Priority Protection for Platform Investors Supplementary Product Disclosure Statement

Transcription

1 Priority for Platform Investors Supplementary Product Disclosure Statement 1 July 2014 Life s better with the right partner This Priority for Platform Investors Supplementary Product Disclosure Statement ( SPDS ) supplements information contained in the Priority for Platform Investors Product Disclosure Statement ( PDS ), Version 1, Date Prepared 1 March This SPDS is issued by: AIA Australia Limited, (ABN AFS Licence No. 2004), who is the issuer of life risk insurance policies referrable to Priority for Platform Investors. AIA Australia Limited takes full responsibility for the entirety of this SPDS. This SPDS must be read in conjunction with the PDS. This SPDS has been issued to (among other things) inform you of the following important amendments to the PDS as a result of changes to the Superannuation Industry (Supervision) Regulations 1994 (Cth) (SIS Regulations). The changes relate to the Superannuation Life Cover Plan and the Superannuation Plan. All Superannuation policies issued on or after 1 July 2014 are issued on the terms set out in this SPDS (regardless of the date the application was submitted to AIA Australia). Insurance through Superannuation (Page 1 of the PDS) The following text is deleted: Some of the benefits available under an Ordinary Plan are not available under a Superannuation Plan. (We have noted where a benefit is not available under a Superannuation Plan throughout this PDS or where it is only available by purchasing a linked Ordinary Plan policy outside of superannuation at an additional premium cost but you should refer to the relevant Superannuation Policy.) and is replaced with the following text: Some of the benefits available under an Ordinary Plan are not available under a Superannuation Plan or different definitions or amounts of benefit may apply. (We have noted where a benefit is not available or these differences apply under a Superannuation Plan throughout this PDS or where a benefit is only available by purchasing a linked Ordinary Plan policy outside of superannuation at an additional premium cost but you should refer to the relevant Superannuation Policy.) Insurance through Superannuation (Page 67 of the PDS) The following paragraph is added immediately after the heading: Self-Managed Super Funds (SMSF) Please note: The trustee of a SMSF can only have the following Priority for Platform Investors Plans: Superannuation Life Cover; and Superannuation. Total and Permanent Disablement Built-in benefits (Pages 18 and 24 of the PDS) Total and Permanent Disablement and Double Total and Permanent Disablement The following text is deleted: If your applicable definition is Any Occupation and you return to work in your own occupation or perform any other reasonable occupation and if your earning capacity is permanently restricted due to your disablement to the extent that the income you generate in the 12 month period following a return to work is less than 25% of the income you generated in the previous 12 months of performing your own occupation, we will pay the Total and Permanent Disablement benefit. aia.com.au

2 Priority for Platform Investors Supplementary Product Disclosure Statement 2 and is replaced with the following text: If your applicable definition under an Ordinary Plan is Any Occupation and you return to work in your own occupation or perform any other reasonable occupation and if your earning capacity is permanently restricted due to your disablement to the extent that the income you generate in the 12 month period following a return to work is less than 25% of the income you generated in the previous 12 months of performing your own occupation, we will pay the Total and Permanent Disablement benefit. This benefit will not apply under a Superannuation Plan. Accidental Total and Permanent Disablement (Any Occupation) (Page 85 of the PDS) The following paragraph is added immediately after (c) the life insured has suffered Accidental Loss of Independence: Under the Superannuation Life Cover Plan, in order to meet the definitions of (a) or (c), the life insured must also become in our opinion incapacitated to such an extent as to render the life insured unlikely ever to engage in any business, profession or occupation for which the life insured is reasonably suited by education, training or experience. Accidental Total and Permanent Disablement (Home Duties) (Page 86 of the PDS) The following paragraph is added immediately after (c) the life insured has suffered Accidental Loss of Independence: Under the Superannuation Life Cover Plan, in order to meet the definitions of (a), (b) or (c), the life insured must also become in our opinion incapacitated to such an extent as to render the life insured unlikely ever to engage in any business, profession or occupation for which the life insured is reasonably suited by education, training or experience. Total and Permanent Disablement (All Duties) (Page 95 of the PDS) The following text is deleted: Under the Superannuation Life Cover Plan, at least two Medical Practitioners will need to certify that the life insured has satisfied this definition. and is replaced with the following text: Under the Superannuation Life Cover Plan, in order to meet the definition of (a), the life insured must also become in our opinion incapacitated to such an extent as to render the life insured unlikely ever to engage in any business, profession or occupation for which the life insured is reasonably suited by education, training or experience. Total and Permanent Disablement (Any Occupation) (Page 96 of the PDS) The following text is deleted: Under the Superannuation Life Cover Plan, at least two Medical Practitioners will need to certify that the life insured has satisfied this definition. and is replaced with the following text: Under the Superannuation Life Cover Plan, in order to meet the definitions of (a) or (c), the life insured must also become in our opinion incapacitated to such an extent as to render the life insured unlikely ever to engage in any business, profession or occupation for which the life insured is reasonably suited by education, training or experience. Total and Permanent Disablement (Home Duties) (Page 96 of the PDS) The following text is deleted: Under the Superannuation Life Cover Plan, at least two Medical Practitioners will need to certify that the life insured has satisfied this definition. and is replaced with the following text: Under the Superannuation Life Cover Plan, in order to meet the definitions of (a), (b) or (c), the life insured must also become in our opinion incapacitated to such an extent as to render the life insured unlikely ever to engage in any business, profession or occupation for which the life insured is reasonably suited by education, training or experience. Total and Permanent Disablement (Universal) (Page 97 of the PDS) The following paragraph is added after the first paragraph: Under the Superannuation Life Cover Plan, the life insured must also become in our opinion incapacitated to such an extent as to render the life insured unlikely ever to engage in any business, profession or occupation for which the life insured is reasonably suited by education, training or experience. and Accident Only Claim Escalation benefit (Page 51 of the PDS) The following text is deleted: If your claim is paid for more than 12 consecutive months, we will increase your claim payments by the higher of % and the CPI Increase. Your claim payments will continue to increase each year while you remain disabled until the earliest to occur of, the end of your Benefit Period, the latest Policy Anniversary prior to your age 65. Other conditions apply. and is replaced with the following text: Under an Ordinary Plan, if your claim is paid for more than 12 consecutive months, we will increase your claim payments by the higher of % and the CPI Increase. Under a Superannuation Plan, we will increase your claim payments by the higher of % and the CPI Increase, up to a maximum of 5%. Under both Plans your claim payments will continue to increase each year while you remain disabled until the earlier to occur of the end of your Benefit Period and the latest Policy Anniversary prior to your 65th birthday. Other conditions apply.

3 Priority for Platform Investors Supplementary Product Disclosure Statement Superannuation Plans What is the definition of permanent incapacity under superannuation law? (Page 66 of the PDS) The following text is deleted: Permanent incapacity means that you are unlikely, because of ill-health (whether physical or mental), to ever engage in gainful employment of the type for which you are reasonably qualified by education, training or experience. At least two Medical Practitioners will need to certify this. and is replaced with the following text: Permanent incapacity means: a member of a superannuation fund is taken to be suffering permanent incapacity if a trustee of the fund is reasonably satisfied that the member s ill-health (whether physical or mental) makes it unlikely that the member will engage in gainful employment for which the member is reasonably qualified by education, training or experience. The following new section is added after the section titled What is the definition of temporary incapacity under superannuation law? on page 66 of the PDS: What is the definition of gainfully employed under superannuation law? Gainfully employed means: employed or self-employed for gain or reward in any business, trade, profession, vocation, calling, occupation or employment. What is the definition of terminal illness under superannuation law? (Page 66 of the PDS) This section is renamed: What is the definition of terminal medical condition under superannuation law? and the following text is deleted: To meet this definition, two Medical Practitioners (one of whom must be a specialist in your condition) must certify that you have suffered an illness or have incurred an injury that is likely to result in your death within 12 months of the date of the certificate. and is replaced with the following text: Terminal medical condition means: a terminal medical condition exists in relation to a person at a particular time if the following circumstances exist: (a) two registered medical practitioners have certified, jointly or separately, that the person suffers from an illness, or has incurred an injury, that is likely to result in the death of the person within a period (the certification period) that ends not more than 12 months after the date of the certification; (b) at least one of the registered medical practitioners is a specialist practicing in an area related to the illness or injury suffered by the person; (c) for each of the certificates, the certification period has not ended. Benefit exclusions and limitations (Page 79 of the PDS) Other limitations The following text is deleted: Superannuation Plan Any benefit under the Superannuation Plan cannot be paid if you are unemployed at the time of disablement. and is replaced with the following text: Superannuation Plans Any benefit under the Superannuation Life Cover Plan and/ or the Superannuation Plan cannot be paid if in our opinion, a condition of release has not been satisfied under the Superannuation Industry (Supervision) Regulations 1994 at the time of the making of the claim. The most relevant conditions of release are: death; permanent incapacity; temporary incapacity (income protection only); and terminal medical condition. Refer to pages of the PDS for more details. benefit Agreed Value (Page 86 of the PDS) The following text is deleted: In addition, if you select Agreed Value under the Superannuation Plan, in the event of a claim, AIA Australia will pay the trustee an amount based on the benefit we agreed to insure you for at the commencement of the policy. It is a requirement under superannuation legislation that you cannot receive more than 100 percent of your Pre disablement (Agreed Value) from all sources. and is replaced with the following text: In addition, if you select Agreed Value under the Superannuation Plan, it is a requirement under superannuation legislation that you cannot receive more than your Pre-disablement (Agreed Value) from all sources while you are being paid a benefit for temporary incapacity. Therefore, regardless of any other terms in this PDS, we will reduce any benefit we pay you so that the total of all income you receive from all sources, except interest, dividends and other similar investment income, does not exceed 100 percent of your Pre disablement (Agreed Value).

4 Priority for Platform Investors Supplementary Product Disclosure Statement 4 Indemnity (Page 90 of the PDS) The following text is deleted: In addition, if you select Indemnity under the Superannuation Plan, in the event of a claim, AIA Australia will calculate your benefit by taking into account your Pre disablement (Indemnity). If the claim is admitted, AIA Australia will pay the monthly benefit to the trustee. The trustee will make the proceeds available to you subject to your having satisfied the appropriate condition of release. and is replaced with the following text: In addition, if you select Indemnity under the Superannuation Plan, it is a requirement under superannuation legislation that you cannot receive more than your Pre-disablement (Indemnity) from all sources while you are being paid a benefit for temporary incapacity. Therefore, regardless of any other terms in this PDS, we will reduce any benefit we pay you so that the total of all income you receive from all sources, except interest, dividends and other similar investment income, does not exceed 100 percent of your Pre-disablement (Indemnity). Pre-disablement (Agreed Value) (Page 94 of the PDS) The following text is deleted: PRE-DISABLEMENT INCOME (AGREED VALUE) is the life insured s highest average monthly income for any financial year since the date two years before the commencement date of the benefit up until the commencement of disablement. During disablement the Pre-disablement (Agreed Value) amount will be increased every 12 months, following the date of disablement, by % or the Consumer Price Index Increase (CPI Increase) (whichever is the greater). For the Superannuation Plan, the benefit payable cannot exceed 100% of your monthly Pre disablement at the date of disablement. and is replaced with the following text: PRE-DISABLEMENT INCOME (AGREED VALUE), under the Plan, is the life insured s highest average monthly income, except interest, dividends and other similar investment income, for any financial year since the date two years before the commencement date of the benefit up to the commencement of disablement. PRE-DISABLEMENT INCOME (AGREED VALUE), under the Superannuation Plan, is the life insured s average monthly income, except interest, dividends and other similar investment income, for the 12 consecutive months preceding the commencement of disablement. During disablement the Pre-disablement (Agreed Value) amount under both the Plan and the Superannuation Plan will be increased every 12 months, following the date of disablement, by % or the Consumer Price Index Increase (CPI Increase) (whichever is the greater). Pre-disablement (Indemnity) (Page 94 of the PDS) The following text is deleted: PRE-DISABLEMENT INCOME (INDEMNITY) is the greater of the life insured s average monthly income: for the 12 consecutive months preceding the commencement of disablement; and for the latest financial year preceding the commencement of disablement. During disablement the Pre-disablement (Indemnity) amount will be increased every 12 months, following the date of disablement, by % or the Consumer Price Index Increase (CPI Increase) (whichever is the greater). and is replaced with the following text: PRE-DISABLEMENT INCOME (INDEMNITY), under the Plan, is the greater of the life insured s average monthly income, except interest, dividends and other similar investment income, for: the 12 consecutive months preceding the commencement of disablement; and the latest financial year preceding the commencement of disablement. PRE-DISABLEMENT INCOME (INDEMNITY), under the Superannuation Plan, is the life insured s average monthly income, except interest, dividends and other similar investment income, for the 12 consecutive months preceding the commencement of disablement. During disablement the Pre-disablement (Indemnity) amount under both the Plan and the Superannuation Plan will be increased every 12 months, following the date of disablement, by % or the Consumer Price Index Increase (CPI Increase) (whichever is the greater). Total Disablement ( ) (Page 97 of the PDS) The following text is added immediately prior to the For Ordinary Plans only section: For Superannuation Plans only TOTAL DISABLEMENT (INCOME PROTECTION) means that, solely as a result of Injury or Sickness, the: life insured is unable to perform one or more duties of his or her occupation, that is important or essential in producing income; life insured is under the regular care of, and following the advice of, a Medical Practitioner; life insured is not working (whether paid or unpaid); and disablement suffered by the life insured satisfies, in our opinion, a condition of release under the Superannuation Industry (Supervision) Regulations 1994 at the time of the making of the claim.

5 Priority for Platform Investors Supplementary Product Disclosure Statement 5 Total Disablement ( Accident Only) (Page 97 of the PDS) The following text is added immediately prior to the For Ordinary Plans only section: For Superannuation Plans only TOTAL DISABLEMENT (INCOME PROTECTION ACCIDENT ONLY) means that, solely due to Accidental Injury, the: life insured is unable to perform one or more duties of his or her occupation, that is important or essential in producing income; life insured is under the regular care of, and following the advice of, a Medical Practitioner; life insured is not working (whether paid or unpaid); and disablement suffered by the life insured satisfies, in our opinion, a condition of release under the Superannuation Industry (Supervision) Regulations 1994 at the time of the making of the claim. Total Disablement ( Accident Only Occupation E) (Page 97 of the PDS) The following text is added immediately prior to the For Ordinary Plans only section: For Superannuation Plans only TOTAL DISABLEMENT (INCOME PROTECTION ACCIDENT ONLY OCCUPATION E) means that, solely due to Accidental Injury, the: life insured is unable to perform all of the duties of his or her occupation and any other occupation; life insured is under the regular care of, and following the advice of, a Medical Practitioner; life insured is not working (whether paid or unpaid); and disablement suffered by the life insured satisfies, in our opinion, a condition of release under the Superannuation Industry (Supervision) Regulations 1994 at the time of the making of the claim. In addition to the changes made to the Superannuation Life Cover Plan and the Superannuation Plan described above, the following change relating to the Complimentary Family under the Life Cover Plan and the Crisis Recovery Stand Alone Plan is also being implemented. Complimentary Family (Pages 28 and 6) The following text is deleted: We may pay a lump sum of 10% of the Sum Insured up to $20,000 per Child if your Child dies or is positively diagnosed with a Terminal Illness or one of the other Crisis Events listed in the table on page 1 after the qualifying period (if any). and replaced with the following text: We may pay a lump sum up to $20,000 per Child if your Child dies or is positively diagnosed with a Terminal Illness or one of the other Crisis Events listed in the table on page 1 after the qualifying period (if any). Total Disablement ( Occupation E) (Page 98 of the PDS) The following text is added immediately prior to the For Ordinary Plans only section: For Superannuation Plans only TOTAL DISABLEMENT (INCOME PROTECTION OCCUPATION E) means that, solely as a result of Injury or Sickness, the: life insured is unable to perform all of the duties of his or her occupation and any other occupation; life insured is under the regular care of, and following the advice of, a Medical Practitioner; life insured is not working (whether paid or unpaid); and disablement suffered by the life insured satisfies, in our opinion, a condition of release under the Superannuation Industry (Supervision) Regulations 1994 at the time of the making of the claim.

6 Priority for Platform Investors Supplementary Product Disclosure Statement 6 Important contact information Should you have any questions or concerns about your policy please contact your adviser in the first instance or us direct on You can also visit aia.com.au for additional contact details and further information. AIA Australia Limited (ABN AFSL 2004) AIA /14

7 Priority for Platform Investors Product Disclosure Statement Version 1, Date Prepared 1 March 2014 Life s better with the right partner

8 Important Notes This Product Disclosure Statement ( PDS ) describes the main features of six separate insurance plans; Life Cover Plan, Crisis Recovery Stand Alone Plan, Plan, Business Expenses Plan, Superannuation Life Cover Plan and Superannuation Plan. The Life Cover Plan, Crisis Recovery Stand Alone Plan, Plan and Business Expenses Plan ( Ordinary Plans ) are benefits under a life insurance policy issued by AIA Australia Limited (ABN AFSL 2004) ( AIA Australia ) to the Policy Owner (usually you). The Superannuation Life Cover Plan and Superannuation Plan ( Superannuation Plans ) are benefits under a separate life insurance policy issued by AIA Australia to the trustee of an approved superannuation fund or Self-managed Superannuation Fund ( SMSF ) as the Policy Owner to provide one or more life insurance benefits for a fund member as the insured person. The Superannuation Plans have some different terms and conditions than the policy issued for the Ordinary Life Cover and Plans. Each of the Plans has stand alone insurance covers that can be selected individually or in combination, each with built-in benefits and optional benefits (Riders) that you can select at an additional cost. (See Structure diagram on pages 2 5.) Each of the benefits under the Plans has an entry age and expiry date, together with a maximum sum insured, depending on your Occupation Category. (See Summary tables on pages 6 12 and the list of Occupation Categories on page 102.) The formal terms and conditions of each Plan are set out in the Policy Document, which is available from If there is any inconsistency between this PDS and the Policy Document, the full terms and conditions contained in the Policy Document will prevail. AIA Australia is not bound to accept any application for cover. Structuring Priority for Platform Investors through superannuation The Superannuation Life Cover Plan and the Superannuation Plan can be acquired through an approved superannuation fund or a SMSF: you will be issued with a risk-only superannuation product in the approved superannuation fund or SMSF fund, with benefits referable solely to the Superannuation Life Cover Plan and/or the Superannuation Plan; the Policy will be owned by the approved superannuation fund or SMSF, as the trustee of the fund; and all premiums and benefit payments will be made through the approved superannuation fund or SMSF and are therefore subject to restrictions under superannuation law. Please note: your cooling off rights and the external dispute resolution scheme to deal with any complaints about the product are different, depending on whether the issuer is AIA Australia or the trustee of an approved superannuation fund or SMSF. About this PDS This PDS covers both the insurance products issued by AIA Australia and, where the Superannuation Life Cover Plan or the Superannuation Plan is issued through an approved superannuation fund or SMSF, the risk-only superannuation product issued by the trustee. AIA Australia takes full responsibility for the entirety of this PDS. This document should be read before making a decision to acquire any of the Plans. It is intended to help you decide whether the Plans will meet your needs and to compare them with other products you may be considering. The information in this PDS is current as the date of issue but may be updated or replaced at any time, and you can obtain a copy of the current version on request, free of charge, by calling AIA Australia on Changes that are not materially adverse will be updated and made available to you at You will be advised of material changes or significant events as required by law. The information in this PDS is of a general nature only and has been prepared without taking into account your objectives, financial situation or needs. Therefore, before making any decision you should consider the appropriateness of the information, having regard to your objectives, financial situation and needs. If you are deciding whether to acquire one or more of these Plans you should read this PDS before making your decision. Defined Terms There are a number of terms in this PDS that has been capitalised. These terms have a particular meaning when used in this PDS and the Policy Document. We have included some of the most important definitions at the end of this PDS. It is important to read their meanings carefully because they can affect when a claim will be paid. Also, in this PDS (which includes the applicable Application Form) any reference to: approved superannuation fund means a superannuation fund that is a complying fund, which has an arrangement with AIA Australia to purchase one or more of the life insurance benefits under the Superannuation Plans for one or more of its fund members as the insured persons. The AIA Superannuation Fund or a SMSF is not an approved superannuation fund for this purpose. A list of the external superannuation funds which have an agreement with AIA Australia is available upon request on ; Ordinary Plan means the Life Cover Plan, Crisis Recovery Stand Alone Plan, Plan or Business Expenses Plan; Policy means the Priority Policy Document and Policy Schedule issued by AIA Australia; Policy Owner means the person who legally owns the Policy, including the trustee of a superannuation fund when a Superannuation Plan is issued; Priority for Platform Investors or Plans means all of the insurance plans referred to in this PDS unless otherwise specified; SMSF means a Self-managed Superannuation Fund; Superannuation Plan means the Superannuation Life Cover Plan or Superannuation Plan; trustee means the trustee of an approved superannuation fund or the trustee of a SMSF as applicable; we, us, our or the insurer means AIA Australia Limited; you or life insured means any potential customer likely to become the person insured under the Policy unless otherwise specified. Limitations Exclusions and Benefit Reductions You should be aware that some limitations and exclusions will apply to your Policy. This means that there are circumstances when we will not pay a claim or where will pay a claim on a reduced basis. We have included a summary of Exclusions and Limitations on pages and a summary of the circumstances when benefits may be reduced on pages As a general rule, if you select a benefit as a rider to a stand alone benefit, payment of the rider benefit will reduce the Sum Insured under the stand alone benefit. For full details, see the Policy Document.

9 Contents 1 Priority for Platform Investors Structure...2 Ordinary Plans...2 Superannuation Plans...4 Priority for Platform Investors Summary...6 Life Cover Plan...6 Crisis Recovery Stand Alone Plan...8 Business Expenses Plan...8 Plan...9 Superannuation Life Cover Plan Superannuation Plan About Priority for Platform Investors... 1 Priority for Platform Investors benefits Life Cover TPD cover Total and Permanent Disablement Universal Total and Permanent Disablement Total and Permanent Disablement Buy-back Waiver of Premium... 2 Double Total and Permanent Disablement Double Universal Total and Permanent Disablement Crisis Recovery Crisis Recovery Buy-back... 2 Crisis Reinstatement... Double Crisis Recovery... 5 Family Needlestick Injury School Fees Protector... 4 Forward Underwriting cover and (Accident Only) Essentials Business Expenses Incorporated Business Expenses Superannuation Plans Insurance through Superannuation Superannuation PLUS Maximiser Super Extras benefit What are the costs? Premiums Other fees and costs Premium discounts Significant risks Your duty of disclosure Benefit exclusions and limitations Summary of exclusions Summary of Lump Sum benefit reductions Claim offsets Pre-existing Condition Other limitations Additional information When will my cover end? General information about your policy, rights and obligations Taxation Ordinary Plans Privacy statement... 8 Definitions Occupation Categories Certificates for Interim Cover Direct Debit Request Service Agreement Contact information...109

10 2 Priority for Platform Investors Structure Life Cover Plan Life Cover Benefit Term Cover Benefit Accidental Death Benefit Total and Permanent Disablement Stand Alone Benefit Universal Total and Permanent Disablement Stand Alone Benefit Accidental Total and Permanent Disablement Stand Alone Benefit Riders Rider Riders Rider Rider Family Forward Underwriting Family Family Forward Underwriting School Fees Protector Crisis Recovery Double Crisis Recovery Total and Permanent Disablement Double Total and Permanent Disablement Universal Total and Permanent Disablement Double Universal Total and Permanent Disablement Accidental Total and Permanent Disablement Family Forward Underwriting Needlestick Injury School Fees Protector Waiver of Premium Family Total and Permanent Disablement Buy-back School Fees Protector Crisis Recovery Buy-back Family Crisis Reinstatement

11 Priority for Platform Investors Structure Crisis Recovery Stand Alone Plan Plan (Agreed Value or Indemnity) Business Expenses Plan Crisis Recovery Stand Alone Benefit Benefit Accident Only Benefit Essentials Benefit Business Expenses Benefit Incorporated Business Expenses Benefit Riders Riders Riders Rider Rider Day 1 Accident Day 1 Accident Retirement Optimiser Claim Escalation Day 1 Accident Carer s Allowance Retirement Optimiser Advantage Optional PLUS Optional Claim Escalation Day 1 Accident Lump Sum Carer s Allowance Business Expenses Crisis Reinstatement Total and Permanent Disablement Universal Total and Permanent Disablement Accidental Total and Permanent Disablement Family Forward Underwriting Day 1 Accident

12 4 Priority for Platform Investors Structure Superannuation Life Cover Plan Life Cover Benefit Term Cover Benefit Accidental Death Benefit Total and Permanent Disablement Stand Alone Benefit Universal Total and Permanent Disablement Stand Alone Benefit Accidental Total and Permanent Disablement Stand Alone Benefit Riders Maximiser (Non-Super) Superannuation PLUS (outside super) Total and Permanent Disablement Double Total and Permanent Disablement Universal Total and Permanent Disablement Double Universal Total and Permanent Disablement Accidental Total and Permanent Disablement Waiver of Premium Maximiser (Non-Super) Total and Permanent Disablement Buy-back Maximiser (Non-Super) Crisis Recovery Double Crisis Recovery Total and Permanent Disablement Double Total and Permanent Disablement Universal Total and Permanent Disablement Double Universal Total and Permanent Disablement Accidental Total and Permanent Disablement Family Needlestick Injury Waiver of Premium Family Total and Permanent Disablement Buy-back Crisis Recovery Buy-back Family Crisis Reinstatement

13 Priority for Platform Investors Structure 5 Superannuation Plan Benefit Accident Only Benefit Riders Riders Retirement Optimiser Claim Escalation Day 1 Accident Retirement Optimiser Claim Escalation Day 1 Accident Super Extras Lump Sum

14 6 Priority for Platform Investors Summary Life Cover Plan Rider Benefits 1 Life Cover Benefit Crisis Recovery Crisis Recovery Buy back 2 Crisis Reinstatement Double Crisis Recovery 11 Total and Permanent Disablement Total and Permanent Disablement Buy back 4 Double Total and Permanent Disablement 12 Universal Total and Permanent Disablement Double Universal Total and Permanent Disablement 16 Accidental Total and Permanent Disablement Entry age next birthday (years) between AAA, AA, A 16 and and and and and 64 Occupation Category B 16 and and and and and and and 64 C 16 and and and and and and and and and 60 D 16 and and and and and 55 E 16 and and and and and and 50 Not applicable Home Duties 16 and and and and and and and 64 Expiry age policy anniversary prior to age (years) AAA, AA, A Occupation Category B C D E Not applicable Home Duties Maximum Sum Insured AAA, AA, A $5,000,000 6,10,17 $5,000,000 6,10,17 Occupation Category B $5,000,000 6,10,17 $5,000,000 6,10,17 $1,000,000 6 None 5 $2,000,000 6,7 $2,000,000 C 6,7 $5,000,000 6,10,17 $5,000,000 6,10,17 Total and D Crisis Crisis $2,000,000 6,10,17 $2,000,000 Permanent 6,10,17 Recovery Recovery $1,000,000 Disablement 6,10 $1,000,000 6,10 E Sum Insured Sum Insured $1,000,000 6,10 $1,000,000 6,10 Not applicable Sum Insured $1,500,000 (age up to 45 next birthday) Home Duties $1,000,000 (age next birthday) $750,000 6,7 $750,000 6,7 $1,000,000 6,10 $1,000,000 6,10 $1,000,000 6,10 1. Life Cover benefit must be purchased. 2. Crisis Recovery benefit must be purchased.. Crisis Recovery Buy-back benefit must be purchased. 4. Total and Permanent Disablement benefit must be purchased. 5. Subject to financial underwriting. 6. Cannot exceed Life Cover Sum Insured. 7. Applies to the total sums insured for Crisis Recovery, Crisis Recovery Stand Alone and Double Crisis Recovery and other similar benefits with us and other insurers. 8. Applies to the total sums insured for Family benefit under Crisis Recovery, Crisis Recovery Stand Alone, Double Crisis Recovery, Life Cover, Total and Permanent Disablement Stand Alone, Accidental Total and Permanent Disablement Stand Alone and Accidental Death and other similar benefits with us and other insurers. 9. Cannot exceed Crisis Recovery, Double Crisis Recovery, Accidental Death, Life Cover, Total and Permanent Disablement Stand Alone or Accidental Total and Permanent Disablement Stand Alone benefit Sum Insured. 10. Applies to the total sums insured for Total and Permanent Disablement, Total and Permanent Disablement Stand Alone, Double Total and Permanent Disablement, Accidental Total and Permanent Disablement, Accidental Total and Permanent Disablement Stand Alone, Universal Total and Permanent Disablement, Universal Total and Permanent Disablement Stand Alone and Double Universal Total and Permanent Disablement and other similar benefits with us and other insurers. 11. Cannot be purchased in conjunction with Crisis Recovery, Double Total and Permanent Disablement or Double Universal Total and Permanent Disablement. 12. Cannot be purchased in conjunction with Total and Permanent Disablement, Double Crisis Recovery, Double Universal Total and Permanent Disablement, Accidental Total and Permanent Disablement or Universal Total and Permanent Disablement. 1. Crisis Recovery benefit, Double Crisis Recovery benefit, Accidental Death benefit, Life Cover benefit, Total and Permanent Disablement Stand Alone or Accidental Total and Permanent Disablement Stand Alone must be purchased. 14. Life Cover benefit or Total and Permanent Disablement Stand Alone benefit must be purchased. 15. The maximum sum insured after indexation increases is $500, Cannot be purchased in conjunction with Total and Permanent Disablement, Double Total and Permanent Disablement, Accidental Total and Permanent Disablement or Universal Total and Permanent Disablement. 17. A maximum sum insured of $1,000,000 applies where the Life Insured is working as a Permanent Part-time Employee. 18. The minimum Sum Insured is $100,000. Total and Permanent Disablement cover and Crisis Recovery cover are capped at $5,000,000 and $2,000,000, respectively, depending on your occupational category. Universal Total and Permanent Disablement cover is capped at $1,000, Applies to the total sums insured for Accidental Death cover and other similar benefits with us.

15 Priority for Platform Investors Summary 7 Life Cover Plan (continued) Needlestick Injury (AA only) Rider Benefits 1 (continued) Waiver of Premium Forward Underwriting Family 1 School Fees Protector 14 Term Cover Benefit Total and Permanent Disablement Stand Alone Benefit Universal Total and Permanent Disablement Stand Alone Benefit Accidental Total and Permanent Disablement Stand Alone Benefit Accidental Death Benefit Entry age next birthday (years) between 18 and 60 (AA only) Not available 16 and 64 Same as AAA, 16 and and 64 Life Cover, Total AA, A and Permanent 16 and 64 Disablement 16 and and and 64 B 2 and and and 60 rider or Total (insured Child) (5 year term); 16 and and 60 C 16 and 55 and Permanent 16 and and and 60 Disablement 11 and and and 55 D (Life Insured) Stand Alone (10 year term) 16 and 50 benefit 16 and and 50 Not available E (Life Insured) Home 16 and 64 and 16 (Child) 16 and and and 64 Duties Occupation Category Expiry age policy anniversary prior to age (years) 70 (AA only) Not available 70 Same as AAA, Life Cover, Total AA, A and Permanent Disablement B (insured Child) 65 rider or Total or End of chosen C 65 and Permanent benefit term Disablement (5 or 10 years) D (Life Insured), Stand Alone 55 if earlier benefit Not available E (Life Insured) Home (Child) Duties Occupation Category Maximum Sum Insured $1,000,000 6 (AA only) $5,000,000 10,17 AAA, AA, A Not available Not available $10,000, $200,000 8,9,15 page 4 of the Product Disclosure Refer to Statement None 5 $1,500,000 (age up to 45 next birthday) $1,000,000 (age next birthday) $5,000,000 10,17 $1,000, B $5,000,000 10,17 C $2,000,000 10,17 D $1,000, $1,000, Not available $1,000, E $1,000, Home $1,000,000 Duties Occupation Category

16 8 Priority for Platform Investors Summary Crisis Recovery Stand Alone Plan Business Expenses Plan Crisis Recovery Stand Alone Benefit Total and Permanent Disablement Universal Total and Permanent Disablement Rider Benefits 1 Accidental Total and Permanent Disablement Crisis Reinstatement Family Forward Underwriting Business Expenses Benefit Incorporated Business Expenses Benefit Rider Benefit Day 1 Accident Entry age next birthday (years) between Occupation Category AAA, AA, A 16 and and and 60 AAA and AA only 16 and and 60 B 16 and and and 64 2 and and 60 Not available 16 and 60 C 16 and and 60 (insured Child) 16 and 55 Not available 16 and 55 D 16 and and and and and and and 55 Not available 16 and 55 (Life Insured) E 16 and and 50 Not available Not available Not available Not available Home Duties 16 and and and 64 Not available Not available Not available Expiry age policy anniversary prior to age (years) Occupation Category AAA, AA, A 70 B (insured Child) or C Not available D (Life Insured), E Not available if earlier Not available Not available Not available Home Duties 65 AAA and AA only Not available Not available Not available 65 Maximum Sum Insured Occupation Category AAA, AA, A B C D E Home Duties $2,000,000 2 $2,000,000 4,6,7 $2,000,000 4,6,7 (age next birthday) $1,000,000 4,6 (age next birthday) $1,000,000 4 $1,000,000 4,6 Crisis Recovery Stand Alone Sum Insured $200,000,4,5 $10,000,000 8 Refer to Maximum Insured Monthly Benefit table on page 61 AAA and AA only $0,000 per month Not available Refer to Maximum Insured Monthly Benefit table on page 61 Not available Not available Not available Not available $750,000 2 $750,000 4 $750,000 4 $750,000 4,6 Not available Not available Not available 1. Crisis Recovery Stand Alone benefit must be purchased. 2. Applies to the total sums insured for Crisis Recovery, Crisis Recovery Stand Alone and Double Crisis Recovery and other similar benefits with us and other insurers.. Applies to the total sums insured for Family benefit under Crisis Recovery, Crisis Recovery Stand Alone, Double Crisis Recovery, Accidental Death, Life Cover, Total and Permanent Disablement Stand Alone and Accidental Total and Permanent Disablement Stand Alone and other similar benefits with us and other insurers. 4. Cannot exceed Crisis Recovery Stand Alone Sum Insured. 5. The maximum sum insured after indexation increases is $500, Applies to the total sums insured for Total and Permanent Disablement, Total and Permanent Disablement Stand Alone, Accidental Total and Permanent Disablement, Accidental Total and Permanent Disablement Stand Alone, Universal Total and Permanent Disablement, Universal Total and Permanent Disablement Stand Alone and Double Universal Total and Permanent Disablement Stand Alone. 7. A maximum sum insured of $1,000,000 applies where the Life Insured is working as a Permanent Part-time Employee. 8. The minimum Sum Insured is $100,000. Total and Permanent Disablement cover and Crisis Recovery cover are capped at $5,000,000 and $2,000,000, respectively, depending on your occupational category. Universal Total and Permanent Disablement cover is capped at $1,000,000.

17 Priority for Platform Investors Summary 9 Plan 1 Benefit (Agreed Value or Indemnity) 1 Accident Only Benefit (Agreed Value or Indemnity) Essentials 8 Benefit (Agreed Value only) Claim Escalation PLUS Optional,6 Advantage Optional,5 Rider Benefits 2,9 Day 1 Accident 4,7 Carer s Allowance Retirement Optimiser Business Expenses Lump Sum 2 Year Benefit Period To Age 70 (Indemnity only) Entry age next birthday (years) between Occupation Category AAA, 16 and and 60 Same as Same as 16 and 60 AA, A Same as Same as Same as Same as Same as B 16 and and 60 benefit, benefit or 16 and 60 benefit C 16 and and 55 benefit or benefit benefit benefit or 16 and 55 Accident Accident 16 and and 55 D 16 and 50 Only Only 16 and 55 (Indemnity) (Indemnity) Accident benefit or benefit Accident Only Business (Life Insured) Only benefit benefit 16 and and 50 Expenses chosen and 16 chosen Not E (Indemnity) (Indemnity) Not Not benefit (insured Not available available available chosen Child) available Home Duties Not available Not available Not available Not available Not available Not available 61 and 65 Not available Expiry age policy anniversary prior to age (years) Occupation Category AAA, AA, A B C D 65 or 70 where an Age 70 Benefit Period is selected E Home Duties Not available Not available 55 Same as benefit or Accident Only benefit chosen Not available Same as benefit Not available Same as benefit Not available Same as benefit, Accident Only benefit or Business Expenses benefit chosen Not available Same as benefit or Accident Only benefit (Life Insured) 19 (insured Child) Not available Same as benefit or Accident Only benefit chosen Not available 65 Not available 65 Not available 70 Not available Maximum Sum Insured Refer to Maximum Insured Monthly Benefit table on page 5 Refer to Maximum Insured Monthly Benefit table on page 5 $4,000 per month benefit or Accident Only benefit chosen benefit benefit benefit, Accident Only benefit or Business Expenses benefit chosen $2,000 per month Refer to Retirement Optimiser benefit on page 52 Refer to Maximum Insured Monthly Benefit table on page 61 Refer to Lump Sum benefit on page 52 $20, Either the or Accident Only benefit can be selected (not both). 2. benefit or Accident Only benefit must be purchased.. Not available under Accident Only benefit. 4. A -day qualifying period is not available for Occupation Category E. 5. Cannot be purchased in conjunction with PLUS Optional. 6. Cannot be purchased in conjunction with Advantage Optional. 7. Available under benefit, Accident Only benefit and Business Expenses benefit. 8. Rider benefits are not available with Essentials benefit. 9. Where the Age 70 benefit period is selected, the rider benefits will expire at Age 65.

18 10 Priority for Platform Investors Summary Superannuation Life Cover Plan Rider Benefits 1 Life Cover Benefit Crisis Recovery 1 Crisis Recovery Buy back 2,1 Crisis Reinstatement,1 Family 1,1 Double Crisis Recovery 10,1 Needlestick Injury (AA only) 1 Accidental Total and Permanent Disablement Total and Permanent Disablement Total and Permanent Disablement Buy back 4 Entry age next birthday (years) between Occupation Category AAA, 18 and 60 AA, A (AA only) 16 and and and 60 B 16 and and and and 60 C 2 and 15 (insured Child) 16 and and and 60 D 11 and and and and and and 55 (Life Insured) Not available 16 and and and 55 E 16 and 50 Not available 16 and and 50 Home Duties 16 and and and and 60 Expiry age policy anniversary prior to age (years) Occupation Category AAA, AA, A 70 (AA only) B 21 (insured Child) C D or (Life Insured), Not available E if earlier 55 Not available Home Duties Maximum Sum Insured Occupation Category AAA, AA, A $1,000,000 (AA only) $5,000,000 6,8,16 B $1,000,000 6,8 $5,000,000 6,8,16 None 5 $2,000,000 6,7 $2,000,000 C 6,7 $5,000,000 6,8,16 D Crisis Crisis $2,000,000 6,8,16 Recovery Recovery $200,000 6,9,14 E Sum Insured Sum Insured Not available $1,000,000 6,8 Not available $1,500,000 (age up to 45 next birthday) Home Duties $1,000,000 (age next birthday) $750,000 6,7 $750,000 6,7 $1,000,000 6,8 $1,000,000 6,8 Total and Permanent Disablement Sum Insured 1. Life Cover benefit must be purchased. 2. Crisis Recovery benefit must be purchased.. Crisis Recovery Buy-back benefit must be purchased. 4. Total and Permanent Disablement benefit must be purchased. 5. Subject to financial underwriting. 6. Cannot exceed Life Cover Sum Insured. 7. Applies to the total sums insured for Crisis Recovery, Double Crisis Recovery and Crisis Recovery Stand Alone and other similar benefits with us and other insurers. 8. Applies to the total sums insured for Total and Permanent Disablement, Double Total and Permanent Disablement, Total and Permanent Disablement Stand Alone, Double Universal Total and Permanent Disablement, Universal Total and Permanent Disablement, Accidental Total and Permanent Disablement, Universal Total and Permanent Disablement Stand Alone and Accidental Total and Permanent Disablement Stand Alone and other similar benefits with us and other insurers. 9. Applies to the total sums insured for Family benefit under Crisis Recovery, Crisis Recovery Stand Alone, Double Crisis Recovery, Life Cover, Accidental Death, Total and Permanent Disablement Stand Alone and Accidental Total and Permanent Disablement Stand Alone and other similar benefits with us and other insurers. 10. Cannot be purchased in conjunction with Crisis Recovery, Double Total and Permanent Disablement or Double Universal Total and Permanent Disablement. 11. Cannot be purchased in conjunction with Total and Permanent Disablement, Double Universal Total and Permanent Disablement, Universal Total and Permanent Disablement, Accidental Total and Permanent Disablement, or Superannuation PLUS Double Crisis Recovery. 12. Total and Permanent Disablement (Any Occupation definition) must be purchased inside superannuation. 1. Only available under a linked policy outside of superannuation. 14. The maximum sum insured after indexation increases is $500, Cannot be purchased in conjunction with Total and Permanent Disablement, Double Total and Permanent Disablement, Accidental Total and Permanent Disablement, Universal Total and Permanent Disablement, or Superannuation PLUS Double Crisis Recovery. 16. A maximum sum insured of $1,000,000 applies where the Life Insured is working as a Permanent Part-time Employee. 17. Applies to the total sums insured for Accidental Death cover and other similar benefits with us.

19 Priority for Platform Investors Summary 11 Superannuation Life Cover Plan (continued) Double Total and Permanent Disablement 11 Rider Benefits 1 (continued) Universal Total and Permanent Disablement Double Universal Total and Permanent Disablement 15 Waiver of Premium Maximiser 12 Term Cover Benefit Total and Permanent Disablement Stand Alone Benefit Universal Total and Permanent Disablement Stand Alone Benefit Accidental Total and Permanent Disablement Stand Alone Benefit Accidental Death Benefit Entry age next birthday (years) between 16 and and 64 AAA, Same as Total 16 and and 64 AA, A and Permanent 16 and and and and 64 Disablement 16 and and and 64 B benefit 11 and and and 60 (5 year term); 16 and and 60 C 16 and and and and and and 55 D (10 year term) 16 and and and and 50 Not available 16 and and 50 Not available E 16 and and and and and and and 64 Home Duties Occupation Category Expiry age policy anniversary prior to age (years) AAA, Same as Total AA, A and Permanent Disablement B benefit End of chosen benefit C term D (5 or 10 years) Not available Not available E Home Duties Occupation Category Maximum Sum Insured $5,000,000 6,8,16 Total and $5,000,000 8,16 AAA, AA, A Permanent $5,000,000 6,8,16 Disablement $5,000,000 8,16 $1,000,000 6 B Sum Insured None $5,000,000 6,8,16 5 $5,000,000 8,16 C $2,000,000 6,8,16 $2,000,000 8,16 D $1,000,000 6,8 $1,000,000 6,8 $1,000,000 6,8 Not available $1,000,000 8 $1,000,000 8 Not available $1,000, E $1,000,000 6,8 Not available $1,500,000 (age up to 45 next birthday) $1,000,000 (age next birthday) $1,000,000 8 $1,000,000 8 Home Duties Occupation Category

20 12 Priority for Platform Investors Summary Superannuation Plan 1 Benefit (Agreed Value or Indemnity) 1 Accident Only Benefit (Agreed Value or Indemnity) Claim Escalation 5 Day 1 Accident,5 Rider Benefits 2 Retirement Optimiser 5 Super Extras4,5,6 2 Year Benefit Period To Age 70 (Indemnity only) Entry age next birthday (years) between Occupation Category AAA, AA, A 16 and and 60 B 16 and and 60 Same as Same as Same as 16 and 60 C 16 and and and 55 benefit or benefit or benefit or 16 and and and 55 D (Indemnity) (Indemnity) Accident Only Accident Only Accident Only (Indemnity) benefit chosen benefit chosen benefit chosen 16 and and 50 E Not available (Indemnity) (Indemnity) 16 and and 65 Not available Expiry age policy anniversary prior to age (years) Occupation Category AAA, AA, A B C D 65 or 70 where an Age 70 Benefit Period is selected Same as benefit or Accident Only benefit chosen Same as benefit or Accident Only benefit chosen E Not available 70 Not available Maximum Sum Insured Refer to Maximum Insured Monthly Benefit table on page 5 Refer to Maximum Insured Monthly Benefit table on page 5 benefit or Accident Only benefit chosen benefit or Accident Only benefit chosen Refer to Retirement Optimiser benefit on page 52 Refer to Maximum Insured Monthly Benefit table on page 5 $20, Either the or Accident Only benefit can be selected (not both). 2. benefit or Accident Only benefit must be purchased.. A -day qualifying period is not available. 4. Available under benefit (not available under Accident Only benefit). 5. Where an Age 70 benefit period is selected, the rider benefits will expire at Age The Lump Sum benefit is available as an optional benefit under the Super Extras package.