Withdrawal - Friends

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Important Notice

1.    Encashment / Withdrawal is only allowed for client who has already made all ICP contributions.

  • For Premier, the ICP is 18 months.
  • For Flexible Growth Plan, the ICP is 24 months. The maximum withdrawal amount is the amount in Accumulated units.

2.    For FGP and ESP client, the plan value should remain HKD75,000 (USD10,000) after the encashment.

3.    Minimum withdrawal amount requirement

  • FGP & ESP is USD 750 / HKD 6,000
  • Premier Ultra is USD 750 / HKD 6,000
  • Premier is USD1500 / HKD12,000 (or equivalent)

4.    No commission will be clawed back and No surrender charge will be applied to client account.

5.    Client cannot apply for a partial withdrawal on the initial units.

6.    Request valuation statement to know the estimated amount and units in Initial unit and Accumulated unit in different funds.

7.    Specify the withdrawal amount.  Please note that value of funds may change each day.  If policy does not have sufficient value for requesting, a revised signed instruction by client is needed.

8.    For withdrawal, please make sure the ‘Withdrawal Details’ section is completed and not the ‘Surrender Details’ section.

9.    Ensure that the ‘Early surrender or withdrawal’ section is completed if client is taking a withdrawal of more than 30% of the total premium or if the client is surrendering the plan within the first 2 years).  Also, if the surrender penalty is higher than 20% of the plan value, please do indicate that the client understand the high surrender penalty involved and wish to proceed with the surrender request.

10.  If client has invested in weekly or monthly dealing funds, there could be a delay in the sale of units, which should be considered when estimating the expected date of remittance.

11.  The completed form should be signed and sent to FPI no later than 14 days. (Updated: 16 Jul 2020)

12. With effect from June 2023, the regular withdrawal payment taking up to 10 working days longer to reach the policyholder’s bank account. (Updated: 26 Jul 2023)

Checklist

1.  Request for withdrawal / surrender payment ([R3])

  • The max withdrawal amount is all [A] units subjected to min. account balance for ESP, FGP or Premier.
  • Client can choose to withdraw certain amount of the whole portfolio. Friends will redeem units according to the proportion of the existing fund holding in the account; OR
  • Client can specify any fund name to be redeemed and MUST indicate either the Amount / % in the last column of the table in page 2 of Withdrawal Form; OR
  • Client can state "max. withdraw" in the box of "Amount / % of premium" in page 2 of Withdrawal Form

2.    Address Proof

3.    Certified HKID copy

With signature of consultant, printed full name of consultant

4.    CS eform

Payment Method

  • Friends Provident do not issue cheque payment.
  • Telegraphic transfer (TT), bank will charge the TT charge to clients account.
  • Client should receive money in bank account specified in the form within 3-4 weeks after date of submission.

FPI reserve the right to acquire additional information should or when we deem necessary

Friends Provident Customer Hotline: 35506188

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