<PAGE>

Exhibit (4)(c)

[PRUDENTIAL FINANCIAL LOGO]
                                       PRUCO LIFE INSURANCE COMPANY
                                       Phoenix, Arizona 85014

                                       a Prudential Financial company

                                   ENDORSEMENT

This Endorsement is made a part of the Contract to which it is attached and is
effective immediately. In the case of a conflict with any provision in the
Contract, the provisions of this Endorsement will control. The following hereby
amends and supersedes the provisions of the Contract mentioned below.

We add the following new or revised definitions to the DEFINITIONS section of
the Contract:

         ADJUSTED CONTRACT VALUE: The Contract Value as of the Annuity Date,
         adjusted for any Market Value Adjustment, less any applicable Premium
         Tax Charge. The applicable Annuity Table is applied to this amount to
         determine the initial Annuity Payment.

CONTRACT SURRENDER VALUE: The Contract Value, adjusted for any Market Value
Adjustment, less any applicable Premium Tax Charge, Withdrawal Charge, optional
benefit charge or Contract Maintenance Charge.

         GUARANTEED INTEREST RATE (GIR) PERIOD: The number of years for which a
         particular Guaranteed Interest Rate is applicable to an amount
         allocated or transferred to an MVA Option.

         GUARANTEED INTEREST RATE (GIR): The interest rate applicable to an
         amount allocated or transferred to a Market Value Adjustment Option.
         The Guaranteed Interest Rate will never be less than [3%].

         MARKET VALUE ADJUSTMENT OR MVA: The amount by which any portion of
         Contract Value in an MVA Option is adjusted if withdrawn, transferred
         or annuitized at any time other than the 30-day period immediately
         following the end of the Guaranteed Interest Rate Period. A Market
         Value Adjustment can be a positive or a negative adjustment. An MVA may
         be applied even if the Contract has been continued by a surviving
         spouse under the spousal continuance provision.

         MARKET VALUE ADJUSTMENT (MVA) OPTION: An interest rate option that
         credits a declared interest rate for a stipulated period of time.
         Withdrawals or transfers may be subject to a Market Value Adjustment,
         which can be a positive or a negative adjustment. We may offer multiple
         MVA Options at any one time, each with a different interest rate and
         guarantee period. Amounts allocated or transferred to a Market Value
         Adjustment Option are held in the Separate Account identified on the
         Contract Data pages.

<PAGE>

We add the following new section to the Contract:

                      MARKET VALUE ADJUSTMENT (MVA) OPTION

         INTEREST SEGMENT: An interest segment is created whenever you allocate
         or transfer an amount to an MVA Option. You may have multiple interest
         segments associated with an MVA Option. We credit interest to the
         amount in each interest segment at the daily equivalent of the specific
         rate declared for that interest segment until the earliest of:

(1)        the date the Contract is surrendered;

                                       2

<PAGE>

(2)        the date the amount is withdrawn;

(3)        the date the amount is transferred;

(4)        the maturity date of the interest segment;

(5)        the Annuity Date; and

(6)        the date as of which a death benefit is determined.

         GUARANTEED INTEREST RATE (GIR) PERIOD: When you allocate or transfer an
         amount to an MVA Option, the option will have a GIR Period, which is
         the number of years for which the Guaranteed Interest Rate is
         applicable to that amount. The GIR Period will be a set number of
         years. We reserve the right to determine what MVA Options we will
         offer. You may not elect an MVA Option with a GIR Period that would
         mature after the Contract's Annuity Date.

         Prior to the end of a GIR Period, we will notify you, at your last
         known address, of the available MVA Options and their corresponding
         GIR Periods offered by us at that time. You have 30 days immediately
         following the end of the current GIR Period to provide us a written
         request in Good Order to elect one of the following options:

     (1)          elect that the amount in the interest segment be allocated to
                  an MVA Option with the same or different GIR Period as your
                  current GIR Period, provided that we are offering a GIR Period
                  of that duration at that time.;

     (2)          transfer the amount to another Allocation Option; or

     (3)          withdraw the amount from the Contract.

         You may elect different options for different portions of an interest
         segment, subject to the minimum amount restrictions applicable to
         withdrawals and transfers. Withdrawals from a maturing interest segment
         during this 30-day period will be subject to any applicable Withdrawal
         Charge but not the MVA. Transfers from a maturing interest segment
         during this 30-day period will not be subject to Transfer Charges or
         the MVA. If you elect to allocate the amount in a maturing interest
         segment to an MVA option with the same or different GIR period, the
         interest rate you receive will be the one available on the day we
         receive your election instructions.

         If we do not receive a written request in Good Order during the 30-day
         period immediately following the end of a GIR Period, the amount in
         that interest segment will be transferred to the money market
         subaccount at the end of the 30-day period. Amounts that you withdraw
         or transfer during the 30-day period will receive interest until the
         date of withdrawal or transfer. The interest rate will be the current
         interest rate available for an MVA Option with the same GIR Period as
         the maturing interest segment, on that segment's maturity date. If we
         do not offer such a period, the interest rate will be the current rate
         associated with the MVA Option with the shortest GIR Period available
         at the time.

         ALLOCATIONS AND TRANSFERS TO MVA OPTIONS: You may allocate up to 100%
         of your purchase payments to an MVA Option. You may transfer up to 100%
         of your Contract Value to an MVA Option, except that no transfers may
         be made from the DCA Option, and amounts held in the Fixed Rate
         Investment Option are subject to the restrictions on transfers set
         forth in the Contract. You may invest in one MVA Option or a
         combination of MVA Options

                                       3

<PAGE>

         having different GIR Periods. The minimum allocation or transfer to
         any one MVA Option is $1,000.

         MARKET VALUE ADJUSTMENT (MVA): Amounts withdrawn from an MVA Option
         (including by transfer or annuitization), prior to the end of a GIR
         Period, may be subject to a Market Value Adjustment (MVA). The MVA is
         applied as a positive or negative adjustment to the applicable portion
         of the Contract Value by multiplying the withdrawal amount before
         deduction of any applicable Withdrawal Charge by the MVA factor.

                                       4

<PAGE>

         The MVA factor is equal to:

                                   [Equation]

         where:   i   = is the Guaranteed Interest Rate currently credited
                        to this interest segment at the time of the withdrawal,
                        transfer, annuitization, or settlement;

                  j   = is the current credited interest rate at the time of the
                        withdrawal, transfer, annuitization, or settlement for
                        an MVA Option having a GIR Period equal to the number of
                        whole years remaining in this interest segment's GIR
                        Period, plus one; and

                  n   = is the number of months remaining in this interest
                        segment's GIR Period (rounded up).

         If we no longer offer a particular GIR Period, for the purpose of
         determining a rate for use in the MVA formula, we will use linear
         interpolation and the current rates of the GIR Periods closest in
         duration to those to be used in the formula. If we cannot interpolate,
         the current crediting rate for any GIR Period not being offered will be
         equal to:

     1)  the current Treasury spot rate for that GIR Period, plus

     2)  the current crediting rate for the next longer GIR Period then being
         offered, minus

     3)  the current Treasury spot rate for that next longer GIR Period.

         The current rate (j) in the MVA formula is subject to the same Minimum
         Interest Crediting Rate as the GIR.

         If the current rate (j) in the MVA formula is higher than the
         guaranteed rate (i) for an interest segment, the value of that segment
         will experience a negative MVA upon withdrawal, transfer,
         annuitization, or settlement. If the current rate (j) in the MVA
         formula is lower than the guaranteed rate (i) for an interest segment,
         the value of that segment may experience a positive MVA upon
         withdrawal, transfer, annuitization or settlement.

         A Market Value Adjustment will not be applied to a withdrawal,
         transfer, annuitization, or settlement within 30 days immediately
         following the end of a GIR Period.

         A Market Value Adjustment will not be applied to any cancellation of
         the Contract under the RIGHT TO CANCEL CONTRACT provision on the cover
         page of the Contract.

         A Market Value Adjustment will not be applied when the death benefit is
         payable.

         A Market Value Adjustment will not be applied for withdrawals after
         receipt of due proof that the Owner or Joint Owner is terminally ill,
         or has been confined to an Eligible Nursing Home or Eligible Hospital
         continuously for three months since the Contract Date.

         WITHDRAWALS FROM MVA OPTIONS: A withdrawal from an interest segment
         associated with an MVA Option, within 30 days immediately following the
         end of its GIR Period, is not subject to the MVA. You may specify the
         interest segment or MVA Option from which you would like to make a
         withdrawal. If you specify an MVA Option, but not an interest segment,
         the withdrawal will be taken from the interest segment associated with
         that MVA Option that has the least time remaining until its maturity
         date. If you request a withdrawal from your contract, and do not
         provide specific instructions, we will take the withdrawal on a
         pro-rata basis from all Allocation Options to which your Contract Value
         is allocated. In this situation, all funds in MVA Options will be
         summed and considered as one Allocation Option. The portion of the
         withdrawal associated with MVA Options will be taken from the interest
         segments with the least amount of time

                                       5

<PAGE>

         remaining until the maturity date, regardless of the GIR period. A
         withdrawal from an MVA Option may be subject to an MVA, even if the
         withdrawal is not subject to a Withdrawal Charge because it is a
         Charge-Free Amount.

         TRANSFERS FROM MVA OPTIONS:
         A transfer from an interest segment associated with an MVA Option is
         subject to an MVA unless made during the 30 days immediately following
         the end of its GIR Period. You may specify the interest segment or MVA
         Option from which you would like to make a transfer. If you specify an
         MVA Option, but not an interest segment, the transfer will be taken
         from the interest segment associated with that MVA Option that has the
         least time remaining until its maturity date. Transfers from an
         interest segment within the 30 days immediately following the end of a
         GIR Period do not count toward the maximum number of transfers which
         may be made under the Contract. Transfers from an MVA Option at any
         other time count toward the maximum number of transfers which may be
         made under the Contract and may be subject to a Transfer Charge. Any
         Transfer Charge will be deducted from the unadjusted Contract Value
         before any adjustment for the MVA. If a transfer is being made from
         more than one interest segment or MVA Option, the applicable Transfer
         Charge will be proportionally deducted from the Contract Value
         associated with each MVA Option or interest segment. Any deduction for
         Transfer Charges will be made prior to the transfer. If a Transfer
         Charge is applicable, and the full amount in an interest segment or an
         MVA Option is being transferred, the Transfer Charge will be deducted
         first from the Contract Value, and the remaining amount will then be
         transferred. If a Transfer Charge is applicable, and the amount in an
         interest segment or MVA Option is insufficient to pay the Transfer
         Charge and provide the requested transfer amount, the Transfer Charge
         will be deducted first from the unadjusted Contract Value, and the
         remaining amount will then be transferred.

         We reserve the right to defer payment for a withdrawal or transfer from
         an MVA Option for the period permitted by law, but for not more than
         six months after a request in Good Order is received by us at the
         Annuity Service Center.

Except as modified herein, all terms and conditions of the Contract remain
unchanged.

Signed for Pruco Life Insurance Company

By: /s/ Clifford E. Kirsch
   ------------------------
      Secretary

                                       6