The new product is called Quantum, the name of a popular offshore product that used to be sold under the Scottish Provident International Life Assurance brand (SPILA), which merged with Scottish Life International Insurance Company in 2008 to create Royal London 360°.
The decision to re-introduce Quantum followed “an increasing number of requests from international IFAs”, Royal London 360° head of marketing Natalie Dutton said.
More than 30,000 Quantum policies were sold between 1995 and 2004, according to the company.
While the new product retains many of the original Quantum’s features, the company notes that a number of modernising features have been added to make it more attractive to contemporary investors.
Royal London 360° said it will promote sales of the revamped Quantum range with an advertising campaign “based on the theme of ‘the Comback King’”, which it said will “highlight [Quantum’s] heritage [while] reflect[ing] the enhancements to it”.
Available to most of RL360°’s markets
Quantum is available to single and joint life investors in most of the international markets in which Royal London 360° operates, with the exception of the UK and Lebanon. A special version for the Hong Kong market is in the process of being developed to cater for both expatriates and Chinese nationals, and once will seek the necessary regulatory approvals before being made available to intermediaries and their customers.
In a statement, RL360° said its revamped Quantum range was “likely to be a popular choice with investors looking to save for the future” owing to its affordability and flexibility, low minimum monthly premium, and access to a choice of more than 100 guided architecture funds at discount rates.
Investors may choose from such fund houses as JPMorgan, Franklin Templeton and Schroders, as well as from six base currencies (sterling, US dollars, euros, Hong Kong dollars, Japanese Yen and Swiss francs), RL360° said.
Other features of the new Quantum fund include:
• Direct fund investment only – no mirror funds
• up to 600% initial premium incentive and loyalty bonuses
• The ability to change premium amounts, take premium holidays, take ad-hoc withdrawals and make single premium cash injections
• Minimum premiums as low as £200 ($300) a month, with no additional credit card fees
• Online access to valuations for both IFAs and clients
More information about RL360° may be found at www.royallondon360.com.
Royal London is the UK’s largest mutual life and pensions company with group funds under management of £35.9 bn.
Other Royal London Group brands in addition to RL360° include Scottish Life, Bright Grey, Scottish Provident, RLAM, RLAS, FUndsdirect and Ascentric.
Royal London also distributes life and pensions products through Santander’s UK branch networks.
