Norwich Union offers new guaranteed growth investment

Norwich Union is to launch a second 'tranche' of its guaranteed growth plan, guaranteeing a minimum return of 20 per cent.

16:44 22 October 2004

Norwich Union is to launch a second 'tranche' of its guaranteed growth plan, guaranteeing a minimum return of 20 per cent regardless of what happens to the FTSE 100.

It is a six-year single premium product and will be available for six weeks from November 1st.

It can be held as a direct investment or held in an ISA, or as a PEP transfer, and the minimum investment is 3,000.

Head of investment product development, Neil Davies, said: "The guaranteed growth plan has been very popular with customers because, if the plan is held for its full term, they will see their money grow whatever happens to the FTSE 100.

"They like the idea of a minimum return even if the stock market falls, and the possibility of an even better return if the stock market does well.

"IFAs like the plan because two layers of protection make up the guarantee; most rival products offer only one layer of protection and are more risky. It is also simpler than many other structured products on the market."