide a death benefit for your beneficiaries. Your financial advisor can help you decide what would be an appropriate portion of your retirement savings to invest in a variable annuity, then help choose the specific product, benefits and investment options that are right for you. Investment returns will fluctuate and the principal value, when redeemed, may be worth more or less than the original investment. How do we manage your guarantee? The Highest Daily Lifetime Income v3.0 suite of benefits uses a predetermined mathematical formula to mitigate some of the financial risks we incur in providing the guarantees under the optional benefits through all market cycles. Each business day, the formula determines if any portion of your account value in the permitted subaccounts (asset allocation portfolios), including any DCA MVA options needs to be automatically transferred into or out of the AST Investment Grade Bond Portfolio (the Bond Portfolio ). Amounts transferred by the formula depend on a number of factors unique to your individual annuity and include: (i) The difference between the account value and the Protected Withdrawal Value; (ii) How long you have owned the benefit; (iii) The amount invested in, and the performance of, the permitted subaccounts, the Bond Portfolio and the Secure Value Account and; (iv) The impact of additional purchase payments made to and withdrawals taken from the annuity. The formula will not transfer amounts to or from the Secure Value Account. On any given day, no more than 30% of the account value in the permitted subaccounts (plus any DCA MVA options) may be transferred to the Bond Portfolio pursuant to the formula. Therefore, at any given time, some, most or none of the account value from the permitted subaccounts may be allocated to the Bond Portfolio. Transfers to and from the Bond Portfolio do not impact any income guarantees that have already been locked in. You may not allocate purchase payments or transfer account value into or out of the Bond Portfolio. The formula could mean that you miss opportunities for investment gains in the permitted subaccounts while amounts are allocated to the Bond Portfolio. The formula s allocation of amounts to the Bond Portfolio, however, could also protect your account value from losses that may occur in the permitted subaccounts. Please note: We are not providing investment advice through the formula. See the prospectus for complete details. How does the Secure Value Account (SVA) work? We will automatically allocate 10% of each purchase payment to the SVA. You cannot make transfers into or out of the SVA. The SVA will earn interest daily at a crediting rate declared annually. The percentage of your overall account value in the SVA may change over time due to the performance of the permitted subaccounts and interest credited to the SVA. If this happens, we will not rebalance your account value in order to maintain the 10% allocation to the SVA. The required allocation to the SVA could mean that you miss opportunities for investment gains that would be possible if you were entirely invested in the permitted subaccounts. The required allocation to the SVA, however, could also protect your account value from losses that may have otherwise occurred if your entire account value was allocated to the permitted subaccounts. The SVA is supported by our general account, which also supports our obligations to other parties and is subject to the claims of creditors. How will I be notified when amounts are transferred to and from the Bond Portfolio? You will receive a confirmation statement indicating that a transfer of a portion of your account value either to or from the Bond Portfolio has taken place. Confirmation statements may be obtained electronically (subject to broker/dealer restrictions). What information will be reflected on my quarterly statement? For the suite of Highest Daily Lifetime Income benefits, you will see the following: Before taking income: As of the statement date, your estimated Protected Withdrawal Value, cumulative step-ups, date of last step-up and estimated Annual Income Amount will be reflected. After taking income: Your total Annual Income Amount as well as your remaining Annual Income Amount for the current annuity year will be reflected. Please ask your financial advisor for a copy of the sample annuity statement for more information. What happens if I pass away while owning any of the Highest Daily Lifetime Income benefits? Highest Daily Lifetime Income terminates upon the death of the annuitant. With Spousal Highest Daily Lifetime Income, the income benefit remains intact even if one spouse passes away. The Protected Withdrawal Value may continue to grow until the surviving spouse begins taking Lifetime Withdrawals. The Protected Withdrawal Value will continue to grow by the compounded rate until the earlier of 10 years from initial benefit election or the surviving spouse begins taking Lifetime Withdrawals. If you ve already started taking Lifetime Withdrawals, income payments can continue to the surviving spouse, and terminate upon his/her death. If Lifetime Withdrawals have not begun, Spousal Highest Daily Lifetime Income terminates automatically upon the death of the second spouse. Your death benefit will be equal to the minimum death benefit under the annuity. In the event that withdrawals reduce the account value to zero, or if you decide to annuitize the contract, no death benefit will be payable under the annuity contract. Premier Retirement 17/20

18 How do withdrawals affect the benefits? Non-Lifetime Withdrawals: Non-Lifetime Withdrawals are taken on a pro-rata basis from all investment options and the SVA. You are allowed a one-time Non-Lifetime Withdrawal which will proportionally reduce all benefit guarantees by the percentage the withdrawal represents of the current account value immediately prior to the withdrawal. You must inform us if your withdrawal is intended to be the Non-Lifetime Withdrawal. Otherwise, the first withdrawal you make will be considered a Lifetime Withdrawal which will establish your Protected Withdrawal Value and Annual Income Amount. Lifetime Withdrawals: Lifetime Withdrawals are taken on a pro-rata basis from all investment options and the SVA. Any Lifetime Withdrawals less than or equal to your Annual Income Amount will reduce all benefit guarantees in that annuity year by the amount of the withdrawal (dollar-for-dollar). Excess Withdrawals: An excess withdrawal occurs when your cumulative Lifetime Withdrawals exceed your Annual Income Amount in any annuity year. If an excess withdrawal is taken, only the portion of the Lifetime Withdrawal that exceeds the remaining Annual Income Amount will proportionally and permanently reduce your Protected Withdrawal Value and your Annual Income Amount for future years. If an excess withdrawal reduces the account value to zero, no further amount would be payable and the contract terminates. Required Minimum Distributions: For qualified annuities,* if the first withdrawal from your annuity is taken to satisfy a Required Minimum Distribution (RMD) it will be considered a Lifetime Withdrawal unless designated as a Non-Lifetime Withdrawal. Lifetime Withdrawals that exceed the Annual Income Amount, but which you are required to take as an RMD from your annuity are not treated as excess withdrawals and will not reduce the Annual Income Amount for future years. An RMD taken as a Non-Lifetime Withdrawal will reduce your benefit guarantees as described above. For more information regarding RMDs, please see the prospectus. * Prudential Annuities does not provide tax, accounting, or legal advice. Please consult your own attorney or accountant. Because qualified retirement plans, IRAs and variable annuities offer a tax-deferral feature, you should carefully consider the other features, benefits, risks, and costs associated with a variable annuity before purchasing one in either a qualified plan or an IRA. Before purchasing a variable annuity you should take full advantage of your 401(k) and other qualified plans. What happens if I make additional purchase payments to my annuity after electing the benefit? Prior to your first Lifetime Withdrawal, additional purchase payments will increase the Protected Withdrawal Value dollar-for-dollar by the amount of the purchase payment. After your first Lifetime Withdrawal, additional purchase payments will increase the Protected Withdrawal Value dollar-for-dollar, and the Annual Income Amount by the additional purchase payment multiplied by the income percentage established at the time of your first Lifetime Withdrawal. Prudential Annuities reserves the right to limit, restrict, suspend or reject additional purchase payments at any time or on a non-discriminatory basis. Currently, additional purchase payments after the first benefit year are limited to $50,000 each year. Will I be required to begin receiving annuity payments under the benefits? While you are not required to receive annuity payments under any of the Highest Daily Lifetime Income benefits, once the latest annuity date is reached under the terms of the annuity contract (generally age 95 of the oldest of any owner and annuitant), you must elect to begin receiving annuity payments. The owner may elect to continue to receive the Annual Income Amount under the benefits through a series of annuity payments over the annuitant s life, or choose from any of the other available annuity payout options. Are Highest Daily step-ups available after I begin taking income? Yes, it is possible that Highest Daily can continue to lock in your highest day even after you begin taking withdrawals. After your first Lifetime Withdrawal, each year on your contract anniversary the benefit will look back at your highest daily account value for the previous year (adjusted for any subsequent purchase payments and withdrawals). It will then multiply that value by the withdrawal percentage applicable to your current age. If this value is greater than your current Annual Income Amount, it will automatically be locked in as your new Annual Income Amount going forward, and you can elect to receive greater Lifetime Withdrawals. It is important to understand that after you begin taking Lifetime Withdrawals, your Annual Income Amount will not automatically step up simply because you reach a new age-based withdrawal percentage. 18/20 Premier Retirement

19 Important information: asset allocation portfolios Investments in the portfolios are not bank deposits and are not guaranteed. Investors may lose money by investing in a portfolio. Portfolios managed by the same investment advisor with similar objectives and policies may perform differently. Our asset allocation portfolios may involve exposure to: Alternative Investments Risk - Alternative investments may use leverage, short sales, derivatives, or engage in other speculative practices. These practices include a high degree of risk and may increase the size and velocity of investment losses. The fees and expenses associated with alternative investments are generally higher than those for traditional investments. Asset Transfer Program Risk - In order for insurance companies to manage guarantees offered with certain optional benefit programs, they will monitor each contract owner s account value from time to time and systematically transfer amounts between an asset allocation portfolio and certain bond funds using nondiscretionary mathematical formulas. These predetermined formulas may trigger large-scale asset flows into and out of a portfolio and can adversely affect investment performance by: 1) Requiring a subadvisor to purchase and sell securities at inopportune times, and otherwise limiting their ability to fully implement their investment strategies; 2) Causing a higher turnover rate for a portfolio compared to similar mutual funds, which can increase expenses such as brokerage commissions or dealer markups; 3) Making it difficult to dispose securities at the values determined by the Trust for the purpose of determining the portfolio s NAV (Net Asset Value) per share; 4) Having relatively small asset bases and relatively high operating expense ratios compared to similar funds. Derivatives Risk - A derivative is a financial contract, the value of which is derived from the value of an underlying asset, reference rate, or index. The use of derivatives involves a variety of risks, which include: 1. increased volatility; 2. the counterparty on a derivative transaction may be unable to honor its financial obligation to a portfolio; the possibility that losses could exceed the amount invested in the derivative instrument. Equity Securities Risk - The value or price of a particular stock or other equity or equity-related security owned by a portfolio could go down and you could lose money. Exchange-Traded Funds (ETFs) Risk - The investment return and principal value of ETF investments will fluctuate over time. ETFs that offer leverage or that are designed to perform inversely to the index or benchmark they track (or both) are complex and are typically designed to achieve their objectives on a daily basis. Due to the effects of compounding, their performance over longer periods of time can differ significantly from the performance (or inverse of the performance) of the underlying index or benchmark. Fixed-Income Securities Risk - 1. Credit Risk: an issuer or guarantor of a security may be unable to pay some or all of the principal and interest when due; 2. Liquidity Risk: the portfolio may not be able to sell some or all of the securities it holds 3. Interest Rate Risk: If market interest rates fall, the interest income generated will also fall. If market interest rates rise, the market prices of the fixed-income investments may decline. Style Risk - The growth investment style may be out of favor for a period of time. Additionally, share prices may decline significantly if earnings do not increase at the rate expected by investors. International Equity/Debt Risk - International equity and debt securities may be adversely affected by: changes in currency exchange rates; differing regulatory and taxation requirements; alternative financial reporting standards, including less publicly available information; and political, social and economic changes. International markets, and in particular Emerging Markets (EM), are generally more volatile than U.S. markets. Market and Management Risk - Markets may experience volatility and go down in value, possibly sharply and unpredictably. Market Risk: Certain measures may be taken by U.S. and foreign governments, the Federal Reserve, and other domestic and foreign governmental or financial entities in order to support financial markets. The withdrawal of such measures could negatively affect the value and liquidity of certain securities and/or the overall economy. Management Risk: The risk analysis and investment techniques and strategies used by a subadvisor in making investment decisions may not produce the desired results. Quantitative Model Risk - Securities or other investments selected using quantitative methods may perform differently from the market as a whole or from their expected performance for many reasons, including factors used in building the quantitative analytical framework, the weights placed on each factor, and changing sources of market returns Regulatory Risk - A change in laws and regulations may materially impact a portfolio, a security, business, sector or market. Similarly, the businesses and other issuers of the securities and other instruments in which the portfolios invest are also subject to considerable regulation. Small- and Mid-Cap Equity Securities Risk - Investments in the shares of small and mid-sized companies may be more volatile than investments in larger companies. Premier Retirement 19/20

20 Investors should consider the contract 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 from your financial professional. Please read the prospectus carefully before investing. Issuing companies are located in Newark, NJ (main office). Variable annuities are distributed by Prudential Annuities Distributors, Inc., Shelton, CT. All are Prudential Financial companies and each is solely responsible for its own financial condition and contractual obligations. Prudential Annuities is a business of Prudential Financial, Inc. This material is for informational or educational purposes only. The information is not intended as investment advice and is not a recommendation about managing or investing your retirement savings. In providing these materials, Pruco Life Insurance Company and Pruco Life Insurance Company of New Jersey and the distributor listed above are not acting as your fiduciary as defined by any applicable laws and regulations. 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. Asset allocation is a method of diversification that positions assets among major investment categories. Asset allocation can be used to manage investment risk and potentially enhance returns. However, use of asset allocation does not guarantee a profit or protect against a loss. Inclusion of a subaccount in an asset allocation model does not indicate that it is superior to a subaccount not included in a model. Neither we, nor any third party service provider, nor any of the respective affiliates, is acting as an investment advisor or fiduciary under the Investment Adviser s Act of 1940, The Employee Retirement Income Security Act of 1974, as amended (ERISA) or the Internal Revenue Code of The Prudential Premier Retirement Variable Annuity offered by Prudential Financial companies is available at a total annual insurance cost of 0.85%, with an additional fee related to the professionally managed investment options. Optional living and death benefits may not be available in every state and may not be elected in conjunction with certain optional benefits. Optional benefits have certain investment, holding period, liquidity, and withdrawal limitations and restrictions. The benefit fees are in addition to fees and charges associated with the basic annuity Prudential Financial, Inc. and its related entities. Prudential Annuities, Prudential, the Prudential logo, the Rock symbol, and Bring Your Challenges are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide. Issued on contracts: P-O/IND(5/11), et al. or state variation thereof Issued on riders: P-RID-HD(2/14), P-RID-HD(2/14)-NY one corporate drive shelton, connecticut ORD Ed. 05/2017 [REF# ] 20/20 Premier Retirement