AICPA Group Variable Universal Life For Members - Cpai
AICPA Group Variable Universal Lifefor MembersPROSPECTUS – MAY 1, 2022GROUP VARIABLE UNIVERSAL LIFE INSURANCEThe Prudential Variable Contract Account GI-2The Prudential Insurance Company of AmericaAICPA Group Variable Universal Life Prospectus(For Certificates effective on or before 12/31/2008)Prospectuses for the Variable Investment Options:BNY MellonDWSFranklin Templeton Janus HendersonLazardMFS Neuberger BermanPrudentialT. Rowe PriceTo receive your prospectuses online,go to www.prudential.com/gulgvul, or scanthe code below.
GROUP VARIABLE UNIVERSAL LIFE INSURANCEThe Prudential Variable Contract Account GI-2The Prudential Insurance Company of AmericaSupplement dated June 23, 2022,to the AICPA Group Contract Prospectus(For Certificates effective on or before 12/31/2008)dated May 1, 2022 for Group Variable Universal Life Insurance ContractsThis supplement should be read and retained with the current prospectus for your group variable universal life insuranceContract. This supplement is intended to update certain information in the prospectus for your group variable universallife insurance Contract. If you would like another copy of the current prospectus, please contact us at (800) 562-9874.On January 3, 2022, Investment Manager Janus Capital Management LLC changed its name to Janus Henderson Investors USLLC. The row for Janus Henderson Research Portfolio (Service) in Appendix A is hereby deleted and replaced with thefollowing.TypeFund - Investment Manager(s) / Subadviser(s)Mid-Cap GrowthJanus Henderson Enterprise Portfolio(Institutional) - Janus Henderson Investors USLLCAverage Annual Total ReturnsAs Of 12/31/2021CurrentExpense 1 year5 year10 year0.71%16.83% 19.13% 17.23%PLEASE RETAIN THIS SUPPLEMENT WITH YOUR PROSPECTUSAICPASUP114
GROUP VARIABLE UNIVERSAL LIFE INSURANCEThe Prudential Variable Contract Account GI-2The Prudential Insurance Company of AmericaSupplement dated May 13, 2022,to the AICPA Group Contract Prospectus(For Certificates effective on or before 12/31/2008)dated May 1, 2021 for Group Variable Universal Life Insurance ContractsThis supplement should be read and retained with the current prospectus for your group variable universal life insurance Contract.This supplement is intended to update certain information in the prospectus for your group variable universal life insuranceContract. If you would like another copy of the current prospectus, please contact us at (800) 562-9874.We are issuing this supplement to update the current expense associated with the Templeton Foreign VIP Fund (Class 2) (“theFund”) as a result of a decrease in this fund’s management fees.PROSPECTUS CHANGEThe Fund row in Appendix A is hereby deleted and replaced with the following:TypeFund - Investment Manager(s) / Subadviser(s)Global/ Templeton Foreign VIP Fund (Class 2) - Templeton InvestmentInternational Counsel, LLCCurrentExpense1.06% Average Annual Total ReturnsAs Of 12/31/20211 year5 year10 year4.16%2.71%4.00% The Fund’s annual current expense reflects temporary fee reductions. Effective June 10, 2022, you may no longer make additional allocations into the Templeton Foreign VIP Fund.PLEASE RETAIN THIS SUPPLEMENT WITH YOUR PROSPECTUSAICPASUP113
PROSPECTUSMay 1, 2022For Certificates effective on or before 12/31/2008AICPA Group Variable Universal Life for MembersA FLEXIBLE PREMIUM GROUP VARIABLE UNIVERSAL LIFE CONTRACT ISSUED BY:THE PRUDENTIAL INSURANCE COMPANY OF AMERICAPRUDENTIAL VARIABLE CONTRACT ACCOUNT GI-2751 BROAD STREETNEWARK, NEW JERSEY 07102TELEPHONE: (800) 562-9874The AICPA Group Variable Universal Life for Members Certificate is offered under Contract Series 89759, subject to state availability.A state and/or other code may follow the form number. Your Contract's form number is located in the lower left-hand corner of eachpage of your Certificate.This prospectus describes a flexible premium variable universal life insurance contract, the Group Variable Universal Life Contractoffered by The Prudential Insurance Company of America, a stock life insurance company, to the Eligible Group Members of theAICPA and/or a State Society of CPAs and/or other qualifying organizations. This prospectus does not take into account theinvestment objectives or financial situation of any client or prospective clients. The information is not intended as investment adviceand is not a recommendation about managing or investing finances in a variable insurance product. Clients seeking informationregarding their particular investment needs should contact a financial professional.Please read this prospectus before purchasing a Group Variable Universal Life Certificate and keep it for future reference.Capitalized terms used in this prospectus are defined where first used or in the GLOSSARY: Definitions Of Special Terms Used In ThisProspectus.You (the "Participant") may choose to invest your Certificate's contributions and its earnings in one or more of 18 VariableInvestment Options of the Prudential Variable Contract Account GI-2 (the “Account”). The Account offers a wide variety of VariableInvestment Options from the firms listed below. A complete list of the available Funds can be found in APPENDIX A.BNY Mellon Variable Investment FundJanus Aspen SeriesNeuberger Berman Advisers ManagementTrustDeutsche DWS Variable Series IILazard Retirement Series, Inc.Prudential Series FundFranklin Templeton Variable InsuranceProducts TrustMFS Variable Insurance TrustT. Rowe Price Equity Series, Inc.You may also choose to invest your Certificate’s contributions and its earnings in the Fixed Account, which pays a guaranteedinterest rate.If you are a new investor in the Certificate, you may cancel your Certificate within 30 days of receiving it without paying fees orpenalties. In some states this cancellation period may be longer. You should review this prospectus or consult with your investmentprofessional, for additional information about the specific cancellation terms that apply.In compliance with US law, Prudential delivers this prospectus to Participants that currently reside outside of the United States. Inaddition, we may not market or offer benefits, features or enhancements to prospective or current Participants while outside of theUnited States.Additional information about certain investment products, including variable life insurance, has been prepared by the Securities andExchange Commission’s (“SEC”) staff and is available at www.Investor.gov.Neither the SEC nor any state securities commission has approved or disapproved of these securities or determined that theGroup Contract is a good investment, nor has the SEC determined that this prospectus is complete or accurate. It is a criminaloffense to state otherwise.A Group Variable Universal Life Insurance contract is issued by Prudential to a trust, or the group that sponsors the GroupVariable Universal Life Insurance program. Investment in a variable life insurance contract is subject to risk, including the possibleloss of your money. An investment in Group Variable Universal Life is not a bank deposit and is not insured by the FederalDeposit Insurance Corporation (“FDIC”) or any other governmental agency.
TABLE OF CONTENTSKEY INFORMATION .OVERVIEW OF THE CONTRACT .FEE TABLE .SUMMARY OF PRINCIPAL RISKS OF INVESTING IN THE CERTIFICATE .GENERAL DESCRIPTIONS OF THE PRUDENTIAL INSURANCE COMPANY, THE REGISTRANT, AND THE FUNDS .The Prudential Insurance Company of America .The Prudential Variable Contract Account GI-2 .The Funds .Service Fees Payable To Prudential.Voting Rights .Substitution Of Variable Investment Options .The Fixed Account .CHARGES AND EXPENSES .Charge For Taxes Attributable To Premiums .Page12568889101011111112Withdrawal Charge .12Transfer Charge .12Quarterly Report Charge .12Cost Of Insurance .12Charge For Administrative Expenses.13Account Charge For Variable Investment Options.14Additional Insurance Benefits Charges .14Charge For Other Taxes .14Fund Charges .14Commissions Paid To Broker-Dealers .14PERSONS HAVING RIGHTS UNDER THE CONTRACT .15Group Contract Holder .15Certificate Holder .15Applicant Owner.15Beneficiary .15OTHER GENERAL CONTRACT PROVISIONS .16How Prudential Issues Certificates.16Effective Date Of Insurance.16Effective Date Of More Favorable Rate Class .16Maximum Age .16Canceling the Certificate ("Free Look") .17Assignment .17Premium Refunds .17Suicide Exclusion .17Incontestability .17Misstatement Of Age and/or Gender .18Participants Who Are No Longer Eligible Group Members .18Termination Of a Group Contract Holder's Participation .18Options Upon Termination Of Coverage.18DEATH BENEFITS .19AICPA
When Death Benefit Proceeds Are Paid .19Amount Of The Death Benefit.20Adjustment In The Death Benefit.20Death Claim Settlement Options .20Changes In Face Amount Of Insurance .21ADDITIONAL INSURANCE BENEFITS AVAILABLE UNDER THE CONTRACT .23Accelerated Benefit Option .23Accidental Death and Dismemberment Benefit .24Extended Death Protection During Total Disability .24Child Term Benefit.25PREMIUMS .25Routine Premium Payments .25Additional Premium Payments .25How You Will Pay Premiums .25Deducting Premiums By Automatic Debit.25Effect Of Premium Payments On Tax Status .25Processing and Valuing Transactions .25Allocation Of Premiums .26Changing the Allocation Of Future Premium Payments .26Transfers/Restrictions On Transfers .26Dollar Cost Averaging .28CERTIFICATE VALUES .28Surrender Of A Certificate .28Cash Surrender Value .29Withdrawals .29Payment Of Cash Surrender Value .29Loans .29When Proceeds Are Paid .30LAPSE AND REINSTATEMENT .31TAXES .31Treatment As Life Insurance and Investor Control .31Pre-Death Distributions.32Income Tax Withholding .33Other Tax Considerations .33Federal Income Tax Status Of Amounts Received Under the Certificate .33Sales Of Issued Life Insurance Policies To Third Parties .34Company Taxes .34DISTRIBUTION AND COMPENSATION.34LEGAL PROCEEDINGS .35FINANCIAL STATEMENTS .36ADDITIONAL INFORMATION .36GLOSSARY: Definitions Of Special Terms Used In This Prospectus .37APPENDIX A: Funds Available Under the Contract .A-iAPPENDIX B: State Availability Or Variations Of Certain Features .B-iAICPA
TABLE OF CONTENTS OF THE FUND PROSPECTUSESBNY Mellon Variable Insurance Fund:BNY Mellon Opportunistic Small Cap Portfolio.Appendix 1Deutsche DWS Variable Series II:DWS High Income VIP .Appendix 2Franklin Templeton Variable Insurance Products Trust:Templeton Developing Markets VIP Fund .Templeton Foreign VIP Fund.Appendix 3Appendix 4Janus Aspen Series:Janus Henderson Enterprise Portfolio .Appendix 5Lazard Retirement Series, Inc.:Lazard Retirement Emerging Markets Equity Portfolio .Lazard Retirement International Equity Portfolio .Appendix 6Appendix 7MFS Variable Insurance Trust:MFS Research Series .Appendix 8Neuberger Berman Advisers Management Trust:Neuberger Berman AMT Short Duration Bond Portfolio.Appendix 9Prudential Series Fund:PSF PGIM 50/50 Balanced Portfolio .PSF PGIM Flexible Managed Portfoli .PSF PGIM Government Money Market Portfolio .PSF PGIM Jennison Blend Portfolio .PSF PGIM Jennison Growth Portfolio.PSF Small-Cap Stock Index Portfolio .PSF Stock Index Portfolio .Appendix 10Appendix 11Appendix 12Appendix 13Appendix 14Appendix 15Appendix 16T. Rowe Price Equity Series, Inc.:T. Rowe Price Equity Income Portfolio .T. Rowe Price Mid-Cap Growth Portfolio .Appendix 17Appendix 18AICPA
GLOSSARYTABLE OF CONTENTSKEY INFORMATIONImportant Information You Should Consider About the Contract.FEES AND EXPENSESCharges For EarlyWithdrawalsWe do not deduct a surrender charge for early withdrawals. For more information on withdrawals, pleaserefer to the Withdrawals subsection of this prospectus.Transaction ChargesYou may be charged for transactions. Such charges include sales charges on premiums paid under theGroup Contract, administrative charges (to cover local, state and federal taxes), transfer fees, andwithdrawal fees. For more information on transaction charges, please refer to the FEE TABLE andCHARGES AND EXPENSES sections of this prospectus.In addition to transaction charges, an investment in the Certificate is subject to certain ongoing fees andexpenses, including such fees and expenses as those covering the cost of insurance under the Certificateand the cost of optional benefits available under the Certificate. Such fees and expenses are set based oneither a fixed rate or the characteristics of the insured (e.g., age, gender, and rating classification).Investors should view the data pages of their Certificate for applicable rates.Ongoing Fees AndExpensesParticipants will also bear expenses associated with the Funds under the Certificate, as shown in thefollowing table:Annual FeeMinimumMaximumInvestment options0.29%1.44%(Fund fees and expenses)For more information on ongoing fees and expenses, please refer to the FEE TABLE and CHARGES ANDEXPENSES sections of this prospectus, as well as APPENDIX A, which is part of this prospectus.RISKSRisk Of LossYou can lose money by investing in the Certificate. For more information please refer to the SUMMARYOF PRINCIPAL RISKS OF INVESTING IN THE CONTRACT section of this prospectus.Not a Short-TermThe Certificate is not a short-term investment and is not appropriate for an investor who needs readyInvestmentaccess to cash. The Certificate is designed to provide benefits on a long-term basis. Consequently, youshould not use the Certificate as a short-term investment or savings vehicle. Because of the long-termnature of the Certificate, you should consider whether purchasing the Certificate is consistent with thepurpose for which it is being considered. For more information please refer to the SUMMARY OFPRINCIPAL RISKS OF INVESTING IN THE CONTRACT section of this prospectus.Risks Associated With An investment in the Certificate is subject to the risk of poor investment performance and can varyInvestment Optionsdepending on the performance of the Funds available under the Certificate, each of which has its ownunique risks. You should review the Funds’ prospectuses before making an investment decision. Fundprospectuses are available at ce/gvul-funds/ or bycalling 800-562-9874. For more information on the Funds, please refer to the SUMMARY OF PRINCIPALRISKS OF INVESTING IN THE CONTRACT section and the The Funds subsection of this prospectus.Insurance CompanyAn investment in the Certificate is subject to the risks related to Prudential. Any obligations (includingRisksunder the Fixed Rate Account), guarantees, or benefits are subject to the claims-paying ability ofPrudential. More information about Prudential, including its financial strength ratings, is available uponrequest and at www.investor.prudential.com/ratings. For more information please refer to the GENERALDESCRIPTIONS OF THE PRUDENTIAL INSURANCE COMPANY, THE REGISTRANT, AND THE FUNDS sectionof this prospectus.Contract LapseIn general, your Certificate will remain in force as long as the balance in your Certificate Fund (less anyCertificate Debt and outstanding charges) is enough to pay the monthly charges when due. If the
This prospectus describes a flexible premium variable universal life insurance contract, the Group Variable Universal Life Contract offered by The Prudential Insurance Company of America, a stock life insurance company, to the Eligible Group Members of the AICPA and/or a State Society of CPAs and/or other qualifying organizations.
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This prospectus describes a flexible premium variable universal life insurance contract, the Group Variable Universal Life Contract offered by The Prudential Insurance Company of America, a stock life insurance company, to the Eligible Group Members of the AICPA and/or a State Society of CPAs.
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