Which of the following is a qualifying rule for whole life assurance?

Whole life assurance is designed to provide lifelong coverage with a guaranteed payout upon the insured's death, regardless of when that occurs. One key qualifying rule for whole life assurance is that the policy must have limited permitted benefits. This means that the benefits offered by the policy must fall within certain predefined limits, typically set by the regulatory bodies or the insurer's guidelines. This ensures that the policy remains in line with the principle of providing a sustainable financial product over the policyholder's lifetime.

The restrictions on the benefits help maintain the affordability of premiums and ensure that the policy remains attractive to a broad audience while still providing adequate coverage. This balance is essential in life insurance products to manage the risk for insurers and to provide security for policyholders and their beneficiaries.

The other options do not accurately reflect qualifying criteria for whole life assurance. The focus on limited permitted benefits is crucial in defining what qualifies a policy under this insurance type.