The Industrial Assurance (Life Assurance Premium Relief) Regulations 1977

6.—(1) Where an industrial assurance company or collecting society has adopted the prescribed scheme by a resolution making such provision as is referred to in regulation 4(1), the person insured under a policy or contract of a class specified in the provision which was issued or made before 6th April 1979 and under which the premium exceeds £4 every four weeks may before that date irrevocably elect, in the form set out in Schedule 2 to these Regulations or in a form to the like effect, that the premium under the contract under which he is insured shall be increased with effect from 6th April 1979 to such sum as is mentioned in regulation 4(1).

(2) Where such election has been made the increase in premium shall be effective as from 6th April 1979 as if it had been effected under regulation 4(2), and regulation 5 shall apply in respect of an increase in premium under this regulation as it applies in relation to an increase under regulation 4.