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LEGACY
FORMER SCOTTISH AMICABLE PRODUCTS
MORTGAGE & SAVINGS CONTRACTS (GENERALLY CLOSED TO NEW BUSINESS)
Homepurchaser 1st Series
Period Offered
The description below is a brief outline of contracts with the rules reference R257/02/89. It was replaced by the Homepurchaser 2nd Series.
Description
A with profits endowment policy designed to repay a house mortgage loan at the end of the policy term or earlier death. The basic sum assured was determined such that with expected bonus additions the maturity proceeds will be at least sufficient to repay the outstanding loan. In addition the policy has a guaranteed minimum death benefit equal to the amount of the loan. The policies could be effected on either a single life or a joint life first death basis.
Options
These are an outline of options normally available. Please refer to Prudential for options and conditions on an individual policy.
Low Start Option (available from July 1989)
If the Low Start option was chosen, the initial premium payable increased by 20% on each of the first 5 policy anniversaries. From the 6th onwards, the premium remained level throughout the rest of the term of the contract.
Mortgage Alteration Option
The term could be increased without evidence of health if the conditions for the exercise of the option are satisfied.
Charging Structure
Please contact Prudential for details of charging structure.
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 reference R257/02/89. It was replaced by the Homepurchaser 2nd Series.
Description
A with profits endowment policy designed to repay a house mortgage loan at the end of the policy term or earlier death. The basic sum assured was determined such that with expected bonus additions the maturity proceeds will be at least sufficient to repay the outstanding loan. In addition the policy has a guaranteed minimum death benefit equal to the amount of the loan. The policies could be effected on either a single life or a joint life first death basis.
Options
These are an outline of options normally available. Please refer to Prudential for options and conditions on an individual policy.
Low Start Option (available from July 1989)
If the Low Start option was chosen, the initial premium payable increased by 20% on each of the first 5 policy anniversaries. From the 6th onwards, the premium remained level throughout the rest of the term of the contract.
Mortgage Alteration Option
The term could be increased without evidence of health if the conditions for the exercise of the option are satisfied.
Charging Structure
Please contact Prudential for details of charging structure.
