PRODUCT GUIDE
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LEGACY
FORMER M&G PRODUCTS
MORTGAGE AND SAVINGS PRODUCTS
Investment Mortgage Plan
This description is a brief outline of the contract with rules reference M9P26 & M9P29.
Period Offered
Available to New Business from 1/10/84 to 1/1/95. M9P26 was available 1994 to 1988. M9P26 from 1988 to 1995.
Description
This contract is a unit-linked, qualifying endowment assurance. It was issued on a single life, joint life (first and second death) or life of another basis.
It was designed to build up a lump sum to repay a mortgage after a term of between 10 and 30 years. The guaranteed death benefit was the same as the loan amount. It was available on a standard or low cost basis.
Plans are segmented into separate policies, which must have a minimum premium of £25 per month or £250 per annum. The premiums are payable monthly, quarterly, half-yearly or annually. The maximum number of segments is 20.
Death Benefit
The greater of the guaranteed death benefit and the bid value of the units.
Charging Structure
Please contact Prudential for details of charging structure.
Options
These are an outline of options, which were normally available. Please refer to Prudential for options and conditions on an individual policy.
Waiver of Premium
Waiver of Premium could be selected If the client is unable to work through incapacity for a period of 6 months, further premiums due before the applicable cessation date would be waived . Plan holder can elect at outset to have waiver benefit up to age 60 or 65.
Whole of Life
The plan can be converted to a Whole of Life basis with a nominal premium payable. This option is available on maturity or after 10 years premiums have been paid. The plan will have a revised sum assured of the total premiums payable from the option date to life assured's 75th birthday. Partial surrender or withdrawals are only available once this option has been taken. With version M9P26 withdrawals can be taken immediately after conversion. Version M9P26, withdrawals can only be taken 10 years after the conversion takes place.
Variation Option
This option allows the premium cease date, the amount of premium and the sum assured to be amended on a policy anniversary date.
Maturity Options
There are various options available at maturity to take a tax-free cash sum option or tax-free income (only available if the policy converts to Whole of Life basis); there is also an extension option. Please refer to Prudential for further details.
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 M9P26 & M9P29.
Period Offered
Available to New Business from 1/10/84 to 1/1/95. M9P26 was available 1994 to 1988. M9P26 from 1988 to 1995.
Description
This contract is a unit-linked, qualifying endowment assurance. It was issued on a single life, joint life (first and second death) or life of another basis.
It was designed to build up a lump sum to repay a mortgage after a term of between 10 and 30 years. The guaranteed death benefit was the same as the loan amount. It was available on a standard or low cost basis.
Plans are segmented into separate policies, which must have a minimum premium of £25 per month or £250 per annum. The premiums are payable monthly, quarterly, half-yearly or annually. The maximum number of segments is 20.
Death Benefit
The greater of the guaranteed death benefit and the bid value of the units.
Charging Structure
Please contact Prudential for details of charging structure.
Options
These are an outline of options, which were normally available. Please refer to Prudential for options and conditions on an individual policy.
Waiver of Premium
Waiver of Premium could be selected If the client is unable to work through incapacity for a period of 6 months, further premiums due before the applicable cessation date would be waived . Plan holder can elect at outset to have waiver benefit up to age 60 or 65.
Whole of Life
The plan can be converted to a Whole of Life basis with a nominal premium payable. This option is available on maturity or after 10 years premiums have been paid. The plan will have a revised sum assured of the total premiums payable from the option date to life assured's 75th birthday. Partial surrender or withdrawals are only available once this option has been taken. With version M9P26 withdrawals can be taken immediately after conversion. Version M9P26, withdrawals can only be taken 10 years after the conversion takes place.
Variation Option
This option allows the premium cease date, the amount of premium and the sum assured to be amended on a policy anniversary date.
Maturity Options
There are various options available at maturity to take a tax-free cash sum option or tax-free income (only available if the policy converts to Whole of Life basis); there is also an extension option. Please refer to Prudential for further details.
