Superannuation Laws Amendment (2014 Measures No. 1) Regulation 2014 (127 of 2014)
Schedule 4 Definition of traditional life insurance policy
Superannuation Industry (Supervision) Regulations 1994
1 Subregulation 1.03(1)
traditional life insurance policy means a life policy within the meaning of section 9 of the Life Insurance Act 1995 if:
(a) the policy includes an investment component; and
(b) the premium is not dissected (whether by reference to the investment component or otherwise); and
(c) the sum insured, together with bonuses (if any), is payable only on:
(i) the death of the life insured; or
(ii) the occurrence of the earlier of the death of the life insured and the attainment by the life insured of the age specified in the policy.
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