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The products referred to below are offered only by Scotia Jamaica Life Insurance Company Limited (a wholly owned subsidiary of The Bank of Nova Scotia Jamaica Limited). These products and services are not covered by the Jamaica Deposit Insurance Corporation.
- What is ScotiaMINT?
- Is ScotiaMINT an insurance or investment product?
- I've heard about your "net worth" media campaign. What is net worth and how can a ScotiaMINT policy help to improve my net worth?
- How can I get started?
- How convenient is your service?
- How can I pay less in charges?
- I currently pay less than $1,000 cash each month. Do I have to increase my regular premium?
- What happens if I don't pay a regular premium every month?
- Is there an added charge if my premium payments are late?
- How do I qualify for the Long-term Savers' Bonus?
- Is there a ceiling on the number of withdrawals I can make?
- What is the difference between surrendering the policy and cancelling it?
- Do I have to contact my agent to make premium payments?
- Can I change my premium payment schedule mid-stream without any penalties?
- Will I receive a passbook?
- What is the minimum I can invest?
- Are interest earnings tax-free?
- When will interest be paid?
- Can I withdraw funds?
- Can I name a beneficiary on this policy?
- Is my deposit insured?
- Do I have to take a medical examination?
- How does the accidental death benefit work?
- Do I have to travel to SJLIC to open this policy?
1. What is ScotiaMINT?
ScotiaMINT is one of Jamaica's leading long-term financial plans. It is an interest-sensitive life insurance policy that offers tax-advantaged1 returns when invested for five years or more.
2. Is ScotiaMINT an insurance or investment product?
ScotiaMINT is a life insurance plan with a difference. It combines life insurance and investments in a unique product that is geared towards long-term savings for education, home ownership, retirement or any other important goal.
3. I've heard about your "net worth" media campaign. What is net worth and how can a ScotiaMINT policy help to improve my net worth?
Simply put, your net worth is your assets (what you own) minus your liabilities (what you owe). We can help you determine your net worth with our Net Worth Calculator - or talk to one of our ScotiaMINT Sales Representatives.
4. How can I get started?
Call or meet with a ScotiaMINT Sales Representative who will discuss your financial status and ascertain your long-term goals. He/she will then create a personalized plan using an interactive computer system that will analyse your goals and calculate what you will need to invest today to meet your target.
5. How convenient is your service?
There are licensed Sales Representatives in every Scotiabank branch island-wide. If you are unable to get to a branch, you can contact us by telephone and one of our trained agents will assist you or come to meet with you directly.
6. How can I pay less in charges?
Policy fees are more attractive for regular premiums, so instead of funding your policy with periodic supplementary premiums, you should consider increasing your regular premium payments to reduce overall monthly expense charges.
Higher regular premiums also benefit you in other ways. They increase the amount of optional life insurance available to you through the ScotiaMINT Gold option. In addition, your Long-term Savers' Bonus is calculated as a percentage of all regular premiums paid to date.
7. I currently pay less than $1,000 cash each month. Do I have to increase my regular premium?
No, you may continue to pay your current regular premium amount. However, we do encourage you to try to maximize your regular premiums to ensure that your savings goals keep pace with the rising cost of living. Remember also that our Long-Term Savers' Bonus is based on regular premiums paid to date.
8. What happens if I don't pay a regular premium every month?
The monthly expense charges, which include the cost of insurance, will still be withdrawn from your fund value every month. The best way to meet your long-term savings goal is to build up the fund by paying premiums on a regular, consistent basis.
9. Is there an added charge if my premium payments are late?
No. If premium payments are late, monthly expense charges, including the cost of insurance, will be deducted from your fund value. If the fund value becomes insufficient to support the policy, the policy will lapse and you will be notified.
10. How do I qualify for the Long-term Savers' Bonus?
Once your policy reaches its five-year anniversary, you can benefit from our Long-term Savers' Bonus, if you have made no withdrawals and have consistently paid your regular premiums.
The Long-term Savers' Bonus is calculated as a percentage of your regular premiums paid since the policy was issued - so the higher your regular premium, the bigger your bonus.
11. Is there a ceiling on the number of withdrawals I can make?
ScotiaMINT policies are designed to help you meet your long-term financial goals. Withdrawals are allowed after a policy has been in effect for 12 months - but they are not encouraged. There is no ceiling on the number of withdrawals that you can make; however, the minimum withdrawal amount allowed is $5,000, and at least $5,000 must remain in the fund value following the withdrawal. Withdrawal fees, which are intended to cover the administrative and investment charges associated with the transaction, will apply.
Making withdrawals compromises your chance to qualify for the Long-term Savers' Bonus. Other implications include forfeiture of the "automatic increase in sum insured" adjustment at the next policy anniversary date and a potential loss of tax advantages.
12. What is the difference between surrendering the policy and cancelling it?
A cancellation must occur within the first 10 days following the issue date of the policy and is accompanied by a full return of all premiums paid. A surrender is any cancellation after this period and is subject to surrender fees, as defined in your contract.
13. Do I have to contact my agent to make premium payments?
No, this can be done at any Scotiabank branch.
14. Can I change my premium payment schedule mid-stream without any penalties?
Yes, but it can only be done on the anniversary of the issue date of the policy.
15. Will I receive a passbook?
No. When the policy is issued, you will receive a contract. Every year on the policy anniversary date, you will receive a policy statement.
16. What is the minimum I can invest?
ScotiaMINT policies start at $1,000 for the regular premium. You may also make lump-sum payments at any time. A lump-sum premium of $10,000 at the time of sale will earn a preferential interest rate for the life of the policy.
17. Are interest earnings tax-free?
Yes. With ScotiaMINT, you enjoy the benefit of tax-free interest earnings (when invested for five years or more) on up to $1,000,0002 per year of lump-sum premiums and $60,0002 per year of regular premiums.
18. When will interest be paid?
Interest is credited daily. The interest rate paid on your regular premium fund is determined on your payment date and is guaranteed for one month. Preferential interest is credited to the initial supplementary premium fund (for a lump sum paid at the time of sale); it is determined on your policy anniversary date and is guaranteed for one year.
19. Can I withdraw funds?
Withdrawals are permitted after 12 months; however, withdrawal fees will apply and interest growth on the fund may become taxable as per government regulation. Other conditions will also apply (see question 11).
20. Can I name a beneficiary on this policy?
It is advisable to name a beneficiary to avoid having the death benefit paid to your estate, where it becomes subject to the taxes and delays associated with probate procedures. You may name one or more beneficiaries, and can make changes over time as allowable by law.
21. Is my deposit insured?
No. This product is not insured by the Jamaica Deposit Insurance Corporation. ScotiaMINT offers a secure, low-risk investment approach. The funds are invested primarily in government securities, providing the assurance of a safe investment with minimal risk.
22. Do I have to take a medical examination?
No. The guaranteed issue life insurance benefit is automatic and requires no medical report. Additional optional life insurance of up to $2 million is available when the policy is issued, subject to Head Office approval of a simple Health Questionnaire.
23. How does the accidental death benefit work?
An accidental death benefit of a minimum of $50,000 is included when the policy is issued. Our ScotiaMINT Gold feature, available at the time of purchase, offers additional optional accidental death benefit coverage of up to $1 million. The accidental death benefit doubles your insurance coverage in the event of an accident leading to death. At a cost of $1.50 per $1,000 of coverage, this feature provides cost-effective and relevant protection.
24. Do I have to travel to SJLIC to open this policy?
No. You may open a ScotiaMINT policy at any Scotiabank branch island-wide. You may also contact our Call Centre, Monday to Friday, at 1-888-GO-SJLIC (1-888-467-5542) - toll free from anywhere on the island. In the event that you are unable to get to a branch, an agent will come to you.
1 Tax-free returns are subject to applicable tax laws as revised from time to time, and to limits specified by law
2 Tax-free interest is subject to applicable tax laws as revised from time to time, and to limits specified by law. These limits are subject to applicable taxation laws as revised from time to time
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