Fund Switching. You are entitled to an unlimited time of fund switches. Currently, We do not impose any charge for fund switching. Each policyholder can only have one (1) Portfolio fund at any time, as such all the units of the Portfolio fund need to be switched out upon fund switch request. We reserve the right to revise the charge for fund switching by giving You thirty (30) days’ written notice. If We accept Your fund switching request, We will sell the units in the Portfolio fund that You have instructed Us to switch out from. We will then use the net sale proceeds to buy the units of the Portfolio fund that You have instructed Us to switch into. The fund switching is based on the unit price of the applicable Portfolio fund as at the date when the switching is carried out by the Portfolio fund manager. Should the Portfolio fund manager initiate a change of ILP sub-fund(s) to the Portfolio fund, We will perform fund switch on Your behalf to switch out the ILP sub-fund(s) based on the prevailing unit price. We will update You of such change(s) in accordance with applicable laws and regulations by giving You thirty (30) days’ written notice.
Appears in 2 contracts
Sources: Investment Agreement, Policy Contract