investors can add and withdraw from the product whenever it suits them
Generali International has launched a single premium unit-linked product that is designed to provide investors with greater flexibility, specifically being able to add and withdraw initial investments whenever the client decides.
According to the company, the new product, called Choice, has been designed to meet changing circumstances for investors throughout their lives. For example, if they receive an inheritance they can invest some of this in Choice to add to their initial capital investment. They can also withdraw some of their capital to buy a holiday home, take a year's break from work at any time or for an emergency. But there is an early redemption charge in the first five years after each payment.
Peter Hobbs, head of sales of Generali International, said the only restrictions on a partial withdrawal are the fact that clients must leave 10% of their initial investment in the plan. He added that clients can switch between the 80 funds within the plan without charge and enjoy a regular income facility.
"Clients can choose to receive a regular payment from their plan," said Hobbs. "This would be particularly useful on retirement when clients may require income in place of a salary to meet their regular financial commitments."
Hobbs said the 80 funds included in Choice cover equity, bond, money market, commodity, property, hedge and capital protected funds. The 80 funds are managed by 15 asset managers and are in addition to Generali International's range of managed funds. Among them are Fidelity, Invesco, JP Morgan, GAM, Lazard, Investec, Thames River Capital, Pioneer Investments, Merrill Lynch and Morgan Stanley. Choice offers the chance to select up to six lives assured and it can be denominated in US dollars, sterling, euros, Hong Kong dollars and Japanese yen.
Three funds have been added to the Generali International's range, said Hobbs, including Alfanar Investment Holdings, which is a global equity fund and is Sharia compliant. Choice is being sold by Generali International in Europe, the Middle East, Far East, South America and Africa.
Hobbs said: "Making choices is a feature in everyone's life, whether related to career moves, where to live or doing what is best for a family. Making the right financial decisions in life is also important and can have a significant impact on an individual's future prosperity.
"More people are now faced with decisions about how to make the most of money that comes to them throughout the course of their lives. Choice has been designed for these types of situations and for those making a conscious decision to invest for the future."
Generali International added that it has also updated its Wealth Protector Trust to try to make it more flexible.
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