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HMRC internal manual

Insurance Policyholder Taxation Manual

Friendly society tax exempt policies: qualifying policy rules: term and premium paying term of the policy

Term of a tax exempt policy

The most common type of tax exempt policy is an endowment policy that has a specified maturity date. This must be at least ten years from the date that the policy was made, subject to an exception for certain very small policies for minors - see below.

Whole life tax exempt policies are less common. They have no specified maturity date and run until the death of the individual insured.