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A 25-year, Au50 per month mortgage endowment in the main Aviva With-Profit Fund, taken out on 1 January 1989:
On the positive side, he said, some consumer-protection measures like enhanced with-profit fund management and increased guaranteed surrender values on traditional products could strengthen the insurance industry's foundation in the long term because customer confidence would be enhanced through fair treatment.
Usually, the calculation takes into consideration factors such as completed policy years, policy type and time to maturity, with-profit fund performance in case of participating policies, besides the company's customer philosophy and industry practice," says Suresh Agarwal, executive vice-president, head, distribution and strategic initiatives, Kotak Mahindra Old Mutual Life Insurance.
The investment choice has increased substantially in the last decade and therefore, there is often no need to select a with-profit fund.
The surplus assets in the with-profit fund, known as the inherited estate, was valued at Au2.
Payouts from the with-profit fund are linked to the rate of investment growth achieved on the fund.
This performance is superior to life office with-profit fund returns for the
GAAP, 10% of all changes in the UK With-Profit fund (revenues and expenses) are recognized through the P&L whereas French GAAP recognizes 10% of the distributed bonus from the fund as income, in line with UK modified statutory accounting practices.
When Provident Mutual was swallowed up by General Accident, investors in the with-profit fund got an average of pounds 300 more.
A with-profit fund might be suitable so long as there are more than 10 years until the money is required.
Some investors also like to withdraw 5% each year from a with-profit fund tax-free - although higher rate taxpayers can get caught with a tax bill when their policy is eventually cashed in.
5 per cent before tax on their CGNU with-profit fund.