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5
Death Benefit
5.1
The amount payable on death of the Life Assured will be
the Sum Assured as stated in the Policy Schedule plus
Accidental Death Benefit Sum Assured if applicable.
5.2
The monies payable will be made in the Policy Currency.
5.3
The monies payable to the beneficiaries upon death will
be net of any bank or legal costs incurred in transferring
the monies to the beneficiaries' bank account.
5.4
Exclusions.
The Death Benefit is not paid if the death
results directly or indirectly from any of the following:
5.4.1 Suicide, while sane or insane within two (2) years from the
coverage start date.
5.4.2 War or any act incident to war. "War" means any war,
declared or not, including civil war and guerilla war; or
any other conflict of any country involving the armed
forces of any country or international body
5.4.3 Service in the armed forces, or any auxiliary force, of any
country at war
5.4.4 Travel in any aircraft, other than as a fare paying passenger
on a commercially licensed passenger aircraft, or descent
from any aircraft in flight.
5.4.5 If the Assured shall regularly engage in any occupation,
sport, pastime or other activity in which materially greater
risk may be incurred than previously disclosed in connection
with this Insurance without the Assured first notifying the
Provider and obtaining their written agreement to the
inclusion under this Insurance (subject to the payment of
any additional premium as the Providers may reasonably
require as the consideration for such agreement), then
no claim shall be payable in respect of any Accident
arising from such activity.
5.5
Termination.
The rider terminates on the earliest of:
5.5.1 The policy anniversary immediately preceding the Life
Age 100;
5.5.2 Termination of the Policy; or
5.5.3 By written request of the Policy Owner.
6
Suicide
If the Death Benefit becomes payable as a result of suicide
within two years of the Commencement Date, the Death
Benefit shall be limited to a refund of the Selected
Premiums.
7
Variation of Sum Assured.
7.1
At any time the Policy Owner may request that the Sum
Assured be decreased provided that:-
7.1.1 the revised Selected Premium is not less than the minimum
then allowed by the Company;
7.1.2 the Sum Assured after the decrease is not less than the
Minimum Sum Assured
7.2
At any time the Policy Owner may request that the Sum
Assured be increased provided that:-
7.2.1 the amount of the increase is not less than the minimum
increase allowed by the Company;
7.2.2 the Sum Assured after the increase does not exceed the
Maximum Sum Assured;
7.2.3 the Company's medical requirements at the time are
satisfied.
7.2.4 the increased sum insured is charged at the new age rate.
8
Terminal Illness Accelerator
8.1
If the Life Assured is diagnosed with an advanced or rapidly
progressing and incurable medical illness where in the
opinion of any medical expert retained by the Company,
the Life Assured is deemed to have less than 10 months
to live, the Sum Assured will be payable.
8.2
The amount of the benefit will be the lesser of $1, 000,000
or the Sum Assured shown in the Policy Schedule.
If the Sum Assured shown in the Policy Schedule exceeds
the maximum payable under this Benefit, both the
remaining Sum Assured and the Premium will be
recalculated accordingly.
8.3
Once a Terminal Illness claim is accepted, no further claims
against the Policy can be made, with the exception being
the provision under 8.2. No further premiums will be payable,
and the Policy will be cancelled.
8.4
The Terminal Illness Benefit is not available within the last
2 years of the Policy.
9.
Waiver of Premium Benefit
9.1
If the Life Assured is unable to carry out his or her own
occupation due to total disability caused by bodily injury,
illness or physical or mental infirmity for a continuous period
of six months prior to his 60th birthday, or if the Life Assured
suffers from such disability that he is confined to his or her
home under medical supervision or to a recognized
medical institution for a continuous period of six months,
the Company will pay the Premiums due under the Policy
after this six month period until the 24th month, at which
time, if the Life Assured is unable to carry out a gainful
occupation for which the Life Assured is reasonably suited
by training, education or experience due to permanent
disability caused by bodily injury, illness or physical or
mental infirmity, the Company will continue to pay the
Selected Premium due under the Policy from the 25th
month until this benefit terminates under condition 9.6
9.2
The Policyholder shall give notice to the Company of such
total disability within twelve months of the commencement
of total disability. Should the notice be received by the
Company after the period of twelve months from the date
that total disability commenced, then the waiver outlined
above shall commence from the date six months prior to
the receipt by the Company of notice.
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