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)

Insert:

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.