The plan is a non-qualifying, unit-linked savings plan that can invest across MGM’s full range of 15 investment funds including its leading unitised with-profits fund.
The launch further demonstrates MGM’s commitment to developing its AR division and comes after moves to strengthen its life, pension and pension term assurance product range. In addition, a new MGM Qualifying Investment Plan (QIP) is set for launch later in the year.
The MGM PIP has a minimum monthly premium of £50 (or £500 annually). It is a whole of life contract and investors can make regular premiums for as long as they wish. The death benefit will be the greater of £100 or 101% of the value of units allocated to the plan at time of death.
Paul Rowell, MGM’s head of appointed representatives, said: “The fact we have developed and launched this PIP and have more products in the pipeline again proves MGM’s long-term desire to grow our tied agent network and to reinforce our position as a key player in the field.”
