Status: You are viewing the version of the handbook as on 2009-03-31.

relevant capital sum

    29for the purposes of INSPRU 1.3.34R46, the sum under a contract of insurance which is:

      1. (a) unless (b) applies:
        1. (i) for whole life assurances, the sum assured;
        1. (ii) for contracts of insurance where a sum is payable on maturity (including contracts where a sum is also payable on earlier death), the sum payable on maturity;
        1. (iii) for deferred annuities, the capitalised value of the annuity at the vesting date (or the cash option if it is greater);
        1. (iv) for capital redemption contracts, the sum payable at the end of the contract period; and
        1. (v) for linked long-term contracts of insurance, notwithstanding (i) to (iv), the lesser of:
          1. (A) the amount for the time being payable on death; and
          1. (B) the aggregate of the value for the time being of the units allocated to the contract (or, where entitlement is not denoted by means of units, the value for the time being of any other measure of entitlement under the contract equivalent to units) and the total amount of the premiums remaining to be paid during such of the term of the contract as is appropriate for zillmerising or, if such premiums are payable beyond the age of seventy-five, until that age;
        but excluding in all cases any vested reversionary bonus; and
      1. (b) for temporary assurances, the sum assured on the actuarial valuation date.