Royal London 360 launches Oracle offshore bond

Royal London 360 has launched a new single premium offshore bond called Oracle.

It said the product meets a gap in the market for a more accessible portfolio bond.

The bond has a minimum premium of £20,000 and there is no limit on how many funds can be held under an Oracle policy.

Oracle bonds can be established on a single or joint life last death basis with a minimum of two individual applicants and up to six lives assured.

Investment in sterling, US dollars, euros, Hong Kong dollars, Japanese yen, Australian dollars and Swiss francs is allowed with the new product.

There is no fixed term on the policy, which continues until the death of the last life assured, and it can be structured with up to 100 sub-policies with a minimum value of $800 US for tax purposes.

Withdrawals are available on a regular or one-off basis, and top-up deposits can be made at any time. There are also bonuses on all premiums after their sixth anniversary.

"Oracle will be incredibly popular in all of the international markets due to its low minimum investment premium and broad guided architecture fund range," said Natalie Hall, head of marketing at Royal London 360.

"Oracle will meet a gap in the market for a lower premium portfolio bond, and will make this type of product more accessible to a wider range of investor with medium to long-term needs, as well as differing attitudes to risk.

"There are more than 180 external funds from 35 industry-leading fund managers, covering 25 sectors and seven currencies which will help to mitigate currency risk."