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From The Glossary »

Investment Linked Life Insurance:

A savings oriented form of permanent life insurance similar to investment contracts except that the policy owner does not have a separate savings account with the company to which interest is periodically credited. Instead, the savings element of premiums paid is pooled with all other policies of the same class to form a separate fund, sometimes by means of unit trust scheme. The value of a policy owner’s savings is represented by his share of ...

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