pure protection contract
- (1) a 51
long-term insurance contract
51
in respect of which the following conditions are met:
- (a) the benefits under the contract are payable only on death or in respect of incapacity due to injury, sickness or infirmity;
- (c) the contract has no surrender value, or the consideration consists of a single premium and the surrender value does not exceed that premium; and
- (d) the contract makes no provision for its conversion or extension in a manner which would result in it ceasing to comply with 51(a)51 or (c); or
- (e) [deleted]35
- (2) a reinsurance contract covering all or part of a risk to which a person is exposed under a long-term insurance contract.35