One-line positioning
ILAS is a long-term insurance contract whose value usually tracks chosen investment options—so the client bears investment risk—while life cover may still apply. It is neither a deposit nor a guaranteed profit product.
Structure breakdown
Separate three layers: contract rights/duties; how units/fund accounts are valued; how death or surrender settles. Mixing layers turns sales talk into “product truth”.
Study tips
- Draw premium → charges → unit purchase → market movement