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This article relates to endowment policies securing payment of a capital sum if the assured survives a specified term or on earlier death or disability and explains the conditions such policies must satisfy¹ in order to be qualifying policies. Life assurance premium relief is abolished in respect of all policies with effect from, broadly, 6 April 2015 (see E1.1300).

For the purposes of this article:

1. Ìý

   (a)ÌýÌýÌýÌý a capital sum includes a series of capital sums;

2. Ìý

   (b)ÌýÌýÌýÌý a policy still secures a capital sum on death or disability even though it may vary with the misfortune;

3. Ìý

   (c)ÌýÌýÌýÌý a provision for the waiver of premiums on disability is disregarded;

4. Ìý

   (d)ÌýÌýÌýÌý if the term of the policy runs from a date (the back date) up to three months earlier than the making of the insurance:

5. 1. Ìý

      (1)ÌýÌýÌýÌý the insurance is treated as made on the back date; and

   2. Ìý

      (2)ÌýÌýÌýÌý any premium for the back period, or for the back period and a subsequent period,