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LEGACY
FORMER SCOTTISH AMICABLE PRODUCTS
MORTGAGE & SAVINGS CONTRACTS (GENERALLY CLOSED TO NEW BUSINESS)
Homepurchaser 2nd series
Period Offered
The description below is a brief outline of contracts with the rules references R257/06/91, R257/02/92, R257/03/93, R257/05/94. It was replaced by Home Purchaser (Series 3).
Description
This contract is a unitised endowment contract designed as a mortgage repayment vehicle. The policyholder selects a target maturity benefit and guaranteed minimum death benefit which may be higher than the target maturity benefit. The premium is calculated to be the amount required to provide a cash sum equal to the target maturity benefit at the date of maturity at an assumed rate of growth and assumed charges. The benefit on death prior to maturity is the guaranteed minimum death benefit amount, or the bid value of units allocated if greater.
Policy Basis
The policy may be investment-linked, with-profits or a combination of both. With profits cases receive a bonus unit allocation once a year.
The policy is written as 10 identical cluster policies. Where there is investment in investment-linked and with profits, each portion is written as 5 identical clusters (but the premiums under the two sets need not be the same). N.B. Prior to July 1991, some cases were written under different clustering rules so that the "10 per policy" rule does not apply in all cases.
Charging Structure
Please contact Prudential for details of the charging structure.
Options
These are an outline of options normally available. Please refer to Prudential for options and conditions on an individual policy.
Critical Illness
There is an option to include Critical Illness benefit (available from July 1992). If this option is selected, the sum assured is payable on diagnosis of one of a set of specified Critical Illnesses (or on death if earlier).
Waiver of Premium
If this option is selected, premiums need not be paid if the policyholder is unable to work through illness or injury.
Low Start
If this option was selected, premiums will increase at 10% or 20% simple in each of the first 5 years.
Premium Reduction Option
At any time after 3 years there is an option to convert a level premium contract into a low start contract (thus reducing the premium for a time).
Investment Step Up Option
If this option is selected, premiums increase by 10% of the initial payment each year for the first five years of the plan. They remain level thereafter. Clients may select this option to provide the potential to build up a larger fund, more quickly.
Extension Option
It may be possible to extend the term. Please contact Prudential for further details.
Mortgage Products
Legacy
Disclaimer
Pension Products
Contact
Protection Products
Investment Products
General
FORMER SCOTTISH AMICABLE PRODUCTS MORTGAGE & SAVINGS CONTRACTS (GENERALLY CLOSED TO NEW BUSINESS)
Period Offered
The description below is a brief outline of contracts with the rules references R257/06/91, R257/02/92, R257/03/93, R257/05/94. It was replaced by Home Purchaser (Series 3).
Description
This contract is a unitised endowment contract designed as a mortgage repayment vehicle. The policyholder selects a target maturity benefit and guaranteed minimum death benefit which may be higher than the target maturity benefit. The premium is calculated to be the amount required to provide a cash sum equal to the target maturity benefit at the date of maturity at an assumed rate of growth and assumed charges. The benefit on death prior to maturity is the guaranteed minimum death benefit amount, or the bid value of units allocated if greater.
Policy Basis
The policy may be investment-linked, with-profits or a combination of both. With profits cases receive a bonus unit allocation once a year.
The policy is written as 10 identical cluster policies. Where there is investment in investment-linked and with profits, each portion is written as 5 identical clusters (but the premiums under the two sets need not be the same). N.B. Prior to July 1991, some cases were written under different clustering rules so that the "10 per policy" rule does not apply in all cases.
Charging Structure
Please contact Prudential for details of the charging structure.
Options
These are an outline of options normally available. Please refer to Prudential for options and conditions on an individual policy.
Critical Illness
There is an option to include Critical Illness benefit (available from July 1992). If this option is selected, the sum assured is payable on diagnosis of one of a set of specified Critical Illnesses (or on death if earlier).
Waiver of Premium
If this option is selected, premiums need not be paid if the policyholder is unable to work through illness or injury.
Low Start
If this option was selected, premiums will increase at 10% or 20% simple in each of the first 5 years.
Premium Reduction Option
At any time after 3 years there is an option to convert a level premium contract into a low start contract (thus reducing the premium for a time).
Investment Step Up Option
If this option is selected, premiums increase by 10% of the initial payment each year for the first five years of the plan. They remain level thereafter. Clients may select this option to provide the potential to build up a larger fund, more quickly.
Extension Option
It may be possible to extend the term. Please contact Prudential for further details.
