Which statement is NOT a rule for qualifying life insurance policies?

The correct choice is that the statement regarding the minimum sum assured must be at least 100% of the total premiums is not a rule for qualifying life insurance policies.

Qualifying life insurance policies are primarily designed to offer tax relief or other advantages, and they must adhere to a set of criteria established to maintain their status. One crucial requirement is that the premiums paid must be proportionate to the coverage provided, but there is no stipulation that the minimum sum assured corresponds to a specific percentage of total premiums paid. In fact, qualifying policies typically have various structures and may not require such a high minimum sum assured in relation to total premiums.

On the other hand, other rules provided in the options revolve around ensuring the policies are financially sound and that premiums are consistently manageable. For instance, the rules regarding premium limits and payment regularity are aimed at maintaining the policy's qualifications and ensuring policyholders can continue their coverage without financial strain. These regulations are foundational for setting acceptable practice standards within the insurance industry, which helps protect consumers and ensure the viability of insurance products.