Regular withdrawals:
You can take regular withdrawals from your policy at any time.
Regular withdrawals may be taken as a percentage of the premium, or as a fixed amount.
Regular withdrawals will be paid in the policy currency and can be paid: • monthly • quarterly • termly (i.e. on a 4 monthly basis) • half-yearly • yearly
Regular withdrawals can be set up when you apply for your policy or can be requested at a later date.
One-off withdrawals:
There is no maximum limit for a one-off withdrawal subject to the following:
• If you have only paid one premium into your policy, any withdrawals taken cannot be greater than the current surrender value or result in the policy value being less than USD20,000 (or currency equivalent), whichever is higher.
• If you have paid more than one premium into your policy, any withdrawals taken cannot be greater than the surrender value or result in the policy value being less than 10% of the total in-force premiums paid, or USD20,000 (or currency equivalent), whichever is higher.
Withdrawal minimums:
Both regular and one-off withdrawals are subject to minimums depending on currency.
Sub-policy surrenders:
In addition to withdrawals, you may also surrender whole sub-policies.
Any sub-policy surrendered within the first 5 years will be subject to a surrender fee.
The surrender fee will be equal to the outstanding establishment fee and will be applied proportionally across all surrendered sub-policies.
Policy surrenders:
If you wish to fully surrender your policy you can do so at any time, simply by returning your Policy Schedule, including any endorsements, to RL360's head office address along with a completed Surrender Form.
A policy surrendered in full within the first 5 years will be subject to a surrender fee.
The fee will be equal to the outstanding establishment fee. A surrender fee equal to the outstanding establishment fee will also apply to any additional premium if it has been less than 5 years since the additional premium has been paid.
Any extra allocation based on premium size will also be subject to a surrender fee if the policy is surrendered in full within the first 5 years from date of issue.
The fee will be equal to 100% of the extra allocation rate reducing at each policy anniversary by 20%.