2.2.12 Maximum Investment Plans (MIPs)
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Effectively unit linked versions of endowment policies, so will
be 10 year, regular premium, qualifying policies. Growth depends
on the underlying fund link, not bonuses. There may be an extension
option at the end of the initial term to allow encashment on more
favourable terms.
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Both MIPs and endowments may be useful for:
- Those who require regular savings with an element of life assurance
protection.
- Those who require a cash lump sum at some specific point of time
in the future.
- Those who are prepared to save for between 7½ to 10 years.
- Those who want relatively low risk and will accept the relatively
low growt
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