Friends Provident International (FPI) has launched Summit, a single premium product for long-term investors in the Middle East.
Summit is an insurance wrapper that can offer Western expats tax benefits if they return home. In addition, investors get access to the Friends Provident International mirror offering of 200 funds.
There is free switching between funds, while withdrawals are penalty-free subject to a minimum plan value remaining. Allowed withdrawals are: 90% of premium for the first five years and 100% of bid thereafter.
The product also offers an annual loyalty bonus after three years and easy access option from the start.
The annual bonus is paid as additional units into the plan on the third anniversary and annually after that. The bonuses are 0.5% from year three to five, 0.75% between year six and ten and 1% from year 11 and onwards.
Designed for medium to long-term investment, Summit has a charge applied on surrender during the early years.
"The Middle East is a key focus for FPI's international business. By bringing Summit to the region, we are offering investors here the confidence of investing with one of the leading offshore life companies," said Matt Waterfield, general manager Middle East for FPI.
More information is available at: www.fpinternational.com.
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