Common use of DISCONTINUANCE OF SCHEME Clause in Contracts

DISCONTINUANCE OF SCHEME. The Policyholder shall have the right to terminate the Policy by giving written notice to the Company. The Policy will terminate from the date the Company receives the written notice and any cancellation will not be backdated and premiums will be charged for the time on risk. The Company reserves the right to cancel the Policy if the Policyholder fails to comply with the Conditions of the Policy. The Scheme will cease immediately should the provision of the benefits payable under the Policy cease to be paid in accordance with Sections 481 and 482 of the Income Tax (Trading and Other Income) Act 2005.