Pruco Life Flexible Premium Variable Annuity Account
04/22/2026 | Press release | Distributed by Public on 04/22/2026 15:11
Updating Summary Prospectus (Form 497VPU)
PRUCO LIFE INSURANCE COMPANY
Pruco Life Flexible Premium Variable Annuity Account
A Prudential Financial Company
751 Broad Street, Newark, NJ 07102-3777
DISCOVERY SELECT VARIABLE ANNUITY
Updating Summary Prospectus
May 1, 2026
You should read this Updating Summary Prospectus carefully, particularly the section titled "Important Information You Should Consider About the Annuity".
An updated statutory prospectus for the Discovery Select Variable Annuity Contract is currently available online, which contains more information about the Annuity, including its features, benefits, investment options, and risks. You can find the statutory prospectus and other information about the contract online at www.prudential.com/regdocs/PLAZ-DISCOSEL-STAT. You can also obtain this information at no cost by calling 1-888-PRU-2888 or by sending an email request to [email protected].
The statutory prospectus describes all the investment options, features, and benefits that we make available under the Annuity. The availability of investment options, features and benefits described in the statutory prospectus may vary depending on the broker-dealer through which the Contract is sold ("financial intermediary variations"). We have identified all such financial intermediary variations that are known or reasonably available to us. Financial intermediary variations may be imposed by some broker-dealers without our knowledge. For example, your Financial Professional may not recommend a particular investment option or benefit to you because of a decision by the Financial Professional's broker-dealer not to offer that investment option or benefit to its customers. Taking into consideration the breadth of our distribution network, we are unable to obtain information about all financial intermediary variations without unreasonable effort or expense. You should discuss with your Financial Professional any limitations, restrictions, or other variations related to the investment options, benefits or other features available to you through your Financial Professional.
This Updating Summary Prospectus incorporates by reference the Prudential Discovery Select statutory prospectus and Statement of Additional Information (SAI), both dated May 1, 2026, as amended or supplemented. The SAI may be obtained, free of charge, in the same manner as the prospectus.
Additional information about certain investment products, including variable annuities, has been prepared by the Securities and Exchange Commission's staff and is available at www.Investor.gov.
The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this Updating Summary Prospectus. Any representation to the contrary is a criminal offense.
DISCOSELPROS-USP
Table of Contents
|
Glossary of Terms........................................................................................... |
1 |
|
Updated Information About Your Contract.......................................................................... |
2 |
|
Important Information You Should Consider About the Annuity........................................................... |
3 |
|
Appendix A - Portfolios Available Under the Annuity................................................................... |
7 |
GLOSSARY OF TERMS
We set forth here definitions of the key terms used throughout this Prospectus. In addition to the definitions here, we also define certain terms in the section of the prospectus that uses such terms.
Accumulation Phase: The period that begins with the Contract Date (see below definition) and ends when you start receiving income payments or earlier if the contract is terminated through a full withdrawal or payment of a Death Benefit.
Annuitant: The person whose life determines how long the contract lasts and the amount of income payments that will be paid.
Beneficiary: The person(s) or entity you have chosen to receive a Death Benefit.
Contract Date: The date we receive your initial Purchase Payment and all necessary paperwork in good order at the Prudential Annuity Service Center. Contract anniversaries are measured from the Contract Date. A contract year starts on the Contract Date or on a contract anniversary.
Contract Owner, Owner or You: The person entitled to the ownership rights under the contract.
Death Benefit: If the sole or last surviving Annuitant dies, the designated person(s) or the Beneficiary will receive, at a minimum, the total amount invested less total withdrawals made or a potentially greater amount related to Variable Option appreciation. See the "Death Benefits" section of the statutory prospectus.
Purchase Payment: The amount of money you pay us to purchase the contract. Generally, you can make additional Purchase Payments at any time during the Accumulation Phase.
Registered Separate Account: Pruco Life Insurance Company Flexible Premium Variable Annuity Account, which holds the assets supporting the Variable Option(s). Assets held in the Registered Separate Account are kept separate from all of our other assets and may not be charged with liabilities arising out of any other business we may conduct.
Variable Option: A division of the Registered Separate Account. The Variable Option also may be referred to in this prospectus and the Contract as a Variable Investment Sub-account, Variable Sub-account, or Sub-account.
May 1, 2026Updating Summary Prospectus 1
Back to Table of Contents
UPDATED INFORMATION ABOUT YOUR CONTRACT
There have been no changes to Contract features since the date of the last statutory prospectus, May 1, 2025.
May 1, 2026Updating Summary Prospectus 2
Back to Table of Contents
|
Important Information You Should Consider About the Contract |
|||
|
Fees, Expenses, and Adjustments |
|||
|
Are there Charges or Adjustments for Early Withdrawals? |
Yes. |
||
|
Are there Transaction Charges? |
Yes. |
||
May 1, 2026Updating Summary Prospectus 3
Back to Table of Contents
|
Important Information You Should Consider About the Contract |
|||
|
Fees, Expenses, and Adjustments |
|||
|
Are there Ongoing Fees and Expenses? |
Yes. |
||
|
Annual Fee |
Minimum |
Maximum |
|
|
Base Contract Fees |
1.400% |
1.427% |
|
|
Portfolio Company fees and expenses |
0.28% |
1.09% |
|
|
Optional benefits available for an additional charge |
None |
None |
|
|
* Charge based on average daily asset allocated to the Variable Options. Please refer to the "Charges and Adjustments" section and "Appendix A" of the statutory prospectus for more information. |
|||
|
Lowest Annual Cost |
Highest Annual Cost |
||
|
Assumes:
|
Assumes:
|
||
|
For more information on ongoing fees and expenses, please refer to the "Fee Table" and "Charges and Adjustments" sections of the statutory prospectus. |
|||
May 1, 2026Updating Summary Prospectus 4
Back to Table of Contents
|
Risks |
|
|
Is there a Risk of Loss from Poor Performance? |
Yes. |
|
Is this a Short-Term Investment? |
No. |
|
What are the Risks Associated with the Investment Options? |
An investment in the Contract is subject to the risk of poor investment performance and can vary depending on the performance of the Investment Options you select. Each of the Investment Options available under the Contract, including the Variable Options and the Market Value Adjustment options, has its own unique risks. You should review the investment options before making an investment decision. The Market Value Adjustment Options may be subject to a Market Value Adjustment, which can be negative, causing you to lose money. |
|
What are the Risks Related to the Insurance Company? |
An investment in the Contract is subject to the risks related to the Company. Any obligations (including under any Fixed Allocation), guarantees, or benefits are subject to the claims-paying ability of the Company. More information about the Company including its financial strength ratings, is available upon request. Such requests can be made toll free by calling 1-888-PRU-2888. |
|
Restrictions |
|
|
Are there Restrictions on the Investment Options? |
Yes.
We reserve the right to:
Certain Investment Options may not be available through certain financial intermediaries. See the Cover Page of the statutory prospectus for additional information. |
|
Taxes |
|
May 1, 2026Updating Summary Prospectus 5
Back to Table of Contents
|
What are the Contract's Tax Implications? |
You should consult with a tax professional to determine the tax implications of an investment in and payments received under the Contract. There is no additional tax benefit if you purchase the Contract through a tax-qualified plan or individual retirement account (IRA). Withdrawals will be subject to ordinary income tax, and may be subject to a 10% additional tax for distributions taken prior to age 59½. |
|
Conflicts of Interest |
|
|
How are Investment Professionals Compensated? |
Investment professionals may receive compensation for selling the Contract to investors and may have a financial incentive to offer or recommend the Contract over another investment. This compensation is paid in the form of commissions, based on the amount of your investment in the Annuity. |
|
Should I Exchange My Contract? |
Some investment professionals may have a financial incentive to offer you a new Contract in place of the one you already own. You should only exchange your contract if you determine after comparing the features, fees, and risks of both contracts, and any fees or penalties to terminate the existing Contract, that it is preferable to purchase the new contract, rather than continue to own your existing contract. This Contract is no longer sold. |
May 1, 2026Updating Summary Prospectus 6
Back to Table of Contents
APPENDIX A - INVESTMENT OPTIONS AVAILABLE UNDER THE CONTRACT
Certain Investment Options may not be available through certain financial intermediaries. See the Cover Page of the statutory prospectus for additional information.
Variable Options
The following is the list of Portfolios available under the Contract. More information about the Portfolios is available in the prospectuses for the Portfolios, which may be amended from time to time and can be found online at www.prudential.com/regdocs/PLAZ-DISCOSEL-STAT. You can also request this information at no cost by calling 1-800-346-3778 or by sending an email to [email protected]. Depending on the optional benefits you choose, you may not be able to invest in certain Portfolio Companies.
The current expenses and performance information below reflects fee and expenses of the Portfolio, but do not reflect the other fees and expenses that your Contract may charge. Expenses would be higher, and performance would be lower if these other charges were included. The Portfolio's past performance is not necessarily an indication of future performance.
|
Fund Type |
Portfolio Company and Advisor/Subadvisor |
Current |
Average Annual Total Returns |
||
|
1 Year |
5 Year |
10 Year |
|||
|
Equity |
AB VPS Large Cap Growth Portfolio - Class B |
0.90% |
12.85% |
11.76% |
15.88% |
|
Allocation |
AST Balanced Asset Allocation Portfolio1,♦ |
0.87% |
14.35% |
6.96% |
8.05% |
|
Fixed Income |
AST Core Fixed Income Portfolio1 |
0.68% |
7.15% |
-1.10% |
2.30% |
|
Equity |
AST International Equity Portfolio1 |
1.02% |
32.84% |
5.76% |
10.00% |
|
Allocation |
AST J.P. Morgan Conservative Multi-Asset Portfolio1,♦ |
0.92% |
10.37% |
3.31% |
5.19% |
|
Equity |
AST Large-Cap Value Portfolio1 |
0.81% |
16.05% |
12.97% |
11.35% |
|
Allocation |
AST PGIM Aggressive Multi-Asset Portfolio1 |
0.90% |
16.00% |
8.22% |
8.26% |
May 1, 2026Updating Summary Prospectus 7
Back to Table of Contents
|
Fund Type |
Portfolio Company and Advisor/Subadvisor |
Current |
Average Annual Total Returns |
||
|
1 Year |
5 Year |
10 Year |
|||
|
Allocation |
AST Preservation Asset Allocation Portfolio1,♦ |
0.89% |
11.33% |
3.76% |
5.45% |
|
Equity |
AST Small-Cap Equity Portfolio1 |
1.01% |
7.41% |
1.81% |
10.39% |
|
Equity |
Davis Equity Portfolio‡ |
0.71% |
27.24% |
13.39% |
12.52% |
|
Equity |
Franklin Small-Mid Cap Growth VIP Fund - Class 2♦ |
1.09% |
2.52% |
1.03% |
9.89% |
|
Equity |
Invesco V.I. Core Equity Fund - Series I shares‡ |
0.80% |
16.17% |
12.81% |
11.73% |
|
Equity |
Janus Henderson Overseas Portfolio - Institutional Shares†,‡ |
0.72% |
28.87% |
9.44% |
9.24% |
|
Equity |
Janus Henderson Research Portfolio - Institutional Shares† |
0.82% |
18.39% |
14.11% |
15.88% |
|
Equity |
LVIP American Century Value Fund - Standard Class II‡,♦ |
0.71% |
16.02% |
11.65% |
10.23% |
|
Equity |
MFS® Growth Series - Initial Class♦ |
0.73% |
12.19% |
11.10% |
15.60% |
|
Equity |
MFS® Research Series - Initial Class♦ |
0.74% |
12.85% |
11.15% |
12.93% |
|
Equity |
PSF Global Portfolio - Class I♦ |
0.73% |
22.03% |
10.04% |
11.41% |
|
Fixed Income |
PSF PGIM Government Money Market Portfolio - Class I |
0.32% |
4.05% |
3.06% |
1.96% |
|
Fixed Income |
PSF PGIM High Yield Bond Portfolio - Class I♦ |
0.57% |
8.90% |
4.85% |
6.92% |
|
Equity |
PSF PGIM Jennison Blend Portfolio - Class I♦ |
0.46% |
18.52% |
12.33% |
13.96% |
|
Equity |
PSF PGIM Jennison Growth Portfolio - Class I♦ |
0.60% |
14.27% |
10.69% |
16.62% |
|
Equity |
PSF PGIM Jennison Value Portfolio - Class I |
0.43% |
16.88% |
13.90% |
11.39% |
May 1, 2026Updating Summary Prospectus 8
Back to Table of Contents
|
Fund Type |
Portfolio Company and Advisor/Subadvisor |
Current |
Average Annual Total Returns |
||
|
1 Year |
5 Year |
10 Year |
|||
|
Fixed Income |
PSF PGIM Total Return Bond Portfolio - Class I |
0.43% |
7.80% |
0.14% |
3.17% |
|
Equity |
PSF Small-Cap Stock Index Portfolio - Class I |
0.38% |
5.69% |
6.97% |
9.52% |
|
Equity |
PSF Stock Index Portfolio - Class I |
0.28% |
17.56% |
14.09% |
14.51% |
|
Equity |
T. Rowe Price Equity Income Portfolio |
0.74% |
14.36% |
11.17% |
10.51% |
|
Equity |
T. Rowe Price International Stock Portfolio♦ |
0.95% |
18.41% |
3.92% |
7.10% |
| The additional information below may be applicable to the Portfolios listed in the above table. |
| PGIM Fixed Income is a business unit of PGIM, Inc. |
| PGIM Investments LLC manages each of the Portfolios of The Prudential Series Fund (PSF). |
| PGIM Investments LLC manages each of the Portfolios of the Advanced Series Trust (AST). AST Investment Services, Inc. serves as co-manager, along with PGIM Investments LLC, to many of the Portfolios of AST. |
| PGIM Real Estate is a business unit of PGIM, Inc. |
| 1. | These Portfolios are also offered in other variable annuity contracts that utilize a predetermined mathematical formula to manage the guarantees offered in connection with optional benefits. |
| Those other variable annuity contracts offer certain optional living benefits that utilize a predetermined mathematical formula (the "formula") to manage the guarantees offered in connection with those optional benefits. The formula monitors each contract Owner's Account Value daily and, if necessary, will systematically transfer amounts among investment options. The formula transfers funds between the Variable Options for those variable annuity contracts and an AST Bond Portfolio Variable Option or a fixed account (those AST Bond Portfolios or a fixed account may not be available in connection with the annuity contracts offered through this prospectus). You should be aware that the operation of the formula in those other variable annuity contracts may result in large-scale asset flows into and out of the underlying Portfolios that are available with your contract. These asset flows could adversely impact the underlying Portfolios, including their risk profile, expenses and performance. Because transfers between the Variable Options and the AST Bond Variable Option or a fixed account can be frequent and the amount transferred can vary from day to day, any of the underlying Portfolios could experience the following effects, among others: |
| (1) | a Portfolio's investment performance could be adversely affected by requiring a subadvisor to purchase and sell securities at inopportune times or by otherwise limiting the subadvisor's ability to fully implement the Portfolio's investment strategy; |
| (2) | the subadvisor may be required to hold a larger portion of assets in highly liquid securities than it otherwise would hold, which could adversely affect performance if the highly liquid securities underperform other securities (e.g., equities) that otherwise would have been held; and |
| (3) | a Portfolio may experience higher turnover and greater negative asset flows than it would have experienced without the formula, which could result in higher operating expense ratios and higher transaction costs for the Portfolio compared to other similar funds. |
| The efficient operation of the asset flows among Portfolios triggered by the formula depends on active and liquid markets. If market liquidity is strained, the asset flows may not operate as intended. For example, it is possible that illiquid markets or other market stress could cause delays in the transfer of cash from one Portfolio to another Portfolio, which in turn could adversely impact performance. |
| Before you allocate to the Variable Option with the AST Portfolios listed above, you should consider the potential effects on the Portfolios that are the result of the operation of the formula in the variable annuity contracts that are unrelated to your Variable Annuity. Please work with your financial professional to determine which Portfolios are appropriate for your needs. |
| ♦ | This information includes annual expenses that reflect temporary or other fee reductions or waivers. Please see the Portfolio prospectus for additional information. |
| † | Additional information regarding the Portfolio is presented below. Please see the Portfolio prospectus for additional information. |
|
Janus Henderson Overseas Portfolio - Institutional Shares The Portfolio pays an investment advisory fee rate that adjusts up or down by a variable of up to 0.15% (assuming constant assets) on a monthly basis based upon the Portfolio's performance relative to its benchmark index during a measurement period. |
|
Janus Henderson Research Portfolio - Institutional Shares The Portfolio pays an investment advisory fee rate that adjusts up or down by a variable of up to 0.15% (assuming constant assets) on a monthly basis based upon the Portfolio's performance relative to its benchmark index during a measurement period. |
| ‡ | The Portfolio has certain restrictions regarding availability for investment by Contract Owners as listed below. |
|
Davis Equity Portfolio Effective April 29, 2013 was closed to all new investments except those made by contract Owners who had account value in the Portfolio on the effective date or at any time prior to the effective date. |
May 1, 2026Updating Summary Prospectus 9
Back to Table of Contents
|
Invesco V.I. Core Equity Fund - Series I shares Effective October 17, 2016 was closed to all new investments except those made by contract Owners who had account value in the Portfolio on the effective date or at any time prior to the effective date. |
|
Janus Henderson Overseas Portfolio - Institutional Shares Effective March 10, 2008 was closed to all new investments except those made by contract Owners who had account value in the Portfolio on the effective date or at any time prior to the effective date. |
|
LVIP American Century Value Fund - Standard Class II Effective April 29, 2024 was closed to all new investments except those made by contract Owners who had account value in the Portfolio on the effective date or at any time prior to the effective date. |
Fixed Options
The following is a list of Fixed Options currently available under the Contract. We may change the features of the Fixed Options listed below, offer new Fixed Options, and terminate existing Fixed Options. We will provide you with written notice before doing so. For more information about the Fixed Options, see "Description of Insurance Company, Registered Separate Account, and Investment Options" in the statutory prospectus.
Note: If amounts are withdrawn from Market Value Adjustment options before the end of its term, we will apply a Contract Adjustment. This may result in a significant reduction in your Contract value. For more information about Market Value Adjustment options, please refer to the "Charges and Adjustments" section of the statutory prospectus.
|
Name |
Term |
Minimum Guaranteed Interest Rate* |
|
Fixed-Rate Option |
1 Year |
3% |
|
MVA Fixed Allocation |
7 Year |
3% |
*The rate shown was the last Minimum Guaranteed Interest Rate issued before the product closed to new customers. Your Minimum Guaranteed Interest Rate is the amount shown on your Contract and can vary by state. Please consult with your representative for availability and current rates.
May 1, 2026Updating Summary Prospectus 10
Back to Table of Contents
[THIS PAGE WAS INTENTIONALLY LEFT BLANK]
Back to Table of Contents
[THIS PAGE WAS INTENTIONALLY LEFT BLANK]
Back to Table of Contents
[THIS PAGE WAS INTENTIONALLY LEFT BLANK]
Back to Table of Contents
The Prudential Insurance Company of America
751 Broad Street
Newark, NJ 07102-3777
|
Edgar Contract Identifier: C000003350; C000264561 |
DISCOSELPROS-USP |
Pruco Life Flexible Premium Variable Annuity Account published this content on April 22, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on April 22, 2026 at 21:11 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]