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 This is the insurance component of an Individual Savings Account. The mini insurance ISA is a tax-exempt, saving with profit, life assurance policy.Who is it for? Anyone from age 18 up to the age of 70 years old What are the benefits? Premiums are invested in a savings account that receives interest each year, plus life assurance cover of ten times the annual premium to a maximum of £10,000. For example, premiums of £1,000 a year have £10,000 life assurance. How much will it cost? You can pay monthly or yearly in advance. Premiums start from as little as £5 a month or £60 a year to a maximum of £83 a month or £1,000 a year in multiples of £5 a month or £60 a year. After 6 April 2005 premiums of up to £4,000 a year can be paid. Examples:
Note: The above figures are based on the investment fund growing at 7% in accordance with the regulatory requirements, however the Society’s actuary has agreed to add 9% interest to the first year’s investment premiums at the end of the year. How do I Apply? Just complete the on-line enquiry form. What are the Advantages? This is an opportunity for you to start a savings plan with the benefit of life assurance at a rate that you can afford each year. What are the Charges? Costs - will not exceed 2% a year and no other kind of charge. Changes to the Regulations From 6 April 2005 the mini insurance ISA loses its separate component. Our mini insurance ISA will be classed as a stocks and shares ISA. However our investment policy will not change and funds will still be invested in: residential property, government gilts and equities. |
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