Axa Isle of Man has launched a Regular Investment Account to complement its offshore proposition.
Axa IOM’s offering is an offshore investment bond, which has been designed to accept both single and regular premiums for people prepared to invest for the medium term, at least five years, and long term, at least ten years.
Axa says the regular premium market appears to have remained underdeveloped despite the single premium offshore market rapidly expanding.
According to consumer and adviser research conducted by Axa there is substantial demand for a product which can adapt to a customer’s needs and life stages and the company says a single premium product cannot always achieve this.
Axa Isle of Man offshore proposition manager Christine Hall says customers were very clear they wanted a product which was flexible enough to fit around their changing lifestyles.
She says: “We have therefore allowed premiums to be easily stopped and started again without penalising the customer. After the first year customers who are paying monthly or quarterly premiums can even take a three month premium holiday and this won’t lead to a clawback of an Adviser’s commission.
“However, charges will continue to be taken during the premium holiday. If the premium is increased an additional establishment charge will apply.”