What is ORACLE?
RL360 Oracle is a lump sum investment/international savings plan issued in the Isle of Man by RL360 Insurance Company Limited (RL360). It has a wide range of tax efficient investment options available which offer the potential for growth, over the medium to long term.
RL360 Oracle is a lower lump sum investment plan offering guided architecture. It is available in seven plan currencies. Oracle can be used in a trust and also offers the ability to appoint an investment adviser. The guided fund range caters for almost all attitudes to risk.
If you are considering a RL360 Oracle then ensure you fully understand the local taxation position.
Life Assurance or Capital Redemption?
- Life assurance
An Oracle plan on a life assurance basis can be set up in one of two ways:
Single life – There is only 1 life assured and when they die the plan comes to an end.
Joint life last death – There can be up to 6 lives assured on the plan, and it comes to an end when the last life assured dies.
- Capital redemption
An Oracle plan on a capital redemption basis will remain in-force for a total of 99 years at which point it will mature and we will pay out the surrender value.
You cannot change the basis of your plan after it has been issued.
What are Sub-policies?
Oracle can be structured in up to 100 sub-policies. This is for added flexibility and may provide tax advantages depending on your location. Fewer sub-policies may be chosen if required, but unless this is detailed in your Oracle application RL360 will automatically set up the plan with 100 sub-policies.
Am I eligible for RL360’s Oracle?
Oracle is available to individuals, companies and trustees provided they are not subject to any legislation which prevents them from making an investment. Individuals need to be 18 years of age or older to apply for Oracle.
Where the plan basis is life assurance, RL360 cannot accept the application if the youngest life assured is older than 65 years of age.