The Industrial Assurance (Life Assurance Premium Relief) Regulations 1977

5.  For the purposes of sub-paragraph (b)(i) of the preceding paragraph and this paragraph

“the original premiums” means the premiums of the amount payable under the policy before the increase in premium was effected under regulations 4(1) or 6(2), including, in respect of premiums paid, or which would have been payable, after 6th April 1979, payments of that amount included in premiums paid, or which would have been payable, after that date;

“the original sum assured” means the sum (including any addition by way of bonus) assured or guaranteed under the surrendered policy on 6th April 1979 before the increase under regulations 5 or 6 takes effect, together with any addition made thereto in respect of the due proportion of any bonus added on or after 6th April 1979;

“the amount of the increase in the sum assured” means the sum assured by the surrendered policy in so far as it exceeds the original sum assured as at 6th April 1979, together with any addition made thereto in respect of the due proportion of any bonus added on or after 6th April 1979.

(1)

1929 c. 28