traditional policy

noun

a life assurance policy in which the policyholder's premiums are paid into a general fund and his investment benefits are calculated according to actuarial formulaeCompare unit-linked policy

Collins English Dictionary - Complete & Unabridged 2012 Digital Edition © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012