Just want to share on the Life Policy definition based on the Insurance Act 1996. Hopefully, it will help to have a better understanding on the Life Insurance Policy.
According to Section 2:
A life policy is a policy by which payment of policy moneys is insured on death or survival, and
i) Includes extensions of cover for personal accident, disease or sickness
ii) Annuity
and excludes personal accident policy.
You can refer to Insurance Act 1996 for more guidelines on the insurance policy.
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