2 0 ▁years . ▁ ▁Trad itional ▁with ▁prof its ▁end ow ments ▁ ▁There ▁is ▁an ▁amount ▁guaranteed ▁to ▁be ▁paid ▁out ▁called ▁the ▁sum ▁assured ▁and ▁this ▁can ▁be ▁increased ▁on ▁the ▁basis ▁of ▁invest ment ▁performance ▁through ▁the ▁addition ▁of ▁periodic ▁( for ▁example ▁annual ) ▁bon uses . ▁ ▁Reg ular ▁bon uses ▁( s ometimes ▁referred ▁to ▁as ▁re version ary ▁bon uses ) ▁are ▁guaranteed ▁at ▁m atur ity ▁and ▁a ▁further ▁non - gu arante e ▁bonus ▁may ▁be ▁paid ▁at ▁the ▁end ▁known ▁as ▁a ▁terminal ▁bonus . ▁During ▁ad verse ▁invest ment ▁condition ▁reduced ▁by ▁a ▁M V R ▁( It ▁is ▁sometimes ▁referred ▁to ▁as ▁a ▁market ▁value ▁adjust ment ▁but ▁this ▁is ▁a ▁term ▁in ▁decl ine ▁through ▁pressure ▁from ▁the ▁Fin an cial ▁Con duct ▁Author ity ▁to ▁use ▁clearer ▁terms ). ▁The ▁idea ▁of ▁such ▁a ▁measure ▁is ▁to ▁protect ▁the ▁invest ors ▁who ▁remain ▁in ▁the ▁fund ▁from ▁others ▁withdraw ing ▁funds ▁with ▁not ional ▁values ▁that ▁are , ▁or ▁risk ▁being , ▁in ▁excess ▁of ▁the ▁value ▁of ▁underlying ▁assets ▁at ▁a ▁time ▁when ▁stock ▁mark ets ▁are ▁low . ▁ ▁If ▁an ▁M VA ▁applies ▁an ▁early ▁surrender ▁would ▁be ▁reduced ▁according ▁to ▁the ▁policies ▁adopted ▁by ▁the ▁funds ▁man agers ▁at ▁the ▁time . ▁ ▁Unit - link ed ▁end ow ment ▁▁ ▁Unit - link ed ▁end ow ments ▁are ▁invest ments ▁where ▁the ▁prem ium ▁is ▁inv ested ▁in ▁units ▁of ▁a ▁unit ised