If you have a lump sum of money, which you have saved over the years or perhaps inherited and are looking for a potentially better alternative to banks’ saving and term deposit accounts, look no further. Under current legislation and tax practice, the MAPFRE MSV Life Single Premium Plan is an ideal tax-efficient, medium to long-term savings plan for those wishing to invest a lump sum of money with relatively steady but conservative growth.
Why should you opt for an MAPFRE MSV Life Single Premium Plan?
· You have the opportunity to reap the potential for medium to long-term tax efficient capital growth;
· This policy allows you to access your money by making one-off withdrawals or regular annual withdrawals.What is the MAPFRE MSV Life Single Premium Plan?
· It is a with-profits single premium plan.
· The Plan participates in our distribution of profits. With-profits investments aim to smooth the return on your money by spreading the profits over good and bad investment years.
These are the main features of an MAPFRE MSV Life Single Premium Plan
Type of Plan
With-Profits Single Premium plan
€5,000 – Applicants taking out a plan before age 75€10,000 – Applicants aged 75 or older
Age at Entry
3 months to 17 years (Child Policy versions)18 to 82 years (Terms and Conditions apply)
Number of Top-Ups unlimited
No top-ups allowed in the final year of the plan
Free Partial Withdrawals of Capital
Minimum €500 after the 3rd year subject to minimum of €5,000 retained in the Plan
You can appoint one or more beneficiaries to receive the benefit under the Plan, when this is due. There is no charge for this arrangement to be implemented and it requires only the completion of a simple form. The appointment of a beneficiary (and acceptance thereof) under a life insurance contract does not need to be confirmed in a will and it also supersedes the provisions of a will if there is any conflict between the two.
Interested in knowing more about the MAPFRE MSV Life Single Premium Plan? Learn more about the benefits it will offer you by clicking on the next tab. You may also request a quote by clicking on Apply Now.
With an MSV Single Premium Plan, you get all this:
Payment of 101% of the single premium paid (or 101% of the Policy Account whichever is higher) if the Person Covered is 70 years old or younger at the time of death OR Payment of 100% of the single premium paid (or 100% of the Policy Account whichever is higher) if the Person Covered is 71 years old or older at the time of death.
Funeral Expenses Benefit
Payment of the cost of the funeral expenses (subject to a maximum of €2,500) in the form of partial pre-payment of the Death Benefit.
Cash Surrender Benefit
Option to surrender the Plan in part or in full before maturity. The surrender amount is based on the Policy Account and subject to the application of surrender charges and MVR (if applicable).
Partial cash surrender may be made:
Payment of the Policy Account upon maturity of the Plan.
€100 charged once when the First Policy is issued. This is reduced to €25 in the case of the second or any subsequent Single Premium Plan.
€25 charged when and if Top Up Premiums are paid.
A percentage deduction from the premium paid (both first and Top-up) will be made in accordance with the allocation bands below:
3.0% within 1 year from the Date of Investment
2.0% after 1 year but before the end of 2 years from the Date of Investment
1.0% after 2 years but before the end of 3 years from the Date of Investment
0.0% after 3 years
Market Value Reduction
If you take out money from your Plan, we retain the right to effect an MVR and increase the surrender charge. This adjustment is designed to protect investors who are not taking their money out and its application means that you get a fair share of the with-profit fund in which your payments are invested.
MVR cannot be applied
· upon maturity of the Plan
· in the event of the payment of the Death Benefit.
This reduction is designed to protect investors who remain invested and its application means that you get a fair share of the with-profits fund in which your savings are invested.