PPLI is a life assurance product aimed at individual high net worth investors, allowing them to select the amount to be invested and the amount of life cover required. Investment management is done through on an open architecture basis in conjunction with asset managers.

"The unique way in which life assurance contracts are treated for UK tax purposes creates significant tax planning opportunities” said David Steinegger, chief executive of Lombard. He said with such a product the availability of high levels of life cover adds a further dimension. Life assurance cover for more than £5m can be difficult to source in the retail market and wealthy people  often have requirements for more than that amount.

The product provides both UK-resident domiciled and non-domiciled individuals with a range of potential benefits, mainly focused on inheritance planning and with the proceeds of the life cover usually payable on death meeting the estate’s inheritance tax liability. The PPLI contract can be used in conjunction with a trust if desired.

Steinegger said in 2009 Lombard maintained its position as the number one pan-European life assurer specialising in wealth management solutions for high and ultra high net worth individuals.