ING New Creating Life Insurance Plus UIN: 114N071V01

Transcription

1 ING New Creating Life Insurance Plus UIN: 114N071V01 TERMS AND CONDITIONS APPLICABLE TO THIS POLICY (ING New Creating Life Insurance Plus) The Terms & Cnditins and the Plicy Schedule are issued based n the prpsal frm submitted by the Life Assured/ Plicyhlder. 1 DEFINITIONS In this Plicy, unless the cntext requires therwise, the fllwing wrds and expressins shall have the meaning ascribed t them respectively herein belw: Age shall be age f Life Assured at entry based n Age last birthday and is stated in the Plicy Schedule. Eligible Persn means the Plicyhlder, including assignees under Sectin 38 f the Insurance Act, 1938, r nminees under Sectin 39 f the Insurance Act, 1938, r prving executrs f administratin r ther legal representatives, as per the applicable Regulatins. Life Assured shall mean the persn named as such in the Plicy Schedule. Natinal Operatins Office means the central ffice fr peratins f the Cmpany primarily respnsible fr new business underwriting, plicy issuance, plicy wner services, custmer services, including cmplaint handling, prcessing claims, surrender, maturity and activities related heret. Plicy means and includes this dcument, the Annexure, the signed Prpsal Frm, the signed benefit illustratin, the Plicy Schedule and any attached endrsements r supplements tgether with all addendums. Plicyhlder shall mean the persn named as such in the Plicy Schedule. Plicy Cmmencement Date means the Date, Mnth, and Year the Plicy cmes int effect and is as specified as such in the Plicy Schedule. Plicy Maturity Date means the date f cmpletin f the Plicy Term as specified in the Plicy Schedule. Plicy Schedule means the Schedule issued by the Cmpany and attached t and frming part f this Plicy. Plicy Term means the tenure f this Plicy as specified as such in the Plicy Schedule. Plicy Year means a perid f twelve (12) cnsecutive mnths starting frm the Plicy Cmmencement Date and ending n the day immediately preceding the fllwing Plicy anniversary date and each subsequent perid f twelve (12) cnsecutive mnths thereafter. Premium means the amunt payable in a Plicy Year n the due date as set ut in the Plicy Schedule. Premium Payment Term (PPT) means the perid in years during the Plicy Term in which Premiums are payable by the Plicyhlder under the Plicy, as specified in the Plicy Schedule. Regulatins mean the laws and Regulatins in effect frm time t time and applicable t this Plicy, including withut limitatin the Regulatins and directins issued by the Regulatry Authrity frm time t time. The applicable Regulatin shall frm a part and parcel f the terms and cnditins, and the terms and cnditins shall be read alng with the Regulatin. Regulatry Authrity means the Insurance Regulatry and Develpment Authrity (IRDA) r such ther authrity (ies) as may be designated under the applicable laws and Regulatins. Rider means the Rider/s, if any, pted by the Life Assured/Plicy Hlder and issued by the Cmpany, attached t and frming part f this Plicy; 1

2 Rider Benefits means the Benefits payable under the Rider and mentined in the Rider Plicy Rider Endrsement Letter means the letter issued by the Cmpany n a Plicy Anniversary date t which the Rider Plicy is attached t and frms a part f the Plicy. Risk Cmmencement Date means the date frm which risk is assumed by the Cmpany and as specified in the Plicy Schedule; Sum Assured means the amunt specified as such in the Plicy Schedule r such amunt as may be endrsed n the Plicy. We, Us, Our and "Cmpany" refers t ING Vysya Life Insurance Cmpany Limited. Yu and Yur refers t the Plicyhlder. 2 POLICY DESCRIPTION ING New Creating Life Insurance Plus is the name f the life insurance child prduct f the Cmpany. It is a participating and nn linked life insurance child Plicy which has prtectin as well as savings rientatin. A participating Plicy entitles the Plicyhlder t a share in the surplus (prfits) f participating fund f the Cmpany. 3 BENEFITS PAYABLE UNDER THIS POLICY 3.1 Maturity Benefit: Subject t the terms and cnditins f this Plicy and the Plicy remaining in frce and effect n the Plicy Maturity Date, the Cmpany shall pay t the Eligible Persn the fllwing benefits n Plicy Maturity Date: the Sum Assured under this Plicy % f Sum Assured as Guaranteed Additins Vested bnus if any Terminal bnus if any. Subject t the payment f all the due premiums, the Maturity benefit shall nt be less than 101% f the cntractual base premium payable under the plicy, excluding service tax, premiums paid fr extra mrtality lading. 3.2 Life Cver Subject t terms and cnditins f this Plicy and the Plicy remaining in full frce and effect, in the event f unfrtunate demise f the Life Assured after Risk Cmmencement Date but befre Plicy Maturity Date, the cmpany shall pay Sum Assured n Death as n date f death t the Eligible Persn after deducting the Premiums, if any due fr the Plicy year f the date f death. Under n circumstances, the Life Cver will be less than 105% f ttal Premiums paid till date f Death excluding service tax, rider premiums and extra premiums, if any Sum Assured n Death: Sum Assured n Death is higher f Sum Assured r 10 times the annualized premium paid excluding service tax, rider premium and extra premiums paid, if any. Fllwing ptins are available t the Plicyhlder t receive the Sum Assured n Death: Optin A: receive whle f Sum Assured n Death as lump sum, r Optin B: receive the Sum Assured n Death as part in lump sum and part as Family Incme Benefit. Plicyhlders can change the abve mentined Sum Assured n Death ptin anytime during the Plicy Term. The plicyhlder has t intimate the Cmpany at least tw mnths prir t plicy anniversary and the change will be effective frm the next plicy anniversary Lump sum Benefit: If the Plicyhlder chses Optin A, 100% f Life Cver will be paid as lump sum. If the Plicyhlder chses Optin B, Life Cver after deducting 50% f Sum Assured n Death will be paid as lump sum Family Incme Benefit: If Plicyhlder chses Optin A, n family incme benefit will be payable. If Plicyhlder chses Optin B, in additin t the benefit payable in lump sum as defined abve, 1% f the Sum Assured n Death 2

3 will be paid as Family Incme Benefit every mnth ver 60 mnths fllwing the death f the life assured subject t claim being apprved. This shall be equivalent t 50% f Sum Assured n Death payable with interest f ~8% (7.966%) per annum n reducing balance. The first installment f this benefit shall be deemed t accrue frm the date f the death. The settlement f claim shall be effected n the claim being accepted/ admitted Waiver f Premium: Subject t the terms and cnditins f this Plicy and the Plicy remaining in frce and effect n the date f death f the Life Assured, any premiums due in the Plicy after the date f death will be waived ff and the Plicy will cntinue till the Plicy Maturity Date. Thereby, even in case f death f the Life Assured, the Maturity Benefit will be payable t the Eligible Persn, if all premiums due till date f death f the Life Assured have been paid int the Plicy Exclusins: Suicide: - If the Life Assured cmmits suicide fr any reasn, while sane r insane, within ne year frm the date f cmmencement f risk r within ne year frm the date f reinstatement f the lapsed Plicy, as the case may be, the Plicy shall terminate with immediate effect and the Cmpany will nt be liable t pay the benefits under the Plicy ther than what is specified belw: If death ccurs within ne year frm the date f cmmencement: 80% f Premium paid, excluding service tax prvided the Plicy is in frce shall be paid t the Eligible Persn. If death ccurs within ne year frm the date f reinstatement: Higher f 80% f Premium paid, excluding service tax r Surrender value as available as n the date f death shall be paid t the Eligible Persn Bnus-Participatin in Surplus: This Plicy participates in the surplus f the participating fund and bnus, subject t availability f surplus, will be declared by the Cmpany in the frm f reversinary bnus r terminal bnus. Reversinary bnus, if any, will be added t the Plicy each year n Plicy anniversary and will be payable as part f Maturity Benefit. Terminal bnus, if any will be payable as part f the Maturity Benefit Rider Benefits: If any Riders are pted and attached t this Plicy as specified in the Plicy Schedule r in the Rider Endrsement Letter, the Rider Benefit shall becme eligible subject t the Rider Terms and cnditins Requirements fr maturity claims and death claims In the event f a claim fr Maturity Benefit r Life Cver arising under this Plicy, the Eligible Persn shall intimate t the Cmpany in writing f the claim and prvide the fllwing dcuments t the Cmpany within 60 days f the claim arising, t enable the Cmpany t prcess the claim: In case f maturity claims (i) (ii) (iii) (iv) Original Plicy dcument; and Discharge Frm Self attested ID Prf, and Bank accunt details In case f death claims, except death claims arising ut f accidents r unnatural deaths (i) (ii) (iii) (iv) (v) Death Certificate, in riginal, issued by the cmpetent authrity; Plicy dcument, in riginal; Medical Cause f Death certificate, issued by dctr certifying death. Identificatin prf (bearing pht) f persn receiving the Benefit and the Life Assured. Medical treatment recrds (discharge summary / death summary, investigatin reprts, etc) if Life Assured has taken treatment fr illness leading t his/her death In case f death claims arising ut f accidents r unnatural deaths (i) (ii) (iii) (iv) (v) Death Certificate, in riginal, issued by the cmpetent authrity; Plicy dcument, in riginal; Identificatin prf (bearing pht) f persn receiving the Benefit and the Life Assured. First Infrmatin Reprt, Inquest and the Final Investigatin Reprt theref, duly attested by cncerned jurisdictinal Plice Official. Pst Mrtem Reprt duly attested by the cncerned fficials Ntwithstanding anything cntained in Clause and abve, depending upn the cause r nature f the claim, the Cmpany reserves the right t call fr any ther and/r additinal dcuments r infrmatin, including 3

4 dcuments/infrmatin cncerning the title f the persn claiming the Life Cver under this Plicy, t the satisfactin f the Cmpany, fr prcessing f the claim Delay in intimatin f claim r submissin f dcuments fr the reasns beynd the cntrl f the insured/claimant may be cndned by the Cmpany Payment f Benefits Payment f the Benefits under this Plicy shall be subject t deductin f any indebtedness arising ut f utstanding Plicy lans, interest due n such lans etc Payment f all the Benefits as shwn in the Plicy Schedule shall be subject t receipt by the Cmpany f prf t its satisfactin; f the Benefits having becme payable as set ut in this Plicy; and f the title f the persn r persns claiming the Benefits; and f the crrectness f the Age f the Life Assured as stated in the Prpsal, if nt previusly admitted If the future Premiums under this Plicy have been waived ff, then in the event f unfrtunate demise f the Eligible Persn, the Maturity Benefit as n Plicy Maturity Date will be paid t the legal heirs f the Plicyhlder Mde f payment f Benefits All Benefits and ther sums under this Plicy shall be payable in the manner and currency allwed/permitted under the Regulatins and shall be payable by accunt payee cheque r ther permissible mdes The Cmpany shall pay the applicable Benefits and ther sums payable under this Plicy at the Custmer Services Centre frm the Cmpany s Natinal Operatins Office in Bengaluru. Any discharge given by the Eligible Persn, r by any persn authrized by the Eligible Persn in writing in respect f the Benefits r the sums payable under this Plicy shall cnstitute a valid discharge t the Cmpany in respect f such payment. The Cmpany s liability under the Plicy shall be discharged by such payment and the Cmpany shall nt be required t see the utilizatin f the mnies s paid Apart frm the benefits mentined hereinabve in clause 3 the Cmpany shall nt be liable t pay any ther benefits t the Eligible Persn. 4 PREMIUM UNDER THIS POLICY 4.1. Payment f Premiums: This Plicy is issued subject t the Plicyhlder making prmpt and regular payment f Premium fr the Premium Payment Term as mentined in the Plicy Schedule and it shall be the respnsibility f the Plicyhlder t ensure prmpt and regular payment f the Premium. In the event the plicyhlder makes a chice f mnthly premium payment mde, three (3) mnths premiums shall be cllected in advance n the date f cmmencement f the plicy and adjusted twards the plicy nly n the due dates. These advance premiums shall be nn-refundable, except in case f Free Lk Cancellatin f this plicy Grace Perid: - A Grace Perid f thirty (30) days fr annual mde and fifteen (15) days fr mnthly mde frm the Premium payment due date will be allwed fr payments f each Premium. The Regular Premiums are payable n the due date fr payment and in any case nt later than the Grace Perid. During the Grace Perid, the Plicy shall cntinue t be in frce fr availing the Life Cver. Any unpaid Premium is deductible frm the Benefits that may arise during the Grace Perid. If the Premiums due are nt paid within the Grace Perid, the Plicy will be eligible fr Nn- Frfeiture ptins explained in clause Reinstatement f the Plicy: Subject t the apprval f the Cmpany and the prevailing bard apprved underwriting plicy, this Plicy, if lapsed, may be reinstated fr full benefits befre the Plicy Maturity Date but within tw years frm the due date fr payment f the first unpaid Premium prvided that; This Plicy has nt been surrendered fr cash; N claim has arisen under this Plicy Where required by the Cmpany, a written applicatin fr reinstatement is received frm the Plicyhlder by the Cmpany, tgether with evidence f insurability and health f the Life Assured, t the satisfactin f the Cmpany; and All amunts necessary t reinstate this Plicy including all arrears Premiums with interest/reinstatement charge as levied by the Cmpany frm time t time. 4

5 Ntwithstanding anything t the cntrary cntained elsewhere in this Plicy, the Cmpany reserves the right t reinstate the lapsed Plicy either n its riginal terms and cnditins r n such ther r mdified terms and cnditins as the Cmpany may specify r t reject the reinstatement. If needed the Cmpany may refer it t its medical examiner in deciding n reinstatement f lapsed Plicy. Subject t the prvisins f Clauses abve, the reinstatement shall cme int effect n the date when the Cmpany specifically cmmunicates it in writing t the Plicyhlder Since the Cmpany shall be relying n the statements made by the Plicyhlder/Life Assured t the Cmpany and t its medical examiner in deciding n reinstatement f a lapsed Plicy, if any incrrect r untrue statement has been made r any material fact has been suppressed, the Cmpany shall be entitled t cancel the reinstatement f this Plicy r repudiate the claim, if any, arising after such reinstatement and the Plicyhlder shall nt be entitled t receive any amunts paid under this Plicy including the amunts paid twards such reinstatement Nn-Frfeiture ptins upn Nn-Payment f Premiums :- If ne full year s Premiums has nt been paid, the Plicy will lapse until the Plicy is reinstated fr full Benefits within tw years frm the first unpaid Premium due date. N Benefits will be paid t the Plicyhlder r the Eligible Persn if the Plicy is in Lapse stage. A Lapse Plicy will cease t participate in the prfits frm the date n which the Premium was due but nt paid. If at least ne full year s Premium has been paid and less than tw full years Premiums have been paid fr Plicies with Premium Payment Term f 5 r 7 years and if less than three full years Premiums have been paid fr Plicies with Premium Payment Term f 10 years, the Plicyhlder will be eligible fr guaranteed surrender value as explained in sectin Hwever in case f unfrtunate demise f the plicyhlder befre acquiring the Reduced Paid-up Value as explained in sectin 4.4.1, the applicable surrender value shall be payable immediately n death and the Plicy terminates. If at least tw full years Premiums have been paid fr Plicies with Premium Payment Term f 5 r 7 years and if at least three full years Premiums have been paid fr Plicies with Premium Payment Term f 10 years, and if any subsequent Premium due has nt been received by the Cmpany the Plicyhlder will be eligible fr reduced paid-up value as explained in sectin and surrender value as explained in sectin Reduced Paid-up Value If at least ne full year s Premium has been paid and less than tw full years Premiums have been paid fr Plicies with Premium Payment Term f 5 r 7 years and less than three full years Premiums have been paid fr Plicies with Premium Payment Term f 10 years, the Eligible Persn will be eligible fr Life Cver which will be equal t surrender value as applicable and the Plicy terminates If at least tw full years Premiums have been paid fr plicies with Premium Payment Term f 5 r 7 years and if at least three full years Premiums have been paid fr plicies with Premium Payment Term f 10 years and n further due Premiums are paid, then the Plicy will be eligible fr a nn-frfeiture Benefit which shall be a Reduced Paid-up Value. The minimum amunt f the Reduced Paid-up Value fr Sum Assured shall be determined by multiplying the Sum Assured with the rati f the number f Regular Premiums paid t the ttal number f Regular Premiums payable during the Premium Payment Term plus vested bnuses, if any as shwn belw: In case f unfrtunate demise f Life Assured: Reduced Paid - up Sum Assured Number f premiums paid Ttal Number f premiums payable SumAssurednDeath x Vested Bnuses if any Present Value f utstandanding premiums In case f unfrtunate demise f Life Assured during this perid, the abve mentined benefit will be payable nly as lump sum whether the Sum Assured n Death is chsen as Optin A r Optin B. After the payment f abve Benefit, the Plicy will terminate and the Waiver f Premium Benefit will nt be applicable. In case f Maturity Benefit: Reduced Paid - up Sum Assured Number f premiums paid Ttal Number f premiums payable x 110% f Sum Assuredf Basic plicy Vested Bnuses if any A Reduced Paid-up Plicy will cease t participate in the prfits/surplus f the fund frm the date n which the Premium was due but nt paid. 5

6 Reduced Paid-up Sum Assured shall be payable n earlier f death f Life Assured r Plicy Maturity Date as specified in the Plicy Schedule Surrender the Plicy If at least ne full year s Premium is paid the Plicy can be surrendered. The surrender value is payable immediately n surrender r at the end f the secnd plicy year, whichever is later. The Plicy cannt be surrendered after the death f the Life Assured. Upn payment f the surrender value, the Plicy shall stand terminated with n further Benefits payable under the Plicy and the Cmpany shall be relieved and discharged frm all bligatins under this Plicy thereafter. If and after the future Premiums under this Plicy have been waived ff, this Plicy cannt be surrendered Surrender Value: The Plicy acquires a Surrender Value which is higher f Guaranteed Surrender Value r Special Surrender Value Guaranteed Surrender Value (GSV): If at least ne full year s Premium has been paid, the Plicy acquires a Guaranteed Surrender Value. The Guaranteed Surrender Value will be the sum f the fllwing a) GSV as a percentage f Premiums paid: GSV factr 1 multiplied by the ttal amunt f Premiums paid excluding the Premium fr extra mrtality rating if any and b) GSV as a percentage f vested bnuses: GSV factr 2 multiplied by the ttal value f vested bnus accrued t the Plicy, if any. The Guaranteed Surrender Value factrs increase with the Plicy duratin and are prvided in the table belw: During Plicy Year GSV Factr 1 (as a percentage f Premiums paid) GSV Factr 2 (as a percentage f vested bnus) PPT = 5 r 7 years PPT = 10 years PPT = 5 r 7 years PPT = 10 years %* 20.00%* 00.00%* 00.00%* %* 20.00%* 10.00%* 00.00%* % 10.00% % 15.00% % 15.00% % 15.00% % 15.00% % 15.00% % 15.00% % 15.00% % 20.00% % 20.00% % 20.00% % 20.00% 15 Onwards 70.00% 30.00% * If at least ne full year s premium has been paid and less than tw full years premium has been paid, then the applicable GSV Factr 1 wuld be fixed 10% and GSV Factr 2 wuld be fixed 0%; irrespective f the plicy year in which the plicy is surrendered. * If all Premiums have nt been paid fr at least tw full years fr Plicies with Premium Payment Term f 5 r 7 years then the applicable GSV Factr 1 wuld be fixed 30% and GSV Factr 2 wuld be fixed 10%; irrespective f the plicy year in which the plicy is surrendered. * If all Premiums have nt been paid fr at least three full years fr Plicies with Premium Payment Term f 10 years, then the applicable GSV Factr 1 wuld be fixed 20% and GSV Factr 2 wuld be fixed 0%; irrespective f the plicy year in which the plicy is surrendered. 6

7 Special Surrender Value: Fr Plicies that have paid at least tw full years Premium in case f Premium Payment Term f 5 r 7 years and fr Plicies that have paid at least three full years Premium in case f Premium Payment Term f 10 years, and if the cnditins as per sectin have been fulfilled, the Plicy may acquire a Special Surrender Value. The Special Surrender Value will be quted nly n receipt f a surrender request which shall be determined by the Cmpany frm time t time and is nt guaranteed. The Surrender Values and Nn-frfeiture prvisins apply nly t the Base Plicy mentined in the Schedule and nt t any Riders. 5. GENERAL PROVISIONS 5.1. Plicy Lan: At any time after tw full years Premiums have been paid fr plicies with Premium Payment Term f 5 r 7 years and if three full years Premiums have been paid fr plicies with Premium Payment Term f 10 years, and if any Surrender Value is available under the Plicy, the Plicyhlder may btain a lan n the sle security f the Plicy and n its prper assignment t the Cmpany. The maximum amunt f lan that will be advanced at any ne time r mre than ne time shall nt exceed 70% f the available Special Surrender Value and prvided that the amunt f the lan is nt less that Rs.1000/-. The rates f interest payable n the lan and the ther terms and cnditins f the lan shall be as determined by the Cmpany frm time t time and will be subject t IRDA s apprval. All lans within the permissible limits will be granted after deducting any previus lan with interest. All utstanding lan and interest theren shall be deducted frm any Benefits payable under the Plicy. Except in case f in-frce r fully paid-up plicies, if at any pint f time, the lan alng with utstanding accrued interest exceeds the value f Benefits payable under the Plicy, the Plicy will be freclsed and n Benefits will be payable. There is n lan facility after the death f the Life Assured r after the cmpletin f the Plicy Term. Any payment made by the Plicyhlder in the Plicy will first be utilized t repay the Plicy Lan and then fr any Premiums due, if any. The minimum amunt f Plicy Lan that can be repaid at every instance shall be Rs. 500 r ttal utstanding lan plus interest whichever is lwer Free Lk Prvisins: The Plicyhlder shall have a perid f 15 days (30 days if the Plicy is surced thrugh Distance Marketing#) frm the date f receipt f the Plicy dcument t review the terms and cnditins f this Plicy and if the Plicyhlder disagrees with any f the terms and cnditins, he/she has the ptin t return the Plicy stating the reasns fr the bjectins upn which the Cmpany shall return the Premium paid subject t deductin f a prprtinate risk Premium fr the perid f insurance cver in additin t the expenses incurred n medical examinatin (if any) and the stamp duty charges. All Benefits and rights under this Plicy shall immediately stand terminated at the cancellatin f the Plicy. # Distance Marketing includes slicitatin thrugh all mdes ther than in persn Frfeiture in certain events: In issuing this Plicy, the Cmpany has relied n, and may rely n, accuracy and cmpleteness f the infrmatin prvided by the Prpser/Life Assured and any ther declaratins r statements made r as may be made hereafter, by the Plicyhlder/Life Assured. In case f fraud r misrepresentatin, the Plicy shall be cancelled immediately by paying the surrender value, subject t the fraud r misrepresentatin being established by the Cmpany in accrdance with Sectin 45 f the Insurance Act, 1938 as applicable Admissin f Age: The Age f the Life Assured has been admitted n the basis f the declaratin made by the Plicyhlder / Life Assured in the Prpsal frm and/r in any dcument/statement based n which this Plicy has been issued. If the Age f the Life Assured is fund t be different frm that declared, the Cmpany may, adjust the Premiums and/r the Benefits under this Plicy and/r recver the applicable balance amunts, if any, as it deems fit. This Plicy shall hwever becme vid frm cmmencement, if the Age f the Life Assured at the Plicy Cmmencement Date is fund t be higher than the maximum r lwer than the minimum entry Age that was permissible under this Plicy at the time f its issue and the amunts received under this Plicy shall be liable t be frfeited by the Plicyhlder in favur f the Cmpany at the Cmpany s ptin by paying the surrender value (as applicable) Assignment: The prvisins f assignment are gverned by sectin 38 f the Insurance Act An assignment f the Plicy may be made by an endrsement upn the Plicy itself r by a separate instrument signed in either case by the assignr specifically stating the fact f assignment and duly attested. Only the Plicyhlder may make the first assignment. Such assignment shall be effective, as against the Cmpany, frm and upn the service f a written ntice upn the Cmpany and the Cmpany recrding the assignment in its bks. In registering an assignment, the Cmpany des nt accept any respnsibility r express any pinin as t its validity r legal effect Nminatin: The prvisins f nminatin are gverned by sectin 39 f the Insurance Act The Life Assured, where he is the Plicyhlder, may, at any time during the currency f this Plicy, make a nminatin fr the purpse f payment f Benefits in the event f his death during the Plicy Term. Where the nminee is a minr, the Plicyhlder shall als appint a persn t receive the mney during the minrity f the nminee. Nminatin may be made by sending a request fr nminatin t the Cmpany and the Cmpany will prcess the same by an endrsement n the Plicy. Any change f 7

8 nminatin, which may be effected befre the terminatin f the Plicy shall als be made by sending a request fr change in nminatin t the Cmpany. In registering a nminatin, the Cmpany des nt accept any respnsibility r express any pinin as t its validity r legal effect Assignment And Nminatin: Ntice f any assignment r nminatin must be submitted in writing t the Cmpany at its ffice issuing this Plicy r at the ffice servicing this Plicy (Natinal Operatins Office f the Cmpany) as cmmunicated t the Plicyhlder frm time t time Review, revisin: The Cmpany reserves the right t review, revise, delete and/ r alter any f the terms and cnditins f this Plicy, including withut limitatin the Benefits, the Premiums with the prir apprval f the Regulatry Authrity Release and discharge: The Plicy will terminate autmatically n payment f the surrender value, Life Cver, maturity benefit, n lapse f the Plicy r n the happening f the events that the Plicy reads specifically that the Plicy shall terminate, as the case may be, and the Cmpany will be relieved and discharged frm all bligatins under this Plicy thereafter Taxes, duties and levies and disclsure f infrmatin: This Plicy, and the Benefits and the surrender value payable under this Plicy shall be subject t the Regulatins, including taxatin laws in effect frm time t time. All taxes, duties r levies including withut limitatin any value added, service tax r ther taxes (cllectively Taxes ) as may be impsed nw r in future by any authrity n the Premiums, charges and Benefits shall be brne and paid by the Plicyhlder r the Eligible Persn, as the case may be r deducted by the Cmpany frm the Premium received r Benefits payable. The Premium and ther sums payable under r in relatin t the Plicy d nt include the Taxes. The persns receiving the Benefits shall be slely liable fr cmplying with all the applicable prvisins f the Regulatins, including taxatin laws, and payment f all applicable Taxes. In any case where the Cmpany is bliged t accunt t the revenue authrities fr any Taxes applicable t this Plicy r the Benefits payable under this Plicy, the Cmpany shall be entitled t deduct such Taxes frm any sum payable under this Plicy, and depsit the amunt s deducted with the apprpriate gvernmental r regulatry authrities. In any case where the Cmpany is bliged t disclse t the revenue r ther regulatry authrities any infrmatin cncerning the Plicy, including infrmatin cncerning the Premium and the Benefits under this Plicy, the Cmpany shall be entitled t disclse the required infrmatin t the apprpriate gvernmental r regulatry authrities Ntice by the Cmpany under the Plicy: Any f the ntices required t be issued in terms f this Plicy may be issued, either by issuing individual ntices t the Plicyhlder, including by electrnic mail and/r facsimile, r by issuing a general ntice, including by publishing such ntices in newspapers and/r n the Cmpany s website Cntact Details f the Cmpany : Grievance Redressal /Cmplaints/ Feedback: In case the Eligible Persn has any query r cmplaint/grievance, please feel free t apprach Our ffice thrugh any f the fllwing channels Level 1 Call Us Call Our Tll Free Number Us Us at [email protected] Cntact Us at Our branch ffice nearest t Yu r call tll free number t ascertain the address f the nearest branch ffice. Level 2 In case the Eligible Persn is nt satisfied with the decisin f the abve ffice, r have nt received any respnse within 10 days, the Eligible Persn may cntact the fllwing fficial fr reslutin: Cmplaints Officer ING Vysya Life Insurance Cmpany Limited Gld Hill Square 1st Flr, 690 Hsur Rad, Bangalre [email protected] Tll Free Number Tel N: Fax N:

9 Please qute the reference number prvided in earlier interactin alng with Plicy/cntract number t help us understand and address the cncern. Level 3 Head Custmer Service@ In case the Eligible Persn is nt satisfied with the decisin f the abve, the Eligible Persn can mail the Head Custmer Service: [email protected] Level 4 In case the Eligible Persn is nt satisfied with the decisin/reslutin f the Cmpany, the Eligible Persn may apprach the nearest Insurance Ombudsman as per the address mentined in Annexure Ombudsman List if Yur grievance pertains t: - Insurance claim that has been rejected r dispute f a claim n legal cnstructin f the Plicy - Delay in settlement f claim - Dispute with regard t Premium - Nn-receipt f Yur insurance dcument The cmplaint shuld be made in writing duly signed by the cmplainant r by his legal representative with full details f the cmplaint and the cntact infrmatin f cmplainant. As per prvisin 13(3) f the Redressal f Public Grievances Rules 1998, the cmplaint t the Ombudsman can be made - nly if the grievance has been rejected by the Grievance Redressal Machinery f the Insurer - within a perid f ne year frm the date f rejectin by the insurer - if it is nt simultaneusly under any litigatin The Plicyhlder can seek clarificatin r assistance n the Plicy and/r fr any ther service related requirements by any f the fllwing; Call Us Us Cntact Us Visit us nline Call Our Tll Free Us at Cntact Us at Our branch ffice nearest t Number custmer.service@in Yu r call tll free number t ascertain the glife.c.in address f the nearest branch ffice Entire Cntract: This Plicy cmprises the terms and cnditins set frth in this Plicy dcument, the Plicy Schedule, and the endrsements, if any, made n r applicable t this Plicy, which shall frm an integral part and the entire cntract, evidenced by this Plicy. The liability f the Cmpany is at all times subject t the terms and cnditins f this Plicy and the endrsements made frm time t time Gverning Law and Jurisdictin: This Plicy shall be gverned by and interpreted in accrdance with the laws f India. All actins, suits and prceedings under this Plicy shall be subject t the exclusive jurisdictin f the curts f law within whse territrial jurisdictin the registered ffice f the Cmpany is situated. N actin in law r equity shall be brught against the Cmpany t enfrce any claim under this Plicy, unless the Plicyhlder has filed with the Cmpany a claim tgether with all the required dcuments, in accrdance with the requirements f this Plicy and cmplied with the requirements f the Cmpany, at least 60 days prir t the institutin f such actin Risk Factrs a) ING New Creating Life Insurance Plus is a Nn- Linked, Participating Life Insurance Prduct. b) ING Vysya Life Insurance Cmpany Limited is nly the name f the Insurance Cmpany and ING New Creating Life Insurance Plus is nly the name f the prduct and des nt in any way indicate the quality f the prduct, its future prspects r returns. Plicyhlder s attentin is invited t Sectin 45 f the Insurance Act, 1938, which is reprduced belw fr reference: Sectin 45: Plicy nt t be called in questin n grund f mis-statement after tw years N Plicy f life insurance effected befre the cmmencement f this Act shall, after the expiry f tw years frm the date f cmmencement f this Act and n Plicy f life insurance effected after the cming int frce f this Act shall, after the expiry f tw years frm the date n which it was effected, be called in questin by an insurer n the grund that a statement made in the prpsal fr insurance r in any reprt f a medical fficer, r referee, r friend f the insured, r in any ther dcument leading t the issue f the Plicy, was inaccurate r false, unless the insurer shws that such statement was n a material matter r suppressed facts 9

10 which it was material t disclse and that it was fraudulently made by the Plicyhlder and that the Plicyhlder knew at the time f making it that the statement was false r that it suppressed facts which it was material t disclse: PROVIDED that nthing in this sectin shall prevent the insurer frm calling fr prf f Age at any time if he is entitled t d s, and n Plicy shall be deemed t be called in questin merely because the terms f the Plicy are adjusted n subsequent prf that the Age f the life insured was incrrectly stated in the prpsal Cnsent t Disclsure f Persnal Data: Change f the Plicyhlder/Life Assured that the Persnal data including the health details and medical recrds (Hereinafter Data) f the Plicyhlder and/r the Life Assured shall be used by the Cmpany and that such infrmatin may be disclsed r transferred by the Cmpany t any third party/grup Cmpanies in pursuance f its business requirements in the prcess f servicing the Plicy. The Plicyhlder s acceptance f the Plicy terms and cnditins beynd the Free Lk Perid shall be deemed t be taken as express cnsent regarding the use f their Data. Fr any infrmatin r clarificatin please cntact the Cmplaints Officer mentined in this Plicy. 10

11 CONTACT DETAILS Annexure Ombudsman List JURISDICTION AHMEDABAD 2nd flr, Ambica Huse, Near C.U. Shah Cllege, 5, Navyug Clny, Ashram Rad, Ahmedabad Tel.: /139 Fax: BHOPAL Janak Vihar Cmplex, 2nd Flr, 6, Malviya Nagar, Opp. Airtel, Bhpal Tel.: /201/202 Fax: BHUBANESHWAR 62, Frest park, Bhubneshwar Tel.: / Fax: CHANDIGARH S.C.O. N. 101, 102 & 103, 2nd Flr, Batra Building, Sectr 17 D, Chandigarh Tel.: /5861/6468 Fax: CHENNAI Fatima Akhtar Curt, 4th Flr, 453 (ld 312), Anna Salai, Teynampet, CHENNAI Tel.: /664/668 Fax: State f Gujarat and Unin Territries f Dadra & Nagar Haveli and Daman and Diu. States f Madhya Pradesh and Chattisgarh. State f Orissa. States f Punjab, Haryana, Himachal Pradesh, Jammu & Kashmir and Unin territry f Chandigarh. State f Tamil Nadu and Unin Territries - Pndicherry Twn and Karaikal (which are part f Unin Territry f Pndicherry). DELHI 2/2 A, Universal Insurance Building, Asaf Ali Rad, New Delhi Tel.: /7539/7532 Fax: [email protected] GUWAHATI Jeevan Nivesh, 5th Flr, Nr. Panbazar ver bridge, S.S. Rad, Guwahati (ASSAM). Tel.: / / Fax: States f Delhi and Rajasthan. States f Assam, Meghalaya, Manipur, Mizram, Arunachal Pradesh, Nagaland and Tripura. 11

12 - HYDERABAD , 1st flr, "Min Curt" Lane Opp. Saleem Functin Palace, A. C. Guards, Lakdi-Ka-Pl, Hyderabad Tel.: / Fax: [email protected] KOCHI 2nd Flr, CC 27 / 2603, Pulinat Bldg., Opp. Cchin Shipyard, M. G. Rad, Ernakulam Tel.: /759/9338 Fax: [email protected] KOLKATA Hindustan Bldg. Annexe, 4, C.R. Avenue, 4th Flr, KOLKATA TEL : / Fax : [email protected] LUCKNOW 6th Flr, Jeevan Bhawan, Phase-II, Nawal Kishre Rad, Hazratganj, Lucknw Tel.: /31330/1 Fax: [email protected] MUMBAI 3rd Flr, Jeevan Seva Annexe, S. V. Rad, Santacruz (W), Mumbai Tel.: /360/6552/6960 Fax: [email protected] States f Andhra Pradesh, Karnataka and Unin Territry f Yanam - a part f the Unin Territry f Pndicherry. State f Kerala and Unin Territry f (a) Lakshadweep (b) Mahe-a part f Unin Territry f Pndicherry. States f West Bengal, Bihar, Sikkim, Jharkhand and Unin Territries f Andaman and Nicbar Islands. States f Uttar Pradesh and Uttaranchal. States f Maharashtra and Ga. 12

13 Standard requirements fr submissin f a Claim are mentined belw (Depending n the circumstances f a claim, additinal relevant infrmatin may be required which wuld be case specific) Claim fr Maturity Benefit Original Plicy Dcument. Discharge Frm Self attested ID Prf, and Bank accunt details Claim fr Life Cver Death Certificate, in riginal, issued by the cmpetent authrity; Plicy dcument, in riginal; Identificatin prf (bearing pht) f persn receiving the benefit and the Life Assured. First Infrmatin Reprt, Inquest and the Final Investigatin Reprt theref, duly attested by cncerned jurisdictinal Plice Official. Pst Mrtem Reprt duly attested by the cncerned fficials. In case f claim fr Life Cver arising ther than ut f accidents r unnatural deaths Death Certificate, in riginal, issued by the cmpetent authrity; Plicy dcument, in riginal; Medical Cause f Death certificate, issued by dctr certifying death. Identificatin prf (bearing pht) f persn receiving the benefit and the Life Assured. Medical treatment recrds (discharge summary / death summary, investigatin reprts, etc) if Life Assured has taken treatment fr illness leading t his/her death. Disclaimer : Beware f spurius phne calls and fictitius/fraudulent ffers: IRDA clarifies t public that IRDA r its fficials d nt invlve in activities like sale f any kind f insurance r financial prducts nr invest premiums. IRDA des nt annunce any bnus, public receiving such phne calls are requested t ldge a plice cmplaint alng with details f phne call, number. 13