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EX-99.4(R)
2
dex994r.txt
HIGHEST DAILY LIFETIME SEVEN BENEFIT SCHEDULE SUPPLEMENT
Exhibit 4(r)
PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY
[751 BROAD ST, PLAZA BUILDING
NEWARK, NJ 07102]
HIGHEST DAILY LIFETIME SEVEN BENEFIT
SCHEDULE SUPPLEMENT
ANNUITY NUMBER: [001-0001]
EFFECTIVE DATE: [Issue Date of the Annuity]
EFFECTIVE DATE OF 90% CAP RULE: [Issue Date of Schedule Supplement]
[[SPOUSAL] DESIGNATED LIFE/LIVES]:
[John Doe] DATE OF BIRTH: [February 21, 1945]
[[Mary Doe] DATE OF BIRTH: [January 1, 1946]]
ROLL-UP RATE: [7.0% per year]
ANNUAL INCOME PERCENTAGE:
[Attained Age Annual Attained Age of Annual
of Single Income Younger Spousal Income
Designated Life Percentage Designated Life Percentage
--------------------------- ---------- --------------------------- ----------
Less than 75 5% Less than 80 5%
75 - 79 6% 80 - 84 6%
80 - 84 7% 85 - 89 7%
85 or more 8% 90 or more 8%]
MINIMUM GUARANTEE PAYMENT: [$100]
TRANSFER ACCOUNT: [AST Investment Grade Bond Portfolio]. If this portfolio is
discontinued, we will substitute a successor portfolio, if there is one.
Otherwise, we will substitute a comparable portfolio. We will obtain any
required regulatory approvals prior to substitution of the portfolio.
CHARGE FOR THE RIDER: [You have elected this Rider on a [Single Designated
Life] basis. Therefore the charge for the Rider is an annual rate of [0.60]%.].
ANNUITY PAYMENT TABLE: The Annuity Payment Table below is used to compute the
minimum annual amount of a single life annuity payment with 10 payments certain
per $1,000 applied. We used the Annuity 2000 Valuation Mortality Table, less
two years, with projected mortality improvements (modified scale G), with an
interest rate of 3% per year in preparing the Annuity Payment Table.
Single Life Annuity Payment with 10 Payments Certain
Age Male Female Age Male Female
--- ----- ------ --- ------ ------
55 48.68 45.60 80 87.48 83.01
60 53.45 49.71 85 97.52 94.84
65 59.66 55.11 90 105.41 104.20
70 67.55 62.27 95 110.53 109.94
75 77.02 71.62
P-SCH-HD7(1/09)NY 1
HIGHEST DAILY LIFETIME SEVEN BENEFIT
SCHEDULE SUPPLEMENT (CONTINUED)
The Annuity Payment Table below is used to compute the minimum annual amount of
a joint and last survivor life annuity payment with 10 payments certain per
$1,000 applied. We used Annuity 2000 Valuation Mortality Table, less two years,
with projected mortality improvements (modified scale G), and an interest rate
of [3]% per year in preparing the Annuity Payment Table.
Joint and Last Survivor Life Annuity Payment with 10 Payments Certain
Female Age
-------------------------------------------------------
Male Age: 55 60 65 70 75 80 85 90 95
--------- ----- ----- ----- ----- ----- ----- ----- ------ ------
55 42.00 43.62 45.09 46.32 47.26 47.92 48.33 48.54 48.63
60 43.07 45.24 47.37 49.31 50.90 52.06 52.79 53.18 53.36
65 43.93 46.65 49.56 52.43 55.01 57.03 58.39 59.14 59.48
70 44.57 47.77 51.45 55.41 59.32 62.69 65.11 66.52 67.20
75 45.00 48.58 52.91 57.94 63.37 68.52 72.56 75.07 76.33
80 45.29 49.11 53.92 59.84 66.72 73.86 79.99 84.06 86.23
85 45.45 49.42 54.54 61.07 69.10 78.04 86.32 92.22 95.52
90 45.54 49.59 54.88 61.76 70.52 80.75 90.76 98.26 102.64
95 45.58 49.67 55.04 62.10 71.25 82.23 93.36 101.97 107.14
For purposes of determining annuity payments using the above Annuity Payment
Tables, we use the Annuitant's(s') Adjusted Age and Sex. The Adjusted Age is
the age last birthday prior to the date on which the first Annuity Payment is
due, adjusted as shown in the "Translation of Adjusted Age Table" below.
Translation of Adjusted Age Table
Calendar Year in Which Calendar Year in Which
First Payment is Due Adjusted Age First Payment is Due Adjusted Age
---------------------- ------------------------ ---------------------- ------------------
Prior to 2010 Actual Age 2050 through 2059 Actual Age minus 5
2010 though 2019 Actual Age minus 1 2060 through 2069 Actual Age minus 6
2020 through 2029 Actual Age minus 2 2070 through 2079 Actual Age minus 7
2030 through 2039 Actual Age minus 3 2080 through 2089 Actual Age minus 8
2040 through 2049 Actual Age minus 4 2090 through 2099 Actual Age minus 9
P-SCH-HD7(1/09)NY 2
HIGHEST DAILY LIFETIME SEVEN BENEFIT
SCHEDULE SUPPLEMENT (CONTINUED)
TRANSFER CALCULATION FORMULA
The following are the Terms and Definitions referenced in the Transfer
Calculation Formula:
. C\\u\\ the upper target is established on the Effective Date and is
not changed for the life of the guarantee.
. C\\t\\ the target is established on the Effective Date and is not
changed for the life of the guarantee.
. C\\l\\ the lower target is established on the Effective Date and is
not changed for the life of the guarantee.
. L the target value as of the current Valuation Day.
. r the target ratio.
. a the factors used in calculating the target value. These
factors are established on the Effective Date and are not
changed for the life of the guarantee.
. V the total value of all elected Sub-accounts in the Annuity.
. B the total value of all Transfer Account allocations.
. P the Income Basis. Prior to the first withdrawal, the Income
Basis is equal to the Protected Withdrawal Value calculated
as if the first withdrawal were taken on the date of
calculation. After the first withdrawal, the Income Basis
equals the greatest of (1) the Account Value on the date of
calculation; (2) the Protected Withdrawal Value on the date
of the first withdrawal after the Effective Date, increased
for subsequent additional Adjusted Purchase Payments and
adjusted proportionally for Excess Income; or (3) the
highest quarterly Account Value prior to the date of
calculation.
. T the amount of a transfer into or out of the Transfer Account.
Target Value Calculation:
On each Valuation Day, a target value (L) is calculated, according to the
following formula. Target values are subject to change for new elections of the
Rider on a going-forward basis.
L = 0.05 * P * a
Transfer Calculation:
The following formula, which is set on the Effective Date of the 90% Cap Rule
as shown in this Schedule Supplement and is not changed for the life of the
guarantee, determines when a transfer is required. On the Effective Date of the
90% Cap Rule (and only on this date), the following asset transfer calculation
is performed to determine the amount of Account Value allocated to the Transfer
Account:
If (B/(V + B) > .90) then
T = B - [(V + B) * .90]
If T is greater than $0 as described above, then no additional transfer
calculations are performed on the Effective Date of the 90% Cap Rule. Any
transfers into the Transfer Account are suspended. The suspension will be
lifted once a transfer out of the Transfer Account occurs.
On each Valuation Day thereafter (including the Effective Date of the 90% Cap
Rule, provided B/(V+B) <= .90), the following asset transfer calculation is
performed:
Target Ratio r = (L - B)/V
. If r > C\\u\\, assets in the elected Sub-accounts are transferred to the
Transfer Account provided transfers are not suspended under the 90% Cap
Rule described below.
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HIGHEST DAILY LIFETIME SEVEN BENEFIT
SCHEDULE SUPPLEMENT (CONTINUED)
. If r < C\\l\\ and there are currently assets in the Transfer Account (B
> 0), assets in the
Transfer Account are transferred to the elected Sub-accounts according to most
recent allocation instructions.
The following formula, which is set on the Effective Date of the 90% Cap Rule
and is not changed for the life of the guarantee, determines the transfer
amount:
T = Min (MAX (0, (0.90 * (V+ B)) - B), [L - B - V * C\\t\\] / (1 -
C\\t\\)) Money is transferred from the elected Sub-accounts to Transfer Account
T = {Min (B, -[L - B - V * C\\t\\] / (1 - C\\t\\))} Money is transferred from
the Transfer Account to the elected Sub-accounts.
At any given time, some, most, or none of the Account Value may be allocated to
the Transfer Account under the Transfer Calculation formula.
90% Cap Rule: If, on any Valuation Day, on and after the Effective Date of the
90% Cap Rule, a transfer into the Transfer Account occurs which results in 90%
of the Account Value being allocated to the Transfer Account, any transfers
into the Transfer Account will be suspended, even if the formula would
otherwise dictate that a transfer into the Transfer Account should occur.
Transfers out of the Transfer Account and into the elected Sub-accounts will
still be allowed. The suspension will be lifted once a transfer out of the
Transfer Account occurs. Due to the performance of the Transfer Account and the
elected Sub-Accounts, the Account Value could be more than 90% invested in the
Transfer Account.
P-SCH-HD7(1/09)NY 4