PRODUCT GUIDE
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LEGACY
FORMER M&G PRODUCTS
MORTGAGE AND SAVINGS PRODUCTS
Flexible Investment Plan (Paxus)
This description is a brief outline of the contract with rules reference MGP31.
Period Offered
Available to New Business from February 1994 until July 1999.
Description
There are 4 versions of this plan i.e. series 1,2,3 and 4.
A regular premium unit-linked qualifying whole life assurance with a limited premium payment period of between 10 and 25 years.
It could be written on a single, joint life (first and second death) and life of another basis.
Plans are divided into a number of segments (in the same way that SAL policies have clusters), which must have a minimum premium of £5 per month each.
The premiums can be paid monthly, quarterly, half yearly or annually.
Death Benefit
The greater of the sum assured and the bid value of the units.
Charging Structure
Please contact Prudential for details of the charging structure.
Waiver of Premium
Not available under this plan.
Options
This is an outline of options normally available. Please refer to Prudential for options and conditions on an individual policy.
Variation Option
This option allows the premium cease date, the amount of premium and the sum assured to be amended on a plan anniversary date.
There are restrictions to these options please refer to Prudential for further details.
BENEFIT OPTIONS -at the end of premium payment term
The client can choose one of the following options
Immediate Cash Option
Client can take full bid value of units
Deferred Cash Option
Premium payments stop; client leaves units in chosen funds to be encashed at any time. Switches are allowed. This was M&G default option.
Income Option
Client may take an income at any time after original premium payment period by making partial withdrawals. The original premium payment term is extended for a further 10 years from the date of each partial withdrawal.
Nominal Contribution Option
This option allows the planholder to reduce the contributions at the end of the payment period. After a further period of 10 years paying the nominal premiums, tax free partial withdrawals can be taken at any time on request. The current nominal premium amount is £5 p.a. per plan.
This is also known as the Conversion Option.
Continuation Option
The planholder can continue to pay the same premium for a further ten years. After that period the above 4 options become available.
Mortgage Products
Legacy
Disclaimer
Pension Products
Contact
Protection Products
Investment Products
General
FORMER M&G PRODUCTS MORTGAGE AND SAVINGS PRODUCTS
This description is a brief outline of the contract with rules reference MGP31.
Period Offered
Available to New Business from February 1994 until July 1999.
Description
There are 4 versions of this plan i.e. series 1,2,3 and 4.
A regular premium unit-linked qualifying whole life assurance with a limited premium payment period of between 10 and 25 years.
It could be written on a single, joint life (first and second death) and life of another basis.
Plans are divided into a number of segments (in the same way that SAL policies have clusters), which must have a minimum premium of £5 per month each.
The premiums can be paid monthly, quarterly, half yearly or annually.
Death Benefit
The greater of the sum assured and the bid value of the units.
Charging Structure
Please contact Prudential for details of the charging structure.
Waiver of Premium
Not available under this plan.
Options
This is an outline of options normally available. Please refer to Prudential for options and conditions on an individual policy.
Variation Option
This option allows the premium cease date, the amount of premium and the sum assured to be amended on a plan anniversary date.
There are restrictions to these options please refer to Prudential for further details.
BENEFIT OPTIONS -at the end of premium payment term
The client can choose one of the following options
Immediate Cash Option
Client can take full bid value of units
Deferred Cash Option
Premium payments stop; client leaves units in chosen funds to be encashed at any time. Switches are allowed. This was M&G default option.
Income Option
Client may take an income at any time after original premium payment period by making partial withdrawals. The original premium payment term is extended for a further 10 years from the date of each partial withdrawal.
Nominal Contribution Option
This option allows the planholder to reduce the contributions at the end of the payment period. After a further period of 10 years paying the nominal premiums, tax free partial withdrawals can be taken at any time on request. The current nominal premium amount is £5 p.a. per plan.
This is also known as the Conversion Option.
Continuation Option
The planholder can continue to pay the same premium for a further ten years. After that period the above 4 options become available.
