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 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
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).