HDFC LIFE GROUP CREDIT PROTECT INSURANCE PLAN A Non Linked Group Life Insurance Product

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1 HDFC LIFE GROUP CREDIT PROTECT INSURANCE PLAN A Non Linked Group Life Insurance Product

2 The HDFC Life Group Credit Protect is a tailor made insurance policy for financial institutions like you. HDFC Standard Life Insurance Company will provide the life insurance to your customers as per their needs. Insurance provided under this plan will enable a lump sum to be paid on death or critical illness of your customer, which will lighten the financial burden on their families. HDFC Life Group Credit Protect Is a group policy. Has no lengthy underwriting procedure. Is simple to administer. The HDFC Life Group Credit Protect offers On death, the main benefit of a lump sum known as sum assured. You can select the type of the cover that your customer will receive. Choice of Optional Benefits (if applicable) Accelerated Critical Illness sum assured on diagnosis of the defined critical illnesses. Accidental Death Benefit additional rider sum assured on death due to accident. The benefits under this policy do not attract bonuses i.e. the policy does not participate in any distribution of insurer s profits. Benefits for your customer In the event of the customer s death, a lump sum will be available. Hence a customer will know that their dependants are cared for. Optional benefits (if applicable) that can be chosen are mentioned below: Optional Benefit Summary Accelerated Critical Illness Accidental Death Benefit In event of the customer being diagnosed with any of the specified critical illnesses, the sum assured will be paid. The customer's cover, including the main benefit and residual optional benefits, will cease and no further benefit will be payable. In event of the customer's death due to accident, accidental death benefit rider sum assured will be paid. The customer's cover, including the main benefit and residual optional benefits, will cease and no further benefit will be payable. Benefits for financial institution Insurance is an optional additional benefit to your product that will benefit you as well as your customers. Some of the benefits for you are: If the customer owes <name of the financial institution> money then the insurance will reduce non-performing assets due to death / critical illness. The insurance will be an additional benefit to the customer and will assist in marketing of your product. Benefit Life Insurance Cover The life insurance is arranged on a group basis and you <name of the institution> will be the master policyholder. In order for a customer to be covered under the policy they must join the group insurance scheme, thus becoming a Scheme Member. The main benefit is a life insurance cover i.e. term insurance on life of the scheme member. The main benefit is of following two types: Level: The sum assured stays at same level during the individual s membership term. Decreasing: The sum assured decreases as per the schedule during the individual s membership term. On death of the scheme member, or upon the scheme member being diagnosed with any of the specified critical illnesses if the optional Accelerated Critical Illness benefit is chosen, HDFC Standard life will pay the scheme member s sum assured. Where the optional accidental death benefit rider is chosen, accidental death benefit rider sum assured will also be paid in the event of the scheme member s death due to an accident. The claim payment shall be made in the name of insured Scheme Member or his/her nominee(s) even if the cheque is sent to the Master Policyholder for administrative convenience or through any other electronic mode of payment to the specific bank account of the insured / claimant / nominee(s). Membership eligibility The following is not an exhaustive list and depends on the scheme being underwritten successfully by HDFC Standard Life but it is intended to cover the main terms and conditions: Parameters Minimum Maximum Membership Term 2 years 20 years Term for Optional ACI benefit 5 years or equal to membership term Term for Optional ADB benefit Equal to membership term Age at Joining (as on last birthday) 18 years 57 years Maximum Age on Leaving (as on last birthday) 59 years Minimum Premium: Rs.50 Minimum Sum Assured : As determined by minimum premium Scheme Member must be a customer with one or more of the following products: <List of policyholder products> Scheme members can join the scheme at anytime, subject to fulfilling the eligibility conditions. The cover will start on acceptance of the duly completed member information form. Scheme Members will be issued with individual certificates of insurance. Optional benefits have to be chosen at the time of joining the scheme. These cannot be added at a later point. Group Size Minimum group size is 50 members. Premium The premium for each member is calculated as a single premium. The actual premium depends on the following: Size of the sum assured Duration and nature of cover(level or decreasing) Age of the member Whether additional rider benefits have been chosen Underwriting outcome Underwriting The underwriting will be simple and depends on the size of the sum assured. The customer declares his/her medical history in the short medical questionnaire and this provides the underwriting for the policy. The age of customer and sum assured will determine the use of the short medical questionnaire. If the applicant does not satisfactorily complete the short medical questionnaire they will be declined cover. In cases where the member s age and sum assured is above the short medical questionnaire limit, member may be offered cover and may have to go for individual full underwriting.

3 Simple Administration Administration of HDFC Life Group Credit Protect plan is very simple. As a single premium insurance policy, the policy is easy and efficient to administer for both you and HDFC Standard Life. HDFC Standard Life will work with your staff to develop sales literature and training for the staff and also set up the required administration systems. it is essential for you as the financial institution to co-operate with HDFC Standard Life in adherence of regulatory guidelines pertaining to group insurance. Tax Benefit u/s 80C&80D Insurance premiums are eligible for tax relief upon receipt. The Scheme Member s certificate of insurance will confirm that the premium has been received by HDFC Standard Life on behalf of the Scheme Member. The above-mentioned tax benefits are as per the current tax laws and are subject to changes in the tax laws. Terms and Conditions Nomination 1) The member of the policyholder of a life insurance on his own life may nominate a person or persons to whom money secured by the policy shall be paid in the event of his death. 2) Where the nominee is a minor, the member of policyholder may appoint any person to receive the money secured by the policy in the event of member's death during the minority of the nominee. The manner of appointment to be laid down by the insurer. 3) Nomination can be made at any time before the maturity of the policy. 4) Nomination may be incorporated in the text of the policy itself or may be endorsed on the policy communicated to the insurer and can be registered by the insurer in the records relating to the policy. 5) Nomination can be cancelled or changed at any time before policy matures, by an endorsement or a further endorsement or a will as the case maybe. 6) A notice in writing of Change or Cancellation of nomination must be delivered to the insurer for the insurer to be liable to such nominee. Otherwise, insurer will not be liable if a bona fide payment is made to the person named in the text of the policy or in the registered records of the insurer. 7) Fee to be paid to the insurer for registering change or cancellation of a nomination can be specified by the authority through regulations. Nomination section is a simplified version prepared for general information only and hence is not comprehensive. For full texts of this section please refer to Section 39 of the Insurance Act, 1938 as amended by Insurance Laws (Amendment) Act, 2015 Under the provisions of section 41 of the Insurance Act, 1938 No person shall allow or offer to allow, either directly or indirectly, as an inducementtoanypersontotakeoutorreneworcontinueaninsurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer. Provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taken out by himself on his own life shall not be deemed to be acceptance of a rebate of premium within the meaning of this sub-section if at the time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance agent employed by the insurer. Any person making default in complying with the provisions of this section shall be liable for a penalty which may extend to ten lakh rupees. Non-Disclosure: Section 45 of the Insurance Act, 1938 as amended from time to time states: 1) No policy of life insurance shall be called in question on any ground whatsoever after the expiry of three years from the date of the policy, i.e., from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later. 2) A policy of life insurance may be called in question at any time within three years from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later, on the ground of fraud: Provided that the insurer shall have to communicate in writing to the insured or the legal representatives or nominees or assignees of the insured the grounds and materials on which such decision is based. 3) Notwithstanding anything contained in sub-section (2), no insurer shall repudiate a life insurance policy on the ground of fraud if the insured can prove that the mis-statement of or suppression of a material fact was true to the best of his knowledge and belief or that there was no deliberate intention to suppress the fact or that such mis-statement of or suppression of a material fact are within the knowledge of the insurer: Provided that in case of fraud, the onus of disproving lies upon the beneficiaries, in case the policyholder is not alive. 4) A policy of life insurance may be called in question at any time within three years from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of theridertothepolicy, whicheverislater, onthegroundthatany statement of or suppression of a fact material to the expectancy of the life of the insured was incorrectly made in the proposal or other document on the basis of which the policy was issued or revived or rider issued: Provided that the insurer shall have to communicate in writing to the insured or the legal representatives or nominees or assignees of the insured the grounds and materials on which such decision to repudiate the policy of life insurance is based: Provided further that in case of repudiation of the policy on the ground of misstatement or suppression of a material fact, and not on the ground of fraud, the premiums collected on the policy till the date of repudiation shall be paid to the insured or the legal represent atives or nominees or assignees of the insured within a periodofninetydaysfrom thedateofsuchrepudiation. 5) Nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the life insured was incorrectly stated in the proposal. Exclusion In case of death due to suicide, within 12 months from the date of inception of the cover, the nominee shall be entitled to 80% of the single premium paid. Accelerated Critical Illness Benefit & Exclusions 1. Critical Illness includes the following:

4 Major Cancer, Coronary Artery Bypass Grafting, Heart Attack, Kidney Failure, Stroke & Major Organ Transplant. 2. Specific Exclusions for this benefit are listed below: No benefits will ever be payable if symptoms first appear or a condition first occurs or is first diagnosed within 120 days after the risk commencement date. No benefits will be payable under the policy if a claim or event suffered by the Life Insured is directly or indirectly caused or exacerbated as a result of anyofthefollowing: Criminal acts: Member involvement in Criminal and/or unlawful acts. War and Civil Commotion: War, invasion, hostilities, (whether war is declared or not), civil war, rebellion, revolution or taking part in a riot or civil commotion. Nuclear Contamination: The radioactive, explosive or hazardous nature of nuclear fuel materials or property contaminated by nuclear fuel materials or accident arising from such nature. Aviation: Member participation in any flying activity, other than as a passenger in a commercially licensed aircraft. Unreasonable failure to seek or follow medical advice. Living abroad (living outside the territory for more than 13 consecutive weeksinany12months). Thisexclusiondoesnotapplyif the Life Insured is medically examined and/or has undergone tests in India after the occurrence of the event, and is available for medical examination or other reasonable tests in India to confirm the occurrence of an insured event. We may waive this condition on a case by-case basis only where this has been agreed. War or hostilities (whether war be declared or not). Civil war, rebellion, revolution, civil unrest or riot. Participation in any armed force or peace keeping activities. An act of any person acting on their own or on behalf of or in connection with any group or organization to influence by force any group, corporation or government by terrorism, kidnapping or attempted kidnapping, attack, assault, or any other violent means. An intentional or self-inflicted act. Drug-taking other than under the direction of a qualified medical practitioner, abuse of alcohol or the taking of poison. HIV/AIDS. Nuclear fusion, nuclear fission, nuclear waste or any radioactive or ionising radiation. Hazardous sports and pastimes: Taking part or practicing for any hazardous hobby, pursuit or any race not previously declared and accepted by the Company. Poison: Taking or absorbing, accidentally or otherwise, any poison. Toxic Gases: Inhaling any gas or fumes, accidentally or otherwise, except accidentally in the course of duty. Physical Infirmity: Body or mental infirmity or any disease. Cancellation in the Free-Look period In case you are not agreeable to the general policy terms and conditions, you have the option of returning the policy to us stating the reasons thereof, within 15 days from the date of receipt of the policy. On receipt of your letter along with the original policy documents, we shall arrange to refund you the premium, subject to deduction of the proportionate risk premium for the period on cover, the expenses incurred by us on stamp duty. A policy once returned shall not be revived, reinstated or restored at any point of time and a new proposal will have to be made for a new policy. Surrender The main policy cannot be surrendered. In case of surrender of the policy by the group master policyholder, the individual members of the group, on such surrender, will be given an option to continue the policy as an individual policy till their coverage is terminated. Deliberate participation of the Life assured in an illegal or criminal act. Injuries or diseases arising from professional sports, racing of any kind, scuba-diving, aerial flights (including bungee-jumping, hanggliding, ballooning, parachuting and sky-diving) other than as a crew member or as a fare-paying passenger on a licensed carrying commercial aircraft operating in a regular scheduled route or any hazardous activities or sports unless agreed by special endorsement. Accidental Death Benefit & Exclusions 1. The specified benefit will be payable on an accidental death. Accidental Death shall be defined as a bodily injury leading to death caused solely and directly by outward, violent and visible means and independent of all other causes of death. Death due to an accident must be caused within 180 days of any bodily injury. 2. Specific Exclusions for this benefit are listed below Infection : Death or Disability caused or contributed to by any infection, except infection caused by an external visible wound accidentally sustained Drug Abuse: Member under the influence of Alcohol or solvent abuse or use of drugs except under the direction of a registered medical practitioner Self-inflicted Injury: Intentional self- Inflicted injury. Prepayment of loan On prepayment of loans the company will, with the agreement of the policyholder, generally continue the cover that was in place. However, we will permit a member to surrender their membership and a surrender value may be payable. The surrender value is calculated at the HDFC Standard Life Insurance Company s sole discretion. Payments to group policyholder We may leverage the existing infrastructure of the group master policyholder for better administration of the scheme with respect to services such as data management, collection of premiums, issuance of Certificates of Insurance and claims settlement. For the services rendered, we may make payments directly to the group master policyholder as per the limits allowed under the prevailing Regulations which currently stand as follows: Data Management Rs 15 per member per annum Premium Collection Rs 10 per member per annum Issuance of Certificates of Insurance Rs 10 per member subject to a minimum of Rs 500 Claims Settlement Rs 10 per claim If the business is procured through an intermediary, no such payments will be payable to the master policyholder. The payments to the group master policyholder shall be subject to ceilings prescribed by prevailing Regulations. Presently, the payments to the group master policyholder:

5 all put together shall not exceed 20% of the commission payable for each of the services individually, the payments shall not exceed the rated proportion to the overall limit of 20% of the commission payable Termination The master policy cannot terminate. Member s cover will terminate either on death/critical illness or on expiry of term, whichever is earlier. Service Tax As per the Service Tax Laws, service tax is applicable on the life insurance premium. Any other indirect tax or statutory levy becoming applicable in future may become payable by you by any method we deem appropriate including by levy of an additional monetary amount in addition to the premium. Ahmedabad : Hyderabad : Kolkata : Mumbai : For further details contact New Delhi : Pune : Chandigarh : Chennai : groupsales@hdfclife.com Bhuwaneshwar : Bangalore : Vadodara : HDFC Standard Life Insurance Company Limited. In partnership with Standard Life Plc Registered Office: HDFC Standard Life Insurance Company Limited, Lodha Excelus, 13th Floor, Apollo Mills Compound, N.M. Joshi Marg, Mahalaxmi, Mumbai Insurance is the subject matter of the solicitation. This document has no monetary value at any time and is not proof of any contract with HDFC Standard Life Insurance Company Limited. HDFC Life Group Credit Protect Insurance Plan (Form No. P501, UIN: 101N079V02).This plan is a traditional non participatory group insurance product. This version of the product brochure invalidates all previous printed versions for this particular plan. This product brochure is indicative of the terms, warranties, conditions and exceptions contained in the insurance policy. Please refer to the policy document for further details. HDFC Standard Life Insurance Company Limited. IRDAI Registration No ARN: PP/02/2015/6051. CIN: U99999MH2000PLC BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS IRDAI clarifies to public that IRDAI or its officials do not involve in activities like sale of any kind of insurance or financial products nor invest premiums. IRDAI does not announce any bonus. Public receiving such phone calls are requested to lodge a police complaint along with details of phone call, number w.e.f. April 2015/VER.6.1