SavingsPlus offered by Zurich International Life is a unit-linked, regular premium plan. With Zurich SavingsPlus, you can save regularly into a plan which invests in a range of selected investment funds and offers potential for investment growth.
You can apply for SavingsPlus:
- If you're over 18 years of age
- Applicant should be aged between 18 and 74 years
- If life cover or wavier of premium is selected then 59 years is the maximum age of entry
- As an individual or joint ownership basis
- Holding a valid UAE Resident visa
- If you hold an HSBC account
- Restrictions to certain nationalities
- Suicide (whether sane or insane at the time) within 12 months of the Policy Commencement Date
- If a benefit is payable as a direct or indirect consequence of any act of the Life Insured which is a deliberate and material violation of any law
Exclusions have been kept to a minimum. Details of full exclusions will be available on the Zurich policy terms and conditions.
Is SavingsPlus right for me?
It may be right for you if:
- You want to save and invest over the medium to long term
- You want to provide financial protection for your family or beneficiaries if you should die
- You want to ensure that your premiums are paid if you are unable to work due to illness or disability
Who can the policy cover?
- SavingsPlus is available to individuals on a single or joint ownership basis
- Your policy can be written on one of the following basis:
– Own life – you are the policy owner and the life insured.
– Life/Lives of another – you are the policy owner, but someone else is the life insured.
– Joint lives, first death – you are both the policy owners and the lives insured.
- The policy owner and the life insured must be at least 18 years of age when the policy starts
What optional benefits are available?
- The life cover amount will be five times the yearly equivalent of the initial regular premium amount up to a maximum of USD250,000/EUR187,500/GBP150,000
- The sum payable on death will be the greater of the life cover amount or the policy value at the time we receive notification of death
- Life cover is subject to underwriting
Waiver of premium
- This is available either on a single life basis or on one life insured on a joint life policy
- The benefit is available to the life insured who pays the premiums, providing their age is less than 60 when the benefit is added to the policy. If chosen, Zurich will pay your policy premiums if you are unable to work due to illness or disability
- Claims are subject to a waiting period of six months. This means that you would need to satisfy Zurich that the cause of your inability to work has existed for a continuous period of at least six months before any claim. If you make a claim, you will need to provide Zurich with medical evidence (at your expense)
- During the waiting period you will need to pay your policy premiums. If Zurich accepts the claim they will refund those premiums and then waive future premiums while you are unable to work due to illness or disability up to the life insured's 70th birthday. Zurich will review the waiver of premium claim periodically. This means that Zurich reserves the right to vary the benefit charge based on their claim experience from their actuaries. You will be notified in such a case
- Waiver of premium is subject to underwriting
Can I take withdrawals from the policy?
Partial encashments can be made at any time, but if made before your fifth policy anniversary, an encashment charge will be deducted. The encashment charge will be:
- 10% of the policy value before the 3rd policy anniversary
- 7.5% of the policy value before the 4th policy anniversary
- 5% of the policy value before the 5th policy anniversary
There must be a minimum remaining policy value of USD10,000/EUR7,500/ GBP6,000 following a partial encashment
Regular withdrawals can be made after your fifth policy anniversary. Regular withdrawals can be taken at monthly, quarterly, half-yearly or yearly intervals and the minimum amount is USD200/EUR150/GBP125
If any life cover benefit is selected, the amount payable may be reduced by any regular or partial encashments. A full encashment made before the fifth policy anniversary will result in an encashment charge being applied
How will I know how my policy is doing?
You can keep up to date with your policy details online through Zurich International online (ZIO) once we issue your policy. To register, please visit www.zurichinternational.com and click on your region (if needed), then click on the ‘ZIO’ tab.
What happens if I stop paying premiums?
- Your policy will become paid up if you haven't paid your premiums for three months
- Zurich will continue to deduct the policy charges
- If you have selected life cover, Zurich will continue to deduct the benefit charge
- If you have selected the waiver of premium benefit and your policy becomes paid up, the benefit and its charges will stop
- Your policy may lapse without value, benefits will stop, your policy will come to an end and you will not get your money back
How do I make a claim?
- Zurich should be your first point of contact if you wish to make a claim. Your relevant financial professional will also be able to assist you
- The person making the claim should notify Zurich as soon as possible
- In the event of a claim under the policy, Zurich may need to see the relevant life insured's medical records and may need the life insured to undergo a medical examination or testing. The policy owner will be required to supply this information at their own expense
What are the risks involved?
- This is an Investment plan which is NOT capital guaranteed
- The underlying investments are subject to investment risks
- The value of any investment and the income from it can fall as well as rise as a result of market fluctuations. You may not get back the amount originally invested
- You may get back less than the amount shown on the illustration if:
– Investment growth is lower than illustrated; or
– Charges increase above those illustrated; or
– You take more money out of your policy than illustrated.
- Buying a SavingsPlus is a medium to long term commitment. Stopping or reducing premiums may cause your policy to lapse; if this happens, the policy will end, any optional benefits will stop and you will not get your money back
- If you don't answer all the questions on your application fully, truthfully and accurately, Zurich may not pay a benefit claim
- Zurich will not pay a claim in the circumstances described under exclusions
- If you stop paying premiums, all policy and life cover charges will continue to be deducted, and any waiver of premium benefit and associated charges will end
- If your policy is fully or partially encashed before the fifth policy anniversary, there will be an encashment charge
- The value of a policy may also rise and fall as a result of currency movements where investments are not held in the same currency as the policy or where individual funds invest in foreign currencies
- Information on the specific risks associated with investing in a particular fund can be obtained from the relevant underlying fund prospectus or fund report and accounts both of which are available from website www.zurichinternational.com
How will my premiums be invested?
Your regular premium payments, for the first 3 years, 96% of each premium will be allocated to your selected fund(s). After the first 3 years, 100% of each premium amount will be allocated to your selected fund(s)
Your regular premiums are used to purchase units and are subject to an immediate regular premium charge of 4%. This is deducted for the initial period only. For example, if your regular premium is USD1,000 a month, the net value of units after the charges will be USD960
Additional single premiums are subject to an immediate charge of 4%. For example, if your premium was USD10,000, the net value of units after the charges will be USD9,600. Your premiums will be used to buy units in your chosen funds. The value of the units will increase or decrease depending on the investment performance of the fund. The value of your policy, at any time, will be the current value of the units in the funds you have chosen, less any charges
What are the charges?
The below charges are applied by Zurich on a SavingsPlus policy
|Initial regular premium charge
||For the first 3 years of the policy there will be a 4% charge on all regular payments
|Additional single premium charge
||Up to 4% of any single premiums paid into the policy. The charge will be deducted from the units in your fund(s)
|Policy management charge
||This is a banded percentage of the policy value taken monthly in advance. The charge will be deducted from the units in your fund(s)
The charge is 2.3% on the first USD40,000 and 0.75% on the remaining value
|Conditional and Transaction Charges
||Partial encashments can be made at any time, but if made before your fifth policy anniversary, an encashment charge will be deducted. The encashment charge will be:
10% of the policy value before the 3rd policy anniversary
7.5% of the policy value before the 4th policy anniversary
5% of the policy value before the 5th policy anniversary
|| A charge will apply for any benefits selected,the actual charge will depend on the life insured's circumstances.
The charge is deducted at the start of each month, by the cancellation of units
Waiver of premium charge (and benefit) stop if the policy becomes paid up
|| If regular premiums are paid by credit card, then a charge of 2.5% on each premium amount will be made by increasing the amount payable by credit card