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The product will allow high net worth investors, allowing them to select the amount to be invested and the amount of life cover required

The investment management is conducted on an "open architecture" basis in conjunction with "premier" asset managers.

David Steinegger, chief executive of Lombard, said: "The unique way in which life assurance contracts are treated for UK tax purposes creates significant tax planning opportunities.

"With a PPLI contract, the availability of high levels of life cover adds a further dimension, providing the protection that many wealthy individuals need.

"Life assurance cover over £5m can be difficult to source in the retail market, however wealthy clients often have requirements well in excess of this amount."

Mr Steinegger added: "In 2009 Lombard was proud to retain its position as the number one pan-European life assurer specialising in wealth management solutions for high and ultra high net worth individuals.

"The launch of PPLI in the UK reinforces our commitment to providing advisers with fully compliant solutions that assist them both to strengthen existing client relationships and to acquire new clients."