Summit - the loyalty bond
Operation
Isle of Man
Profile
Summit is a highly flexible loyalty plan with penalty-free access to the majority of your investment amount.
Literature (PDF)
Colour: Brochure | International Investing | Application Form
Features and Benefits
| Product Features |
Investor Benefits |
| Minimum Premium |
USD 37,500, GBP 25,000, EUR 37,500 or
HKD 375,000 |
| Withdrawals |
All withdrawals are penalty-free. Allowed withdrawals:
· 90% of premium for first five years
(your
withdrawals may be restricted by
a minimum total
plan value and
minimum withdrawal amount)
· 100% of bid value thereafter
· Must be at least USD 750, GBP 500,
EUR 750 or HKD 7,500
· Can be taken monthly, quarterly,
termly, half-yearly or annually
|
| Loyalty Bonus |
Summit has an annual bonus paid as additional units into your plan on the third anniversary of the date you took the plan out, and on every anniversary after that. The bonuses are 0.50% from year 3 to 5, 0.75% from year 6 to 10 and 1% from year 11 onwards. |
| Additional Contributions |
Minimum of USD 15,000, GBP 10,000, EUR 15,000 or HKD 150,000. Withdrawal allowance on any additional contributions is:
· 90% of premium for first five years
(your withdrawals may be restricted by a
minimum total plan value and minimum
withdrawal amount)
· 100% of bid value thereafter
· Withdrawals taken from oldest
contribution first
· Additional contributions are calculated
separately on Establishment Charges
· Loyalty Bonus are calculated separately on the third anniversary of your
Additional Contributions, and on every
anniversary after that.
|
| Wide choice of funds |
In excess of 100 funds from over 25 different fund houses |
| Free switching facility |
Flexibility to adapt portfolio to changing opportunities at no cost, on a bid-to-bid basis, as often as you like (currently no charge is made for switching between funds, although we reserve the right to introduce a charge of up to 1% of the value of the units switched or USD 15, GBP 10, EUR 15 or HKD 150, if greater) |
| Death benefit |
101% of the surrender value |
| Secure base in the Isle of Man |
Virtually tax free accumulation of your savings (some dividends may be received net of withholding tax, deducted at source in the country of origin, but once inside your plan they can accumulate free of tax) |
| Friends Provident International Limited |
Confidence of investing with one of the leading offshore life companies, which is also a member of Friends Provident, one of the UK's most prestigious and pioneering financial organisations |
Summary of Charges
| Type of Charge |
Amount |
| Initial Charge |
Nil. 100% of each premium is invested. |
| Administration Charge |
1.2% of the bid value of each fund each year, debited directly to the fund on each valuation day |
| Bid/Offer Spread |
Nil |
| Establishment Charge |
0.4% each quarter (1.6% each year) of the premium for five years |
| Full Surrender |
You'll need to
pay a penalty equal to all outstanding Establishment
Charges only |
If you would like further details of Summit, please complete an Information Request Form.
Important Information
Friends Provident International Limited reserves the right to change its charges at any time at its discretion upon three months' written notice to the policyholder.
This document should be read in conjunction with the current Summit brochure, which, together with the policy document and provisions, sets out the terms and conditions of the contract. A written statement of the terms and conditions may be obtained from Friends Provident International Limited on request.
Summit is intended for medium to long-term investment and is not therefore designed for early surrender. A penalty will be applied on surrender during the first five years of Summit where you'll need to pay all outstanding Establishment charges only.
Each Policy is governed by and shall be construed in accordance with the law of the Isle of Man.
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