Policy fee increases in 2018
The fixed policy fees on some of our products will increase in 2018 in line with the Isle of Man Retail Price Index.
While the Isle of Man RPI was 7.6% on 30 September 2017, we have agreed to apply an increase of just 5%. This will affect the following products:
- Protected Lifestyle
- Protected Lifestyle Lebanon
- Self Investment Portfolio
- PIMS
- IPIMS
- Private Investment Portfolio
- Sygnia
- Quantum (2010) onwards
- LifePlan
- LifePlan (Childrens Plan)
- Paragon
Fees will increase automatically on the policy anniversary during 2018.
The effect the increases have on policyholders will be dependent on a number of factors including, for example, the year the policy was taken out, fee payment frequency and the currency in which payments are made.
The policy fees will be automatically increased on the policy anniversary and deducted in the normal way. There are no changes to the benefits, features or Terms and Conditions of the policies as a result of the fee change. The policy number and all other details will remain the same.
Background
The Terms and Conditions of these products allow us to increase the fees annually, on the policy anniversary, in line with the Isle of Man Retail Price Index correct as at 30 September of the previous year. This reflects the increase in our costs of administering policies.