This is an interesting product of the Tracker genre. Search AAM for general debate on Trackers.
On this "new age" version, I comment as follows:
Tracker participations (i.e. exposure to the stockmarkets) have fallen substantially because of two factors: low interest rates and extremely high stockmarket volatility.
This product addresses the low interest problem by using 4.59% p.a. to secure the capital guarantee, clearly you are getting some benefit from BoI's current high funding costs.
The product does not address current high volatility - you only start with 41% participation but it has an automatic facility for increasing exposure if volatility falls back to more normal levels. This differentiates it from conventional Trackers where you are locked into a low participation rate determined by today's historically unprecedented conditions.
The target volatility of 13% is lowish compared to other versions - thus reducing your participation (see the formula in brochure). The charges of 8.43% are rather high for Trackers - but this is amply compensated by the high interest rate on the guaranteed part.
The 3 year exit option at 90% (or current value if higher) is an interesting feature.
Overall, 8 out of 10 (2 points deducted for the low volatility target), and I am not aware of any better product which gives you what you desire which is capital security with some exposure to markets.
The brochure is well written. Read it from beginning to end, especially the back part. Everything is explained but the underlying engineering is a tad complicated, and if you need any specific clarifications, post your query back here.
Disclosure: no connection with BoI