The allocation rates at the lower end premium levels have been increased by 1% compared to their decommissioned Vantage product, giving greater benefit to those saving smaller amounts.
Clients have the convenience of being able to access their statements online, as well as carrying out switches and amending how future premiums are invested. The fact that there is no restriction on the number of funds that can be invested in from the range available may be an attractive facet of the product.
Vantage Platinum II has also enhanced the bonus for those clients that are looking at longer term savings. Vantage Platinum applied a bonus of 0.25% per annum of the accumulation unit value. Vantage Platinum II includes this for savings terms of 10 years, but if the savings term is longer then the bonus is increased to 0.75% per annum from the tenth anniversary onwards.
One characteristic of the loyalty bonus that sets it apart from competitors is the fact that it kicks in from the end of the initial period. Most other products normally do not begin paying a loyalty bonus until the end of year five, or even year ten in a lot of cases. So Hansard are trying to reward their clients earlier, provided they keep paying the agreed level of premiums from the outset.
In comparison to other products in the market, Vantage Platinum II compares favourably over shorter terms. This could be partly due to the loyalty bonus being applied from an earlier stage of the policy as opposed to the usual delay until the tenth anniversary for the majority of products. The below figures are based on a payment term of 10 years and a premium amount of £500 per month:
