means a life policy in respect of which the aggregate of—
| a) | the value of the policy benefits, other than an annuity, to be provided (not taking into account any bonuses to be determined in the discretion of the long-term insurer); and |
| b) | the amount of the premium in return for which an annuity is to be provided, |
does not exceed R10 000, or another maximum amount prescribed by the Minister, and includes a reinsurance policy in respect of such a policy;