INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 295 - Taxation of superannuation entities  

Subdivision 295-G - Deductions  

Death or disability benefits

SECTION 295-480   Meaning of whole of life policy and endowment policy  

295-480(1)  
A whole of life policy is an insurance policy:


(a) that includes an investment component; and


(b) the premiums for which are not dissected; and


(c) where the sum insured (and any bonuses) are payable on:


(i) the death of the individual insured; or

(ii) the earlier of the death of the individual insured and the individual attaining the age specified in the policy (being at least the age of 85).

295-480(2)  
An endowment policy is an insurance policy:


(a) that includes an investment component; and


(b) the premiums for which are not dissected; and


(c) where the sum insured (and any bonuses) are payable on:


(i) a day specified in, or worked out under, the policy; or

(ii) the death of the individual insured if that happens before that day;

but does not include a *whole of life policy.


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