Zurich's Wealth Accumulation Plan provides an effective platform for you to grow your wealth – at your own pace. Invest with a variety of currencies in a wide range of funds, and add additional premiums as and when you can.
You can apply for a Wealth Accumulation Plan:
- If you're over 18 years old with no maximum age
- As an individual, joint, trustees or a company
- Holding a valid UAE Resident visa
- If you hold an HSBC account
Restrictions to certain nationalities
- 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 the Wealth Accumulation Plan right for me?
It may be right if you:
- are looking for a simple and flexible way of investing
- want access to a wide range of funds
- understand and accept the risks of this type of investment
- are able to hold the investment for medium to longer term
Who can apply?
- You can own the plan yourself or jointly with someone else
- Anyone age 18 or over can apply for a Wealth Accumulation Plan. There is no maximum age for plan holders
- You can insure the life of anyone aged two or over – there is no maximum age
- Have a valid residence visa in the UAE
How flexible is it?
- If you start your plan with a single contribution of USD35,000
- You can add additional single contributions at any time of USD2,500
Can I take money out?
Yes, you can choose to take money out regularly or by taking one-off withdrawals.
How will I know how my Wealth Accumulation Plan is doing?
Zurich will send you a statement twice a year to show the current value of your plan.
You may request up to 12 free valuation statements a year.
You can keep up-to-date with your plan details online through Zurich International online (ZIO) once your plan is issued. To register, please visit www.zurichinternational.com and click on your region (if needed), then click on the `ZIO’ tab.
What you might get back?
What you get back depends on the plan value less any reduction for cashing in early. There is no guaranteed amount.
The plan value depends on:
- how well your investment performs
- how much you invest
- how long your money is invested
- how much money you take out
- General Investment risks
Note:For full details of risks involved, please refer to the Zurich product brochure or speak to your adviser
What happens to my Wealth Accumulation Plan if I die?
If the youngest of the lives insured is aged 60 or less at the start of the plan, if the life insured (or the last of the lives insured) dies within the first five years of taking out the policy, then we will pay out the enhanced death benefit. This is the greater of:
- 101% of the surrender value of the policy, or
- the total premiums paid, less any withdrawals taken during the first five years of the policy.
After five years, 101% of the surrender value of the policy is paid.
On the death of the last surviving life insured Zurich will pay out 101% of the plan’s cash-in value on the day Zurich receives satisfactory notification of death to your beneficiaries.
If the plan covers more than one life, Zurich will pay out when they receive satisfactory notification of the deaths of all the lives insured
If the plan is in trust, Zurich will pay out the cash-in value to the trustees or according to their instructions
What are the risks involved?
- The value of your plan can go down and you may get back less than you invested depending on investment performance
- You may get back less than the amount shown on the illustration if:
• investment growth is lower than illustrated
• decrease your contribution
• you take money out of your plan
- The level of risk and potential investment performance depend on the funds chosen
- The value of your plan will be subject to currency fluctuations if you are paying contributions in one currency but selecting to invest in funds based in another currency. Please be mindful that movements between two currencies can be significant
- If you cash in your plan before the end of the term following any contribution, Zurich will apply a cash-in charge (sometimes referred to as a surrender penalty). This will reduce the amount you get back
- Your returns may be affected by changes in currency exchange rates