Guardian Investor Plus is a guaranteed issue, equity-linked universal life insurance plan available to individuals up to age 75. By offering flexibility in meeting an individual's financial goals while also providing life insurance coverage, the plan serves as a suitable alternative for customers who may opt not to have an underwritten insurance plan. This investment plan may be used to help smart investors achieve their goals of either:

• Education

• Deposit on a Home

• Retirement

• Final Expenses

Premiums:

The total premium payable comprises:

• A fixed basic premium of $5000 per month

• A regular additional investment premium, minimum $1000 per month Additionally, ad-hoc investment premiums may be made to the Guardian Investor Plus at such frequency and levels as the owner may desire. Mortality charges will not be deducted from the funds over the life of the policy. In addition, there is no policy fee attached to this plan.

Allocation of Premiums

The plan will facilitate mandatory investment in one or more of six Guardian Life funds. A percentage of the basic premiums will be allocated to purchase units. This percentage varies by policy year, as follows:

Policy Years - Percentage of Premiums Invested

• 1 - 3: 60%

• 4 - 5: 65%

• 7 - 9: 75%

• 10 - 12: 80%

• 13 and over: 90%

Also, 95% of regular additional investment premiums and any ad-hoc investment premiums will be invested in the funds.

Issue Ages

The allowable issues ages are 0 to 75 inclusive. The plan will be issued on an age-nearest birthday basis.

Policy Size

Policy size is a fixed amount that is banded by issue age as follows: Issue Age - Sum Insured

• 0 - 10: $250,000

• 11 - 20: $500,000

• 21 - 50: $1,000,000

• 51 - 60: $500,000

• 61 - 75: $100,000

Death Benefits:

The payment made upon death is a graduated benefit which depends upon the policy year at the time of death, specified as follows:  Death Within - Death Benefit

• Year 1 - 40% of the Sum of the Basic Minimum. Premiums paid plus the value of units in the funds

• Year 2 - 50% of the Sum Insured plus the value of units in the funds

• Year 3 and onwards - 100% of the Sum Insured plus the value of units in the funds

Notwithstanding the above, if death is by accident, 100% of the Basic Sum Assured plus the value of the units in the funds as at the relevant date is payable. If death is by suicide within two years of the commencement date of the policy, the death benefit will be limited to the surrender benefit.

Maturity Benefit

The value of the units attributed to the policy, as determined by the bid price prevailing on the maturity date, will be payable upon the Life Insured attaining age 100.

Surrender Benefit

The amount payable upon surrender is the value of the units allocated to the policy, based on the bid price prevailing on the date of surrender, less a surrender charge. There is no surrender charge after the ninth year.

Encashment of Units

At any time, a portion of the policy may be encashed upon the receipt by the Company of a written request from the Insured Person in the form prescribed by the Company. The Company will cancel some of the units of the funds allocated to the policy and make a cash payment to the Insured Person. The value of the units canceled in each fund shall be in the same proportion as the value of the units allocated to the policy in each fund. Each encashment of units will attract a charge. The number of units canceled in respect of the funds will be calculated as the cash payment to the Insured Person plus the encashment charge divided by the prevailing bid price of the fund units at the date on which the Company receives the Insured Person's written request for encashment of units.

Such encashments:

• must not be less than the current minimum encashment allowed

• are subject to the condition that the value of the units of the funds remaining allocated to the policy, after the cash payment to the Insured Person and the payment of the encashment charge, is positive and exceeds the current minimum value of units in the fund.

Non-Payment of Premiums 

A period of thirty days, commencing on the premium due date, is allowed for payment of any premium. If a premium is not paid within the thirty-day period, the policy will be deemed to have been made Paid-Up.

 

Re-allocation of Investment Premiums

The Insured Person will be required to state how the investment premiums should be allocated to the funds. The Insured Person may elect to reallocate investments among the available funds from time to time. A re-allocation fee will be charged for each such change.

Transfer of Funds

The Insured Person may at any time transfer all or a portion of the value of a fund to another fund or funds subject to applicable charges. The first transfer in any policy year will not attract a charge. However, a charge will be levied for all subsequent transfers.

 

Annual Statement

At the policy's anniversary, the Company shall furnish the Insured Person with a statement showing:

• The amount allocated to purchase units in the funds during the preceding 12 months.

• The number of units reflecting encashments made over the previous 12 months, together with their value at the bid prices on the date of encashment.

• Charges to the fund during the preceding 12 months. 

• The number of units in the funds allocated to the policy, together with their value, calculated at the bid prices at the end of the period to which the statement relates.

• The value of the surrender benefit of the policy at the end of the period to which the statement relates.