Generali Worldwide Vision

Transcription

1 Generali Worldwide Vision Product Summary Singapore generali-worldwide.com

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3 Generali Worldwide Insurance Company Limited Vision Product Summary 3 of 16 There is a Glossary section at the end of this Product Summary. For those words which are capitalised please refer to the Glossary section for explanation. Any statements that refer to, you or your, mean the person or persons with whom we have agreed the Plan or, where applicable, your successors or permitted assigns. 1. DESCRIPTION OF VISION Vision is a Regular Premium, whole of life, unit-linked assurance product that may be denominated in one of six major currencies: Singapore dollar, US dollar, GB pound, Euro, Hong Kong dollar or Japanese yen. Additional Single Premiums may be contributed at any time during the life of the Plan. Once your Plan is set up, you can select your ILP Sub-Funds from our International Fund Selection brochure of ILP Sub-Funds. An individual who is aged between 19 and 70 on their next birthday may take out a Plan. The maximum number of Planholders is two. A company or a trust may also take out a Plan. As the Planholder, you may nominate one or more Beneficiaries to receive the Death Benefit payable on the death of the relevant Life Assured. A Beneficiary nomination may be made when a Plan is taken out or at any time during the life of a Plan. As Planholder, you may also assign your Plan to a third party. Notice of any such Assignment must be sent to Generali Worldwide Insurance Company Limited at the relevant regional office address, listed at the back of this Product Summary. Plans are available on a single life or joint life basis. The maximum number of Lives Assured under a Plan is two. The minimum age at outset for any Life Assured is 19 on their next birthday. The maximum age at outset for a Life Assured is 70 on their next birthday. For Joint Life, First Death cases, this relates to the older Life Assured. For Joint Life, Second Death cases, this relates to the youngest Life Assured. The Death Benefit will be paid out following our receipt of proper notification of the Relevant Death, being: For a Single life Plan - the death of the only Life Assured; For a Joint-life first death Plan - the death of the first of the two Lives Assured to die; For a Joint-life second death Plan - the death of the surviving Life Assured. 2. AVAILABLE INVESTMENT LINKED LIFE INSURANCE POLICIES (ILP) SUB-FUNDS UNDER VISION Please refer to the International Fund Selection Brochure of ILP Sub-Funds and individual Fund Reports from the Underlying Fund Managers for further information on: Investment objectives, focus and approach Information on the manager Past performance Fund charges and expense ratio Structure of the ILP Sub-Funds Other parties involved

4 4 of 16 Generali Worldwide Insurance Company Limited Vision Product Summary 3. RISKS Before you decide to invest, we recommend that you read and understand the Product Summary, the Details Guide, the Illustration document and the International Fund Selection brochure, given to you by your Financial Adviser. You should only invest in Vision if your independent Financial Adviser advises that it is suitable for you and consistent with your investment objectives. Vision is designed for the medium to long-term investor. Charges may be incurred on early surrender. You should also consider the impact on future value potential and eventual proceeds of the insurance contract before taking a regular income or making a partial surrender of your Plan. You and/or your advisers are responsible for your investment decisions and any ILP Sub-Fund is selected entirely at your own risk. In selecting ILP Sub-Funds corresponding to Underlying Funds we recommend that you read and understand the prospectus published by the Fund Manager of the Underlying Fund corresponding to your ILP Sub-Fund, which is available from your Financial Adviser (these can be obtained from Generali Worldwide Insurance Company Limited on request), and other supplementary documentation in respect of any ILP Sub-Fund selected within your Plan. The value of your Plan is not guaranteed and can go down as well as up. What you get back will depend on the performance of the Underlying Funds corresponding to your ILP Sub-Funds and may be less than the amount you have invested. The value of your Plan may also rise and fall purely on account of currency exchange rate fluctuations if any of the Underlying Funds corresponding to your ILP Sub-Funds are denominated in a currency other than that of your Plan. Past performance is not indicative of future performance. The Sub-Fund Units allocated to your Plan correspond to Units in the Underlying Funds, which represent the ILP Sub-Funds that you and your Financial Adviser have selected. The Units of the Underlying Funds corresponding to your Plan remain the property of Generali Worldwide Insurance Company Limited. The Sub-Fund Units allocated to your Plan do not give you any title to or interest in any assets within any Underlying Funds. They are used only for the purpose of calculating the value of your Plan benefits. 4. SUMMARY OF FEES AND CHARGES Plan level Table 1 Plan fee (applies to Regular Premiums only) Applicable rate Premium Plan Currency frequency SGD USD GBP HKD EUR JPY Monthly Quarterly ,600 Half-Yearly ,200 Annually ,000 Deduct from This fee is deducted from every Regular Premium before the premium is allocated to Sub-Fund Units.

5 Generali Worldwide Insurance Company Limited Vision Product Summary 5 of 16 Administration fee (applies to Regular Premiums only) Investment administration charge Establishment charge applies to Single Premiums only Applicable rate Where a Premium Payment Term of less than ten years is selected Plan commencement: Payable up to year 5*: 2.75% per annum of total Regular Premiums due from Plan commencement to the relevant Plan Anniversary**. Payable after year 5*: 2% per annum of total Regular Premiums due from Plan commencement to the relevant Plan Anniversary. * For the sake of clarity: The 2.75% rate applies for the first 5 years from Plan commencement on the original Regular Premium, then reducing to 2% thereafter. Likewise, in the case of regular premium increases, the 2.75% rate applies to Regular Premium increases for the first 5 years from the point of increase, then reducing to 2% thereafter. ** For example, where premium frequency is monthly, the administration fee that applies at the end of year 2 in relation to the initial Regular Premium is 2.75% 24 premiums due to have been paid by the end of year 2. If the Regular Premium is increased at the start of year 2, the fee charged at the end of year 2 is increased by 2.75% 12 amounts of the increase due to have been paid at that point. Where a Premium Payment Term of ten years or more is selected at outset: Payable up to year 10^: 2% per annum of total Regular Premiums due from Plan commencement to the relevant Plan Anniversary^^. Payable after year 10^: 0.3% per annum of total Regular Premiums due from Plan commencement to the relevant Plan Anniversary. ^ For the sake of clarity: The 2% rate applies for the first 10 years from Plan commencement on the original Regular Premium, then reducing to 0.3% thereafter. Likewise, in the case of Regular Premium increases, the 2% rate applies to Regular Premium increases for the first 10 years from the point of increase, then reducing to 0.3% thereafter. ^^ For example, where premium frequency is monthly, the administration fee that applies at the end of year 2 in relation to the initial Regular Premium is 2% 24 premiums due to have been paid by the end of year 2. If the Regular Premium is increased at the start of year 2, the fee charged at the end of year 2 is increased by 2% 12 amounts of the increase due to have been paid at that point. An investment administration charge equivalent to 1.5% per annum of the Sub-Fund Units allocated to the Plan is deducted. 1.5% per annum of the Single Premium amount, deducted annually in arrears on the Plan Anniversary and payable for five years following allocation of the Single Premium. If a Single Premium is paid on a date other than a Plan Anniversary/ Plan Commencement Date, this charge is spread over six Plan Anniversaries (due to pro rata calculations). Deduct from The fee is a percentage of the total Regular Premiums due (including past increases) from Plan commencement to the point of fee deduction. This fee is taken on each Plan Anniversary by way of cancellation of Initial Units using the average offer price at which the Initial Units were created. The fee will continue for 30 years (from Plan commencement in relation to the initial Regular Premium and from the point of increase in relation to Regular Premium increases) or until completion of the Premium Payment Term whichever is earlier. The 1.5% per annum charge is deducted annually in arrears from the Accumulation Units allocated to a Plan. This charge is taken annually in arrears by way of cancellation of Accumulation Units.

6 6 of 16 Generali Worldwide Insurance Company Limited Vision Product Summary Earlier discontinuance charge - applies to Single Premiums only (Early surrender/ withdrawal charge) Applicable rate The early discontinuance charge applies on full surrender only. This charge will be equal to any establishment charges that would have been deducted had the Plan not been surrendered. For example, where a Single Premium is invested on a Plan Anniversary: Deduct from This charge is deducted from the amount paid out on full surrender of the Plan. Early surrender/ withdrawal charge (Regular Premiums) Additional Death Benefit charge (optional insurance charge) Premium protection cover charge (optional insurance charge) Plan Anniversary following allocation Establishment charge payable Early discontinuance charge applicable up to this Plan Anniversary 1st 1.5% 7.5% 2nd 1.5% 6% 3rd 1.5% 4.5% 4th 1.5% 3% 5th 1.5% 1.5% 6th+ 0% 0% If you fully surrender your Plan before the end of the Premium Payment Term, all Initial Units held at the point of surrender will be forfeited to pay for outstanding administration fees. If Additional Death Benefit is applicable, a charge is calculated based on the level of the Additional Death Benefit, mortality rates and the results of any underwriting. The cost of this benefit will be reflected in the Plan illustration provided pre-sale. If you would like to discuss this further, please contact your financial adviser. Charge is calculated based on the Regular Premium paid along with the age and sex of the selected Planholder. The rates are as follows: This charge is deducted from the Initial Units. The charge is deducted from Accumulation Units monthly in advance. The charge is deducted before Regular Premiums are allocated to Sub-Fund Units. Age at plan commencement Up to 40 next birthday 41 to 59 next birthday Male rate 1% of the Regular Premium 2% of the Regular Premium Female rate 1.5% of the Regular Premium 3% of the Regular Premium Plan switch fee A levy applied to switches between ILP Sub-Funds. We do not currently charge a Plan switch fee. However, Generali Worldwide Insurance Company Limited reserves the right to review this in the future. N/A Third party charges: You may wish to use the services of third parties (e.g. your own portfolio manager) in relation to your Vision Plan. If there are charges in relation to your Vision Plan due to third parties, Generali Worldwide Insurance Company Limited will deduct and forward them on your behalf. Such charges may include (but are not limited to) portfolio manager fees and trustee fees. If insufficient Accumulation Units exist to meet the investment administration charge, establishment charge and Additional Death Benefit charge, as they fall due, there will be a shortfall which will accrue against the Plan to be deducted in the future. Underlying Fund level You should note that the Underlying Funds corresponding to ILP Sub-Funds may have separate charges such as management fee, performance fee, bid-offer spread and/or switching fee. You do not pay these fees directly either (1) the fees will be deducted and such reduction will be reflected in the Unit price of the Underlying Funds or (2) Sub-Fund Units will be redeemed to pay these fees. For details, please refer to the offering documents of the Underlying Funds and/or the Details Guide of the Vision Plan, which are available from Generali Worldwide Insurance Company Limited upon request.

7 Generali Worldwide Insurance Company Limited Vision Product Summary 7 of SUBSCRIPTION OF SUB-FUND UNITS Regular Premiums can be contributed on a monthly, quarterly, half-yearly or annual basis. Single Premiums can be paid in addition to Regular Premiums at any time during the life of the Plan. Minimum Premiums The minimum premiums that can be paid are as follows: Table 2 Minimum Premiums for a Premium Payment Term of less than ten years Currency Monthly Quarterly Half-Yearly Annually Single Premium SGD 1,125 3,375 6,750 13,500 3,000 USD 750 2,250 4,500 9,000 2,000 GBP 500 1,500 3,000 6,000 1,334 HKD 6,250 18,750 37,500 75,000 16,660 EUR 675 2,025 4,050 8,100 1,800 JPY 100, , ,000 1,200, ,660 Table 3 Minimum premiums for a Premium Payment Term of ten years or more Currency Monthly Quarterly Half-Yearly Annually Single Premium SGD 625 1,875 3,750 7,500 3,000 USD 417 1,250 2,500 5,000 2,000 GBP ,667 3,334 1,334 HKD 3,471 10,413 20,825 41,650 16,660 EUR 375 1,125 2,250 4,500 1,800 JPY 55, , , , ,660 Note: For Plans with a Premium Payment Term of five years, the minimum annualised Regular Premium is USD50,000 (or currency equivalent) divided by the Premium Payment Term. These minimum levels are correct as at November 2014 although the Company may vary them in the future. Premium Payment Term At outset you select a Premium Payment Term to match the financial objectives you have set yourself. The minimum Premium Payment Term is five years. You can qualify for loyalty bonuses (see section 12a) if you take out a Plan with a Premium Payment Term of at least ten years. The Premium Payment Term selected at outset can extend no further than when the relevant Life Assured reaches his 75th birthday. The optional Additional Death Benefit (see section 12a) will automatically cease on completion of the Premium Payment Term. The optional premium protection cover (see section 12b) will automatically cease when the Planholder to whom the benefit applies reaches age 60 on their next birthday or on completion of the Premium Payment Term, if sooner.

8 8 of 16 Generali Worldwide Insurance Company Limited Vision Product Summary Changing your Premium Frequency or Amount You may change the frequency of your Regular Premium payments to monthly, quarterly, half-yearly or annually. You can increase Regular Premiums at any time and you can decrease Regular Premiums after the Initial Period. The minimum premium increase is 5% of the current premium. The minimum Regular Premium decrease is 50% of the minimum Regular Premium applicable at the time of the decrease. The reduced premium must not fall below the minimum Regular Premium level applicable at the time and any optional premium protection cover will be reduced proportionately. Any Additional Death Benefit will not automatically be altered. How Sub-Fund Units are Allocated Following confirmation from our bank of payment receipt, premiums are normally credited to the Plan on the next available Business Day. When premiums are paid by credit card they are normally credited to the Plan on the next available Business Day following confirmation of transfer from the credit card clearing centre. These premiums will be used to allocate Sub-Fund Units to your Plan. Because of this allocation of Sub-Fund Units to your Plan, Generali Worldwide Insurance Company Limited will purchase Units in the corresponding Underlying Fund. These Units in the Underlying Funds remain the property of Generali Worldwide Insurance Company Limited at all times. The price of a Sub-Fund Unit used for investments into ILP Sub-Funds corresponding to Underlying Funds (Internal Underlying Funds and External Underlying Funds) is the Offer Price. The Offer Price is unique to Generali Worldwide Insurance Company Limited and reflects the discounted terms (if any) we are able to negotiate with the Fund Manager of each Underlying Fund. The ILP Sub-Funds into which premiums are allocated can be denominated in different currencies to the Plan Currency. Where a selected ILP Sub-Fund is denominated in a currency that differs from the Plan Currency, we will convert the relevant proportion of the Investment Amount prior to purchasing Sub-Fund Units in the ILP Sub-Fund. Example of how Sub-Fund Units are allocated, assuming the following: Monthly premium: SGD1,000 Premium frequency: Monthly Allocation rate: 103% 1 Offer Price: SGD10 2 Total amount allocated equals (SGD1,000 SGD ) * 103% = SGD1, Sub-Fund Units allocated (1, / SGD10) = Sub-Fund Units allocated to your Plan. 6. REDEMPTION OF SUB-FUND UNITS If, at any time, your Plan has a Surrender Value in excess of SGD225/ USD150/ GBP100/ HKD1,250/ EUR135/ JPY20,000 it can be fully surrendered and you will receive the Surrender Value. Once your Plan has acquired a Surrender Value of SGD3,375/ USD2,250/ GBP1,500/ HKD18,745/ EUR2,025/ JPY300,000, partial surrenders may be taken subject to a minimum payment of SGD1,125/ USD750/ GBP500/ HKD6,250/ EUR675/ JPY100,000 and a remaining Surrender Value of at least SGD2,250/ USD1,500/ GBP1,000/ HKD12,495/ EUR1,350/ JPY200,000 plus any outstanding establishment charges, if applicable. 1 Please refer to section 8 Allocation Rates of the Details Guide for further details. The 103% rate assumed in the example is based on a Premium Payment Term of 10 years or more. 2 Please note that the Offer Price used in the example is for illustrative purposes only. 3 Plan Fee equals SGD6.75. For more information see section 4 Summary of Fees and Charges of the Product Summary.

9 Generali Worldwide Insurance Company Limited Vision Product Summary 9 of 16 Partial surrenders are free of surrender charges and penalties. However, establishment charges (if applicable) will continue to apply based on any Single Premiums previously received disregarding any partial surrenders or regular income payments previously taken. Likewise, the level of future administration fees due is unchanged by partial surrenders. A regular income may be taken from a Plan at any time provided the Surrender Value of the Plan after the regular income payment does not fall below SGD2,250/ USD1,500/ GBP1,000/ HKD12,495/ EUR1,350/ JPY200,000. The minimum amount of each regular income payment, irrespective of frequency, is SGD112.50/ USD75/ GBP50/ HKD625/ EUR68/ JPY10,000 and payments can be made monthly, quarterly, half-yearly or annually. The amount of regular income payment can be expressed as either a fixed sum or as a percentage of the bid value of Sub-Fund Units on the date that the payment is processed. Regular income payments are free of surrender charges and penalties. However, establishment charges (if applicable) will continue to apply based on any Single Premiums previously received disregarding any partial surrenders or regular income payments previously taken. Likewise, the level of future administration fees due is unchanged by regular income payments. The price used for full surrender and partial surrender and death claims is the available Bid Price on the next Dealing Day after all proper notification is received. The price used for regular income is the last available Bid Price prevailing on the date that the income payment is processed. Example of how Sub-Fund Units are redeemed under a partial surrender, assuming the following: Partial surrender of 1,000 Sub-Fund Units A minimum of 1,000 Accumulation Units exists in the Plan (because Initial Units cannot be partially surrendered) Bid Price: SGD10 4 The amount redeemed is 1,000 SGD10 = SGD10, SWITCHING As a Planholder, you may switch your ILP Sub-Funds. You may make any number of switches (subject to a maximum of 20 ILP Sub-Funds per Plan). Partial switching is allowed provided that the amounts remaining invested in relation to each ILP Sub-Fund at all times do not fall below the minimum amounts stated in the Vision Terms and Conditions. Future premiums will continue to be allocated to the original ILP Sub-Funds unless otherwise instructed. There is currently no fee for switching although Generali Worldwide Insurance Company Limited reserves the right to review this in the future. Switches into and out of ILP Sub-Funds corresponding to Internal Underlying Funds are processed using the next available Bid Price. Switches out of ILP Sub-Funds corresponding to External Underlying Funds are processed using the next available Bid Price, whereas switches into ILP Sub-Funds corresponding to External Underlying Funds are processed using the next available Offer Price. 8. SUSPENSION OF DEALINGS We may suspend dealing in any ILP Sub-Fund if, due to circumstances beyond our control, we are unable to or are prevented from fairly or accurately valuing or pricing it or from dealing in its underlying assets. We will communicate to you any notice of suspension of dealing. 9. SOFT DOLLAR COMMISSIONS OR ARRANGEMENTS Generali Worldwide Insurance Company Limited, Singapore Branch does not receive any soft dollar commissions in respect of any ILP Sub-Funds. 4 Please note that the Bid Price used in the example is for illustrative purposes only.

10 10 of 16 Generali Worldwide Insurance Company Limited Vision Product Summary 10. CONFLICTS OF INTEREST Generali Worldwide Insurance Company Limited, Singapore Branch does not have any conflicts of interest which may exist or arise in relation to any ILP Sub-Funds and their management. 11. COOLING OFF PERIOD If you are not satisfied with your investment, for whatever reason, you can decide not to go ahead with the Plan during the Cooling Off period which ends 30 days after the Plan commencement date. The Welcome Pack will contain a Cooling Off Notice that you must complete and return to us if you wish to avail of your cancellation rights. It is sufficient for you to send the Cooling Off Notice (along with the other documents contained in your Welcome Pack) to our business address in Singapore within the Cooling Off Period to exercise your cancellation rights. If your Plan is cancelled within the Cooling Off Period, you will receive a full return of any Investment Amounts paid, less an adjustment for any downward movements in the value of the ILP Sub-Funds in which they are invested and any associated investment or disinvestment costs occurring between the date of investment and the time the Sub-Fund Units are sold. 12. OTHER FEATURES a) Additional cover Additional Death Benefit: Optional additional cover on death. This will be subject to an additional charge - see section 4 and underwriting may apply. Premium protection cover: Optional cover available on Regular Premiums. This will be subject to an additional charge - see section 4 and underwriting may apply. b) Bonus allocations Loyalty bonus (applies to Regular Premiums only): On the 10th Plan Anniversary and every 5th Plan Anniversary thereafter (within the 30 years following plan commencement or the original Premium Payment Term, whichever is less) a bonus equal to 5% of all Regular Premiums received during the preceding period is added to the Plan. The preceding period is the first ten years for the first bonus and then the five years immediately preceding each subsequent bonus. This bonus does not apply to any Single Premiums or plans with an original Premium Payment Term of less than ten years. Enhanced allocation: Ranging from an additional 1% to 6% on all Regular Premiums paid. (Please refer to section 8. Allocation Rates of the Details Guide for further details.) 13. INVESTOR PROTECTION IN RELATION TO GENERALI WORLDWIDE INSURANCE COMPANY LIMITED Planholders with Generali Worldwide Insurance Company Limited benefit from Guernsey s Policyholder protection regime under the licensing conditions imposed by the Guernsey Financial Services Commission under the Insurance Business (Bailiwick of Guernsey) Law, 2002 (as amended). The requirement is to have at least 90% of assets backing Planholder liabilities held in trust with an independent third-party trustee at all times. Policy Owners Protection Scheme Plans issued by Generali Worldwide Insurance Company Limited, Singapore Branch are protected under the Policy Owners Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your Plan is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact us or visit the LIA or SDIC websites ( or Only guaranteed life risk benefits are protected by this scheme. Please note that there are no guaranteed life risk benefits attaching to your Plan.

11 Generali Worldwide Insurance Company Limited Vision Product Summary 11 of COMPLAINTS We hope that Planholders will not feel the need to complain but, if they do a formal complaints policy is in place as required by the Guernsey Financial Services Commission, details of which can be provided on request. All complaints should be directed in writing to the Head of Compliance, Generali Worldwide Insurance Company Limited, Generali House, Hirzel Street, St Peter Port, Guernsey, Channel Islands GY1 4PA. Planholders may also address their complaint directly to the Generali Worldwide Insurance Company Limited, Singapore Branch at 20 Collyer Quay, #14-02, Singapore If they are dissatisfied with the response to their complaint, it can be referred to the Financial Industry Disputes Resolution Centre (FIDReC) (a dispute resolution organisation independent of Generali Worldwide Insurance Company Limited). FIDReC can be contacted at 112 Robinson Road #08-01, Singapore If the Planholder remains unhappy with the final decision of FIDReC, they will not have prejudiced their right to take legal proceedings. 15. REGULATORS Generali Worldwide Insurance Company Limited is regulated in Guernsey as a licensed Insurer to conduct international and domestic life insurance business by the Guernsey Financial Services Commission under the Insurance Business (Bailiwick of Guernsey) Law, 2002 (as amended). Their address is Guernsey Financial Services Commission, P.O. Box 128, Glategny Court, Glategny Esplanade, St. Peter Port, Guernsey, Channel Islands GY1 3HQ. Generali Worldwide Insurance Company Limited, Singapore Branch, is licensed and registered as a direct insurer to carry out life business in Singapore by the Monetary Authority of Singapore. They can be contacted at Monetary Authority of Singapore, 10 Shenton Way, MAS Building, Singapore, This authorisation does not imply official approval or recommendation. 16. POINT OF SALE DOCUMENTS Copies of the following documents are given to you at the point of sale: Vision Product Summary Vision Brochure Vision Details Guide Vision Application Booklet Your Guide to Life Insurance International Fund Selection Brochure Personal benefit illustration Fact Find (provided to you by your Financial Adviser). 17. REPORTS Please refer to the International Fund Selection Brochure of ILP Sub-Funds and the prospectus of the Underlying Fund(s) for important fund disclosure information.

12 12 of 16 Generali Worldwide Insurance Company Limited Vision Product Summary 18. DETAILS OF THE INSURER Vision is underwritten by Generali Worldwide Insurance Company Limited, which is part of the Generali Group. The Generali Group has the benefit of over 175 years experience in providing savings and investment solutions for a wide variety of investment and insurance needs. It has a truly global presence operating in over 60 markets covering five continents. As one of the world s top 50 companies*, the Generali Group offers the strength and experience needed for financial peace of mind. * The 2014 Fortune Global 500, based on 2013 revenues. 19. GLOSSARY In this Product Summary the following expressions have the following meanings: Accumulation Units These are Sub-Fund Units purchased from the balance of Regular Premium allocations during the Initial Period over and above the allocation to Initial Units and all Regular Premium allocations after the Initial Period. All Single Premiums are allocated to Accumulation Units. Additional Death Benefit The optional additional amount paid, over and above the Standard Death Benefit, in the event of the Relevant Death. Assignment The transfer of your rights under your Plan to a third party. Beneficiary The individual, company or trust that is nominated by you to receive the Death Benefit under your Plan. Bid Price The net amount per Unit realisable by Generali Worldwide Insurance Company Limited when selling Sub-Fund Units corresponding to Sub-Funds Units in your chosen ILP Sub-Funds. It is the price of a Sub-Fund Unit used in calculating switches out of ILP Sub-Funds corresponding to External Underlying Funds, switches into and out of ILP Sub-Funds corresponding to Internal Underlying Funds, full and partial surrenders, regular income payments, the payment of Death Benefit and where Sub-Fund Unit deductions are made to pay Plan charges. Business Day Any day (excluding Saturdays, Sundays and Public Holidays) on which the clearing banks in Guernsey are open for normal banking business. Cooling Off Period The period during which you may decide not to go ahead with your Plan. Dealing Day The days, as determined by Generali Worldwide Insurance Company Limited, on which Sub-Fund Units corresponding to your chosen ILP Sub-Funds can be allocated to and de-allocated from your Plan. They reflect the days on which Underlying Funds are priced and on which Units are allocated to or de-allocated from the Underlying Funds. Death Benefit The benefit payable under your Plan in accordance with the Terms and Conditions following our receipt of proper notice of the Relevant Death.

13 Generali Worldwide Insurance Company Limited Vision Product Summary 13 of 16 External Underlying Funds Funds that are managed by persons other than Generali Worldwide Insurance Company Limited and divided into Units. Financial Adviser An individual with whom you seek advice in relation to your financial affairs. Fund Manager The person or institution responsible for making decisions relating to the investment of an Underlying Fund in accordance with the stated investment aims of that Underlying Fund. Generali Worldwide Insurance Company Limited, Singapore Branch Registered in Singapore as a branch of a foreign company, registration number T10FC0110K, with an address at 20 Collyer Quay, #14-02, Singapore A branch is not a legal entity separate from the parent company. Initial Period The Initial Period is determined by the Premium Payment Term of your Plan. It is the period after Plan commencement during which Initial Units are allocated. The Initial Period (in years) is equal to the total administration fees due over the Premium Payment Term divided by the initial annualised Regular Premium. (If the premium payment frequency of your plan is monthly, your annualised Regular Premium is the monthly premium multiplied by 12). Every Regular Premium increase will generate its own new Initial Period in respect of the increased amount of premium. Initial Units These are the Sub-Fund Units purchased in the Initial Period which are used to pay for the administration fees deducted at the end of each year of the Premium Payment Term. Initial Units will be gradually reduced over the Premium Payment Term by the administration fees such that there will be none left once the end of the Premium Payment Term is reached. If you fully surrender your plan before the end of the Premium Payment Term, all Initial Units held at the point of surrender will be forfeited to pay for outstanding administration fees. Internal Underlying Funds Unit-linked funds that are managed by Generali Worldwide Insurance Company Limited and divided into Units. International Fund Selection The panel of ILP Sub-Funds made available by Generali Worldwide Insurance Company Limited. This panel of ILP Sub-Funds will change from time to time. Investment Linked Policy Sub-Funds At Plan commencement, you can select Investment Linked Policy (ILP) Sub-Funds from the International Fund Selection brochure of ILP Sub-Funds corresponding to Underlying Funds. Initially, you can select up to ten ILP Sub-Funds but these can be changed throughout the life of your Plan by use of the switch option. For each ILP Sub-Fund selected, you will be allocated Sub-Fund Units corresponding to Units in the Underlying Fund, which represents your ILP Sub-Fund. The ILP Sub-Fund invests 100% in the corresponding Underlying Fund of the same name. Investment Value This is the total market value, as calculated by us, of the Sub-Fund Units allocated to your Plan in respect of your chosen ILP Sub-Funds. It is the sum of the total number of Sub-Fund Units representing each ILP Sub-Fund multiplied by their applicable Bid Price. Life Assured or Lives Assured The person or persons insured by the Plan and on whose death the Death Benefit may become payable.

14 14 of 16 Generali Worldwide Insurance Company Limited Vision Product Summary Offer Price The cost per Unit payable by Generali Worldwide Insurance Company Limited when buying Units of the Underlying Fund corresponding to Sub-Fund Units in your ILP Sub-Funds. It is the price of a Sub-Fund Unit used for investments into ILP Sub-Funds corresponding to Underlying Funds (Internal Underlying Funds and External Underlying Funds). It is also used for switches into ILP Sub-Funds corresponding to External Underlying Funds. The Offer Price is unique to Generali Worldwide Insurance Company Limited and reflects the discounted terms (if any) we are able to negotiate with the Fund Manager of each Underlying Fund. Plan The whole of life unit-linked assurance contract made between you and Generali Worldwide Insurance Company Limited upon and subject to the Terms and Conditions of: The Application Form as completed by you and the Life/ Lives Assured. The Terms and Conditions, which contain all the standard Plan terms. The Plan Schedule first issued at the Plan Commencement Date. Any relevant statements in relation to your Plan, made by you and/or the Life/ Lives Assured, upon which we rely. Notifications of changes and all endorsements issued by Generali Worldwide Insurance Company Limited to the Terms and Conditions or Plan Schedules. Plan Anniversary Any anniversary of the Plan Commencement Date. Plan Commencement Date The date, shown on the Plan Schedule, upon which Generali Worldwide Insurance Company Limited assumes risk in respect of any benefits payable under your Plan. Plan Currency The currency denomination of your Plan as chosen by you in the Application Form and shown on the Plan Schedule. Planholder The person or persons with whom we have agreed the Plan. Where applicable, references to the Planholder include its successors in title and permitted assigns (as the case may be). Plan Schedule The document, issued at the Plan Commencement Date, or the latest revised version thereof, and any endorsements, which sets out specific details of your Plan. Plan Statement The statement, issued at the Plan Commencement Date, or the latest revised version thereof, which sets out specific details of your total premium payments, Underlying Funds corresponding to your ILP Sub-Funds and allocations. Premium Payment Term The duration for which the Planholder elects to pay Regular Premiums. Regular Premium The premium to be paid by the Planholder at regular intervals as stated on the Plan Schedule or any revised amount agreed by the Planholder and Generali Worldwide Insurance Company Limited. Relevant Death The death by reference to which the Death Benefit is payable, being: For a Single Life Plan: the death of the only Life Assured. For a Joint Life First Death Plan: the death of the first of the two Lives Assured to die. For a Multiple Lives Last Survivor Plan: the death of the last surviving Life Assured.

15 Generali Worldwide Insurance Company Limited Vision Product Summary 15 of 16 Single Premium A single amount paid in addition to any Regular Premiums. Standard Death Benefit The Standard Death Benefit is 101% of the Investment Value. This amount is payable following our receipt of proper notice of the Relevant Death. Sub-Fund Units Premium allocations will be used to allocate Sub-Fund Units to your Plan corresponding to Units in the Underlying Funds, which represent your ILP Sub-Funds. Because of this allocation of Sub-Fund Units to your Plan, Generali Worldwide Insurance Company Limited will purchase Units in the corresponding Underlying Fund. These Units in the Underlying Funds remain the property of Generali Worldwide Insurance Company Limited at all times. The Sub-Fund Units are used only for the purpose of calculating the value of your Plan benefits. Surrender Value The current Investment Value of your Plan less any: accrued charges; pro rata investment administration charges due; administration fees which would have otherwise been deducted over the remaining Premium Payment Term (i.e. the Initial Units remaining on the Plan); any applicable early discontinuance charges and any applicable third party charges. Terms and Conditions The Plan terms and conditions for the time being in force and as from time to time amended in accordance with their terms. Underlying Fund An Underlying Fund is a collective investment scheme where investments are pooled. (Typically, an underlying fund may invest in equities, fixed income securities, onshore and offshore funds, unit trusts, investment trusts, open ended investment companies, life funds, currencies, selected derivatives and other transferable securities.) Each of your ILP Sub-Funds has a corresponding Underlying Fund. Generali Worldwide Insurance Company Limited will purchase or sell Units in the Underlying Fund corresponding to your ILP Sub-Fund. As a result, Generali Worldwide Insurance Company Limited will allocate or de-allocate Sub-Fund Units to your Plan. The ownership of the Units in the Underlying Fund resides with Generali Worldwide Insurance Company Limited at all times. Units The portions of equal value into which an Underlying Fund is divided. Welcome Pack The Plan Schedule, Plan Statement, Terms and Conditions, welcome letter Cooling Off Notice and contact details which are sent to you on commencement of your Plan.

16 Generali Worldwide Insurance Company Limited, Singapore Branch 20 Collyer Quay, #14-02 Singapore Registered in Singapore as a Branch of a Foreign Company Number T10FC0110K. Licensed by the Monetary Authority of Singapore as a direct insurer to carry on life business in Singapore. T F SingaporeRO@generali-worldwide.com Registered Head Office address: Generali Worldwide Insurance Company Limited, Generali House, Hirzel Street, St Peter Port, Guernsey, Channel Islands GY1 4PA. Incorporated in Guernsey under Company Registration No T +44 (0) F +44 (0) enquiries@generali-worldwide.com generali-worldwide.com Regulated in Guernsey as a licensed Insurer by the Guernsey Financial Services Commission under the Insurance Business (Bailiwick of Guernsey) Law, 2002 (as amended). Generali Worldwide Insurance Company Limited is part of the Generali Group, listed in the Italian Insurance Group Register under number 026. Websites may make reference to products that are not authorised or regulated and/or are not available for offering to planholders in certain jurisdictions.