LIFESTYLE PROTECTION PLAN SUMMARY OF THE MASTER POLICY Issued to the Finance Provider Terms and Conditions

Transcription

1 LIFESTYLE PROTECTION PLAN SUMMARY OF THE MASTER POLICY Issued to the Finance Provider Terms and Conditions INTRODUCTION This Policy is underwritten by Regent Life Assurance Company Limited (Regent Life, we, our or us). As soon as we agree to provide cover, we will send you (the Main Life Insured) an acceptance letter and Policy schedule. These documents and any changes to these documents form part of the contract of insurance between you and us. The Policy schedule confirms the options and benefits you have selected as well as the initial cover amounts. VERY IMPORTANT All communication will be sent to you directly at the address you provided on the Proposal. If you do not receive our acceptance letter and Policy schedule within a reasonable time, please contact us directly, or contact your intermediary, to confirm your correct address and request us to re-send the Policy documents. Do not assume that your Policy is accepted unless it is confirmed by Regent Life. Please read the documents you receive carefully to ensure that you understand your Policy. You should ensure your intermediary has discussed the details of this Policy with you, and recorded the advice on a client advice record. In return for your premium and provided that you comply with the terms and conditions of the Policy, we will provide the cover described in the Policy schedule and pay the benefits described in this Policy to the Finance Provider upon the happening of an insured event to you or any Additional Life Insured. DEFINITIONS a) ADDITIONAL LIVES INSURED means the persons insured under this Policy other than the Main Life Insured, and on whose life a benefit may be payable. b) BALANCE OF INDEBTEDNESS means the amount of outstanding capital in terms of your Finance Agreement. The amount is less any arrears due on the date of the event which caused you to claim under this Policy. This amount must be shown on a current balance statement from your Finance Provider. c) BENEFICIARY means the person you nominate in writing at the Date of Commencement of cover under this Policy. If you wish to change your Beneficiary at any time you must notify us in writing. d) DATE OF COMMENCEMENT means the date on which we accept the risk and agree to provide the insurance cover as stated in the Policy schedule. We will issue an acceptance letter and Policy schedule once your Policy has been accepted and an endorsement letter whenever a change is made to your Policy. e) DEBIT ORDER DEDUCTION AUTHORITY means the permission that you or the Premium Payer give us, or to any financial institution you choose, to deduct monthly or annual premiums, from your account or the Premium Payer s account. This includes a new account if your current details change. You give us this authority by signing the relevant section of the Proposal. If you or the Premium Payer want to cancel the debit order authority, you must request this in writing. f) EARLY SETTLEMENT means the full settlement of the Balance of Indebtedness with the Finance Provider under a Finance Agreement linked to this Policy. Early full settlement must happen before the Expiry Date of the Finance Agreement and the Expiry Date of this Policy. g) FINANCE AGREEMENT is the valid and current Finance Agreement which you have with a Finance Provider, either as a debtor or as surety for the debtor and on the basis of which this Policy is issued. h) FINANCE PROVIDER is the financial institution providing the finance or line of credit. i) GENDER means, unless the context clearly indicates a contrary intention, any Gender and includes the other Gender and the singular form of a word includes the plural and vice versa. j) MAIN LIFE INSURED means the person who is the owner of this Policy, whose name appears first on the Proposal, and upon whose life the payment of any benefits is contingent. k) MATURITY or EXPIRY DATE means the date on which this Policy stops because the Finance Agreement has run its full term and the debt has been paid off. The Maturity or Expiry date excludes cancellation or lapsing of this Policy as a result of any claim being paid. It also excludes termination where this Policy is lapsed or cancelled because you have settled the Finance Agreement early. l) MINIMUM BENEFIT means the minimum rand amount we will pay if your Finance Agreement is still in force after month 36 (thirty six). If your Principal Debt at Date of Commencement was equal to or less than R30,000 (thirty thousand rand), the Minimum Benefit amount will be 20% (twenty percent) of the Principal Debt. If your Principal Debt at Date of Commencement was equal to or greater than R30,001 (thirty thousand and one rand), the Minimum Benefit amount will be R30,000 (thirty thousand rand). m) POLICY means the comprehensive document that includes these Policy terms and conditions, the Proposal, the acceptance letter, the Policy schedule and all endorsements to this Policy. 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2 n) PREMIUM PAYER means the person who pays the premiums for this Policy. o) PRINCIPAL DEBT (Sum Insured) means the total amount of money being borrowed at the Date of Commencement of the Finance Agreement. p) PROPOSAL means the document which includes the mandatory declaration, completed and signed by you. The Proposal shows the specific benefits you have applied for. 1. WHAT YOU ARE COVERED FOR 1.1. Death Benefit Gold and Silver Plans Cover stops at the month-end following your 69 th (sixty ninth) birthday. If you die before then, we will pay the Balance of Indebtedness or the Minimum Benefit whichever is the greater as defined in this document Death Benefit Bronze Plan Option 1 Cover stops at the month-end following your 72 nd (seventy second) birthday. If you die before then, we will pay the Balance of Indebtedness or the Minimum Benefit whichever is the greater as defined in this document Option 2 Cover stops at the month-end following your 77 th (seventy seventh) birthday. If you die before then, we will pay the Balance of Indebtedness or the Minimum Benefit whichever is the greater as defined in this document Booster Benefit Gold Plan Cover stops at the month-end following your 69 th (sixty ninth) birthday. We will pay this benefit if you die, are totally or permanently disabled, or diagnosed with or suffer from a dread disease as defined in this document, before your 69 th (sixty ninth) birthday. The Booster Benefit consists of the elements outlined in sections 1.3.1, 1.3.2, and Double Benefit The double benefit is only payable if you die, are totally or permanently disabled, or diagnosed with or suffer from a dread disease as defined in this document after the 24 th (twenty fourth) month from the Date of Commencement or reinstatement or redate of this Policy. Under the double benefit, we will pay an additional amount equal to the Balance of Indebtedness or Minimum Benefit as defined in this document. Where a residual value was included in the original Finance Agreement, the additional amount payable in terms of this benefit will be reduced by the amount of the original residual value. If you and any Additional Lives Insured on the Policy die at the same time, the double benefit is only payable once. If you die, any benefit payable under the double benefit will be paid to your nominated Beneficiary or, if you have not nominated a Beneficiary, it will be paid to your estate. If any Additional Lives Insured on this Policy die, the benefit payable in terms of the double benefit will be paid to you. If both you and any Additional Lives Insured on this Policy die at the same time, the benefit will be paid to your estate Minimum Benefit If there is a payment due from this Policy in the event of your death, total and permanent disability or dread disease, the Minimum Benefit will apply as follows: a) Where the Principal Debt is R30,001 (thirty thousand and one rand) and greater at the Date of Commencement of your Finance Agreement, the Minimum Benefit will be equal to R30,000 (thirty thousand rand) after month 36 (thirty six). If the Principal Debt on your Finance Agreement has been reduced and is less than R30,000 (thirty thousand rand) after month 36 (thirty six) of the Finance Agreement, we will pay the Balance of Indebtedness to the Finance Provider and any remaining balance of the Minimum Benefit will be paid to you, your Beneficiary or to your estate. For example, if the Balance of Indebtedness is R10,000 (ten thousand rand) after month 36 (thirty six), we will pay R10,000 (ten thousand rand) to the Finance Provider and the remaining balance of R20,000 (twenty thousand rand) to you, your Beneficiary or to your estate. LPPN_Lifestyle Protection Plan Policy Terms and Conditions v6_ Page 2 of 11

3 b) Where the Principal Debt is equal to or less than R30,000 (thirty thousand rand) at the Date of Commencement of your Finance Agreement, the Minimum Benefit will be equal to 20% (twenty percent) of the Principal Debt after month 36 (thirty six). The payment will be to the Finance Provider and/or to you, your Beneficiary or to your estate. EXAMPLE If your Principal Debt was R30,000 (thirty thousand rand) at Date of Commencement and the Balance of Indebtedness on your Finance Agreement after month 36 (thirty six) is R2,000 (two thousand rand): To calculate the Minimum Benefit: Principal Debt (R30,000) x 20% (twenty percent) = Minimum Benefit (R6,000) We will pay: R2,000 (two thousand rand) to the Finance Provider and R4,000 (four thousand rand) will be paid to you, your Beneficiary or your estate Maturity or Expiry Cash Back Benefit A cash back benefit of 10% (ten percent) of all premiums paid, is payable when this Policy matures or expires, provided that it matures or expires after the 36 th (thirty sixth) month after the Date of Commencement or reinstatement or redate of this Policy. Any benefit payable under the maturity or expiry cash back benefit will be paid to you Early Settlement, Future Policy Discount Benefit If you settle the Finance Agreement linked to this Policy early, this will result in the cancellation of this Policy. If the Early Settlement is after the 36 th (thirty sixth) month of the term of the Finance Agreement and this Policy, you are entitled to a 10% (ten percent) discount on a new Regent Life Credit Life Policy when financing your next vehicle. The new Credit Life Policy must be taken out within 3 (three) months of the Early Settlement Total and Permanent Disability Benefit Gold and Silver Plans If you are totally and permanently disabled before the month-end following your 69 th (sixty ninth) birthday, we will pay out the same amount as the death benefit to the Finance Provider. Permanent and total disablement means any incapacity which stops you from doing your job or similar job that you might be able to do with your existing knowledge, training, education, ability and experience, resulting in a total loss of earned income. You have suffered total and permanent disablement if you lose either both hands or both feet or both eyes Temporary Total Disability Benefit Gold and Silver Plans If, before your 69 th (sixty ninth) birthday, an illness or disability or bodily injury stops you from earning your normal income from your own occupation, we will pay the monthly instalment agreed upon under the Finance Agreement referred to in the Proposal excluding the first instalment due after the onset of disability to the Finance Provider, if you are booked off work for more than 30 (thirty) days. If you only suffer a partial loss of income, we will pay a portion of that instalment. We will make these payments until: a) You reach age 69 (sixty nine) provided you are still employed in full, and not in receipt of a monthly annuity or pension; or b) You recover; or c) You become totally and permanently disabled; or d) You die; or e) The Finance Agreement expires Instalment Cover due to either Retrenchment or Hospitalisation You may claim for either the instalment cover due to retrenchment benefit or the instalment cover due to hospitalisation benefit during the term of the Policy, but not both benefits Instalment Cover due to Retrenchment Benefit (for full time employees only) Gold and Silver Plans (as an alternative to the Instalment Cover due to Hospitalisation Benefit). If you are retrenched by an employer before your 69 th (sixty ninth) birthday due to a staff reduction program, we will pay the monthly instalment under the Finance Agreement, less any arrears, and excluding the first instalment due after the date of retrenchment, to the Finance Provider. LPPN_Lifestyle Protection Plan Policy Terms and Conditions v6_ Page 3 of 11

4 The benefit is restricted to a maximum of 2 (two) claims not exceeding 6 (six) months in total over the term of the Policy. You can claim twice for this benefit which will be limited to 3 (three) instalments each, in respect of each staff reduction program. A period of 3 (three) months must separate the first retrenchment from the second retrenchment event. We will not pay this benefit within the first 3 (three) months of the Date of Commencement or reinstatement or re-date of this Policy. If you claim twice under this benefit, for the full 3 (three) instalments each time, you may not claim on this benefit again. Once 6 (six) full instalments have been paid under this benefit, the cover on this benefit stops. For Policies where a recurring premium is being paid, we will only consider a claim if the premiums are up to date when you receive written notification of retrenchment. We have the right to ask for documents to verify the validity of the retrenchment. We could ask for any documents, including UIF and IRP5 certificates, bank statements and salary advices. We can ask you or the Finance Provider or your retrenching employer or any other relevant person for these documents. Exclusions on Retrenchment Benefits: We will not pay a claim if: a) You are self-employed, or employed within a business owned by any member of your family; b) A non-renewable, fixed term or temporary or casual contract of employment expires during the currency of the contract and which is not automatically renewable; c) You are a partner in a partnership, a member of a close corporation or a director of a company; d) You resign, retire early, retire normally or accept voluntary retrenchment; e) You are dismissed for misconduct; f) On the Date of Commencement or reinstatement or re-date of this Policy, you already knew that your employer might retrench you; g) You lose another source of income, other than the income you receive from your employer; h) You have not been continuously employed for at least 6 (six) months before the Date of Commencement or reinstatement or redate of this Policy; i) You suffer retrenchment due to normal pregnancy, normal childbirth, abortion or strike action, public disorder or political activity Instalment Cover due to Hospitalisation Benefit only available to self-employed people or those not in full-time employment Gold and Silver Plans (as an alternative to the Instalment Cover due to Retrenchment Benefit) If, during the period of insurance, you are hospitalised for more than 7 (seven) consecutive days, we will pay the monthly instalment under the Finance Agreement, less any arrears, to the Finance Provider. Payment will be made after 7 (seven) consecutive days of hospitalisation. After 7 (seven) days, a payment will be made after each continuous 30 (thirty) day period of hospitalisation. The benefit is limited to a maximum of 3 (three) payments. You can claim twice for this benefit which will be limited to 3 (three) instalments each claim in respect of hospitalisation. A period of 3 (three) months must separate the first hospitalisation from the second hospitalisation. Once 6 (six) full instalments have been paid under this benefit, the cover on this benefit stops. To receive this benefit, you must: a) Be under the continuous care of a doctor concerning the reason for hospitalisation; b) Provide us with any evidence we ask for to prove that the claim is valid and continues to be so. When we pay your claim, we will consider the first day of hospitalisation to be the day you are registered as an inpatient. Exclusions on Hospitalisation Benefits: We will not pay a claim if: a) At the Date of Commencement, reinstatement or re-date of this Policy, you already knew that you would be hospitalised; b) You are hospitalised outside the borders of the Republic of South Africa; c) You are hospitalised as a result of a mental or nervous condition. This includes stress, anxiety or depression unless the condition is being treated under the direct and regular care of a consultant psychiatric specialist; d) You are hospitalised for a back or spinal condition unless this condition is shown on a MRI or CT scan conducted or supervised by an appropriate specialist; LPPN_Lifestyle Protection Plan Policy Terms and Conditions v6_ Page 4 of 11

5 e) You are hospitalised for any condition for which you have received treatment or advice during the 12 (twelve) months immediately before the Date of Commencement, reinstatement or re-date of this Policy; f) You are hospitalised for intentionally self-inflicted injury or suicide attempt Dread Disease Benefit Gold and Silver Plans This benefit is payable to the Finance Provider if, before your 69 th (sixty ninth) birthday, you suffer any of the following: Cancer The presence of one or more malignant tumours including leukaemia (other than chronic lymphocytic leukaemia), lymphomas and Hodgkin s disease characterised by the uncontrolled growth and spread of malignant cells and the invasion and destruction of normal tissue diagnosed by a consultant oncologist. The following cancers are not covered by this Policy: a) Tumours showing the malignant changes of carcinoma in situ (including cervical dysphasia CIN-1, CIN-2 and CIN-3) or which are histologically described as premalignant; b) Melanomas of less than 1.5mm (one and a half millimetres) maximum thickness as determined by histological examination or less than Clark Level 3 depth of invasion; c) All hyperkeratoses or basal cell carcinomas of the skin; d) All skin cancers, other than malignant melanoma that has been histologically classified as having caused invasion beyond the epidermis (outer layer of skin); e) Kaposi s sarcoma and other tumours associated with HIV infection or AIDS; f) All tumours of the prostate unless histologically classified as having a Gleason score greater than 6 (six) or having progressed to at least clinical TNM classification T2N0M Stroke Any cerebrovascular incident that produces neurological sequelae lasting more than 24 (twenty four) hours and including infarction of brain tissue, haemorrhage and embolisation from an extracranial source. Evidence of permanent neurological damage must be confirmed by a neurologist at the earliest 6 (six) weeks after the event and no claims can be admitted earlier. Cerebral symptoms due to migraine, cerebral injury resulting from trauma or hypoxia and vascular disease affecting the eye or optic nerve as well as ischaemic disorders of the vestibular system are excluded Heart Attack This is defined as the death of heart muscle, due to inadequate blood supply, as evidenced by all 3 (three) of the following criteria: a) Compatible clinical symptoms and b) Characteristic ECG changes, e.g. ST-segment and T-wave changes indicative of myocardial ischaemia or myocardial infarction, and c) Raised cardiac markers: i) Trop T > 0,5ng/ml or Trop I > 0,25ng/ml, or ii) Raised CK-MB mass a. Up to 2 (two) times normal values in acute presentation phase, or b. Up to 4 (four) times normal values post-intervention, iii) Total CPK elevation of up to 2 (two) times normal values, with at least 6% (six percent) being CK-MB. The evidence must show a definite acute myocardial infarction. Other acute coronary syndromes, including, but not limited to angina, are not covered by this definition Coronary Artery Bypass Graft The actual undergoing of major surgery requiring median sternotomy (division of the breastbone) on the advice of a consultant cardiologist to correct narrowing or blockage of one or more coronary arteries with bypass grafts. Excluded are: Angioplasty, any other intra-arterial procedures, key-hole surgery Kidney Failure End stage renal failure presenting chronic irreversible failure of both kidneys to function, as a result of which regular renal dialysis is initiated, or renal transplant is carried out Major Organ Transplant The actual undergoing as a recipient of a transplant of the heart (transplantation of the complete heart), lung, liver, kidney, pancreas (excluding the transplantation of the islets of Langerhans only) or bone marrow. LPPN_Lifestyle Protection Plan Policy Terms and Conditions v6_ Page 5 of 11

6 Heart Valve Surgery The actual undergoing of open-heart surgery to replace and/or dilate cardiac valves as a consequence of heart valve defects Aorta Graft Surgery The actual undergoing of surgery for a disease of the aorta needing excision and surgical replacement of the diseased aorta with a graft. For the purpose of this definition aorta will mean the thoracic and abdominal aorta but not its branches Paraplegia The permanent and total loss of function of 2 (two) or more limbs as a result of injury to, or disease of the spinal cord. Limb is defined as the complete arm or the complete leg Blindness The complete and irrecoverable loss of the sight of both eyes as a result of sickness or injury, duly certified by an ophthalmologist s report. Blindness as a result of alcohol or drug abuse is specifically excluded Coma A state of unconsciousness with no reaction or response to external stimuli or internal needs persisting continuously with the use of a life support system, which must include the use of a respirator for a period of at least 96 (ninety six) hours. Permanent neurological deficit must be present. Coma resulting directly from alcohol or drug abuse is excluded Major Burns Third degree burns covering at least 20% (twenty percent) of the body surface area Loss of Limb The total and permanent loss of a limb above the wrist or ankle Loss of Speech The complete and irrecoverable loss of speech (whether aided or unaided) as a result of sickness or injury. The loss of the ability to speak by you must be established for a continuous period of 12 (twelve) months HIV Through Blood Transfusion Infection by any Human Immunodeficiency Virus (HIV) or Acquired Immune Deficiency Syndrome (AIDS) or other similar or related condition or syndrome, provided that all of the following conditions are met: a) The conditions must be life threatening and there exists no effective cure, b) The infection is due to a medically necessary blood transfusion received in the RSA after the date of commencement or reinstatement or redate of this Policy, c) The institution which provided the transfusion admits liability, d) You would not be the only person so infected, and you are not a haemophiliac. Provided no claim is made under the lump sum total and permanent disability benefit, we will pay an amount equal to the death benefit. Each of the above illnesses must be diagnosed by a registered medical practitioner and must be supported by clinical, radiological, histological and laboratory evidence acceptable to us. We will pay 100% (one hundred percent) of the dread disease Sum Insured for the relevant dread disease benefit specified in the grid below, regardless of the severity level. Dread Disease Severity Level A Most Severe B Moderate Impairment C Mild Impairment D Almost Full Recovery Heart Attack 100% 100% 100% 100% Coronary Artery Bypass Graft (CABG) 100% 100% 100% 100% Stroke 100% 100% 100% 100% Cancer 100% 100% 100% 100% LPPN_Lifestyle Protection Plan Policy Terms and Conditions v6_ Page 6 of 11

7 1.8. Funeral Benefits of R10,000 (ten thousand rand) Gold Plan This benefit will only be paid once during the term of this Policy. We will pay the benefit amount in the event of the death of any life insured under this Policy. The funeral benefit is payable in addition to the Minimum Benefit amount. If any of the Additional Lives Insured dies, the benefit amount will be paid to you. If you die, the benefit amount will be paid to the nominated Beneficiary, or if no Beneficiary is nominated, to your estate. 2. YOU ARE NOT COVERED FOR: The following are general exclusions that apply to the whole Policy. We are not obliged to pay any claim arising directly or indirectly from: a) Intentionally self-inflicted injury, suicide or suicide attempt within 24 (twenty four) months of the Date of Commencement, reinstatement or a re-date of this Policy; or b) Any chronic and/or life threatening medical condition, disability, illness, bodily injury, infirmity, defect or ill-health that existed or was treated within a 24 (twenty four) month period prior to or at the date of application, reinstatement or a re-date of this Policy. Such medical conditions, disability, illness, bodily injury, infirmity, defect or ill-health will be excluded for a period of 24 (twenty four) months after the Date of Commencement of cover for this Policy. c) Disability or illness whilst unemployed we will not pay if you become disabled whilst you are unemployed, unless you suffer total and irrecoverable loss of all sight in both eyes, or of all use of both hands or of both feet, or if the disability results in the permanent and total inability to work for payment. 3. SPECIAL EXCLUSIONS We are not obliged to pay a claim which arise directly or indirectly from: a) You being affected (temporarily or otherwise) by alcohol or drugs other than as prescribed by a medical practitioner; or b) You committing any breach of criminal law; or c) Your participation in airborne pursuits, except as a passenger flying for the purpose of transport in an airworthy aircraft piloted by a licensed pilot; or d) Your participation in any riot, strike, civil commotion or usurpation of power; or e) The driving of any vehicle by you whilst you are under the influence of intoxicating liquor or a drug having a narcotic effect, or where the alcohol to blood ratio, calculated from using any bodily specimen taken from any part of your body, and however determined, exceeds the statutory limit in force at such time. 4. PROVISIONS AND CONDITIONS 4.1. Cancellation Right You may cancel this Policy at any time by giving us written notice and if we wish to cancel your Policy, we will give you 30 (thirty) days notice in writing Cessation of Cover We will not be liable in terms of this Policy when the debt for which this Policy was issued should have been paid in full to the Finance Provider. We will not be affected by any arrangement made between you and the Finance Provider regarding any reduction of the amount of minimum monthly instalments originally agreed upon Claims a) We must receive written notification of the event which causes you to claim against this Policy within 180 (one hundred and eighty) days. If we do not receive notification during this time, we will not be liable to pay any benefit. b) We have the right to make enquiries to ensure that the claim is valid. You must provide us with any substantiating evidence we may need, including but not limited to, identification documents, death certificates, medical reports and any other documents we feel are necessary to investigate a claim under the Policy. c) The benefits in terms of this Policy will not be paid unless we are satisfied that the claim is valid, the Finance Provider is entitled to receive the benefits and that your date of birth is correct. The payment of any benefits is dependent on a recognisable financial obligation between you and the Finance Provider. Both you and the Finance Provider must comply fully with all the provisions, conditions and terms of this Policy. d) All claims admitted by us, excluding the booster and funeral benefits, will only be payable to the Finance Provider, in reduction of your Balance of Indebtedness. Booster and funeral benefits are payable to you, your estate or the Beneficiary. LPPN_Lifestyle Protection Plan Policy Terms and Conditions v6_ Page 7 of 11

8 4.4. Contract The Master Policy, Proposal and any endorsements made to it by us, including any other document submitted in support of this Policy, form the contract of insurance between you and us Country of Residence Cover is only provided where any event resulting in a claim takes place within the borders of the Republic of South Africa (RSA), Namibia, Botswana, Lesotho, Swaziland, Mozambique and Zimbabwe Currency All premiums and benefits are expressed and payable in Rand. All benefits payable in terms of this Policy are assessed and payable at Regent Life's Head Office on receipt of this Policy document together with any evidence or documentation acceptable to us of the occurrence of the event giving rise to the claim Early Cancellation Refund Where premiums are paid annually in advance, and you have settled your Balance of Indebtedness to the Finance Provider, you may request an early cancellation refund from us in writing. We will need to see confirmation of Early Settlement from the Finance Provider. The early cancellation refund will be paid to you. No refund is due where a previous claim has been paid Examination We have the right to request that you be examined by a medical practitioner whom we approve of and at our costs. That medical practitioner s report will, for all purposes under this Policy, be final and binding Fraud At our discretion, this Policy may be cancelled from inception, and premiums paid and all benefits forfeited, if: a) Any claim or part of a claim under this Policy is fraudulent in any way; or b) Any fraudulent means are used by you or anyone acting on your behalf, to obtain any benefit under this Policy; or c) Any of the events insured against under the Policy are caused intentionally by you or any person acting on your behalf or with your support Misrepresentation or Non-disclosure Should you misrepresent or fail to disclose any fact or circumstances in connection with this Policy, a claim in terms of this Policy or the application for this Policy, the Policy may be cancelled or a claim may be rejected Premium Grace Period You have a grace period of 30 (thirty) days from the premium due date to pay that premium. If any premium is not received within the 30 (thirty) days grace period, the Policy may lapse and any benefits under this Policy will stop. Nonpayment of 3 (three) consecutive premiums or 6 (six) intermittent premiums during the life of the policy will result in your policy lapsing Premium Review There are no premium guarantees on this product and our actuary can revise the rates or adjust the benefits in line with actual claims experience. In addition, we reserve the right to make fair adjustments to the benefits payable under this Policy, as determined by our actuary, if any authority imposes any compulsory charges, levies or taxes on life insurance companies. You will be notified 30 (thirty) days before any changes are made. A monthly administration fee is charged on each Policy and you will be notified 30 (thirty) days before any changes are made. Premiums in respect of this Policy are payable monthly in advance Reinstatement A Policy that has lapsed because we have not received the premiums, can be reinstated subject to receipt of the outstanding premium and on terms and conditions that we will decide on after having received a written request for reinstatement from you. Reinstatement is not guaranteed and will depend on our assessment of the risk at the time of reinstatement, based on any additional medical, or other relevant evidence that we might require to assess the risk. LPPN_Lifestyle Protection Plan Policy Terms and Conditions v6_ Page 8 of 11

9 4.14. Rejection of Claim and Time Bar a) If we decline liability for a claim made in terms of this Policy, you may contact us within 90 (ninety) days of receiving the letter of rejection. You must communicate in writing to the complaints manager at Regent Life. b) If the dispute is not resolved to your satisfaction, you may contact the Ombudsman for Long-term Insurance. c) Or, you may take legal action against Regent Life for the enforcement of the claim. Summons must be served on us within 6 (six) months of receipt of our final letter confirming the rejection. After 6 (six) months, all benefits in respect of the claim will be forfeited and no liability can arise in terms of the claim Specific Restrictions on Liability a) The various ages applicable to the Life Insured for the Policy plans, are: i) Gold and Silver Plans Maximum entry age of 62 (sixty two); ii) Bronze Plan Option 1 Maximum entry age of 65 (sixty five); iii) Bronze Plan Option 2 Maximum entry age of 70 (seventy). b) Our liability (dependent on your plan of choice) in terms of this Policy will stop if we settle a claim for you under any of the following benefits: i) Death benefit; ii) Total and permanent disability benefit; iii) Dread disease benefit. c) Any disability benefit paid in terms of this Policy will be subject to the Considerations for Disability Insurance as published by the Association for Savings and Investment South Africa (ASISA). d) You must work, live and have the right to live permanently in the Republic of South Africa. e) The benefits that are available under this Policy will only be paid for debt that arises from the specific Finance Agreement for which this Policy was issued. f) Our liability in terms of this Policy will not extend beyond the expiry of the Finance Agreement under any circumstances Surrender Values Except for the maturity or expiry cash back benefit, there are no cash or surrender values available under this Policy Waiver of Conditions No waiver of any of the terms, conditions and endorsements of this Policy will be valid unless made in writing and signed by a person authorised by us. Signed on behalf of Regent Life at Johannesburg Underwritten by Regent Life Assurance Company Limited, a licensed long-term insurer, company registration number 1994/001332/06 and an authorised financial services provider, FSP license LPPN_Lifestyle Protection Plan Policy Terms and Conditions v6_ Page 9 of 11

10 FAIS DISCLOSURE NOTICE DISCLOSURES REQUIRED IN TERMS OF THE FINANCIAL ADVISORY AND INTERMEDIARY SERVICES ACT 37 OF 2002 ( FAIS ) Regent Life Assurance Company Limited is a licensed long-term insurer, company registration number 1994/001332/06 and an authorised financial services provider, FSP license Regent Life Assurance Company Limited FSP Boeing Road East PO Box 674 Telephone: Elma Park Edenvale Fax: (011) Edenvale 1610 Website address: Regent Life is a public company, a registered long-term insurer and an authorised financial services provider; authorised to sell long-term policies. Regent Life holds professional indemnity and fidelity insurance. As the product supplier, Regent has an agreement with the Intermediary (Broker) that sold this product to you. The Intermediary has the obligation to furnish you with the following information: Relationship between the Intermediary and Regent Life Exclusive Mandate: My employer is exclusively mandated to market Regent s products and services Ownership Interest: Regent has a shareholding interest in my employer s business Employment Contract: I am employed by Regent, and I am mandated to market Regent s products and services exclusively Independent Intermediary No No No Regent Representative Yes No No Regent Financial Advisor Yes No Yes Affiliate/ Business Partner Yes Yes No 1.1 His full business and trade names, registration number, postal and physical addresses, telephone numbers and address; 1.2 The fact that he has been given a mandate to act on behalf of Regent; 1.3 Whether the Intermediary (Broker) directly or indirectly holds more than 10% of Regent s shares or any other financial interest in Regent Life; 1.4 Whether the Intermediary (Broker) received more than 30% of his income from Regent in the last 12 months; 1.5 Whether the Intermediary (Broker) holds guarantees, or professional indemnity or fidelity insurance. 1.6 Where Regent Life owns any shares in the Intermediary. 2.1 Claims Procedures In order to claim, contact All Regent s branch details appear in your policy document and on our website. Regent must be notified within 6 months of the claim event or such shorter period as may be stipulated in the policy. If you are not satisfied with the outcome of your claim, you may write to the Complaints Department of Regent at any of the addresses above within 90 days of the claims decision. If you are still not satisfied, you have an additional 6 months after expiry of the 90 days to institute legal action against Regent. You also have recourse to the Ombudsman for Long-term Insurance at Private Bag X45, Claremont, Unclaimed Benefits (Benefits for which no beneficiary or payee can be located) You could possibly have unclaimed benefits from a Regent policy due to you. It is in your best interest to contact Regent and enquire directly. In the event of an unclaimed benefit; your beneficiary s right to the benefit remains intact until the valid claim is paid. Regent will take all reasonable steps, including, but not limited to; searches of internal databases and external provider s databases such as home affairs and the credit bureau to trace and contact beneficiaries whose benefits remain unclaimed. Regent will levy a tracing charge against the benefits of the policyholder for any direct administrative and tracing fees taken on unclaimed benefits; of R , for unsuccessful deceased beneficiary traces or R 2, per unsuccessful comprehensive secondary trace within the first 6 months of an unclaimed benefit arising. These charges are subject to change and will be communicated to you. Remember that you are also responsible to ensure that your personal information and contact details are up to date. Please remember to advise Regent of any changes to your details. LPPN_Lifestyle Protection Plan Policy Terms and Conditions v6_ Page 10 of 11

11 3.1 Complaints Procedures If you have a complaint about this policy, first try to resolve it with your Intermediary. If the matter cannot be resolved, you can submit a complaint in writing to the Regent Complaints Department at any of the addresses above, or on Telephone: , Fax: (011) and complaints@regent.co.za. If the matter is not resolved to your satisfaction by Regent, you may submit your complaint in writing to the Ombudsman for Long-term Insurance at Private Bag X45, Claremont, He may also be contacted on Telephone or (021) , Fax: (021) and info@ombud.co.za. 3.2 FAIS Ombud If you have a problem with the way the product was sold to you, the disclosures that were made to you or the advice that was given to you by the Intermediary (Broker), you must contact the Intermediary. If you are not satisfied with the reply, you may submit your complaint in writing to the FAIS Ombud at PO Box 74571, Lynnwood Ridge, He may also be contacted on Telephone: or (012) , Fax: (012) and info@faisombud.co.za. 3.3 Compliance Officer The Compliance Officer of Regent may be contacted at any of the contact addresses of Regent mentioned above. In addition, the Compliance Officer can be contacted by at compliance@regent.co.za. 4. Replacement You may not be advised to cancel an existing policy to enable you to purchase a new policy or to amend the existing policy, unless the intermediary identifies the policy as a replacement policy, the implications of the replacement are disclosed to you, (such as the influence on your benefits under the old policy), and any costs incurred with the replacement are disclosed to you. 5. Cooling-off Period You have the right to cancel this policy within 30 days of receipt of the policy document. You may not exercise this cooling off option if you have already claimed under the policy or if the event for which the policy insures you has already happened. 6. Important Matters It is very important that you are quite sure that the policy meets your needs and that you feel that you have all the information you need to make a decision. Feel free to make notes regarding verbal information and ask for written confirmation or copies of documents. Please refer to Regent Life s conflict of interest policy that has been made available on the Regent website. Disclose all material facts accurately, fully and properly. All information provided by you or on your behalf is your own responsibility. You need to be satisfied with the accuracy of any transaction submitted by anyone on your behalf. Do not sign any incomplete or blank documents. No person may insist that you do so. Nobody may ask or require of you to waive any right that you have as a policyholder. LPPN_Lifestyle Protection Plan Policy Terms and Conditions v6_ Page 11 of 11