For our investment and saving products, the benefits, terms and conditions are described generally in our Rules and more specifically in a “Table”.
Table 11 – Tax-Exempt 10 Year Option Plan
This is a tax-exempt with profit whole of life assurance with premiums payable for the first 10 years only. It provides for a capital sum (the Sum Assured) payable on death at any time.
The maximum age last birthday at commencement is 54 for non-smokers or 49 for smokers. Until 31 December 2012 it was available at higher ages for a reduced sum assured.
| Non-Smoker | Smoker | ||
|---|---|---|---|
| Age at Entry |
Sum Assured for each £10 of monthly premium |
Age at Entry |
Sum Assured for each £10 of monthly premium |
| Up to 54 | 1,120 | Up to 49 | 1,120 |
| 55-64* | 1,060* | 50-59* | 1,060* |
*No longer available
Bonuses. Rule 4 applies. Bonuses may be payable at different rates during the first 10 years (while regular premiums are being paid) and thereafter (when no further premiums are payable).
Surrender. Rule 3(8) applies, except that if the contract is surrendered at the end of 10 years from the commencement date, or at any anniversary thereafter, the surrender value will be the full Sum Assured and Bonuses then attaching (including terminal bonus if applicable).
Unpaid premiums. See Rule 8.
Paid-up values. See Rule 3(9).
Table 11c – Children’s Savings Plan
This is a tax-exempt with profit whole of life assurance with premiums payable for ten years. It provides for a capital sum (the Sum Assured) payable on death at any time.
The maximum age last birthday at commencement is 17 years old.
- Age at entry – Up to 18
- Sum Assured for each £10 of monthly premium – 1,120
Bonuses. Rule 4 applies. Bonuses may be payable at different rates during the first 10 years (while regular premiums are being paid) and thereafter (when no further premiums are payable).
Surrender. Rule 3(8) applies, except that if the contract is surrendered at the predetermined investment period from the commencement date, or at any anniversary thereafter, the surrender value will be the full Sum Assured and Bonuses then attaching (including terminal bonus if applicable).
Unpaid premiums. See Rule 8.
Paid-up values. See Rule 3(9).
Table 12 – Qualifying 10 Year Option Plan
This is a with profit whole of life assurance with premiums payable for the first 10 years only. It provides for a capital sum (the Sum Assured) payable on death at any time.
The maximum age last birthday at commencement is 54 for non-smokers or 49 for smokers. Until 31 December 2012 it was available at higher ages for a reduced sum assured.
| Non-Smoker | Smoker | ||
|---|---|---|---|
| Age at Entry |
Sum Assured for each £10 of monthly premium |
Age at Entry |
Sum Assured for each £10 of monthly premium |
| Up to 54 | 1,120 | Up to 49 | 1,120 |
| 55-64* | 1,060* | 50-59* | 1,060* |
*No longer available
Bonuses. Rule 4 applies. Bonuses may be payable at different rates during the first 10 years (while regular premiums are being paid) and thereafter (when no further premiums are payable).
Surrender. Rule 3(8) applies, except that if the contract is surrendered at the end of 10 years from the commencement date, or at any anniversary thereafter, the surrender value will be the full Sum Assured and Bonuses then attaching (including terminal bonus if applicable).
Unpaid premiums. See Rule 8.
Paid-up values. See Rule 3(9).
Table 19 – With Profit Bond – Growth
This is a single premium non-qualifying with profit whole of life assurance.
The initial Sum Assured is equal to the single premium.
Bonuses. See Rule 4. Bonuses are based on the accumulated sum assured (Sum Assured and Bonuses).
Surrender. Rule 3(8) applies except that contracts written up to 30 September 2012 may be surrendered on the tenth anniversary for a sum not less than the accumulated sum assured. Similar guarantees apply at every anniversary thereafter (for contracts written up to 31 December 2010), or every fifth anniversary thereafter (for contracts written between 1 January 2011 and 30 September 2012).
Table 24 – ISA bond
This is a tax-exempt single premium with profit whole of life assurance written under the legislation and rules governing Individual Savings Accounts. The Sum Assured is equal to the single premium.
Bonuses. See Rule 4. Bonuses are based on the accumulated sum assured (Sum Assured plus Bonuses).
Surrender. Rule 3(8) applies except that contracts written up to 30 September 2012 may be surrendered on the tenth anniversary for a sum not less than the accumulated sum assured. Similar guarantees apply at every anniversary thereafter (for contracts written up to 5 April 2011), or every fifth anniversary thereafter (for contracts written between 6 April 2011 and 30 September 2012).
Part surrender of any contract is permitted at the discretion of the Society.
Table 31 – Lifetime ISA
This is a with profit whole of life assurance written under the legislation and rules governing Individual Savings Accounts. It is available to members aged between 18-39 years old for the purpose of saving for their first home or to supplement their retirement. Contributions can be made up to the age of 50, though the fund must be opened and contributed into prior to the members 40th birthday.
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) plus the government will add a further 25% bonus for all contributions made in the tax year.
The accumulated sum assured is payable on death or on terminal illness (as defined by ISA regulations).
Surrender. Rule 3.8 applies
Table 32 – Monthly Savings ISA
This is a with profit whole of life assurance written under the legislation and rules governing Individual Savings Accounts.
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).
Surrender. Rule 3(8) applies.
Part surrender of any contract is permitted at the discretion of the Society.
Table 33 – Junior ISA
This is a 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.