The ODA's Annual Report and Accounts said that Mr Hone, now chief executive of the London Legacy Development Corporation, was entitled to statutory redundancy pay and a terminal bonus
equivalent to 60% of his salary.
Policyholders could be eligible for bonuses post the expiry of the premium-paying term and terminal bonus
, if any, declared by the company.
Participating life insurance contracts generally feature a minimum interest rate guarantee, guaranteed participation in the annual return of the insurer's asset portfolio, and a terminal bonus
The company has also announced new Terminal Bonus
first time along with Reversionary Bonus in history of Gulf Zone for its policy holders.
A FIRSTLY, you will need to find out the surrender value of your endowment policy, the proportion of your endowment policy's maturity value that would consist of the terminal bonus
and whether you would incur any charges upon surrender.
However disappointing the returns, it seems most of us keep paying regular premiums, or sit tight on single premium policies, in hope that a decent terminal bonus
on maturity might compensate for small or non-existent annual bonuses during the life of the policy.
Too many people, most probably influenced by negative press, decided against keeping their endowments for the full duration and have cashed them in early, losing out on their terminal bonus
, which comes in on the very last day and provides a big chunk of the total payout.
A YOU need to find out the surrender value of your policy, the proportion of the maturity value you would get as a terminal bonus
and whether you'd incur any penalty charges, You might then decide you're better off sticking with your endowment.
It would also offer a maturity benefit equal to the balance in the policy account together with a terminal bonus
, if any, as applicable The guidelines further state that every policy shall have a corresponding policy account, the balance of which shall depict the accrual to the policyholder.
If the annual bonus on my policy maintains the current rate to maturity, I will pay a total pounds 6,375 by 2014 to get pounds 6,700 back - plus any terminal bonus
the Pru can afford.
Over and above, the terminal bonus
of $20 and $10 per $1,000 sum assured has been maintained for endowment and cash-back policies respectively which have completed 10 years and are maturing this year.
He also explained that the company managing the investments, Pearl, held some cash back in good years to be able to pay bonuses in bad years, and that there would be a terminal bonus
when the endowment came to an end.