Tesco Bank Life Insurance. Policy terms and conditions

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1 Tesco Bank Life Insurance Policy terms and conditions

2 Policy terms and conditions These policy terms and conditions describe your policy, including: our obligations to you your cover claims conditions your obligations to us These policy terms and conditions provide you with information you need to know about your Tesco Bank Life Insurance policy. It is important that you read them carefully along with your policy schedule. If a claim is to be made, these policy terms and conditions will be useful, so please keep them somewhere safe. Should you have any questions or queries about your policy then call us on and we will be pleased to help you. You will see some words shown in bold type which are defined terms and have specific meanings when used in this document. The meanings of these words are shown in the definitions section at the front. We will always act fairly, in good faith and in a reasonable manner towards you when dealing with your policy and when applying these policy terms and conditions. We encourage you to tell us whenever you feel we have not done so. This commitment is an overriding principle and you should read each of the sections in these policy terms and conditions in light of this commitment. Tesco Bank Life Insurance is provided by Aviva Life & Pensions UK Limited. Contents Definitions 3 Summary of benefits 4 Entitlement to benefits 4 Benefits reflecting future life changes 5 Policy flexibility 7 Claims conditions 7 General conditions 8

3 Definitions Throughout these policy terms and conditions certain words are shown in bold type. These are defined terms and have specific meanings when used. The meanings of these words are set out below. Anniversary date The anniversary of the start date. Application The application that you made and that we have accepted. Attending Consultant The appropriately qualified medical specialist supervising care of the life insured. End date The date shown in the policy schedule on which benefits under this policy end. Life insured This is the person whose life is being covered and in the event of their death or diagnosis of terminal illness a claim could be made. Policy This Tesco Bank Life Insurance policy. Policyholder The person/persons or company named as policyholder in the policy schedule or any other person who becomes the legal owner of the policy. Policy schedule This will show the specific detail of your policy, such as who it covers, the amount covered, how much it will cost and any policy options and benefits included. Policy terms and conditions This document which forms our contract of insurance with the policyholder providing the cover under the policy as agreed. The application and policy schedule also form part of the contract and must be read together with these policy terms and conditions. Premium due date The day each month on which premiums are due. Standard terms The premium and benefits we quote before the underwriting process is completed. Following an application being underwritten we may only be able to offer cover with a higher premium than first quoted, certain benefits excluded, or both. This would not be classed as standard terms. We will have confirmed whether you were accepted on standard terms when confirming our decision on your application. Start date The date shown in the policy schedule on which cover under this policy starts. Sum insured The amount payable under this policy in the event of a claim which we accept. The amount payable is set out in your policy schedule. Terminal illness A definite diagnosis by the attending Consultant of an illness that satisfies both of the following: The illness either has no known cure or has progressed to the point where it cannot be cured; and In the opinion of the attending Consultant, the illness is expected to lead to death within 12 months. We/our/us Aviva Life & Pensions UK Limited (company registration number ). You/your The person/persons or company named as policyholder in the policy schedule or any other person who becomes the legal owner of the policy. Premium This is the monthly amount you will be required to pay in order for the benefits to be maintained. Monthly premiums must be paid by Direct Debit instruction from a current bank or building society account in the United Kingdom, Channel Islands or Isle of Man.

4 Summary of benefits These policy terms and conditions are written confirmation of a contract between Aviva Life & Pensions UK Limited and the policyholder. In return for the payment of the agreed premiums we will pay the benefits in accordance with the policy terms and conditions. The benefits available under this policy are set out in the table and are payable in the event of a claim which we accept. The table provides a brief summary of the benefits available under this policy. It is important to read the information in this table alongside these policy terms and conditions and policy schedule. Benefits Death benefit We will pay the death benefit if the life insured dies during the term of the policy. Terminal illness benefit We will pay the terminal illness benefit if, before the last 12 months of the policy, the life insured is diagnosed with a terminal illness. Protection Promise (house purchase cover) We will pay the Protection Promise (house purchase cover) benefit if the life insured dies in the period covered by the Protection Promise (house purchase cover). Amount payable The sum insured as set out in the policy schedule less any unpaid premiums. The sum insured as set out in the policy schedule less any unpaid premiums. The lower of the purchase price (as confirmed when contracts are exchanged), 1,000,000 or the sum insured as set out in the policy schedule. Entitlement to benefits We will pay the death benefit if the life insured dies within the policy term; or We will pay the terminal illness benefit if, before the last 12 months of the policy, the life insured is diagnosed with a terminal illness; or We will pay the lower of the purchase price (as confirmed when contracts are exchanged), the death benefit or 1,000,000 if the life insured dies in the period covered by the Protection Promise (house purchase cover). We will pay benefits if we have accepted a claim. The policy has no cash-in value at any time. Death benefit If the life insured dies within the policy term and we have accepted the claim, we will pay the sum insured as set out in the policy schedule, less any unpaid premiums. We will only pay the death benefit on one occasion and once this is paid the policy will cease. Terminal illness benefit If the life insured is diagnosed with a terminal illness before the last 12 months of the policy, provided we have accepted the claim, we will pay the sum insured as set out in the policy schedule, less any unpaid premiums. Protection Promise (house purchase cover) If your application for cover has: a. been accepted by us; and b. you have provided us with a cover start date in the future to coincide with the completion of your house purchase; and c. you have exchanged contracts on that house purchase we will provide free cover between exchange of contracts and completion of the property purchase. (In Scotland we will provide the free cover from when missives are completed for the property until the date of entry.) The amount of cover will be the lower of the purchase price (as confirmed when contracts are exchanged), the death benefit as set out in the policy schedule or 1,000,000. The cover will be provided for a maximum period of 90 days from the date that contracts are exchanged (or in Scotland missives are complete) on the property purchase. Cover will end on the earlier of 90 days, the date of the completion of your house purchase or the start date of your policy. We will only pay the Protection Promise (house purchase cover) benefit on one occasion, no further benefits will be payable and once paid the policy will cease. We will only pay the terminal illness benefit on one occasion and once this is paid the policy will cease.

5 Repayment guarantee The additional benefits section of your policy schedule will confirm whether this benefit is included on your policy. If you have chosen decreasing cover in connection with a mortgage loan in your name and at the time that you make a claim (which is accepted by us) for the death benefit or the terminal illness benefit, the sum insured is less than the amount of the outstanding mortgage loan in your name, we will pay the outstanding mortgage loan provided that: a. The difference between the sum insured and the outstanding mortgage loan is due solely to a higher rate of interest being charged than that used in the calculation of the table of benefits in the policy schedule; b. The initial rate of interest charged on the mortgage loan at the start date of the policy was less than 10%; c. The policy does not end before your mortgage loan is due to be repaid; d. The amount of cover at the start date of the policy was at least the size of the mortgage loan (or the part of the mortgage loan the policy covers). Benefits reflecting future life changes Life change benefit The additional benefits section of your policy schedule will confirm whether this benefit is included on your policy. This benefit only applies to a policy which: a. is taken out by you on your own life; and b. is accepted by us on our standard terms; and c. has not been taken out under the life change benefit, replacement benefit or separation benefit. For the life change events described in this section, you can take out a new policy with no requirement for further underwriting. The new policy can be either level or decreasing cover. If your policy is a joint life policy then the new policy can either be a joint policy or a single life policy. The policyholders will need to be in agreement to the new policy, regardless of whether the new policy is a joint policy or a single life policy. It is not possible to change the life insured. You may use this benefit as many times as you like provided that: a. the total sum insured for all policies issued under the life change benefit does not exceed 200,000 or the original sum insured of this policy (whichever is the lower); and b. you take out a new policy before the life insured s 55th birthday (for a joint life policy this would apply to the oldest life); and c. the end date of the new policy is before the life insured s 70th birthday (for a joint life policy this would apply to the oldest life); and d. you have not made or are not eligible to make a claim for the death benefit or the terminal illness benefit, and e. you take out a new policy within 90 days of the life change event occurring; and f. you send us the evidence of the life change event that we need. The terms and conditions applicable at the date when you take out the policy will apply to the new policy. We will use the premium rates in force at the time of the request based on the life insured s age at the time of making the application. The new policy will not include life change benefit or replacement benefit, but can include separation benefit. Life change event Evidence needed Marriage or Civil Partnership Marriage certificate or Civil Partnership certificate. Divorce, dissolution of Civil Decree Absolute or Dissolution Partnership or separation order. Alternatively, evidence of a transfer of mortgage or new mortgage or evidence of new addresses. Having or adopting a child Birth certificate or adoption certificate. Buying a first home (with a Evidence of the mortgage on mortgage on the property) the property. Moving house Evidence of new mortgage on the property or utility bills for the property. Buying a second home Evidence of new loan or mortgage on the property. Home improvements Evidence of new loan or mortgage on the property or increase to the existing loan or mortgage on the property. Alternatively the builders receipt for the work undertaken. Child starting higher University or college registration education document. Salary increase of 20% or more Replacement benefit Copy of payslips dated within 90 days of each other evidencing the increase in salary. The additional benefits section of your policy schedule will confirm whether this benefit is included on your policy. This benefit only applies if: a. this is a joint life policy where both policyholders are the only lives insured; and b. the policy is accepted by us on our standard terms; and c. the policy was not taken out under a life change benefit; and

6 d. the policy has ended due to a valid death benefit claim or terminal illness benefit claim which has been accepted by us; and e. you, being the person entitled to take out a new policy, are not eligible to make a claim for the terminal illness benefit at the time of applying for a new policy. You can take out a new policy with no requirement for further underwriting. The new policy can be either level or decreasing cover. The new policy must: a. start within 90 days of us accepting the claim on the original policy; and b. be taken out before your 55th birthday; and c. have an end date no later than the original policy; and d. have a maximum sum insured of the lower of 50,000 or the sum insured at the start date of the original policy. The new policy will be subject to the premium rates for your age and the terms and conditions applicable at the date when you take out the new policy. The new policy will not include life change benefit, replacement benefit or separation benefit. You may only use the replacement benefit once. Separation benefit The additional benefits section of your policy schedule will confirm whether this benefit is included on your policy. The new policy must: a. have a sum insured less than or equal to the sum insured at the start date of the original policy; and b. be taken out before your 55th birthday; and c. have an end date before your 70th birthday; and d. have a start date no earlier than the date of cancellation of the original policy. The new policy can offer level cover or decreasing cover for each policyholder and have the same policy options that were included in the original policy. The new policy will not include life change benefit, separation benefit or replacement benefit. The new policy will be subject to the premium rates for your age and the terms and conditions applicable at the date when you take out the new policy. You will be required to send us evidence to confirm: you have divorced or had your civil partnership dissolved (Decree Absolute or Dissolution order); or that the mortgage has been rearranged into one of your names only; or that one or both of you have taken out a new mortgage on a new property You may only use the separation benefit once. This benefit only applies if: a. this is a joint life policy where both policyholders are the only lives insured and you have divorced, your civil partnership has dissolved or you have separated from each other or your mortgage has been rearranged in the name of one policyholder only or one or both of you has taken out a mortgage on a new home; and b. the policy is accepted by us on our standard terms; and c. both policyholders are in agreement to cancel the original policy; and d. both policyholders are not eligible to make a claim for the terminal illness benefit at the time of applying for a new policy; and e. you send us the evidence we need. The policyholders, within 90 days of having divorced, having their civil partnership dissolved or having separated from each other or having their mortgage rearranged in the name of one policyholder only or either policyholder having taken out a mortgage on a new home, can cancel the existing policy and each take out a new policy with no requirement for further underwriting.

7 Policy flexibility Once we have started cover under your policy, you can request that certain changes be made to it. The following amendments will result in us amending your existing policy and will not require any further underwriting. Decreasing the sum insured Decreasing the policy term You may request these changes be made to your policy with effect from the date that the next premium is due. We will use the premium rates and age applicable at the time that we make the change. Your premiums following the change cannot be less than the minimum premium of 5.00 per month. These policy terms and conditions will continue to apply. The following amendments will require your existing policy to be cancelled and be replaced by a new policy and may require further underwriting: Increasing the policy term Changing from level cover to decreasing cover Changing from decreasing cover to level cover Adding a life insured Removing a life insured You may request these changes be made to your policy with effect from the date that the next premium is due. We will use the premium rates and age applicable at the time that we make the change. New policy terms and conditions applicable at that time will be issued in place of these policy terms and conditions. The following amendment will require your existing policy to remain in force and we will issue a new policy to cover the change only and may require further underwriting: Increasing the sum insured You may request this change be made to your policy with effect from the date that the next premium is due. We will use the premium rates and age applicable at the time that we make the change. New policy terms and conditions applicable at that time will be issued to cover the increase to the sum insured only. Claims conditions Our requirements a. We will make payment of benefits provided we receive such evidence as we may reasonably require of: i. the occurrence of an event on which any benefits are payable; ii. the claimant having legal ownership of the policy; iii. the date of birth of the life insured; iv. our completed claim form; v. conversations with and reports from third parties, such as coroners, attending Consultants and the police; and vi. such other information as we may reasonably require to enable us to assess the claim. b. Payment of the terminal illness benefit will be subject to us receiving, such other information and evidence as we may reasonably require, including: i. medical certificates and evidence of terminal illness to be provided at the policyholder s expense. When requesting such information, we will do no more than is reasonably necessary, having regard to the individual circumstances, to determine whether a benefit is payable. ii. medical examinations of the life insured or tests (including blood tests) on the life insured will be carried out at our expense at such intervals as we may reasonably require, having regard to the individual circumstances, by a medical examiner appointed by us. iii. written consent to allow us to receive the results of any medical examinations and/or tests required. iv. signature on any declaration or consent form we provide allowing us access to the life insured s medical records. c. All medical certificates and the results of medical examinations and/or tests must be submitted to us in writing and must be provided by attending Consultants resident and practising in countries of the European Union, Andorra, The Channel Islands, The Faroe Islands, Gibraltar, The Isle of Man, Liechtenstein, Norway, Monaco, San Marino, Switzerland, Vatican City, USA, Canada, Australia or New Zealand. We may add further countries in the future. d. If any claim under this policy is in any respect unfounded, for example providing false information to support a claim, then without affecting any other legal rights we may have, any benefit paid for that claim will be reclaimed, and no further benefit will be paid. We will also have the right to cancel the policy without refunding any premiums.

8 General conditions Premiums a. Premiums for your policy must be paid monthly by Direct Debit instruction from a current bank or building society account in the United Kingdom, Channel Islands or Isle of Man. b. The initial monthly premium payable and the date it is due are shown in the policy schedule. Subsequent premiums will be due on the premium due date. You are allowed 30 days from each premium due date for the payment of each premium. If a claim arises during this period, the unpaid premium will be deducted from any benefit payable. If a premium is not paid on the premium due date or within the 30 day period allowed the policy will be cancelled and all benefits under it will cease. c. All premiums due to us must be made in the currency of the United Kingdom. Policy term The policy term must be for a minimum period of 5 years. The maximum policy term is 50 years. However the actual maximum policy term available is restricted to the life insured being 90 years old or less at the policy end date. Where a policy has two lives insured the maximum age will apply to the oldest life insured. Change of address If you, or the life insured, change address you should tell us. Acceptance of instructions We will not accept any instruction, request or notice from you until we receive the information and documentation that we may reasonably require in order to administer the policy. We will make our requirements clear to you. Cancellation When you start your policy you will receive a cancellation notice which will confirm your 30 day cooling off period in which time you may cancel the policy and receive a refund of any premiums paid. After this time, the policy may be cancelled before the policy end date by you by providing your written consent to us at our administrative offices. We will not refund premiums paid if you cancel the policy outside of the cooling off period. If you cancel your policy the policy will end and all benefits under it will cease. Alterations a. We may change the terms of the policy for any of the following reasons: ii. To respond, in a proportionate manner, to changes in technology or general practice in the life and pensions industry. iii. To respond, in a proportionate manner, to changes in taxation, the law or interpretation of the law, decisions or recommendations of an Ombudsman, regulator or similar person, or any code of practice with which we intend to comply. iv. To correct errors, if it is fair and reasonable to do so. If we consider any variation to these conditions is to your advantage or is necessary to meet regulatory requirements, we may make the change immediately and will tell you at a later date. We will tell you in writing of any change we consider is to your disadvantage (other than any change necessary to meet regulatory requirements) at least 60 days before the change becomes effective, unless external factors beyond our control mean that only a shorter notice period is possible. If we change the terms of the policy and you are unhappy with the change then you will be able to cancel your policy. We will not refund premiums paid if you cancel your policy. If you cancel your policy the policy will end and all benefits under it will cease. b. If the date of birth of a life insured has been incorrectly stated, the benefits payable under your policy will be amended by us having regard to the true date of birth. We will advise you of any amendments we make. If the true date of birth is such that, had it been known by us at the time the policy was applied for, the life insured would have fallen outside of the prescribed age limits to be eligible for the policy, then the policy cannot continue. In such circumstances, the policy would be cancelled with no benefits payable and we would advise you of the cancellation. Premiums would be refunded without interest. c. We rely on the information given to us. If any of the information given to us is not true or not complete and this might reasonably have affected our decision to provide the policy, then we may: i. change the terms of the policy; ii. amend the premiums due under the policy; or iii. cancel the policy and refund the premiums paid without interest. If we cancel your policy the policy will end and all benefits under it will cease. i. To respond, in a proportionate manner, to changes in the way we administer policies of this type.

9 Third party rights This policy does not give any rights to any person other than the policyholder and Aviva Life & Pensions UK Limited. No other person shall have any rights to rely on any terms under the policy. The policyholder and Aviva Life & Pensions UK Limited may amend or cancel this policy without reference to, or the consent of, any other person. General a. If ownership of the policy is transferred to someone else (an assignment), we must be in receipt of the written notice of assignment before any payment can be made. b. The policy schedule records details of the policy at the start date. Any alteration resulting in a change to your policy may not be reflected in the policy schedule. In this event, we will record such changes. Law This policy is issued in England under English law. Braille, large font, audio material, text phone You can order our literature in Braille, large font or audio. Just call or and tell us: the format you want your name and address the name or code of the document. The code is usually at the bottom of the page on the back of most documents. To contact Customer Services using a text phone, please call The Customer Call Centre is open Monday to Friday, 8am to 8pm, and Saturday from 9am to 2pm. c. Where appropriate words in the masculine include the feminine and words in the singular include the plural and vice versa. Tesco Bank Life Insurance is provided by Aviva Life & Pensions UK Limited. Registered in England No Rougier Street, York, YO90 1UU. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Firm Reference Number Member of the Association of British Insurers. aviva.co.uk TB /2013

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