A company spokesperson said the rise was made in response to an “evolving customer profile”, which he said has been trending towards the “higher end”, as consumers increasingly realise the importance of saving more for their retirement.
From 1 July, the minimum monthly premium on new plans with terms of greater than 10 years has been $300, up from $150.
Plans with terms of less than 10 years now come with a minimum monthly premium of $750, compared with $450 previously.
The company said it was “the first time in many years” that it has raised its minimum premiums on the flagship Vision range, which was first launched in 1999, and which now offers investors around the world direct access to more than 200 funds.
“[The changes] do not make our Vision product more expensive” than it was, as the charging structure remains unchanged, Nick Griffin, head of sales at Generali International, in response to a specific concern of a Europe-based adviser which was forwarded to him by International Adviser.
In fact, he added, Generali has introduced a new incentive scheme for Vision clients “where a commitment is made to save $1,000 per month for a period of 10 years or longer”. This involves the company investing two free premiums at the level the client has chosen to save at, as soon as the policy commences.
In a letter to its advisory clients in June, Generali International said it would allow a four-week grace period from the beginning of July to enable them to put the new premium levels into place.