pure protection contract

means 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 reinsurance contract.
Amended by QFCRA RM02/2009 (as from 6th December 2009).