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L&G hopes guarantees will help sell last-minute Isas

Legal & General is offering two protected growth plans in an attempt to motivate investors into last-minute Isa season action.

The provider says it is hoping to attract investors who have been so far disenchanted by plunging stockmarkets by guaranteeing their initial capital will be protected if they keep money in the plan until October 31, 2008.

Minimum investment in both the protected index plan 2 and index growth and protection plan is set at £1,000.

In the protected index plan 2, investors benefit from any growth in the FTSE 100 up to a maximum of 55 per cent while the second plan offers investors an uncapped 70 per cent of any growth in the index.

Charges will be no more than 6 per cent initially and 0.5 per cent annually but could be lower depending on the performance of the markets. Commission is 3 per cent.

Retail investments marketing director Claire Stracey says: “Both plans have been designed for investors who may want to enter the stockmarket now but want some degree of capital protection from the equity volatility which currently prevails. Any investor who has not used their Isa allowance in the current tax year because of their disenchantment with the stockmarket now has two new options.”

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