This is a convertible policy after 5 years from date of commencement. The holder gets an option to convert the policy into endowment policy with or without profits.

A whole life without profit policy is issued with premiums payable till the age of 70. At the end of five years from the commencement of the policy, the policy holder has the option of converting it into an endowment policy, either on a with profits or without profits basis, without having to undergo a fresh medical examination, subject, however, to payment of a suitably increased premium applicable on an endowment policy from the date of its conversion. 

An additional advantage of this policy is that in case the policyholder chooses to convert it into an endowment policy, he can decide the date of the policy's maturity at that stage rather than having to commit oneself to a particular maturity date at the very commencement of the policy. Thus he has five year's time to make that decision, and he can do so based on the level of his responsibilities, risk and income at that time.

If, however, he does not exercise his conversion option the policy continues as a whole life without profits one, with the premium payments ceasing at the age of 70.

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