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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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