For the purposes of this subchapter "industrial life insurance" is that form of life insurance written under policies of face amount of $1,000.00 or less bearing the words "industrial policy" imprinted on the face thereof as part of the descriptive matter, and under which premiums are payable monthly or more often. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 2, subch. 2, § 14).)