Individual Plan: Benefits

The Individual Plan is a life assurance policy equal in value to a Fund (‘the Unit Fund’) comprising an individual portfolio of bonds and shares together with additional life cover. The Unit Fund is managed by an Investment Manager who is appointed by Nordben in consultation with the policyholder.

The Unit Fund may invest, with a few minor exceptions such as commodities, in any of the wide range of investments available on the world’s leading stockmarkets and, if approved, the policyholder’s own bonds and shares can be transferred directly into the Fund.

The Fund may also include, subject to certain conditions, unquoted investments.

The value of the Unit Fund is not guaranteed and so the Unit Fund can go up or down over time.

How are the investments managed?

The appointed Investment Manager works within guidelines determined by Nordben. These guidelines are agreed after consultation with the policyholder and the Investment Manager so that the Unit Fund may be structured to meet the policyholder’s requirements.

Who deals with the administration?

The administration of the Unit Fund is handled by Nordben and the appointed Investment Manager. The benefit to the policyholder is that we:

• take care of all security transactions
• take care of all the administration
• keep the policyholder fully informed

How to take an income?

The Individual Plan consists of units which can be encashed so that policyholders may take an income at any time, without penalty. The minimum encashment is £5,000 or currency equivalent.

Payment to a beneficiary designated by the policyholder

On death of the life assured the investment value of the Unit Fund at the date of payment becomes payable. Where there is more than one life assured, payment will be made on the death of the last surviving life assured. In addition to the investment value, Nordben will pay a sum equal to 1% of the total premiums paid by the policyholder and accepted by Nordben. Total premiums paid are defined by Nordben as the premiums paid to Nordben less the premiums deemed by Nordben to have been surrendered. Note that for older policies, a different death benefit may apply.