Friends Provident International (FPI), the dynamic protection and investments provider has launched Summit, a new single premium product with option of early access and an annual loyalty bonus for long-term investors in the Middle East.

During this time of economic downturn, FPI advise that now is a good time to consider saving in a long-term investment plan, and the competitive features of Summit make it the right choice in the current market conditions.

“With the current uncertain financial situation, most investors have been cautious about where to put their money, but with stock markets at a low, a wise investor knows now can be an ideal time to enter into a long-term investment plan,” said general manager (Middle East) at FPI Matt Waterfield.

“The relative low price on stocks currently means greater purchasing power for each dollar invested so now is an optimum time to invest in funds that spread the risk.”

Summit offers Middle East investors a tax-efficient way to begin a long-term investment plan, receiving an annual loyalty bonus after three years with the option to access a large portion of their capital from the start.
 
The plan gives investors access to the Friends Provident International comprehensive mirror offering of over 200 diverse funds world-wide, to ensure sufficient choice and support to weather the market turmoil. All funds are managed by expert fund managers.

“Funds typically invest in about 40-80 different companies and are considered less risky than investing in one company. Clients need to diversify into many assets and those with limited amounts to invest may benefit from investing in funds rather than individual shares.

“The Middle East is a key focus for FPI’s international business. By bringing Summit to the region, we are offering investors here the confidence of investing with one of the leading offshore life companies,” added Waterfield

Summit options include: Lump sum with a minimum premium of Dh137,500 ($37,500), free switching between funds, Summit is an insurance wrapper that can offer western expatriates tax benefits if they should return home, all withdrawals are penalty-free subject to a minimum plan value remaining.

Allowed withdrawals: 90 per cent of premium for first five years, 100 per cent of bid value thereafter, must be at least Dh2,750 ($750), can be taken monthly, quarterly, termly, half-yearly or annually.

Summit has an annual bonus paid as additional units into the plan on the third anniversary and on every anniversary after that.  The bonuses are 0.50 per cent from year three to five, 0.75 per cent from year six to 10 and one per cent from year 11 onwards.
Additional contributions: minimum of Dh55,000 ($15,000). Withdrawal allowance on any additional contributions is: 90 per cent of contribution for first five years, 100 per cent of bid value thereafter subject to a minimum plan value remaining, withdrawals taken from oldest contribution first, additional contributions receive their own establishment charges, loyalty bonus based on how long they have been in the plan, death benefit: 101 per cent of the surrender value.

Summit is intended for medium to long-term investment and is not therefore designed for early surrender. A discontinuance charge will be applied on surrender during the early years of Summit. – TradeArabia News Service