Table 8 – Children’s Tax-Exempt Savings Plan

For our investment and saving products, the benefits, terms and conditions are described generally in our Rules and more specifically in a “Table”.

Table 8

This is a tax-exempt with profit children’s endowment. It provides for a capital sum (the Sum assured) payable at the end of the term, or on previous death provided the life assured (the Child) has achieved the age of 10. If the Child dies below the age of 10, all premiums paid are refunded.

The Child’s parent or grandparent (the Sponsor) pays the premiums until the Child reaches the age of 18. After age 18 the Child is responsible for paying premiums although the Sponsor may choose to continue to pay on the Child’s behalf.

The maximum age last birthday at commencement is 14.

Maturity Date: The term is determined at outset so that the maturity date falls on the anniversary immediately preceding the Child’s 25th birthday. The Sum Assured varies according to the term as follows:

Term in Years

Sum Assured for each £10
of monthly premium £

10 1,110
11 1,221
12 1,332
13 1,443
14 1,554
15 1,665
16 1,776
17 1,887
18 1,998
19 2,109
20 2,220
21 2,331
22 2,442
23 2,553
24 2,664

Bonuses. See Rule 4.

Surrender. Rule 3(8) applies, except that a special surrender value applies if the contract is surrendered on either the Child’s 18th or 21st birthday with the Sum Assured and Bonus being reduced in the proportion that the actual duration bears to the full term, provided that the contract has then been in force for at least 10 years. Unpaid premiums. See Rule 8.

Paid-up Values. See Rule 3(9).

‘I’ve used Metfriendly for the last 5 years and recently the money has gone towards a deposit for our house. I will be signing back up next year to help save towards my kids future.’

Mrs A Cooper, Met CC, Bow

Very happy with the service. I have a number of policies for myself and my children.

Police Sergeant S Drysdale, DPS Borough Support

Good service – always very helpful and informative.

Miss J Coward, South Norwood, London

‘Very pleased with the service I’ve received to help me save money direct from my salary.’

DC Chris W, SO15

Great opportunity for family members to be offered the same offers as members.

Miss A McLeary, ESB

‘I would recommend Metfriendly to everyone.’

Mrs V Thompson, Dagenham

‘I have always been pleased with the returns from my Metfriendly policies.’

Mr P Payne, Bordon

‘I have been a member since 1980. Never had any problems or issues. Staff always helpful.’

Mr Nino Trancucci, London

‘Hassle-free savings that are started every year on my behalf, without me having to call up.’

 

D.C. R McLaren, Hackney Borough Stations

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