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 Glossary   >   Q   >   "Qualifying policy" Definition   

        Qualifying policy

The proceeds from a life assurance policy to an individual are free of tax provided the policy is qualifying. The rules which govern qualification are: a) The premiums must be payable for ten years or 75% of the term whichever is the shorter. For example a ten year endowment plan will qualify after seven and a half years. b) The premiums must be paid regularly on an annual or more frequent basis such as monthly. c) The sum assured must be at least 75% of the total premiums payable over the life of the policy.

Qualifying policy
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Qualifying policy - The proceeds from a life assurance policy to an individual are free of tax provided the policy is qualifying. The rules which govern qualification are: a) The premiums must be payable for ten years or 75% of the term whichever is the shorter. For example a ten year endowment plan will qualify after seven and a half years. b) The premiums must be paid regularly on an annual or more frequent basis such as monthly. c) The sum assured must be at least 75% of the total premiums payable over the life of the policy.


Qualifying policy : the proceeds from a life assurance policy to an individual are free of tax provided the policy is qualifying. the rules which govern qualification are: a) the premiums must be payable for ten years or 75% of the term whichever is the shorter. for example a ten year endowment plan will qualify after seven and a half years. b) the premiums must be paid regularly on an annual or more frequent basis such as monthly. c) the sum assured must be at least 75% of the total premiums payable over the life of the policy.