Simple Life Insurance Act Article 7

Non-ROC citizens are not eligible to be insured.If the insured is a minor under fifteen years of age years old when a simple life insurance contract (hereinafter referred to as “insurance contract”) is entered into, with the exception of health insurance and funeral expenses, the death benefits shall go into effect when the insured is over fifteen years of age.The insured amount for the funeral expenses referred to in the preceding paragraph may not exceed one-half of the funeral expense deduction allowed under Article 17 of the Estate and Gift Tax Act.If any of the provisions from Paragraph 2 to Paragraph 3 of this article is found to contradict applicable laws, the applicable laws shall prevail.