Edinburgh, UK-based insurer Standard Life has revealed details of the proposed payout to policyholders if they approve its proposed plan to float on the stock market.

Standard Life needs 75% of the membership base to approve its plans, and is appealing to as many members as possible to vote in favor. The proposed windfalls would see roughly half of policyholders receive more than GBP1,000 in share options, with the remainder getting in the region of GBP500, the firm says.

Media reports suggest that there will be a fixed payout for all policyholders in the region of GBP450, with further bonuses on top depending on the length of time a policy has been held and the amount of money invested in it.

We want to distribute the full stock market value of Standard Life to our 2.4 million members, Standard Life chief executive Sandie Crombie told the BBC.

We want to reduce the risks they face in running the business, and we want access to the markets to raise more capital to develop the business.