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 annive...
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