Particulars to be set out in policies

Every industrial policy issued by a company after the appointed day shall contain an endorsement in distinctive type setting out– (a) whether the policy is or is not a participating policy; and (b) a short statement in a form approved by the Supervisor as to– (i) the right of the policyholder to be granted a paid-up policy; (ii) the right of the policyholder to surrender his policy and to receive in cash the surrender value of the policy; and (iii) the forfeiture of the policy.