RL360 Insurance Company Oracle Offshore Bond

Anyone aged 18 or over can apply for an Oracle policy provided they are not subject to any legislation which prohibits this type of investment. Available to individuals on a single or joint ownership basis as well as companies and trustees, Oracle can be issued as either a life assurance policy or as a capital redemption policy.

Oracle can be issued on a life assurance or capital redemption basis.

1. Life assurance Oracle

On a life assurance basis, Oracle can be set up in one of two ways:

• Single life – There is only 1 life assured and when they die the policy comes to an end.

• Joint life last death – There can be up to 6 lives assured on the policy, and it comes to an end when the last life assured dies.

The youngest life assured cannot be older than 65 years of age when the policy is issued.

2. Capital redemption Oracle

On a capital redemption basis, Oracle has no lives assured linked to it.

It will remain in-force for a total of 99 years at which point it will mature and we will pay out the surrender value plus a guaranteed amount of USD160 (or currency equivalent).

You cannot change the basis of your policy after it has been issued.

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%.

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RL360's charges cover the set-up and ongoing administration of your policy, any commission paid to your adviser and - of course - RL360's profit.

There are 2 main components of the Oracle charging structure as listed below:

Establishment fee

The standard establishment fee is 7.50% of the premium paid.

The fee is collected at a rate of 0.375% quarterly in arrears over the first 5 years.

Each additional premium will be subject to its own establishment fee.

The fee will be collected in the same format as described above.

Percentage administration fee

There is a standard ongoing percentage administration fee of 1.20% per year, taken as 0.30% of the current policy value or the premium paid, if higher, deducted quarterly in arrears.

Each additional premium is subject to its own percentage administration fee.

The fee will be collected in the same format as described above.

The percentage administration fee is payable for the lifetime of the policy.

Advice fee (optional)

If you choose to appoint an investment adviser there may be an advice fee deducted from your policy.

The amount of the fee, and when it should commence, should be agreed between you and your investment adviser.

The amount deducted, if any, will be paid directly to your investment adviser.

Additional fees

The funds that are held within your policy will be subject to an annual management charge.

The charge will vary per fund chosen.

The annual management charge set by the fund manager is reflected in the fund price, and is in addition to the Oracle product charges.

There may be charges associated with the payment of premiums or withdrawals by telegraphic transfer and other means.

If you require more than the standard annual valuation statement, a charge may be made for each additional valuation.