For our investment and saving products, the benefits, terms and conditions are described generally in our Rules and more specifically in a “Table”.
This is a tax-exempt with profit whole of life assurance written under the legislation and rules governing Individual Savings Accounts. It is available to children under the age of 18.
At any time the Sum Assured is equal to the premiums received to date. There is no commitment to pay any premium other than the first. A separate contract applies to each tax year, but the Society reserves the right to aggregate contracts for ease of administration.
Bonuses. See Rule 4. Bonuses are based on the accumulated sum assured (Sum Assured plus Bonuses).
The accumulated sum assured is payable on death or, prior to age 18, on terminal illness (as defined by ISA regulations).
Surrender. Rule 3(8) applies. Surrender values prior to age 18 may only be paid to another ISA manager for the benefit of the child.
Part surrender of any contract is permitted at the discretion of the Society.