| Label: |
Gross insurance amount, account balance or equivalent |
| Concept Guidance: |
This is the value, as at the relevant date, for the gross amount of insurance policy coverage or equivalent.For risk products this will be the sum insured plus any reversionary bonuses.For investment type products this will be the account balance as at the relevant date.For annuity and disability income products this will be the annual payment.For investment linked products this will be the value of units as at the relevant date.For income protection products, this is the aggregate monthly amount of cover.For group products, the value reported is the aggregate of each individual group member's policy as determined above.For other products, the value reported should be consistent with the above.
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| Form-Specifc Guidance: |
Individual products
- Conventional = sum insured + reversionary bonus
- Investment account = account balance
- Investment linked = value of units
- Lifetime annuity = payment per annum
- Term annuity = payment per annum
- Fixed rate fixed term saving = account balance
- Allocated annuity = account balance
- Level premium risk - lump sum benefit = sum insured
- Stepped premium risk - lump sum benefit = sum insured
- Disability income insurance = insurance payment i.e.: annualised insured benefit
- other individual = consistent with above principles
Group products
Work out in accordance with the preceding section of this table what the insured amount is for each member of the group (the 'member's insured amount'). Then aggregate the member's insured amount of all the members of the group.
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