| (1) | Subject to subsections (2), (3) and (4), the policy benefits provided or to be provided to a person under one or more— |
| (a) | in respect of a registered insurer, assistance, life, disability or health policies; or |
| (b) | in the case of a licensed insurer, policies written under the risk, fund risk, credit life, funeral, life annuities, individual investment or income drawdown class of life insurance business as set out in Table 1 of Schedule 2 of the Insurance Act, in which that person or the spouse of that person is the life insured and which has or have been in force for at least three years (or the assets acquired exclusively with those policy benefits) shall, other than for a debt secured by the policy— |
| (i) | during his or her lifetime, not be liable to be attached or subjected to execution under a judgment of a court or form part of his or her insolvent estate; or |
| (ii) | upon his or her death, if he or she is survived by a spouse, child, stepchild or parent, not be available for the purpose of the payment of his or her debts. |
[Section 63(1) substituted by section 16 of schedule 1 of Act No. 18 of 2017]
| (2) | The protection contemplated in subsection (1) shall apply to policy benefits and assets acquired solely with the policy benefits, for a period of five years from the date on which the policy benefits were provided. |
[Section 63(2) amended by section 101(b) of Act No. 45 of 2013]
| (3) | Policy benefits are only protected as provided in— |
| a) | subsection (1)(b), if they devolve upon the spouse, child, stepchild or parent of the person referred to in subsection (1) in the event of that person's death; and |
| b) | subsection (1)(a) and (b), if the person claiming such protection is able to prove on a balance of probabilities that the protection is afforded to him or her under this section. |
| (4) | Policy benefits are protected as provided for in subsection (1)(a) and (b), unless it can be shown that the policy in question was taken out with the intention to defraud creditors. |
[Section 63(4) inserted by section 101(c) of Act No. 45 of 2013]
