Norwich Union will be withdrawing its Immediate Care Plan to new business with effect from 20 November 2006.
Norwich Union will be withdrawing its Immediate Care Plan to new business with effect from 20 November 2006. There is no impact on existing Immediate Care Plan customers as a result of this change.
Scott Brown, head of annuities, Norwich Union, said: "The growth we were anticipating in this market has not been realised over the last few years, meaning that it is no longer commercially viable to incur the cost of this product."
Applications for Immediate Care Plans received prior to close of business on 13 October will be accepted, provided they are accompanied by a new business illustration. All applications received by close of business 24 December, with a valid quote or re-quote, will be honoured.
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Press office contacts:
Cheryl Cox 01904 452791 Out of hours 07800 695275
Rob Pell 01904 452659 Out of hours 07800 699563
David Gwyer 01904 452828 Out of hours 07800 699508
Notes to editors:
Norwich Union is the UK’s largest insurer. It is a leading provider of life, pensions and investment products and one of the largest financial adviser (FA) providers. FAs provide over 70% of the company's long-term savings business in the UK.
Norwich Union is the UK’s largest general insurer with a market share of around 14%, with a focus on insurance for individuals and small businesses.
Norwich Union’s news releases and a selection of images are available from Aviva's internet press centre at www.aviva.com/media.