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Endowment Contract

Endowment Contract Template for New Zealand

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Key Requirements PROMPT example:

Endowment Contract

"I need an Endowment Contract for a 20-year term starting January 2025, with quarterly premium payments and a focus on ethical investment options, including provisions for partial withdrawals after 5 years and the option to add critical illness coverage."

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Document background
An Endowment Contract is a specialized financial instrument used in New Zealand's financial services sector that combines elements of life insurance with investment features. This document is typically employed when individuals or organizations seek a structured approach to long-term savings while maintaining life coverage. The contract establishes the relationship between the financial institution and the policyholder, detailing premium payments, investment strategies, maturity benefits, and insurance coverage. It must comply with New Zealand's Financial Markets Conduct Act 2013 and Insurance (Prudential Supervision) Act 2010, among other relevant legislation. The document is particularly useful for retirement planning, education funding, or other long-term financial goals where both wealth accumulation and life protection are desired.
Suggested Sections

1. Parties: Identifies the insurer/financial institution and the policyholder/investor

2. Background: Explains the context and purpose of the endowment contract

3. Definitions: Defines key terms used throughout the contract

4. Policy Terms: Specifies the duration, commencement date, and maturity date of the endowment

5. Premium Payments: Details the premium amount, payment frequency, and payment methods

6. Benefits: Outlines the maturity benefits, death benefits, and any guaranteed returns

7. Investment Strategy: Describes how the funds will be invested and managed

8. Surrender and Withdrawal: Explains the terms and conditions for early surrender or partial withdrawals

9. Claims Process: Details the procedure for making claims and required documentation

10. Termination: Specifies conditions under which the contract may be terminated

11. General Provisions: Includes standard contractual clauses like notices, amendments, and governing law

Optional Sections

1. Loan Facility: Terms for policy loans against the endowment value, if this feature is offered

2. Rider Benefits: Additional insurance coverage options that can be attached to the basic policy

3. Premium Holiday: Provisions for temporary suspension of premium payments, if allowed

4. Bonus Provisions: Terms for allocation of reversionary or terminal bonuses in participating policies

5. Tax Provisions: Specific tax treatment and obligations, particularly relevant for tax-advantaged policies

6. Assignment: Terms for transferring policy ownership or using it as security

7. Joint Life Provisions: Special terms for policies covering multiple lives

Suggested Schedules

1. Schedule 1: Premium Schedule: Detailed breakdown of premium payments, including dates and amounts

2. Schedule 2: Benefit Illustration: Projected benefits and returns under different scenarios

3. Schedule 3: Investment Options: List of available investment funds and their characteristics

4. Schedule 4: Charges and Fees: Comprehensive list of all applicable charges and fees

5. Appendix A: Risk Disclosure: Detailed explanation of investment and insurance risks

6. Appendix B: Claim Forms: Standard forms for submitting various types of claims

7. Appendix C: Policy Summary: Key facts and features of the policy in simple language

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions








































Clauses



































Relevant Industries

Financial Services

Insurance

Investment Management

Wealth Management

Banking

Financial Planning

Professional Services

Legal Services

Relevant Teams

Legal

Compliance

Risk Management

Operations

Customer Service

Claims Processing

Product Development

Investment Management

Underwriting

Policy Administration

Financial Advisory

Wealth Management

Relevant Roles

Insurance Underwriter

Financial Advisor

Investment Manager

Compliance Officer

Legal Counsel

Risk Manager

Policy Administrator

Claims Manager

Product Development Manager

Wealth Management Consultant

Insurance Broker

Trust Officer

Financial Planner

Operations Manager

Customer Service Representative

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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