Pure Protection Contract
A Long-Term Insurance Contract that meets all of the following conditions:
- (a) the benefits under the contract are payable only on death or for incapacity due to injury, sickness or infirmity;
- (b) the contract has no surrender value, or the consideration consists of a single premium and the surrender value does not exceed that premium;
- (c) the contract makes no provision for its conversion or extension in a way that would result in it ceasing to comply with paragraph (a) or (b);
- (d) the contract is not a Contract of Reinsurance. A Family Takaful Contract that meets all of the following conditions:
- (a) the benefits under the contract are payable only on death or for incapacity due to injury, sickness or infirmity;
- (b) the contract has no surrender value, or the consideration consists of a single premium and the surrender value does not exceed that premium;
- (c) the contract makes no provision for its conversion or extension in a way that would result in it ceasing to comply with paragraph (a) or (b);
- (d) the contract is not a Contract of Retakaful.