Allianz Life Luxembourg

Transcription

1 Allianz Life Luxembourg Global Inwest Variable capital life-insurance policy with optional supplementary cover in case of death.

2 GENERAL TERMS AND CONDITIONS The insurer of the policy is Allianz Life Luxembourg s.a., 14 boulevard Roosevelt, L-2450 Luxembourg. Pursuant to the European Directive 2002/83 of 5 November 2002, the authority responsible for supervising policies is the Commissariat aux Assurances of the Grand Duchy of Luxembourg Boulevard Royal 7 L-2449 Luxembourg. 1 PURPOSE OF POLICY The purpose of this policy is to enable the policyholder to build up a capital denominated in the units of the vehicles selected by him, consisting of one or more payments allocated to the investment vehicles proposed in Article 5. In the case of survival on maturity of the policy, the insured capital shall be paid in accordance with Article 11. In the event of death, the death benefit shall be paid to the designated beneficiary(ies) under the terms set out in Article 12 and as applicable in Article 26. The policyholder can at any time obtain the surrender value in accordance with Article 10. The value of the amounts invested in any vehicle shall at all times be equal to the product of the number of units of this vehicle held, multiplied by the value of the unit in this same vehicle net of charges. The value of the unit may rise or fall. 2 DEFINITIONS Policyholder Insured Beneficiary Life benefit Death benefit Surrender value Vehicles Individual or legal entity, policyholder of the insurance, who makes the payment(s). Individual who is insured. The insured, the policyholder of the insurance and the beneficiary in the event of survival on maturity of the policy are generally the same person. Individual(s) or legal entity(ies) who will receive the death benefit in the case of the insured's death. Unless stipulated otherwise, the beneficiary in the case of the insured's death is the spouse of the insured unless divorced at the time of death otherwise his or her children born or to be born, alive or represented, otherwise his or her heirs. Cumulative value, expressed in the reference currency, of the amount of capital recorded in the various vehicles when the policy matures. Cumulative value, expressed in the reference currency, of the amount of capital recorded in the various vehicles at the time of the insured's death increased, where applicable, by the value of the optional cover for death benefits described in Article 25. Cumulative value, expressed in the reference currency, of the amount of capital recorded in the various vehicles at the time of the request for surrender. Units of the funds or investment vehicles described in the appendix to the General Terms and Conditions are the investment vehicles in which the policyholder may invest subject to the particular features of each. 3 TERM OF POLICY The policy is taken out for a period - generally life or a whole number of years - stipulated in the Special Terms and Conditions. 4 EFFECTIVE DATE OF POLICY The effective date of the policy is mentioned with a common accord in the Special Terms and Conditions. This date is the latest of the two dates below: - the date on which the first payment is credited to the account of Allianz Life Luxembourg, - the date of receipt of the complete application file, subject to acceptance.

3 In the event of subscription involving several cheques or transfers, the applicable date of receipt shall be the date on which the last payment is credited to the account of Allianz Life Luxembourg. In the case of a policy backed by a dedicated internal fund, the applicable date of receipt is the time when the minimum amount of the dedicated internal fund has been paid in. The policy is indisputable from the effective date, unless the case of a false notification. 5 DESCRIPTION OF POLICY This product is a multi- vehicles policy, partly linked to unit of account vehicles (external funds, collective internal funds, dedicated funds) and to guaranteed return vehicles. The investment vehicles proposed are governed by Article 25 of European Directive 2002/83 of 5 th November 2002 and by Article 12 of the Regulation of the Grand Duchy of Luxembourg of 14 December Within this framework, the policyholder may choose between several categories of investment vehicles. You can access to each option of the policy from a minimum amount fixed in the General Regulation, enclosed with the General Terms and Conditions. 5.1 EXTERNAL FUNDS External funds : collective investment house established outside an insurance company and liable to agreement and monitoring proceedings from a monitoring statist authority. For every investment vehicle selected by the policyholder, the policyholder shall receive a copy of the simplified prospectus provided for in European Directive 85/611, as amended. The funds information notices suggested by Allianz Life Luxembourg are available free of charge on the following website Allianz Life Luxembourg can propose new investment vehicles selected in accordance with the law and the markets and/or withdraw some of the investment vehicles presented at the subscription. Allianz Life Luxembourg shall set a minimum investment threshold for each investment vehicle annually. 5.2 INTERNAL FUNDS Internal funds : the whole assets of an insurance company (limitation of creditor s claim to only part of the firm s assets), opened for several subscribers ( collective internal funds ) or used for one contract only ( dedicated internal funds ). Each internal fund is characterized by its own investment policy. To reach its financial purposes, the internal funds will mainly invest in external funds or on the contrary buy direct investment, possibly favour one or more categories of assets (equities, bonds etc ) or specialize in economic or geographic sectors and, if need be, will search for regular incomes or capital gain etc. The assets of internal funds are Allianz Life Luxembourg s ownership. These are managed in accordance with the investments rules imposed by the regulation of Luxembourg. This regulation sets out the limitation by issuer and by categories of assets in each internal fund. These investment limits vary with the amount of the investment and the assets declared by the policyholder. 5.3 EURO-DENOMINATED FUND The euro-denominated funds offer a guaranteed minimum rate stipulated in the Special Terms and Conditions to each policy or in the rider in the case of a switch or voluntary payment during the term of the policy. Results from technical and financial management are based on the annual technical and financial statements of Allianz Life Luxembourg, which are drawn up in accordance with the applicable laws and regulation. Based on these annual results, Allianz Life Luxembourg determines for each calendar year a share in the profits, as a percentage of the eurodenominated fund for GLOBAL INWEST policies. This percentage share is proportional to the insured capital built in the euro-denominated fund on 1 st January of each year.

4 The effective date of the first payment into the fund determines the start of the period of five years during which surrender penalties apply: 3% of the amount surrendered during the first three years, 2% during the fourth year, 1% during the fifth year. There are no surrender penalties during subsequent years. Moreover, the premium invested in the euro-denominated vehicle is limited to 5 million, per year per policyholder. 6 SAFEGUARD CLAUSE In the event that one of the investment vehicles in which the policyholder holds units ceases its activity, another investment vehicle with the same objectives shall be proposed to the policyholder in accordance with the applicable regulation. In the event of notable changes in the investment policy or if an internal fund in which the policyholder holds units ceases its activity, three options shall be offered: - The policyholder will be entitled to switch to a vehicle, either internal or external, which gives equivalent investment policy and level of charges than the previous fund (which ceased its activity or changed its investment policy). This switch will be free of charges (option by default). - The policyholder will be entitled to switch to a vehicle with a low risk of investment or liquid assets. This switch will be free of charges. - The policyholder will be entitled to terminate his life insurance policy without withdrawal penalties unless the value of the units dealing with the funds ceasing its activity or changing its investment policy is below 20% of the whole value of the policy. In this particular case, the free withdrawal is limited to the units of these precise funds. 7 INITIAL PAYMENT The initial payment, net of charges (see Article 14), shall be invested in full in the investment vehicles selected after the cancellation period (see Article 19). The amount of the initial payment may not be less than the minimum stipulated annually by Allianz Life Luxembourg in the General Regulation. 8 ADDITIONAL PAYMENTS The policyholder may make additional payments at any time into his policy. The payment, net of charges (see Article 14), shall be invested in full in investment vehicles selected according to the valuation dates described in Article 15. Without specific instructions, the allocation of the amount invested between vehicles for each payment shall be the same as the latest allocation stipulated on subscription, provided such investment vehicles are available or authorised at the time of payment. The amount of the voluntary payment may not be less than the minimum stipulated annually by Allianz Life Luxembourg. If one or more voluntary payments are made during the cancellation period, they shall only be invested after the cancellation period (see Article 19). 9 DIVIDENDS FROM VEHICLES In the event of a payout by a UCITS, Allianz Life Luxembourg shall distribute the net income in full in the form of additional units. 10 WITHDRAWAL After the statutory cancellation period, the policyholder may withdraw all or part of his investment at any time, subject to written notice. Total withdrawal terminates all the effects of the policy. Withdrawal may require the beneficiary's written permission or, in the event that the policy has been pledged or assigned by way of guarantee, the written agreement of the credit institution, as stipulated in Article 18. Partial withdrawals, in an amount which may not be less than the minimum determined annually by Allianz Life Luxembourg, shall be possible. The remaining value of the policy shall remain at least equal to an amount which may not be less than the minimum determined annually by Allianz Life Luxembourg. (cf General Regulation). Unless otherwise instructed, each partial withdrawal shall be allocated in proportion to the allocation of investments into the vehicles in which the policyholder has invested on the date of the transaction.

5 The following table shows the minimum withdrawal values in numbers of units of investment vehicles after the first eight years for one example: a single payment of 100,000, charges of 4.5% on the payment, investment on the basis of a unit of account which is worth 100 on subscription, optional cover for death benefits (see Article 26) not subscribed. End of year Single payment on subscription Minimum value of the contract in units 1 100, The table below shows the minimum withdrawal values in euro after the first eight years for one example: a single payment of 100,000, charges of 4.5% on the payment, investment on the Euro-denominated fund offering a technical rate of 2.75% (on 1 st July 2007 and subject to regular revaluations) on the eight years. End of year Single payment on subscription Minimum value of the contract in euro 1 100, The optional cover for death benefits (see Article 26) does not have a surrender value. In the case of a policy backed by a reference vehicle, the amount of the insured capital which remains in the account may not be less than the minimum amount set by Allianz Life Luxembourg (cf General Regulation) for access to this vehicle, in accordance with Article 5. If this is not the case, the policyholder will be entitled to switch, in accordance with Article 13, to one or more investment vehicles denominated in units of transferable securities, as defined in Article 5 The date of receipt of the complete request shall be the starting point for the divestment as described in Article MATURITY OF THE POLICY Before the end of the period determined initially by the policyholder, the policyholder must choose between the following options: a. Receiving the insured capital in the convertible currency of his choice. b. Receiving the securities representing the insured capital, subject to the particular features of each investment vehicle. The balance on units of investment vehicles, which can t be broken down into fractions, will be paid in cash. c. Continuing his policy under the terms in force at the time of extension subject to acceptance by Allianz Life Luxembourg. In any event, the optional death cover ceases on the 75th birthday of the insured. d. Converting the insured capital into: a life annuity, or a life annuity reversible to a co-annuitant to be designated, or

6 a temporary annuity guaranteed during a period selected by the policyholder. In the event that the annuitant dies before payment of the final annuity, the remaining insured capital is paid to the designated beneficiary(ies). e. Combining an insured capital with an annuity in the desired proportion, subject to the before-mentioned minimums. Annuities are expressed and shall be paid exclusively in a currency. Annuity shall be calculated at the rates in force on the effective date. The value thereof shall be adjusted when the insurer redistributes profits from the technical and financial results generated by the management of annuities. The amount of the annuity on the activation date must be at least equal to a minimum determined annually by Allianz Life Luxembourg. 12 INSURED'S DEATH In the event that the insured dies, the value of the death benefit shall be paid to the beneficiary(ies) designated, subject to enforcement of Article 26. Payment of the death benefit shall terminate all effects of the policy. The date of receipt of the death certificate shall be the starting point of the disinvestment, as described in Article 15. In this case, the funds shall remain at the disposal of the beneficiaries until receipt of a complete file. 13 SWITCHES (TRANSFERS BETWEEN INVESTMENT VEHICLES) After the cancellation period (see Article 19), the allocation of the policy may be modified on written application by the policyholder, subject to the minimum amounts required by Allianz Life Luxembourg per investment vehicle. The policyholder can only switch external funds. Switches may require the beneficiary's written permission or, in the event that the policy has been pledged or assigned by way of guarantee, the written agreement of the credit institution, as stipulated in Article 18. Investments may only be switched from a dedicated internal fund to external funds, collective internal funds or eurodenominated fund, or conversely with permission from Allianz Life Luxembourg. 14 OPERATING COSTS The costs applied to payment(s) shall be 5% at most. They shall be stipulated in the insurance proposal and confirmed in the Special Terms and Conditions. Management fees, set at 1% p.a., shall be charged to the insured capital by reducing the number of units credited to the policyholder's account. For each switch between external funds, or from one or more external funds to the euro-denominated fund, a collective internal fund or a dedicated internal fund and vice versa, switch fees shall be 1% of the switched amount. Switch fees are at least 50. All costs generated by money transfers from the policyholder's bank account(s) to the account(s) of Allianz Life Luxembourg and from the bank account(s) of Allianz Life Luxembourg to the account(s) of the policyholder or the beneficiary(ies) as well as the cost of buying and selling investment vehicles shall be borne by the policyholder or the beneficiary respectively. The same applies to the cost of collecting payment of cheques drawn by the policyholder or issued by Allianz Life Luxembourg in favour of the policyholder or the beneficiary. 15 VALUATION DATES 15.1 INVESTMENT (PREMIUM PAYMENTS) Each payment, net of charges and, as applicable, the premium for death benefits (cf article 26) shall be invested in the investment vehicles chosen by the policyholder on the basis of the market values known after the investment orders. These market values shall be confirmed by the asset managers of the investments vehicles concerned.

7 The buying order of investment is done at the latest the second working day which follows the day of receipt of the complete subscription file and the charging to the Allianz Life Luxembourg s account of the payment of the policyholder DISINVESTMENT (WITHDRAWALS) The withdrawals requested by the policyholder shall be valuated on the basis of the market values known after the disinvestment orders. These market values shall be confirmed by the asset managers of the investments vehicles concerned. The selling order of disinvestment is done at the latest the second working day which follows the day of the receipt of the complete subscription file by Allianz Life Luxembourg SWITCH (TRANSFER BETWEEN INVESTMENT VEHICLES) Subject to provisions of Article 13, switches shall be made to match the new allocation requested by the policyholder as closely as possible. Transactions between investment vehicles shall be made in the following order: Disinvestments shall be made in accordance with Article Reinvestments in the investment vehicles chosen by the policyholder are made, after Allianz Life Luxembourg has received confirmation of the execution of disinvestment orders by all managers of the investment vehicles in question, by the deadlines stipulated in Article Any request for switch received between 20 December and 31 December will be processed as part of the first quotation of the following year. 16 PAYMENT Benefits shall be paid as soon as possible (within a maximum of 30 days) after Allianz Life Luxembourg receives the written request of the beneficiary and a complete file and after the disinvestment of the financial vehicle(s) held in accordance with Article 10, 11 or 12 as applicable. The request must be accompanied by the following documents: In the case of total withdrawal: the original of the Special Terms and Conditions, a legible copy of a valid identity card or passport of the policyholder. In the case of the insured s death: the original of the Special Terms and Conditions, a legible copy of a valid identity card or passport for each beneficiary, the death certificate, a police report in the case of accidental death, a medical certificate mentioning the cause of death of the insured and all other documents required by Allianz Life Luxembourg. On maturity: the original of the Special Terms and Conditions, a legible copy of a valid identity card or passport of the policyholder. For payment of annuities: all documents and certificates required by Allianz Life Luxembourg. 17 INFORMATION FOR THE POLICYHOLDER Pursuant to the applicable Community and local regulations, the policyholder shall receive on subscription and for each switch, information in the form of a fact sheet for each investment vehicle selected: For external funds: The policyholder shall receive the simplified prospectus provided for in European Directive 85/611, as amended, for each investment vehicle selected. For dedicated and collective internal funds : The policyholder receives the Information Notice of each internal fund selected, including: a) the name of the internal fund, b) the identity of the internal fund s asset manager, c) the type of internal fund, d) the investment policy, including any specialisation in certain geographical or economic sectors, e) the possibility to invest in alternative funds, f) standard investor profile and investment horizon, g) launch date and as applicable the closure date,

8 h) the annual historical performance for each of the last five financial years or, if not yet five years in existence, since the launch date, i) the benchmark which the reference vehicle is supposed to achieve or, if there is no explicit benchmark, one or more benchmarks against which performance can be measured, j) the place where the individual accounting data of the reference vehicle can be obtained or consulted, k) methods of valuation and as applicable of publication of the net asset value of the funds, l) methods of units withdrawals. For the euro-denominated fund The subscriber shall receive the detailed technical prospectus of the euro-denominated fund when selected. This information may be obtained on request at any time and is always available trough the policyholder s advisor on the following website: Each year, the policyholder shall receive, at his last-known address, a statement showing the position of his policy, the annual performance of each of the investment vehicles held by him and the insured capital. Additional statements shall be available at any times, free of charge, on the following website: On request, this information can be sent in hardcopy format to the policyholder for a fee set by Allianz Life Luxembourg (cf General Regulation). Moreover, every switch (transfer between investment vehicles), additional payment and partial withdrawal is accompanied by a statement of account. 18 PLEDGE - PAWNING The policyholder may at any time present his policy for a pledge, delegate his debt or assign it by way of guarantee. 19 CANCELLATION OF POLICY The policyholder may cancel his policy within 30 days after receipt of the Special Terms and Conditions. This cancellation shall be made by sending a registered letter with acknowledgment of receipt to Allianz Life Luxembourg, 14 Boulevard Roosevelt, L-2450 Luxembourg, in the following standard form, mentioning his name, first name and address and enclosing the subscription file : "I declare herewith that I cancel my GLOBAL INWEST policy signed on... and request you to repay me all sums paid within 30 days at most from receipt of this letter. If, on subscription, the policy is subject to specific acceptance or reservations connected with the optional cover for death benefits or essential modifications, the period of 30 days SHALL start to run after the policyholder's agreement. The same applies when optional death cover is added during the term of the policy, but in this case only to the additional fraction. The death cover ceases in the case of cancellation. The initial payment on subscription is invested in a money market fund from the effective date of the policy. The final investment shall be made only after the cancellation period of 30 calendar days from the day of receipt of the Special Terms and Conditions by the policyholder with an automatic and free switch. 20 DESIGNATION OF BENEFICIARY The policyholder must designate one or more beneficiaries for the policy. They may be designated on subscription or subsequently: in the proposal, in a rider, under a private instrument or under a notarised instrument. When the beneficiary(ies) is or are designated by name, the policyholder may add their name and address to the policy, which will be used by Allianz Life Luxembourg in the case of the insured's death. The policyholder may modify the beneficiary clause when no longer appropriate. The policyholder's attention is drawn to the fact that the designation becomes irrevocable when accepted by the beneficiary(ies). 21 CHOICE OF RESIDENCE Any notification to the Company is valid provided that it has been delivered at the head office. The policyholder s place of residence corresponds to the address set in the Special Terms and Conditions. Each notification will be legitimately sent to this address unless another one has been indicated to the Company by registered letter.

9 22 TAX TREATMENT The tax treatment applicable to the policy shall be the one in force in the country where the policyholder is resident. On subscription and on payment of benefits, the policyholder or the beneficiary must take the measures needed to comply with the tax law of their country of residence. The policyholder is responsible for complying with any changes in the tax treatment and the taxation connected with the GLOBAL INWEST policy, whether immediately, retroactively or subsequently applicable. 23 GOVERNING LAW AND JURISDICTION The parties make an agreement on the governing law of the policy in the Special Terms and Conditions. This choice is made in accordance with the terms of the Brussels Convention of 27 September 1968, of the European Regulation (EEC) No. 44/2001 of 22 December 2000 and of the European Directive 2002/83 of 5 December DATA PROTECTION Pursuant to European Directive 95/46 of 24 October 1995 and of Luxembourg law of 2 August 2002 concerning people protection through the use of personal data, the policyholder and the insured may request disclosure and correction of any information about them in any file used by Allianz Life Luxembourg, its agents, reinsurers and trade organisations concerned. This right of access and correction may be exercised at the address of Allianz Life Luxembourg. 25 CLAIM Allianz Life Luxembourg's normal correspondent shall examine all requests and complaints. If the resulting replies do not satisfy you, you can send a complaint to Allianz Life Luxembourg, Département Relations Clientèle, 14 boulevard Roosevelt, L-2450 Luxembourg. Lastly, in the case of an unresolved disagreement with regard to cover, you may appeal to the Mediator, whose name and address Allianz Life Luxembourg will provide on request, without prejudice to your other remedies at law. 26 OPTIONAL DEATH COVER 26.1 DEFINITION The purpose of the optional death cover is to pay the designated beneficiary(ies) an insured capital in the event of the insured's death, in addition to the insured capital paid under Article 12. Two types of cover are available, one with a fixed insured capital and one with a variable insured capital. Whether the policyholder opts for the fixed insured capital or the variable insured capital, a special insurance application form must be completed and submitted, together with the medical file (medical questionnaire and examinations) in order to be accepted by Allianz Life Luxembourg and, if it is accepted, a rider to the Special Terms and Conditions specifying features of the death benefits chosen must be issued DEATH BENEFITS WITH FIXED INSURED CAPITAL On subscription, the policyholder selects an insured capital denominated in the reference currency of the policy which will be paid to the designated beneficiary(ies) in the event of the insured's death. The optional fixed insured capital shall be limited to or the equivalent in another currency DEATH BENEFITS WITH VARIABLE INSURED CAPITAL Death benefits with a variable insured capital may be chosen on subscription, subject to a minimum initial payment whose amount is determined each year by Allianz Life Luxembourg. In this case, the amount of the death benefit is equal to the difference, if negative, between the surrender value of the policy as defined in Article 10, and the value of the optional death cover. The latter is based on the payment(s), net of withdrawals and charges, indexed to the capitalisation rate chosen on subscription in agreement with Allianz Life Luxembourg. However, the balance cannot exceed 30% of the surrender value of the policy as defined in Article 10, and is capped at a maximum of 521,000. To benefit from the death benefits with a variable insured capital, the policyholder must invest in investment vehicles whose net asset value is calculated at least once a month, to allow Allianz Life Luxembourg to calculate the capital at

10 risk in accordance with this Article EFFECTIVE DATE AND TERM OF COVER Cover shall take effect on the day on which Allianz Life Luxembourg gives notice that it agrees thereto. Cover with a fixed insured capital shall cease automatically on termination of the period covered by the last premium paid. At the policyholder's request, the cover may be modified, subject to Allianz Life Luxembourg's agreement, after the period covered by the last payment. An increase in the cover is subject to evidence of a state of health considered satisfactory by Allianz Life Luxembourg. The policyholder may request cancellation of the cover. In this case, it will cease at the end of the period covered by the last payment made for this cover. Cover with a variable insured capital shall cease on the first business day of the week following Allianz Life Luxembourg's receipt of the request to cancel the cover, made in writing by the policyholder. The indexation rate of this cover can only be modified with permission from Allianz Life Luxembourg. Death benefits cannot be subscribed by policyholders aged 70 and over. They cease at the term stipulated in the Special Terms and Conditions, but cannot remain in force after the 75th birthday of the insured. Payment of the death benefits terminates all effects of the policy AMOUNT OF PREMIUM The amount of the premium shall be calculated by applying to the insured capital the ratio corresponding to the age of the insured, in accordance with a scale of rates supplied on request. The premiums resulting from application of the rates shall be calculated annually for cover with a fixed insured capital and weekly for cover with a variable insured capital. Premiums shall be collected in advance for the cover with a fixed insured capital and annually in arrears for the cover with a variable insured capital. However, if the surrender value is less than the annual premium, the optional death cover may be discontinued, of which the policyholder shall be notified at once by letter. Allianz Life Luxembourg may increase this rate on acceptance of the risk for medical, professional or sports-related reasons. Allianz Life Luxembourg reserves the right to review the rate for death benefits on 1 st January of each year, including for persons insured on this date. In the case of an increase in the basic rate, the policyholder may terminate the optional death cover Cover with a fixed insured capital The first premium shall be collected proportionally until 31 st December by reducing the insured capital. The premiums for subsequent years are collected in advance by deducting them from the insured capital Cover with variable insured capital Allianz Life Luxembourg shall calculate the surrender value of the policy based on the net asset value of the units of the investment vehicles in which the policyholder has invested. The calculation shall be made depending on the frequency of publication of net asset value, which must be published at least 12 times a year and at most once a week if published every day. If the surrender value calculated this way is less than the payment(s) net of withdrawals and charges, indexed to the capitalisation rate chosen on subscription, Allianz Life Luxembourg calculates a premium based on the shortfall (capital at risk) and the table of rates. The annual premium must be paid in arrears on 30 th November of each year. It is equal to the sum of the premiums calculated this way. The premium is collected by deducting it from the insured capital. In the case of withdrawal during the year, any premium due will be deducted from the insured capital TERRITORIAL VALIDITY OF COVERS The optional death cover shall be valid in world-wide EXCLUSIONS Cover shall apply to all risks of death subject to the following provision: - Suicide is not covered until the second year of the policy. This period shall also apply to every increase in cover. - The policy does not cover death due to an act of war, i.e. death resulting directly or indirectly from an offensive or defensive action by a belligerent power or any other military event. - The murder of the insured by the beneficiary(ies) is not covered as regards the beneficiary(ies) or his or their accomplices. - In the case of air travel, cover shall be granted only if the aircraft used is covered by a valid airworthiness

11 certificate and if the pilot, who may be the insured himself, makes a flight authorised by his permit or licence. This policy excludes competitions, demonstrations, rallies, matches, acrobatics, test flights and flights on prototypes, parachute jumps not required by a dangerous situation on the aircraft and training flights for parachutists. The consequences of injuries of all kinds or disorders mentioned in the letter setting out the conditions under which the risk is accepted and prior to the effective date of the cover in question shall be excluded. Any error or intentional false representation or declaration by the insured or the policyholder shall void the optional cover for death benefits when this omission or false representation changes the object of the risk or affects the valuation thereof by Allianz Life Luxembourg, even if the risk omitted or distorted by the insured or the policyholder has not affected the loss. In the case of an error as regards the age of the insured, the sum paid shall be reduced to cover the difference between premiums paid since the effective date of the insurance and the premiums which would have been calculated and/or charged if the insured's age had been declared correctly. If the real age of the insured exceeds the subscription age limit stipulated in the policy, the optional death cover shall be void. Lastly, if the age of the insured is less than the declared age, the excess premiums charged shall be credited to the amount of the insured's policy PAYMENT OF INSURED DEATH CAPITAL It is the responsibility of the beneficiary(ies) to report the insured's death as soon as possible. Death benefits shall be paid within a maximum of one month after receipt of the complete file, i.e. the death certificate, a medical certificate mentioning the cause of death, a police report in the case of accidental death, a civil registration document (or its equivalent) and a photocopy of an identity card for each beneficiary, the original of the Special Terms and Conditions and all other documents considered necessary by Allianz Life Luxembourg or required by current regulations.

12 Head Office Allianz Life Luxembourg s.a. 14, boulevard Roosevelt L-2450 Luxembourg Tel: Fax: R.C.B TVA : LU French Branch Office 87, rue de Richelieu Case courrier B601 F PARIS cedex 02 Tel : (+33) Fax : (+33) RC Paris V-03/09/2008