ING Lifelong Income. Branch 23 life insurance Unlimited subscription period General terms and conditions. Art. 3 Insured benefits

Transcription

1 Branch 23 life insurance Unlimited subscription period General terms and conditions ING Lifelong Income Valid for contracts concluded as from 01/06/2018 Art. 1 What is understood by...? Art. 3 Insured benefits You: you are the Policyholder: the policyholder is the natural person who takes out the contract. We/us: this is the Insurer: NN Insurance Belgium SA/NV, Avenue Fonsny 38, B-1060 Brussels, Belgium. Insured party: the insured party is the person for whom the insurance is taken out. Beneficiary: - In case of life: the beneficiary of the insurance in case of life is the person who is entitled to the guaranteed life-long annuity payable as long as the insured party is alive. - In case of death: the beneficiary of the insurance in case of death is the person entitled to the reserve at the time when the insurer is notified of the death of the insured party. Unit: a unit is basic part of an investment fund. Net asset value: the net asset value corresponds to the value of the investment fund assets after deduction of the management fee, costs which may result from the management of the fund (as mentioned in the management regulations) and any taxes, duties and levies, divided by the number of units in the investment fund at the time the value is assessed. Reserve: the reserve is the total number of units held in the investment fund by the policyholder in the contract taken out by him/her multiplied by the net asset value. Life-long annuity: the annuity paid at regular intervals for as long as the insured party is alive. Art. 2 Description of the insurance The contract that has been signed is a life insurance contract under Belgian law, expressed in EUR, linked to one or more investment funds. The information about the investment funds, such as the investment policy, the asset evaluation rules, etc. are available in the management regulations. The value of the contract will at any given time correspond to the reserve. The reserve of the contract changes with every valorisation of the net asset value, with every payment of the guaranteed life-long annuity and with every partial withdrawal. In case of a complete withdrawal by the policyholder or the death of the insured party, the contract ceases to exist. There is no profit sharing. From the first payment date specified in the confirmation document, which forms an integral part of the contract, the beneficiary will - if alive - benefit from a guaranteed life-long annuity. It will be paid insofar as the insured party is alive and in accordance with the payment frequency selected by you as specified in the special terms and conditions. The payment will be made to your account for which you are the holder/co-holder and which you notified to the insurer. Every periodic payment of the guaranteed life-long annuity will reduce the number of units of the contract. How the sum of this guaranteed life-long annuity is calculated is described below in these general terms and conditions. When the insured party dies, we will pay the reserve available in the contract at the time of notification to the beneficiary/beneficiaries in case of death. The payment of the guaranteed life-long annuity will then end. The payment of the guaranteed life-long annuity will also end if you withdraw all of the reserve before the death of the insured party. The stipulations applicable to such a termination are described below in these general terms and conditions. Art. 4 Effective date of the contract The contract takes effect on the day of the next valorisation after the premium is received. The contract will take effect only insofar as our account number linked to the product has been credited with the amount of the premium, at the latest three bank working days before the valorisation. If not, the conversion to units will be calculated on the basis of the next valorisation. In addition, we must have received the copy of the contract signed by you. We will confirm to you the effective date by means of a confirmation document. This contract will automatically be cancelled if the payment has not been registered on our bank account within 30 days after it was signed. The contract is concluded for a lifelong term. Art. 5 Time for reflection You have the right to terminate your contract within 30 days of the effective date. In that case, the cancellation has to be notified by means of registered letter, writ or by submitting the notice letter against receipt. 1

2 The postal date, the date the writ is served or the date mentioned on the receipt will be the cancellation date. Where appropriate, you must send the copy of the contract in your possession to us or, failing this, a signed declaration of loss. We will refund the amount of the reserve, increased with any subscription charges and taxes paid. The value of that reserve in case of cancellation will be calculated on the basis of the first known valorisation following the receipt of the official notice, and this insofar as the request has reached us at the latest three bank working days before the weekly valorisation. If not, the value of the reserve will be calculated on the basis of the next valorisation. After the time for reflection the contract will be indisputable, except in case of fraud. Art. 6 Your deposit You choose the amount of the deposit in accordance with the guidelines included by us in the financial information leaflet. We reserve the right to refuse a deposit of more than EUR 1,500, gross. If the sum of the reserves in similar contracts and a deposit in an additional contract for the same insured party are equal to or higher than EUR 1,500, gross, we may refuse to conclude an additional contract for the same insured party. Additional deposits within the same contract are not allowed. Art. 7 Conversion The net deposited amount (i.e. after deducting any subscription charges and possible taxes and duties) will be converted into units of the investment fund. The number of units is established by dividing the net deposited amount by the net asset value at the time of the conversion. The conversion in units takes place at the latest at the time of the first valorisation of the fund following the date when the deposit is received, and this insofar as our account number, linked to the signed product, is credited with the amount of the deposit at the latest three working days before this valorisation. If not, the conversion to units will be calculated on the basis of the next valorisation. Art. 8 Defining the net asset value The net asset value is defined every week. The weekly valorisation day is Wednesday. The fund manager carries out the valorisation, which is binding for all parties. If the Wednesday or one of the two preceding days is not a bank working day, the next bank working day will be the valorisation day. We reserve the right to change the valorisation day if, due to exceptional circumstances, the investment funds cannot be valorised. The net asset value is defined by dividing the value of the fund assets, after deducting the management fee, costs which may result from the management of the fund (as mentioned in the management regulations) and any taxes, duties and levies, by the number of available units on the valorisation day. The number of acquired units will be rounded off to the fourth decimal. If securities expressed in foreign currency or other securities have to be converted to calculate the value of the fund assets, we will take the last known mid-price of those currencies, unless we think it appropriate to use another price in the interest of all the parties. We will inform the press every week of the net asset value and will always mention the net asset value in the policy s annual overview. Art. 9 Calculation of the guaranteed life-long annuity 2 Conversion percentage The amount of the annual guaranteed life-long annuity will be calculated on the basis of a percentage which depends on the age of the insured party, which must be at least 50 years and at most 85 years at the time the contract is concluded. The percentage is established at the time the special terms and conditions are signed and it is confirmed in a confirmation document. The percentage thus established at the time when the contract is concluded will apply for the entire duration of the contract. For more information on percentages, we refer to the financial information leaflet. Calculation On the effective date of the contract, the reserve will be the basic reserve on the basis of which the guaranteed life-long annuity is calculated. In order to calculate the life-long annuity the basic reserve is multiplied by the conversion percentage. The guaranteed life-long annuity defined in this manner on the effective date of the contract will apply as long as the insured party is alive and no partial withdrawal or increase of the guaranteed life-long annuity is carried out. Every payment of the guaranteed life-long annuity results in a reduction of the number of units on the contract. To this end, the reserve is reduced by cancelling units in the contract. 3 years after the effective date of the contract, the value of the reserve known at that time, where applicable after deduction of the guaranteed annuity/annuities relating to the previous year which has/have not yet been settled, will be checked against the basic reserve. If the reserve is higher than the basic reserve on the ratchet date, the reserve will become the new basic reserve and the guaranteed life-long annuity will be increased by multiplying the new basic reserve by the conversion percentage. This is how the basic reserve and the amount of the guaranteed life-long annuity are checked every 3 years. If the reserve, where applicable after deduction of the guaranteed annuity/annuities relating to the previous year which has/have not yet been settled, is lower than the applicable basic reserve at the time of the ratchet, the applicable basic reserve will be maintained until the next ratchet date. In that case the amount of the guaranteed life-long annuity will be maintained. In case of a partial withdrawal, the basic reserve will be proportionally adjusted based on the partial withdrawal and the guaranteed life-long annuity will be recalculated. The amount of the life-long annuity can only decrease in case of a partial withdrawal of the reserve. However, the recalculated amount will again be guaranteed for life by us. Guarantee The amount of the annual guaranteed life-long annuity calculated at the start of the contract will be guaranteed for the entire term of the contract. It can be increased at the 3 yearly ratchet period and can only be decreased if you make a partial withdrawal from the reserve.

3 Payment frequency If you have selected a payment frequency other than annually (monthly, quarterly or half-yearly) for your guaranteed life-long annuity, the amount of the life-long annuity will be proportional to the selected payment frequency as specified in the special terms and conditions. If you want to change the frequency of your life-long annuity, you may request an amendment. This request must be filed by means of a document signed by you and at the latest 1 month before the next anniversary of the contract s effective date. The change will be confirmed by us in a rider to the contract and take effect on the next anniversary of the contract. The guaranteed life-long annuity will be paid based on the payment frequency. If you have selected a monthly payment frequency, it will be paid for the first time during the month following the month of the first valorisation. In case of a quarterly payment frequency, the first payment will be made during the third month following the month of the first valorisation. In case of a half-yearly payment, the payment will be made in the sixth month after the month of the first valorisation, in case of an annual payment in the 12th month after the month of the first valorisation. Payments are always made on the 25th day of the month (or on the next working day if the 25th is not a bank working day). Art. 10 Investment funds In the context of this product we offer one or more investment fund/funds for which the investment strategy, the characteristics and the nature of the assets are described in the management regulations. Every fund aims at growth by means of diversification in different financial instruments. Despite all the measures taken to achieve the objectives, investing in these funds remains subject to certain risks. As such, no formal guarantee whatsoever can be offered. The value of this fund may vary over time and the attendant financial risk is borne by you. We reserve the right to cancel the activities of the investment fund linked to the contract. We also reserve the right to transfer the value of the reserve in the contract for the investment fund to be replaced to another/other investment fund/funds free of charge. In those circumstances you will be notified in writing of the application of these measures. If you do not accept those changes you may, free of charge, either transfer the value of the reserve in the investment fund to be replaced to another/other investment fund/funds offered within the same product, or cancel your contract. In both cases this will have to be notified to us by means of a written, dated and signed letter, within 30 days upon receipt of the written communication about the measures. We will either transfer the value of the reserve or pay it back. This value will be calculated on the basis of the first known valorisation following receipt by us of the written request of transfer or cancellation, all this insofar as the request reaches us at the latest three bank working days before the valorisation. If not, the value of the reserve will be calculated on the basis of the next valorisation. 3 Art. 11 Valorisation of the investment fund In accordance with article 8 of these general terms and conditions, we establish the net asset value on every weekly valorisation day on the basis of the net asset value of the components on the previous day. We may temporarily suspend the calculation of the value of units, and therefore also investment, withdrawal and transfer transactions; -if a stock exchange or a market, where a significant part of the assets of the investment fund is listed or traded, or a major exchange market where currencies, in which the value of the net assets is expressed, are listed or traded, is closed due to a reason other than a public holiday or if the transactions are suspended or subjected to restrictions; -if the situation is so serious that the fund manager cannot valorise the assets and/or liabilities correctly, cannot have them at his/her disposal in a normal manner or not without seriously affecting the interests of the policyholders or the beneficiaries of the fund; -if the fund manager is not capable of transferring the funds or carrying out transactions at a normal price or exchange rate or when restrictions have been imposed on the exchange markets or financial markets; -in case of a substantial withdrawal of the fund of more than 80% of its value or of more than EUR 1.25 million. This amount is indexed to the Consumer Price Index (with base 1988 = 100). The index which is to be taken into consideration is that of the second month of the quarter preceding the date of the substantial withdrawal. If the suspension continues more than 4 valorisation periods ( 20 bank working days), we will notify the policyholders through the press or any other appropriate means. The transactions thus suspended will be carried out at the latest on the seventh bank working day after the end of such suspension. Art. 12 Transfer of the reserve between the investment funds Subject to the provisions of article 10 of these general terms and conditions, you may not request at any time that the reserve be completely or partly transferred to another investment fund within the same contract. Art. 13 Allocation The investment cannot be spread over the different investment funds offered for this product. The contract refers to one investment fund, i.e. the investment fund described in the confirmation document. Art. 14 Availability of the reserve You may withdraw the entire reserve at any time. The entire withdrawal of the reserve results in the termination of the contract and, thus, the immediate cancellation of the payment of the guaranteed life-long annuity. A partial withdrawal of the reserve is not possible before a term of at least 8 years has passed since the effective date of the contract. Such a partial withdrawal results in a reduction of the number of units in the contract. The request for a partial withdrawal shall be expressed in EUR. You must request at least EUR 2, and keep a minimum reserve of EUR 2, in the contract in question.

4 You must submit the request for a full or partial withdrawal to us by means of a document issued for this purpose by us or by means of a dated letter signed by all the parties involved (if the policyholder is different from the insured party) accompanied by a copy of the identity card of all the parties involved. In case of a full withdrawal, you must also send us the copy of the contract in your possession (or if you do not have it (anymore), a declaration of loss). In accordance with your request, you will be paid the countervalue of the surrendered units in the relevant fund. The withdrawal applies on the date mentioned in the request for withdrawal, however, not before the first known valorisation following the receipt by us of all required documents for the payment, all this insofar as these documents reach us at the latest three bank working days before that valorisation. If this is not the case, the value of the withdrawal will be calculated on the basis of the next valorisation. We may suspend the withdrawal of the value of the units due to exceptional circumstances (as specified in the management regulations). We may withhold a fee from the reserve to be paid, payable during the first 4 years of the contract starting after the time for reflection described in article 5 of these general terms and conditions. At the start of the contract this amounts to 4.80% and decreases every month by 0.10%. You may not draw down an advance on this policy, nor pledge the contract. We do not accept responsibility for delays in payment resulting from circumstances beyond our control. Art. 15 Beneficiaries in case of death You are free to designate the beneficiary/beneficiaries of the contract. You may, as long as the beneficiary designation has not been accepted, change the designation at any time by means of a dated and signed letter sent to us. Every beneficiary may accept the benefit of this contract. Beneficiary designations can only be accepted by means of a rider prepared by us and signed by the beneficiary who accepts the benefit, you and us. As of that time you may no longer change the contract and no longer exercise the rights ensuing from the contract without the explicit approval of the beneficiary who accepted the benefit of the contract. Art. 16 Payment as a result of the death of the insured party Obligations in case of death Every death has to be notified in writing to us by the beneficiary/beneficiaries within 7 calendar days of he/she/they being informed of the death. We will pay the reserve after receiving the following documents: - the copy of the contract held by the policyholder (if it is unavailable, a declaration of loss signed by the beneficiary/beneficiaries); - a copy of the death certificate of the insured party; - a copy of the front and back of the identity card/cards of the beneficiary/beneficiaries, or if this/these person/persons has/have not been named in the policy an identification certificate confirming the rights of the beneficiary/beneficiaries. We will usually be satisfied with these documents, but if we deem it necessary we may require evidence of the fact that the death did not occur under the circumstances excluded in article 17. Pay-out The death of the insured party puts an end to the contract. When the insured party dies, we will pay the countervalue of the available units to the beneficiary/beneficiaries. The value of the units in EUR will be defined at the next valorisation, insofar as we have been notified of the death at the latest three bank working days before such valorisation. If this is not the case, the value of the units will be calculated on the basis of the next valorisation. If the next valorisation following the date of death is lower, this lower value will be paid. We do not accept responsibility for delays in payment resulting from circumstances beyond our control. Art. 17 Nullity in case of death The death of the insured party is always covered, regardless of the cause. However, we are not obliged to guarantee our cover for anyone who has caused the death by a deliberate act. A deliberate act is one undertaken with the intention of causing the insured party bodily harm. In the latter case, the beneficiary/beneficiaries who has/have deliberately caused the death loses/lose any rights to the insured benefit. In that case they will accrue to the co-beneficiaries, or if there are none to the subsidiary beneficiary/beneficiaries in the order stated in the contract, and in their absence to the policyholder s estate. Art. 18 Charges The subscription charges specified in the special terms and conditions will be calculated on the basis of the single premium payment. The details concerning the management fee, as well as the costs which may ensue from the management of the fund, such as the deposit of securities, administration, annual reports, publications and so on, are mentioned in the management regulations. The above charges and costs, increased by any taxes, duties and levies imposed on the fund, are included in the investment fund s net asset value. We reserve the right to review the management fee in certain circumstances (as specified in the management regulations). Where appropriate, you will be notified in writing and have the right to withdraw without fee. If you do not accept this change, you can cancel your contract without compensation. A dated and signed registered letter is required. That registered letter must be transferred to the insurer within 30 days from the receipt of the written notice of the measures. The costs ensuing from the management of the fund and any taxes, duties and levies imposed on the fund can be reviewed at any time. The guarantee charges for the guaranteed lifelong income amount to 1.10% on an annual basis. 4

5 The cost of the guarantee for the guaranteed life-long annuity will be withheld every 4 weeks by means of a reduction in the number of units in the contract. Art. 19 Taxation All current and future taxes, duties and levies will be borne by you or the beneficiary, depending on the situation. When the insured party dies, the beneficiary must notify the sums received to the VAT, Registration and Domains administration. These sums may be subject to the payment of death duties. Art. 20 Contractual, legal and regulatory principles This contract is subject to the Belgian laws and regulations governing life insurance policies. All disputes in relation to this contract will exclusively be brought before the Belgian Courts. It is drawn up on the basis of the true and complete declarations of the policyholder and the insured party. ING Belgium SA/NV and NN Insurance Belgium SA/NV do not in principle provide investment services for US Persons. A US Person is defined as a natural person who resides in the United States of America ( the United States ) or is staying there for an extended period. American citizens ( US. citizens ) who reside outside the United States may under certain conditions also qualify as a US Person. In addition, a natural person can qualify as a US Person if he or she has an investment advisor, assets manager and/or authorised agent who is based or resides in the United States and is authorised in the name of and on behalf of the Customer to give Orders to ING Belgium SA/NV or NN Insurance Belgium SA/NV and/or to receive or pay monies or provide and/or receive information in relation to the customer s life assurance contract. The Customer is required to notify ING Belgium SA/NV and NN Insurance Belgium SA/NV immediately of any change in his or her information, personal circumstances, authorised agent or joint account holder, which would give rise to a (fiscal) relationship with the United States. This is understood to mean possession of an American residential, postal or tax address, an American telephone number, American nationality, an American residence permit ( green card ), etc., as a result of which the Customer would qualify as a US Person. If in the course of the Contract a Customer qualifies as a US Person, NN Insurance Belgium will confine its services to the fulfilment of contracts in progress. Moreover, ING Lifelong Income is not registered under the Securities Act. Art. 21 Communication and notices We reserve the right to demand proof from you at any time that the insured party is still alive, as well as an official document specifying the date of birth of the insured party. If such proof cannot be presented within the thirty days following the written request, we will be entitled to suspend payment of the periodic guaranteed lifelong annuity. We will send you an annual overview of your contract. You will also receive the special terms and conditions and a confirmation document, which among other things will mention the effective date, the amount of the deposited premium, any levies, duties and taxes, any subscription charges, as well as the number of units bought and the net asset value assigned to them. The management regulations of the fund are available from our head office upon simple request. In order to be valid, all messages to us must be in writing and addressed to our head office. Notices to you and, where appropriate, the beneficiary/beneficiaries shall be valid when addressed by us to the last address reported in writing to us. All communications by either party to the other shall be considered to have taken place on the posting date. Art. 22 Complaints This contract is governed by Belgian law. You may address any complaints relating to this contract to: either ING Complaint Management, Cours Saint-Michel 60, B Brussels, plaintes@ing.be, Tel Fax or the Insurance Ombudsman, de Meeûssquare 35, B-1000 Brussels, website: www. ombudsman.as info@ombudsman.as Phone Fax Submitting a complaint does not exclude the possibility to initiate legal proceedings. Documents translated into other languages The only legally binding versions of all contractual documentation are the French or Dutch-language versions. Only the texts drafted in French or Dutch may be used as reference documents if discrepancies are found in documents translated into another language. 5

6 Appendix: Protection of Privacy (cf. General Data Protection Regulation of 27 April 2016). The personal data that you, as the person concerned, provide to us now or later will be processed by NN Insurance Belgium SA/NV, Avenue Fonsny/Fonsnylaan 38, 1060 Brussels, the controller. For additional information regarding the protection of your personal data, you can contact our Data Protection Officer (DPO) as follows: Data Protection Officer (DPO), Avenue Fonsny/Fonsnylaan 38, 1060 Brussels, or at The legal grounds and purposes for processing your personal data (with the exception of your health-related data, for which you give your explicit consent) are the following: - the execution of your insurance contract or contracts or pre-contractual measures. This concerns the underwriting of the agreement and more specifically the determination and acceptance of the risk, the management and execution of the contract, the management of claims and the potential payment of compensation to you or to a third person. - compliance with legal obligations, namely the regulations regarding insurance, the AssurMiFID regulations, the regulations concerning dormant insurance contracts, the regulations on the prevention of money laundering and the financing of terrorism, the Foreign Account Tax Compliance Act (FATCA), and the Common Reporting Standards (CRS). - the legitimate interests of NN Insurance Belgium SA/NV: the provision and management of insurance services in general, including the improvement of the underwritten coverages, management of our customer and sales file, prevention of irregularities (including the prevention and combating of fraud), direct marketing of our products and the promotion thereof (except via ), as well as processing for statistical purposes. The personal data you deliver to NN Insurance Belgium SA/NV for the execution of the contract or the pre-contractual measures, taking into account legal obligations, are necessary for the establishment of the contract. If these data are missing, the contract cannot be underwritten. Your personal data can, further to the above-mentioned legal grounds and purposes, be transferred and processed by various departments of NN Insurance Belgium SA/NV, the entities of NN Group, their representatives in Belgium, their representatives abroad, their reinsurers, their claims settlement agencies, an expert, a lawyer, a technical advisor, and be provided to the distribution partners, to any person or entity who files an appeal or against whom an appeal has been filed that is related to the contracts underwritten, as well as to the authorities. An up-to-date list of recipients of your personal data is available from our DPO (on demand). We keep your personal data as long as required for the purposes mentioned above. NN Insurance Belgium SA/NV must also take into account the legal and regulatory periods for the keeping of personal data and/or (pre-) contractual documents, as well as the periods of limitation while taking into account the legal causes for the suspension and interruption of such periods of limitation. 6

7 You have the following rights with regard to your personal data: - the right to access; - the right to rectify; - the right to limitation of processing, which is however exercised with regard to the right for NN Insurance Belgium SA/NA to keep or process your personal data for the recognition, exercise or defence of its data in legal proceedings, - the right to transfer the data where the data processing is based on the execution of the contract or (pre-)contractual measures, - the right to erasure, provided that the processing is based on the execution of the contract or (pre-)contractual measures, taking into account, however, the retention period obligations to which NN Insurance Belgium SA/NV is subject, or on the legitimate interest of NN Insurance Belgium SA/NV if there is no compelling legitimate reason for the processing, - the right to objection of processing when processing is based on the legitimate interest of NN Insurance Belgium SA/NV and provided that there is no compelling legitimate reason for the processing. Moreover, if your personal data are processed for prospecting purposes (direct marketing), including profiling insofar as it is related to such prospecting, you can object at any time and without justification. You can exercise the above rights, free of charge in principle, by sending a signed and dated request together with a copy of the front and back of your identity card to our DPO. You can submit any complaints to the Data Protection Authority. Version Underwriting I445E ING (01/06/2018) 7