Income Tax Assessment Act 1997
View history note
Hide history noteSECTION 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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